Five things we learned from Aggreko’s annual report

Change in customers

The headline fact from the latest results was that data centre work now represents 11% of revenues, up from 4% three years ago. It almost doubled in 2025 to US$391 million.

If it increases at anything like the same rate this year, would make data centres more important than building services and construction, which represented 13% of sales last year. It would become the company’s second most important segment, after utilities, which represented 27% of its business in 2025.

Of the $391 million revenues from data centres, $234 million came in the Americas and $121 million in Europe. It’s not just the US where these facilities are being built, although it’s the Americas where the growth is by far the fastest, almost tripling from 2024.

A 43 MW combined heat and power plant delivered by Aggreko.

Change in geography

Over the past three years Aggreko has exited countries which it considers risky, including many in Africa. This means that its reliance on Europe and North America has increased.

Three years ago markets in Africa, the Middle East and Asia Pacific represented almost a third of revenues (32%). Last year that decreased to 22%.

Over the same three-year period, its revenues in Europe have increased from 19% of the total to 25%, and in the Americas from 49% to 53%.

Bloomberg has been reporting that Aggreko’s private equity owners are considering an IPO in the US. The latest annual report says nothing about that, but the fact that more than 50% of sales are generated in the Americas suggests that a US listing might make sense, in the same way that Ashtead Group has now become US-listed Sunbelt Rentals.

Who are its key suppliers?

Aggreko may have its own generator assembly plants in the UK and elsewhere, but it also relies heavily on external suppliers.

For portable generators, its suppliers are: Bruno, Cummins, Himoinsa and Innio. For battery energy storage systems it used products from Atlas Copco, China-based Huawei and Netherlands company Alfen.

Oil free air compressors are supplied by Sullair and Aerzen.

The company’s fleet is now valued at US$5.1 billion. That compares to around $20 billion each for United Rentals and Sunbelt Rentals, who have revenues in the $10-15 billion range, four to five times that of Aggreko.

Acquisitions in 2025

Aggreko spent more than $200 million on acquisitions in 2025, and it was three of those that helped the company report a 40% increase in European revenues last year.

The four deals were:

• Acquisition of the loadbank division of Gulf Incon International for $12 million. It rents rack mounted loadbanks in the UAE and Saudi Arabia. Revenues in 2025 were $5 million.
• Bought Switzerland-based Mobil in Time (MiT) in July for $130 million. MiT rents temperature control and water damage restoration equipment in Switzerland, Germany and Austria. Full year revenues were $58 million.
• Aggreko’s Resalta business acquired Statkraft, an operator of five solar power development projects, for $14 million. Full year revenues would have been less than $1 million.
• In October 2025 it bought Spanish power rental company Krill Generadores for $49 million. Full year revenues last year were $19 million.

Fleet investment tells a story

The company invested $945 million on its fleet in 2025, of which $654 million was to expand the size of its fleet (the balance of $293 million was ‘maintenance’ spending).

More than 81% of this expenditure was focused on Europe and the Americas.