1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
AGKO
Offer Range
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Shares Offered
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Implied Upside vs Midpoint
Description
We are a global leader in designing, deploying and optimizing engineered energy and temperature solutions. Our scale, technology-agnostic approach, operational infrastructure and experience allow us to provide mission-critical solutions for multinational, regional and local customers looking to protect the continuity of their operations, enable growth and strengthen energy security. Leading global solutions provider, operating at scale across multiple sectors and regions Focused on attractive markets with a diversified customer mix We operate a large, global business diversified across multiple geographies, sectors and customers. As of January 3, 2026, we serve more than 14,000 customers in over 80 countries and across eight core sectors. We are aligned with the fastest-growing power demand sectors, while our overall diversification provides resilience across end-market economic cycles. For the year ended January 3, 2026, we generated $3.4 billion net revenue. --- We have a leading position in the largest sector for power demand, utilities, which represented 27% of our net revenue for the year ended January 3, 2026. We also have a strong position in the fastest-growing sector of power demand, data centers. We increased our revenue in this sector more than fourfold, from $96 million to $391 million, between the years ended December 30, 2023 and January 3, 2026, increasing the sector’s share of our net revenue to 11%. This is a market that is expected to grow at 20% CAGR (not adjusted for inflation) from 2025 to 2030, according to management estimates. We offer customers in this market a wide range of solutions, providing flexible and rapidly deployable behind-the-meter power and temperature control, covering construction, commissioning power, load-testing, bridging power, support for upgrades and refurbishments, and emergency power. Regional model providing global expertise, locally We have approximately 8,000 employees globally, largely operating through a localized model. This ensures our customers work with local experts who understand their markets, speak their language and can navigate local regulatory dynamics, while at the same time leveraging our global scale, experience and operating infrastructure. Our global experience means that we have encountered most challenges before, and we can leverage our global expertise to meet our customers’ needs. Industry-leading expertise, reliability and flexibility for a customer-centric approach Breadth and depth of experience We have decades of experience delivering solutions across a wide range of operating environments. This accumulated knowledge serves as a key strategic differentiator for our customers. Of our approximately 8,000 employees, more than 5,000 are technical. They combine deep engineering capability with proprietary application know-how to overcome customers’ complex energy and temperature control challenges. Customer-centric approach across the full project lifecycle We take a customer-centric approach, working with a full range of equipment and technologies to meet our customers’ needs. Providing support through the whole project lifecycle, we design and plan, mobilize and install, operate and maintain, monitor and optimize, demobilize and re-deploy. Large, technology-agnostic, modular asset base Our solutions are delivered through our differentiated breadth of modular technology. This includes gas and diesel/hydrotreated vegetable oil (“HVO”) generators, transformers, solar, batteries, temperature control, distribution equipment, oil-free air compressors and load banks. We own approximately 120,000 assets worldwide, representing an overall capacity of 17 GW, including 6.3 GW of diesel/HVO power generation, 2.1 GW of gas power generation and 0.3 GW of other power generation, together with 8.5 GW of temperature control and other fleet capacity. Our Group average physical utilization for the year ended January 3, 2026 was 54%. The 54% represents the average utilization for the year across our aforementioned product lines, across all geographies and node sizes. As this is an average over the year across a large asset base, there are significant variations within the product portfolio at different times in the year, with peak utilization for some products (mainly power and temperature control) across the warmer northern hemisphere summer months, some products on long term contracts where higher utilization is achieved and other products which are only used for a few weeks or months of the year but which generate a return over the product lifetime which we believe is attractive. At any point in time, utilization is impacted by assets in transit between projects and those being serviced or repaired. We are technology-agnostic, enabling us to embrace evolving advances in technology as they become scalable and economically viable. Consequently, we can deliver innovative solutions that meet evolving customer needs, regulatory environments and energy market conditions. For example, our diesel generators can be run on hydrotreated vegetable oil and 49% of our gas fleet can run on biogas, supporting the reduction of greenhouse gas emissions by up to 80% (when comparing hydrotreated vegetable oil to diesel) and 92% respectively (when comparing biogas to natural gas), helping our customers reach their decarbonization goals faster. Simple, focused business operating model Flat management structure We operate a flat management structure which enables rapid decision-making, with regional leaders taking full accountability for the performance of their businesses. Our executive management team members each have between 20 to 40 years of industry experience, bringing complementary skill sets across engineering and technology, sales, logistics solutions and equipment management. They are experts in safely managing large, global workforces across multiple end markets. We believe this management structure allows us to be entrepreneurial and agile, delivering safely and at pace for our customers. Disciplined five-step operating model We focus on five key steps to set clear priorities and drive accountability: • A constant focus on cost efficiency supports structurally lower operating costs and our ability to be competitive across the market • Driving day-to-day performance, using data-led decision-making, helps us consistently deliver high levels of execution and accountability • A disciplined and consistent approach to capital investment and allocation to support growth across regions and sectors • Accretive, value-adding M&A allows us to fill skill gaps and build a stronger presence across geographies, sectors and equipment types, further expanding our offering and accelerating growth • Building capabilities for our future growth, by developing existing talent and hiring new talent through our in-house recruitment team, supports continued best-in-class service delivery and employee engagement Using AI to support productivity We are increasingly using AI to enhance decision making, improve operational performance and support innovation across our business. We deploy AI tools to help our sales teams profile countries, sectors and target customers, prioritize opportunities and improve the quality of our sales plans. Our data-driven remote management services offer 24/7 access to our operating assets and are supported by AI. Technicians use AI, automation and machine learning to inform data-driven decisions – analyzing alarms, identifying root causes and resolving issues quickly. This reduces downtime, improves safety and reliability, and enhances customer experience. Chat-bots and agents developed in-house also provide employees with streamlined access to information, supporting faster, more informed decision-making. We expect to expand our use of AI as the technology evolves, further enhancing our customer service, capabilities and efficiency. --- We were incorporated as Aggreko Inc. in the Cayman Islands as an exempted company with limited liability on April 30, 2026. Our registered office in the Cayman Islands is located at PO Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands. Our telephone number at this address is +1 345 949 8066. Our corporate offices are located at 7th Floor Sentinel Building 103 Waterloo Street, Glasgow, G2 7BW, United Kingdom. Our telephone number at this address is +44 (0) 141 551 6000. Our principal website is www.aggreko.com.