Trading Update

Ashtead Technology Holdings plc (LSE: AT.), a leading provider of subsea technology solutions to the global offshore energy sector, provides an update on current trading and its outlook for the full year.

In its trading update on 15 July 2026, the Board noted that delivery of the full year market expectations was contingent on easing of the conflict in the Middle East and no major changes to project scheduling. Since that date, there has been no easing in the Middle East conflict and a number of projects in the region earmarked for the second half of 2026 have now been postponed until 2027. The continued and broader economic uncertainty, and changes to vessel scheduling, has also now resulted in some project delays, particularly in Europe and the Americas.

Outlook

The Board now anticipates full year revenues to be around 5% below the current market consensus1. The deferral of rental revenues, in particular, will adversely impact the revenue mix of the Group in 2026. Combined with the operating leverage in the business, this is likely to contribute to lower margins and Adjusted EBITA around 15% below the current market consensus.1

Notwithstanding the lower anticipated profits in the short term, the balance sheet remains strong, and leverage is expected to be around 1.3x at year end2.

An increased focus on energy security coupled with continued strong customer backlog underpins the Board's confidence in Ashtead Technology's growth strategy.

1 As at 19 August 2026 the company compiled analyst consensus expectation for FY26 is for revenue of £214.2m and Adjusted EBITA of £59.2m.

2 Leverage is defined as net debt divided by LTM Adjusted Proforma EBITDA