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September 9, 2026 FIRST QUARTER RESULTS FISCAL YEAR 2027
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FORWARD -LOOKING STATEMENTS 2FY27 Q1 Results | July 31, 2026 This presentation contains “forward-looking statements” within the meaning of the federal securities laws, including the U.S. Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements concerning the conditions of our industry, our operations, our economic performanceand our financial condition, including, in particular, statements relating to our business and growth strategy, and the growth and dynamics of the market segments in which we operate. Forward-looking statements include all statements that do not relate solely to historical or current facts, and can be identified by the use of words such as “may,” “might,” “will,” “should,” “commit,” “enable,” “estimate,” “focused on,” “positioned,” “project,” “plan,” “anticipate,” “expect,” “intend,” “outlook,” “believe” and other similar expressions. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. These forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties. These risks and uncertainties include, without limitation: competition from existing and new competitors; the impact of global economic conditions (including inflation, interest rates, supply chain constraints, tariffs, trade wars and sanctions) and geopolitical risks (including risks related to international conflicts) on us, our customers and our suppliers, in the United States and the rest of the world; currency and interest rate fluctuations; seasonality of our business; our ability to attract, hire and retain qualified personnel; our ability to successfully make acquisitions and integrate acquired companies; changes in the rental rates that we can charge for the equipment in our rental fleet or our services; changes in the construction and industrial markets; changes in political, social and economic conditions and local regulations; changes in the attitude of our customers towards renting, as compared with purchasing, equipment; changes in applicable accounting standards or subjective assumptions, estimates and judgments by management related to complex accounting matters; changes in the mix of products offered in our rental fleet, industry capacity or competition; changes in environmental and safety regulations; changes in government spending or government policies; disruptions of established supply channels; the availability, terms and deployment of capital; and costsand availability of energy, and changes in transportation costs. Further information on the risks that may affect our business is included in filings we make with the U.S. Securities and Exchange Commission from time to time, including our Annual Report on form 10-K for the fiscal year ended April 30, 2026, and other filings with the SEC. Forward-looking statements made in this presentation speak only as of its date, and we undertake no obligation to update them in light of new information or future events, except as required by law.
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INFORMATION REGARDING NON -GAAP FINANCIAL MEASURES 3FY27 Q1 Results | July 31, 2026 This presentation contains certain financial measures that are not presented in accordance with the U.S. generally accepted accounting principles (“GAAP”) including, "adjusted operating profit," "adjusted operating profit margin," "adjusted profit before tax," “adjusted EBITDA,” “adjusted EBITDA margin,” “adjusted EPS,” “EBITDA,” “EBITDA margin,” “free cash flow,” “return on investment,” “net debt,” and “net leverage.” These financial measures are not defined or recognized under GAAP and are presented because we believe that these measures provide both management and users of our consolidated financial statements with useful additional information when evaluating its operating and financial performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Consequently, the methodology used for their calculation may not be consistent with that adopted by other companies and, therefore, the non-GAAP measures presented in this presentation may not be comparable with those of other companies. For the definitions of these terms, additional information about management’s use of these non-GAAP measures, as well as a reconciliation of these measures to the most comparable GAAP financial measures, please see the appendix that accompanies this presentation and the earnings press release issued on September 9, 2026.
