3 September, 2025
Unaudited results for the first quarter ended 31 July 2025
Read and download the unaudited results for the first quarter ended 31 July 2025. You can also view the latest webcast.
Performance1
| First quarter | |||
| 2025 $m |
2024 $m |
Growth % |
|
| Revenue | 2,801 | 2,754 | 2% |
|---|---|---|---|
| Rental revenue | 2,601 | 2,541 | 2% |
| Adjusted2 EBITDA | 1,276 | 1,288 | -1% |
| Operating profit | 642 | 688 | -7% |
| Adjusted2 profit before taxation | 552 | 573 | -4% |
| Profit before taxation | 512 | 544 | -6% |
| Adjusted2 earnings per share | 95.3¢ | 97.4¢ | -2% |
| Earnings per share | 87.7¢ | 92.4¢ | -5% |
Highlights
- Group rental revenue up 2%; revenue up 2%
- Operating profit of $642m (2024: $688m)
- Adjusted2 profit before taxation of $552m (2024: $573m)
- Adjusted2 earnings per share of 95.3¢ (2024: 97.4¢)
- $532m of capital invested in the business (2024: $855m)
- Free cash flow1 of $514m (2024: $161m)
- $330m spent on share buyback (2024: $nil)
- Net debt to adjusted EBITDA leverage of 1.6 times (2024: 1.7 times)
- Reaffirm guidance for revenue and capex while increasing it for free cash flow
- Throughout this announcement we refer to a number of alternative performance measures which provide additional useful information. The directors have adopted these to provide additional information on the underlying trends, performance and position of the Group. The alternative performance measures are not defined by IFRS and therefore may not be directly comparable with other companies’ alternative performance measures but are defined and reconciled in the Glossary of Terms on page 28.
- Adjusted results are stated before amortisation and non-recurring costs associated with the move of the Group’s primary listing to the US.
Ashtead’s chief executive, Brendan Horgan, commented:
The Group delivered solid first quarter results with revenues, profits and free cash flow in line with our expectations as we continue to take advantage of secular tailwinds and the structural progression of our industry. Rental revenue increased 2.4% as mega project activity gained momentum, and we are seeing positive leading indicators for local non-residential construction activity.
Our revenue growth combined with strong margins and disciplined capital deployment resulted in near record free cash flow in the quarter. In addition, we were able to complete $330m of share buybacks in the quarter bringing our total to c. $675m under the current programme, as well as paying down $91m of long-term borrowings, with leverage of 1.6x. I would like to thank the team for these results, while leading with our safety-first culture and Engage for Life programme, which are continuing to drive improvements in our safety metrics.
We are reaffirming our revenue and capex guidance for the year, while raising it for free cash flow. Lastly, we continue to progress our relisting on the NYSE that is currently scheduled for March 2026.
Contacts:
| Will Shaw | Director of Investor Relations | +44 (0)20 7726 9700 |
|---|---|---|
| Sam Cartwright | H/Advisors Maitland | +44 (0)20 7379 5151 |
Brendan Horgan and Alex Pease will hold a conference call for equity analysts to discuss the results and outlook at 11:30am (6:30am EST) on Wednesday, 3 September 2025. The call will be webcast live via the Company’s website at www.ashtead-group.com and a replay will be available via the website shortly after the call concludes. A copy of this announcement and the slide presentation used for the call are available for download on the Company’s website. The usual conference call for bondholders will begin at 3pm (10am EST).
Analysts and bondholders have already been invited to participate in the analyst and bondholder calls but any eligible person not having received details should contact the Company’s PR advisers, H/Advisors Maitland (Audrey Da Costa) at +44 (0)20 7379 5151.
Forward-looking statements
This announcement contains forward-looking statements. These have been made by the directors in good faith using information available up to the date on which they approved this report. The directors can give no assurance that these expectations will prove to be correct. Due to the inherent uncertainties, including both business and economic risk factors underlying such forward-looking statements, actual results may differ materially from those expressed or implied by these forward-looking statements. Except as required by law or regulation, the directors undertake no obligation to update any forward-looking statements whether as a result of new information, future events or otherwise.
