#1AMBITION WITH PURPOSE FULL YEAR RESULTS 15 June 2021 KTX LEEST SUNBELT 3.0 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 Full year results ¦ 30 April 2021 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 36-39 of the Group's Annual Report and Accounts for the year ended 30 April 2020 and in the audited results for the year ended 30 April 2021 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#3DELIVERING FOR ALL OUR STAKEHOLDERS 3 Our people ▪ Health and safety always top priority; record safety year ▪ No COVID related redundancies Special paid time-off programme Pay increases for skilled trade workforce Performance bonuses maintained ▪ Recognition bonuses paid for skilled trade workforce ■ H ■ ▪ Pride, fulfilment and goodwill from supporting customers and communities Full year results ¦ 30 April 2021 Our customers ■ ■ ■ ■ Essential service provider Remained open across our network Partnered to service our communities Increasingly partnering in sustainable solutions across all geographies Flight to quality Our investors ■ ■ £1bn of pre-tax profit Reduced leverage from top to bottom of target range Dividend increased for the 16th consecutive year ▪ Buyback programme of up to £1bn announced ▪ Designed and launched renewed strategic growth plan, Sunbelt 3.0 Ashtead group#4HIGHLIGHTS ▪ A year of market leading performance; demonstrating the strength and flexibility in our model ▪ Profit before tax of £998m (2020: £1,061m) ■ ■ Record free cash flow of £1,382m (2020: £792m) Reduced debt and lowered leverage¹ to 1.4 times net debt to EBITDA 4 29 greenfields opened in North America and returned to bolt-ons in the fourth quarter, investing £125m in five acquisitions Proposed final dividend of 35.0p making 42.15p for the year (2020: 40.65p) ▪ Commenced share buyback programme of up to £1bn over two financial years in May ▪ Sunbelt 3.0 - Ambition with purpose - launched from a position of strength Full year results ¦ 30 April 2021 1 Excluding the impact of IFRS 16 Ashtead group#52021/22 OUTLOOK Rental revenue¹ Capital expenditure (gross) 2 US 5 Full year results ¦ 30 April 2021 Canada UK Group Free cash flow² 1 Represents year-over-year rental revenue growth. Canada includes full year impact of William F. White. 2 Stated at £1 = $1.40 and £1 = = C$1.70 Guidance¹ 6 - 9% 20 - 25% 5 - 8% 6 - 9% £1.37 1.54bn £600-800m Ashtead group#66 SUNBELT RENTALS Full year results | 30 April 2021 PUMP & POWER Harrison UNBELT RENTALS SUNP REN FINANCIAL REVIEW MICHAEL PRATT Ashtead group#7GROUP FULL YEAR 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 7 Full year results ¦ 30 April 2021 2021 5,031 4,473 (2,730) 2,301 (1,104) 1,197 (199) 998 166.0p 46% 24% 15% 2020 5,054 4,606 (2,678) 2,376 (1,091) 1,285 (224) 1,061 175.0p 47% 25% 15% Change¹ 3% 1% 6% 1% 5% -3% -8% -2% -1% Ashtead group#8US FULL YEAR RESULTS $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins 8 EBITDA Operating profit Return on investment The results in the table above are the US's adjusted results and are stated before intangible amortisation Full year results ¦ 30 April 2021 2021 5,418 4,933 (2,783) 2,635 (1,190) 1,445 49% 27% 20% 2020 5,490 5,046 (2,769) 2,721 (1,161) 1,560 50% 28% 21% Change -1% -2% 1% -3% 2% -7% Ashtead group#9CANADA FULL YEAR RESULTS C$m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins 9 EBITDA Operating profit Legacy 372 Full year results ¦ 30 April 2021 317 (212) 160 (91) 69 43% 18% Return on investment The results in the table above are Canada's adjusted results and are stated before intangible amortisation 13% 2021 WFW 129 119 (70) 59 (30) 29 46% 23% 34% As reported 501 436 (282) 219 (121) 98 44% 20% 16% 2020 421 361 (264) 157 (103) 54 37% 13% 9% Change 19% 21% 7% 39% 18% 80% Ashtead group#10UK FULL YEAR 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 10 Full year results ¦ 30 April 2021 