Ashtead Technology Holdings Plc · LSE:AT.
Ashtead Technology — FY2025 Earnings Presentation
18 slides from Ashtead Technology's earnings presentation, Mar 17, 2026
Slide 1: Full year results for year ended 31 December 2025
Full year results for year ended 31 December 2025 Allan Pirie, CEO Ingrid Stewart, CFO 17 March 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: A year of financial, strategic and operational progress
A year of financial, strategic and operational progress Revenue growth Organic revenue growth Adjusted EBITA margin Adjusted EPS growth 21% 3% 29.1% 10% • Completed integration of Seatronics and J2 Subsea, realising synergies ahead of plan Strong strategic and • New facility in Houston and expanded
Slide 4: Building unrivalled capability, positioned for growth
Building unrivalled capability, positioned for growth Trusted partner Trusted to support our customers undertake complex underwater engineering and project execution Deep service moat c.650 employees with market leading domain knowledge and expertise to deliver integrated solutions In-house innovati
Slide 5: Innovating for our customers
Innovating for our customers Socket inspection Mattress removal Bespoke integrated Removal of 55 sonar package for subsea mattresses imaging of seabed of various sizes as boreholes used for part of a wider windfarm foundation decommissioning construction scope France North Sea eBOSS Abrasive cutting
Slide 6: Financial Review
Financial Review
Slide 7: Financial highlights
Financial highlights Revenue Adjusted EBITA1 Adjusted EBITA1 margin £203.2m £59.1m 29.1% 2025 £203.2m 2025 £59.1m 2025 29.1% 2024 £168.0m 2024 £50.3m 2024 29.9% 2023 £110.5m 2023 £36.2m 2023 32.8% 2022 £73.1m 2022 £19.9m 2022 27.1% Adjusted EPS ROIC Leverage2 49.4p 22.7% 1.3x 2025 49.4p 2025 22.7% 2
Slide 8: Profit & loss
Profit & loss FY24 FY25 £m £m £m Revenue increased by 21% to £203.2m - 19% growth from M&A - 3% organic growth2 Revenue 168.0 203.2 - -1% FX impact Adjusted EBITDA1 69.5 82.4 Adjusted EBITA increased by 17% to £59.1m Adjusted EBITDA margin % 41.3% 40.5% Delivered margins towards top end of med
Slide 9: Balance sheet
Balance sheet FY24 FY25 £m £m Strong balance sheet underpins opportunity to invest in organic growth, pursue highly Property, plant and equipment 87.3 100.4 selective M&A and deliver shareholder returns Goodwill 112.2 111.7 Net debt / EBITDA leverage of 1.3x Intangible assets 35.0 29.0 Working
Slide 10: Net debt bridge
Net debt bridge (£1.7m) (£1.0m) (£2.2m) (£15.6m) £82.4m (£5.2m) (£128.4m) (£108.9m) (£37.2m) • Strong cash generation – 49% Adjusted EBITDA to FCF • Continued discretionary organic growth investment • Leverage reduced to 1.3x Net debt at Adjusted Capex Working Tax and Leases Dividends Other Net debt
Slide 11: Strong cash flow and balance sheet driving earnings growth
Strong cash flow and balance sheet driving earnings growth Replicating Ashtead Technology’s position would take significant capital and time Sources & uses 2022 - 2025 Compounding earnings growth RCF £82m Capex Revenue (£m) £100m EBITDA £229m Adjusted EBITA (£m) Operating cash flow £206m Acquisition
Slide 12: Clear capital allocation policy
Clear capital allocation policy Sustainable and growing operating cash flows driven by high margin business 1 2 3 Maintain appropriate balance Reinvest for organic growth Bolt-on acquisitions Shareholder returns sheet strength Target net debt of 1-2x EBITDA Continued investment in Deploy free cash f
Slide 13: Market & Operational Overview
Market & Operational Overview 13
Slide 14: Market backdrop supportive of continued growth
Market backdrop supportive of continued growth Total addressable market expected to reach $3.4bn by 2029 Growth comes from all of Ashtead Technology’s key geographical regions USD million nominal USD million nominal CAGR 4000 2025-2029 4000 +25% CAGR +6% ’25-’29 3,363 3,363 3,178 3,178 Australia 3,0
Slide 15: Multi-year customer backlogs provide outlook confidence
Multi-year customer backlogs provide outlook confidence Backlog Q4 2021 Backlog Q4 2022 Backlog Q4 2023 Backlog Q4 2024 Backlog Q4 2025 22$bn 29$bn 40$bn 48$bn 55$bn 26.3 23.2 23.3 Higher activity 19.6 18.9 17.5 17.8 Actual revenues 16.0 15.4 14.3 13.7 13.3 13.5 11.7 8.7 9.4 6.8 6.9 3.4 Stronger vis
Slide 16: Driving value through M&A
Driving value through M&A New lifting, pulling and deployment service acquired through ACE Winches transaction completed in 2023 Delivering accretive value through internationalisation, innovation and integrated services Internationalisation Revenue by geography Stavanger, Norway Aberdeen, UK Housto
Slide 17: Outlook: focused on growth
Outlook: focused on growth Unique, value adding and integrated customer offering Operating in growing markets with strong market fundamentals Record levels of customer activity and backlog Resilient, flexible business model with significant opportunities for long-term growth supported by balance she
Slide 18: Questions?
Questions? Appendices 18
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