#1AMBITION WITH PURPOSE FULL YEAR RESULTS 14 June 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 Full year results | 30 April 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 audited results for the year ended 30 April 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 23% ahead of last year (Q4: +27%) ▪ Profit before tax ¹ of $1.8bn (2021: $1.3bn) and EPS¹ of 307 (2021: 2190) ▪ 123 locations added in North America, of which 88 were greenfields and 35 were acquisitions $2.4bn invested in capital expenditure $1.3bn invested in 25 bolt-on acquisitions in the period with a further $230m spent since year end Proposed final dividend of 67.5%, making 80.0¢ for the year (2021: 58.0%) $414m (£305m) allocated to share buybacks in the period Leverage² at 1.5 times net debt to EBITDA is at the lower end of our target range of 1.5 to 2.0 times ■ ■ ■ 3 Full year results | 30 April 2022 1 Adjusted PBT and EPS 2 Excluding the impact of IFRS 16 Ashtead group#4DEDICATED TEAM MEMBERS DELIVERING FOR ALL OUR STAKEHOLDERS 4 Safety Engage for Life: from programme to cultural ▪ TRIR less than 1.0 in North America Differentiating factor for our customers ■ ENGAGE FOR LIFE Full year results | 30 April 2022 Engagement Highly engaged workforce from skilled trade to leadership¹ Employee Resource Groups: Diversity, equity and inclusion (DEI) task force Women, Inspired, Supported & Empowered (W.I.S.E.) ▪ Veterans programme ■ ■ ▪ Skilled trade wage increases October 2020, June 2021 and May 2022 Record year of profit sharing 1 89% engagement rating, top decile performance level Ashtead group#52022/23 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. 15% due to NHS impact 3 Current guidance stated at C$1 = $0.80 and £1 =$1.25 5 Full year results | 30 April 2022 US Canada UK² Group Guidance 13% to 16% 15% to 18% -5% to -2% 12% to 14% $3.3 - 3.6bn $2.7-3.0bn c. $300m Ashtead group#66 SUNBELT RENTALS. Full year results | 30 April 2022 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 2022 2022 7,962 7,235 (4,353) 3,609 (1,553) 2,056 (232) 1,824 307.1¢ 45% 26% 18% 2021 6,639 5,902 (3,602) 3,037 (1,458) 1,579 (263) 1,316 219.1¢ 46% 24% 15% Change¹ 19% 22% 20% 18% 6% 30% -12% 38% 40% Ashtead group#8US FULL YEAR RESULTS $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the US's adjusted results and are stated before intangible amortisation 8 Full year results | 30 April 2022 2022 6,477 6,042 (3,356) 3,121 (1,269) 1,852 48% 29% 25% 2021 5,418 4,933 (2,783) 2,635 (1,190) 1,445 49% 27% 20% Change 20% 22% 21% 18% 7% 28% Ashtead group#9CANADA FULL YEAR RESULTS C$m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins 9 EBITDA Operating profit Return on investment The results in the table above are Canada's adjusted results and are stated before intangible amortisation Full year results | 30 April 2022 2022 626 569 (345) 281 (137) 144 45% 23% 20% 2021 501 436 (282) 219 (121) 98 44% 20% 16% Change 25% 30% 22% 29% 14% 47% 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 2022 2022 726 544 (511) 215 (128) 87 30% 12% 14% 2021 635 481 (442) 193 (132) 61 30% 10% 10% Change 14% 13% 16% 11% -3% 43% Ashtead group#11CASH FLOW FULL YEAR RESULTS $m EBITDA 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 11 Full year results | 30 April 2022 2022 3,609 94% 3,406 (1,228) 369 (450) 2,097 (936) (36) 1,125 (1,277) (40) (269) (433) (894) 2021 3,037 99% 3,017 (892) 403 (643) 1,885 (63) 1,822 (195) (235) (16) 1,376 Ashtead group#12NET 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) 12 Full