#1GROWTH AND RESILIENCE FIRST QUARTER RESULTS 16 September 2021 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 First quarter results | 31 July 2021 Some of the factors which may adversely impact some of these forward looking statements are discussed in the Principal Risks and Uncertainties section on pages 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 2021 under "Current trading and outlook" and "Principal risks and uncertainties”. Both these reports may be viewed on the Group's website at www.ashtead-group.com This presentation contains supplemental non-GAAP financial and operating information which the Group believes provides valuable insight into the performance of the business. Whilst this information is considered as important, it should be viewed as supplemental to the Group's financial results prepared in accordance with International Financial Reporting Standards and not as a substitute for them. Ashtead group#3HIGHLIGHTS ▪ A strong quarter with clear momentum across the business, with trading ahead of pre-pandemic levels ▪ Sunbelt 3.0 progressing well across all actionable components ▪ 29 locations added in North America, of which 22 were greenfields and 7 were acquisitions ■ ■ $123m invested in five bolt-on acquisitions 3 $104m (£75m) allocated to share buybacks in the quarter Leverage¹ at 1.3 times net debt to EBITDA is slightly below our target range of 1.5 to 2.0 times ▪ Debut investment grade notes issuance enabled us to extend maturities at a lower cost We now expect full-year results ahead of our previous expectations First quarter results | 31 July 2021 1 Excluding the impact of IFRS 16 Ashtead group#4SUNBELT 3.0: STRATEGIC GROWTH PLAN ROLLED OUT ACROSS THE BUSINESS AND PROGRESSING WELL 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 AMPLIFY 3 4 4 SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG 5 DYNAMIC CAPITAL ALLOCATION Underpinned by Cultural elements: Invest in our people First quarter results | 31 July 2021 Progress Opened 22 greenfield locations in the quarter, 15 of which were Specialty Five bolt-on acquisitions completed with good pipeline, adding 7 locations Achieved cluster status in two additional top 100 US markets Definitive steps achieved to supercharge a bigger, better, faster digital platform leveraging our strong base Sustainability initiatives advancing with notable increase in customer engagement and consultation Debut investment grade bond issuance Entrepreneurialism with scale Actionable component 12 125 12 3 4 5 Bringing Availability, Reliability, and Ease to our customers Ashtead group#52021/22 OUTLOOK Rental revenue¹ Capital expenditure (gross) 2 Free cash flow² ¹ Represents year-over-year rental revenue growth at constant currency. 2 Stated at $1 = C$1.21 and $1 = £0.71 5 First quarter results | 31 July 2021 US Canada UK Group Previous guidance 6 - 9% 20 - 25% 5 - 8% 6 - 9% $1.9 -2.2bn $800 - 1,100m Current guidance 13 - 16% 25 - 30% 9 - 12% 13 - 16% $2.0 - 2.3bn $900 - 1,100m Ashtead group#66 SUNBELT RENTALS First quarter results | 31 July 2021 Harrison UNBELT. RENTALS. SUNP REN FINANCIAL REVIEW MICHAEL PRATT Ashtead group#7GROUP FIRST QUARTER 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 intangible amortisation 1 At constant exchange rates 7 First quarter results | 31 July 2021 2021 1,852 1,669 (992) 860 (362) 498 (61) 437 71.5¢ 46% 27% 17% 