Slide 1: Investor Presentation
Investor Presentation May 13, 2026
Slide 2: Disclaimer
Disclaimer Therefore, these measures should not be Forward-Looking Statements While management believes the information Should one or more of these risks or uncertainties This presentation includes forward-looking considered in isolation or as an alternative to underlying such estimates and projecti
Slide 3: Contents
Contents Key Highlights Market Opportunity About EquipmentShare T3 Technology OWN Program Financial Review & Outlook Appendix 3
Slide 4: EquipmentShare At A Glance
EquipmentShare At A Glance Operating at Scale1 $9.1B 407 8,502 OEC Under Management2 Locations3 Employees Premium Financial Performance1 $989M $4.6B >50% 1Q'26 Revenue Trailing Twelve Month Revenue Mature Location Equipment Rental as of March 31, 2026 Segment EBITDA Margin Achieved in 2023, 2024, an
Slide 5: Summary Highlights
Summary Highlights 1 $16.5T addressable construction market impacted by decades of unchanged productivity 37% Rental Segment1 revenue growth with mature 2 locations delivering 55% Rental Segment Adjusted EBITDA margins and a 16.5% mature location ROIC2 3 Revolutionary T3 technology platform uniquely
Slide 6: ~122% Compound Annual Revenue Growth Rate Since Founding
Opened 385th location ~122% Compound Annual Opened first distribution center $4.4B Revenue Growth Rate $3.8B Since Founding Fastest growing U.S. equipment rental company1 Opened 200th location $2.6B Materials business launched T3 publicly launched Opened first on-site yard $1.7B Opened 100th locatio
Slide 7: EQPT owns the connected jobsite
EQPT owns the connected jobsite1 Competitors show strengths in isolated layers; T3 integrates hardware, data, and workflows into a single operating platform T3 integrates the hardware, data and workflows required to operate the full equipment lifecycle OEMs Rental Companies Construction Tech EQPT PL
Slide 8: T3-Powered Flywheel Drives Growth Strategy
T3-Powered Flywheel Drives Growth Strategy T3 Technology Generates Customer Demand & Powers ES Operations Increased productivity, transparency, and control drive customer demand and enhance our operational efficiency, logistics, and fleet management Or Si n Organic Site Expansion Enabled by Customer
Slide 9: EquipmentShare Investment Case
EquipmentShare Investment Case Attractive Market Customer Focused Solutions Opportunity and Scaled Delivery Platform • $86B U.S. construction equipment rental • Proprietary T3 technology drives contractor market size productivity by creating a connected jobsite • Top 4 rental companies have 36% mark
Slide 10: Contents
Contents Key Highlights Market Opportunity About EquipmentShare T3 Technology OWN Program Financial Review & Outlook Appendix 10
Slide 11: $16.5T Growing Market with Significant Fragmentation
$16.5T Growing Market with Significant Fragmentation Multi-trillion-dollar market opportunity with strong secular tailwinds Scale increasingly a differentiator Expansive construction market underpinned by >$7T of public and private Scaled rental companies have outpaced market growth due to the large
Slide 12: Persistent Inefficiency in Construction Drives High Costs
Persistent Inefficiency in Construction Drives High Costs Productivity growth in the U.S. construction industry continues to lag those of major sectors Construction productivity increased at an average annual rate of just 0.6% from 1947 to 20231 Value added per labor unit, constant prices Index: 100
Slide 13: Our Opportunity
CONSTRUCTION MANAGEMENT SOFTWARE & EQUIPMENT RENTAL $86B TAM1 Our Opportunity SERVICES LAUNCHED 2015 $296B TAM18 TELEMATICS & CONSTRUCTION IoT LOGISTICS & TRANSPORTATION $9B TAM2 Since 2015, success in rental and $1.2T TAM17 LAUNCHED 2016 physical distribution has fueled ROBOTICS & AUTOMATION EQUIPM
Slide 14: Contents
Contents Key Highlights Market Opportunity About EquipmentShare T3 Technology OWN Program Financial Review & Outlook Appendix 14
Slide 15: EquipmentShare is Building the Future of Construction Driving Contractor Productivity
