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Here are a few brief analogies for Sunbelt Rentals:

• Enterprise Rent-A-Car for construction and industrial equipment.
• Like Home Depot's rental department, but for large-scale construction and industrial projects.

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• Pumps: Rental of various pumps for fluid transfer and management across different industries.
• Power Generation: Rental of generators and related equipment to provide temporary or supplemental electrical power.
• Heating and Cooling: Rental of HVAC equipment, including heaters and air conditioners, for climate control solutions.
• Scaffolding: Rental of scaffolding systems to provide safe elevated work platforms for construction and maintenance.
• Traffic Management: Rental of equipment and solutions for controlling and directing traffic flow, often used in roadworks or events.
• Temporary Flooring: Rental of modular flooring systems for ground protection and access at events or construction sites.
• Structures and Fencing: Rental of temporary structures and fencing for site security, event spaces, or storage.
• Trench Shoring: Rental of equipment designed to support the walls of excavations and prevent trench collapses.
• Lifting Solutions: Rental of various lifting equipment, such as forklifts, cranes, and aerial work platforms, for material handling and access.

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Sunbelt Rentals primarily serves businesses, governmental entities, and organizations. Based on the provided description, its major customers fall into the following categories:

• Construction and Infrastructure Development: This extensive category includes customers involved in projects such as airports, highways and bridges, office buildings, data centers, schools, universities, shopping centers, residential and remodeling projects, manufacturing plants, and green energy applications.
• Industrial, Commercial, and Institutional Operations: This covers clients needing equipment for maintenance, repair, and operations (MRO) of existing facilities like office and apartment complexes, data and shopping centers, golf courses, as well as various industrial, entertainment, and conference venues.
• Special Events, Emergency Response, and Government Services: Sunbelt Rentals provides solutions for large-scale entertainment and special events (e.g., national sporting events, concerts, film and television production, festivals), emergency response and restoration efforts (e.g., fire, hurricanes, flooding, health emergencies), and various state and local government facilities and departments (e.g., hospitals, parks and recreation, schools, pavement/kerb repairs).

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Brendan Horgan was appointed as Chief Executive Officer of Sunbelt Rentals in February 2025 and previously served as Chief Executive of Ashtead Group plc, Sunbelt Rentals' parent company, from May 2019 to March 2026. He joined the board of Ashtead in January 2011 and the board of Sunbelt in February 2025. Mr. Horgan has nearly 30 years of experience with Sunbelt and Ashtead, having held positions of increasing responsibility including Chief Operating Officer of North America from 2003 and Chief Executive Officer of North America from 2011 until his appointment as Chief Executive of Ashtead. He initially joined Sunbelt Rentals in 1996.

Alex Pease serves as Chief Financial Officer of Sunbelt Rentals. Before this, he was Chief Financial Officer (from March 2025 to March 2026) and Chief Financial Officer Designate (from October 2024 to March 2025) of Ashtead Group plc. Prior to joining Ashtead in October 2024, Mr. Pease served as Chief Financial Officer of WestRock Company from November 2021 until its merger with Smurfit Kappa Group plc in July 2024. His previous CFO roles include positions at CommScope, Snyder's-Lance, and EnPro Industries. Mr. Pease began his career as a Navy Seal in the U.S. Navy before transitioning to consulting at McKinsey & Company, where he became a partner. He brings over 20 years of experience in finance, corporate strategy, M&A, capital markets, portfolio optimization, and business transformation.

John Washburn serves as Chief Operating Officer of Sunbelt Rentals and also manages the North America – General Tool segment. He previously held the role of Chief Operating Officer of Sunbelt Rentals North America from December 2023 to March 2026 and Executive Vice President of Sales and Marketing of Sunbelt Rentals from June 1994 to December 2023. Mr. Washburn joined Sunbelt in 1994.

Brad Lull is the Executive Vice President, Strategy and Business Development of Sunbelt Rentals. Before his current position, he was the Executive Vice President, Strategy and Business Development of Sunbelt Rentals North America from November 2017 to March 2026. Mr. Lull joined Sunbelt Rentals North America in October 1997 as Marketing Director and has held various roles of increasing responsibility, including District Manager, Vice President of Business Development, and Executive Vice President of Central Operations.

Monica Ziegler was promoted to Executive Vice President and Chief People Officer of Sunbelt Rentals in March 2023. In this role, she is part of the executive committee and is responsible for advancing the organization's strategy and culture. From 2021, Ms. Ziegler served as the Vice President of Talent and Development for Sunbelt Rentals, focusing on succession planning and leadership development. Prior to joining Sunbelt Rentals, she held several leadership roles at a large automotive parts company.

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Here are the key risks to Sunbelt Rentals Holdings, Inc.:

1. Antitrust Litigation and Price Collusion Allegations: Sunbelt Rentals is currently facing a significant antitrust lawsuit alongside other major construction equipment rental companies. The lawsuit alleges that these companies engaged in an unlawful cartel through a shared pricing and data platform (Rouse Services) to artificially inflate rental prices for equipment such as lifts, dozers, excavators, and loaders across the United States. This ongoing litigation could result in substantial financial penalties, including treble damages, and significant reputational harm, directly impacting Sunbelt Rentals' financial performance and market standing.
2. Sensitivity to Economic Downturns and Construction/Industrial Activity: The demand for Sunbelt Rentals' services is closely tied to the health of the construction, industrial, and general equipment markets in the United States, the United Kingdom, and Canada. While the equipment rental industry can sometimes gain market share during economic downturns as companies opt to rent instead of purchase, a significant or prolonged slowdown in non-residential construction, infrastructure projects, or industrial activity could lead to decreased demand for equipment rentals, impacting revenue growth and profitability.
3. Supply Chain Disruptions and Rising Operating Costs: Sunbelt Rentals faces risks related to supply chain bottlenecks, particularly due to its reliance on specific Original Equipment Manufacturers (OEMs) like Caterpillar and John Deere for heavy equipment. Delays from single-source suppliers can hinder fleet expansion and impact equipment availability. Additionally, the company is susceptible to rising operating costs, including higher repair and maintenance expenses, general inflationary pressures, increased capital expenditures for fleet investment, and the ongoing scarcity of skilled labor, all of which can compress profit margins.

