Good morning. Thank you for attending today's EquipmentShare Q4 and full year 2025 financial results conference call. My name is Jennifer, and I'll be your moderator today. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. If you would like to ask a question, press star one on your telephone keypad. I would now like to pass the conference over to Rhett Butler, Vice President of Investor Relations with EquipmentShare. Rhett, please proceed. Good morning, and welcome to the EquipmentShare fourth quarter and full year 2025 financial results conference call. Joining me today are Jabbok Schlacks, Co-Founder and Chief Executive Officer. Willy Schlacks, Co-Founder and President. David Marquardt, Chief Financial Officer and Chief Accounting Officer, and Mark Wopata, EVP of Finance and Chief Data Officer. Yesterday, we issued our earnings press release and posted an earnings presentation on our investor relations website at ir.equipmentshare.com. We encourage you to review the presentation, which provides additional detail on our financial results. Please be advised this call is being recorded. Before we begin, I'd like to remind everyone that the company's earnings press release, earnings presentation, comments made on today's call, and responses to your questions may contain forward-looking statements within the meaning of applicable securities laws. These statements are based on current expectations and assumptions and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. Please refer to our earnings press release, our earnings presentation, and our SEC filings for a discussion of these risks and uncertainties. You can access all of these documents and filings on our investor relations website. Please note that EquipmentShare has no obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. We will also reference certain non-GAAP financial measures. Non-GAAP financial measures should not be used as substitute for the corresponding GAAP measures. Reconciliations to the most directly comparable GAAP measures are included in our earnings press release. With that, I'll turn the call over to Jabbok. Thank you, Rhett. We're pleased to report strong fourth quarter and full year 2025 results as we continue executing against our operational and financial objectives. Our top priority is solving problems for customers, problems we experienced firsthand on the job site as contractors for decades before starting EquipmentShare, and we built the company around that focus. Driven by our differentiated tech-empowered offering, a strong demand environment in the end markets we serve, and a relentless focus on execution, 2025 was a banner year for EquipmentShare. I'll start with a quick financial summary before we step back and talk about what's driving the business. Full year 2025 highlights include rental segment revenue was $2.7 billion, up 34% year-over-year. We added 95 locations for a total of 385 locations at the end of 2025. Adjusted Core EBITDA was $1.7 billion, up 32% year-over-year. Mature site rental segment Adjusted EBITDA margin was 54%, in line with our target of over 50%. Mature site return on invested capital was 16.5%. Our year-end results focused on growth, margins, and ROIC set us up well for 2026. We continue to see strong customer demand and a significant opportunity to keep addressing industry pain points. At the midpoint of our 2026 outlook, we expect rental segment revenue to grow approximately 27% year-over-year, supported by our differentiated offering and a constructive industry backdrop. We continue to invest in organic growth because locations opened in response to customer demand have consistently generated strong returns and attractive unit economics as they mature. In 2025, we incurred $252 million of one-time new market start-up costs to support new site openings. Those costs are concentrated in the first 12 months of a location, but we believe they create a long-term earnings generating asset within our network. As those sites ramp and mature, we expect them to contribute meaningfully to earnings and cash flow. We believe that is a highly efficient use of capital and a key driver of long-term value creation. To understand our performance, it helps to start with how the industry is changing and what customers now require from a rental partner. The equipment rental industry is a great industry, and it forms the backbone of what gets built in this country, but it's also a fragmented industry. Page 10 of the presentation frames both the size of the opportunity and the continued fragmentation of the rental market. Today, the largest players only represent a minority of the total market, which creates a long runway for share gains for companies that can deliver at scale and solve increasingly complex job site needs. Job sites are getting larger, faster moving, and more operationally demanding, particularly across mega projects like data centers, advanced manufacturing, energy, and infrastructure. Page 22 shows the scale of the active and planned mega project opportunity already within our serviceable footprint. At the high end of the market, scale is a differentiator. There are only a small number of companies globally that can deploy 3,000+ machines to a job site quickly and reliably. Page 23 is a good illustration of what that looks like on a complex mega project. At that scale, customers need a partner that can bring coordination, visibility, control, safety, and uptime day after day across thousands of assets, people, and workflows. Increasingly, we believe that customers also want that from a more integrated partner across the job site. Not just equipment, but service, technology, and specialty solutions. We saw that reflected in 2025 when our specialty division scaled 34% year-over-year, and revenue from T3 and our materials business grew over 100%. That true tech-integrated one-stop-shop offering is what is driving our market share gains. When you see our 30%+ organic year-over-year revenue growth in a low single-digit industry, it raises the obvious question, what's driving it? For us, it's not acquisition-driven. It's customer-driven. We believe customers are consolidating spend with us because we deliver