MARCH 26, 2026
INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES
This presentation contains historical financial results prepared in accordance with International Financial Reporting Standards ("IFRS"), as previously reported by
Ashtead Group plc.
In addition, this presentation contains certain financial measures that are not presented in accordance with the U.S. generally accepted accounting principles ("GAAP") or IFRS, including "adjusted EBITDA," "adjusted EBITDA margin," "adjusted EPS," "EBITDA," "EBITDA margin," "free cash flow," "free cash flow," "return on investment," "net debt," and "leverage."
These supplemental financial measures are not defined or recognized under GAAP or IFRS and are presented because we believe that these measures provide both management and users of our consolidated financial statements with useful additional information when evaluating its operating and financial performance. However, these non-GAAP and other supplemental financial measures should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP or IFRS. Consequently, the methodology used for their calculation may not be consistent with that adopted by other companies and, therefore, the non-GAAP or other supplemental measures presented in this presentation may not be comparable with those of other companies. For the definitions of these terms, additional information about management's use of these measures, as well as a reconciliation of these measures to the most comparable GAAP or IFRS financial measures, please see the appendix that accompanies this presentation
INVESTOR DAY 2026 3
WELCOMEINVESTOR DAY 2026 4
KEY MESSAGES TODAY
Safety is a fundamental structural driver, deeply ingrained within our company culture
Advantages of our scale, breadth of solutions and increasing total addressable market delivering growth and resilience
Robust financial strength and powerful free cash flow providing flexibility and differentiation while presenting a compelling investment case
Execution of the Sunbelt 4.0 Actionable Components continues to steadily progress
Leading modern technology platforms continue to enhance both customer experiences and operational efficiencies
Conviction in our through-cycle growth algorithm with clarity in both our growth paths and capital allocation priorities, leveraging the ongoing rental industry structural advancement
INVESTOR DAY 2026 5
PRESENTERS
BRENDAN HORGAN
CHIEF EXECUTIVE OFFICER
ALEX PEASE
CHIEF FINANCIAL OFFICER
BRAD LULL
EVP, BUSINESS DEVELOPMENT & STRATEGY
JOHN WASHBURN
CHIEF OPERATING OFFICER, GENERAL TOOL & EQUIPMENT
KYLE HORGAN
EVP, SPECIALTY
JENELLE STRAWBRIDGE
VP, SALES
MONICA ZIEGLER
CHIEF PEOPLE OFFICER
ANTHONY MILLER
EVP, SAFETY & HEALTH
KAREN BEADLE
SVP, SUSTAINABILITY
INVESTOR DAY 2026 6
SAFETYAnthony Miller, EVP, Safety & Health
INVESTOR DAY 2026 7
A STRONG SAFETY CULTURE IS FOUNDATIONAL TO OUR SUCCESS
Customers demand and expect world class safety performance from our team
To achieve this mission, we will leverage advanced tools like AI, multi-media,
and data analytics to measure and drive performance
The safety landscape is changing - advanced companies are using neuroscience to develop and change behaviors
Our mission is clear - if it cannot be done safely, we will not do it
INVESTOR DAY 2026 8
ENGAGE FOR LIFE
Transforming the way we do safety
Redefined our program approach in 2019 focusing on controlling exposures and eliminating significant events
Neuroscience-based focus on educating our team members around the exposure they face daily and how to control them
Total recordable incident rate has decreased
dramatically since program inception from 1.43
in FY19 to 0.48 in January 2026 (66% reduction) - ®
truly rarified air
INVESTOR DAY 2026 9
SUSTAINED SAFETY PERFORMANCE THROUGH FOCUS, PROCESS AND CULTURE
Total Recordable Incident Rate Lost Time Rate
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
2019 2020 2021 2022 2023 2024 2025 2026
1500
1.43
0.48
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
0.50
0.40
0.30
0.20
0.10
0.00
2019 2020 2021 2022 2023 2024 2025 2026
1500
0.32
0.08
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
Locations Injury RatesHISTORY OF PERFORMANCE
& INDUSTRY PROGRESSION Brendan Horgan, Chief Executive Officer
INVESTOR DAY 2026 11
SUNBELT INVESTMENT HIGHLIGHTS
MARKET LEADERSHIP IN A STRUCTURALLY GROWING INDUSTRY
DISTINCT COMPETITIVE ADVANTAGES THAT COMPOUND OVER TIME
CLEAR GROWTH PATHS TO DRIVE SIGNIFICANT VALUE CREATION
THROUGH-CYCLE GROWTH AND RESILIENCE DRIVE FINANCIAL OUTPERFORMANCE
DISCIPLINED CAPITAL ALLOCATION
INVESTOR DAY 2026 12
SUNBELT IS A LEADING EQUIPMENT RENTAL COMPANY
North America General Tool 59% of Rental Revenue
Location Count: 802
North America
Specialty 33% of Rental Revenue
Location Count: 599
UK
8% of Rental Revenue
Location Count: 176
Renting a full range of construction and industrial equipment across a wide variety of applications to a diverse customer base
~$11BLTM Revenue
