Sunbelt Rentals : Presentation Q3 2026 PDF (Sunbelt Rentals 3Q%2726 Earnings Presentation %28Final%29)

THIRD QUARTER 2026 RESULTS

March 12, 2026

INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES

This presentation contains certain financial measures that are not presented in accordance with the U.S. generally accepted accounting principles ("GAAP"), including "adjusted operating profit," "adjusted operating profit margin," "adjusted profit before tax," "adjusted EBITDA," "adjusted EBITDA margin," "adjusted EPS," "EBITDA," "EBITDA margin," "return on investment," "free cash flow," "net debt," and "net leverage".

These financial measures are not defined or recognized under GAAP 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 financial measures should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Consequently, the methodology used for their calculation may not be consistent with that adopted by other companies and, therefore, the non-GAAP 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 non-GAAP measures to the most comparable GAAP financial measures, please see the appendix that accompanies this presentation.

OPERATIONAL REVIEW

BRENDAN HORGAN

CHIEF EXECUTIVE OFFICER

SAFETY UPDATE

WORLD CLASS SAFETY PROGRAM REMAINS A KEY DIFFERENTIATOR

Total Recordable Incident Rate (TRIR) Lost Time Rate (LTR)

1.60

1.40

1.20

1.00

0.80

0.60

0.40

0.20

0.00

1.43

1,600

1,400

1,200

1,000

800

600

0.48

400

200

0

1.00

0.90

0.80

0.70

0.60

0.50

0.40

0.30

0.20

0.10

0.00

1,600

0.32

0.09

1,400

1,200

1,000

800

600

400

200

0

2019 2020 2021 2022 2023 2024 2025 2026

2019 2020 2021 2022 2023 2024 2025 2026

of hours worked

of recordable injuries x 200,000 of hours worked of lost time injuries x 200,000

THIRD QUARTER KEY MESSAGES

• Solid results in-line with expectations with Rental Revenue growth of 2.6% ahead of last year

• Strong YTD free cash flow of $1.4bn while investing in the business demonstrating through the cycle strength

• Mega project and large strategic account activity remains strong across multiple project categories

• Continuing to see positive leading-indicators for local non-residential construction activity

• Returned $1.4bn to shareholders year-to-date through dividends and share buybacks

• NYSE primary listing complete and launched new share buyback program of $1.5bn

• Narrowing and increasing midpoint of full-year fiscal 2026 outlook for rental revenue growth to 2% - 3%

Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to most directly comparable GAAP measures.

THIRD QUARTER FINANCIAL HIGHLIGHTS

RESULTS NOW PRESENTED IN U.S. GAAP

THIRD QUARTER HIGHLIGHTS

THIRD QUARTER RESULTS

YEAR-TO-DATE RESULTS

2026 GUIDANCE

• Rental revenue growth of 2.6% (~4% excl. hurricane impacts) driven by increased fleet on rent and strong mega project and strategic account activity

• Adj. EBITDA margin impacted by a combination of higher ancillary

  REVENUE

  +2.7% Total Revenue

  +2.6% Rental Revenue

($m)

ADJ. EBITDA

& MARGIN CAPEX

(17%) Capex

($m and %)

(3.1%) Adj. EBITDA (250 bps) Adj. EBITDA %

FREE CASH FLOW

($m) ($m)

+83% Free Cash Flow

• Updating 2026 guidance

• 2% - 3% rental revenue growth1

• $2.2bn - $2.3bn gross capital expenditure, of which rental fleet is

  revenues, higher internal repair costs and repositioning of fleet

• Capital expenditures reflect capital allocation priorities that are fueling growth and utilization improvements

• Record free cash flow generation demonstrates cash from operations is capable of fully funding volume growth while returning excess cash to shareholders

  Non-Rental
  
  Rental
  
  

  $2,567 $2,637

  $2,381

$2,443

$186 $194

3Q'25 3Q'26

$1,117 $1,082

3Q'25 3Q'26

$2,151

$1,783

YTD 3Q'25 YTD 3Q'26

$1,428

$782

YTD 3Q'25 YTD 3Q'26

$1.8bn - $1.9bn

• Free cash flow of $~2bn

  43.5%

  41.0%

  Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to most directly comparable GAAP measures.

