#1REATALA G THE ENERGY HYDDO SUNBELT RENTALS BRING THE ENERGY HYDRO AB60738 BRING THE ENERGY HYDRO AMBITION WITH PURPOSE HALF YEAR RESULTS 6 December 2022 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 Half year results ¦ 31 October 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 2022 and in the unaudited results for the second quarter ended 31 October 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 Strong first half performance with ongoing momentum in robust end markets Group rental revenue 26% ahead of last year; US rental revenue up 28% ▪ Profit before tax ¹ up 28% to $1,243m (2021: $979m) and EPS¹ up 32% to 212.2 (2021: 162.4¢) $1.7bn invested in capital expenditure ▪ 72 locations added in North America, of which 34 were greenfields and 38 were acquisitions $609m invested in 27 bolt-on acquisitions in the half year with a further $243m spent in Q3 $206m (£173m) allocated to share buybacks in the half year ▪ Interim dividend increased 20% to 15¢ per share Leverage² at 1.6 times net debt to EBITDA is in the bottom half of our target range of 1.5 to 2.0 times ▪ We now expect full year results ahead of our previous expectations ■ ■ ■ 3 Half year results ¦ 31 October 2022 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 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. 8% due to NHS impact 3 Current guidance stated at C$1 = $0.75 and £1 =$1.20 4 Half year results ¦ 31 October 2022 US Canada UK² Group Previous guidance 17% to 20% 19% to 22% -4% to 0% 15% to 17% $3.3 - 3.6bn $2.7 -3.0bn c. $300m Current guidance 20 to 23% 22 to 25% Flat 18 to 21% $3.3 - 3.6bn $2.7-3.0bn c. $300m Ashtead group#5LO 5 Half year results ¦ 31 October 2022 PAES 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 Half year results ¦ 31 October 2022 2022 4,796 4,383 (2,550) 2,246 (849) 1,397 (154) 1,243 212.2¢ 46.8% 29.1% 18.9% 2021 3,884 3,545 (2,052) 1,832 (737) 1,095 (116) 979 162.4¢ 47.2% 28.2% 17.5% Change¹ 26% 26% 28% 24% 18% 29% 33% 28% 32% Ashtead group#7US $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the US's adjusted results and are stated before intangible amortisation 7 Half year results ¦ 31 October 2022 2022 4,069 3,774 (2,071) 1,998 (715) 1,283 49.1% 31.5% 26.5% 2021 3,124 2,942 (1,557) 1,567 (598) 969 50.2% 31.0% 23.1% Change 30% 28% 33% 28% 20% 32% Ashtead group#8CANADA C$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 Half year results ¦ 31 October 2022 2022 389 341 (220) 169 (77) 92 43.5% 23.6% 19.3% 2021 310 280 (162) 148 (67) 81 47.6% 26.2% 22.9% Change 25% 22% 35% 15% 17% 13% 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 Half year results ¦ 31 October 2022 2022 361 293 (251) 110 (62) 48 30.4% 13.2% 11.8% 2021 368 272 (253) 115 (61) 54 31.3% 14.6% 15.5% Change -2% 7% -1% -5% 1% -11% 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 Half year results ¦ 31 October 2022 Half year 2022 2,246 79% 1,778 (807) 220 (297) 894 (740) 154 (619) (42) (293) (219) (1,019) 2021 1,832 84% 1,542 (549) 163 (263) 893 (417) (36) 440 (428) (213) (230) (431) LTM October 2022 4,023 91% 3,642 (1,486) 425 (483) 2,098 (1,258) 840 (1,469) (82) (349) (423) (1,483) 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 Half year results ¦ 31 October 2022 2022 7,160 1,019 (76) 89 220 3 8,415 2,416 3,811 2,218 (30) 8,415 1.6 2.1 2021 5,801 431 (7) 38 151 15 6,429 1,609 3,070 1,765 (15) 6,429 1.5 1.9 1 At October 2022 exchange rates 3.0 2.5 2.0 1.5 1.0 2.5 2.1 Leverage (excluding impact of IFRS 16) 16,000 14,000 12,000 10,000 €8,000 6,000 4,000 2,000 0 2.0 1.9 1.8 Fleet cost 1.8 At constant exchange rates (October 2022) 2012 2013 2014 2015 2016 2017 2018 2019 Fleet