Speedy Hire Plc Annual Report and Accounts 2026

ENABLED FOR

GROWTH

Strategic Review

Highlights

Driving Progress 1

Chairman’s Statement 2

From Enable to Growth 4

Strategy 6

Business Model 8

Business at a Glance 10

Marketplace 14

Investment Case 19

Chief Executive’s Statement 20

Transformation Review 22

Keeping our People and

Communities Safe

Financial KPIs 28

Chief Financial Officer’s Review 29

ESG Report 34

Non-Financial and Sustainability

Information Sheet

S172 Statement 56

Risk Management 60

Viability Statement 67

Governance

Board of Directors 68

Chairman’s Letter to Shareholders 70

Corporate Governance 71

Audit & Risk Committee Report 77

Nomination Committee Report 82

Remuneration Report 84

Sustainability Committee Report 105

Directors’ Report 106

Statement of Directors’

Responsibilities

109

Independent Auditors’ Report

110

Financial Statements

Consolidated Income Statement

118

Consolidated Statement of

Comprehensive Income

119

Consolidated Balance Sheet

120

Consolidated Statement of

Changes in Equity

121

Consolidated Cash Flow Statement 122

Notes to the Financial Statements 123

Company Balance Sheet 152

Company Statement of

Changes in Equity

153

Company Cash Flow Statement 154

Notes to the Company Financial

Statements

155

Corporate Information

Five-Year Summary

162

Shareholder Information

163

Registered Office and Advisors

164

speedyhire.com/investors

OUR BUSINESS

Operating in the Construction Equipment Rental Market (‘CERM’), Speedy Hire is the UK’s leading

provider of tools, equipment and specialist services to customers in the construction, infrastructure,

industrial, utilities and energy sectors. Our c.44,000 customers range from National Tier 1 contractors

to regional specialists, and local subcontractors to tradespeople and DIY enthusiasts.

Our integrated omni-channel model enables

customers to hire via 128 national service centres

and customer on-site facilities, central Hire Direct

operation and national trading desks, the Speedy

Hire website and mobile app.

Customers can also access our hire proposition

though our strategic partnerships with some of the

UK’s leading Trade and Retail brands, and via our

recent Commercial Agreement with ProService

Our operations continue through joint ventures

with H-Power Plc (previously known as ‘AFC

Energy Plc’) in the UK and Ireland, and Denholm

Energy Services in Kazakhstan.

2,617

hire product lines

3,902,353

website visits

c.44,000

customers

3,335

colleagues

128

service centre and

on-site locations

£257.4m

net book value (of plant,

property and equipment)

£85.4m

adjusted EBITDA

£416.1m

revenue

1,254

supply chain partners

from global leading tool,

plant and equipment

brands

*as at 31 March 2026

CONTENTS

HIGHLIGHTS

On 6 October 2025 the Company’s subsidiary Speedy Asset Services Limited (‘SASL’) entered into a comprehensive

commercial hire and services supply agreement with HSS ProService Limited (‘ProService’), a subsidiary of ProService

Building Services Marketplace plc (‘ProService plc’) (‘Commercial Agreement’) and ProService plc’s subsidiary at that

time, HSS Service Group Limited, agreed to sell certain assets to SASL, and ProService plc agreed to issue to the

Company 79,368,711 of its shares (together the ‘ProService Transaction’).

Speedy Hire Plc Annual Report and Accounts 2026

DRIVING PROGRESS

To drive a hire revolution. Inspiring people to make hire their first choice by bringing this sustainable option

to more people, places and projects.

1. Driving a Hire Revolution

Speedy Hire aims to shift the industry

and customer mindset from ownership to

hire, emphasising that hire is the smarter,

greener, more efficient way to access tools

and equipment.

2. Inspiring People to Choose

Hire First

We act as an enabler, making hire

the intuitive first choice by improving

accessibility, service, digital convenience

and customer experience.

3. Bringing Sustainable Hire to More

People, Places and Projects

Our vast tool and equipment range,

specialist solutions and services, all

available through our fully integrated

omni-channel customer experience.

OUR PURPOSE

OUR VALUES

AMBITIOUS

We lead with bravery

to make anything

possible.

INNOVATIVE

We nurture a culture

where ideas grow.

SAFE

We share a collective

responsibility to keep

everyone safe.

TOGETHER

We are family, proud to

work as one to make

great things happen.

INCLUSIVE

We are all unique,

and we all belong.

TRUSTED

We are responsible and do

the right thing, always.

To inspire and innovate the

future of hire and accelerate

sustainable growth.

OUR MISSION

To be the most efficient and sustainable

UK hire business: digital and data driven,

optimised through operational excellence

and powered by our people.

VELOCITY

STRATEGY

OUR VISION

Our Targets

£650m

Revenue

28%

EBITDA margin

Sustainable leverage at

1.0-2.0x

EBITDA

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

CHAIRMAN’S STATEMENT

These actions support future efficiencies and

have reshaped the business, strengthening our

operational platform and positioning Speedy

Hire to capitalise on current and future growth

opportunities particularly when market conditions

improve.

A defining milestone in the year was the

transformational Commercial Agreement entered

into with ProService. This agreement represents

a material strategic step forward for Speedy Hire,

broadening our addressable market, accelerating

the evolution of our hire fleet and enhancing the

Group’s long-term earnings profile. Importantly,

it demonstrates the value of the technological

and operational investments made over recent

years and reinforces the Board’s confidence in the

strategic direction of the Group, as we move into

the Deliver phase of our Velocity strategy.

Results

Group revenue for the year was impacted by

the continued softness in our markets; however

we continued to gain market share, particularly

within our National customer base, securing

several significant multi-year contracts. This

resulted in an adjusted loss before tax

of £9.8m

(FY2025: £8.7m profit), reflecting the downside of

high operational gearing and elevated financing

costs following targeted investment to support

new business, with benefits from these actions

expected to build over time.

Despite these short-term pressures, underlying

operating cash flow

remained strong,

demonstrating the resilience of the Group’s

business model and supporting the Board’s

confidence in future deleveraging.

The Group continues to operate internationally

through its joint venture in Kazakhstan. Recently,

a new multi-year contract has been secured with

our partner to replace the previously completed

contracts, giving confidence for growth in this

geography.

ProService

The ProService Transaction represents a

transformational step for Speedy Hire. The

Commercial Agreement is closely aligned to the

Group’s strategy, enhancing the utilisation of our

existing asset base and providing a platform for

sustainable growth over the medium-term. This

deal was only made possible by the investment

in our technology and operational platform under

the Velocity Strategy.

Initial trading since completion in November

2025 has been encouraging, with integration

progressing positively. This supports our

unchanged expectations of £50–55m of

annualised revenue and significant earnings

accretion in the first full year post-integration. The

Commercial Agreement also enables accelerated

rationalisation and evolution of the Group’s

hire fleet, reducing future capital intensity and

enhancing returns over the medium-term.

The ProService Transaction was funded

through the Group’s existing resources and

recently refinanced facilities. While leverage

has temporarily increased beyond the Group’s

target range, the Board remains confident that

strong cash generation will support meaningful

deleveraging over the next 12–24 months.

OVERVIEW

The Group’s results for FY2026 are set against a backdrop

of continued macro‑economic uncertainty and subdued

activity levels across some of our end markets. Despite

this challenging environment we remain committed to our

investment plans and the Board is pleased with the strategic

and operational progress delivered during the final year of

the Enable phase of our Velocity strategy.

Speedy Hire Plc Annual Report and Accounts 2026

Capital allocation and dividend

During the year, the Board reaffirmed its

disciplined capital allocation framework,

balancing investment for long-term growth with

sustainable returns to shareholders. In light of

the ProService Transaction, the Board reaffirmed

a target leverage

range of 1.0x–2.0x EBITDA

through the cycle, with flexibility for short-term

deviation where strategic opportunities justify it.

Speedy Hire understands the importance of

dividend payments to its shareholders and, in

line with the previously announced dividend

rebasing to help fund the ProService Transaction,

the Board is recommending a final dividend of

0.70 pence per share for FY2026, bringing the

total dividend for the year to 1.00 pence per share.

It continues to be our intention to grow this by

at least 5% per annum for each of FY2027 and

FY2028, returning to historical levels in line with

earnings thereafter.

Board and people

During the year, Rob Barclay stepped down as

a Non-Executive Director, having served on

the Board since 2016. On behalf of the Board, I

would again like to thank Rob for his significant

contribution, including his leadership of the

Remuneration and Sustainability Committees.

As previously announced, David Garman will step

down from the Board at the forthcoming AGM,

and Rhian Bartlett assumed the role of Senior

Independent Director following the 2025 AGM. I

would like to thank David for his wise counsel and

significant contribution to the Board throughout

his tenure and wish him well for the future.

In March 2026, the Company announced a

planned succession in the role of Chief Financial

Officer. Paul Rayner indicated that he would be

retiring from executive life and would step down

from his role following an orderly handover period,

with Judith Cottrell being appointed to the Board

with effect from 1 July 2026 and Paul stepping

down from the Board on that date. Succession

planning had been ongoing for some time and

the Board is confident that this transition will

ensure continuity, discipline and strong financial

leadership as the Group enters the next phase

of its Velocity strategy. On behalf of the Board

and personally I would like to thank Paul for his

dedication and commitment to the business and

wish him well in his non-executive life.

On behalf of the Board and personally, I would

like to thank each and every one of my colleagues

across the Group for their continuing commitment

and dedication throughout what has been a

challenging year for the business.

Future

As Speedy Hire enters the Deliver phase of

its Velocity strategy, the Board is encouraged

by the quality and multi-year scale of the

Group’s contract base; the momentum from

the ProService Transaction and the increasing

resilience and flexibility of the Group’s operating

model. The Board also recognises the uncertain

global geopolitical landscape and continues to

assess any potential implications for the Group.

At this time, we have not identified or observed

any significant effects on our operations and

will maintain close oversight and react swiftly as

circumstances dictate. Initial trading in FY2027

has shown growth alongside the benefit of high

operational gearing and we look forward with

increasing confidence in the Group’s ability to

deliver sustainable growth and value creation

over the medium-term.

DAVID SHEARER

Chairman

See note 11 to the Financial Statements.

Underlying operating cash flow: Cash generated

from operations before changes in hire fleet and non-

underlying items.

Leverage: Net debt

to EBITDA

. This metric

excludes the impact of IFRS 16. This differs from the

methodology used in the Group’s banking covenants,

which include certain additional EBITDA adjustments,

and is therefore not directly comparable to covenant

leverage.

See note 20 to the Financial Statements. This metric

excludes lease liabilities.

STRATEGIC REVIEW

Speedy Hire Plc Annual Report and Accounts 2026

BUILT TO SCALE,

ENABLE PHASE

2023 2024 2025

VELOCITY STRATEGY

FY2026

COMPLETION OF ENABLE

FY2026 marks the completion of the Enable

phase of our velocity strategy.

The Enable phase is the first major stage of

the Velocity transformation programme. It

focused on building the foundations needed

for future growth, deliver improvements

across technology and operational efficiency.

Over three years, we have:

h strengthened our operating platform;

h modernised our systems;

h integrated data and reporting capabilities;

h improved efficiency; and

h embedded sustainability across the

business.

We now enter the Growth phase and are

focused on scaling contracted demand, using

data to drive our performance, increasing

utilisation, expanding margins and delivering

sustainable shareholder returns.

FROM ENABLE TO GROWTH

ENABLE

BUILD THE PLATFORM:

h Modernised technology and systems

h Improved operating model efficiency

h Optimised logistics and network

performance

h Disciplined fleet investment and

repositioning

h Embedded sustainability across

operations

h Strengthened governance and controls

Speedy Hire Plc

Annual Report and Accounts 2026

READY TO DELIVER.

GROWTH PHASE

2026 2027 2028

VELOCITY STRATEGY

GROWTH

DELIVER THE SCALE:

The Growth phase is where data and systems

capabilities are used to actively drive better

customer outcomes, stronger operational

performance, and sustainable revenue and

margin growth.

Increased data capabilities are used to

measure customer service and operational

performance to enable data led decisions.

h Mobilise contracted demand

h Expand market share

h Increase utilisation

h Drive margin expansion

h Enhance service-led mix

h Deliver sustainable shareholder returns

PROSERVICE:

GROWTH IN ACTION

h £50–55m annualised revenue

opportunity

h Earnings accretive from first full

financial year following integration

h Accelerates utilisation of the

existing fleet

h Enhances operating leverage

h Capital-efficient expansion of

contracted revenues

h New channel to market

The ProService Transaction converts

the Enable investment into scalable,

higher-return growth and improved

cash generation.

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

STRATEGY

During FY2023, we developed

and launched ‘Velocity’, a

strategy designed to accelerate

sustainable growth through

increasing revenue and

improving margins, along with

a clear focus on measurable

medium- and long-term growth

and performance objectives.

Our growth engines reflect

opportunities that are

presented in our current

addressable construction,

infrastructure and industrial

markets, along with sectors

including rail, water, clean

energy (including nuclear),

defence, highways aviation and

housebuilding. By focussing

on these key areas, we aim to

increase market share profitably

and accelerate sustainable

growth to meet our stated key

performance indicators (‘KPIs’).

Examples of progress against

milestones within this strategic

model are outlined on the

next page.

