#1GROWTH AND RESILIENCE NINE MONTH RESULTS 8 March 2022 AURIE 27 N Ashtead group#2LEGAL NOTICE This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not constitute an offer of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Ashtead Group plc or any of its subsidiary companies. The presentation contains forward looking statements which are necessarily subject to risks and uncertainties because they relate to future events. Our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control and, consequently, actual results may differ materially from those projected by any forward looking statements. 2 Nine month results ¦ 31 January 2022 Some of the factors which may adversely impact some of these forward looking statements are discussed in the Principal Risks and Uncertainties section on pages 34-38 of the Group's Annual Report and Accounts for the year ended 30 April 2021 and in the unaudited results for the third quarter ended 31 January 2022 under "Current trading and outlook" and "Principal risks and uncertainties". Both these reports may be viewed on the Group's website at www.ashtead-group.com This presentation contains supplemental non-GAAP financial and operating information which the Group believes provides valuable insight into the performance of the business. Whilst this information is considered as important, it should be viewed as supplemental to the Group's financial results prepared in accordance with International Financial Reporting Standards and not as a substitute for them. Ashtead group#3HIGHLIGHTS ▪ Record performance demonstrating the strength in our model and ongoing momentum across the business ▪ North American rental revenue 22% ahead of last year (Q3: +28%) and 16% ahead of 2019/20 pre-pandemic levels ▪ 81 locations added in North America, of which 57 were greenfields and 24 were acquisitions $938m invested in 19 bolt-on acquisitions in the period with a further $270m spent in Q4 $1.7bn invested in capital expenditure $311m (£226m) allocated to share buybacks in the period Leverage¹ at 1.5 times net debt to EBITDA is at the lower end of our target range of 1.5 to 2.0 times ▪ We now expect full year results slightly ahead of our previous expectations ■ ■ 3 Nine month results ¦ 31 January 2022 1 Excluding the impact of IFRS 16 Ashtead group#42021/22 OUTLOOK Rental revenue¹ 4 Capital expenditure (gross)² Free cash flow² 1 Represents year-over-year rental revenue growth at constant currency. 2 Current guidance stated at C$1 = $0.80 and £1 =$1.35 Nine month results ¦ 31 January 2022 US Canada UK Group Previous guidance 18 - 20% 25 - 30% 9 - 12% 17 - 20% $2.2 - 2.4bn $900 1,100m Current guidance 20 - 22% 27 - 30% 10 - 12% 19 - 21% $2.4 - 2.5bn $900 1,100m - Ashtead group#5LO 5 SUNBELT Nine month results ¦ 31 January 2022 ne month results ¦ 31 PUM Harrison UNBELT. RENTALS. SUNP REN FINANCIAL REVIEW MICHAEL PRATT Ashtead group#6GROUP NINE MONTH RESULTS $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Net interest Profit before amortisation, exceptional items and tax Earnings per share Margins EBITDA Operating profit Return on investment The results in the table above are the Group's adjusted results and are stated before exceptional items and intangible amortisation 1 At constant exchange rates 6 Nine month results ¦ 31 January 2022 2022 5,884 5,360 (3,175) 2,709 (1,130) 1,579 (173) 1,406 235.1¢ 46% 27% 18% 2021 4,880 4,379 (2,609) 2,271 (1,080) 1,191 (201) 990 165.1¢ 47% 24% 13% Change¹ 19% 21% 20% 18% 4% 32% -15% 41% 