a differentiated solution on the job site. The way we do that is through an integrated model that combines three things. First, physical distribution at scale. Delivering, servicing, and supporting equipment and job site solutions across a broad national footprint. T3 is a major differentiator, but this is still a job site business. You have to deliver equipment and service at scale. Second, we bring operator-grade experience. As contractors, we've lived these job sites for decades, and we've built the teams, processes, and technology designed for the real constraints in the field. Third, our proprietary technology platform, T3. It's deeply integrated into how customers run their job site every day, and it also powers how we run our own operations at EquipmentShare. We built and own the full sensor to server technology stack. Because we operate end-to-end, we're capturing a unique proprietary data set across equipment, people, service, workflows, and job site operations. That combination, physical distribution, job site expertise, and a proprietary operating system built on a decade of real job site data, make up the structural advantage that are driving our performance. You can see the value showing up in customer behavior. Customers that meaningfully engage with our technology platform spend dramatically more with us. In fact, as you can see on page 30 of the presentation, national customers that are highly engaged with T3 spend roughly six times more in rental than rental customers who don't use T3. When we talk about which customers see the most value on T3, it's customers running large, complex job sites across multiple locations where downtime, safety incidents, and lack of visibility can translate into huge inefficiencies. That retention and expansion is a key reason our growth is both organic and durable. When we open a new location, more than 75% of first-year revenue comes from existing customers already renting from us in other markets. That dynamic is illustrated on page 20 of the presentation. You can see it in our results. Industry-leading organic growth, leading mature site margins, and strong returns on capital. We pair that growth with discipline. We expand sites in response to customer demand and manage the business against those key metrics I mentioned, growth, margins, and ROIC. With that as context, I'll turn the call over to Willy to talk more about T3 and the connected job site. Mark will then walk through our unit economics and the OWN Program, and Dave will take you through the financial results, balance sheet, and capital allocation in more detail. Willy, over to you. Thank you, Jabbok. Many of you are already familiar with T3, our proprietary technology platform, and the differentiated value it creates for both our customers and our operations. At its core, T3 connects the job site from within a sensor to server environment and creates this unified data across people, machines, and job sites. There's really two sides of that platform. First, it powers how we operate. That connectivity gives us operational intelligence, remote monitoring, predictive maintenance, preventative alerts, real-time visibility across our fleet, and it helps us run the business more efficiently and deliver better uptime for our customers. Second, that same connected data set powers the insights customers get. It helps them answer basic questions quickly, like what's on the job? Where is it? How is it being utilized? And it helps identify opportunities to improve productivity across machine categories and across the job site holistically. That includes critical assets like generators and security systems, where connectivity matters for things like life safety and energy for that job site. Our vision continues to push towards a fully connected environment where the effort to gain insight becomes frictionless because the answers are essentially at your fingertips and everything is generating in real time. What's particularly exciting today is what AI and large language models can do on top of the data we've been collecting for more than a decade. When we started this company, we never imagined tools this powerful. After years of building structured job site and machine datasets, a lot of that value is now getting unboxed with these models able to do the reasoning at scale and surface insights automatically. It's really accelerated what can deliver value to our customers. A couple of important points about the platform itself. First, T3 is OEM-agnostic. It integrates across equipment regardless of manufacturer or machine type. Second, it spans a full gradient of assets and categories, from small inventory all the way up to large serialized machines. The system flexes to generate the right insights at any level of that categorization. Increasingly, the platform has evolved beyond simply tracking inventory. It's really designed to help customers manage job site resources more holistically, people, equipment, and everything you would consider in that full spectrum of a resource that you would see within a contractor at a job site. That becomes incredibly valuable the larger and more complex you have this chaotic environment, like a mega site or any type of large infrastructure job site. We're seeing strong demand for that capability across manufacturing data centers, energy and infrastructure projects where thousands of machines and workers are operating simultaneously, and the cost of downtime or lack of visibility within those environments is real. Finally, this connectivity doesn't just create operational value, it also enables financial differentiation. Programs like the OWN Program that are powered by the transparency and control that T3 provides. With that, I'll turn it over to Mark Wopata to give you a bit more insight into the OWN Program, the unit economics and update on that overall system. Thanks, Willy. We closed out 2025 with a very strong unit economics, and our rental locations delivered the growth, margin, and return profile that places us at the top of the industry in those categories. I'll walk through the site maturity curve and the economics that result as locations mature. Pages 18 through 20 of the presentation