year results | 30 April 2022 2022 5,801 894 (47) 132 362 18 7,160 2,108 3,072 1,995 (15) 7,160 2021 6,764 (1,376) 130 25 247 11 5,801 1,225 2,970 1,633 (27) 5,801 1.4 1.5 2.0 1.9 1 At April 2022 exchange rates 2.5 2.0 1.5 1.0 2.4 2.0 Leverage (excluding impact of IFRS 16) 1.8 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 1.8 At constant exchange rates (April 2022) 2012 1.7 2013 2014 2015 2016 2017 Fleet cost 1.7 Fleet OLV 1.6 2018 $2.7bn Net debt 1.8 1.9 2019 2020 1.4 2021 1.5 2022 Ashtead group#1313 NEZAVE SGM T237-яро CANS аиона озтя99U2 YJQU0ЯЯ 33AT Full year results | 30 April 2022 QAS 150 SUNBELT RENTALS SUNBELT RENTALS OPERATIONAL REVIEW BRENDAN HORGAN Ashtead group#14US TRADING May Q3 General tool -9% -7% -4% Specialty +6% +18% +6% Oil & gas -62% -53% -40% Total -3% -3% -8% 1 Rental only revenue presented on a billing day basis 14 Jun Q1 Jul Q2 Aug FY21 Sep 2019/20 Full year results | 30 April 2022 Rental revenue¹ FY Q4 +7% -4% +18% +13% -25% -44% +8% -2% Oct Fleet on rent Nov 2020/21 Q1 Q2 Q3 Q4 +14% +13% +19% +23% +17% +22% +23% +34% +34% +28% +86% +62% +44% +43% +54% +16% +16% +23% +26% +21% Dec Jan Feb FY22 2021/22 Mar FY Apr H Strong growth and sequential momentum in General Tool, while Specialty delivers another exceptional performance, aided by the Mahaffey and ComRent acquisitions 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 ▪ Broad strength across 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 Q1 +24% +25% +53% 15 Full year results | 30 April 2022 -11% +27% +32% +8% +61% +22% +22% Lighting, Grip and Lens nm 1 Rental only revenue presented on a billing day basis 2 Including Temporary Structures nm - not meaningful Rental revenue growth¹ Q2 Q3 Q4 FY +30% +35% +27% +22% +31% +17% +20% +6% +59% +58% +61% +58% +10% +16% +1% -8% +20% +25% +21% +23% +38% +52% +18% +34% +13% +20% +22% +16% +31% -9% +12% +23% +25% +24% +23% +34% +28% +38% -26% +25% -12% +25% +34% -14% ■ ■ ■ Unique portfolio of Specialty businesses take advantage of ongoing growth opportunities in lowly penetrated markets ■ Early stages of structural change serving large and broad range of end markets and applications, which are principally non-construction Scaffold returns to growth with large project wins ▪ Acquisition of Mahaffey creates foundation for tenth Special business line, Temporary Structures, while acquisition of ComRent added the market leading load bank business Lighting, Grip and Lens impacted adversely by COVID induced production restrictions in the second half Ashtead group#16US NON-CONSTRUCTION 16 MAINTENANCE, REPAIR AND OPERATIONS OF THE GEOGRAPHICAL MARKETS WE SERVE ENTERTAINMENT AND LIVE EVENTS EMERGENCY RESPONSE MUNICIPALITIES Full year results | 30 April 2022 Specialty business activity serves as a proxy for non-construction market strength Continuous need for maintenance repair and operation in a market $340bn facility maintenance market; 100bn sq. ft. under roof Providing non-construction and municipal customers with alternative to capex Community support in response to natural disasters - hurricanes, tornadoes, wild fires ▪ Market dynamics are encouraging a shift to rental ▪ Our unique cross-selling capabilities benefit Specialty and General Tool in this vast component of our end markets Ashtead group#17US CONSTRUCTION OUTLOOK 300 250 200 150 100 50 2005 2007 2009 2011 Source: Dodge Data & Analytics (May 2022) 190 170 150 130 110 90 70 Dodge construction starts Indexed: 2000-100 50 2013 2002 2004 2006 2008 Source: Dodge Data & Analytics (June 2022) 