Shares in Ashtead Technology Holdings fell more than 15% on Thursday after the subsea technology group issued a profit warning for the fiscal year ending in 2026, citing delays in key projects.
The company now expects full-year revenue to come in around 5% below current market consensus, while adjusted EBITA is forecast to land roughly 15% below prior estimates. Ashtead attributed the downgrades to ongoing geopolitical tensions in the Middle East, which have disrupted project timelines, alongside broader economic uncertainty and vessel scheduling changes in Europe and the Americas.
Several projects originally scheduled for the second half of 2026 have been pushed back to 2027, the company said. This follows a July 15 trading update in which Ashtead warned that meeting full-year expectations would require easing of Middle East conflict and stability in project schedules—conditions that did not materialize.
Despite the reduced near-term outlook, Ashtead emphasized that its balance sheet remains robust, with leverage expected to be around 1.3 times by year-end. The company did not provide revised guidance for 2027 but noted that the delayed projects would now fall into that fiscal year.
The profit warning comes amid a challenging operating environment for the subsea sector, where geopolitical risks and project deferrals have weighed on growth prospects. Ashtead Technology Holdings operates across the Middle East, Europe, and the Americas, serving industries reliant on subsea infrastructure and technology.