DELIVER

GROWTH

To be the most efficient

and sustainable UK hire

business

Customers

Grow customer base;

national, regional, trade

and retail

Sectors

Expand market share in key

target sectors

Products

Invest in cleaner energy and

efficient technology

Customer experience

Create best in class channel

and service delivery

Propositions

Grow tailored Customer

Solutions business and

services model

Logistics

Enhancing asset utilisation

and improving carbon

reduction

ENABLE

GROWTH

Deliver foundational

improvements across

technology and operational

efficiency

Brand and customer

Clear brand strategy

implementation and

customer experience

development

Technology and data

Technology and data led

hire business committed to

sustainability

Group‑wide

transformation

programme

Innovative customer focused

transformational programme

strategy

Cloud based secure platform

Modern and secure digital

operating platform to

enable growth and support

enhancing our customer

experience

Strategic

collaboration:

GROWTH

ENGINES

Strategic revenue drivers

Specialist products and

services

A focus on niche products

and services with significant

growth and margin

opportunities

Core hire

Grow our market share

with all customer segments

across all geographies

trading as a multichannel

service offering

Trade and retail markets

Grow trade and retail

customers, through

conversion of sales into hire,

e-commerce opportunities

and market creation to a less

focused area of hire

5 YEAR

FINANCIAL

KPIs

Revenue

£650m

Target revenue

EBITDA

Grow EBITDA

margins to

28%

Leverage

Maintain sustainable

leverage at

1.0-2.0x

EBITDA

STRONG

FOUNDATIONS

OF A SUSTAINABLE

CUSTOMER

FOCUSED

APPROACH AND

PEOPLE FIRST

PHILOSOPHY

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGY

PROGRESS AGAINST OUR VELOCITY STRATEGY DURING FY2026

Velocity was launched as a

five-year transformation and

growth strategy. During the

year, we delivered a wide range

of foundational improvements

across technology, operational

efficiency, sustainable

investment and our People

First strategy, providing strong

foundations to fully align with

our vision ‘To inspire and

innovate the future of hire and

accelerate sustainable growth’.

h Integration of new Commercial Agreement with

ProService worth £50-55m revenue annually

h Launched AI-powered bid tool to support our sales

teams and pursue new opportunities

h Data-driven pricing optimisation for popular assets

h Acquired three new RSC+ service centres in

Beckton, Derby and Old Kent Road, London as part

of the ProService Transaction

h Opened two new sites in Nuneaton and Widnes for

the Temporary Site Services (TSS) business

h Opened four new, Speedy On-Site on customer

major projects in London

h CRM opportunity pipeline has been introduced,

and all sales are now updating this to give us an

accurate forecast of growth

h Secured major national contract wins and renewals

h Launch of a new transactional website for guest and

cash customers

h Developing further opportunities on major

projects, with a clear focus on Energy, Nuclear and

Infrastructure to support the great grid upgrade and

the large energy projects due to start in 2026

h Strong sales pipeline of opportunities

h Mobilisation of the Thames Water agreement

h New CRM system launched for our

Sales & Business Development

teams enabling all customer

information to be managed in

one place

h Rolled out logistics management

system ‘OpenFleet’, optimising route

planning and reducing unplanned

mileage, transport costs, effort

and waste as well as reducing our

carbon footprint

h Supported major Velocity initiatives

with dedicated training on

Telephony, Customer Service (‘CS’)

and Customer Experience

h Rolled out D365 CS, a workflow and

case management process for Hire

Direct and our Trading Desks

h New telephony system implemented across

the organisation

h Implemented new payment terminals across

the network

h Provided new tablet technology across our

engineering network to enable efficiencies

and real time reporting

h Achieved 5% Club Gold status, meaning

more than 5% of all Speedy colleagues

were engaged in earn-to-learn roles

(apprenticeships, graduate and upskilling

activities)

h Delivered OpenFleet training and boots-

on-the-ground support across the service

centre network

h Replatforming the Speedy Hire website for

Guest Checkout users

ENABLE GROWTH

h Use of internal AI and modelling capabilities to improve dynamic Asset Management

and Warehousing forecasting to optimise stock levels and priorities for repair and

asset replacement

h Delivery of the Speedy Trading Platform to streamline the customer quote and order

process, including order-management capability to automate the allocation of assets

h Delivery of OpenFleet phase 2, which will enable further benefits and efficiencies

from the system implemented in phase 1

h Rollout of AI and data pathways to enable colleagues to get the most from our digital

systems and data

h Replatforming the Speedy Hire website for Account based users

h Use of new operational data and reporting capability to enhance performance

DELIVER GROWTHENABLE GROWTH

DELIVER GROWTH

PROGRESS

IN THE YEAR

OUTLOOK

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

BUSINESS MODEL

KEY RESOURCES

Our Network

h Our network of service centres, regional hubs

and customer on-site facilities forms the

physical foundation of our business model. This

footprint enables rapid response, high asset

availability and local service delivery, while

supporting efficient logistics and fleet utilisation.

All complemented by a network of customer

specialist contact teams, including Speedy Hire

Direct and eight regionalised teams, allowing us

to flex capacity and scale fulfilment across both

traditional and digital demand channels.

Our People

h Our colleagues are central to delivering safe,

reliable and high-quality service. Skilled teams

across engineering, logistics, sales, customer

service and specialist technical functions provide

deep sector expertise and operational capability.

Our People First strategy ensures we continue

to invest in skills, safety, wellbeing and inclusion,

equipping our workforce to operate effectively

within a digital, service-led and growth-oriented

business.

Our Stakeholders

h Strong relationships with customers, suppliers,

partners, investors and communities underpin

our ability to operate at scale and deliver

long-term value. We actively engage with

stakeholders to understand expectation, manage

risk and align our strategy with market and

societal needs, ensuring our business model

remains resilient and relevant.

Our Technology and Data

h Technology and data are increasingly central

to how we operate and scale. Our digital

platforms support asset management, logistics

optimisation, trading desks, customer ordering

and case management, providing real-time

visibility and operational insight. These

capabilities enable faster fulfilment, improved

decision-making and a consistent customer

experience across all channels, while supporting

marketplace integration and future growth.

Our Partners

h Strategic partnerships play a key role in

extending our reach, enhancing capability and

enabling capital-efficient growth. Partnerships

with equipment manufacturers, energy providers

and digital marketplaces, including ProService,

allow us to broaden our product and service

offering, access new customer segments and

accelerate utilisation of our existing fleet while

maintaining operational discipline.

... POWERED BY OUR PEOPLE AND PARTNERS

AND UNDERPINNED BY OUR DATA ...

WE LEVERAGE OUR KEY RESOURCES ...

Speedy Hire’s business model is designed to deliver sustainable growth, capital efficiency and long‑term value creation by combining a market‑leading hire fleet,

specialist solutions and services, and a fully integrated omni‑channel operating platform. The model is underpinned by disciplined investment, digital enablement

and strong partnerships, allowing us to scale efficiently while continuing to meet evolving customer needs.

DIGITALLY AND DATA DRIVEN...

OUR NETWORK

OUR LOGISTICS

OUR ASSETS

...POWERED BY OUR PEOPLE AND PARTNERS

Speedy Hire Plc Annual Report and Accounts 2026

VALUE CREATION FOR OUR STAKEHOLDERS

Our People

h We create value for our people by providing a

safe working environment, meaningful career

development and a supportive, inclusive culture.

Investment in digital tools, training and wellbeing

enables colleagues to work more efficiently,

reduce manual processes and focus on

delivering excellent service to customers.

Our Customers

h Our customers benefit from a single, integrated

proposition covering tools, equipment, specialist

solutions and services, delivered consistently

across physical and digital channels. The omni-

channel model provides flexibility, speed and

transparency, allowing customers to access the

right solution in the way that best suits their

needs, supported by strong service, safety and

sustainability credentials.

Stakeholders and Investors

h For investors and wider stakeholders, our

business model delivers value through

disciplined capital allocation, improved

utilisation, scalable digital growth and enhanced

operating leverage. Long-term contracts, digital

marketplaces and partnerships support revenue

visibility and margin progression, while strong

governance and risk management protect the

sustainability of returns.

Our Suppliers and Partners

h We work collaboratively with suppliers and

partners to drive innovation, improve availability

and develop sustainable, commercially viable

solutions. Long-term relationships, responsible

sourcing and clear governance support

resilience across the supply chain and enable

shared value creation.

Communities and Environment

h Hire is inherently circular, and our business

model supports more sustainable use of

resources by maximising asset life and

utilisation. Through our expanding eco

fleet, specialist clean-energy solutions

and commercially sustainable operational

efficiency initiatives, we help customers

reduce environmental impact while

supporting the communities in

which we operate.

... TO TRANSFORM OUR VALUE PROPOSITION AND CREATE VALUE FOR OUR STAKEHOLDERS.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

BUSINESS AT A GLANCE

CORE HIRE BUSINESS

Overview

Hire of our core fleet of owned products from global leading

brands, supported by a national distribution network.

Key Capabilities

Over 2,617 hire product lines, including an extensive range of

the most innovative and commercially sustainable products,

supporting projects of all sizes across infrastructure, construction

and industrial markets.

h Comprehensive product range including small tools and

general equipment, access and plant

h In-house testing, maintenance and refurbishment of our core

range of products through our National Service Centres

h Enhanced logistics ensuring optimum distribution and

availability across our network

h 57% of our core fleet is classed as eco, supporting customers

with their sustainability targets

h Digital account access and reporting through MySpeedy,

including carbon data insights

h 24/7 service model providing out-of-hours emergency

support

h Industry-leading four-hour delivery service promise

TRADE AND

RETAIL MARKETS

Overview

We continue to build momentum across the Trade and Retail

markets, both directly through our new website – which is now

optimised to give Trade and Retail customers a clearer and more

intuitive hire journey – and through our partnerships across

ecommerce, online marketplaces and retail outlets.

With the addition of a new partner operating a drop shift vendor

model, we now have more than 1,000 retail outlets, nationally,

where Speedy Hire is offered exclusively. This significantly

broadens the number of points-of-sale at which customers can

access our hire service.

Alongside this, Speedy Hire equipment is increasingly available

across multiple online marketplaces and partner ecommerce

sites. Whilst these partners front end their own propositions,

our hire offer can now be accessed through a wider range of

digital routes, extending our reach to web-based customers and

complementing the launch of our new website.

SPECIALIST PRODUCTS

AND SERVICES

Overview

A combination of hire of our own specialist fleet of products,

together with extended equipment access delivered through

strategic commercial partnerships, including ProService,

strengthening our overall specialist offering.

Key Capabilities

h Knowledge, sector expertise and technical support provided

by our specialist teams

h Rail-specific products including eco-managed site lighting

solutions and battery tools, as well as survey, tools and on-

track equipment

h A UK leader in specialist powered access solutions on a

range of equipment up to a height of 90ft

h Provision of hydrogen power through Speedy Hydrogen

Solutions, our joint venture with H-Power Plc

h Specialist power and clean energy products, including

battery storage

h Specialist equipment access with supporting safety and

skills training capability delivered through ProService,

strengthening our overall specialist offer and product choice

for customers

h Test, inspection and certification services through our

Lloyds British business to a broad range of market sectors,

supporting customers’ compliance, regulatory and safety

obligations

h Fuel-management solutions and sales delivered in

partnership with New Era Energy, providing low-emission

fuel alternatives, including HVO and supporting on-site

energy optimisation

h The ability to acquire specialist businesses that enhance our

value proposition

h A state-of-the-art evolving property network to support our

full range of specialist products and services, including test

and inspection

Speedy Hire Plc Annual Report and Accounts 2026

OUR PRODUCTS AND SERVICES

PROSERVICE TRANSACTION

How the ProService Commercial

Agreement enhances our existing

proposition

ProService now forms an integral part of

our business model and has rapidly become

one of Speedy Hire’s largest customer

relationships, representing an annual revenue

opportunity of £50-£55 million in the first

full year of trading following integration.

The Commercial Agreement enhances

and expands our full proposition across

tools, equipment and specialist solutions &

services, while strengthening our omni-

channel approach, including:

h 3 service centres acquired in key

locations (Old Kent Road (London),

Beckton, Derby)

h 224 colleagues joined Speedy Hire

following TUPE transfer in and

associated restructuring; 65 colleagues

transferred out to ProService

h Live contract file acquired, enabling

revenue from day one

h 28 vehicles added to support increased

contract demand

h 45 new hire desk roles created to

enhance customer support and contract

management

h Assets added to fleet, including assets

acquired with live contracts

Integrated across our three product

line‑ups

h Core Tools and Powered Access

(Core Hire Products)

Through a structured Right of-First Refusal

(ROFR) approach, Speedy Hire supplies

an agreed list of core products directly to

ProService marketplace. Weekly trading

remains positive as we navigate the current

mobilisation, reflecting strong early adoption

and demonstrating the scale of demand for

our core offering through this new digital

channel. This integration allows ProService

customers to access Speedy Hire’s tool

range via a faster, digital transaction flow,

improving response times and service

levels.

h Speedy Solutions (Customer Solutions,

Equipment Sales & Training)

The Commercial Agreement transforms

how Speedy Hire fulfils rehire requests.

Instead of traditional phone and email-

based process, customer requirements are

now fulfilled via ProService marketplace,

enabling access to a much wider supplier

network and improving order conversion

rates. Customer orders are sent out as digital

requests across the marketplace, ensuring

clear pricing, availability and competitiveness.

This directly strengthens our ability to deliver

for customers across a broader range of

products and categories, while increasing

utilisation of our own fleet.

h Lloyds British – Testing, Inspection and

Certification

The product resale function is now fully

transacted through the ProService platform,

improving consistency, speed and SLA

management. In addition, work is underway

to integrate Lloyds British testing, inspection

and certification (‘TIC’) services onto the

marketplace – a capability and proposition

that ProService has never offered to its

customers before. This represents meaningful

future growth opportunity and extends our

multi-service offering into a new digital

channel.

What this adds to our omni‑channel

offering

The Commercial Agreement strengthens

our existing channels; service centres,

on-site solutions, digital platforms and

partnerships, by adding a high-volume

digital marketplace channel that opens

access to ProService’s customer base

across all customer audiences. Speedy

Hire customers continue to access our full

proposition through our own channels,

while ProService customers benefit from our

broader product range, improved availability

and single-invoice simplicity. The underlying

customer experience remains consistent

– one account, one account manager, one

invoice, but is now fulfilled through a more

connected digital backbone.

STRATEGIC REVIEW

Speedy Hire Plc Annual Report and Accounts 2026

OUR PRODUCTS AND SERVICES

SUPPORTING SUCCESSFUL SITES

Speedy Hire works with customers to supply the right tools, plant and services at the right time. Our hire, specialist solutions, training, fuel

and compliance services are backed by a national fleet and expert support, helping sites operate safely and efficiently.

Tools and Equipment

Full range of tools and equipment, available nationwide.

