Hertz for construction and industrial equipment.

The Home Depot's tool rental, but for large-scale construction sites and industrial businesses.

• Equipment Rentals: Provides a broad range of construction, industrial, and material handling equipment for rent to various industries.
• ProSolutions Services: Offers specialized solutions including power generation, climate control, pump and trench safety, and remediation services, often integrated with equipment rentals.
• Used Equipment Sales: Sells pre-owned equipment from its rental fleet directly to customers.

Herc Holdings Inc. (HRI) primarily sells equipment rental services to other companies rather than directly to individuals. The company serves a highly diversified customer base, and as such, no single customer typically accounts for a material portion of its revenues (e.g., 10% or more) that would necessitate specific disclosure in its financial filings.

Therefore, Herc does not have "major customers" in the sense of specific named companies contributing a significant percentage of its overall revenue. Instead, its customer base is broadly categorized across various business sectors:

• Construction Sector: This broad category includes a wide range of customers involved in residential, non-residential, heavy civil, and infrastructure construction projects. Examples include general contractors, specialized subcontractors (e.g., HVAC, electrical, plumbing, masonry), and road builders needing equipment for site preparation, building, and finishing work.
• Industrial and Manufacturing Sectors: Customers in this category typically operate in manufacturing facilities, petrochemical plants, power generation, utilities, mining, and oil & gas operations. They rent equipment for maintenance, plant turnarounds, new construction within facilities, and various operational support needs.
• Government, Commercial, and Other Businesses: This diverse group encompasses federal, state, and local government agencies, municipalities, various commercial enterprises (e.g., property management, landscaping, warehousing, retail), and those in the entertainment industry for film, television, and special events.

• Caterpillar Inc. (NYSE: CAT)
• Deere & Company (NYSE: DE)
• Terex Corporation (NYSE: TEX)
• Oshkosh Corporation (NYSE: OSK)
• United Rentals, Inc. (NYSE: URI)
• Volvo Group (OTC: VOLVY)
• Komatsu Ltd. (OTC: KMTUY)
• Kubota Corporation (OTC: KUBTY)
• HD Hyundai Infracore Co., Ltd. (KRX: 035200)
• Doosan Bobcat Inc. (KRX: 241560)
• Linamar Corporation (TSX: LNR)

Lawrence H. Silber, President and Chief Executive Officer

Mr. Silber joined Herc Rentals Inc. in May 2015. Prior to Herc, he served as an executive advisor at Court Square Capital Partners, LLP, a private equity firm, from 2014 to 2015. He led Hayward Industries, one of the world's largest swimming pool equipment manufacturers, as Chief Operating Officer from 2008 to 2012, successfully transitioning the company through a recession and returning it to profitability. From 1978 to 2008, Mr. Silber held various leadership roles at Ingersoll-Rand plc, including leading major business groups such as Utility Equipment, Rental and Remarketing, and Equipment and Services. He also previously served as interim President and CEO of SMTC Corporation from 2013 to 2014.

W. Mark Humphrey, Senior Vice President and Chief Financial Officer

Mr. Humphrey was promoted to Senior Vice President and Chief Financial Officer effective March 2023. He joined Herc Holdings in April 2017, initially serving as Vice President and Chief Accounting Officer from 2017 to 2023. Before Herc, he was Chief Financial Officer and Chief Accounting Officer for Alico, Inc., a publicly traded agribusiness and resource-management company. His nearly 30-year career also includes a role as Chief Financial Officer for Compass Management Group and nearly ten years in public accounting with PricewaterhouseCoopers LLP.

Aaron Birnbaum, Senior Vice President and Chief Operating Officer

Mr. Birnbaum possesses over 30 years of experience in the equipment rental industry, all of which have been with Herc Rentals Inc. and its predecessor business. He has overseen regions including Western, Northwest, North Central, and Canada, as well as Herc Entertainment Services®, and has held responsibilities in strategic planning, operational execution, and M&A activities.

Christian J. Cunningham, Senior Vice President and Chief Human Resources Officer

Mr. Cunningham joined Herc in September 2014. Prior to Herc, he served as Vice President, Corporate HR and HR Services at DFC Global Corporation from 2013. His previous experience includes human resources leadership roles at Sunoco Inc. and Sunoco Logistics, ARAMARK, Scholastic Inc., and Pep Boys. He was involved in an IPO and the establishment of a joint venture with a private equity firm during his time at Sunoco.

Tamir Peres, Senior Vice President and Chief Information Officer

Mr. Peres serves as Senior Vice President and Chief Information Officer. He was previously Director of Worldwide Financial Systems for Kulicke & Soffa Industries, Inc. and worked as a Senior Auditor for Ernst & Young.

