#1GROWTH AND RESILIENCE HALF YEAR RESULTS 7 December 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 Half year results | 31 October 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 unaudited results for the second quarter ended 31 October 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 ▪ Record first half performance demonstrating the strength in our model and ongoing momentum across the business ▪ North American rental revenue 19% ahead of last year and 13% ahead of 2019 pre-pandemic levels (Q2: +16%) Good progress across all Sunbelt 3.0 actionable components 58 locations added in North America, of which 43 were greenfields and 15 were acquisitions $428m invested in 10 bolt-on acquisitions in the half year with a further $320m spent in Q3 $1.2bn invested in capital expenditure $209m (£151m) allocated to share buybacks in the half year Leverage¹ at 1.5 times net debt to EBITDA is at the lower end of our target range of 1.5 to 2.0 times ▪ Interim dividend increased 28% to 12.5€ per share ▪ We now expect full-year results ahead of our previous expectations ■ ■ 3 Half year results | 31 October 2021 1 Excluding the impact of IFRS 16 Ashtead group#42021/22 OUTLOOK Rental revenue¹ Capital expenditure (gross)² US Canada UK Group Free cash flow² 1 Represents year-over-year rental revenue growth at constant currency assuming no further significant Covid related restrictions. 2 Stated at C$1 = $0.80 and £1 =$1.35 4 Half year results | 31 October 2021 Previous guidance 13 - 16% 25 - 30% 9 - 12% 13 - 16% $2.0 - 2.3bn $900 1,100m Current guidance 18 - 20% 25-30% 9 - 12% 17 - 20% $2.2 - 2.4bn $900 1,100m - Ashtead group#5LO 5 SUNBELT year results | 31 If year results 31 Oc PU VER Half October 2021 Harrison UNBELT. RENTALS. SUNP REN FINANCIAL REVIEW MICHAEL PRATT Ashtead group#6GROUP HALF 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 6 Half year results | 31 October 2021 2021 3,884 3,545 (2,052) 1,832 (737) 1,095 (116) 979 162.4¢ 47% 28% 18% 2020 3,258 2,931 (1,713) 1,545 (721) 824 (137) 687 113.6¢ 47% 25% 13% Change¹ 18% 20% 18% 18% 1% 32% -16% 42% 43% Ashtead group#7US HALF YEAR RESULTS $m Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the US's adjusted results and are stated before intangible amortisation 7 Half year results | 31 October 2021 2021 3,124 2,942 (1,557) 1,567 (598) 969 50% 31% 23% 2020 2,747 2,515 (1,373) 1,374 (592) 782 50% 28% 18% Change 14% 17% 13% 14% 1% 24% Ashtead group#8CANADA HALF YEAR RESULTS C$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 8 Half year results | 31 October 2021 2021 310 280 (162) 148 (67) 81 48% 26% 23% 2020 220 188 (127) 93 (60) 33 42% 15% 7% Change 41% 49% 28% 59% 11% 144% Ashtead group#9UK HALF YEAR RESULTS £m Revenue of which rental Operating costs 9 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 Half year results | 31 October 2021 2021 368 272 (253) 115 (61) 54 31% 15% 15% 2020 273 216 (187) 86 (66) 20 32% 7% 4% Change 35% 26% 36% 34% -7% 169% Ashtead group#10CASH FLOW HALF YEAR 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 Exceptional costs Free cash flow Business acquisitions 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 10 Half year results ¦ 31 October 2021 Half year 2021 1,832 84% 1,542 (549) 163 (263) 893 (417) (36) 440 (428) (213) (230) (431) 2020 1,545 98% 1,513 (353) 198 (309) 1,049 1,049 (18) (192) (15) 824 LTM October 2021 3,324 92% 3,045 (1,089) 369 (596) 1,729 (480) (36) 1,213 (605) (257) (230) 121 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 2021 2021 5,801 431 (7) 38 151 15 6,429 1,609 3,070 1,765 (15) 6,429 2020 1.5 1.9 6,764 (824) 48 84 6 6,078 1,664 2,966 1,466 (18) 6,078 1.7 2.1 1 At October 2021 exchange rates 3.0 2.5 2.0 1.5 1.0 2.5 2.1 ած 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Leverage (excluding impact of IFRS 16) 0 2.0 At constant exchange rates (October 2021) 2012 2013 2014 