42% Ashtead group#7US NINE MONTH RESULTS $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the US's adjusted results and are stated before intangible amortisation 7 Nine month results ¦ 31 January 2022 2022 4,764 4,468 (2,430) 2,334 (920) 1,414 49% 30% 24% 2021 4,034 3,703 (2,043) 1,991 (886) 1,105 49% 27% 18% Change 18% 21% 19% 17% 4% 28% Ashtead group#8CANADA NINE MONTH RESULTS C$m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are Canada's adjusted results and are stated before intangible amortisation 8 Nine month results ¦ 31 January 2022 2022 463 420 (251) 212 (102) 110 46% 24% 22% 2021 357 310 (203) 154 (90) 64 43% 18% 9% Change 30% 35% 24% 38% 13% 73% Ashtead group#9UK NINE MONTH RESULTS £m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the UK's adjusted results and are stated before intangible amortisation 9 Nine month results ¦ 31 January 2022 2022 547 406 (382) 165 (93) 72 30% 13% 15% 2021 444 341 (308) 136 (97) 39 31% 9% 6% Change 23% 19% 24% 22% -4% 84% Ashtead group#10CASH FLOW NINE MONTH RESULTS $m EBITDA before exceptional items Cash conversion ratio¹ Cash inflow from operations² Replacement and non-rental capital expenditure Rental equipment and other disposal proceeds received Interest and tax paid Cash inflow before discretionary expenditure Growth capital expenditure Exceptional costs Free cash flow Business acquisitions Investments Dividends paid Purchase of own shares by the Company / ESOT (Increase)/decrease in net debt 1 Cash inflow from operations as a percentage of EBITDA 2 Before fleet changes and exceptional items 10 Nine month results ¦ 31 January 2022 Nine months 2022 2,709 92% 2,481 (864) 222 (339) 1,500 (726) (36) 738 (948) (20) (213) (331) (774) 2021 2,271 99% 2,255 (670) 293 (473) 1,405 (28) 1,377 (24) (192) (15) 1,146 LTM January 2022 3,475 93% 3,243 (1,087) 333 (509) 1,980 (761) (36) 1,183 (1,119) (20) (257) (331) (544) Ashtead group#11NET DEBT $m Opening net debt Change from cash flows Translation impact Debt acquired New lease liabilities Deferred debt raising cost amortisation Net debt at period end Comprising: First lien senior secured bank debt Senior notes Lease obligations Cash in hand Net debt to EBITDA leverage¹ (excl. IFRS 16) (x) Net debt to EBITDA leverage¹ (incl. IFRS 16) (x) 11 Nine month results ¦ 31 January 2022 2022 5,801 774 (31) 81 253 16 6,894 1,981 3,071 1,876 (34) 6,894 2021 6,764 (1,146) 103 1.5 2.0 140 9 5,870 1,409 2,968 1,513 5,870 1.6 2.0 1 At January 2022 exchange rates (20) 3.0 2.5 2.0 1.5 1.0 2.6 2.2 $m 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Leverage (excluding impact of IFRS 16) 0 2.0 At constant exchange rates (January 2022) 2012 2013 2014 2015 2016 2.0 1.9 Fleet cost Fleet OLV 1.7 2017 1.6 2018 $2.7bn Net debt 1.8 2019 1.9 2020 1.6 2021 1.5 2022 Ashtead group#1212 NEZAVE SGM T237-яро CANS аиона озтя99U2 YJQU0ЯЯ 33AT QAS 150 Nine month results 31 January 2022 SUNBELT RENTALS SUNBELT RENTALS OPERATIONAL REVIEW BRENDAN HORGAN Ashtead group#13US TRADING General tool Specialty Oil & gas May Q3 Q4 Q3 -9% -7% -4% +7% -4% +14% +13% +19% +15% +6% +18% +6% +18% +13% +23% +22% +34% +27% -40% -25% -44% +86% +62% +44% +59% -62% -53% Total -8% -3% -3% +8% -2% +16% +16% +23% +19% 1 Rental only revenue presented on a billing day basis 13 Jun Jul Q1 Aug Q2 Rental revenue¹ FY21 Sep 2019/20 Sunbelt US: fleet on rent Nine month results ¦ 31 January 2022 Oct FY Nov 2020/21 Dec Q1 Jan Q2 Feb 2021/22 FY22 Mar Apr YTD ▪ Strong growth in General Tool, while Specialty delivers another