株探米国株
日本語 英語
エドガーで原本を確認する
false000136447900013644792025-07-292025-07-29

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): July 29, 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:
☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐       Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐         Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐       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.  ☐
1

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On July 29, 2025, Herc Holdings Inc. (the “Company”) issued a press release regarding its financial results for its second quarter ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
On July 29, 2025, the Company will conduct an earnings webcast relating to the Company’s financial results for the second 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
Number		 Description
99.1
99.2
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)



2

 
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.
(Registrant)
By: /s/ MARK HUMPHREY
Name: Mark Humphrey
Title: Senior Vice President and Chief Financial Officer
Date:  July 29, 2025

3
EX-99.1 2 herc2025q2-pressrelease.htm EX-99.1 Document


Herc Holdings Reports First Half 2025 Results and
Updates 2025 Full Year Guidance

Second Quarter 2025 Highlights
–H&E acquisition closed on June 2, 2025
–Completed financing of $4.4 billion of new debt at weighted average interest rate of 6.8%
–Equipment rental revenue of $870 million increased 14%
–Total revenues of $1,002 million increased 18%
–Net loss of $35 million or $1.17 per share driven primarily by the H&E acquisition transaction costs and loss on Cinelease assets held for sale
–Adjusted EBITDA of $406 million increased 13% with adjusted EBITDA margin of 41%

Bonita Springs, Fla., July 29, 2025 -- Herc Holdings Inc. (NYSE: HRI) ("Herc Holdings" or the "Company") today reported financial results for the quarter ended June 30, 2025.
“The second quarter marked an important milestone for our company. On June 2nd, we completed the transaction to bring Herc Rentals and H&E Equipment Services together. This acquisition, the largest in the industry, will accelerate our strategy to deliver market leading growth and superior value creation by providing geographic and customer diversification, a substantially expanded footprint in key regions with economies of scale, and a larger fleet to strengthen our position as a premier rental company in North America,” said Larry Silber, president and chief executive officer.

“With the merger now behind us, our focus is on integration, optimization and ensuring delivery of the revenue and cost synergy targets we established. It has been only about 8 weeks since the close and I am pleased with the go-to-market collaboration, fleet sharing, and process alignment. The teams are working very well together, united in their shared commitment to our customers’ success and energized by the unique opportunity that our combined strengths represent.”

“While integration is off to a great start, of course there is a lot of work ahead. H&E’s performance was impacted by disruptions to the employee base during the acquisition bidding process and through the closing. Since taking over, we have stabilized that, but dis-synergies had already resulted. Those, combined with the continued moderation in the interest-rate sensitive commercial sector are factored into our new, combined outlook for 2025, which also incorporates offsetting strength in mega project activity and ongoing growth in our specialty solutions business.”

2025 Second Quarter Financial Results

•Total revenues increased 18% to $1,002 million compared to $848 million in the prior-year period. This year-over-year increase was driven by a 14% increase in equipment rental revenue, which includes the impact of second half 2024 acquisitions and the June 2025 results of H&E. Sales of rental equipment increased by $41 million during the period.

•Dollar utilization decreased to 38.3% in the second quarter compared to 41.0% in the prior-year period, primarily reflecting the impact from the H&E acquisition and year-over-year decline of the Cinelease business.

•Direct operating expenses were $379 million, or 43.6% of equipment rental revenue, compared to $326 million, or 42.6% in the prior-year period. The increase as a percent of rental revenue related to lower fixed cost absorption due to the ongoing moderation in certain local markets.


1


•Depreciation of rental equipment increased 18% to $195 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 50% to $45 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.

•Selling, general and administrative expenses were $127 million, or 14.6% of equipment rental revenue compared to $117 million, or 15.3% of equipment rental revenue in the prior-year period. The improvement as a percent of equipment rental revenue was related to initial cost synergies obtained through reduction of H&E corporate overhead as well as overall cost control measures introduced to mitigate the impact of ongoing moderation in certain local markets.

•Transaction expenses were $73 million compared to $3 million in the prior-year period. The increase is related to costs incurred for the H&E acquisition, primarily advisory fees of $27 million, commitment fees related to the bridge facility of $21 million and various other consulting and legal fees.

•Interest expense increased to $86 million compared with $63 million in the prior-year period due to new debt facilities issued in June 2025 to fund the H&E acquisition.
•Loss on assets held for sale was $49 million during the second quarter of 2025 to adjust the carrying value of Cinelease net assets to its fair value less estimated costs to sell.

•Net loss was $35 million compared to net income of $70 million in the prior-year period. Adjusted net income decreased 24% to $56 million, or $1.87 per diluted share, compared to $74 million, or $2.60 per diluted share, in the prior-year period. The income tax benefit in the second quarter was primarily driven by the non-deductible transaction costs related to the H&E acquisition.

•Adjusted EBITDA increased 13% to $406 million compared to $360 million in the prior-year period and adjusted EBITDA margin was 40.5% compared to 42.5% in the prior-year period. The decrease was primarily due to the increased volume of lower margin sales of used equipment and the impact of the H&E acquisition.

2025 First Half Financial Results

•Total revenues increased 13% to $1,863 million compared to $1,652 million in the prior-year period. The year-over-year increase was driven by a 8% increase in equipment rental revenue, which includes the impact of second half 2024 acquisitions and the June 2025 results of H&E. Sales of rental equipment increased by $77 million during the period.

•Dollar utilization decreased to 38.0% compared to 40.4% in the prior-year period, primarily reflecting the impact from the H&E acquisition and year-over-year decline of the Cinelease business.

•Direct operating expenses were $706 million, or 43.9% of equipment rental revenue, compared to $633 million, or 42.7%, in the prior-year period. The increase as a percent of rental revenue related to lower fixed cost absorption due to the ongoing moderation in certain local markets.

•Depreciation of rental equipment increased 13% to $367 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 32% to $78 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.

2


•Selling, general and administrative expenses were $245 million, or 15.2% of equipment rental revenue, compared to $229 million, or 15.4% of equipment rental revenue, in the prior-year period. The improvement as a percent of equipment rental revenue was related to initial cost synergies obtained through reduction of H&E corporate overhead as well as overall cost control measures introduced to mitigate the impact of ongoing moderation in certain local markets.