OLV 1.8 ↑ $3.9bn 1.9 Net debt 1.7 2020 1.5 2021 1.6 2022 Ashtead group#12ROBUST AND FLEXIBLE DEBT STRUCTURE $5,000m $4,000m $3,000m $2,000m $1,000m 12 $m Debt Maturity FY23 FY24 FY25 FY26 Aug Aug May Nov FY31 2026 2027 2028 2029 $550m $600m $600m $600m Half year results ¦ 31 October 2022 Undrawn Drawn Notes Aug Aug 2031 2032 $750m $750m ▪ In August, issued $750m 5.50% notes due 2032 Subsequent to notes issue, borrowing facilities committed for average of six years at a weighted average cost of 4% I ▪ No financial monitoring covenants whilst availability exceeds $450m (October 2022: $2,217m) Ashtead group#13I' 18 Half year results 31 October 2022 el OPERATIONAL REVIEW BRENDAN HORGAN Ashtead group#14US TRADING May Q1 Q2 Q4 General tool +15% +14% +20% +24% +18% +22% +23% +34% +34% +28% Specialty Total +16% +16% +23% +26% +21% 1 Rental only revenue presented on a billing day basis 14 Jun Jul Aug 2019/20 Sep Rental revenue¹ Half year results ¦ 31 October 2022 FY22 Q3 Fleet on rent Oct 2020/21 Nov Dec FY 2021/22 Jan Q1 +23% +39% +31% +27% +24% Feb FY23 2022/23 Q2 +21% +22% +34% +26% Mar YTD Apr ■ ■ 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 ▪ Broad response to hurricane lan with support from General Tool and Specialty business lines Ashtead group#15SPECIALTY 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 15 Half year results ¦ 31 October 2022 +22% Lighting, Grip and Lens 1 Rental only revenue presented on a billing day basis 2 Including Temporary Structures nm - not meaningful Q1 Q2 Q3 Q4 FY +24% +22% +30% +35% +27% +25% +31% +17% +6% +20% +53% +59% +58% +61% +58% -11% -8% +10% +16% +1% +27% +20% +25% +21% +23% +32% +38% +52% +18% +34% +8% +13% +20% +22% +16% +61% +31% -9% -12% +12% +22% +23% +25% +25% +24% +28% +23% +34% +34% +38% -26% -14% +25% Rental revenue¹ nm FY22 FY23 YTD Q1 Q2 +34% +26% +31% +36% +25% +29% +42% +29% +35% +25% +26% +25% +33% +27% +30% +35% +29% +32% +33% +32% +32% +26% +40% +33% +34% +27% +30% +39% +31% +34% -4% +1% -2% ■ 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 in North America Ashtead group#16US NON-CONSTRUCTION 16 MAINTENANCE, REPAIR AND OPERATIONS OF THE GEOGRAPHICAL MARKETS WE SERVE ENTERTAINMENT AND LIVE EVENTS EMERGENCY RESPONSE MUNICIPALITIES Half year results | 31 October 2022 Specialty business activity serves as a proxy for non-construction market strength Continuous need for maintenance, repair and operations in our markets $340bn facility maintenance market; 100bn sq. ft. under roof Providing non-construction and municipal customers with alternative to capex ▪ Community support in response to natural disasters and everyday emergencies - hurricanes, tornadoes, wild fires, flooding, etc. Market dynamics and reliable alternative to ownership are encouraging a shift to rental Our unique cross-selling capabilities benefit Specialty and General Tool in this vast component of our end markets Ashtead group#17US CONSTRUCTION OUTLOOK 300 250 200 150 100 50 2005 2007 2009 2011 2013 Source: Dodge Data & Analytics (November 2022) 190 170 150 130 110 90 Dodge construction starts Indexed: 2000=100 70 2015 50 2002 2004 2006 2008 2010 Source: Dodge Data & Analytics (November 2022) 17 Half year results ¦ 31 October 2022 2017 2012 BD Dodge momentum index Indexed: 2000=100, seasonally adjusted 2014 2019 2021 2016 научи 2023 2018 2020 2025 2022 2019 2020 Construction put in place ($bn) Non-residential ■ 2021 2022 2023 2024 Non-building Construction (excl. resi) Residential Construction (total) Construction growth Rental market ($bn) Rental¹ 46 50 Rental growth -9% +9% +11% Source: Dodge Data & Analytics (September 2022) / IHS Markit (November 