Slides
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HY 2026 Results Allan Pirie, CEO Ingrid Stewart, CFO 1 September 2026
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2 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” shall include these slides, any oral presentation given in connection with these slides and any oral question- and-answer session or written responses given by representatives of the Group. By accessing/attending this presentation you acknowledge that you have read and understood the following statement. The information and opinions presented or contained in this presentation (including forward-looking statements) speak as of the date hereof (unless otherwise stated) and are subject to updating, revision, verification and amendment without notice and such information may change materially. No representations or warranties, express or implied, are made as to, and no reliance should be placed on, the accuracy fairness or completeness of the information presented or contained in this presentation. Nothing in this presentation should be considered as a profit forecast. This presentation includes forward-looking statements. The words "expect", "anticipate", "intends", "plan", "estimate", "aim", "forecast", "project" and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding the Group’s intentions, beliefs or current expectations concerning, among other things, the Group's results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Group operates. The forward-looking statements in this presentation are based on numerous assumptions regarding the Group’s present and future business strategies and the environment in which the Group will operate in the future. Forward-looking statements are not guarantees of future performance and involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Group to be materially different from those expressed or implied by such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond the Group's ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as the Group's ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which the Group operates or in economic or technological trends or conditions. All forward-looking statements in this presentation are based upon information known to the Company on the date of this presentation. Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to place undue reliance on forward-looking statements, which speak only at their respective dates. Additionally, forward-looking statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Other than in accordance with its legal or regulatory obligations, the Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Nothing in this presentation shall exclude any liability under applicable laws that cannot be excluded in accordance with such laws. This presentation does not constitute or form part of any offer or invitation to purchase any securities of any person nor any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any such securities. Neither this presentation, nor the question and answer session, nor any part thereof, may be recorded, transcribed, distributed, published or reproduced in any form, except as permitted by the Company. By accessing/ attending this presentation, you agree with the foregoing and, upon request, you will promptly return any records or transcripts at the presentation without retaining any copies. Ashtead Technology Holdings PLC | HY26 Results
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3 Key highlights - H1 2026 Continued strategic progress despite short term headwinds, long-term opportunity remains strong Ashtead Technology Holdings PLC | HY26 Results ▪ Acquisition of Seadraulics creates strategic footprint in Australia ▪ UK mechanical solutions businesses consolidated on one site driving a more cohesive integrated offering ▪ Ongoing capital investment, further enhancing our service offering - £25.9m capex investment in H1 Strategic progress in the half ▪ H1 revenue growth of 1.1% impacted by the Middle East conflict and slower offshore renewables activity, particularly in Asia ▪ Oil and gas revenues +2% whilst renewables -2% ▪ Resilient EBITA margin at 25.0% ▪ Net debt of £116.7m, reduced from prior year (HY25: £131.9m) with leverage at 1.4x Resilient H1 with challenging market creating short-term headwinds 1. Rystad Energy forecasts, August 2026, see slide 13 ▪ Conflict related project delays and changes to vessel scheduling in other regions impacting growth in H2 with revenue growth in H2 expected to remain around 1% ▪ Confidence in long-term market fundamentals with 6% CAGR forecast growth in total addressable market through to 20291 ▪ Customer backlog and opportunity pipelines remain strong Positive long-term outlook
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4 19.3 23.0 37.7 47.8 42.4 55.8 73.1 110.5 168.0 203.2 0.6 1.5 7.3 11.9 6.3 13.7 19.9 36.2 50.3 59.1 0 50 100 150 200 250 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 £'m Revenue Adj. EBITDA Adj. EBITA Ashtead Technology Holdings PLC | HY26 Results Listed on Main Market Building unrivalled capability, delivering sector leading financial performance Trusted partner In-house innovation Global reach Fungible offering Deep service moat Ashtead Technology differentiation COVID Listed on AIM Acquisitions: Ten-year track record: Revenue CAGR 30%, Adj. EBITDA CAGR 32%, Adj. EBITA CAGR 67%
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5 Financial Review
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6 Adjusted EBITA1 £25.1m £25.1mHY26 £27.0mHY25 £22.6mHY24 £15.5mHY23 Adjusted EPS 20.6p 20.6pHY26 21.9pHY25 19.1pHY24 14.0pHY23 £100.2mHY26 £99.1mHY25 £80.5mHY24 £49.8mHY23 Revenue £100.2m ROIC2 20.5% 20.5%HY26 24.2%HY25 29.6%HY24 27.2%HY23 Proforma leverage 1.4x 1.4xHY26 1.6xHY25 1.1xHY24 0.7xHY23 25.0%HY26 27.3%HY25 28.1%HY24 31.1%HY23 Adjusted EBITA1 margin 25.0% Financial highlights Ashtead Technology Holdings PLC | HY26 Results (1) Adjusted EBITA is defined as operating profit adjusted to add back amortisation, foreign exchange movements and non -trading items as described in Note 29 of the accounts1. Adjusted EBITA is defined as operating profit adjusted to add back amortisation, foreign exchange movements and items conside red one off in nature as described in the Appendix to the HY26 accounts 2. ROIC calculated as LTM Adjusted EBITA / average invested capital for last 12 months (i.e. July to June) in line with full yea r calculation.
