2022 Financial Outlook

Structural changes are key to increased margins Adjusted EBITDA Margin (1) (%) Adjusted EBITDA margin 1,460 bps above prior peak (3) 60% 50% 40% 30% 20% 10% 0% (2) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022F . · Key Drivers of Margin Gains Strong fixed-cost absorption Cyclical leverage (e.g., SG&A as % of sales) M&A cost synergies (e.g., RSC, NES, Neff) Operational efficiency gains Process improvements (e.g., LEAN, 5S, etc.) Technology (e.g., logistics, CORE, telematics) Improved mix Shift towards higher margin Specialty • Improved segment/end-market mix • ⚫ De-emphasis of low margin/return businesses. · Improved used equipment sales strategies. Dramatic cycle-over-cycle margin improvement Notes: (1) Adjusted EBITDA is a non-GAAP measure. Adjusted EBITDA margin represents adjusted EBITDA divided by total revenue. See the tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP measures. (2) 2022F reflects the mid-point of guidance. (3) Reflects change between 2008 and 2022F. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. © 2022 United Rentals, Inc. All rights reserved. 34

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