United Rentals, Inc. (URI) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

SA Transcripts 162.21K Followers Follow United Rentals, Inc. ( URI ) Morgan Stanley's 14th Annual Laguna Conference September 15, 2026 5:35 PM EDT Company Participants Matthew Flannery - President, CEO & Director William Grace - Executive VP & CFO Conference Call Participants Angel Castillo Malpica - Morgan Stanley, Research Division Presentation Angel Castillo Malpica Morgan Stanley, Research Division Perfect. Thanks, everyone, for joining us, and good afternoon. So Angel Castillo, Head of U.S. Machinery and Construction here at Morgan Stanley. And it's my pleasure today to have Matt Flannery, CEO of United Rentals; and Ted Grace, CFO of United Rentals. So before we get started, I just want to read a quick disclaimer. For important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley representative. And with that, gentlemen, thank you for hosting us here today. Matthew Flannery President, CEO & Director Thanks for having us. Question-and-Answer Session Angel Castillo Malpica Morgan Stanley, Research Division So lots of topics to discuss. Obviously, everything around construction in the U.S. is very topical today. So maybe figured it would be a good place to start, just a little bit bigger picture, macro and a little bit broader kind of demand backdrop, if you could kind of lay -- set the stage for it. So maybe give us the state of the union, what you're seeing in terms of across construction end markets in the U.S. particularly curious how, if at all, all the geopolitics, interest rate moves, energy prices, how all of that, if at all, has impacted what you're seeing in terms of construction demand in the last few months is that...? Matthew Flannery President, CEO & Director Well, I'll let Ted handle the geopolitics. But the demand environment feels great. It's really been strong. We had pretty solid