•Transaction expenses were $147 million compared to $6 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 and legal fees.

•Interest expense increased to $148 million compared with $124 million in the prior-year period due to new debt facilities issued in June 2025 to fund the H&E acquisition.

•Loss on assets held for sale was $49 million during the first half of 2025 to adjust the carrying value of Cinelease net assets to its fair value less estimated costs to sell.

•Net loss was $53 million compared to net income of $135 million in the prior-year period. Adjusted net income decreased 34% to $93 million, or $3.17 per diluted share, compared to $141 million, or $4.96 per diluted share, in the prior-year period. The income tax benefit in the first half was primarily driven by the level of pre-tax loss offset by non-deductible transaction costs related to the H&E acquisition.

•Adjusted EBITDA increased 7% to $745 million compared to $699 million in the prior-year period and adjusted EBITDA margin was 40.0% compared to 42.3% in the prior-year period, primarily due to the increased volume of lower margin sales of used equipment and the impact of the H&E acquisition.

Rental Fleet
•Net rental equipment capital expenditures were as follows (in millions):
Six Months Ended June 30,
2025 2024
Rental equipment expenditures $ 421  $ 468 
Proceeds from disposal of rental equipment (183) (125)
Net rental equipment capital expenditures $ 238  $ 343 
•As of June 30, 2025, the Company's total fleet was approximately $9.9 billion at OEC.
•Average fleet at OEC in the second quarter increased 21% compared to the prior-year period.
•Average fleet age was 46 months and 47 months at June 30, 2025 and 2024, respectively.

Disciplined Capital Management
•The Company opened 11 new greenfield locations during the six months ended June 30, 2025.

•Net debt was $8.3 billion as of June 30, 2025, with net leverage of 3.8x1 compared to 2.6x in the same prior-year period. Cash and cash equivalents and unused commitments under the ABL Credit Facility contributed to approximately $1.6 billion of liquidity as of June 30, 2025.

•The Company declared its quarterly dividend of $0.70 paid to shareholders of record as of May 30, 2025 on June 13, 2025.

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

3



2025 Outlook—Excluding Cinelease
The Company is updating 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' second 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 622 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 10,200 employees, who equip our customers and communities to build a brighter future. Learn more at www.HercRentals.com and follow us on Instagram, Facebook and LinkedIn.


4


Certain Additional Information
In this release we refer to the following operating measures:
•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).
•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 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.


5


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, adjusted free cash flow and certain results excluding the Cinelease studio entertainment business. 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.

Contact:
Leslie Hunziker
Senior Vice President,
Investor Relations, Communications & Sustainability
Leslie.hunziker@hercrentals.com
239-301-1675

(See Accompanying Tables)

6

HERC HOLDINGS INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Unaudited
(In millions, except per share data)

Three Months Ended June 30,
Six Months Ended June 30,
  2025 2024 2025 2024
Revenues:
Equipment rental $ 870  $ 765  $ 1,609  $ 1,484 
Sales of rental equipment 106  65  211  134 
Sales of new equipment, parts and supplies 17  10  28  19 
Service and other revenue 9  8  15  15 
Total revenues 1,002  848  1,863  1,652 
Expenses:
Direct operating 379  326  706  633 
Depreciation of rental equipment 195  165  367  325 
Cost of sales of rental equipment 86  45  162  91 
Cost of sales of new equipment, parts and supplies 10  6  18  12 
Selling, general and administrative 127  117  245  229 
Transaction expenses 73  3  147  6 
Non-rental depreciation and amortization 45  30  78  59 
Interest expense, net 86  63  148  124 
Loss on assets held for sale 49  —  49  — 
Other expense (income), net (2) —  (3) (1)
Total expenses 1,048  755  1,917  1,478 
Income (loss) before income taxes (46) 93  (54) 174 
Income tax benefit (provision) 11  (23) 1  (39)
Net income (loss) $ (35) $ 70  $ (53) $ 135 
Weighted average shares outstanding:
Basic 30.0  28.4  29.2  28.3 
Diluted 30.0  28.5  29.2  28.4 
Earnings (loss) per share:
Basic $ (1.17) $ 2.46  $ (1.82) $ 4.77 
Diluted $ (1.17) $ 2.46  $ (1.82) $ 4.75 

A - 1



HERC HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
June 30, 2025 December 31, 2024
ASSETS (unaudited)  
Cash and cash equivalents $ 53  $ 83 
Receivables, net of allowances 778  589 
Prepaid expenses 63  47 
Other current assets 26  40 
Current assets held for sale 23  17 
Total current assets 943  776 
Rental equipment, net 6,015  4,225 
Property and equipment, net 865  554 
Right-of-use lease assets 1,475  852 
Intangible assets, net 1,622  572 
Goodwill 2,901  670 
Other long-term assets 17  8 
Long-term assets held for sale 180  220 
Total assets $ 14,018  $ 7,877 
LIABILITIES AND EQUITY    
Current maturities of long-term debt and financing obligations $ 28  $ 21 
Current maturities of operating lease liabilities 55  39 
Accounts payable 325  248 
Accrued liabilities 391  239 
Current liabilities held for sale 19  15 
Total current liabilities 818  562 
Long-term debt, net 8,251  4,069 
Financing obligations, net 98  101 
Operating lease liabilities 1,454  842 
Deferred tax liabilities 1,377  800 
Other long-term liabilities 53  47 
Long-term liabilities held for sale 56  60 
Total liabilities 12,107  6,481 
Total equity 1,911  1,396 
Total liabilities and equity $ 14,018  $ 7,877 