17 Full year results ¦ 30 April 2022 2015 2010 سر 2017 Dodge momentum index Indexed: 2000=100, seasonally adjusted 2012 2019 2014 2021 2016 2023 начим 2018 2025 2020 2022 2019 Construction put in place ($bn) Non-residential ■ 2020 2021 2022 Non-building Construction (excl. resi) Residential Construction (total) Construction growth Rental market ($bn) Rental¹ 51 46 50 Rental growth +6% -9% +9% Source: Dodge Data & Analytics (March 2022) / IHS Markit (May 2022) ¹ Excluding party and event Dodge momentum index remains strong 2023 2024 2025 546 540 515 594 643 685 292 291 291 286 300 838 831 806 880 943 936 329 1,014 988 784 856 553 638 1,391 1,469 1,590 1,736 1,879 2,002 +4% +6% +8% +9% +8% +7% 56 59 +11% +6% 61 +3% ▪ Infrastructure package bolsters and underpins already strong construction market and will favour rental and the larger rental companies in particular 715 352 1,067 1,021 2,088 +4% 63 +4% ▪ The known and forecasted construction volume will result in strong market demand for the years to come ▪ Abundance of existing and planned mega projects Ashtead group#18MEGA SIZED PROJECTS POWERING CONSTRUCTION LANDSCAPE Offices, healthcare and data centres Total building starts ($bn) 700 600 500 400 300 200 100 0 1996 50.0 40.0 Source: Dodge Data & Analytics 30.0 20.0 10.0 Store and warehouses Construction starts (millions of square feet) 0.0 2000 2004 2017 2018 2008 2019 Stores wwwwy 2012 2016 Manufacturing Total building starts ($bn) Warehouses Source: Dodge Data & Analytics 18 Full year results | 30 April 2022 - Manufacturing 2020 2020 2021 2022 2023 2024 2025 2026 2024 60.0 50.0 40.0 30.0 20.0 10.0 0.0 2017 2018 2019 2020 2021 2022 2023 Offices (exc. data centres) Source: Dodge Data & Analytics 6% 9% Federal infrastructure package (incremental) 7% 4% 8% 10% $550bn 11% 20% Source: Dodge Data & Analytics 12% Healthcare 13% 2024 2025 2026 Data centres ▪ Roads and bridges - Power / grid ▪ Rail ■ Broadband ■ Water / sewers ■ Transit ■ Infrastructure resilience ▪ Airports ■ Environmental remediation ■ Infrastructure spend ■ Projects over $400 million represent ever increasing proportion of total spend (30% today compared with 13% in 2000 - 2009) ▪ From retail store front to warehouse and distribution centre door front ▪ eCommerce and broader web demand creating continued strength in data centre market ■ Electric vehicle revolution in early days of vehicle and battery manufacturing ▪ Federal infrastructure package will extend large project strength Ashtead group#19CANADA TRADING ■ Growth driven by General Tool business, aided by developing Specialty businesses Strong demand and supply constraints contributing to record utilisation and favourable rate environment ▪ Sunbelt 3.0 plan progressing well, with cluster development and increasing business maturity now delivering record margins and returns Lighting, Grip and Lens impacted adversely by COVID induced production restrictions in the second half Canadian building permit values 19 2019 Market (C$bn) Market growth Source: Dodge Data & Analytics (January 2022) +3% 2020 102,864 101,029 121,071 +20% Full year results | 30 April 2022 2021 -2% 2022 2023 111,664 117,773 -8% +5% 2024 121,667 +3% May Jun Market growth Fleet on rent (excluding Lighting, Grip and Lens) Jul Source: IHS Markit (May 2022) Aug Sep Oct 2019/20 Nov 2020/21 Dec +3% Jan Canadian rental market forecasts Feb Mar Apr 2021/22 2018 2019 2020 2021 2022 2023 2024 2025 -1% -11% +16% +10% +6% +4% +2% Ashtead group#20UK TRADING ■ Strong performance driven by: ■ Share