Ashtead Technology Holdings Plc · LSE:AT.
Ashtead Technology — H1 2025 Earnings Presentation
19 slides from Ashtead Technology's earnings presentation, Aug 26, 2025
Slide 1: HY 2025 Results
HY 2025 Results Allan Pirie, CEO Ingrid Stewart, CFO 26 August 2025 1
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 2025
Key highlights H1 2025 Delivering on our strategy, outlook confidence underpinned by record customer backlogs Revenue growth Adjusted EBITA growth Adjusted EBITA margin Adjusted EPS growth 23% 20% 27% 15% Sophisticated and • Unique portfolio of equipment and services diversified business • Flexible
Slide 4: Our differentiated business model
Our differentiated business model Providing technology-led solutions and services to support the global offshore energy sector Combining deep expertise and leading technologies, we support our customers to deliver complex projects across the lifecycle of offshore energy infrastructure Inspection, Ma
Slide 5: Financial Review
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Slide 6: Financial highlights
Financial highlights Revenue Adjusted EBITA1 Adjusted EBITA1 margin £99.1m £27.0m 27.3% 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% HY22 £31.7m HY22 £8.2m HY22 25.8% Adjusted EPS ROIC Proforma leverage 21.9p 24.2% 1.6x HY25 21.9p HY25 24.2
Slide 7: Profit & loss
Profit & loss £m HY24 HY25 ▪ Revenue growth of 23.2% from HY24 to HY25, below our initial expectations for the year due to Revenue 80.5 99.1 geopolitical and market headwinds YoY increase 61.4% 23.2% - +22.7% inorganic growth2 - -0.8% impact from FX External costs directly relating to revenue (19.5)
Slide 8: Balance sheet
Balance sheet HY24 FY24 HY25 £m £m £m Property, plant and equipment 76.5 87.3 95.9 ▪ Continued investment in technology fleet via organic investment and acquisition Goodwill 77.7 112.2 111.8 ▪ Gross book value of fleet of £185m. Estimated replacement cost of c.£350m Intangible assets 15.9 35.0 32.0
Slide 9: Net debt bridge
Net debt bridge (£1m) (£2m) (£1m) (£1m) (£7m) £38m (£9m) (£20m) (£132m) (£128m) • Continued fleet investment c.£35m capex expected for 2025 • Working capital build due to seasonality and investment in stock to expand business • 1.6x proforma net debt leverage at 30 June 2025, targeting 1.4x at year
Slide 10: Capital allocation priorities focused on investing for growth
Capital allocation priorities focused on investing for growth Medium Term Leverage Policy Adjusted Net Debt to EBITDA: 1.0x – 2.0x Share buyback Organic fleet growth Bolt-on acquisitions Shareholder returns Continued investment in maintenance Consideration balanced against and capability of the flee
Slide 11: Market & Operational Review
Market & Operational Review 11
Slide 12: 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 2028 Growth comes from all of Ashtead Technology’s key geographical regions USD million nominal USD million nominal CAGR 4,000 2024-2028 4,000 +36% +8% 3,428 3,500 3,428 Australia 3,150 +1
Slide 13: Oil & Gas spend forecast to increase
Oil & Gas spend forecast to increase Offshore greenfield investment by sanctioning year (capex committed) (1) Global subsea expenditure, by oil price sensitivity USD billion nominal Historical Forecast USD billion nominal 200 Average Average 50 180 (historical): (forecast): 45 ~$96 bn 157 ~$106 bn 4
Slide 14: Offshore wind markets continue to grow despite headwinds
Offshore wind markets continue to grow despite headwinds Offshore wind site auctions by year and region (GW) Offshore wind capacity by FID year and region (GW) 50 Outlook Asia (ex China) Asia (ex China) 43 14 North America North America 40 12.5 36 37 36 Europe Europe 12 Auction has been initiated 30
Slide 15: Tier 1 contractor backlogs support a strong market outlook
Tier 1 contractor backlogs support a strong market outlook HY 2021 HY 2022 HY 2023 HY 2024 HY 2025 23$bn 24$bn 36$bn 43$bn 51$bn Higher activity 2 2 19 19 17 16 15 13 12 11 10 9 8 8 7 7 5 Stronger visibility 1 1 1 1 20211 2022 2023+ 2022 2023 2024+ 2023 2024 2025+ 2024 2025 2026+ 2025 2026 2027+ Bac
Slide 16: Seatronics & J2 Subsea
Seatronics & J2 Subsea Strong synergies and complementary capabilities expand our survey and robotics offering Strengthened geographical footprint Deal rationale Increased technology fleet by ~30% Added technical expertise Deepened customer relationships Completed November 2024 Fully integrated, bus
Slide 17: Driving enhanced customer value through integrated project support
Driving enhanced customer value through integrated project support Project details Solutions provided Location West Africa Duration 210 days commencing September 2025 UK mobilisation Survey and Robotics Full integrated supply for two vessels Services across Survey & Robotics, Mechanical Solutions an
Slide 18: Outlook
Outlook Confidence in strategy execution, supported by a strong medium-term market backdrop The Board’s expectations for the full year remain in line with those set out in the trading update of 17 July 2025 Unique, value adding customer offering Operating in attractive end markets with strong fundam
Slide 19: Questions?
Questions? Appendices 19
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