Interim report
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RNS Number : 7252SAshtead Technology Holdings plc01 September 2026 1 September 2026 Ashtead Technology Holdings plc ("Ashtead Technology", the "Company" or the "Group") Unaudited Half Year Results for the Six-Months Ended 30 June 2026 Resilient H1 performance despite challenging market backdrop, with strong operational execution reinforcing long-term confidence. Ashtead Technology Holdings plc (AIM: AT.), a leading provider of subsea technology solutions to the globaloffshore energy sector, announces its unaudited results for the six months ended 30 June 2026 ("HY26" or "theperiod"). Financial Performance (£'m) HY26 HY25 % Movement Revenue 100.2 99.1 1.1% Adjusted EBITA1 25.1 27.0 (7.3)% Adjusted EBITA % 25.0% 27.3% (225)bps Operating profit 21.8 23.2 (5.9)% Profit before tax 17.5 17.8 (1.5)% Adjusted basic earnings per share2 20.6p 21.9p (5.9)% Basic earnings per share 16.6p 17.2p (3.5)% Return on Invested Capital (ROIC)3 20.5% 24.2% (369)bps Leverage4 1.4x 1.7x HY26 summary · Revenue +1.1% vs HY25 to £100.2m (+1.7% constant currency) o Solid performance in Europe offset by previously flagged Middle East impact, project delays and softer offshore renewables activity in Asia o Oil and gas revenues (+1.9%), renewables (-1.6%) · Resilient Adjusted EBITA delivery of £25.1m at a 25.0% margin, impacted by some revenue mix changes andincreased depreciation cost following recent strategic capex investment · Robust EPS delivery at 16.6p · ROIC of 20.5% remains significantly ahead of cost of capital · Net debt of £116.7m lower than prior year (HY25: £131.9m), with leverage at 1.4x and expected to be around 1.3x by end of 2026 Operational Highlights· Agile project execution and disciplined cost management delivered results in spite of challenging near termbusiness environment · Ongoing strategic investment in technologies and proprietary equipment to enhance the Group's leading asset portfolio and differentiated customer offering· Organisational optimisation progressed with the consolidation of the UK mechanical solutions business ontoa single site, strengthening collaboration and improving our integrated offering · Acquisition of Seadraulics in June 2026 strengthens the Group's ROV tooling capabilities and establishes aplatform for further expansion in Australia
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· Further expansion of services through the technical depth and customer relationships acquired throughprevious acquisitions Outlook Long-term market fundamentals remain strong as growing focus on energy security, resilience, and supply diversification is expected to reshape energy markets and drive significant infrastructure investment across bothrenewables and oil and gas. Ashtead Technology's addressable market is projected to grow at a 6% CAGR,reaching $3.4 billion by 2029, supported by strong customer backlogs and expanding opportunity pipelines. The Company remains well positioned to navigate near-term market headwinds arising from the current geopolitical situation in the Middle East and continues to position itself to capture the longer term opportunitiesas they arise. Allan Pirie, Chief Executive Officer, said: "The Group has delivered a resilient performance in the first half of the year and continued to make strategicprogress despite the challenging market backdrop due to the conflict in the Middle East which has created broader geopolitical uncertainty. The agility of our integrated global services platform, our diversified businessmodel, disciplined operational execution and relentless focus on supporting customers, enabled us to deliverrevenue growth and robust margins during the period. We continued to execute on our long-term strategy, investing organically in our technology portfolio and further strengthening our market-leading offering and international capabilities through the acquisition of Seadraulics.This complementary bolt-on acquisition provides a vehicle to further expand our service capability in theAustralian market to support the full lifecycle of offshore energy infrastructure in the region. The Board's expectations for the full year are unchanged from our trading update on 20 August 2026. Whilemarket headwinds have impacted the FY26 outlook, the current geopolitical environment has reinforced the critical importance of energy security, resilience and supply diversification, supporting increased investment inoffshore energy infrastructure and underpinning our confidence in the long-term growth opportunity for theGroup. We remain focused on executing our long-term strategy and will continue to invest selectively in our technology, people and international capabilities to further enhance the Group's ability to continue delivering sustainablegrowth and long-term value for shareholders." Presentation Allan Pirie, Chief Executive Officer and Ingrid Stewart, Chief Financial Officer, will host an in-person presentationfor analysts and institutional investors at 8.00am BST today at Peel Hunt, 100 Liverpool St, London EC2M 2AT. A live webcast will also be available for those who wish to join the presentation virtually. Please contact ashteadtechnology@dgagroup.com to attend in person or to register for the webcast use the following link: https://brrmedia.news/AT_HY26 Management will also host a live virtual investor presentation via the BRR Engage Investor platform at 10:30amBST on Friday 4 September 2026. This event is open to all existing and potential shareholders and registration is free. Questions can be submitted pre-event via the platform up until 9.00am BST the day before the meeting or at anytime during the live presentation. Investors can register for the webinar using the link here: https://engageinvestor.news/AT_IP Replays of both presentations will subsequently be made available to watch on demand at www.ashtead- technology.com/investors/ -Ends- For further information, please contact: Ashtead Technology Allan Pirie, Chief Executive Officer Ingrid Stewart, Chief Financial Officer (Via DGA Group) DGA Group (Financial PR) Jonathon Brill Syra Basra Tel: +44 (0)7891 227 246 ashteadtechnology@dgagroup.com 1Adjusted EBITA is defined as operating profit adjusted to add back amortisation, foreign exchange movements and itemsconsidered one-off in nature as described in the Appendix to the HY26 accounts2Adjusted Basic Earnings per Share uses Adjusted Profit After Tax which is defined as profit after tax adjusted to add backamortisation, foreign exchange movements and items considered one-off in nature, and the tax impact thereof, as shown in theAppendix to the HY26 accounts3Return on Invested Capital (ROIC) is defined as LTM5 Adjusted EBITA divided by Invested Capital. Invested Capital is defined asaverage net debt plus average equity over the last 12 months.
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4Leverage is defined as net debt divided by LTM Adjusted EBITDA5LTM is defined as latest twelve months to 30 June 2026 Notes to editors: Ashtead Technology is a leading subsea technology solutions provider to the global offshore energy sector. Ashtead Technology's specialist equipment, advanced-technologies and support services enable its customers tounderstand the subsea environment and manage offshore energy production infrastructure. Headquartered inthe UK, Ashtead Technology operates globally, servicing customers from its facilities located in key offshore energy hubs. To learn more, please visit www.ashtead-technology.com CEO Statement Demonstrating our resilience and agility against a fast-moving geopolitical backdrop Last year our results were delivered against the backdrop of US offshore renewable policy change, US tariffs andgeopolitical factors impacting Europe and the Middle East. This challenging market backdrop has continued into 2026 with the escalation of conflict in the Middle East resulting in disruption in the region and broader economicuncertainty. These events make for a volatile market but also reinforce the strategic importance of energysecurity, resilience and energy supply diversification which will support increased investment in offshore energy infrastructure and underpins our confidence in the long-term growth opportunity for our business. During H1 2026 we delivered a solid performance in Europe, together with disciplined operational executionacross the Group. This was offset by lower activity in the Middle East due to the conflict and softer renewablesactivity in the Asia market. Revenue grew 1.7% on a constant currency basis and we maintained robust margins and our strong balance sheet while continuing to invest in the long-term growth of the business. Thisperformance reflects the expertise and commitment of our people, who continue to work closely with customersto solve complex challenges and meet changing demands across our markets, as well as the strength of our offering. The market backdrop through 2025 and 2026 has not altered our ambition to build a wider, more capablebusiness to better support our customers and strengthen our resilient business model. The medium and long-term opportunities to grow our business are significant and we believe it is important to continue to invest selectively through periods of short-term uncertainty to ensure we are well positioned to benefit from higheractivity