Fourth Quarter and Full Year 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 January 29, 2026. 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 E ...

Core Insights - United Rentals (URI) reported revenue of $4.21 billion for the quarter ended December 2025, reflecting a year-over-year increase of 2.8% but a revenue surprise of -1.14% compared to the Zacks Consensus Estimate of $4.26 billion [1] - The earnings per share (EPS) for the quarter was $11.09, down from $11.59 in the same quarter last year, with an EPS surprise of -6.84% against the consensus estimate of $11.90 [1] Revenue Breakdown - Equipment rentals generated $3.58 billion, slightly below the average estimate of $3.59 billion, marking a year-over-year increase of 4.7% [4] - Sales of rental equipment totaled $386 million, significantly lower than the estimated $417.06 million, representing a year-over-year decline of 14.6% [4] - Service and other revenues were reported at $90 million, in line with the estimate of $90.88 million, showing a year-over-year increase of 4.7% [4] - Contractor supplies sales reached $43 million, exceeding the estimate of $40.63 million, with a year-over-year growth of 10.3% [4] - Sales of new equipment amounted to $108 million, surpassing the estimate of $104.26 million, reflecting a year-over-year increase of 12.5% [4] Gross Margin Analysis - Gross margin for equipment rentals was $1.35 billion, below the estimated $1.44 billion [4] - Gross margin from sales of rental equipment was $175 million, compared to the average estimate of $180.01 million [4] - Gross margin for sales of new equipment was $22 million, slightly above the estimate of $20.1 million [4] - Gross margin from contractor supplies sales was $16 million, exceeding the estimate of $15.47 million [4] - Gross margin for service and other revenues was $31 million, below the estimate of $32.57 million [4] - Gross margin by revenue for general rentals was $869 million, lower than the estimate of $899.66 million [4] - Gross margin by revenue for specialty rentals was $477 million, significantly below the estimate of $570.75 million [4] Stock Performance - Shares of United Rentals have returned +11% over the past month, outperforming the Zacks S&P 500 composite, which saw a change of +0.8% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Viewpoint - United Rentals, Inc. (URI) is expected to report its fourth-quarter 2025 results on January 28, with adjusted earnings per share (EPS) anticipated to show a year-over-year increase despite a recent miss in the previous quarter [1][3]. Financial Performance - In the last reported quarter, URI's adjusted EPS missed the Zacks Consensus Estimate by 6.3% and decreased by 0.8% year over year, while total revenues exceeded the consensus estimate by 1.7% and increased by 5.9% year over year [1][2]. - The Zacks Consensus Estimate for fourth-quarter adjusted earnings has risen to $11.90 per share, reflecting a 2.7% increase from the previous year's earnings of $11.59 per share [3]. - The consensus estimate for total revenues is projected at $4.26 billion, indicating a growth of 3.9% from the prior-year quarter [3]. Revenue Drivers - Revenue growth is expected to be driven by strong demand in public infrastructure and non-residential markets, supported by federal and state funding and lower interest rates [4]. - New project activity is anticipated to be broad-based, particularly in sectors such as data centers, semiconductors, LNG facilities, hospitals, and airports, indicating sustained demand across key industrial and construction markets [4]. - Specialty rentals, which offer higher margins, are expected to contribute to revenue growth through both organic means and cold-starts that expand capacity in new markets [5]. Operational Strategy - URI's diverse fleet management approach focuses on customer demand and optimizing utilization levels, which is expected to enhance service to large customers requiring a wide range of equipment [6]. - Strategic acquisitions and joint ventures are likely to have further catalyzed growth trends in the upcoming quarter [6]. Earnings Outlook - Year-over-year bottom-line growth is anticipated due to higher fleet productivity and disciplined rate management, alongside continued cost control measures [7]. - However, inflationary pressures and elevated delivery costs may partially offset these gains, limiting margin expansion [7]. Market Sentiment - Recent upward adjustments in EPS estimates signal cautious optimism ahead of the fourth-quarter earnings report [9]. - The combination of a positive Earnings ESP of +0.64% and a Zacks Rank of 3 (Hold) suggests a potential earnings beat for URI [10].

Core Viewpoint - EquipmentShare.com (EQPT.US) successfully launched on the U.S. stock market with an IPO price of $24.5, closing at $32.56, reflecting a 32.9% increase on the first day of trading [1] Company Overview - EquipmentShare is one of the largest and fastest-growing equipment rental service providers in the United States, operating a digital equipment rental platform [1] - As of September 30, 2025, the company has established 342 full-service rental locations, 9 dealer locations, and 22 building material stores across 45 states [1] - The company's equipment pool consists of approximately 235,000 units, including owned, rented, and managed equipment through revenue-sharing agreements, with an original purchase cost of $8.1 billion [1] Technology and Efficiency - All equipment is connected to the company's proprietary T3 smart platform, enabling real-time tracking, predictive maintenance, and remote control to enhance job site operational efficiency [1]

Core Insights - EquipmentShare.com (EQPT) shares experienced a 20% increase on their first trading day, reflecting investor enthusiasm for the company's rapid growth and its vision for the future of construction [1]. Company Overview - EquipmentShare.com is positioned as a rental company that aims to revolutionize the construction industry [1]. Market Reaction - The significant gain in share price indicates strong investor interest and confidence in the company's business model and growth potential [1].

