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A456 VOLVO ALTAPAT VOLVO 7304 ALTASERVICE e THE MATTERS 1553 09 ALTA Link - Belt CRANE EARNINGS PRESENTATION SECOND QUARTER 2026 August 6 , 2026 VOLVO 196 ALTA EQUIPMENT GROUP
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2 LEGAL DISCLAIMERS 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. Some factors that may cause such material differences from those expressed or implied by forward-looking statements include, but are not limited to: supply chain disruptions and inflationary pressures resulting from supply chain disruptions; labor market dynamics that impact the price and availability of labor; economic, industry, business and political conditions including their effects on governmental policy and government actions that disrupt our supply chain or sales channels, including taxes and tariffs which impact us, our key suppliers or customers; 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; our key OEM's relative approaches to competitive pricing dynamics in the marketplace and how their approaches impact the competitiveness of the equipment we sell and our market share; the impact of artificial intelligence, cyber or other security threats, or other disruptions to our businesses; fluctuations in interest rate levels and the relative tenor of those levels; an increase in the cost of diesel and unleaded gasoline where we are unable to hedge or pass through the increase to customers; the demand and market price for our equipment and product support; negative impacts related to customer payments; collective bargaining agreements and our relationship with our union-represented employees; a material increase in the volume of high-cost healthcare claims below our stop-loss insurance limit; 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; 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; changes in global economic and financial markets; 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 for the fiscal year ended December 31, 2025 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 revenues, 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.
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Agenda 3 AGENDA & INTRODUCTION CEO Overview ▪ Q2 2026 Results ▪ Business Conditions ▪ Equipment Volume Trends ▪ Strategy and Execution CFO Overview ▪ Q2 2026 Quarterly Financial Analysis ▪ Asset Efficiency ▪ Rental Fleet Summary ▪ Free Cash Flow Performance ▪ Revised FY 2026 Guidance ▪ Capital Structure and Debt Summary ▪ Capital Allocation Strategy Supplemental Information Appendices Question and Answer Session Executive Officers: Ryan Greenawalt, CEO & Tony Colucci, CFO INTRODUCTION Earnings Presentation | Second Quarter 2026 | August 6, 2026
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CEO OVERVIEW 4 Ryan Greenawalt Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Q2 2026 Revenue of $475.5 million, up $65.0 million sequentially from Q1 2026. Organic revenue declined $1.1 million, or 0.2%, from Q2 2025 Segment-Level Revenue improved across all three segments sequentially. Construction Equipment revenues of $298.0 million improved $53.7 million from Q1 2026, while Master Distribution and Material Handling improved $5.7 million and $5.0 million, respectively, from the first quarter New and Used Equipment Sales Gross Margins Increased to 15.3% in Q2 2026 compared to 14.0% a year ago, and 20 basis points sequentially, representing improving supply/demand dynamics Rental Revenues improved sequentially by $6.3 million, or 16.3% versus the first quarter of 2026 Service Gross Profit margins increased by 160 basis points year over year to 61.4%, and improved 120 basis points from Q1 Total Interest Savings of $2.8 million for the quarter, down 12.6% versus a year ago for a total of $19.5 million Gross Book Value of Rental Fleet reduced $50.3 million versus June 30, 2025 as fleet initiatives yield positive results Net Cash Provided By Operating Activities of $26.1 million year-to-date compared to $(3.4) million a year ago Adjusted EBITDA[1] of $48.6 million for the quarter, versus $48.5 million a year ago 5 Q2 2026 Results: CEO OVERVIEWCEO OVERVIEW [1] Non-GAAP Measure Seasonal rebound from Q1 2026 drove revenue growth across all three business segments. Signs of recovery across core end markets as order backlog builds in Material Handling. Expanding equipment margins in Construction Equipment show positive effect of receding dealer inventory overhang and improved customer demand. Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Industry Fundamentals Improving ▪ 1Industrial Spending remains high; $676 billion in 2026 (~$600B+ levels through 2030) ▪ 2Infrastructure starts forecast at $391 billion in 2026 and projected to remain above $360 billion through 2030 ▪ 3Federal infrastructure spending (IIJA $1.2 trillion + $550 billion in incremental spending) remains significant through at least 2028; as of May, ~$546 billion allocated to DOT budgets and ~$510 billion has been earmarked; Congress to consider a new multiyear surface transportation bill later this year ▪ 4Total State DOT FY26 budgets remain elevated in key FL, NY , IL markets ▪ 5US ISM PMI data indicates the manufacturing sector remains healthy and in expansion territory; 54.0 in May, 53.3 in June, and 55.6 in July (highest reading since May ’22 at 55.9) ▪ 6Construction job growth continues at post-pandemic highs; ~31k jobs added in May/June ▪ 7Non-Residential Construction Starts forecast to increase from $501 billion in 2026 to $613 billion in 2030 ▪ 8Volvo recently increased its North America construction equipment market forecast by 500 bps, expecting to outpace previous estimates Alta Well Positioned In a Variety of Market Conditions ▪ Dealership model with distinct advantages: ▪ 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 ▪ Rent-to-Sell model provides customers an alternative to up -front capital investment ▪ Attractive geographic footprint: Northeast, Midwest, Florida, Ontario and Quebec 6 Business Conditions : CEO OVERVIEW Industry forecasts/trends related to our Construction and Material Handling segments are inflecting higher. Infrastructure spending supports Construction business in key markets. Tariff impacts to equipment pricing have stabilized. Industry trends combined with business momentum represent a positive inflection point for Alta. 1. IIR, June 2026 2. Dodge Analytics U.S., June 2026 3. Stifel/Baird Industrial Research, American Roads and Transportation Builders Association (ARTBA) 4. Thompson Research Group, State DOTs 5. Institute for Supply Management 6. U.S. Bureau of Labor Statistics, June 2026 7. Dodge Analytics, June 2026 8. Volvo Group Report on the Second Quarter July 2026 Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Q2 2025 Deliveries Q2 2026 Deliveries Q2 2025 Bookings Q2 2026 Bookings 7 CEO OVERVIEW YTD and Q2 2026 Equipment Volume Trends Booking volumes based on management/industry data (Alta AOR) Material Handling: Marketplace Momentum, +12.3% YTD 1H 2025 Bookings 1H 2026 Bookings External General Prime Equipment (GPE) Market Deliveries (Alta AOR) Construction Equipment: Improved Market Deliveries, +7.5% YTD 1H 2025 Deliveries 1H 2026 Deliveries Material Handling bookings momentum continued through Q2, sustaining gains from a strong Q1; Construction deliveries recover from a slow start to the year, turning positive YTD Earnings Presentation | Second Quarter 2026 | August 6, 2026
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8 CEO OVERVIEW 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 $- $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 2025-2026 2026-2027F FL, MI, IL DOT Budgets ($B) FL, MI, IL GPE TOT (Qty) 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000 2019 2020 2021 2022 2023 2024 2025 2026F Industry Bookings (MI, IL, NY, New England, ON/QC) FL, MI, IL Department of Transportation (“DOT”) publications and press releases GPE = General Prime Equipment; AOR = Area of Responsibility 2026F GPE estimates based on public forecasts of North American deliveries, not necessarily indicative of Alta’s AOR and rela ted historic trends presented 2026F bookings based on Q2 2026 bookings pace, see disclaimer on forward-looking information Industry Norm for AOR Historical Annual Industry Volumes (2019 – 2025; 2026F) Earnings Presentation | Second Quarter 2026 | August 6, 2026 DOT Budget $B GPE Deliveries Booking Volume CE Industry Volumes v. DOT Budgets Alta Regional Lift Truck Industry Volume
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9 Strategy and Execution: Demonstrated ability to grow inorganically while sustaining quality EBITDA 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 85 throughout Michigan, Indiana, Ohio, Illinois, Massachusetts, Maine, New Hampshire, Connecticut, New York, Vermont, Florida, Virginia, Rhode Island, Nevada, Pennsylvania, Ontario, Québec, and New Brunswick ▪ 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 ~2,620; technician count grew from ~850 to ~1,120 ▪ Significant investment made in scalable infrastructure ▪ Pursue accretive acquisitions to compound and reinforce 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 ✓ ✓ ✓ Currently in 85 Locations Earnings Presentation | Second Quarter 2026 | August 6, 2026
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10 Strategic Vision: 2028+1 CEO OVERVIEW Note: Information reconciling the Strategic Vision targets to the most comparable GAAP financial measures are unavailable to the company without unreasonable effort. Sales Transformation Right Products / Right People / Right Customers Peaklogix and Ecoverse >$100MM Platforms Each Technology-Led Efficiencies ~$10MM Opportunity Market Volume Normalization With Share Gains in Key GEOs Destination for Skilled Trades Best-in-Class Talent & Technical Experience Positive Adjusted Pre-Tax Net Income ~3.5x Leverage >$1.4B Equipment Sales 5-7% CAGR Product Support Revenue >35% Financial Utilization >$200MM Adjusted EBITDA 1 Financial metrics noted on this slide are based on management estimates and internal financial modelling. Please refer to leg al disclaimer on slide 2. Earnings Presentation | Second Quarter 2026 | August 6, 2026