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STRATEGIC & OPERATIONAL REVIEW Brendan Horgan, Chief Executive Officer
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FIRST QUARTER SAFETY HIGHLIGHTS FY27 Q1 Results | July 31, 2026 CONTINUED WORLD-CLASS SAFETY PERFORMANCE REINFORCES THE CULTURE OF DISCIPLINE, DEDICATION AND EXECUTION 5 TOTAL RECORDABLE INCIDENT RATE (TRIR) LOST TIME RATE (LTR)
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+13.8% Adj. Operating Profit +60 bps Adj. Operating Profit Margin FIRST QUARTER FISCAL YEAR 2027 FINANCIAL HIGHLIGHTS 6 FIRST QUARTER HIGHLIGHTS • Rental revenue increased 12.5% with General Tool growth of 7.4% and Specialty growth of 25.3% • Continued accelerated Specialty rental revenue growth with structurally higher returns on investment • Rental revenue growth was broad across our customer base, with outsized growth for our large and strategic customers, led by demand across energy, mega projects, live events, industrial, and non-construction maintenance, repair and operations ("MRO") • Strong profit growth reflects the strength of our operating model, disciplined execution, supported by our capital allocation priorities • Raising full-year fiscal 2027 guidance given strong Q1 results and momentum across the business FIRST QUARTER RESULTS FY27 Q1 Results | July 31, 2026 RECORD FIRST QUARTER REVENUE, ADJ. EBITDA, ADJ. OPERATING PROFIT AND ADJ. EPS Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to the most directly comparable GAAP measures. REVENUE ADJ. EBITDA ADJ. EPS ($m)($m) +11.2% Total Revenue +12.5% Rental Revenue +8.7% Adj. EBITDA -100 bps Adj. EBITDA Margin 43.2% 42.2% +20.4% Adj. EPS ADJ. OPERATING PROFIT ($m) 23.8% 24.4% (total) (total)
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LEADING INDICATORS FOR CONSTRUCTION ACTIVITY IMPROVING PLANNING ACTIVITY AND UTILIZATION POINT TO LOCAL MARKET DEMAND OPTIMISM • Another quarter of demand and stability in local non- residential construction markets • Leading indicators remain supportive, with planning activity accelerating and providing optimism into non-residential construction activity over the next 12-18 months • Data center investment continues, with additional strength across manufacturing, healthcare and education • Growing project pipelines and sustained mega and large- project planning support continued demand in Specialty and General Tool Total Construction Starts (SAAR, BIL $)1 U.S Dodge Momentum Index2 Indexed: 2000 = 100, seasonally adjusted FY27 Q1 Results | July 31, 2026 7 1. Dodge Data & Analytics (August 2026) 2. Dodge Data & Analytics (August 2026)
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FLEET ON RENT AND QUARTERLY RENTAL REVENUE GROWTH TRENDS 8 Quarterly Equipment Rental Revenue Year-Over-Year Growth Trends FY26 FY27 Q1 Q2 Q3 Q4 Q1 Total Company +2% +1% +3% +8% +13% North America General Tool +1% +2% +2% +4% +7% North America Specialty +5% —% +4% +15% +25% UK (in $ as reported) +4% +1% +2% +5% (1)% UK (at constant exchange rates) (2)% (2)% (4)% —% (1)% FY27 Q1 Results | July 31, 2026 MOMENTUM CONTINUES TO BUILD WITH RENTAL REVENUE GROWTH FURTHER ACCELERATING IN THE FIRST QUARTER North America Fleet on Rent
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FINANCIAL REVIEW Alex Pease, Chief Financial Officer
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10FY27 Q1 Results | July 31, 2026 FIRST QUARTER FISCAL YEAR 2027 FINANCIAL RESULTS SUMMARY $m Q1 FY27 Q1 FY26 YoY Change Total revenue 3,115 2,801 11.2% Equipment rental revenue 2,927 2,601 12.5% Operating costs (1,800) (1,591) 13.1% Adjusted EBITDA 1,315 1,210 8.7% Depreciation (556) (543) 2.4% Adjusted operating profit 759 667 13.8% Net interest expense (107) (95) 12.6% Adjusted profit before tax 652 572 14.0% Adjusted earnings per share $1.18 $0.98 20.4% Margins Adjusted EBITDA 42.2% 43.2% (100)bps Adjusted operating profit 24.4% 23.8% 60bps Return on investment (TTM) 14.6% 14.6% —bps First Quarter Commentary • Rental revenue growth of 12.5% supported by Specialty, mega projects and non-construction verticals, while local construction markets remain stable • Growth driven by higher fleet on rent, strong utilization, and rate improvements • Adjusted operating profit growth of 14% and margin expansion of 60bps • Adjusted EBITDA growth of 8.7% at a margin of 42.2% ◦ Margin down 100bps year over year with 3/4 of the decline due to higher relative ancillary revenue growth, partially offset by rate improvement • Adjusted EPS of $1.18 increased 20.4% year over year, driven by operating profit growth and benefits from share repurchases RENTAL REVENUE GROWTH OF 13%, ADJ. OPERATING PROFIT GROWTH OF 14%, ADJ. EBITDA GROWTH OF 9% AND ADJ. EPS GROWTH OF 20% Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to the most directly comparable GAAP measures.