EquipmentShare is Building the Future of From Inefficient Jobsites… …To A Smarter Way to Build Construction Driving Minimal Visibility Equipment, people, and materials organized Productive, Connected Jobsite Equipment, crew, tools, and materials Contractor Productivity on paper. Little to no live da
Slide 16: EquipmentShare has a "First-of-Kind" Business Model
EquipmentShare has a “First-of-Kind” Business Model Industry disruptor with a differentiated, flywheel approach to solving construction’s most persistent problems Our Competitive Edge Equipment Rental Purpose-built T3 platform, combined with the infrastructure Services of an equipment rental incumbe
Slide 17: Expansive and Growing National Footprint
Expansive and Growing National Footprint 407 operational locations1, strategically located in high-growth markets 97% 45 Rental Revenue Driven by Organic States with Operational Locations3 Site Growth2 22 296 New Sites Added in Q1 2026 New Employees Added in Q1 2026 Houston MSA Spotlight Expansion o
Slide 18: Model EquipmentShare Rental Site
Model EquipmentShare Rental Site Key features of an illustrative mature rental site 1 IOS Property Optimized site selection eliminates coverage redundancy • 5-acre, industrial outdoor storage yard, 2,500 sqft office, and 10,000 sqft shop • Triple net lease on in-demand IOS site (extremely low vacanc
Slide 19: Unit Economics of a Model Mature EquipmentShare Rental Site
Unit Economics of a Model Mature EquipmentShare Rental Site Targeting meaningful EBITDA expansion as adjacencies mature Highly Attractive Site economics Adjacency Opportunities Long-Term Targets Per rental site average unit economics of ES Long-term target unit economics of SG&A Total target unit ec
Slide 20: Demonstrated Ability to Drive Unit Economics Alongside Rapid Growth
Demonstrated Ability to Drive Unit Economics Alongside Rapid Growth Equipment Rental and Services Segment EBITDA Margin by Maturity Cohort Equipment Rental and Services Segment EBITDA Margin for Equipment Rental and Services Segment EBITDA for Rental Sites Q1 2026 TTM Q1 2026 TTM $2.5M avg. new mark
Slide 21: Organic Site Expansion Powered by Existing Customers
Organic Site Expansion Powered by Existing Customers Target of 700 rental branches by 2030 Over 75% of New Sites’ Year 1 Revenues ($MM) from Existing Customers Existing customer demand underpins growing market share at new sites1 Existing Customer Revenue New Customer Revenue $75.0 $50.0 $25.0 $– 1
Slide 22: Broad Customer Base Supporting Growth
Broad Customer Base Supporting Growth Diversified,resilient customers... 5% 7% Intentionally serving customers supporting large industrial, infrastructure, and non-residential construction projects Industry 26% Segment1 Non-Residential, Infrastructure, Government Industrial 61% Residential Non-Resid
Slide 23: Renting to 80% of Active Mega Projects in Serviceable Footprint
Renting to 80% of Active Mega Projects in Serviceable Footprint1 >$5T opportunity in EquipmentShare regions With >80% of active and planned mega projects already in serviceable range of our existing markets, our continued expansion is expected to unlock even greater coverage and accelerate market pe
Slide 24: On-Site Yards Redefine Efficiency for Complex Mega Projects
On-Site Yards Redefine Efficiency for Complex Mega Projects Fit-for-purpose in high-growth industries Scalable Equipment 1 On-demand fleet fulfillment for thousands of assets Data-Driven Insights 2 Real-time data from T3 to optimize jobsite performance Service and Logistics 3 Rapid maintenance fleet
Slide 25: Over 90% of the Top 50 General Contractors Rent with EquipmentShare
Over 90% of the Top 50 General Contractors Rent with EquipmentShare Source: ENR top 50 general contractors from 2025 Top 400 Contractors list, 2024 EquipmentShare annual revenue 25
Slide 26: Proven Platform Enhances Customer Experience
Proven Platform Enhances Customer Experience Top 30 ENR General Contractor1 Top 10 ENR General Contractor1 Top Global Automotive Manufacturer +$5B revenue +$10B revenue +$90B revenue2 High engagement High engagement High engagement “Their onsite availability and readiness have allowed us “We chose t