2015 2016 1.9 Fleet cost 1.8 Fleet OLV 1.8 2017 $2.9bn Net debt 1.8 1.9 2018 2019 1.7 2020 1.5 2021 Ashtead group#12ROBUST AND FLEXIBLE DEBT STRUCTURE $5,000m $4,000m $3,000m $2,000m $1,000m 12 $m FY22 FY23 FY24 FY25 FY26 Aug Aug May Nov FY31 2026 2027 2028 2029 $550m $600m $600m $600m Half year results | 31 October 2021 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 Subsequent to refinancing, facilities committed for average of 6 years at a weighted average cost of less than 3% ▪ No financial monitoring covenants whilst availability exceeds $450m (October 2021: $3,033m) Ashtead group#1313 NEZAVE SGM T237-яро CANS аиона озтя99U2 YJQU0ЯЯ 33AT QAS 150 Half year results 31 October 2021 SUNBELT RENTALS SUNBELT RENTALS OPERATIONAL REVIEW BRENDAN HORGAN Ashtead group#14US TRADING General tool Specialty Oil & gas May Q1 Jun Jul -62% Q2 Total -8% -3% 1 Rental only revenue presented on a billing day basis -9% +6% +18% +6% -53% -7% Rental revenue¹ FY21 Q3 Q4 -4% +7% -4% +18% +13% -40% -25% -44% -3% +8% -2% Aug Sep 2019/20 14 Half year results | 31 October 2021 Sunbelt US: fleet on rent Oct Nov 2020/21 FY Dec Jan Q1 +13% +13% +14% +22% +23% +23% +86% +62% +72% +16% +16% +16% Feb FY22 2021/22 Q2 Mar Apr YTD Strong growth in General Tool, while Specialty delivers another exceptional quarter Very strong demand environment coupled with ongoing supply constraints contributing to high utilisation levels ▪ Rental rate improvements progressing better than anticipated Customers' trends to opex rather than capex heightened during prolonged period of supply constraints, accelerating structural shift from ownership to rental Elevated demand in the quarter, particularly in Specialty, as we responded to events including supporting the markets impacted by hurricane Ida Specialty worth a closer look... Ashtead group#15SPECIALTY TRADING Power and HVAC Climate Control and Air Quality Flooring Solutions Scaffold Industrial Tool Shoring Solutions Pump Solutions Ground Protection Total US Lighting, Grip and Studio ¹1 Rental only revenue presented on a billing day basis nm - not meaningful 15 Half year results | 31 October 2021 Q1 +24% +25% +53% -11% +32% +8% +27% +61% +22% nm Rental revenue growth¹ Q2 +22% +31% +59% -8% +38% +13% +20% +31% +23% +38% H1 +22% +29% +56% -9% +35% +11% +23% +44% +23% +133% ■ Unique portfolio of Specialty businesses take advantage of ongoing growth opportunities in lowly penetrated markets – 34 locations added in the half year Early stages of structural change; amplifying the Power of Sunbelt, providing a reliable alternative to ownership with a long runway for sustainable growth Scaffold performance result of large multi-year project completion; underlying strength Serving broad range of end markets and applications, which are principally non-construction, demonstrating the overall health of the economy, and include maintenance, repair and operations, infrastructure and events Acquisition of Mahaffey Temporary Structures last week creates foundation for tenth Specialty business line with ample room for growth in a remarkably complementary space to many of our existing Specialty lines and General Tool business Ashtead group#16US CONSTRUCTION MARKET OUTLOOK 300 250 200 150 100 50 2009 2013 2005 2007 Source: Dodge Data & Analytics (November 2021) 190 170 150 130 110 90 70 50 Dodge construction starts Indexed: 2000-100 2011 2015 2002 2004 2006 2008 2010 Source: Dodge Data & Analytics (November 2021) 16 Half year results ¦ 31 October 2021 سہ 2017 2012 Dodge momentum index Indexed: 2000=100, seasonally adjusted 2019 2021 2014 2023 numphant 2016 2025 2018 2020 Construction put in place ($bn) Non-residential Non-building Construction (excl. resi) Residential Construction (total) Construction growth Rental market ($bn) Rental¹ 2019 ■ 2020 2021 2022 ■ 2023 2024 2025 51 52 46 48 -9% +3% +10% Rental growth +6% Source: Dodge Data & Analytics (September 2021) / IHS Markit (November 2021) 1 Excluding party and event Dodge momentum index at its highest level in 14 years 529 519 475 499 545 285 295 290 301 328 814 814 765 800 873 618 681 705 768 551 1,365 1,432 1,446 1,505 1,641 +2% +5% +1% +4% +9% 55 +6% 587 611 359 381 946 992 818 861 1,764 1,853 +8% +5% 57 +3% 59 +3% ▪ Infrastructure package passed into law and nature and composition will favour rental and the larger rental companies in particular The known and forecasted construction volume will result in a strong demand market for the years to come ▪ Market dynamics will perpetuate supply constraints Ashtead group#17CANADA TRADING ▪ Growth driven by General Tool business, aided by developing Specialty businesses Strong demand and supply constraints contributing to record utilisation and favourable rate environment ▪ Sunbelt 3.0 plan progressing well leading to cross selling wins to an increasingly diverse customer base ■ Strong quarter for Lighting, Grip and Studio (WFW), with benefit from leveraging broader Sunbelt platform Discipline and proprietary tools driving good rate improvement Canadian building permit values 2019 Market (C$bn) Market growth +3% Source: Dodge Data & Analytics (June 2021) 2020 17 Half year results | 31 October 2021 2021 -2% 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 Nov 2020/21 Dec Market growth Source: IHS Markit (November 2021) Jan Canadian rental market forecasts Feb 2021/22 Mar Apr 2017 2018 2019 2020 2021 2022 2023 2024 +7% +3% -1% -11% +19% +8% +5% +2% Ashtead group#18UK TRADING ■ Strong first half driven by: ■ COVID-19 response efforts ▪ Share gains in broad end markets Op-X programme and ROC model ¯ ▪ c.500 DoH testing sites being supported - expect significant reduction in sites from Spring 2022 ■ ▪ End market strength in infrastructure, private housing and repair, maintenance and improvements. Industrial performing well as shut- down work resumes 18 Unique range of general and specialty products in the UK market resulting in customer wins across diverse end markets ▪ Focus on customer service coupled with pricing discipline is yielding rate improvement Half year results | 31 October 2021 May Jun Jul Aug Sep Fleet on rent Oct 2019/20 2019 Nov UK industry forecast Construction industry Source: Construction Products Association (Autumn 2021) +2% Dec 2020/21 2020 -14% Jan Feb 2021/22 2021 +14% Mar Apr 2022 +5% 2023 +2% Ashtead group#19SUNBELT 3.0: STRATEGIC GROWTH PLAN ROLLED OUT ACROSS THE BUSINESS AND PROGRESSING WELL 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 AMPLIFY 3 4 SPECIALTY 19 ADVANCE TECHNOLOGY LEAD WITH ESG 5 DYNAMIC CAPITAL ALLOCATION Underpinned by Cultural elements: Invest in our people Half year results | 31 October 2021 Progress Opened 43 greenfield locations in North America in the first half, 31 of which were Specialty 10 bolt-on acquisitions completed, adding 15 locations with good pipeline Achieved cluster status in three additional top 100 US markets Definitive steps achieved to supercharge a bigger, better, faster digital platform leveraging our strong base Sustainability initiatives advancing, D&l taskforce and women's employee resource group fully engaged Debut investment grade bond issuance, progressive interim dividend and share buybacks Entrepreneurialism with scale Actionable component 12 125 12 3 4 5 Bringing Availability, Reliability, and Ease to our customers Ashtead group#20THE 'E' IN ESG 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 AMPLIFY SPECIALTY 3 ADVANCE 4 TECHNOLOGY LEAD WITH ESG 5 DYNAMIC CAPITAL ALLOCATION 1 See appendix, page 35 20 Innovation Half year results | 31 October 2021 Augmenting or pairing combustion engine products with battery or solar alternatives and worksite charging Partnering with existing manufacturers to electrify core products¹ Investing in innovative start-up