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EARNINGS PRESENTATION SECOND QUARTER 2025 August 7, 2025
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Forward-Looking Information This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Alta’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside Alta’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: supply chain disruptions, inflationary pressures resulting from supply chain disruptions or a tightening labor market; negative impacts on customer payment policies and adverse banking and governmental regulations, resulting in a potential reduction to the fair value of our assets; the performance and financial viability of key suppliers, contractors, customers, and financing sources; economic, industry, business and political conditions including their effects on governmental policy and government actions that disrupt our supply chain or sales channels; fluctuations in interest rates; the market price for our equipment; collective bargaining agreements and our relationship with our union-represented employees; our success in identifying acquisition targets and integrating acquisitions; our success in expanding into and doing business in additional markets; our ability to raise capital at favorable terms; the competitive environment for our products and services; our ability to continue to innovate and develop new business lines; our ability to attract and retain key personnel, including, but not limited to, skilled technicians; our ability to maintain our listing on the New York Stock Exchange; the impact of cyber or other security threats or other disruptions to our businesses; our ability to realize the anticipated benefits of acquisitions or divestitures, rental fleet and other organic investments or internal reorganizations; federal, state, and local government budget uncertainty, especially as it relates to infrastructure projects and taxation; currency risks and other risks associated with international operations; and other risks and uncertainties identified in this presentation or indicated in the section entitled “Risk Factors” in Alta’s annual report on Form 10-K and other filings with the U.S. Securities and Exchange Commission. Alta cautions that the foregoing list of factors is not exclusive, and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. Alta does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based. Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including Adjusted EBITDA, Economic EBIT, Free Cash Flow before/after RTS Decisioning, Levered Free Cash Flow after RTS Decisioning, Levered Free Cash Flow after RTS Decisioning and Return to Shareholders, organic revenue, and various cash flow metrics. Alta believes that these non-GAAP measures are useful to investors for two principal reasons. First, Alta believes these measures may assist investors in comparing performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance. Second, these measures are used by Alta’s management to assess its performance and may (subject to the limitations described below) enable investors to compare the performance of Alta to its competition. Alta believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Other companies may calculate Adjusted EBITDA, Economic EBIT, Free Cash Flow before/after RTS Decisioning, Levered Free Cash Flow after RTS Decisioning, Levered Free Cash Flow after RTS Decisioning and Return to Shareholders, organic revenue, and free cash flow and other non-GAAP financial measures differently, and therefore Alta’s non-GAAP financial measures may not be directly comparable to similarly titled measures of other companies. With regard to our historical financial information, you can find the reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in the Appendices at the end of this presentation. Alta is not providing a quantitative reconciliation of Non-GAAP Adjusted EBITDA guidance or Free Cash Flow before RTS Decisioning guidance because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated without unreasonable effort and expense. Specifically, Alta does not provide a reconciliation of forward-looking Non-GAAP Adjusted EBITDA to GAAP net income, due to the inherent difficulty in forecasting and quantifying certain items that are necessary for such reconciliation. Certain adjustments for non-GAAP exclusions used to calculate projected GAAP net income may vary significantly based on actual events and Alta is not able to forecast on a GAAP basis with reasonable certainty all adjustments needed in order to provide a GAAP calculation of projected net income at this time. The amounts of these adjustments may be material and, therefore, could result in projected GAAP net income being materially less than is indicated by projected Non-GAAP Adjusted EBITDA.or Free Cash Flow before RTS Decisioning. Information in this presentation is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. 2 LEGAL DISCLAIMERS
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Agenda 3 AGENDA & INTRODUCTION CEO Overview Q2 2025 Results Business Conditions Strategy and Execution CFO Overview Q2 2025 Quarterly Financial Analysis Rental Fleet Summary Free Cash Flow Performance Capital Structure and Debt Summary Capital Allocation Strategy FY2025 Guidance Supplemental Information Appendices Question and Answer Session Executive Officers: Ryan Greenawalt, CEO & Tony Colucci, CFO INTRODUCTION Earnings Presentation | Second Quarter 2025 | August 7, 2025
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CEO OVERVIEW 4 Ryan Greenawalt Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Q2 2025 Revenue Of $481.2 million, a $58.2 million sequential increase over Q1 2025,a slight decrease of $6.9 million from Q2 2024 Construction and Material Handling Revenue Of $300.7 million and $160.7 million, respectively New and Used Equipment Sales Increased $14.2 million or 5.6%, totalling $265.6 million for the current quarter Construction Segment Service Gross Margins Increased 290 basis points year over year on strong operating efficiency Product Support Revenue Increased $2.4 million sequentially to $140.5 million for the quarter, a slight decrease of (2.6)% from a year ago Selling, General and Administration Expenses Decreased $12.2 million year over year on the execution of various optimization measures Adjusted EBITDA Of $48.5 million for the quarter compared to $50.3 million a year ago, and $82.1 million YTD 5 Q2 2025 Results: Solid sequential financial results despite uncertain macroenvironment driven by tariffs and trade policy. Continued execution on cost optimization initiatives and focused on driving returns on invested capital. CEO OVERVIEWCEO OVERVIEW Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Solid Industry Fundamentals 1Industrial Spending forecast remains high; $513 billion in ’24 to $525 billion in ‘28 2Infrastructure starts forecast to grow from $327 billion in ’24 to $379 billion in ‘28 3Federal infrastructure spending (IIJA $1.2 trillion) just reaching middle stage; bulk of spending forecast to occur in ’25-’26, Florida third largest committed funding state 4Total State DOT spending remains elevated in key FL, NY , IL markets 5US ISM PMI increased 50 bps sequentially to 49.0% in June 6Non-Residential Construction Starts forecast to increase from $447 billion in ‘24 to $482 billion in ’25, $489 billion in ’26, $518 billion in ’27, $552 billion in ’28 Alta Well Positioned In a Variety of Market Conditions Dealership model with distinct advantages during cyclical fluctuations: OEM agreements provide protected service geographies and exclusive rights to equipment and parts Multiple sales channels, expert sales and product support staff to service each business line Parts and service resilient to changing market and economic conditions Flexible rental model provides customers an alternative to up-front capital investment Attractive geographic footprint (Northeast, Midwest, Florida, Ontario and Quebec) 6 Business Conditions : CEO OVERVIEW Forecasts and trends related to our Construction and Material Handling segments remain stable . Fully - funded infrastructure projects offset fluctuations in private non - residential construction markets. Reshoring of manufacturing an expected tailwind in the Material Handling segment. Earnings Presentation | Second Quarter 2025 | August 7, 2025 1. IIR, June 2025 2. Dodge Analytics U.S., June 2025. 3. Stifel/Baird Industrial Research, American Roads and Transportation Builders Association (ARTBA) 4. Thompson Research Group 5. Institute for Supply Management 6. Dodge Analytics U.S., June 2025.
