#1REBIRVELT BRING THE ENERGY HYDRO SUNBELT RENTALS BRING THE ENERGY HYDRO A860738 BRING THE ENERGY HYDRO AMBITION WITH PURPOSE NINE MONTH RESULTS 7 March 2023 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 2023 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 2022 and in the unaudited results for the third quarter ended 31 January 2023 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 Strong performance and momentum in robust end markets Group rental revenue 25% ahead of last year; US rental revenue up 27% ▪ Profit before tax ¹ up 28% to $1,778m (2022: $1,406m) and EPS ¹ up 30% to 304.2¢ (2022: 235.1¢) $2.6bn invested in capital expenditure ▪ 120 locations added in North America, of which 51 were greenfields and 69 were acquisitions $970m invested in 38 bolt-on acquisitions with a further $120m spent in Q4 $240m (£201m) allocated to share buybacks in the nine months Leverage² at 1.6 times net debt to EBITDA, towards the bottom of our target range of 1.5 to 2.0 times We now expect full year results ahead of our previous expectations ■ 3 Nine month results ¦ 31 January 2023 ¹ Adjusted PBT and EPS and growth at constant exchange rates 2 Excluding the impact of IFRS 16 Ashtead group#42022/23 OUTLOOK Rental revenue¹ 4 Capital expenditure (gross)³ - of which, rental fleet is: Free cash flow³ 1 Represents year-over-year rental revenue growth at constant currency 2 UK total revenue down c. 6% due to NHS impact 3 Current guidance stated at C$1 = $0.75 and £1 =$1.20 Nine month results ¦ 31 January 2023 US Canada UK² Group Previous guidance 20 to 23% 22 to 25% Flat 18 to 21% $3.3 3.6bn $2.7-3.0bn - c. $300m Current guidance 23 to 25% 22 to 25% 0 to 3% 21 to 23% $3.5 - 3.7bn $2.9-3.1bn c. $300m Ashtead group#5LO 5 Nine month results ¦ 31 January 2023 Ma, FINANCIAL REVIEW MICHAEL PRATT Ashtead group#6GROUP $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 intangible amortisation and exceptional items 1 At constant exchange rates 6 Nine month results ¦ 31 January 2023 2023 7,224 6,572 (3,886) 3,338 (1,303) 2,035 (257) 1,778 304.2¢ 46.2% 28.2% 19.1% 2022 5,884 5,360 (3,175) 2,709 (1,130) 1,579 (173) 1,406 235.10 46.0% 26.8% 18.1% Change¹ 25% 25% 26% 25% 17% 30% 50% 28% 30% Ashtead group#7US $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the US's adjusted results and are stated before intangible amortisation 7 Nine month results ¦ 31 January 2023 2023 6,139 5,669 (3,152) 2,987 (1,097) 1,890 48.7% 30.8% 27.1% 2022 4,764 4,468 (2,430) 2,334 (920) 1,414 49.0% 29.7% 24.4% Change 29% 27% 30% 28% 19% 34% Ashtead group#8CANADA C$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 2023 2023 609 524 (354) 255 (124) 131 41.8% 21.6% 19.1% 2022 463 420 (251) 212 (102) 110 45.7% 23.8% 21.7% Change 31% 25% 41% 20% 21% 19% Ashtead group#9UK £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 2023 2023 522 424 (372) 150 (95) 55 28.7% 10.6% 9.9% 2022 547 406 (382) 165 (93) 72 30.1% 13.1% 15.1% Change -5% 4% -3% -9% 1% -23% Ashtead group#10CASH FLOW $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 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 2023 Nine months 2023 3,338 87% 2,897 (1,329) 361 (455) 1,474 (1,179) 295 (933) (42) (293) (256) (1,229) 2022 2,709 92% 2,481 (864) 222 (339) 1,500 (726) (36) 738 (948) (20) (213) (331) (774) LTM January 2023 4,239 90% 3,822 (1,693) 508 (566) 2,071 (1,389) 682 (1,263) (62) (349) (358) (1,350) 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 2023 2023 7,160 1,229 (29) 181 275 3 8,819 2,000 4,555 2,301 (37) 8,819 1.6 2.1 2022 5,801 774 (31) 81 253 16 6,894 1,981 3,071 1,876 (34) 6,894 1.5 2.0 1 At January 2023 exchange rates 3.0 2.5 2.0 1.5 1.0 2.6 2.3 $m 2.0 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Leverage (excluding impact of IFRS 16) 2.0 1.9 Fleet cost 1.7 At constant exchange rates (January 2023) 2012 2013 2014 2015 2016 2017 2018 2019 2020 1.6 Fleet OLV $4.2bn 1.8 Net debt 1.9 1.6 1.5 2021 2022 1.6 2023 Ashtead group#12ROBUST AND FLEXIBLE DEBT STRUCTURE $5,000m $4,000m $3,000m $2,000m $1,000m 12 $m FY23 FY24 FY25 FY26 Debt Maturity Aug Aug May Nov FY31 2026 2027 2028 2029 $550m $600m $600m $600m Nine month results | 31 January 2023 Undrawn Drawn Notes Aug Aug May 2031 2032 2033 $750m $750m $750m ▪ In August 2022, issued $750m 5.50% notes due 2032 and in January 2023, issued $750m 5.55% notes due 2033 Subsequent to notes issue, borrowing facilities committed for average of six years at a weighted average cost of 5% ▪ No financial monitoring covenants whilst availability exceeds $450m (January 2023: $2,642m) Ashtead group#13I' 18 Nine month results 31 January 2023 el OPERATIONAL REVIEW BRENDAN HORGAN Ashtead group#14US TRADING General tool Specialty Total May Q1 Jun Q2 1 Rental only revenue presented on a billing day basis Jul FY22 Aug Q3 +15% +14% +20% +24% +18% +22% +23% +34% +34% +28% +16% +16% +23% +26% +21% 2019/20 Rental revenue¹ Sep 14 Nine month results ¦ 31 January 2023 Q4 Oct FY Fleet on rent 2020/21 Nov Dec 2021/22 Q1 Q2 Q3 +23% +21% +21% +22% +39% +31% +31% +33% +27% +24% +23% +25% Jan FY23 Feb -2022/23 Mar Apr YTD Strong growth present across all General Tool geographies and Specialty rental segments Ongoing strength in performance evidence of robust end markets and demand characteristics ▪ Market dynamics continue to support ongoing structural change ▪ Rental rates progressed well for another quarter, with all indications pointing to ongoing industry rate progression Ashtead group#15SPECIALTY TRADING Power and HVAC Climate Control and Air Quality Flooring Solutions Scaffold Industrial Tool Pump Solutions Shoring Solutions Ground Protection US ex. Temporary Structures Total US² Q1 +24% +25% +53% Lighting, Grip and Lens 1 Rental only revenue presented on a billing day basis 2 Including Temporary Structures nm - not meaningful Q2 Q3 Q4 FY +22% +30% +35% +31% +27% +17% +6% +20% +59% +58% +61% +58% -11% -8% +10% +16% +1% +32% +38% +52% +18% +34% +27% +20% +25% +21% +23% +8% +13% +20% +22% +16% +61% +31% -9% -12% +12% +22% +23% +25% +22% +23% +34% +34% +28% +38% -26% -14% +25% nm Rental revenue¹ 15 Nine month results | 31 January 2023 FY22 +25% +24% FY23 Q1 Q2 Q3 YTD +34% +26% +41% +34% +36% +25% +38% +32% +42% +29% +28% +32% +25% +26% +26% +26% +35% +29% +24% +29% +33% +27% +22% +27% +33% +32% +28% +31% +26% +40% +49% +38% +34% +27% +37% +32% +39% +31% +31% +33% -4% +1% +5% - % ■ Unique portfolio of Specialty businesses takes advantage of ongoing growth opportunities in lowly penetrated products Early stages of structural change serving large and broad range of end markets and applications, which are principally non- construction Acquisition of Modu-Loc, Canada's leading temporary fencing provider, creates foundation for eleventh Specialty business line with significant scope for expansion across the US Ashtead group#16US CONSTRUCTION OUTLOOK 350 300 250 200 150 100 50 2005 2007 2009 2013 Source: Dodge Data & Analytics (February 2023) 230 210 190 170 150 130 110 90 70 50 Dodge construction starts Indexed: 2000-100 2011 2015 2017 2002 2004 2006 2008 2010 Source: Dodge Data & Analytics (January 2023) 16 Nine month results ¦ 31 January 2023 رمايا 2019 Dodge momentum index Indexed: 2000=100, seasonally adjusted 2021 2012 2014 2016 2018 2023 2025 2020 2027 2022 Construction put in place ($bn) Non-residential 2019 ■ ■ 2020 2021 2022 2023 2024 2025 2026 556 523 646 745 719 734 784 300 499 301 325 384 449 480 856 824 971 1,129 1,168 1,214 1,283 644 802 794 