A - 2

HERC HOLDINGS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In millions)
Six Months Ended June 30,
  2025 2024
Cash flows from operating activities:
Net income (loss) $ (53) $ 135 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation of rental equipment 367  325 
Depreciation of property and equipment 47  39 
Amortization of intangible assets 31  20 
Amortization of deferred debt and financing obligations costs 3  2 
Stock-based compensation charges 12  9 
Provision for receivables allowances 31  28 
Loss on assets held for sale 49  — 
Deferred taxes (58) 20 
Gain on sale of rental equipment (49) (43)
Other 5  6 
Changes in assets and liabilities, net of effects from acquisitions:
Receivables 3  (22)
Other assets (14) 9 
Accounts payable (6) 13 
Accrued liabilities and other long-term liabilities 44  17 
Net cash provided by operating activities 412  558 
Cash flows from investing activities:
Rental equipment expenditures (421) (468)
Proceeds from disposal of rental equipment 183  125 
Non-rental capital expenditures (80) (71)
Proceeds from disposal of property and equipment 9  4 
Acquisitions, net of cash acquired (4,251) (290)
Net cash used in investing activities (4,560) (700)
Cash flows from financing activities:
Proceeds from issuance of long-term debt 3,467  800 
Proceeds from revolving lines of credit and securitization 3,361  840 
Repayments on revolving lines of credit and securitization (2,645) (1,433)
Principal payments under finance lease and financing obligations (10) (10)
Dividends paid (41) (39)
Other financing activities, net (14) (17)
Net cash provided by financing activities 4,118  141 
Effect of foreign exchange rate changes on cash and cash equivalents —  — 
Net change in cash and cash equivalents during the period (30) (1)
Cash and cash equivalents at beginning of period 83  71 
Cash and cash equivalents at end of period $ 53  $ 70 

A - 3

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 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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net income (loss) $ (35) $ 70  $ (53) $ 135 
Income tax provision (benefit) (11) 23  (1) 39 
Interest expense, net 86  63  148  124 
Depreciation of rental equipment 195  165  367  325 
Non-rental depreciation and amortization 45  30  78  59 
EBITDA 280  351  539  682 
Non-cash stock-based compensation charges 5  4  11  9 
Transaction related costs 73  3  147  6 
Loss on assets held for sale 49  —  49  — 
Other(1)
 (1) 2  (1) 2 
Adjusted EBITDA $ 406  $ 360  $ 745  $ 699 
Total revenues 1,002  848  1,863  1,652 
Adjusted EBITDA $ 406  $ 360  $ 745  $ 699 
Adjusted EBITDA margin 40.5  % 42.5  % 40.0  % 42.3  %
(1) Other consists of restructuring charges and spin-off costs.


A - 4

HERC HOLDINGS INC. AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
EBITDA, ADJUSTED EBITDA AND ADJUSTED REBITDA
EXCLUDING STUDIO ENTERTAINMENT RECONCILIATIONS
Unaudited
(in millions)


EBITDA, Adjusted EBITDA, REBITDA, Adjusted EBITDA Margin, REBITDA Margin and REBITDA Flow-Through Excluding Studio Entertainment - Each metric below has been adjusted to exclude the studio entertainment business due to the intent to sell that business and provides the operating performance of the remaining business.
Three Months Ended June 30, 2025
Three Months Ended June 30, 2024
Herc Studio Ex-Studio Herc Studio Ex-Studio
Equipment rental revenue $ 870  $ 16  $ 854  $ 765  $ 26  $ 739 
Total revenues 1,002  18  984  848  29  819 
Total expenses 1,048  66  982  755  21  734 
Income (loss) before income taxes (46) (48) 2  93  8  85 
Income tax (provision) benefit 11  12  (1) (23) (4) (19)
Net income (loss) (35) (36) 1  70  4  66 
Income tax provision (11) (12) 1  23  4  19 
Interest expense, net 86  —  86  63  —  63 
Depreciation of rental equipment 195  —  195  165  —  165 
Non-rental depreciation and amortization 45  —  45  30  —  30 
EBITDA 280  (48) 328  351  8  343 
Non-cash stock-based compensation charges 5  —  5  4  —  4 
Transaction related costs 73  1  72  3  —  3 
Loss on assets held for sale 49  49  —  —  —  — 
Other (1) (1) —  2  —  2 
Adjusted EBITDA 406  1  405  360  8  352 
Less: Gain (loss) on sales of rental equipment 20  (1) 21  20  1  19 
Less: Gain (loss) on sales of new equipment, parts and supplies 7  1  6  4  1  3 
Rental Adjusted EBITDA (REBITDA) $ 379  $ 1  $ 378  $ 336  $ 6  $ 330 
Total revenues $ 1,002  $ 18  $ 984  $ 848  $ 29  $ 819 
Adjusted EBITDA $ 406  $ 1  $ 405  $ 360  $ 8  $ 352 
Adjusted EBITDA margin 40.5  % 5.6  % 41.2  % 42.5  % 27.6  % 43.0  %
Total revenues $ 1,002  $ 18  $ 984  $ 848  $ 29  $ 819 
Less: Sales of rental equipment 106  (1) 107  65  —  65 
Less: Sales of new equipment, parts and supplies 17  1  16  10  2  8 
Equipment rental, service and other revenues $ 879  $ 18  $ 861  $ 773  $ 27  $ 746 
Equipment rental, service and other revenues $ 879  $ 18  $ 861  $ 773  $ 27  $ 746 
Adjusted REBITDA $ 379  $ 1  $ 378  $ 336  $ 6  $ 330 
Adjusted REBITDA margin 43.1  % 5.6  % 43.9  % 43.5  % 22.2  % 44.2  %


A - 5

HERC HOLDINGS INC. AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
EBITDA, ADJUSTED EBITDA AND ADJUSTED REBITDA
EXCLUDING STUDIO ENTERTAINMENT RECONCILIATIONS
Unaudited
(In millions)