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First Quarter Commentary • Rental revenue growth of 7.4% led by higher volumes and higher utilization, with rate improvement • Continued positive internal leading-indicators in our local markets, supported by a diverse end market mix • Adjusted EBITDA margins down 130bps; half of the margin decline due to higher fuel costs, partially offset by rate improvement • Dollar utilization consistent with prior year NORTH AMERICA GENERAL TOOL PERFORMANCE RENTAL VOLUME GROWTH AND RATE PROGRESSION, LED BY LARGE AND STRATEGIC CUSTOMERS WITH STABLE LOCAL MARKETS $m 1Q FY27 1Q FY26 YoY Change Total revenue 1,743 1,649 5.7% Equipment rental revenue 1,648 1,535 7.4% Adjusted segment operating profit 539 519 3.9% Adjusted segment operating profit margin 30.9% 31.5% (60)bps Adjusted segment EBITDA 898 870 3.2% Adjusted segment EBITDA margin 51.5% 52.8% (130)bps Dollar utilization 1) 47% 47% —bps 11FY27 Q1 Results | July 31, 2026 Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to the most directly comparable GAAP measures. 1) Dollar utilization is measured using a trailing twelve month revenue figure and ending original equipment cost (a balance sheet amount as of a point in time), therefore the resulting value is the same for both the quarter-to-date and year-to-date periods.
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NORTH AMERICA SPECIALTY PERFORMANCE STRONG GROWTH LED BY INCREASING DEMAND FOR ENERGY SOLUTIONS, NON-CONSTRUCTION VERTICALS AND MEGA PROJECTS 12FY27 Q1 Results | July 31, 2026 Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to the most directly comparable GAAP measures. 1) Dollar utilization is measured using a trailing twelve month revenue figure and ending original equipment cost (a balance sheet amount as of a point in time), therefore the resulting value is the same for both the quarter-to-date and year-to-date periods. $m 1Q FY27 1Q FY26 YoY Change Total revenue 1,132 909 24.5% Equipment rental revenue 1,070 854 25.3% Adjusted segment operating profit 373 300 24.3% Adjusted segment operating profit margin 33.0% 33.0% —bps Adjusted segment EBITDA 519 436 19.0% Adjusted segment EBITDA margin 45.8% 48.0% (220)bps Dollar utilization 1) 77% 74% 300bps First Quarter Commentary • Rental revenue growth of 25.3%; strong across all business lines, led by Power & HVAC growth of 35% ◦ Aries acquisition added ~300bps to segment rental revenue growth • Increasing fleet investments to support diversified, strong end market demand and customers' need for complex and highly engineered solutions • Adjusted operating profit growth of 24.3% at margin of 33.0%, consistent with last year • Adjusted EBITDA growth of 19.0% at a margin of 46% ◦ Margin declined 220bps with 3/4 of the decline due to higher relative ancillary revenue growth
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4Q FY26 4Q FY25 Y/Y FY26 Total FY25 Total Y/Y CONTINUED FOCUS ON DRIVING OPERATIONAL EFFICIENCY AND IMPROVING RETURNS First Quarter Commentary • Rental revenue declined 1.4%; decreased 1% at constant exchange rates • Adjusted operating profit margin improved 10bps to 8.3% • Dollar utilization improved to 54% 13FY27 Q1 Results | July 31, 2026 Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to the most directly comparable GAAP measures. 1) Dollar utilization is measured using a trailing twelve month revenue figure and ending original equipment cost (a balance sheet amount as of a point in time), therefore the resulting value is the same for both the quarter-to-date and year-to-date periods. $m 1Q FY27 1Q FY26 YoY Change Total revenue 240 243 (1.2)% Equipment rental revenue 209 212 (1.4)% Adjusted segment operating profit 20 20 —% Adjusted segment operating profit margin 8.3% 8.2% 10bps Adjusted segment EBITDA 61 65 (6.2)% Adjusted segment EBITDA margin 25.4% 26.7% (130)bps Dollar utilization 1) 54% 53% 100bps UK PERFORMANCE
