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Highlights

  • Ashtead Group’s H1FY25 revenue reached USD 5,695 million
  • EBITDA for the period saw a 4.5% YoY rise, reaching USD 2,698 million, up from USD 2,583 million in H1FY24
  • The company has revised its FY25 rental revenue growth forecast to 3-5%, down from 5-8%

Ashtead Group PLC (LSE:AHT) is a global equipment rental company. The UK-based company is listed on the FTSE 100 and operates as Sunbelt Rentals in the US, Canada, and the UK.

In the first half of the financial year 2025 (H1FY25), Ashtead Group reported a revenue of USD 5,695 million, marking a 2.2% YoY increase from H1FY24's revenue of USD 5,573 million.

Additionally, EBITDA saw a 4.5% YoY rise, reaching USD 2,698 million, up from USD 2,583 million in H1FY24. H1FY25 performance was driven by higher rental revenues across all regions, especially in the US and Canada, with contributions from volume and rate improvements, growth in specialty businesses, and hurricane-related demand, although lower used equipment sales slightly tempered the overall gains.

Recent Business Update

On 11 February 2025, Ashtead confirmed that it will proceed with its move to a US primary listing while maintaining a secondary listing in London. The transition includes establishing Sunbelt Rentals Holdings, Inc. as the new parent company. A shareholder vote at an EGM in June 2025 will require 75% approval, with the change expected to take effect in Q1 2026.

Company Outlook

Ashtead revised its full-year (FY25) group rental revenue growth forecast to 3-5%, down from 5-8%. This adjustment reflects current conditions in the US commercial construction market.

  • US rental revenue is now expected to grow by 2-4%, instead of the previous 4-7% estimate.
  • Gross capital expenditure expectations has been lowered to USD 2.5-2.7 billion, from USD 3.0-3.3 billion.
  • Free cash flow is expected to improve to around USD 1.4 billion, up from approximately USD 1.2 billion.

Top 10 Shareholders

The top 10 shareholders of Ashtead hold around 28.64% of the total shares. BlackRock Investment Management (UK) Ltd holds the largest stake with approximately 5.97%, followed by Dodge & Cox with 5.21%, as shown in the chart below.

Stock Information

The stock price of AHT has declined by around 4.05% and 1.12% in the past month and past six months, respectively. As of 18 February 2025, the stock’s closing price is GBX 5,108.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels is 18 February 2025. The reference data in this report has been partly sourced from EODHD/Others.