EBITDA, Adjusted EBITDA, REBITDA, Adjusted EBITDA Margin, REBITDA Margin and REBITDA Flow-Through Excluding Studio Entertainment - Each metric below has been adjusted to exclude the studio entertainment business due to the intent to sell that business and provides the operating performance of the remaining business.
Six Months Ended June 30, 2025
Six Months Ended June 30, 2024
Herc Studio Ex-Studio Herc Studio Ex-Studio
Equipment rental revenue $ 1,609  $ 31  $ 1,578  $ 1,484  $ 55  $ 1,429 
Total revenues 1,863  35  1,828  1,652  59  1,593 
Total expenses 1,917  83  1,834  1,478  42  1,436 
Income (loss) before income taxes (54) (48) (6) 174  17  157 
Income tax (provision) benefit 1  12  (11) (39) (6) (33)
Net income (loss) (53) (36) (17) 135  11  124 
Income tax provision (1) (12) 11  39  6  33 
Interest expense, net 148  —  148  124  —  124 
Depreciation of rental equipment 367  —  367  325  —  325 
Non-rental depreciation and amortization 78  —  78  59  —  59 
EBITDA 539  (48) 587  682  17  665 
Non-cash stock-based compensation charges 11  —  11  9  —  9 
Transaction related costs 147  2  145  6  1  5 
Loss on assets held for sale 49  49  —  —  —  — 
Other (1) (1) —  2  —  2 
Adjusted EBITDA 745  2  743  699  18  681 
Less: Gain (loss) on sales of rental equipment 49  —  49  43  1  42 
Less: Gain (loss) on sales of new equipment, parts and supplies 10  1  9  7  2  5 
Rental Adjusted EBITDA (REBITDA) $ 686  $ 1  $ 685  $ 649  $ 15  $ 634 
Total revenues $ 1,863  $ 35  $ 1,828  $ 1,652  $ 59  $ 1,593 
Adjusted EBITDA $ 745  $ 2  $ 743  $ 699  $ 18  $ 681 
Adjusted EBITDA margin 40.0  % 5.7  % 40.6  % 42.3  % 30.5  % 42.7  %
Total revenues $ 1,863  $ 35  $ 1,828  $ 1,652  $ 59  $ 1,593 
Less: Sales of rental equipment 211  —  211  134  —  134 
Less: Sales of new equipment, parts and supplies 28  2  26  19  3  16 
Equipment rental, service and other revenues $ 1,624  $ 33  $ 1,591  $ 1,499  $ 56  $ 1,443 
Equipment rental, service and other revenues $ 1,624  $ 33  $ 1,591  $ 1,499  $ 56  $ 1,443 
Adjusted REBITDA $ 686  $ 1  $ 685  $ 649  $ 15  $ 634 
Adjusted REBITDA Margin 42.2  % 3.0  % 43.1  % 43.3  % 26.8  % 43.9  %

A - 6


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 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 June 30, Six Months Ended June 30,
2025 2024 2025 2024
Net income (loss) $ (35) $ 70  $ (53) $ 135 
Transaction related costs 73  3  147  6 
Loss on assets held for sale 49  —  49  — 
Other(1)
 (1) 2  (1) 2 
Tax impact of adjustments(2)
 (30) (1) (49) (2)
Adjusted net income $ 56  $ 74  $ 93  $ 141 
Diluted shares outstanding 30.0  28.5  29.3  28.4 
Adjusted earnings per diluted share $ 1.87  $ 2.60  $ 3.17  $ 4.96 
(1) Other consists of restructuring charges and spin-off costs.
(2) The tax rate applied for adjustments is 25.0% in the three and six months ended June 30, 2025 and 25.5% in the three and six months ended June 30, 2024 and reflects the statutory rates in the applicable entities.



A - 7

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.

Six Months Ended June 30,
2025 2024
Net cash provided by operating activities $ 412  $ 558 
Rental equipment expenditures (421) (468)
Proceeds from disposal of rental equipment 183  125 
Net rental equipment expenditures (238) (343)
Non-rental capital expenditures (80) (71)
Proceeds from disposal of property and equipment 9  4 
Free cash flow $ 103  $ 148 
Acquisitions, net of cash acquired (4,251) (290)
Decrease (increase) in net debt, excluding financing activities $ (4,148) $ (142)

A - 8
EX-99.2 3 herc2025q2-earningsprese.htm EX-99.2 herc2025q2-earningsprese
Scaling for Sustainable Growth Q2 2025 EARNINGS CONFERENCE CALL July 29, 2025

 
Q2 2025Herc Holdings Inc. NYSE: HRI 2 Herc Rentals Team and Agenda Agenda Safe Harbor Q2 2025 Overview Q2 Operations Review Q2 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

 
Q2 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 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. Additionally, certain results are presented excluding the Cinelease studio entertainment business. 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.

 
Q2 2025Herc Holdings Inc. NYSE: HRI 4 Second Quarter 2025 Overview Larry Silber President and Chief Executive Officer

 
Q2 2025Herc Holdings Inc. NYSE: HRI 5 H&E Acquisition Closed June 2, 2025 • Extensive planning set stage for effective Day 1 integration launch • People ◦ Stabilized employee base ◦ Remapped organizational structure • Fleet ◦ Assessment completed ◦ Initial dispositions planned through year end ◦ Equipment sharing underway • Processes ◦ Training for standardization ◦ Communicated governance policies • Technology ◦ Phased approach to cutovers through Q3 25 ◦ Initial cutover successfully completed in July ◦ ERP, Pricing, Go-to-Market, HR, CRM, ProControlTM • Successfully raised $4.4B in debt at 6.8% WACD, despite bond market volatility

 
Q2 2025Herc Holdings Inc. NYSE: HRI 6 Q2 2025: Delivering on Growth Strategies Optimize branch network for fleet / operating efficiencies at scale • Completed acquisition of H&E Equipment Services; integration of 162 branches underway • Opened 8 previously planned greenfield locations Enhance fleet mix • Focused on specialty fleet to support 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

 
Q2 2025Herc Holdings Inc. NYSE: HRI 7 Operations Review Aaron Birnbaum Senior Vice President and Chief Operating Officer

 
Q2 2025Herc Holdings Inc. NYSE: HRI 8 Focusing on Safety Continuing focus on Perfect Days • Q2 25 all branches reported > 96% Perfect Days • Perfect Days are those with no: • OSHA reportable incidents • At-fault moving vehicle accidents • DOT violations Total TTM Recordable Incident Rate is 0.92 — favorable to industry standard of 1.0 Proven safety record is a must-have for customers Herc's Safety Program is integrated into all acquisitions

 
Q2 2025Herc Holdings Inc. NYSE: HRI 9 Delivering Growth and Resiliency through Diversification Q2 Local vs. National Revenue Mix 47% 53% NationalQ2 Revenue by Customer1 37% 25% 17%14% 7% Local Commercial Facilities Contractors Infrastructure & Government Other Industrial • Local growth restricted by 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 in 2025 ◦ 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.