Order from 2,617 product lines, including the latest in

sustainable ECO tools and equipment. Click and collect

from over 135 service centres.

Powered Access

A wide range of powered access equipment to

support safe working at height, including scissor

lifts, boom lifts and specialist platforms. Electric,

hybrid and diesel options are available, with expert

support to help select the right solution for each site.

Temporary Site Services (TSS)

Focusing on every aspect of your specific

requirements, Speedy Hire work from the outset to

plan and specify equipment, arrange all elements

of the install process, manage maintenance

requirements and de-rig the site on completion.

Lloyds British (TIC)

Lloyds British has been a leading expert in lifting,

inspection, and testing for over 200 years. As a

multi-disciplined lifting and compliance business,

we prioritise customer safety and regulatory

compliance.

Customer Solutions

A tailor-made solution for equipment hire, working

with established world-class brands we help you

find the perfect solution for your needs. These

partnerships complement our primary range of

hire offerings, enabling us to provide specialised

products for hire.

Hydrogen Power, Fuel and HVO

Every site has different demands, but the goal is

always the same: reliable, efficient, and sustainable

power. Fuel management, HVO and temporary

power to keep sites running efficiently.

Training

Speedy Hire training gives customers a simple,

joined up way to keep their people safe, compliant

and competent on site, with training that fits around

real world site demands.

Product and Consumable Sales

Product and Consumable Sales offer a broad

range of tools, consumables, lifting and survey

accessories, PPE, safety equipment and site

supplies to buy, available for delivery to site or

collection from depot.

Speedy Hire Plc Annual Report and Accounts 2026

NATIONAL

REGIONAL

TRADE

AND RETAIL

Tools and

Equipment

Powered

Access

Customer

Solutions

Power, Fuel

and HVO

Consumable

sales

Training

Lloyds

British

Temporary

site services

OUR CUSTOMER GROUPS

Speedy Hire services a broad and diverse customer base across the UK and Ireland. Our operating model is designed to

flex to the differing needs of National, Regional and Trade and Retail customers, while ensuring a consistent, high-quality

customer experience across all channels.

National

Our National customers include Tier

1 contractors and large organisations

operating across major infrastructure,

construction, utilities, energy and

industrial programmes. These customers

typically engage with Speedy Hire on

multi-year contracts and demand scale,

consistency, compliance and reliability

across complex, geographically

dispersed projects.

We support National customers through

a coordinated model combining:

h Dedicated account management

and contract governance

h On-site service centres embedded

within major projects

h Centralised trading, logistics and

specialist technical support

h Access to our full range of tools,

equipment, specialist products and

services

Our national network, digital platforms

and growing marketplace capabilities

enable us to mobilise quickly, ensure

high asset availability and deliver

service at scale. Sustainability, safety

and data-led reporting remain critical

differentiators for these customers, and

our proposition continues to evolve

to meet their increasingly complex

requirements.

Regional

Regional customers typically operate

across defined geographic areas

and value flexibility, responsiveness

and strong local relationships. These

customers range from regional

contractors and specialist operators

to support services providers

working on shorter-duration or

programme-based projects.

Speedy Hire supports Regional

customers through:

h Local services centres and

engineering capability

h Regional customer contact

centres

h Responsive depot-led service

and delivery

h Access to specialist support

when required

h Digital and account-based

ordering with local expertise

Our regional model balances

local decision-making with central

operating disciplines, enabling

customers to benefit from Speedy

Hire’s national scale whilst retaining

the agility and familiarity of a local

service partner. As digital adoption

increases, regional customers are

increasingly using online and mobile

channels alongside traditional

service centre interactions.

Trade and Retail

The Trade and Retail market includes

tradespeople, small contractors, sole

traders and DIY customers. This

segment continues to be an important

growth opportunity as customers

increasingly choose hire over

ownership and demand faster, simpler

and more accessible solutions.

We serve Trade and Retail customers

through a highly accessible omni-

channel model, including:

h Service centres and click-and-

collect locations

h Speedy Hire website and

mobile app

h Strategic retail and e-commerce

partnerships

h Digital marketplace extending

reach to web-first customers

This model provides greater choice,

convenience and transparency,

enabling customers to access hire

when and how they need it. Continued

investment in digital journeys, product

range and partner channels is

expanding our reach and supporting

long-term growth in this segment.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

MARKETPLACE

OUR CUSTOMERS AND

END MARKETS

We have a broad spectrum of customers, ranging

from the largest national contractors operating

on government and private contracts across the

infrastructure, construction and industrial markets,

through to tradespeople and retail consumers.

Within our national customer segment, our end

markets provide opportunities through a pipeline

of major projects that align with our Velocity

growth strategy where we are focussing our

sales and business development efforts on the

areas of greatest opportunity for growth in rail,

water, clean energy (including nuclear), defence,

highways, aviation and housebuilding. Our

largest customers servicing these major projects

continue to demand commercially sustainable

solutions to complex problems, provided through

our innovative products and specialist expertise.

UK GOVERNMENT SPEND

EXPECTATIONS

Q4 2025 marked a difficult phase for UK

construction, particularly in private new housing,

where output fell sharply through the year. The

UK Construction PMI echoed this trend, staying

below 50 throughout 2025 indicating continuous

contraction.

While early signs of stabilisation have shown

in 2026, new orders remain in decline and

employment figures have shown a sustained

decline. However, business optimism has improved

with confidence that new schemes will reverse

declines throughout the latter half of 2026 and

into 2027.

Analysts are taking a measured but steadily

improving view of the UK economy heading into

2026, with the OBR forecasting GDP growth of

1.4%. While firms such as Goldman Sachs anticipate

a period of modest growth, this is coupled with

encouraging signs of easing inflation and gradual

interest rate cuts beginning to take effect (subject

to wider macroeconomic conditions driven by

the ongoing Iran and Ukraine wars, alongside US

tariffs). Even more cautious perspectives, such as

ICAEW’s estimate of around 1% growth, reinforce

that the direction of travel is positive—there is now

greater clarity on the recovery path, even if the pace

remains gradual.

Within construction, the outlook is particularly

encouraging. While conditions may not yet be

strong enough to trigger a full housing-led boom,

the sector is expected to remain resilient and avoid

any downturn. In fact, both Barbour and Glenigan

forecast construction output to outperform the

wider economy, forecasting growth of around

2.7%. This is underpinned by a substantial pipeline

of activity, with approximately £39bn of projects

expected to commence in 2026—largely driven by

civil engineering and infrastructure, alongside a

notable resurgence in commercial developments

including data centres. Momentum is also expected

to build further into 2027, signalling a strengthening

trajectory for the sector.

The foundations for a broader market resurgence

are increasingly falling into place. While factors

such as interest rates, household income, and

the execution of public investment will continue

to shape the pace of recovery, there are clear

signs of improvement across each area. Gradual

enhancements in affordability and consumption,

combined with a renewed focus on delivering

major projects, point toward growing confidence

in the market. With multiple sources aligning on

stronger construction growth from 2027, businesses

like Speedy Hire can look ahead with optimism

– anticipating increased bidding activity through

FY2026 and a meaningful uplift in project starts

from early 2027.

Speedy Hire Location

Speedy Hire Plc Annual Report and Accounts 2026

DIVERSE RANGE OF INDUSTRIES

INFRASTRUCTURE 23% OF GROUP REVENUE

The UK Infrastructure Pipeline is the 10-year

forecast investment in major UK capital

infrastructure, published by the National

Infrastructure & Service Transformation

Authority (NISTA). The strategy, first published

July 2025 and updated bi-annually, shows

committed public funding of £718bn for planned

investment over the next 10 years with 16% in

transport, 11% health and social care and 9% in

water and waste.

A partnership between private and public

bodies, Speedy Hire maintains strong

relationships with key stakeholders including

Skanska, Costain and Mace Construct, who

have all commented positively on NISTA and

the National Construction & Infrastructure

Pipeline.

While ambitious, the key questions concern

the ability of UK infrastructure to support these

plans, with some commentators such as the

Institute of Civil Engineers noting the need to

urgently build capacity and capability to deliver

promises in the given window.

Water £104bn market size over five years

Asset Management Period 8 (AMP8) is a

£104bn investment plan to be implemented over

from 2025-2030, including six new reservoirs

and 11 water transfer projects. The plan nearly

quadruples previous expenditure and marks

a significant shift in the scale of investment

in the water sector. With a headline figure of

£104 billion in investment, the message from

Ofwat and the water companies was clear:

this was to be the most ambitious period of

infrastructure transformation in a generation.

Contractors, clients, and trade associations

in the water sector have voiced concerns

about the pace of project delivery so far, with

statements from major firms highlighting wider

worries about the resources needed to deliver

the sector’s ambitious programme.

Water companies are under mounting pressure

to increase outputs despite tighter budgets,

with cost cutting measures like redundancies

potentially creating capability shortfalls.

Uncertainty is compounded by limited clarity

around upcoming project pipelines. Meanwhile,

regulators are proceeding with major capital

heavy initiatives—exemplified by the Grand

Union Canal and Minworth schemes—within

stricter price controls, meaning efficiency

improvements must replace bill increases.

Ofwat’s focus on innovation funding and new

requirements such as mandatory condition

monitoring further signals a shift toward

prioritising asset health and leakage reduction.

Given commitment of the UK Government to

deliver, we continue to anticipate significant

opportunity for our business in this sector, built

on solid engagement with the Water Industry,

including the Institute of Water and British

Water. This will be supported through readiness

in face of growing demand and tender volume

and maintaining our close relationships with

customer active in the space.

Energy £126bn market size

The UK nuclear market continues to see

substantial Government and private sector

backing, with Hinkley Point C progressing,

Sizewell C receiving a £14.2 billion Government

commitment, and Great British Energy - Nuclear

advancing the UK’s first Small Modular Reactor

programme at Wylfa.

The policy environment is also becoming

more supportive, with the Government’s new

Advanced Nuclear Framework designed

to accelerate privately led SMR, AMR and

microreactor projects, and March 2026 reforms

aimed at streamlining nuclear planning and

regulation to reduce cost and speed up delivery.

Fusion has also moved further up the national

agenda, with the UK Fusion Strategy 2026

backing the sector with over £2.5 billion over

five years and placing STEP at West Burton at

the centre of commercial deployment plans.

The Government’s modern Industrial Strategy

and Clean Energy Industries Sector Plan

provide a clearer long-term framework for

investment, with clean energy identified as one

of the UK’s priority growth sectors. Alongside

this, Great British Energy and Great British

Energy - Nuclear are expected to invest more

than £8.3 billion over the current Parliament in

homegrown clean power, while Clean Power

2030 continues to drive deployment targets

across renewables and flexible generation.

Ambition remains significant, including 43-

50GW of offshore wind, 27-29GW of onshore

wind and 45-47GW of solar by 2030, alongside

continued investment in nuclear, hydrogen,

carbon capture and grid infrastructure. These

commitments should continue to support

demand across major infrastructure and energy

construction activity over the medium-term.

In addition, major investment is continuing

across UK energy infrastructure and networks.

Ofgem has approved an initial £28 billion of

investment in gas and electricity networks

for the next price control period, with the

potential for this to rise to around £90 billion

over the five years to 2031, while RIIO-GD3 (gas

distribution plan) now runs from 1 April 2026

to 31 March 2031. At the same time, NESO’s

Strategic Spatial Energy Plan is being developed

to provide a clearer long-term view of where

electricity and hydrogen infrastructure will be

required across Great Britain through to 2050,

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

supporting network expansion and wider

system planning.

With our extensive range of core hire equipment

and specialist services, supported by owned

assets and rehire partnerships, we believe the

Group is well positioned to capitalise on these

investment themes across nuclear, grid, and

broader energy infrastructure markets.

Rail £45bn (£136bn inc HS2 & TRU) market

size over five years

The £45 billion CP7 plan (2024-2029) will

support Britain’s rail operations, maintenance,

and renewal, aiming for a simpler and greener

railway. Early progress has shown strong cost

efficiencies, but this has been offset by financial

pressures with contractors noting a slower start

than expected. Supplier spend has fallen 5%

year on year and is below CP6 in real terms.

Despite short-term softness, there remains a

strong forward pipeline, suggesting a later than

expected ramp up in capability.

Speedy Hire remains a key contractor on the

HS2 project. Further updates are expected in

the summer, with updated delivery timelines to

be provided. Meanwhile, the £11bn TransPennine

Route Upgrade (which is being delivered by the

TRU West Alliance, including our customers

BAM, Amey and Siemens) is underway with

significant maintenance and electrification of

existing infrastructure as well as laying new track.

Highways £27bn market size

The Department for Transport has published

the draft third Road Investment Strategy (RIS

3) for National Highways, broadly setting out

almost £25bn of spending from 2026-2031.

The Government is focussing on prioritisation

of maintenance and renewals, with the aim of

improving England’s strategic road network.

In addition, £0.4bn has been ringfenced to

support Inward Investment Projects, aimed at

attracting new industries, foreign investment

and innovation.

Our strong relationships, through successful

work with industry bodies, mean we remain

well placed to capitalise on future opportunities

including projects such as the Lower Thames

Crossing (a further £1.7bn additional to RIS3)

and ongoing works on Local Authority A

roads. Over £7bn has been allocated to local

authorities over the next 4 years enabling

proactive and preventative maintenance over

short-term repair.

Aviation £12bn market size

The UK Government has announced major

plans for airport expansion, particularly at

Heathrow, Gatwick and Luton, with higher

passenger capacity to meet post-COVID

demand. Further major investments are planned

across the Manchester Airport Group (including

Luton) totalling £2.5bn as they come to

completion of their 10-year Manchester Airport

Transformation Programme.

In January 2026, Heathrow approved new

investment to begin work on a planning

application for a third runway. Decisions on

key issues related to the necessary regulatory

work and policy frameworks are expected

throughout 2026. Estimates hold the potential

expansion cost at c.£33bn which has not been

included above.

With our Service Centre located on the

boundary of Heathrow Airport, and Regional

Service Centres serving these major UK cities,

we are well positioned to optimise the growth

potential in this sector.

