M&A Strategy and Financial Overview

2023 Financial Outlook DEERE 3106 Total Revenue Adjusted EBITDA* $14.1 billion to $14.3 billion $6.775 billion to $6.875 billion Net Rental Capital Expenditures $1.9 billion to $2.05 billion, after gross purchases of $3.4 billion to $3.55 billion Net Cash Provided by Operating Activities $4.5 billion to $4.8 billion Free Cash Flow * $2.3 billion to $2.5 billion** 2023 On Track for Another Year of Strong Results Across Growth, Profitability, Free Cash Flow, and Returns * Adjusted EBITDA and Free Cash Flow are non-GAAP measures. See the table provided elsewhere in this presentation for a reconciliation of forecasted Free Cash Flow to the most comparable GAAP measure. Information reconciling forecasted adjusted EBITDA to the most comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed in the "Introductory Information" slide. ** Excludes aggregate merger and restructuring related payments. FCF outlook assumptions include 2023 cash taxes of $500M and cash interest of $620M. United Rentals® Work United® | 41

View entire presentation