**Summary of Ashtead Group PLCs Half-Year/Interim Report (Unaudited) for the Period Ended 31 October 2025**
**Financial Highlights**
**Revenue Growth** Group revenue increased by 1% to $5,763 million in the first half of 2025 compared to 2024, with rental revenue up 2% to $5,357 million.
**Profitability** Adjusted EBITDA decreased slightly by 2% to $2,657 million, while adjusted profit before taxation was $1,208 million, down 4% from the previous year. Operating profit was $1,346 million, a 9% decrease, primarily due to non-recurring costs of $69 million related to U.S. relisting and UK restructuring.
**Earnings Per Share (EPS)** Adjusted EPS was 212.1¢, down 1% from 213.6¢ in 2024. Basic EPS was 188.1¢, an 8% decrease.
**Cash Flow** Free cash flow increased significantly to $1,109 million from $420 million in 2024, driven by strong revenue growth and disciplined capital deployment.
**Capital Expenditure** $1.3 billion was invested in the business, down from $1.7 billion in 2024.
**Shareholder Returns** Total returns to shareholders were $1,021 million, including $714 million in share buybacks and $307 million in dividends.
**Dividend** Interim dividend increased by 4% to 37.5¢ per share.
**Net Debt** Net debt to adjusted EBITDA leverage ratio improved to 1.6 times from 1.7 times in 2024.
**Operational Highlights**
**Segment Performance**
**North America General Tool** Rental revenue grew by 1% to $3,166 million, with adjusted operating profit of $1,118 million, down 6% due to higher costs and lower used equipment sales.
**North America Specialty** Rental revenue increased by 2% to $1,770 million, with adjusted operating profit up 2% to $628 million.
**UK** Rental revenue grew by 3% to $422 million, though local currency revenue was down 2%. Adjusted operating profit was $35 million, down from $46 million in 2024.
**Strategic Initiatives**
**U.S. Relisting** On track to move primary listing to NYSE, with an Investor Day scheduled for March 2026.
**UK Restructuring** Initiated operational restructuring to consolidate regional operations and optimize cost efficiency, with non-recurring costs of $37 million recognized.
**Acquisitions** Completed seven bolt-on acquisitions for $143 million, expanding footprint and diversifying end markets.
**Management Commentary**
CEO Brendan Horgan highlighted solid results, with performance in line with expectations, driven by long-term industry trends and operational improvements.
Reaffirmed full-year guidance for rental revenue, capex, and free cash flow.
Announced a new $1.5 billion share buyback program to commence in March 2026, coinciding with the NYSE relisting.
**Future Outlook**
Continued focus on organic growthbolt-on acquisitionsand disciplined capital allocation.
Commitment to reducing carbon intensity by 50% by 2034 as part of Sunbelt 4.0 strategy.
Strong free cash flow generation expected to support shareholder returns and strategic initiatives.
**Key Metrics**
**Return on Investment (RoI)** Group RoI was 14%, down from 15% in 2024, with North America General Tool at 20%, North America Specialty at 31%, and UK at 5%.
**Dollar Utilization** North America General Tool at 47%, North America Specialty at 74%, and UK at 52%.
**Fleet Age** Average fleet age increased to 51 months from 46 months in 2024.
**Conclusion**
Ashtead Group PLC delivered resilient financial and operational performance in the first half of 2025, despite challenges in certain markets. The company remains focused on strategic growth initiatives, operational efficiency, and enhancing shareholder value through disciplined capital allocation and returns. The transition to a U.S. primary listing and continued execution of the Sunbelt 4.0 strategy are key priorities for the coming year.