Core Viewpoint - United Rentals (URI) is expected to report quarterly earnings of $11.90 per share, reflecting a 2.7% increase year-over-year, with revenues projected at $4.26 billion, a 3.9% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised 0.6% higher in the last 30 days, indicating analysts' positive reassessment of the company's performance [1][2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [2]. Revenue Projections - Analysts predict 'Revenues- Equipment rentals' to be $3.59 billion, indicating a year-over-year increase of 5% [4]. - 'Revenues- Service and other revenues' are expected to reach $90.88 million, reflecting a 5.7% increase year-over-year [4]. - 'Revenues- Contractor supplies sales' are estimated at $40.63 million, showing a 4.2% increase from the prior year [4]. Specialty Revenue Insights - 'Revenues- Sales of new equipment' are projected to be $104.26 million, indicating an 8.6% year-over-year increase [5]. - 'Revenues- Sales of rental equipment' are expected to decline to $417.06 million, reflecting a 7.7% decrease from the previous year [5]. - 'Revenues- Specialty- Contractor supplies sales' are estimated at $18.26 million, indicating a 7.4% increase year-over-year [6]. - 'Revenues- Specialty- Equipment rentals' are projected to reach $1.18 billion, reflecting an 8.8% increase [6]. Additional Revenue Metrics - 'Revenues- Specialty- Sales of new equipment' are expected to be $34.11 million, indicating a significant 17.6% increase year-over-year [7]. - 'Revenues- Specialty- Sales of rental equipment' are projected at $49.96 million, reflecting a 12.4% decrease from the prior year [7]. - 'Revenues- Specialty- Service and other revenues' are estimated at $8.05 million, indicating a 0.6% increase year-over-year [8]. - Total revenues for 'General rentals' are expected to reach $2.95 billion, reflecting a 1.7% increase year-over-year [8]. - 'Revenues- General Rentals- Service and other revenues' are projected to be $84.30 million, indicating an 8.1% increase year-over-year [8]. Stock Performance - Shares of United Rentals have increased by 15.9% over the past month, outperforming the Zacks S&P 500 composite, which saw a 0.6% increase [9].

Company Overview - United Rentals, Inc. (URI) is an equipment rental company based in Stamford, Connecticut, with a market cap of $53.8 billion, providing a wide range of construction and industrial equipment [1] Earnings Expectations - Analysts expect URI to report a profit of $11.86 per share for fiscal Q4 2025, reflecting a 2.3% increase from $11.59 per share in the same quarter last year [2] - For the current fiscal year ending in December, URI is projected to report a profit of $42.84 per share, a slight decrease from $43.17 per share in fiscal 2024, but expected to rebound to $47.10 per share in fiscal 2026, representing a 9.9% year-over-year growth [3] Stock Performance - URI shares have increased by 30.8% over the past 52 weeks, outperforming the S&P 500 Index's 16.2% return and the State Street Industrial Select Sector SPDR ETF's 22.3% increase during the same period [4] Analyst Ratings - Wall Street analysts have a "Moderate Buy" rating for URI, with 12 out of 22 analysts recommending "Strong Buy," 2 suggesting "Moderate Buy," 7 advising "Hold," and 1 indicating "Strong Sell" [6] - The mean price target for URI is $964.53, suggesting an 8.1% potential upside from current levels [6] Recent Developments - On January 5, URI shares surged by 5% following an upgrade from UBS Group AG, which raised its rating to "Buy" from "Neutral" and increased the price target to $1,025, driven by expectations of a rebound in U.S. non-residential construction activity [5]

