Ashtead Technology Holdings Plc · LSE:AT.
Ashtead Technology — FY2024 Earnings Presentation
21 slides from Ashtead Technology's earnings presentation, Mar 25, 2025
Slide 1: Full year results for year ended 31 December 2024
Full year results for year ended 31 December 2024 Allan Pirie, CEO Ingrid Stewart, CFO 25 March 2025
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: Delivering on our promises, positioned for growth
Delivering on our promises, positioned for growth Strong 2024 performance, outlook confidence underpinned by record customer backlogs Revenue growth Organic revenue growth Adjusted EBITA margin Adjusted EPS growth 52% 14% 29.9% 35% Sophisticated and • Unique portfolio of equipment and services diver
Slide 4: Our differentiated business model
Our differentiated business model Providing technology-led solutions and services to support the global offshore energy sector Ashtead Technology’s equipment and solutions are critical to many offshore energy activities, including wind and oil & gas Inspection, Maintenance & Project development Cons
Slide 5: Financial Review
Financial Review Ashtead Technology
Slide 6: Financial highlights
Financial highlights Revenue Adjusted EBITA1 Adjusted EBITA1 margin £168.0m £50.3m 29.9% 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 27.5% 2021 £55.8m 2021 £13.7m 2021 24.6% Adjusted EPS ROIC Proforma leverage 45.0p 24.3% 1.6x 2024 45.0p 2024
Slide 7: Profit & loss
Profit & loss £m FY23 FY24 ▪ Revenue increased by 52% to £168.0m £m £m - 39% growth from M&A - 14% organic growth Revenue 110.5 168.0 - -1% FX impact Adjusted EBITDA1 48.3 69.5 ▪ Continued growth from both oil and gas, and renewables markets Adjusted EBITDA margin % 43.7% 41.3% ▪ Adjusted EBITA incr
Slide 8: Balance sheet
Balance sheet FY23 FY24 £m £m Property, plant and equipment 68.7 87.3 ▪ GBV of equipment fleet £188m Goodwill 77.7 114.1 ▪ Continued investment in fleet via organic investment and acquisition Intangible assets 17.7 35.0 ▪ £170m RCF (plus £40m accordion) Right-of-use assets 2.6 2.6 Deferred tax asset
Slide 9: Net debt bridge
Net debt bridge (£29m) £69m (£62m) (£19m) (£16m) (£1m) (£128m) • Strong cash generation • Continued fleet investment (£67m) • Working capital build due to growth and seasonality • Acquisition of Seatronics and J2 Subsea funded through RCF • 1.6x net debt leverage at 31 December 2024 (£1m) (£1m) Net
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 Organic fleet growth Bolt-on acquisitions Shareholder returns Continued investment in maintenance and Deploy free cash flow and balance sheet Sustainable progressive fin
Slide 11: Market & Operational Review
Market & Operational Review ed Ashtead Technology
Slide 12: Market backdrop supportive of continued growth
Market backdrop supportive of continued growth Total addressable market expected to reach $3.6bn by 2028 Growth comes from all of Ashtead Technology’s key geographical regions CAGR CAGR ’24-’28 +13% +17% +5% O&G IMR and construction support Offshore wind Decom Europe S. America N. America Asia (excl
Slide 13: Multi-year customer backlogs provide outlook confidence
Multi-year customer backlogs provide outlook confidence 2020 2021 2022 2023 2024 20$bn 22$bn 29$bn 40$bn 49$bn 23.2 Higher activity 19.0 19.6 17.5 16.2 15.4 Actual 13.2 14.3 revenues 13.3 13.5 11.7 10.9 8.7 9.4 6.4 6.8 6.9 3.2 3.4 Stronger visibility 2021 2022 2023+ 2022 2023 2024+ 2023 2024 2025+ 2
Slide 14: Ashtead Technology supports customers' operations globally
Ashtead Technology supports customers’ operations globally 53% 38% 9% Seven Artic Europe N. America Africa 95% 5% Atlantis Dweller Europe Africa 79% 17% 4% Boka Tiamat Asia Europe Australia 73% 20% 7% Ocean Patriot N. America Africa S. America 100% Coral do Atlântico S. America 2024 reported Ashtead
Slide 15: Compounding growth model
Compounding growth model Split of 2017-2024 pro forma EBITDA growth: 44% organic EBITDA growth and 56% from acquisitions Organic Key M&A attributes EBITDA growth (44%) Strong cultural alignment Self funded strategic M&A (56%) £32.7m Market leading expertise Long term customer M&A criteria relationsh
Slide 16: Seatronics & J2 Subsea
Seatronics & J2 Subsea A strategically and financially compelling acquisition Strategic alignment Strengthens geographic Increases technology fleet Adds technical Deepens customer Completed November 2024 footprint by ~30% expertise relationships Opportunities for value creation £63m consideration De
Slide 17: Driving organic growth through internationalisation
Driving organic growth through internationalisation Renewables IMR Decommissioning Technology investment Subsea recovery Norway Site clearance Netherlands Decommissioning UK Abrasive cutting India • Acquired UCS Sept 2019 - UK-focussed cutting business • Internationalised through: - Innovation - Fle
Slide 18: Outlook
Outlook Positive momentum has continued into 2025, supported by a strong market backdrop The Board is encouraged by the Group’s performance in Q1 2025 and our full year 2025 expectation remains unchanged Unique, value adding customer offering Operating in growing markets with strong fundamentals Rec
Slide 19: Questions?
Questions? Appendices 19
Slide 20: Appendix
Appendix Technology
Slide 21: Technical guidance
Technical guidance Medium term financial targets remain unchanged Organic revenue growth Low double digit % EBITA Margin High 20s % ROIC High teens % 2025 guidance Capex spend c. £40m Working capital Low double digit % of TTM revenues by year end Effective tax rate c.25% Depreciation Mid £20m Net de
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