Rental Equipment Industry Survey "No material relief from fuel prices in..."

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Rental Equipment Industry Survey "No material relief from fuel prices in..."

Global Research

20 July 2026ab

Rental Equipment Industry Survey Equities

AmericasNo material relief from fuel prices in June, but

business conditions remain positive Heavy Machinery

Steven Fisher, CFA

Analyst

steven.fisher@ubs.com

Business conditions improved in June; rental rates up m/m +1-212-713 8634

We conducted our latest rental equipment branch manager check-in in early to mid-July. Rory McKenzie

Our latest poll results, while representing a small sample that may not be indicative of Analyst

the broader market, show a continued improvement in rental activity. We expect rory.mckenzie@ubs.com

better rental growth in 2026, driven by a re-acceleration in non-res construction +44-20-7568 1977

spending in 2H of 2026, particularly in large projects. Avinatan Jaroslawicz

Business conditions improved in June: the score improved to 6.25 from 5.97 in avinatan.jaroslawicz@ubs.com

+1-212-713 1405

May, suggesting growth (<5 = deterioration y/y, and >5 = improvement y/y).

Judah Aronovitz

Rental rates increased in June on a sequential m/m basis but to a lesser extent Associate Analyst

than in May (score of 5.94 vs. 6.77 in May), for the average branch. judah.aronovitz@ubs.com

+1-212-713-4881

Used equipment prices increased m/m: Used equipment prices increased for

the sixth month in a row, after 26 months of negative/flat pricing (5.38 in June vs. Lauren Sullivan

6.31 in May). Associate Analyst

lauren.sullivan@ubs.com

We asked managers about: +1-212-713 8230

The impact of oil prices in June: 97% of respondents reported either modest

or no benefit to their business in June due to lower oil prices.

Rental rates in 2H 2026: 41% of respondents expect higher rental rates in