Ashtead Technology (AT) Trading update summary

Current trading and outlook

• Trading in the first quarter met Board expectations, despite regional disruption from Middle East conflict since March.

• The Board remains cautiously optimistic for the year, with performance expectations unchanged, assuming a stronger second half and no prolonged geopolitical impact.

• Growing global energy demand and focus on energy security support positive long-term market drivers.

• The company's diversified footprint and agile model position it to benefit from sector growth.

Balance sheet and financial position

• The business remains highly cash generative, supporting a strong balance sheet.

• Net debt is expected to improve to below 1.0x by the end of 2026.

Upcoming updates

• A half-year trading update for the six months ending 30 June 2026 will be released in July.