Sunbelt Rentals Holdings, Inc. · NYSE:SUNB
Sunbelt Rentals — Q4 2026 Earnings Presentation
37 slides from Sunbelt Rentals's earnings presentation, Jun 23, 2026
Slide 1: Fourth Quarter & Full Fiscal Year 2026 Results
FOURTH QUARTER & FULL FISCAL YEAR 2026 RESULTS June 23, 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: FY26 Safety Highlights
FY26 SAFETY HIGHLIGHTS DELIVERING WORLD-CLASS SAFETY PERFORMANCE WITH NEW RECORD-LOW INJURY & LOST TIME RATES Total Recordable Incident Rate Lost Time Rate Locations Injury Rates Full-year results | April 30, 2026 5
Slide 6: Fourth Quarter and Full-Year 2026 Key Messages
FOURTH QUARTER AND FULL-YEAR 2026 KEY MESSAGES • Record Q4 and FY26 revenue of $2.8B (+8.9%) and $11.2B (+3.4%), respectively • Generated FY26 adjusted EBITDA of $4.7B at a margin of 41.9% • Record FY26 free cash flow of $2.1B and returns to shareholders of $1.9B ($464M of dividends and $1.4B of sha
Slide 7: Acquisition of Reliant Asset Management
ACQUISITION OF RELIANT ASSET MANAGEMENT A LEADER IN THE $20B MODULAR SOLUTIONS MARKET, FORMING OUR 13TH SPECIALTY LINE OF BUSINESS • Founded in 2010, delivering modular solutions under the Aries Building Systems brand name; including structures, mobile offices, classrooms and storage to commercial,
Slide 8: Leading Indicators for Construction Activity
LEADING INDICATORS FOR CONSTRUCTION ACTIVITY U.S. DODGE MOMENTUM INDEX CONTINUES TO SIGNAL STRENGTH IN DEMAND 1 2 3 5 4 1. Dodge Data & Analytics (April 2026) 2. American Institute of Architects (April 2026) 3. Dodge Data & Analytics (April 2026) 4. Index includes non-residential construction projec
Slide 9: U.S. Construction and North America Rental Market Outlook
U.S. CONSTRUCTION AND NORTH AMERICA RENTAL MARKET OUTLOOK FOCUSING ON TAKING SHARE IN A GROWING MARKET 2024 2025 2026 2027 2028 2029 2030 • Growth moving to a stable baseline U.S. construction put in place1 ($bn) Non-residential 863 846 835 859 887 930 976 • Moderated local construction Non-building
Slide 10: Full-Year 2026 Financial Highlights
FULL-YEAR 2026 FINANCIAL HIGHLIGHTS 3.4% RENTAL REVENUE GROWTH AND RECORD $2.1B FREE CASH FLOW FULL-YEAR HIGHLIGHTS FULL-YEAR RESULTS • Total revenue and rental revenue growth of 3.4% REVENUE ADJ. EBITDA & MARGIN CASH CAPEX FREE CASH FLOW ($m) ($m and %) ($m) ($m) • North America segment rental reve
Slide 11: North America Fleet on Rent
NORTH AMERICA FLEET ON RENT SUSTAINED FLEET ON RENT MOMENTUM WITH RESILIENT RATES AND BROAD-BASED DEMAND North America Fleet on Rent • Fleet on rent levels maintain strong momentum, coupled with improved utilization and resilient pricing • Growth driven by large and mega-scale project activity, whil
Slide 12: Segment Trading Performance
SEGMENT TRADING PERFORMANCE SIGNIFICANT REVENUE GROWTH ACCELERATION IN 4Q'26 Equipment Rental Revenue Growth on a Billings Per Day Basis FY26 Q1 Q2 Q3 Q4 Full Year Total Company +2% +1% +3% +7% +3% North America General Tool +1% +2% +2% +4% +2% North America Specialty +5% Flat +5% +14% +6% UK (in $