levels as market uncertainty eases. The recent acquisition of Seadraulics provides a footprint in Australia, further strengthens our ROV toolingcapability, and provides an accelerated route to build out our full-service capability to support our local customers across the lifecycle of offshore energy infrastructure in the region. Our integrated global model continues to evolve and the investments made in the first half of the year, includingthe merging of our European mechanical solutions business onto one site, and further expansion of our facility inNorway, will benefit our business as market conditions improve, positioning us well to support growth across offshore oil and gas, and renewables. Near-term outlook - focused on project delivery and strategic growth initiatives Our near-term focus remains on disciplined project execution, cost and cash management, and supporting ourcustomers to execute their projects efficiently and safely. As highlighted in our trading update on 20 August2026, the continuation of the conflict in the Middle East and the postponement of a small number of projects into 2027, has impacted our trading expectations for the current year. The project delays witnessed outwith theMiddle East are the result of specific project scheduling changes and not an indication of a fundamental shift inmarket dynamics. Longer-term outlook Despite short-term headwinds, the fundamental drivers of demand across the offshore energy sector remain strong and we have confidence in the Group's long-term growth prospects. Increased focus on energy securityand supply resilience supports investment in offshore oil and gas and offshore wind. Latest Rystad forecastspoint to a 6% CAGR in our total addressable market out to 2029. Within this, the growth forecast for renewables has reduced since February 2026 from 12% to 10% owing to slower FID activity. Forecast oil and gas growth hasincreased from 3% to 4% during the same period as supply disruptions in the Middle East, and positivedevelopments for African and Asian pre-FID projects have raised the medium-term outlook. As a business we also see evidence of growth in decommissioning activity across several basins globally with this market forecast togrow at 7% CAGR through to 2029. Whilst timing of contract awards has resulted in customer subsea backlogs of the three Tier 1 contractorsreducing by 7%, these remain at near record high levels and customers are pointing to an increase in pipeline asthey look out over the next two years. These customer backlogs and opportunity pipelines give us confidence of a long runway of opportunities for our services as we look out to the end of the decade and beyond. With this backdrop we are continuing to invest selectively in our technology, people and international capabilitiesto ensure the Group is positioned to capture the significant medium and long-term opportunities across its endmarkets. CFO Statement Strong performance in Europe offsets macro challenges
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Revenue for the first half of 2026 was £100.2m (HY25: £99.1m), a 1.1% increase (1.7% on a constant currencybasis) on the prior year with a solid performance in Europe offsetting a year-on-year reduction in revenues in the Middle East and Asia. After a positive start to the year, the Middle East saw a reduction in activity through lateQ1, continuing into Q2 as a result of the ongoing conflict. In Asia, we have experienced delays and cancellationsto offshore renewables projects in Taiwan, coupled with the secondary impact from the Middle East conflict which has resulted in slower oil and gas activity. In the Americas, revenues were slightly ahead of the prior year,with higher activity in our survey & robotics division offset with lower mechanical services activity due to projecttimings. Expenses We continue to maintain a disciplined approach to our cost base and operational efficiency, helping to protect profitability while preserving our ability to invest to capture the long-term growth opportunity ahead. External costs directly relating to revenue were £27.5m compared to £25.7m in HY25 with the increase beingrepresentative of revenue mix during the period with a higher proportion of revenues coming from non-rentalactivities. Staff costs of £27.4m represent 27.3% of revenues compared to £27.5m or 27.8% of revenues in HY25, whilst we retained our employee numbers at around 650 since the FY2025 year end. Other operating costs of £8.6m compare to £9.5m in HY25 with the decrease coming predominantly from facilityand IT costs as a result of synergies following the integration of Seatronics and J2 Subsea acquired in late 2024. Depreciation has increased by £1.4m to £12.8m due to the investment in our equipment fleet. Given theincreased scale of the business and the market opportunity ahead of us, we have significantly increased our capital expenditure over the past five years. During H1 our capex to depreciation (excluding depreciation onright of use assets) ratio was 220%. Solid profitability and returns The Group delivered operating profit of £21.8m (HY25: £23.2m) with the year-on-year reduction primarilyreflecting a lower proportion of rental revenue and lower profit from disposal of assets. Adjusted EBITA of £25.1m (HY25: £27.0m) represents an EBITA margin of 25.0% (HY25: 27.3%) with this margin areflection of the different revenue mix and increased depreciation charge. Net finance costs of £4.3m compares to £5.4m in HY25 as the business has reduced its leverage in the past 12 months. Adjusted Profit Before Tax of £20.8m compares to £21.6m in HY25. The tax provision for the period was £4.1m (HY25: £3.9m) representing an effective tax rate of 23.3% (HY25:22.0%), an increase on prior year due to a higher proportion of profits being generated in higher tax jurisdictionsand a deferred tax movement in the period. Adjusted basic earnings per share of 20.6p compared to 21.9p in HY25. The adjustments to reported figures are minimal at £0.4m and the reconciliation to reported figures can be found in the appendix to the HY26 accounts. Cash flow and balance sheet Net cash generated from operating activities was £20.4m compared to £21.1m in the prior year. Working capitalrepresented 19% of last twelve months revenues compared to 17% at June 2025. The business generally sees higher working capital at the mid-year point and has invested in inventories to support a higher equipment salesrevenue stream, including inventory of in-house built proprietary products. Overall net debt of £116.7m is significantly lower than prior year (HY25: £131.9m) and leverage at 1.4x is in thelower half of our 1-2x range. Continued investment in our equipment fleet has resulted in an increase in fixed asset net book value (NBV) from £89.9m at June 2025 to £106.7m at June 2026. Our H1 capex spend of £25.9m is more H1 weighted than theprior year equivalent of £20.5m. Overall net assets increased to £170.4m, up £13.3m since the 2025 year end. ROIC of 20.5% remains significantly ahead of our cost of capital. Capital allocation The Board maintains a flexible approach to capital allocation, balancing investment in attractive organic andinorganic growth opportunities with the potential for additional returns to shareholders. We continued to execute our bolt-on M&A strategy with the acquisition of Seadraulics Pty Limited on 19 June 2026. The acquisition is strategically important, strengthening our ROV tooling capabilities and establishing aplatform for further growth in Australia. With leverage reducing we retain capacity to pursue further selective,value-accretive M&A opportunities aligned with our strategic growth plans. Our full year dividend for 2025 was paid in May 2026. Consistent with the prior year, the Board has not recommended an interim dividend for HY26 as the Board intends to continue its small, progressive, annualdividend policy. Significant events and transactions On 17 March 2026 the Company issued 352,201 newly authorised shares at a subscription price of £0.05 (beingthe nominal value) to the Employee Benefit Trust in anticipation of the vesting of the LTIP share options awarded