DIVERSE RANGE OF INDUSTRIES

MARKETPLACE CONTINUED

Speedy Hire Plc Annual Report and Accounts 2026

CONSTRUCTION 35% OF GROUP REVENUE

The UK construction sector enters 2026 in

a transitional phase, shaped by the legacy

of a difficult 2024–25 period but with clearer

signs of stabilisation and recovery emerging.

Industry data shows output growth returning

(forecast at 2.7% in 2026 by Glenigan), yet this

follows one of the longest downturns since

the financial crisis, particularly impacting

housing and commercial activity. Confidence

is gradually improving as inflation eases and

interest rates begin to stabilise, but overall

activity remains uneven and sensitive to

economic conditions, particularly financing

costs and investor confidence.

A defining trend for 2026 is a “multi-speed”

construction market, where public and

regulated sectors are driving resilience while

private development lags. The infrastructure

programmes continue to benefit from strong

investment pipelines, whereas housing and

commercial real estate face affordability and

viability constraints. This divergence creates

a more selective market, where growth

opportunities are concentrated in sectors

aligned to long-term national priorities such as

energy transition, infrastructure renewal, and

public services.

Cost dynamics remain a critical theme, with

rising tender prices and capacity constraints

expected to shape delivery through 2026.

While subdued demand in parts of the market

has temporarily eased pricing pressure, a

gradual rebound in activity risks tightening

contractor capacity and pushing costs higher,

creating both risk for clients and opportunity

for well-positioned suppliers able to manage

margins and productivity effectively.

With growing emphasis on digitalisation,

innovation and sustainability, while firms

invest in technology to improve efficiency,

reduce emissions, and manage assets more

effectively, new opportunities are being

created. Additionally, emerging growth areas

– such as data centres, industrial facilities, and

infrastructure-led regeneration – are beginning

to offset weaker traditional segments,

reflecting changing economic drivers and

demand patterns across the UK.

Looking ahead, the construction sector’s key

opportunity lies in positioning for acceleration

into 2027, when multiple forecasts expect

stronger growth as macroeconomic conditions

improve and project pipelines convert into

delivery. Speedy Hire’s strong relationships

with key industry suppliers such as Morgan

Sindall, Costain and Balfour Beatty, as well

as numerous key residential builders, means

we remain well placed to navigate short-term

uncertainty while aligning with long-term

trends.

SUPPORT SERVICES AND RMI 42% OF GROUP REVENUE

Support services and RMI include facilities

management, manufacturing and production,

environmental services, engineering services,

defence, power, petrochemicals and steel,

media, DIY and home improvement.

Our customers in support services include

Babcock, where we provide assets and

services in support of defence projects at

HMNB Devonport, HMNB Clyde and Rosyth

Dockyard.

While residential construction is anticipated to

be subdued at the beginning of the year, the

latter half of 2026 is anticipated to see an uplift

in private housing and related RMI activities

while preparing for an uplift in 2027 – aligning

goals with RMI and regulation-driven refurb

should offer resilience where confidence in

new building is weak, with particular attention

on public-estate refurb.

As markets recover, our existing customer

relationships and focus on business

development will enable us to increase our

proportion of revenue and market share in

this space.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

MARKETPLACE IN ACTION – PROSERVICE

DELIVERING GROWTH THROUGH VELOCITY

The ProService Commercial Agreement is a clear example of growth delivery under the next phase of our

Velocity strategy. Having built the essential foundations during the Enable phase, including digital systems,

fleet capability, integration readiness and strong operational governance, this agreement demonstrates

how Speedy Hire is now positioned to scale, win and grow through new channels.

A New Digital Route to Market

Speedy Hire now operates as ProService’s primary

equipment supplier through a marketplace model that is

fully digital end-to-end, from order placement to fulfilment

and invoicing. This significantly improves speed, accuracy

and customer experience, offering:

h A simpler, faster customer journey

h Digital request and response fulfilment

h Better pricing and wider supplier choice

h Improved conversion rates thanks to a real-time

allocation

This digital fulfilment capability represents a major

evolution of our service model.

Performance to Date

Strong early momentum

h Mobilisation under the ProService Commercial

Agreement has progressed and is delivering in line

with expectations

Tiered operating model

The agreement is structured under two tiers:

h Tier 1 – Core Hire products where Speedy Hire has the

right of first refusal across a range of c1800 Core Tools

and Powered Access

h Tier 2 – Non-Core or specialist items with open

competition

Fleet investment to support growth

h Significant investment has been approved for

additional assets to increase capacity and improve

acceptance rates for right of first refusal products

h This investment is designed specifically to drive

higher fulfilment volumes through the marketplace

Opportunities for the Year Ahead

Expanding fulfilment and improving acceptance

rates

Increasing asset availability and refining coverage will

allow us to capture a greater share of ProService demand,

preventing competitor leakage and driving incremental

revenue growth.

Introducing Lloyds British on the marketplace

Work is ongoing to explore how TIC services can be

integrated into the digital channel, a first for ProService

and a significant new revenue pathway for Speedy Hire.

Continued digital optimisation

Ongoing tech integration, including further automation

and improved workflows for our dedicated team that

support ProService, while our new Contract Director,

uniquely responsible for managing ProService as both a

customer and supplier, reflecting the dual-sided nature of

the agreement.

CASE STUDY

Speedy Hire Plc Annual Report and Accounts 2026

INVESTMENT CASE

A COMPELLING INVESTMENT PROPOSITION

As a resilient and ambitious business, our transformational strategy ‘Velocity’ has set out

transparent KPIs based on increasing revenue and improving operational efficiencies to drive

profitability and deliver sustainable returns for our investor community.

By 2028, we are targeting to:

h Grow revenues to £650m

h Grow EBITDA margin to 28%

h Maintain sustainable leverage at 1.0-2.0x EBITDA

RESILIENT BUSINESS

SERVING KEY END MARKETS

Robust business with the ability to develop

revenue, grow EBITDA, expand margins

and increase shareholder returns, supported

by long-term end-market fundamentals

across infrastructure, construction, industrial,

Support Services and RMI

as well as trade,

creating visible, resilient and less cyclical

revenue streams.

Ability to develop revenue

and grow EBITDA

Serving a significant number of

the UK’s top 100 contractors

£90m+

annual revenues secured through

recently won multi-year contracts

STRATEGIC CAPITAL

ALLOCATION AND CASH

GENERATIVE

Strong balance sheet and cash generation,

with significant banking facility headroom

with which to grow the business organically

and through value enhancing acquisitions or

major strategic projects, coupled with a clear

capital allocation investment and dividend

policy.

102.3%

cash conversion from EBITDA

0.70 pence

final dividend, bringing full year

dividend to 1.00 pence

(1.71) pence

adjusted EPS

3.3x

leverage

AMBITIOUS AND OPTIMISED

Bold, purpose-led Velocity strategy.

Fundamental advancements made throughout

the Enable phase have transformed the

business, to be driven by data – optimising our

network, logistics and products – and powered

by our people.

Provides a stable and scalable foundation,

ready for the next phase of the Velocity

strategy: Delivering Growth.

£416.1m

Revenue

Investment in property and

logistics network upgrades

driving sustainable efficiency

AI driven asset

management

and logistics

Award winning

People First

programme

INNOVATIVE, ESG LEADING

UK BUSINESS

A recognised sustainability leader in the UK,

bringing sustainable products and service

innovation to the hire sector.

5 7.9%

of revenue

generated from

eco products

£62.3m

of social value

created

45.4%

reduction in our scope 1 and 2

emissions vs a FY2020 baseline

Gold accreditation from Investors

In People for investment in

apprentices

See note 11 to the Financial Statements.

Leverage: Net debt to EBITDA

. This metric excludes the impact of IFRS 16. See notes 11 and 20 to the Financial

Statements. This differs from the methodology used in the Group’s banking covenants, which includes certain

additional EBITDA adjustments, and is therefore not directly comparable to covenant leverage.

Repair Maintenance Improvement (housing and construction).

Source – Glenigan Limited: Top 100 contractors by value of award for the period from April 2025 to March 2026.

Recognised by Inspiring Workplaces as a Top 50 Employer.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

CHIEF EXECUTIVE’S STATEMENT

Our focus remains on disciplined execution. We

are concentrating on improving the efficiency

and resilience of the business, embedding the

systems, reporting, data and AI capabilities

needed to support scalable growth, while

maintaining strong operational control. Although

demand remained mixed, the Group made

clear strategic progress and enters FY2027 well

positioned for growth.

Trading performance and market

conditions

Market conditions remained challenging

throughout FY2026, with widely reported delays

to project starts and cautious customer behaviour

continuing to impact overall activity levels,

particularly affecting our Regional customer base.

Against this backdrop, we made good progress in

gaining market share, particularly with National

customers, securing significant long-term

framework agreements, including Thames Water,

which are expected to provide incremental

growth as mobilisations progress.

Our Trade and Retail operations remained

profitable, although demand was constrained

by weaker market conditions. We continue

to evaluate expansion opportunities in this

channel, consistent with our Velocity strategy,

and remain encouraged by the underlying

customer engagement and long-term potential

of the model. We also serve a number of these

customers, through the ProService Commercial

Agreement, again demonstrating the business’

evolution and capability to serve customers

through an alternate technology channel made

possible by our Velocity strategy.

Speedy Hire’s national scale, specialist

capabilities and operational flexibility continued to

be important differentiators. Our ability to support

customers across large, complex projects while

maintaining responsive local service enabled us

to remain closely aligned to customer needs.

During the year, we took the opportunity to

restructure our Lloyds British business, bringing

in new management and disposing of the loss-

making manufacturing part of the business. This

has resulted in sharper focus on the growth of our

higher margin TIC business.

Our joint venture in Kazakhstan experienced a

continuation of the downturn in performance

due to the conclusion of major contracts. These

contracts have however been replaced by new,

long-term contracts secured with our partner,

giving confidence for future growth.

Strategy

FY2026 marked the completion of the Enable

phase of our Velocity strategy delivered on time

and on budget. Over the last three years, we have

invested c.£20m in transforming the business,

focused on strengthening the operating platform,

modernising our systems, improving efficiency

and leveraging data to drive enhanced customer

service visibility, operational control and readiness

for capitalising on growth opportunities.

During the year, we completed the rollout of a

number of major digital and operational initiatives,

including customer relationship management,

customer service workflows, transport and

logistics optimisation and the modernisation of

our telephony and engineering platforms, as well

as the launch of our new trading website. These

changes are improving operational visibility and

efficiency, supporting better decision-making

and delivering a more consistent experience for

customers and colleagues.

Importantly, the work completed during the

Enable phase provides a stable and scalable

foundation from which to drive growth, while

OVERVIEW

The financial year ended 31 March 2026 was an important

year for Speedy Hire as we completed the Enable phase of

our Velocity strategy and strengthened the foundations of

the Group for growth. This progress was delivered against

a challenging economic backdrop, which continued to

influence customer behaviour and market conditions

throughout the year.

Speedy Hire Plc Annual Report and Accounts 2026

maintaining the operational discipline required

in uncertain market conditions. We are excited

to move forward into the Deliver phase of the

strategy in FY2027, focussing now on delivering

long-term sustainable growth.

Commercial Agreement with

ProService

We were delighted to announce completion of

the ProService Transaction, under which Speedy

Hire has secured a right of first refusal to supply

ProService with core hire equipment and testing,

inspection and certification services through

our Lloyds British business. The ProService

Transaction also included the transfer of certain

assets, the assignment of new service centres

and an equity investment in ProService plc.

The Commercial Agreement represents a

transformational milestone for Speedy Hire and

is a direct outcome of the enabling investments

made under the Velocity strategy, particularly in

technology, data, AI and operational capability.

The transaction also accelerates the evolution of

our hire fleet, supporting a more efficient capital

profile over the medium-term while enhancing

the service offering available to customers across

both organisations.

Mobilisation has progressed in line with

expectations, with a view to contributing

£50–55m of annualised revenue and significant

earnings accretion in FY2027, the first full financial

year following a period of integration. Speedy

Hire also still anticipates a full payback of the

consideration from operating cash flow in two

to three years, excluding any potential cash

returned from its interest in ProService plc. As

volumes increase and additional services are

introduced, namely the planned inclusion of

Lloyds British TIC services being made available

to ProService customers, revenues under the

Commercial Agreement are expected to become

an increasingly important contributor to Group

performance.

Overall, the Commercial Agreement marks a

step-change in scale through a new customer

channel for Speedy Hire and gives early

momentum to the Deliver phase, offering

clear validation of the Velocity strategy and

demonstrating the strength and adaptability of

our operating model.

Customers, channels and growth focus

Beyond ProService, our priorities remain

unchanged. We continue to focus on sectors

aligned with long-term national investment,

including infrastructure, energy, rail, water and

regulated utilities, where demand is supported by

multi-year programmes and where our scale and

specialist capability are most relevant.

Our operating model continues to evolve in order

to best serve our customer demands. Customers

increasingly expect flexibility in how they access

hire and services, and our combination of service

centres, on-site solutions, digital platforms and

partnerships positions us well to meet their

expectations while maintaining a consistent and

reliable proposition.

People, safety and sustainability

Our people remain central to the delivery

of our strategy. Through our People First

approach, we continue to invest in colleague

engagement, skills development and leadership

capability, supporting a culture rooted in safety,

accountability and performance.

Safety is a core value across the Group and

fundamental to how we operate. Ongoing

investment in training, systems and fleet

technology continues to strengthen our safety

culture, supporting continuous improvement and

reinforcing trust with colleagues, customers and

communities.

Sustainability is also an integral part of our

strategy and customer proposition. Demand

for lower-emission, compliant and efficient

solutions continues to grow, particularly

across infrastructure and energy markets. Our

expanding eco fleet and the development of

our carbon and nature reporting capabilities

support customers in meeting their sustainability

objectives, while reinforcing Speedy Hire’s

position as a responsible and reliable partner,

with commercially sustainable solutions.

I would like to take this opportunity to thank all

colleagues for their continued hard work and

dedication to the business, whilst continuing to

deliver a first-class service to our customers.

