Phase-changing materials have been a cornerstone of condensed matter physics for decades. A quintessential example is iron-rhodium (FeRh), which undergoes a first-order phase transition from antiferromagnetic to ferromagnetic states near room temperature. The pivotal aspect of this transition is a marked alteration in electrical conductivity. However, its underlying origin still remains elusive, largely due to the difficulties of directly probing fundamental transport during this phase transition. In this study, we investigate the fundamentals of FeRh’s electrical transport employing terahertz time-domain spectroscopy (THz-TDS). Leveraging the Drude model, we discerned the distinct contributions of extrinsic (momentum scattering time, τ) and intrinsic (charge density, n, and effective mass, m*) factors to electrical conductivity independently. Notably, our investigation unveiled a sharp alteration in n and m* during the phase transition, contrasting with the gradual monotonic decrease of τ with rising temperature. Consequently, our findings provide compelling evidence that the conductivity change in FeRh during the phase transition originates from a restructuring of its band structure. This work provides a crucial step towards a comprehensive understanding of the electrical transport changes occurring during the phase transition, offering valuable insights into the behaviour of phase changing materials. Phase-changing materials such as FeRh, undergoing a first-order phase transition from antiferromagnetic to ferromagnetic near room temperature, are attractive for various applications. Here, terahertz time-domain spectroscopy provides evidence that the conductivity change in FeRh during the phase transition originates from a restructuring of its band structure.