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7 Strategy and Execution: Demonstrated ability to grow and maintain the business both organically and through acquisition, while generating cashflow and focusing on core business lines. CEO OVERVIEW Strategic Value-Creation Proven acquisition and integration track record; closing 17 acquisitions adding $543 million in total revenue and $66 million in EBITDA at accretive multiples (since IPO in 2020) Increased locations from 43 to 87 throughout Michigan, Indiana, Ohio, Illinois, Massachusetts, Maine, New Hampshire, Connecticut, New York, Vermont, Florida, Virginia, Rhode Island, Nevada, Pennsylvania, Ontario, and Québec Dealership platform with parts and service capabilities drives recurring revenue from field population within Alta’s territories Total employees have grown from ~1,700 to ~2,900; technician count grew from ~850 to ~1,300 Significant investment made in scalable infrastructure Actively pursuing accretive acquisitions and emerging markets to complement core dealership competency Potential divestiture of non-core assets to support capital redeployment toward value-accretive growth/returns Consolidate independent dealers for key OEMs and target those with highly-skilled technicians Generate operating leverage by acquiring businesses that can be improved by Alta’s product portfolio, systems, and processes Acquire new OEM relationships to offer additional brands and expand equipment product suite, such as brownfield opportunity to distribute CASE Construction equipment in Western PA Selectively expand into complementary services to claim greater share of customer wallet as well as enter new business segments that fit well with our dealership structure M&A Objectives Earnings Presentation | Second Quarter 2025 | August 7, 2025
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8 Tony Colucci CFO OVERVIEW Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Q2 2025 Quarterly Financial AnalysisCFO OVERVIEW 99 New/used equipment 55% Parts 16% Service 13% Rental 10%Rental equipment sales 6% Q2 2025 Revenue by Department Construction 63% Material Handling 33% Master Distribution 4% $481.2MM Q2 2025 Revenue Total Company • Total revenue declined $6.9MM, or (1.4)%, from $488.1MM to $481.2MM • Product support revenue of $140.5MM for Q2 2025 versus $144.2MM in Q2 2024, a decrease of $3.7MM, or (2.6)% • Rental revenue decline of $7.4MM, or (13.8)%, on ~$42.0MM fewer rental fleet assets on average between Q2 2025 and Q2 2024 • Service gross profit percentage of 59.8%, 40bps higher than Q2 2024 • SG&A expenses reduced $12.2MM, or 10.6%, when compared to Q2 2024 • Adjusted EBITDA of $48.5MM, with an Adjusted EBITDA margin of 10.1%, a decrease of 0.2% from Q2 2024 Three Months Ended June 30, Increase (Decrease) 2025 2024 2025 versus 2024 Adjusted EBITDA [1] $ 48.5 $ 50.3 (3.6)% Adjusted EBITDA [1] % 10.1% 10.3% (0.2)% [1] Non-GAAP Measure Total Company Earnings Presentation | Second Quarter 2025 | August 7, 2025 Three Months Ended June 30, Increase (Decrease) 2025 2024 2025 versus 2024 Revenues: New and used equipment sales $ 265.6 $ 251.5 5.6% Parts sales 75.6 78.0 (3.1)% Service revenues 64.9 66.2 (2.0)% Rental revenues 46.3 53.7 (13.8)% Rental equipment sales 28.8 38.7 (25.6)% Total Revenues 481.2 488.1 (1.4)% Gross Profit Percentage: New and used equipment sales 14.0% 15.7% (1.7)% Parts sales 32.9% 34.7% (1.8)% Service revenues 59.8% 59.4% 0.4% Rental revenues 30.5% 31.1% (0.6)% Rental equipment sales 25.7% 24.0% 1.7% Total Gross Profit % 25.4% 27.0% (1.6)% Total Gross Profit $ 122.3 $ 132.0 (7.3)%
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Q2 2025 Quarterly Financial AnalysisCFO OVERVIEW 1010 Material Handling • Total revenue declined $14.9MM, or (8.5)%, from $175.6MM to $160.7MM • Product support revenue of $57.0MM for Q2 2025 versus $62.6MM in Q2 2024, a decrease of $5.6MM, or (8.9)% • Rental revenue decline of $2.5MM, or (12.5)%, on reduced fleet utilization • Gross profit percentage of 32.7%, decreased 120bps versus Q2 2024 • SG&A expenses reduced $2.6MM, or (5.6)%, when compared to Q2 2024 • Adjusted EBITDA of $16.8MM, with an Adjusted EBITDA margin of 10.4%, a reduction of 1.1% from Q2 2024 Three Months Ended June 30, Increase (Decrease) 2025 2024 2025 versus 2024 Revenues: New and used equipment sales $ 81.9 $ 90.2 (9.2)% Parts sales 23.7 26.9 (11.9)% Service revenues 33.3 35.7 (6.7)% Rental revenues 17.5 20.0 (12.5)% Rental equipment sales 4.3 2.8 53.6% Total Revenues 160.7 175.6 (8.5)% Gross Profit Percentage: New and used equipment sales 17.5% 18.7% (1.2)% Parts sales 38.0% 37.9% 0.1% Service revenues 58.0% 59.9% (1.9)% Rental revenues 46.3% 50.0% (3.7)% Rental equipment sales 41.9% 35.7% 6.2% Total Gross Profit % 32.7% 33.9% (1.2)% Total