Machinery, Infrastructure Services, and Multi-Industry / Industrial Technology 1Q 2026 Post Earnings Review

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Machinery, Infrastructure Services, and Multi-Industry / Industrial Technology 1Q 2026 Post Earnings Review

Truist Securities

Equity Research Report May 18, 2026

INDUSTRIALS: Industrials

Machinery, Infrastructure Services, and

Multi-Industry / Industrial Technology 1Q Jamie Cook, CFA

212-303-4116 2026 Post Earnings Review Jamie.Cook@truist.com

Thoughts on the group and key themes following 1Q'26 earnings.

Kevin Wilson, CFA

212-590-0996 Stock Performance: Industrial stocks have largely outperformed the S&P year to date,

Kevin.S.Wilson@truist.com with Industrial Tech up ~66%, E&C up ~52%, and Machinery up ~36%. Transports

(up ~20%) and HVAC (up ~19%) have also outperformed the S&P (up 8%), while

Stephen Farkouh Multi-Industry has lagged somewhat, up 7%, and A&D has underperformed, down 2%.

212-401-4459 Shares traded mixed on the print, though underlying industrial demand remains robust,

Stephen.Farkouh@truist.com with the short-cycle recovery continuing to build since January, coupled with strong

secular support from power and infrastructure spending, overcoming growing concerns

23 Page Document tied to the Iran conflict and the resulting threat to the macro backdrop. Furthermore,

the group continues to successfully manage through broader tariff and inflationary

pressures.

Reasons for this report Machinery: United Rentals (URI, Buy) led stock outperformance on the day of earnings,

✓ Sector Update up 22% on low expectations and concerns that ancillary costs related to delivery and

fuel, as well as broad-based inflationary pressures, would weigh on results. However, ✓ Post Earnings Recap

demand for construction equipment remains robust, supporting equipment utilization

and positive rental rates, and URI benefited from cost-cutting actions initiated in the

fourth quarter.