Financial Data and Key Metrics Changes - Total revenue grew by 5.9% year over year to $4.2 billion, with rental revenue increasing by 5.8% to $3.7 billion, both setting third-quarter records [7][17] - Adjusted EBITDA reached a record of over $1.9 billion, resulting in a margin of 46% [8][19] - Adjusted EPS was reported at 11.7 [8] Business Line Data and Key Metrics Changes - Specialty rental revenue increased by 11% year over year, driven by growth across all product offerings and 18 cold starts [8][9] - Ancillary and re-rent revenue grew over 10%, contributing an additional $69 million [18] - Fleet productivity increased by 2%, contributing to an OER growth of 4.7% [8][19] Market Data and Key Metrics Changes - The construction end market saw strong growth in both infrastructure and non-residential construction, while the industrial end market showed strength in power [9] - The demand for used equipment remained healthy, with $619 million of OEC sold at a recovery rate of 54% [9][10] - Year-to-date, the company expects to sell approximately $2.8 billion of fleet this year [10] Company Strategy and Development Direction - The company is focused on being the partner of choice for large projects, leveraging its scale, technology, and value proposition [14][15] - The updated guidance reflects confidence in delivering solid results, with total revenue growth expected to be around 5% to 6% excluding used sales [13][22] - The company plans to continue investing in both organic and inorganic growth, with a robust M&A pipeline [12][13] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand environment, expecting momentum to carry into 2026 [6][14] - The company is proactively managing costs, particularly in delivery and fleet repositioning, to mitigate challenges [20][72] - Management noted that while margins are under pressure from costs, the core profitability of the business remains strong [82] Other Important Information - The company returned over $730 million to shareholders through share buybacks and dividends in the quarter, with a full-year target of nearly $2.4 billion [12][21] - The balance sheet remains strong with net leverage of less than 1.9 times [12][21] Q&A Session Summary Question: Demand profile and CapEx cadence for 2026 - Management clarified that the accelerated CapEx in Q3 was to meet existing demand and not a pull forward from 2026, with expectations for growth CapEx in 2026 [27][28] Question: Pricing strategy for ancillary services - Management acknowledged the need to rethink pricing for ancillary services, which have become a larger part of the business, while noting that delivery costs are a significant component [30][31] Question: Local market growth and impact of rate cuts - Management indicated that local markets are currently flat, with potential upside if rate cuts lead to increased construction activity [50][51] Question: Large project dynamics and customer sentiment - Management reported strong demand from large projects, with a robust pipeline and positive customer sentiment [39][102] Question: Infrastructure investment outlook - Management expressed confidence in continued infrastructure investment, supported by federal and state initiatives, and noted that the demand for infrastructure remains strong [94][95]

Group 1 - The demand for rental drones is increasing as people opt for aerial photography during the upcoming National Day and Mid-Autumn Festival holidays, with most drones already rented out in a rental shop in Ningbo, Zhejiang [1] - Daily rental prices for drones range from 200 to 300 yuan, while the camera rental market is also thriving, with daily rental prices for digital cameras and accessories in Lanzhou, Gansu, ranging from 30 to 100 yuan [1] - A rental shop owner reported a surge in orders, with daily rentals exceeding 50 units, which is more than three times the usual volume [1] Group 2 - The robot rental business is gaining popularity, highlighted by the opening of the world's first robot 6S store in Shenzhen, Guangdong, which offers a "rent-to-own" model starting at 1,000 yuan for a one-day experience [1]

Company Overview - Macro信建发 is a subsidiary of Far East Horizon (03360.HK), focusing on equipment leasing and providing integrated solutions for the construction and industrial sectors [2] - Established in 2011, the company ranks 14th in the global rental company rankings (IRN100) and operates over 580 service points across China and overseas, serving more than 320,000 clients [2] - The company is headquartered in Tianjin and has four major operational bases in Shanghai and Guangzhou [2] Financial Performance - As of June 30, 2025, Macro信建发 reported total revenue of 4.35 billion RMB, a year-on-year decrease of 10.72% [1] - The net profit attributable to shareholders was 35.49 million RMB, down 86.77% year-on-year, with basic earnings per share of 0.01 RMB [3] - The gross profit margin stood at 21.62%, while the debt-to-asset ratio was 69.03% [1] Market Position and Valuation - Macro信建发's price-to-earnings (P/E) ratio is 5.29, ranking 18th in the industrial engineering sector, which has an average P/E ratio of 16.75 [1] - Other companies in the sector have varying P/E ratios, with China Aerospace Wanyuan (01185.HK) at 0.32, Yili Holdings (00076.HK) at 0.35, and others [1] Strategic Initiatives - The company emphasizes innovation and R&D, collaborating with leading equipment manufacturers and research institutions, holding hundreds of patents [2] - Macro信建发 aims to provide efficient equipment solutions throughout the lifecycle of construction projects, enhancing safety, efficiency, and cost-effectiveness [2]