4Q Preview: Improving Revenue Growth, But Margin Headwinds Remain

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4Q Preview: Improving Revenue Growth, But Margin Headwinds Remain

NORTH AMERICA | Equipment Rental

Sunbelt Rentals EquityMayResearch11, 2026

ESTIMATE CHANGE4Q Preview: Improving Revenue Growth, But

RATING HOLDMargin Headwinds Remain

PRICE $73.33^

Sunbelt reports 4Q results on June 23. Overall, we expect a solid revenue

print supported by gradual improving activity as local markets stabilise, PRICE TARGET | % TO PT $74.00 | +1%

offset by continued margin headwinds. We expect outlook comments to 52W HIGH-LOW $78.05 - $61.03

be broadly in line with the CMD guidance in March, but with increased FLOAT (%) | ADV MM (USD) 97.7% | 174.14

uncertainty from Middle East conflict likely to temper optimism near term. MARKET CAP $30.9B

SUNB shares rallied on recent URI print, so we see a balanced risk/reward TICKER SUNB ^Prior trading day's closing price unless otherwise

at best. Maintain Hold. noted.

RATING HOLD

4Q Rental growth trends expected to remain muted. We expect underlying growth trends

reported by SUNB at 3Q to have largely continued in 4Q. We expect local market activity to TICKER SUNB LN

have remained stable, in line with recent comments from URI, with mega-project activity still PRICE 5,420.00p^

strong and optically supporting some sequential improvement in rental growth. We also expect PRICE TARGET | % TO PT 5,500.00p | +1%

higher fuel prices to support higher ancillary revenues. Our data continues to suggest limited

improvement in rental rates in 4Q, and we will be looking for progress and further rollout of

FY (Apr) CHANGE TO JEFe JEF vs CONS

pricing pilot projects discussed at the CMD. We forecast +2% 4Q General Tool rental growth

(vs +2% in 3Q) and +7% Speciality (vs 5% in 3Q) with total rental growth at 4% (vs 2.6% 3Q or 2026 2027 2026 2027