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7 ▪ Revenue growth of 1.1% from HY25 to HY26 ▪ Constant currency revenue growth of 1.7% ▪ Solid year on year performance in Europe ▪ Year on year decrease in Middle East and Asia due to: ▪ Middle East – conflict impact ▪ APAC – impact of lower offshore wind activity ▪ Oil and gas revenue increase of c.1.9% with renewables showing a decline of -1.6% due to reduced activity in APAC ▪ EBITDA margin of 37.8%, lower than prior year due to revenue mix, with EBITA margin of 25.0% also impacted by the step up in depreciation ▪ Adjusted basic EPS of 20.6p, down -6% on HY25 HY25 HY26 HY25 HY26 £73.7m £25.4m £75.1m £25.0m Oil & Gas revenue Renewables revenue +c.1.9% -c.1.6% Profit & loss Ashtead Technology Holdings PLC | HY26 Results 1. See the Appendix to the HY26 accounts for adjustments and reconciliation to reported figures £m HY25 HY26 Revenue 99.1 100.2 YoY increase 23.2% 1.1% External costs directly relating to revenue (25.7) (27.5) Staff costs (27.5) (27.3) Other operating costs (8.7) (8.2) Other operating income1 1.2 0.7 Adjusted EBITDA1 38.4 37.9 Adjusted EBITDA margin % 38.7% 37.8% Depreciation (11.4) (12.8) Adjusted EBITA1 27.0 25.1 Adjusted EBITA margin % 27.3% 25.0% Finance cost1 (5.4) (4.3) Adjusted profit before tax1 21.6 20.8 Taxation1 (4.0) (4.2) Adjusted profit after tax1 17.6 16.6 Adjusted basic EPS (p) 21.9 20.6
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8 HY25 £m FY25 £m HY26 £m Property, plant and equipment 95.9 100.4 115.7 Goodwill 111.8 111.7 112.2 Intangible assets 32.0 29.0 26.5 Right-of-use assets 4.2 4.1 4.0 Deferred tax asset 0.3 0.1 0.1 244.1 245.3 258.5 Current assets (exc. cash) 70.4 63.9 75.6 Current liabilities (exc. leases) (33.7) (33.0) (36.5) Net Current Assets 36.7 30.9 39.1 Cash 12.0 14.1 8.9 Debt (inc. leases) (143.9) (123.0) (125.6) Provisions (11.1) (10.2) (10.5) Net Assets 137.9 157.1 170.4 Proforma net debt / EBITDA (leverage) 1.6x 1.3x 1.4x 1. ROIC calculated as last 12 months Adjusted EBITA / average equity plus average net debt Balance sheet ▪ Continued investment in technology fleet via organic investment and acquisition ▪ Gross book value of fleet of £219m, estimated replacement cost of c. £370m ▪ £170m RCF (plus £40m accordion) – RCF due for renewal April 2028 with discussions commenced on extension ▪ Continued investment in stock for manipulator repairs, cable moulding and own in-house proprietary equipment for sale ▪ ROIC at 20.5% remains ahead of cost of capital Ashtead Technology Holdings PLC | HY26 Results
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9 Net debt bridge ▪ Continued fleet investment c.£35m capex expected for 2026 (220%1 capex to depreciation ratio) ▪ Working capital build due to seasonality and investment in stock to widen offering to customers ▪ 1.4x proforma net debt leverage at 30 June 2026, expected to reduce to c.1.3x at year end Capex (£26m) Net debt at 30 June 2026 (£109m) DividendsAcquisitions (£1m) LeasesTax and interest (£9m) Working capital (£8m) Adjusted EBITDA £38m Net debt at 31 Dec 2025 (£1m) Ashtead Technology Holdings PLC | HY26 Results (£117m) (£1m) 1. Excludes depreciation on right of use assets
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10 £m HY25 HY26 Adj. EBITDA 38.4 37.9 Exceptional costs & FX (0.8) (0.5) Gain on Sale of fixed assets (1.2) (0.7) Other 1.0 0.6 Cash generated before working capital movements 37.4 37.3 Working Capital Movement (9.1) (7.9) Cash Generated from Operating Activities (“OCF”) 28.3 29.4 OCF (pre-exceptionals) 28.8 29.9 OCF Conversion (pre-exceptionals) 75% 79% Tax (2.3) (5.2) Disposal of Fixed Assets 2.6 1.4 Capex (20.5) (25.9) Lease Payments (1.1) (1.3) Free Cash Flow 7.0 (1.9) FCF (pre-exceptionals) 7.8 (1.4) FCF Conversion (pre-exceptionals) 20.3% 0% ▪ Operating cash flow conversion of 79% ▪ Working capital outflow due to seasonal build-up of debtors and stock in line with activity and investment in proprietary equipment stock for sale ▪ H1 front loading of capex spend - £25.9m investment in capex is £5.4m higher than prior year at half year point ▪ Small FCF outflow due to timing of capex and tax payments ▪ H2 cash flow forecast to be strong with lower capex payments resulting in positive cash generation and leverage reduction Dec-23 Dec-24 Dec-25 Jun-23 Jun-24 Jun-25 Jun-26 Net Working Capital TTM Revenue Working Capital to Revenue 7% 9% 14%13% 17% 19%16% Cash flow statement Ashtead Technology Holdings PLC | HY26 Results
