Sunbelt Rentals Holdings, Inc. · NYSE:SUNB
Sunbelt Rentals — Ashtead Group — H1 2026 Earnings Presentation
37 slides from Sunbelt Rentals's earnings presentation, Dec 9, 2025
Slide 1: Half-Year 2026 Results
HALF-YEAR 2026 RESULTS 9 December 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 Half-year results | 31 October 2025
Slide 4: Safety Update
SAFETY UPDATE Total Recordable Incident Rate (TRIR) Lost Time Rate (LTR) # of recordable injuries x 200,000/ # of hours worked # of lost time injuries x 200,000 / # of hours worked 1.11 1.08 1.08 1.06 0.15 0.14 0.14 0.14 0.14 0.96 0.13 0.13 0.13 0.92 0.88 0.12 0.12 0.12 0.86 0.85 0.82 0.78 0.10 0.10
Slide 5: First-Half 2026 Key Messages
FIRST-HALF 2026 KEY MESSAGES ▪ Solid results in-line with expectations with Group Rental Revenue growth of 2% ahead of last year ▪ Record free cash flow of $1.1bn while investing in the business demonstrating through the cycle strength ▪ Mega project and large strategic account activity remains stro
Slide 6: Group First-Half Financial Highlights
GROUP FIRST-HALF FINANCIAL HIGHLIGHTS FIRST-HALF HIGHLIGHTS FIRST-HALF RESULTS 2026 GUIDANCE ▪ Rental revenue growth of ~2% driven by ADJ. EBITDA FREE CASH ▪ Reaffirming 2026 guidance increased fleet on rent and strong mega- REVENUE & MARGIN CAPEX FLOW project/strategic account activity ($m) ($m and
Slide 7: Segment Trading Performance
SEGMENT TRADING PERFORMANCE BUILDING MOMENTUM ACROSS THE BUSINESS Rental Revenue Growth on a Billings Per Day Basis1 FY25 FY26 Key Drivers Q2 Q3 Q4 Q1 Q2 1H 26 ▪ Increased Fleet on Rent reflecting the clear and ongoing structural momentum in our business and industry, and improving utilisation level
Slide 8: North America Fleet on Rent
NORTH AMERICA FLEET ON RENT SUSTAINED MOMENTUM WITH YEAR OVER YEAR TRENDS IMPROVING North America Fleet on Rent ▪ Fleet on Rent momentum and strength and resilience in rates ▪ Large and mega project demand fuelling growth but seeing positive leading-indicators in the local non-residential constructi
Slide 9: Leading Indicators for Construction Activity
LEADING INDICATORS FOR CONSTRUCTION ACTIVITY US DODGE MOMENTUM INDEX SIGNALING STRENGTH IN DEMAND US Dodge Construction Starts Architectural Billings Index (ABI) 350 65 Indexed: 2000=100 60 300 55 250 50 200 45 40 150 35 100 30 50 25 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2
Slide 10: US Construction and North America Rental Market Outlook
US CONSTRUCTION AND NORTH AMERICA RENTAL MARKET OUTLOOK 2022 2023 2024 2025 2026 2027 2028 2029 2030 ▪ Forecast strength and internal indicators moving in positive direction, US construction put in place ($bn) demonstrating demand Non-residential 642 764 815 857 879 895 936 990 1,040 Non-building 30
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 Half-year results | 31 October 2025
Slide 13: Group Second Quarter Financial Results Summary
GROUP SECOND QUARTER FINANCIAL RESULTS SUMMARY $m 2Q26 2Q25 Change Revenue 2,962 2,941 1% ▪ Revenue and profit results impacted by lapping strong US hurricane-related activity in the prior ‐ of which rental 2,757 2,725 1% year Operating costs (1,581) (1,531) 3% Adjusted EBITDA 1,381 1,410 (2%) ▪ Ren
Slide 14: Group First Half Financial Results Summary
GROUP FIRST HALF FINANCIAL RESULTS SUMMARY $m 1H26 1H25 Change ▪ Rental revenue growth of ~2% driven by increased fleet Revenue 5,763 5,695 1% on rent and strong mega-project/strategic account ‐ of which rental 5,357 5,265 2% activity Operating costs (3,106) (2,997) 4% ▪ Rental revenue growth of ~3%
Slide 15: Group Revenue and Adjusted EBITDA
GROUP REVENUE AND ADJUSTED EBITDA REVENUE GROWTH SUPPORTED BY CONTINUED INVESTMENT IN THE BUSINESS REVENUE ADJ. EBITDA & MARGIN +13% 2021-2025 Total Revenue CAGR ($m) +13% 2021-2025 Adj. EBITDA CAGR ($m and %) ▪ Rental revenue growth +2%, +14% 2021-2025 Rental Revenue CAGR +80bps 2021-2025 Adj. EBIT
Slide 16: North America General Tool
