# EDGAR Filing Document

**Accession Number:** 0001364479
**File Stem:** 0001364479-25-000055
**Filing Date:** 2025-10
**Character Count:** 74008
**Document Hash:** 81613cce53d9e1576103885c5b406e5b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001364479-25-000055.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001364479-25-000055

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 42

**CONFORMED PERIOD OF REPORT**: 20251028

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** HERC HOLDINGS INC
- **CENTRAL INDEX KEY:** 0001364479
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-MISCELLANEOUS EQUIPMENT RENTAL & LEASING [7350]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 203530539
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33139
- **FILM NUMBER:** 251421213

**BUSINESS ADDRESS:**
- **STREET 1:** 27500 RIVERVIEW CENTER BLVD
- **CITY:** BONITA SPRINGS
- **STATE:** FL
- **ZIP:** 34134
- **BUSINESS PHONE:** (239) 301-1000

**MAIL ADDRESS:**
- **STREET 1:** 27500 RIVERVIEW CENTER BLVD
- **CITY:** BONITA SPRINGS
- **STATE:** FL
- **ZIP:** 34134

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HERTZ GLOBAL HOLDINGS INC
- **DATE OF NAME CHANGE:** 20060531

?xml version='1.0' encoding='ASCII'? hri-20251028

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): October 28, 2025

**HERC HOLDINGS INC.** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-33139** | **20-3530539** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S Employer Identification No.) |

---

**27500 Riverview Center Blvd.**

**Bonita Springs, Florida 34134** 

(Address of principal executive offices and zip code)

**(239) 301-1000** 

(Registrant's telephone number,

including area code)

**N/A**

(Former name or former address, if

changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ &nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of exchange on which registered |
| Common Stock, par value $0.01 per share | HRI | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.** 

On October 28, 2025, Herc Holdings Inc. (the "Company") issued a press release regarding its financial results for its third quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.

On October 28, 2025, the Company will conduct an earnings webcast relating to the Company's financial results for the third quarter of 2025. The earnings webcast will be made available to the public via a link on the Investor Relations section of the Company's website, IR.HercRentals.com, as well as via telephone dial-in, and the slides that will accompany the presentation will be available to the public at the time of the earnings webcast through the Company's website. Certain financial information relating to completed fiscal periods that will be part of the earnings webcast is included in the set of slides that will accompany the earnings webcast, a copy of which is furnished as Exhibit 99.2 to this Form 8-K.

The information in this Form 8-K and the exhibits attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Press Release of Herc Holdings Inc. dated](herc2025q3-pressrelease.htm)[O](herc2025q3-pressrelease.htm)[ctober](herc2025q3-pressrelease.htm)[2](herc2025q3-pressrelease.htm)[8](herc2025q3-pressrelease.htm)[, 2025, describing its results for its](herc2025q3-pressrelease.htm)[third](herc2025q3-pressrelease.htm)[quarter ended](herc2025q3-pressrelease.htm)[September](herc2025q3-pressrelease.htm)[30, 2025.](herc2025q3-pressrelease.htm)</u> |
| 99.2 | <u>[Set of slides that will accompany the](herc2025q3-earningsprese.htm)[October 28](herc2025q3-earningsprese.htm)[, 2025 earnings webcast.](herc2025q3-earningsprese.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| HERC HOLDINGS INC. | HERC HOLDINGS INC. |
| (Registrant) | (Registrant) |
| By: | /s/ MARK HUMPHREY |
| Name: | Mark Humphrey |
| Title: | Senior Vice President and Chief Financial Officer |

---

Date: October 28, 2025

## Exhibit 99.1

**Herc Holdings Reports Third Quarter 2025 Results and** 

**Reaffirms 2025 Full Year Guidance**

**Third Quarter 2025 Highlights**

–H&E technology integration completed

–Equipment rental revenue of $1,122 million increased 30%

–Total revenues of $1,304 million increased 35%

–Net income of $30 million, or $0.90 per diluted share, and adjusted net income of $74 million, or $2.22 per diluted share

–Adjusted EBITDA of $551 million increased 24% with adjusted EBITDA margin of 42%

–Successfully completed the sale of Cinelease studio entertainment business on July 31, 2025

**Bonita Springs, Fla., October 28, 2025** -- Herc Holdings Inc. (NYSE: HRI) ("Herc Holdings" or the "Company") today reported financial results for the quarter ended September 30, 2025.

"As we continue to execute on our strategic priorities, the third quarter marked a pivotal step in unlocking the value of our acquisition of H&E Equipment Services," said Larry Silber, president and chief executive officer. "From day one, our focus has been on bringing together the strengths of both companies through a seamless integration, and we're very pleased with the pace and success of those efforts to date.

"In the third quarter, we achieved a major milestone by completing the full IT integration—successfully migrating all of the acquired branches onto Herc's systems and network infrastructure within a best-in-class timeline. Our combined team now operates from a single, unified dashboard that spans ERP, fleet management, pricing, CRM, logistics, business intelligence, human capital management and our industry-leading, customer-facing technology platform, ProControl by Herc Rentals<sup>TM</sup>. This alignment is poised to drive efficiencies and position us for long term market-share expansion.

"As we continue integration efforts for fleet and branch network optimization, the operating environment remains stable despite broader macroeconomic uncertainties. While local market growth is tempered by prolonged high interest rates, our national accounts and specialty products and solutions delivered another strong quarter. Our scale and diversified footprint—across geographies, end markets, and product lines—continue to be key strengths, enabling us to navigate this bifurcated landscape with resilience and agility," said Silber.

**2025 Third Quarter Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total revenues** increased 35% to $1,304 million compared to $965 million in the prior-year period. This year-over-year increase was driven by a 30% increase in equipment rental revenue. Sales of rental equipment increased by $70 million during the period as acquisition fleet was sold to improve mix and utilization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Dollar utilization** was 39.9% in the third quarter compared to 42.2% in the prior-year period, primarily due to lower utilization of the acquired fleet ahead of fleet optimization initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Direct operating expenses** were $467 million, or 41.6% of equipment rental revenue, compared to $334 million, or 38.6% in the prior-year period. Operating expenses as a percent of equipment rental revenue were elevated during the period due to lower fixed cost absorption as a result of the ongoing moderation in certain local markets and acquisition-related redundancies, preceding the full impact of cost synergies and IT integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Depreciation of rental equipment** increased 41% to $246 million due to higher year-over-year average fleet size primarily as a result of the H&E acquisition. Non-rental depreciation and amortization increased 112% to $70 million primarily due to amortization of the H&E customer

------

relationship intangible asset and an increase in non-rental asset depreciation resulting from the growth of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Selling, general and administrative expenses** were $166 million, or 14.8% of equipment rental revenue compared to $120 million, or 13.9% of equipment rental revenue in the prior-year period. The increase as a percent of equipment rental revenue primarily was related to an increase in stock-based compensation expense including stock awards granted to certain H&E employees as part of the merger related agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Transaction expenses** were $38 million compared to $3 million in the prior-year period. The increase is related to costs incurred for the H&E acquisition, primarily fleet retitling costs, consulting and professional fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Interest expense** was $134 million compared with $69 million in the prior-year period, reflecting the new debt facilities issued in June 2025 to fund the H&E acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net income** was $30 million compared to $122 million in the prior-year period. Adjusted net income decreased 40% to $74 million, or $2.22 per diluted share, compared to $124 million, or $4.35 per diluted share, in the prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA** increased 24% to $551 million compared to $446 million in the prior-year period and adjusted EBITDA margin was 42.3% compared to 46.2% in the prior-year period. The decrease in margin was primarily due to the impact of acquisition-related redundant costs preceding integration and a larger proportion of overall volume of used equipment sales through the lower margin auction channel to begin rightsizing acquired fleet. Margin on sales of rental equipment was 11% in the current year compared to 19% in the prior-year period.