2020 1,505 1,352 (820) 685 (354) 331 (71) 260 43.4¢ 46% 22% 14% Change¹ 21% 22% 18% 24% 1% 50% -15% 68% 66% Ashtead group#8US FIRST QUARTER RESULTS $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins 8 EBITDA Operating profit Return on investment The results in the table above are the US's adjusted results and are stated before intangible amortisation First quarter results | 31 July 2021 2021 1,465 1,374 (740) 725 (293) 432 50% 29% 22% 2020 1,284 1,174 (663) 621 (297) 324 48% 25% 19% Change 14% 17% 12% 17% -1% 33% Ashtead group#9CANADA FIRST QUARTER RESULTS C$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 nm - not meaningful 9 First quarter results | 31 July 2021 2021 149 132 (82) 67 (32) 35 45% 23% 21% 2020 90 74 (60) 30 (30) 33% -% 6% Change 65% 79% 35% 126% 9% nm Ashtead group#10UK FIRST QUARTER 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 First quarter results | 31 July 2021 2021 190 134 (128) 62 (31) 31 33% 17% 14% 2020 123 99 (87) 36 (28) 8 29% 7% 5% Change 54% 36% 47% 71% 10% 277% Ashtead group#11CASH FLOW FIRST QUARTER RESULTS $m EBITDA before exceptional items Cash conversion ratio¹ Cash inflow from operations² Replacement and non-rental capital expenditure Rental equipment and other disposal proceeds received Interest and tax paid Cash inflow before discretionary expenditure Growth capital expenditure Free cash flow Business acquisitions Dividends paid Purchase of own shares by the Company / ESOT Decrease/(increase) in net debt 1 Cash inflow from operations as a percentage of EBITDA 2 Before fleet changes and exceptional items 11 First quarter results | 31 July 2021 First quarter 2021 860 83% 717 (232) 101 (65) 521 (101) 420 (123) (124) 173 2020 685 99% 679 (158) 105 (68) 558 558 (15) (15) 528 LTM July 2021 3,212 95% 3,055 (966) 398 (639) 1,848 (164) 1,684 (303) (235) (124) 1,022 Ashtead group#12NET DEBT $m Opening net debt Change from cash flows Translation impact New lease liabilities Lease liabilities acquired Deferred debt raising cost amortisation Net debt at period end Comprising: First lien senior secured bank debt Senior notes Lease obligations Cash in hand Net debt to EBITDA leverage¹ (excl. IFRS 16) (x) Net debt to EBITDA leverage¹ (incl. IFRS 16) (x) 12 First quarter results | 31 July 2021 2021 5,801 (173) (9) 75 9 2 5,705 1,079 2,970 1,686 (30) 5,705 1.3 1.8 2020 6,764 (528) 46 44 3 6,329 1,933 2,965 1,444 (13) 6,329 1.8 2.2 1 At July 2021 exchange rates 2.5 2.0 1.5 1.0 2.4 2.1 ած 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Leverage (excluding impact of IFRS 16) 0 1.9 At constant exchange rates (July 2021) 2012 2013 2014 2015 2016 1.9 Fleet cost 1.7 Fleet OLV 1.7 2017 $2.7bn Net debt 1.7 2018 1.8 2019 1.8 2020 1.3 2021 Ashtead group#13ROBUST 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 13 $m Debt maturity prior to refinancing activities FY22 FY23 FY24 FY25 Aug Aug Aug May Nov FY31 FY32 2025 2026 2027 2028 2029 $600m $600m $600m $600m $600m Debt maturity subsequent to refinancing activities FY22 FY23 FY24 FY25 FY26 First quarter results | 31 July 2021 Aug Aug May Nov 2026 2027 2028 2029 $550m $600m $600m $600m Undrawn Drawn Notes 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 I Refinancing delivers annual interest saving of $30m ■ Subsequent to refinancing, facilities committed for average of 7 years at a weighted average cost of less than 3% ▪ No financial