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Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to the most directly comparable GAAP measures. CAPITAL EXPENDITURES AND FREE CASH FLOW 14 ACCELERATING CAPEX SPEND TO SUPPORT CUSTOMER WINS AND HIGHER UTILIZATION FY27 Q1 Results | July 31, 2026 CAPITAL EXPENDITURES ($m) ($m) First Quarter Commentary • Elevated investment supporting category classes where we are experiencing a backlog of demand • Opened 13 greenfields; mix of nine Specialty and four General Tool locations • Invested $669M on two bolt-on acquisitions in Specialty ◦ Aries, a modular solutions provider, adding 16 locations ◦ Gilco Scaffolding, adding one location • Free Cash Flow of $70M generated by stronger Adj. EBITDA offset by increases in rental fleet to support the growth of the business, and timing of payments in Q1 2027 related to equipment landings in Q4 2026 Q1 (85.0)% YoY Free Cash Flow Q1 +69.3% YoY CapEx • Dynamically allocating capital based on market conditions • Capital expenditures discipline reflects focus on fleet replacement and supporting pockets of growth primarily in Specialty • Strong free cash flow generation while funding growth and returning capital to shareholders • Opened 50 greenfields and spent $232M on 13 bolt-on acquisitions to fund growth ($m) FREE CASH FLOW ($m) LTM +12.2% YoY CapEx LTM (17.5)% YoY Free Cash Flow 505 (total) 855 (total) 111 96 (total) (total)
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$m As of July 31, 2026 As of July 31, 2025 First lien senior secured bank debt 1,213 1,257 Senior notes 7,343 6,156 Total Debt 8,556 7,413 Cash in hand (32) (23) Net Debt 8,524 7,390 Adjusted EBITDA (LTM) 4,782 4,758 Net debt to EBITDA leverage (net leverage) 1.8x 1.6x NET DEBT, NET LEVERAGE AND RETURNING CAPITAL TO STOCKHOLDERS CONSISTENT CAPITAL ALLOCATION PRIORITIES DELIVERING NET LEVERAGE WITHIN TARGETED RANGE First Quarter Commentary • $363M returned to stockholders through $56M in share repurchases and $307M in dividends paid • Net leverage at 1.8x as of July 31, within our targeted range • Completed offering of $1.2 billion in senior notes ◦ $450 million of 4.950% notes due 2030 ◦ $750 million of 5.650% notes due 2036 • Final dividend payment of $0.75 for a full-year dividend of $1.125, a 4% increase over the prior year • Transitioning to a quarterly dividend in fiscal 2027 replacing the Company's previous UK distribution framework ◦ Dividend of $0.30 per share to be paid on October 2, 2026 $m 1Q FY27 1Q FY26 Share repurchases 56 330 Dividends paid 307 — Cash returned to stockholders 363 330 15FY27 Q1 Results | July 31, 2026 Note: See appendix for reconciliations of Sunbelt Non-GAAP financial measures to the most directly comparable GAAP measures.
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UPDATED FY27 GUIDANCE 16 INCREASING GUIDANCE BASED ON STRONG Q1 RESULTS AND POSITIVE MOMENTUM ACROSS THE BUSINESS FY27 Q1 Results | July 31, 2026 Prior Outlook Current Outlook Total Revenue 4.5% to 7.5% growth 6% to 9% growth Rental Revenue 5% to 8% growth 7% to 10% growth Adjusted EBITDA $4.85 billion to $5.05 billion $4.92 billion to $5.12 billion Net Rental Equipment Capital Expenditures $2.05 billion to $2.45 billion $2.4 billion to $2.8 billion Gross Rental Capital Expenditures $2.45 billion to $2.85 billion $2.75 billion to $3.15 billion Note: We present adjusted EBITDA on a forward-looking basis. The most directly comparable GAAP measure is not accessible on a forward-looking basis without unreasonable efforts, because certain items that impact this GAAP measure, cannot be reasonably predicted or quantified. The probable significance of these items may be material, and as a result, the corresponding GAAP measure and a quantitative reconciliation to this GAAP measure is not available on a forward-looking basis.