exceptional quarter, aided by the Mahaffey acquisition ▪ Very strong demand environment coupled with ongoing supply constraints contributing to high utilisation levels ▪ Market dynamics supportive of continued progression in rental rates ■ Customers' trends to opex rather than capex heightened during prolonged period of supply constraints, accelerating structural shift from ownership to rental Specialty strength across the board Ashtead group#14SPECIALTY TRADING Power and HVAC Climate Control and Air Quality Flooring Solutions Scaffold Pump Solutions Industrial Tool Shoring Solutions Ground Protection US ex. Temporary Structures Total US² Q1 14 Nine month results ¦ 31 January 2022 +24% +25% +53% -11% +27% +32% +8% +61% +22% +22% Lighting, Grip and Studio 1 Rental only revenue presented on a billing day basis 2 Including Temporary Structures nm - not meaningful nm Rental revenue growth¹ Q2 +22% +31% +59% -8% +20% +38% +13% +31% +23% +23% +38% Q3 +30% +17% +58% +10% +25% +52% +20% -9% +25% +34% -26% Nine months +25% +25% +57% -4% +24% +41% +14% +24% +24% +27% 49% ■ ■ Unique portfolio of Specialty businesses take advantage of ongoing growth opportunities in lowly penetrated markets: 48 locations added (42 greenfields and 6 acquisition locations) H Early stages of structural change; amplifying the Power of Sunbelt, providing a reliable alternative to ownership with a long runway for sustainable growth serving broad range of end markets and applications, which are principally non-construction ▪ Acquisition of Mahaffey creates foundation for tenth Specialty business line, Temporary Structures, which has ample room for growth in a remarkably complementary space to many of our existing Specialty lines and General Tool business. Q3 benefitted from a large one-off project Acquisition of Com Rent added the market leading load bank business to better address the exciting and rapidly advancing electrification environment ▪ Lighting, Grip and Studio (WFW), impacted adversely by Covid induced production restrictions in Q3 Ashtead group#15US CONSTRUCTION MARKET OUTLOOK 300 250 200 150 100 50 2005 2007 2009 2011 2013 Source: Dodge Data & Analytics (February 2022) 190 170 150 130 110 90 70 Dodge construction starts Indexed: 2000-100 50 2002 2004 2006 2008 Source: Dodge Data & Analytics (February 2022) 15 Nine month results ¦ 31 January 2022 muu 2010 2015 2017 2012 mu Dodge momentum index Indexed: 2000=100, seasonally adjusted 2019 2021 2014 2023 тетрит 2016 2025 2018 2020 2022 Construction put in place ($bn) Non-residential 2019 ■ 529 285 814 551 1,365 +2% ■ 2020 2021 2022 2023 2024 519 481 526 295 290 294 814 771 820 618 714 738 1,432 1,485 1,558 +4% +5% Non-building Construction (excl. resi) Residential Construction (total) Construction growth Rental market ($bn) Rental¹ 51 46 56 48 53 Rental growth +4% +10% +6% Source: Dodge Data & Analytics (December 2021) / IHS Markit (February 2022) 1 Excluding party and event +6% -9% Dodge momentum index remains strong +5% 563 588 315 345 878 933 854 805 1,683 1,787 +8% +6% 58 +3% 2025 609 368 977 892 1,869 +5% 59 +3% ▪ Infrastructure package passed into law and nature and composition will favour rental and the larger rental companies in particular The known and forecasted construction volume will result in a strong demand market for the years to come Notable presence of larger projects Ashtead group#16DEMAND AND SUPPLY DYNAMICS CREATE A UNIQUE ENVIRONMENT RENTAL IS WELL POSITIONED TO BENEFIT Dynamic Supply chain constraints Inflation