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on 4 May 2023. The options vested on publication of our full year results for 2025. On 28 May 2026 the Company paid a dividend totalling £1.0m. On 19 June 2026, the Group acquired 100% of the issued share capital of Seadraulics Pty Limited ('Seadraulics')which was renamed Ashtead Technology Pty Limited on 1 July 2026. Principal risks and uncertainties facing the business The Group has an established risk management reporting framework, as detailed in the Group's 2025 Annual Report and Accounts on pages 41 to 45, a copy of which can be found on the Company website www.ashtead-technology.com. We continue to review and analyse both existing and emerging risks to understand the potential impact. Thiswork is supported by the development of our internal audit function and reviewed by the Audit Committee chaired by our Senior Independent Non-Executive Director. There are a number of principal risks that could have a material impact on the Group's performance and couldcause actual results to differ materially from expected and historical results. Some of the risks that AshteadTechnology is exposed to could have a material adverse impact on the Group and may affect its performance with actual results becoming materially different from both forecast and historic results. The principal risks of thebusiness are: macro-economic environment, reliance on IT systems and potential breach of security or cyber-attack, health, safety & environmental, compliance & ethics and geopolitical tensions. Details of these risks are presented in the 2025 Annual Report and Accounts. The Group has not identified any new or emerging risks in H12026 but notes that it has seen an elevated risk from macro-economic environment and geopolitical tensionsgiven the current situation in the Middle East. We continue to remain vigilant for any indications of further escalation that could adversely impact expected results going forward. The long-term success of the Groupdepends on the ongoing review, assessment and management of the key business risks it faces. Responsibility statement The Directors of Ashtead Technology Holdings plc (set out on page 48 and 49 of the latest Annual Report and Accounts) confirm that to the best of their knowledge: • the condensed consolidated set of financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted for use in the UK; • the interim management report includes a fair review of the information required by: (i) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and (ii) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. By order of the Board of Directors Allan Pirie Ingrid Stewart Chief Executive Officer Chief Financial Officer 29 August 2026 29 August 2026 INDEPENDENT REVIEW REPORT TO ASHTEAD TECHNOLOGY HOLDINGS PLC Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34: Interim Financial
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Reporting and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. We have been engaged by Ashtead Technology Holdings Plc (the 'Company') and its subsidiaries ("the Group") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprise of the following: · Consolidated income statement; · Consolidated statement of comprehensive income; · Consolidated balance sheet; · Consolidated statement of changes in equity; · Consolidated cash flow statement; and · Notes to the consolidated interim financial statements Basis for conclusion We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in note 1.2, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half- yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting. Conclusions relating to going concern Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed. This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Group to cease to continue as a going concern. Responsibilities of directors The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the review of the financial information In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions
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Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability. BDO LLP Chartered Accountants London, UK 29 August 2026 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). Consolidated income statement Six months to30 June 2026 Six months to30 June 2025 Year ended31 December2025 Notes £000 £000 £000 Revenue 3, 4 100,189 99,135 203,195 External costs directly relating to revenue 3 (27,476) (25,734) (52,063) Staff costs 3 (27,361) (27,535) (54,143) Other operating costs 3 (8,638) (9,541) (20,937) Depreciation 3, 8,15 (12,821) (11,377) (23,292) Amortisation of intangible assets 3, 9 (2,819) (2,994) (5,959) Reversal of impairment loss on tradereceivables 3 − − 2,727 Other operating income 3 719 1,203 2,027 Operating profit 3 21,793 23,157 51,555 Finance income 5 63 39 164 Finance costs 5 (4,350) (5,415) (10,486) Profit before taxation 17,506 17,781 41,233 Taxation charge 6 (4,074) (3,912) (9,019) Profit for the financial period 13,432 13,869 32,214 Profit attributable to: Equity shareholders of the Company 13,432 13,869 32,214 Earnings per share Basic 7 16.6 17.2 40.0 Diluted 7 16.5 17.1 39.6 The below financial measures are Alternative Performance Measures used by managementand are not an IFRS disclosure: Adjusted EBITDA^ Appendix 37,876 38,397 82,425 Adjusted EBITA^^ Appendix 25,055 27,020 59,133 Adjusted Profit Before Tax^^^ Appendix 20,768 21,644 48,811
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Adjusted Profit After Tax^^^^ Appendix 16,637 17,587 39,777 ^ Adjusted EBITDA is calculated as operating profit adjusted to add back depreciation, amortisation, foreign exchange movements and items considered one-off in nature, is an Alternative Performance Measure used by management and is not an IFRS disclosure. See the Appendix to the condensed consolidated interim financial statements for calculations. ^^ Adjusted EBITA is calculated as operating profit adjusted to add back amortisation, foreign exchange movements and items considered one-off in nature, is an Alternative Performance Measure used by management and is not an IFRS disclosure. See the Appendix to the condensed consolidated interim financial statements for calculations. ^^^ Adjusted Profit Before Tax is calculated as profit before tax adjusted for amortisation, foreign exchange movements and items considered one-off in nature, is an Alternative Performance Measure used by management and is not an IFRS disclosure. See the Appendix to the condensed consolidated interim financial statements for calculations. ^^^^ Adjusted Profit After Tax is calculated as profit after tax adjusted for amortisation, foreign exchange movements and items considered one-off in nature, including the tax impact thereof, is an Alternative Performance Measure used by management and is not an IFRS disclosure. See the Appendix to the condensed consolidated interim financial statements for calculations. All results derive from continuing operations. Consolidated statement of comprehensive income Six months to30 June 2026 Six months to30 June 2025 Year ended 31 December 2025 £000 000 000 Profit for the period 13,432 13,869 32,214 Other comprehensive income/(loss): Items that may be reclassified subsequently to profit or loss Exchange differences on translation of foreign operations 457 (2,884) (2,407) Other comprehensive income/(loss) for the period, net of tax 457 (2,884) (2,407) Total comprehensive income 13,889 10,985 29,807 Total comprehensive income attributable to: Equity shareholders of the Company 13,889 10,985 29,807 Consolidated balance sheet As at 30 June 2026 As at 30 June 2025 Asat 31 December 2025 Notes £000 £000 £000 Non-current assets Property, plant and equipment 8 115,655 95,908 100,371 Goodwill 9 112,242 111,765 111,657 Intangible assets 9 26,510 31,960 28,995 Right-of-use assets 15 3,952 4,212 4,118 Deferred tax asset 98 272 116 258,457 244,117 245,257 Current assets Inventories 10 14,274 13,034 11,583 Trade and other receivables 11 60,320 56,932 50,768 Income tax recoverable 1,014 421 1,592 Cash and cash equivalents 8,861 11,959 14,073 84,469 82,346 78,016
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Total Assets 342,926 326,463 323,273 Current liabilities Trade and other payables 12 34,771 33,660 29,083 Income tax payable 1,750 − 3,906 Lease liabilities 15 1,754 1,450 1,717 38,275 35,110 34,706 Non-current liabilities Loans and borrowings 13 121,442 139,390 118,467 Lease liabilities 15 2,383 3,042 2,798 Deferred tax liability 9,960 10,691 9,778 Provisions for liabilities 516 367 436 134,301 153,490 131,479 Total liabilities 172,576 188,600 166,185 Equity Share capital 18 4,049 4,031 4,031 Share premium 18 14,115 14,115 14,115 Merger reserve 18 9,435 9,435 9,435 Foreign currency translationreserve 18 (2,240) (3,174) (2,697) Retained earnings 18 144,991 113,456 132,204 Total equity 170,350 137,863 157,088 Total equity and liabilities 342,926 326,463 323,273 Consolidated statement of changes in equity Sharecapital Sharepremium Mergerreserve Foreigncurrencytranslationreserve Retainedearnings* Total £000 £000 £000 £000 £000 £000 At 1 January 2025 4,016 14,115 9,435 (290) 100,052127,328 Profit for the period − − − − 13,86913,869 Other comprehensive loss − − − (2,884) − (2,884) Total comprehensive income − − − (2,884) 13,86910,985 Share based payment charge − − − − 659 659 Deferred tax on share basedpayment charge − − − − (144) (144) Issue of shares 15 − − − (15) − Dividends paid − − − - (965) (965) At 30 June 2025 4,031 14,115 9,435 (3,174) 113,456137,863 Profit for the period − − − − 18,34518,345 Other comprehensive income − − − 477 − 477 Total comprehensive income − − − 477 18,34518,822 Share based payment charge − − − − 487 487 Deferred tax on share basedpayment charge − − − − (138) (138) Current tax on share basedpayment charge − − − − 54 54 At 31 December 2025 4,031 14,115 9,435 (2,697) 132,204157,088 Profit for the period − − − − 13,43213,432 Other comprehensive income − − − 457 − 457 Total comprehensive income − − − 457 13,43213,889 Share based payment charge − − − − 331 331