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11 Tony Colucci CFO OVERVIEW Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Q2 2026 Quarterly Financial AnalysisCFO OVERVIEW 1212 New/used equipment 55% Parts 16% Service 13% Rental 10%Rental equipment sales 6% Q2 2026 Revenue by Department Construction 62% Material Handling 33% Master Distribution 5% $475.5MM Q2 2026 Revenue Total Company • Total revenues increased $65.0MM sequentially versus the first quarter of 2026. Total revenue decreased $5.7MM year over year, or 1.2%, from $481.2MM to $475.5MM • Product support revenue of $139.4MM for Q2 2026 versus $140.5MM in Q2 2025, a decrease of $1.1MM, or (0.8)% • Rental revenues increased $6.3MM sequentially, or 16.3% • New and used equipment gross margins of 15.3%, a 130-bps margin increase vs. Q2 2025, generating $3.1MM of increased gross profit • Product support gross profit margin of 46.1%, an 80-bps increase • Adjusted EBITDA of $48.6MM, with an Adjusted EBITDA margin of 10.2%, an increase of 0.1% from Q2 2025 Three Months Ended June 30, Increase (Decrease) 2026 2025 2026 versus 2025 Adjusted EBITDA [1] $ 48.6 $ 48.5 0.2% Adjusted EBITDA [1] % 10.2% 10.1% 0.1% [1] Non-GAAP Measure Three Months Ended June 30, Increase (Decrease) 2026 2025 2026 versus 2025 Revenues: New and used equipment sales $ 262.1 $ 265.6 (1.3)% Parts sales 75.6 75.6 0.0% Service revenues 63.8 64.9 (1.7)% Rental revenues 44.9 46.3 (3.0)% Rental equipment sales 29.1 28.8 1.0% Total Revenues 475.5 481.2 (1.2)% Gross Profit Percentage: New and used equipment sales 15.3% 14.0% 1.3% Parts sales 33.1% 32.9% 0.2% Service revenues 61.4% 59.8% 1.6% Rental revenues 30.5% 30.5% 0.0% Rental equipment sales 21.0% 25.7% (4.7)% Total Gross Profit % 26.1% 25.4% 0.7% Total Gross Profit $ 124.2 $ 122.3 1.6% Earnings Presentation | Second Quarter 2026 | August 6, 2026 Total Company
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Q2 2026 Quarterly Financial AnalysisCFO OVERVIEW 1313 Material Handling • Total revenue declined $5.2MM, or (3.2)%, from $160.7MM to $155.5MM • Product support revenue of $59.0MM for Q2 2026 versus $57.0MM in Q2 2025, an increase of $2.0MM, or 3.5% • Rental revenue decline of $0.8MM, or (4.6)%, on reduced fleet size • Gross profit percentage of 34.5%, increased 180-bps versus Q2 2025 • Service gross margin improvement of 440-bps, up to 62.4% • SG&A expenses decreased $0.6MM, or 1.4%, when compared to Q2 2025 • Adjusted EBITDA of $19.0MM, with an Adjusted EBITDA margin of 12.2%, an increase of 170-bps from Q2 2025 Three Months Ended June 30, Increase (Decrease) 2026 2025 2026 versus 2025 Revenues: New and used equipment sales $ 74.3 $ 81.9 (9.3)% Parts sales 23.9 23.7 0.8% Service revenues 35.1 33.3 5.4% Rental revenues 16.7 17.5 (4.6)% Rental equipment sales 5.5 4.3 27.9% Total Revenues 155.5 160.7 (3.2)% Gross Profit Percentage: New and used equipment sales 17.8% 17.5% 0.3% Parts sales 37.2% 38.0% (0.8)% Service revenues 62.4% 58.0% 4.4% Rental revenues 46.1% 46.3% (0.2)% Rental equipment sales 34.5% 41.9% (7.4)% Total Gross Profit % 34.5% 32.7% 1.8% Total Gross Profit $ 53.6 $ 52.5 2.1% Three Months Ended June 30, Increase (Decrease) 2026 2025 2026 versus 2025 Adjusted EBITDA [1] $ 19.0 $ 16.8 13.1% Adjusted EBITDA [1] % 12.2% 10.5% 1.7% New/used equipment 48% Parts 15% Service 23% Rental 11% Rental equipment sales 3% Q2 2026 Revenue by Department [1] Non-GAAP Measure Earnings Presentation | Second Quarter 2026 | August 6, 2026 Material Handling Segment
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Q2 2026 Quarterly Financial AnalysisCFO OVERVIEW 1414 Construction • Total revenue increased $53.7MM sequentially versus the first quarter of 2026. Total revenue decreased year over year $2.7MM, or (0.9)%, from $300.7MM to $298.0MM • New and Used equipment sales increased 1.0% year over year to $168.6MM • Rental revenue decline of $0.7MM, on significantly reduced fleet size • Product support revenue of $77.7MM for Q2 2026 versus $80.4MM in Q2 2025, a decrease of $2.7MM, or (3.4)% • New and used equipment gross margin improvement of 110-bps, up to 12.8% • Gross profit percentage of 21.7%, 20-bps lower than Q2 2025 • Adjusted EBITDA of $30.6MM, with an Adjusted EBITDA margin of 10.3%, a decrease of 0.2% from Q2 2025 Three Months Ended June 30, Increase (Decrease) 2026 2025 2026 versus 2025 Revenues: New and used equipment sales $ 168.6 $ 167.0 1.0% Parts sales 49.1 49.1 0.0% Service revenues 28.6 31.3 (8.6)% Rental revenues 28.1 28.8 (2.4)% Rental equipment sales 23.6 24.5 (3.7)% Total Revenues 298.0 300.7 (0.9)% Gross Profit Percentage: New and used equipment sales 12.8% 11.7% 1.1% Parts sales 31.6% 30.8% 0.8% Service revenues 60.8% 62.0% (1.2)% Rental revenues 