Skilled trade scarcity 16 Explanation Component shortages, logistics bottlenecks, and general supply chain challenges remain a reality for equipment and vehicle suppliers, limiting availability for end user equipment owners and smaller rental providers An environment driving higher costs across most expense lines over the last year in most businesses. Ranging from wages to whole goods, to parts and services. Some businesses are able to cope, some are not Nine month results ¦ 31 January 2022 Labour availability in general and skilled trade in particular is scarce Duration 12 18 months Moderation in quarters to come For the foreseeable future / no known catalyst to reverse this Our advantage Partnerships and reputation with our OEMs, in conjunction with planning Sunbelt 3.0 fleet needs through 2024, is enabling us to fulfill fleet requirements to execute on our growth plans and take advantage of current market dynamics. This is enhanced by our financial strength. We have been able to digest the inflationary pressures through benefits of scale and rental rate increases. We are confident this will continue to be the case. The focus on our people, particularly during the pandemic, improves retention and enhances our ability to recruit. Labour constraints will result in projects taking longer to complete and accelerate shift to rental. THESE DYNAMICS ARE ALL TAILWINDS TO RENTAL PENETRATION AND WILL FAVOUR BIGGER BUSINESSES WITH STRENGTH IN BALANCE SHEET, ACCESS TO CAPITAL AND EXPERIENCE TO EXECUTE. Ashtead group#17CANADA TRADING ■ Growth driven by General Tool business, aided by developing Specialty businesses Strong demand and supply constraints contributing to record utilisation and favourable rate environment ▪ Sunbelt 3.0 plan progressing well leading to cross selling wins to an increasingly diverse customer base ▪ Lighting, Grip and Studio (WFW), impacted adversely by Covid induced production restrictions in Q3 Canadian building permit values 2019 Market (C$bn) Market growth Source: Dodge Data & Analytics (January 2022) 2020 +3% 102,864 101,029 121,071 +20% -2% 2021 17 Nine month results ¦ 31 January 2022 2022 2023 -8% 111,664 117,773 121,667 2024 +5% +3% May Jun Jul Fleet on rent (excluding William F. White) Aug Sep Oct 2019/20 Nov 2020/21 Market growth Source: IHS Markit (February 2022) Dec Canadian rental market forecasts +7% Jan Feb 2021/22 2017 2018 2019 2020 2021 2022 2023 2024 Mar Apr +3% - % -11% +16% +5% +6% +3% Ashtead group#18UK TRADING ■ Strong performance driven by: ■ Share gains in broad end markets ▪ COVID-19 response efforts Op-X programme and ROC model ■ ■ DoH testing sites expected to close from April 2022 and the majority of this revenue effectively cease ▪ End market strength in infrastructure, private housing and repair, maintenance and improvements. Industrial performing well as shut-down work resumes 18 Unique range of general and specialty products in the UK market resulting in customer wins across diverse end markets ▪ Focus on customer service coupled with pricing discipline is yielding rate improvement Nine month results ¦ 31 January 2022 May Jun Jul Aug Sep Fleet on rent Oct 2019/20 2019 Nov UK industry forecast Construction industry Source: Construction Products Association (Winter 2021/22) +2% Dec 2020/21 2020 -15% Jan Feb 2021/22 2021 +13% Mar Apr 2022 +4% 2023 +2% Ashtead group#19SUNBELT 3.0: STRATEGIC GROWTH PLAN ROLLED OUT ACROSS THE BUSINESS AND PROGRESSING WELL 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 