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HERTZ GLOBAL HOLDINGS, INC. Q3 2026 EARNINGS PRESENTATION
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INVESTOR PRESENTATION | Q3 2026 2 • Adjusted Corporate EBITDA • Adj. Corp. EBITDA Margin • Adjusted Free Cash Flow • Available Car Days • Average Vehicles • Average Rentable Vehicles • Adjusted DOE per Transaction Day FORWARD-LOOKING STATEMENTS Certain statements made within this presentation contain forward-looking statements. Forward-looking statements are not guarantees of future performance and by their nature are subject to inherent uncertainties. Actual results may differ materially. Any forward-looking information relayed in this presentation speaks only as of November 5, 2026, and Hertz Global Holdings, Inc. (“Hertz Global” or the “Company”) undertakes no obligation to update that information to reflect changed circumstances. Additional information concerning these statements, including factors that could cause our actual results to differ, is contained in the Company’s press release regarding its third quarter 2026 results issued on November 5, 2026, and can also be found in the most recent filings we make with the Securities and Exchange Commission, including our Annual Report on Form 10-K. These filings are made available on the SEC’s website and the Investor Relations section of the Hertz website. IMPORTANT DISCLOSURES See Appendix for definitions of key metrics and reconciliations of non-GAAP measures to the most directly comparable GAAP measure where applicable. NON-GAAP MEASURES AND KEY METRICS The following non-GAAP measures and key metrics are used in the presentation: • Depreciation Per Unit (DPU) • Total Revenue Per Day (RPD) • Revenue Per Unit Per Month (RPU) • Transaction Days • Total Available Car Days • Total Vehicle Utilization • Operational Vehicle Utilization
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INVESTOR PRESENTATION | Q3 2026 3 HERTZ – A GLOBAL LEADER IN CAR RENTAL Note: Data For Full Year 2025 except where stated Over 100 years of operations ~11,000* locations ~160* countries ~26,000 employees ~24M annual rentals 500K+ vehicles *includes company operated and franchisee locations ~$9.0B TTM revenue
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INVESTOR PRESENTATION | Q3 2026 4 H E R T Z G L O B A L B R A N D S Multiple brands provide customers a full range of mobility services
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INVESTOR PRESENTATION | Q3 2026 5 O R O M O B I L I T Y
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INVESTOR PRESENTATION | Q3 2026 6 Q3 2025 Q3 2026 COMMENTARY REVENUE . . . . . . . . . . . . . . . . . . $2.5B $2.6B 6% Best quarterly revenue result in three years RPU . . . . . . . . . . . . . . . . . . . . . . . $1,566 $1,639 5% Best quarterly RPU results in four years, driven by strong U.S. pricing RPD . . . . . . . . . . . . . . . . . . . . . . . $60.75 $64.06 5% Strong commercial momentum continues with U.S. RPD +8% TRANSACTION DAYS . . . . . . . 40.9M 41.0M —% Stable demand AVG. FLEET . . . . . . . . . . . . . . . . 547K 550K 1% Continued disciplined fleet management UTILIZATION . . . . . . . . . . . . . . . 84% 83% Maintained strong asset utilization despite elevated recalls TOTAL UTILIZATION . . . . . . . . 81% 81% Maintained strong asset utilization despite elevated recalls DPU . . . . . . . . . . . . . . . . . . . . . . . $279 $285 2% Stable fleet economics ADJ. DOE/TRANS. DAY . . . . . $35.77 $37.72 5% Roughly half of increase related to improved RPD, remaining primarily due to elevated collisions & maintenance expenses ADJ. CORP. EBITDA . . . . . . . . $203M $233M 15% Best quarterly Adj. Corp. EBITDA result in three years ADJ. FREE CASH FLOW . . . . $248M $(38)M (115)% Fleet-related cash flow combined with sale-leaseback proceeds last year See Appendix for definitions of key metrics and reconciliations of non-GAAP measures to the most directly comparable GAAP measure where applicable. GLOBAL Q3 RESULTS – YEAR OVER YEAR
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INVESTOR PRESENTATION | Q3 2026 7 NON-VEHICLE DEBT MATURITY PROFILE * $203 $18 $2,446 $2,544 $805 2026 2027 2028 2029 2030 DEBT AND LIQUIDITY dollars in millions LIQUIDITY POSITION • Liquidity of $946M as of September 30, 2026 • $531M of unrestricted cash • $415M available under First Lien RCF • $0.9B of excess fair market value cushion in ABS facilities globally *Non-vehicle debt maturity profile as of September 30, 2026. As of September 30, 2026, total non-vehicle debt was $5,953 million. The chart excludes $12 million of other non-vehicle debt that is comprised of finance lease obligations and the collateralized $245 million Term C Loan (maturing June 2028), the fair value of the exchange features associated with the Exchangeable Notes and unamortized debt issuance costs.