Gross Profit $ 52.5 $ 59.5 (11.8)% Three Months Ended June 30, Increase (Decrease) 2025 2024 2025 versus 2024 Adjusted EBITDA [1] $ 16.8 $ 20.2 (16.8)% Adjusted EBITDA [1] % 10.4% 11.5% (1.1)% New/used equipment 51% Parts 15% Service 21% Rental 11% Rental equipment sales 2% Q2 2025 Revenue by Department [1] Non-GAAP Measure Material Handling Segment Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Q2 2025 Quarterly Financial AnalysisCFO OVERVIEW 1111 Construction • Total revenue increased $5.8MM, or 2.0%, from $294.9MM to $300.7MM • Product support revenue of $80.4MM for Q2 2025 versus $79.5MM in Q2 2024, an increase of $0.9MM, or 1.1% • Rental revenue decline of $4.5MM, or (13.5)%, on $42.3MM fewer rental fleet assets on average between Q2 2025 and Q2 2024 • Gross profit percentage of 21.9%, 100bps lower than Q2 2024 • SG&A expenses reduced $5.3MM, or (9.2)%, when compared to Q2 2024 • Adjusted EBITDA of $31.7MM, with an Adjusted EBITDA margin of 10.5%, a decrease of 0.1% from Q2 2024 Three Months Ended June 30, Increase (Decrease) 2025 2024 2025 versus 2024 Revenues: New and used equipment sales $ 167.0 $ 145.5 14.8% Parts sales 49.1 49.2 (0.2)% Service revenues 31.3 30.3 3.3% Rental revenues 28.8 33.3 (13.5)% Rental equipment sales 24.5 36.6 (33.1)% Total Revenues 300.7 294.9 2.0% Gross Profit Percentage: New and used equipment sales 11.7% 12.9% (1.2)% Parts sales 30.8% 31.9% (1.1)% Service revenues 62.0% 59.1% 2.9% Rental revenues 21.5% 19.8% 1.7% Rental equipment sales 22.9% 23.5% (0.6)% Total Gross Profit % 21.9% 22.9% (1.0)% Total Gross Profit $ 65.9 $ 67.6 (2.5)% Three Months Ended June 30, Increase (Decrease) 2025 2024 2025 versus 2024 Adjusted EBITDA [1] $ 31.7 $ 31.2 1.6% Adjusted EBITDA [1] % 10.5% 10.6% (0.1)% New/used equipment 56% Parts 16% Service 10% Rental 10%Rental equipment sales 8% Q2 2025 Revenue by Department [1] Non-GAAP Measure Construction Equipment Segment Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Q2 2025 Quarterly Financial AnalysisCFO OVERVIEW 1212 Master Distribution (Ecoverse) • Total revenue increased $4.2MM, or 25.1%, from $16.7MM to $20.9MM • New/used revenue increased 22.2% from Q2 2024 to $17.6MM • Product support revenue of $3.3MM, up 26.9%versus Q2 2024 • Gross profit percentage of 20.1%, 7.4% lower than Q2 2024 • SG&A expenses decreased $0.8MM or 17.4% when compared to Q2 2024 • Adjusted EBITDA of $1.1MM, with an Adjusted EBITDA margin of 5.3%, a decrease of 4.9% from Q2 2024 Three Months Ended June 30, Increase (Decrease) 2025 2024 2025 versus 2024 Revenues: New and used equipment sales $ 17.6 $ 14.4 22.2% Parts sales 3.0 2.4 25.0% Service revenues 0.3 0.2 50.0% Rental revenues 0.0 0.4 (100.0)% Rental equipment sales 0.0 (0.7) (100.0)% Total Revenues 20.9 16.7 25.1% Gross Profit Percentage: New and used equipment sales 19.3% 25.0% (5.7)% Parts sales 26.7% 50.0% (23.3)% Service revenues 33.3% n/m n/m Rental revenues 0.0% 25.0% (25.0)% Rental equipment sales 0.0% 42.9% (42.9)% Total Gross Profit % 20.1% 27.5% (7.4)% Total Gross Profit $ 4.2 $ 4.6 (8.7)% Three Months Ended June 30, Increase (Decrease) 2025 2024 2025 versus 2024 Adjusted EBITDA [1] $ 1.1 $ 1.7 (35.3)% Adjusted EBITDA [1] % 5.3% 10.2% (4.9)% New/used equipment 84% Parts 14% Service 2% Q2 2025 Revenue by Department [1] Non-GAAP Measure Master Distribution Segment Earnings Presentation | Second Quarter 2025 | August 7, 2025
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13 Construction Segment Focus: Earnings Quality Increases in 2025CFO OVERVIEW Earnings Presentation | Second Quarter 2025 | August 7, 2025 $51.6 $48.7 CE Segment 2024 YTD PF Adj. EBITDA CE Segment 2025 YTD Adj. EBITDA (5.6%) [1] CE 2024 YTD PF Adj. EBITDA adjusts for EBITDA earned in the period from divested aerial fleet business in IN/IL to present r esults more comparable to 2025 YTD Adj. EBITDA (see Appendix A) Product Support (PS) Departments YTD 2024 YTD 2025 $ Change Adj. EBITDA $9.7 $18.0 +$8.3 Selling, general and administrative expenses YTD SG&A (Non-PS) +$4.1 Rental equipment sales gross profit (i.e. gain on sale) YTD 2024 YTD 2025 $ Change Gain on sale of rental equipment $15.4 $9.5 -$5.9 While year-to-date Adjusted EBITDA for the Construction Equipment (CE) segment has slightly declined compared to 2024, the quality and composition of earnings have materially improved. The YTD 2025 performance reflects stronger contributions from the Product Support departments and benefits from a leaner cost structure across the segment. This shift enhances the sustainability and quality of EBITDA going forward, with a higher proportion tied to recurring, lower-capex generative revenue streams and lower costs overall, while 2024 results were supported primarily by non- recurring gains on the sale of rental equipment.