2022) ¹ Excluding party and event 51 +6% Dodge momentum index at its highest ever level 546 556 523 603 666 689 727 787 291 300 301 300 361 385 401 837 856 824 903 329 995 1,050 1,112 1,188 862 925 1,011 1,082 644 802 836 553 1,390 1,500 1,626 1,739 1,857 1,975 2,123 2,270 +4% +8% +8% +7% +7% +6% +7% +7% 56 2025 2026 58 +3% 59 61 63 +3% +3% +3% Infrastructure, CHIPS and Inflation Reduction Acts bolster and underpin already strong construction market and will 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#18MEGA 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 18 Mega projects require a rental supplier with scale, experience, expertise, breadth of product and financial capacity Half year results ¦ 31 October 2022 Increase in mega projects continues and is bolstered by recent legislative actions Ashtead group#19LEGISLATIVE 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: 19 ■ ■ Roads and bridges Electric power / grid Rail, transit and airports ■ Broadband Water / sewer / environmental Projects largely commencing 2023 to 2025 I $129bn of projects announced out of the $550bn through October 2022 Half year results ¦ 31 October 2022 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 $3.5bn 1 Signed into law in November 2021 2 Signed into law in August 2022 Ashtead group#20CANADA TRADING ▪ Sunbelt 3.0 plan progressing well, with cluster development and increasing business maturity delivering strong margins and returns Amplification of Specialty business progressing well Healthy demand and market dynamics contributing to strong utilisation and favourable rate environment Lighting, Grip and Lens performance improving since uncertainty from threatened production strikes in Vancouver Canadian building permit values 20 2019 Market (C$bn) Market growth +3% Source: Dodge Data & Analytics (June 2022) 2020 2021 Half year results ¦ 31 October 2022 2022 2023 -1% 102,864 101,029 127,371 126,548 120,664 123,827 128,049 -2% +26% 2024 -5% 2025 +3% +3% May Jun Fleet on rent (excluding Lighting, Grip and Lens) Jul Aug 2019/20 2019 Sep Market growth Source: IHS Markit (November 2022) -1% Oct Nov 2020/21 Dec Canadian rental market forecasts Jan 2021/22 2020 2021 2022 2023 Feb Mar Apr 2022/23 2024 2025 2026 -11% +16% +11% +2% +4% +5% +3% Ashtead group#21UK TRADING ■ ■ ■ Strong underlying performance with rental only revenue, excluding the DoH work, up 21% ▪ End market resilience in infrastructure and industrial, as shut- down work resumes DoH testing site demobilisation completed in the first quarter 21 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 ▪ Our Lighting, Grip and Lens business expanded into the exciting UK TV and film production market Half year results ¦ 31 October 2022 May Jun Jul Aug Sep 2019/20 Fleet on rent Oct 2020/21 2020 Nov Construction industry Source: Construction Products Association (Autumn UK industry forecast -15% Dec 2021 +13% Jan 2021/22 2022 Feb +2% Mar 2022/23 2023 -4% Apr 2024 +2% Ashtead group#22SUNBELT 3.0: HALF-WAY THROUGH AND AHEAD OF PLAN 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 AMPLIFY 3 4 5 22 SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG DYNAMIC CAPITAL ALLOCATION Underpinned by Cultural elements: Invest in our people Half year results ¦ 31 October 2022 Progress at mid-point $4.1bn of capital invested in the business, of which $3.5bn invested in rental assets Opened 122 greenfield locations in North America, of which 97 were Specialty $1.9bn spent on 52 bolt on acquisitions, adding 73 locations and two new Specialty business lines in North America ■ Achieved additional 13 clustered markets resulting in 44 of the top 