monitoring covenants whilst availability exceeds $450m (July 2021: $3,546m pro forma for increased ABL) Early redemption of $1.2bn notes will give rise to non-recurring charges of $47m in the second quarter relating to call premium and write off of deferred financing costs Ashtead group#1414 NEZAVE SGM T237-яро CANS аиона озтя99U2 YJQU0ЯЯ 33AT First quarter results 31 July 2021 QAS 150 SUNBELT RENTALS SUNBELT RENTALS OPERATIONAL REVIEW BRENDAN HORGAN Ashtead group#15US TRADING ~ May General Tool Specialty +18% Oil & gas -62% -53% Total -8% -3% Rental only revenue presented on a billing day basis Q1 Jun Jul -9% +6% Rental revenue Aug Q2 Sep 2019/20 15 First quarter results ¦ 31 July 2021 -7% Oct FY21 Q3 -4% +6% -40% -3% Sunbelt US: fleet on rent Nov 2020/21 Q4 +7% +18% -25% +8% Dec Jan FY -4% +13% -44% -2% Feb 2021/22 Mar FY22 Q1 +14% +22% +86% +16% Apr ▪ Strong sequential and year-on-year growth in General Tool, while Specialty delivers another exceptional quarter ▪ Rental revenue 7% better than pre-pandemic 2019 levels ▪ Demonstrates increased diversity of our end markets and power of cross selling between General Tool and Specialty ■ Supply constraints leading to high levels of utilisation, coupled with rate discipline and our dynamic pricing system driving strong rate improvement Heightened demand in September, particularly in Specialty, as we support the markets impacted by hurricane Ida Ashtead group#16US CONSTRUCTION MARKET OUTLOOK 300 250 200 150 100 50 Dodge construction starts Indexed: 2000=100 2005 2007 2011 2009 Source: Dodge Data & Analytics (May 2021) 2016 1,224 Market ($bn) Market growth +7% Source: Dodge Data & Analytics (June 2021) 2017 Market growth Source: IHS Markit (August 2021) 16 +4% 2013 2015 +8% 2017 First quarter results | 31 July 2021 2019 2021 Construction put in place 2017 2018 2019 2020 2021 2022 2023 1,280 1,333 1,365 1,432 1,429 1,489 1,618 +5% +4% +2% +5% - % +4% +9% 2023 2025 Rental market forecast 2018 2019 2020 2021 2022 2023 2024 +6% -9% +3% +10% +4% +2% Construction starts return to growth in 2021 and reach pre-COVID levels ▪ Construction starts and put in place forecasts anticipate most of the $1 trillion infrastructure package, but rental market forecasts yet to reflect any significant impact ■ Non-residential put in place forecast to decline 9% in 2021; forecast to return to pre-COVID levels in 2023 ■ ■ Strength in warehouse, data centres and distribution Softer in hotels, retail and traditional offices ▪ Customers favouring OPEX vs. CAPEX continues to drive structural shift Ashtead group#17CANADA TRADING Canadian business performing well as market restrictions ease Sunbelt 3.0 plan progressing well leading to cross selling wins to an increasingly diverse customer base Strong quarter for Lighting, Grip and Studio (WFW), as share gains continue while leveraging broader Sunbelt platform Lighting, Grip and Studio introduction and overview video can be found at www.ashtead-group.com/our- businesses/canada/ Discipline and proprietary tools driving good rate improvement Canadian building permit values 2019 Market (C$bn) Market growth +3% Source: Dodge Data & Analytics (June 2021) 2020 -2% 2021 17 First quarter results ¦ 31 July 2021 2022 102,864 101,029 114,321 103,969 109,167 112,550 +13% 2023 -9% 2024 +5% +3% May Jun Jul Fleet on rent (excluding William F. White) Aug Sep Oct 2019/20 Market