823 887 935 977 2,260 +5% Non-building Construction (excl. resi) Residential Construction (total) Construction growth Rental market ($bn) Rental¹ 51 46 50 Rental growth -9% +9% +12% Source: Dodge Data & Analytics (December 2022) / IHS Markit (February 2023) +6% 1 Excluding party and event Dodge momentum index remains at elevated levels despite strong starts 546 291 837 553 1,390 1,500 1,626 1,765 1,952 2,055 2,149 +4% +8% +8% +9% +11% +5% +5% 56 59 60 62 64 +5% +2% +3% +4% Construction projects from the Infrastructure, CHIPS and Inflation Reduction Acts favour rental and the larger rental companies in particular The known and forecasted construction volume will result in strong market demand for the years to come ▪ Abundance of existing and planned mega projects Ashtead group#17CANADA TRADING ▪ Sunbelt 3.0 plan progressing well, with cluster development and increasing business maturity delivering strong margins and returns Amplification of Specialty business progressing well Healthy demand and market dynamics contributing to strong utilisation and favourable rate environment Canadian building permit values 2020 2021 Market (C$bn) Market growth -2% Source: Dodge Data & Analytics (January 2023) +26% 2022 17 Nine month results | 31 January 2023 2023 +8% 101,029 127,371 137,438 118,288 118,152 123,338 127,626 2024 -14% 2025 - % 2026 +4% +3% May Jun Fleet on rent (excluding Lighting, Grip and Lens) Jul Aug Sep Oct 2019/20 2019 Market growth Source: IHS Markit (February 2023) Nov -1% 2020/21 Dec Canadian rental market forecasts Jan 2021/22 2020 2021 2022 2023 -11% +16% +10% - % Feb Mar 2022/23 Apr 2024 2025 2026 +5% +9% +4% Ashtead group#18UK TRADING ■ Strong underlying performance with rental only revenue, excluding the DoH work, up 22% ▪ End market resilience in infrastructure and industrial, as shut- down work resumes ■ Unique range of general and specialty products in the UK market resulting in customer wins across diverse end markets ▪ Increased focus on rental rate improvement in inflationary environment starting to bear fruit ▪ Our Lighting, Grip and Lens business in the exciting UK TV and film production market is performing well 18 Nine month results | 31 January 2023 May Jun Jul Aug Sep 2019/20 Fleet on rent Oct 2020/21 Nov 2020 UK industry forecast Construction industry Source: Construction Products Association (Winter 2022/23) -15% Dec 2021 +13% Jan 2021/22 2022 Feb +2% Mar 2022/23 2023 -5% Apr 2024 +1% Ashtead group#19SUNBELT 3.0: STRATEGIC GROWTH PLAN AHEAD OF PACE 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 2023 Progress $5.0bn of capital invested in the business, of which $4.2bn invested in rental assets Opened 139 greenfield locations in North America, of which 112 were Specialty $2.2bn spent on 63 bolt on acquisitions, adding 104 locations and two new Specialty business lines in North America 45 of the top 100 US markets clustered Definitive steps achieved to supercharge a bigger, better, faster digital platform leveraging our strong base Sustainability initiatives advancing, DEI taskforce, women's employee resource group and veterans programme fully engaged Published our first standalone sustainability report in November 2022 Returned $1.3bn to shareholders through dividends and share buy backs Entrepreneurialism with scale Actionable component 12 12 125 12 3 4 4 5 Bringing Availability, Reliability, and Ease to our customers Ashtead group#20INITIAL GROUP FLEET PLAN FOR 2023/24 US ($m) Canada (C$m) UK (£m) Group ($m) 1 Stated at C$1 = $0.75 and £1 = $1.20 - - rental fleet non-rental fleet rental fleet non-rental fleet rental fleet non-rental fleet Capital plan (gross) Disposal proceeds Capital plan (net) 20 Nine month results | 31 January 2023 