Slide 27: Contents
Contents Key Highlights Market Opportunity About EquipmentShare T3 Technology OWN Program Financial Review & Outlook Appendix 27
Slide 28: T3 Platform is a Differentiator
T3 Platform is a Differentiator Complete sensor-to-server platform of web applications and connected hardware Software developed in-house by over 300 engineers and product team members1 Fleet: Advanced telematics for live Work Orders: Centralized and fleet management streamlined service hub Time Tra
Slide 29: One Asset, Millions of Data Points
One Asset, Millions of Data Points Telemetry data is consumed from several sensors on every machine, working together to deliver real time status, diagnostics, and insight EquipmentShare managed service team Rental business, customers, and OEMs benefit from data, benchmarks, and proactively monitors
Slide 30: T3 is a Win-Win for EquipmentShare and Customers
T3 is a Win-Win for EquipmentShare and Customers Rental Customers Efficient Fleet & Logistics Reduced Downtime Real-time visibility customer demand and Equipment “just works” because real-time uptime to load balance across rental sites monitoring rapidly deploys predictive service Lower Maintenance
Slide 31: T3 Engagement Drives National Account Stickiness
T3 Engagement Drives National Account Stickiness Average Rental Spend per Customer Type (2025)1 High + Medium Engagement 47% High Engagement Medium Engagement Low Engagement No Engagement 6x higher rental spend 47% of rental revenues come from 600K from high T3 engagement 2 customers who engage with
Slide 32: EquipmentShare T3 Differentiation in Action
EquipmentShare T3 Differentiation in Action From analog, unsafe, and reactive… … to connected, secure, and predictive Equipment Access Physical keys that start any machine readily Cloud-connected keypads that protect the equipment from only being available for under $20 started by operators with aut
Slide 33: T3 Transforms Access Control
T3 Transforms Access Control From cheap, universal keys to cloud-connected keypads managed on T3 Fleet software Increased Safety Customer-created, operator-specific key codes ensures only qualified personnel use equipment Reduced Costs Secured from universal keys, reducing theft-related replacement,
Slide 34: Singularly Positioned to Leverage AI at Scale
Singularly Positioned to Leverage AI at Scale Connecting an estimated 6.4 billion daily data points1 directly to field operations Rich, proprietary data Estimated 6.4 billion proprietary, daily data points collected in T31. Data is high-quality and multi- modal collected across equipment and custome
Slide 35: Contents
Contents Key Highlights Market Opportunity About EquipmentShare T3 Technology OWN Program Financial Review & Outlook Appendix 35
Slide 36: T3-Powered Flywheel Drives Growth Strategy
T3-Powered Flywheel Drives Growth Strategy T3 Technology Generates Customer Demand & Powers ES Operations Increased productivity, transparency, and control drive customer demand and enhance our operational efficiency, logistics, and fleet management Or Si n Organic Site Expansion Enabled by Customer
Slide 37: OWN Program Lifecycle
OWN Program Lifecycle Equipment costs off balance sheet, while maintaining operational control 1 Buy new equipment Leverage buying power to purchase new equipment from OEMs at industry-leading prices 2 Place new equipment Absorb new equipment into rental fleet and start into rental fleet renting to
Slide 38: Deep Pools of Capital Aligned to Strategic OWN Contract Terms
Deep Pools of Capital Aligned to Strategic OWN Contract Terms OWN Program Participants Third-Party Participants Capital Sources Program Benefits High-net-worth individuals Traditional lending Levered equity returns Family offices Asset-backed securities markets Tax benefits, such as accelerated depr
Slide 39: T3 Underpins Core Tenants of the OWN Program
T3 Underpins Core Tenants of the OWN Program Real-Time Visibility OWN Program participants Theft Resistance can use T3 to track location, Cloud-connected access utilization, and service history control tracks location, of their equipment, securing ensures event-based access, collateral in real-time