walk through the unit economics, maturity curve, and organic site ramp. Because we are a large-scale equipment rental provider uniquely focused on organic growth, understanding how a new site ramps to maturity and the unit economics produced through that process is critical to understanding our model. When we think about what drives success for a new location, it comes down to two things, creating demand through T3 and operational excellence. We open locations in response to customer demand, and our more than 350 organic rental starts since founding, including 85 new rental locations in 2025, reflects a disciplined, repeatable organic growth playbook. When we open a new site, we typically invest about $2.5 million over the first 12 months, expensed through the P&L, which we report as new market start-up costs. New sites generally follow this consistent ramp pattern. In year one, they ramp in revenue as we invest in people, property and fleet. In year two, they generally break even, and by month 24, they become what we call mature and begin contributing meaningfully to the company's revenue, mature site margins, and ROIC. These mature site economics are driven by strong fleet performance, operating leverage, and the benefits of our proprietary T3 technology platform, which helps us optimize equipment performance and redeploy assets efficiently across the network. We primarily evaluate the performance of our organic growth strategy using three key metrics, rental segment revenue growth, mature site rental segment adjusted EBITDA margins, and mature site return on invested capital. As Jabbok Schlacks mentioned at the top of the call, in 2025, rental segment revenue grew 34%, driven by strong customer demand. Our mature sites delivered 50%+ rental segment adjusted EBITDA margins, reflecting the operating leverage embedded in the model as our locations scale. In 2025, our mature site ROIC was 16.5%, which puts us solidly in our near-term target range and progressing toward a long-term target of over 20% ROIC per mature site as we continue building out a more complete job site platform. Importantly, a large portion of the network is already built. As those ramping sites mature, we expect them to contribute meaningfully in additional earnings and cash flow with limited incremental investment. We believe that site maturation should continue to support earnings growth and margin expansion over time, even if the pace of growth investment were to moderate. Moving to the OWN Program, which remains a core pillar of our strategy. Pages 35 to 40 of the presentation provide a useful overview of the OWN Program and how it fits into our model. We closed out 2025 with over $4.9 billion of OEC in the OWN Program, compared to $3.4 billion in 2024. As a reminder, the OWN Program works as follows. EquipmentShare purchases new equipment at industry-leading prices from our top OEMs. That equipment enters our rental fleet and begins generating revenue. We then sell equipment into the OWN Program and enter into asset management and revenue sharing agreements with participants. The equipment is rented, serviced, and maintained just like our on-balance sheet fleet. Rental revenues are then shared with participants and reflected as OWN Program payouts within cost of goods on the P&L. At the end of the term, we have the option, but not the obligation, to purchase the equipment at the appraised value or to help remarket it for sale. We believe that the lifetime economics of the OWN Program are comparable to our on-balance sheet fleet, while allowing us to meet customer demand in a disciplined, capital-efficient way. Participants in the program include high-net-worth individuals, family offices, and institutional investors funded through both traditional lending and the ABS market. We believe these are durable, scalable sources of capital that support the growth of the program over time. The program's success is powered by T3, which gives equipment owners real-time visibility into their asset location, utilization, and service history, improving transparency and reducing risk for OWN participants. We remain significantly oversubscribed in the program. In the fourth quarter, we completed another ABS-funded OWN transaction and executed additional transactions in our high-net-worth and family office channel for a total of $680 million of OWN sales in the fourth quarter and $1.3 billion of OWN sales for the full year. The appraised value of the OWN program fleet as of year-end was $4.1 billion. Looking ahead, we continue to expect OWN Program OEC to remain at roughly half of our fleet under management over the medium to long term, plus or minus 10%. We are anticipating 55%-60% of OEC in the OWN Program at the end of 2026. With that, I'll turn the call over to Dave for financial update. Thanks, Mark. Customer demand continues to drive our organic growth and positive momentum, which is reflected in our fourth quarter and full year 2025 results. As we continue to expand our footprint into new markets and as more of our recently opened sites ramp up to maturity, we are well-positioned for continued market share gains and profitable growth. To summarize our results for the fourth quarter and fiscal year ended December 31, 2025, revenue from our rental segment for the fourth quarter grew over 35% year-over-year to $772 million. For the full year 2025, rental segment revenue reached more than $2.7 billion, an increase of 34% versus the prior year. Rental segment revenue growth was due to significant customer demand, which drove continued expansion of our full service branch footprint and an increase in our rental fleet. Total consolidated revenue for the fourth quarter was more than $1.5 billion, roughly flat year-over-year. Fourth quarter total revenue reflects a 22% year-over-year decrease in equipment sales into the OWN Program, which we execute opportunistically and selectively. We continue to see high market demand for the OWN Program well in excess of our sourcing needs. For the full year 2025, total revenue was nearly $4.4 billion, up 16% year-over-year. Net income for the fourth quarter was $65 million, as compared to $50 million in the fourth quarter of 