gains in broad end markets ▪ COVID-19 response efforts; DoH testing sites closed from April 2022 ■ 20 ■ ▪ End market strength in infrastructure, private housing and repair, maintenance and improvements. Industrial performing well as shut-down work resumes Op-X programme and ROC model Unique range of general and specialty products in the UK market resulting in customer wins across diverse end markets ▪ Pricing discipline is yielding rate improvement ▪ Recently expanded our Lighting, Grip and Lens business into the exciting UK production market Full year results | 30 April 2022 May Jun Jul Aug Sep Fleet on rent Oct 2019/20 2020 Nov UK industry forecast Construction industry Source: Construction Products Association (Spring 2022) -15% Dec 2020/21 2021 +13% Jan Feb 2021/22 2022 +3% Mar Apr 2023 +2% 2024 +3% Ashtead group#21SUNBELT 3.0: STRATEGIC GROWTH PLAN ROLLED OUT ACROSS THE BUSINESS AND PROGRESSING WELL 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 AMPLIFY 3 4 5 21 SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG DYNAMIC CAPITAL ALLOCATION Underpinned by Cultural elements: Invest in our people Full year results | 30 April 2022 Progress Opened 88 greenfield locations in North America in the year, of which 72 were Specialty 25 bolt-on acquisitions completed, adding 35 locations and established a new Specialty business line, Temporary Structures, with a good pipeline Achieved cluster status in eight additional top 100 US markets Definitive steps achieved to supercharge a bigger, better, faster digital platform leveraging our strong base Working with, and investing in, innovative start-up manufacturers in areas of portable battery power and battery design and packaging Sustainability initiatives advancing, DEI taskforce, women's employee resource group and veterans programme fully engaged Debut investment grade bond issuance, progressive dividend and share buybacks Entrepreneurialism with scale Actionable component 12 125 12 3 4 4 5 Bringing Availability, Reliability, and Ease to our customers Ashtead group#22SPECIALTY 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 & Lens Ground Protection 600 ¹ Market size and rental penetration levels indicated herein validated by Verify Markets 2 Scaffold Services rental penetration not meaningful 22 Full year results | 30 April 2022 0 200 1000 1400 1800 2200 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 34% Rental revenue growth, well ahead of pace to execute on Sunbelt 3.0 Specialty plan 72 Specialty greenfields opened in the year 2 Market leading acquisitions - one creating a new Specialty, Temporary Structures, and the other enhancing Power & HVAC Ashtead group#23UPDATE ON SPECIALTY BUSINESSES ■ ■ 23 TEMPORARY STRUCTURES Mahaffey, leading provider of temporary structures and shelter solutions in the US, acquired December 2021 Turn-key solutions from design and engineering, project management to delivery and installation Serving diversified industries including aviation, military and government, emergency response, manufacturing and construction Cross-selling opportunities for many of our product lines Full year results | 30 April 2022 LOAD BANKS FEEDE ComRent, market leading load banks provider, acquired February 2022 ▪ Sunbelt now offers the largest fleet of load banks in the industry, which are increasingly in demand in this electrified world Specialises in power-testing infrastructure; ranging from data centres, electrical utilities, renewable energies and manufacturing ▪ Great complement to our