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Rental Fleet Summary 14 CFO OVERVIEW ($MM) Gross Book Value June 30, 2024 June 30, 2025 Inc./(Dec.) Material Handling $204.1 $214.2 $10.1 Construction – Aerial (Rent-to-Rent) 72.0 36.9 (35.1) Total Rent-to-Rent Fleet 276.1 251.1 (25.0) Construction – Earthmoving/Specialty (Rent-to-Sell) 341.1 318.4 (22.7) Total Rental Fleet $617.2 $569.5 $(47.7) Short-term investment that flexes, like inventory, to meet demand from buyers of lightly used heavy construction equipment, requiring minimal to no maintenance capex. The decision to grow/reduce fleet size is driven by market demand factors. While rental revenues from the rent-to-sell equipment is less stable vs rent-to-rent, the liquid market for light used heavy equipment, allows us to flex the fleet size quickly and optimize/support cash flows in a demand downturn. Long-term investment in primarily lift trucks and aerial fleet requiring ongoing maintenance capex to sustain rental stream and earn appropriate ROI over time Rent-to-Rent Fleet Rent-to-Sell Equipment 1 Company data June 2025 Fleet Mix: 49% Earthmoving; 37% Mtl Handling; 7% Aerial; 7% Specialty/Other CE Equipment Average Fleet Age:1 27 months Material Handling Average Fleet Age:1 49 months Earnings Presentation | Second Quarter 2025 | August 7, 2025
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15 Free Cash Flow PerformanceCFO OVERVIEW 2023 2024 2025 YTD Guidance Midpoint Target Profile 1 Adjusted EBITDA [1] $ 191.4 $ 168.3 $ 82.1 $176.5 $ 200.0 Plus: Non-Cash Operating Activities (Non-Addbacks) 2 7.3 8.0 5.6 -/- (Less): Gain on sale of Rent-to-Sell “RTS” Equipment 3 (32.6) (30.5) (9.5) (22.5) (Less): Net PPE CapEx Cashflow impact 4 (17.4) (20.4) (9.2) (21.0) (Less): Maintenance CapEx on Rent-to-Rent “RTR” Equipment 5 (13.9) (16.5) (10.5) (16.0) (Less): Cash Taxes 6 (5.7) (3.7) (3.6) (5.0) Free Cash Flow before RTS Decisioning [1] 129.1 105.2 54.9 $110.0 135.5 Proceeds from RTS Eq. Sales 7 123.5 126.1 44.8 90.0 Purchases/Transfers into RTS Fleet 8 (180.2) (120.6) (66.7) (115.0) Free Cash Flow After RTS Decisioning [1] $ 72.4 $ 110.7 $ 33.0 $ 110.5 Debt Service Cost: Cash Interest Paid in Year 9 $ (45.2) $ (64.3) $ (36.1) $ (65.0) Debt Service Coverage 1.6x 1.7x 0.9x 1.7x Levered Free Cash Flow after RTS Decisioning[1] 27.2 46.4 (3.1) 45.5 Preferred Stock Dividend 10 (3.0) (3.0) (1.5) (3.0) Common Stock Dividend 10 (7.6) (7.8) (3.9) -/- Share Repurchase 10 n/a (5.8) (6.5) -/- Levered Free Cash Flow after RTS Decisioning and Returns to Shareholders [1] $ 16.6 $ 29.8 $ (15.0) $ 42.5 1 Target profile does not constitute management guidance and assumes margin stabilization of equipment, on-going organic growth inproduct support, optimal cost structure, and normalized rental fleet replacement in steady-state 2 Inclusive of non-cash provisions for inventory obsolescence and losses on accounts receivable as well as change in fair value ofderivative instruments included within operating activities on Consolidated Statements of Cash Flows 3 Utilizing Construction Segment gain on sale, given rent-to-sell nature of segment’s fleet makeup 4 Expenditures for property and equipment net of proceeds from sale and non-cash gains/losses on sale of property and equipment included within operating and investing activities on Consolidated Statements of Cash Flows, plus financing cash flows related to finance leases (see Notes to financial statements, Note 10 - LEASES) 5 Management estimate of economic useful life replacement of rent-to-rent fleet assuming a 12-year useful life; presented without offsetting for any proceeds from sale of rent-to-rent fleet. 2025 YTD amount excludes ongoing maintenance replacement need of aerial fleet divestiture as of May 1, 2025: ~$26MM aerial GBV 6 From supplemental disclosures of cash flow information on Consolidated Statements of Cash Flows 7 Included within operating activities on Consolidated Statements of Cash Flows 8 From supplemental schedule of noncash investing and financing activities on Consolidated Statements of Cash Flows 9 From Cash paid for interest on the Statement of Cash Flows, reduced for Floor plan interest expense – new equipment which is reflected as a reduction to Adj. EBITDA. 10 From financing activities on Consolidated Statements of Cash Flows [1] Non-GAAP measures; see Appendices for reconciliation of Non- GAAP measures Earnings Presentation | Second Quarter 2025 | August 7, 2025
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16 Balance Sheet Strength / Liquidity5 CREDIT FACILITY Uncapped liquidity of $276MM8 as of June 30, 2025 Borrowing base collateral value decreased vs Q1 2025 due to rental fleet divestiture Net Debt decreased ~$7MM vs. Q1 2025, due to rental fleet divestiture, and working capital inflows $219MM outstanding balance under $520.0MM ABL facility as of June 30, 2025; $13.5MM of reserves and letters of credit LEVERAGE RATIOS Capital Structure / Credit Profile Capital Structure ($MM) June 30, 2025 $ Amount EV/2025 EBITDA Cash $13.2 Debt:1 Lines of Credit (ABL)2 $218.9 Floor Plan – Used and Rental 68.7 Finance Lease Liabilities 45.9 1.9x 2nd Lien Note3 500.0 2.8x Total Debt $833.5 Net Debt: Total Debt minus Cash $820.3 4.7x Market Capitalization4 $230.9 1.3x Enterprise Value $1,051.2 6.0x 2023 2024 2025F Total Net Debt / Adj. PF EBITDA 6 3.7x 4.7x 4.7x FCF before RTS 7 / Debt 17.5% 13.2% 13.4% 2025 ratios based on guidance