Slide 13: Financial Review
FINANCIAL Alex Pease, Chief Financial Officer REVIEW
Slide 14: Fourth Quarter Financial Highlights
FOURTH QUARTER FINANCIAL HIGHLIGHTS STRONG Q4 MOMENTUM WITH 8% RENTAL REVENUE GROWTH AND HIGHER UTILIZATION FOURTH QUARTER HIGHLIGHTS FOURTH QUARTER RESULTS • Total revenue growth of 8.9% REVENUE ADJ. EBITDA & MARGIN CASH CAPEX FREE CASH FLOW • Strong momentum to end the year with ($m) ($m and %) ($
Slide 15: Fourth Quarter and Full Year 2026 Financial Results Summary
FOURTH QUARTER AND FULL YEAR 2026 FINANCIAL RESULTS SUMMARY DELIVERED RECORD FULL-YEAR REVENUE OF $11.2B WITH STRONG MARGINS DESPITE VOLUME-LED GROWTH AND SALES MIX IMPACT $m 4Q FY26 4Q FY25 YoY Change FY26 FY25 YoY Change • Q4 rental revenue growth of 8.0% reflects strong volume momentum, stable ra
Slide 16: North America General Tool Performance
NORTH AMERICA GENERAL TOOL PERFORMANCE VOLUME-LED RENTAL GROWTH WITH RESILIENT RATES AS MEGA PROJECTS CONTINUE STRONG MOMENTUM $m 4Q FY26 4Q FY25 Y/Y FY26 FY25 Y/Y Fourth Quarter Commentary Total revenue 1,582 1,498 5.6% 6,507 6,397 1.7% • Rental revenue growth led by volume Equipment rental revenue
Slide 17: North America Specialty Performance
NORTH AMERICA SPECIALTY PERFORMANCE STANDOUT GROWTH ENGINE WITH ACCELERATING VOLUME, EXPANDING VALUE-ADDED SERVICES, AND IMPROVING UTILIZATION Fourth Quarter Commentary $m 4Q FY26 4Q FY25 Y/Y FY26 FY25 Y/Y • Rental revenue growth led by volume improvement driven by continued demand Total revenue 938
Slide 18: United Kingdom Performance
UNITED KINGDOM PERFORMANCE RESTRUCTURING ACTIONS INTENDED TO DRIVE OPERATIONAL EFFICIENCY AND IMPROVED RETURNS Fourth Quarter Commentary $m 4Q FY26 4Q FY25 Y/Y FY26 FY25 Y/Y Total revenue 234 221 5.9% 932 907 2.8% • 4Q'26 rental revenue growth of +3% but declined (-1%) at constant exchange Equipment
Slide 19: Group Capital Expenditures and Free Cash Flow
GROUP CAPITAL EXPENDITURES AND FREE CASH FLOW DISCIPLINED CAPEX AND RECORD $2.1B FREE CASH FLOW FUNDING GROWTH AND STOCKHOLDER RETURNS CASH CAPEX FREE CASH FLOW ($m) ($m) • Capital expenditures discipline (18.5)% YoY CapEx +22.7% YoY Free Cash Flow reflects focus on fleet replacement and targeted gr
Slide 20: 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 STATED RANGE $m 2026 2025 • $1,877M returned to stockholders through First lien senior secured bank debt 1,421 1,346 $1,413M in share repurchases and $464M in Senior n
Slide 21: Introducing FY27 Guidance
INTRODUCING FY27 GUIDANCE CONTINUED REVENUE MOMENTUM DRIVING STRONGER EARNINGS GROWTH SUPPORTED BY INCREASED CAPITAL INVESTMENTS 2027 Guidance 2026 Actual Total Revenue 4.5% to 7.5% growth $11.15 billion Rental Revenue 5% to 8% growth $10.32 billion Adjusted EBITDA $4.85 billion to $5.05 billion $4.