100 US markets being clustered (3.0 target of 49) 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 Returned $1.2bn 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#23MARKET DYNAMICS ENHANCE STRUCTURAL OPPORTUNITY Dynamic SUPPLY CHAIN CONSTRAINTS INFLATION SKILLED TRADE SCARCITY 23 Half year results ¦ 31 October 2022 Anticipated duration 12 18 months - Moderation in quarters to come Foreseeable future ■ ■ H I M ■ Our advantage ■ Increased rental rates ■ Partnership and tru with OEMs Long range fleet planning where supply constraints mitigate industry over-fleeting Financial strength $15bn rental fleet Managed pressures through scale and efficiencies Focus on people during good and tough times Employment brand Labour shortage results in projects taking longer THESE DYNAMICS ARE ALL TAILWINDS TO RENTAL PENETRATION AND WILL FAVOUR BIGGER BUSINESSES WITH BALANCE SHEET STRENGTH, ACCESS TO CAPITAL AND EXPERIENCE TO EXECUTE Ashtead group#24GROUP FLEET PLAN US ($m) Canada (C$m) UK (£m) Group ($m) 1 Stated at C$1 = $0.75 and £1 = $1.20 24 rental fleet non-rental fleet rental fleet non-rental fleet rental fleet non-rental fleet Capital plan (gross) Disposal proceeds Capital plan (net) Half year results ¦ 31 October 2022 2021 Actual 576 102 678 79 17 96 132 17 149 947 (407) 540 2022 Actual 1,625 321 1,946 201 39 240 158 33 191 2,397 (366) 2,031 2023 Current guidance¹ 2,400 - 2,600 500 2,900 - 3,100 200-230 80 280 - 310 140 - 160 40 180 - 200 3,325 - 3,575 (570) 2,755 - 3,005 2022 Half year actual 1,249 209 1,458 123 30 153 82 10 92 1,685 (257) 1,428 Ashtead group#25SUMMARY ▪ Clear momentum, with strong positions in robust end markets ▪ The recent CHIPS Act and Inflation Reduction Act enhance and add clarity to an already strong construction market, flush with mega projects Supply constraints, inflation and skilled trade scarcity are agents of structural change and favour the larger providers ▪ Sunbelt 3.0 initiatives ahead of plan at mid-point Strong levels of bolt-on activity with good pipeline to supplement our organic growth plan Leverage towards the bottom of our target range ▪ The Board looks to the future with confidence and expects full year results ahead of our previous expectations 25 Half year results ¦ 31 October 2022 Ashtead group#2626 Half year results ¦ 31 October 2022 SUNBELT F MOOG zero emissions all electric SUNBELT RENTALS APPENDICES Ashtead group#27DIVISIONAL PERFORMANCE SECOND QUARTER RESULTS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs 27 2022 180 212 Canada Group Half year results ¦ 31 October 2022 2,170 207 160 Net financing costs Profit before amortisation, exceptional items and taxation Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins US - UK 2,537 Revenue 2021 178 161 1,659 245 128 2,032 Change¹ +1% +32% +31% -15% +25% +25% 2022 53 93 1,082 61 70 (6) 1,207 49.9% 29.5% 43.9% 47.6% EBITDA 2021 53 81 842 73 64 (7) 972 50.7% 29.8% 50.0% 47.8% Change¹ -% +16% +29% -16% +9% -17% +24% 2022 22 53 716 25 40 (6) 775 (87) 688 (30) 658 (163) 495 33.0% 12.3% 25.1% 30.5% Profit 2021 22 46 537 31 37 (7) 598 (56) 542 (68) 474 (119) 355 32.4% 12.5% 28.8% 29.4% Change¹ -1% +14% +33% -17% +8% -17% +30% +57% +27% -56% +39% +36% +40% 1 As reported Ashtead group#28DIVISIONAL PERFORMANCE LAST TWELVE MONTHS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs 28 2022 719 705 Canada Group Half year results ¦ 31 October 2022 7,422 905 547 Net financing costs Profit before amortisation, exceptional items and taxation Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 8,874 Revenue 2021 731 591 5,795 1,000 469 7,264 Change¹ -2% +19% +28% -9% +17% +22% 2022 209 303 