**2025 Nine Months Financial Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Total revenues** increased 21% to $3,167 million compared to $2,617 million in the prior-year period. The year-over-year increase was driven by a 16% increase in equipment rental revenue. Sales of rental equipment increased by $147 million during the period as acquisition fleet was sold to improve mix and utilization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Dollar utilization** was 38.8% compared to 41.0% in the prior-year period, primarily due to lower utilization of the acquired fleet ahead of fleet optimization initiatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Direct operating expenses** were $1,173 million, or 43.0% of equipment rental revenue, compared to $967 million, or 41.1%, in the prior-year period. Operating expenses as a percent of equipment rental revenue were elevated during the period due to lower fixed cost absorption as a result of the ongoing moderation in certain local markets and acquisition-related redundancies, preceding the full impact of cost synergies and IT integration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Depreciation of rental equipment** increased 23% to $613 million due to higher year-over-year average fleet size, primarily as a result of the H&E acquisition. Non-rental depreciation and amortization increased 61% to $148 million, primarily due to amortization of intangible assets related to the H&E and Otay acquisitions and an increase in non-rental asset depreciation resulting from the growth of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Selling, general and administrative expenses** were $411 million, or 15.0% of equipment rental revenue, compared to $349 million, or 14.9% of equipment rental revenue, in the prior-year period. The increase as a percent of equipment rental revenue primarily was related to an increase in stock-based compensation expense including stock awards granted to certain H&E

------

employees as part of the merger related agreements, partially offset by initial acquisition cost synergies obtained as well as overall cost control measures introduced to mitigate the impact of moderation in certain local markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Transaction expenses** were $185 million compared to $9 million in the prior-year period. The increase related to costs incurred for the H&E acquisition, primarily a $64 million termination fee paid on behalf of H&E, advisory fees of $27 million, commitment fees related to the bridge facility of $21 million and various other consulting, professional and legal fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Interest expense** was $282 million compared with $193 million in the prior-year period, reflecting new debt facilities issued in June 2025 to fund the H&E acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Loss on assets held for sale** was $48 million during the current year to adjust the carrying value of Cinelease net assets to its fair value less estimated costs to sell prior to its divestiture on July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Net loss** was $23 million compared to net income of $257 million in the prior-year period. Adjusted net income was $170 million, or $5.54 per diluted share, compared to $265 million, or $9.30 per diluted share, in the prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Adjusted EBITDA** increased 13% to $1,299 million compared to $1,145 million in the prior-year period and adjusted EBITDA margin was 41.0% compared to 43.8% in the prior-year period. The decrease in margin was primarily due to the impact of acquisition-related redundant costs preceding integration and a larger proportion of overall volume of used equipment sales through the lower margin auction channel to begin rightsizing acquired fleet. Margin on sales of rental equipment was 18% in the current year compared to 27% in the prior-year period.

**Rental Fleet** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Net rental equipment capital expenditures were as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| Rental equipment expenditures | $835 | $753 |
| Proceeds from disposal of rental equipment | (306) | (198) |
| &nbsp;&nbsp;**Net rental equipment capital expenditures** | $**529** | $**555** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As of September 30, 2025, the Company's total fleet was approximately $9.6 billion at OEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Average fleet at OEC in the third quarter increased 38% compared to the prior-year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average fleet age was 45 months and 46 months at September 30, 2025 and 2024, respectively.

**Disciplined Capital Management** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Company opened 17 greenfield locations during the nine months ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net debt was $8.2 billion as of September 30, 2025, with net leverage of 3.8x<sup>1</sup> compared to 2.7x in the same prior-year period. Cash and cash equivalents and unused commitments under the ABL Credit Facility contributed to approximately $1.8 billion of liquidity as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company declared its quarterly dividend of $0.70 paid to shareholders of record as of August 22, 2025 on September 5, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Current period net leverage is calculated using pro forma trailing twelve month adjusted EBITDA including the standalone, pre-acquisition results of H&E.

------

**Cinelease Divestiture**

On July 31, 2025, the Company completed the divestiture of the Cinelease studio entertainment business for initial cash consideration of $100 million, subject to customary post-closing adjustments, and agreed upon earn outs pursuant to the purchase and sale agreement. The Company used the net proceeds from the sale of Cinelease to repay a portion of the New ABL Credit Facility.

**2025 Outlook—Excluding Cinelease**

The Company is reaffirming its full year 2025 equipment rental revenue, adjusted EBITDA, and gross and net rental capital expenditures guidance ranges, excluding Cinelease studio entertainment and lighting and grip equipment rental business.

---

| | |
|:---|:---|
| Equipment rental revenue: | $3.7 billion to $3.9 billion |
| Adjusted EBITDA: | $1.8 billion to $1.9 billion |
| Net rental equipment capital expenditures: | $400 million to $600 million |
| Gross capex: | $900 million to $1.1 billion |

---

As a leader in an industry where scale matters, the Company expects to continue to gain share by capturing an outsized position of the forecasted higher construction spending in 2025 by investing in its fleet, optimizing its existing fleet, capitalizing on recent acquisitions and greenfield opportunities, and cross-selling a diversified product portfolio.

**Earnings Call and Webcast Information**

Herc Holdings' third quarter 2025 earnings webcast will be held today at 8:30 a.m. U.S. Eastern Time. Interested U.S. parties may call +1-800-715-9871 and international participants should call the country specific dial in numbers listed at https://registrations.events/directory/international/itfs.html, using the access code: 9128891. Please dial in at least 10 minutes before the call start time to ensure that you are connected to the call and to register your name and company.

Those who wish to listen to the live conference call and view the accompanying presentation slides should visit the Events and Presentations tab of the Investor Relations section of the Company's website at IR.HercRentals.com. The press release and presentation slides for the call will be posted to this section of the website prior to the call.

A replay of the conference call will be available via webcast on the Company website at IR.HercRentals.com, where it will be archived for 12 months after the call.

**About Herc Holdings Inc.** 

Founded in 1965, Herc Holdings Inc., which operates through its Herc Rentals Inc. subsidiary, is a full-line rental supplier and, with the recent acquisition of H&E Equipment Services, we have 612 locations across North America and 2024 pro forma total revenues were approximately $5.1 billion. We offer products and services aimed at helping customers work more efficiently, effectively, and safely. Our classic fleet includes aerial, earthmoving, material handling, trucks and trailers, air compressors, compaction, and lighting equipment. Our ProSolutions® offering includes industry-specific, solutions-based services in tandem with power generation, climate control, remediation and restoration, pumps, and trench shorting equipment as well as our ProContractor professional grade tools. We employ approximately 9,900 employees, who equip our customers and communities to build a brighter future. Learn more at <u>www.HercRentals.com</u> and follow us on Instagram, Facebook and LinkedIn.

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**Certain Additional Information**

In this release we refer to the following operating measures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dollar utilization: calculated by dividing rental revenue (excluding re-rent, delivery, pick-up and other ancillary revenue) by the average OEC of the equipment fleet for the relevant time period, based on the guidelines of the American Rental Association (ARA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OEC: original equipment cost based on the guidelines of the ARA, which is calculated as the cost of the asset at the time it was first purchased plus additional capitalized refurbishment costs (with the basis of refurbished assets reset at the refurbishment date).

