Q2 2026 Earnings Presentation

Over 100 years of operations

locations

countries

TTM revenue

employees

vehicles

annual rentals

INVESTOR PRESENTATION | Q2 2026

*includes company operated and franchisee locations

Note: Data For Full Year 2025 except where stated 3

Multiple brands provide customers a full range of mobility services

METRIC TARGET COMMENTARY

Depreciation per unit per month (DPU)

Revenue per unit per month (RPU)

Under $300

Over $1,500

• Maintain Buy Right, Hold Right, Sell Right strategy

• ~94% of U.S. Core fleet is model year 2025 and 2026

• Achieved Q2 DPU of $302 and targeting ~$300 full year 2026

• Continued focus on optimizing car sales disposition channels

• Improving customer experience

• Generating durable demand from higher margin channels

• Improving pricing tactics and strategies

• Improving monetization of higher RPU assets

• Better value-added product sales

• Optimizing local-level profitability

• Continuing to optimize fleet utilization

  MANAGE COSTS

Direct Operating Expense (DOE) per

Transaction Day Low $30s

• Continuing to drive productivity initiatives

• Labor productivity and workforce planning

• Improved procurement and contract management

• Footprint and facility optimization

• Leveraging technology and data insights to improve operational efficiency

  
  
  

  	Q2 2025		Q2 2026		COMMENTARY
  REVENUE . . . . . . . . . . . . . . . . . .	$2.2B		$2.4B	10%	Strong RPD on 1% smaller fleet
  RPU . . . . . . . . . . . . . . . . . . . . . . .	$1,429		$1,542	8%	Strong RPD coupled with high total utilization despite elevated recalls
  RPD . . . . . . . . . . . . . . . . . . . . . . .	$56.89		$61.98	9%	Execution of commercial strategy initiatives and healthy consumer demand
  TRANSACTION DAYS . . . . . . .	38.7M		38.6M	-%	Days in line despite smaller fleet and elevated recalls
  AVG. FLEET . . . . . . . . . . . . . . . .	545K		539K	(1)%	More efficient fleet enabled by high total utilization
  UTILIZATION . . . . . . . . . . . . . . .	83%		82%	(80) bps	Recall headwind of 200 bps partially offset by improved asset efficiency

  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

  TOTAL UTILIZATION . . . . . . . .	78%	79%	80 bps
  DPU . . . . . . . . . . . . . . . . . . . . . . .	$256	$302	18%
  ADJ. DOE/TRANS. DAY . . . . .	$36.13	$37.49	4%
  ADJ. CORP. EBITDA . . . . . . . .	$18M	$81M	350%
  ADJ. FREE CASH FLOW . . . .	$327M	$162M	(50)%

  Improved asset efficiency and streamlined car sales throughput mitigating

  200 bps recall impact

  
  
  

  Healthy fleet coupled with stable vehicle residuals; prior year influenced by outsized benefit from tariffs

  
  
  

  Higher revenue-related variable costs and expenses related to SLB's; When normalizing for these factors and the days impact of recalls, Adj. DOE per day improved approximately 2% year over year

  
  
  

  Margin improvement driven by RPD growth partially offset by higher vehicle

  carrying costs

  Prior year fleet rotation had outsized benefit from tariff environment partially offset by higher cash flows from operating activities in 2026

  See Appendix for definitions of key metrics and reconciliations of non-GAAP measures to the most directly comparable GAAP measure where applicable.

  GLOBAL Q 2 RESULTS - YEAR OVER YEAR
  
  

  NON-VEHICLE DEBT MATURITY PROFILE *

  LIQUIDITY POSITION

  $2,511 $2,532

  $775

  $209

  $18

  2026 2027 2028 2029 2030

  dollars in millions

• Liquidity of $984M as of June 30, 2026

  • $628M of unrestricted cash

  • $356M available under First Lien RCF

• $1.0B of excess fair market value cushion in ABS facilities globally

• We expect to end 2026 with liquidity of $1.0-$1.4B with additional levers available to fund future growth initiatives

  • Company is not forecasting any ATM proceeds in its liquidity guidance

  • Company intends to repay its upcoming December maturities in cash

  • Company expects to be free cash flow positive in the second half of 2026 and for the full year of 2027

*Non-vehicle debt maturity profile as of June 30, 2026. As of June 30, 2026, total non-vehicle debt was $6,037 million. The chart excludes $12 million of other non-vehicle debt that is comprised of finance lease obligations and the $245 million Term C Loan (maturing June 2028) since the cash is restricted to collateralize letters of credit.

Hertz Global Holdings, Inc.

Investor Relations 8501 Williams Rd, Estero, FL 33928

Investorrelations@hertz.com

INVESTOR PRESENTATION | Q2 2026 9

HERTZ GLOBAL HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURE - ADJUSTED CORPORATE EBITDA

Adjusted Corporate EBITDA represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; non-vehicle depreciation and amortization; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; net (gains) losses on financial instruments; share-based compensation expense; foreign currency (gains) losses; gain on sale of non-vehicle capital assets; change in fair value of Public Warrants; and certain other miscellaneous items.

Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to Revenues.

Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company's annual operating budget and monthly operating reviews, and analysis of investment decisions, profitability and performance trends.

These measurements enable management and investors to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. When evaluating our operating performance, investors should not consider Adjusted Corporate EBITDA in isolation of, or as a substitute for, measures of our financial performance determined in accordance with U.S. GAAP. The reconciliations to the most comparable consolidated U.S. GAAP measure are presented herein.

(A) Effective in the first quarter of 2026, we revised our definition of Adjusted Corporate EBITDA to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses. The update to Adjusted Corporate EBITDA is to better reflect management's view of ongoing operations and its assessment of our operational performance. The presentation of the prior period has been recast to conform to the current period presentation.

HERTZ GLOBAL HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES - ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW

Adjusted operating cash flow represents net cash provided by operating activities net of the non-cash add back for vehicle depreciation and reserves, and exclusive of bankruptcy related payments made post emergence. Adjusted operating cash flow is important to management and investors as it provides useful information about the amount of cash generated from operations when fully burdened by fleet costs.

Adjusted free cash flow represents adjusted operating cash flow plus the impact of net non-vehicle capital expenditures and net fleet growth after financing. Adjusted free cash flow is important to management and investors as it provides useful information about the amount of cash available for, but not limited to, the reduction of non-vehicle debt, share repurchase and acquisition. When evaluating our operating performance, investors should not consider Adjusted Corporate Operating Cash Flow or Adjusted Free Cash Flow in isolation of, or as a substitute for, measures of our financial performance determined in accordance with U.S. GAAP. The most comparable GAAP measure for adjusted operating cash flow and adjusted free cash flow is net cash provided by (used in) operating activities.

Note: Global represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate

(A) Based on December 31, 2025 foreign exchange rates

(B) Effective in the first quarter of 2026, we changed our definition of Average Rentable Vehicles to use a daily average of rentable vehicles as opposed to a simple average of rentable vehicles at the beginning and end of a period. The prior period has been recast to reflect this change.

Transaction Days ("Days"; also referred to as "volume")

Transaction Days represents the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period. This metric is important to management and investors as it represents the number of revenue-generating days.

Total Revenue Per Transaction Day ("Total RPD" or "RPD"; also referred to as "pricing")

Total RPD represents revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control.

Revenue Per Unit Per Month ("RPU")

Revenue Per Unit Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency.

Total Available Car Days

Total Available Car Days represents Average Vehicles multiplied by the number of days in a given period.

Available Car Days

Available Car Days represents Average Rentable Vehicles multiplied by the number of days in a given period.

Average Vehicles ("Total Fleet Capacity" or "Capacity")

Average Vehicles is determined using a daily average of the number of vehicles in the fleet whether owned or leased by the Company.

Average Rentable Vehicles

Average Rentable Vehicles reflects Average Vehicles excluding vehicles for sale on the Company's retail lots or actively in the process of being sold through other disposition channels.

Total Vehicle Utilization ("Total Utilization")

Total Vehicle Utilization represents the ratio of Transaction Days to Total Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to total fleet capacity.

Note: Global represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate

A) Effective in the first quarter of 2026, we changed our definition of Average Vehicles to use a daily average of vehicles as opposed to a simple average of vehicles at the beginning and end of a period. The prior period has been recast to reflect this change.

1. Calculated as Transaction Days divided by Total Available Car Days.

2. Effective in the first quarter of 2026, we changed our definition of Average Rentable Vehicles to use a daily average of rentable vehicles as opposed to a simple average of rentable vehicles at the beginning and end of a period. The prior period has been recast to reflect this change.

3. Calculated as Transaction Days divided by Available Car Days.

Operational Vehicle Utilization ("Utilization")

Operational Vehicle Utilization represents the ratio of Transaction Days to Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to rentable fleet capacity.

Note: Global represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate

1. Based on December 31, 2025 foreign exchange rates

2. Effective in the first quarter of 2026, we changed our definition of Average Vehicles to use a daily average of vehicles as opposed to a simple average of vehicles at the beginning and end of a period. The prior period has been recast to reflect this change.

Depreciation Per Unit Per Month ("Depreciation Per Unit" or "DPU") Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges per vehicle per month, exclusive of the impacts of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates comparisons with other participants in the vehicle rental industry.

Note: Global represents Americas RAC and International RAC segment information on a combined basis

1. Based on December 31, 2025 foreign exchange rates

2. For Q2 2026, primarily includes restructuring related IT costs. For Q2 2025, primarily includes restructuring related IT costs and litigation reserves.

Adjusted Direct Operating Expense per Transaction Day ("Adjusted DOE per Day") Adjusted DOE per Day is calculated as Direct Operating Expenses - as reported, exclusive of the impacts of foreign currency exchange rates and adjustments for certain miscellaneous items, divided by the number of Transaction Days during the period.

Adjusted DOE per Day is important to management and investors as it measures the Company's cost efficiency on a per unit basis excluding the impact of variable direct operating expense fluctuations attributable to changes in volume, so as not to affect the comparability of underlying trends. Its most comparable GAAP measure is DOE per Transaction Day.