  1 Represents year-over-year rental revenue growth at constant exchange rates.

  .

  NORTH AMERICA FLEET ON RENT

  SUSTAINED MOMENTUM WITH YEAR-OVER-YEAR TRENDS IMPROVING

  North America Fleet on Rent

  
  
  

  • Fleet on Rent momentum and strength and

    resilience in rates

  • Large and mega project demand fueling growth but seeing positive leading-indicators in the local non-residential construction markets

  • Diversified business model and deep customer relationships driving increased cross-selling across General Tool & Specialty

  • Continuing to build momentum through the 401 locations added during Sunbelt 3.0 and the 106 locations added during Sunbelt 4.0

May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

2025/26 2024/25 2023/24 2022/23

SEGMENT TRADING PERFORMANCE

BUILDING MOMENTUM ACROSS THE BUSINESS

Rental Revenue Growth on a Billings Per Day Basis

FY25			FY26
	Q3	Q41	Q1	Q2	Q32
Total Company	+1%	+2%	+2%	+1%	+3%
North America General Tool	-2%	+2%	+1%	+2%	+2%
North America Specialty	+7%	+4%	+5%	-%	+5%
UK (in $ as reported)	+1%	+2%	+4%	+1%	+4%
UK (at constant exchange rates)	+1%	-%	-2%	-2%	-2%

1 In Q4 2025 rental revenue growth on a billings per day basis differs from reported Rental Revenue growth due to an extra billing day in February 2024.

2 In Q3 2026 rental revenue growth on a billings per day basis differs from reported Rental Revenue growth due to an extra half billing day in January 2025.

LEADING INDICATORS FOR CONSTRUCTION ACTIVITY

US DODGE MOMENTUM INDEX SIGNALING STRENGTH IN DEMAND

350

300

250

200

150

100

50

US Dodge Construction Starts

Indexed: 2000=100

Architectural Billings Index (ABI)

65

60

55

50

45

40

35

30

25

2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

Source: Dodge Data & Analytics (February 2026)

2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025

Source: American Institute of Architects (January 2026)

US Dodge Momentum Index1

Indexed: 2000=100, seasonally adjusted

All-time high

350

300

250

200

150

100

50

25 Federal Funds Effective Rate (FEDFUNDS)

20

Percent

15

10

5

0

2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025

Source: Dodge Data & Analytics (February 2026)

1Index includes non-residential construction projects (excluding manufacturing projects) of less than $500m projected start value,

comprised of commercial and institutional projects.

1955 1965 1975 1985 1995 2005 2015 2025

Source: Board of Governors of the Federal Reserve System (US) via FRED®

SUNBELT 4.0

CLEAR OPERATIONAL MOMENTUM ACROSS OUR FIVE ACTIONABLE COMPONENTS

Advance our position as a thriving, growing enterprise to deliver long-term sustainable value for our people, customers, communities, and investors.

SUSTAINABILITY

4

INVESTMENT

PERFORMANCE

GROWTH

CUSTOMER

1

Actionable Components:

2

3

5

Disciplined capital allocation driving profitable growth, strong cash generation, and enhanced shareholder value.

Operate with greater efficiency through scale, process, and technology to unlock margin progression.

Grow General Tool and Specialty through the ongoing structural progression in our business and industry and advance our clusters to deepen our presence and increase our

total addressable

markets.

Elevate our obsession with customer service and their success throughout the organization to a level unparalleled in the broader service sector.