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Deferred tax on share basedpayment charge − − − − 88 88 Issue of shares 18 − − − (18) − Dividends paid − − − − (1,046)(1,046) At 30 June 2026 4,049 14,115 9,435 (2,240) 144,991170,350 * Management decided to transfer the share-based payment reserve into retained earnings, which has been applied retrospectively, and the comparative period consolidated balance sheet as at 30 June 2025 and consolidated statement of changes in equity as at 30 June 2025 have been restated. There is no change in the comparative amount for total equity as disclosed in the 2025 condensed consolidated interim financial statements due to the change in presentation. Consolidated cash flow statement Six monthsto 30 June2026 Six monthsto 30 June2025 Year ended 31 December2025 Notes £000 £000 £000 Cash generated from operating activities Profit before taxation 17,506 17,781 41,233 Adjustments to reconcile profit before taxation to netcash from operating activities Finance income 5 (63) (39) (164) Finance costs 5 4,350 5,415 10,486 Depreciation 8, 15 12,821 11,377 23,292 Amortisation of intangible assets 9 2,819 2,994 5,959 Gain on sale of property, plant and equipment (719) (1,203) (2,027) Share based payment charges (including employer's nationalinsurance) 470 1,129 1,099 Provision for bad debts movement − − (1,469) Provision for liabilities movement 75 (63) 25 Cash generated before changes in working capital 37,259 37,391 78,434 Increase in inventories (3,507) (5,310) (4,057) (Increase)/decrease in trade and other receivables (9,330) (6,094) 190 Increase/(decrease) in trade and other payables 4,970 2,348 (1,350) Cash inflow from operations 29,392 28,335 73,217 Interest paid (3,830) (4,908) (9,410) Tax paid (5,185) (2,335) (6,186) Net cash generated from operating activities 20,377 21,092 57,621 Cash flow used in investing activities Purchase of property, plant and equipment (25,857) (20,484) (37,198) Proceeds from customer loss/damage of assets held for rental 1,420 2,552 4,369 Acquisition of subsidiary undertakings net of cash acquired (909) (1,272) (112) Proceeds on disposal of assets held for sale − 550 1,000 Interest received 63 39 164 Net cash used in investing activities (25,283) (18,615) (31,777) Cash flow generated/(used in) from financing activities Loans received 14 7,000 5,000 13,424 Repayment of bank loans 14 (4,500) (3,589) (33,344) Payment of lease liability 14 (1,341) (1,054) (2,161) Payment of finance lease liability 14 − (9) (9) Dividends paid (1,046) (965) (965) Net cash generated/(used in) from financing activities 113 (617) (23,055) Net (decrease)/increase in cash and cash equivalents (4,793) 1,860 2,789 Cash and cash equivalents at beginning of the period 14,073 12,168 12,168 Net foreign exchange difference (419) (2,069) (884) Cash and cash equivalents at end of the period 8,861 11,959 14,073
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Non-cash transaction from investing activities Settlement of remaining acquisition consideration throughoffset against trade receivables − − (1,681) Notes to the consolidated interim financial statements 1. General information 1.1 Background Ashtead Technology Holdings plc (the "Company") is a public limited company incorporated in the UnitedKingdom under the Companies Act 2006, whose shares are traded on the London Stock Exchange. Thecondensed consolidated interim financial statements of the Company for the six-month period ended 30June 2026 comprise the Company and its interest in subsidiaries (together referred to as the "Group"). The Company is domiciled in the United Kingdom and its registered address is c/o AMBA Company Secretarial Services Limited, 4th Floor, One Kingdom Street, Paddington Central, London, W2 6BD, UnitedKingdom. The Company registration number is 13424040. 1.2 Basis of preparation The annual consolidated financial statements of Ashtead Technology Holdings plc will be prepared inaccordance with UK-adopted International Accounting Standards. These condensed consolidated interimfinancial statements for the six-month period ended 30 June 2026 have been prepared in accordance withUK adopted International Accounting Standard ("IAS") 34, 'Interim Financial Reporting' and the Disclosureand Transparency Rules of the United Kingdom's Financial Conduct Authority. The financial information for the six-month period ended 30 June 2026 has been reviewed by the Group'sauditors, BDO LLP, but is unaudited. The financial information for the six-month period ended 30 June2026 does not constitute statutory financial statements within the meaning of Section 434 of theCompanies Act 2006. This report should be read in conjunction with the Group's Annual Report andAccounts as at and for the year ended 31 December 2025 ("last Annual Report and Accounts"), which wereprepared in accordance with UK-adopted International Accounting Standards. The last Annual Report andAccounts have been filed with the Registrar of Companies and are available from the Group's website(www.ashtead-technology.com). The auditors' report on those accounts was unqualified, did not drawattention to any matters by way of emphasis, and did not contain a statement under 498(2) or 498(3) ofthe Companies Act 2006. The condensed consolidated interim financial statements unless otherwise stated are presented insterling, to the nearest thousand. The functional currency of the Company is sterling. The condensed consolidated interim financial statements were approved by the Board of Directors on 28August 2026. 1.3 Going concern These condensed consolidated financial statements of the Group are prepared on a going concern basis. The Directors of the Group assert that the preparation of the condensed consolidated financialstatements on a going concern basis is appropriate, which is based upon a review of the future forecastperformance of the Group for an eighteen-month period ending 31 December 2027. During the six months ended 30 June 2026 the Group has continued to generate positive cash flow fromoperating activities, with a cash and cash equivalents balance of £8,861,000 at 30 June 2026 (31 December2025: £14,073,000). The Group has access to a multi-currency RCF and additional accordion facility, whichhave total commitments of £170,000,000 and £40,000,000 respectively, both of which expire in April 2028. The accordion facility is subject to credit approval. As at 30 June 2026 the RCF had an undrawn balance of£47,984,000 on the £170,000,000 facility available and the £40,000,000 accordion facility was undrawn. The Facility Agreement is subject to a leverage covenant of 3.0x and an interest cover covenant of 4:1,which are both to be tested on a quarterly basis. The Group has complied with all covenants from enteringthe Facility Agreement until the date of these financial statements. The Group monitors its funding and liquidity position throughout the period to ensure it has sufficientfunds to meet its ongoing cash requirements. Cash forecasts are produced based on a number of inputssuch as estimated revenues, margins, overheads, collection and payment terms, capex requirements andthe payment of interest and capital on its existing debt facilities. Consideration is also given to theavailability of bank facilities and events that have occurred in the post balance sheet period. In preparingthese forecasts, the Directors have considered the principal risks and uncertainties to which the business isexposed. Taking account of reasonable changes in trading performance and bank facilities available, the applicationof severe but plausible downside scenarios to the forecasts, the cash forecasts prepared by managementand reviewed by the Directors indicate that the Group is cash generative and has adequate financialresources to continue to trade for the foreseeable future and to meet its obligations as they fall due overthe twelve months following the date of approval of the financial statements. 2. Accounting policies The condensed consolidated interim financial statements have been prepared in accordance with theaccounting policies set out on pages 98-105 of the last Annual Report and Accounts except for thefollowing: Taxation
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Tax on income in the interim periods are accrued using management's best estimate of the weightedaverage annual tax rate that would be applicable to expected total annual earnings. 2.1 Critical accounting judgements and estimates In preparing these condensed consolidated interim financial statements, management has madejudgements, estimates and assumptions that affect the application of the accounting policies and thereported amounts of assets, liabilities, income and expenses. Actual results may differ from theseestimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions toestimates are recognised prospectively. The areas of critical accounting estimate which have the greatest potential effect on the amountsrecognised in these financial statements are the provision for bad debts and inventory provision. Thereare no areas of critical accounting judgement. This is consistent with matters disclosed on page 105 of thelast Annual Report and Accounts. 2.2 Standards, amendments, and interpretations not yet effective There are a number of standards, amendments to standards, and interpretations which have been issuedby the IASB that are effective in future accounting periods that the Group has decided not to adopt early.With the exception of IFRS 18, these standards are not expected to have a material impact on the Group inthe current or future reporting periods and on foreseeable future transactions. The impact of IFRS 18 onthe Group is currently being assessed, however there is no impact on presentation for the Group in thecurrent year given the effective date of adoption is for periods beginning on or after 1 January 2027. 