3,552 263 235 (27) 4,023 47.9% 29.1% 43.0% 45.3% EBITDA 2021 222 274 2,828 304 217 (25) 3,324 48.8% 30.4% 46.3% 45.8% Change¹ -6% +11% +26% -14% +8% +9% +21% 2022 81 154 2,166 101 119 (28) 2,358 (270) 2,088 (125) 1,963 (480) 1,483 29.2% 11.3% 21.9% 26.6% Profit 2021 95 146 1,632 129 115 (25) 1,851 (243) 1,608 (129) 1,479 (378) 1,101 28.2% 13.0% 24.7% 25.5% Change¹ -15% +6% 1 +33% -22% +3% +8% +27% +11% +30% -3% +33% +27% +35% As reported Ashtead group#29OUR BUSINESS AND INDUSTRY HAS CHANGED FUNDAMENTALLY STRUCTURAL CHANGE HAS PROGRESSED 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% ■ ■ ■ ■ 29 Apr-08 Apr-09 GFC: 30% rental revenue decline peak to trough "Top up" rentals Apr-10 Top 2 rental companies: <10% market share c. 20% rate reduction Heavy construction recession Specialty c. 13% at April 2008 Leverage of 3.2x at April 2010 Half year results | 31 October 2022 1 | H H ■ Apr-11 ■ III Apr-14 Apr-12 T ■ Ten years of industry consolidation and the big getting bigger Apr-13 Apr-15 Apr-16 Ten years of growth CAGR: 18% Apr-17 Apr-18 Apr-19 Apr-20 Rate recovery followed by moderate improvement, supported by significant advance in technology and systems Alternative to ownership 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 T I Apr-21 ■ Apr-22 ■ Top 2 rental companies: >25% market share 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#30US CONSTRUCTION OUTLOOK US RESIDENTIAL BUILDING STARTS 2,500 2,000 1,500 Units 1,000 500 0 30 1,626 530 2005 1,331 514 2006 937 447 2007 549 303 2008 Source: Dodge Data & Analytics (October 2022) Half year results ¦ 31 October 2022 534 136 2009 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 950 556 2020 ■ Single family 1,084 685 2021 949 796 2022 891 723 2023 962 733 2024 997 755 2025 H 1,022 1,036 770 2026 777 2027 Ashtead group#31US FLEET PROFILE $12bn $10bn $8bn $6bn $4bn $2bn 31 $bn 2014 2015 and prior 2016 2017 Half year results ¦ 31 October 2022 2018 2019 2020 2021 2022 Total ■ Smooth fleet profile Benefits of prolonged cycle and our growth strategy ▪ Strong position providing optionality through the cycle Flexibility to turn replacement into growth and vice versa Strengthens partnership with suppliers through predictability Ashtead group#32CASH FLOW FUNDS ALL FLEET INVESTMENT ($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- Oct 22 4,023 45% 3,642 91% (997) (489) 425 (483) 2,098 (1,258) 840 1 Before fleet changes and exceptional items 2022 2021 2020 2019 2018 (1,551) (1,317) (195) 32 Half year results ¦ 31 October 2022 3,609 45% (711) (192) 1,627 (349) (269) (235) (423) (433) (16) (1,483) (894) 1,376 3,037 3,008 2,748 2,319 1,947 1,769 1,452 1,098 46% 47% 47% 46% 45% 42% 3,017 3,076 2,664 2,248 47% 3,406 1,617 1,347 1,030 94% 99% 47% 1,889 102% 97% 97% (823) (617) (503) (536) (264) (220) (189) (146) 97% 91% 93% 94% (680) (432) (400) (830) (754) (398) (138) 369 403 250 215 327 (393) 163 208 (253) (278) (195) (165) (126) (137) 164 (152) 271 (127) (450) (643) 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) 516 1,125 1,822 1,001 (577) (767) (477) 480 424 2017 2016 39 433 (542) (287) (109) (234) (214) (192) (152) (122) (592) (621) (230) (73) (18) (402) (1,122) (383) (334) (336) 2015 2014 801 (89) (939) 567 2013 (76) (650) (399) (1) (4) (25) (94) (139) (87) (78) (102) (383) (163) (53) 817 607 38% 34% 789 581 97% 96% (426) (354) (285) (92) (80) (32) 151 144 93 (90) (111) 346 2012 2011 2010 (196) (522) (250) (131) 201 (216) (5) (20) (35) 444 30% 409 30% 426 597 33% 438 604 99% 104% 101% (349) (46) 154 (107) 103 (19) 84 (55) (55) (99) (65) (32) (24) (23) (34) (34) (16) (6) (655) (349) (179) (85) 29 6 (58) (11) 49 (87) 