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AHT 12:12

Ashtead Group PLC

Consent Solicitation Launch

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**Summary**

Ashtead Group plc, through its wholly owned subsidiary Ashtead Capital, Inc., announced the launch of consent solicitations on September 22, 2025, to amend the indentures governing several series of its outstanding notes. The amendments aim to align the definition of "Generally Accepted Accounting Principles" (GAAP) with that of Ashtead Capitals more recently issued notes, allowing the company to choose between IFRS or U.S. GAAP for reporting compliance.

The consent solicitations cover six series of notes with aggregate principal amounts ranging from $550 million to $750 million, each offering a $1.00 cash consent fee per $1,000 principal amount to holders who consent by the expiration time of 5:00 p.m. (New York City time) on September 26, 2025. The amendments require approval from a majority of holders for each series, and if successful, will bind all holders, including non-consenting ones.

The announcement emphasizes that this is for informational purposes only and does not constitute an offer or solicitation. Holders are advised to review the Consent Solicitation Statement for full details. Ashtead, a leading international equipment rental company operating under the name "Sunbelt Rentals," reserves the right to modify or terminate the solicitations. The press release also includes forward-looking statements and contact information for investor relations.

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AHT 06:01

Ashtead Group PLC

Unaudited results for first quarter ended 31/07/25

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**Summary of Ashtead Group PLCs 1st Quarter Results (Ended 31 July 2025):**

**Financial Performance**

**Revenue Growth** Revenue increased by 2% to $2,801 million compared to $2,754 million in Q1 2024, driven by a 2% rise in rental revenue to $2,601 million.

**Profit Metrics**

Adjusted EBITDA declined slightly by 1% to $1,276 million.

Operating profit decreased by 7% to $642 million.

Adjusted profit before taxation fell by 4% to $552 million.

Profit before taxation dropped by 6% to $512 million.

**Earnings Per Share (EPS)** Adjusted EPS decreased by 2% to 95.3¢, while basic EPS fell by 5% to 87.7¢.

**Free Cash Flow** Increased significantly to $514 million from $161 million in Q1 2024, reflecting strong cash generation.

**Capital Expenditure** $532 million invested in the business, down from $855 million in Q1 2024.

**Share Buyback** $330 million spent on share buybacks, bringing the total under the current program to $675 million.

**Net Debt** Net debt to adjusted EBITDA leverage improved to 1.6 times from 1.7 times in Q1 2024.

**Operational Highlights**

**Rental Revenue Growth** Group rental revenue grew by 2%, with North America Specialty leading at 5% growth, driven by volume and rate improvements.

**Segment Performance**

North America General ToolRental revenue up 1%, with flat organic performance. EBITDA margin at 52.8%.

North America SpecialtyRental revenue up 5%, with EBITDA margin at 47.9%.

UKRental revenue up 4% (2% in local currency), with EBITDA margin at 25.3%.

**Fleet Utilization** Dollar utilization decreased to 47% for North America General Tool, 74% for North America Specialty, and 53% for the UK.

**Strategic Initiatives**

**Acquisitions** Completed two bolt-on acquisitions for $20 million, expanding footprint and diversifying end markets.

**Relisting Progress** Reaffirming plans to relist on the NYSE by March 2026.

**Guidance**

**Revenue and Capex** Reaffirmed guidance for revenue growth of 0%–4% and capital expenditure of $1.8–$2.2 billion.

**Free Cash Flow** Increased guidance to $2.2–$2.5 billion, reflecting changes in US tax legislation.

**Management Commentary**

CEO Brendan Horgan highlighted strong results driven by secular tailwinds, structural industry progression, and disciplined capital deployment. Emphasized safety-first culture and improvements in safety metrics.

**Key Metrics and Ratios**

**Return on Investment (RoI)** Group RoI at 14%, down from 16% in Q1 2024, primarily due to lower utilization in North America General Tool.

**Leverage** Net debt to adjusted EBITDA at 1.6 times (excluding IFRS 16), within the target range of 1.0–2.0 times.

**Conclusion**

Ashtead Group delivered solid Q1 results with revenue and profit in line with expectations, driven by rental revenue growth and strong cash flow. The company continues to focus on strategic growth, operational efficiency, and shareholder returns through share buybacks and dividends. Guidance for the year remains positive, with an increased focus on free cash flow generation.