2.3 Standards and amendments effective for the period There are no new or amended standards or interpretations from 1 January 2026 onwards that have asignificant impact on the accounting policies and reporting. 3. Segmental analysis The Chief Operating Decision Maker ("CODM") is determined as the Group's Board of Directors. TheCODM reviews the internal management reports of each geographic region monthly as part of themonthly management reporting. The operations within each of the regional segments display similareconomic characteristics. There are no reportable segments which have been aggregated for the purposeof the disclosure of segment information. The Group operates in the following four geographic regions, which have been determined as the Group'sreportable segments. The operations of each geographic region are similar. · Europe· Americas· Asia-Pacific· Middle East For the six-month period ended 30 June 2026 Europe£000 Americas£000 AsiaPacific£000 MiddleEast£000 Central£000 Total£000 Total revenue 70,491 14,397 8,080 7,221 - 100,189 External costs directly relating to revenue (19,017) (3,728) (2,935) (1,796) - (27,476) Staff costs (16,521) (3,829) (1,513) (1,282) (4,216) (27,361) Other operating costs* (4,506) (1,504) (554) (311) (1,720) (8,595) Other operating income** 622 75 (16) 38 - 719 Operating profit before depreciation,amortisation and foreign exchange gain/(loss) 31,069 5,411 3,062 3,870 (5,936) 37,476 Foreign exchange gain/(loss) (504) 154 (118) 75 350 (43) Depreciation (8,866) (1,862) (1,071) (943) (79) (12,821) Amortisation (2,597) (109) (80) (33) - (2,819) Operating profit 19,102 3,594 1,793 2,969 (5,665) 21,793 Finance income 63 Finance costs (4,350) Profit before taxation 17,506 Taxation charge (4,074) Profit for the financial year 13,432 Total assets 258,169 34,744 21,642 17,425 10,946 342,926 Total liabilities 29,343 6,468 3,658 2,505 130,602 172,576 For the six-month period ended 30 June 2025 Europe£000 Americas£000 AsiaPacific£000 MiddleEast£000 Central£000 Total£000 Total revenue 65,585 14,146 11,617 7,787 - 99,135 External costs directly relating to revenue (15,206) (5,201) (3,833) (1,494) - (25,734) Staff costs (16,639) (4,000) (1,665) (1,273) (3,958) (27,535)
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Other operating costs* (5,239) (1,244) (682) (530) (1,560) (9,255) Other operating income** 916 135 123 29 - 1,203 Operating profit before depreciation,amortisation and foreign exchange gain/(loss) 29,417 3,836 5,560 4,519 (5,518) 37,814 Foreign exchange gain/(loss) 718 (907) (525) (1,032) 1,460 (286) Depreciation (8,065) (1,456) (1,162) (620) (74) (11,377) Amortisation (2,778) (110) (73) (33) - (2,994) Operating profit 19,292 1,363 3,800 2,834 (4,132) 23,157 Finance income 39 Finance costs (5,415) Profit before taxation 17,781 Taxation charge (3,912) Profit for the financial year 13,869 Total assets 248,563 30,467 20,620 13,180 13,633 326,463 Total liabilities 29,723 5,428 4,276 1,772 147,401 188,600 For the year ended 31 December 2025 Europe£000 Americas£000 AsiaPacific£000 MiddleEast£000 Central£000 Total£000 Total revenue 135,927 29,258 20,240 17,770 - 203,195 External costs directly relating to revenue (31,892) (10,520) (5,966) (3,685) - (52,063) Staff costs (33,029) (7,349) (3,547) (2,571) (7,647) (54,143) Other operating costs* (9,057) (2,917) 197 (1,072) (4,954) (17,803) Other operating income** 1,505 75 269 178 - 2,027 Operating profit before depreciation,amortisation and foreign exchange gain/(loss) 63,454 8,547 11,193 10,620 (12,601) 81,213 Foreign exchange gain/(loss) 1,533 (657) (500) (827) 44 (407) Depreciation (16,801) (2,890) (2,269) (1,186) (146) (23,292) Amortisation (5,527) (219) (147) (66) - (5,959) Operating profit 42,659 4,781 8,277 8,541 (12,703) 51,555 Finance income 164 Finance costs (10,486) Profit before taxation 41,233 Taxation charge (9,019) Profit for the financial year 32,214 Total assets 243,400 31,134 17,763 15,918 15,058 323,273 Total liabilities 29,272 6,224 2,560 2,422 125,707 166,185 * Excluding foreign exchange gain/(loss) and including reversal of impairment loss on trade receivables ** Other operating income relates to the gain on sale of property, plant and equipment and arises from compensation from third parties for items of property, plant and equipment that were lost, given up or damaged beyond repair by customers. The gross compensation proceeds are disclosed in the consolidated cash flow statement. Central costs represent expenses which are not directly attributable to any single operating segment. The costs have not been allocated to individual operating segments, as this activity is managed centrally. Revenues for each geographic segment are determined based on the facility from which the equipment and services are provided. No single customer or group of customers under common control account for 10% or more of Group revenue. The carrying value of non-current assets, other than deferred tax assets, split by the geographical segment in which the assets are held is as follows: As at30 June 2026£000 As at30 June 2025£000 As at31 December2025£000 Europe 205,846 201,378 201,440
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Americas 25,160 20,954 20,861 Asia Pacific 15,928 13,959 13,953 Middle East 11,425 7,554 8,887 4. Revenue The Group generates revenue from the provision of equipment, sale of equipment and provision of related services. The revenue is attributable to the continuing activities of the provision of equipment, selling equipment or providing a service. All revenue from the provision of equipment is expected to be settled within 12 months. Major products and services and timing of revenue recognition of revenue: Six months to30 June 2026 Six months to30 June 2025 Year ended 31December 2025 Provision of equipment 71,479 74,382 152,170 Sale of equipment, transferred at a point in time 15,014 10,700 23,166 Provision of related services, transferred overtime 13,696 14,053 27,859 Total revenue 100,189 99,135 203,195 Revenue recognised from provision of equipment is recognised under IFRS 16. Revenue from contracts with customers for sale of equipment and provision of related services is also disaggregated by primary geographical market: Primary geographical markets Six months to30 June 2026 Six months to30 June 2025 Year ended 31December 2025 Europe 20,690 17,401 37,085 Americas 3,780 3,978 7,417 Asia Pacific 2,695 2,216 3,695 Middle East 1,545 1,158 2,828 Equipment sales and other services 28,710 24,753 51,025 5. Finance income and costs Finance income Six months to30 June 2026 Six months to30 June 2025 Year ended 31December 2025 Bank Interest receivable 63 39 164 Finance costs Six months to30 June 2026 Six months to30 June 2025 Year ended 31December 2025 Interest on bank loans (held at amortised cost) 3,824 4,908 9,411 Amortisation of deferred finance costs 383 383 765 Interest expense on lease liability (Note 15) 142 124 309 Other interest and charges 1 - 1 4,350 5,415 10,486 6. Tax The tax expense for the six-month period ended 30 June 2026 is based upon management's best estimate of the weighted average annual tax rate expected for each jurisdiction for the full year ending 31 December 2026 applied to the profit before tax for the interim period. The effective tax rate for the six-month period ended 30 June 2026 is 23.3% and the income tax expense is lower than the standard UK rate of 25% for the period due to lower tax rates in overseas jurisdictions. The effective tax rate for the year ended 31 December 2025 was 21.9% and the income tax expense was lower than the standard UK rate of 25% during 2025 due to lower tax rates in overseas jurisdictions.
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7. Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of Ordinary Shares in issue during the period. Diluted earnings per share For diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all potentially dilutive Ordinary Shares. The Group has potentially dilutive Ordinary Shares arising from share options granted to employees under the share schemes as detailed in Note 17 of these condensed consolidated interim financial statements. Adjusted earnings per share Earnings attributable to ordinary shareholders of the Group for the period, adjusted to remove the impact of adjusting items and the tax impact of these, divided by the weighted average number of Ordinary Shares outstanding during the period. AdjustedSix monthsto 30 June2026 StatutorySix monthsto 30 June2026 AdjustedSix monthsto 30 June2025 StatutorySix monthsto 30 June2025 AdjustedYear ended31December2025 StatutoryYear ended31 December2025 Earnings attributable to equityshareholders of the Group: Profit for the period (£000) 16,637* 13,432 17,587* 13,869 39,777* 32,214 Number of shares: Weighted average number ofOrdinary Shares at period end 80,816,836 80,816,836 80,480,162 80,480,162 80,552,771 80,552,771 Add dilutive effect of share basedpayment plans 547,544 547,544 638,877 638,887 777,771 777,771 Weighted average number ofOrdinary Shares for calculatingdiluted earnings per share atperiod end 81,364,380 81,364,380 81,119,039 81,119,039 81,330,542 81,330,542 Earnings per share attributable toequity holders of the Group -continuing operations: Basic earnings per share (pence) 20.6 16.6 21.9 17.2 49.4 40.0 Diluted earnings per share (pence) 20.4 16.5 21.7 17.1 48.9 39.6 * Refer to the Appendix for the reconciliation of Alternative Performance Measures. 8. Property, plant and equipment Assets heldfor rental Assetsunderconstruction Leaseholdimprovements Freeholdproperty Fixtures andfittings Motorvehicles Total £000 £000 £000 £000 £000 £000 £000 Cost: At 1 January 2025 188,140 2,906 1,999 3,508 5,871 275 202,699 Additions 19,439 751 134 − 404 − 20,728 Transfer 3,463 (3,463) − − − − − Disposals (22,420) - (354) − (2,039) − (24,813)