Underpinned by

Foundational Elements:

PEOPLE PLATFORM INNOVATION

FINANCIAL REVIEW

ALEX PEASE

CHIEF FINANCIAL OFFICER

THIRD QUARTER FINANCIAL RESULTS SUMMARY

RESULTS NOW PRESENTED IN U.S. GAAP

$m	3Q26	3Q25	Change
Total Revenue	2,637	2,567	2.7%
- Equipment rental	2,443	2,381	2.6%
Operating costs	(1,555)	(1,450)	7.2%
Adjusted EBITDA	1,082	1,117	(3.1%)
Depreciation	(543)	(543)	0.0%
Adjusted operating profit	539	574	(6.1%)
Net interest expense	(98)	(107)	(8.4%)
Adjusted profit before tax	441	467	(5.6%)
Adjusted earnings per share	$0.78	$0.81	(3.7%)
Margins - Adj. EBITDA	41.0%	43.5%	(250bps)
- Adj. operating profit	20.4%	22.4%	(200bps)

• Increased Fleet on Rent reflecting a clear and ongoing structural momentum in our business and industry, and improving utilization levels

• Building cross-selling success across North America General Tool and Specialty, and continued growth and maturation of the locations added during Sunbelt 3.0 and Sunbelt 4.0

• Rental revenue growth of ~4% excl. hurricane impacts

  
  
  

• Adj. EBITDA impacted by revenue mix, fleet maintenance costs, and repositioning

  YEAR-TO-DATE 2026 FINANCIAL RESULTS SUMMARY

  RESULTS NOW PRESENTED IN U.S. GAAP

  $m	YTD 3Q26	YTD 3Q25	Change
  Total Revenue	8,400	8,262	1.7%
  - Equipment rental	7,800	7,646	2.0%
  Operating costs	(4,790)	(4,591)	4.3%
  Adjusted EBITDA	3,610	3,671	(1.7%)
  Depreciation	(1,626)	(1,601)	1.6%
  Adjusted operating profit	1,984	2,070	(4.2%)
  Net interest expense	(291)	(329)	(11.6%)
  Adjusted profit before tax	1,693	1,741	(2.8%)
  Adjusted earnings per share	$2.98	$2.97	0.3%
  Margins - Adj. EBITDA	43.0%	44.4%	(140bps)
  - Adj. operating profit	23.6%	25.1%	(150bps)

• Rental revenue growth of 2%

• Adjusted operating profit margin of 24%

• Adjusted EBITDA margin of 43%

  
  
  

• North America Adjusted EBITDA margin of 45% inclusive of all total company central costs

IFRS TO U.S. GAAP CONVERSION HIGHLIGHTS

$m	3Q26 IFRS Non- GAAP		YTD 2026 IFRS Non- GAAP
Adj. EBITDA	1,149	1,082	3,806	3,610
Adj. Profit Before Tax	420	441	1,628	1,693
Adj. EPS	$0.73	$0.78	$2.86	$2.98
Free Cash Flow			1,574	1,428

• Difference in adjusted EBITDA driven principally by the difference in the treatment of lease costs under GAAP compared with IFRS, resulting in higher SG&A amounts as operating lease costs are recognized as a single charge in operating expenses under GAAP

• Difference in adjusted profit before tax driven principally through stock-based compensation charges being excluded from adjusted measures under GAAP; in addition, some differences arise in operating lease charges between IFRS and GAAP

• Adjusted EPS impacted by the effect of the adjustments noted above, offset by

  the tax effect of those adjustments

• Free cash flow primarily affected by the classification of operating lease payments, which are captured in full within free cash flow under GAAP, in addition, under IFRS Free Cash Flow excluded the effects of non-recurring costs