**Forward-Looking Statements** 

This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, and the Private Securities Litigation Reform Act of 1995. Forward looking statements are generally identified by the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "looks," and future or conditional verbs, such as "will," "should," "could" or "may," as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and there can be no assurance that our current expectations will be achieved. You should not place undue reliance on the forward-looking statements. They are subject to future events, risks and uncertainties - many of which are beyond our control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected include, but are not limited to, the following: (1) the cyclical nature of our industry and our dependence on the levels of capital investment and maintenance expenditures by our customers; (2) the competitiveness of our industry, including the potential downward pricing pressures or the inability to increase prices; (3) our dependence on relationships with key suppliers; (4) our heavy reliance on communication networks, centralized information technology systems and third party technology and services and our ability to maintain, upgrade or replace our information technology systems; (5) our ability to respond adequately to changes in technology and customer demands; (6) our ability to attract and retain key management, sales and trades talent; (7) our rental fleet is subject to residual value risk upon disposition; (8) the impact of climate change and the legal and regulatory responses to such change; (9) our ability to execute our strategy to grow through strategic transactions; (10) our significant indebtedness; and (11) our ability to integrate the acquisition of H&E Equipment Services, Inc. into our business and our ability to realize all the anticipated benefits of the transaction. Further information on the risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and in our other SEC filings. We undertake no obligation to update or revise forward-looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

**Information Regarding Non-GAAP Financial Measures**

In addition to results calculated according to accounting principles generally accepted in the United States ("GAAP"), the Company has provided certain information in this release that is not calculated according to GAAP ("non-GAAP"), such as EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per diluted common share, free cash flow and adjusted free cash flow. Management uses these non-GAAP measures to evaluate operating performance and period-over-period performance of our core business without regard to potential distortions, and believes that investors will likewise find these non-GAAP measures useful in evaluating the Company's performance. These measures are frequently used by security analysts, institutional investors and other interested parties in the evaluation of companies in our industry. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to similarly titled measures of other companies. For the definitions of these terms, further information about management's use of these measures as well as a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures, please see the supplemental schedules that accompany this release.

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Contact:

**Leslie Hunziker**

Senior Vice President,

Investor Relations, Communications & Sustainability

Leslie.hunziker@hercrentals.com

239-301-1675

(See Accompanying Tables)

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**HERC HOLDINGS INC. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**Unaudited**

**(In millions, except per share data)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Revenues:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Equipment rental | $1122 | $866 | $2731 | $2350 |
| &nbsp;&nbsp;&nbsp;Sales of rental equipment | 151 | 81 | 362 | 215 |
| &nbsp;&nbsp;&nbsp;Sales of new equipment, parts and supplies | 18 | 9 | 46 | 28 |
| &nbsp;&nbsp;&nbsp;Service and other revenue | 13 | 9 | 28 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total revenues** | **1304** | **965** | **3167** | **2617** |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Direct operating | 467 | 334 | 1173 | 967 |
| &nbsp;&nbsp;&nbsp;Depreciation of rental equipment | 246 | 174 | 613 | 499 |
| &nbsp;&nbsp;&nbsp;Cost of sales of rental equipment | 134 | 66 | 296 | 157 |
| &nbsp;&nbsp;&nbsp;Cost of sales of new equipment, parts and supplies | 12 | 6 | 30 | 18 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative | 166 | 120 | 411 | 349 |
| &nbsp;&nbsp;&nbsp;Transaction expenses | 38 | 3 | 185 | 9 |
| &nbsp;&nbsp;&nbsp;Non-rental depreciation and amortization | 70 | 33 | 148 | 92 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | 134 | 69 | 282 | 193 |
| &nbsp;&nbsp;&nbsp;(Gain) loss on assets held for sale | (1) |  | 48 |  |
| &nbsp;&nbsp;&nbsp;Other income, net |  |  | (3) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total expenses** | **1266** | **805** | **3183** | **2283** |
| **Income (loss) before income taxes** | **38** | **160** | **(16)** | **334** |
| &nbsp;&nbsp;Income tax provision | (8) | (38) | (7) | (77) |
| **Net income (loss)** | $**30** | $**122** | $**(23)** | $**257** |
| **Weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 33.2 | 28.4 | 30.6 | 28.4 |
| &nbsp;&nbsp;&nbsp;Diluted | 33.3 | 28.5 | 30.6 | 28.5 |
| **Earnings (loss) per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.90 | $4.30 | $(0.75) | $9.05 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.90 | $4.28 | $(0.75) | $9.02 |

---

A - 1

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**HERC HOLDINGS INC. AND SUBSIDIARIES** 

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(In millions)** 

---

| | | |
|:---|:---|:---|
| | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** | **(unaudited)** | |
| Cash and cash equivalents | $61 | $83 |
| Receivables, net of allowances | 810 | 589 |
| Prepaid expenses | 77 | 47 |
| Other current assets | 26 | 40 |
| Current assets held for sale |  | 17 |
| &nbsp;&nbsp;**Total current assets** | **974** | **776** |
| Rental equipment, net | 6020 | 4225 |
| Property and equipment, net | 873 | 554 |
| Right-of-use lease assets | 1456 | 852 |
| Intangible assets, net | 1626 | 572 |
| Goodwill | 2931 | 670 |
| Other long-term assets | 47 | 8 |
| Long-term assets held for sale |  | 220 |
| &nbsp;&nbsp;&nbsp;**Total assets** | $**13927** | $**7877** |
| **LIABILITIES AND EQUITY** |  |  |
| Current maturities of long-term debt and financing obligations | $31 | $21 |
| Current maturities of operating lease liabilities | 55 | 39 |
| Accounts payable | 355 | 248 |
| Accrued liabilities | 360 | 239 |
| Current liabilities held for sale |  | 15 |
| &nbsp;&nbsp;**Total current liabilities** | **801** | **562** |
| Long-term debt, net | 8164 | 4069 |
| Financing obligations, net | 97 | 101 |
| Operating lease liabilities | 1437 | 842 |
| Deferred tax liabilities | 1431 | 800 |
| Other long-term liabilities | 68 | 47 |
| Long-term liabilities held for sale |  | 60 |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **11998** | **6481** |
| &nbsp;&nbsp;&nbsp;**Total equity** | **1929** | **1396** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**13927** | $**7877** |

---

A - 2

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**HERC HOLDINGS INC. AND SUBSIDIARIES** 

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**Unaudited**

**(In millions)**

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $(23) | $257 |
| &nbsp;&nbsp;&nbsp;*Adjustments to reconcile net income (loss) to net cash provided by operating activities:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of rental equipment | 613 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | 77 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 71 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred debt and financing obligations costs | 6 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation charges | 28 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for receivables allowances | 58 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on assets held for sale | 48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 2 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of rental equipment | (66) | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 11 | 10 |
| &nbsp;&nbsp;&nbsp;*Changes in assets and liabilities, net of effects from acquisitions:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Receivables | (59) | (76) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (19) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 10 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities and other long-term liabilities | 13 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **770** | **894** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Rental equipment expenditures | (835) | (753) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of rental equipment | 306 | 198 |
| &nbsp;&nbsp;&nbsp;Non-rental capital expenditures | (123) | (127) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment | 15 | 6 |
| &nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (4256) | (567) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of business, net | 99 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(4794)** | **(1243)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of long-term debt | 3467 | 800 |
| &nbsp;&nbsp;&nbsp;Proceeds from revolving lines of credit and securitization | 3928 | 1530 |
| &nbsp;&nbsp;&nbsp;Repayments on revolving lines of credit and securitization | (3299) | (1821) |
| &nbsp;&nbsp;&nbsp;Principal payments under finance lease and financing obligations | (16) | (15) |
| &nbsp;&nbsp;&nbsp;Dividends paid | (64) | (58) |
| &nbsp;&nbsp;&nbsp;Other financing activities, net | (14) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **4002** | **420** |
| Effect of foreign exchange rate changes on cash and cash equivalents |  |  |
| **Net change in cash and cash equivalents during the period** | **(22)** | **71** |
| Cash and cash equivalents at beginning of period | 83 | 71 |
| **Cash and cash equivalents at end of period** | $**61** | $**142** |