AMPLIFY 3 4 SPECIALTY 19 ADVANCE TECHNOLOGY LEAD WITH ESG 5 DYNAMIC CAPITAL ALLOCATION Underpinned by Cultural elements: Invest in our people Nine month results ¦ 31 January 2022 Progress Opened 57 greenfield locations in North America in the nine months, 42 of which were Specialty 19 bolt-on acquisitions completed, adding 24 locations and establishing a new Specialty business, Temporary Structures, with a good pipeline Achieved cluster status in six additional top 100 US markets Definitive steps achieved to supercharge a bigger, better, faster digital platform leveraging our strong base Sustainability initiatives advancing, D&I taskforce and women's employee resource group fully engaged Debut investment grade bond issuance, progressive interim dividend and share buybacks Entrepreneurialism with scale Actionable component 12 125 12 3 4 5 Bringing Availability, Reliability, and Ease to our customers Ashtead group#20INITIAL GROUP FLEET PLAN FOR 2022/23 US ($m) Canada (C$m) UK (£m) Group ($m) 1 Stated at C$1 = $0.80 and £1 = $1.35 - - rental fleet non-rental fleet rental fleet non-rental fleet rental fleet non-rental fleet Capital plan (gross) Disposal proceeds Capital plan (net) 20 Nine month results ¦ 31 January 2022 2021 Actual 576 102 678 79 17 96 132 17 149 947 (407) 540 2022 Q3 Actual 1,160 210 1,370 167 23 190 109 27 136 1,708 (239) 1,469 2022 Current guidance¹ 1,600 - 1,700 350 1,950 - 2,050 230-240 40 270-280 130 - 140 40 170 - 180 2,400 2,520 (300) 2,100 - 2,220 2023 Initial guidance¹ 2,400 - 2,600 350 2,750 - 2,950 200 - 230 50 250 - 280 130 - 150 50 180 - 200 3,195 -3,445 (550) 2,645 - 2,895 Ashtead group#21CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store Greenfields I ■ Bolt-on acquisitions Returns to shareholders I ■ 21 Progressive dividend policy Share buybacks APPLICATION Nine month results ¦ 31 January 2022 I I ■ $1.7bn invested in the business 57 greenfields opened in North America $938m spent on bolt-ons, with 24 locations added Good pipeline with $270m spent in Q4 Interim dividend of 12.5% per share paid in February $311m (£226m) spent under two year, up to £1bn share buyback programme UNDERPINNED BY TARGET NET DEBT TO EBITDA LEVERAGE RANGE OF 1.5 TO 2.0 TIMES - 1.5 TIMES AT 31 JANUARY 2022 Ashtead group#22SUMMARY ■ ▪ Known and forecast levels of demand coupled with supply constraints indicate strong markets for the years to come Clear momentum, with strong positions in each of our markets ▪ Sunbelt 3.0 initiatives progressing well, with 81 locations added in the period and six additional markets clustered ■ ■ Strong levels of bolt-on activity with good pipeline to supplement our organic growth plan Leverage at the bottom end of our target range The Board looks to the future with confidence and now expects results slightly ahead of our previous expectations 22 Nine month results ¦ 31 January 2022 Ashtead group#2323 Nine month results ¦ 31 January 2022 SURDELT MODO CROFES TEME 287 missions all electric 20 SUNBELT RENTALS APPENDICES Ashtead group#24DIVISIONAL PERFORMANCE THIRD QUARTER RESULTS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 24 2022 179 153 Net financing costs Profit before exceptional items, amortisation and tax Canada Group Nine month results ¦ 31 January 2022 1,639 240 121 2,000 Revenue 2021 172 136 1,287 229 105 1,621 Change¹ 4% 12% 27% 5% 15% - % 23% 2022 50 64 767 66 51 (7) 877 47% 28% 42% 44% EBITDA 2021 50 61 618 66 47 (5) 726 48% 29% 45% 45% Change¹ - % 5% 24% - % 8% 60% 21% 2022 18 29 444 24 23 (7) 484 (57) 427 (34) 393 (96) 297 27% 10% 19% 24% Profit 2021 19 31 324 25 23 (5) 367 (63) 304 (20) 284 (68) 216 25% 11% 22% 23% Change¹ -5% -5% 1 37% -5% -2% 57% 32% -11% 41% 74% 38% 40% 38% As reported Ashtead group#25DIVISIONAL PERFORMANCE LAST TWELVE MONTHS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 2022 738 607 Canada Group 25 Nine month results ¦ 31 January 2022 6,147 1,012 484 Net financing costs Profit before exceptional items, amortisation and tax 7,643 Revenue 2021 548 456 5,244 707 342 6,293 Change¹ 35% 33% 17% 43% 42% 21% 2022 222 277 2,977 305 221 (28) 3,475 48% 30% 46% 45% EBITDA 2021 163 180 2,523 210 135 (15) 2,853 48% 30% 39% 45% Change¹ 36% 54% 18% 45% 64% 90% 22% 2022 94 144 1,753 128 115 (29) 1,967 (235) 1,732 (144) 1,588 (406) 1,182 29% 13% 24% 26% Profit 2021 37 61 1,326 49 45 (15) 1,405 (273) 1,132 (82) 1,050 (259) 791 25% 7% 13% 22% Change¹ 150% 137% 1 32% 164% 152% 85% 40% -14% 53% 77% 51% 56% 50% As reported Ashtead group#26ROBUST AND FLEXIBLE DEBT STRUCTURE $5,000m $4,000m $3,000m $2,000m $1,000m 26 $m FY22 FY23 FY24 FY25 FY26 Aug Aug May Nov FY31 2026 2027 2028 2029 $550m $600m $600m $600m Nine month results ¦ 31 January 2022 Undrawn Drawn Notes Aug 2031 $750m ▪ In August, refinanced $600m 4.125% notes and $600m 5.25% notes with two investment grade notes: $550m 1.5% notes due 2026 $750m 2.45% notes due 2031 and closed increased $4.5bn ABL facility and extended maturity to August 2026 ■ Refinancing delivers annual interest saving of $30m Early redemption of $1.2bn notes gave rise to non-recurring charges of $47m in the second quarter relating to call premium and write off of deferred financing costs Subsequent to refinancing, facilities committed for average of 6 years at a weighted average cost of less than 3% ▪ No financial monitoring covenants whilst availability exceeds $450m (January 2022: $2,681m) Ashtead group#27US FLEET PROFILE $12bn $10bn $8bn $6bn $4bn $2bn 27 $bn 2014 and prior Nine month results 31 January 2022 2015 2016 2017 2018 2019 2020 2021 Total Smooth fleet profile ▪ Benefits of prolonged cycle and our growth strategy ▪ Strong position providing optionality through the cycle Flexibility to turn replacement into growth and vice versa Strengthens partnership with suppliers through predictability Ashtead group#28US INDUSTRY FLEET Industry fleet (OEC) Industry fleet 9% larger year-over-year Mar Apr Source: Rouse Analytics (May 2021) May Jun 28 Nine month results ¦ 31 January 2022 Jul Aug Sep 2019/20 Oct Nov 2020/21 Dec Jan Feb Industry fleet 3% smaller year-over-year Mar Apr May Ashtead group#29CASH FLOW FUNDS ALL FLEET INVESTMENT ($m) EBITDA before exceptional items EBITDA margin Cash inflow from operations before fleet changes and exceptionals Cash conversion ratio Replacement capital expenditure Disposal proceeds Interest and tax Cash flow before discretionary items Growth capital expenditure Exceptional costs Free cash flow Business acquisitions and investments Cash flow available to equity holders Dividends paid Share issues/returns LTM Jan-22 3,475 3,037 3,008 2,748 2,319 1,947 45% 46% 47% 47% 47% 47% 1,183 3,243 3,017 3,076 2,664 2,248 93% 99% 102% (892) (1,087) (1,087) 97% (837) 250 97% (692) 215 403 327 333 (509) (643) (393) (253) (278) 1,980 1,885 1,923 1,824 1,493 1,220 (761) (36) (63) (906) (1,344) (16) 1,822 1,001 (195) (577) (767) (477) (1,139) 44 2021 2020 2019 2018 2017 29 Nine month results ¦ 31 January 2022 1,627 (235) (257) (331) (16) (544) 1,376 480 424 516 2016 1,889 1,617 97% 