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11 Ashtead Technology Holdings PLC | HY26 Results Reinvest for organic growth Bolt-on acquisitions Shareholder returns Continued investment in technology to broaden offering and meet customer demand Deploy free cash flow and balance sheet capacity on complementary bolt-on M&A Small progressive final dividend Sustainable and growing operating cash flows driven by high margin business Maintain appropriate balance sheet strength Target net debt of 1-2x EBITDA All investment to date funded through cash generation / RCF whilst maintaining low leverage Targeting industry/sector leading ROIC through organic revenue growth complemented by bolt-on M&A 1 32 1. Acquisitions since 2022 added £31m of EBITDA equating to an overall multiple of 4.6x Capital allocation priorities focused on investing for growth >£125m invested in capex since 2022 c.£145m spent on acquisitions since 20221 c.£1m per annum dividend payment
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12 Market & Operational Review
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13 Market backdrop supportive of continued medium-term growth Ashtead Technology Holdings PLC | HY26 Results Total addressable market expected to reach $3.4bn by 2029 ▪ Demand for offshore energy production continuing to drive market growth at 6% CAGR through 2029 ▪ Growth in offshore renewables expected to accelerate through rest of decade, despite recent headwinds ▪ Ashtead Technology focused on strengthening regional footprint to benefit from growth across all key offshore geographies Growth comes from all of Ashtead Technology’s key geographical regions 1,552 1,443 1,559 1,892 2,295 2,515 2,686 2,781 3,052 3,262 3,398 - 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 USD million nominal +10% +4% +7% CAGR 2025-2029 CAGR ’25-’29 Decom O&G IMR & Construction Support Offshore Wind +6% USD million nominal N. America Europe Africa Asia (x-China) S. America Middle East Australia 1,552 1,443 1,559 1,892 2,295 2,515 2,686 2,781 3,052 3,262 3,398 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Source: Rystad Energy research and analysis
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14 83 105 42 98 106 148 120 112 113 145 151 150 0 50 100 150 200 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Ashtead Technology Holdings PLC | HY26 Results Source: Rystad Energy research and analysis (1) 100% of project greenfield capex is allocated in the sanctioning/approval year. Actual spend is typically spread across the next 2-4 years depending on size, development solution, etc Offshore energy spend forecast to increase Offshore oil & gas greenfield capex by sanctioning year (1) Cumulate offshore wind installed capacity by development status ▪ Heightened oil prices and energy security agendas forecast to boost greenfield capex ▪ The number of offshore wind farms globally (ex China) is forecast to increase from 203 to 312 by 2030, an increase of 54% USD billion nominal Historical Forecast Average (forecast): ~$139 bn To be FID’d Average (historical): ~$101 bn 0 25 50 75 100 125 150 175 200 225 250 2020 2025 2030 2035 48% 33% 13% +16% CAGR 2025-2035 178 GW Plants announced either by developers or governments, that have not proceeded to regulatory application processes Concept Plants currently going under regulatory application processes, for example, environmental or site assessments In application Plants with complete regulatory approval, awaiting financial close or to begin construction Approved Currently under construction Under construction Currently in operation Operational Development statusHistorical Forecast 2035 total 2030 95 GW