 
Q2 2025Herc Holdings Inc. NYSE: HRI 10 Optimizing Fleet Mix and Lifecycle Performance 1. Original equipment cost based on ARA guidelines. 2. End fleet as of June 30, 2025, includes Cinelease $167 $344 $366 $200 $74 $314 2024 2025 Q1 Q2 Q3 Q4 Fleet Expenditures at OEC1 $ in millions $150 $139 $199 $235$234 $253 2024 2025 Q1 Q2 Q3 Q4 Fleet Disposals at OEC1 $ in millions 18% 26% 14% 22% 20% • Focus on fleet efficiency: ◦ Disciplined expenditures for rotation, mega projects, specialty equipment ◦ Dispositions increase sequentially and YoY to align utilization • Q2 25 disposals generated proceeds of ~44% of OEC ◦ Average age of fleet disposals in the quarter of 85 months • Average fleet age of 46 months at June 30, 2025 $9.9 billion at OEC1,2 Fleet Composition Specialty Aerial Earthmoving Material Handling Other

 
Q2 2025Herc Holdings Inc. NYSE: HRI 11 Continued Strength in Key End Markets 1.Source: IIR as of June 2025 2.Source: Dodge Analytics U.S. as of June 2025 3.Source: Dodge Analytics U.S. as of June 2025; mega project defined as total dollar value exceeding $250 million Industrial Spending1 $317 $326 $308 $314 $345 $454 $513 $527 $531 $533 $525 18 19 20 21 22 23 24 25E 26E 27E 28E $ in billions Non-Residential Starts2 $298 $314 $261 $305 $442 $419 $448 $478 $495 $522 $553 18 19 20 21 22 23 24 25E 26E 27E 28E $ in billions — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — Infrastructure Starts2 $191 $212 $194 $209 $257 $303 $327 $360 $373 $384 $379 18 19 20 21 22 23 24 25E 26E 27E 28E $ in billions — — — — — — — — — — — — — — — — — — Mega Project Starts3 $288 $293 $601 23 24 25E $ in billions

 
Q2 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 (37%) Industrial (25%) Commercial Facilities (14%) Other (7%) • 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 (17%) 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.

 
Financial Review Mark Humphrey Senior Vice President and Chief Financial Officer

 
Q2 2025Herc Holdings Inc. NYSE: HRI 14 Q2 2025 Financial Results * NM - Not Meaningful 1. For a reconciliation to the most comparable GAAP financial measure, see the Appendix beginning on Slide 20 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 June 30, Six Months Ended June 30, $ in millions, except per share data 2025 2024 2025 vs 2024 % Change 2025 2024 2025 vs 2024 % Change Equipment Rental Revenue $870 $765 13.7% $1,609 $1,484 8.4% Total Revenues $1,002 $848 18.2% $1,863 $1,652 12.8% Net Income (Loss) $(35) $70 (150.0)% $(53) $135 (139.3)% Earnings (Loss) Per Diluted Share $(1.17) $2.46 (147.6)% $(1.82) $4.75 (138.3)% Adjusted Net Income1 $56 $74 (24.3)% $93 $141 (34.0)% Adjusted Earnings Per Diluted Share1 $1.87 $2.60 (28.1)% $3.17 $4.96 (36.1)% Adjusted EBITDA1 $406 $360 12.8% $745 $699 6.6% Adjusted EBITDA Margin1 40.5% 42.5% (200) bps 40.0% 42.3% (230) bps REBITDA1,2 $379 $336 12.8% $686 $649 5.7% REBITDA Margin1,2 43.1% 43.5% (40) bps 42.2% 43.3% (110) bps REBITDA YoY Flow-Through1,2 40.6% 21.9% NM* 29.6% 36.4% NM* Average Fleet3 (YoY) 20.6% 7.7% 15.0% 8.9% Dollar Utilization3 38.3% 41.0% (270) bps 38.0% 40.4% (240) bps

 
Q2 2025Herc Holdings Inc. NYSE: HRI 15 Equipment Rental Revenue Contribution Q2 25 Equipment rental revenue +14% as reported; Pro forma1 -2% YoY • Cinelease Q2 25 decline in rental revenue reflects continued entertainment industry softness • Q2 25 Equipment rental revenue contribution from ongoing business: ◦ Herc legacy branches +4% YoY, excluding Cinelease ▪ Local market growth in government, infrastructure, MRO ▪ Continued strength in national account and mega project activity ◦ H&E legacy branches -14.1% YoY ▪ Dis-synergies pulled forward pre-close ▪ Over-indexed to local market weakness Q3 25 will be combined reporting • Systems, fleet and branches integrated • Legacy rollup data will no longer be available 1. Pro forma includes the results of Herc, excluding Cinelease, plus the standalone, pre-acquisition of H&E for the three months ended June 30, 2025 and 2024. For a reconciliation to the most comparable GAAP financial measures, see the Appendix beginning on Slide 20

 
Q2 2025Herc Holdings Inc. NYSE: HRI 16 Q2 2025 Financial Results Excluding Cinelease Studio Entertainment1 * NM - Not Meaningful 1. Results excluding the Cinelease studio entertainment business is referred to as "core" business. For a reconciliation to the most comparable GAAP financial measures, see the Appendix beginning on Slide 20 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 June 30, Six Months Ended June 30, $ in millions 2025 2024 2025 vs 2024 % Change 2025 2024 2025 vs 2024 % Change Core Equipment Rental Revenue $854 $739 15.6% $1,578 $1,429 10.4% Core Total Revenues $984 $819 20.1% $1,828 $1,593 14.8% Core Net Income (Loss) $1 $66 (98.5)% ($17) $124 (113.7)% Core Adjusted EBITDA $405 $352 15.1% $743 $681 9.1% Core Adjusted EBITDA Margin 41.2% 43.0% (180) bps 40.6% 42.7% (210) bps Core REBITDA2 $378 $330 14.5% $685 $634 8.0% Core REBITDA Margin2 43.9% 44.2% (30) bps 43.1% 43.9% (80) bps Core REBITDA YoY Flow-Through2 41.7% 14.5% NM* 34.5% 30.6% 390 bps Core Average Fleet3 (YoY) 21.6% 8.2% 15.8% 9.7% Core Dollar Utilization3 39.1% 41.6% (250) bps 38.8% 40.9% (210) bps

