Aggreko IPO: how the business makes money

Utilities, data center builders, oil and gas companies and event organizers pay Aggreko to bring power and cooling equipment to their sites and run it, for weeks or for years.

• 01No single customer provided more than 10% of net revenue in FY2023 to FY2025. Utilities were the largest sector, at 27% in FY2025.
• 02Of every $100 that came in during FY2025, Aggreko spent $103.3, a loss of $3.3. Interest, including currency losses on its borrowings, took $18.8.

New shares sold by the company

Not yet in the filing

To list on

NYSE

Proposed ticker

AGKO

Lock-up on existing holders

180 days

• 01New shares: Aggreko itself sells all the shares, so the money, after underwriting costs, goes to the company. No existing shareholders sell in the offering.
• 02The underwriters get a 30-day option to buy extra shares from Aggreko. The F-1/A leaves that number blank.
• 03The share count, price range, money raised and share count after the offering are all blank. A later amendment would add them.
• 04Sponsor contribution: Sponsor Holdco, jointly owned by TDR and I Squared, agrees to buy new shares at the IPO price, up to a blank amount. It borrows to pay for them, and Aggreko does not guarantee that debt.
• 05Side sale: Sponsor Holdco buys $20.0 million of shares from the CEO and $10.0 million from the CFO at the IPO price. That money goes to them, not to the company.
• 06Director purchases: director nominees Christopher Kearney and Jeffrey H. Black buy shares from the company in private placements, for a blank amount each.
• 07Before the offering, TDR, I Squared and Sponsor Holdco swap their shares in Albion JVCo for shares in Aggreko Inc. Part of that share count depends on the IPO price.

Aggreko, its officers and directors, and holders of substantially all its shares agree not to sell for 180 days after the prospectus date. The representatives of the underwriters can consent to an earlier release. Existing employee benefit plans are excepted.

Underwriters

15 named in the S-1 (lead: Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc.)

Underwriter conflict of interest

Affiliates of Goldman Sachs, J.P. Morgan, BofA Securities, Barclays, Deutsche Bank and Santander are lenders and will receive 5% or more of the net proceeds, a conflict of interest under FINRA Rule 5121. Robert W. Baird & Co. acts as qualified independent underwriter, for no extra fee.

Controlled company

The F-1/A does not use the term "controlled company". It says TDR and I Squared control the company. It also says a majority of its directors are independent, though a majority may not be required while it relies on foreign private issuer exemptions. It intends to follow Cayman practice instead of NYSE rules on shareholder approval of equity plans and of 20% share issuances, and on independent-director sessions. Its risk factors add fully independent compensation and nominating committees to that list; its governance section adds the majority-independent-director rule instead.

Directed share programme

Up to a blank percentage of the shares is reserved for people and entities management identifies. Buyers are not locked up, except executive officers and directors nominated by I Squared.

Lead underwriters

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, BofA Securities, Inc.

Transfer agent

Computershare Trust Company, N.A.

Learn: How to read an S-1: Anthropic's IPO registration statement · IPO lock-up agreements: what they are and when they end

• Repay all borrowings under the Revolving Facilities, without reducing the commitmentNo amount is in the filing yet. $405 million was drawn at Jul 4, 2026. Affiliates of six underwriters are lenders under the Revolving Facilities and/or the Senior Term Facilities.Amount not fixed
• Repay part of the Senior Term FacilitiesNo amount is in the filing yet. These loans mature in May 2031, or May 2030 on certain conditions.Amount not fixed
• General corporate purposesThe remainder. The F-1/A says management will have broad discretion over the money.Amount not fixed

The F-1/A gives no amounts. Management will have broad discretion over the money. Lenders being repaid include affiliates of six underwriters.

Only the shares the company sells raise money for it; money from shares sold by existing stockholders goes to them.

Learn: IPO lock-up agreements: what they are and when they end

• Temporary power

  Power installed for weeks or months, for example during maintenance, an outage or as a bridge until other power is ready. Formula 1's 2025 European calendar is one example the F-1/A gives.

• Semi-permanent power

  Power installed for a long time, possibly the life of the asset. Examples: a hybrid plant of approximately 80 MW at a mine 740 km from Perth, and 32 off-grid Amazon communities on a 15-year contract.