21.7% 21.5% 0.2% Rental equipment sales 17.8% 22.9% (5.1)% Total Gross Profit % 21.7% 21.9% (0.2)% Total Gross Profit $ 64.7 $ 65.9 (1.8)% Three Months Ended June 30, Increase (Decrease) 2026 2025 2026 versus 2025 Adjusted EBITDA [1] $ 30.6 $ 31.7 (3.5)% Adjusted EBITDA [1] % 10.3% 10.5% (0.2)% New/used equipment 57% Parts 16% Service 10% Rental 9%Rental equipment sales 8% Q2 2026 Revenue by Department [1] Non-GAAP Measure Construction Equipment Segment Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Q2 2026 Quarterly Financial AnalysisCFO OVERVIEW 1515 Master Distribution (Ecoverse) • Total revenue increased $1.9MM, or 9.1%, from $20.9MM to $22.8MM • New and used equipment sales increased 11.9% from Q2 2025 to $19.7MM • Parts sales held effectively flat at $2.9MM year over year • New and used gross profit percentage of 26.9%, 760-bps higher than prior year quarter • SG&A expenses held effectively flat at $2.8MM year over year • Adjusted EBITDA of $2.8MM, with an Adjusted EBITDA margin of 12.3%, an increase of 7.0% from Q2 2025 Three Months Ended June 30, Increase (Decrease) 2026 2025 2026 versus 2025 Revenues: New and used equipment sales $ 19.7 $ 17.6 11.9% Parts sales 2.9 3.0 (3.3)% Service revenues 0.1 0.3 (66.7)% Rental revenues 0.1 — NM Total Revenues 22.8 20.9 9.1% Gross Profit Percentage: New and used equipment sales 26.9% 19.3% 7.6% Parts sales 24.1% 26.7% (2.6)% Service revenues NM 33.3% NM Rental revenues — NA NA Total Gross Profit % 25.9% 20.1% 5.8% Total Gross Profit $ 5.9 $ 4.2 40.5% Three Months Ended June 30, Increase (Decrease) 2026 2025 2026 versus 2025 Adjusted EBITDA [1] $ 2.8 $ 1.1 154.5% Adjusted EBITDA [1] % 12.3% 5.3% 7.0% New/used equipment 86% Parts 13% Service 1% Rental 0% Q2 2026 Revenue by Department [1] Non-GAAP Measure Master Distribution Segment Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Improved Asset Efficiency 16 [1] Non-GAAP measures Average Total Assets represents the average of segment total assets as of June 30 at the beginning and end of the respective trailing twelve-month measurement period. Segment Adjusted EBITDA and Total assets per notes to financial statements (i.e. NOTE-16 Segments) THE COMPANY Earnings Presentation | Second Quarter 2026 | August 6, 2026 TTM Adjusted EBITDA[1] / Avg. Total Assets Return on Assets calculated using Segment TTM Adjusted EBITDA divided by average total assets as of June 30 Material Handling Construction Equipment Average Total Assets $458.2MM → $406.4MM Down $51.8MM / 11.3% Adj. EBITDA $32.4MM → $32.2MM ROA expanded 120bps on an 11% smaller asset base Average Total Assets $926.5MM → $849.8MM Down $76.7MM / 8.3% Adj. EBITDA $48.7MM → $44.9MM ROA expanded 60 bps while average assets declined 8% Meaningful balance sheet reductions across both segments contributed to ROA expansion, highlighting improved asset utilization and capital efficiency TTM Adj. EBITDA [1] / Avg. Total Assets TTM Adj. EBITDA [1] / Avg. Total Assets 2025 2026 +120 bps 2025 10.8% 2026 +60 bps 11.4%16.0%14.8%
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Rental Fleet Summary 17 CFO OVERVIEW ($MM) Gross Book Value June 30, 2025 June 30, 2026 Inc./(Dec.) Material Handling $214.2 $195.6 $(18.6) Construction – Aerial (Rent-to-Rent) 36.9 31.8 (5.1) Total Rent-to-Rent Fleet 251.1 227.4 (23.7) Construction – Earthmoving/Specialty (Rent-to-Sell) 318.4 291.8 (26.6) Total Rental Fleet $569.5 $519.2 $(50.3) 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 revenue 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 2026 Fleet Mix:1 52% Earthmoving; 37% Mtl Handling; 7% Aerial; 4% Specialty/Other CE Equipment Average Fleet Age:1 30 months Material Handling Average Fleet Age:1 50 months Earnings Presentation | Second Quarter 2026 | August 6, 2026
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18 Free Cash Flow PerformanceCFO OVERVIEW 2023 2024 2025 YTD 2025 YTD 2026 2026 Fcst Adjusted EBITDA [1] $191.4 $ 168.3 $ 164.4 $ 82.1 $ 76.7 ~$172.5 Plus: Non-Cash Operating Activities (Non-Addbacks) 2 7.3 8.0 4.0 5.6 0.6 (Less): Gain on sale of Rent-to-Sell “RTS” Equipment 3 (32.6) (30.5) (19.3) (9.5) (7.8) (Less): Net PPE CapEx Cashflow impact 4 (17.4) (20.4) (19.8) (9.2) (9.2) (Less): Maintenance CapEx on Rent-to-Rent “RTR” Equipment 5 (13.9) (16.5) (20.1) (10.5) (9.5) (Less): Cash Taxes 6 (5.7) (3.7) (4.3) (3.6) (0.9) Free Cash Flow before RTS Decisioning [1] 129.1 105.2 104.9 54.9 49.9 ~$105.0 Proceeds from RTS Eq. Sales 7 123.5 126.1 98.2 44.8 50.6 Purchases/Transfers into RTS Fleet 8 (180.2) (120.6) (100.0) (66.7) (69.1) Free Cash Flow After RTS Decisioning [1] $ 72.4 $ 110.7 $ 103.1 $ 33.0 $ 31.4 ~$110.0 Debt Service Cost: Cash Interest Paid in Year 9 $ (45.2) $ (64.3) $ (72.5) $ (36.1) $ (33.5) Debt Service Coverage 1.6x 1.7x 1.4x 0.9x 0.9x ~1.6x Levered Free Cash Flow after RTS Decisioning[1] 27.2 46.4 30.6 (3.1) (2.1) ~$43.0 Preferred Stock Dividend 10 (3.0) (3.0) (3.0) (1.5) (1.5) Common Stock Dividend 10 (7.6) (7.8) (3.9) (3.9) 0.0 Share Repurchase 