---

A - 3

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**HERC HOLDINGS INC. AND SUBSIDIARIES**

**SUPPLEMENTAL SCHEDULES**

**EBITDA AND ADJUSTED EBITDA RECONCILIATIONS** 

**Unaudited**

**(In millions)** 

***EBITDA and adjusted EBITDA -*** EBITDA represents the sum of net income (loss), provision (benefit) for income taxes, interest expense, net, depreciation of rental equipment and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of transaction related costs, restructuring and restructuring related charges, spin-off costs, non-cash stock-based compensation charges, loss on extinguishment of debt (which is included in interest expense, net), impairment charges, gain (loss) on the disposal of a business, impact of the fair value mark-up of acquired fleet, impact of the studio entertainment business and certain other items. EBITDA and adjusted EBITDA do not purport to be alternatives to net income as an indicator of operating performance. Additionally, neither measure purports to be an alternative to cash flows from operating activities as a measure of liquidity, as they do not consider certain cash requirements such as interest payments and tax payments.

***Adjusted EBITDA Margin*** - Adjusted EBITDA Margin, calculated by dividing Adjusted EBITDA by Total Revenues, is a commonly used profitability ratio.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $**30** | $**122** | $**(23)** | $**257** |
| Income tax provision | 8 | 38 | 7 | 77 |
| Interest expense, net | 134 | 69 | 282 | 193 |
| Depreciation of rental equipment | 246 | 174 | 613 | 499 |
| Non-rental depreciation and amortization | 70 | 33 | 148 | 92 |
| &nbsp;&nbsp;**EBITDA** | **488** | **436** | **1027** | **1118** |
| Non-cash stock-based compensation charges | 16 | 7 | 28 | 16 |
| Transaction related costs | 38 | 3 | 185 | 9 |
| (Gain) loss on assets held for sale | (1) |  | 48 |  |
| Impact of the fair value mark-up of acquired fleet<sup>(1)(3)</sup> | 7 |  | 11 |  |
| Studio entertainment<sup>(2)(3)</sup> | 2 |  |  |  |
| Other<sup>(4)</sup> | 1 |  |  | 2 |
| &nbsp;&nbsp;**Adjusted EBITDA** | $**551** | $**446** | $**1299** | $**1145** |
| Total revenues | $1304 | $965 | $3167 | $2617 |
| Adjusted EBITDA | $551 | $446 | $1299 | $1145 |
| &nbsp;&nbsp;**Adjusted EBITDA margin**<sup>(5)</sup> | **42.3%** | **46.2%** | **41.0%** | **43.8%** |

---

(1) Reflects additional costs recorded in cost of sales of rental equipment associated with the fair value mark-up of rental equipment acquired in major acquisitions and subsequently sold.

(2) Reflects the adjusted EBITDA impact of the Cinelease studio entertainment business prior to its divestiture on July 31, 2025.

(3) Prior year amounts for items (1) and (2) above have not been restated as the adjustments were immaterial.

(4) Other consists of restructuring charges, impairment and spin-off costs.

(5) Adjusted EBITDA margin excluding revenue from Cinelease studio entertainment is 42.4% and 41.5% for the three and nine months ended September 30, 2025, respectively.

A - 4

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**HERC HOLDINGS INC. AND SUBSIDIARIES**

**SUPPLEMENTAL SCHEDULES**

**ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER DILUTED SHARE**

**Unaudited**

**(In millions)** 

***Adjusted Net Income and Adjusted Earnings Per Diluted Share*** - Adjusted Net Income represents the sum of net income (loss), restructuring and restructuring related charges, spin-off costs, loss on extinguishment of debt, impairment charges, transaction related costs, gain (loss) on the disposal of a business, merger related intangible asset amortization, impact on depreciation of acquired fleet, impact of the fair value mark up of acquired fleet, income (loss) of the studio entertainment business, and certain other items. Adjusted Earnings per Diluted Share represents Adjusted Net Income divided by diluted shares outstanding. Adjusted Net Income and Adjusted Earnings Per Diluted Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| **Net income (loss)** | $**30** | $**122** | $**(23)** | $**257** |
| Transaction related costs | 38 | 3 | 185 | 9 |
| Loss (gain) on assets held for sale | (1) |  | 48 |  |
| Merger related intangible asset amortization<sup>(1)</sup> | 30 |  | 40 |  |
| Impact on depreciation related to acquired fleet<sup>(2)</sup> | (21) |  | (30) |  |
| Impact of the fair value mark-up of acquired fleet<sup>(3)</sup> | 7 |  | 11 |  |
| Studio entertainment pretax loss<sup>(4)</sup> | 3 |  | 2 |  |
| Other<sup>(5)</sup> | 1 |  |  | 2 |
| Tax impact of adjustments above<sup>(6)</sup> | (13) | (1) | (63) | (3) |
| &nbsp;&nbsp;**Adjusted net income**<sup>(7)</sup> | $**74** | $**124** | $**170** | $**265** |
| **Diluted shares outstanding** | **33.3** | **28.5** | **30.7** | **28.5** |
| **Adjusted earnings per diluted share** | $**2.22** | $**4.35** | $**5.54** | $**9.30** |

---

(1) Reflects the amortization of the intangible assets acquired in major acquisitions completed since 2024.

(2) Reflects the impact of extending the useful lives of rental equipment acquired in major acquisitions, net of the impact of additional depreciation associated with the fair value mark-up of such equipment.

(3) Reflects additional costs recorded in cost of sales of rental equipment associated with the fair value mark-up of rental equipment acquired in major acquisitions and subsequently sold.

(4) Reflects the pre-tax impact of the Cinelease studio entertainment business prior to its divestiture on July 31, 2025.

(5) Other consists of restructuring charges, impairment and spin-off costs.

(6) The tax rate applied for all adjustments, excluding studio entertainment pretax loss, is 25.0% in the three and nine months ended September 30, 2025 and 25.5% in the three and nine months ended September 30, 2024 and reflects the statutory rates in the applicable entities. The tax rate applied for the studio entertainment adjustments is 24.2% in the three and nine months ended September 30, 2025 and reflects the stand-alone annual effective tax rate.

(7) Prior year amounts for items (1), (2), (3) and (4) above have not been restated as the adjustments were immaterial.

A - 5

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**HERC HOLDINGS INC. AND SUBSIDIARIES**

**SUPPLEMENTAL SCHEDULES**

**FREE CASH FLOW**

**Unaudited**

**(In millions)** 

**Free cash flow** represents net cash provided by (used in) operating activities less rental equipment expenditures and non-rental capital expenditures, plus proceeds from disposal of rental equipment, proceeds from disposal of property and equipment, and other investing activities. Free cash flow is used by management in analyzing the Company's ability to service and repay its debt, fund potential acquisitions and to forecast future periods. However, this measure does not represent funds available for investment or other discretionary uses since it does not deduct cash used to service debt or for other non-discretionary expenditures.