2022 Actual 1,625 321 1,946 201 39 240 158 33 191 2,397 (366) 2,031 2023 Q3 actual (YTD) 1,951 322 2,273 190 42 232 122 19 141 2,618 (424) 2,194 2023 Current guidance¹ 2,600 - 2,700 500 3,100 - 3,200 200-230 80 280 - 310 140 - 160 40 180 - 200 3,525 - 3,675 (570) 2,955 - 3,105 2024 Initial guidance¹ 3,000 - 3,300 500 3,500 - 3,800 290 - 320 100 390 - 420 140 - 160 40 180 - 200 4,010 - 4,355 (750) 3,260 - 3,605 Ashtead group#21SUMMARY Clear momentum, with strong positions in robust end markets ▪ The recent CHIPS Act and Inflation Reduction Act enhance and add clarity to an already strong construction market, flush with mega projects ■ Supply constraints, inflation and skilled trade scarcity are agents of structural change and favour the larger providers ▪ Sunbelt 3.0 initiatives ahead of plan Strong levels of bolt-on activity with good pipeline to supplement our organic growth plan Leverage towards the bottom of our target range ▪ The Board looks to the future with confidence and expects full year results ahead of our previous expectations 21 Nine month results ¦ 31 January 2023 Ashtead group#2222 Nine month results ¦ 31 January 2023 SUNBELT D MOOG zero emissions all electric SUNBELT RENTALS APPENDICES Ashtead group#23DIVISIONAL PERFORMANCE THIRD QUARTER RESULTS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs Net financing costs Profit before amortisation and taxation Amortisation Profit before taxation Taxation Profit after taxation Margins US - UK 23 Canada Group Nine month results ¦ 31 January 2023 2023 160 220 2,070 193 164 2,427 Revenue 2022 179 153 1,639 240 121 2,000 Change¹ -10% 44% 26% -19% 35% 21% 2023 40 85 989 48 63 (8) 1,092 47.8% 24.9% 38.7% 45.0% EBITDA 2022 50 64 767 66 51 (7) 877 46.8% 27.8% 42.0% 43.8% Change¹ -19% 33% 29% -27% 25% 8% 25% 2023 7 40 608 9 29 (8) 638 (103) 535 (30) 505 (125) 380 29.4% 4.7% 18.1% 26.3% Profit 2022 18 29 444 24 23 (7) 484 (57) 427 (34) 393 (96) 297 27.1% 10.0% 19.1% 24.2% Change¹ -58% 36% 37% -61% 28% 8% 32% 83% 26% -14% 29% 31% 28% 1 As reported Ashtead group#24DIVISIONAL PERFORMANCE LAST TWELVE MONTHS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs 24 2023 700 772 Canada Group Nine month results | 31 January 2023 7,853 860 589 Net financing costs Profit before amortisation, exceptional items and taxation Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 9,302 Revenue 2022 738 607 6,147 1,012 484 7,643 Change¹ -5% 27% 28% -15% 22% 22% 2023 200 324 3,773 245 248 (27) 4,239 48.1% 28.5% 42.0% 45.6% EBITDA 2022 222 277 2,977 305 221 (28) 3,475 48.4% 30.1% 45.6% 45.5% Change¹ -10% 17% 27% -20% 12% -4% 22% 2023 71 165 2,329 86 126 (28) 2,513 (317) 2,196 (120) 2,076 (509) 1,567 29.7% 10.1% 21.3% 27.1% Profit 2022 94 144 1,753 128 115 (29) 1,967 (235) 1,732 (144) 1,588 (406) 1,182 28.5% 12.7% 23.8% 25.7% Change¹ -25% 14% 1 33% -33% 10% -4% 28% 35% 27% -17% 31% 26% 32% As reported Ashtead group#25OUR BUSINESS AND INDUSTRY HAS CHANGED FUNDAMENTALLY STRUCTURAL CHANGE HAS PROGRESSED 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% ■ ■ ■ ■ ■ 25 Apr-08 Apr-09 GFC: 30% rental revenue decline peak to trough Apr-10 Top 2 rental companies: <10% market share c. 20% rate reduction "Top up" rentals Heavy construction recession Specialty c. 13% at April 2008 Leverage of 3.2x at April 2010 1 1 Nine month results | 31 January 2023 H H ■ ■ Apr-11 ■ THI Apr-14 Apr-12 Apr-13 Apr-15 Apr-16 Ten years of growth CAGR: 18% ■ Ten years of industry consolidation and the big getting bigger Rate recovery followed by moderate improvement, supported by significant advance in technology and systems Alternative to ownership Apr-17 Apr-18 Apr-19 Apr-20 Gradual construction recovery, broadening of end markets served and increasing proportion