10 n/a (5.8) (7.5) (6.5) 0.0 Levered Free Cash Flow after RTS Decisioning and Returns to Shareholders [1] $16.6 $ 29.8 $ 16.2 $ (15.0) $ (3.6) ~$40.0 1 For formal management guidance, see slide 19 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 amount excludes ongoing maintenance replacement need of aerialfleet divestiture as of May 1, 2025: ~$26MM aerial GBV 6 From supplemental disclosures of cash flow information on Consolidated Statements of Cash Flows, where applicable, or Notes to financial statements, 7 Included within operating activities on Consolidated Statements of Cash Flows 8 From supplemental schedule of noncash investing and financing activities on Consolidated Statements of Cash Flows 9 From Cash paid for interest on the Statement of Cash Flows, reduced for Floor plan interest expense – new equipment which is reflected as a reduction to Adj. EBITDA. 10 From financing activities on Consolidated Statements of Cash Flows [1] Non-GAAP measures; see Appendices for reconciliation of Non -GAAP measures Earnings Presentation | Second Quarter 2026 | August 6, 2026
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19 Revised FY 2026 Guidance CFO OVERVIEW FY 2026 GUIDANCE FY 2026 OUTLOOK ($ IN MM) ADJUSTED EBITDA: $167.5MM – $177.5MM (Net of New Equipment Floorplan Interest) FREE CASH FLOW BEFORE RTS DECISIONING: $100.0MM – $110.0MM TOTAL NET DEBT / ADJ. EBITDA: <4.5x 2026 GUIDANCE ASSUMPTIONS/COMMENTARY: ▪ Adjusted EBITDA guidance narrowed to $167.5 million to $177.5 million, reducing the upper end of the range by $5.0 million, but reflecting increased visibility into expected full-year results. While demand indicators, bookings, and backlog remain supportive, the revised upper bound recognizes execution risk associated with the timing of equipment deliveries anticipated during the second half of the year. ▪ Material Handling backlog increased materially year over year as of June 30, providing improved visibility into the second half of 2026. Construction Equipment demand remains stable across core markets, supported by infrastructure-related project activity. ▪ Product support growth is expected to improve through the balance of the year, supported by technician productivity, pricing initiatives, aftermarket penetration, and continued focus on parts and service absorption. ▪ Rental performance is expected to benefit from improving utilization and disciplined fleet management, while continued fleet dispositions support cash generation, lower carrying costs, and improved capital efficiency ▪ Free cash flow guidance remains $100.0 million to $110.0 million, supported by working capital discipline and rental fleet optimization, with continued focus on reducing leverage below 4.5x. Earnings Presentation | Second Quarter 2026 | August 6, 2026
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20 Balance Sheet Strength / Liquidity5 CREDIT FACILITY ▪ Total liquidity of ~$225MM8 as of June 30, 2026, including $20.9MM in cash ▪ Borrowing base collateral value reduced from Q1 2026 related to a decrease in fleet inventory quarter over quarter ▪ Net Debt increased ~$3.4MM vs. Q1 2026 ▪ $211.6MM outstanding balance under $520.0MM ABL facility as of June 30, 2026; $14.7MM of letters of credit, and $2.4MM of reserves LEVERAGE RATIOS Capital Structure / Credit Profile Capital Structure ($MM) June 30, 2026 $ Amount EV/2026F ADJ. EBITDA Cash $20.9 Debt:1 Lines of Credit (ABL)2 $211.6 Floor Plan – Used and Rental 85.2 Finance Lease Liabilities 34.7 1.8x 2nd Lien Note3 500.0 2.9x Total Debt $831.5 Net Debt: Total Debt minus Cash $810.6 4.7x Market Capitalization4 $238.9 1.4x Enterprise Value $1,049.5 6.1x 2024 2025 2026F Total Net Debt / Adj. EBITDA 6 4.7x 4.9x 4.7x FCF before RTS 7 / Debt 13.2% 13.0% 13.0% ▪ 2026F ratios based on guidance midpoints of Adj. EBITDA and FCF before RTS and current leverage profile *Excludes Equipment on Floorplan, WIP, and PP&E - 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000 Book Value Borrowing Base Senior Debt Accounts Receivable Parts Inventory Fleet Inventory (New/Used/Rental) $639MM $433MM $212MM2.0x Coverage 1 Excluding Floor plan payable – new equipment 2 ABL draw as of June 30, 2026; Excludes deferred financing costs 3 Excludes original issue discount and deferred financing costs 4 As of close of trading on June 30, 2026; $6.47 price per share with 32,553,179 common shares issued and outstanding; market c apitalization presented also includes $28.3MM of preferred equity 5 As of June 30, 2026 borrowing base of $433M and NBV of $639MM excluding floorplan assets, WIP, and PP&E. ABL advance rates in fluenced by periodic 3rd party collateral appraisals. 6 Per Total Net Debt / Adj. EBITDA ratios as contemporaneously reported in prior Earnings Presentations 7 See slide 18 for calculation of free cash flow before rent-to-sell decisioning 8 Net of letters of credit and reserves, plus cash CFO OVERVIEW Earnings Presentation | Second Quarter 2026 | August 6, 2026