2024. For the full year 2025 was $40 million, as compared to $3 million in the prior year. Adjusted Core EBITDA reflects our underlying operating performance by excluding items unique to our organic growth and fleet sourcing strategy, most notably OWN Program payouts and new market start-up costs associated with our organic growth strategy. OWN Program payouts are unique to EquipmentShare and represent an alternative form of sourcing equipment for our rental fleet. New market start-up costs reflect the upfront investments required to support our continued geographic expansion. We believe that Adjusted Core EBITDA is a key measure of our underlying financial performance because it provides a clear view of the earnings power of our core operations and enhances comparability with industry peers. For simplicity, Adjusted Core EBITDA is the sum of our segment adjusted EBITDA for the rental and sales business segment. Ladies and gentlemen, please hold for a brief moment. Ladies and gentlemen, please hold for a brief moment as we are experiencing technical difficulties. Ladies and gentlemen, I will now pass the call back over to Jabbok Schlacks. Hey, thank you. It sounds like we had a few technical difficulties, so we'll finish out with our 2026 outlook and then open up for questions. If you look at our 2026 outlook, you can see on page 47 of the presentation. For the full year ending December 31st, 2026, we expect rental segment revenue of $3.3 billion-$3.6 billion, representing 27% year-over-year growth at the midpoint. OEC of $10 billion-$11 billion. Full service rental locations of 421-429. Total revenue of $5 billion-$5.5 billion. Adjusted Core EBITDA of $1.8 billion-$1.9 billion. Gross CapEx of $2.1 billion-$2.3 billion. Net rental CapEx of $759 million-$839 million. OWN Program payouts of $891 million-$947 million. As we look ahead, our approach remains the same. Scale with discipline while maintaining balance sheet strength. We're expanding in response to customer demand, and we're managing the business against the key metrics we talked about throughout the call, growth, margins, and returns on capital. The closeout of 2025 was strong execution against those priorities, and we intend to carry that momentum into 2026. Customer demand remains strong, particularly across large national infrastructure-driven projects, and we believe our integrated model positions us well to continue taking share in 2026. Importantly, our growth is discretionary. If demand softens, we have clear levers to moderate investments, slow the pace of expansion, and prioritize cash flow generation while protecting returns on capital. In summary, we believe EquipmentShare is built for where the industry is headed, where job sites are larger, more complex, and require a partner that can deliver equipment and service at scale, with the visibility and control that only an integrated technology platform can provide. We're excited about what's in front of us, and we appreciate your continued partnership and support. Operator, if you can, open the line for questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If your question has been answered or you wish to remove your question, please press star followed by two. Again, to ask a question, press star one. If you are using a speakerphone, please pick up your handset before asking your question. We will pause here briefly as questions are registered. Our first question comes from the line of Jerry Revich with Wells Fargo Securities. Your line is now open. Yes. Hi, good morning, everybody. I'm wondering if I could just ask you to expand on the conversation on the mature site performance in the quarter.? Nice to see you folks hitting numbers out of the gate. Can we just unpack what the core pricing and dollar use look like for the mature sites in the fourth quarter? What are you folks expecting into 2026? If you can comment on the first quarter, that'd be helpful as well? Thank you. Hey, Jerry. Thanks for the question. Yeah. In 2025 and in Q4 as well, we saw strong performance from our mature sites. As we talked about, you know, growth, strong growth and maturation to those sites. Margins at 54% for the year for our sites over 24 months, and then also that 16.5% ROIC. The yield that we're getting on the equipment plus the margin profile driven by that strong customer demand is what we saw through 2025. Into 2026, we continue to see a strong demand backdrop from our customers, a stable pricing environment and, you know, strong demand because of the differentiated offering we provide. Embedded in that guide is similar performance to for our mature sites that we saw in 2025. Okay. Super. You know, at the time of the IPO, you folks had really helpful disclosures on the differentiation, the mature sites financial profile between years two through five. Can you just talk to us about how the cohort developments have played out over the past three months? What are you folks seeing as sites go from two years to three years, three to four, relative to what you folks have laid out in the past? Yeah. First, on the year of 2024, we actually saw that our growth of those immature sites was a little bit faster ramp than usual in 2025, so we were pleased with that performance. Then that years two through five, that data set is pretty similar across the board. We see that what we've seen consistently is a low 50s EBITDA margin production, and so we're happy with where those kind of mature to, you know, four-year-plus super mature sites are operating. Yeah, we showed that 54%, but inside of that disclosure is a really consistent performance from the different vintages of sites, you know, throughout that greater than 24-month cohort. Okay. Thank you. Thank you. Our next question comes from the line of Joe Ritchie with Goldman Sachs. Your line is now open. Hey, good morning, guys, and congrats on getting out on your first earnings call. Can you maybe just start on the cadence for the new rental site location? I think at the midpoint of your guidance for 2026, you're expecting, I guess, roughly 73%. Is that supposed to be linear as we progress through the year? Are you gonna try to front-end load it? Like, maybe just talk a