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INVESTOR PRESENTATION | Q3 2026 8 Hertz Global Holdings, Inc. Investor Relations 8501 Williams Rd, Estero, FL 33928 Investorrelations@hertz.com CONTACT US
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APPENDIX
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INVESTOR PRESENTATION | Q3 2026 10 NON-GAAP RECONCILIATION (In Millions) Q3 2026 Q3 2025 Adjusted Corporate EBITDA: Net Income (Loss) $116 $184 Adjustments: Income Tax Provision (Benefit) (29) 50 Non-vehicle Depreciation and Amortization 28 29 Non-vehicle Debt Interest, Net of Interest Income 158 123 Vehicle Debt-related Charges 11 12 Restructuring and Restructuring Related Charges 21 4 Net (Gains) Losses on Financial Instruments (76) (43) Share-based Compensation Expense 18 14 Foreign Currency (Gains) Losses 2 8 (Gain) on Sale of Non-vehicle Capital Assets — (39) Litigation settlement (6) (154) Change in Fair Value of Public Warrants (19) 6 Other Items 9 9 Adjusted Corporate EBITDA(A) $233 $203 Revenues $2,617 $2,478 Adjusted Corporate EBITDA Margin 9% 8% HERTZ GLOBAL HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURE – ADJUSTED CORPORATE EBITDA Adjusted Corporate EBITDA represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; non- vehicle depreciation and amortization; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; net (gains) losses on financial instruments; share-based compensation expense; foreign currency (gains) losses; gain on sale of non-vehicle capital assets; change in fair value of Public Warrants; and certain other miscellaneous items. Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to Revenues. Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company’s annual operating budget and monthly operating reviews, and analysis of investment decisions, profitability and performance trends. These measurements enable management and investors to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of certain executive compensation. When evaluating our operating performance, investors should not consider Adjusted Corporate EBITDA in isolation of, or as a substitute for, measures of our financial performance determined in accordance with U.S. GAAP. The reconciliations to the most comparable consolidated U.S. GAAP measure are presented herein. (A) Effective in the first quarter of 2026, we revised our definition of Adjusted Corporate EBITDA to adjust for realized (gains) losses from financial instruments, share- based compensation expense and foreign currency (gains) losses. The update to Adjusted Corporate EBITDA is to better reflect management's view of ongoing operations and its assessment of our operational performance. The presentation of the prior period has been recast to conform to the current period presentation.
