Sunbelt Rentals Holdings, Inc. · NYSE:SUNB
Sunbelt Rentals — Ashtead Group — Q1 2026 Earnings Presentation
35 slides from Sunbelt Rentals's earnings presentation, Sep 3, 2025
Slide 1: First Quarter Results
FIRST QUARTER RESULTS 3 September 2025
Slide 2: Legal Notice
LEGAL NOTICE This presentation has been prepared to inform investors and Some of the factors which may adversely impact some of these prospective investors in the secondary markets about the Group forward-looking statements are discussed in the Principal Risks and does not constitute an offer of sec
Slide 3: Operational Review
OPERATIONAL REVIEW BRENDAN HORGAN CHIEF EXECUTIVE OFFICER First quarter results | 31 July 2025
Slide 4: Safety Update: Rear-Ending Collision Events
SAFETY UPDATE: REAR-ENDING COLLISION EVENTS First Quarter Highlights Total Recordable SIGNIFICANT IMPROVEMENTS IN REAR-ENDING EVENTS SINCE IMPLEMENTING Incident Rate (TRIR): 0.60 DRIVER SAFETY PROFILE PROGRAM AND DASH CAMERA TECHNOLOGY IN FY24 Lost Time Rate (LTR): 0.07 Quarterly % of Fleet Involved
Slide 5: Key Messages
KEY MESSAGES ▪ Solid first quarter results in-line with expectations with Group Rental Revenue growth of 2.4% ahead of last year ▪ Strong free cash flow generation while investing in the business demonstrating through the cycle strength ▪ Mega project activity remains strong and seeing positive lead
Slide 6: Group Q1 Financial Highlights
GROUP Q1 FINANCIAL HIGHLIGHTS FIRST QUARTER HIGHLIGHTS FIRST QUARTER RESULTS 2026 GUIDANCE ▪ Rental revenue growth driven by ADJ. EBITDA FREE CASH ▪ 0% - 4% rental revenue growth1 increased fleet on rent and activity REVENUE & MARGIN CAPEX FLOW levels, across North America General (unchanged) Tool a
Slide 7: Segment Trading Performance
SEGMENT TRADING PERFORMANCE BUILDING MOMENTUM ACROSS THE BUSINESS Rental Revenue Growth on a Billings Per Day Basis1 FY25 FY26 Key Drivers Q1 Q2 Q3 Q4 Q1 ▪ Increased Fleet on Rent reflecting the clear and ongoing structural momentum in our business and industry, and improving utilization levels Grou
Slide 8: North America Fleet on Rent
NORTH AMERICA FLEET ON RENT SUSTAINED MOMENTUM WITH YEAR OVER YEAR TRENDS IMPROVING North American Fleet on Rent ▪ Fleet on Rent momentum and strength and resilience in rates ▪ Large and mega project demand fuelling growth but seeing positive leading-indicators in the local non-residential construct
Slide 9: Leading Indicators for Construction Activity
LEADING INDICATORS FOR CONSTRUCTION ACTIVITY US DODGE MOMENTUM INDEX SIGNALING STRENGTH IN DEMAND US Dodge Construction Starts Architecture 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 20
Slide 10: US Construction and North America Rental Market Outlook
US CONSTRUCTION AND NORTH AMERICA RENTAL MARKET OUTLOOK 2022 2023 2024 2025 2026 2027 2028 2029 ▪ Local construction projects are remaining in planning phases for longer, US construction put in place ($bn) and we are in a position of strength to Non-residential 642 764 815 870 902 917 959 1,021 bene
Slide 11: Sunbelt 4.0
SUNBELT 4.0 CLEAR 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 efficiency as a thr
Slide 12: Financial Review
FINANCIAL REVIEW ALEX PEASE CHIEF FINANCIAL OFFICER First quarter results | 31 July 2025
Slide 13: Group First Quarter Financial Results Summary
GROUP FIRST QUARTER FINANCIAL RESULTS SUMMARY SOLID FIRST QUARTER RESULTS $m 1Q26 1Q25 Change Revenue 2,801 2,754 +2% ‐ of which rental 2,601 2,541 +2% Operating costs (1,525) (1,466) +4% ▪ Rental revenue growth of 2% led by Specialty Adjusted EBITDA 1,276 1,288 (1%) Depreciation (593) (571) +4% ▪ A