---

| | | |
|:---|:---|:---|
| | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
| | **2025** | **2024** |
| **Net cash provided by operating activities** | $**770** | $**894** |
| Rental equipment expenditures | (835) | (753) |
| Proceeds from disposal of rental equipment | 306 | 198 |
| &nbsp;&nbsp;&nbsp;**Net rental equipment expenditures** | **(529)** | **(555)** |
| Non-rental capital expenditures | (123) | (127) |
| Proceeds from disposal of property and equipment | 15 | 6 |
| &nbsp;&nbsp;&nbsp;**Free cash flow** | $**133** | $**218** |
| Acquisitions, net of cash acquired | (4256) | (567) |
| Proceeds from disposal of business, net | 99 |  |
| &nbsp;&nbsp;&nbsp;**Increase in net debt, excluding financing activities** | $**(4024)** | $**(349)** |

---

A - 6

## Exhibit 99.2

![](herc2025q3-earningsprese001.jpg)

Scaling for Sustainable Growth Q3 2025 EARNINGS CONFERENCE CALL October 28, 2025

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![](herc2025q3-earningsprese002.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 2 Herc Rentals Team and Agenda Agenda Safe Harbor Q3 2025 Overview Q3 Operations Review Q3 Financial Review 2025 Outlook Q&ALarry Silber President & Chief Executive Officer Aaron Birnbaum Senior Vice President & Chief Operating Officer Mark Humphrey Senior Vice President & Chief Financial Officer Leslie Hunziker Senior Vice President Investor Relations, Communications & Sustainability

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![](herc2025q3-earningsprese003.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 3 Safe Harbor Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act, as amended, and the Private Securities Litigation Reform Act of 1995. Forward looking statements are generally identified by the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," "forecasts," "looks," and future or conditional verbs, such as "will," "should," "could" or "may," as well as variations of such words or similar expressions. All forward-looking statements are based upon our current expectations and various assumptions and there can be no assurance that our current expectations will be achieved. You should not place undue reliance on the forward-looking statements. They are subject to future events, risks and uncertainties - many of which are beyond our control - as well as potentially inaccurate assumptions, that could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those projected include, but are not limited to, the following: (1) the cyclical nature of our industry and our dependence on the levels of capital investment and maintenance expenditures by our customers; (2) the competitiveness of our industry, including the potential downward pricing pressures or the inability to increase prices; (3) our dependence on relationships with key suppliers; (4) our heavy reliance on communication networks, centralized information technology systems and third party technology and services and our ability to maintain, upgrade or replace our information technology systems; (5) our ability to respond adequately to changes in technology and customer demands; (6) our ability to attract and retain key management, sales and trades talent; (7) our rental fleet is subject to residual value risk upon disposition; (8) the impact of climate change and the legal and regulatory responses to such change; (9) our ability to execute our strategy to grow through strategic transactions;(10) our significant indebtedness; and (11) our ability to integrate the acquisition of H&E Equipment Services, Inc. into our business and our ability to realize all the anticipated benefits of the transaction. Further information on the risks that may affect our business is included in filings we make with the Securities and Exchange Commission from time to time, including our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and in our other SEC filings. We undertake no obligation to update or revise forward- looking statements that have been made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Information Regarding Non-GAAP Financial Measures In addition to results calculated according to accounting principles generally accepted in the United States ("GAAP"), the Company has provided certain information in this presentation that is not calculated according to GAAP ("non-GAAP"), such as adjusted net income, adjusted earnings per diluted share, EBITDA, adjusted EBITDA, adjusted EBITDA margin, REBITDA, REBITDA margin, REBITDA flow-through, free cash flow and adjusted free cash flow. Management uses these non-GAAP measures to evaluate operating performance and period-over-period performance of our core business without regard to potential distortions, and believes that investors will likewise find these non-GAAP measures useful in evaluating the Company's performance. These measures are frequently used by security analysts, institutional investors and other interested parties in the evaluation of companies in our industry. Non-GAAP measures should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP and, as calculated, may not be comparable to similarly titled measures of other companies. For the definitions of these terms, further information about management's use of these measures as well as a reconciliation of these non-GAAP measures to the most comparable GAAP financial measures, please see the appendix that accompanies this presentation.

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![](herc2025q3-earningsprese004.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 4 Third Quarter 2025 Overview Larry Silber President and Chief Executive Officer

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![](herc2025q3-earningsprese005.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 5 Integration Update Completed: • Sales & Territory Optimization Q2/Q3 ◦ Optimized sales territories to reflect increased scale ◦ Enhanced field leadership structure • Systems Integration Q3 ◦ Seamless execution, best-in-class timeline ◦ All systems transferred: ERP, CRM, pricing, BI, logistics, fleet, HCM, ProControl by Herc Rentals™ ◦ Began operating from a single, unified dashboard in Q4 Ongoing: • Branch Network Optimization–Consolidation/repurposing locations, expected to result in ~50 additional standalone or co- located specialty branches • Fleet Optimization–Size, age and brand alignment • Cultural Alignment–Training and leadership support on Herc operating & sales models and broader fleet offering • Go-to-market strategy–Integrating into acquired locations • Standardized process alignment–Educating, training and compliance

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![](herc2025q3-earningsprese006.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 6 Q3 2025: Delivering on Growth Strategies Optimize branch network for fleet / operating efficiencies at scale • ~40% increase YoY in branch locations, adding density in the key Gulf Coast, Mountain West and Southeast regions • Opened 6 previously planned greenfield locations • Completed the sale of Cinelease studio entertainment business July 31, 2025 Enhance fleet mix • Added specialty fleet for mega projects, cross-selling and end-market expansion Support customers' efficiency goals through data and telematics • Advanced our industry leading digital capabilities: ProControl by Herc Rentals™ Prioritize Capital and Invest Responsibly • Continued disciplined investments in fleet • Declared regular dividend Lead through continuous improvement with E3OS • Standardized processes • Committed to superior customer experiences Strategies to Accelerate ROIC and Increase Shareholder Returns: Grow the Core Expand Specialty Elevate Technology Allocate Capital Execute at Highest Level

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![](herc2025q3-earningsprese007.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 7 Operations Review Aaron Birnbaum Senior Vice President and Chief Operating Officer

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![](herc2025q3-earningsprese008.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 8 Focusing on Safety Onboarded over 2,500 new team members into Herc Health & Safety programs Continuing focus on Perfect Days • Q3 25 all branches reported > 97% Perfect Days • Perfect Days are those with no: • OSHA reportable incidents • At-fault moving vehicle accidents • DOT violations Total TTM Recordable Incident Rate is 0.93 — favorable to industry standard of 1.0 Proven safety record is a must-have for customers

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![](herc2025q3-earningsprese009.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 9 Delivering Growth and Resiliency through Diversification Q3 Local vs. National Revenue Mix 48% 52% NationalQ3 Revenue by Customer1 41% 23% 16% 14% 6% Local Commercial Facilities Contractors Infrastructure & Government Other Industrial • Local growth restricted by high interest-rate environment ◦ Infrastructure, government and MRO help offset moderating commercial sector • National account revenue benefiting from general growth and mega project activity ◦ Growth from mix of existing projects ramping up and new projects launching ◦ Project pipeline remains strong; supported by private- and federal-funding opportunities • Long-term, balanced target of 60% local / 40% national accounts 1. Refer to 10-K for description of industries related to each customer classification.