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CONCLUSION Brendan Horgan, Chief Executive Officer
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SUMMARY • Increased momentum supported by healthy customer demand and broad-based growth across diverse end markets • Strong activity across mega projects, energy, industrial, non- construction MRO and live events • Another quarter of stability and demand in local non- residential construction activity, supported by improving internal and external leading indicators • Focused on driving utilization, rate momentum, operational efficiencies and fleet optimization • Guidance raised to reflect FY27 confidence supported by record performance, healthy end-market demand and disciplined execution across the business, delivering another year of strong performance FY27 Q1 Results | July 31, 2026 18
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APPENDIX 19
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - SEGMENT ADJ. OPERATING PROFIT AND ADJ. EBITDA 20 ($ in millions) North America – General Tool North America – Specialty United Kingdom Three Months Ended July 31, 2026 Equipment rentals 1,648 1,070 209 Sales of rental equipment 54 20 11 Sales of new equipment, merchandise and consumables 41 42 20 Total revenues 1,743 1,132 240 Cost of rental equipment sales (46) (16) (8) Staff costs1) (366) (210) (69) Depreciation (359) (146) (41) Other segment items2) (433) (387) (102) Adjusted segment operating profit 539 373 20 Add Back: Depreciation 359 146 41 Adjusted segment EBITDA 898 519 61 Adjusted segment EBITDA margin 52% 46% 25% Three Months Ended July 31, 2025 Equipment rentals 1,535 854 212 Sales of rental equipment 71 23 9 Sales of new equipment, merchandise and consumables 43 32 22 Total revenues 1,649 909 243 Cost of rental equipment sales (61) (23) (6) Staff costs1) (329) (177) (70) Depreciation (351) (136) (45) Other segment items2) (389) (273) (102) Adjusted segment operating profit 519 300 20 Add Back: Depreciation 351 136 45 Adjusted segment EBITDA 870 436 65 Adjusted segment EBITDA margin 53% 48% 27% 1) Staff costs comprise salaries and related benefits and retirement costs. 2) Other segment items comprised of spares, vehicle, facility and other miscellaneous costs. FY27 Q1 Results | July 31, 2026
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - DOLLAR UTILIZATION 21 As of July 31, Dollar utilization 2026 2025 North America – General Tool 47% 47% North America – Specialty 77% 74% United Kingdom 54% 53% FY27 Q1 Results | July 31, 2026
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED OPERATING PROFIT AND MARGIN 22 Three Months Ended July 31, Three Months Ended July 31, ($ in millions) 2026 2025 2026 2025 Operating income 691 596 691 596 Other income, net 7 7 7 7 Amortization of acquired intangibles 29 28 29 28 Stock based compensation expense, net 26 23 26 23 Restructuring costs:1) Staff costs 2 2 2 2 Impairment — — — — Other restructuring costs 4 11 4 11 Adjusted operating profit 759 667 759 667 Total revenues 3,115 2,801 3,115 2,801 Operating income margin2) 22% 21% 22% 21% Adjusted operating profit margin 24% 24% 24% 24% 1) Restructuring costs relate to staff, impairment and other costs incurred in relation to the Redomiciliation and U.S. Listing and, in the year ended July 31, 2026, the operational restructure of the United Kingdom segment. 2) Operating income margin is calculated as operating income divided by total revenues. FY27 Q1 Results | July 31, 2026
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED PRE -TAX PROFIT 23 Three Months Ended July 31, Three Months Ended July 31, ($ in millions) 2026 2025 2026 2025 Net income 438 372.57648 438 372.57648 Provision for income taxes 153 135 153 135 Amortization of acquired intangibles 29 28 29 28 Stock based compensation expense, net 26 23 26 23 Restructuring costs:1) Staff costs 2 2 2 2 Impairment – – – – Other restructuring costs 4 11 4 11 Adjusted pre-tax profit 652 572 652 572 1) Restructuring costs relate to staff, impairment and other costs incurred in relation to the Redomiciliation and U.S. Listing and, in the year ended July 31, 2026, the operational restructure of the United Kingdom segment. FY27 Q1 Results | July 31, 2026