little bit about your plans for 2026? Yeah, absolutely, Joe. Thanks for the question. The 73%, it is linear, if you think of how they actually open, but opening a site doesn't happen overnight. We're looking, and we may have talked before, years in advance as we prepare. The visibility is incredibly strong for us for the entire rest of the year, but the actual opening cadence is linear in nature. Okay, great. That's helpful. Then secondly, as you think about the equipment rental margins and those, any progression that you're expecting expansion for 2026, I'm curious, like, is most of that margin expansion just gonna come from the economics, you know, and the mix getting better for mature versus growth rental? I think we're expecting, you know, mature sites to be maybe greater than 60% of the mix by the end of the year. Just any comments around the margin opportunity this year on that side of the business. Yeah, I think it's a really good point. As you go more than 50% on actually mature stores, you have that massive margin accretion across the entire company. as we're opening those 73 this year stores and continue to open stores, as the market visibility that we have, that visibility going forward, you're gonna have a majority of stores being mature, which will improve dramatically across the entire company, in the future of the margin profile. Okay, great. Thank you very much. Thank you. Our next question comes from the line of Rob Wertheimer with Melius Research. Your line is now open. Hey, good morning, and apologies that I was out for a sec. So just the first question, I wanna ask two, one on how you operate and one just on the market? Obviously, there's been a surge in mega projects. There's been kind of a flattening out of the overall construction market as the rest has declined. Just how are you seeing, you know, the rest of the year, your revenue outlook's quite strong? Do you feel like the smaller markets have bottomed? Do you feel like you're gaining enough share in mega projects to more than offset that? Maybe just talk about that for a second? Yeah. I think we see from the macro, mega projects are leading a construction surge. The nature of the equipment we provide and the data we have, because we're embedded in customers' workflows, many of our customers work on different types of projects, both industrial and mega projects, smaller, mid-size, and some of the largest projects in the world. That visibility we both give our customers, but also that T3 tech stack we use ourselves, allow us the mobility to go across that stack when you think of the size of projects. Absolutely a tailwind to the industry that we all see. It's important to note we have the flexibility because of the type of equipment and the visibility we have in the market to actually take advantage in good times, and then when times do actually change. Rob, the other thing I would add is, you can see on page 21 of the deck, one of the dynamics there on why larger projects are driving growth is, 89%-90% of our revenue in 2025 is driven by national and regional customers. That's really where that 27% growth guide is coming from, is following that same sort of customer segmentation mix into 2026. All right. Perfect. Thank you. Then, Jabbok, I don't think I've asked you this one exactly, but we're all trying to understand some of your differentiation. You guys talked a lot about T3 data flow and so forth on the call, which is great. You also have a little bit of a different structure in your sites where they're larger than some. I wonder if you kind of just talk about where you see, you know, efficiencies being driven, whether you experimented with that, you know, whether your sites are, you know, coming up to productivity fast. I mean, just talk about kind of that aspect of operations, and I'll stop there? Thanks. Yeah, no. Great question, Rob. I think a big part of this is if you think of the organic growth, we've 99.9% of what we do is organic growth. To grow organically, I've got to get the right sites. That gives us a huge advantage that I can choose them, I don't inherit them. I've got to get the right people on the team, and I've got to get the right fleet. Because we have more data transparency across manufacturers from a tech stack embedded directly onto the machines themselves through the CAN bus, it gives us more data to actually allow us to grow organically, and that's proven throughout the growth. Then growth needs to come with, as we talk a lot about, margins. When we look at our margins, highest in the industry at that 54% on the mature stores. At the end of the day, that invested capital, the ROIC being at that 16.5%, again, highest in the industry. That structure really has to be driven from a data-driven approach. Because the same tech stack we use is also what our customers use embedded in their workflows, it gives our customers a unique advantage on the job site, and it gives us a unique advantage. I could spend a lot of time there, happy to do it, but really, the tech stack empowers what we do and drives that organic growth and helps us serve customers better. Thank you. Thank you. Our next question comes from the line of Aaron Kamson with Citizens. Your line is now open. Great. Thank you, guys. For the first one, during the prepared remarks, you mentioned physical distribution, job site expertise, and the proprietary operating system associated decade of data is generated as recent customers choose EquipmentShare. Can you talk a little bit about the durability of the moats you see for T3 and why it's so hard for some of your well-capitalized competitors to emulate, whether it's your largest rental peer recently partnering with the leading construction software provider, a software player specializing in telematics, trying to do parts of what you do in construction or the OEMs potentially trying to capture some of the data off their machines one day? Thank you. Yeah. No, great question. I've been in the industry 35 years, and the reason we started EquipmentShare was most of the companies that you're kind of referencing also existed, providing a degree of disparate technology, might be the best way to put it. The necessity to be