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![](herc2025q3-earningsprese010.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 10 Continued Strength in Key End Markets 1.Source: IIR as of September 2025 2.Source: Dodge Analytics U.S. as of September 2025 3.Source: Dodge Analytics U.S. as of September 2025; mega project defined as total dollar value exceeding $250 million Industrial Spending1 $308 $314 $352 $457 $530 $530 $559 $555 $545 $526 20 21 22 23 24 25E 26E 27E 28E 29E $ in billions Non-Residential Starts2 $261 $305 $442 $417 $449 $467 $481 $509 $539 $570 20 21 22 23 24 25E 26E 27E 28E 29E $ in billions Infrastructure Starts2 $194 $209 $257 $304 $327 $346 $361 $372 $369 $374 20 21 22 23 24 25E 26E 27E 28E 29E $ in billions Mega Project Starts3 $290 $297 $652 23 24 25E $ in billions

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![](herc2025q3-earningsprese011.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 11 Optimizing Fleet Mix and Lifecycle Performance 1. Original equipment cost based on ARA guidelines 2. End fleet as of September 30, 2025 3. Disposals exclude the divestiture of Cinelease OEC of $301 millon $167 $344 $366 $200 $74 $314 $423 2024 2025 Q1 Q2 Q3 Q4 Fleet Expenditures at OEC1 $ in millions $150 $139 $199 $235$234 $253 $375 2024 2025 Q1 Q2 Q3 Q4 Fleet Disposals at OEC1,3 $ in millions 17% 27% 13% 22% 21% • Focus on fleet efficiency: ◦ Expenditures for rotation, mega projects, specialty equipment ◦ Disposals to improve utilization and fleet mix as part of post-merger integration • Q3 25 disposals generated proceeds of ~41% of OEC ◦ Average age of fleet disposals in the quarter of 80 months • Average fleet age of 45 months at September 30, 2025 $9.6 billion at OEC1,2 Fleet Composition Specialty Aerial Earthmoving Material Handling Other

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![](herc2025q3-earningsprese012.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 12 Capitalizing on Growth Trends Across Diverse Customer and Project Base Pipeline of new construction and maintenance projects offers wide spectrum of growth opportunities • Banks • Casinos • Hospitality (hotel & motel) • Parking Garages • Religious Building • Retail Facilities • Commercial Warehousing • Education • Facility Maintenance • Healthcare • Data Centers • Sporting Events • TV, Film & Radio • Live Events Contractors (41%) Industrial (23%) Commercial Facilities (14%) Other (6%) • Aerospace • Alternative • Automotive/EV • Energy/ Renewables • Food & Beverage • Agriculture • Chemical Processing • Industrial Manufacturing • Metals & Minerals • Oil & Gas Production • Oil & Gas Pipeline • Oil & Gas Refineries • Pharmaceutical • Power • Pulp. Paper & Wood • Shipbuilding/Yards • Electrical • General Contractors • Mechanical • Remediation & Environmental • Residential • Restoration • Specialty Contractors • Airports • Bridge • Federal Government • Local & State Government • Military Base • Prisons • Railroad & Mass Transportation • Streets, Road & Highway • Sewer & Waste Disposal • Water Supply & Distribution • Utilities Infrastructure & Gov. Direct (16%) Herc Rentals is Well Positioned with Current Trending Opportunities EV/BatteryChip Plants Data Centers LNG PlantRenewables Utilities Healthcare Infrastructure New verticals since 2016 in bold.

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![](herc2025q3-earningsprese013.jpg)

Financial Review Mark Humphrey Senior Vice President and Chief Financial Officer

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![](herc2025q3-earningsprese014.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 14 Q3 2025 Financial Results \* NM - Not Meaningful 1. For a reconciliation to the most comparable GAAP financial measure, see the Appendix beginning on Slide 18 2. REBITDA measures contribution from our core rental business without impact of sales of equipment, parts and supplies 3. Based on ARA guidelines Three Months Ended September 30, Nine Months Ended September 30, $ in millions, except per share data 2025 2024 2025 vs 2024 % Change 2025 2024 2025 vs 2024 % Change Equipment Rental Revenue $1,122 $866 29.6% $2,731 $2,350 16.2% Total Revenues $1,304 $965 35.1% $3,167 $2,617 21.0% Net Income (Loss) $30 $122 (75.4)% $(23) $257 (108.9)% Earnings (Loss) Per Diluted Share $0.90 $4.28 (79.0)% $(0.75) $9.02 (108.3)% Adjusted Net Income1 $74 $124 (40.3)% $170 $265 (35.8)% Adjusted Earnings Per Diluted Share1 $2.22 $4.35 (49.0)% $5.54 $9.30 (40.4)% Adjusted EBITDA1 $551 $446 23.5% $1,299 $1,145 13.4% Adjusted EBITDA Margin1 42.3% 46.2% (390) bps 41.0% 43.8% (280) bps REBITDA1,2 $521 $428 21.7% $1,206 $1,077 12.0% REBITDA Margin1,2 45.9% 48.9% (300) bps 43.7% 45.4% (170) bps REBITDA YoY Flow-Through1,2 35.8% 46.1% NM\* 33.5% 40.7% NM\* Average Fleet3 (YoY) 38.2% 11.7% 23.2% 9.9% Dollar Utilization3 39.9% 42.2% (230) bps 38.8% 41.0% (220) bps

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![](herc2025q3-earningsprese015.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 15 Disciplined Capital Management 1. The AR Facility is excluded from current maturities of long-term debt as the Company has the intent and ability to consummate refinancing and extend the term of the agreement 2. Total liquidity includes cash and cash equivalents and the unused commitments under the ABL Credit Facility and AR Facility 3. For a definition and calculation, see the Appendix beginning on Slide 18 Maturities As of September 30, 2025 $ in millions $1,200 $800 $1,650 $1,100 $2,258 $750 $400 2026 2027 2028 2029 2030 2031 2032 2033 $81 Finance Leases 2025-2044 2027 Senior Unsecured Notes AR Facility1 2029 Senior Unsecured Notes ABL Credit Facility Ample liquidity2 of $1.8B provides financial flexibility Net leverage3 of 3.8x Adjusted free cash flow3 of $342M for nine months ended 2025 Quarterly dividend of $0.70 per share, paid on September 5, 2025 Maintained Credit Ratings Moody's CFR Ba2; S&P BB 2033 Senior Unsecured Notes 2030 Senior Unsecured Notes Term Loan Facility

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![](herc2025q3-earningsprese016.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 16 Reaffirming 2025 Outlook Key Assumptions: • Gross capex includes incremental specialty equipment to support cross-sell synergies • OEC dispositions of $1.1B to $1.2B to optimize fleet • Adjusted free cash flow1 of $400M to $500M, includes benefits from the One Big Beautiful Bill Act Metric 2025 Guidance Equipment Rental Revenue $3.7 billion to $3.9 billion Adjusted EBITDA $1.8 billion to $1.9 billion Net Rental Equipment Expenditures $400 million to $600 million Gross Capex $900 million to $1.1 billion 1. Adjusted free cash flow removes the impact of cash paid for transaction expenses. For a reconciliation to the most comparable GAAP financial measures, see the Appendix beginning on Slide 18

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![](herc2025q3-earningsprese017.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 17 Purpose, Vision, Mission and Values Purpose: We equip our customers and communities to build a brighter future

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![](herc2025q3-earningsprese018.jpg)

Appendix

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![](herc2025q3-earningsprese019.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 19 Glossary of Terms Commonly Use in the Industry OEC: Original Equipment Cost which is an operating measure based on the guidelines of the American Rental Association (ARA), which is calculated as the cost of the asset at the time it was first purchased plus additional capitalized refurbishment costs (with the basis of refurbished assets reset at the refurbishment date). Fleet Age: The OEC weighted age of the entire fleet, based on ARA guidelines. Net Fleet Capital Expenditures: Capital expenditures of rental equipment minus the proceeds from disposal of rental equipment. Dollar Utilization ($ UT): Dollar utilization is an operating measure calculated by dividing equipment rental revenue (excluding re-rent, delivery, pick-up and other ancillary revenue) by the average OEC of the equipment fleet for the relevant time period, based on ARA guidelines.

