Ashtead Technology Holdings PLC

Ashtead Technology shares fell more than 15% after the subsea technology specialist cut its 2026 revenue and profit expectations. The company now expects full-year revenue about 5% below market consensus of £214.2 million, implying roughly £203.5 million, and adjusted EBITA about 15% below consensus of £59.2 million, closer to £50 million. Continuing Middle East conflict pushed several projects from the second half of 2026 into 2027, and wider economic uncertainty and vessel schedule changes caused further slippage in Europe and the Americas. The deferral of high-margin rental revenues worsens the revenue mix and squeezes profitability. Ashtead said its balance sheet remains strong with year-end leverage expected at about 1.3 times net debt to EBITDA.