midpoints of Adj. EBITDA and FCF before RTS and current leverage profile *Excludes Equipment on Floorplan, WIP, PP&E, and long-term receivables - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 900,000 Book Value Borrowing Base Senior Debt Accounts Receivable Parts Inventory Fleet Inventory (New/Used/Rental) $709MM $496MM $219MM2.3x Coverage 1 Excluding Floor plan payable – new equipment 2 ABL draw as of June 30, 2025; Excludes deferred financing costs 3 Excludes original issue discount and deferred financing costs 4 As of close of trading on June 30, 2025; $6.32 price per share with 32,046,258 common shares issued and outstanding; market c apitalization presented also includes $28.4MM of preferred equity 5 As of June 30, borrowing base of $496MM and NBV of $709MM excluding floorplan assets, WIP, PP&E and long-term receivables. ABL advance rates influenced by periodic 3rd party collateral appraisals. 6 Per Total Net Debt / Adj. PF EBITDA ratios as contemporaneously reported in prior Earnings Presentations 7 See slide 15 for calculation of free cash flow before rent-to-sell decisioning 8 Net of letters of credit plus cash CFO OVERVIEW Earnings Presentation | Second Quarter 2025 | August 7, 2025
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17 Debt Maturity ABL1 $520MM facility committed for another 3.75 years Interest Rate SOFR+175-225bps Provides liquidity for organic and M&A growth Conducive for acquiring asset-heavy companies Covenant free (springing only) Provides inexpensive capital for M&A Debt Structure and Maturity RunoffCFO OVERVIEW SENIOR SECURED SECOND LIEN NOTE (SSSL) 2 ~4.0 years from maturity date Coupon rate fixed at 9.000% No amortization Callable beginning June 2026 Second lien security position $0MM $0MM $0MM $0MM $0MM $220MM $500MM $0MM $100MM $200MM $300MM $400MM $500MM $600MM 2024 2025 2026 2027 2028 Mar-2029 Jun-2029 Drawn Undrawn ABL SSSL INTEREST RATE CAP Entered November of 2022 Protects cash flow from the risks associated with interest rate increases on variable rate debt Notional $200MM hedged at a strike rate of 4.5% on one-month SOFR 1 Sixth Amendment to Sixth Amended and Restated ABL First Lien Credit Agreement (June 5, 2024) 2 Indenture among Alta Equipment Group, Inc. and Wilmington Trust, National Association, 9.000% Senior Secured Second Lien Notes D ue 2029 (June 5, 2024) On June 5, 2024 the Company amended its ABL facility to increase borrowing capacity and extend the maturity from 12/31/2025 to March of 2029. Simultaneously with the amendment, the Company extinguished its $315MM SSSL Notes, effectively maturing 12/31/2025, replacing them with $500MM SSSL Notes effectively maturing in June 2029 Earnings Presentation | Second Quarter 2025 | August 7, 2025
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18 CFO OVERVIEW Strategic opportunities with in- network dealerships and in adjacent commercial dealership verticals Yielding attractive long-term value opportunities and diversifying our product portfolio and geographic scale $30.0 million share repurchase program in place, with ~$20 million remaining, affording the flexibility to opportunistically repurchase undervalued stock (~$2MM & ~$4MM of shares repurchased in Q2 and Q4 2024, respectively) Manage leverage profile and interest rate risk by repaying debt with excess cash (e.g. 5/1/2025 divestiture proceeds) Leverage target 3.0x-4.0x, currently at 4.7x Dedicated to expansion, market share growth in existing geographies, greenfield or brownfield opportunities, and expanding capabilities and OEM partnerships STRATEGIC M&A STOCK REPURCHASE LEVERAGE REDUCTION ORGANIC GROWTH Capital Allocation Strategy Earnings Presentation | Second Quarter 2025 | August 7, 2025 Q2 2025 ANNOUNCEMENTS • Share Repurchases: The Company repurchased approximately 1.13 million (~3.4% of shares outstanding)of its own shares at an average price of $5.64 in Q2 2025 • Debt Reduction: Reduced outstanding debt by approximately $7 million within the quarter, maintaining leverage metrics and lowering future interest burden • Aerial Fleet Divestiture: Completed the sale of non-core aerial equipment business across Illinois and Indiana markets, generating $18 million in cash proceeds and a $4.3 million gain on sale. Proceeds redeployed toward deleveraging
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19 FY 2025 Guidance CFO OVERVIEW FY 2025 GUIDANCE FY 2025 OUTLOOK ($ IN MM) ADJUSTED EBITDA: $171.5MM – $181.5MM (Net of New Equipment Floorplan Interest) FREE CASH FLOW BEFORE RTS DECISIONING: $105.0MM – $115.0MM 2025 GUIDANCE ASSUMPTIONS/COMMENTARY: Adjusting top-end guidance by $5.0MM, to $181.5MM Accounting for tariff impact on margins in our Master Distribution segment in Q2 and in 2H 2025 Lower than anticipated Material Handling product support and rental revenues in 1H 2025, particularly in our Midwest and Canadian geographies, expected to remained challenged in 2H 2025 Construction infrastructure-based end markets remain supportive and seasonal rental fleet remains deployed throughout the construction season Continued execution of optimization efforts and year over year gains SG&A Predicated on no significant additional demand reduction stemming from tariffs/trade policies (specifically as it relates to the manufacturing sector) Outlook does not include any anticipated M&A activities Earnings Presentation | Second Quarter 2025 | August 7, 2025