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21 Debt Maturity ABL1 ▪ $520MM facility committed for another 2.75 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 ▪ ~3.00 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 $212MM $500MM $0MM $100MM $200MM $300MM $400MM $500MM $600MM 2024 2025 2026 2027 2028 Mar-2029 Jun-2029 Drawn Undrawn ABL SSSL 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 Note s Due 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 raised $500MM in Senior Secured Second Lien Notes effectively maturing in June 2029 Earnings Presentation | Second Quarter 2026 | August 6, 2026
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22 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 Pursue accretive strategic M&A opportunities $30.0 million share repurchase program in place, with ~$17 million remaining, affording the flexibility to opportunistically repurchase undervalued stock ($5.8MM and $7.5MM of shares repurchased in 2024 and 2025, respectively) Return excess capital through opportunistic share repurchases Manage leverage profile and interest rate risk by repaying debt with excess cash (e.g. divestiture proceeds) Maintain prudent liquidity and reduce leverage Net Debt Reduction of ~$47MM from Q2’24 peak of $858MM Leverage target 3.0x-4.0x, currently at 4.7x FY 2026F Dedicated to expansion, market share growth in existing geographies, greenfield or brownfield opportunities, and expanding capabilities and OEM partnerships Invest in the core business and customer experience STRATEGIC M&A STOCK REPURCHASE LEVERAGE REDUCTION ORGANIC GROWTH 2026 CAPITAL ALLOCATION PRIORITY Our overall capital allocation strategy remains focused on enhancing shareholder value through disciplined and balanced capital deployment. In 2026, we are prioritizing debt reduction and balance sheet strength via a continued focus on improving returns on invested capital through asset efficiency, working capital management, and disciplined fleet investment. Over the long-term, we intend on deploying capital into high-return organic growth initiatives, pursuing accretive and strategic M&A opportunities that expand our scale and capabilities, and opportunistically repurchasing shares when market valuations warrant. Capital Allocation Strategy Earnings Presentation | Second Quarter 2026 | August 6, 2026
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THANK YOU (NYSE:ALTG) 23 Investor Relations Contact: Kevin Inda SCR Partners M: (225) 772-0254 E: Kevin@scr-ir.com Earnings Presentation | Second Quarter 2026 | August 6, 2026
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APPENDICES About the Company 24 SUPPLEMENTAL INFORMATION Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Alta Equipment Group Overview 25 THE COMPANYTHE COMPANY Material Handling Construction 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 ▪ 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 2026 | August 6, 2026
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26 Alta Equipment Group – Material Handling Revenue by End-Market Manufacturing 39% Construction 2% Wholesale Trade - Durable Goods 10% Food & Beverage Distribution 5% Services 15% Transportation, Communications, Electric, Gas, and Sanitary Services 7% Public Administration 13% Agriculture, Forestry, and Landscaping 0% Retail Trade 8% Finance, Insurance, and Real Estate 1% Aggregate and Mining 0% Transportation Equipment 19% Industrial And Commercial Machinery And Computer Equipment 15% Food And Kindred Products 9% Paper And Allied Products 10% Fabricated Metal Products, Except Machinery And Transportation Equipment 9% Primary Metal Industries 6% Stone, Clay, Glass, And Concrete Products 7% Chemicals And Allied Products 6% Electronic And Other Electrical Equipment And Components, Except Computer Equipment 4% Rubber And Miscellaneous Plastics Products 6% Other 9% Manufacturing End-Market Detail THE COMPANY Company Data, LTM June 30, 2026 Earnings Presentation | Second Quarter 2026 | August 6, 2026
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27 Alta Equipment Group – Construction Equipment Revenue by End-MarketTHE COMPANY Manufacturing 9% Construction 23% Wholesale Trade - Durable Goods 10% Food & Beverage Distribution 0% Services 17% Transportation, Communications, Electric, Gas, and Sanitary Services 6% Public Administration 16% Agriculture, Forestry, and Landscaping 5% Retail Trade 3% Finance, Insurance, and Real Estate 2% Aggregate and Mining 9% Heavy Construction Other Than Building Construction Contractors (i.e. Roadbuilders) 53% Construction Special Trade Contractors (i.e. Demolition and Land Clearing) 37% Building Construction General Contractors And Operative Builders 10% Construction End-Market Detail Company Data, LTM June 30, 2026 Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Product Support Overview 28 THE COMPANY Product Support Solutions We have capabilities to support a variety of makes and models of Construction and Material Handling equipment. SERVICE ▪ 85 full-service locations across 15 states and 3 provinces ▪ Approx. 1,120 of Alta’s ~2,620 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. $104 million ▪ Electronically managed with OEM integrations to meet real-time customer demand and turns efficiency ▪ Genuine OEM and aftermarket parts availability for full spectrum coverage THE COMPANY Earnings Presentation | Second Quarter 2026 | August 6, 2026