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Foreign exchange movements (3,264) - (20) − (110) (12) (3,406) At 30 June 2025 185,358 194 1,759 3,508 4,126 263 195,208 Additions 14,317 1,806 150 − 197 - 16,470 Transfer 105 (105) − − − − − Disposals (6,321) - (7) - (18) − (6,346) Foreign exchange movements 564 - 5 - 28 4 601 At 31 December 2025 194,023 1,895 1,907 3,508 4,333 267 205,933 Acquisitions 77 - - - 67 9 153 Fair value adjustment onacquisitions 1,182 - - - - - 1,182 Additions 22,150 2,701 66 219 609 112 25,857 Transfer 1,659 (1,659) - - - - - Disposals (1,664) (385) (396) - (4) (3) (2,452) Foreign exchange movements 1,534 - 3 - 14 4 1,555 At 30 June 2026 218,961 2,552 1,580 3,727 5,019 389 232,228 Accumulated depreciation: At 1 January 2025 (109,543) - (1,442) (127) (4,044) (218) (115,374) Charge for the period (9,927) - (111) (28) (297) (30) (10,393) Disposals 21,457 - 355 - 2,043 - 23,855 Foreign exchange movements 2,509 - 13 - 73 17 2,612 At 30 June 2025 (95,504) - (1,185) (155) (2,225) (231) (99,300) Charge for the period (10,413) - (105) (28) (303) (10) (10,859) Disposals 5,327 - 6 - 14 - 5,347 Foreign exchange movements (730) - (4) - (13) (3) (750) At 31 December 2025 (101,320) - (1,288) (183) (2,527) (244) (105,562) Charge for the period (11,297) - (94) (30) (319) (17) (11,757) Disposals 1,356 - 375 - - - 1,731 Foreign exchange movements (975) - 3 - (9) (4) (985) At 30 June 2026 (112,236) - (1,004) (213) (2,855) (265) (116,573) Net book value: At 30 June 2025 89,854 194 574 3,353 1,901 32 95,908 At 31 December 2025 92,703 1,895 619 3,325 1,806 23 100,371 At 30 June 2026 106,725 2,552 576 3,514 2,164 124 115,655 9. Goodwill and intangible assets Goodwill £000 Customer relationships £000 Trade name £000 Non-compete arrangements £000 Documented processes £000 Computer software £000 Total £000 Cost:At 1 January 2025 112,183 38,452 544 4,616 1,377 8 157,180 Foreign exchange movements (418) − − − − − (418) At 30 June 2025 111,765 38,452 544 4,616 1,377 8 156,762 Adjustment (194) − − − − − (194) Foreign exchange movements 86 − − − − (1) 85 At 31 December 2025 111,657 38,452 544 4,616 1,377 7 156,653 Acquisitions 573 334 − − − − 907 Foreign exchange movements 12 − − − − − 12 At 30 June 2026 112,242 38,786 544 4,616 1,377 7 157,572 Amortisation: At 1 January 2025 − (8,298) (295) (1,294) (148) (8) (10,043) Charge for the period − (2,330) (136) (459) (69) − (2,994)
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At 30 June 2025 − (10,628) (431) (1,753) (217) (8) (13,037) Charge for the period − (2,331) (113) (452) (69) − (2,965) Foreign exchange movements − − − − − 1 1 At 31 December 2025 − (12,959) (544) (2,205) (286) (7) (16,001) Charge for the period − (2,337) − (413) (69) − (2,819) At 30 June 2026 − (15,296) (544) (2,618) (355) (7) (18,820) Net book value: At 30 June 2025 111,765 27,824 113 2,863 1,160 − 143,725 At 31 December 2025 111,657 25,493 − 2,411 1,091 − 140,652 At 30 June 2026 112,242 23,490 − 1,998 1,022 − 138,752 Goodwill has arisen on the acquisition of the following subsidiaries: Amazon Group Limited (the parent company of the existing Ashtead Technology Group at the time of acquisition, in April 2016), TES Survey Equipment Services LLC, Welaptega Marine Limited, Aqua-Tech Solutions LLC and its subsidiary Alpha Subsea LLC, Underwater Cutting Solutions Limited, WeSubsea AS and its subsidiary WeSubsea UK Limited, Hiretech Limited, Rathmay Limited and its subsidiaries Alfred Cheyne Engineering Limited, ACE Winches Inc, ACE Winches DMCC and ACE Winches Norge AS, Seascan Limited and J2 Subsea Limited and their subsidiaries Geoscan Group Limited, Seatronics Inc, Seatronics PTE Limited and Seatronics Limited, and Seadraulics PTY Limited as well as the acquisition of the trade and assets of Forum Subsea Rentals, a division of Forum Energy Technologies (UK) Limited, Forum Energy Asia Pacific PTE Ltd and Forum US, Inc. The Group tests annually for impairment, or more frequently if there are indicators that goodwill, intangible assets and property, plant & equipment might be impaired. In preparing the condensed consolidated financial statements for the six months ended 30 June 2026, the Group has considered whether any indicators of impairment exist, that may indicate that the carrying amount of any of the CGUs may not be recoverable. As part of this assessment, the Group reviewed the key assumptions underlying the value-in-use calculations used in the 2025 annual impairment test. This included comparisons of performance in the period and the latest outlook for 2026 against budget, review of the latest external market outlook, as well as considering possible changes in discount rates used to discount the cash flow projections and long-term growth rates. There were no indicators of impairment relating to goodwill, intangible assets and property, plant & equipment at 30 June 2026. For each of the operating segments to which goodwill, intangible assets and property, plant & equipment has been allocated, the recoverable amount has been determined on the basis of a value in use calculation. In each case, the value in use was found to be greater than the carrying amount of the group of CGUs to which the goodwill, intangible assets and property, plant & equipment has been allocated. Accordingly, no impairment to goodwill, intangible assets or property, plant & equipment has been recognised. The value in use has been determined by discounting future cash flows forecast to be generated by the relevant regional segment. The key assumptions on which management has based its cash flow projections are the same as those used in the last Annual Report and Accounts. 10. Inventories 30 June 2026 30 June 2025 31 December 2025 £000 £000 £000 Raw materials and consumables 14,274 13,034 11,583 The cost of inventories recognised as an expense and included in external costs directly relating to revenue during the period was £4,319,000 (H1 2025: £4,963,000). The impairment loss recognised during the period was £200,000 (H1 2025: £13,000 loss reversal). 11. Trade and other receivables 30 June 2026 30 June 2025 31 December 2025 £000 £000 £000 Trade receivables 49,047 46,828 40,712
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Prepayments 5,749 7,227 5,358 Contract assets 1,086 310 1,561 Accrued income 4,438 2,567 3,137 60,320 56,932 50,768 The Directors consider that the carrying amount of trade receivables, contract assets and accrued income approximates to fair value. The reversal of provision for doubtful debts recognised during the period was £419,000 (H1 2025: £610,000 reversal of provision). 12. Trade and other payables 30 June 2026 30 June 2025 31 December 2025 £000 £000 £000 Trade payables 8,947 11,705 9,511 Contract liabilities − 672 − Accruals 25,824 21,283 19,572 34,771 33,660 29,083 The Directors consider that the carrying amount of trade payable, contract liabilities and accruals equates to fair value. 13. Loans and borrowings 30 June 2026 30 June 2025 31 December 2025 £000 £000 £000 Non-current Bank loans (held at amortised cost) 121,442 139,390 118,467 At 30 June 2026 the bank loans comprise a revolving credit facility of £122,016,000 (H1 2025: £140,729,000) (of which £5,516,000 is denominated in USD (H1 2025: £729,000)) which during the period carried interest at SONIA plus 2.25%. The interest margin fluctuates between 2.00% and 3.25% depending on leverage. The lenders are ABN AMRO Bank N.V., Citibank N.A., Clydesdale Bank plc, HSBC Bank plc and the Royal Bank of Scotland plc. The Facility Agreement is subject to a leverage covenant of 3.0x and an interest cover covenant of 4:1. The total commitments are £170,000,000 for the RCF with an additional £40,000,000 accordion facility. As at 30 June 2026 the RCF had an undrawn balance of £47,984,000 (H1 2025: £29,271,000) and the £40,000,000 accordion facility was undrawn (H1 2025: £40,000,000 undrawn). The accordion facility is subject to credit approval. A non-utilisation fee of 0.7875% is charged on the non-utilised element of the RCF facility. The revolving credit facility is fully repayable by April 2028. Certain companies within the Group are party to cross guarantees with respect to bank loans totalling £122,016,000 (H1 2025: £140,729,000) advanced to Ashtead Technology Limited and Ashtead Technology Offshore Inc. The lenders have a floating charge over the assets of certain entities within the Group. Bank loans are repayable as follows: 30 June 2026 30 June 2025 31 December 2025 £000 £000 £000 Within one year − − − Within one to two years 122,016 − − Within two to three years − 140,729 119,424 Within three to four years − − − Within four to five years − − − 122,016 140,729 119,424 Deferred finance costs (574) (1,339) (957) 121,442 139,390 118,467 14. Financing liabilities reconciliation 1 January2025 Cash flows Interest paid /(received) Other non-cashchanges Changes inexchangerates 30 June2025 £000 £000 £000 £000 £000 £000 Cash at bank and in hand 12,168 1,861 (162) 162 (2,070) 11,959