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THANK YOU (NYSE:ALTG) 20 Investor Relations Contact: Kevin Inda SCR Partners M: (225) 772-0254 E: Kevin@scr-ir.com Earnings Presentation | Second Quarter 2025 | August 7, 2025
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APPENDICES About the Company 21 SUPPLEMENTAL INFORMATION Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Alta Equipment Group Overview 22 THE COMPANY Material Handling Construction E-mobility Distribution Highway, Street, and Bridge Construction Scrap and Steel Processing Aggregate and Mining Commercial Construction Power Generation Landscaping / Snow Removal Biofuel / Compost / Food Waste / Solid Waste Construction and Demolition Scrap Metal Land Clearing General Freight Trucking, Local General Freight Trucking, Long- Distance Specialized Hauling On-site Charger Installation Food and Beverage Manufacturing Distribution and logistics Medical supply / pharma Government Support Paper production and distribution Iron and Steel Mills Manufacturing SELECT END MARKET COVERAGE SELECT PRODUCT OFFERING SELECT OEM/SUPPLIER RELATIONSHIPS MARKET BRANDING Earnings Presentation | Second Quarter 2025 | August 7, 2025
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23 Alta Equipment Group – Material Handling Revenue by End MarketTHE COMPANY Manufacturing 38% Construction 3% Wholesale Trade - Durable Goods 12% Food & Beverage Distribution 6% Services 12% Transportation, Communications, Electric, Gas, and Sanitary Services 8% Public Administration 11% Agriculture, Forestry, and Landscaping 0% Retail Trade 9% Finance, Insurance, and Real Estate 1% Aggregate and Mining 0% Transportation Equipment 18% Food And Kindred Products 14% Fabricated Metal Products, Except Machinery And Transportation Eq. 8% Paper And Allied Products 11% Electronic And Other Electrical Equipment And Components, Except Computer Equipment 7% Primary Metal Industries 7% Industrial And Commercial Machinery And Computer Equipment 10% Chemicals And Allied Products 5% Stone, Clay, Glass, And Concrete Products 5% Rubber And Miscellaneous Plastics Products 4% Other 11% Manufacturing End-Market Detail Company Data, LTM June 30, 2025 Earnings Presentation | Second Quarter 2025 | August 7, 2025
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24 Alta Equipment Group – Construction Equipment Revenue by End MarketTHE COMPANY Manufacturing 8% Construction 23% Wholesale Trade - Durable Goods 10% Food & Beverage Distribution 0% Services 16% Transportation, Communications, Electric, Gas, and Sanitary Services 9% Public Administration 16% Agriculture, Forestry, and Landscaping 5% Retail Trade 2% Finance, Insurance, and Real Estate 2% Aggregate and Mining 9% Heavy Construction Other Than Building Construction Contractors (i.e. Roadbuilders) 46%Construction Special Trade Contractors (i.e. Demolition and Land Clearing) 39% Building Construction General Contractors And Operative Builders 15% Construction End-Market Detail Earnings Presentation | Second Quarter 2025 | August 7, 2025Company Data, LTM June 30, 2025
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Product Support Overview 25 THE COMPANY Product Support Solutions We have capabilities to support a variety of makes and models of Construction and Material Handling equipment. SERVICE Over 85 full-service locations across 15 states and 2 provinces Approx. 1,300 of Alta’s ~2,900 employees are factory trained and certified Technicians Over 1,000 field service vehicles 24/7/365 availability Guaranteed response times Real time metrics driven by Microsoft Business Intelligence PARTS Parts inventory of approx. $105 million Electronically managed with OEM integrations to meet real-time customer demand and turns efficiency Genuine OEM and aftermarket parts availability for full spectrum coverage Earnings Presentation | Second Quarter 2025 | August 7, 2025
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26 Product Support Yield TrendsTHE COMPANY Equipment Sales ($MM) Parts and Service Sales ($MM) 2020 2021 2022 2023 2024 Parts $129.6 $178.5 $234.8 $278.3 $294.4 Service 128.5 165.5 206.6 241.3 253.8 Total $258.1 $344.0 $441.4 $519.6 $548.2 2020 2021 2022 2023 2024 New/Used /Rental $496.7 $713.3 $950.3 $1,154.8 $1,125.0 2020 2021 2022 2023 2024 52.0% 48.2% 46.4% 45.0% 48.7% Parts and Service as a Percentage of New/Used/Rental Parts and Service Sales follow Equipment Sales New/Used/Rental Eq. Sales Parts and Service Sales $0.0 $200.0 $400.0 $600.0 $800.0 $1,000.0 $1,200.0 2020 2021 2022 2023 2024 52.0% 48.2% 46.4% 45.0% 48.7% Earnings Presentation | Second Quarter 2025 | August 7, 2025
