Third Quarter 2025 Investor Presentation © 2023 United Rentals, Inc. All rights reserved. I 1 Introductory information Unless otherwise specified, the information in this presentation, including forward-looking statements, is as of our most recent earnings call held on October 23, 2025. We make no commitment to update any such information contained in this presentation. Certain statements in this presentation are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of ...

Core Insights - United Rentals (NYSE: URI) has shown strong performance over the past year, with a gain of approximately 17% [1] - The company has successfully navigated concerns regarding a slowdown in construction activity by shifting its focus towards specialty rentals [1] Company Performance - United Rentals' stock has increased by about 17% in the last year, indicating robust market performance [1] - The company's strategic pivot towards specialty rentals has helped it mitigate risks associated with potential declines in construction activity [1]

Core Insights - United Rentals, Inc. is a leading player in the equipment rental industry with a significant presence through 1,360 rental locations across multiple regions [1] - The consensus price target for United Rentals' stock has risen from $947.18 to $1,018.40 over the past year, indicating growing analyst optimism [2][6] - Factors contributing to the positive outlook include market expansion, robust financial performance, and strategic initiatives [3][4] Company Overview - United Rentals operates through General Rentals and Specialty segments, providing a wide array of construction and industrial equipment [1] - The company's extensive network allows it to serve a diverse customer base effectively [1] Analyst Sentiment - The increase in price targets reflects analysts' confidence in United Rentals' ability to deliver shareholder value [2] - Analysts are optimistic about the company's growth potential due to its strong market position [2] Growth Drivers - Market expansion and diverse equipment offerings position United Rentals to benefit from infrastructure projects and industrial demand [3][6] - Strategic initiatives, such as acquisitions or partnerships, enhance market position and operational efficiency [4] Upcoming Events - United Rentals is expected to announce its third-quarter earnings, with anticipated growth driven by strong construction activity and increased specialty rentals [5]

Core Insights - United Rentals, Inc. (URI) is a leading equipment rental company with a market capitalization of $63.1 billion, providing a wide range of equipment and services across various sectors [1] - The company is expected to report Q3 earnings soon, with analysts predicting a profit of $12.43 per share, reflecting a 5.3% increase from the previous year's $11.80 per share [2] Financial Performance - For fiscal 2025, analysts anticipate an EPS of $43.92, which is a 1.7% increase from $43.17 in fiscal 2024, with a projected annual growth of 9% to $47.86 in fiscal 2026 [3] - In Q2, United Rentals reported revenue of $3.9 billion, marking a 4.5% year-over-year increase, and adjusted EPS of $10.47, slightly missing expectations [5] Market Sentiment and Stock Performance - URI stock has increased by 24.3% over the past 52 weeks, outperforming the S&P 500 Index's 17.8% rise and the Industrial Select Sector SPDR Fund's 14.7% increase [4] - The positive stock performance is attributed to stable topline growth and strong demand in data center construction [5] Guidance and Share Repurchase - The company raised its full-year guidance and announced a $400 million increase to its 2025 share repurchase program, bringing the total to $1.9 billion [6] - Revenue outlook has been adjusted to a range of $15.8 billion to $16.1 billion, up from the previous range of $15.6 billion to $16.1 billion [6] Analyst Ratings - The consensus opinion on URI stock is moderately positive, with a "Moderate Buy" rating from 20 analysts, including 11 recommending "Strong Buy" and one suggesting "Strong Sell" [7]

Upgrades - Baird upgraded United Rentals (URI) to Outperform from Neutral with a price target of $1,050, up from $888, indicating stabilization in the rental industry after two years of deceleration [2] - Jefferies upgraded Sunrun (RUN) to Buy from Hold with a price target of $21, up from $11, expecting cash generation to materialize in the second half and strong growth through 2026 as U.S. Third-Party Owners gain market share [3] - HSBC upgraded Autodesk (ADSK) to Buy from Hold with a price target of $343, down from $388, noting Autodesk's potential to monetize artificial intelligence and likely margin expansion [4] - Jefferies upgraded Delta Air Lines (DAL) to Buy from Hold with a price target of $70, up from $62, citing a raised Q3 revenue outlook to 2%-4% from 0%-4% as a sign of confidence in topline growth for Q4 and 2026 [5] - Jefferies upgraded Carvana (CVNA) to Buy from Hold with a price target of $475, up from $385, based on consumer survey results and capacity analysis suggesting continued elevated growth [6] Downgrades - Northland double downgraded DraftKings (DKNG) to Underperform from Outperform with a price target of $33, down from $53, due to increasing headwinds from prediction markets [7] - RBC Capital downgraded GE Vernova (GEV) to Sector Perform from Outperform with a price target of $605, down from $631, as current valuations reflect strong demand and productivity improvements [7] - Evercore ISI downgraded Allstate (ALL) to In Line from Outperform with a price target of $233, up from $230, citing over-earning in auto insurance and limited scope for positive estimate revisions [7] - Goldman Sachs downgraded Doximity (DOCS) to Sell from Neutral with a price target of $64, up from $57, indicating the growth profile does not support the current valuation [7] - Goldman Sachs downgraded LivaNova (LIVN) to Neutral from Buy with a price target of $55, down from $56, due to decelerating sales growth and slowing margin expansion [7]