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - EBITDA, ADJUSTED EBITDA, EBITDA MARGIN, ADJUSTED EBITDA MARGIN 24 Three Months Ended July 31, Three Months Ended July 31, ($ in millions, unless otherwise stated) 2026 2025 2026 2025 Net income 438 373 438 373 Provision for income taxes 153 135 153 135 Interest expense, net 107 95 107 95 Depreciation of rental equipment 470 458 470 458 Non-rental depreciation and amortization 115 113 115 113 EBITDA 1,283 1,174 1,283 1,174 Stock based compensation expense, net 26 23 26 23 Restructuring costs:1) Staff costs 2 2 2 2 Other restructuring costs 4 11 4 11 Adjusted EBITDA 1,315 1,210 1,315 1,210 Total revenues 3,115 2,801 3,115 2,801 Net income margin2) 14% 13% 14% 13% EBITDA margin 41% 42% 41% 42% Adjusted EBITDA margin 42% 43% 42% 43% 1) Restructuring costs relate to staff, impairment and other costs incurred in relation to the redomiciliation and U.S. Listing and, in the year ended July 31, 2026, the operational restructure of the United Kingdom segment. 2) Net income margin is calculated as net income divided by total revenues. FY27 Q1 Results | July 31, 2026
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED EPS 25 ($ per share amounts) Three Months Ended July 31, Three Months Ended July 31, 2026 2025 2026 2025 Basic earnings per share 1.07 0.87 1.07 0.87 Amortization of acquired intangibles 0.07 0.06 0.07 0.06 Stock based compensation expense, net 0.07 0.05 0.07 0.05 Restructuring costs:1) Staff costs 0.00 0.01 — 0.01 Impairment 0.00 0.00 — 0.00 Other restructuring costs 0.01 0.02 0.01 0.02 Taxation on adjusting items2) (0.04) (0.03) (0.04) (0.03) Adjusted EPS 1.18 0.98 1.18 0.98 Weighted-average common shares used in per share calculations 409,984,863 428,303,318 409,984,863 428,303,318 1) Restructuring costs relate to staff, impairment and other costs incurred in relation to the Redomiciliation and U.S. Listing and, in the year ended July 31, 2026, the operational restructure of the United Kingdom segment. 2) Taxation on adjusting items reflects the tax arising in relation to the items detailed above, calculated at the statutory rate of the relevant jurisdiction. FY27 Q1 Results | July 31, 2026
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - ADJUSTED AVERAGE NET ASSETS, ADJUSTED NET ASSETS AND RETURN ON INVESTMENT 26 ($ in millions, unless otherwise stated) As of July 31, 2026 2025 Net income1) 1,391 1,528 Adjusted operating profit2) 3) 2,592 2,601 Net assets 7,448 7,834 Add back: Net debt 8,524 7,390 Add back: Tax 2,550 2,407 Adjusted net assets 18,522 17,631 Adjusted average net assets 17,755 17,771 Return on investment 14.6 % 14.6 % 1) Net income generated during the preceding twelve-month period. 2) Adjusted operating profit is a non-GAAP measure. Please see above for a reconciliation to net income, the most directly comparable GAAP measure. 3) Adjusted operating profit generated during the preceding twelve-month period. FY27 Q1 Results | July 31, 2026
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - FREE CASH FLOW 27FY27 Q1 Results | July 31, 2026 Three Months Ended July 31, Three Months Ended July 31, ($ in millions) 2026 2025 2026 2025 Net cash provided by operating activities 840 868 840 868 Payments for purchases of rental equipment (759) (394) (759) (394) Payments for non-rental property and equipment (96) (111) (96) (111) Proceeds from sales of rental equipment 77 92 77 92 Proceeds from disposal of non-rental property and equipment 8 13 8 13 Free cash flow 70 468 70 468
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - NET DEBT 28 ($ in millions) As of July 31, 2026 2025 Total debt1) 8,556 7,413 Cash and cash equivalents (32) (23) Net debt 8,524 7,390 1) Total debt includes outstanding amounts under our ABL Facility and Senior Notes. FY27 Q1 Results | July 31, 2026
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RECONCILIATION OF NON -GAAP FINANCIAL MEASURES TO REPORTED FINANCIAL MEASURES - NET LEVERAGE 29 As of July 31, ($ in millions) 2026 2025 Net income1) 1,391 1,528 Adjusted EBITDA2) 3) 4,782 4,758 Total debt4) 8,556 7,413 Net debt5) 8,524 7,390 Debt to net income ratio 6.2x 4.9x Net leverage 1.8x 1.6x 1) Net income generated during the preceding twelve-month period. 2) Adjusted EBITDA is a non-GAAP measure. Please see above for a reconciliation to net income, the most directly comparable GAAP measure. 3) Adjusted EBITDA generated during the preceding twelve-month period. 4) Total debt includes outstanding amounts under our ABL Facility and Senior Notes. 5) Net debt is a non-GAAP measure. Please see above for a reconciliation to long-term debt, the most directly comparable GAAP measure. FY27 Q1 Results | July 31, 2026