 
Q2 2025Herc Holdings Inc. NYSE: HRI 17 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 20 Maturities As of June 30, 2025 $ in millions $1,200 $800 $1,650 $1,100 $2,389 $750 $357 2025 2026 2027 2028 2029 2030 2031 2032 2033 $78 Finance Leases 2025-2044 2027 Senior Unsecured Notes AR Facility1 2029 Senior Unsecured Notes ABL Credit Facility Ample liquidity2 of $1.6 billion provides financial flexibility Net leverage3 of 3.8x Adjusted free cash flow3 of $270 million for first half 2025 Quarterly dividend of $0.70 per share, paid on June 13, 2025 Maintained Credit Ratings Moody's CFR Ba2; S&P BB Completed Acquisition Financing; Total Debt now at $8.3 billion at Weighted Average Interest Rate of 6.3% 2033 Senior Unsecured Notes 2030 Senior Unsecured Notes Term Loan Facility

 
Q2 2025Herc Holdings Inc. NYSE: HRI 18 2025 Outlook (Excluding Cinelease) Key Assumptions: • Accelerated impact of acquisition dis-synergies created lower revenue base • Incremental gross capex for 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 Updated 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 20

 
Q2 2025Herc Holdings Inc. NYSE: HRI 19 Purpose, Vision, Mission and Values Purpose: We equip our customers and communities to build a brighter future

 
Appendix

 
Q2 2025Herc Holdings Inc. NYSE: HRI 21 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.

 
Q2 2025Herc Holdings Inc. NYSE: HRI 22 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 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. EBITDA, Adjusted EBITDA, REBITDA, Adjusted EBITDA Margin, REBITDA Margin and REBITDA Flow-Through Excluding Studio Entertainment—On slides 24 and 25, each metric has been adjusted to exclude the studio entertainment business due to the intent to sell that business and provides the operating performance of the remaining business.

 
Q2 2025Herc Holdings Inc. NYSE: HRI 23 Reconciliation of Net Income to Adj. EBITDA and Adj. EBITDA Margin, Rental Adj. EBITDA (REBITDA), REBITDA Margin and Flow-Through Three Months Ended June 30, Six Months Ended June 30, $ in millions 2025 2024 2025 2024 Net income (loss) $ (35) $ 70 ($53) $135 Income tax provision (benefit) (11) 23 (1) 39 Interest expense, net 86 63 148 124 Depreciation of rental equipment 195 165 367 325 Non-rental depreciation and amortization 45 30 78 59 EBITDA 280 351 539 682 Non-cash stock-based compensation charges 5 4 11 9 Transaction related costs 73 3 147 6 Loss on assets held for sale 49 — 49 — Other (1) 2 (1) 2 Adjusted EBITDA 406 360 745 699 Less: Gain (loss) on sales of rental equipment 20 20 49 43 Less: Gain (loss) on sales of new equipment, parts and supplies 7 4 10 7 Rental Adjusted EBITDA (REBITDA) $ 379 $ 336 $686 $649 Total revenues $ 1,002 $ 848 $1,863 $1,652 Less: Sales of rental equipment 106 65 211 134 Less: Sales of new equipment, parts and supplies 17 10 28 19 Equipment rental, service and other revenues $ 879 $ 773 $1,624 $1,499 Total revenues $ 1,002 $ 848 $1,863 $1,652 Adjusted EBITDA $ 406 $ 360 $745 $699 Adjusted EBITDA Margin 40.5 % 42.5 % 40.0 % 42.3 % Equipment rental, service and other revenues $ 879 $ 773 $1,624 $1,499 REBITDA $ 379 $ 336 $686 $649 REBITDA Margin 43.1 % 43.5 % 42.2 % 43.3 % YOY Change in REBITDA $ 43 $37 YOY Change in Equipment rental, service and other revenues $ 106 $125 YOY REBITDA Flow-Through 40.6 % 29.6 %

 
Q2 2025Herc Holdings Inc. NYSE: HRI 24 Reconciliation of Net Income to Adj. EBITDA and Adj. EBITDA Margin, Rental Adj. EBITDA (REBITDA), REBITDA Margin and Flow-Through, Excluding Studio Entertainment Three Months Ended June 30, 2025 2024 $ in millions Herc Studio Entertainment Herc, excl Studio Herc Studio Entertainment Herc, excl Studio Equipment rental revenue $ 870 $ 16 $ 854 $ 765 $ 26 $ 739 Total revenues 1,002 18 984 848 29 819 Total expenses 1,048 66 982 755 21 734 Income (loss) before income taxes (46) (48) 2 93 8 85 Income tax (provision) benefit 11 12 (1) (23) (4) (19) Net income (loss) $ (35) $ (36) $ 1 $ 70 $ 4 $ 66 Income tax provision (benefit) (11) (12) 1 23 4 19 Interest expense, net 86 — 86 63 — 63 Depreciation of rental equipment 195 — 195 165 — 165 Non-rental depreciation and amortization 45 — 45 30 — 30 EBITDA 280 (48) 328 351 8 343 Non-cash stock-based compensation charges 5 — 5 4 — 4 Transaction related costs 73 1 72 3 — 3 Loss on assets held for sale 49 49 — — — — Other (1) (1) — 2 — 2 Adjusted EBITDA 406 1 405 360 8 352 Less: Gain (loss) on sales of rental equipment 20 (1) 21 20 1 19 Less: Gain (loss) on sales of new equipment, parts and supplies 7 1 6 4 1 3 Rental Adjusted EBITDA (REBITDA) $ 379 $ 1 $ 378 $ 336 $ 6 $ 330 Total revenues $ 1,002 $ 18 $ 984 $ 848 $ 29 $ 819 Less: Sales of rental equipment 106 (1) 107 65 — 65 Less: Sales of new equipment, parts and supplies 17 1 16 10 2 8 Equipment rental, service and other revenues $ 879 $ 18 $ 861 $ 773 $ 27 $ 746 Total revenues $ 1,002 $ 18 $ 984 $ 848 $ 29 $ 819 Adjusted EBITDA $ 406 $ 1 $ 405 $ 360 $ 8 $ 352 Adjusted EBITDA Margin 40.5 % 5.6 % 41.2 % 42.5 % 27.6 % 43.0 % Equipment rental, service and other revenues $ 879 $ 18 $ 861 $ 773 $ 27 $ 746 REBITDA $ 379 $ 1 $ 378 $ 336 $ 6 $ 330 REBITDA Margin 43.1 % 5.6 % 43.9 % 43.5 % 22.2 % 44.2 % YOY Change in REBITDA $ 43 $ (5) $ 48 $ 14 $ 6 $ 8 YOY Change in Equipment rental, service and other revenues $ 106 $ (9) $ 115 $ 64 $ 9 $ 55 YOY REBITDA Flow-Through 40.6 % 55.6 % 41.7 % 21.9 % 66.7 % 14.5 %