Core Viewpoint - The industrial air handling unit rental service is a growing market driven by the need for temporary and flexible air environment control in various industrial scenarios, emphasizing cost efficiency and compliance with environmental regulations [1][2][3]. Market Drivers - The primary driver for the growth of industrial air handling unit rental services is the increasing demand for temporary and flexible air environment control in manufacturing, construction, and logistics sectors, characterized by short cycles and fluctuating loads [2]. - The trend towards cost and asset lightweighting is significant, as companies focus on cash flow management and operational efficiency, favoring rental models to avoid heavy capital investments [2]. - Stricter environmental and safety regulations are pushing companies to comply with air quality standards, making rental services a viable solution for meeting compliance requirements [2]. Technological Advancements - Technological progress, including energy-efficient compressors and IoT remote monitoring, enhances the feasibility and attractiveness of rental services, leading to lower operational costs and increased reliability [3][4]. Market Size and Growth - According to QYResearch, the global industrial air handling unit rental service market is projected to reach USD 438 million by 2030, with a compound annual growth rate (CAGR) of 7.3% in the coming years [7]. Competitive Landscape - The market is dominated by major players such as Carrier, Aggreko, and Trane, with the top five companies holding approximately 80% of the market share [10]. - The competitive landscape varies by region, with North America and Europe having a concentrated market led by large rental groups, while the Asia-Pacific region features a more fragmented market with numerous local players [19]. Industry Chain Structure - The industry chain consists of three main segments: upstream equipment manufacturing, midstream rental operations, and downstream diverse applications [11][12][13]. - Upstream includes manufacturers of industrial air handling equipment, while midstream focuses on rental service operators providing comprehensive solutions [12][13]. - Downstream applications span various sectors, including construction, manufacturing, and emergency services, highlighting the diverse demand for air handling solutions [15]. Future Trends - The industry is witnessing a shift towards service-oriented solutions, with rental companies moving from simple equipment leasing to providing comprehensive air handling services [17]. - There is a growing emphasis on green technology and energy efficiency, aligning with the principles of the circular economy [17]. - The market is also experiencing consolidation, with larger companies acquiring smaller firms to enhance their service offerings and market reach [20].

Core Insights - The One Big Beautiful Bill Act, signed into law on July 4, will significantly impact markets starting in January, particularly benefiting cyclical sectors outside of tech and AI [1][2] - Société Générale's chief US equity strategist, Manish Kabra, has identified 30 stocks that are expected to benefit from the tax and regulatory breaks provided by the bill, focusing on financials, industrials, and consumer cyclicals [2] Beneficiary Sectors - Key sectors poised for growth include defense, small-caps, consumer, and energy, as they are expected to receive a boost from the new tax and regulatory policies [2] - The average forward price-to-earnings ratio for the identified stocks is 17x, with an expected earnings-per-share growth of 15% in 2026 and 2027 [3] Defense Beneficiaries - General Dynamics Corp (GD): Positioned for defense modernization funding [6] - L3Harris Technologies Inc (LHX): Benefits from investment in advanced systems [6] - Northrop Grumman Corp (NOC): Well-placed for missile defense and space programs [6] - Huntington Ingalls Industries (HII): Supported by naval modernization initiatives [6] Capex Incentive Beneficiaries - United Rentals Inc (URI): Set to gain from increased construction activity [6] - Jacobs Solutions Inc (J): Benefits from infrastructure upgrades and industrial investment incentives [6] - Trimble Inc (TRMB): Aligned with manufacturing investment push [6] - Caterpillar Inc (CAT): Benefits from accelerated depreciation and domestic production incentives [6] - Cummins Inc (CMI): Supported by R&D expensing and industrial investment [6] - Deere & Co (DE): Gains from capex incentives and domestic manufacturing support [6] - Nucor Corp (NUE): Benefits from industrial base expansion and construction demand [6] - Freeport-McMoRan Inc (FCX): Critical supplier for electrification and infrastructure projects [6] - Duke Energy Corp (DUK): Positioned for grid modernization under capex policies [7]

Core Insights - The One Big Beautiful Bill Act, signed into law on July 4, will have significant market implications starting in January, particularly benefiting cyclical sectors outside of tech and AI [1] Beneficiary Categories Defense Beneficiaries - General Dynamics Corp (GD) is positioned for defense modernization funding under the OBBBA - L3Harris Technologies Inc (LHX) will benefit from investments in advanced defense systems - Northrop Grumman Corp (NOC) is well-placed for missile defense and space programs - Huntington Ingalls Industries (HII) is supported by naval modernization initiatives [7] Capex Incentive Beneficiaries - United Rentals Inc (URI) is set to gain from increased construction activity - Jacobs Solutions Inc (J) will benefit from infrastructure upgrades - Trimble Inc (TRMB) aligns with manufacturing investment pushes - Caterpillar Inc (CAT) benefits from accelerated depreciation incentives - Cummins Inc (CMI) is supported by R&D expensing and industrial investment [11] Small and Midsize Enterprises & Private Market Beneficiaries - Citizens Financial Group (CFG) is positioned for expanded credit demand - KeyCorp (KEY) is set for higher loan growth and tax relief for small businesses - Wells Fargo & Co (WFC) aligns with increased funding flows from OBBBA - Apollo Global Management (APO) benefits from tax-efficient deal structures [11] Consumer Beneficiaries - Ralph Lauren Corp (RL) will benefit from higher disposable income among affluent households - Ulta Beauty Inc (ULTA) is positioned for a boost in discretionary spending - Apple Inc (AAPL) benefits from increased high-income spending and a favorable tax environment - Costco (COST) is well-positioned to capture incremental consumer spending from tax relief [12][11] Energy Policy Beneficiaries - Exxon Mobil Corporation (XOM) benefits from expanded drilling rights under OBBBA - ConocoPhillips (COP) is positioned for lease expansions in Gulf and Alaska [13]