### Summary ConclusionThis quarter's results exceeded expectations, primarily driven by robust demand for large-scale projects and improved execution of internal commercial strategies, which restored organic revenue growth.

### Key DataTotal revenue $612 million, +4% YoY; rental and service revenue +6%; modular activations +16%; order book +13%.

### Business ProgressDemand for large-scale projects (data centers, infrastructure, manufacturing) remained strong, with enterprise customer revenue +21%. The team added approximately 5% in sales headcount and launched new products such as climate-controlled storage and Clearspan industrial tents, which are expected to grow at around 20% by year-end. On the operational side, modular work orders and refurbishment activities +17%, supporting higher activation volumes. Additionally, 2,000 units were moved in and out of the World Cup host city and successfully redeployed. Safety performance continued to improve.

### Guidance and OutlookFull-year revenue guidance raised to approximately $2.3 billion (+$50 million), and adjusted EBITDA raised to approximately $920 million. Q3 revenue is expected at $585 million, with adjusted EBITDA of approximately $232 million (margin 39.7%). Q4 margins are expected to be flat or positive YoY. Net capital expenditure raised to $375 million to support demand for large-scale projects.

### Risk/Highlight SignalsManagement's tone was positive, emphasizing "activity levels not seen in years" and "internally driven growth," but acknowledged ongoing headwinds in the small-ticket transaction business and the need for caution amid economic uncertainty.