Power and HVAC business Ashtead group#24DELIVERED A STRONG YEAR DESPITE UNIQUELY CHALLENGING DYNAMICS RENTAL IS POSITIONED WELL TO BENEFIT Dynamic SUPPLY CHAIN CONSTRAINTS INFLATION SKILLED TRADE SCARCITY 24 Full year results | 30 April 2022 Anticipated duration 12 18 months - Moderation in quarters to come Foreseeable future ■ ■ ■ I ■ Our advantage ■ Partnership and trust with OEMs Sunbelt 3.0 fleet plans Financial strength W Increased rental rates $14bn rental fleet pre-inflation Managed pressures through scale and efficiencies Focus on people during good and tough times Employment brand Labour shortage results in projects taking longer THESE DYNAMICS ARE ALL TAILWINDS TO RENTAL PENETRATION AND WILL FAVOUR BIGGER BUSINESSES WITH STRENGTH IN BALANCE SHEET, ACCESS TO CAPITAL AND EXPERIENCE TO EXECUTE Ashtead group#25OUR BUSINESS AND INDUSTRY HAS CHANGED FUNDAMENTALLY STRUCTURAL CHANGE HAS PROGRESSED 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% ■ ■ ■ ■ Apr-08 25 Apr-09 GFC: 30% rental revenue decline peak to trough "Top up" rentals ■ Heavy construction recession Specialty c. 13% at April 2008 Leverage of 3.2x at April 2010 Apr-10 Top 2 rental companies: <10% market share c. 20% rate reduction Full year results | 30 April 2022 1 I H H ■ ■ Apr-11 ■ THI Apr-14 Apr-12 Apr-13 Apr-15 Apr-16 Ten years of growth CAGR: 18% ▪ Ten years of industry consolidation and the big getting bigger Rate recovery followed by moderate improvement, supported by significant advance in technology and systems Alternative to ownership Apr-17 Apr-18 Apr-19 Apr-20 Gradual construction recovery, broadening of end markets served and increasing proportion of mega projects Growth in capability and Specialty business lines Gradual decline in leverage to 1.9x at April 2020 T I Apr-21 H Apr-22 ■ Top 2 rental companies: >25% market share Stable rates followed by good rate environment ■ Rental better alternative ownership Current and forecast strength Specialty c. 30% Leverage of 1.5x at April 2022 Ashtead group#26GROUP FLEET PLAN US ($m) Canada (C$m) UK (£m) Group ($m) 1 Stated at C$1 = $0.80 and £1 = $1.25 26 Full year results | 30 April 2022 - rental fleet non-rental fleet rental fleet non-rental fleet rental fleet non-rental fleet Capital plan (gross) Disposal proceeds Capital plan (net) 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 Guidance¹ 2,400 - 2,600 500 2,900 - 3,100 200 - 230 80 280 - 310 130 - 150 40 170 - 190 3,335 - 3,585 (570) 2,765 - 3,015 Ashtead group#27CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store Greenfields I ■ Bolt-on acquisitions Returns to shareholders I ■ 27 Progressive dividend policy Share buybacks APPLICATION Full year results | 30 April 2022 I ■ ■ ■ $2.4bn invested in the business 88 greenfields opened in North America $1.3bn spent on bolt-ons, with 35 locations added Good pipeline with $230m spent since year end Proposed final dividend of 67.5% per share, making 80.0% per share for the year $414m (£305m) spent under two year, up to £1bn share buyback programme UNDERPINNED BY TARGET NET DEBT TO EBITDA LEVERAGE RANGE OF 1.5 TO 2.0 TIMES 1.5 TIMES AT 30 APRIL 2022 Ashtead group#28SUMMARY Clear momentum, with strong positions in each of our markets ■ Recent and forecast mega project starts demonstrate strength in activity levels which, when coupled with supply constraints, favour the larger providers ▪ Sunbelt 3.0 initiatives progressing well, with 123 locations added in the year and eight additional markets clustered Strong levels of bolt-on activity