manufacturers in instances of portable battery power, and battery design and packaging; through direct investment, design and product procurement These are critical steps to drive scale and sustainability Areas of market demand ■ Data centers Distribution and fulfilment Standby power generation across spectrum of facility maintenance Live events Film and TV production Federal and State funded infrastructure projects LEADING CARBON REDUCTIONS THROUGH INNOVATIVE PARTNERING AND CUSTOMER COLLABORATION Ashtead group#21GROUP FLEET PLAN US ($m) Canada (C$m) UK (£m) Group ($m) 1 Stated at C$1 = $0.80 and £1 = $1.35 - - rental fleet non-rental fleet rental fleet non-rental fleet rental fleet non-rental fleet Capital plan (gross) Disposal proceeds Capital plan (net) 21 Half year results | 31 October 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 1,400 - 1,600 350 1,750 - 1,950 200-230 50 250 - 280 140 - 150 40 180 - 190 2,200 - 2,430 (400) 1,800 - 2,030 2021 Q2 Actual 821 115 936 118 18 136 75 19 94 1,176 (141) 1,035 Ashtead group#22CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store Greenfields I ■ Bolt-on acquisitions Returns to shareholders I ■ 22 Progressive dividend policy Share buybacks APPLICATION Half year results | 31 October 2021 I I ■ $1.2bn invested in the business 43 greenfields opened in North America $428m spent on bolt-ons, with 15 locations added Good pipeline with $320m spent in Q3 Increased interim dividend by 28% to 12.5¢ $209m (£151m) spent under two year, up to £1bn share buyback programme UNDERPINNED BY TARGET NET DEBT TO EBITDA LEVERAGE RANGE OF 1.5 TO 2.0 TIMES - 1.5 TIMES AT 31 OCTOBER 2021 Ashtead group#23SUMMARY ■ ▪ Known and forecast levels of demand coupled with supply constraints indicate strong markets for the years to come Clear momentum, with strong positions in each of our markets ▪ Sunbelt 3.0 initiatives progressing well, with 58 locations added in the period and 3 additional markets clustered ■ ■ Temporary Structures becomes our tenth Specialty business Increasing focus on solutions for carbon reduction from customers; we are partners in innovation Strong levels of bolt-on activity with good pipeline to supplement our organic growth plan Leverage at the bottom end of our target range ▪ The Board looks to the future with confidence and expects business performance ahead of our previous expectations 23 Half year results | 31 October 2021 Ashtead group#2424 Half year results 31 October 2021 SURDELT MODO CROFES TEME 287 missions all electric 20 SUNBELT RENTALS APPENDICES Ashtead group#25DIVISIONAL PERFORMANCE SECOND QUARTER RESULTS UK (£m) Canada (C$m) US UK ($m) Canada ($m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US UK 25 2021 178 161 Net financing costs Profit before exceptional items, amortisation and tax Canada Group Half year results | 31 October 2021 1,659 245 128 2,032 Revenue 2020 149 130 1,463 193 98 1,754 Change¹ 19% 24% 13% 26% 32% 16% 2021 53 81 842 73 64 (7) 972 51% 30% 50% 48% EBITDA 2020 50 63 753 64 47 (4) 860 51% 33% 49% 49% Change¹ 7% 27% 12% 13% 36% 56% 13% 2021 22 46 537 31 37 (7) 598 (56) 542 (68) 474 (119) 355 32% 13% 29% 29% Profit 2020 12 33 457 15 25 (5) 492 (66) 426 (21) 405 (107) 298 31% 8% 26% 28% Change¹ 91% 40% 17% 102% 50% 53% 21% -16% 27% nm 17% 12% 17% 1 As reported nm - Not meaningful Ashtead group#26DIVISIONAL 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 26 2021 731 591 Net financing costs Profit before exceptional items, amortisation and tax Canada Group Half year results | 31 October 2021 5,795 1,000 469 7,264 Revenue 2020 486 441 5,349 621 328 6,298 Change¹ 50% 34% 8% 61% 43% 15% 2021 222 274 2,828 304 217 (25) 3,324 49% 30% 46% 46% EBITDA 2020 149 165 2,593 190 123 (16) 2,890 48% 31% 37% 46% Change¹ 49% 66% 9% 60% 77% 67% 15% 2021 95 146 1,632 129 115 (25) 1,851 (243) 1,608 (129) 1,479 (378) 1,101 28% 13% 25% 