Ashtead Charts Buyback Push Amid Mixed Q2 Results; NYSE Listing Advance on Track

Industrial equipment rental heavyweight Ashtead Group unveiled a $1.5 billion share repurchase initiative set to kick off March 2, 2026, coinciding with its planned NYSE re-listing—a milestone the company confirmed remains on schedule.

The British firm’s second-quarter performance painted a nuanced picture. While rental revenues ticked upward 1 percent to $2.76 billion and overall revenues climbed 1 percent to $2.96 billion, profitability metrics retreated. Pre-tax profit slid 12 percent to $571 million, compared with $653 million in the prior year period. Basic earnings per share compressed 10 percent to 100.4 cents from 111.3 cents previously.

On an adjusted basis, results were less severe. Adjusted pre-tax profit declined 4 percent to $656 million against $682 million last year, while adjusted EPS edged slightly ahead at 116.8 cents versus 116.2 cents. However, adjusted EBITDA retreated 2 percent to $1.38 billion from $1.41 billion, signaling margin compression despite top-line expansion.

Dividend support remained intact. Ashtead increased its interim payout to 37.5 cents per share, up 4 percent from 36.0 cents, demonstrating management confidence despite profitability headwinds.

For the full fiscal year 2026, Ashtead reaffirmed its rental revenue growth guidance of 0 to 4 percent, providing investors with visibility into expected trajectory. The combined effect of the capital return program and NYSE transition positions the company for potential institutional investor repositioning in the coming months.