growth Source: IHS Markit (August 2021) Nov Dec 2020/21 Jan Canadian rental market forecasts Feb Mar Apr 2021/22 2017 2018 2019 2020 2021 2022 2023 2024 +7% +3% -1% -11% +18% +7% +5% +2% Ashtead group#18UK TRADING Significant market outperformance driven by: ▪ COVID-19 response efforts Share gains in broad end markets OpEx programme and ROC model ▪ c.500 DoH testing sites being supported ▪ End market strength in infrastructure, private housing and repair, maintenance and improvements. Early return to live events ■ ▪ Enhanced go-to-market proposition through full product solution offering, unique in the UK market ▪ Focus on customer service coupled with pricing discipline is yielding rate improvement ■ Sunbelt 3.0 rolled out across the business 18 First quarter results | 31 July 2021 May Jun Jul Aug Sep Fleet on rent Oct 2019/20 2019 Nov UK industry forecast Construction industry Source: Construction Products Association (Summer 2021) +2% Dec 2020/21 2020 -14% Jan Feb 2021/22 2021 +14% Mar Apr 2022 +6% 2023 +3% Ashtead group#19GROUP FLEET PLAN US ($m) Canada (C$m) UK (£m) Group ($m) 1 Stated at $1 = C$1.21 and $1 = £0.71 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 2021 2020 Actual 1,452 234 1,686 116 12 128 57 17 74 1,875 (349) 1,526 2021 Actual 576 102 678 79 17 96 132 17 149 947 (407) 540 2022 Current guidance¹ 1,300 - 1,500 300 1,600 - 1,800 200-230 50 250 - 280 110-120 40 150 - 160 2,020 2,260 (400) 1,620 - 1,860 2021 Q1 Actual 400 44 444 57 8 65 32 7 39 551 (74) 477 Ashtead group#20CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store Greenfields I ■ Bolt-on acquisitions Returns to shareholders I ■ 20 Progressive dividend policy Share buybacks APPLICATION First quarter results | 31 July 2021 I I ■ I $551m invested in the business 22 greenfields opened in North Americal $123m spent on bolt-ons, with seven locations added Good pipeline $104m (£75m) spend under share buyback programme Up to £1bn over two financial years to be spent on buybacks at an initial rate of £75m per quarter UNDERPINNED BY TARGET NET DEBT TO EBITDA LEVERAGE RANGE OF 1.5 TO 2.0 TIMES 1.3 TIMES AT 31 JULY 2021 - Ashtead group#21SUMMARY ■ Clear momentum, with strong positions in each of our markets ▪ Well positioned to respond to market conditions and capitalise on growth opportunities ▪ Sunbelt 3.0 initiatives progressing well, with 29 locations added in the quarter ▪ Good pipeline of strategic acquisition opportunities to supplement our organic growth plan ■ Debut investment grade bond issuance and increased and extended ABL enhances our financial flexibility The Board looks to the future with confidence and expects business performance ahead of our previous expectations 21 First quarter results | 31 July 2021 Ashtead group#22ROGERS CENTRE TOGETHER 22 First quarter results | 31 July 2021 SUNBELT RENTALS 00-667-9328 8042 ILS JLG APPENDICES Ashtead group#23DIVISIONAL PERFORMANCE FIRST QUARTER RESULTS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 23 2021 190 149 Net financing costs Profit before exceptional items, amortisation and tax Canada Group First quarter results | 31 July 2021 1,465 266 121 1,852 Revenue 2020 123 90 1,284 155 66 1,505 Change¹ 54% 65% 14% 72% 83% 23% 2021 62 67 725 87 54 (6) 860 50% 33% 45% 46% EBITDA 2020 36 30 621 45 22 (3) 685 48% 29% 33% 46% Change¹ 71% 126% 17% 92% 151% 104% 26% 2021 31 35 432 44 28 (6) 