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AHT 12:12

Ashtead Group PLC

Consent Solicitation Launch

Open AI Digest

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Return to today’s catalyst cards, chart beacons and AI charts.

**Summary**

Ashtead Group plc, through its wholly owned subsidiary Ashtead Capital, Inc., announced the launch of consent solicitations on September 22, 2025, to amend the indentures governing several series of its outstanding notes. The amendments aim to align the definition of "Generally Accepted Accounting Principles" (GAAP) with that of Ashtead Capitals more recently issued notes, allowing the company to choose between IFRS or U.S. GAAP for reporting compliance.

The consent solicitations cover six series of notes with aggregate principal amounts ranging from $550 million to $750 million, each offering a $1.00 cash consent fee per $1,000 principal amount to holders who consent by the expiration time of 5:00 p.m. (New York City time) on September 26, 2025. The amendments require approval from a majority of holders for each series, and if successful, will bind all holders, including non-consenting ones.

The announcement emphasizes that this is for informational purposes only and does not constitute an offer or solicitation. Holders are advised to review the Consent Solicitation Statement for full details. Ashtead, a leading international equipment rental company operating under the name "Sunbelt Rentals," reserves the right to modify or terminate the solicitations. The press release also includes forward-looking statements and contact information for investor relations.

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AHT 06:01

Ashtead Group PLC

Unaudited results for first quarter ended 31/07/25

Open AI Digest

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Return to today’s catalyst cards, chart beacons and AI charts.

**Summary of Ashtead Group PLCs 1st Quarter Results (Ended 31 July 2025):**

**Financial Performance**

**Revenue Growth** Revenue increased by 2% to $2,801 million compared to $2,754 million in Q1 2024, driven by a 2% rise in rental revenue to $2,601 million.

**Profit Metrics**

Adjusted EBITDA declined slightly by 1% to $1,276 million.

Operating profit decreased by 7% to $642 million.

Adjusted profit before taxation fell by 4% to $552 million.

Profit before taxation dropped by 6% to $512 million.

**Earnings Per Share (EPS)** Adjusted EPS decreased by 2% to 95.3¢, while basic EPS fell by 5% to 87.7¢.

**Free Cash Flow** Increased significantly to $514 million from $161 million in Q1 2024, reflecting strong cash generation.

**Capital Expenditure** $532 million invested in the business, down from $855 million in Q1 2024.

**Share Buyback** $330 million spent on share buybacks, bringing the total under the current program to $675 million.

**Net Debt** Net debt to adjusted EBITDA leverage improved to 1.6 times from 1.7 times in Q1 2024.

**Operational Highlights**

**Rental Revenue Growth** Group rental revenue grew by 2%, with North America Specialty leading at 5% growth, driven by volume and rate improvements.

**Segment Performance**

North America General ToolRental revenue up 1%, with flat organic performance. EBITDA margin at 52.8%.

North America SpecialtyRental revenue up 5%, with EBITDA margin at 47.9%.

UKRental revenue up 4% (2% in local currency), with EBITDA margin at 25.3%.

**Fleet Utilization** Dollar utilization decreased to 47% for North America General Tool, 74% for North America Specialty, and 53% for the UK.

**Strategic Initiatives**

**Acquisitions** Completed two bolt-on acquisitions for $20 million, expanding footprint and diversifying end markets.

**Relisting Progress** Reaffirming plans to relist on the NYSE by March 2026.

**Guidance**

**Revenue and Capex** Reaffirmed guidance for revenue growth of 0%–4% and capital expenditure of $1.8–$2.2 billion.

**Free Cash Flow** Increased guidance to $2.2–$2.5 billion, reflecting changes in US tax legislation.

**Management Commentary**

CEO Brendan Horgan highlighted strong results driven by secular tailwinds, structural industry progression, and disciplined capital deployment. Emphasized safety-first culture and improvements in safety metrics.

**Key Metrics and Ratios**

**Return on Investment (RoI)** Group RoI at 14%, down from 16% in Q1 2024, primarily due to lower utilization in North America General Tool.

**Leverage** Net debt to adjusted EBITDA at 1.6 times (excluding IFRS 16), within the target range of 1.0–2.0 times.

**Conclusion**

Ashtead Group delivered solid Q1 results with revenue and profit in line with expectations, driven by rental revenue growth and strong cash flow. The company continues to focus on strategic growth, operational efficiency, and shareholder returns through share buybacks and dividends. Guidance for the year remains positive, with an increased focus on free cash flow generation.

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