Aggreko Revenue Rose 31%, but Its IPO Price Remains Unset

Aggreko booked $3.16 billion in net revenue for the nine months ended Oct. 3, 2026, up 31%, with data centers adding $334 million, in an amended Form F-1 dated Nov. 12, 2026.

Data centers supplied the largest single share of a $739 million revenue increase. Operating income rose only 4% over the same period, so the two figures tell different stories.

How much of the growth came from data centers?

Data centers contributed $334 million of the revenue increase. Building services and infrastructure added $178 million, events $89 million and utilities $70 million, partly offset by a $28 million decline in petrochemicals and refining.

Aggreko describes its data center offer as “rapidly deployable, behind-the-meter power and cooling” for developers waiting for grid connections.

Data center revenue rose from $96 million in 2023 to $391 million in fiscal 2025, representing 11% of total company revenue. Those are reported results rather than a forward demand forecast.

Third-quarter revenue reached $1.24 billion, up 34% from $922 million. Adjusted EBITDA was $458 million, a 37% margin.

The filing’s quarterly net revenue series reads as follows:

• Q1 2025: $713 million
• Q2 2025: $783 million
• Q3 2025: $922 million
• Q4 2025: $998 million
• Q1 2026: $890 million
• Q2 2026: $1,028 million
• Q3 2026: $1,239 million

The labels follow Aggreko’s fiscal calendar. Q4 2025 ended Jan. 3, 2026, while Q3 2026 ended Oct. 3, 2026.

Why did profit grow faster than operating income?

For the nine months, adjusted EBITDA rose to $1.11 billion from $904 million, while its margin slipped to 35% from 37%.

Operating income increased only 4% to $536 million, and the operating margin fell to 17% from 21%. Costs for the strategic review and IPO preparation rose by $41 million, while Aggreko also hired more salespeople and regional managers.

Aggreko earned $196 million over the nine months against a $129 million loss a year earlier. Pre-tax income was $289 million versus an $18 million loss.

Most of the swing came below the operating line. Net interest expense fell to $249 million from $531 million because currency moves on borrowings turned favorable; excluding foreign exchange, interest expense rose 23% to $358 million.

The distinction matters. Currency, rather than operating improvement, supplied most of the profit recovery.

What does the filing establish about the IPO?

The amended F-1 is Aggreko’s third public version since August. Its price range and share count remain blank, so the offering has not launched.

Aggreko plans to list ordinary shares on the New York Stock Exchange under the symbol AGKO as a foreign private issuer. Goldman Sachs and J.P. Morgan will lead a syndicate that also includes BofA, Barclays, Morgan Stanley, Jefferies, Deutsche Bank and UBS.

Funds of private equity firm TDR Capital and infrastructure investor I Squared Capital own the company. Their stakes after the offering have not been stated.

How will the proceeds be used?

Net proceeds would pay IPO costs, repay revolving credit facilities in full and repay part of the senior term loans, after Aggreko retains $300 million of cash.

Affiliates of Goldman Sachs, J.P. Morgan, BofA, Barclays, Deutsche Bank and Santander are lenders that will each receive at least 5% of the net proceeds. The filing therefore carries a conflict-of-interest disclosure.

TDR and I Squared have also agreed to buy shares at the IPO price through their holding company, in an amount not stated.

For fiscal 2025, Aggreko reported $3.42 billion in net revenue, a $113 million net loss, $1.3 billion in adjusted EBITDA and $5.9 billion of debt at year-end.

How large is the fleet, and how hard is it working?

Aggreko reports about 120,000 assets with 17 GW of capacity: 6.3 GW of diesel and HVO generation, 2.1 GW of gas generation and 8.5 GW of temperature control.

The company serves more than 14,000 customers in over 80 countries. Average fleet utilization was 54% in fiscal 2025, a historical rate rather than a forecast; on that measure, more of the fleet sat idle than in use.

The next test is whether a priced IPO can reduce debt while retaining $300 million of cash, and whether data center demand can lift utilization from the fiscal 2025 level of 54%.