• Temperature control

  Chillers and cooling, part of 8.5 GW of the fleet with other equipment at Jan 3, 2026. One hyperscale customer's project involved up to 230 chillers of 500 tons each.

• Oil-free air, load banks and batteries

  Oil-free air, load banks (which test power systems), batteries and solar, plus fuel, logistics and engineering.

• Projects and equipment sales

  Design and project management, turnkey energy-efficiency projects, and sales of new equipment and consumables.

• Utilities

  27%

  of revenue

  $908 million in FY2025. Historically includes national utilities in Argentina, Ivory Coast, Bangladesh and Brazil.

• Building services and infrastructure

  13%

  of revenue

  $455 million in FY2025, up from $373 million in FY2024.

• Data centers

  11%

  of revenue

  $391 million in FY2025, up from $196 million in FY2024. It includes 135 MW and 86 MW multi-year contracts with one US developer the F-1/A does not name.

• Oil and gas

  10%

  of revenue

  $339 million in FY2025, up from $286 million in FY2024.

• Petrochemical and refining

  8%

  of revenue

  $260 million in FY2025, down from $276 million in FY2024.

• Events

  7%

  of revenue

  $229 million in FY2025, up from $184 million in FY2024. Events mostly fall in the second half of the year.

• Mining

  6%

  of revenue

  $214 million in FY2025, about level with $213 million in FY2024.

• Manufacturing

  5%

  of revenue

  $183 million in FY2025, up from $159 million in FY2024.

• Other sectors

  13%

  of revenue

  $437 million in FY2025: pharmaceutical, government, shipping, food and beverage, forestry and agriculture, storms and military.

1. 1Customers paid $3,416 million of net revenue in FY2025. Other income added $27 million.
2. 2Running equipment on site (cost of services) took $1,858 million. Wear and tear (depreciation and amortization) took $543 million.
3. 3Overhead and unpaid customer bills took $351 million. That left operating income of $691 million.
4. 4Interest took $647 million, including $249 million of unrealized currency losses on its borrowings. Income tax took $134 million.
5. 5Discontinued operations in Russia and Kazakhstan and a post-employment item took $23 million. The result was a $113 million net loss, of which $94 million fell on common shareholders.

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

• The fleet

  17 GW at Jan 3, 2026: 6.3 GW diesel or vegetable-oil fuel, 2.1 GW gas, 0.3 GW other power, and 8.5 GW temperature control and other. Average physical use in FY2025 was 54%, varying by product and season.

• Money for new equipment

  Capital spending on continuing operations was $975 million in FY2025: $654 million for growth, $293 million for maintenance and $28 million for non-fleet items. Contracted commitments were $283 million at Jul 4, 2026.

• Equipment suppliers

  Components come from makers such as Cummins, Innio, ABB and Schneider. Finished products come from makers such as Atlas Copco, Trane and Johnson Controls. Suppliers may also sell or rent directly to customers.

• People

  About 8,000 permanent employees at Jan 3, 2026, more than 5,000 of them technical. Collective agreements cover over 1,100 people in 12 countries.

• Manufacturing

  The main site is Lomondgate in Dumbarton, Scotland, with about 350 specialists. A new facility is being built in India.

• Data centers

  Working

  $391 million in FY2025, up from $196 million in FY2024

  Revenue was $362 million in the six months to Jul 4, 2026, up from $160 million a year earlier. International Energy Agency figures, as cited in the F-1/A, put data center demand at 485 TWh in 2025 and 950 TWh in 2030.

  Status: Working, on track against what the company said.

• Longer contracts

  Working

  About 50% of FY2025 net revenue from contracts over one year; about 30% over three years

  The F-1/A says it is increasingly signing longer contracts. Examples it gives include a 15-year contract for 32 Amazon communities.

  Status: Working, on track against what the company said.

• Acquisitions

  Working

  18 deals for $807 million in total, 2023 to 2025

  Named deals include Resolute, Crestchic, Resalta, Mobil in Time and Krill. Mobil in Time added $32 million of Europe revenue in the six months to Jul 4, 2026.

  Status: Working, on track against what the company said.

• Energy-transition equipment

  Early

  Over 50% of 2025 capital spending, a company statement

  The company says more than 50% of its 2025 capital spending went to equipment supporting the energy transition. The F-1/A names batteries, solar and more efficient gas and diesel equipment in this area.

