#1REATALA G THE ENERGY HYDDO SUNBELT RENTALS BRING THE ENERGY HYDRO AB60738 BRING THE ENERGY HYDRO AMBITION WITH PURPOSE FIRST QUARTER RESULTS 6 September 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 First quarter results ¦ 31 July 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 first quarter ended 31 July 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 Another quarter of strong results and ongoing momentum in supportive end markets North American rental revenue 28% ahead of last year ▪ Profit before tax ¹ up 29% to $555m (2021: $437m) and EPS¹ up 33% to 94.4¢ (2021: 71.50) $699m invested in capital expenditure ▪ 33 locations added in North America, of which 20 were greenfields and 13 were acquisitions $337m invested in 12 bolt-on acquisitions in the period with a further $183m spent since quarter end $116m (£95m) allocated to share buybacks in the quarter Leverage² at 1.6 times net debt to EBITDA is near the bottom of our target range of 1.5 to 2.0 times ▪ Revenue and operating profit are ahead of our previous expectations however, with increasing interest costs, we expect adjusted profit before tax to be in line with our previous expectations ■ ■ ■ 3 First quarter results ¦ 31 July 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. 10% due to NHS impact 3 Current guidance stated at C$1 = $0.77 and £1 =$1.20 4 First quarter results | 31 July 2022 US Canada UK² Group Previous guidance 13% to 16% 15% to 18% -5% to -2% 12% to 14% $3.3 - 3.6bn $2.7 -3.0bn c. $300m Current guidance 17% to 20% 19% to 22% -4% to 0% 15% to 17% $3.3 - 3.6bn $2.7 - 3.0bn c. $300m Ashtead group#55 First quarter results ¦ 31 July 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 1 At constant exchange rates 6 First quarter results | 31 July 2022 2022 2,259 2,075 (1,220) 1,039 (417) 622 (67) 555 94.4¢ 46.0% 27.5% 18.4% 2021 1,852 1,669 (992) 860 (362) 498 (61) 437 71.5¢ 46.4% 26.9% 16.6% Change¹ 25% 26% 26% 22% 17% 26% 11% 29% 33% Ashtead group#7US $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the US's adjusted results and are stated before intangible amortisation 7 First quarter results | 31 July 2022 2022 1,899 1,768 (983) 916 (349) 567 48.2% 29.9% 25.6% 2021 1,465 1,374 (740) 725 (293) 432 49.5% 29.5% 22.0% Change 30% 29% 33% 26% 19% 31% Ashtead group#8CANADA C$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 First quarter results ¦ 31 July 2022 2022 176 159 (100) 76 (38) 38 43.1% 21.8% 19.6% 2021 149 132 (82) 67 (32) 35 45.0% 23.3% 21.4% Change 19% 20% 23% 14% 16% 11% 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 First quarter results ¦ 31 July 2022 2022 182 149 (125) 57 (31) 26 31.4% 14.2% 12.4% 2021 190 134 (128) 62 (31) 31 32.7% 16.5% 13.9% Change -4% 11% -3% -8% 2% -18% Ashtead group#10NET 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) 10 First quarter results ¦ 31 July 2022 2022 7,160 424 (12) 44 98 2 7,716 2,570 3,073 2,101 (28) 7,716 2021 5,801 (173) (9) 9 75 2 5,705 1,079 2,970 1,686 (30) 5,705 1.6 1.3 2.0 1.8 1 At July 2022 exchange rates 2.5 2.0 1.5 1.0 2.4 2.1 Leverage (excluding impact of IFRS 16) 1.9 16,000 14,000 12,000 10,000 €8,000 6,000 4,000 2,000 0 1.9 At constant exchange rates (July 2022) 2012 1.7 Fleet cost 1.7 2013 2014 2015 2016 2017 2018 2019 Fleet OLV 1.6 $2.5bn 1.8 Net debt 1.8 1.3 2020 2021 1.6 2022 Ashtead group#11ROBUST AND FLEXIBLE DEBT STRUCTURE $5,000m $4,000m $3,000m $2,000m $1,000m $m $5,000m $4,000m $3,000m $2,000m $1,000m 11 $m Debt maturity prior to financing activities Aug Aug May Nov FY31 Aug 2026 2027 2028 2029 2031 $750m $550m $600m $600m $600m Debt maturity subsequent to financing activities FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 First quarter