Outlook

The new financial year has started well, with

secured contracts mobilising as anticipated and

trading in line with the market expectations. At

this early stage, revenues to the end of May are

c.2% ahead of the comparative period. Previously

announced customer led delays are resolving and

the related projects will contribute meaningfully

during the first half. Adjusted EBITDA

for the

same period is c.13% ahead, the direct result of

the effect of operational gearing and disciplined

cost control.

While near-term market conditions remain

uncertain, particularly in light of global

geopolitical events, the strategic progress made

and contracts secured in FY2026 mean the Group

enters FY2027 with a solid foundation for scalable

growth as we move into the next phase of our

Velocity strategy. With a strengthened operating

platform, a disciplined approach to capital

allocation and a clear strategic focus, the Group

is well positioned to deliver sustainable long-term

value for shareholders and wider stakeholders.

Dan Evans

Chief Executive

See note 11 to the Financial Statements.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

TRANSFORMATION REVIEW

CUSTOMER FOCUS

Our aim is to transform how we do business and

become the easiest business to deal with for

customers, by providing a fast, comprehensive

and efficient service, with a consistent customer

experience across all contact points.

Revolutionising our digital platforms

A major element of our customer-focused

developments is ensuring we provide a consistent

single ‘shop front’ view across all channels, such

as our website, app and catalogue. During the

year, our digital teams have been working with

stakeholders both inside and outside the business

to provide a refreshed user experience, with

updates to key content areas and developments

towards key transactional elements being

launched in FY2027.

Work is underway to deliver our ‘Speedy Trading

Platform’ in FY2027, a new system that links in

with Microsoft D365 to simplify the ordering

experience for colleagues. This has the added

benefit of streamlining the customer quote and

order process by including an order management

capability to automate the allocation of assets.

Launching new Customer

Service system

FY2026 saw the rollout of our D365 Customer

Service system complete across all Direct

and Trading operations. With over 60% of our

business transacting through these channels,

this rollout gives us powerful data and insights

to better understand customer needs, highlight

performance strengths and identify opportunities

to improve how we work – all driving business

growth. In FY2027, we will focus on using

these insights to drive innovation and service

improvements to make a real difference for

customers and colleagues.

INNOVATIVE GROWTH

We recognise that, in a dynamic and competitive

commercial landscape, innovation is a key

enabler for continued long-term profitable growth.

Embedding our new CRM system

Following the new Customer Relationship

Management (‘CRM’) system being launched

in FY2025, the new technology has now been

successfully rolled out to our Commercial and

Sales teams across the country, enabling all

customer information to be managed in one

place. This system, integrated into our digital

platforms, is a vital tool in enabling us to use

internal and external data to better understand

our customers’ buying behaviours and target

our sales and marketing activity more effectively,

aligning the outputs of our AI solutions to have

our products available where our customers need

them, every time.

Investing in specialist innovation

During FY2026, our approach to innovation was

shaped by targeted investment along-side a

greater focus on deployment, application and

customer outcomes, reflecting wider CAPEX

discipline across the year.

In July 2023, we launched our transformation plan,

underpinning our Velocity growth strategy to enable and

deliver our stated financial and non‑financial targets over a

five‑year term.

The Group‑wide programme is designed to improve our

operations and colleague experience, improve the experience

for our customers, enable us to become a digital and data‑led

business and create a step change in efficiency, delivering

the technical and operational changes required to establish

our future business model.

Speedy Hire Plc Annual Report and Accounts 2026

The transformation programme is built around six clearly defined workstreams:

TECHNOLOGY

AND DATA

CUSTOMER FOCUS

INNOVATIVE

GROWTH

PEOPLE FIRST

OPERATIONAL

EXCELLENCE

SPEEDING UP ON

SUSTAINABILITY

We continued to invest in and refresh key areas

of our hire fleet through established supply chain

partnerships, particularly within powered access,

lighting and hoisting. This included ongoing

collaboration with partners such as Niftylift,

Dingli and Pramac, supporting the availability

of lower-emission and hybrid solutions, as well

as maintaining specialist and exclusive product

offerings within our fleet.

As a result, innovation during the year extended

beyond new product introduction. We expanded

our range of battery-powered and lower-emission

equipment, including solutions from Instagrid,

Belle and Stihl, alongside introducing specialist

products across safety, communications and

site operations, such as Motorola and Eave

technologies. These developments support

evolving customer requirements, including

compliance-led demand and the need for

more flexible and efficient site operations, while

ensuring these also represent commercially

sustainable choices.

We also strengthened our offering through

targeted product launches and partner-ships,

including solutions within temporary works

and site protection such as Xtreme Mats, Dura

Track Mats and Fortis Barriers, alongside smart

monitoring technologies delivered in partnership

with Eave. These were supported through

demonstrations, trials and customer engagement

activity, including our Ticket to Innovate event,

which brought together suppliers and customers

to showcase solutions in a live environment.

In addition, innovation was delivered through

the continued mobilisation and application

of equipment across major projects and

infrastructure programmes. Solutions such as

gPod site inventory systems and GEDA hoisting

equipment were deployed to support efficient and

reliable operations in complex environments. This

included the expansion of our hoisting capability

and regional footprint, enabling us to respond

more effectively to customer demand.

Overall, our approach reflects a broader definition

of innovation, focused on how equipment,

technology and partnerships are applied to

deliver practical value for customers, rather than

solely on new product investment.

Digital Site Time Records in

Motion Kinetic

Following the successful embedding of Motion

Kinetic into Lloyds British, we have continued to

improve how the system supports our testing,

inspection and certification operations.

Lloyds British has introduced digital Site Time

Records, allowing engineers to complete a record

of the work carried out, time on site and any notes

at the end of each job directly within the system.

These records are automatically uploaded to

the customer portal, giving customers real time

visibility of completed work.

The digital process also enables daily invoicing

without waiting for paper copies, reduces

administration and allows engineers to review

notes from previous site visits. This is improving

accuracy, continuity of service and customer

experience, while supporting our continued

move towards a more efficient, paperless way of

working.

OPERATIONAL

EXCELLENCE

We’re investing in world-class operations and

processes to reduce cost, drive efficiency and

enhance our people’s experience by becoming an

easy business to work for.

Optimising our network

Our developing Service Centre network and

logistics model serves as the core to achieving

operational excellence and great customer

service. From order taking and fulfilment and

delivery, to engineering and the management

of our assets, we have continued to develop

our network by creating newer, larger energy-

efficient centres that operate at scale, enhancing

engineering capabilities to drive increased

asset availability, and improving the working

environment for our people. During the year, we

consolidated several less-efficient locations.

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

TRANSFORMATION REVIEW CONTINUED

System‑led logistics with OpenFleet

During the year, we made significant progress

with our new system-led approach to logistical

operations. Using the AI logistics management

system ‘OpenFleet’, we can optimise our route

planning across Service Centres, clusters and

regions. Moving from a manual to a system-

led approach in the majority of our locations is

reducing unplanned mileage, transport costs,

effort and waste as well as our carbon footprint.

Furthermore, it provides greater visibility and

enhanced tracking for our customers. As FY2027

will see the completion of this rollout and delivery

of phase 2, which will enable further benefits and

efficiencies from the system, it will provide greater

visibility and enhance tracking to our customers,

including self-service capabilities.

As the platform develops, it will enable more

dynamic scheduling, improved planning and

increased asset availability across the network.

This will support more proactive customer

communication and provide the foundation

for self-service capabilities, including further

improved visibility of deliveries and collections

through digital channels.

AI and digitised processes

During the year, we have employed technology,

including AI, to optimise our operations in

supporting asset management and utilisation to

enable us to inform future capital spend. We have

also digitised our asset management process,

improving accuracy on stock count procedures,

which are undertaken twice annually, supported

by our leadership team, who physically visit

every Service Centre and engineering facility

across the network to support the process. Our

focus in FY2027 will be the use of internal AI and

modelling capabilities to further improve dynamic

asset management and warehousing forecasting

to optimise stock levels and asset maintenance.

Digitally integrating order

management

FY2026 saw us accelerate our adoption of

AI tools for colleagues. We have rolled out

Microsoft Copilot to all colleagues with training

and engagement sessions available to support

learning. We have also developed and deployed

our own AI tools to help colleagues navigate

internal policies and processes.

In FY2027, we will continue work on integrating

order management into our digital channels. This

will provide our digital channels and hire teams

with live visibility of all our assets’ stock positions

and allow us to automatically allocate orders to

the most efficient fulfilment location based on a

customer’s preference for delivery or collection. It

will provide real-time notifications on the progress

of an order, enhancing the customer experience

and further improving the speed at which we can

meet customer demand.

Digitalising Engineering

During FY2026, we made significant progress

modernising engineering by rolling out iPads to

our engineering colleagues. The tablets replace

paper-heavy processes, enabling real-time

updates on asset status and supporting our focus

on Speed to Availability. Engineers can now

capture data, access D365, and stay connected

without returning to service centres, saving time

and fuel whilst improving customer service.

This investment also supports the transition

to a more cloud-enabled engineering model,

with asset data, service history and compliance

records captured digitally and made accessible

across the business. This enhances visibility of

asset readiness, improves planning and supports

more informed operational decision making. Over

time, it will enable greater customer self-service,

with improved access to equipment status and

service updates, and support a more proactive,

data-led approach to maintenance, improving

availability and customer experience. This sets the

stage for further digital enhancements in FY2027,

such as tailored engineering apps, and ensures

our teams are equipped for smarter, more efficient

mobile servicing.

Industry leading Innovation Centre

Our award winning, net-zero Innovation Centre

located in Milton Keynes which has a rare EPC

rating of A+ enables us to showcase the innovation

we bring to the market in both how we operate,

and through the eco products we provide to

customers. These products range from Battery

Storage Units and Stage V Generators to the

world’s first hydrogen powered access machines

developed by Niftylift in conjunction with Speedy

Hire. As a flagship example of a net-zero operation,

we have attracted over 5,100 customers to tour

the site since opening, enabling them to view

first-hand the breadth of eco products we bring to

market, and be inspired to take back best practice

eco-innovation to their own organisations.

FY2026 saw the launch of Teams Phone and D365

Contact Centre across the business to modernise

how we connect internally and with customers.

These digital platforms give our people the tools

and technology to deliver first-class service and

support business growth, and they enable us

to monitor and drive performance through data

insight.

TECHNOLOGY

AND DATA

Our transformation programme is being driven by

leveraging technology and data to drive simplicity

and efficiency to support sustainable profitable

growth.

Data Driven

We have built up a centralised data capability

over the past year. FY2027 will see the rollout of

AI and data pathways to enable colleagues to get

the most from our digital systems and data. We

are now able to produce performance data across

the Speedy Hire business and utilise that data to

identify and drive improvements which result in

efficiencies for both colleagues and customers.

Power BI continues to inform and drive decisions

across the business, as we further embed use

with different colleagues and management. We

are also using Power BI to help our customers

by providing them with product performance

information as well as a first in industry nature

reporting and Eco product framework, helping

customers to make the right Eco product choices

when it comes to asset selection. This technology

is another differentiator in how we are innovating

to add value to our customer proposition.

Easier transactions

During FY2026, we updated how customers pay at

Speedy Hire with new payment terminals across our

service centre network. These new terminals deliver

a faster, more reliable payment experience and are

an important step towards introducing even more

advanced payment options in the future.

Speedy Hire Plc

Annual Report and Accounts 2026

PEOPLE FIRST

Our people are central to our business and

are critical to delivering our growth strategy.

At Speedy Hire, we recognise that a motivated

and engaged workforce drives productivity and

enhances the customer experience.

We are transforming our organisation to

become a class leading partner for customers

and suppliers, and an employer of choice. Our

People First approach guides every stage of

the colleague journey. Our ambition is to be

recognised as a Sunday Times Best Place to

Work, where all colleagues feel valued and

included, and understand the importance of their

contribution.

Performance‑Driven Culture

We continue to foster a culture that encourages

colleagues to reach their full potential whilst

supporting them to deliver exceptional

performance. This culture is grounded in our

six core values: ambitious, innovative, inclusive,

safe, together and trusted. Our People First road

map underpins our Velocity growth strategy by

maintaining colleague engagement, building

new skills, enhancing wellbeing, expanding

development programmes and creating inclusive

workplaces.

Engaging Our Workforce

Over the past year, we achieved key People

First milestones, maintaining an engagement

score two points above the benchmark, despite

a challenging economic environment. We

completed the rollout of Speedy Hire Work–Life

Balance, an industry first flexible working initiative

that has contributed to a record low voluntary

attrition rate.

Creating an inclusive culture where everyone

feels they belong remains a priority. To help drive

this forward, we launched our Diversity, Equity

and Inclusion (‘DEI’) strategy ‘Part of the Family’,

strengthened by the introduction of two new DEI

Community Groups, LGBTQIA+ & Allies and

Ability & Allies. This additional focus led to the

attainment of Disability Confident Level 2 and

external validation from customers, including

being awarded Supplier of the Year at the Cadent

Congratulates as a result of our DEI initiatives.

Speedy Hire won the Diversity & Inclusion

initiative at the 2026 HAE awards in recognition of

its Part of the Family: DEI Colleague Commitment

and the collaborative impact of its colleague-led

DEI community groups, supported by senior

leadership to drive cultural change and create a

workplace where everyone can belong and thrive’

The Board remains actively engaged with

colleagues, including through our Colleague

Consultative Committee (‘CCC’), attended

annually by Non Executive Director Carol

Kavanagh. The CCC facilitates open

communication, reinforces understanding of our

strategy and values, and provides a platform for

colleagues to raise questions and share feedback

with senior leadership.

We also expanded apprenticeship opportunities

for new and existing colleagues and invested

in professional development, earning the

Investors in People Award for our commitment to

apprenticeships and surpassing our commitment

of having 5% of colleagues in earn-and-

learn roles.

Our People First initiatives have contributed to

Speedy Hire being named a Top 50 Inspiring

Workplace in 2024 and 2025, achieving our

lowest-ever attrition rate, and an 82% colleague

score for being “motivated to do their best work”,

four points above the benchmark.

