US Machinery: Takeaways from Call with Finning (FTT:TO; Not Covered)

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US Machinery: Takeaways from Call with Finning (FTT:TO; Not Covered)

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26 Jun 2026 04:00:00 ET │ 9 pages

US Machinery

Takeaways from Call with Finning (FTT.TO; Not Covered)

CITI’S TAKE

On Wednesday (6/24), we hosted a call with David Primrose (CFO) from

Finning International (FTT). FTT is the world’s largest CAT dealer operating

across Canada, the UK & Ireland, and South America. Mr. Primrose

sounded upbeat on the emerging opportunities to supply prime power for

future data center development in Alberta and potential frame Kyle MengesAC

agreements. Product support for prime power gensets is quite attractive, +1-212-816-1817

with the opportunity to drive 6-10% of original purchase cost in revenue, kyle.menges@citi.com

per year. Mr. Primrose also suggested positive demand trends in mining

Randy Marker

equipment across the Canadian oil sands as well as Chile and Argentina

+1-212-816-3537

copper, which helped drive a ~25-30% increase in FTT’s mining backlog in randy.marker@citi.com

Q1. On construction equipment, Mr. Primrose sees the “Build Canada”

initiative and the Northwest Transmission Line in particular, as a

significant catalyst and likely to start ramping up in 2028.

Emerging Opportunities in Prime Power — Mr. Primrose sounded upbeat on the

emerging opportunities to supply prime power for future data center development in

Alberta and potential frame agreements. We gather that there are >20GWs of project

applications to the Alberta government, and the grid likely cannot handle the majority

of it. As a result, the message from the government has largely favored data centers

using behind-the-meter power – a positive for CAT. While the opportunity might still

be 2-3 years out, it sounds like FTT and CAT are actively pursuing frame agreements

already. Lastly, Mr.