NORTH AMERICA GENERAL TOOL HIGHER FLEET ON RENT DRIVEN BY IMPROVING UTILISATION REVENUE ADJ. EBITDA & MARGIN ADJ. OPERATING PROFIT & MARGIN ▪ Total revenue slightly up with rental revenue Flat Total Revenue ($m) (3%) Adj. EBITDA ($m and %) (6%) Adj. Operating Profit ($m and %) growth +1% led by volu
Slide 17: 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 +2% led by +3% Total Revenue ($m) +2% Adj. EBITDA ($m and %) +2% Operating Profit ($m and %) +2% Rental Revenue (60bps) Adj. E
Slide 18: UK: Focused on Improving Return on Investment
UK FOCUSED ON IMPROVING RETURN ON INVESTMENT REVENUE ADJ. EBITDA & MARGIN ADJ. OPERATING PROFIT & MARGIN ($m) (6%) Adj. EBITDA ($m and %) (25%) Operating Profit ($m and %) ▪ Rental revenue growth of +3% but declined +1% Total Revenue (200bps) Adj. EBITDA Margin (250bps) Operating Profit Margin +3% R
Slide 19: 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 20: Net Debt
NET DEBT CONSISTENT CAPITAL ALLOCATION PRIORITIES DELIVERING ON-TARGET LEVERAGE Leverage (excluding impact of IFRS 16) $m Oct 2025 Oct 2024 3.0 Opening net debt 10,331 10,655 2.5 2.5 Change from cash flows 72 111 2.1 Translation impact (14) 2 2.0 1.9 2.0 1.9 1.8 1.8 1.8 Debt acquired 34 19 1.7 1.7 1
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 +0% - 4%1 indicators improving ▪ Expect growth to
Slide 22: Capital Allocation
CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY LED BY CLEAR PRIORITIES CLEAR PRIORITIES APPLICATION IN 1H-FY25/26 Organic fleet growth ▪ Same-store ▪ $1.3bn invested in the business ▪ Greenfields ▪ 22 greenfields opened in North America (12 General Tool and 10 Specialty) ▪ $143m spent on seven bolt-
Slide 23: Summary
SUMMARY ▪ Advancing all actionable components of our Sunbelt 4.0 strategic plan that will drive shareholder value ▪ Delivered solid six months and second quarter results in-line with our expectations and well-positioned to deliver our full- year guidance ▪ Great progress with mega project wins in th
Slide 24: Appendix
APPENDIX Half-year results | 31 October 2025
Slide 25: 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 26: Divisional Performance: Second Quarter Results
DIVISIONAL PERFORMANCE SECOND QUARTER RESULTS $m Rental Revenue Revenue Adjusted EBITDA Profit 2026 2025 Change 2026 2025 Change 2026 2025 Change 2026 2025 Change North America General Tool 1,630 1,600 2% 1,750 1,730 1% 952 976 (2%) 599 629 (5%) North America Specialty 917 918 -% 970 969 -% 459 469
Slide 27: Divisional Performance: First Half Results
DIVISIONAL PERFORMANCE FIRST HALF RESULTS $m Rental Revenue Revenue Adjusted EBITDA Profit 2026 2025 Change 2026 2025 Change 2026 2025 Change 2026 2025 Change North America General Tool 3,165 3,124 1% 3,399 3,391 -% 1,822 1,876 (3%) 1,118 1,191 (6%) North America Specialty 1,770 1,730 2% 1,880 1,825
Slide 28: 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 5,932 5,913 -% 6,405 6,639 (4%) 3,424 3,600 (5%) 2,020 2,261 (11%) North America Specialty 3,352 3,246 3% 3,543 3,
Slide 29: 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 30: 20-Year History: Cash Flow Funds All Fleet Investment
20-YEAR HISTORY: CASH FLOW FUNDS ALL FLEET INVESTMENT Oct-25 $m 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 LTM Adjusted EBITDA 4,981 5,022 4,893 4,412 3,609 3,037 3,008 2,748 2,319 1,947 1,769 1,452 1,098 817 607 444 409 597 730 593 399 3
Slide 31: 20-Year History: Revenue, Adjusted EBITDA, and Free Cash Flow
20-YEAR HISTORY: REVENUE, ADJUSTED EBITDA, AND FREE CASH FLOW Group Revenue Group Adjusted EBITDA Margin Group Free Cash Flow ($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 32: 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 33: 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 34: 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 35: 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 36: 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 37: 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