Ashtead Technology (LSE:AT.) said it remains confident in meeting full-year market expectations despite disruption to activity in the Middle East during the first half of 2026. The Aberdeen-based subsea technology specialist said its outlook assumes geopolitical tensions between the United States and Iran ease during the second half of the year, allowing customer projects to progress as planned.
Revenue edges higher despite regional disruption
The company generated revenue of 100.2 million pounds during the first six months of 2026, representing a 1 percent increase compared with the same period last year.
EBITDA margin declined to 25.0 percent from 27.3 percent a year earlier, reflecting weaker rental activity in the Middle East and Asia, together with a higher proportion of lower-margin, non-rental revenues linked to project scheduling.
Ashtead said: “The impact of the geopolitical tension in the Middle East continues to be monitored closely, and the group is working with its customers and partners in the region to manage changing vessel schedules and project priorities.”
The company added: “Assuming that the disruption associated with the Middle East conflict eases through the second half, and there are no major changes to project scheduling, the board is comfortable with full-year market expectations.”
Energy security continues to support demand
Ashtead expects stronger trading during the second half of the year and continues to target a full-year EBITA margin in the high twenties.
The latest update follows heightened tensions in the Middle East after the United States carried out strikes on multiple targets in Iran on 12 July. Iran subsequently launched retaliatory attacks, including strikes that reportedly hit three Kuwaiti border posts and a Kuwait Oil Company drilling platform.
The company said growing attention on energy security, combined with a strong customer project backlog, continues to support confidence in its medium-term growth prospects.
Management remains focused on long-term opportunities
Ashtead’s latest comments build on remarks made by Chief Executive Allan Pirie during the company’s 2025 annual results in March, when he said the business remained alert to developments in the Middle East.
At the time, Pirie said the company was, “mindful of the evolving situation” and would be “closely monitoring” the impact of the conflict on its operations.
Ashtead is scheduled to publish its full first-half 2026 results at the beginning of September.
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