results ¦ 31 July 2022 Aug Aug May Nov FY31 2026 2027 2028 2029 $550m $600m $600m $600m Undrawn Drawn Notes FY33 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% ▪ No financial monitoring covenants whilst availability exceeds $450m (July 2022: $2,064m) Ashtead group#12I' 124 First quarter results 131 July 2022 el OPERATIONAL REVIEW BRENDAN HORGAN Ashtead group#13US TRADING May Q1 General Tool +15% +22% Specialty Total +16% 1 Rental only revenue presented on a billing day basis Jun Jul Aug Sep Rental revenue¹ 2019/20 Q2 +14% +23% +16% Oct 13 First quarter results ¦ 31 July 2022 FY22 Fleet on rent Q3 +20% +34% +23% 2020/21 Nov Dec Q4 +24% +34% +26% Jan 2021/22 FY +18% +28% +21% Feb Mar 2022/23 FY23 Q1 +23% +39% +27% Apr Strong growth and momentum in General Tool, while Specialty delivers another exceptional quarter Strong demand environment coupled with ongoing supply constraints contributing to high utilisation levels ▪ Illustrates diversity of our end markets and power of cross selling between General Tool and Specialty ■ Market dynamics supportive of continued progression in rental rates ▪ Customers' trend to opex rather than capex heightened during prolonged period of supply constraints and increased equipment costs, accelerating structural shift from ownership to rental Strength across all Specialty business lines Ashtead group#14SPECIALTY TRADING Power and HVAC Climate Control and Air Quality Flooring Solutions Scaffold Pump Solutions Industrial Tool Shoring Solutions Ground Protection US ex. Temporary Structures Total US² Rental revenue¹ 14 First quarter results ¦ 31 July 2022 Q1 +24% +25% +53% -11% +27% +32% +8% +61% +22% +22% Lighting, Grip and Lens 1 Rental only revenue presented on a billing day basis 2 Including Temporary Structures nm - not meaningful nm FY22 Q2 Q3 Q4 FY +22% +30% +35% +27% +31% +17% +6% +20% +59% +58% +61% +58% +1% +23% -8% +20% +25% +21% +10% +16% +38% +52% +18% +34% +13% +20% +22% +16% -12% +12% +31% +23% +23% +24% +34% +28% +38% -26% -14% +25% -9% +25% +25% +34% FY23 Q1 +34% +36% +42% +25% +33% +35% +33% +26% +34% +39% -4% Unique portfolio of Specialty businesses takes 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 Lighting, Grip and Lens impacted adversely by threat of production strikes in Vancouver causing productions to be delayed or moved Ashtead group#15US CONSTRUCTION OUTLOOK 300 250 200 150 100 50 2005 2009 2011 2007 Source: Dodge Data & Analytics (August 2022) 190 170 150 130 110 90 Dodge construction starts Indexed: 2000=100 70 2013 50 2002 2004 2006 2008 Source: Dodge Data & Analytics (August 2022) 15 First quarter results | 31 July 2022 2015 2010 سر 2017 2012 mm... Dodge momentum index Indexed: 2000=100, seasonally adjusted 2019 2014 2021 mmwmp 2016 2018 2023 2020 2025 W 2022 2020 Construction put in place ($bn) Non-residential I 2021 540 515 293 291 833 806 637 782 1,470 1,588 +6% +8% 2022 2023 2024 2025 595 702 733 364 289 342 1,044 1,097 660 313 884 973 842 952 1,050 1,088 1,726 2,185 +9% +4% 1,925 2,094 +12% +9% Non-building Construction (excl. resi) Residential Construction (total) Construction growth Rental market ($bn) Rental¹ 46 50 56 Rental growth -9% +9% +11% Source: Dodge Data & Analytics (June 2022) / IHS Markit (August 2022) 1 Excluding party and event Dodge momentum index at its highest level since 2008 59 61 +6% +3% 63 +3% 2026 764 370 1,134 1,098 2,232 +2% 65 +4% ▪ Infrastructure package, CHIPS Act and Inflation Reduction Act bolster and underpin already strong construction market and will favour rental and the larger rental companies in particular ▪ The known and forecasted construction volume will result in strong market demand for the years to come ■ Abundance