of mega projects Growth in capability and Specialty business lines Gradual decline in leverage to 1.9x at April 2020 Apr-21 I T ▪ Top 2 rental companies: >25% market share Apr-22 Stable rates followed by good rate environment ■ Rental better alternative ownership Current and forecast strength Specialty c. 30% Leverage of 1.5x at April 2022 ■ Ashtead group#26US CONSTRUCTION OUTLOOK US RESIDENTIAL BUILDING STARTS 2,500 2,000 1,500 Units 1,000 500 0 1,626 530 2005 1,331 514 2006 937 447 549 303 2007 2008 Source: Dodge Data & Analytics (January 2023) 534 136 2009 26 Nine month results | 31 January 2023 446 157 2010 413 218 2011 516 290 2012 624 358 2013 ■ Multi-family 619 421 2014 683 502 2015 735 519 2016 Single family housing starts forecasted to slow to c. 2018/19 levels driven by mortgage rate increase and supply chain constraints ▪ This despite the US demographic trends putting housing in an undersupply position 802 497 2017 833 547 2018 831 564 2019 951 556 2020 ■ Single family 1,084 684 2021 929 827 2022 840 764 2023 874 783 2024 958 814 2025 1,017 1,033 838 2026 855 2027 Ashtead group#27US NON-CONSTRUCTION MAINTENANCE, REPAIR AND OPERATIONS OF THE GEOGRAPHICAL MARKETS WE SERVE 27 ENTERTAINMENT AND LIVE EVENTS EMERGENCY RESPONSE MUNICIPALITIES Nine month results ¦ 31 January 2023 Specialty business activity serves as a proxy for non-construction market strength Continuous need for maintenance, repair and operations in our markets $340bn facility maintenance market; 100bn sq. ft. under roof Providing non-construction and municipal customers with alternative to capex ▪ Community support in response to natural disasters and everyday emergencies - hurricanes, tornadoes, wild fires, flooding, etc. Market dynamics and reliable alternative to ownership are encouraging a shift to rental ▪ Our unique cross-selling capabilities benefit Specialty and General Tool in this vast component of our end markets Ashtead group#28MEGA PROJECT LANDSCAPE ■ Projects over $400m represent an ever increasing proportion of total non-residential construction starts (30% today compared with 13% in 2000-2009) ▪ c. 200 projects with a value of over $400m currently ongoing/under construction, with an average value $1.2bn ▪ c. 300 projects with a value of over $400m in the pipeline to start late 2022 or 2023, with an average value $1.9bn ▪ These projects are ideal for on-site solutions 28 Mega projects require a rental supplier with scale, experience, expertise, breadth of product and financial capacity Nine month results | 31 January 2023 Increase in mega projects continues and is bolstered by recent legislative actions Ashtead group#29LEGISLATIVE ACTS SUPPORTING END MARKET DEMAND INFRASTRUCTURE INVESTMENT AND JOBS ACT¹ $1.2tn in federal spending, with net additional funding of $550bn ▪ Over 10,000 programmes or specific projects announced, ranging in size from c. $100,000 to $3bn ▪ >80% of new funds apply to the following segments: 29 ■ ■ Roads and bridges Electric power / grid Rail, transit and airports ■ Broadband Water / sewer / environmental Projects largely commencing 2023 to 2025 $129bn of projects announced out of the $550bn through October 2022 Nine month results ¦ 31 January 2023 THE CHIPS AND SCIENCE ACT² $250bn act boosting American semiconductor research, development, manufacturing and work force development, including: $39bn in direct funding for US semiconductor manufacturers $24bn in tax credits for domestic manufacturing facilities of semiconductors (equivalent to $96bn in project cost at 25%) ▪ Nine semiconductor facilities in active planning or started in 2022, with an average cost of $7.5bn All projects must start by December 2026 to qualify for funding INFLATION REDUCTION