Rental Equipment Industry Survey "Our survey shows positive business..."

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Rental Equipment Industry Survey "Our survey shows positive business..."

Global Research

30 June 2026ab

Rental Equipment Industry Survey Equities

AmericasOur survey shows positive business conditions

despite the challenges arising from the Middle Heavy Machinery

East conflict Steven Fisher,AnalystCFA

steven.fisher@ubs.com

+1-212-713 8634

Business conditions improved in May; rental rates up m/m Rory McKenzie

Analyst

We conducted our latest rental equipment branch manager check-in in early to mid- rory.mckenzie@ubs.com

June. Our latest poll results, while representing a small sample that may not be indicative +44-20-7568 1977

of the broader market, show a continued improvement in rental activity. We

Avinatan Jaroslawicz

expect better rental growth in 2026, driven by a re-acceleration in non-res

construction spending in 2H of 2026, particularly in large projects. avinatan.jaroslawicz@ubs.com

+1-212-713 1405

Business conditions improved in May: the score moderated to 5.97 from 6.06 Judah Aronovitz

in April but remained above 5, suggesting growth (<5 = deterioration y/y, and >5 = Associate Analyst

improvement y/y). judah.aronovitz@ubs.com

+1-212-713-4881

Rental rates increased in May on a sequential m/m basis (score of 6.77 vs. 5.91

Lauren Sullivan

in April), for the average branch.

Associate Analyst

Used equipment prices increased m/m: Used equipment prices increased for lauren.sullivan@ubs.com

the fifth month in a row, after 26 months of negative/flat pricing (6.31 in May vs. +1-212-713 8230

5.61 in April). All categories of equipment were positive (small, large, and lifts).

We asked managers about:

The Middle East conflict impact: 68% of respondents reported projects

delays due to recent inflationary cost increases and/or higher interest rates,