Ashtead : Audited results for the year and unaudited results for the fourth quarter ended 30 April 2024

FULL YEAR RESULTS

18 June 2024

LEGAL NOTICE

This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not constitute an offer of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Ashtead Group plc or any of its subsidiary companies.

The presentation contains forward-looking statements which are necessarily subject to risks and uncertainties because they relate to future events. Our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control and, consequently, actual results may differ materially from those projected by any forward-looking statements.

Some of the factors which may adversely impact some of these forward-looking statements are discussed in the Principal Risks and Uncertainties section on pages 40-45 of the Group's Annual Report and Accounts for the year ended 30 April 2023 and in the

audited results for the year ending 30 April 2024 under "Current trading and outlook" and "Principal risks and uncertainties". Both these reports may be viewed on the Group's website at www.ashtead-group.com.

This presentation contains supplemental non-GAAP financial and operating information which the Group believes provides valuable insight into the performance of the business. Whilst this information is considered as important, it should be viewed as supplemental to the Group's financial results prepared in accordance with International Financial Reporting Standards and not as a substitute for them.

2 Full year results | 30 April 2024

HIGHLIGHTS

• Group revenue 12% ahead of last year (rental revenue: 10%); US revenue up 13% (rental revenue up 11%)
• 11% increase in EBITDA to $4,893m, profit before tax¹ of $2,230m (2023: $2,273m) and EPS¹ of 386.5ȼ (2023: 388.5ȼ)
• $4.3bn of capital invested in the business (2023: $3.8bn)
• 113 locations added in North America, of which 66 were greenfields and 47 were acquisitions
• $905m spent on 26 bolt-on acquisitions (2023: $1.1bn)
• Net debt to EBITDA leverage² of 1.7 times (2023: 1.6 times)
• Proposed final dividend of 89.25ȼ, making 105.0ȼ for the year (2023: 100.0ȼ)
• Launched Sunbelt 4.0 - building on the success of Sunbelt 3.0
• Outlook remains positive and we look to the future with confidence
  1 Adjusted PBT and EPS and growth at constant exchange rates 2 Excluding the impact of IFRS 16

3 Full year results | 30 April 2024

SUNBELT 3.0

GROUP FINANCIAL PERFORMANCE

	2020/21	2023/24 RANGE1	2023/24	CAGR	ACHIEVEMENT
Rental revenue ($m)	5,902	7,700 - 7,900	9,630	18%
Total revenue ($m)	6,639	8,500 - 8,800	10,859	18%
EBITDA ($m)	3,037	4,000 - 4,200	4,893	17%
Operating profit2 ($m)	1,579	2,200 - 2,500	2,775	21%
US drop through	50%	mid-50s	49%3	-
EBITDA margin	45.7%	47 - 49%	45.1%	-
Operating profit margin2	23.8%	26 - 28%	25.6%	-
EPS2 ($/CAGR)	2.19	c. 15%	3.87	21%

1. Illustrative performance range included on pages 94 and 95 of Sunbelt 3.0 Capital Market presentation, translated at April 2021 exchange rates of $1.37 and C$1.75 equivalent to £1
2. Adjusted results stated before amortisation
3. Aggregate drop through from 1 May 2021 to 30 April 2024

4 Full year results | 30 April 2024

REALISATION OF STRUCTURAL PROGRESSION

STRUCTURAL CHANGE

Shift from ownership to rental

Rental increasingly essential for customer success

The larger, experienced, capable rental companies have and will continue to get disproportionately larger

OUTPUTS

• Rental has become core rather than top up
• Big getting bigger in a growing market
• Larger and more diversified addressable market
• Pricing discipline and progression
• Less cyclical, more resilient

Clear and proven structural progression has transformed the industry providing the foundation and springboard for our next chapter of growth

5 Full year results | 30 April 2024

SUNBELT 4.0

5 ACTIONABLE COMPONENTS UNDERPINNED BY STRONG FOUNDATIONAL ELEMENTS

Actionable Components:
CUSTOMER		GROWTH		PERFORMANCE		SUSTAINABILITY		INVESTMENT
	1		2		3		4		5
	Elevate our		Grow General Tool		Operate with		Advance our position		Disciplined capital
	obsession with		and Specialty through		greater efficiency		as a thriving,		allocation driving
	customer service		the ongoing		through scale,		growing enterprise		profitable growth,
	and their success		structural		process, and		to deliver long-term		strong cash
	throughout the		progression in our		technology to		sustainable value for		generation, and
	organisation to a		business and		unlock margin		our people,		enhanced shareholder
	level unparalleled in		industry and advance		progression.		customers,		value.
	the broader service		our clusters to				communities, and
	sector.		deepen our presence				investors.
			and increase our
			total addressable
			markets.

Underpinned by	PEOPLE	PLATFORM	INNOVATION
Foundational Elements:

6 Full year results | 30 April 2024

SUNBELT 4.0

DIRECTION OF TRAVEL FOR THE NEXT FIVE YEARS

ASSUMPTIONS

Based on five-year organic rental revenue CAGR assumptions

US	6	- 9%
Canada	9 - 12%
UK	2	- 5%
Group	6	- 9%
US drop through	mid 50s
Group EBITDA margin	47	- 50%
Group operating profit margin	26	- 29%
Five-year capital expenditure spend	~$20bn

• North America rental revenue growth of ≥1.5 times rate of the rental market
• Anticipates US construction forecast to broadly reflect those herein1
• An ever-strengthening financial position through earnings growth, strong free cash flow, and low leverage; providing significant operational and capital allocation optionality for the benefit of all stakeholders
• Targeting Group return on investment of ≥20%

1 Included on slide 18

7 Full year results | 30 April 2024

FINANCIAL REVIEW

MICHAEL PRATT

8 Full year results | 30 April 2024

GROUP

$m		2024	2023	Change1
Revenue	10,859	9,667	12%
‐	of which rental	9,630	8,698	10%
Operating costs	(5,966)	(5,255)	13%
EBITDA	4,893	4,412	11%
Depreciation	(2,118)	(1,772)	19%
Operating profit	2,775	2,640	5%
Net interest	(545)	(367)	49%
Profit before amortisation and tax	2,230	2,273	-2%
Earnings per share	386.5¢	388.5¢	- %
Margins
‐	EBITDA	45.1%	45.6%
‐	Operating profit	25.6%	27.3%
Return on investment	16.3%	19.2%

The results in the table above are the Group's adjusted results and are stated before intangible amortisation

1 At constant exchange rates

9 Full year results | 30 April 2024

US

$m		2024	2023	Change
Revenue	9,307	8,222	13%
‐	of which rental	8,321	7,503	11%
Operating costs	(4,901)	(4,267)	15%
EBITDA	4,406	3,955	11%
Depreciation	(1,773)	(1,490)	19%
Operating profit	2,633	2,465	7%
Margins
‐	EBITDA	47.3%	48.1%
‐	Operating profit	28.3%	30.0%
Return on investment	23.0%	27.3%

The results in the table above are the US's adjusted results and are stated before intangible amortisation

10 Full year results | 30 April 2024