United Rentals

“ex the benefit of the H&E termination fee last year”

United Rentals' attempted acquisition of H&E Equipment Services was terminated; the resulting break/termination fee was a 2025 benefit that URI is now lapping in its 2026 margin guidance.

“Notably, this primarily reflects the net impact of the H&E termination benefit.”

United Rentals raised its adjusted EBITDA guidance midpoint by $50 million, primarily reflecting a termination/break fee tied to a prior corporate action involving H&E Equipment Services (which was ultimately acquired by a competing bidder rather than United Rentals).

“the EBITDA contribution from other non-rental lines of businesses increased $68 million, primarily due to a $64 million breakup fee we received from the termination of the H&E deal”

United Rentals' attempted acquisition of H&E Equipment Services was terminated, with URI collecting a $64 million breakup fee that boosted Q1 EBITDA and prompting management to note the M&A pipeline remains active despite the deal falling through.

“Finally, I'd like to reiterate what I said 2 weeks ago when we announced our intent to acquire H&E. We're very excited to combine 2 complementary businesses.”

United Rentals announced its intent to acquire H&E Equipment Services for almost $5 billion, expected to close in Q1 2025, adding fleet, people and real estate capacity to accelerate growth.