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INVESTOR PRESENTATION | Q3 2026 11 NON-GAAP RECONCILIATION HERTZ GLOBAL HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP MEASURES – ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW Adjusted operating cash flow represents net cash provided by operating activities net of the non-cash add back for vehicle depreciation and reserves, and exclusive of bankruptcy related payments made post emergence. Adjusted operating cash flow is important to management and investors as it provides useful information about the amount of cash generated from operations when fully burdened by fleet costs. Adjusted free cash flow represents adjusted operating cash flow plus the impact of net non-vehicle capital expenditures and net fleet growth after financing. Adjusted free cash flow is important to management and investors as it provides useful information about the amount of cash available for, but not limited to, the reduction of non-vehicle debt, share repurchase and acquisition. When evaluating our operating performance, investors should not consider Adjusted Corporate Operating Cash Flow or Adjusted Free Cash Flow in isolation of, or as a substitute for, measures of our financial performance determined in accordance with U.S. GAAP. The most comparable GAAP measure for adjusted operating cash flow and adjusted free cash flow is net cash provided by (used in) operating activities. (In Millions) Q3 2026 Q3 2025 Adjusted Operating Cash Flow And Adjusted Free Cash Flow: Net cash provided by (used in) operating activities $599 $835 Depreciation and reserves for revenue earning vehicles, net (521) (503) Bankruptcy related payments (post emergence) and other payments 9 (154) Adjusted operating cash flow 87 178 Non-vehicle capital asset proceeds (expenditures), net (24) 25 Adjusted operating cash flow before vehicle investment 63 203 Net fleet growth after financing (101) 45 Adjusted free cash flow $(38) $248 Calculation Of Net Fleet Growth After Financing: Revenue earning vehicles expenditures $(1,628) $(1,903) Proceeds from disposal of revenue earning vehicles 1,695 1,720 Revenue earning vehicles capital expenditures, net 67 (183) Depreciation and reserves for revenue earning vehicles, net 521 503 Financing activity related to vehicles: Borrowings 1,380 850 Payment (2,150) (1,295) Restricted cash changes, vehicles 81 170 Net financing activity related to vehicles (689) (275) Net fleet growth after financing $(101) $45
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INVESTOR PRESENTATION | Q3 2026 12 GLOBAL KEY METRICS Note: Global represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate (A) Based on December 31, 2025 foreign exchange rates (B) Effective in the first quarter of 2026, we changed our definition of Average Rentable Vehicles to use a daily average of rentable vehicles as opposed to a simple average of rentable vehicles at the beginning and end of a period. The prior period has been recast to reflect this change. ($ In Millions, Except Where Noted) Q3 2026 Q3 2025 Total RPD Revenues $2,617 $2,478 Foreign Currency Adjustment(A) 8 6 Total Revenues – Adjusted for Foreign Currency $2,625 $2,484 Transaction Days (in thousands) 40,968 40,884 Total RPD (In Dollars) $64.06 $60.75 Transaction Days ("Days"; also referred to as "volume") Transaction Days represents the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period. This metric is important to management and investors as it represents the number of revenue-generating days. Total Revenue Per Transaction Day ("Total RPD" or "RPD"; also referred to as "pricing") Total RPD represents revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control. Revenue Per Unit Per Month ("RPU") Revenue Per Unit Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency. ($ In Millions, Except Where Noted) Q3 2026 Q3 2025 RPU Total Revenues – Adjusted for Foreign Currency $2,625 $2,484 Average Rentable Vehicles (in whole units)(B) 533,757 528,641 Total revenue per unit (in whole dollars) $4,917 $4,698 Number of months in period 3 3 RPU (in whole dollars) $1,639 $1,566