Trading results1
| Revenue | EBITDA2,3 | Profit2,3 | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| North America General Tool | 1,648.9 | 1,661.1 | 870.7 | 900.2 | 519.5 | 561.3 |
| North America Specialty | 909.3 | 855.3 | 435.9 | 410.5 | 301.2 | 279.5 |
| UK | 242.7 | 237.3 | 61.4 | 63.9 | 16.2 | 22.1 |
| Central costs | - | - | (92.1) | (86.9) | (154.3) | (145.9) |
| 2,800.9 | 2,753.7 | 1,275.9 | 1,287.7 | 682.6 | 717.0 | |
| Financing costs | (130.2) | (143.9) | ||||
| Adjusted profit before tax | 552.4 | 573.1 | ||||
| Non-recurring costs | (12.7) | - | ||||
| Amortisation | (28.1) | (28.7) | ||||
| Profit before taxation | 511.6 | 544.4 | ||||
| Taxation charge | (136.1) | (140.9) | ||||
| Profit attributable to equity holders of the Company | 375.5 | 403.5 | ||||
| Margins | ||||||
| North America General Tool | 52.8% | 54.2% | 31.5% | 33.8% | ||
| North America Specialty | 47.9% | 48.0% | 33.1% | 32.7% | ||
| UK | 25.3% | 26.9% | 6.7% | 9.3% | ||
| Group | 45.6% | 46.8% | 24.4% | 26.0% | ||
- During the prior financial year, the Group reassessed the basis of its segment information...
- Segment performance is measured internally excluding central costs...
- Segment results presented are adjusted EBITDA and adjusted operating profit...
North America General Tool
In the North American General Tool business, rental revenue of $1,535m (2024: $1,524m) was 1% higher than the prior period, driven by volume growth. Organic performance (same-store and greenfields) was flat, while bolt-ons since 1 May 2024 contributed 1% of rental revenue growth. North American General Tool total revenue, including new and used equipment, merchandise and consumable sales, was $1,649m (2024: $1,661m). As expected, this reflects a lower level of used equipment sales than the comparable period last year ($71m; 2024: $94m).
We continued to focus on the cost base which contributed to North America General Tool EBITDA of $871m (2024: $900m) and an EBITDA margin of 52.8% (2024: 54.2%). The margins reflect higher costs associated with internal repairs and repositioning of rental fleet to drive utilisation improvements. As anticipated, lower used equipment sales and second-hand values resulted in lower gains on sale. After higher depreciation on a larger fleet, this contributed to adjusted operating profit decreasing by 7% to $520m (2024: $561m) with a margin of 31.5% (2024: 33.8%).
North America Specialty
In the North American Specialty business, rental revenue of $854m (2024: $813m) was 5% higher than the prior year, driven by both volume and rate improvement, demonstrating the benefits of our strategy of growing our Specialty businesses. North American Specialty total revenue, including new and used equipment, merchandise and consumable sales, was $909m (2024: $855m).
This performance combined with our focus on the cost base contributed to North American Specialty EBITDA of $436m (2024: $410m) and an EBITDA margin of 47.9% (2024: 48.0%). After higher depreciation on a larger fleet, this contributed to adjusted operating profit increasing by 8% to $301m (2024: $279m) with a margin of 33.1% (2024: 32.7%).
UK
The UK business generated rental revenue of $212m, up 4% on the prior year (2024: $204m). Rental revenue growth has benefitted from favourable foreign exchange movements, with rental revenue in local currency 2% lower than the prior year. Total revenue increased 2% to $243m (2024: $237m).
In the UK, the focus remains on delivering operational efficiency and long-term, sustainable returns in the business, while rental rate achievement remains an area of focus. The UK generated EBITDA of $61m (2024: $64m) at a margin of 25.3% (2024: 26.9%) and adjusted operating profit of $16m (2024: $22m) at a margin of 6.7% (2024: 9.3%).
Guidance
Set out below is our guidance for 2025/26:
| Initial guidance | Current guidance | |
| Rental revenue growth | 0% - 4% | 0% - 4% |
| Capital expenditure (gross)1 | $1.8bn – $2.2bn | $1.8bn – $2.2bn |
| Free cash flow2 | $2.0bn – $2.3bn | $2.2bn – $2.5bn |
- Stated at C$1=$0.69 and £1=$1.26.
- Increase in free cash flow guidance reflects recent changes in US tax legislation.
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Ashtead Group plc
100 Cheapside
London
EC2V 6DT
Phone: + 44 (0) 20 7726 9700
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