Ashtead Technology Holdings

AT. · Main Market · Energy · mcap £428m · 532.0p

Ashtead Technology rents and sells specialist equipment and services used underwater, mainly for offshore wind and oil and gas projects. It has grown through acquisitions such as ACE Winches and Seatronics.

Target	Promise	Said	Status
2024
31 Dec 2024	Reduce group leverage to below 1x by December 2024.	30 Nov 2023	✗ Missed
	“de-leveraging to less than 1x by December 2024” Result The Seatronics deal lifted leverage to about 1.8x; it was about 1.6x pro forma at the end of 2024. “Pro-forma leverage of ~1.8x as at 30 June 2024 and expected to reduce to below 1.5x by the end of 2025.”24 Oct 2024 · Acquisition of Seatronics and J2 “Proforma net debt to Adjusted EBITDA leverage of 1.6x following the acquisitions of Seatronics and J2 Subsea with target of <1.3x by end 2025”25 Mar 2025 · Final Results
2025
31 Dec 2025	Reduce leverage by end of 2025: below 1.5x, then below 1.3x, then 1.4x.	24 Oct 2024	✗ Missed · target changed
	“targeting proforma net debt to Adjusted EBITDA leverage of 1.4x by end of FY25” Also stated 26 Nov 2024 · 25 Mar 2025 · 26 Aug 2025 Result The target was moved from below 1.3x to 1.4x in August 2025; leverage was below 1.4x at the end of 2025. “Proforma net debt to Adjusted EBITDA leverage of 1.6x following the acquisitions of Seatronics and J2 Subsea with target of <1.3x by end 2025”25 Mar 2025 · Final Results “Overall net debt of £131.9m is higher than the prior year owing to funding of the Seatronics and J2 Subsea transaction and represents leverage of 1.6x on a proforma basis. With a disciplined focus on cash management, we anticipate that leverage will reduce to around 1.4x by year end.”26 Aug 2025 · Half-year Results
31 Dec 2025	Growth to continue through 2025 in line with previous guidance.	23 Jan 2025	✗ Missed · target changed
	“A strong trading end to 2024, ongoing market demand and record customer backlogs provides confidence that growth will continue through 2025 in line with previous guidance” Result In July 2025 guidance was modestly below prior expectations, with pro-forma H1 revenue down 6%. “The Group delivered revenues of approximately £99m in the first half of 2025, representing growth of 23% over the prior year on a reported basis (down 6% on a pro-forma basis).”17 Jul 2025 · Half Year Trading Update
Today · 10 Oct 2026
2026
31 Dec 2026	Reduce net debt leverage to below 1.0x by the end of 2026.	19 Jan 2026	✗ Missed · target changed
	“expected to be around 1.3x by end of 2026” Also stated 21 May 2026 · 1 Sep 2026 Result The August 2026 warning and September results lowered the end-2026 expectation to about 1.3x. “leverage is expected to be around 1.3x at year end”20 Aug 2026 · Trading Update “leverage at 1.4x and expected to be around 1.3x by end of 2026”1 Sep 2026 · Half-year Results
2029
31 Dec 2029	Addressable market forecast to grow 6% a year to $3.4bn by 2029.	26 Aug 2025	✗ Missed · target changed
	“Ashtead Technology's addressable market is projected to grow at a 6% CAGR, reaching $3.4 billion by 2029” Also stated 17 Mar 2026 · 1 Sep 2026 Result The market growth forecast was cut from 8% a year to 6% a year in the 2025 results. “The addressable market within our focused end markets of oil & gas and offshore renewables is forecast to grow at 6% CAGR to $3.4 billion by 2029”17 Mar 2026 · Final Results “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.”1 Sep 2026 · Half-year Results