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29 Product Support Yield TrendsTHE COMPANY Equipment Sales ($MM) Parts and Service Sales ($MM) 2021 2022 2023 2024 2025 Parts $178.5 $234.8 $278.3 $294.4 $291.0 Service 165.5 206.6 241.3 253.8 256.7 Total $344.0 $441.4 $519.6 $548.2 $547.7 2021 2022 2023 2024 2025 New/Used /Rental $713.3 $950.3 $1,154.8 $1,125.0 $1,108.4 2021 2022 2023 2024 2025 48.2% 46.4% 45.0% 48.7% 49.4% 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 2021 2022 2023 2024 2025 49.4% 48.2% 46.4% 45.0% 48.7% Earnings Presentation | Second Quarter 2026 | August 6, 2026
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30 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 62% 23% 12% 1% 1% Rental Equipment Sales Channel Mix1 Retail RPO Wholesale Auction Other ALTA EQUIPMENT’S INTEGRATED APPROACH PROVIDES MORE THAN ASSETS New and used equipment sales 54% Parts sales 16% Service revenue 14% Rental revenue 10% Rental equipment sales 6% 2025 Revenue by Department 1 Company data, December 2025 Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Alta Equipment Group Financial Profile 31 [1] Non-GAAP measures Note: 1 Alta operating expenses includes certain non-recurring, non-cash, and non-operational expenses which have been removed for purpo ses of calculating the Adjusted EBITDA. See Appendix A. 2 Excludes A) $1.1MM and $1.1MM hydrogen facility purchase in 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) $1.8MM branch construction costs in 2025 3 Assuming advance rates of approximately 75% and 50% on net maintenance capex and working capital components, respectively THE COMPANY ($MM) 2023 2024 2025 YTD Q2 2025 YTD Q2 2026 TTM June 30, 2026 Revenue $1,876.8 $1,876.6 $1,835.9 $904.2 $886.0 $1,817.7 Gross Profit 507.2 493.7 474.6 237.3 233.5 470.8 % margin 27.0% 26.3% 25.9% 26.2% 26.4% 25.9% Operating Expenses1 452.8 475.1 451.4 224.1 227.2 454.5 Adjusted EBITDA [1] $191.4 $168.3 $164.4 $82.1 $76.7 $159.0 % Margin 10.2% 9.0% 9.0% 9.1% 8.7% 8.7% Alta Gross Profit on Rental Equipment Sales (34.4) (33.4) (25.7) (12.3) (11.2) (24.6) Rental Net Maintenance Capex (26.2) (52.8) (49.9) (21.9) (32.0) (60.0) Non-Rental PP&E Maintenance Capex2 (8.5) (4.4) (6.9) (3.2) (4.2) (7.9) Economic EBIT [1] $122.3 $77.7 $81.9 $44.7 $29.3 $66.5 Cash Interest Expense, non-floorplan interest (45.2) (64.3) (72.5) (36.1) (33.5) (69.9) Working Capital Investment (15.8) 1.3 (3.1) 1.1 4.8 0.6 Preferred Dividend (3.0) (3.0) (3.0) (1.5) (1.5) (3.0) Advance on Net Maintenance Capex and Working Capital3 27.6 38.9 39.0 15.9 21.6 44.7 Levered FCF to Common Equity, before Growth Capex [1] $85.9 $50.6 $42.3 $24.1 $20.7 $38.9 Earnings Presentation | Second Quarter 2026 | August 6, 2026
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32 APPENDICES Unaudited Reconciliation of Non-GAAP Financial Measures Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Adjusted EBITDA – GAAP Reconciliation 33 APPENDIX A [1] Non-GAAP Measure NOTES: 1 Non-recurring expenses related to corporate development and acquisition activities, including capital raise and debt refinancing activities, and associated legal and consulting costs 2 Non-cash GAAP based adjustments related to Bargain purchase gain on acquisition of Burris Equipment (2023) 3 Debt extinguishments related to refinancing activities in Q2 2024 4 Non-cash equity-based compensation expenses 5 Gain on divestiture related to sale of CE aerial fleet in IL/IN, as a non-core business line of the region, completed May 2025, the sale of dock and door business, completed August 2025, and the sale of forklift battery business March 2026 6 Other non-recurring expenses inclusive of severance payments, greenfield startup, cost redundancies, extraordinary demurrage fees, suspended operations, and non-cash adjustments to earnout contingencies 7 Expenses related to preferred stock dividend payments 8 Loss associated with auction of Material Handling used and rental equipment in Q4 2024 9 Interest expense associated with showroom-ready new equipment interest included in total interest expense above 10 Pro Forma EBITDA of acquisition & divestitures completed within the year. Acquisition of CEQ and divestitures of IL aerial fleet, dock and door, and battery business assumed to occur for pro forma as of January 1 of the year prior to acquisition/divestiture. ($MM) 2023 2024 2025 Q2 2025 Q2 2026 Six Mos Ended Jun 30, 2025 Six Mos Ended Jun 30, 2026 TTM Jun 30, 2026 Net income/(loss) available to common shareholders $5.9 $(65.1) $(83.3) $(6.8) $(8.2) $(28.5) $(28.5) $(83.3) Depreciation