with good pipeline to supplement our organic growth plan Leverage at the bottom end of our target range ▪ The Board looks to the future with confidence 28 Full year results | 30 April 2022 Ashtead group#2929 Full year results | 30 April 2022 SURDELT MODO CROFES TEME 287 missions all electric 20 SUNBELT RENTALS APPENDICES Ashtead group#30DIVISIONAL PERFORMANCE FOURTH QUARTER RESULTS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs Net financing costs Profit before amortisation and tax Amortisation Profit before taxation Taxation Profit after taxation Margins US - UK 30 Canada Group Full year results | 30 April 2022 2022 179 163 1,713 236 129 2,078 Revenue 2021 191 144 1,383 262 114 1,759 Change¹ -6% 13% 24% -10% 13% - % 18% 2022 50 70 786 65 55 (6) 900 46% 28% 43% 43% EBITDA 2021 57 65 643 79 51 (7) 766 46% 30% 45% 44% Change¹ -13% 7% 22% -16% 7% -11% 18% 2022 15 33 439 20 26 (7) 478 (60) 418 (32) 386 (90) 296 26% 9% 20% 23% Profit 2021 22 34 339 30 27 (8) 388 (62) 326 (20) 306 (80) 226 25% 12% 23% 22% Change¹ -31% -2% 29% -34% -1% -11% 23% -4% 28% 58% 26% 15% 30% 1 As reported Ashtead group#31DIVISIONAL PERFORMANCE 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 31 2022 726 626 Net financing costs Profit before exceptional items, amortisation and tax Canada Group Full year results | 30 April 2022 6,477 986 499 7,962 Revenue 2021 635 501 5,418 838 383 6,639 Change¹ 14% 25% 20% 18% 30% - % 20% 2022 215 281 3,121 291 224 (27) 3,609 48% 30% 45% 45% EBITDA 2021 193 219 2,635 254 167 (19) 3,037 49% 30% 44% 46% Change¹ 11% 29% 18% 15% 34% 40% 19% 2022 87 144 1,852 118 114 (28) 2,056 (232) 1,824 (156) 1,668 (416) 1,252 29% 12% 23% 26% Profit 2021 61 98 1,445 80 75 (21) 1,579 (263) 1,316 (81) 1,235 (315) 920 27% 10% 20% 24% Change¹ 43% 47% 1 28% 47% 53% 38% 30% -12% 39% 92% 35% 32% 36% As reported Ashtead group#32ROBUST AND FLEXIBLE DEBT STRUCTURE $5,000m $4,000m $3,000m $2,000m $1,000m 32 $m FY23 FY24 FY25 FY26 Aug Aug May Nov 2026 2027 2028 2029 $550m $600m $600m $600m Full year results | 30 April 2022 FY31 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 ▪ Facilities committed for average of six years at a weighted average cost of less than 3% ▪ No financial monitoring covenants whilst availability exceeds $450m (April 2022: $2,537m) Ashtead group#33US FLEET PROFILE $12bn $10bn $8bn $6bn $4bn $2bn 33 $bn 2014 2015 2016 and prior Full year results | 30 April 2022 2017 2018 2019 2020 2021 2022 Total Smooth fleet profile ▪ Benefits of prolonged cycle and our growth strategy ▪ Strong position providing optionality through the cycle Flexibility to turn replacement into growth and vice versa Strengthens partnership with suppliers through predictability Ashtead group#34US INDUSTRY FLEET Industry fleet (OEC) Mar Apr Source: Rouse Analytics (May 2021) 34 Industry fleet 9% larger year-over-year May Full year results | 30 April 2022 Jun Jul Aug Sep 2019/20 Oct Nov 2020/21 Dec Jan Feb Industry fleet 3% smaller year-over-year Mar Apr May Ashtead group#35CASH FLOW FUNDS ALL FLEET INVESTMENT ($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 2022 3,609 3,037 3,008 2,748 2,319 1,947 45% 46% 47% 47% 47% 47% 3,406 94% (1,228) 369 (450) 2,097 3,017 3,076 2,664 2,248 1,889 99% 102% (892) (1,087) 403 327 (643) (393) 97% (837) 250 215 (253) (278) 1,885 1,923 1,824 1,493 1,220 (63) (906) (1,344) (945) (787) (1,010) (16) (32) 1,125 1,822 1,001 (1,317) (195) (577) 2021 2020 2019 2018 2017 (936) (36) 1,627 (192) (269) (235) (234) (433) (16) (894) 35 Full year results | 30 April 