2021 635 481 (442) 193 (132) 61 30% 10% 10% 2020 469 408 (320) 149 (113) 36 32% 8% 5% Change 35% 18% 38% 30% 17% 67% Ashtead group#11CASH FLOW FULL YEAR 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 Dividends paid Purchase of own shares by the Company / ESOT Decrease/(increase) in net debt 11 Full year results ¦ 30 April 2021 2021 2,301 99% 2,287 (676) 305 (487) 1,429 (47) 1,382 (142) (182) (13) 2020 2,376 102% 2,430 (858) 258 (310) 1,520 (716) (12) 792 (453) (187) (466) 1,045 (314) 1 Cash inflow from operations as a percentage of EBITDA 2 Before fleet changes and exceptional items Ashtead group#12NET DEBT £m Opening net debt Impact of transition to IFRS 16 Opening net debt including IFRS 16 Change from cash flows Translation impact New lease liabilities Lease liabilities acquired Borrowings acquired 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) 12 Full year results ¦ 30 April 2021 2021 5,363 5,363 (1,045) (343) 188 18 9 4,190 885 2,144 1,180 2,142 2,350 1,112 (241) 5,363 1.4 1.9 1.9 2.3 1 At April 2021 exchange rates (19) 2020 3,745 883 4,628 314 133 189 74 15 10 5,363 4,190 2.5 2.0 1.5 1.0 2.3 2.0 € Leverage (excluding impact of IFRS 16) 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1.8 At constant exchange rates (April 2021) 2012 2013 2014 2015 1.8 Fleet cost 1.7 2016 Fleet OLV 1.7 £1.7bn 1.6 2017 2018 2019 Net debt 1.8 1.9 1.4 2020 2021 Ashtead group#13PRESENTATIONAL CURRENCY CHANGE TO US DOLLARS FROM MAY 2021 Changing presentational currency to US dollars will result in: more accurate reflection of underlying performance ▪ closer alignment with earnings and asset base reduced earnings volatility ▪ Dividends will be declared in US dollars, shareholders will be paid in GBP with an option to receive USD ■ ■ 13 F ■ Change effective from 1 May 2021 Full year results ¦ 30 April 2021 $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Net interest Profit before amortisation, exceptional items and taxation Adjusted earnings per share 2021 6,639 5,902 (3,602) 3,037 (1,458) 1,579 (263) 1,316 219.10 2020 6,399 5,833 (3,391) 3,008 (1,381) 1,627 (284) 1,343 221.5¢ Ashtead group#1414 ZIS SZEZ SGM таза-яро ⱭMOHATE MAN Full year results ¦ 30 April 2021 OAS 150 SUNBELT RENTALS SUNBELT RENTALS OPERATIONAL REVIEW BRENDAN HORGAN Ashtead group#15US TRADING ■ General Tool ■ Specialty Oil and gas Q1 -9% +6% -62% Rental revenue Q2 -7% +18% -53% 15 Full year results ¦ 30 April 2021 Q3 -3% -4% +6% -40% Q4 -3% +7% +18% -25% Full year Total -8% Rental only revenue presented on a billing day basis Returned to growth in fourth quarter in General Tool, while Specialty delivers another exceptionally strong quarter; both above 2019 levels +8% -4% +13% -44% ▪ Demonstrates increased diversity of our end markets and power of cross selling between General Tool and Specialty -2% Specialty impacted favourably by active hurricane season and the 'Deep Freeze' in Q2 and Q4 Industry supply and rate discipline leading to strong levels of utilisation and promising sequential rate movement in late spring/early summer May May Mar Jun Jul Jul Sunbelt US: fleet on rent Aug Sep 2019/20 Oct Oct Nov Dec Dec Jan Feb Mar Mar Apr 2020/21 2021/22 Industry fleet (OEC) Source: Rouse Analytics (May 2021) Industry fleet 9% larger year-over-year Apr May Jun Jul Aug Sep Oct Nov Dec 2019/20 2020/21 Jan Feb Mar Industry fleet 3% smaller year-over-year Apr May Ashtead group#16US CONSTRUCTION MARKET OUTLOOK 250 230 210 190 170 150 130 110 90 70 50 Dodge construction starts Indexed: 2000=100 2005 2009 2011 2007 Source: Dodge Data & Analytics (May 2021) Market growth Source: IHS Markit (May 2021) 16 2016 Market ($bn) 1,224 Market growth +7% Source: Dodge Data & Analytics (March 2021) 2017 +4% 2013 2015 2017 Rental market forecast Full year results ¦ 30 April 2021 2019 2021 Construction put in place 2017 2018 2019 2020 2021 2022 