Slides
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3Q 2026 Supplemental Financials
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Certain statements in this presentation constitute “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such forward-looking statements. Forward-looking statements include information concerning our future financial performance, business strategy, projected plans and objectives. These statements may be identified by the fact that they do not relate to historical or current facts and may use words such as “believes,” “expects,” “anticipates,” “will,” “should,” “could,” “may,” “would,” “intends,” “projects,” “estimates,” “plans,” “forecasts,” “outlook,” “pro forma,” “guidance,” and similar words, expressions or phrases. Important factors and assumptions could affect our future results and could cause actual results to differ materially from those expressed in such forward-looking statements. These factors include, but are not limited to, those described under the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and in subsequent reports that we file with the Securities and Exchange Commission (the "SEC"). We operate in a continuously changing business environment and new risk factors emerge from time to time. New risk factors, factors beyond our control, or changes in the impact of identified risk factors may cause actual results to differ materially from those set forth in any forward-looking statements. Accordingly, forward-looking statements should not be relied upon as a prediction of actual results. Moreover, we do not assume responsibility if future results are materially different from those forecasted or anticipated. Although we believe that our assumptions are reasonable, any or all of our forward-looking statements may prove to be inaccurate, and we can make no guarantees about our future performance. Should unknown risks or uncertainties materialize, or underlying assumptions prove inaccurate, actual results could differ materially from past results and/or those anticipated, estimated or projected. We undertake no obligation to release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events. For information concerning forward-looking statements and other important factors, refer to our most recent Annual Report on Form 10- K, Quarterly Reports on Form 10-Q and other filings with the SEC. This presentation includes financial measures such as Adjusted EBITDA, Adjusted Free Cash Flow, liquidity and international revenues excluding exchange rate effects, as well as other financial measures, that are not considered generally accepted accounting principles (“GAAP”) measures as defined under SEC rules. Important information regarding such non-GAAP measures is contained in the tables within this presentation and in Appendix I to this presentation, including the definitions of these measures and reconciliations to the most comparable GAAP measures. We measure performance principally using the following key metrics: (i) rental days, (ii) revenue per day, (iii) vehicle utilization, and (iv) per-unit fleet costs. Our rental days, revenue per day and vehicle utilization metrics are all calculated based on the actual rental of the vehicle during a 24-hour period. We believe that this methodology provides management with the most relevant metrics in order to effectively manage the performance of our business. Our calculations may not be comparable to the calculations of similarly- titled metrics by other companies. We present currency exchange rate effects on our key metrics to provide a method of assessing how our business performed excluding the effects of foreign currency rate fluctuations. Currency exchange rate effects are calculated by translating the current-period's results at the prior-period average exchange rates plus any related gains and losses on currency hedges. Our full year 2026 outlook, on slide 8, includes non-GAAP financial measures and excludes the effect of future changes in currency exchange rates. The Company believes that it is impracticable to provide a reconciliation to the most comparable GAAP measures due to the forward -looking nature of these forecasted Adjusted earnings metrics and the degree of uncertainty associated with forecasting the reconciling items and amounts. The Company further believes that provid ing estimates of the amounts that would be required to reconcile the forecasted adjusted measures to forecasted GAAP measures would imply a degree of precision that wou ld be confusing or misleading to investors. Forward-Looking Statements Non-GAAP Financial Measures