Slide 14: Group Revenue and Adjusted EBITDA
GROUP REVENUE AND ADJUSTED EBITDA REVENUE GROWTH SUPPORTED BY CONTINUED INVESTMENT IN THE BUSINESS REVENUE ADJ. EBITDA & MARGIN +13% 2021-2025 Total Revenue CAGR ($m) +13% 2021-2025 Adj. EBITDA CAGR ($m and %) ▪ Rental revenue growth +2.4%, +14% 2021-2025 Rental Revenue CAGR +80bps 2021-2025 Adj. EB
Slide 15: North America General Tool
NORTH AMERICA GENERAL TOOL HIGHER FLEET ON RENT DRIVEN BY IMPROVING UTILIZATION REVENUE ADJ. EBITDA & MARGIN ADJ. OPERATING PROFIT & MARGIN ▪ Total revenue slightly down with rental (1%) Total Revenue ($m) (3%) Adj. EBITDA ($m and %) (7%) Adj. Operating Profit ($m and %) revenue growth +1% led by vo
Slide 16: North America Specialty
NORTH AMERICA SPECIALTY CONSISTENT TOP-LINE MOMENTUM COMBINED WITH OPERATING MARGIN GAINS REVENUE ADJ. EBITDA & MARGIN ADJ. OPERATING PROFIT & MARGIN ▪ Rental revenue growth +5% led by +6% Total Revenue ($m) +6% Adj. EBITDA ($m and %) +8% Operating Profit ($m and %) +5% Rental Revenue (10bps) Adj. E
Slide 17: UK: Focused on Improving Return on Investment
UK FOCUSED ON IMPROVING RETURN ON INVESTMENT REVENUE ADJ. EBITDA & MARGIN ADJ. OPERATING PROFIT & MARGIN ($m) (4%) Adj. EBITDA ($m and %) (26%) Operating Profit ($m and %) ▪ Rental revenue growth of +4% but declined +2% Total Revenue (160bps) Adj. EBITDA Margin (260bps) Operating Profit Margin +4% R
Slide 18: Group Capital Expenditures and Free Cash Flow
GROUP CAPITAL EXPENDITURES AND FREE CASH FLOW DYNAMICALLY DEPLOYING CAPITAL TO MAXIMIZE SHAREHOLDER VALUE CAPEX1 FREE CASH FLOW & PER SHARE ($m) ($m) ▪ Dynamically allocating capital based on +30% 2021-2025 Capex CAGR -% 2021-2025 Free Cash Flow CAGR market conditions ▪ Capital expenditure disciplin
Slide 19: Net Debt
NET DEBT CONSISTENT CAPITAL ALLOCATION PRIORITIES DELIVERING ON-TARGET LEVERAGE Leverage (excluding impact of IFRS 16) $m Jul 2025 Jul 2024 2.5 2.3 Opening net debt 10,331 10,655 Change from cash flows (130) (30) 2.0 2.0 1.9 1.8 1.8 1.8 Translation impact - 11 1.7 1.7 1.7 1.6 1.6 1.6 Debt acquired 4
Slide 20: 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 +0% - 4%1 indicators improving ▪ Expect growth to
Slide 21: Capital Allocation
CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY LED BY CLEAR PRIORITIES CLEAR PRIORITIES APPLICATION IN Q1-FY25/26 Organic fleet growth ▪ Same-store ▪ $532m invested in the business ▪ Greenfields ▪ 10 greenfields opened in North America (six General Tool and four Specialty) ▪ $20m spent on two bolt-o
Slide 22: Summary
SUMMARY ▪ Advancing all actionable components of our Sunbelt 4.0 strategic plan that will drive shareholder value ▪ Delivered solid first quarter results in-line with our expectations and well-positioned to deliver our full-year outlook ▪ Great progress with mega project wins in the quarter with a g
Slide 23: Appendix
APPENDIX First quarter results | 31 July 2025
Slide 24: Group Fleet Plan
GROUP FLEET PLAN FULL YEAR CAPITAL PLAN IS UNCHANGED $m Prior 2026 Guidance1 Current 2026 Guidance 2026 Investment Priorities North America Rental fleet 1,260 – 1,610 1,260 – 1,610 ▪ North America General Tool capex focused on replacement Non-rental fleet 410 – 430 410 – 430 ▪ North America Speciali
Slide 25: Divisional Performance: First Quarter Results
DIVISIONAL PERFORMANCE FIRST QUARTER RESULTS $m Rental Revenue Revenue Adjusted EBITDA Profit 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change North America General Tool 1,535 1,524 1% 1,649 1,661 (1%) 871 900 (3%) 520 561 (7%) North America Specialty 854 813 5% 909 855 6% 436 411