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Bank loans (137,669) (1,411) 4,907 (5,290) 73 (139,390) Lease liabilities (2,845) 1,054 124 (2,581) (244) (4,492) Finance lease liability (9) 9 - - - - Net debt (128,355) 1,513 4,869 (7,709) (2,241) (131,923) The non-cash movement relates to interest, the amortisation of deferred finance costs, accrual of finance costs on lease liability and the addition of new leases during the period. 30 June2025 Cash flows Interest paid /(received) Other non-cashchanges Changes inexchangerates 31December2025 £000 £000 £000 £000 £000 £000 Cash at bank and in hand 11,959 940 (2) 2 1,174 14,073 Bank loans (139,390) 21,331 4,503 (4,886) (25) (118,467) Lease liabilities (4,492) 1,107 185 (1,007) (308) (4,515) Net debt (131,923) 23,378 4,686 (5,891) 841 (108,909) The non-cash movement relates to interest, the amortisation of deferred finance costs, accrual of finance costs on lease liability and the addition of new leases during the period. 31December2025 Cashflows Acquisitions Interestpaid /(received) Other non-cashchanges Changesinexchangerates 30 June2026 £000 £000 £000 £000 £000 £000 £000 Cash at bank and in hand 14,073 (5,462) 669 (62) 62 (419) 8,861 Bank loans (118,467) (2,500) - 3,828 (4,207) (96) (121,442) Lease liabilities (4,515) 1,341 (95) 142 (854) (156) (4,137) Net debt (108,909) (6,621) 574 3,908 (4,999) (671) (116,718) The non-cash movement relates to interest, the amortisation of deferred finance costs, accrual of finance costs on lease liability and the addition of new leases during the period. 15. Leases Leases as lessee The Group leases warehouses, offices and other facilities in different locations (UK, UAE, Singapore, Canada, USA, Norway). The lease terms range from 2 to 15 years with an option to renew available for some of the leases. The Group has elected not to recognise right-of-use assets and lease liabilities for leases that are short-term and/or of low-value items. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. Further information about leases is presented below: a) Amounts recognised in consolidated balance sheet Right-of-use assets £000 Balance at 1 January 2025 2,627
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Additions to right-of-use assets 2,824 Depreciation charge for the period (984) Effects of movements in exchange rates (255) Balance at 30 June 2025 4,212 Additions to right-of-use assets 764 Depreciation charge for the period (1,056) Effects of movements in change rates 198 Balance at 31 December 2025 4,118 Additions to right-of-use assets 854 Acquisition of right-of-use assets 95 Depreciation charge for the period (1,064) Effects of movements in exchange rates (51) Balance at 30 June 2026 3,952 30 June 2026 30 June 2025 31 December 2025 Lease liabilities: £000 £000 £000 Current 1,754 1,450 1,717 Non-current 2,383 3,042 2,798 Total lease liabilities 4,137 4,492 4,515 b) Amounts recognised in the income statement Six months to30 June 2026 Six months to30 June 2025 Year ended 31 December 2025 £000 £000 £000 Depreciation charge 1,064 984 2,040 Interest expense on lease liability 142 124 309 Expenses relating to short-term leases 256 217 714 Total amount recognised in the income statement 1,462 1,325 3,063 c) Amounts recognised in the cash flow statement Six months to 30 June 2026 Six months to 30 June 2025 Year ended 31 December 2025 £000 £000 £000 Total cash payment for leases 1,483 1,178 2,470 16. Capital commitments 30 June 2026 30 June 2025 31 December 2025 £000 £000 £000 Capital expenditure contracted for but not provided 7,492 9,646 14,499 17. Share based payments IPO LTIP The IPO LTIP awards were granted on 5 September 2022 and comprise three equal tranches, with the firsttranche vested on the announcement of the annual results for the year ended 31 December 2022, thesecond tranche vested on the announcement of the annual results for the year ended 31 December 2023 andthe third tranche vested on the announcement of the annual results for the year ended 31 December 2024. Certain senior managers from various Group companies are eligible for nil cost share option awards withAshtead Technology Holdings plc granting the awards. On exercise, the awards will be equity-settled withOrdinary Shares in Ashtead Technology Holdings plc. The IPO LTIP share awards vesting is subject to theachievement of a target annual Adjusted EPS and participants remaining employed by the Group over thevesting period. The outstanding number of IPO LTIP awards at 30 June 2026 is 217,767 (30 June 2025: 242,458).
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Share based payments Tranche 1 Tranche 2 Tranche 3 Valuation model Black-Scholes Black-Scholes Black-Scholes Weighted average share price (pence) 260.5 260.5 260.5 Exercise price (pence) 0 0 0 Expected dividend yield 0.76% 0.81% 0.85% Expected volatility 41.93% 41.93% 41.93% Risk-free interest rate 2.79% 3.14% 3.04% Expected term (years) 0.67 1.67 2.67 Weighted average fair value (pence) 259.2 257.0 254.7 Attrition 5% 5% 5% Weighted average remaining contractual life (years) 6.17 6.17 6.17 The expected volatility has been calculated using the Group's historical market data history since IPO in 2021. Share based payments Number ofshares Weightedaverageexerciseprice (£) Outstanding at beginning of the period 223,940 − Granted − − Exercised (6,173) − Forfeited − − Outstanding at the end of the period 217,767 − Exercisable at the end of the period 217,767 − The weighted average share price at the date of exercise was £5.013 for the share options exercised duringthe six month period to 30 June 2026. Share-based payments expense recognised in the consolidatedincome statement during the period was £72,000 (H1 2025: £234,000), inclusive of employer's nationalinsurance contributions of £72,000 (H1 2025: £121,000). LTIP awards The first LTIP awards were granted on 4 May 2023 and vested on the announcement of the annual results forthe year ended 31 December 2025. Certain senior managers from various Group companies are eligible fornil cost share option awards with Ashtead Technology Holdings plc granting the awards and on exercise, theawards will be equity-settled with Ordinary Shares in Ashtead Technology Holdings plc. The share awardsvesting is subject to the achievement of agreed Adjusted EPS, ROIC and Total Shareholder Return (TSR)targets and participants remaining employed by the Group over the vesting period. On 16 April 2024 newawards were granted under the LTIP scheme and will vest on the announcement of the annual results for theyear ending 31 December 2026. On 25 September 2025 new awards were granted under the LTIP schemeand will vest on the announcement of the annual results for the year ending 31 December 2027. On 2 June2026 new awards were granted under the LTIP scheme and will vest on the announcement of the annualresults for the year ending 31 December 2028. The outstanding number of awards at 30 June 2026 is 1,414,801 (30 June 2025: 624,031). Share based payments EPS ROIC TSR Valuation model Black-Scholes Black-Scholes Monte Carlo Weighted average shareprice (pence) 379.0 / 687.0 / 352.0 /417.0 379.0 / 687.0 / 352.0 /417.0 379.0 / 687.0 / 352.0 /417.0 Exercise price (pence) 0 0 0 Expected dividend yield 0.0% 0.0% 0.0% Expected volatility 40.17% / 39.01% /44.26% / 43.50% 40.17% / 39.01% /44.26% / 43.50% 40.17% / 39.01% /44.26% / 43.50% Risk-free interest rate 3.71% / 4.31% / 3.86%/ 4.34% 3.71% / 4.31% / 3.86%/ 4.34% 3.71% / 4.31% / 3.86%4.34% Expected term (years) 3.02 / 3.06 / 2.50 / 2.79 3.02 / 3.06 / 2.50 / 2.79 3.02 / 3.06 / 2.50 / 2.79 Weighted average fair value(pence) 379.0 / 687.0 / 352.0 /417.0 379.0 / 687.0 / 352.0 /417.0 298.0 / 544.0 / 145.0 /328.0 Attrition 5% 5% 5% Weighted average remainingcontractual life (years) 6.84 / 7.79 / 9.23 / 9.92 6.84 / 7.79 / 9.23 / 9.92 6.84 / 7.79 / 9.23 / 9.92 The expected volatility has been calculated using the Group's historical market data history since IPO in 2021. Share based payments Number ofshares Weightedaverageexerciseprice (£) Outstanding at beginning of the period 941,468 − Granted 592,569 − Exercised (67,999) − Forfeited (51,237) − Outstanding at the end of the period 1,414,801 − Exercisable at the end of the period 284,202 −