Slide 22: Conclusion
CONCLUSION Brendan Horgan, Chief Executive Officer
Slide 23: Disciplined Capital Allocation Priorities
DISCIPLINED CAPITAL ALLOCATION PRIORITIES CLEAR PRIORITIES KEY FINANCIAL POLICIES • Invest in organic fleet growth via same-store and • Prioritize investments to deliver returns in excess Greenfield expansion of our cost of capital • Undertake disciplined approach to • Maintain target net leverage i
Slide 24: Sunbelt 4.0 Five Actionable Components
SUNBELT 4.0 FIVE ACTIONABLE COMPONENTS UNDERPINNED BY STRONG FOUNDATIONAL ELEMENTS Actionable Components: CUSTOMER GROWTH PERFORMANCE SUSTAINABILITY INVESTMENT 1 2 3 4 5 Elevate our obsession Grow General Tool and Operate with greater Advance our position as Disciplined capital with customer service
Slide 25: Sunbelt Investment Drivers
SUNBELT INVESTMENT DRIVERS Market Leadership in a Structurally Growing We operate in a large, expanding rental industry where long-term Industry structural trends create significant opportunity Our scale, dense network, Specialty breadth, solutions, technology-enabled systems, Distinct Competitive A
Slide 26: Appendix
APPENDIX
Slide 27: Reconciliation - Segment Operating Profit (Quarter)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - SEGMENT OPERATING PROFIT (QUARTER) North America North America United ($ in millions) – General Tool – Specialty Kingdom Three Months Ended April 30, 2026 Equipment rentals 1,438 884 198 Sales of rental equipment 102 17 1
Slide 28: Reconciliation - Segment Operating Profit (Year)
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - SEGMENT OPERATING PROFIT (YEAR) North America North America United ($ in millions) – General Tool – Specialty Kingdom Year Ended April 30, 2026 Equipment rentals 6,013 3,505 802 Sales of rental equipment 324 77 50 Sales o
Slide 29: Reconciliation - Dollar Utilization
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - DOLLAR UTILIZATION As of April 30, Dollar utilization 2026 2025 North America – General Tool 47% 48% North America – Specialty 75% 73% United Kingdom 53% 53% Full-year results | April 30, 2026 29
Slide 30: Reconciliation - Adjusted Operating Profit and Margin
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED OPERATING PROFIT AND MARGIN Three Months Ended Year Ended April 30, April 30, ($ in millions) 2026 2025 2026 2025 Operating income 410 516 2,181 2,499 Other income (expense), net 2 7 7 (4) Amortization of acquire
Slide 31: Reconciliation - Adjusted Pre-Tax Profit
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED PRE-TAX PROFIT Three Months Ended Year Ended April 30, April 30, ($ in millions) 2026 2025 2026 2025 Net income 226 329 1,325 1,553 Provision for income taxes 90 98 476 517 Amortization of acquired intangibles 28
Slide 32: 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 Year Ended April 30, April 30, ($ in millions, unless otherwise stated) 2026 2025 2026 2025 Net income 226 329 1,325 1,553 Provision for in
Slide 33: Reconciliation - Adjusted EPS
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED EPS Three Months Ended Year Ended April 30, April 30, ($ per share amounts) 2026 2025 2026 2025 Basic earnings per share 0.55 0.76 3.15 3.56 Amortization of acquired intangibles 0.07 0.06 0.27 0.26 Stock based co
Slide 34: Reconciliation - Adjusted 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 April 30, ($ in millions, unless otherwise stated) 2026 2025 Net income1) 1,325 1,553 Adjusted operating profit2) 3) 2,500 2,615 Net assets 7
Slide 35: Reconciliation - Free Cash Flow
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - FREE CASH FLOW Three Months Ended Year Ended April 30, April 30, ($ in millions) 2026 2025 2026 2025 Net cash provided by operating activities 950 989 3,784 3,844 Payments for purchases of rental equipment (402) (197) (1,
Slide 36: Reconciliation - Net Debt
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - NET DEBT As of April 30, ($ in millions) 2026 2025 Total debt1) 7,583 7,500 Cash and cash equivalents (29) (21) Net debt 7,554 7,479 1) Total debt includes outstanding amounts under our ABL Facility and Senior Notes. Full
Slide 37: Reconciliation - Net Leverage
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - NET LEVERAGE As of April 30, ($ in millions) 2026 2025 Net income1) 1,325 1,553 Adjusted EBITDA2) 3) 4,677 4,752 Total debt4) 7,583 7,500 Net debt5) 7,554 7,479 Debt to net income ratio 5.7x 4.8x Net leverage 1.6x 1.6x 1)
Sunbelt Rentals Holdings — Q4 2026 Earnings Presentation on 6ix