OEM-agnostic and to be full stack, but vertically integrated, but horizontal across all manufacturers is absolutely important. We've been developing this technology for over a decade, and it is truly a sensor-to-server environment. You actually have to have the hardware that is embedded in the machine, you have to have the libraries and workflows, and you have to have the front end. Now, what we're excited about. The industry is actually talking about it. Again, we started it because we are historically, as an industry, one of the most unproductive industries in construction. We are, in some cases, some of the unsafe. We need safety improvements. We need productivity improvements. We're dramatically leading the industry from a technology standpoint, but it never can only be one player. We're excited people are talking about it. Again, we're about a decade ahead of the development of that full sensor to server stack. I would also add. Oh, I was gonna say, this is Willy, just to layer on what Jabbok's articulating there. There is a way you run your business in a physical dimension, and there has to be a way you represent that in the digital world, in these modern days. The choice of the industry and our peers is very clear. They've got systems that are built in the 1990s and, you know, they're off-the-shelf, and that's totally okay. That's the acceptance of, you know, by and large, most companies, they would choose existing off-the-shelf products. The difference, and one of the core moats that we have, is we built our platform from the ground up. Like we were talking in the remarks earlier, there's a dual nature to that. That's how we operate our company, and that's how we extend value to our customers. It's a singular platform. You get this tremendous benefit of singularity of data, non-duplication, and all the way down to the schema level of our platform, you extend this value out. The simplicity, the lack of friction. You move to the hardware side, and you have the exact same benefit where we've built that from the ground up all the way to the embedded code, such as the server environment, the data we collect and leverage. There's a lot of it is a sum of the parts. If you look at the industry, it's a great industry. Because of that, there's been, you know, products that have been built decades ago, from the nineties, and they still work. There's no real reason to change if they still work from most people's perspective. However, if you drive value to your customers, you have to start from the ground up. Now we've got a decade of doing that. When you consider moats, if it is not just one singular thing that really creates a moat in my mind, it is the sum of the parts, and it's the decade of effort building that out and the fact that this is a vertical stack and platform, the OS that we have and can extend this value to customers that no one else has. Got it. Thank you both for that. As a follow-up, maybe for Willy, can you walk us through what you view as the most important key milestones for T3 since it launched in 2016 and maybe the top one or two things the platform can't do today that you want it to be able to do a year from now? Yes. Key things since we launched, way back when we started was the visibility. The dual visibility between tenants, meaning that we as a seller have the exact same data set and visibility as the buyer. That visibility was anchored on a native operating system. There was no human who had to go in and extend that. It wasn't like, "Hey, this company wants to see this data. Can we have our IT department give them access?" That question and necessity was never a reality for us because it was always embedded in native inside the platform when we launched this in the early days. That was sort of the ground shift for us when our growth started to take off because we could focus efforts on operations. Technology did not. Ironically enough, the technology enabled us to focus more on operations and the data that it delivered and all that. In parallel, as we build our technology with the technology teams, the things that it can't do today that I'm very excited about, you know, the roadmap and what we're launching, is the extension of the operating system into the industry. We've done this for rental. We know what it looks like to really differentiate the value and extend value from a data perspective, visibility and all the problems it can solve. What we speculate about and what we're excited about is as that exact same pattern starts to emerge into the rest of the industry. If you think about rental as a transaction type, think about all the other elements where you have distribution of sale of goods and services. That operating system, the ability to handle that flow is quite a bit different at scale than just when you think about the rental industry. Thank you. Thank you. Our next question comes from the line of Mig Dobre with RW Baird. Your line is now open. Hey, good morning, guys. It's Joseph Grabowski on for Mig this morning. I wanted to start out and, you know, your commentary on the industry backdrop sounds pretty positive, and I realize a lot of the demand is being driven by mega projects that have been on the planning board for several years, but just wondering if you've seen any change in customer sentiment since the start of the war and the resultant impact on interest rates and crude oil prices? Yeah. We absolutely support the energy sector here in the U.S. What's really interesting, because we've been through ups and downs in markets before. I've been in this industry 35 years. Here at EquipmentShare, really when there is pressure in the markets, and that could be oil prices, commodity prices, tariffs. What's really interesting, we've seen this happen. It's really where efficiencies matters on job sites. Where efficiency matters, companies and contractors choose EquipmentShare. That's really what we've seen happen in the past, and we'll see it again, really when there is a disconnect or pressure in the markets. As a general rule, right now, we are not seeing kind of macro pressures from our customers, even with recent developments. To Jabbok's point, when there is pressure, we see customers