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![](herc2025q3-earningsprese020.jpg)

Q3 2025Herc Holdings Inc. NYSE: HRI 20 Reconciliation of Net Income to Adj. EBITDA and Adj. EBITDA Margin, Rental Adj. EBITDA (REBITDA), REBITDA Margin and Flow-Through EBITDA, Adjusted EBITDA, and REBITDA—EBITDA represents the sum of net income, provision (benefit) for income taxes, interest expense, net, depreciation of rental equipment and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of transaction related costs, restructuring and restructuring related charges, spin-off costs, non-cash stock based compensation charges, loss on extinguishment of debt (which is included in interest expense, net), impairment charges, gain (loss) on disposal of a business, impact of the fair value mark-up of acquired fleet, impact of the studio entertainment business and certain other items. REBITDA represents Adjusted EBITDA excluding the gain (loss) on sales of rental equipment and new equipment, parts and supplies. EBITDA, Adjusted EBITDA and REBITDA do not purport to be alternatives to net income as an indicator of operating performance. Additionally, none of these measures purports to be an alternative to cash flows from operating activities as a measure of liquidity, as they do not consider certain cash requirements such as interest payments and tax payments. Adjusted EBITDA Margin, REBITDA Margin and REBITDA Flow-Through—Adjusted EBITDA Margin (Adjusted EBITDA / Total Revenues) is a commonly used profitability ratio. REBITDA Margin (REBITDA / Equipment rental, service and other revenues) and REBITDA Flow- Through (the year-over-year change in REBITDA/the year-over-year change in Equipment rental, service, and other revenues) are useful operating profitability ratios to management and investors.

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Q3 2025Herc Holdings Inc. NYSE: HRI 21 Reconciliation of Net Income to Adj. EBITDA and Adj. EBITDA Margin, Rental Adj. EBITDA (REBITDA), REBITDA Margin and Flow-Through Three Months Ended September 30, Nine Months Ended September 30, $ in millions 2025 2024 2025 2024 Net income (loss) $30 $122 $(23) $257 Income tax provision 8 38 7 77 Interest expense, net 134 69 282 193 Depreciation of rental equipment 246 174 613 499 Non-rental depreciation and amortization 70 33 148 92 EBITDA 488 436 1,027 1,118 Non-cash stock-based compensation charges 16 7 28 16 Transaction expenses 38 3 185 9 (Gain) loss on assets held for sale (1) — 48 — Impact of the fair value mark-up of acquired fleet(1)(3) 7 — 11 — Studio entertainment(2)(3) 2 — — — Other 1 — — 2 Adjusted EBITDA 551 446 1,299 1,145 Less: Gain on sales of rental equipment 17 15 66 58 Less: Gain on sales of new equipment, parts and supplies 6 3 16 10 Less: Impact of the fair value mark-up of acquired fleet(1)(3) 7 — 11 — Rental Adjusted EBITDA (REBITDA) $521 $428 $1,206 $1,077 Total revenues $1,304 $965 $3,167 $2,617 Less: Sales of rental equipment 151 81 362 215 Less: Sales of new equipment, parts and supplies 18 9 46 28 Equipment rental, service and other revenues $1,135 $875 $2,759 $2,374 Total revenues $1,304 $965 $3,167 $2,617 Adjusted EBITDA $551 $446 $1,299 $1,145 Adjusted EBITDA Margin(4) 42.3 % 46.2 % 41.0 % 43.8 % Equipment rental, service and other revenues $1,135 $875 $2,759 $2,374 REBITDA $521 $428 $1,206 $1,077 REBITDA Margin 45.9 % 48.9 % 43.7 % 45.4 % YOY Change in REBITDA $93 $129 YOY Change in Equipment rental, service and other revenues $260 $385 YOY REBITDA Flow-Through 35.8 % 33.5 % (1) Reflects additional costs recorded in cost of sales of rental equipment associated with the fair value mark-up of rental equipment acquired in major acquisitions and subsequently sold. (2) Reflects the adjusted EBITDA impact of the Cinelease studio entertainment business prior to its divestiture on July 31, 2025. (3) Prior year amounts for items (1) and (2) above have not been restated as the adjustments were immaterial. (4) Adjusted EBITDA margin excluding revenue from Cinelease studio entertainment is 42.4% and 41.5% for the three and nine months ended September 30, 2025, respectively.

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Q3 2025Herc Holdings Inc. NYSE: HRI 22 REBITDA Margin and Flow-Through Quarterly Trend $ in millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Net income (loss) $65 $70 $122 $(46) $211 $(18) $(35) $30 Income tax provision (benefit) 16 23 38 3 80 10 (11) 8 Interest expense, net 61 63 69 67 260 62 86 134 Depreciation of rental equipment 160 165 174 180 679 172 195 246 Non-rental depreciation and amortization 29 30 33 35 127 33 45 70 EBITDA 331 351 436 239 1,357 259 280 488 Non-cash stock-based compensation charges 5 4 7 1 17 6 6 16 Transaction related costs 3 3 3 2 11 74 73 38 Loss (gain) on assets held for sale — — — 194 194 — 49 (1) Impact of the fair value mark-up of acquired fleet(1)(3) — — — — — — 4 7 Studio entertainment(2)(3) — — — — — (1) (1) 2 Other — 2 — 2 4 — (1) 1 Adjusted EBITDA 339 360 446 438 1,583 338 410 551 Less: Gain on sales of rental equipment 23 20 15 29 87 29 20 17 Less: Gain on sales of new equipment, parts and supplies 3 4 3 3 13 3 7 6 Less: Impact of the fair value mark-up of acquired fleet(1)(3) — — — — — — 4 7 Rental Adjusted EBITDA (REBITDA) $313 $336 $428 $406 $1,483 $306 $379 $521 Total revenues $804 $848 $965 $951 $3,568 $861 $1,002 $1,304 Less: Sales of rental equipment 69 65 81 96 311 105 106 151 Less: Sales of new equipment, parts and supplies 9 10 9 9 37 11 17 18 Equipment rental, service and other revenues $726 $773 $875 $846 $3,220 $745 $879 $1,135 REBITDA Margin 43.1 % 43.5 % 48.9 % 48.0 % 46.1 % 41.1 % 43.1 % 45.9 % YOY REBITDA Flow-Through 50.8 % 21.9 % 46.1 % 47.8 % 42.9 % (36.8) % 40.6 % 35.8 % (1) Reflects additional costs recorded in cost of sales of rental equipment associated with the fair value mark-up of rental equipment acquired in major acquisitions and subsequently sold. (2) Reflects the adjusted EBITDA impact of the Cinelease studio entertainment business prior to its divestiture on July 31, 2025. (3) Prior year amounts for items (1) and (2) above have not been restated as the adjustments were immaterial.

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Q3 2025Herc Holdings Inc. NYSE: HRI 23 REBITDA Margin and Flow-Through Annual Trend $ in millions 2020 2021 2022 2023 2024 Net income $74 $224 $330 $347 $211 Income tax provision 20 67 104 100 80 Interest expense, net 93 86 122 224 260 Depreciation of rental equipment 403 420 536 643 679 Non-rental depreciation and amortization 63 68 95 112 127 EBITDA 653 865 1,187 1,426 1,357 Non-cash stock-based compensation charges 16 23 27 18 17 Impairment 15 3 3 — — Transaction related costs — 4 7 8 11 Loss on assets held for sale / disposal of business 3 — — — 194 Other 2 — 3 — 4 Adjusted EBITDA 689 895 1,227 1,452 1,583 Less: Gain (loss) on sales of rental equipment (5) 19 36 94 87 Less: Gain on sales of new equipment, parts and supplies 8 10 15 13 13 Rental Adjusted EBITDA (REBITDA) $686 $866 $1,176 $1,345 $1,483 Total revenues $1,780 $2,073 $2,740 $3,282 $3,568 Less: Sales of rental equipment 198 113 125 346 311 Less: Sales of new equipment, parts and supplies 28 31 36 38 37 Equipment rental, service and other revenues $1,554 $1,929 $2,579 $2,898 $3,220 REBITDA Margin 44.2 % 44.8 % 45.7 % 46.4 % 46.1 % YOY REBITDA Flow-Through 27.9 % 47.5 % 48.1 % 53.0 % 42.9 %