Company Overview - Herc Rentals is celebrating its 60th anniversary as the oldest public company in the equipment rental industry [1] - The company has been an independent public entity for over 9 years, employing over 10,000 individuals and operating more than 625 locations across 46 states and 5 Canadian provinces [1] - The addressable market for Herc Rentals in North America is approximately $87 billion and is expected to grow [1] Industry Dynamics - The equipment rental industry is experiencing a long-term shift from ownership to rental, which is a secular trend benefiting the market [1] - Herc Rentals is focused on sustaining a profitable growth trend and executing a strong growth strategy [1] Growth Strategy - The company has achieved above-market growth through investments in fleet expansion, new greenfield openings, and entry into the specialty marketplace [2] - Herc Rentals has completed over 50 mergers and acquisitions in the last 4.5 years, resulting in the addition of 113 locations [2]

Company Overview - United Rentals, Inc. (URI) is the world's largest equipment rental provider, valued at $62.4 billion by market cap, with a network of 1,666 locations across North America, Europe, Australia, and New Zealand [1] - The company serves various sectors including construction, industrial firms, utilities, municipalities, and homeowners [1] Financial Performance - In Q2 2025, United Rentals reported a revenue increase of 5.8% year-over-year to $4.04 billion, with net income rising to $789 million and EPS advancing 13% to $12.12 [5] - The company generated $1.8 billion in adjusted EBITDA and maintained robust cash flow, alongside a share repurchase of $553 million [5] - Management reaffirmed full-year 2025 guidance, leading to a 9% stock rally following the earnings report [5] Stock Performance - URI stock prices surged 33.7% over the past three months, outperforming the Industrial Select Sector SPDR Fund (XLI), which gained 3.8% in the same period [3] - The stock has climbed 50.4% over the past year, significantly surpassing the XLI's 17.6% rise [4] - URI has been trading above both its 50-day and 200-day moving averages since early May and late June, respectively, indicating a sustained uptrend [4] Competitive Landscape - United Rentals has underperformed compared to H&E Equipment Services, Inc. (HEES), which saw stock gains of 93.3% in 2025 and 99.2% over the past year [6] - Among 21 analysts covering URI stock, the consensus rating is a "Moderate Buy," with the stock currently trading above its mean price target of $894.39 [6]

Core Insights - Scooter King Orlando, a leading mobility scooter rental provider in Central Florida, has expanded its services to cater to the increasing demand from millions of visitors to Orlando each year [1][2] - The company aims to enhance accessibility and comfort for families and travelers visiting major theme parks, ensuring a stress-free experience [1][4] Company Overview - Scooter King Orlando is a locally owned mobility scooter rental company that has received over 1,000 five-star reviews, indicating high customer satisfaction [5][7] - The company focuses on providing reliable and convenient services, including hassle-free delivery and pickup directly from accommodations in the Disney area [7][8] Service Expansion - The company has increased its fleet of premium scooters and expanded its delivery network to offer more options for hotel, resort, and vacation home drop-offs across the Orlando region [2][4] - By delivering scooters directly to guests' accommodations, Scooter King Orlando allows families to explore the area at their own pace without mobility limitations [3][4] Target Audience - The services are designed not only for families on vacation but also for seniors, conference attendees, and international travelers, promoting independence and mobility during their stay [4][5] - The company combines affordability with reliability, ensuring that accessibility and convenience are integral to every visitor's Orlando adventure [4][8]

Core Viewpoint - The article emphasizes the importance of value investing and highlights Ashtead Group (ASHTY) as a strong candidate for value investors due to its favorable valuation metrics and earnings outlook [2][4][6] Company Analysis - Ashtead Group (ASHTY) currently holds a Zacks Rank 2 (Buy) and an A grade for Value, indicating strong potential for value investors [4] - The stock is trading at a P/E ratio of 14.52, significantly lower than the industry average of 30.48, suggesting it may be undervalued [4] - Over the past 52 weeks, ASHTY's Forward P/E has fluctuated between 11.14 and 20.10, with a median of 15.23, further indicating its valuation range [4] - ASHTY has a PEG ratio of 1.56, which is lower than the industry average of 2.27, suggesting that the stock is undervalued relative to its expected earnings growth [5] - The PEG ratio has ranged from 1.20 to 1.99 over the last 12 months, with a median of 1.59, reinforcing the notion of its current undervaluation [5] - The combination of these metrics indicates that ASHTY is likely being undervalued at the moment, supported by a strong earnings outlook [6]

Core Viewpoint - Growth investors are attracted to stocks with above-average financial growth, but identifying such stocks can be challenging due to their inherent risks and volatility [1] Group 1: Company Overview - Ashtead Group PLC (ASHTY) is currently recommended as a cutting-edge growth stock by the Zacks Growth Style Score system, which evaluates a company's real growth prospects beyond traditional metrics [2] Group 2: Earnings Growth - The historical EPS growth rate for Ashtead Group is 17%, with projected EPS growth expected to be 28.7% this year, significantly surpassing the industry average of 15.4% [5] Group 3: Cash Flow Growth - Ashtead Group's year-over-year cash flow growth is 3.4%, exceeding many peers and the industry average of 0%. The company's annualized cash flow growth rate over the past 3-5 years is 32%, compared to the industry average of 10.3% [6][7] Group 4: Earnings Estimate Revisions - The current-year earnings estimates for Ashtead Group have been revised upward, with the Zacks Consensus Estimate increasing by 12.5% over the past month, indicating a positive trend in earnings estimate revisions [8] Group 5: Investment Potential - Ashtead Group holds a Zacks Rank of 2 (Buy) and a Growth Score of B, suggesting it is a potential outperformer and a solid choice for growth investors [9][10]