  Status: Early, too early to judge.

• Independent power projects

  Early

  Not yet material, per the F-1/A

  Aggreko says it is developing this business in the United States, the United Kingdom and Australia.

  Status: Early, too early to judge.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Saturday closest to December 31 (FY2025: 53 weeks to Jan 3, 2026)). Net profit is the share belonging to the company's owners. Total net income differs from net profit to the company's owners: Net loss was $113 million, including $22 million from discontinued operations. Noncontrolling holders bore $19 million, leaving $94 million for common shareholders. The F-1/A's per-share figures rest on a few thousand pre-IPO shares, so they are left out.

• Official (GAAP): Net loss, FY2025

  −$113M

  Company's own measure: Adjusted EBITDA, FY2025

  $1.3B

  The company's measure: net loss before discontinued operations, tax, interest, depreciation and amortization, acquisition, strategic review and restructuring costs, and other items. Interest it leaves out includes $249 million of currency losses.

• Official (GAAP): Net income, six months to Jul 4, 2026

  $80M

  Company's own measure: Adjusted EBITDA, six months to Jul 4, 2026

  $647M

  Same definition. It also leaves out $11 million of one-time Bangladesh customs costs. It was $542 million a year earlier, against a $189 million net loss.

• Official (GAAP): Net loss margin, FY2025

  −3.0%

  Company's own measure: Adjusted EBITDA margin, FY2025

  37%

  The company's measure, as stated in the F-1/A. The margin was 34% in the six months to Jul 4, 2026, against 36% a year earlier.

• Official (GAAP): Net revenue, FY2025

  $3.4B

  Company's own measure: Underlying Revenue, FY2025

  $3.3B

  The company's measure: net revenue without pass-through fuel for a project in Brazil ($165 million) and foreign-exchange effects.

• Official (GAAP): Net loss as % of average net assets, FY2025

  −31.9%

  Company's own measure: Return on Capital Employed, FY2025

  23.2%

  The company's measure: Adjusted EBIT, excluding amortization of intangible assets, divided by average capital employed. It was 21.2% over the 12 months to Jul 4, 2026.

• Official (GAAP)

  No official figure measures this; it is the company's own operating measure.

  Company's own measure: Secured Net Revenue for 2026, as of July 2026

  3,314 US$ million

  The company's measure of contracted revenue over minimum contract periods, at constant exchange rates, excluding Mobil in Time and Krill. A year earlier, the figure for 2025 was $2,816 million. A US summer event and two US data center contracts drove most of the rise.

• Official (GAAP)

  No official figure measures this; it is the company's own operating measure.

  Company's own measure: Secured Net Revenue for 2027, as of July 2026

  1,361 US$ million

  Same definition. A year earlier, the figure for 2026 was $886 million. It is not a GAAP measure.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out

• Debt here includes accrued interest. After $68 million of issuance costs, the carrying figure is $6,972 million. Lease liabilities of $257 million (Cityfort calculation from F-1/A filed Sep 17, 2026) are not counted.
• Total debt was $5,956 million at Jan 3, 2026. Main items at Jul 4, 2026: term loans of $2,098 million and $1,934 million, senior secured notes of $1,400 million and $973 million, and $405 million on the revolver.
• Total liabilities of $8,806 million exceeded total assets of $8,303 million at Jul 4, 2026. Net worth here is total mezzanine and shareholders' equity: -$503 million, against $92 million at Jan 3, 2026.
• Dividends: $553 million on May 23, 2025, partly from notes proceeds, and $590 million in January 2026, from term loans. Together that is $1,143 million (Cityfort calculation from F-1/A filed Sep 17, 2026). A share repurchase took $83 million in January 2026.
• The term loans pay a floating rate plus a 3.00% margin. The company was in covenant compliance at Jul 4, 2026, per the F-1/A.
• The company did not state a net debt figure, and no debt-to-equity ratio is shown because equity is negative.

From the prospectus table of principal stockholders. Holdings fall after the IPO when new shares are sold; the prospectus also shows the holding after the offering.

• Blair Illingworth

  Chief Executive Officer and director · since 2021

  CEO since October 2021 and a director since August 2026. Sells $20.0 million of shares to Sponsor Holdco at the IPO price.