319 (13) 306 305 2009 (21) 284 256 (1) 175 (16) 240 2008 2007 2006 415 730 35% (407) 715 98% (391) (46) (62) 186 150 (166) (132) 156 271 593 35% 607 102% (2) (717) (22) (21) (14) (30) (48) 363 (71) 316 399 35% 32% 385 307 97% 96% (266) (178) (30) (10) 67 90 (74) (58) 105 (242) (120) (111) (19) (131) (35) 10 (95) (41) (12) (622) (77) 2005 128 (19) (10) 99 1 (118) 100 (4) 275 117 (456) (5) 100 Ashtead group#33$2,217M OF AVAILABILITY AT 31 OCTOBER 2022 ■ 33 Book value $11,493m (April 22: $10,238m) $1,558m $9,164m Calculation: 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 Receivables Inventory Borrowing base reflects July 2022 asset values Half year results ¦ 31 October 2022 ■ Other PPE Borrowing base $8,894m (April 22: $7,755m) $1,274m $7,546m Borrowing base covers today's net ABL outstandings 3.6x Senior debt Availability of $2,217m $2,509m of net ABL outstandings, including letters of credit of $70m (Apr 22 - $2,188m) Ashtead group#34DEBT AND COVENANTS 34 Debt Ratings Availability Fixed charge coverage covenant Half year results ¦ 31 October 2022 Facility $4.5bn first lien revolver $550m senior notes $600m senior notes $600m senior notes $600m senior notes $750m senior notes $750m senior notes Corporate family Second lien M ■ M Interest rate LIBOR + 125-150 bps 1.500% 4.375% 4.000% 4.250% 2.450% 5.500% S&P BBB- BBB- Covenants are not measured if availability is greater than $450 million Baa3 Maturity August 2026 August 2026 August 2027 May 2028 November 2029 Moody's Baa3 August 2031 August 2032 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 October 2022 Ashtead group#35CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store ■ Greenfields ■ Bolt-on acquisitions Returns to shareholders ■ ■ 35 Progressive dividend policy Share buybacks APPLICATION Half year results ¦ 31 October 2022 I I ■ I I $1,685m invested in the business 34 greenfields opened in North America $609m spent on bolt-ons, with 38 locations added in North America Good pipeline with $243m spent since period end Increased interim dividend by 20% to 15% $206m (£173m) spent this year 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 OCTOBER 2022 - Ashtead group#36LOCATION GROWTH DURING 3.0 CLEARLY DEFINED April 2021* 936 Sunbelt 3.0 +298 April 2024 1,234 36 Half year results ¦ 31 October 2022 AB 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 Half year results ¦ 31 October 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#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 0 200 Half year results ¦ 31 October 2022 1000 1400 1800 2200 RENTAL PENETRATION¹ Now Future 15% 20% nm² 35% 20% 40% 20% 45% 40% MARKET SHARE Now 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 Half year results ¦ 31 October 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 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% Half year results ¦ 31 October 2022 3% 6% 13% 44% ■ United Rentals ■ Sunbelt ■RSC Herc Rentals ■ Top 4-10 2022 17% 16% ■ 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 % ΝΑΟ ο Ξ Ε Ξ 6 6 8 20 18 16 15 14 12 10 2006 13 14 10 5 Group Rol 7 12 16 19 19 19 2007 2008 2009 2010 2011 2012 2013 2014 2015 17 18 18 Half year results ¦ 31 October 2022 Cost of capital 15 15 18 2016 2017 2018 2019 2020 2021 2022 % 50 45 40 35 30 25 20 15 10 5 35 35 38 Group EBITDA margin 33 30 30 2006 2007 2008 2009 2010 2011 34 38 42 45 46 47 47 47 47 46 45 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 ¢ 350 300 250 200 150 100 50 Group adjusted EPS 22 20 29 75 50 28 *] 20 128135 100 2012 0 2006 2007 2008 2009 2010 2011 2013 2014 2015 2016 2017 2018 2019 227 222219 171 307 2020 2021 2022 Ashtead group