2023 Investor Day Presentation

New 2028 Aspirational Targets ~$20B Total Revenue ~$7B Specialty Revenue ~$10B Adjusted EBITDA United Rentals 15%+ Return on Invested Capital United Rentals 500 UR RENTS • Key Assumptions • Continued long-term growth in non- residential construction, including support from key tailwinds across North America infrastructure and reindustrialization and industrial activity. Continued end-market outgrowth by URI supported by our competitive advantages, Grow, Deepen, and Expand strategy, vertical strategies and weighting, secular penetration and acquisitions. Ongoing margin expansion driven by our focus on operational efficiency with targeted • adjusted EBITDA flow-through of 50-60% across the cycle. Continued focus on driving healthy fleet productivity and capital efficiency to support higher returns on invested capital and strong free cash generation. Remain Confident in our Ability to Drive Profitable Growth Long Term Note: Information reconciling the aspirational target for Adj. EBITDA to the most comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed in the "Safe Harbor" slide. Adj. EBITDA flowthrough is calculated as the YOY change in adjusted EBITDA divided by the YOY change in total revenue." United Rentals® Work United® 2023 Investor Day | 92

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