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Ashtead Group (AHT) investor relations material
Ashtead Group Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary3 Sep, 2025
Executive summary
Group rental revenue grew 2.4% year-over-year, in line with guidance, reflecting solid performance despite mixed end markets.
Free cash flow after CapEx reached $514 million, a record for the quarter, supporting ongoing investment and shareholder returns.
Mega project activity remains robust, with significant market share gains and positive leading indicators for local non-residential construction.
Sunbelt 4.0 strategy execution is progressing, with reaffirmed guidance for rental revenue and CapEx, and increased free cash flow outlook.
Progress on moving primary listing to NYSE by March 2026; Investor Day scheduled in New York.
Financial highlights
Group total revenue increased 2% year-over-year to $2,801m; rental revenue up 2.4% to $2,601m.
Adjusted EBITDA was $1,276m, down 1%, with a margin of 45.6%; EBIT-A margin at 24%.
Adjusted pre-cash profit was $552m, down 4% year-over-year.
Adjusted EPS was 95.3¢; trailing 12-month ROI at 14%.
Free cash flow surged 219% to $514m; CapEx reduced 38% year-over-year to $532m.
Outlook and guidance
FY26 group rental revenue growth guidance unchanged at flat to +4%.
CapEx guidance maintained at $1.8–$2.2 billion.
Free cash flow guidance raised to $2.2–$2.5 billion, reflecting bonus depreciation tax benefit.
Positive leading indicators and planning activity expected to drive growth over the next 12–24 months.
What US tax changes boosted FCF guidance?
What caused the NA General Tool margin decline?
How does diesel fleet reliance impact Net Zero?
Describe local non-res recovery drivers and timing
Discuss M&A valuations and pipeline outlook
Detail tariff impact on fleet costs and mitigation
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Next Ashtead Group earnings date
Q2 20269 Dec, 2025
Next Ashtead Group earnings date
Q2 20269 Dec, 2025
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Frequently asked questions
Ashtead Group plc engages in the construction, industrial, and general equipment rental business in the United States, the United Kingdom, and Canada. It is also involved in the provision of civil engineering and related consultancy services; asset management activities; and the provision of associated facilities management services. The company operates through two segments: Construction Equipment Rental and Industrial Rental.
The Construction Equipment Rental segment rents earth moving machines, cranes, scaffolding, concrete saws, and power tools to a range of construction industry customers. The Industrial Rental segment primarily rents production processing machinery products to a range of industrial sectors by means of short term or long term rental agreements. This segment also offers electrical and mechanical repairs to its customers' technologically advanced equipment. The company was founded in 1947 and is based in London, the United Kingdom.
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