Ashtead Technology Holdings (AT.): Profit warning

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AT. Ashtead Technology Holdings

£489m · 607.0p · +42% since the first step

20 Aug 2026 · profit warning · +70% since 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

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Profit warning

profit warning

Directionbelow expectations / warning

Reaction on the day−16%

In 12 months1 statement in the same direction

Company's wordsCombined 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 ↗

As of 20 Aug 2026 ↗

Since Oct 2023: 661 situations of this kind; median share price +2% six months after they opened

Every step · 1

20 Aug 2026 profit warning – 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... ↗

What is happening

Ashtead Technology Holdings: Profit warning – profit warning. ['profit warning']

In short: The Middle East conflict, unresolved since March 2026, has cut regional activity and pushed projects into 2027, prompting guidance cuts in July and August. H1 results confirm the damage: revenue +1.1%, Adjusted EBITA down 7.3% and margin 25.0%. Full-year expectations are unchanged from the 20 August cut, and year-end leverage is now guided around 1.3x.
Announced: 20 Aug 2026 · profit warning · -16% on the day
H1 impact: Adjusted EBITA £25.1m (HY25: £27.0m); margin 25.0% vs 27.3%; revenue £100.2m, +1.1%
FY26 guidance: Revenue ~5% and Adjusted EBITA ~15% below consensus (20 August update); unchanged
Deferrals: A small number of Middle East projects postponed into 2027; other delays are specific project scheduling changes
Leverage: 1.4x at 30 June 2026; expected around 1.3x by end of 2026
Board view: Delays outside the Middle East are not a fundamental shift in market dynamics

From the company's own announcements. Not investment advice.

Briefing

Ashtead Technology Holdings in 4 minutes

Ashtead Technology rents and sells specialist underwater equipment, and the engineers to run it, to offshore oil, gas and wind projects. Acquisitions took revenue from £73m in 2022 to £203m in 2025, but organic...

Act 1Buying growth: WeSubsea, Hiretech and ACE Winches
Act 2The £63m Seatronics deal and a heavier balance sheet
Act 32025: a slow ramp-up and the move to the Main Market

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