Sunbelt Rentals Holdings, Inc. · NYSE:SUNB
Sunbelt Rentals — Investor Day (March 2026)
110 slides from Sunbelt Rentals's investor day presentation, Mar 26, 2026
Slide 1: Investor Day 2026
INVESTOR DAY 2026 MARCH 26, 2026
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including the U.S. Private Securities Litigation Reform Act • of 1995, as amended, including, without limitation, statements concerning the conditions of our industry
Slide 3: Information Regarding Non-GAAP Financial Measures
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 measure
Slide 4: Welcome
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Slide 5: Key Messages Today
KEY MESSAGES TODAY Safety is a fundamental structural driver, Execution of the Sunbelt 4.0 Actionable deeply ingrained within our company culture Components continues to steadily progress Advantages of our scale, breadth of solutions Leading modern technology platforms and increasing total addressab
Slide 6: Presenters
PRESENTERS BRENDAN HORGAN ALEX PEASE BRAD LULL JOHN WASHBURN CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER EVP, BUSINESS DEVELOPMENT CHIEF OPERATING OFFICER, & STRATEGY GENERAL TOOL & EQUIPMENT KYLE HORGAN JENELLE STRAWBRIDGE MONICA ZIEGLER ANTHONY MILLER KAREN BEADLE EVP, SPECIALTY VP, SALES CHIE
Slide 7: Safety
SAFETY Anthony Miller, EVP, Safety & Health INVESTOR DAY 2026 7
Slide 8: A Strong Safety Culture Is Foundational to Our Success
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 – advanc
Slide 9: Engage for Life
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 r
Slide 10: Sustained Safety Performance Through Focus, Process and Culture
SUSTAINED SAFETY PERFORMANCE THROUGH FOCUS, PROCESS AND CULTURE Total Recordable Incident Rate Lost Time Rate 1.60 1500 0.50 1500 1.43 1400 1400 1.40 1300 1300 1200 0.40 1200 1.20 1100 1100 1000 0.32 1000 1.00 900 0.30 900 800 800 0.80 700 700 600 0.20 600 0.60 0.48 500 500 400 400 0.40 300 0.10 0.0
Slide 11: History of Performance & Industry Progression
HISTORY OF PERFORMANCE & INDUSTRY PROGRESSION Brendan Horgan, Chief Executive Officer INVESTOR DAY 2026 11
Slide 12: Sunbelt Investment Highlights
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
Slide 13: Sunbelt Is a Leading Equipment Rental Company
SUNBELT IS A LEADING EQUIPMENT RENTAL COMPANY Renting a full range of construction and North America North America UK General Tool Specialty 8% of Rental industrial equipment across a wide variety 59% of Rental 33% of Rental Revenue of applications to a diverse customer base Revenue Revenue Location
Slide 14: Comprehensive Solutions Offering
COMPREHENSIVE GENERAL TOOL & EQUIPMENT: SOLUTIONS OFFERING MATERIAL SMALL MOBILE ELEVATED EARTH HANDLING TOOL WORK PLATFORMS MOVING SPECIALTY: POWER CLIMATE FLOORING SCAFFOLDING INDUSTRIAL TRENCH & HVAC CONTROL SOLUTIONS SERVICES TOOL SAFETY PUMP GROUND TEMPORARY FILM TEMPORARY TEMPORARY SOLUTIONS P
Slide 15: End-Market Diversification Is a Differentiator
END-MARKET DIVERSIFICATION IS A DIFFERENTIATOR CONSTRUCTION NON-CONSTRUCTION • Non-residential • Maintenance, repair and operations • Residential LTM JAN 2026 • Entertainment and live events • Specialty trade • Emergency response ~45% North America ~55% • State and local government Rental Revenue •
Slide 16: Well-Positioned Customer Mix From Small to Large
WELL-POSITIONED CUSTOMER MIX FROM SMALL TO LARGE NATIONAL & REGIONAL: 41% Programmatic spend from larger customers CUSTOMER DEMANDS SUNBELT’S STRENGTH Expect national-scale and broad Advantage in scale, breadth of product portfolio to product, solutions and expertise LTM JAN 2026 meet wide-ranging s
Slide 17: A Widening Competitive Moat Built on Scale, Range, Expertise, Technology
A WIDENING COMPETITIVE MOAT BUILT ON SCALE, RANGE OF SOLUTIONS, EXPERTISE, TECHNOLOGY AND DISCIPLINED EXECUTION SCALE & PRODUCT CAPABILITIES GROWTH FINANCIAL BREADTH & TECHNOLOGY MACHINE PROFILE #2 in the U.S. and #1 UK Rental experts delivering Proven Greenfield Extreme customer loyalty in terms of
Slide 18: A Repeatable Model of Planning, Execution and Performance
A REPEATABLE MODEL OF PLANNING, EXECUTION AND PERFORMANCE THROUGH MULTIPLE CYCLES Post-Great Financial Crisis Project 2021 Sunbelt 3.0 Sunbelt 4.0 (a/o Jan ‘26) • Location Count: ~460 • OEC $: ~$6.6B • OEC $: ~$11.9B • OEC $: ~$19.2B • OEC $: ~$2.7B • Location Count: ~710 • Location Count: ~1,120 •
Slide 19: Driving Strong Financial Performance Through the Cycle
DRIVING STRONG FINANCIAL PERFORMANCE THROUGH THE CYCLE Historical financial results under IFRS Total Revenue ($M) Adjusted EBITDA1 ($M) Adjusted EPS1 CAGRs CAGRs CAGRs +15% +18% +61% +11% +11% +11% 10,792 5,022 $3.70 +14% +16% +17% 6,399 3,008 $2.22 +19% +29% +220% 3,258 1,452 $1.00 1,340 409 $0.00
Slide 20: Industry Structural Progression Is the Engine of Long-Term Growth
INDUSTRY STRUCTURAL PROGRESSION IS THE ENGINE OF LONG-TERM GROWTH STRUCTURAL CHANGE OUTPUTS • Rental has become core rather than top up Shift from ownership to rental • Big getting bigger in a growing market Rental becoming essential • Larger and more diversified addressable market for customer succ
Slide 21: An Increasing Dynamic in Structural Change
EVOLVING CUSTOMER EXPECTATIONS HAVE REDEFINED RENTAL …customers are seeking rental solution providers AN INCREASING with increased: DYNAMIC IN • Breadth, depth and expertise STRUCTURAL CHANGE… • Scale and convenience • Delivering complex solutions across expanded rental products WITH OUR STRONG GENE
Slide 22: North America Rental Industry Continues to Grow
NORTH AMERICA RENTAL INDUSTRY CONTINUES TO GROW North America Rental Market Size $B 4% 100 10% 96 92 Sunbelt 3.0 Rental Revenue 86 88 84 CAGR (FY22 – FY24) 78 69 60 61 +19% 55 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Source: ARA Rentalytics. February 2026 release (excludes Party & Even
Slide 23: Scale Is Increasingly Critical for Our Customers
SCALE IS INCREASINGLY CRITICAL FOR OUR CUSTOMERS Market Share Breakdown Today1,2 Illustrative Future Market Share Based on North America rental revenue Sunbelt Rentals United All others 20%+ 16% All Others 46% ~$86B 11% Sunbelt Rentals Two or three have 50%+ of Industry the market 5% Herc 3% One or
Slide 24: Investor Day 2026
INVESTOR DAY 2026 24
Slide 25: Sunbelt 4.0 Five Actionable Components
SUNBELT 4.0 FIVE ACTIONABLE COMPONENTS UNDERPINNED BY STRONG FOUNDATIONAL ELEMENTS Actionable Components: CUSTOMER GROWTH PERFORMANCE SUSTAINABILITY INVESTMENT 1 2 3 4 5 Elevate our Grow General Tool Operate with Advance our position Disciplined capital obsession with and Specialty through greater e
Slide 26: Delivered Growth Despite Local Non-Residential Construction Downturn
DELIVERED GROWTH OVER THE LAST TWO YEARS DESPITE LOCAL NON-RESIDENTIAL CONSTRUCTION DOWNTURN From 2024 to 2025, mega project growth partially offset a …despite this, Sunbelt has grown, gained share significant local non-residential decline… with stable margins, returns…all while dynamically allocati
Slide 27: A Robust and Expanding Mega Project Pipeline
A ROBUST AND EXPANDING MEGA PROJECT PIPELINE • Mega projects have become an increasingly Planned Mega Project Value ($B, North America) important part of the market that only select February 2025 data January 2026 data rental providers can service 878 projects $1,525 • Significant pipeline with a st
Slide 28: Mega Project Geographic and End Market Diversification
MEGA PROJECT GEOGRAPHIC AND END MARKET DIVERSIFICATION SUPPORTS RESILIENT, MULTI-YEAR DEMAND Ongoing and Planned Projects Project Composition Based on Start Values May 2023 through April 2029 Ongoing and Planned Projects I May 2023 through April 2029 (% of start value) 11% 21% 18% 4% Data Center Ene
Slide 29: Non-Construction Resilient End Markets Offer Vast Opportunity
NON-CONSTRUCTION RESILIENT END MARKETS OFFER VAST OPPORTUNITY FOR GROWTH MAINTENANCE, ENTERTAINMENT EMERGENCY STATE & LOCAL AGRICULTURE REPAIR & OPERATIONS & SPECIAL EVENTS RESPONSE & GOVERNMENT Annual operating budget for RESTORATION crop and livestock production $234B5 NATIONAL DEFENSE Annual oper
Slide 30: Continued Runway for Success
CONTINUED RUNWAY FOR SUCCESS Platform Growth Resiliency Financial Strength INVESTOR DAY 2026 30
Slide 31: Customer
CUSTOMER Jenelle Strawbridge, VP, Sales Actionable Component #1 INVESTOR DAY 2026 31
Slide 32: Sunbelt 4.0: Customer
SUNBELT 4.0 Five actionable components underpinned by strong foundational elements Actionable CUSTOMER GROWTH PERFORMANCE SUSTAINABILITY INVESTMENT Components: 1 2 3 4 5 Elevate our obsession with customer service and their success throughout the organization to a level unparalleled in the broader s
Slide 33: Customer Key Accomplishments to Date
KEY ACCOMPLISHMENTS TO DATE 1 CUSTOMER Embedding Share gains Strengthening Expanding base customer obsession across broad cross-selling through new across Sunbelt customer base execution customer wins INVESTOR DAY 2026 33
Slide 34: Real-Time Customer Feedback Driving Accountability
REAL-TIME CUSTOMER FEEDBACK DRIVING 1 CUSTOMER ACCOUNTABILITY AND CONTINUOUS IMPROVEMENT CUSTOMER OBSESSION Successfully executing comprehensive customer obsession training for all team members 4.8 Customer Satisfaction Score Customer Obsession Score provides team members 1.00 5.00 real-time custome
Slide 35: Leading Omnichannel Rental Experience
LEADING OMNICHANNEL RENTAL EXPERIENCE 1 CUSTOMER Phone & Text Web Branch & App Acquiring new customers Network Upselling within new equipment categories Branch sbr.com App Branch walk-ins visits visits calls Cross-selling across increasingly complex solutions Search engine Sales Proactively engaging
Slide 36: Gained Share Across Broad Customer Base
GAINED SHARE ACROSS BROAD CUSTOMER BASE 1 CUSTOMER Sunbelt Rentals Customer Base LTM January 2026 January 2024 TODAY US Credit Median Customer Median Customer Avg. Lines Customer Revenue Revenue of Business Customer The Power of Decile Count ($’000) ($’000) Used Persona Cross Selling 10% 21 20,000 2
Slide 37: Customer Annuity Value Model Fuels Sustained Growth
CUSTOMER ANNUITY VALUE MODEL FUELS SUSTAINED GROWTH 1 CUSTOMER Rental Revenue Growth from North America Credit Customers FY21 North America Credit Customers1 ($M) Account Openings During Sunbelt 4.0 $6,527 $4,790 96,794 = $1,126M Rental revenue from New credit customers FY21 LTM JAN 2026 added durin
Slide 38: 96K+ New Customer Wins Added ~$1.1 Billion in Revenue
96K+ NEW CUSTOMER WINS ADDED ~$1.1 BILLION IN REVENUE 1 CUSTOMER CUSTOMER 1 DURING SUNBELT 4.0 New 4.0 Accounts Added by State and Province 4.0 New Customer End Market Breakdown Based on SIC codes 36% 64% Construction Non-Construction • General Building • Business Services Spent with Contractors • A
Slide 39: Significant Momentum and Long Runway for Ongoing Growth
SIGNIFICANT MOMENTUM AND LONG RUNWAY 1 CUSTOMER FOR ONGOING GROWTH Embedding Share gains Strengthening Expanding base customer obsession across broad cross-selling through new across Sunbelt customer base execution customer wins INVESTOR DAY 2026 39
Slide 40: Growth
GROWTH John Washburn, Chief Operating Officer, General Tool & Equipment Actionable Component #2 INVESTOR DAY 2026 40
Slide 41: Sunbelt 4.0: Growth
SUNBELT 4.0 Five actionable components underpinned by strong foundational elements Actionable CUSTOMER GROWTH PERFORMANCE SUSTAINABILITY INVESTMENT Components: 1 2 3 4 5 Grow General Tool and Specialty through the ongoing structural progression in our business and industry, and advancing our cluster
Slide 42: Growth Key Accomplishments to Date
KEY ACCOMPLISHMENTS TO DATE 2 GROWTH Growing through Expanding solutions Advancing fleet Enhancing problem- targeted investments, and network through density across North solving capabilities gains in market share greenfields and America and comprehensive and resilient pricing bolt-on M&A solution s
Slide 43: Executing Our Long-Term Growth Strategy
EXECUTING OUR LONG-TERM GROWTH STRATEGY 2 GROWTH CLEAR PRIORITIES TO DRIVE ORGANIC AND INORGANIC GROWTH SAME-STORE GREENFIELDS BOLT-ON ACQUISITIONS Growth through existing locations Adding greenfields at scale Strong track record of bolt-on Accessing latent capacity through Fueling growth across bot
Slide 44: Further Fueling This Growth; Our Platform
FURTHER FUELING THIS GROWTH; OUR PLATFORM 2 GROWTH NORTH AMERICA NETWORK CAPABILITIES BREADTH 1,400+ locations 13 lines of business $17B OEC Cross-sell strategy 2,500 sellers Geographic reach and cluster strategy SUNBELT GROWTH PLATFORM 25+ YEARS OF DATA & INSIGHTS DATA LAKE AMPLIFIED BY AI $62B his
Slide 45: Rates Have Remained Resilient Throughout Sunbelt 4.0
RATES HAVE REMAINED RESILIENT THROUGHOUT SUNBELT 4.0 2 GROWTH STRUCTURAL PROGRESSION PILOTING OUR NEXT GENERATION DYNAMIC CUSTOMER PRICING TOOL Rental penetration, heightened • Proprietary AI algorithm designed to deliver sustained customer expectations and rate momentum disciplined investment has s
Slide 46: On Track to Open 300-400 Locations During Sunbelt 4.0
ON TRACK TO OPEN 300-400 LOCATIONS DURING SUNBELT 4.0 2 GROWTH Expanding our network at scale General Tool Specialty Establishing and deepening presence 4.0 Estimates 120-160 180-240 in new and existing markets Fueling growth across both General Greenfield Growth 41 55 FY25-FY261 Tool and Specialty
Slide 47: Proven, Predictable and Repeatable Greenfield Model
PROVEN, PREDICTABLE AND REPEATABLE GREENFIELD MODEL 2 GROWTH North America Greenfield Openings Total Total Revenue Fiscal Year Locations GT Specialty $M Greenfield Playbook Increases solutions and Post-Great Financial Crisis 122 65 57 $978 convenience for our customers Project 2021 235 102 133 $1,40
Slide 48: Proven, Predictable and Repeatable Bolt-On Model
PROVEN, PREDICTABLE AND REPEATABLE BOLT-ON MODEL 2 GROWTH North America Bolt-on Acquisitions Total Total Revenue Bolt-on Playbook Fiscal Year Locations GT Specialty $M Accelerate growth in Post-Great Financial Crisis 72 38 34 $588 new and existing market, while leveraging long-term customer Project
Slide 49: Organic and Inorganic Strategy Increases Diversity and Density
ORGANIC AND INORGANIC STRATEGY INCREASES DIVERSITY AND 2 GROWTH DENSITY IN OUR MARKETS Fleet Density 1 FLORIDA $ OEC per capita OEC per Capita $78 0–10 3rd largest U.S. rental market 10–20 20–30 105 locations 30–40 FY24: $69 40–50 Spent with 3 50–60 Speciality >60 businesses for 2 ARIZONA ~$1.1 ever
Slide 50: Growth
GROWTH Kyle Horgan, EVP, Specialty Actionable Component #2 INVESTOR DAY 2026 50
Slide 51: M&A Growth Augments Our Proven Greenfield Strategy
M&A GROWTH AUGMENTS OUR PROVEN GREENFIELD STRATEGY 2 GROWTH 1 Geographic Growth into new or underpenetrated markets HOW WE’VE PERFORMED Acquired Company Line of Business Market Entrance/Expansion Pride Equipment (2017) NYC market catalyst Pride Equipment (2017) General Tool New York, NY Annual NYC M
Slide 52: Building Upon a Best-in-Class Specialty Business
2 GROWTH BUILDING UPON A BEST-IN-CLASS SPECIALTY BUSINESS POWER & HVAC CLIMATE CONTROL FLOORING SOLUTIONS SCAFFOLDING SERVICES Delivering solutions at scale where expertise matters most INDUSTRIAL TRENCH PUMP GROUND TOOL SAFETY SOLUTIONS PROTECTION TEMPORARY FILM TEMPORARY TEMPORARY STRUCTURES & TV
Slide 53: Structural Advantages of Specialty
22 GROWTH GROWTH STRUCTURAL ADVANTAGES OF SPECIALTY Low levels of rental penetration with clear room for growth Lower capital intensity; higher ROI Broad and diversified addressable markets Complex and highly engineered solutions selling opportunity powers growth Significant value creation increases
Slide 54: Specialty Would Be the 4th Largest North American Rental Company
ON A STAND-ALONE BASIS, OUR SPECIALTY BUSINESS WOULD BE 2 GROWTH THE 4TH LARGEST NORTH AMERICAN EQUIPMENT RENTAL COMPANY1 North America Specialty Rental Revenue Specialty NA Revenue Mix of ~$3.3B NA Total Mix of +21% 64% General Tool CAGR NA Total 36% Specialty 78% General Tool 22% Specialty ~$700M
Slide 55: Revenue Expected to Grow to ~$5 Billion During Sunbelt 4.0
REVENUE IS EXPECTED TO GROW TO ~$5 BILLION DURING 2 GROWTH SUNBELT 4.0 WITH AMPLE OPPORTUNITY BEYOND Current, Projected and Illustrative Rental Revenue by Business Line ($M) 10% LTM January 2026 4.0 growth Incremental illustrative Sunbelt potential total rental Rental penetration1 Market share2 Curr
Slide 56: Evolving Markets: U.S. Power Demand Accelerating
EVOLVING MARKETS: U.S. POWER DEMAND ACCELERATING 2 GROWTH ACROSS MULTIPLE SECTORS U.S. power demand and base case load growth forecasted by Sectors Key Demand Drivers sector 2025 – 2035 (Terawatt-hours) • Transitional data centers Data Centers • AI hyperscale data centers 5,500 5,300 • Remote work r
Slide 57: Energy Management as a Service (EMaaS)
SUNBELT RENTALS ENERGY MANAGEMENT AS A SERVICE (EMaaS) 2 GROWTH Advancing structural progression within the power generation rental space From industry legacy of matching generators to prescribed loads, to partnering for comprehensive solutions Sunbelt collaborates closely with customers to address
Slide 58: Unique Value Proposition Powers Growth
2 GROWTH UNIQUE VALUE PROPOSITION POWERS GROWTH Coordinating a portfolio of expertise that collectively serves a shared customer base Combining a best-in-class service and experience in each individual discipline, with a broad and diverse offering of solutions Allows us to gain share in growing mark
Slide 59: Delivering Solutions to Complex Projects
DELIVERING SOLUTIONS TO COMPLEX PROJECTS 2 GROWTH CHALLENGES SOLUTIONS ENERGY DESIGN: Generators, Battery Energy Storage Systems, Distribution and Energy and Bridge Power LARGE- Conditions ELEVATED ACCESS: Engineered Scaffold and Mobile Elevated Work Platforms SCALE MRO Management & Ongoing MRO CLIM
Slide 60: LA28 Olympic & Paralympic Games Official Rental Partner
LA28 OLYMPIC & PARALYMPIC GAMES GROWTH 2 GROWTH OFFICIAL RENTAL EQUIPMENT SOLUTIONS AND SERVICES PARTNER Official Official Official Official Official Official Heavy Equipment Temporary Power HVAC Ground Protection Scaffold Temporary Fencing Provider Provider Provider Provider Provider Provider LA28
Slide 61: Major Live Events Over the Next Ten Years
MAJOR LIVE EVENTS OVER THE NEXT TEN YEARS 2 GROWTH Recurring global events creating predictable, high-value opportunities 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 ANNUALLY RECURRING LEAGUES/EVENTS MAJOR LIVE EVENTS SUPPLEMENT ANNUAL RECURRING NORTH AMERICAN LOCAL COMMUNITY EVENTS INVESTOR D
Slide 62: Uniquely Positioned for Continued Sunbelt 4.0 Growth
UNIQUELY POSITIONED FOR CONTINUED SUNBELT 4.0 GROWTH 2 GROWTH Growth playbook Large and growing Comprehensive Differentiators is proven and clear total addressable solutions provider critical for gaining markets is critical for share and advancing project success rental penetration INVESTOR DAY 2026
Slide 63: Performance
Please suggest replacement image PERFORMANCE Brad Lull, EVP, Business Development & Strategy Actionable Component #3 INVESTOR DAY 2026 63
Slide 64: Sunbelt 4.0: Performance
SUNBELT 4.0 Five actionable components underpinned by strong foundational elements Actionable CUSTOMER GROWTH PERFORMANCE SUSTAINABILITY INVESTMENT Components: 1 2 3 4 5 Operate with greater efficiency through scale, process and technology to unlock margin progression Underpinned by Foundational Ele
Slide 65: Driving Performance Throughout
DRIVING LOCATION PERFORMANCE PROGRESSION SG&A OPERATIONAL EXCELLENCE THROUGHOUT THE BUSINESS 200bps+ Extracting the potential Leveraging our central Harnessing the power of ADJ. EBITDA MARGIN of our existing footprint and field sales and digitally enabled IMPROVEMENT and leveraging our scale support
Slide 66: Sunbelt 3.0 Location Maturation Driving Revenue Growth and Margin Uplift
SUNBELT 3.0 LOCATION MATURATION DRIVING 3 PERFORMANCE REVENUE GROWTH AND MARGIN UPLIFT ($M) FY22 FY23 FY24 FY26 Change % Actual Actual Actual Actual–TTM Jan FY24–FY26 TTM IMPACT Total Rental Revenue 200 778 1,374 1,794 30.6% Average location age of EBITDA 67 378 727 966 32.8% 40 months EBITDA % 31.6
Slide 67: Leveraging SG&A While Investing in Growth
LEVERAGING SG&A WHILE INVESTING IN GROWTH 3 PERFORMANCE North America SG&A Expense as a % of Revenue1 North America Rental Revenue per Team Member ($’000) 15 (100bps) +6.8% 0.4% 14 13.8% 458 428 13 12.8% -1.4% 12 11 10 FY24 Technology SG&A Leverage YTD JAN 2026 2024 LTM JAN 2026 Investment 1 Calcula
Slide 68: Market Logistics Operations (MLO)
MARKET LOGISTICS OPERATIONS (MLO) 3 PERFORMANCE OPEX PERFORMANCE MLO TODAY Market Logistics Operations centralizes NOTABLE RESULTS Based on MLOs active >1 year technology-enabled dispatchers and network Deployed in 25 of optimization, using telematics and advanced our top 50 markets 25% 15% software
Slide 69: Market Service Operations (MSO)
MARKET SERVICE OPERATIONS (MSO) 3 PERFORMANCE OPEX PERFORMANCE MSO TODAY Market Service Operations dynamically NOTABLE RESULTS1 orchestrates technician capacity across dense Service technology platform service networks—boosting asset uptime and launched in Q3 12% 8% enabling scalable service without
Slide 70: Advancing Our Next Level Technology Platform
ADVANCING OUR NEXT LEVEL TECHNOLOGY PLATFORM 3 PERFORMANCE Unified technology platform connecting customer experiences and operational systems to drive utilization, productivity, B growth and customer obsession. Experience Layer Data & Intelligence Orchestration & Automation Unified Systems COMMAND
Slide 71: Fully Integrated Modern Technology Stack
3 PERFORMANCE Fully integrated modern technology stack Proprietary, purpose-built platform for both our customers and operations Leveraging the data and insights from our platform over 25+ years 71
Slide 72: Enhanced Customer Tools With Expanded Rental Insights
ENHANCED CUSTOMER TOOLS WITH 3 PERFORMANCE EXPANDED RENTAL INSIGHTS sbr.com Command Center Delivery & Service Tracker eCommerce Account management Customer notifications and transparency Driving easier rental experience Enhanced account management tools Customer awareness and trust INVESTOR DAY 2026
Slide 73: Customer 360 Brings Increased Customer Insights to Sellers
CUSTOMER 360 BRINGS INCREASED CUSTOMER 3 PERFORMANCE INSIGHTS AND COORDINATION TO OUR SELLERS Customer 360 Brings a complete view of every customer Activate new opportunities across leads and prospects Cross-selling recommendations based on customer history and profile Engaging customers to suggest
Slide 74: Customer Connectivity Beyond Telematics
3 PERFORMANCE 325,000 80% of OEC Connected 74% of rental revenue LTM CUSTOMER Assets CONNECTIVITY BEYOND 80 million Actionable insights TELEMATICS Daily Data Points Intelligence drives outcomes Asset connectivity Endless driving a fully = Customer opportunities connected worksite INVESTOR DAY 2026 7
Slide 75: VDOS Platform Accelerates Delivery Efficiency
VDOS PLATFORM ACCELERATES DELIVERY 3 PERFORMANCE EFFICIENCY WITHIN OUR COMPLEX OPERATION Proprietary and purpose-built platform Database of weights and dimensions for 1 million assets and 14,000 trucks Works at scale with flexibility VIDEO PLACEHOLDER to support MLOs and individual locations Optimiz
Slide 76: VDOS Proprietary Logistics Engine
PROPRIETARY LOGISTICS ENGINE DRIVEN BY 1.5 BILLION 3 PERFORMANCE DAILY DECISION POINTS OPTIMIZING EVERY MOVE EQUIPMENT WEIGHTS & DIMENSIONS RETURNS INVENTORY RESERVATIONS HOURS OF SERVICE DELIVERIES SITE PROXIMITY VEHICLE CAPACITY VDOS INVESTOR DAY 2026 76
Slide 77: Unlocking Technician Capacity Through Service 360
UNLOCKING TECHNICIAN CAPACITY THROUGH SERVICE 360 3 PERFORMANCE Harnessing insights from machine telematics and asset intelligence 1799-Anytown Avery James SA-9171109 SA-9174568 SA-9174568 Drew Anderson SA-9171239 SA-9174348 SA-9174348 Alex Morgan SA-923.. SA-923.. SA-923.. SA-6427534 Casey Reynolds
Slide 78: A Connected Worksite Ecosystem for Our Customers
A CONNECTED WORKSITE ECOSYSTEM FOR OUR CUSTOMERS 3 PERFORMANCE Asset Health Site Surveillance AssetHealth Asset Health Asset Health EMaaS Site Access Control Machine Asset Control On-Site Rental Yard Customer Job-Site Automated Rental Transaction Management Gear Box INVESTOR DAY 2026 78
Slide 79: Driving Performance Throughout
DRIVING LOCATION PERFORMANCE PROGRESSION SG&A OPERATIONAL EXCELLENCE THROUGHOUT THE BUSINESS 200bps+ Extracting the potential Leveraging our central Harnessing the power of ADJ. EBITDA MARGIN of our existing footprint and field sales and digitally enabled IMPROVEMENT and leveraging our scale support
Slide 80: Sustainability
SUSTAINABILITY Karen Beadle, SVP, Sustainability Actionable Component #4 Monica Ziegler, Chief People Officer INVESTOR DAY 2026 80
Slide 81: Sunbelt 4.0: Sustainability
SUNBELT 4.0 Five actionable components underpinned by strong foundational elements Actionable CUSTOMER GROWTH PERFORMANCE SUSTAINABILITY INVESTMENT Components: 1 2 3 4 5 Advance our position as a thriving, growing enterprise to deliver long-term sustainable value for our people, customers, communiti
Slide 82: Sustainability Key Accomplishments to Date
KEY ACCOMPLISHMENTS TO DATE 4 SUSTAINABILITY Advancing workforce Expanding data Optimizing fuel and Transforming the strategy through data solutions driving energy use & waste way we invest in our driven engagement worksite efficiency diversion communities INVESTOR DAY 2026 82
Slide 83: Continued Focus on Our People Strategy
4 SUSTAINABILITY CONTINUED FOCUS ON OUR PEOPLE STRATEGY Building our talent pipeline Investing in systems and HR technology Modernized skilled trade capability and progression Strengthening culture and engagement Driving performance INVESTOR DAY 2026 83
Slide 84: Advanced Workforce Strategy Through Data Driven Engagement
ADVANCED WORKFORCE STRATEGY THROUGH 4 SUSTAINABILITY DATA DRIVEN ENGAGEMENT Investing in the growth, development, safety, and success of our people Team Member Survey Results Dec 2025 96,000+ Team Member Comments 70% Participation Team Member Feedback Highlights 81% Engagement Score Benchmark: 72% S
Slide 85: Advancing Customer Sustainability Through the Power of Rental
ADVANCING CUSTOMER SUSTAINABILITY 4 SUSTAINABILITY THROUGH THE POWER OF RENTAL Data-Driven Decision-Making and Tools Innovative Fleet Driving Job-site Efficiency • Utilization, fuel and emissions insights supported by Fuel savings Noise reduction Improved operator Emissions connected data experience
Slide 86: Operational Sustainability
4 SUSTAINABILITY FUEL & ENERGY USE Initiated comprehensive renewable diesel (RD) program OPERATIONAL Increased use 4x in delivery fleet by expanding on-site fueling and route optimization SUSTAINABILITY Sourced ~50% of our market-based electricity from renewable sources, lowering overall electricity
Slide 87: Communities
COMMUNITIES Signature Partnerships & Community Investment Driving long-term, sustainable value for our communities Light the Night with Blood Cancer United 65+ Community partnerships spanning across national, local and ERG led collaborations First Responder Day with Gary Sinise Foundation Over 7,000
Slide 88: Investment
INVESTMENT Alex Pease, Chief Financial Officer Actionable Component #5 INVESTOR DAY 2026 88
Slide 89: Sunbelt 4.0: Investment
SUNBELT 4.0 Five actionable components underpinned by strong foundational elements Actionable CUSTOMER GROWTH PERFORMANCE SUSTAINABILITY INVESTMENT Components: 1 2 3 4 5 Disciplined capital allocation driving profitable growth, strong cash generation and enhanced shareholder value Underpinned by Fou
Slide 90: Track Record of Strong Financial Performance
TRACK RECORD OF STRONG FINANCIAL PERFORMANCE 5 INVESTMENT Historical financial results under IFRS Total Revenue ($M) Adjusted EBITDA1 ($M) Adjusted EPS1 CAGRs CAGRs CAGRs +15% +18% +61% +11% +11% +11% 10,792 5,022 $3.70 +14% +16% +17% 6,399 3,008 $2.22 +19% +29% +220% 3,258 1,452 $1.00 1,340 409 $0.
Slide 91: A Decade of Outperformance, With More Ahead
A DECADE OF OUTPERFORMANCE, WITH MORE AHEAD 5 INVESTMENT Sunbelt North America Rental Revenue vs. North America Rental Market (ex-Sunbelt) Key Drivers of Growth Indexed Growth 2015 to 2025 450% Continued secular shift towards rental over Sunbelt NA Rental Revenue ownership 400% 350% Winning new cust
Slide 92: Operational Excellence at Scale With Industry-Leading Margins
OPERATIONAL EXCELLENCE AT SCALE WITH 5 INVESTMENT INDUSTRY-LEADING MARGINS Location Count Average Rental Revenue Per Location Fleet Size ($m) ($m) YTD 2026 Results1 +144% +42% +230% (U.S. GAAP) 1,560 5.1 18,500 Adj. EBITDA Margin Group: 43% 3.6 North America: 45% 640 ROI 5,600 14% FY15 FY25 FY15 FY2
Slide 93: Significant Economic Value Creation
SIGNIFICANT ECONOMIC VALUE CREATION 5 INVESTMENT Cumulative Economic Profit… …Driving Meaningful Shareholder Value Economic Profit1 ($M) Sunbelt Market Capitalization (NYSE: SUNB) April 2016 to March 20262 ($B) 40 3,933 35 $29.4B 30 25 47% 1,881 20 64% 15 1,276 776 10 $6.7B 5 FY15 - FY18 FY19 - FY22
Slide 94: Free Cash Flow Powering Flexibility Through the Cycle
FREE CASH FLOW POWERING FLEXIBILITY THROUGH THE CYCLE 5 INVESTMENT Historical financial results under IFRS Free Cash Flow1 ($M) Cash Flow Highlights $1,822 $1,780 $5.5B Cumulative FCF Last 5-years $1,125 $517 $1,002 $531 $7.7B Cumulative FCF Last 10-years $433 $480 96% $216 10-Year Average Cash Conv
Slide 95: Robust and Flexible Debt Structure
ROBUST AND FLEXIBLE DEBT STRUCTURE 5 INVESTMENT Debt Maturities ($M) Debt Structure Highlights Undrawn Drawn Notes $4.75 ABL Maturity of Nov. 2029 Weighted Average Facility Cost of 5% No financial covenants while availability 550 600 600 600 750 750 750 750 850 exceeds $475M Aug Aug May Nov 2030 Aug
Slide 96: Disciplined Capital Allocation Priorities
DISCIPLINED CAPITAL ALLOCATION PRIORITIES 5 INVESTMENT CLEAR PRIORITIES KEY FINANCIAL POLICIES ▪ Invest in organic fleet growth via same-store and ▪ Prioritize investments to deliver returns in greenfield expansion excess of our cost of capital ▪ Undertake disciplined approach to ▪ Maintain target l
Slide 97: U.S. Fleet Age Profile Drives Replacement Capex Priorities
U.S. FLEET AGE PROFILE DRIVES REPLACEMENT CAPEX PRIORITIES 5 INVESTMENT $18B $16B Fleet Profile Highlights $14B Fleet profile demonstrates willingness to invest in growth through the cycle $12B $10B Flexibility to turn replacement into growth $8B and vise versa $6B $4B Balance between maintenance an
Slide 98: Strong Track Record of Bolt-On Performance
STRONG TRACK RECORD OF BOLT-ON PERFORMANCE 5 INVESTMENT North America Acquisitions Since 20111 6.1x Average EBITDA multiple paid # of Combined EBITDA Acquisitions purchase price2 Multiple <$100M 202 3,601 5.4 2.2x Average revenue multiple paid >$100M 14 2,708 6.7 216 6,309 6.1 142 of 216 Deals were
Slide 99: Industry Fragmentation Provides Ample Bolt-On Opportunities
INDUSTRY FRAGMENTATION PROVIDES AMPLE 5 INVESTMENT BOLT-ON OPPORTUNITIES U.S. Rental Market Breakdown # of Branch Total branches % of companies count total 1 3,447 31% Companies with five or fewer branches 3,953 2 568 5% comprise ~44% 3-5 837 8% of all locations 6-10 570 5% 150 11-25 789 7% 26-75 92
Slide 100: Delivering Shareholder Returns Through the Cycle
DELIVERING SHAREHOLDER RETURNS THROUGH THE CYCLE 5 INVESTMENT Relative TSR1: SUNB vs. S&P 500 vs. FTSE 100 2015 TO 2025 SUNB S&P 500 FTSE 100 450 400 $2.8B Total Dividend Payments 350 300 250 $2.5B Total Spent on Share Repurchases 200 247% 150 100 Enterprise Value Growth 50 0 -50 2015 2016 2017 2018
Slide 101: Generating Strong Cash Flows to Reinvest in Growth
GENERATING STRONG CASH FLOWS TO REINVEST IN GROWTH 5 INVESTMENT Illustrative Through the Cycle Cash Generation ~18-24% ~18-24% Revenue $100 of Revenue Available for Growth Operating Cash Flow $40-44 CapEx (-) Maintenance CapEx $14-18 (-) Interest, Tax, and Dividends $12-14 (+) Disposals $2-4 (+) Cas
Slide 102: Three Year Targets (FY27-29)
THREE YEAR TARGETS (FY27-29) 5 INVESTMENT Positioned for reacceleration through FY29 FREE CASH FLOW FREE CASH FLOW RENTAL REVENUE CAGR EPS CAGR 5%+ 8%+ FREE FREE CASH CASH FLOW FLOW EBITDA FREE CASH FLOWMARGIN $4B+ 200bps+ Three-Year Total We believe in a mid-to-high single digit through-the-cycle g
Slide 103: Sunbelt Investment Highlights
SUNBELT INVESTMENT HIGHLIGHTS MARKET LEADERSHIP IN A STRUCTURALLY We operate in a large, expanding rental industry where long-term GROWING INDUSTRY structural trends create significant opportunity Our scale, dense network, Specialty breadth, solutions, technology-enabled systems, DISTINCT COMPETITIV
Slide 104: Q&A
Q&A INVESTOR DAY 2026 104
Slide 105: Appendix
APPENDIX INVESTOR DAY 2026 105
Slide 106: Reconciliation of Non-GAAP Financial Measures to Reported GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED GAAP FINANCIAL MEASURES EBITDA, Adjusted EBITDA, EBITDA margin and Adjusted EBITDA Margin Three Months Ended January 31, Nine Months EndedJanuary 31, ($ in millions, unless otherwise stated) 2026 2025 2026 2025 Net income 290 325 1,099 1,224
Slide 107: Reconciliation of Non-GAAP Financial Measures to Reported GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED GAAP FINANCIAL MEASURES Adjusted Average Net Assets, Adjusted Net Assets and Return on Investment As of January 31, ($ in millions, unless otherwise stated) 2026 2025 Net income1) 1,42 1,519 Adjusted operating profit2) 3) 2,529 2,631 Net asse
Slide 108: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES IRFS Adjusted Earnings Per Share (in cents) 2010 2015 2020 2025 ¢ ¢ ¢ ¢ Basic EPS (in cents) 0.6 96.7 205.2 346.5 Non-recurring items and amortization of acquired intangibles (0.3) 5.0 21.6 29.8 Tax on non-recurring items and amortization of acquired int
Slide 109: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES IFRS Adjusted EBITDA 2010 2015 2020 2025 $m $m $m $m Operating profit 105.9 864.7 1,549.3 2,557.2 Depreciation 298.9 561.7 1,380.8 2,334.7 Amortization 3.9 78.1 114.4 25.3 EBITDA 408.7 1,451.7 3,008.2 5,006.3 Non-recurring items – – – 15.4 Adjusted EBITD
Slide 110: Reconciliation of Non-GAAP Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES IFRS Free Cash Flow 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $m $m $m $m $m $m $m $m $m $m $m Net Cash generated from / (used in) operating activities (25) 60 569 694 687 1,252 1,942 1,499 1,000 855 2,174 Proceeds from disposal of non renta