Ashtead Technology Holdings Plc · LSE:AT.
Ashtead Technology — H1 2026 Earnings Presentation
19 slides from Ashtead Technology's earnings presentation, Sep 1, 2026
Slide 1: HY 2026 Results
HY 2026 Results Allan Pirie, CEO Ingrid Stewart, CFO 1 September 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared and issued by, and is the sole responsibility of, Ashtead Technology Holdings plc (the “Company”), being the current holding company of the Ashtead Technology Holdings plc group (the “Group”). For the purpose of this disclaimer notice, “presentation” sh
Slide 3: Key highlights - H1 2026
Key highlights - H1 2026 Continued strategic progress despite short term headwinds, long-term opportunity remains strong ▪ H1 revenue growth of 1.1% impacted by the Middle East conflict and slower offshore renewables activity, particularly in Asia Resilient H1 with challenging market creating ▪ Oil
Slide 4: Building unrivalled capability, delivering sector leading financial performance
Building unrivalled capability, delivering sector leading financial performance Ten-year track record: Revenue CAGR 30%, Adj. EBITDA CAGR 32%, Adj. EBITA CAGR 67% 250 Listed on Main Market Ashtead Technology 203.2 differentiation 200 Trusted partner 168.0 150 Deep service moat Revenue £'m 110.5 Adj.
Slide 5: Financial Review
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Slide 6: Financial highlights
Financial highlights Revenue Adjusted EBITA1 Adjusted EBITA1 margin £100.2m £25.1m 25.0% HY26 £100.2m HY26 £25.1m HY26 25.0% HY25 £99.1m HY25 £27.0m HY25 27.3% HY24 £80.5m HY24 £22.6m HY24 28.1% HY23 £49.8m HY23 £15.5m HY23 31.1% Adjusted EPS ROIC2 Proforma leverage 20.6p 20.5% 1.4x HY26 20.6p HY26
Slide 7: Profit & loss
Profit & loss £m HY25 HY26 ▪ Revenue growth of 1.1% from HY25 to HY26 ▪ Constant currency revenue growth of 1.7% Revenue 99.1 100.2 YoY increase 23.2% 1.1% ▪ Solid year on year performance in Europe ▪ Year on year decrease in Middle East and Asia due to: External costs directly relating to revenue (
Slide 8: Balance sheet
Balance sheet HY25 FY25 HY26 £m £m £m Property, plant and equipment 95.9 100.4 115.7 ▪ Continued investment in technology fleet via organic investment and acquisition Goodwill 111.8 111.7 112.2 ▪ Gross book value of fleet of £219m, estimated replacement cost of c. £370m Intangible assets 32.0 29.0 2
Slide 9: Net debt bridge
Net debt bridge (£1m) (£1m) (£1m) (£9m) (£8m) £38m (£26m) (£117m) (£109m) ▪ Continued fleet investment c.£35m capex expected for 2026 (220% 1 capex to depreciation ratio) ▪ Working capital build due to seasonality and investment in stock to widen offering to customers ▪ 1.4x proforma net debt levera
Slide 10: Cash flow statement
Cash flow statement £m HY25 HY26 ▪ Operating cash flow conversion of 79% Adj. EBITDA 38.4 37.9 ▪ Working capital outflow due to seasonal build-up of debtors and stock in line with activity and investment in proprietary equipment stock for sale Exceptional costs & FX (0.8) (0.5) Gain on Sale of fixed
Slide 11: Capital allocation priorities focused on investing for growth
Capital allocation priorities focused on investing for growth Sustainable and growing operating cash flows driven by high margin business 1 2 3 Reinvest for organic growth Bolt-on acquisitions Shareholder returns Continued investment in technology to broaden Deploy free cash flow and balance sheet c
Slide 12: Market & Operational Review
Market & Operational Review 12
Slide 13: Market backdrop supportive of continued medium-term growth
Market backdrop supportive of continued medium-term growth Total addressable market expected to reach $3.4bn by 2029 Growth comes from all of Ashtead Technology’s key geographical regions USD million nominal CAGR USD million nominal 2025-2029 4,000 CAGR 4,000 ’25-’29 +6% 3,398 3,398 3,500 3,262 3,50
Slide 14: Offshore energy spend forecast to increase
Offshore energy spend forecast to increase Offshore oil & gas greenfield capex by sanctioning year (1) Cumulate offshore wind installed capacity by development status USD billion nominal Historical Forecast Historical Forecast Development status 200 Average (forecast): CAGR Concept 2025-2035 ~$139 b
Slide 15: Strong customer backlog and opportunity pipeline
Strong customer backlog and opportunity pipeline Backlog developments for selected customers (1) Growing opportunity pipeline USD billion nominal -3% USD billion 100 +9% 1 Next 24 months 1 Next 18 months 87 84 79 38 39 +15% 75 35 66 -4%2 31 27 -0% 48 50 22 39 -18% 36 0%2 -1% 25 -15% % change from YE
Slide 16: Continued focus on geographical and service line expansion
Continued focus on geographical and service line expansion Existing capability and geographical gaps highlight room to grow organically and through M&A Existing Capability / Market Penetration Seadraulics Pty Ltd Service line / End market APAC Middle East Europe Americas Location Perth, Australia Se
Slide 17: Mechanical Solutions global centre of excellence
Mechanical Solutions global centre of excellence Further developing our customer centric mechanical solutions proposition Objective ▪ Enhance ability to win, deliver, and support customer project requirements for fully integrated full back deck support packages Outcome ▪ Consolidation of three mecha
Slide 18: Outlook
Outlook The Board’s expectations for the full year remain in line with those set out in the trading update of 20 August 2026 Continuing to execute our successful strategy Our customer offering is unique and value adding We operate in attractive end markets with strong long-term fundamentals High cus
Slide 19: Questions?
Questions? 19 19
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