Slide 40: Illustrative Comparison of OWN Program and On Balance Sheet Cash Flows
Illustrative Comparison of OWN Program and On Balance Sheet Cash Flows ES On-Balance Sheet ES On Balance OWN Sheet Program1 • Illustrative $100 OEC purchase funded with 75% Cumulative over 7-years ABL debt and 25% bond debt2 • Asset sale value equal to approximately 54% of Illustrative OEC $100 $100
Slide 41: Superior ROIC for Mature Rental Sites
Superior ROIC for Mature Rental Sites Capital efficient OWN Program drives best-in-class ROIC Mature Site Differentiators Capital-Light Fleet T3 Cloud-Connected Strong Customer Growth via OWN Program Access Control Demand T3 Predictive AI-Powered Procurement Strategic Site Selection Maintenance Matu
Slide 42: Contents
Contents Key Highlights Market Opportunity About EquipmentShare T3 Technology OWN Program Financial Review & Outlook Appendix 42
Slide 43: Financial Performance Highlights
Financial Performance Highlights 1 Customer-driven organic growth continues to drive market share gains Over 50% mature-site margins and 16.5% ROIC1 2 highlight strong rental site unit economics 3 T3 is driving customer pull-through, with highly engaged customers spending ~6x more Large, complex pro
Slide 44: Premium Financial Profile at Scale
Premium Financial Profile at Scale Annual Midpoint of Guidance Range Full-Service Rental Locations OEC Under Management1 Total Revenue Adjusted Core EBITDA2 (Billions) (Billions) (Billions) $5.4 $1.9 431 $10.7 $1.7 $4.4 352 $8.8 $3.8 $1.3 267 $6.6 $1.0 $5.4 $2.6 190 2023 2024 2025 2026 2023 2024 202
Slide 45: Financial Summary
Financial Summary Q1 2026 Financials Three Months Ended Twelve Months Ended March 31, March 31, ($ in millions, except for operational locations) 2026 2025 % change 2026 2025 % change Total revenue $989 $716 38% $4,652 $3,865 20% Equipment Rental and Services Operations $764 $556 37% $2,932 $2,154 3
Slide 46: EBITDA, Core EBITDA, Adjusted Core EBITDA
EBITDA, Core EBITDA, Adjusted Core EBITDA $, Millions March 31, 2026 EBITDA1 $132 (+) OWN Program payouts, operating lease expenses $223 (+) Other miscellaneous2 $(7) Core EBITDA1 $349 (+) New market start-up costs3 $50 Adjusted Core EBITDA1 $399 Net Debt $2,828 + OWN Equipment Appraised Value $4,03
Slide 47: Segment Adjusted EBITDA, Core EBITDA
Segment Adjusted EBITDA, Core EBITDA March 31, 2026 $, Millions Equipment Rental and Equipment Sales All Other Total Services Operations Equipment rental, parts, and services $760 $– $– $760 Equipment sales $– $179 $– $179 Telematics $4 $– $27 $31 Sales of building materials, small tools, and hardwa
Slide 48: 2026 Outlook
2026 Outlook Updated Key Metric Prior Guidance Guidance Full-Service Rental Locations 427 - 435 421 - 429 OEC1 $10,150 - $11,200 $9,975 - $11,025 Total Revenue $5,147 - $5,575 $5,051 - $5,471 Rental Segment2 Revenue $3,366 - $3,642 $3,311 - $3,587 OWN Program Payouts $906 - $962 $891 - $947 Adjusted
Slide 49: 2030 Targets
2030 Targets Key Metric 2030 Targets Full-Service Rental Locations 700 sites OEC1 $20B OWN as a % of OEC1 ~50% Mature Site2 EBITDA Margins >50% Mature Site2 ROIC3 >20% 1) Original equipment cost (OEC), which is defined as Owned OEC, plus Operating Lease OEC, plus OWN Program OEC 2) Mature sites refe
Slide 50: Capital Allocation Strategy and Financial Framework
Capital Allocation Strategy and Financial Framework Prioritize high-ROIC growth and financial flexibility Reinvest for Organic Growth • Continue successful greenfield growth strategy toward 2030 goal of 700 sites • Utilize mix of on-balance sheet and OWN Program funding to manage capital needs • Inv
Slide 51: Contents
Contents Key Highlights Market Opportunity About EquipmentShare T3 Technology OWN Program Financial Review & Outlook Appendix 51
Slide 52: One of the Industry's Youngest, Most-Connected Fleets