~24KTeam Members
~$19BOEC
~1,600Locations
Note: The results and figures shown above are as of January 31, 2026. INVESTOR DAY 2026 13
COMPREHENSIVE SOLUTIONS OFFERING
GENERAL TOOL
& EQUIPMENT:
MATERIAL HANDLING
SMALL TOOL
MOBILE ELEVATED WORK PLATFORMS
EARTH MOVING
SPECIALTY:
POWER & HVAC
CLIMATE CONTROL
FLOORING SOLUTIONS
SCAFFOLDING SERVICES
INDUSTRIAL TOOL
TRENCH SAFETY
PUMP SOLUTIONS
GROUND PROTECTION
TEMPORARY STRUCTURES
FILM
& TV
TEMPORARY FENCING
TEMPORARY WALLS
INVESTOR DAY 2026 14
END-MARKET DIVERSIFICATION IS A DIFFERENTIATOR
CONSTRUCTION
Non-residential
Residential
Specialty trade
~45%
LTM JAN 2026
North America Rental Revenue
~55%
NON-CONSTRUCTION
Maintenance, repair and operations
Entertainment and live events
Emergency response
State and local government
Agriculture
National defense
Industrial
Infrastructure
DELIVERING A LARGER AND RESILIENT ADDRESSABLE MARKET
Source: Management analysis based on account customer analysis as of January 31, 2026. INVESTOR DAY 2026 15
WELL-POSITIONED CUSTOMER MIX FROM SMALL TO LARGE
41%
NATIONAL & REGIONAL:
Programmatic spend from larger customers
LTM JAN 2026
North America
CUSTOMER DEMANDS
Expect national-scale and broad product portfolio to
meet wide-ranging solutions
SUNBELT'S STRENGTH
Advantage in scale, breadth of product, solutions and expertise
Rental Revenue
SMALL AND MEDIUM-SIZED ENTERPRISES (SME):
Job-driven demand tied to smaller local/regional customers
59%
CUSTOMER DEMANDS
Expect strong local branch network and relationships
SUNBELT'S STRENGTH
Servicing for the ever-broad range of SME needs
Source: Company internal customer data as of January 31, 2026. INVESTOR DAY 2026 16
A WIDENING COMPETITIVE MOAT BUILT ON SCALE, RANGE OF SOLUTIONS, EXPERTISE, TECHNOLOGY AND DISCIPLINED EXECUTION
SCALE & PRODUCT BREADTH
#2 in the U.S. and #1 UK in terms of rental revenue1
Wide breadth of equipment and solutions to serve a broad customer segmentation
Unparalleled resume across construction and non-construction to include world-class
live events
CAPABILITIES & TECHNOLOGY
Rental experts delivering full range of solutions and services
Leading technology platform across demand-generation, logistics, connected assets
and service
AI-supported technology enhancing dynamic pricing, customer capture and operational excellence
GROWTH MACHINE
Proven Greenfield openings and bolt-on M&A success across North American footprint
Expanding solution selling capabilities through existing and new Specialty business lines
Increasing customer expectations for full range solutions provider
FINANCIAL PROFILE
Extreme customer loyalty and stickiness driving revenue annuity
Demonstrated free cash
flow through the cycle
Significant financial power through an investment grade balance
1 Management estimates based on market size estimates from American Rental Association and European Rental Association INVESTOR DAY 2026 17
A REPEATABLE MODEL OF PLANNING, EXECUTION AND PERFORMANCE THROUGH MULTIPLE CYCLES
Post-Great Financial Crisis
Location Count: ~460
OEC $: ~$2.7B
Team Members: ~8,100
Project 2021
OEC $: ~$6.6B
Location Count: ~710
Team Members: ~13,000
Sunbelt 3.0
OEC $: ~$11.9B
Location Count: ~1,120
Team Members: ~18,800
Sunbelt 4.0 (a/o Jan '26)
OEC $: ~$19.2B
Location Count: ~1,600
Team Members: ~24,000
APRIL 2011
$1.5BRevenue
LAUNCHED APRIL 2016
$3.8BRevenue
LAUNCHED APRIL 2021
$6.6BRevenue
LAUNCHED APRIL 2024
$10.9BRevenue
FY11 FY16 FY21 FY24
Note: All figures presented are as of the beginning of each period, except for Sunbelt 4.0, which reflects figures as of January 31, 2026 INVESTOR DAY 2026 18
DRIVING STRONG FINANCIAL PERFORMANCE THROUGH THE CYCLE
Historical financial results under IFRS
Total Revenue ($M) Adjusted EBITDA1 ($M) Adjusted EPS1
CAGRs
CAGRs
CAGRs
+15%
+11%
10,792
+14%
+19%
3,258
1,340
6,399
GROWTH AND DISCIPLINED EXECUTION FUELING EARNINGS MOMENTUM
FY10 FY15 FY20 FY25
+18%
+11%
5,022
+29%
+16%
3,008
1,452
409
FY10 FY15 FY20 FY25
+61%
+11%
$3.70
+17%
+220%
$2.22
$1.00
$0.00
2010 2015 FY20 FY25
1 Historical figures presented under IFRS; see reconciliations in the appendix of this presentation INVESTOR DAY 2026 19
INDUSTRY STRUCTURAL PROGRESSION IS THE ENGINE OF LONG-TERM GROWTH
STRUCTURAL CHANGE
Shift from ownership to rental
Rental becoming essential
for customer success
The larger, experienced, capable rental
companies have and will continue to get disproportionately larger, consolidating the smaller players along the way
PROVEN STRUCTURAL PROGRESSION CONTINUES TO TRANSFORM THE INDUSTRY AND DRIVE OUR SUCCESS THROUGHOUT SUNBELT 4.0
OUTPUTS
Rental has become core rather than top up
Big getting bigger in a growing market
Larger and more diversified addressable market
Pricing discipline and progression
Through cycle growth and resiliency
INVESTOR DAY 2026 20
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Sunbelt Rentals Holdings, Inc. published this content on March 26, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on March 26, 2026 at 17:58 UTC.
