Sunbelt Rentals Holdings, Inc. · NYSE:SUNB
Sunbelt Rentals — Q3 2026 Earnings Presentation
31 slides from Sunbelt Rentals's earnings presentation, Mar 12, 2026
Slide 1: Third Quarter 2026 Results
THIRD QUARTER 2026 RESULTS March 12, 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: Operational Review
OPERATIONAL REVIEW BRENDAN HORGAN CHIEF EXECUTIVE OFFICER
Slide 5: Safety Update
SAFETY UPDATE WORLD CLASS SAFETY PROGRAM REMAINS A KEY DIFFERENTIATOR Total Recordable Incident Rate (TRIR) Lost Time Rate (LTR) 1.60 1,600 1.00 1,600 1.43 0.90 1.40 1,400 1,400 0.80 1.20 1,200 1,200 0.70 1.00 1,000 1,000 0.60 0.80 800 0.50 800 0.60 600 0.40 600 0.32 0.48 0.30 0.40 400 400 0.20 0.20
Slide 6: Third Quarter Key Messages
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
Slide 7: Third Quarter Financial Highlights
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% ADJ. EBITDA FREE CASH ▪ Updating 2026 guidance excl. hurricane impacts) driven by REVENUE & MARGIN CAPEX FLOW i
Slide 8: North America Fleet on Rent
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 constructio
Slide 9: Segment Trading Performance
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 -2% +2% +1% +2% +2% General Tool North America +7% +4% +5% -% +5% Specialty UK (in $ as +1% +2% +4% +1% +4% r
Slide 10: Leading Indicators for Construction Activity
LEADING INDICATORS FOR CONSTRUCTION ACTIVITY US DODGE MOMENTUM INDEX SIGNALING STRENGTH IN DEMAND US Dodge Construction Starts Architectural Billings Index (ABI) 350 65 Indexed: 2000=100 60 300 55 250 50 200 45 40 150 35 100 30 50 25 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2
Slide 11: Sunbelt 4.0
SUNBELT 4.0 CLEAR OPERATIONAL MOMENTUM ACROSS OUR FIVE ACTIONABLE COMPONENTS 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 efficie
Slide 12: Financial Review
FINANCIAL REVIEW ALEX PEASE CHIEF FINANCIAL OFFICER
Slide 13: Third Quarter Financial Results Summary
THIRD QUARTER FINANCIAL RESULTS SUMMARY RESULTS NOW PRESENTED IN U.S. GAAP $m 3Q26 3Q25 Change Total Revenue 2,637 2,567 2.7% ▪ Increased Fleet on Rent reflecting a clear and ongoing structural momentum in our business and industry, and improving ‐ Equipment rental 2,443 2,381 2.6% utilization level
Slide 14: Year-to-Date 2026 Financial Results Summary
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% ▪ Rental revenue growth of 2% ‐ Equipment rental 7,800 7,646 2.0% Operating costs (4,790) (4,591) 4.3% ▪ Adjusted operating profit margin of 24% Adjusted EBITDA 3
Slide 15: IFRS to U.S. GAAP Conversion Highlights
IFRS TO U.S. GAAP CONVERSION HIGHLIGHTS $m 3Q26 YTD 2026 Non- Non- ▪ Difference in adjusted EBITDA driven principally by the difference in the IFRS IFRS treatment of lease costs under GAAP compared with IFRS, resulting in higher GAAP GAAP SG&A amounts as operating lease costs are recognized as a sin
Slide 16: North America General Tool
NORTH AMERICA GENERAL TOOL HIGHER FLEET ON RENT DRIVEN BY IMPROVING UTILIZATION YTD YTD $m 3Q26 3Q25 Change Change 2026 2025 Total Revenue 1,526 1,507 +1.3% 4,925 4,899 +0.5% ▪ Rental revenue growth led by volume improvement and stable rates - Rental Revenue 1,410 1,388 +1.6% 4,575 4,512 +1.4% ▪ 3Q’
Slide 17: North America Specialty
NORTH AMERICA SPECIALTY CONSISTENT TOP-LINE MOMENTUM YTD YTD $m 3Q26 3Q25 Change Change 2026 2025 Total Revenue 897 853 +5.2% 2,777 2,677 +3.7% ▪ Rental revenue growth led by volume improvement driven by continued demand in project-related activity and - Rental Revenue 851 815 +4.4% 2,621 2,545 +3.0
Slide 18: UK: Focused on Improving Return on Investment
UK FOCUSED ON IMPROVING RETURN ON INVESTMENT YTD YTD $m 3Q26 3Q25 Change Change 2026 2025 Total Revenue 214 207 +3.4% 698 686 +1.7% ▪ 3Q’26 rental revenue growth of +2% but declined (2%) at constant exchange rates - Rental Revenue 182 178 +2.2% 604 589 +2.5% Adj. EBITDA 49 53 (7.5%) 177 187 (5.3%) ▪
Slide 19: Capital Expenditures and Free Cash Flow
CAPITAL EXPENDITURES AND FREE CASH FLOW DYNAMICALLY DEPLOYING CAPITAL TO MAXIMIZE SHAREHOLDER VALUE CASH CAPEX1 FREE CASH FLOW (in millions) (in millions) ▪ Dynamically allocating capital based on (29%) YoY Capex market conditions +83% YoY Free Cash Flow ▪ Capital expenditure discipline reflects foc
Slide 20: Net Debt
NET DEBT CONSISTENT CAPITAL ALLOCATION PRIORITIES DELIVERING ON-TARGET LEVERAGE $m Jan 2026 Jan 2025 ▪ Continued momentum in share repurchase Opening net debt 7,479 7,974 program totaling $1.0bn year-to-date Change from cash flows 93 (128) Translation impact 7 (31) ▪ Continued free cash flow generat
Slide 21: FY2026 Guidance
FY2026 GUIDANCE EXPECT MODERATE GROWTH AND SIGNIFICANT FREE CASH FLOW GENERATION Prior 2026 Guidance Current 2026 Guidance Commentary ▪ Expect Fleet on Rent momentum to continue with local non-residential construction leading Rental Revenue +0% - 4%1 +2% - 3%1 indicators improving ▪ Expect growth to
Slide 22: Capital Allocation
CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY LED BY CLEAR PRIORITIES CLEAR PRIORITIES YEAR-TO-DATE PROGRESS 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, s
Slide 23: Summary
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 projec
Slide 24: Appendix
APPENDIX Third quarter results | 31 January 2026
Slide 25: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES 25 Third quarter results | January 31, 2026
Slide 26: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES 26 Third quarter results | January 31, 2026
Slide 27: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES 27 Third quarter results | January 31, 2026
Slide 28: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES 28 Third quarter results | January 31, 2026
Slide 29: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES 29 Third quarter results | January 31, 2026
Slide 30: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES 30 Third quarter results | January 31, 2026
Slide 31: Reconciliation of Non-GAAP Financial Measures to Reported Financial Measures
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES 31 Third quarter results | January 31, 2026
Sunbelt Rentals Holdings — Q3 2026 Earnings Presentation on 6ix