and amortization 132.6 144.5 133.6 34.6 33.8 67.0 64.1 130.7 Interest expense 57.0 81.3 88.4 22.3 19.5 44.2 39.0 83.2 Income tax expense/(benefit) (6.4) (4.2) 21.5 1.3 (0.4) 2.0 (4.2) 15.3 EBITDA [1] $189.1 $156.5 $160.2 $51.4 $44.7 $84.7 $70.4 $145.9 Adjustments: Transaction costs1 1.6 2.3 4.9 0.3 - 0.4 (0.1) 4.4 Non-cash adjustments2 (1.5) - - - - - - - Loss on debt extinguishment3 - 6.7 - - - - - - Share-based incentives4 4.3 4.8 3.8 0.9 1.0 2.0 2.0 3.8 (Gain)/Loss on divestiture5 - - (4.6) (4.3) 0.7 (4.3) 0.5 0.2 Other expenses6 3.3 4.3 8.0 2.4 3.1 3.9 6.0 10.1 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 - - - - - - Showroom-ready equipment interest expense9 (8.4) (12.1) (10.9) (2.9) (1.6) (6.1) (3.6) (8.4) Adjusted EBITDA [1] $191.4 $168.3 $164.4 $48.5 $48.6 $82.1 $76.7 $159.0 Pro forma EBITDA-acquisitions/(divestitures)10 (4.4) (1.0) (0.4) - (0.9) - (0.1) Adjusted pro forma EBITDA [1] $163.4 $163.4 $48.1 $48.6 $81.2 $76.7 $158.9 Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Free Cash Flow Performance – GAAP Reconciliation 34 APPENDIX B ($MM) 2023 2024 2025 Six Mos Ended Jun 30, 2025 Six Mos Ended Jun 30, 2026 Levered Free Cash Flow after RTS Decisioning and Returns to Shareholders[1] 1 $16.6 $29.8 $16.2 $(15.0) $(3.6) Reconciliation to Consolidated Statements of Cash Flows: Cash Paid Addbacks to EBITDA 2 (3.4) (9.4) (12.9) (4.3) (5.9) Cash vs Accrual Variance in Working Capital for Interest and Tax 3 1.6 (0.9) 4.5 1.2 2.5 Working Capital Components of Operating Activities, net of rental transfers 4 3.3 (12.0) (22.5) (14.0) 15.8 Rent-to-rent capital expenditure, net 5 (44.7) (29.6) (17.2) (11.1) 5.8 Other investing activities 6 (3.1) (2.9) (1.3) (1.1) (1.0) Other financing activities and exchange rate cash effect 7 (2.1) (2.0) (2.7) (0.2) (1.9) Net Proceeds/(Payments) from non-manufacturer floor plan payable 8 8.7 (12.8) (7.0) (5.9) (9.6) Acquisitions of businesses, net of cash acquired 9 (45.6) - (2.7) (2.9) - Proceeds from divestiture, net 10 - - 20.9 18.0 1.5 Net Line of Credit / Long-Term Debt Financing Activities 11 97.0 22.2 29.9 35.1 (1.3) Net Change in Cash Increase/(Decrease) $28.3 ($17.6) $5.2 ($0.2) $2.3 1 See Slide 18 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 2026 | August 6, 2026
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Economic EBIT – GAAP Reconciliation 35 APPENDIX C 1 Excludes A) $1.1MM and $1.1MM hydrogen facility purchase in 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) $1.8M new branch construction costs in 2025 [1] Non-GAAP Measure NOTES: ($MM) 2023 2024 2025 Six Mos Ended Jun 30, 2025 Six Mos Ended Jun 30, 2026 Net income/(loss) available to common shareholders $5.9 $(65.1) $(83.3) $(28.5) $(28.5) Depreciation and amortization 132.6 144.5 133.6 67.0 64.1 Interest expense 57.0 81.3 88.4 44.2 39.0 Income tax expense/(benefit) (6.4) (4.2) 21.5 2.0 (4.2) EBITDA [1] $189.1 $156.5 $160.2 $84.7 $70.4 Adjustments, net 2.3 11.8 4.2 (2.6) 6.3 Adjusted EBITDA [1] $191.4 $168.3 $164.4 $82.1 $76.7 Rental equipment gain on sale (34.4) (33.4) (25.7) (12.3) (11.2) Rental net maintenance capex See schedule below (26.2) (52.8) (49.9) (21.9) (32.0) PP&E net capex1, See schedule below (8.5) (4.4) (6.9) (3.2) (4.2) Economic EBIT [1] $122.3 $77.7 $81.9 $44.7 $29.3 ($MM) 2023 2024 2025 Six Mos Ended Jun 30, 2025 Six Mos Ended Jun 30, 2026 Replacement of rental equipment sold at original cost $155.1 $190.8 $159.0 $71.6 $91.3 (less): Proceeds from sale of rental equipment (128.9) (138.0) (109.1) (49.7) (59.3) Rental net maintenance capex $26.2 $52.8 $49.9 $21.9 $32.0 Expenditures for property and equipment 1 9.0 7.6 7.4 3.5 6.0 (less): Proceeds from sale of property and equipment (0.5) (3.2) (0.5) (0.3) (1.8) PP&E net capex 8.5 4.4 6.9 3.2 4.2 Total net maintenance capex $34.7 $57.2 $56.8 $25.1 $36.2 Earnings Presentation | Second Quarter 2026 | August 6, 2026
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Unlevered FCF Before/After Growth Investments Reconciliation 36 APPENDIX D ($MM) 2023 2024 2025 Six Mos Ended Jun 30, 2025 Six Mos Ended Jun 30, 2026 Economic EBIT [1] $122.3 $77.7 $81.9 $44.7 $29.3 Cash Paid for Income Taxes (5.7) (3.7) (4.6) (3.6) (0.9) Unlevered FCF Before Growth Related Investments [1] $116.6 $74.0 $77.3 $41.1 $28.4 Working Capital Investment1 (15.8) 1.3 (4.4) 1.1 4.8 Fleet Reduction / (Rental Discretionary Growth Capex) (75.3) 25.7 11.7 (24.1) 12.9 Growth PP&E2 (3.4) (5.7) (1.8) (0.4) - Proceeds from divestiture, net3 - - 20.9 18.0 1.5 Acquisition of business, net of cash4 (45.6) - (2.7) (2.9) - Unlevered FCF After Growth Related Investments [1] $(23.5) $95.3 $101.0 $30.6 $47.6 [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) $1.1MM, and $1.1MM hydrogen facility purchase in 2023, and 2024 respectively; B) $2.3MM for branch enhancements i n 2023; C) $4.6MM branch construction costs in 2024, net of proceeds from sale; and D) $1.8MM new 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 2026 | August 6, 2026