choosing EquipmentShare more because of the efficiency that we provide. Got it. Okay, great. That's very helpful. My follow-up question, kind of somewhat related: How do higher diesel prices impact your P&L if they remain elevated? Yeah. I think it's because we support the. Again, we've been through a hundred-year oil before. When you have pricing disparity, you got it on both sides. One, you are paying more for oil, you're also supporting an energy sector. Again, that's where data. When we talk about data, Willy dug into a little bit there. We have that sensor to server environment. We have data in the cab, so we know exactly how that's functioning. We know it on the job site. We know how actually job site is being powered. That data allows not only us, 'cause we use the same software, hardware in our business, and it's the same software and hardware our customers use, so it allows us to run more efficiently. When there is no disconnect in the market, it's not as important efficiency. When there is, that drives you towards efficiency. We've seen that massively in times past. We'll see it again. As Mark said, we do not see an impact today. It will drive efficiency, which just drives you to EquipmentShare, both for our internal operations and for our customers. Okay, great. Thank you. Thank you. Our next question comes from the line of Jamie Cook with Truist Securities. Your line is now open. Hi, good morning and congrats on a nice quarter. Just sorry, another question. Just as you think about, you know, visibility into 2026 versus, you know, history or normal year, how much visibility do you have? When you think about the opportunity for upside, do you think that would come more from, you know, you do opening greenfield locations quicker or market share versus what do you have factored in for, you know, any potential macro recovery on the small local stuff? Understanding that's not a big part of your business, but like the bigger OEMs like Cat and Deere being much more positive on, you know, the construction outlook. Just how to think about that? I guess, you know, my second question, not to nitpick, but your longer term OEC targets of $20 billion, it's now $20 billion versus, I think around the IPO was $20 billion plus. Anything to read into that? Thank you. I'll start with the last one first. Nothing to read into on that one. That's, there's $20 billion target or more still. It's still the target. On the growth, what's driving the growth. First thing I think it's helpful to note operationally that the 27% growth year-over-year is something we've done or in excess of for the last decade. Our operational cadence on growth is continue to be a disciplined grower in response to customer demand. The first driver of why we grow is always customer demand. Then site openings and fleet expansion are a knock-on effect of that customer demand. The baseline for our visibility into 2027, obviously we're three months into 2026. We're three months into 2026 already. The baseline for that visibility is the current customer demand that we have right now, the site footprint of the macro backdrop. What continues to drive that? If there is more customer demand, it flows through obviously and, you know, our discretionary fleet expansion and greenfield openings. The main driver is customer demand. The operational outputs of that are more greenfields and more fleet CapEx. We feel strong about. We feel there's a. We see a strong macro backdrop. Like we had said before, operationally this is a cadence that we've been executing on for the last decade. Our network has more than enough capacity to absorb that demand. Thank you. Thank you. Our next question comes from the line of Ken Newman with KeyBanc. Your line is now open. Hey, good morning, guys. Thanks for squeezing me in. Maybe for my first one, just a really quick one. I maybe it was in Dave's opening comments, so sorry if I missed this. Any help on what you guys are assuming for new market start-up costs this year? Yeah, it's in the deck. We see about $2.5 million per new market. Another way to back into that is, you know, the midpoint of the guide implies 73 new rental locations. The last 2025 was 85 new rental locations. Call it a 15%, a little bit, 15% less than that. You can also back into the new market start-up costs that way. As a general rule, $2.5 million per. There's some timing obviously of when you start markets, but you can back into that 2.5-ish or kind of the growth of new markets compared to the new market start-up costs in 2025 to understand kind of how we're thinking about the new market start-up costs invested through the P&L in 2026. Yep. Okay. Got it. That's helpful. Then for the follow-up here, I didn't really hear any color on expectations for the revenue growth or the margins out of your building products business in 2026. I know we've got 24 building materials locations as of the end of 2025. Maybe just give a little bit of color on what the expectations are for that business and, you know, what's the visibility towards that 100 building materials locations and when you think you can get there. Yeah. Great. Yeah, I'll let Jabbok Schlacks take the materials location. Also one more follow on the startup costs, and I know we've talked about this a lot. That investment of the $2.5 million or so per new market, the reason we call that out is because the organic growth story and the organic growth ROIC that you get to that one-time investment is, you know, significantly higher than anything that we've seen on the M&A strategy. We just want to continue to call that out, that new market start-up is that one-time investment that then flows through and very high ROIC return on that capital, compared to. Which is why we're an organic grower versus M&A, because if you have the demand, it is a far more efficient use of capital. Jabbok, maybe just talk about, you know, just briefly on the Yeah. As you see, we are solving and we're a very disciplined grower on the rental space. A large portion of the revenue is currently from rental. If you think of what a customer actually needs, just having been in the industry, they do need that one-stop shop that actually solves all of their