Sunbelt Rentals Holdings Inc. (SUNB) Presents at Morgan Stanley's 14th Annual Laguna Conference Transcript

Sunbelt Rentals Holdings Inc. ( SUNB ) Morgan Stanley's 14th Annual Laguna Conference September 16, 2026 5:35 PM EDT Company Participants Brendan Horgan - CEO & Executive Director Conference Call Participants Angel Castillo Malpica - Morgan Stanley, Research Division Presentation Angel Castillo Malpica Morgan Stanley, Research Division Perfect. Good afternoon, everyone, and thank you for joining us. For those who don't know me, my name is Angel Castillo and I'm the U.S. Machinery and Construction analyst here at Morgan Stanley. And it's my pleasure today to have Brendan Horgan, CEO of Sunbelt. So thank you for joining us. Brendan Horgan CEO & Executive Director Great. Thank you. My pleasure. Good afternoon. Question-and-Answer Session Angel Castillo Malpica Morgan Stanley, Research Division Well, before we get started, I just want to read a quick disclaimer. So just for important disclosures, please see the Morgan Stanley research disclosures website at www.morganstanley.com/researchdisclosures. If you have any questions, just please reach out to your Morgan Stanley representative. So with that, Brendan, we'll just dive right into some of these questions. I guess -- maybe a good place to start. At CMD earlier this year, you kind of laid out the next phase of Sunbelt 4.0 in the fiscal year '29 framework. Just following the strong performance, particularly that we've seen in this past quarter very recently last week, just which elements of that framework would you say now look a little bit more conservative? Or where do you still see perhaps execution risk around that? Brendan Horgan CEO & Executive Director Sure. So maybe just to level set, we had our March CMD, which was just a 2-year update on our Sunbelt 4.0, which is a 5-year strategic growth plan. And what we did was we sort of gave illustrative targets for years 3 through 5 in particular, really, let's face it, we're one quarter