Q4 2023 Earnings Report

• Financial strength: Managing the balance sheet Leverage Ratio (1) Capital Allocation Strategy Supports Strong Balance Sheet 3.6x 3.0x 3.0x 2.9x 2.8x 2.9x 2.7x 2.6x 2.4x 2.2x 2.0x 1.6x 20122) 2013 2014 2015 2016 2017(3) (5) (6) 2018 2019 2020 2021 2022 2023 Aggressive Balance Sheet and Liquidity Management Prudent Financial Leverage Targeted full-cycle leverage ratio: 1.5x-2.5x (new as of 2024) Ensure access to diverse funding sources Support funding needs in all environments Liquidity and Maturity Management Ensure sufficient liquidity to support business • • Manage debt maturities to minimize risks Thoughtful Capital Allocation • Balance the deployment of excess free cash flow to support shareholder value Dividends vs. Repurchases vs. Net Debt Current Leverage Strategy Provides a Solid Foundation for Capital Deployment and Value Creation (1) Leverage Ratio calculated as net debt divided by LTM adjusted EBITDA, as of the end of the applicable period. (2) Pro Forma assumes RSC acquisition occurred on January 1, 2012. (3) Reflects leverage as reported, which includes borrowings related to the acquisitions of both NES and Neff without full-year benefits of EBITDA contribution. (4) Reflects leverage as reported, which includes borrowings related to the acquisitions of both Baker and Blue Line without full-year benefits of EBITDA contribution. (5) Reflects leverage as reported, which includes borrowings related to the acquisition of General Finance without full-year benefits of EBITDA contribution. (6) Reflects leverage as reported, which includes borrowings related to the acquisition of Ahern without full-year benefits of EBITDA contribution. United Rentals® Work United® | 33

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