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27 Alta Equipment Group Vs Pure-Play Rental BusinessesTHE COMPANY EQUIPMENT DEALERSHIP BUSINESS MODEL Protected exclusive areas of primary responsibility (APRs) Exclusive rights to OEM equipment and parts Proprietary diagnostic software to service field population Warranty repair work must be performed by authorized dealers Favorable state-level franchise regulations to protect dealers Linkage to OEM captive finance partners on both wholesale and retail sides Multiple sales channels (primarily retail and wholesale vs. auction) Expert product support capabilities Annuitized product support revenue streams Professional product category specific sales staff Rental Equipment Sales Channel Mix1 Retail RPO Wholesale Auction 58% 25% 13% 4% ALTA EQUIPMENT’S INTEGRATED APPROACH PROVIDES MORE THAN ASSETS New and used equipment sales 53% Parts sales 16% Service revenue 13% Rental revenue 11% Rental equipment sales 7% 2024 Revenue by Department 1 Company data, December 2024 Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Alta Equipment Group Financial Profile 28 [1] Non-GAAP measures Note: 1 Alta operating expenses includes certain non-recurring, non-cash, and non-operational expenses which have been removed for purposes of calculating the Adjusted EBITDA. See Appendix A. 2 Excludes A) $3.0MM, $1.1MM, and $1.1MM hydrogen facility purchase in 2022, 2023, and 2024 respectively; B) $2.3MM for branch enhancements in 2023; C) $4.6MM branch construction costs in 2024, net of proceeds from sale; and D) $0.4MM branch construction costs in 2025 3 Assuming advance rates of approximately 75% and 50% on net maintenance capex and working capital components, respectively THE COMPANY ($MM) 2022 2023 2024 YTD Q2 2024 YTD Q2 2025 TTM June 30, 2025 Revenue $1,571.8 $1,876.8 $1,876.6 $929.7 $904.2 $1,851.1 Gross Profit 419.6 507.2 493.7 252.6 237.3 478.4 % margin 26.7% 27.0% 26.3% 27.2% 26.2% 25.8% Operating Expenses1 378.8 452.8 475.1 243.2 224.1 456.0 Adjusted EBITDA [1] $158.1 $191.4 $168.3 $84.4 $82.1 $166.0 % Margin 10.1% 10.2% 9.0% 9.1% 9.1% 9.0% Alta Gross Profit on Rental Equipment Sales (30.1) (34.4) (33.4) (17.4) (12.3) (28.3) Rental Net Maintenance Capex (5.9) (26.2) (52.8) (21.7) (22.1) (53.2) Non-Rental PP&E Maintenance Capex2 (8.3) (8.5) (4.4) (1.5) (3.2) (6.1) Economic EBIT [1] $113.8 $122.3 $77.7 $43.8 $44.5 $78.4 Cash Interest Expense, non-floorplan interest (25.3) (45.2) (64.3) (32.5) (42.2) (74.0) Working Capital Investment (44.4) (15.8) 1.3 (1.1) 1.1 3.5 Preferred Dividend (3.0) (3.0) (3.0) (1.5) (1.5) (3.0) Advance on Net Maintenance Capex and Working Capital3 26.6 27.6 38.9 16.8 16.0 38.1 Levered FCF to Common Equity, before Growth Capex [1] $67.7 $85.9 $50.6 $25.5 $17.9 $43.0 Earnings Presentation | Second Quarter 2025 | August 7, 2025
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APPENDICES Unaudited Reconciliation of Non-GAAP Financial Measures 29Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Adjusted EBITDA – GAAP Reconciliation 30 APPENDIX A [1] Non-GAAP Measure NOTES: 1 Non-recurring expenses related to corporate development and acquisition activities, including capital raise and debt refinancing activities, and associated legal and consulting costs 2 Non-cash GAAP based adjustments related to Bargain purchase gain on acquisition of Burris Equipment (2023) 3 Debt extinguishments related to refinancing activities of debt modification in Q2 2024 4 Non-cash equity-based compensation expenses 5 Gain on divestiture related to sale of CE aerial fleet in IL/IN, as a non-core business line of the region, completed May 1, 2025 6 Other non-recurring expenses inclusive of severance payments, greenfield startup, cost redundancies, extraordinary demurrage fees, non-cash adjustments to earnout contingencies 7 Expenses related to preferred stock dividend payments 8 Loss associated with auction of Material Handling used and rental equipment in Q4 2024 9 Interest expense associated with showroom-ready new equipment interest included in total interest expense above 10 Pro Forma EBITDA of divestiture completed within the year, assuming divestiture occurred as of May 1 of prior year for comparability to current period results ($MM) 2022 2023 2024 Q2 2024 Q2 2025 Six Mos Ended Jun 30, 2024 Six Mos Ended Jun 30, 2025 TTM Jun 30, 2025 Net income/(loss) available to common shareholders $6.3 $5.9 $(65.1) $(12.6) $(6.8) $(25.3) $(28.5) $(68.3) Depreciation and amortization 112.0 132.6 144.5 38.0 34.6 72.0 67.0 139.5 Interest expense 31.8 57.0 81.3 19.2 22.3 35.3 44.2 90.2 Income tax expense/(benefit) 1.3 (6.4) (4.2) (2.7) 1.3 (6.9) 2.0 4.7 EBITDA [1] $151.4 $189.1 $156.5 $41.9 $51.4 $75.1 $84.7 $166.1 Adjustments: Transaction costs1 1.2 1.6 2.3 0.1 0.3 0.3 0.4 2.4 Non-cash adjustments2 - (1.5) - - - - - - Loss on debt extinguishment3 - - 6.7 6.7 - 6.7 - - Share-based incentives4 2.7 4.3 4.8 1.3 0.9 2.6 2.0 4.2 Gain on divestiture5 - - - - (4.3) - (4.3) (4.3) Other expenses6 2.5 3.3 4.3 2.3 2.4 3.7 3.9 4.5 Preferred stock dividend7 3.0 3.0 3.0 0.7 0.7 1.5 1.5 3.0 Loss on auction sale8 - - 2.8 - - - - 2.8 Showroom-ready equipment interest expense9 (2.7) (8.4) (12.1) (2.7) (2.9) (5.5) (6.1) (12.7) Adjusted EBITDA [1] $158.1 $191.4 $168.3 $50.3 $48.5 $84.4 $82.1 $166.0 Pro forma EBITDA-acquisitions10 (3.5) (0.9) - (0.9) - (2.6) Adjusted pro forma EBITDA [1] $164.8 $49.4 $48.5 $83.5 $82.1 $163.4 Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Free Cash Flow Performance – GAAP Reconciliation 31 APPENDIX B ($MM) 2023 2024 Six Mos Ended Jun 30, 2025 Levered Free Cash Flow after RTS Decisioning and Returns to Shareholders[1] 1 $16.6 $29.8 $(15.0) Reconciliation to Consolidated Statements of Cash Flows: Cash Paid Addbacks to EBITDA 2 (3.4) (9.4) (4.3) Cash vs Accrual Variance in Working Capital for Interest and Tax 3 1.6 (0.9) 1.2 Working Capital Components of Operating Activities, net of rental transfers 4 3.3 (12.0) (14.0) Rent-to-rent growth capital expenditure, net 5 (44.7) (29.6) (11.1) Other investing activities 6 (3.1) (2.9) (1.1) Other financing activities and exchange rate cash effect 7 (2.1) (2.0) (0.2) Net Proceeds/(Payments) from non-manufacturer floor plan payable 8 8.7 (12.8) (5.9) Acquisitions