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Sunbelt Rentals (SUNB) operates in several significant addressable markets across the United States, the United Kingdom, and Canada for its construction, industrial, and general equipment rental services.

United States

• The U.S. construction equipment rental market was valued at approximately USD 39.2 billion in 2022 and is projected to grow to USD 54.17 billion by 2029, with a compound annual growth rate (CAGR) of 4.73% during this period. Another estimate places the U.S. construction equipment rental market at USD 75.6 billion in revenue in 2025.
• The industrial equipment rental and leasing market in the U.S. was valued at USD 54.7 billion in 2025 and is projected to reach USD 56.1 billion in 2026. Industry revenue for industrial equipment rental is estimated to climb at a CAGR of 6.7% to USD 56.6 billion through the end of 2025.
• The heavy equipment rental industry in the United States is projected to reach USD 57.7 billion in 2026.
• The U.S. event rental market revenue is expected to reach USD 5.5 billion in 2025, with a forecast of USD 5.7 billion in 2026. The party supply rental market in the U.S. is expected to grow at a CAGR of 10.8% from 2024 to 2030.
• The tool and equipment rental industry in the United States reached USD 5.7 billion in 2025.

United Kingdom

• The UK construction equipment rental market generated a revenue of USD 4,123.0 million in 2025 and is expected to reach USD 5,656.5 million by 2033, demonstrating a CAGR of 4.2% from 2026 to 2033. Other data indicates the UK construction equipment rental market size was USD 3.82 billion in 2022 and is expected to reach USD 5.57 billion by 2029. The construction equipment rental and leasing market in the UK was £9.4 billion in 2025 and is projected to be £9.5 billion in 2026.

Canada

• The Canada construction equipment rental market generated a revenue of USD 6,709.4 million in 2025 and is expected to reach USD 7,800.3 million by 2033, growing at a CAGR of 2% from 2026 to 2033.
• The industrial equipment rental and leasing market in Canada was USD 6.5 billion in 2025.
• The overall Canadian equipment rental industry is expected to reach an estimated USD 9.5 billion by 2028. Commercial and industrial machinery and equipment rental and leasing in Canada generated USD 18.1 billion in operating revenue in 2024.
• Canadian event rental revenue is expected to reach USD 270 million in 2025 and USD 280 million in 2026.

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Sunbelt Rentals (SUNB) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Mega Projects and Large Strategic Accounts: Sunbelt Rentals anticipates continued revenue growth from sustained demand in large-scale infrastructure projects and an expanding base of major strategic customer accounts.
2. Expansion of Specialty Business: The company's North American specialty segment is a significant driver of growth, demonstrating strong rental revenue increases. Sunbelt Rentals has a strategic focus on this segment, with a goal to reach $10 billion in specialty revenue.
3. Diversification into Non-Construction End Markets: To broaden its addressable market and mitigate softness in local non-residential construction, Sunbelt Rentals is expanding its offerings to various non-construction sectors, including maintenance, entertainment, emergency response, government, agriculture, and defense.
4. Strategic Investments in Fleet and Market Presence: The company is committed to fueling growth through significant capital expenditures for rental fleet investment, new greenfield location openings, and strategic bolt-on acquisitions. These investments aim to enhance fleet density and market penetration.
5. Market Share Gains and Industry Structural Progression: Sunbelt Rentals is actively capitalizing on favorable industry trends and secular tailwinds, consistently gaining market share within the North American rental market. The company's "Sunbelt 4.0 strategy" is designed to leverage these structural shifts for long-term growth.

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Share Repurchases

• Sunbelt Rentals Holdings, Inc. has an ongoing $1.5 billion share buyback program, having completed a previous $1.5 billion program in February 2026 and initiating the new one on March 2, 2026.
• For the nine months ended January 31, 2026, the company's total share buybacks amounted to $1,047 million.
• S&P Global Ratings expects $1.0 billion in share repurchases for fiscal year 2026.

Share Issuance

• On February 27, 2026, Sunbelt Rentals Holdings, Inc. issued 413,963,685 shares of common stock on a one-for-one basis to former Ashtead Group plc shareholders as part of its transition to a U.S. primary listing.

Outbound Investments

• Year-to-date (as of January 31, 2026), Sunbelt Rentals invested $162 million, including acquired borrowings, in ten bolt-on acquisitions.
• S&P Global Ratings anticipates a run rate of $500 million to $1 billion per year for bolt-on acquisitions.

Capital Expenditures

• Sunbelt Rentals Holdings, Inc. raised its full-year fiscal 2026 gross capital expenditures outlook to a range of $2.2 billion to $2.3 billion, an increase from the previous $1.8 billion to $2.2 billion.
• For the nine months ended January 31, 2026, year-to-date gross capital expenditures were $1,783 million, with net capital expenditures (after disposal proceeds) at $1,470 million.
• Approximately 75% of capital expenditures in fiscal years 2026 and 2027 are expected to be allocated to rental fleet investment, supporting mega project wins, advanced fleet replacement, and growth in specialty segments.