- Excluding Cinelease, equipment rental revenue grew 15.6% year-over-year and adjusted EBITDA increased 15.1%, driven by higher rental revenue and used equipment sales.
- Free cash flow was $270 million net of transaction costs in the first half, with a leverage ratio of 3.8x post-acquisition debt funding of $4.4 billion at 6.8% cost.
- H&E legacy branches saw rental revenue decline roughly 15%, impacted by workforce disruption and pricing pressure from a narrow product offering.
- In Q2 2025, rental revenue increased 13.7% and adjusted EBITDA rose 12.8% to $406 million, including H&E's June results and Cinelease assets held for sale.
- Net loss included $73 million in transaction costs related to H&E and a $49 million loss on assets held for sale; adjusted net income was $56 million.
- REBITDA, excluding used equipment sales, rose 14.5%, though margin dipped 30 basis points due to the lower-margin acquired business impact.
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Dafinchi