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

KEEPING OUR PEOPLE AND COMMUNITIES SAFE

At the core of supporting our Velocity strategy is our commitment to the safety of our colleagues and customers. At Speedy Hire, everyone’s

safety matters and we share a collective responsibility to keep everyone safe, which is why it is a key part of our values.

COLLECTIVE

RESPONSIBILITY

We have made progress with our Collective

Responsibility Safety Programme launched in

the prior year, designed to drive improvements

and enhance monitoring and reporting, covering

our key pillars: People First, Safety Organisation,

Training, Health and Innovation.

PEOPLE FIRST

We continued to strengthen colleague

engagement through our Visible Leadership

programme, delivering safety engagement days

across the business. These sessions are designed

to encourage open discussions on safety, mental

health and wellbeing, whilst giving colleagues the

opportunity to raise questions directly with senior

leaders. Leadership teams attended all sites during

the period, reinforcing visibility and accessibility

across our operations.

This year, we also launched our Safety Culture app,

which provides real-time micro-learning modules

that can be rapidly created and distributed across

the business at the push of a button. This digital

approach enhances the speed, consistency and

reach of our safety communications, supporting

the ongoing development of a strong and proactive

safety culture.

SAFETY

ORGANISATION

Our Health and Safety Management System is

designed to eliminate accidents and injuries in

the workplace and ensure that safety remains

embedded in the mindset of every colleague

across our operations, whether on our own sites

or at customer locations. Since the system’s

introduction in 2021, we have continued to

develop and promote the use of EcoOnline, our

safety management and reporting platform.

EcoOnline is used by all colleagues to report

and manage safety incidents, accidents,

environmental events, and hazardous or

near-miss observations. It also enables the

recording of positive safety behaviours, providing

valuable data to drive continual improvement

through corrective action tracking and root-cause

analysis.

During the reporting period, the business

recorded more than 7,000 events. At the

forefront of our safety culture is our active Safety

Committee, which meets quarterly to review

incidents, monitor emerging trends, and develop

new initiatives and campaigns. A key success

this year has been the significant reduction in

head injuries. Following a detailed review of

incidents, the Committee developed targeted

communications, sought colleague feedback

through a dedicated survey and introduced

enhanced head-protection measures. As a result,

head injuries reduced by 40% compared with the

previous year.

TRAINING

We delivered comprehensive safety training to

all leaders, managers and supervisors during

the year, including Leadership Safety Culture

programmes and IOSH-approved Managing

Safety, Health and Environment training for more

than 130 colleagues. In early 2025, Speedy Hire

brought driver-specific training fully in-house,

establishing a team of dedicated Driver Trainers

who deliver professional, operationally tailored

instruction to strengthen safety standards across

the fleet. Our trainers hold the Royal Society for

the Prevention of Accidents (‘RoSPA’) Advanced

Driving qualification at Gold standard – the

highest civilian level – ensuring exceptional

capability and expertise in driver development.

Working alongside the recently deployed Samsara

technology, our Driver Trainers can provide

tailored coaching and targeted interventions

aligned to the needs of each individual learner.

This integrated approach supports the creation of

safer, more confident and more competent drivers

across the business.

HEALTH

Speedy Hire sponsored and supported the RoSPA

in launching the National Accident Prevention

Strategy (‘NAPS’), attending the House of

Commons launch event and the House of Lords

debate in July 2025. The NAPS publication

highlights significant national concerns, including

the human, economic and healthcare impacts of

preventable accidents.

In partnership with RoSPA, Speedy Hire has taken

a leading role in addressing slips, trips and falls

by co-authoring guidance that sets out the scale

of the problem, the legal framework and, critically,

practical and achievable prevention strategies.

Slips, trips and falls remain the leading cause

of workplace injury, contributing to 604,000

non-fatal injuries and 4.1 million working days

lost in 2023/24. They are the most frequently

reported incidents under RIDDOR, with 61,663

cases recorded. Beyond the workplace, accidental

injury represents a growing public health crisis.

Accidental deaths have increased by 42% over

the past decade, with falls now accounting

for 61% of all accidental deaths, rising by 90%

since 2013.

The economic cost is substantial, with an

estimated £5.9 billion impact on businesses and

£6 billion annually on the NHS.

Through its partnership with RoSPA, Speedy

Hire actively supports the call for a coordinated,

evidence-led National Accident Prevention

Strategy. We take our responsibility seriously

and will continue to champion the prevention of

slips, trips and falls across industry and the wider

community.

Speedy Hire Plc

Annual Report and Accounts 2026

INNOVATION IN SAFETY

At Speedy Hire, we have consistently

demonstrated our commitment to advancing

safety and innovation within the vehicle fleet

industry, through close collaboration with vehicle

suppliers including dedicated innovation days.

During FY2025, we introduced an enhanced

reversing safety system featuring a dual voice

notification—audible both inside and outside the

vehicle—issuing a clear “Warning: pedestrian”

alert when reversing.

h Key benefits of the system include enhanced

operator safety: Provides operators with

improved hazard awareness, particularly of

pedestrians within the reversing zone.

h Improved risk mitigation combines clear

audible alerts with increased situational

awareness, helping to reduce risks in all

operating conditions. Durability and reliability:

Designed to perform consistently across

diverse environments, delivering long-term

safety benefits.

The implementation of this solution has

significantly strengthened fleet safety across

Speedy Hire’s operations and established a new

benchmark within the industry. By addressing a

critical safety challenge with a practical, forward-

thinking approach, we have not only improved

operator and pedestrian safety but also reinforced

our position as a leader in fleet innovation.

ENHANCING SAFETY

AND EFFICIENCY

THROUGH ADVANCED

TELEMATICS

In 2026, we further accelerated our commitment

to fleet safety and operational excellence through

a strategic partnership with Samsara, a market-

leading provider of safety camera and telematics

technology. This collaboration represents a

significant step-change in how we proactively

manage driver behaviour, reduce risk, and

optimise fleet performance.

At the core of this initiative is a focus on real-time

behavioural coaching. Samsara’s advanced

camera systems identify unsafe driving practices

and deliver immediate in-cab audio alerts,

enabling drivers to self-correct in the moment.

Where behaviours persist, intelligent escalation

ensures that management can intervene

with targeted support and coaching, driving

continuous improvement.

The system also transforms how we engage

with our drivers. By providing clear, data-driven

insights into behaviours that impact safety, we

empower individuals to take ownership of their

performance. The introduction of a Driver Safety

Score delivers a fair, transparent, and consistent

measure of performance—forming the foundation

for recognition programmes such as Driver of the

Month and on-the-spot rewards.

This partnership is more than a technology

deployment—it is a cultural shift. By

combining cutting-edge telematics, proactive

communication, and meaningful incentives, we

are embedding a safety-first mindset across

our operations. The result is a safer, more

accountable, and higher-performing fleet,

reinforcing Speedy Hire’s position as a leader in

innovation and safety within the industry.

Commercially sustainable vehicle fleet

Having already completely renewed our company

car fleet through the natural lease renewal

process so that it is now 100% electric or hybrid,

we have also continued transforming our

commercial fleet. We now operate hundreds of

electric and hybrid commercial vehicles, which is

having a significant positive impact on reducing

our carbon footprint.

SAFETY STANDARDS

We recorded 0.34 RIDDOR accidents per

100,000 hours worked, which represents a slight

increase on our performance last year. Our Lost

Time Incident Frequency Rate is 0.44 for the

reporting period, which is a slight decrease on the

prior year.

Leading indicators (number of hazards reported,

near misses and positive observations: hazards

3,101, near miss reports 422 and positive

observations 1,587).

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

FINANCIAL KPIs

REVENUE £m

£416.1m

ADJUSTED EBITDA

£m

£85.4m

OPERATING (LOSS)/

PROFIT £m

£(13.3)m

OPERATING CASH £m

£49.5m

NET DEBT

TO EBITDA

TIMES

3.3x

£416.1m

£416.6m

A measure of the work we are

undertaking

£85.4m

£97.1m

Operating return before

depreciation, profit/loss on

planned disposals of hire

equipment, amortisation and non-

underlying items

£(13.3)m

£13.4m

(Loss)/profit we generate from

core operations before the impact

of financing and tax

£49.5m

£48.6m

Cash generated from operating

activities, including changes in

hire fleet

3.3x

1.9x

A measure of how leveraged the

balance sheet is

UTILISATION

55.4%

ROCE

3.1%

ADJUSTED (LOSS)/

EARNINGS PER

PENCE

(1.71)p

LOSS PER SHARE

PENCE

(5.77)p

DIVIDEND PER SHARE

PENCE

1.00p

55.4%

53.9%

How many of our itemised assets

are on hire to customers, in net

book value terms

3.1%

8.9%

How well we are delivering a

return from the capital invested

(1.71)p

1.41p

The return generated for the holder

of each of our ordinary shares,

adjusted to exclude amortisation

of acquired intangibles and non-

underlying items

(0.24)p

(5.77)p

The return generated for

the holder of each of our

ordinary shares

1.00p

2.60p

The total return awarded

to the holder of each of our

ordinary shares

Operating profit before depreciation, amortisation, non-underlying items and fair value movements on financial

assets, where depreciation includes the net book value of planned hire equipment disposals, less the proceeds on

those disposals (profit or loss on planned disposals of hire equipment). See note 11 to the Financial Statements.

This metric excludes lease liabilities. See note 20 to the Financial Statements.

Utilisation of itemised assets.

Return on capital employed: Profit before tax, interest, amortisation of acquired intangibles, non-underlying items

and fair value movements on financial assets, divided by the average capital employed (where capital employed

equals total equity and net debt2), for the last 12 months. See note 11 to the Financial Statements.

See note 9 to the Financial Statements.

Speedy Hire Plc Annual Report and Accounts 2026

CHIEF FINANCIAL OFFICER’S

REVIEW

During the year, the Group undertook depot

closures and management restructuring to

optimise the operating footprint and reduce the

underlying cost base, supporting future efficiency

gains, with annualised cost savings of c.£5.0m

expected.

Gross profit was £230.5m (FY2025: £236.1m), with

gross margin of 55.4% (FY2025: 56.7%), impacted

by a decrease in average hire rates and margin

in our Customer Solutions business following the

high value transaction with ProService.

Adjusted EBITDA

for the year was £85.4m

(FY2025: £97.1m), after accounting for non-

cash share based payments of £1.8m (FY2025:

£0.9m), and the Group reported an adjusted loss

before taxation of £9.8m (FY2025: £8.7m profit).

Performance reflects high operational gearing

in a subdued revenue environment alongside

increased financing costs following investment

to support the ProService Transaction and

contracts won.

After non-underlying items, the Group reported a

loss after taxation of £26.6m (FY2025: £1.1m loss).

Early trading in FY2027 has been promising

with revenue and adjusted EBITDA1 to the

end of May, c.2% and c.13% ahead of FY2026

respectively, with adjusted EBITDA significantly

benefitting from high operational gearing as

marginal movements in hire revenue have a

disproportionately large impact on profitability.

Revenue and margin analysis

The Group generates revenue through two categories, Hire and Services.

Revenue and margin by type

Year ended

31 March 2026

£m

Year ended

31 March 2025

£m

Change

Hire:

Revenue 255.3 255.0 0.1%

Cost of sales (52.4) (49.7)

Gross profit 202.9 205.3 (1.2)%

Gross margin 79.5% 80.5%

Revenue and margin by type

Year ended

31 March 2026

£m

Year ended

31 March 2025

£m

Change

Services:

Revenue 149.9 158.0 (5.1)%

Cost of sales (123.3) (126.7)

Gross profit 26.6 31.3 (15.0)%

Gross margin 17.7% 19.8%

See note 11 to the Financial Statements.

GROUP FINANCIAL PERFORMANCE

Total revenue for the year ended 31 March 2026 was £416.1m

(FY2025: £416.6m), reflecting subdued hire volumes with our

Regional customers, offset by resilient performance from

National customers and the Commercial Agreement with

ProService. Trade and Retail revenue increased year on year,

although growth remained below initial expectations given

market conditions. Revenue from planned disposals of hire

equipment were £10.9m (FY2025: £3.6m), primarily associated

with the divestment of specialist compressors.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

CHIEF FINANCIAL OFFICER’S

REVIEW CONTINUED

Hire revenues were held back by a challenging market. A strong performance with our National

customers offset some volume decline in our Regional customer base while average rates have declined

due to the significant increase in volume activity with ProService and mix with our National customers.

Services revenues (excluding fuel) increased 4.9% on FY2025, driven by growth in both Customer

Solutions and Lloyds British TIC services. Divestment of the manufacturing division of Lloyds British

represents a revenue loss of £3.6m from FY2025, with negligible profit impact.

During the year, the Group entered into a commercial agreement for third party fuel order fulfilment, on

which the Group recognise only a margin element. As a result, fuel revenues declined by 47.5% (£14.3m

decrease from FY2025), although with a minimal gross profit impact.

The Group continues to monitor pricing, introducing increases to mitigate the effects of cost inflation on

both overheads and new equipment purchases.

Gross margin decreased by 1.3pp to 55.4% (FY2025: 56.7%). Hire margin decreased to 79.5%, the result

of lower average hire rates following the ProService Transaction. Services margin decreased to 17.7%,

due to a higher proportion of lower margin Customer Solutions revenue.

Utilisation of itemised assets was 55.4% (FY2025: 53.9%), an increase of 1.5pp on FY2025 benefitting

from the additional activity through ProService.

Overheads

The overheads (excluding non-underlying items) disclosed in the Income Statement can be further

analysed as follows:

Year ended

31 March 2026

£m

Year ended

31 March 2025

£m

Change

Distribution and administrative costs 220.8 210.5 4.9%

Amortisation – acquired intangibles (1.6) (0.6) 166.7%

Underlying Overheads 219.2 209.9 4.4%

Disciplined cost management remains a key priority, balanced against the need to invest in the business

to enable growth as part of our Velocity strategy. Underlying overheads increased by £9.3m (4.4%) year

on year, with over one third of this attributable to the increase in national insurance and national living

wage costs, with the majority of the remainder being the net increase in costs taken on as part of the

ProService Transaction.