of existing and planned mega projects Ashtead group#16CANADA TRADING ▪ Sunbelt 3.0 plan progressing well, with cluster development and increasing business maturity now delivering record margins and returns ▪ Growth driven by General Tool business, aided by developing Specialty businesses and increased scale ▪ Strong demand and supply constraints contributing to record utilisation and favourable rate environment ▪ Lighting, Grip and Lens impacted adversely due to uncertainty from threatened production strikes in Vancouver Canadian building permit values 16 2019 Market (C$bn) Market growth +3% Source: Dodge Data & Analytics (June 2022) 2020 2021 First quarter results ¦ 31 July 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 Market growth Source: IHS Markit (August 2022) Sep 2019/20 Oct -1% Nov 2020/21 Dec Jan 2021/22 Canadian rental market forecasts Feb Mar 2022/23 Apr 2019 2020 2021 2022 2023 2024 2025 2026 -11% +16% +14% +6% +2% +3% +3% Ashtead group#17UK TRADING ■ Strong underlying performance with rental only revenue, excluding the DoH work, up 19% ▪ Accelerated DoH testing site demobilisation completed in the quarter ■ End market strength in infrastructure, private housing and repair, maintenance and improvements. Industrial performing well as shut-down work resumes 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 ▪ Our Lighting, Grip and Lens business expanded into the exciting UK TV and film production market 17 First quarter results | 31 July 2022 May Jun Jul Aug Construction industry Sep Source: Construction Products Association Fleet on rent Oct 2019/20 2020 -15% Nov UK industry forecast mmer Dec 2021 Jan 2020/21 +13% 2022 Feb +3% Mar 2023 +2% Apr 2024 +3% Ashtead group#18SUNBELT 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 SPECIALTY 18 ADVANCE TECHNOLOGY LEAD WITH ESG DYNAMIC CAPITAL ALLOCATION Underpinned by Cultural elements: Invest in our people First quarter results ¦ 31 July 2022 Progress Opened 20 greenfield locations in North America in the year, of which 16 were Specialty 10 bolt-on acquisitions completed in North America, adding 13 locations, with a good pipeline 43 of top 100 US markets clustered 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 Accessed investment grade debt market and continuation of share buybacks Entrepreneurialism with scale Actionable component 12 125 12 3 4 4 5 Bringing Availability, Reliability, and Ease to our customers Ashtead group#19GROUP FLEET PLAN US ($m) Canada (C$m) UK (£m) Group ($m) 1 Stated at C$1 = $0.77 and £1 = $1.20 19 rental fleet non-rental fleet rental fleet non-rental fleet rental fleet non-rental fleet Capital plan (gross) Disposal proceeds Capital plan (net) First quarter results ¦ 31 July 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 3,330 - 3,580 (570) 2,760 - 3,010 2022 Q1 Actual 502 100 602 40 16 56 38 5 43 699 (106) 593 Ashtead group#20CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store ■ Greenfields ■ Bolt-on acquisitions Returns to shareholders ■ ■ 20 Progressive dividend policy Share buybacks APPLICATION First quarter results ¦ 31 July 2022 I I ■ $699m invested in the business 20 greenfields opened in North Americal $337m spent on bolt-ons, with 16 locations added. Good pipeline with $183m spent since period end $116m (£95m) spent under two year, up to £1bn share buyback programme UNDERPINNED BY TARGET NET DEBT TO EBITDA LEVERAGE RANGE OF 1.5 TO 2.0 TIMES 1.6 TIMES AT 31 JULY 2022 - Ashtead group#21SUMMARY ▪ Clear momentum, with strong positions in supportive end markets ▪ The recent CHIPS Act and Inflation Reduction Act enhance an already strong construction market, flush with mega projects ■ Supply constraints, inflation