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Q3 2025Herc Holdings Inc. NYSE: HRI 24 Reconciliation of Net Income and Adjusted Earnings Per Diluted Share Three Months Ended September 30, Nine Months Ended September 30, $ in millions 2025 2024 2025 2024 Net income (loss) $30 $122 ($23) $257 Transaction expenses 38 3 185 9 (Gain) loss on assets held for sale (1) — 48 — Merger related intangible asset amortization(1) 30 — 40 — Impact on depreciation related to acquired fleet(2) (21) — (30) — Impact of the fair value mark-up of acquired fleet(3) 7 — 11 — Studio entertainment pretax loss(4) 3 — 2 — Other(5) 1 — — 2 Tax impact of adjustments above(6) (13) (1) (63) (3) Adjusted net income(7) $74 $124 $170 $265 Diluted shares outstanding 33.3 28.5 30.7 28.5 Adjusted earnings per diluted share $2.22 $4.35 $5.54 $9.30 Adjusted Net Income and Adjusted Earnings Per Diluted Share - Adjusted Net Income represents the sum of net income (loss), transaction related costs, restructuring and restructuring related charges, spin-off costs, loss on extinguishment of debt, impairment charges, gain (loss) on the disposal of a business, merger related intangible asset amortization, impact on depreciation of acquired fleet, impact of the fair value mark up of acquired fleet, income (loss) of the studio entertainment business and certain other items. Adjusted Earnings per Diluted Share represents Adjusted Net Income divided by diluted shares outstanding. Adjusted Net Income and Adjusted Earnings Per Diluted Share are important measures to evaluate our results of operations between periods on a more comparable basis and to help investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provide useful information to both management and investors by excluding certain items that may not be indicative of our core operating results and operational strength of our business. (1) Reflects the amortization of the intangible assets acquired in major acquisitions completed since 2024. (2) Reflects the impact of extending the useful lives of rental equipment acquired in major acquisitions, net of the impact of additional depreciation associated with the fair value mark-up of such equipment. (3) Reflects additional costs recorded in cost of sales of rental equipment associated with the fair value mark-up of rental equipment acquired in major acquisitions and subsequently sold. (4) Reflects the pre-tax impact of the Cinelease studio entertainment business prior to its divestiture on July 31, 2025. (5) Other consists of restructuring charges, impairment and spin-off costs. (6) The tax rate applied for all adjustments, excluding studio entertainment pretax loss, is 25.0% in the three and nine months ended September 30, 2025 and 25.5% in the three and nine months ended September 30, 2024 and reflects the statutory rates in the applicable entities. The tax rate applied for the studio entertainment adjustments is 24.2% in the three and nine months ended September 30, 2025 and reflects the stand-alone annual effective tax rate. (7) Prior year amounts for items (1), (2), (3) and (4) above have not been restated as the adjustments were immaterial.

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Q3 2025Herc Holdings Inc. NYSE: HRI 25 Calculation of Net Leverage Ratio $ in millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025(1) Q3 2025(1) Long-Term Debt, Net $3,753 $3,864 $4,163 $4,069 $4,026 $8,251 $8,164 (Plus) Current maturities of long-term debt 15 15 15 17 17 23 26 (Plus) Unamortized debt issuance costs and debt discount 5 13 13 12 11 50 49 (Less) Cash and Cash Equivalents (63) (70) (142) (83) (48) (53) (61) Net Debt $3,710 $3,822 $4,049 $4,015 $4,006 $8,271 $8,178 Trailing Twelve-Month Adjusted EBITDA 1,483 1,491 1,527 1,583 1,583 2,200 2,132 Net Leverage 2.5 x 2.6 x 2.7 x 2.5 x 2.5 x 3.8 x 3.8 x Net Leverage Ratio –The Company has defined its net leverage ratio as net debt, as calculated below, divided by adjusted EBITDA for the trailing twelve- month period. This measure should be considered supplemental to and not a substitute for financial information prepared in accordance with GAAP. The Company's definition of this measure may differ from similarly titled measures used by other companies. (1) Trailing Twelve-Month Adjusted EBITDA includes the historical results of Herc and H&E combined for the period.

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Q3 2025Herc Holdings Inc. NYSE: HRI 26 Reconciliation of Free Cash Flow Nine Months Ended September 30, Year Ended December 31, $ in millions 2025 2024 2024 2023 2022 Net cash provided by operating activities $770 $894 $1,225 $1,086 $917 Rental equipment expenditures (835) (753) (1,048) (1,320) (1,168) Proceeds from disposal of rental equipment 306 198 288 325 121 Net Fleet Capital Expenditures (529) (555) (760) (995) (1,047) Non-rental capital expenditures (123) (127) (161) (156) (104) Proceeds from disposal of property and equipment 15 6 10 15 7 Other — — — (15) (23) Free Cash Flow 133 218 314 (65) (250) Acquisitions, net of cash acquired (4,256) (567) (600) (430) (515) Proceeds from disposal of business, net 99 — — — — (Increase) decrease in Net Debt, excluding financing activities $(4,024) $(349) $(286) $(495) $(765) Free Cash Flow $133 Cash paid for transaction related costs 209 Adjusted Free Cash Flow $342 Free cash flow is not a recognized term under GAAP and should not be considered in isolation or as a substitute for our reported results prepared in accordance with GAAP. Further, since all companies do not use identical calculations, our definition and presentation of this measure may not be comparable to similarly titled measures reported by other companies. Free Cash Flow and Adjusted Free Cash Flow—Free cash flow represents net cash provided by (used in) operating activities less rental equipment expenditures and non-rental capital expenditures, plus proceeds from disposal of rental equipment, proceeds from disposal of property and equipment, and other investing activities. Adjusted free cash flow removes the impact on operating activities of cash paid for transaction costs. Free cash flow and adjusted free cash flow are used by management in analyzing the Company's ability to service and repay its debt, fund potential acquisitions and to forecast future periods. However, this measure does not represent funds available for investment or other discretionary uses since it does not deduct cash used to service debt or for other non-discretionary expenditures.

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Q3 2025Herc Holdings Inc. NYSE: HRI 27 Historical Fleet at OEC1 $ in millions FY 2020 FY 2021 FY 2022 FY 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Beginning Balance $3,822 $3,589 $4,381 $5,637 $6,328 $6,416 $6,714 $7,088 $6,328 $7,044 $6,879 $9,858 Expenditures 348 725 1,218 1,218 167 344 366 200 1,077 74 314 423 Disposals (552) (281) (322) (813) (150) (139) (199) (235) (723) (234) (253) (375) Acquisitions 28 346 395 303 76 100 200 19 395 — 2,893 — Divestiture (46) — — — — — — — — — — (301) Foreign Currency / Other (11) 2 (35) (17) (5) (7) 7 (28) (33) (5) 25 (5) Ending Balance $3,589 $4,381 $5,637 $6,328 $6,416 $6,714 $7,088 $7,044 $7,044 $6,879 $9,858 $9,600 Proceeds as a percent of OEC 37.0 % 41.8 % 44.4 % 44.2 % 49.5 % 47.9 % 42.4 % 42.4 % 44.9 % 44.8 % 43.5 % 41.4 % 1. Original equipment cost based on ARA guidelines.

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Q3 2025Herc Holdings Inc. NYSE: HRI 28 For additional information, please contact: Leslie Hunziker SVP Investor Relations, Communications & Sustainability leslie.hunziker@hercrentals.com 239-301-1675

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