We have observed an improvement in bad debts during the year, which has resulted in a reduction in

the impairment of trade receivables to £2.1m (FY2025: £2.6m), although we remain mindful of ongoing

macroeconomic uncertainty.

Closing headcount was 0.8% higher than March 2025, with average headcount 0.5% lower due

to transformation and restructuring initiatives undertaken in the year, offset by the net increase of

colleagues joining the business from TUPE transfers in and out as part of the ProService Transaction.

2026

2025

Change

Headcount at year end 3,335 3,307 0.8%

Average headcount during the year 3,318 3,335 (0.5)%

Non‑underlying items

Year ended

31 March 2026

£m

Year ended

31 March 2025

£m

Transformation costs 6.3 6.6

Restructuring 3.6 1.2

Business disposal 2.8 –

Other professional and support costs 4.9 1.8

Total 17.6 9.6

FY2026 represents the third and final year of the Enable phase of our Velocity strategy. Incremental

costs in respect of the investment in implementing this strategy, and executing our transformation

programme, represent a significant cost to the business over the initial phases of the programme. This

resulted in non-underlying costs in the year of £6.3m (FY2025: £6.6m). As communicated in the FY2024

annual report, we signalled that the total expected cost of the Enable phase of Transformation was

anticipated to be between £19m and £22m, of which £13m to £15m was expected to be non-underlying.

The total reported costs relating to the Enable phase are £20.5m, of which £16.1m were treated as non-

underlying. Given the conclusion of the Enable strategic phase, there will be no further transformation

related non-underlying items during FY2027, representing a significant cash saving in future years.

An additional £3.6m relates to restructuring undertaken as part of the Velocity transformation

programme. These actions were accelerated by the conclusion of the Enable phase of transformation

and the completion of the ProService Transaction and concerned the execution of the remaining,

significant, ‘Future State’ activities, resulting in the closure of 13 locations, and a related reduction in

headcount. In addition, changes to key management and support structures have been implemented

to align the organisation to the Group’s long-term operating model, resulting in further headcount

reduction. Collectively, these actions are expected to deliver annualised cost savings of c.£5.0m and

have streamlined the business, creating a more efficient platform to support growth.

In August 2025 the Group disposed of the non-core manufacturing division of Lloyds British, generating

a loss on disposal of £2.6m, presented within non-underlying items due to the infrequent nature of such

transactions. Restructuring of the Lloyds British business followed, resulting in £0.2m of additional costs.

Speedy Hire Plc

Annual Report and Accounts 2026

Following the completion of the ProService Transaction on 17 November 2025, third party advisors were

engaged to assist in a valuation exercise to allocate the consideration paid. This resulted in the initial

recognition of the following items, the most significant of which related to the Right of First Refusal

(‘ROFR’) within the Commercial Agreement:

Initial

recognition

£m

Investment in ProService Building Services Marketplace Plc (9.99%) 7.1

Hire fleet assets 16.3

Intangible asset (ROFR) 19.5

Provisions (including deferred tax) (6.0)

Total 36.9

Overall, the above results in a gain on bargain purchase of £0.1m, which is presented within non-

underlying items. Following initial recognition, depreciation and amortisation are charged on the hire

fleet assets and intangible asset respectively and the investment in ProService plc is revalued at each

balance sheet date, with fair value movements going through the profit and loss account. Further

information is included in note 16.

Further to the above, but separate from the consideration paid, significant legal and professional

costs have been incurred relating to the ProService Transaction. These have been presented as non-

underlying items owing to the scale and rarity of a transaction such as this. Such costs were £5.0m in

FY2026.

Further detail on non-underlying items can be found in note 3.

Interest and banking facilities

Year ended

31 March 2026

£m

Year ended

31 March 2025

£m

Interest on borrowings 11.4 9.5

Interest on lease liabilities 7.5 6.4

Other finance income (0.3) –

Total 18.6 15.9

The Group’s finance costs increased to £18.6m (FY2025: £15.9m). Excluding interest on lease liabilities,

the net financial expense was £11.1m (FY2025: £9.5m) reflecting higher average gross borrowings

following the completion of the ProService Transaction and continued investment in our hire fleet to

support growth in our existing and more recently won contracts.

The Group’s facilities of £225.0m comprise a

£150.0m revolving credit facility (‘RCF’) and

a £75.0m private placement term loan. The

refinancing replaced the Group’s prior £180.0m

asset based lending facility. The RCF has a three

year maturity with options to extend up to a

further two years and the private placement term

loan has a seven year maturity. The RCF is priced

based on SONIA plus a variable margin, while

any unutilised commitment is charged at 35% of

the applicable margin. The price on the private

placement term loan is fixed for the duration of

the facility. During the period, the margin payable

on the outstanding debt fluctuated between

2.20% and 2.70%. The effective average margin in

the period was 2.42% (FY2025: 2.14%).

The Group’s financing facilities include quarterly

leverage and fixed charge cover covenant tests.

In preparation for entering into the ProService

Transaction, the Group agreed short-term

amendments to the fixed charge cover covenant

for the quarters ended 30 September 2025

and 31 December 2025, subsequent to which

the covenants reverted to their original levels.

Further, short-term, amendments were agreed

to both covenant tests prior to the year end, in

anticipation of slower deleveraging than originally

anticipated. The covenant tests for quarterly

leverage and fixed charge cover return to their

original levels at September 2026 and December

2026 respectively.

The Group utilises interest rate hedges to manage

risk associated with movements in interest

rates. As a result of the refinancing, the fixed

interest term loan limits the Group’s exposure to

significant fluctuations in rates, therefore reducing

hedging requirements. The fair value of interest

rate hedges was £nil at 31 March 2026 (FY2025:

£0.1m liability).

Interest on lease liabilities of £7.5m (FY2025:

£6.4m) was charged during the period, impacted

by sizeable property lease extensions and new

vehicle leases during the period.

Taxation

The Group seeks to protect its reputation

as a responsible taxpayer and adopts an

appropriate attitude to arranging its tax affairs,

aiming to ensure effective, sustainable and

active management of tax matters in support of

business performance.

The tax credit for the year was £5.7m (FY2025:

£0.4m credit), with an effective tax rate of 17.6%

(FY2025: 26.7%). Adjusting for the impact of

non-underlying items, amortisation of acquired

intangibles and fair value movements on financial

assets, the effective tax rate for FY2026 was 18.4%

(FY2025: 24.1%).

Shares and earnings per share

At 31 March 2026, 516,983,637 Speedy Hire Plc

ordinary shares were outstanding (FY2025:

516,983,637), of which 55,141,657 were held in

Treasury (FY2025: 55,141,657), with 802,874 held

in the Employee Benefit Trust (FY2025: 1,329,911).

Adjusted loss per share

was 1.71 pence (FY2025:

1.41 pence (earnings)). Basic loss per share2 was

5.77 pence (FY2025: 0.24 pence).

See note 9 to the Financial Statements

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

Balance sheet

Total capital expenditure during the year,

excluding the investment made as part of the

ProService Transaction, was £56.3m (FY2025:

£63.2m), reflecting a year on year reduction

in response to challenging market conditions

and acknowledging the significant investment

made in our hire fleet over the past few years,

particularly in specialist product categories.

Hire fleet additions in the year were £53.0m

(FY2025: £57.5m). Of our investment in hire fleet,

67% related to carbon efficient eco products

(FY2025: 71%) as we continue to support

customers with their decarbonisation strategies.

Expenditure on non-hire property, plant and

equipment of £3.3m (FY2025: £5.7m) represents

continued investment in our properties and IT

capabilities.

Total proceeds from disposal of hire equipment

were £19.6m (FY2025: £13.2m). This was driven

primarily by the planned divestment of specialist

compressors, as part of the overall project to

bring greater focus to our fleet of owned assets.

The Group’s hire fleet, including those assets

acquired as part of the ProService Transaction,

is well invested and therefore requires a lower

level of investment during FY2027. We anticipate

gross hire fleet capex in the region of £35.0m for

FY2027, a year on year reduction of 34.0%, with

the primary focus being on core equipment and

certain specialist products.

Net property, plant and equipment (excluding

IFRS 16 right of use assets) was £257.4m as at

31 March 2025 (FY2025: £243.3m), of which

equipment for hire represents 93.0% (FY2025:

91.4%).

Intangible assets increased significantly to

£56.0m (FY2025: £38.4m), due to the addition of

the ROFR intangible asset, marginally offset by

amortisation.

Right of use assets of £108.8m (FY2025: £104.2m)

and corresponding lease liabilities of £114.4m

(FY2025: £105.9m) have increased due to

extensions on strategically important property

leases and new vehicle leases to support the

move to a lower carbon fleet, which were

offset in part by planned depot closures and

consolidations.

Gross trade receivables increased to £108.7m

at 31 March 2026 (FY2025: £97.9m), the result

of increased trading in the final quarter with

ProService. Bad debt and credit note provisions

were £4.0m as at 31 March 2026 (FY2025: £2.9m),

equivalent to 3.7% of gross trade receivables

(FY2025: 3.0%). In setting the provisions the

Directors have given specific consideration to the

impact of macro-economic uncertainties. Whilst

the Group has not experienced a significant

worsening of debt collections or debt write-offs

to 31 March 2026, there remain some indications

of continued economic vulnerability and risk of

insolvencies and therefore we continue to monitor

the situation closely.

Debtor days as at 31 March 2026 were 71 days

(FY2025: 66 days, HY2026: 62 days). Trade

payables as at 31 March 2026 were £76.0m

(FY2025: £54.1m). Creditor days were 78 days

(FY2025: 61 days, HY2026: 69 days), the result

of continued collaboration with suppliers to

more closely align our working capital cycle and

the negotiation of favourable terms for some

significant hire fleet capex purchases.

Cash flow and net debt

Underlying operating cash flow

for the year was

£87.4m (FY2025: £91.8m), representing 102.3%

(FY2025: 94.5%) conversion from EBITDA. Free

cash flow

is a key metric for the Group and in

the year was £3.0m (FY2025: £0.8m), the result of

necessary effective working capital management

and reduced hire fleet investment to offset

continued investment in our transformation

programme and softer trading performance.

Net debt

increased by £45.9m from £113.1m

at the beginning of the year to £159.0m at

31 March 2026, due to the investment made as

part of the ProService Transaction. As a result,

leverage

increased to 3.3 times (FY2025: 1.9

times), which is temporarily outside of the

Group’s target range communicated as part of the

FY2025 annual results. This follows the continued

investment in the hire fleet, transformation of the

business (including the ProService Transaction)

and returns to shareholders during the year. Total

net debt, including lease liabilities, was £273.4m

(FY2025: £219.0m), resulting in post IFRS 16

leverage of 3.2 times (FY2025: 2.3 times).

The Group maintained compliance with its

banking covenants and retained substantial

headroom within its committed bank facility, with

cash and undrawn facility availability of £36.0m as

at 31 March 2026 (FY2025: £42.0m).

Capital allocation policy

The Board is committed to maintaining an

efficient balance sheet and regularly reviews the

Group’s capital resources and allocation policy to

ensure that it meets our strategic objectives. We

have a clear capital allocation approach to ensure

a balance between investment in the business for

long-term sustainable success and the creation of

returns to shareholders.

Our disciplined approach to capital allocation

through the business cycle reflects the following

objectives:

h Aim to use debt funding to support

investment in capital equipment. The

business is currently well invested with a fleet

age profile at the younger end of our peer

group in the market. This allows flexibility to

manage debt levels through any downturn

in the economic cycle by reducing capital

investment and allowing the fleet age profile

to lengthen, leading to a reduction in debt

without impacting our ability to meet the

service needs of customers. This flexibility

was evidenced during the pandemic in

FY2021.

Underlying operating cash flow: Cash generated from operations before changes in hire fleet and non-underlying items.

Free cash flow: Net cash flow before movement in borrowings, merger and acquisition activity, corporate activity and returns to shareholders.

See note 20 to the Financial Statements. This metric excludes lease liabilities.

Leverage: Net debt

to EBITDA

. This metric excludes the impact of IFRS 16. This differs from the methodology used in the Group’s banking covenants, which include certain additional EBITDA adjustments, and is therefore not directly

comparable to covenant leverage.

CHIEF FINANCIAL OFFICER’S

REVIEW CONTINUED

Speedy Hire Plc Annual Report and Accounts 2026

In view of the ability to use this lever, we

aim to manage core debt levels within a

target range of 1.0 to 2.0 times EBITDA

through the cycle. We will permit debt

levels to move outside these parameters

in circumstances where we have specific

short-term investment requirements for new

growth opportunities ahead of earnings

being generated, such as the ProService

Transaction entered into during the year. Our

debt facilities offer the flexibility to support

this approach;

h We aim to provide regular returns to

shareholders through the economic cycle by

way of annual dividends. The Board will look

to maintain the dividend during any downturn

in the cycle given the ability to manage cash

generation and target to grow dividends from

the current base in line with earnings growth;

h In the event of major strategic projects or

opportunities such as acquisitions we will

make a specific assessment of the funding

requirement and structure of financing at

that time;

h In the event of significant excess capital, the

Board will look at the appropriate way to

enhance returns to shareholders.

The Board continues to believe that a strong

balance sheet through the cycle will allow the

Group to take full advantage of opportunities

that arise.

Dividend

The Board has proposed a final dividend for

FY2026 of 0.70 pence per share (FY2025: 1.80

pence per share) to be paid on 2 October 2026 to

shareholders on the register on 21 August 2026.

This follows the planned reduction in dividend

payments for a period up to the end of FY2028, as

announced on 6 October 2025, to part fund the

ProService Transaction. The Board will then look

to return dividends to historical levels in line with

future earnings growth.

The cash cost of this dividend is expected to be

c.£3.2m. This takes the total dividend for FY2026

to 1.00 pence per share (FY2025: 2.60 pence

per share), following an interim dividend of 0.30

pence per share (FY2025: 0.80 pence per share).

A Dividend Reinvestment Plan (“DRIP”) is

provided by Equiniti Financial Services Limited.

