Sunbelt Rentals 2025年度报告

LEADINGTHE FUTUREOF RENTAL Sunbelt Rentals Holdings, Inc., operating as SunbeltRentals, is a leading global provider of rental equipmentand services based in Fort Mill, South Carolina. Ourpassionate, customer-centric team of 26,000 employeescombines execution-focused resolve with SunbeltRentals’ innovative array of rental solutions across a vastRIX[SVOSJSZIVPSGEXMSRWERH[MXLEǘIIXSJEWWIXWexceeding $19 billion. Sunbelt Rentals is committed to delivering unrivaledquality and support for its customers across anincreasingly diverse array of industries, project typesand end markets, including construction, live events,maintenance and countless emerging applicationsranging from small-scale developments to mega projects. Forward-Looking Statements This annual report contains “forward-looking statements” within themeaning of the federal securities laws, including the U.S. PrivateSecurities Litigation Reform Act of 1995, as amended, including, withoutlimitation, statements concerning our Sunbelt 4.0 strategy and actionablecomponents, and growth opportunities. Forward-looking statementsinclude all statements that do not relate solely to historical or currentJEGXWERHGERFIMHIRXMǗIHF]XLIYWISJ[SVHWWYGLEWƉQE]ƊƉQMKLXƊ“will,” “should,” “commit,” “enable,” “estimate,” “focused on,” “positioned,”“project,” “plan,” “anticipate,” “expect,” “intend,” “outlook,” “believe” and othersimilar expressions. You are cautioned not to place undue reliance on theseforward-looking statements, which speak only as of the date hereof. These forward-looking statements are based on estimates andassumptions by our management that, although we believe to bereasonable, are inherently uncertain and subject to a number of risks anduncertainties. These risks and uncertainties include, without limitation,XLSWIHMWGYWWIHMRSYV%RRYEP6ITSVXSR*SVQ/JSVXLIǗWGEP]IEVIRHIH%TVMPERHSXLIVǗPMRKW[MXLXLI977IGYVMXMIWERHExchange Commission. Forward-looking statements made in this annualreport speak only as of its date, and we undertake no obligation to updatethem in light of new information or future events, except as required by law. WHERE RENTAL MEETS SCALE AND EXPERTISE 26KTEAM MEMBERS $19BORIGINAL EQUIPMENT COST 1,600LOCATIONS COMPREHENSIVE SOLUTIONS OFFERING GENERAL TOOL & EQUIPMENT SPECIALTY DIVERSIFIED END MARKETS.DISTINCT ADVANTAGE. A balanced mix delivers a larger, more resilient addressable market—driving rental penetration and extending our runway for growth. •Non-residential•Residential•Specialty Trade•Mega Projects •Maintenance, Repair and Operations•Entertainment and Live Events•Emergency Response•State and Local Government•Agriculture•National Defense•Industrial•Infrastructure NON-CONSTRUCTIONRESILIENT END MARKETSOFFER VAST OPPORTUNITY FOR GROWTH Maintenance, Repair and Operations Entertainment and Special Events A highly stable end market driven by essential,nondiscretionary maintenance demand, including facilityupkeep, that remains consistent across economic cycles. 'SRGIVXWWTSVXMRKIZIRXWǗPQTVSHYGXMSRERHPEVKIWGEPIgatherings create recurring, event-driven demand withstrong visibility and long-term growth potential. $518BANNUAL U.S. MARKET SPEND2 $632BANNUAL U.S. MARKET SPEND1 State and Local Government Emergency Response and Restoration Most stable end market, with spending typically determinedin advance across projects like infrastructure, public worksand municipal projects, providing consistent activity largelyinsulated from economic cycles. 0EVKIWGEPIHMWEWXIVWWYGLEWLYVVMGERIWERH[MPHǗVIWdrive demand spikes, complemented by steady day-to-dayemergency response and recovery work. $80BANNUAL U.S. MARKET SPEND3 $1,020BANNUAL U.S. MARKET SPEND4 A NEW CHAPTER BEGINS SUNB Starts Trading on the New York Stock Exchange On March 2, 2026, Sunbelt Rentals (NYSE: SUNB) achieved aHIǗRMRKQMPIWXSRIVIPMWXMRKSRXLI2I[=SVO7XSGO)\GLERKI(NYSE) and reinforcing our position as a leading NorthAmerican rental provider. The move marks the next step in ourgrowth journey, aligning our market presence with the regionwhere most of our operations, team members and customersare based, while expanding our access to U.S. capital markets to support long-term growth. In celebration of this historicmoment, Team Green rang the iconic NYSE opening bellEPSRKWMHIQSVIXLERXIEQQIQFIVWSRXLIXVEHMRKǘSSVwith colleagues across the business sharing in the momentvia livestream. Together, we marked not only a milestone inour company’s history, but the beginning of an exciting newchapter ahead. INVESTMENTHIGHLIGHTS Market leadership in astructurally growing industry Distinct competitive advantagesthat compound over time Clear growth paths to drivesignificant value creation Growth and resilience drivefinancial outperformancethrough the cycle Disciplined capitalallocation powered bystrong free cashflow DEAR STOCKHOLDERS, Fiscal 2026 was a year of growth, meani