2023 1,280 1,333 1,365 1,430 1,397 1,459 1,578 +5% +4% +2% +5% -2% +4% +8% 2023 2025 2018 2019 2020 2021 2022 2023 2024 +8% +6% -9% +3% +10% +4% +2% ▪ Construction starts return to growth in 2021 and reach pre-COVID levels in 2022 Although the construction starts forecasts anticipate some increase in infrastructure, construction put in place and rental market forecasts yet to reflect any significant impact ▪ Non-residential put in place forecast to decline 10% in 2021; returning to pre-COVID levels in 2023 ■ ■ Strength in warehouse, data centres and distribution Softer in hotels, retail and traditional offices ▪ Customers favouring OPEX vs. CAPEX continues to drive structural shift Ashtead group#17CANADA TRADING Underlying Canadian business pure rental revenues declined only 2% while delivering record profit and margins ▪ Gained share through market outperformance Established specialty business platform and showing early results Lighting, Grip and Studio gaining share and achieving cross sell wins with broader Sunbelt product lines; best quarter in '50+ year' history Canadian building permit values 2019 Market (C$bn) Market growth Source: Dodge Data & Analytics (December 2020) 102,864 +3% 2020 17 Full year results ¦ 30 April 2021 95,955 88,297 2021 -7% -8% 2022 2023 2024 95,971 101,022 104,267 +9% +5% +3% May May Jun Jul Market growth Source: IHS Markit (May 2021) Fleet on rent (excluding William F. White) Jul Aug Sep Oct Oct Nov Dec Dec Jan Feb Mar Mar Apr 2019/20 2020/21 2021/22 Canadian rental market forecasts 2019 -1% 2020 -11% 2021 +12% 2022 +8% 2023 +5% Ashtead group#18UK TRADING ▪ Business poised to improve market position following Sunbelt 3.0 launch ▪ Significant market outperformance driven by: ▪ COVID-19 response efforts Share gains in broad end markets Fleet on rent above comparable 2019 levels, excluding fleet on rent supporting DoH ▪ 500+ DoH testing sites being supported ▪ Enhanced go-to-market proposition through full product solution offering, unique in the UK market Encouraging new tender pipeline Strong free cash flow ■ 18 Full year results | 30 April 2021 May Jun Jul Aug Sep Fleet on rent Oct 2019/20 Nov 2019 Dec UK industry forecast Construction industry +2% Source: Construction Products Association (Spring 2021) 2020/21 2020 -13% Jan Feb 2021/22 2021 +13% Mar 2022 +5% Apr 2023 +3% Ashtead group#19GROUP FLEET PLAN US ($m) Canada (C$m) UK (£m) Group (£m) 1 Stated at £1 = $1.40 and £1 = C$1.70 19 Full year results | 30 April 2021 - rental fleet non-rental fleet rental fleet non-rental fleet rental fleet non-rental fleet Capital plan (gross) Disposal proceeds Capital plan (net) 2020 Actual 1,452 234 1,686 116 12 128 57 17 74 1,483 (275) 1,208 2021 Actual 576 102 678 79 17 96 132 17 149 718 (308) 410 2022 Guidance¹ 1,200 -1,400 300 1,500 - 1,700 200 - 230 50 250 - 280 110 - 120 40 150 - 160 1,370 - 1,540 (280) 1,090 - 1,260 Ashtead group#20ПОЛОД Т 20 Mercedes-Benz Stadium BARBER Full year results | 30 April 2021 TOYOTA SUNBELT RENTALS VIEWS KIGGING KTORK NCEL LESLEY EVENT SERVICES SUNBELT RENTARS SUNBELT 3.0 Ashtead group#21SUNBELT 3.0 STRATEGY POWERED BY FIVE ACTIONABLE COMPONENTS Actionable components: 21 Underpinned by Cultural elements: 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 3 4 5 AMPLIFY SPECIALTY Full year results ¦ 30 April 2021 ADVANCE TECHNOLOGY LEAD WITH ESG DYNAMIC CAPITAL ALLOCATION Invest in our people Advance our clustered market approach through a proven playbook to meet demand and enable increased rental penetration in North America while optimising our operational network in the UK Drive accelerated growth through recently realised Specialty scale, unique cross-selling capabilities, and demand in the early phases of rental penetration Make the move from industry-leading technology platform, to a leader among the broader industrial and service