25% Profit 2020 26 47 1,395 34 35 (16) 1,448 (282) 1,166 (103) 1,063 (268) 795 26% 5% 11% 23% Change¹ 259% 208% 1 17% 281% 229% 64% 28% -14% 38% 26% 39% 41% 38% As reported Ashtead group#27US FLEET PROFILE $12bn $10bn $8bn $6bn $4bn $2bn 27 $bn 2014 and prior Half year results | 31 October 2021 2015 2016 2017 2018 2019 2020 2021 Total Smooth fleet profile ▪ Benefits of prolonged cycle and our growth strategy ▪ Strong position providing optionality through the cycle Flexibility to turn replacement into growth Strengthens partnership with suppliers through predictability Ashtead group#28US INDUSTRY FLEET Industry fleet (OEC) Industry fleet 9% larger year-over-year Mar Apr Source: Rouse Analytics (May 2021) May 28 Half year results | 31 October 2021 Jun Jul Aug Sep 2019/20 Oct Nov 2020/21 Dec Jan Feb Industry fleet 3% smaller year-over-year Mar Apr May Ashtead group#29CASH FLOW FUNDS ALL FLEET INVESTMENT ($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 LTM Oct-21 3,324 3,037 3,008 2,748 2,319 1,947 1,769 1,452 1,098 46% 47% 47% 46% 45% 42% 46% 47% 47% 3,045 92% (1,089) 369 (596) 3,017 3,076 2,664 2,248 99% 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 (480) (63) (906) (1,344) (945) (36) (16) (32) 1,213 1,822 1,001 (605) (195) (577) 608 1,627 1,729 2021 2020 2019 29 Half year results ¦ 31 October 2021 2018 2017 424 480 (767) 1,889 97% 516 (477) 2016 1,617 91% 433 (542) 39 (109) (287) (257) (235) (234) (214) (192) (152) (122) (16) (592) (621) (230) (73) (18) 1,376 (402) (1,122) (383) (334) (336) (230) 121 1,347 1,030 (845) 93% (558) 164 271 (127) (152) 916 (787) (1,010) 2015 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#30$3,033M OF AVAILABILITY AT 31 OCTOBER 2021 Book value $9,734m (April 21: $8,809m) $1,232m $7,943m 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 30 Half year results ¦ 31 October 2021 ■Inventory ■ Other PPE Borrowing base $7,410m (April 21: $6,359m) $961m $6,404m Borrowing base covers today's net ABL outstandings 4.5x Senior debt Availability of $3,033m $1,692m of net ABL outstandings, including letters of credit of $52m (Apr 21 - $1,243m) Ashtead group#31DEBT AND COVENANTS 31 Debt Ratings Availability Fixed charge coverage covenant Half year results ¦ 31 October 2021 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 October 2021 Ashtead group#32LOCATION GROWTH DURING 3.0 CLEARLY DEFINED April 2021* 936 Sunbelt 3.0 +298 April 2024 1,234 32 Half year results | 31 October 2021 Un April 2021 Sunbelt 3.0 - May 2021 - April 2024 * Excludes two Sunbelt 3.0 locations opened in April 2021 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 Half year results | 31 October 2021 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 Half year results | 31 October 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#35CASE STUDY OF PARTNERING IN INNOVATION OUR SCALE, RESOURCE AND INTELLECTUAL CAPITAL IS A CAPABLE AND NECESSARY CONTRIBUTOR 17X Bobcat zero emissions all electric SUNBELT Joel Honeyman, VP of Global Innovation, Doosan Bobcat Inc. Brent Coffey, Director of Product Lines, Sunbelt Rentals More detail to come at Consumer Electronics Show ('CES') in Las Vegas in January 2022 35 Half year results | 31 October 2021 ■ 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#36US MARKET SHARE 36 66% 2010 5% 4% 3% Half year results | 31 October 2021 30⁰0 3⁹0 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#37IMPORTANT TO NOT LOSE SIGHT OF THROUGH THE CYCLE KEY METRICS 37 % 20 18 16 14 12 ΝΔ Ο το 8 Ε 10 8 9 2 15 13 14 2006 2007 2008 10 5 Group Rol 7 12 16 19 19 19 17 Half year results | 31 October 2021 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Cost of capital 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 ¢ 250 200 150 100 50 22 20 Group adjusted EPS 29 20 6 28 50 75 100 128 135 227 222 219 171 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Ashtead group