91% 1,347 93% (558) 164 (682) (845) 271 (195) (127) (152) 208 433 2015 1,769 1,452 1,098 46% 45% 42% 916 (94) (542) (102) 801 2014 (945) (787) (1,010) (939) (650) (32) (1) (4) (139) (87) (383) (163) (287) (234) (214) (192) (152) (122) (99) (592) (621) (230) (73) (18) (34) (402) (1,122) (383) (334) (336) (655) (89) 1,030 789 94% 97% (537) (518) 163 151 (76) 567 2013 2012 817 38% 346 (399) (25) (78) (53) 39 (109) (196) (522) (250) (131) (65) (32) (34) (16) (349) (179) 607 34% 201 2011 581 438 96% 99% (434) (317) 144 93 (90) (111) (216) (5) (20) (35) 444 30% 103 (19) 84 (55) (55) (24) (23) (6) (85) 29 6 2010 409 30% 319 426 604 104% 101% (69) (395) 49 154 (87) (107) (13) 306 (1) 305 (21) 2009 2008 284 597 33% 256 (16) 240 175 415 (22) (30) 363 730 35% 2007 271 593 35% 715 607 98% 102% (464) (469) 186 150 (166) (132) 156 2006 399 35% 275 (456) 385 96% (296) 90 (74) 105 (242) (120) (111) (19) (131) (35) 10 (95) (41) (12) (622) (77) 2005 117 316 32% 307 97% (188) 67 (58) 128 (19) (10) 99 (2) (717) (118) 100 (21) (14) (4) (48) (71) 1 (5) Ashtead group 100#30$2,681M OF AVAILABILITY AT 31 JANUARY 2022 Book value $9,983m (April 21: $8,809m) $1,228m $8,150m Calculation: Receivables Inventory - 50% of book value Receivables 85% of net eligible receivables Fleet and vehicles - 85% of net appraised market value of eligible equipment Rental fleet and vehicles ▪ Borrowing base reflects July 2021 asset values 30 Nine month results ¦ 31 January 2022 ■Inventory ■ Other PPE Borrowing base $7,410m (April 21: $6,359m) $906m $6,552m Borrowing base covers today's net ABL outstandings 3.8x Senior debt Availability of $2,681m $2,044m of net ABL outstandings, including letters of credit of $58m (Apr 21 - $1,243m) Ashtead group#31DEBT AND COVENANTS 31 Debt Ratings Availability Fixed charge coverage covenant Nine month results ¦ 31 January 2022 Facility $4.5bn first lien revolver $550m senior notes $600m senior notes $600m senior notes $600m senior notes $750m senior notes Corporate family Second lien H ■ ■ Interest rate LIBOR + 125-150 bps 1.500% 4.375% 4.000% 4.250% 2.450% S&P BBB- BBB- Covenants are not measured if availability is greater than $450 million Maturity August 2026 August 2026 August 2027 May 2028 November 2029 August 2031 Moody's Baa3 Baa3 Fitch BBB- BBB- EBITDA less net cash capex to interest paid, tax paid, dividends paid and debt amortisation must equal or exceed 1.0x Greater than 1.0x at January 2022 Ashtead group#32LOCATION GROWTH DURING 3.0 CLEARLY DEFINED April 2021* 936 Sunbelt 3.0 +298 April 2024 1,234 32 Nine month results ¦ 31 January 2022 Un April 2021 Sunbelt 3.0 - May 2021 - April 2024 * Excludes two Sunbelt 3.0 locations opened in April 2021 Ashtead group#33BENEFITS OF CLUSTERED MARKETS ARE DEMONSTRABLE THE STRATEGY 33 Broaden customer base Larger addressable market Nine month results ¦ 31 January 2022 REVENUE COMPOSITION GT 30% Clustered DMAS Specialty 70% 20% 80% Non-Clustered DMAS CLUSTER VS. NON-CLUSTER Metric / KPI Active customer count Revenue Time utilization Rate achievement EBITA margin Comparison to similar sized non-clustered markets¹ 1 Based on LTM-December 2019 (US only) 2.2x customers 15% more revenue per customer 2.2% higher 2.3% higher 4.5% higher or 160 bp improvement We call this cluster economics Ashtead group#34SPECIALTY MARKET SIZING, RENTAL PENETRATION & SHARE REVENUE WILL GROW BY $1BN IN 3.0 WITH AMPLE OPPORTUNITY BEYOND CURRENT, PROJECTED AND ILLUSTRATIVE RENTAL BY BUSINESS LINE, $M FY21 total rental Incremental projected