• Heath Drewett

  Chief Financial Officer · since 2018

  Previously Group Finance Director at WS Atkins. Sells $10.0 million of shares to Sponsor Holdco at the IPO price.

• Jessica T. Graziano

  Chief Operating Officer · since 2026

  Previously Chief Financial Officer of United States Steel from August 2022 to June 2025.

• Christopher Kearney

  Chairman nominee

  Managing Partner of Eagle Marsh Holdings since 2017. Buys shares from the company in a private placement, for an amount the F-1/A leaves blank.

• Alhassan El Gazzar and Gary Lindsay

  Director nominees designated by TDR

  Two of the 12 members of the board.

• Maxime Jacqz and Mohamed El Gazzar

  Director nominees designated by I Squared

  Two of the 12 members of the board.

Auditor

KPMG LLP

Auditor changes

None in the period covered

Audit qualifications

None reported

Related-party dealings

TDR and I Squared control the company and hold rights over board seats and major decisions. The F-1/A says commercial dealings with their portfolio companies are not material. The CEO and CFO sell shares to Sponsor Holdco at the IPO price.

Credit rating

No public credit rating found

• Each sponsor can nominate up to 3 directors at 25% or more, up to 2 at 15% to 25%, and 1 at 5% to 15%, excluding management shares.
• At 15% or more, each has consent rights over debt above a blank leverage level, a change of control, deals above $200 million, and hiring or firing the CEO.
• Sponsor Holdco borrows to buy the new shares, and plans to refinance with PIK notes (notes paying interest in more notes) after the offering. Aggreko Inc. and its subsidiaries do not guarantee that debt.
• Sponsor Holdco's own shares, shareholder loans and bank accounts are used as collateral. The Aggreko shares it holds are not. The F-1/A says a default could still put a substantial portion of Aggreko shares in lenders' hands.
• Affiliates of Goldman Sachs, J.P. Morgan, Barclays and Deutsche Bank are lenders or agents on that sponsor debt, and also underwriters of this offering.
• The F-1/A says TDR and I Squared may cause the company to pay dividends instead of making capital investments or repaying debt. Aggreko paid $553 million in May 2025 and $590 million in January 2026.

Cases are listed as the offer document describes them. A pending case is an allegation until a court or regulator decides it.

• Debt

  Debt and interest

  Total debt was $7,040 million at Jul 4, 2026, up from $5,956 million at Jan 3, 2026. Interest paid in cash was $403 million in FY2025, against $428 million of operating cash flow.

  Watch The net leverage limit the sponsor contribution is sized to, and debt after the offering, both blank in the F-1/A.

• Currency

  Currency swings on debt

  Currency moves on its borrowings change reported interest expense. The effect was $249 million unfavorable in FY2025, $103 million favorable in FY2024, and $65 million favorable in the six months to Jul 4, 2026.

  Watch The currency line inside interest expense in the next filing.

• Concentration

  Emerging markets and a few large customers there

  In Latin America and AMEAPAC, the five largest customers were about 37% of those regions' FY2025 revenue. The F-1/A also flags collection risk, currency controls and recent military actions in Iran and their impact on the UAE.

  Watch AMEAPAC revenue: $373 million in the six months to Jul 4, 2026, against $376 million a year earlier.

• Competition

  Short contracts and competition

  More than half of North America and Europe contracts run under one year. Suppliers may sell or rent directly to customers, per the F-1/A.

  Watch The share of revenue from contracts over one year: about 50% in FY2025.

• Execution

  Cost of keeping the fleet working

  Maintenance capital spending was $293 million in FY2025, and fleet use averaged 54%. The F-1/A flags steel and component prices, fuel costs and equipment becoming out of date.

  Watch Operating margin: 16% in the six months to Jul 4, 2026, against 20% a year earlier.

• Regulation

  Tax disputes and a high tax rate

  The effective tax rate was 311.6% in FY2025 and 67.0% in FY2024. The F-1/A flags transfer pricing, open disputes and its UK and Dutch structure.

  Watch The outcome of the disputes in Bangladesh, Ivory Coast and Yemen.

• Governance

  Internal control weaknesses

  The F-1/A reports material weaknesses in internal control over financial reporting, with remediation under way.

  Watch Remediation progress in the next amendment or annual report.