ACT² Investment focused on energy, climate and healthcare initiatives $370bn of the Act invests in and incentivises clean energy production and manufacturing Extension of important tax credit arrangements Addition of c. 300 gigawatts of new solar generation by 2030, roughly tripling today's capacity 13 electric vehicle and battery factories announced average cost of $3.5bn - 1 Signed into law in November 2021 2 Signed into law in August 2022 Ashtead group#30MARKET DYNAMICS ENHANCE STRUCTURAL OPPORTUNITY Dynamic SUPPLY CHAIN CONSTRAINTS INFLATION SKILLED TRADE SCARCITY 30 Nine month results | 31 January 2023 Anticipated duration 12 - 18 months Moderation in quarters to come Foreseeable future I H ■ I W ■ ■ Our advantage Partnership and tru with OEMs Long range fleet planning where supply constraints mitigate industry over-fleeting Financial strength $15bn rental fleet Managed pressures through scale and efficiencies Increased rental rates Focus on people during good and tough times Employment brand Labour shortage results in projects taking longer THESE DYNAMICS ARE ALL TAILWINDS TO RENTAL PENETRATION AND WILL FAVOUR BIGGER BUSINESSES WITH BALANCE SHEET STRENGTH, ACCESS TO CAPITAL AND EXPERIENCE TO EXECUTE Ashtead group#31US FLEET PROFILE $12bn $10bn $8bn $6bn $4bn $2bn 31 $bn 2014 2015 2016 and prior Nine month results ¦ 31 January 2023 2017 2018 2019 2020 2021 2022 Total Smooth fleet profile ▪ Benefits of prolonged cycle and our growth strategy ▪ Strong position providing optionality through the cycle ■ Flexibility to turn replacement into growth and vice versa Strengthens partnership with suppliers through predictability Ashtead group#32CASH FLOW FUNDS ALL FLEET INVESTMENT ($m) EBITDA before exceptionals EBITDA margin Cash inflow from operations¹ Cash conversion ratio Replacement capital expenditure Non-rental 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 23 4,239 46% 3,822 90% (1,181) (512) 508 (566) 2,071 (1,389) 682 (643) (349) (358) (1,350) 1 Before fleet changes and exceptional items 2022 2021 2020 2019 2018 (1,325) (1,317) (195) 32 Nine month results | 31 January 2023 480 607 34% 3,609 3,037 45% 46% 47% 3,406 3,017 3,076 94% 99% (830) (754) 3,008 2,748 2,319 1,947 47% 47% 47% 2,664 2,248 1,889 97% 97% 97% (617) (503) (536) 581 102% (823) (264) (220) 1,769 1,452 1,098 817 46% 45% 42% 38% 1,617 1,347 1,030 789 91% 93% 94% 97% 96% (680) (432) (400) (426) (354) (126) (137) (92) (80) 164 163 151 144 (398) (146) (165) (138) 403 (189) 215 369 208 271 327 250 (393) (253) (278) (450) (643) (195) (127) (152) (89) (76) 2,097 1,885 1,923 1,824 1,493 1,220 916 (63) (906) (1,344) (945) (787) (1,010) (936) (36) (16) (32) 1,125 1,822 1,001 (577) (767) (192) 1,627 424 (287) (269) (235) (234) (214) (433) (16) (592) (621) (894) 1,376 (402) (1,122) 516 (477) 2017 39 - 433 2016 (542) 2015 2014 2013 (94) (102) 801 (939) (196) (522) (109) (152) (122) (99) (192) (230) (73) (18) (34) (383) (334) (336) (655) 567 (650) (399) (1) (4) (25) (139) (87) (78) (383) (163) (53) 346 2012 2011 2010 2009 (250) (131) (65) (32) (34) (16) (349) (179) 444 409 30% 30% 597 33% 426 604 99% 104% 101% 438 (285) (58) (349) (32) (11) (46) 93 49 154 (90) (111) (87) (107) 201 (216) (5) (20) (35) 103 (19) (13) 84 306 (55) (55) (24) (23) (6) (85) 29 319 6 (1) 305 (21) 284 256 (16) 240 175 415 (22) (30) 363 2008 2007 730 593 35% 35% 715 607 98% 102% (391) (407) (266) (46) (62) 186 150 (166) (132) (30) 90 (74) 271 2006 156 399 316 35% 385 96% 97% 32% 307 (178) (10) 67 (58) 105 (242) (120) (111) (19) (131) (35) 10 (95) (41) (12) (622) (77) 2005 (2) (717) (118) (21) (14) (4) 117 (48) 275 (71) (456) (5) 128 (19) (10) 99 1 100 100 Ashtead group#33$2,642M OF AVAILABILITY AT 31 JANUARY 2023 Book value $12,068m (April 22: $10,238m) $1,481m $9,727m Calculation: Receivables Inventory - 50% of book value Receivables 85% of net eligible receivables Fleet and vehicles - lower of 85% of net appraised market value and 95% of net book value of eligible equipment Rental fleet and vehicles ▪ Borrowing base reflects July 2022 asset values 33 Nine month results ¦ 31 January 2023 ■Inventory ■ Other PPE Borrowing base $9,292m (April 22: $7,755m) $1,182m $8,020m Borrowing base covers today's net ABL outstandings 4.6x Senior debt Availability of $2,642m $2,083m of net ABL outstandings, including letters of credit of $73m (Apr 22 - $2,188m) Ashtead group#34DEBT AND COVENANTS 34 Debt Ratings Availability Fixed charge coverage covenant Nine month results | 31 January 2023 Facility $4.5bn first lien revolver $550m senior notes $600m senior notes $600m senior notes $600m senior notes $750m senior notes $750m senior notes $750m senior notes Corporate family Second lien H E ■ Interest rate SOFR/ SONIA + 125-150 bps 1.500% 4.375% 4.000% 4.250% 2.450% 5.500% 5.550% S&P BBB- BBB- Maturity August 2026 August 2026 August 2027 May 2028 November 2029 August 2031 August 2032 May 2033 Moody's Baa3 Baa3 Fitch BBB BBB Covenants are not measured if availability is greater than $450 million 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 2023 Ashtead group#35CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store Greenfields I ■ Bolt-on acquisitions Returns to shareholders I ■ 35 Progressive dividend policy Share buybacks APPLICATION Nine month results ¦ 31 January 2023 I I ■ I ■ $2,621m invested in the business 51 greenfields opened in North America $970m spent on bolt-ons, with 69 locations added in North America Good pipeline with $120m spent since period end Increased interim dividend by 20% to 15¢ $240m (£201m) spent this year ($653m (£506m) in total) 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 1.6 TIMES AT 31 JANUARY 2023 Ashtead group#36LOCATION GROWTH DURING 3.0 CLEARLY DEFINED April 2021* 936 Sunbelt 3.0 +298 April 2024 1,234 36 Nine month results | 31 January 2023 Un April 2021 Sunbelt 3.0 - May 2021 - April 2024 * Excludes two Sunbelt 3.0 locations opened in April 2021 Ashtead group#37BENEFITS OF CLUSTERED MARKETS ARE DEMONSTRABLE THE STRATEGY 37 Broaden customer base Larger addressable market Nine month results ¦ 31 January 2023 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#38SPECIALTY 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 FY22 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 38 Nine month results ¦ 31 January 2023 0 200 1000 1400 1800 2200 RENTAL PENETRATION¹ Now 5% 6% nm² 25% 2% 27% 7% 35% 32% Future 15% 20% 35% MARKET SHARE 20% 40% 20% 45% 40% Now 13% nm² 11% 5% 45% 15% 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#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 Nine month results | 31 January 2023 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#40US MARKET SHARE 40 66% 2010 5% 4% 3% Nine month results | 31 January 2023 30⁰0 3⁹0 3% 6% 13% 44% 2022 17% 16% ■ United Rentals ■ Sunbelt ■ RSC ■ Herc Rentals ■ Top 4-10 ■ Top 11-100 7% 12% 4% ■ 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 14 ΝΔ Ο το Ξ Ξ Ξ 12 10 8 9 15 13 14 10 5 Group Rol 7 12 16 19 19 19 17 18 18 Cost of capital 15 15 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Nine month results ¦ 31 January 2023 18 % 50 45 40 35 30 25 20 15 10 5 35 35 38 Group EBITDA margin 33 30 30 34 38 42 45 46 47 47 47 47 46 45 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ¢ 350 300 250 200 150 100 50 22 20 Group adjusted EPS 29 20 2006 2007 2008 2009 2010 ο ττοτ 75 50 | 128135 100 227 222219 171 307 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Ashtead group