  NORTH AMERICA GENERAL TOOL

  HIGHER FLEET ON RENT DRIVEN BY IMPROVING UTILIZATION

  $m	3Q26	3Q25	Change	YTD 2026	YTD 2025	Change
  Total Revenue	1,526	1,507	+1.3%	4,925	4,899	+0.5%
  - Rental Revenue	1,410	1,388	+1.6%	4,575	4,512	+1.4%
  Adj. EBITDA	767	800	(4.1%)	2,588	2,676	(3.3%)
  Adj. EBITDA Margin	50.3%	53.1%	(280bps)	52.5%	54.6%	(210bps)
  Adj. Operating Profit	414	451	(8.2%)	1,531	1,642	(6.8%)
  Adj. Operating Profit Margin	27.1%	29.9%	(280bps)	31.1%	33.5%	(240bps)

  • Rental revenue growth led by volume improvement and stable rates

  • 3Q'26 Rental revenue growth of ~2%

    excl. hurricane impacts

  • Strength in mega projects mitigating ongoing moderating conditions in the local non-resident construction market

  • Adj. EBITDA margin performance impacted by a combination of higher ancillary revenues, stronger leverage of existing fleet, higher internal repair costs, and repositioning of fleet

    NORTH AMERICA SPECIALTY

    CONSISTENT TOP-LINE MOMENTUM

    $m	3Q26	3Q25	Change	YTD 2026	YTD 2025	Change
    Total Revenue	897	853	+5.2%	2,777	2,677	+3.7%
    - Rental Revenue	851	815	+4.4%	2,621	2,545	+3.0%
    Adj. EBITDA	407	408	(0.2%)	1,301	1,288	+1.0%
    Adj. EBITDA Margin	45.4%	47.8%	(240bps)	46.8%	48.1%	(130bps)
    Adj. Operating Profit	271	269	+0.7%	897	882	+1.7%
    Adj. Operating Profit Margin	30.2%	31.5%	(130bps)	32.3%	32.9%	(60bps)

  • Rental revenue growth led by volume improvement driven by continued demand in project-related activity and expanded scope for our value-added services

  • 3Q'26 growth of ~7% excl. hurricane

    impacts

  • Adj. EBITDA margin performance impacted by a combination of higher ancillary revenues, stronger leverage of existing fleet, higher internal repair costs, and repositioning of fleet

    UK

    FOCUSED ON IMPROVING RETURN ON INVESTMENT

    $m	3Q26	3Q25	Change	YTD 2026	YTD 2025	Change
    Total Revenue	214	207	+3.4%	698	686	+1.7%
    - Rental Revenue	182	178	+2.2%	604	589	+2.5%
    Adj. EBITDA	49	53	(7.5%)	177	187	(5.3%)
    Adj. EBITDA Margin	22.9%	25.6%	(270bps)	25.4%	27.3%	(190bps)
    Adj. Operating Profit	7	10	(30.0%)	45	58	(22.4%)
    Adj. Operating Profit Margin	3.3%	4.8%	(150bps)	6.5%	8.5%	(200bps)

  • 3Q'26 rental revenue growth of +2% but declined (2%) at constant exchange rates

  • Focus remains on delivering operational efficiency and long-term sustainable returns in the business to improve profitability margins and return on investment

  • Undertaking restructuring actions to unlock value, drive strong free cash flow, and better serve our customers

CAPITAL EXPENDITURES AND FREE CASH FLOW

DYNAMICALLY DEPLOYING CAPITAL TO MAXIMIZE SHAREHOLDER VALUE

(29%) YoY Capex

CASH CAPEX1

$1,719

$2,422

FREE CASH FLOW

(in millions) (in millions)

+83% YoY Free Cash Flow

$782

$1,428

• Dynamically allocating capital based on market conditions

• Capital expenditure discipline reflects focus on fleet replacement and supporting pockets of growth primarily in Specialty

• Record free cash flow generation demonstrates cash from operations is capable of fully funding volume growth while returning excess cash to shareholders

YTD 3Q'25 YTD 3Q'26 YTD 3Q'25 YTD 3Q'26

Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to most directly comparable GAAP measures.