and skilled trade scarcity are agents of structural change and favour the larger providers ▪ Sunbelt 3.0 initiatives progressing well, with 33 locations added in North America and 43 of top 100 markets clustered Strong levels of bolt-on activity with good pipeline to supplement our organic growth plan Leverage near the bottom of our target range ▪ The Board looks to the future with confidence 21 First quarter results ¦ 31 July 2022 Ashtead group#2222 First quarter results | 31 July 2022 SUNBELT F MOOG zero emissions all electric SUNBELT RENTALS APPENDICES Ashtead group#23DIVISIONAL PERFORMANCE FIRST QUARTER RESULTS UK (£m) Canada (C$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 23 Canada Group First quarter results ¦ 31 July 2022 2022 182 176 1,899 223 137 2,259 Revenue 2021 190 149 1,465 266 121 1,852 Change¹ -4% 19% 30% -16% 13% - % 22% 2022 57 76 916 70 59 (6) 1,039 48.2% 31.4% 43.1% 46.0% EBITDA 2021 62 67 725 87 54 (6) 860 49.5% 32.7% 45.0% 46.4% Change¹ -8% 14% 26% -19% 9% 4% 21% 2022 26 38 567 32 30 (7) 622 (67) 555 (28) 527 (131) 396 29.9% 14.2% 21.8% 27.5% Profit 2021 31 35 432 44 28 (6) 498 (61) 437 (21) 416 (112) 304 29.5% 16.5% 23.3% 26.9% Change¹ -18% 11% 31% -28% 6% 3% 25% 10% 27% 35% 27% 17% 30% 1 As reported Ashtead group#24DIVISIONAL PERFORMANCE LAST TWELVE MONTHS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 24 2022 717 654 Net financing costs Profit before exceptional items, amortisation and tax Canada Group First quarter results | 31 July 2022 6,911 943 515 8,369 Revenue 2021 702 559 5,599 949 438 6,986 Change¹ 2% 17% 23% -1% 18% - % 20% 2022 210 291 3,312 275 229 (28) 3,788 47.9% 29.2% 44.4% 45.3% EBITDA 2021 219 256 2,739 296 200 (23) 3,212 48.9% 31.2% 45.8% 46.0% Change¹ -4% 13% 21% -7% 14% 25% 18% 2022 81 147 1,987 106 116 (28) 2,181 (239) 1,942 (163) 1,779 (436) 1,343 28.8% 11.3% 22.5% 26.1% Profit 2021 84 132 1,553 114 102 (23) 1,746 (254) 1,492 (82) 1,410 (365) 1,045 27.7% 12.0% 23.7% 25.0% Change¹ -4% 11% 28% -7% 13% 24% 25% -6% 30% 98% 26% 19% 28% 1 As reported Ashtead group#25DELIVERED A STRONG YEAR DESPITE UNIQUELY CHALLENGING DYNAMICS RENTAL IS POSITIONED WELL TO BENEFIT Dynamic SUPPLY CHAIN CONSTRAINTS INFLATION SKILLED TRADE SCARCITY 25 First quarter results ¦ 31 July 2022 Anticipated duration 12 18 months - Moderation in quarters to come Foreseeable future ■ ■ I H I M ■ Our advantage ■ Increased rental rates ■ Partnership and trust with OEMs Sunbelt 3.0 fleet plans Financial strength $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#26OUR BUSINESS AND INDUSTRY HAS CHANGED FUNDAMENTALLY STRUCTURAL CHANGE HAS PROGRESSED 30.0% 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% ■ ■ ■ ■ 26 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 First quarter results ¦ 31 July 2022 1 I 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#27US FLEET PROFILE $12bn $10bn $8bn $6bn $4bn $2bn 27 $bn 2014 and prior First quarter results | 31 July 2022 2015 2016 2017 2018 2019 2020 2021 2022 Total ■ Smooth fleet profile Benefits of prolonged cycle and our growth strategy ▪ Strong position providing optionality through the cycle Flexibility to turn replacement into growth and vice versa Strengthens partnership with suppliers through predictability Ashtead group#28CASH FLOW FUNDS ALL FLEET INVESTMENT ($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- Jul 22 3,788 45% 796 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% 3,433 3,406 1,617 1,347 1,030 91% 94% 99% (830) (754) (915) 47% 1,889 97% 97% (503) (536) (189) (146) 208 (253) (278) (195) (458) (398) 102% 97% (823) (617) (264) (220) 327 (393) (138) 403 91% 93% 94% (680) (432) (400) (165) (126) (137) 164 163 (152) 359 369 250 215 