 
Q2 2025Herc Holdings Inc. NYSE: HRI 25 Reconciliation of Net Income to Adj. EBITDA and Adj. EBITDA Margin, Rental Adj. EBITDA (REBITDA), REBITDA Margin and Flow-Through, Excluding Studio Entertainment Six Months Ended June 30, 2025 2024 $ in millions Herc Studio Entertainment Herc, excl Studio Herc Studio Entertainment Herc, excl Studio Equipment rental revenue $ 1,609 $ 31 $ 1,578 $ 1,484 $ 55 $ 1,429 Total revenues 1,863 35 1,828 1,652 59 1,593 Total expenses 1,917 83 1,834 1,478 42 1,436 Income (loss) before income taxes (54) (48) (6) 174 17 157 Income tax (provision) benefit 1 12 (11) (39) (6) (33) Net income (loss) $ (53) $ (36) $ (17) $ 135 $ 11 $ 124 Income tax provision (benefit) (1) (12) 11 39 6 33 Interest expense, net 148 — 148 124 — 124 Depreciation of rental equipment 367 — 367 325 — 325 Non-rental depreciation and amortization 78 — 78 59 — 59 EBITDA 539 (48) 587 682 17 665 Non-cash stock-based compensation charges 11 — 11 9 — 9 Transaction related costs 147 2 145 6 1 5 Loss on assets held for sale 49 49 — — — — Other (1) (1) — 2 — 2 Adjusted EBITDA 745 2 743 699 18 681 Less: Gain (loss) on sales of rental equipment 49 — 49 43 1 42 Less: Gain (loss) on sales of new equipment, parts and supplies 10 1 9 7 2 5 Rental Adjusted EBITDA (REBITDA) $ 686 $ 1 $ 685 $ 649 $ 15 $ 634 Total revenues $ 1,863 $ 35 $ 1,828 $ 1,652 $ 59 $ 1,593 Less: Sales of rental equipment 211 — 211 134 — 134 Less: Sales of new equipment, parts and supplies 28 2 26 19 3 16 Equipment rental, service and other revenues $1,624 $33 $1,591 $1,499 $56 $1,443 Total revenues $ 1,863 $ 35 $ 1,828 $ 1,652 $ 59 $ 1,593 Adjusted EBITDA $ 745 $ 2 $ 743 $ 699 $ 18 $ 681 Adjusted EBITDA Margin 40.0 % 5.7 % 40.6 % 42.3 % 30.5 % 42.7 % Equipment rental, service and other revenues $ 1,624 $ 33 $ 1,591 $ 1,499 $ 56 $ 1,443 REBITDA $ 686 $ 1 $ 685 $ 649 $ 15 $ 634 REBITDA Margin 42.2 % 3.0 % 43.1 % 43.3 % 26.8 % 43.9 % YOY Change in REBITDA $ 37 $ (14) $ 51 $ 47 $ 13 $ 34 YOY Change in Equipment rental, service and other revenues $ 125 $ (23) $ 148 $ 129 $ 18 $ 111 YOY REBITDA Flow-Through 29.6 % 60.9 % 34.5 % 36.4 % 72.2 % 30.6 %

 
Q2 2025Herc Holdings Inc. NYSE: HRI 26 Pro forma Equipment Rental Revenue and Total Revenues Reconciliation Three Months Ended June 30, 2025 2024 $ in millions Herc, excl Studio H&E Pro Forma Herc, excl Studio H&E Pro Forma 2025 vs 2024 % Change Equipment rental revenue $ 854 $ 181 $ 1,035 $ 739 $ 312 $ 1,051 (2) % Total revenues 984 217 1,201 819 377 1,196 — % The reconciliations below include (i) the results of Herc, excluding Cinelease, plus the standalone, pre-acquisition results of H&E, (ii) the standalone results of Herc, excluding Studio and H&E and (iii) the standalone results of H&E for the three months ended June 30, 2025 and 2024. Management believes this information is useful to both management and investors as it provides equipment rental revenue and total revenue on a comparative basis as if Herc and H&E had completed the acquisition at the beginning of the second quarter as well as standalone results for comparison and analysis. Three Months Ended June 30, 2025 2024 $ in millions Herc, excl Studio Excluding H&E Herc, excl H&E & Studio Herc, excl Studio Excluding H&E Herc, excl H&E & Studio 2025 vs 2024 % Change Equipment rental revenue $ 854 $ 87 $ 767 $ 739 $ — $ 739 4 % Total revenues 984 100 884 819 — 819 8 % Three Months Ended June 30, 2025 2024 $ in millions H&E H&E 2025 vs 2024 % Change Equipment rental revenue $ 268 $ 312 (14) % Total revenues 317 377 (16) % Herc (excluding Studio) including H&E Herc, excluding Studio and H&E H&E Standalone

