Ashtead Technology (AT) Trading update summary

Trading performance and project delays

• No easing in the Middle East conflict has led to postponement of several regional projects to 2027.

• Broader economic uncertainty and vessel scheduling changes have caused additional project delays in Europe and the Americas.

Financial outlook and guidance

• Full year revenues are now expected to be around 5% below current market consensus (£214.2m).

• Adjusted EBITA is anticipated to be approximately 15% below consensus (£59.2m) due to deferred rental revenues and lower margins.

• Year-end leverage is projected at around 1.3x, with a strong balance sheet maintained.

Strategic positioning and future confidence

• Strong customer backlog and increased focus on energy security support confidence in the growth strategy.

• Despite short-term profit impact, long-term outlook remains positive.