498 (61) 437 (21) 416 (112) 304 29% 17% 23% 27% Profit 2020 324 10 (3) 331 (71) 260 (20) 240 (61) 179 Change¹ 277% 97% 50% -14% 68% 4% 73% 82% 70% 1 As reported nm - Not meaningful 25% 7% - % 22% nm 33% 322% nm 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 2021 702 559 Net financing costs Profit before exceptional items, amortisation and tax Canada Group First quarter results | 31 July 2021 5,599 949 438 6,986 Revenue 2020 461 416 5,393 582 310 6,285 Change¹ 52% 34% 4% 63% 41% 11% 2021 219 256 2,739 296 200 (22) 3,212 49% 31% 46% 46% EBITDA 2020 141 149 2,626 178 111 (15) 2,900 49% 31% 36% 46% Change¹ 55% 72% 4% 66% 80% 47% 11% 2021 84 132 1,553 114 102 (23) 1,746 (254) 1,492 (82) 1,410 (365) 1,045 28% 12% 24% 25% Profit 2020 29 38 1,437 37 29 (16) 1,487 (287) 1,200 (101) 1,099 (272) 827 27% 6% 9% 24% Change¹ 186% 245% 1 8% 207% 259% 44% 17% -12% 24% -19% 28% 34% 26% As reported Ashtead group#25US FLEET PROFILE $12bn $10bn $8bn $6bn $4bn $2bn 25 $bn 2014 and prior First quarter results | 31 July 2021 2015 2016 2017 2018 2019 2020 2021 Total ▪ Smooth fleet profile Benefits of prolonged cycle and our growth strategy Strong position providing optionality through the cycle Flexibility to turn replacement into growth Strengthens partnership with suppliers through predictability Ashtead group#26US INDUSTRY FLEET Industry fleet (OEC) Mar Apr Source: Rouse Analytics (May 2021) 26 Industry fleet 9% larger year-over-year May First quarter results | 31 July 2021 Jun Jul Aug Sep 2019/20 Oct Nov 2020/21 Dec Jan Feb Industry fleet 3% smaller year-over-year Mar Apr May Ashtead group#27CASH FLOW FUNDS ALL FLEET INVESTMENT ($m) EBITDA before exceptional items EBITDA margin Cash inflow from operations before fleet changes and exceptionals Cash conversion ratio Replacement capital expenditure Disposal proceeds Interest and tax Cash flow before discretionary items Growth capital expenditure Exceptional costs Free cash flow Business acquisitions Cash flow available to equity holders Dividends paid Share issues/returns 27 LTM Jul-21 3,212 3,037 3,008 2,748 2,319 1,947 1,769 1,452 1,098 45% 42% 46% 46% 47% 47% 47% 47% 46% 3,055 95% (966) 398 (639) 1,848 2,664 2,248 3,017 99% 3,076 102% 97% 97% (892) (1,087) (837) (692) (682) 403 327 250 215 208 (643) (393) (253) (278) (195) 1,885 1,923 1,824 1,493 1,220 (63) (906) (1,344) (945) (16) (32) 1,684 1,822 1,001 433 (303) (195) (577) (542) 1,381 1,627 39 (109) (287) (235) (234) (214) (192) (152) (122) (16) (592) (621) (230) (73) (18) (336) 1,376 (402) (1,122) (383) (334) (164) (235) (124) 1,022 2021 2020 2019 First quarter results ¦ 31 July 2021 424 2018 2017 480 (767) 516 (477) 2016 1,889 97% 1,617 91% 1,347 1,030 (845) 93% (558) 164 271 (127) (152) 916 2015 (787) (1,010) 801 2014 (94) (102) (196) (522) (89) 2013 2012 567 817 38% 581 438 789 94% 97% 96% (537) (518) (434) (317) 99% 163 151 144 93 (76) (90) (111) 607 34% 346 201 (650) (399) (939) (1) (139) (87) (4) (25) (78) (383) (163) (53) (250) (131) (99) (65) (32) (34) (34) (16) (6) (655) (349) (179) (85) 2011 444 30% 103 (216) (5) (20) (35) (55) (55) 29 (24) (23) (19) 84 6 2010 409 30% 319 426 604 104% 101% (69) 49 (395) 154 (107) (87) (13) 306 (1) 305 (21) 2009 284 597 33% 256 (16) 240 175 415 (22) (30) 363 2008 730 35% 271 2007 2006 715 607 98% 102% (464) (469) 186 150 (166) (132) 593 35% (242) (19) 10 156 399 35% 385 96% (296) 90 (74) 105 (120) (111) (131) (35) (95) (41) (12) (622) (77) (2) (717) (118) (21) (14) (4) (48) 275 (71) (456) 117 2005 316 32% 307 97% (188) 67 (58) 128 (19) (10) 99 1 100 (5) Ashtead group 100#28$3,146M OF AVAILABILITY AT 31 JULY 2021 I 28 Book value $9,097m (April 21: $8,809m) $1,024m $7,553m Calculation: Inventory - 50% of book value Receivables 85% of net eligible receivables Fleet and vehicles - 85% of net appraised market value of eligible equipment Rental fleet and vehicles Borrowing base reflects July 2020 asset values First quarter results | 31 July 2021 Receivables ■Inventory Borrowing base $6,512m (April 21: $6,359m) $842m $5,631m ■ Other PPE Borrowing base covers today's net ABL outstandings 5.9x Senior debt Availability of $3,146m $1,107m of net ABL outstandings, including letters of credit of $52m (Apr 21 - $1,243m) Ashtead group#29DEBT AND COVENANTS Debt 29 Ratings Availability Fixed charge coverage covenant Facility $4.5bn first lien revolver $550m senior notes¹ $600m senior notes $600m senior notes $600m senior notes $750m senior notes¹ First quarter results | 31 July 2021 Corporate family Second lien ■ 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 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 2021 1 Issued in August 2021 with proceeds used to redeem $600m senior notes due 2025 and $600m senior notes due 2026 Baa3 Fitch BBB- BBB- Ashtead group#30LOCATION GROWTH DURING 3.0 CLEARLY DEFINED April 2021* 936 Sunbelt 3.0 +298 April 2024 1,234 30 First quarter results ¦ 31 July 2021 Un April 2021 Sunbelt 3.0 - May 2021 - April 2024 * Excludes two Sunbelt 3.0 locations opened in April 2021 Ashtead group#31ENVIRONMENTAL ROADMAP INITIATIVES ON THE PATH TO 35X30 NEAR TERM: 3.0 PERIOD TARGET: 15% BY 2024 31 Greener vehicle transition 2 Route optimisation and dynamic telematics 3 Scope 3 emissions mapping 4 First quarter results | 31 July 2021 Assessment of science- based targets 5 Real estate and facility standards MEDIUM TERM 6 Retrofit of heating and hot water infrastructure Step change in service/sales vehicle procurement Increase use of onsite renewable energy generation 8 LONG TERM GOAL: 35% BY 2030 Migration to alternative energy for HGVs/tractors All new vehicles use alternative energy sources (10 Completion of retrofit of heating and hot water infrastructure 11 35 30 35€ CONTINUOUS INNOVATION OF RENTAL FLEET TO REFLECT LATEST ENVIRONMENTAL STANDARDS MINIMISING OUR CARBON FOOTPRINT Ashtead group#32US MARKET SHARE 32 66% 2010 5% 4% 3% First quarter results ¦ 31 July 2021 3% 6% 13% 45% 2021 14% 20% ■ United Rentals ■ Sunbelt ■ RSC ■ Herc Rentals ■ Top 4-10 ■ Top 11-100 11% 3% 7% ■ Other All others Future 20%+ One or two others Two or three have 50%+ of the market Ashtead group#33IMPORTANT TO NOT LOSE SIGHT OF THROUGH THE CYCLE KEY METRICS 33 % 20 18 16 15 14 = = Ω 00 ο 12 10 8 9 4 2 13 14 2006 2007 2008 10 5 Group Rol 7 12 16 2009 2010 2011 2012 2013 19 19 19 17 2014 2015 2016 2017 2018 Cost of capital Flrst quarter results ¦ 31 July 2021 18 18 15 15 2019 2020 2021 % 50 45 40 35 30 25 20 15 10 5 35 35 Group EBITDA margin 38 33 30 30 34 38 42 45 46 47 47 47 47 46 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 p 200 180 160 140 120 100 80 60 40 20 11 10 Group adjusted EPS 15 2006 2007 2008 Α = 6007 12 Ο 4 17 31 47 63 85 174175 128 104 166 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Ashtead group