 
Q2 2025Herc Holdings Inc. NYSE: HRI 27 REBITDA Margin and Flow-Through Quarterly Trend $ in millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Net income (loss) $ 65 $ 70 $ 122 $ (46) $ 211 $ (18) $ (35) Income tax provision (benefit) 16 23 38 3 80 10 (11) Interest expense, net 61 63 69 67 260 62 86 Depreciation of rental equipment 160 165 174 180 679 172 195 Non-rental depreciation and amortization 29 30 33 35 127 33 45 EBITDA 331 351 436 239 1,357 259 280 Non-cash stock-based compensation charges 5 4 7 1 17 6 5 Transaction related costs 3 3 3 2 11 74 73 Loss on assets held for sale — — — 194 194 — 49 Other — 2 — 2 4 — (1) Adjusted EBITDA 339 360 446 438 1,583 339 406 Less: Gain (loss) on sales of rental equipment 23 20 15 29 87 29 20 Less: Gain (loss) on sales of new equipment, parts and supplies 3 4 3 3 13 3 7 Rental Adjusted EBITDA (REBITDA) $ 313 $ 336 $ 428 $ 406 $ 1,483 $ 307 $ 379 Total revenues $ 804 $ 848 $ 965 $ 951 $ 3,568 $ 861 $ 1,002 Less: Sales of rental equipment 69 65 81 96 311 105 106 Less: Sales of new equipment, parts and supplies 9 10 9 9 37 11 17 Equipment rental, service and other revenues $ 726 $ 773 $ 875 $ 846 $ 3,220 $ 745 $ 879 REBITDA Margin 43.1 % 43.5 % 48.9 % 48.0 % 46.1 % 41.2 % 43.1 % YOY REBITDA Flow-Through 50.8 % 21.9 % 46.1 % 47.8 % 42.9 % (31.6)% 40.6 %

 
Q2 2025Herc Holdings Inc. NYSE: HRI 28 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 Restructuring 1 — — — — Impairment 15 3 3 — — Transaction related costs — 4 7 8 11 Loss on assets held for sale / disposal of business 3 — — — 194 Other 1 — 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 (loss) 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 %

 
Q2 2025Herc Holdings Inc. NYSE: HRI 29 Reconciliation of Net Income and Adjusted Earnings Per Diluted Share Three Months Ended June 30, Six Months Ended June 30, $ in millions 2025 2024 2025 2024 Net income (loss) $ (35) $ 70 ($53) $135 Transaction related costs 73 3 147 6 Loss on assets held for sale 49 — 49 — Other(1) (1) 2 (1) 2 Tax impact of adjustments(1) (30) (1) (49) (2) Adjusted net income $ 56 $ 74 $93 $141 Diluted common shares 30.0 28.5 29.3 28.4 Adjusted earnings per diluted share $ 1.87 $ 2.60 $3.17 $4.96 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 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) The tax rate applied for adjustments is 25.0% in the three and six months ended June 30, 2025 and 25.5% in the three and six months ended June 30, 2024 and reflects the statutory rates in the applicable entities.

 
Q2 2025Herc Holdings Inc. NYSE: HRI 30 Calculation of Net Leverage Ratio $ in millions Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Long-Term Debt, Net $ 3,753 $ 3,864 $ 4,163 $ 4,069 $ 4,026 $ 8,251 (Plus) Current maturities of long-term debt 15 15 15 17 17 23 (Plus) Unamortized debt issuance costs and debt discount 5 13 13 12 11 50 (Less) Cash and Cash Equivalents (63) (70) (142) (83) (48) (53) Net Debt $ 3,710 $ 3,822 $ 4,049 $ 4,015 $ 4,006 $ 8,271 Trailing Twelve-Month Adjusted EBITDA(1) 1,483 1,491 1,527 1,583 1,583 2,200 Net Leverage 2.5 x 2.6 x 2.7 x 2.5 x 2.5 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 for Q2 2025 includes the historical results of Herc and H&E combined for the entire period.

 
Q2 2025Herc Holdings Inc. NYSE: HRI 31 Reconciliation of Free Cash Flow Six Months Ended June 30, Year Ended December 31, $ in millions 2025 2024 2024 2023 2022 Net cash provided by operating activities $ 412 $ 558 $ 1,225 $ 1,086 $ 917 Rental equipment expenditures (421) (468) (1,048) (1,320) (1,168) Proceeds from disposal of rental equipment 183 125 288 325 121 Net Fleet Capital Expenditures (238) (343) (760) (995) (1,047) Non-rental capital expenditures (80) (71) (161) (156) (104) Proceeds from disposal of property and equipment 9 4 10 15 7 Other — — — (15) (23) Free Cash Flow 103 148 314 (65) (250) Acquisitions, net of cash acquired (4,251) (290) (600) (430) (515) (Increase) decrease in Net Debt, excluding financing activities $ (4,148) $ (142) $ (286) $ (495) $ (765) Free Cash Flow $ 103 Cash paid for transaction related costs 167 Adjusted Free Cash Flow $ 270 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.

 
Q2 2025Herc Holdings Inc. NYSE: HRI 32 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 Beginning Balance $ 3,822 $ 3,589 $ 4,381 $ 5,637 $ 6,328 $ 6,416 $ 6,714 $ 7,088 $ 6,328 $ 7,044 $ 6,879 Expenditures 348 725 1,218 1,218 167 344 366 200 1,077 74 314 Disposals (552) (281) (322) (813) (150) (139) (199) (235) (723) (234) (253) Acquisitions 28 346 395 303 76 100 200 19 395 — 2,893 Foreign Currency / Other (57) 2 (35) (17) (5) (7) 7 (28) (33) (5) 25 Ending Balance $ 3,589 $ 4,381 $ 5,637 $ 6,328 $ 6,416 $ 6,714 $ 7,088 $ 7,044 $ 7,044 $ 6,879 $ 9,858 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 % 1. Original equipment cost based on ARA guidelines.

 
Q2 2025Herc Holdings Inc. NYSE: HRI 33 For additional information, please contact: Leslie Hunziker SVP Investor Relations, Communications & Sustainability leslie.hunziker@hercrentals.com 239-301-1675