J P M O R G A N North America Equity Research 24 June 2026 Sunbelt Rentals A Tall (Margin) Order; Lowering Dec 26 PT to $74 The flattish EBITDA margin guidance for FY27 has downside, given the persistent mix headwinds; we remain Underweight and lower PT to $74. SUNB's F4Q EBITDA margin miss (down ~290bps excluding 1x items vs. the Street modeling ~100bps decline YoY) was driven by mix headwinds tied to Specialty and ancillary revenues and lower delivery cost recovery. Deconstructing the FY27 rental revenue ...