2022 1,376 480 424 (767) 1,617 1,347 1,030 93% 91% (845) 271 94% (537) 97% 97% (692) (682) 208 (195) (127) (558) 163 164 (152) (89) 516 (477) 2016 2015 1,769 1,452 1,098 46% 45% 42% 433 39 (542) 916 801 (939) (1) (94) (139) (102) (383) (287) (214) (192) (592) (621) (230) (73) (18) (402) (1,122) (383) (334) (109) (196) (522) (152) (122) (99) 2014 567 (650) (4) (87) (163) 2013 817 38% 346 (250) (131) (65) (32) (34) (16) (34) (336) (655) (349) (179) (399) (25) (78) (53) 2012 607 34% 789 581 438 97% 96% 99% (518) (434) (317) 151 144 93 (90) (111) (76) 201 (216) (5) (20) (35) 2011 2010 (55) (24) (6) (85) 444 30% 103 (55) 29 (19) (13) 84 306 (23) 409 30% 6 426 104% (69) 49 (87) 319 (1) 305 (21) 284 2009 2008 597 33% 730 35% 604 101% (395) 154 (107) 256 (16) 240 175 415 (22) (30) 363 271 607 715 98% 102% (464) (469) 186 150 (166) (132) 156 (242) (19) 10 (12) 2007 (2) (21) (48) (71) 593 35% 2006 399 35% 275 (456) 385 96% (296) 90 (74) 105 (120) (111) (131) (95) (622) 2005 316 32% 117 307 97% (188) 67 (58) (19) (35) (10) (41) 99 (77) 128 (717) (118) 100 (14) (4) 1 (5) 100 Ashtead group#36$2,537M OF AVAILABILITY AT 30 APRIL 2022 I 36 Book value $10,238m (April 21: $8,809m) $1,174m $8,411m ■Rental fleet and vehicles Receivables Calculation: Inventory - 50% of book value Receivables 85% of net eligible receivables Fleet and vehicles - 85% of net appraised market value of eligible equipment ■Inventory Borrowing base reflects July 2021 asset values Full year results | 30 April 2022 Other PPE Borrowing base $7,755m (April 21: $6,359m) $964m $6,731m Borrowing base covers today's net ABL outstandings 3.6x Senior debt Availability of $2,537m $2,188m of net ABL outstandings, including letters of credit of $57m (Apr 21 - $1,294m) Ashtead group#37DEBT AND COVENANTS 37 Debt Ratings Availability Fixed charge coverage covenant Full year results | 30 April 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 April 2022 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 2022 AB April 2021 Sunbelt 3.0 - May 2021 - April 2024 * Excludes two Sunbelt 3.0 locations opened in April 2021 Ashtead group#39BENEFITS OF CLUSTERED MARKETS ARE DEMONSTRABLE THE STRATEGY 39 Broaden customer base Larger addressable market Full year results | 30 April 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#40ENVIRONMENTAL ROADMAP INITIATIVES ON THE PATH TO 35X30 NEAR TERM: 3.0 PERIOD TARGET: 15% BY 2024 40 Greener vehicle transition 2 Route optimisation and dynamic telematics 3 Scope 3 emissions mapping 4 Full year results ¦ 30 April 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#41CASE STUDY OF PARTNERING IN INNOVATION OUR SCALE, RESOURCE AND INTELLECTUAL CAPITAL IS A CAPABLE AND NECESSARY CONTRIBUTOR 17X 41 Bobcat zero emissions all electric Joel Honeyman, VP of Global Innovation, Doosan Bobcat Inc. Brent Coffey, Director of Product Lines, Sunbelt Rentals SUNBELT Full year results | 30 April 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#42US MARKET SHARE 42 66% 2010 5% 4% 3% Full year results | 30 April 2022 30⁰ 3⁰⁰ 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#43IMPORTANT TO NOT LOSE SIGHT OF THROUGH THE CYCLE KEY METRICS 43 % 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 Full year results | 30 April 2022 17 18 18 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Cost of capital 15 15 18 2018 2019 2020 2021 2022 % 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 75 I!!! ο ττοτ 128135 100 227 222219 171 307 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Ashtead group