• Governance

  Misconduct risk

  The F-1/A says fraud, unethical behavior or other misconduct by employees or third parties "has occurred in the past" and may recur. That passage names no specific case.

  Watch Whether a later amendment describes any case.

• Size and price not yet set

  The F-1/A leaves the price range, shares offered, money raised, share count after the offering and dilution blank.

• Money is set aside for lenders first

  The F-1/A lists repaying revolving and term loans before general purposes, with no amounts. Management has broad discretion over any remainder. Lenders include affiliates of six underwriters, so a qualified independent underwriter is involved under FINRA Rule 5121.

• Control stays with TDR and I Squared

  The F-1/A says their interests may differ from other holders'. Director nomination and consent rights continue while they hold set percentages, and written shareholder resolutions are possible while they hold 50% or more of votes.

• Debt above the company, at Sponsor Holdco

  On a default, secured parties can enforce over Sponsor Holdco's shares. The F-1/A says that could lead to large share sales or an indirect change of control.

• Fewer disclosures and governance protections

  As a foreign private issuer, Aggreko can report less often and follow Cayman practice instead of some NYSE rules.

• Shares unlocked after 180 days

  Holders of substantially all existing shares agree to a 180-day lock-up (what this means)lock-upA period after an IPO when insiders agree not to sell their shares. Learn more that the underwriters' representatives can release early. Directed-share buyers are mostly outside the lock-up.

• No dividends expected

  The F-1/A says the company does not anticipate paying cash dividends in the foreseeable future, after paying $590 million in January 2026.

What does Aggreko do?

Aggreko designs, installs and runs temporary and semi-permanent power, temperature control and oil-free air equipment on customer sites. At Jan 3, 2026 it served more than 14,000 customers in over 80 countries with a 17 GW fleet, per its F-1/A filed Sep 17, 2026.

How does Aggreko make money?

Aggreko's business model is to charge customers for power, cooling and air equipment plus the service around it, under contracts of days to over 10 years. About 50% of FY2025 net revenue came from contracts longer than one year. Its F-1/A splits revenue by region and sector, not by product.

Who are Aggreko's customers?

Aggreko's largest customer sectors in FY2025 were utilities (27% of net revenue), building services and infrastructure (13%), data centers (11%) and oil and gas (10%). Its top 10 customers were 19% of FY2025 net revenue, and none provided more than 10% in FY2023 to FY2025.

How big is Aggreko?

Aggreko's net revenue was $3,416 million in FY2025 (53 weeks to Jan 3, 2026), up from $2,854 million in FY2024. It reached $1,918 million in the six months to Jul 4, 2026, up from $1,496 million a year earlier. It had about 8,000 permanent employees at Jan 3, 2026.

Is Aggreko profitable?

Aggreko had a $113 million net loss in FY2025 on operating income of $691 million, and net income of $80 million in the six months to Jul 4, 2026. Interest expense included a $249 million currency loss in FY2025 and a $65 million currency gain in the 2026 period.

What is Aggreko's revenue by segment?

Aggreko's FY2025 net revenue was $1,797 million in the Americas (53%), $849 million in Europe (25%) and $770 million in AMEAPAC, meaning Africa, the Middle East and Asia Pacific (22%), per its F-1/A filed Sep 17, 2026.

How much of Aggreko's revenue comes from data centers?

Aggreko's net revenue from data centers was $391 million in FY2025, up from $196 million in FY2024 and $96 million in FY2023. It was $362 million in the six months to Jul 4, 2026, up from $160 million a year earlier.

How much debt does Aggreko have?

Aggreko had total debt of $7,040 million, including accrued interest, and $140 million of cash at Jul 4, 2026, per its F-1/A. Total debt was $5,956 million at Jan 3, 2026. Total liabilities of $8,806 million were above total assets of $8,303 million at Jul 4, 2026.

Who owns Aggreko before the IPO?

Aggreko is owned by funds managed by TDR Capital and I Squared Capital, with management holding a limited stake, per its F-1/A filed Sep 17, 2026. The filing leaves all percentages blank.

What is the Aggreko IPO?

Aggreko Inc. filed a Form F-1 with the SEC on Aug 24, 2026 and an amendment on Sep 17, 2026, to list ordinary shares on the NYSE under the proposed ticker AGKO. Only Aggreko sells shares, so the money goes to the company; the share count and price range are not yet in the filing.

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