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INVESTOR PRESENTATION | Q3 2026 13 GLOBAL KEY METRICS ($ In Millions, Except Where Noted) Q3 2026 Q3 2025 Total Vehicle Utilization Transaction Days (In Thousands) 40,968 40,884 Average Vehicles (In Whole Units)(A) 550,234 546,901 Number of Days in Period (In Whole Units) 92 92 Total Available Car Days (In Thousands) 50,631 50,322 Total Vehicle Utilization(B) 81% 81% Operational Vehicle Utilization Transaction Days (In Thousands) 40,968 40,884 Average Rentable Vehicles (In Whole Units)(C) 533,757 528,641 Number of Days in Period (In Whole Units) 92 92 Available Car Days (In Thousands) 49,115 48,642 Operational Vehicle Utilization(D) 83% 84% Note: Global represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate A) Effective in the first quarter of 2026, we changed our definition of Average Vehicles to use a daily average of vehicles as opposed to a simple average of vehicles at the beginning and end of a period. The prior period has been recast to reflect this change. (B) Calculated as Transaction Days divided by Total Available Car Days. (C) Effective in the first quarter of 2026, we changed our definition of Average Rentable Vehicles to use a daily average of rentable vehicles as opposed to a simple average of rentable vehicles at the beginning and end of a period. The prior period has been recast to reflect this change. (D) Calculated as Transaction Days divided by Available Car Days. Total Available Car Days Total Available Car Days represents Average Vehicles multiplied by the number of days in a given period. Available Car Days Available Car Days represents Average Rentable Vehicles multiplied by the number of days in a given period. Average Vehicles ("Total Fleet Capacity" or "Capacity") Average Vehicles is determined using a daily average of the number of vehicles in the fleet whether owned or leased by the Company. Average Rentable Vehicles Average Rentable Vehicles reflects Average Vehicles excluding vehicles for sale on the Company’s retail lots or actively in the process of being sold through other disposition channels. Total Vehicle Utilization ("Total Utilization") Total Vehicle Utilization represents the ratio of Transaction Days to Total Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to total fleet capacity. Operational Vehicle Utilization ("Utilization") Operational Vehicle Utilization represents the ratio of Transaction Days to Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to rentable fleet capacity.
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INVESTOR PRESENTATION | Q3 2026 14 GLOBAL KEY METRICS ($ In Millions, Except Where Noted) Q3 2026 Q3 2025 Depreciation Per Unit Per Month Depreciation of Revenue Earning Vehicles and Lease Charges, Net $468 $457 Foreign Currency Adjustment(A) 2 1 Adjusted Depreciation of Revenue Earning Vehicles and Lease Charges, Net $470 $458 Average Vehicles (In Whole Units)(B) 550,234 546,901 Adjusted Depreciation of Revenue Earning Vehicles and Lease Charges Divided by Average Vehicles (In Whole Dollars) $854 $838 Number of Months in Period (In Whole Units) 3 3 Depreciation Per Unit Per Month (In Whole Dollars) $285 $279 Note: Global represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate (A) Based on December 31, 2025 foreign exchange rates (B) Effective in the first quarter of 2026, we changed our definition of Average Vehicles to use a daily average of vehicles as opposed to a simple average of vehicles at the beginning and end of a period. The prior period has been recast to reflect this change. Depreciation Per Unit Per Month ("Depreciation Per Unit" or "DPU") Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges per vehicle per month, exclusive of the impacts of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates comparisons with other participants in the vehicle rental industry.
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INVESTOR PRESENTATION | Q3 2026 15 ADJUSTED DOE PER DAY ($ In Millions, Except Where Noted) Q3 2026 Q3 2025 Adjusted DOE per Transaction Day Direct Operating Expense – as reported $1,547 $1,454 Adjustments: Foreign Currency Adjustment(A) 3 3 Other(B) (5) 6 Direct Operating Expense (DOE) – as adjusted 1,545 1,463 Transaction Days (In Thousands) 40,968 40,884 Adjusted DOE per Transaction Day $37.72 $35.77 Adjusted Direct Operating Expense per Transaction Day (“Adjusted DOE per Day”) Adjusted DOE per Day is calculated as Direct Operating Expenses - as reported, exclusive of the impacts of foreign currency exchange rates and adjustments for certain miscellaneous items, divided by the number of Transaction Days during the period. Adjusted DOE per Day is important to management and investors as it measures the Company’s cost efficiency on a per unit basis excluding the impact of variable direct operating expense fluctuations attributable to changes in volume, so as not to affect the comparability of underlying trends. Its most comparable GAAP measure is DOE per Transaction Day. Note: Global represents Americas RAC and International RAC segment information on a combined basis (A) Based on December 31, 2025 foreign exchange rates (B) For Q3 2026, primarily includes restructuring related IT costs. For Q3 2025, primarily includes certain litigation adjustments.