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The weighted average share price at the date of exercise was £4.484 for the share options exercised duringthe six month period to 30 June 2026. Share-based payments expense recognised in the consolidatedincome statement during the period was £398,000 (H1 2025: £895,000), inclusive of employer's nationalinsurance contributions of £67,000 (H1 2025: £349,000). 18. Share capital and reserves The Group considers its capital to comprise its called up share capital, share premium, merger reserve, retained earnings and foreign exchange translation reserve. Quantitative detail is shown in the consolidated statement of changes in equity. The Directors' objective when managing capital is to safeguard the Group's ability to continue as a going concern in order to provide returns for the shareholders and benefits for other stakeholders. Called up share capital 30 June 2026 30 June 2025 31 December 2025 Allotted, called up and fully paid No. £000 No. £000 No. £000 Ordinary shares £0.05 each 80,976,397 4,049 80,624,196 4,031 80,624,196 4,031 Ordinary Share capital represents the number of shares in issue at their nominal value. The holders of Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. On 17 March 2026, the Company issued 352,201 newly authorised shares at a subscription price of £0.05(being the nominal value) to the Employee Benefit Trust in anticipation of the vesting of the LTIP shareoptions awarded on 4 May 2023. The shares are held by the Employee Benefit Trust on the behalf of certainoption holders and are non-voting until each of the option holders choose to exercise their options at whichpoint they are transferred to the option holder and become voting shares. As of 30 June 2026, 501,969shares (H1 2025: 242,458) were held by the Company's Employee Benefit Trust. Share premium Share premium represents the amount over the par value which was received by the Group upon the sale ofthe Ordinary Shares. Merger reserve The merger reserve was created as a result of the share-for-share exchange under which Ashtead TechnologyHoldings plc became the parent undertaking prior to the IPO. Under merger accounting principles, the assetsand liabilities of the subsidiaries were consolidated at book value in the Group financial statements and theconsolidated reserves of the Group were adjusted to reflect the statutory share capital, share premium andother reserves of the Company as if it had always existed, with the difference presented as the mergerreserve. Foreign currency translation reserve The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising onconsolidation, are translated to the Group's presentational currency, sterling, at foreign exchange ratesruling at the balance sheet date. The revenues and expenses of foreign operations are translated at anaverage rate for each month where this rate approximates to the foreign exchange rates ruling at the datesof the transactions. Exchange differences arising from this translation of foreign operations are reported as an item of othercomprehensive income and accumulated in the translation reserve, within invested capital. When a foreignoperation is disposed of, such that control, joint control or significant influence (as the case may be) is lost,the entire accumulated amount in the foreign currency translation reserve is recycled to the incomestatement as part of the gain or loss on disposal. Retained earnings The movement in retained earnings is as set out in the consolidated statement of changes in equity. Retained earnings represent cumulative profits or losses, net of dividends, charges in relation to equity-settled share-based payment arrangements which have been recognised within the consolidated incomestatement and other adjustments. 19. Related parties There were no transactions with related parties, other than key management personnel, in the six-month period ended 30 June 2026. Compensation of key management personnel: Six monthsto 30 June2026 Six monthsto 30 June2025 Year ended31 December2025 £000 £000 £000 Short-term employee benefits 1,239 1,038 1,332 Social security costs 126 141 215 Contributions to money purchase pension schemes 22 33 65 Share based payment expense (Note 17) 276 698 715
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Total 1,663 1,910 2,327 20. Business combinations Acquisition of Seadraulics PTY Limited On 19 June 2026, the Group acquired 100% of the issued share capital of Seadraulics PTY Limited ('Seadraulics') incorporated in Australia, whose primary activity is the provision of subsea equipment rental and solutions supporting the installation, inspection maintenance, repair and decommissioning of infrastructure for the offshore energy industry. The acquisition has been accounted for under the acquisition method. The following table sets out the book values of the separately identifiable assets and liabilities acquired and their fair value to the Group: Book value Adjustments Fair value tothe Group£000 £000 £000 Property, plant and equipment 153 1,182 1,335 Intangible assets − 334 334 Right of use assets 95 − 95 Trade and other receivables 208 − 208 Cash 669 − 669 Total assets 1,125 1,516 2,641 Trade and other payables 44 − 44 Income tax payable 37 − 37 Lease liabilities 95 − 95 Deferred tax liability (6) 455 449 Total liabilities 170 455 625 Net assets 955 1,061 2,016 Goodwill 573 2,589 Satisfied by: Cash 2,589 Cash acquired (669) Cash outflow on acquisition of subsidiary undertaking* 1,920 * Of the cash outflow on acquisition of subsidiary undertaking of £1,920,000, £909,000 was paid in the six month period ended 30 June 2026 (being £1,578,000 paid offset by £669,000 cash acquired), £480,000 is due to be paid in the six month period ended 31 December 2026, £266,000 is due to be paid in 2027 and £265,000 is due to be paid in 2028. The Group incurred acquisition-related expenditure of £169,000 on legal fees and due diligence costs. These costs have been expensed to the consolidated income statement and included in 'Administrative expenses'. In the six month period ended 30 June 2026, revenue of £22,000 and operating profit of £3,000 was included in the Consolidated Income Statement in respect of Seadraulics. If the acquisition had occurred on 1 January 2026, management estimates that the consolidated revenue would have been £100,526,000 and the consolidated operating profit for the year would have been £21,859,000. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2026. The goodwill reflects the significant opportunity for future growth in integrating Seadraulics, increasing rental equipment and solutions to both new and existing customers through utilising Seadraulics' in-house technical knowledge, and increasing cross selling opportunities to our combined customer base. The wider synergies for the Group will be achieved by broadening the rental fleet, investing further in our people, and increasing our service offering which will broaden our customer relationships and increase customer retention.
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21. Subsequent events On 1 July 2026, the name of Seadraulics PTY Limited was changed to Ashtead Technology PTY Limited. Appendix Reconciliation of Alternative Performance Measures Reconciliation of Adjusted EBITDA Six months to30 June 2026 Six months to30 June 2025 Year ended31 December2025Notes £000 £000 £000 Adjusted EBITDA 37,876 38,397 82,425 Costs associated with move from AIM to Main London Stock Exchange - - (1,554)Costs associated with M&A (169) - - Restructuring costs (208) (240) (364) Software development costs - (343) (552) Provision of doubtful debts written back to the income statement on collection - - 1,258 Other exceptional costs (23) - - Operating profit before depreciation, amortisation and foreign exchange 37,476 37,814 81,213 Depreciation on property, plant and equipment 8 (11,757) (10,393) (21,252) Depreciation on right-of-use asset 15 (1,064) (984) (2,040) Operating profit before amortisation and foreign exchange 24,655 26,437 57,921 Amortisation of intangible assets 9 (2,819) (2,994) (5,959) Foreign exchange loss (43) (286) (407) Operating profit 21,793 23,157 51,555 Reconciliation of Adjusted EBITA Six months to30 June 2026 Six months to30 June 2025 Year ended31 December2025Notes £000 £000 £000 Adjusted EBITA 25,055 27,020 59,133 Costs associated with move from AIM to MainLondon Stock Exchange - - (1,554)Costs associated with M&A (169) - - Restructuring costs (208) (240) (364) Software development costs - (343) (552) Provision of doubtful debts written back to the income statement on collection - - 1,258Other exceptional costs (23) - - Amortisation of intangible assets 9 (2,819) (2,994) (5,959) Foreign exchange loss (43) (286) (407) Operating profit 21,793 23,157 51,555 Reconciliation of Adjusted Profit Before Tax Six months to30 June 2026 Six months to30 June 2025 Year ended31 December2025Notes £000 £000 £000 Adjusted Profit Before Tax 20,768 21,644 48,811 Costs associated with move from AIM to Main London Stock Exchange - - (1,554) Costs associated with M&A (169) - - Restructuring costs (208) (240) (364) Software development costs - (343) (552) Provision of doubtful debts written back tothe income statement on collection - - 1,258 Other exceptional costs (23) - - Amortisation of intangible assets 9 (2,819) (2,994) (5,959) Foreign exchange loss (43) (286) (407) Profit before taxation 17,506 17,781 41,233
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Reconciliation of Adjusted Profit After Tax Six months to30 June 2026 Six months to30 June 2025 Year ended31 December2025Notes £000 £000 £000 Adjusted Profit After Tax 16,637 17,587 39,777 Costs associated with move from AIM toMain London Stock Exchange - - (1,554) Costs associated with M&A (169) - - Restructuring costs (208) (240) (364) Software development costs - (343) (552) Provision of doubtful debts written back tothe income statement on collection - - 1,258 Other exceptional costs (23) - - Amortisation of intangible assets 9 (2,819) (2,994) (5,959) Foreign exchange loss (43) (286) (407) Tax impact of the adjustments above 57 145 15 Profit for the financial period 13,432 13,869 32,214 Adjusted Profit After Tax is used to calculate the Adjusted earnings per share in Note 7. This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END