of businesses, net of cash acquired 9 (45.6) - (2.9) Proceeds from divestiture, net 10 - - 18.0 Net Line of Credit / Long-Term Debt Financing Activities 11 97.0 22.2 35.1 Net Change in Cash Increase/(Decrease) $28.3 ($17.6) ($0.2) 1 See Slide 15 2 Addbacks to EBITDA paid in cash reduce actual cashflow in the period despite not being necessary to incur in ongoing operations of the business (such as transaction costs, one-time consulting costs, and severance payments) 3 Difference between cash paid versus accrued for interest and taxes, and the non-cash impact on working capital flows 4 Accounts receivable, inventories net of transfers of assets from inventory to rental fleet (which were included as a reduction to Levered Free Cash Flow after RTS Decisioning and Returns to Shareholders), Prepaid expenses and other assets, Manufacturers floor plans payable, Accounts payable, accrued expenses, customer deposits, and other current liabilities, and Leases, deferred revenue, net of current portion and other liabilities 5 Expenditures for rental equipment (net of maintenance capital expenditures which were included as a reduction to Levered Free Cash Flow after RTS Decisioning and Returns to Shareholders), Proceeds from sale of rental equipment - rent-to-rent, and Gain on sale of rental equipment not otherwise included within Levered Free Cash Flow after RTS Decisioning and Returns to Shareholders 6 Other investing activities from the Consolidated Statements of Cash Flows 7 Other financing activities and Effect of exchange rate changes on cash from the Consolidated Statements of Cash Flows 8 Payments on non-manufacturer floor plan payable net of Proceeds from non-manufacturer floor plan payable 9 Acquisitions of businesses, net of cash acquired from the Consolidated Statements of Cash Flows 10 Proceeds from divestiture, net from the Consolidated Statements of Cash Flows 11 Expenditures for debt issuance costs, Extinguishment of long-term debt, Proceeds from long-term borrowings, Principal payments on long-term debt and finance lease obligations [1] Non-GAAP Measure NOTES: Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Economic EBIT – GAAP Reconciliation 32 APPENDIX C 1 Excludes A) $3.0MM, $1.1MM, and $1.1MM hydrogen facility purchase in 2022, 2023, and 2024 respectively; B) $2.3MM for branch enhancements in 2023; C) $4.6MM branch construction costs in 2024, net of proceeds from sale; and D) $0.4MM branch construction costs in 2025 [1] Non-GAAP Measure NOTES: ($MM) 2022 2023 2024 Six Mos Ended Jun 30, 2024 Six Mos Ended Jun 30, 2025 Net income/(loss) available to common shareholders $6.3 $5.9 $(65.1) $(25.3) $(28.5) Depreciation and amortization 112.0 132.6 144.5 72.0 67.0 Interest expense 31.8 57.0 81.3 35.3 44.2 Income tax expense/(benefit) 1.3 (6.4) (4.2) (6.9) 2.0 EBITDA [1] $151.4 $189.1 $156.5 $75.1 $84.7 Adjustments, net 6.7 2.3 11.8 9.3 (2.6) Adjusted EBITDA [1] $158.1 $191.4 $168.3 $84.4 $82.1 Rental equipment gain on sale (30.1) (34.4) (33.4) (17.4) (12.3) Rental net maintenance capex See schedule below (5.9) (26.2) (52.8) (21.7) (21.9) PP&E net capex1, See schedule below (8.3) (8.5) (4.4) (1.5) (3.2) Economic EBIT [1] $113.8 $122.3 $77.7 $43.8 $44.7 ($MM) 2022 2023 2024 Six Mos Ended Jun 30, 2024 Six Mos Ended Jun 30, 2025 Replacement of rental equipment sold at original cost $139.0 $155.1 $190.8 $88.0 $71.6 (less): Proceeds from sale of rental equipment (133.1) (128.9) (138.0) (66.3) (49.7) Rental net maintenance capex $5.9 $26.2 $52.8 $21.7 $21.9 Expenditures for property and equipment 1 9.5 9.0 7.6 3.4 3.5 (less): Proceeds from sale of property and equipment (1.2) (0.5) (3.2) (1.9) (0.3) PP&E net capex 8.3 8.5 4.4 1.5 3.2 Total net maintenance capex $14.2 $34.7 $57.2 $23.2 $25.1 Earnings Presentation | Second Quarter 2025 | August 7, 2025
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Unlevered FCF Before/After Growth Investments Reconciliation 33 APPENDIX D ($MM) 2022 2023 2024 Six Mos Ended Jun 30, 2024 Six Mos Ended Jun 30, 2025 Economic EBIT [1] $113.8 $122.3 $77.7 $43.8 $44.7 Tax (Expense)/Benefit (1.3) 6.4 4.2 6.9 (2.0) Unlevered FCF Before Growth Related Investments [1] $112.5 $128.7 $81.9 $50.7 $42.7 Working Capital Investment1 (44.4) (15.8) 1.3 (53.5) 1.1 Fleet Reduction / (Rental Discretionary Growth Capex) (32.3) (75.3) 25.7 (19.4) (24.1) Growth PP&E2 (3.0) (3.4) (5.7) (3.8) (0.4) Proceeds from divestiture, net3 - - - - 18.0 Acquisition of business, net of cash4 (86.7) (45.6) - - (2.9) Unlevered FCF After Growth Related Investments [1] $(53.9) $(11.4) $103.2 $(26.0) $34.4 [1] Non-GAAP Measure; see Appendix C NOTES: 1 Accounts receivable, inventories net of floorplan (new and used), prepaid expenses and other current assets, accounts payable, customer deposits, accrued expenses, current portion of deferred revenue, and other current liabilities; removing impact of any acquired working capital as part of an acquisition 2 Includes A) $3.0MM, $1.1MM, and $1.1MM hydrogen facility purchase in 2022, 2023, and 2024 respectively; B) $2.3MM for branch enhancements in 2023; C) $4.6MM branch construction costs in 2024, net of proceeds from sale; and D) $0.4MM branch construction costs in 2025 3 Proceeds from divestiture, net from the Consolidated Statements of Cash Flows 4 Inclusive of purchase price adjustments made in the period for previous acquisitions Earnings Presentation | Second Quarter 2025 | August 7, 2025