sector; further improving our customer value proposition and capture the benefits of scale across the Group Embracing responsible sustainability and success for our people, our customers, our communities and our investors; while unlocking structural benefits ESG will bring to rental across the Group Consistent application of our capital allocation policy to optimise capital deployment for the benefit of all stakeholders Entrepreneurialism with scale Bringing Availability, Reliability, and Ease to our customers Ashtead group#22GROW GENERAL TOOL CONTINUING TO ADVANCE OUR CLUSTERS THROUGH SUNBELT 3.0 Rental markets Rental market % Cluster definition 22 Clusters in FY24 Top 25 57% >15 19 markets 26-50 19% Full year results ¦ 30 April 2021 >10 11 markets US 51-100 16% >4 19 markets ▪ 49 of the top 100 US markets will be clustered ■ 4 of the top 10 Canadian markets will be clustered 100-210 8% Since 1 May 2021, we have opened 12 greenfields and completed two bolt-on acquisitions, adding 4 locations ▪ By April 2024: >1 18 markets CLUSTER VS. NON-CLUSTER Metric / KPI Active customer count Revenue Time utilisation 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#23SPECIALTY MARKET SIZING, RENTAL PENETRATION AND SHARE REVENUE WILL GROW BY $1BN IN 3.0 WITH AMPLE OPPORTUNITY BEYOND CURRENT, PROJECTED AND ILLUSTRATIVE RENTAL REVENUE BY BUSINESS LINE, $M FY21 total rental revenue Incremental projected FY24 total rental revenue via existing locations and greenfields Incremental illustrative Sunbelt potential total rental revenue Power & HVAC Climate Control & Air Quality Scaffold Services Pump Solutions Flooring Solutions Shoring Solutions Industrial Tool Lighting, Grip & Studio Ground Protection HI 0 600 ¹ Market size and rental penetration levels indicated herein validated by Verify Markets 2 Scaffold Services rental penetration not meaningful 23 Full year results ¦ 30 April 2021 200 1,000 1,400 1,800 2,200 RENTAL PENETRATION¹ Now 5% Future 35% 32% MARKET SHARE Now Future 15% 13% 20% 25% 6% 20% 15% nm² nm² 11% 25% 25% 35% 5% 20% 25% 2% 27% 20% 45% 40% 4% 20% 7% 20% 5% 10% 45% 5% 40% 6% 10% 15% 10% Current rental penetration for all of Specialty c.$2.4bn Specialty revenue in FY24 $6bn+ Revenue potential at more mature rental penetration levels and market share gains Ashtead group#24UK DRIVING SUSTAINABLE MARGINS AND RETURNS 24 Organic growth focused Full year results ¦ 30 April 2021 0000 Enhanced and sustained margins Strong free cash flow Sustainable returns 12-14% Rol Ashtead group#25OUR TECHNOLOGY FOCUS CENTRES ON CONTINUOUS IMPROVEMENT DELIVERY OVER THE COURSE OF 3.0 CUSTOMER EXPERIENCE ORDER CAPTURE AND FULFILLMENT DYNAMIC PRICING 25 Full year results ¦ 30 April 2021 000 [ M Enabling The Perfect Rental™ Support an omni-channel experience ▪ Predictive analytics will aid customer experience " M Creating a larger funnel ▪ Process optimisation ■ Optimising based on customer history Incorporating multiple data insights Ashtead group#26LEAD WITH ESG 26 ++ 35€ 35 30 Full year results ¦ 30 April 2021 ■ Group commitment to reduce carbon intensity 15% by 2024, and 35% by 2030 Environmental and social aspects of ESG are a catalyst for enhanced structural change; specifically increased rental penetration and the big getting bigger Health and safety - culture of continuous improvement ▪ Enhance employee engagement, diversity and inclusion Ensuring pay and benefits reflect our market leading position ▪ Strong governance combined with stakeholder engagement Ashtead group#27CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store ■ Greenfields Bolt-on acquisitions Returns to shareholders I ■ 27 Progressive dividend policy Share buybacks Full year results ¦ 30 April 2021 APPLICATION I ■ ■ I £718m invested in the business 29 greenfields opened in North Americal £125m spent on bolt-ons, with seven locations added