Ashtead Technology (AT) H1 2026 TU earnings summary

Executive summary

• Revenue grew to approximately £100.2m for H1 2026, up about 1% year-over-year despite challenging market conditions.

• Agile project execution and strict cost control offset delays from Middle East conflict and weaker renewables in Taiwan.

Financial highlights

• Adjusted EBITDA margin expected at 37.8% for H1 2026, down from 38.7% in H1 2025.

• EBITA margin at 25.0%, compared to 27.3% in H1 2025, reflecting lower rental activity and higher proportion of lower margin revenues.

• Net capex spend of £24m in the first half.

Outlook and guidance

• Margins anticipated to strengthen in the seasonally stronger second half; full year EBITA margin target remains in the high twenties.

• Board remains comfortable with full year market expectations, assuming easing of Middle East disruptions.

• Medium-term growth confidence underpinned by energy security focus and strong customer backlog.