FY24 total rental via existing locations and greenfields Incremental illustrative Sunbelt potential total rental Power & HVAC Climate Control & Air Quality Scaffold Services Pump Solutions Flooring Solutions Shoring Solutions Industrial Tool Lighting, Grip & Studio Ground Protection 600 ¹ Market size and rental penetration levels indicated herein validated by Verify Markets 2 Scaffold Services rental penetration not meaningful 0 200 1000 34 Nine month results ¦ 31 January 2022 1400 1800 2200 RENTAL PENETRATION¹ Now 5% 6% nm² 25% 2% 27% 7% 35% 32% Future 15% 20% nm² 35% 20% 40% 20% 45% 40% MARKET SHARE Now 13% 15% 11% 5% 45% 4% 5% 5% 6% Future 20% 25% 25% 20% 25% 20% 10% 10% 15% 10% Current rental penetration for all of Specialty ~$2.4bn Specialty revenue in FY24 $6bn+ Revenue potential at more mature rental penetration levels and market share gains Ashtead group#35ENVIRONMENTAL ROADMAP INITIATIVES ON THE PATH TO 35X30 NEAR TERM: 3.0 PERIOD TARGET: 15% BY 2024 35 Greener vehicle transition 2 Route optimisation and dynamic telematics 3 Scope 3 emissions mapping 4 Nine month results ¦ 31 January 2022 Assessment of science- based targets 5 Real estate and facility standards MEDIUM TERM 6 Retrofit of heating and hot water infrastructure Step change in service/sales vehicle procurement Increase use of onsite renewable energy generation 8 LONG TERM GOAL: 35% BY 2030 Migration to alternative energy for HGVs/tractors All new vehicles use alternative energy sources (10 Completion of retrofit of heating and hot water infrastructure 11 35 30 35€ CONTINUOUS INNOVATION OF RENTAL FLEET TO REFLECT LATEST ENVIRONMENTAL STANDARDS MINIMISING OUR CARBON FOOTPRINT Ashtead group#36CASE STUDY OF PARTNERING IN INNOVATION OUR SCALE, RESOURCE AND INTELLECTUAL CAPITAL IS A CAPABLE AND NECESSARY CONTRIBUTOR 17X Bobcat zero emissions all electric SUNBELT Joel Honeyman, VP of Global Innovation, Doosan Bobcat Inc. Brent Coffey, Director of Product Lines, Sunbelt Rentals 36 Nine month results ¦ 31 January 2022 ■ Partnership with Bobcat Company in the production and launch of the world's first fully electric compact track loader Extensive collaboration in concept, testing, customer acceptance and calibration ▪ Internal combustion engine driven compact loaders are a staple product in the equipment industry with c. 100,000 units sold into North America every year ▪ Current engine driven market is c. 30% rental penetrated ▪ Sunbelt has secured the purchase of two-thirds of the first year's all electric production Electrification will increase future rental penetration across many product groups Ashtead group#37US MARKET SHARE 37 66% 2010 5% 4% 3% Nine month results ¦ 31 January 2022 30⁰0 3⁹0 3% 6% 13% 45% 2021 14% 20% ■ United Rentals ■ Sunbelt ■ RSC ■ Herc Rentals ■ Top 4-10 ■ Top 11-100 11% 3% 7% ■ Other All others Future 20%+ One or two others Two or three have 50%+ of the market Ashtead group#38IMPORTANT TO NOT LOSE SIGHT OF THROUGH THE CYCLE KEY METRICS 38 % 20 18 16 14 12 ΝΔ Ο το 8 Ε 10 8 9 2 15 13 14 2006 2007 2008 10 5 Group Rol 7 12 16 2009 2010 2011 2012 2013 19 19 19 17 2014 2015 2016 2017 2018 Cost of capital Nine month results ¦ 31 January 2022 18 18 15 15 2019 2020 2021 % 50 45 40 35 30 25 20 15 10 5 35 35 Group EBITDA margin 38 33 30 30 34 38 42 45 46 47 47 47 47 46 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 ¢ 250 200 150 100 50 22 20 Group adjusted EPS 29 20 6 28 50 75 100 128 135 227 222 219 171 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Ashtead group