Slide 26: Divisional Performance: Last Twelve Months
DIVISIONAL PERFORMANCE LAST TWELVE MONTHS $m Rental Revenue Revenue Adjusted EBITDA Profit 2025 2024 Change 2025 2024 Change 2025 2024 Change 2025 2024 Change North America General Tool 5,901 5,882 -% 6,385 6,681 (4%) 3,449 3,593 (4%) 2,052 2,290 (10%) North America Specialty 3,353 3,157 6% 3,542 3,
Slide 27: Debt and Covenants
DEBT AND COVENANTS Facility Interest rate Maturity $4.75bn first lien revolver SOFR / CORRA / SONIA + 125-137.5 bps November 2029 $550m senior notes 1.500% August 2026 $600m senior notes 4.375% August 2027 $600m senior notes 4.000% May 2028 Debt $600m senior notes 4.250% November 2029 $750m senior n
Slide 28: 20-Year History: Cash Flow Funds All Fleet Investment
20-YEAR HISTORY: CASH FLOW FUNDS ALL FLEET INVESTMENT Jul-25 $m 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 LTM Adjusted EBITDA 5,010 5,022 4,893 4,412 3,609 3,037 3,008 2,748 2,319 1,947 1,769 1,452 1,098 817 607 444 409 597 730 593 399 3
Slide 29: 20-Year History: Revenue, Adjusted EBITDA, and Free Cash Flow
20-YEAR HISTORY: REVENUE, ADJUSTED EBITDA, AND FREE CASH FLOW Group Revenue Group Adjusted EBITDA Margin Group Free Cash Flow ($bn) (%) ($m) 10.9 10.8 46 47 47 47 47 46 46 47 9.7 45 45 45 1,822 1,790 8.0 42 6.4 6.6 38 1,161 5.9 1,017 5.0 35 35 35 34 33 3.8 4.1 3.3 548 2.6 30 30 480 531 2.1 433 2.0 0
Slide 30: US Fleet Profile
US FLEET PROFILE FLEXIBILITY TO TURN REPLACEMENT INTO GROWTH AND VICE VERSA $18bn ▪ Smooth fleet profile $16bn $14bn ▪ Benefits of prolonged cycle and our growth strategy $12bn ▪ Strong position providing optionality through the cycle $10bn ▪ Strengthens partnership with suppliers through predictabi
Slide 31: A Broad and Diverse Customer Base
A BROAD AND DIVERSE CUSTOMER BASE POSITIONED TO INCREASE SHARE FROM THE LARGEST TO THE SMALLEST CUSTOMERS US CREDIT MEDIAN CUSTOMER $63 AVG. LINES Dollars spent with REVENUE 79% DECILE CUSTOMER OF BUSINESS CUSTOMER PERSONA Speciality, Revenue for comes every COUNT ($’ 000) USED $100 spent with from
Slide 32: Specialty Market Sizing, Rental Penetration & Share
SPECIALTY MARKET SIZING, RENTAL PENETRATION & SHARE REVENUE IS EXPECTED TO GROW BY ~$2 BILLION IN 4.0 WITH AMPLE OPPORTUNITY BEYOND CURRENT, PROJECTED AND ILLUSTRATIVE RENTAL REVENUE BY BUSINESS LINE ($M) LTM 31 January 2024 Line of business 4.0 growth Incremental illustrative Sunbelt potential tota
Slide 33: 3.0 Location Expansion Continues to Deliver
3.0 LOCATION EXPANSION CONTINUES TO DELIVER NORTH AMERICA GREENFIELD AND BOLT-ON LOCATIONS ADDED BETWEEN FY22 AND FY24 FY22 FY23 FY24 FY25 % Change Actual Actual Actual Actual FY25 vs FY24 Pure Rental Revenue 144 577 1,069 1,311 23% Total Rental Revenue 200 778 1,374 1,708 24% Total Revenue 213 869
Slide 34: Connect360
CONNECT360 THE NEXT LEVEL OF SERVICE AND OPERATIONAL EFFICIENCY eCOMMERCE CONNECTED LOGISTICS CUSTOMER 360 SERVICE FRONTLINE • Enables self- • Asset-centric data • Purpose-built for • Comprehensive • Capturing machine • Purpose-built for service; create • Machine health Sunbelt view of customers dat
Slide 35: Mega Project Overview
MEGA PROJECT OVERVIEW A KEY FEATURE OF THE CONSTRUCTION LANDSCAPE ONGOING AND PLANNED PROJECTS FROM MAY 2022 THROUGH APRIL 20281 PLANNED MEGA PROJECT VALUE (NORTH AMERICA) $1,307bn $1,072bn $938bn $843bn 960 projects 813 projects FY23 - FY25 FY26 - FY28 November 2024 data May 2025 data • Current Meg