Good pipeline Proposed final dividend of 35.0p per share, making 42.15p per share for the year Share buyback programme of up to £1bn over two financial years commenced in May at an initial rate of £75m per quarter UNDERPINNED BY NET DEBT TO EBITDA LEVERAGE OF 1.5 TO 2.0 TIMES Ashtead group#28SUMMARY ▪ A market leading performance across all divisions Strength of the model and breadth of markets demonstrated with growth in Specialty and resiliency in General Tool Launch of Sunbelt 3.0 Ambition with Purpose Well-placed to strengthen our market position in all geographies Long runway for growth taking advantage of structural change and continuing development of our diverse end markets Strong free cash flow deployed in accordance with our capital allocation priorities and leverage at the bottom of our target range I ▬ ▪ We will report our first quarter results in September in US dollars ▪ The Board looks to the future with confidence 28 Full year results | 30 April 2021 Ashtead group#29ROGERS CENTRE TOGETHER 29 Full year results ¦ 30 April 2021 050 F SUNBELT RENTALS 00-667-9328 8042 LS S JLG JLG APPENDICES Ashtead group#30DIVISIONAL PERFORMANCE FOURTH QUARTER US ($m) Canada (C$m) US (£m) UK Canada (£m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 30 2021 1,383 144 Net financing costs Profit before exceptional items, amortisation and tax Canada Group Full year results ¦ 30 April 2021 997 191 83 1,271 Revenue 2020 1,210 100 963 104 58 1,125 Change¹ 14% 45% 3% 83% 44% 13% 2021 643 65 462 57 38 (5) 552 46% 30% 45% 43% EBITDA 2020 532 26 424 27 15 (2) 464 44% 26% 26% 41% Change¹ 21% 151% 9% 107% 153% 99% 19% 2021 339 34 243 22 20 (6) 279 (44) 235 (15) 220 (57) 163 25% 12% 23% 22% Profit 2020 221 (3) 176 (1) (2) (2) 171 (57) 114 (16) 98 (20) 78 18% -1% -3% 15% Change¹ 54% nm 37% nm nm 92% 63% -22% 106% -10% 125% 195% 108% nm Not meaningful 1 As reported Ashtead group#31DIVISIONAL PERFORMANCE TWELVE MONTHS US ($m) Canada (C$m) US (£m) UK Canada (£m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 31 2021 5,418 501 Net financing costs Profit before exceptional items, amortisation and tax Canada Group Full year results ¦ 30 April 2021 4,106 635 290 5,031 Revenue 2020 5,490 421 4,336 469 249 5,054 Change¹ -1% 19% -5% 35% 17% - % 2021 2,635 219 1,996 193 127 (15) 2,301 49% 30% 44% 46% EBITDA 2020 2,721 157 2,149 149 93 (15) 2,376 50% 32% 37% 47% Change¹ -3% 39% -7% 30% 37% 1% -3% 2021 1,445 98 1,095 61 57 (16) 1,197 (199) 998 (62) 936 (239) 697 27% 10% 20% 24% Profit 2020 1,560 54 1,232 36 32 (15) 1,285 (224) 1,061 (78) 983 (243) 740 Change¹ -7% 80% -11% 67% 76% 1% -7% -11% -6% -21% -5% -2% -6% 1 As reported 28% 8% 13% 25% Ashtead group#32US FLEET PROFILE $12bn $10bn 32 $8bn $6bn $4bn $2bn $bn 2014 and prior 2015 2016 Full year results ¦ 30 April 2021 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 Strengthens partnership with suppliers through predictability Ashtead group#33ROBUST AND FLEXIBLE DEBT STRUCTURE £4,000m £3,000m £2,000m £1,000m 33 £m 2020 2021 2022 Dec 2023 ABL Full year results ¦ 30 April 2021 Debt maturity 2024 Aug Aug Aug May Nov 2025 2026 2027 2028 2029 $600m $600m $600m $600m $600m Drawn Undrawn ▪ Facilities committed for average of 5 years at a weighted average cost of less than 4% ▪ Fixed / floating external borrowing ratio: 71% / 29% ▪ No financial monitoring covenants whilst availability exceeds $410m (April 2021: $3,011m) Investment grade credit ratings Ashtead group#34CASH 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 Cash flow available to equity holders Dividends paid Share issues/returns 34 Full year results ¦ 30 April 2021 2021 2020 2019 2018 2017 99% (676) 305 (487) 1,429 2,301 2,376 2,107 1,733 1,504 1,178 46% 47% 47% 47% 47% 46% 2,287 2,430 2,043 1,681 1,444 97% 102% 97% (858) (642) (517) 161 192 259 (311) (194) (208) 1,520 1,399 1,117 (716) (1,031) (706) (12) (25) 386 1,382 792 368 (142) (453) (591) (359) 1,240 (47) (182) (13) 1,045 2016 96% (527) 161 (151) 927 (608) 1,071 91% (562) 180 (85) 2015 604 (672) 908 45% 841 93% (349) 103 (95) 2014 500 685 42% 646 97% 96% (329) (272) 96 90 (48) (57) 126 (588) (406) (254) (135) (2) (16) (51) (50) 319 (68) (88) (103) (34) (421) (68) (242) 339 (223) 27 (102) (136) (330) (154) (84) (187) (164) (141) (41) (20) (116) (55) (82) (61) (12) (21) (23) (10) (466) (475) (168) (314) (862) (282) (273) (230) (412) (218) (114) 94% (335) 102 (56) 2013 357 519 38% 501 2012 220 381 34% 365 2011 2010 2009 2008 284 30% 280 99% (203) 60 (71) 66 (3) (12) (12) 54 (22) (35) (34) 19 (15) (15) (4) (53) 255 30% 266 200 104% 104% (43) 31 (236) 92 (54) (64) (8) 192 (1) 191 (13) 356 30% 4 178 374 166 (9) 157 89 246 (13) (16) 217 364 33% 356 2007 2006 310 35% 319 94% 97% (231) (245) 93 78 (83) (69) 135 83 (120) (10) 5 225 35% 215 96% (167) 50 (41) 57 (63) (63) (69) (20) (49) (26) (6) (327) (44) (1) (376) (70) (2) (10) (7) 144 (24) (35) (239) 69 (3) 2005 170 32% 165 97% (101) 36 (31) 69 (10) (6) 53 1 54 54 Ashtead group#35$3,011M OF AVAILABILITY AT 30 APRIL 2021 ■ 35 Book value £6,363m (April 20: £7,360m) £670m £5,330m Calculation: 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 2020 asset values Full year results ¦ 30 April 2021 Receivables ■Inventory Borrowing base £4,593m (April 20: £5,532m) £541m £4,026m ■ Other PPE Borrowing base covers today's net ABL outstandings 5.1x Senior debt Availability of £2,175m ($3,011m) £935m ($1,294m) of net ABL outstandings, including letters of credit of £37m (Apr 20 - £1,956m) Ashtead group#36DEBT AND COVENANTS 36 Debt Ratings Availability Fixed charge coverage covenant Full year results | 30 April 2021 Facility $4.1bn first lien revolver $600m senior notes $600m senior notes $600m senior notes $600m senior notes $600m senior notes Corporate family Second lien ■ M Interest rate LIBOR + 125-175 bps 4.150% 5.250% 4.375% 4.000% 4.250% S&P BBB- BBB- Covenants are not measured if availability is greater than $410 million December 2023 August 2025 August 2026 August 2027 May 2028 November 2029 Moody's Baa3 Maturity 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 April 2021 Ashtead group#37INCREASED FOOTPRINT AND MARKET SHARE 37 QUO April 2012 April 2012 Location growth May 2012 to April 2021 Full year results ¦ 30 April 2021 •₂0 O O April 2021 0% 10% 15% Source: IHS Markit/ ARA: State of the Equipment Rental Industry, April 2021 and management estimates Ashtead group#38LOCATION GROWTH DURING 3.0 CLEARLY DEFINED April 2021* 936 Sunbelt 3.0 +298 April 2024 1,234 38 Full year results ¦ 30 April 2021 April 2021 Sunbelt 3.0 - May 2021 - April 2024 S * Excludes two Sunbelt 3.0 locations opened in April 2021 Ashtead group#39ENVIRONMENTAL ROADMAP INITIATIVES ON THE PATH TO 35X30 NEAR TERM: 3.0 PERIOD TARGET: 15% BY 2024 39 Greener vehicle transition 2 Route optimisation and dynamic telematics 3 Scope 3 emissions mapping 4 Full year results ¦ 30 April 2021 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 X) CONTINUOUS INNOVATION OF RENTAL FLEET TO REFLECT LATEST ENVIRONMENTAL STANDARDS MINIMISING OUR CARBON FOOTPRINT Ashtead group#40US MARKET SHARE 40 66% 2010 5% 4% 3% Full year results ¦ 30 April 2021 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#41IMPORTANT TO NOT LOSE SIGHT OF THROUGH THE CYCLE KEY METRICS 41 % 20 18 16 15 14 ΝΔ Ο το Ξ Ξ Ξ 12 10 8 9 13 14 2006 2007 2008 10 5 LO Group Rol 7 12 16 2009 2010 2011 2012 2013 19 19 19 Cost of capital 17 Full year results | 30 April 2021 18 18 2014 2015 2016 2017 2018 2019 2020 2021 15 15 % 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 P Group adjusted EPS 200 180 160 140 120 100 80 60 40 15 20 11 10 12 17 Ο 31 47 63 85 104 174175 128 166 2009 R 2006 2007 2008 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Ashtead group