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Note: Revenues, Net Income (Loss) and Adjusted EBITDA arein millions. 3Q Results: Total Company 3Q ’26 3Q ’25 % Change YTD 2026 YTD 2025 % Change REVENUES AS REPORTED $3,436 $3,519 (2)% $8,964 $8,988 -% RENTAL DAYS (000s) 48,112 49,400 (3)% 131,097 133,800 (2) % REVENUE PER DAY EXCLUDING EXCHANGE RATE EFFECTS $71.54 $71.22 -% $67.88 $67.17 1% AVERAGE RENTAL FLEET 706,717 746,161 (5)% 663,674 692,057 (4)% VEHICLE UTILIZATION 74.0% 72.0% 2.0 pps 72.4% 70.8% 1.6 pps PER-UNIT FLEET COSTS PER MONTH EXCLUDING EXCHANGE RATE EFFECTS $316 $303 4% $318 $318 -% NET INCOME (LOSS) $199 $360 (45)% $28 $(139) 120% ADJUSTED EBITDA $513 $559 (8)% $686 $743 (8)% 3
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3Q Results: Americas 3Q ’26 3Q‘25 % Change COMMENTARY REVENUES AS REPORTED $2,552 $2,621 (3)% Revenue declined 3%, reflecting 3% fewer rental days; RPD was flat. RENTAL DAYS (000s) 34,822 35,811 (3)% Rental days declined 3% in a softer-than-expected demand environment, as we remained selective on the business we pursued. REVENUE PER DAY (RPD) EXCLUDING EXCHANGE RATE EFFECTS $73.38 $73.19 -% RPD was slightly up from last year. Our early-quarter focus on longer-length rentals weighed on RPD. Although momentum improved throughout the quarter, with September up mid-single digits year over year. AVERAGE RENTAL FLEET 510,817 546,293 (6)% Average fleet declined 6%, more than twice the decline in rental days, as we continue to improve operational efficiencies. VEHICLE UTILIZATION 74.1% 71.3% 2.8 pps Utilization was up 2.8 points, the fourth consecutive quarter of year-over-year improvement, despite being impacted by recalls. PER-UNIT FLEET COSTS PER MONTH EXCLUDING EXCHANGE RATE EFFECTS $330 $309 7% Per-unit fleet costs came in line with our expectations, reflecting seasonally lower residual values. SG&A & OPEX PER RENTAL DAY $42.38 $41.99 1% Total SG&A and Opex declined 2% year over year; per rental day cost rose 1% on lower rental days. ADJUSTED EBITDA $365 $398 (8)% Adjusted EBITDA declined 8% on lower rental days and resulting negative operating leverage on costs. Note: Revenues and Adjusted EBITDA are in millions. 4
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3Q ’26 3Q '25 % Change COMMENTARY REVENUES EXCLUDING EXCHANGE RATE EFFECTS $887 $898 (1)% Excluding the closure of Zipcar UK, revenue was $7M higher in the quarter. RENTAL DAYS (000s) 13,290 13,589 (2)% Rental days declined 2% driven primarily by the impact of network restructuring and mix shift actions undertaken in 2025, as well as the closure of Zipcar UK. REVENUE PER DAY (RPD) EXCLUDING EXCHANGE RATE EFFECTS $66.71 $66.03 1% RPD rose 1% excluding exchange rate effects but underperformed sequentially and against expectations. AVERAGE RENTAL FLEET 195,900 199,868 (2)% Average fleet declined 2%, in line with the 2% decline in rental days, as we tightly managed fleet to demand. VEHICLE UTILIZATION 73.7% 73.9% (0.2) pps Utilization of 73.7% was broadly stable, down 0.2 points, and remained above 73% for the third consecutive third quarter. PER-UNIT FLEET COSTS PER MONTH EXCLUDING EXCHANGE RATE EFFECTS $279 $285 (2)% Per-unit fleet costs declined 2% as we continued to rotate out of older, higher-cost vehicles acquired in previous years. SG&A & OPEX PER RENTAL DAY EXCLUDING EXCHANGE RATE EFFECTS $37.58 $36.86 2% SG&A and Opex per rental day rose 2%, primarily due to higher commissions associated with our shift toward leisure demand. ADJUSTED EBITDA $180 $190 (5)% Adjusted EBITDA was $8M lower excluding exchange rate effects, driven by lower rental days and by increased commissions associated with the mix shift toward leisure demand. 3Q Results: International Note: Revenues and Adjusted EBITDA are in millions. 5
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3Q ‘26 3Q ‘25 ADJUSTED FREE CASH FLOW $198 $(517) CASH AND CASH EQUIVALENTS $561 $564 AVAILABLE CAPACITY UNDER THE REVOLVING CREDIT FACILITIES $281 $429 TOTAL LIQUIDITY $866 $993 AVAILABLE CAPACITY UNDER THE ABS FACILITIES $2,539 $1,934 Liquidity Profile CASH FLOW COMMENTARY Adjusted free cash flow was $198 million, representing an improvement of $715 million versus the nine months ended September 30, 2025. CAPITAL ALLOCATION On November 2nd 2026, the Company delivered a redemption notice to repay the remaining $350 million outstanding principal amount of our 5.750% Senior Notes due 2027 prior to year end. We expect to continue to focus on debt repayments and capital expenditures that drive operational efficiencies, reduce costs, and support margin expansion, while opportunistically returning capital to our shareholders. 6 Note: Adjusted Free Cash Flow is shown on a year-to-date basis for the nine months ended September 30. 3Q‘26 Total Liquidity includes $24M available capacity under the Bi-lateral letter of credit facility.