problems, ideally. There's definitely a huge benefit for EquipmentShare providing that, especially with a tech stack to back it. We're following the disciplined growth of rental, but as we can add other ancillary things to the customer. It solves their problems, and it dramatically increases ROIC. It's incredibly good from a return on capital standpoint. The associated is it really supports our customers. That will follow the growth, the disciplined growth of the rental business. Okay. Got it. I appreciate that. Thank you. Our next question comes from the line of Avi Jaroslawicz with UBS. Your line is now open. Hey, good morning. Thank you, guys. Just wanna understand the strategy for staffing new branches, understanding that, especially technicians, mechanics, labor is tight? To what extent are you able to now leverage the footprint that you already have for staffing the new branches? Yeah, I think it's a good question. What we do, again, as we open sites, I've gotta get the right properties, I've gotta get people on board, and I have to get equipment. On the people aspect, we take a different approach. The same tools that we're building for our customers, we're using internally. We have our entire tech teams building tools that technicians can actually do their jobs better and serve customers better. We have a massive influx of applicants to join EquipmentShare, which allows us to be very intelligent about who is actually serving our customers. To your point there, it does give us, with more stores, the ability to forward deploy technicians to actually serve, in many cases, the largest job sites in the world. Okay. Appreciate that. If I can ask a follow-up on some of the expectations that are underlying guidance. Just what are you anticipating for equipment sales this year, and what kind of margin do you have embedded on those? Just trying to understand how that splits out versus the profitability on the rental side of the business? Yeah. Great question. You can kinda see in the guide, we chose total revenue, and then we break out the equipment rental revenue. On the equipment sales, the two main drivers on equipment sales are obviously our used equipment and the OWN Program. The used equipment margins you can kinda see in the historical for 2025. On the OWN Program, what we wanna continue to note first that the OWN Program is significantly oversubscribed, and we have a lot of demand, and it's all our discretion, based on our kind of finance and CapEx decisions on how we wanna fund the OWN Program. Those OWN Program margins are typically about 10%-15%. That's one of the two main, obviously, the drivers of the contribution to the sales segment. You can kind of see that through the guide of the rest obviously the rest of the most of the revenue in the guide is coming from the sales segment. You can see the historicals from the used sales are about 10%-15% from the OWN Program on the total margin contribution there. Okay. Appreciate the color. Thank you for the time. Thank you. Our next question comes from the line of Scott Schneeberger with Oppenheimer. Your line is now open. Thanks very much, and congrats on the first public call. First question from me. It's very impressive that you all win about 3/4 of your revenue and new sites coming from existing customers. How long a tail does that model have in your view? Could you please discuss your approach to obtaining customers that you don't win that way? Somewhat of a marketing question and go-to-market question. Thanks. Yeah. In reality, it gets better. If you think the 75%, as we add more locations, that feedback loop gets better and better and better, so you're having an increase of existing customers. If you think of what we're doing from a marketing and advertising, we have hundreds of thousand machines. These machines have EquipmentShare branding on them. Really, customers are driving through that organic adoption and coming to EquipmentShare, and then that drives that feedback loop and that flywheel. If you look at page 30, what's really interesting is as they start using T3, and sometimes T3 is forward deployed, so that's deployed on sites that EquipmentShare has not located in that city yet. We have customers using T3. Then they're using a peer set, and they're demanding EquipmentShare to start in that market. We have actually massive demand pull-through, and it gives us insight to the sites that we start. When you look at that page 30, six times more spend with customers that actually use T3. You have that pull-through. Many times they start as commodity. They start using T3. It empowers the adoption of what they're doing at a job site. Something that rental is 3%-5% of a job site, but many times it causes 20% of the cost because you have old equipment. It doesn't work. You have all the inherent problems. What EquipmentShare does is solve those problems, and that's why you see that massive growth and that pull-through once they start using technology, and then they actually use and start renting from EquipmentShare. Great. Thanks. Specialty rental, how do you see that evolving in 2026 and beyond for that matter? What asset categories are you most interested in expanding and potentially moving into beyond what you currently operate? Thanks. Yeah, great question. Specialty is extremely important. We grew one of the largest specialty divisions in the world, 34%, year-over-year if you look in the numbers. The Cat Class we're looking at massive from an energy support standpoint. This is in our specialty solutions group. You have HVAC support systems. You've got pumps. We have one of the largest electric pump fleet in the world in EquipmentShare's fleet. You're looking at compressed air. Then the site solutions. Really everything for a contractor connected in a core ecosystem, which is T3. It's very important. Again, one of the fastest-growing segments in the world. Thanks. Thank you. That will conclude the question and answer session. I will pass the call back over to Rhett Butler for closing remarks. Thank you, Jennifer. We appreciate it. Thank you everyone for joining the call. That concludes today's call. Thank you for your participation. You may now disconnect your line.