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15 Strong customer backlog and opportunity pipeline Ashtead Technology Holdings PLC | HY26 Results Source: Rystad Energy research and analysis (1) Total relevant backlog except for Fugro which is next 12 months (2) 2Q26 figures for DEME and Boskalis are based on 1Q26 and 4Q25 respectively as half year results are yet to be announced Backlog developments for selected customers (1) Growing opportunity pipeline ▪ H1 2026 reduction in certain customers backlog driven by timing of project awards ▪ Growing customer opportunity pipeline points to a backlog rebound in 2027 36 39 48 66 79 87 84 0 25 50 75 100 2020 2021 2022 2023 2024 2025 2Q26 % change from YE25 -15% -0% -18% +15% -1% -4%2 +9% -3% 0%2 1 1 Next 24 months Next 18 months 22 27 31 35 38 39 2Q24 2Q25 2Q26 2Q24 2Q25 2Q26 USD billion nominal USD billion
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16 Continued focus on geographical and service line expansion Existing capability and geographical gaps highlight room to grow organically and through M&A Full coverage No coverage Survey & Robotics Mechanical Solutions Asset Integrity Oil & Gas Offshore Renewables APAC Middle East Europe Americas Service line / End market Existing Capability / Market Penetration Location Perth, Australia Services acquired Highly complementary ROV tooling operation Rationale Australian market previously serviced from Singapore predominantly focused on the survey market Growing opportunity for Ashtead Technology’s full service capabilities with a particular focus on decommissioning Acquisition route chosen over organic start-up to accelerate speed to market Customer benefits Equipment – access to in-country equipment Connectivity & support – 24/7 local on the ground commercial and technical support Commercial – faster mobilisation response times with lower shipping cost and transit risk Seadraulics Pty Ltd Ashtead Technology Holdings PLC | HY26 Results
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17 Mechanical Solutions global centre of excellence Ashtead Technology Holdings PLC | HY26 Results Building on the foundations created through the acquisition of three market leading businesses Further developing our customer centric mechanical solutions proposition Objective ▪ Enhance ability to win, deliver, and support customer project requirements for fully integrated full back deck support packages Outcome ▪ Consolidation of three mechanical solutions operations onto one UK site ▪ Creation of a global centre of excellence to better support both direct customer requirements and Ashtead Technology international locations Internal benefits ▪ One team approach driven by one management team structure ▪ Enhanced communication across technical specialists ▪ Efficiency of operation and consistency of standards and processes Customer benefits ▪ Greater visibility of Ashtead Technology capabilities ▪ Reduced points of contact ▪ Enhanced management of equipment package interface risk ▪ Mobilisation / demobilisation efficiency reducing cost ▪ Offshore team efficiency and cost reduction
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18 Our customer offering is unique and value adding We operate in attractive end markets with strong long-term fundamentals High customer backlogs give confidence in the medium term Resilient, flexible business model with significant opportunities for growth Outlook Ashtead Technology Holdings PLC | HY26 Results The Board’s expectations for the full year remain in line with those set out in the trading update of 20 August 2026 Continuing to execute our successful strategy
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19 19 Questions?