One of the Industry’s Youngest, Most- Connected Fleets $9.1B fleet, increasing in specialty mix – from 18-months younger fleet than rental industry-leading OEMs1 peers2 General Rental Specialty 49-months 16% 15% Q1 2024 Q1 2026 31-months $5.7B $9.1B 85% 84% EquipmentShare Peers 1) Measured in OEC 2)
Slide 53: Estimated Rental OEC Need
Estimated Rental OEC Need ~$185B in New, Rental OEC Estimated by 2030 in U.S. Market1 $, Billions $8 $185 We estimate that the total rental $38 equipment market is expected to onboard approximately $185B of equipment over the next five years, $139 offering substantial room for continued fleet growth
Slide 54: Resilient Business Model Through Industry Cycles
Resilient Business Model Through Industry Cycles EquipmentShare’s differentiated business model and T3 platform uniquely position the company to grow regardless of industry cycles. Multiple Levers to Create Resilience 2008 - 2009 Peer Downturn Management 01 Delay New Site Openings Revenue growth and
Slide 55: Disciplined Debt Management
Disciplined Debt Management Simple funding structure with limited near term maturities Prudent balance sheet management to meet business objectives Debt Maturity Profile1 Maintain strong liquidity to fuel growth... As of March 31, 2026 $1,605 $1,039 $999 $0.2B of Net Rental CAPEX in 2026 Cash & >2x
Slide 56: OEC Under Management
OEC Under Management ($ in millions) 2023 2024 2025 1Q'26 Owned OEC $ 3,004 $ 3,021 $ 3,740 $ 3,930 Operating Lease OEC 565 143 98 79 OWN Program OEC 1,854 3,437 4,942 5,056 Total OEC $ 5,423 $ 6,601 $ 8,780 $ 9,065 56
Slide 57: Reconciliations for Non-GAAP Measures (1 of 4)
Reconciliations for Non-GAAP Measures (1 of 4) EBITDA, Core EBITDA, Adjusted Core EBITDA December 31, 2025 $, Millions 2023 2024 2025 1Q'26 Net income $ 17 $ 3 $ 40 $ (29) Plus: Provision for income taxes 4 3 14 (32) Plus: Depreciation and amortization 295 332 365 104 Plus: Interest Expense 213 261
Slide 58: Reconciliations for Non-GAAP Measures (2 of 4)
Reconciliations for Non-GAAP Measures (2 of 4) Net Leverage Ratio, Post IPO Proceeds Pro-Forma Net Leverage Ratio $, Millions March 31, 2026 Long-term debt, net of current portion, original issue discounts, and debt issuance costs 3,077 Finance lease liabilities, net of current portion (Equipment) 3
Slide 59: Reconciliations for Non-GAAP Measures (3 of 4)
Reconciliations for Non-GAAP Measures (3 of 4) NOPAT, Mature Site ROIC December 31, 2025 Equipment Rental and Services Operations & Equipment Sales $, Millions Segments Invested Capital Mature Growth All other Total Company Total debt, finance leases (equipment), and financing obligations (equipment
Slide 60: Reconciliations for Non-GAAP Measures (4 of 4)
Reconciliations for Non-GAAP Measures (4 of 4) Adjusted Net (Loss) Income, Adjusted EPS Three Months Ended Twelve Months Ended March 31, March 31, 2026 2025 2026 2025 Net (loss) income $ (29) $ (48) $ 58 $ (5) Plus: IPO Founders Awards Stock Compensation Expense 17 – 17 – Adjusted net (loss) income
Slide 61: Glossary (1 of 2)
Glossary (1 of 2) We provide this glossary to help those reading understand the industry and other technical terms that are used in this presentation. For many of these terms, there is no generally accepted definition in this glossary, we present our definition of such terms as used in this presenta
Slide 62: Glossary (2 of 2)
Glossary (2 of 2) We provide this glossary to help those reading understand the industry and other technical terms that are used in this presentation. For many of these terms, there is no generally accepted definition in this glossary, we present our definition of such terms as used in this presenta
Slide 63: "Our Opportunity" Footnotes for Referenced Market Sizes
“Our Opportunity” Footnotes for Referenced Market Sizes Sources: 1) ARA Rentalytics Forecast, December 2025. 2) IBISWorld, Fleet Telematics Systems in the US, April 2025. 3) IBISWorld, Industrial Machinery & Equipment Wholesaling in the US, April 2025. 4) IBISWorld, Machinery Maintenance & Heavy Equ
Slide 64: Contact US
Contact US For additional information, please contact: Rhett Butler VP, Investor Relations ir@equipmentshare.com 64
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