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Corporate Debt Maturities as of September 30, 2026 Note: Maturity schedule amounts in millions. $348 $500 $600 $700 $799 $600 $1,124 $200 $2,000 $680 $680 2026 2027 2028 2029 2030 2031 2032 USD Notes Term Loans Revolving Credit Facility Euro Notes 7
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2026 Outlook 8 Note: (1) We are not able to reconcile this forward-looking non-GAAP financial measure to the most directly comparable GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain items, such as taxes, interest expense, and foreign currency exchange rates, which could have a significant impact on our future GAAP results. FY 2026 ADJUSTED EBITDA (1) ~$850M 4Q 2026 FY 2026 PER-UNIT FLEET COSTS PER MONTH ~$310 - 320 ~$315 - 325 (unchanged)
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9 Appendix
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Definitions This presentation includes certain non-GAAP (generally accepted accounting principles) financial measures as defined under SEC rules. We have provided below reasons why we present these non-GAAP financial measures and a description of what they represent. Adjusted EBITDA We define Adjusted EBITDA as income (loss) from continuing operations before non-vehicle related depreciation and amortization; long-lived asset impairment and other related charges; other fleet charges; restructuring and other related charges; early extinguishment of debt costs; non-vehicle related interest; transaction-related costs, net; legal matters, net, which primarily includes amounts recorded in excess of $5 million, related to unprecedented self-insurance reserves for allocated loss adjustment expense, class action lawsuits and personal injury matters; non-operational charges related to shareholder activist activity, which includes third-party advisory, legal and other professional fees; COVID-19 charges, net; cloud computing costs; other (income) expense, net; severe weather-related damages in excess of $5 million, net of insurance proceeds; and income taxes. We believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our operating businesses and in comparing our results from period to period. We also believe that Adjusted EBITDA is useful to investors because it allows them to assess our results of operations and financial condition on the same basis that management uses internally. Adjusted EBITDA is a non-GAAP measure and should not be considered in isolation or as a substitute for net income or other income statement data prepared in accordance with U.S. GAAP. Our presentation of Adjusted EBITDA may not be comparable to similarly-titled measures used by other companies. A reconciliation of Adjusted EBITDA from net income (loss) recognized under U.S. GAAP is provided on slide 11. Adjusted Free Cash Flow Represents net cash provided by operating activities adjusted to reflect the cash inflows and outflows relating to capital expenditures, the investing and financing activities of our vehicle programs, asset sales, if any, and to exclude restructuring and other related charges; early extinguishment of debt costs; transaction-related costs; legal matters; non-operational charges related to shareholder activist activity; COVID-19 charges; other (income) expense; and severe weather-related damages. We believe that Adjusted Free Cash Flow is useful in measuring the cash generated that is available to be used to repay debt obligations, repurchase stock, pay dividends and invest in future growth through new business development activities or acquisitions. Adjusted Free Cash Flow should not be construed as a substitute in measuring operating results or liquidity, and our presentation of Adjusted Free Cash Flow may not be comparable to similarly-titled measures used by other companies. A reconciliation of Adjusted Free Cash Flow from net cash provided by operating activities recognized under U.S. GAAP is provided on slide 12. 10
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Reconciliation of Non-GAAP Measures 11 Notes: (a) Costs reported within vehicle depreciation and lease charges, net related to the disposal of certain fleet in our Americas reportable segment. (b) Consists of $1 million of expense and $109 million of income reported within operating expenses for the three months ended September 30, 2026 and 2025, respectively. Consists of $3 million and $2 million reported within selling, general and administrative expenses for the nine months ended September 30, 2026 and 2025, respectively, and $2 million of expense and $98 million of income reported within operating expenses for the nine months ended September 30, 2026 and 2025, respectively. (c) Reported within operating expenses. (d) Includes stock-based compensation expense and vehicle related deferred financing fee amortization in the aggregate totaling $13 million and $12 million in the three months ended September 30, 2026 and 2025, respectively. Includes stock-based compensation expense and vehicle related deferred financing fee amortization in the aggregate totaling $37 million and $42 million in the nine months ended September 30, 2026 and 2025, respectively.
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Reconciliation of Non-GAAP Measures 12