Herc Holdings Inc. (HRI) primarily operates in the equipment rental and services industry, with its main addressable market being North America, specifically the United States and Canada. The company offers a comprehensive range of equipment for rent, including aerial lifts, earthmoving machinery, material handling equipment, trucks, trailers, power generation systems, climate control solutions, and specialized equipment for various sectors such as construction, industrial, government, and events. Herc also engages in equipment sales, maintenance, and ancillary services.

The addressable markets for Herc's main products and services are sized as follows:

• North American Equipment Rental Market:
  • Following Herc's acquisition of H&E Equipment Services, the North American equipment rental market is described as a "$50 billion+" market as of June 2, 2025.
  • The North America construction equipment rental market generated approximately USD 60.38 billion in revenue in 2023, with a projected compound annual growth rate (CAGR) of 3.8% from 2024 to 2030.
  • Another estimate values the North America construction equipment rental market at USD 36.76 billion in 2025, expected to reach USD 45.16 billion by 2030 at a CAGR of 4.20%.
  • The North America construction equipment rental market was valued at USD 67.86 billion in 2024, is anticipated to reach USD 71.89 billion in 2025, and is projected to grow to USD 113.95 billion by 2033, demonstrating a CAGR of 5.93% from 2025 to 2033.
  • The U.S. construction equipment rental market alone reached USD 30.33 billion in 2024 and is projected to grow to USD 45.70 billion by 2033, with a CAGR of 4.66%.
  • The heavy equipment rental market in the U.S. reached an estimated $55.5 billion in 2025.
• Global Equipment Rental Market:
  • The global equipment rental market was valued at approximately $145 billion in 2023 and is projected to reach around $250 billion by 2032, growing at a CAGR of 6.1%.
  • Other estimates indicate the global equipment rental market was valued at USD 485 billion in 2024 and is projected to reach USD 820.94 billion by 2032, with a CAGR of 6.8%.
  • The global construction equipment rental market was estimated at USD 204.06 billion in 2024 and is anticipated to reach USD 280.13 billion by 2030, with a CAGR of 5.6%.

Herc Holdings Inc. (HRI) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Integration and Synergies from H&E Equipment Services Acquisition: The successful integration of H&E Equipment Services is a primary driver. This acquisition, the largest in the industry, is expected to accelerate Herc's strategy by providing geographic and customer diversification, a substantially expanded footprint in key regions with economies of scale, and a larger fleet. The company anticipates achieving approximately $125 million in cost synergies and approximately $175 million EBITDA impact from revenue synergies by the end of year three following the transaction close.
2. Growth in Mega Projects and Specialty Solutions: Herc continues to see robust activity across "mega projects," such as data centers, infrastructure, and manufacturing onshoring, which are often supported by federal funding. The company is focusing on capitalizing on these large-scale projects and enhancing value through its higher-margin Specialty Solutions offerings.
3. Organic Growth Initiatives and Market Share Expansion: Herc aims to increase its market share by investing in and optimizing its fleet, capitalizing on greenfield opportunities (new locations), and cross-selling a diversified product portfolio. The company is also benefiting from the secular shift from equipment ownership to rental.
4. Improved Pricing and Fleet Utilization: Commentary from earnings calls suggests that pricing has been a contributor to revenue growth. As local market headwinds ease, Herc anticipates further improvements in pricing and fleet utilization, which will continue to support top-line expansion.

Share Repurchases

• Herc Holdings repurchased approximately 1.1 million shares of its common stock for $120 million in 2023.
• As of December 31, 2023, approximately $161 million remained available under the share repurchase program.
• In the fourth quarter of 2023, common stock repurchases amounted to approximately 119,000 shares.

Share Issuance

• In its acquisition of H&E Equipment Services, Herc Holdings issued 0.1287 shares of Herc for every share outstanding in H&E, as part of a deal valued at $104.89 per share.
• The number of outstanding shares was 28.2 million in 2023 and 28.4 million in 2024, increasing to 30 million as of October 2025.

Outbound Investments

• Herc Holdings completed the acquisition of H&E Equipment Services, which significantly impacted its financial performance and strategic positioning.
• The company increased its branch network by 14% in 2024 through nine acquisitions, including its largest transaction to date, and 23 greenfield facilities.
• In the second quarter of 2024, Herc spent $142 million in net cash on two acquisitions in the northeast and southeast regions, adding 10 locations to its network.

Capital Expenditures

• Herc Holdings' gross capital expenditures are projected to be between $900 million and $1.1 billion for fiscal year 2025, with net rental equipment capital expenditures expected to range from $400 million to $600 million.
• For the full year 2024, the company's net rental equipment capital expenditures were guided between $500 million and $700 million after gross capex of $750 million to $1 billion.
• The primary focus of capital expenditures includes investing in its fleet, optimizing its existing fleet, expanding its specialty equipment offerings, capitalizing on acquisitions and greenfield opportunities, and supporting growth in construction and industrial sectors.