271 (127) (461) (450) (643) (89) 1,958 2,097 1,885 1,923 1,824 1,493 1,220 916 (1,126) (936) (63) (906) (1,344) (945) (787) (1,010) (36) (16) (32) (36) 1,125 1,822 1,001 (577) (782) (269) (441) (1,492) 2022 2021 2020 2019 2018 (1,578) (1,317) (195) 1 Before fleet changes and exceptional items 28 First quarter results | 31 July 2022 3,609 45% 480 (192) 1,627 424 (269) (235) (433) (16) (894) 1,376 516 (767) (477) 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 801 567 (939) 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 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) (196) (522) (250) (131) (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#29$2,064M OF AVAILABILITY AT 31 JULY 2022 ■ 29 Book value $10,768m (April 22: $10,238m) $1,360m $8,700m Calculation: Inventory - 50% of book value Receivables - 85% of net eligible receivables Fleet and vehicles - 85% of net appraised market value of eligible equipment ■Rental fleet and vehicles Receivables Borrowing base reflects July 2021 asset values First quarter results | 31 July 2022 ■Inventory ■ Other PPE Borrowing base $8,105m (April 22: $7,755m) $1,125m $6,919m Borrowing base covers today's net ABL outstandings 3.1x Senior debt Availability of $2,064 m $2,661m of net ABL outstandings, including letters of credit of $57m (Apr 22 - $2,188m) Ashtead group#30DEBT AND COVENANTS 30 Debt Ratings Availability Fixed charge coverage covenant First quarter results ¦ 31 July 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 July 2022 Ashtead group#31LOCATION GROWTH DURING 3.0 CLEARLY DEFINED April 2021* 936 Sunbelt 3.0 +298 April 2024 1,234 31 First quarter results ¦ 31 July 2022 AB April 2021 Sunbelt 3.0 - May 2021 - April 2024 * Excludes two Sunbelt 3.0 locations opened in April 2021 Ashtead group#32BENEFITS OF CLUSTERED MARKETS ARE DEMONSTRABLE THE STRATEGY 32 Broaden customer base Larger addressable market First quarter results ¦ 31 July 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#33SPECIALTY MARKET SIZING, RENTAL PENETRATION & SHARE REVENUE WILL GROW BY $1BN IN 3.0 WITH AMPLE OPPORTUNITY BEYOND CURRENT, PROJECTED AND ILLUSTRATIVE RENTAL BY BUSINESS LINE, $M FY21 total rental Incremental projected FY24 total rental via existing locations and greenfields Incremental illustrative Sunbelt potential total rental Power & HVAC Climate Control & Air Quality Scaffold Services Pump Solutions Flooring Solutions Shoring Solutions Industrial Tool Lighting, Grip & Studio Ground Protection 600 ¹ Market size and rental penetration levels indicated herein validated by Verify Markets 2 Scaffold Services rental penetration not meaningful 33 First quarter results ¦ 31 July 2022 0 200 1000 1400 1800 2200 RENTAL PENETRATION¹ Now 5% 6% nm² 25% 2% 27% 7% 35% 32% Future 15% 20% nm² 35% 20% 40% 20% 45% 40% MARKET SHARE Now 13% 15% 11% 5% 45% 4% 5% 5% 6% Future 20% 25% 25% 20% 25% 20% 10% 10% 15% 10% Current rental penetration for all of Specialty ~$2.4bn Specialty revenue in FY24 $6bn+ Revenue potential at more mature rental penetration levels and market share gains Ashtead group#34ENVIRONMENTAL ROADMAP INITIATIVES ON THE PATH TO 35X30 NEAR TERM: 3.0 PERIOD TARGET: 15% BY 2024 34 Greener vehicle transition 2 Route optimisation and dynamic telematics 3 Scope 3 emissions mapping 4 First quarter results | 31 July 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#35US MARKET SHARE 35 66% 2010 5% 4% 3% First quarter results ¦ 31 July 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#36IMPORTANT TO NOT LOSE SIGHT OF THROUGH THE CYCLE KEY METRICS 36 % 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 First quarter results ¦ 31 July 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