1 Reflects rental capital expenditure and non-rental capital expenditures.

2 Group return on investment includes goodwill and intangible assets and excludes the impact of IFRS 16.

NET DEBT

CONSISTENT CAPITAL ALLOCATION PRIORITIES DELIVERING ON-TARGET LEVERAGE

1 Adjusted EBITDA

2 At Jan 2026 exchange rates.

• Continued momentum in share repurchase program totaling $1.0bn year-to-date

  $m	Jan 2026	Jan 2025
  Opening net debt	7,479	7,974
  Change from cash flows	93	(128)
  Translation impact	7	(31)
  Debt acquired	18	-
  Deferred debt raising cost amortization	8	7
  Net debt at period end	7,605	7,822
  Comprising: First lien senior secured bank debt	1,484	1,696
  Senior notes	6,160	6,152
  Cash in hand	(39)	(26)
  Net debt at period end	7,605	7,822
  Net debt to EBITDA1 leverage2 (x)	1.6	1.7

• Continued free cash flow generation through the cycle

  while continuing to invest in our growth

• Strong balance sheet with 1.6x net leverage

  Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to most directly comparable GAAP measures.

  FY2026 GUIDANCE

  EXPECT MODERATE GROWTH AND SIGNIFICANT FREE CASH FLOW GENERATION

  	Prior 2026 Guidance	Current 2026 Guidance	Commentary
  Rental Revenue	+0% - 4%1	+2% - 3%1
  Capital Expenditures	Fleet: $1.4bn - $1.7bn Total: $1.8bn - $2.2bn	Fleet: $1.8bn - $1.9bn Total: $2.2bn - $2.3bn
  U.S. Non-GAAP Free Cash Flow	No previous guidance in U.S. non-GAAP	~$2bn

  • Expect Fleet on Rent momentum to continue with local non-residential construction leading indicators improving

  • Expect growth to be led by Specialty segment while General Tool remains stable

  • Capex guidance raised to support landings late in 4Q to reflect recent mega project wins and advanced equipment rental replacement capex anticipated in the spring of 2026

  • Free cash flow guidance updated to reflect reporting now in U.S. GAAP and higher than previously expected capex

  
  
  

  1 Represents year-over-year rental revenue growth at constant exchange rates.

  CAPITAL ALLOCATION

  UNDERPINNED BY TARGET NET DEBT TO ADJUSTED EBITDA LEVERAGE RANGE OF 1.0 TO 2.0 TIMES - 1.6 TIMES AT JANUARY 31, 2026

  
  
  

  CLEAR PRIORITIES

YEAR-TO-DATE PROGRESS

CONSISTENTLY APPLIED POLICY LED BY CLEAR PRIORITIES

Organic fleet growth Same-store ▪ $1.7bn invested in the business Greenfields ▪ 30 greenfields opened in North America (14 General Tool and 16 Specialty)

$162m spent on ten bolt-ons, six General Tool and four Specialty Bolt-on acquisitions ▪ Good pipeline - exercising pricing discipline

Interim dividend increased to $0.375 per share paid to shareholders on February 6, 2026 and plan to Returns to shareholders transition to a quarterly dividend in fiscal 2027 Progressive dividend policy ▪ $1,354 million returned to shareholders through $1,047 million of share buybacks and $307m in dividend payments Share buybacks Announced new share buyback program of $1.5bn commenced March 2, 2026 with the relisting

SUMMARY

• Advancing all actionable components of our Sunbelt 4.0 strategic plan driving shareholder value

• Delivered third quarter results in-line with our expectations and narrowed rental revenue guidance

• Great progress with mega project wins in the quarter with a growing funnel of future projects

• Experiencing positive leading indicators in our business activity levels coupled with record construction planning statistics

• Demonstrating the ability to drive significant free cash flow generation through the cycle as we invest in the business

  
  
  

• NYSE primary listing complete on March 2nd and hosting Investor Day in New York City on March 26th

APPENDIX

Third quarter results | 31 January 2026

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES









RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES



RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES