Sunbelt Rentals Holdings, Inc. · NYSE:SUNB
Sunbelt Rentals — Q1 2027 Earnings Presentation
29 slides from Sunbelt Rentals's earnings presentation, Sep 9, 2026
Slide 1: First Quarter Results Fiscal Year 2027
FIRST QUARTER RESULTS FISCAL YEAR 2027 September 9, 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 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 be
Slide 4: Strategic & Operational Review
STRATEGIC Brendan Horgan, Chief Executive Officer & OPERATIONAL REVIEW
Slide 5: First Quarter Safety Highlights
FIRST QUARTER SAFETY HIGHLIGHTS CONTINUED WORLD-CLASS SAFETY PERFORMANCE REINFORCES THE CULTURE OF DISCIPLINE, DEDICATION AND EXECUTION TOTAL RECORDABLE INCIDENT RATE (TRIR) LOST TIME RATE (LTR) FY27 Q1 Results | July 31, 2026 5
Slide 6: First Quarter Fiscal Year 2027 Financial Highlights
FIRST QUARTER FISCAL YEAR 2027 FINANCIAL HIGHLIGHTS RECORD FIRST QUARTER REVENUE, ADJ. EBITDA, ADJ. OPERATING PROFIT AND ADJ. EPS FIRST QUARTER HIGHLIGHTS FIRST QUARTER RESULTS • Rental revenue increased 12.5% with General Tool growth of 7.4% and Specialty growth of 25.3% REVENUE ADJ. OPERATING PROF
Slide 7: Leading Indicators for Construction Activity
LEADING INDICATORS FOR CONSTRUCTION ACTIVITY IMPROVING PLANNING ACTIVITY AND UTILIZATION POINT TO LOCAL MARKET DEMAND OPTIMISM Total Construction Starts (SAAR, BIL $)1 • Another quarter of demand and stability in local non- residential construction markets • Leading indicators remain supportive, wit
Slide 8: Fleet on Rent and Quarterly Rental Revenue Growth Trends
FLEET ON RENT AND QUARTERLY RENTAL REVENUE GROWTH TRENDS MOMENTUM CONTINUES TO BUILD WITH RENTAL REVENUE GROWTH FURTHER ACCELERATING IN THE FIRST QUARTER North America Fleet on Rent Quarterly Equipment Rental Revenue Year-Over-Year Growth Trends FY26 FY27 Q1 Q2 Q3 Q4 Q1 Total Company +2% +1% +3% +8%
Slide 9: Financial Review
FINANCIAL Alex Pease, Chief Financial Officer REVIEW
Slide 10: First Quarter Fiscal Year 2027 Financial Results Summary
FIRST QUARTER FISCAL YEAR 2027 FINANCIAL RESULTS SUMMARY RENTAL REVENUE GROWTH OF 13%, ADJ. OPERATING PROFIT GROWTH OF 14%, ADJ. EBITDA GROWTH OF 9% AND ADJ. EPS GROWTH OF 20% $m Q1 FY27 Q1 FY26 YoY Change First Quarter Commentary Total revenue 3,115 2,801 11.2% • Rental revenue growth of 12.5% supp
Slide 11: North America General Tool Performance
NORTH AMERICA GENERAL TOOL PERFORMANCE RENTAL VOLUME GROWTH AND RATE PROGRESSION, LED BY LARGE AND STRATEGIC CUSTOMERS WITH STABLE LOCAL MARKETS $m 1Q FY27 1Q FY26 YoY Change First Quarter Commentary Total revenue 1,743 1,649 5.7% • Rental revenue growth of 7.4% led by higher Equipment rental revenu
Slide 12: North America Specialty Performance
NORTH AMERICA SPECIALTY PERFORMANCE STRONG GROWTH LED BY INCREASING DEMAND FOR ENERGY SOLUTIONS, NON-CONSTRUCTION VERTICALS AND MEGA PROJECTS $m 1Q FY27 1Q FY26 YoY Change First Quarter Commentary Total revenue 1,132 909 24.5% • Rental revenue growth of 25.3%; strong across all Equipment rental reve
Slide 13: UK Performance
UK PERFORMANCE CONTINUED FOCUS ON DRIVING OPERATIONAL EFFICIENCY AND IMPROVING RETURNS $m 1Q FY27 1Q FY26 YoY Change First Quarter Commentary Total revenue 240 243 (1.2)% • Rental revenue declined 1.4%; decreased Equipment rental revenue 209 212 (1.4)% 1% at constant exchange rates • Adjusted operat
Slide 14: Capital Expenditures and Free Cash Flow
CAPITAL EXPENDITURES AND FREE CASH FLOW ACCELERATING CAPEX SPEND TO SUPPORT CUSTOMER WINS AND HIGHER UTILIZATION CAPITAL EXPENDITURES ($m) Q1 +69.3% YoY CapEx LTM +12.2% YoY CapEx (total) (total) First Quarter Commentary • Elevated investment supporting category classes 855 (total) 505 (total) 96 wh
Slide 15: Net Debt, Net Leverage and Returning Capital to Stockholders
NET DEBT, NET LEVERAGE AND RETURNING CAPITAL TO STOCKHOLDERS CONSISTENT CAPITAL ALLOCATION PRIORITIES DELIVERING NET LEVERAGE WITHIN TARGETED RANGE $m As of July 31, 2026 As of July 31, 2025 First Quarter Commentary First lien senior secured bank debt 1,213 1,257 • $363M returned to stockholders thr
Slide 16: Updated FY27 Guidance
UPDATED FY27 GUIDANCE INCREASING GUIDANCE BASED ON STRONG Q1 RESULTS AND POSITIVE MOMENTUM ACROSS THE BUSINESS Prior Outlook Current Outlook Total Revenue 4.5% to 7.5% growth 6% to 9% growth Rental Revenue 5% to 8% growth 7% to 10% growth Adjusted EBITDA $4.85 billion to $5.05 billion $4.92 billion
Slide 17: Conclusion
CONCLUSION Brendan Horgan, Chief Executive Officer
Slide 18: Summary
SUMMARY • Increased momentum supported by healthy customer demand and broad-based growth across diverse end markets • Strong activity across mega projects, energy, industrial, non- construction MRO and live events • Another quarter of stability and demand in local non- residential construction activ
Slide 19: Appendix
APPENDIX 19
Slide 20: Reconciliation - Segment Adj. Operating Profit and Adj. EBITDA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - SEGMENT ADJ. OPERATING PROFIT AND ADJ. EBITDA North America North America United ($ in millions) – General Tool – Specialty Kingdom Three Months Ended July 31, 2026 Equipment rentals 1,648 1,070 209 Sales of rental equipm
Slide 21: Reconciliation - Dollar Utilization
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - DOLLAR UTILIZATION As of July 31, Dollar utilization 2026 2025 North America – General Tool 47% 47% North America – Specialty 77% 74% United Kingdom 54% 53% FY27 Q1 Results | July 31, 2026 21
Slide 22: Reconciliation - Adjusted Operating Profit and Margin
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED OPERATING PROFIT AND MARGIN Three Months Ended Three Months Ended July 31, July 31, ($ in millions) 2026 2025 2026 2025 Operating income 691 596 691 596 Other income, net 7 7 7 7 Amortization of acquired intangib
Slide 23: Reconciliation - Adjusted Pre-Tax Profit
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED PRE-TAX PROFIT Three Months Ended Three Months Ended July 31, July 31, ($ in millions) 2026 2025 2026 2025 Net income 438 372.57648 438 372.57648 Provision for income taxes 153 135 153 135 Amortization of acquire
Slide 24: Reconciliation - EBITDA, Adjusted EBITDA and Margins
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - EBITDA, ADJUSTED EBITDA, EBITDA MARGIN, ADJUSTED EBITDA MARGIN Three Months Ended Three Months Ended July 31, July 31, ($ in millions, unless otherwise stated) 2026 2025 2026 2025 Net income 438 373 438 373 Provision for
Slide 25: Reconciliation - Adjusted EPS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED EPS Three Months Ended Three Months Ended July 31, July 31, ($ per share amounts) 2026 2025 2026 2025 Basic earnings per share 1.07 0.87 1.07 0.87 Amortization of acquired intangibles 0.07 0.06 0.07 0.06 Stock ba
Slide 26: Reconciliation - Adjusted Average Net Assets and Return on Investment
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED AVERAGE NET ASSETS, ADJUSTED NET ASSETS AND RETURN ON INVESTMENT As of July 31, ($ in millions, unless otherwise stated) 2026 2025 Net income1) 1,391 1,528 Adjusted operating profit2) 3) 2,592 2,601 Net assets 7,
Slide 27: Reconciliation - Free Cash Flow
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - FREE CASH FLOW Three Months Ended Three Months Ended July 31, July 31, ($ in millions) 2026 2025 2026 2025 Net cash provided by operating activities 840 868 840 868 Payments for purchases of rental equipment (759) (394) (
Slide 28: Reconciliation - Net Debt
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - NET DEBT As of July 31, ($ in millions) 2026 2025 Total debt1) 8,556 7,413 Cash and cash equivalents (32) (23) Net debt 8,524 7,390 1) Total debt includes outstanding amounts under our ABL Facility and Senior Notes. FY27
Slide 29: Reconciliation - Net Leverage
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - NET LEVERAGE As of July 31, ($ in millions) 2026 2025 Net income1) 1,391 1,528 Adjusted EBITDA2) 3) 4,782 4,758 Total debt4) 8,556 7,413 Net debt5) 8,524 7,390 Debt to net income ratio 6.2x 4.9x Net leverage 1.8x 1.6x 1)
Sunbelt Rentals Holdings — Q1 2027 Earnings Presentation on 6ix