The DRIP enables the Company’s shareholders

to elect to have their cash dividend payments

used to purchase the Company’s shares.

More information can be found at

http://www.shareview.co.uk/info/drip

Paul Rayner

Chief Financial Officer

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

ESG REPORT

SPEEDING UP ON SUSTAINABILITY

I’m pleased to introduce this year’s update on our ESG Strategy, Decade to Deliver. FY2026 has been a year of positive evolution

for Speedy Hire, shaped by organisational growth and increasing customer engagement on sustainability, which reflects the

resilience of our business and clarity of our long‑term ambition. At Speedy Hire, sustainability sits at the heart of our strategy and

governance, guiding how we create value and support our customers to navigate an increasingly complex and evolving environment.

Despite significant change and external challenges this year, we have remained focused on aligning commercial performance with

meaningful environmental and social progress. This report demonstrates our ongoing commitment to responsible growth, disciplined

execution and transparency as we help drive a more sustainable future for our customers.”

This financial year marks a pivotal moment in

Speedy Hire’s sustainability journey as we reflect

on the progress made through our Decade to

Deliver strategy and look ahead to the next

phase of our transformation. Delivering strong

sustainability outcomes remains fundamental

to our ambition to lead the UK hire sector, and

we continue to view the transition to a low

carbon, fair and resilient economy, not only as an

environmental necessity but also as a compelling

commercial opportunity.

Against a backdrop of challenging market

conditions and wider economic pressures,

our commitment to sustainability, anchored

in the evolving needs and expectations of our

customers, has remained steadfast. Whilst we

recognise that the pace of progress has slowed in

some areas, demand for lower carbon solutions

continues to accelerate across the construction

and infrastructure sectors. The rapid uptake of our

eco products reflects this shift, now contributing

57.9% of revenue within our itemised asset

portfolio in FY2026, and supported by climate

risk modelling, which demonstrates how strongly

positioned we are to meet growing customer

expectations.

FY2026 also saw major organisational change

through the ProService Transaction, which

increased our operational scale, asset base and

workforce. This expansion inevitably brought

short-term challenges to our sustainability

performance as activity increased, but it also

unlocked new opportunities. A larger market

presence enables us to support even more

customers on their sustainability journeys,

promote eco solutions at scale and influence

the wider adoption of sustainable construction

methods. Business growth should not hinder

environmental progress, and we remain

committed to ensuring that our expanding

footprint strengthens, not slows, our contribution

to the industry’s decarbonisation.

Speedy Hire Plc Annual Report and Accounts 2026

In preparing this year’s Annual Report, and in

anticipation of the UK Government’s upcoming

Sustainability Reporting Standards (‘SRSs’), we

have taken the strategic decision to publish a

streamlined and fully compliant ESG section

focused on double materiality, our scope

carbon footprint, and mandatory Taskforce on

Climate Related Financial Disclosures (‘TCFD’).

Our broader sustainability narrative, including

programme updates, targets and case studies,

is now presented in a dedicated Sustainability

Report, available on our website. As part of this

transition considering new emission sources

brought about by the ProService Transaction,

namely investment emissions

, asset and property

acquisition, FY2026 will serve as a new baseline

year for recalculating our Scope 1, 2 and 3

emissions and submitting refreshed science-

based targets. You can read further details on our

sustainability performance in our Sustainability

Report on our website.

Despite the changing landscape, the year saw

substantial progress across our Decade to Deliver

strategy. Notable achievements include:

h achieving EcoVadis Gold, placing Speedy

Hire within the top 5% of companies globally

for sustainability performance.

h securing CDP A- and an A rating for Supply

Chain Engagement.

h launching our new Social Value Strategy.

h continuing to support customers with our

PAS 2080 carbon intelligence offering

including our unique tools such as the

sustainability reporting tool and diesel free

matrix tool.

h advancing our nature roadmap with the

industry’s first nature calculator for hired

equipment.

h becoming the first signatory in equipment

hire sector to the Anti Greenwashing Charter,

having our sustainability claims/statements

externally verified and sharing further

validation and assessment frameworks on our

website; and

h piloting the UK’s first hire focused Net Zero

Supplier Recognition Scheme as we continue

to work towards ISO20400.

With these foundations in place and clear plans

to refresh our long-term targets by the end of

FY2027, Speedy Hire is well positioned to play

a leading role in building the UK’s net-zero

economy. By aligning our commercial success

with environmental and social progress, we are

unlocking opportunities that will deliver long-term

value for our customers, colleagues, investors and

the wider society we serve.

Dan Evans

Chief Executive & Board Sponsor for ESG

The relevant percentage of ProService plc’s annual emissions as relates to the Company’s

equity investment in ProService plc.

STRATEGIC REVIEW

Speedy Hire Plc Annual Report and Accounts 2026

ESG REPORT CONTINUED

DOUBLE MATERIALITY UPDATE

Two years ago, Speedy Hire completed its first Double Materiality Assessment (‘DMA’)

to identify sustainability topics most critical to our business and stakeholders. The DMA

considered both financial and impact materiality, informing strategy, risk management,

and capital allocation.

Methodology

Our DMA combined quantitative and

qualitative inputs:

h Stakeholder informed engagement

(customers, employees, suppliers,

investors, communities and regulators)

through surveys, interviews and

workshops.

h Risk and opportunity mapping

across short, medium and long-term

time horizons, including scenario-

based climate analysis referencing

both transition risks (policy, market,

technology) and physical risks (acute

and chronic).

h Impact assessment using harm/benefit

criteria across environmental (GHG

emissions, waste, biodiversity), social

(health & safety, labour rights, DEI)

and governance (ethics, compliance,

cybersecurity) domains.

h Enterprise risk integration with Board

and Audit & Risk Committee oversight,

embedding material ESG topics in our

corporate risk register and aligning to the

Group’s strategy, capital allocation and

performance management.

Governance and Accountability

h The DMA is overseen by the Board

through its Sustainability Committee,

with management accountability at

Executive level.

h An ESG Committee (including

Operations, Fleet, Procurement, HR,

IT, Finance and HSSEQ) coordinates

execution and reports to the

Executive Team.

h We embedded DMA outcomes into:

– Policy updates (Code of Conduct,

Human Rights, Health & Safety,

Sustainability & Energy & Supplier

Code of Conduct).

– Targets and KPIs (net zero pathway,

accident reduction, supplier ESG

onboarding, Modern Slavery metrics

within our statement).

– Performance incentives, training and

reporting.

Top Five Material Risks:

1. Waste and Circular Economy

2. Diversity, Equity & Inclusion

3. Health, Safety and Wellbeing

4. Human Rights and Modern Slavery

5. Responsible Sourcing

Material Risk #1: Waste and Circular Economy

Why it is Material

As an equipment solutions provider, Speedy Hire’s

environmental impacts span asset manufacture,

use, maintenance and end of life. Waste and

resource efficiency, including hazardous waste,

WEEE and packaging, give rise to material

environmental impacts and financial risks

through disposal costs, regulatory compliance

requirements and rising customer expectations.

Circularity is central to Speedy Hire’s hire based

business model, which inherently increases asset

utilisation and reduces underused ownership.

However, ineffective management of waste and

asset end of life could increase costs, result in

regulatory non-compliance and environmental

harm, erode margins and damage reputation.

Failure to demonstrate strong circular economy

practices may also weaken competitive positioning

as customers increasingly prioritise low waste,

resource efficient hire solutions.

Strategy and Actions (last 24 months)

h Circular design: Procurement criteria

favouring durability, reparability and

modular components; increased use of

remanufactured parts.

h Maintenance and life extension: Enhanced

maintenance schedules, predictive analytics

via telemetry; refurb programs for key asset

classes.

h Waste management: Standardised

segregation at service centres (metals,

batteries, oils, filters, WEEE, packaging);

expanded certified recyclers, hazardous

waste chain of custody controls.

h Review of Eco Asset Classification:

A comprehensive review of the Eco Asset

Classification was completed with clearly

defined and jointly agreed list of eco product

definitions, ensuring consistent criteria that

directly supports achieving the target of 70%

eco products by volume by 2027.

Impact and Outcomes

h Lower disposal costs; higher asset ROI via

longer useful lives.

h Reduced environmental impact and

alignment to customer sustainability goals.

h Differentiation in bids where circular solutions

are valued.

Forward Priorities

h Formal product stewardship commitments

with OEMs, including take back and recycled

materials.

Speedy Hire Plc Annual Report and Accounts 2026

Material Risk #2: Diversity, Equity & Inclusion (‘DEI’)

Why it is Material

DEI is central to building a resilient workforce

and encouraging innovation, collaboration and

trust. Inclusive cultures support stronger retention,

engagement and performance, while a lack of DEI

can increase risks in these areas, particularly in

a competitive labour market. Creating inclusive

workplaces also helps ensure fair opportunities

and psychological safety for all colleagues.

From an impact perspective, DEI reflects our

responsibility to create a workplace where

everyone, regardless of background, identity or

circumstance, feels valued, respected and able to

thrive. This remains a risk in the refreshed DMA but

is well managed and not a top risk.

Strategy and Actions (last 24 months)

Our DEI strategy is underpinned by five strategic

goals, Revolutionise, Respect, Recruit, Retain,

Represent and delivered through a structured

roadmap aligned to our Velocity business strategy:

Governance and Leadership

h DEI objectives are endorsed by the Executive

Team and embedded in the People Strategy.

h Executive sponsors for DEI Community

Groups with active involvement in the DEI

Taskforce.

h Monthly governance reviews to track

progress and align with ESG priorities.

Education and Capability

h Inclusive leadership and bias awareness

training for managers.

h DEI eLearning for all colleagues, supported

by Lunch & Learn sessions and cultural

awareness campaigns.

h Inclusion Allies training for Community Group

members to build capability and share best

practices.

Talent and Pathways

h Expanded early career routes,

apprenticeships and mentoring to strengthen

progression and succession.

h Partnership with Ascent to enhance

neurodiversity inclusive processes across the

workplace.

Culture and Engagement

h Launch of Community Groups (Race &

Culture, Gender, LGBTQIA+, Ability & Allies)

supported by wellbeing initiatives.

h Regular engagement surveys with a DEI

index and tailored action plans for service

centres and functions.

h Celebration of cultural events through a DEI

calendar to promote allyship and inclusion.

h The Inclusive Award was added to the

annual People First Awards to recognise

contributions to an inclusive culture.

Data and Transparency

h Strengthened workforce representation data

collection with privacy safeguards.

h Targets set to reflect UK&I demographics by

2030, using ONS census data and industry

benchmarks.

Impact

These actions have strengthened our talent

pipeline, improved retention and enhanced

our reputation as an inclusive employer. A

diverse workforce fosters innovation and better

decision making, while aligning with customer

expectations on ethical employment practices.

Forward Priorities

h Continue embedding inclusive design in

working patterns and the variety of working

contracts that we offer, PPE fit, training

access and safety communications.

h Achieve external accreditations such

as Disability Confident Level 2, while

maintaining partnerships with organisations

driving sector wide change.

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

Material Risk #3: Health, Safety and Wellbeing

Why this is Material

Safety is fundamental to our core values and is

a cornerstone of our Velocity Strategy, which

embeds a culture of Collective Responsibility for

keeping our colleagues, customers, and the public

safe. Maintaining our license to operate depends

on effective safety performance.

Wellbeing is a critical enabler of safe behaviours

and sustainable performance. Colleague

wellbeing forms a key component of our wider

safety strategy and agenda.

Strategy and Actions

We are taking a multi-layered approach to

strengthening our health, safety and well-being

performance, including:

h Enhancing safety, culture awareness, and

understanding of the personal impact of

incidents.

h Reinforcing our Life Saving Rules across the

organisation.

h Increasing training and capability-building for

all colleagues.

h Continuing active senior leadership

engagement and visibility.

h Expanding the use of AI and technology to

support early intervention, hazard detection,

and behavioural safety insights.

h Implementing AI proactive monitoring

solutions for vehicles and properties.

h Strengthening mental health awareness,

support pathways, and wellbeing initiatives.

h Maintaining all relevant certifications,

qualifications, and accreditations.

Impact and Outcomes

These actions collectively aim to deliver:

h Reduced harm and risk—both personal and

business-related.

h Lower downtime and fewer operational

disruptions.

h Improved morale, engagement, and retention.

h Greater customer trust and recognition as an

industry leader in safety.

h Stronger influences shaping positive safety

conversations with customers and peers.

Forward Priorities

Our key priorities for the next phase include:

h Scaling our behavioural safety programmes.

h Deploying digital Permits to Work across

operations.

h Continuing to enhance HSSEQ management

systems.

h Implementing AI-driven vehicle and property

camera technologies.

h Deepening colleague wellbeing initiatives and

support structures.

ESG REPORT CONTINUED

DOUBLE MATERIALITY UPDATE

Material Risk #4 & #5: Human Rights, Modern Slavery &

Responsible Sourcing

Why are these Material

Human rights, modern slavery and responsible

sourcing are critical due to the complexity of global

supply chains and the potential for exploitation,

unsafe working conditions, environmental harm

and unethical recruitment practices. These risks

have significant legal, operational, and reputational

consequences. Beyond compliance, our impact

extends to the lives and dignity of workers and

communities throughout the value chain, aligning

with stakeholder expectations and our core values.

Our Approach

We have strengthened governance, operational

controls, and supplier engagement to prevent,

detect and remediate risks related to human

rights and modern slavery, while embedding

sustainability principles into sourcing decisions.

Our commitments and KPI’s are outlined in our

Modern Slavery Statement and Supplier Code of

Conduct, we aim to achieve full compliance for all

our suppliers.

Key Actions (Last 24 Months)

h Risk-Based Due Diligence: Tiered supplier

assessments based on geography, category,

spending, and brand exposure. Enhanced

onboarding checks include modern slavery

screening for high-risk categories such as PPE.

h Audit and Assurance: Targeted desk

and onsite audits supported by third party

specialists; corrective actions tracked to

closure.

h Recruitment Protocol: Formal controls for

agency compliance, preventing unethical

practices such as hidden fees or coercion.

h Remediation Process: Survivor led approach

ensuring tailored support and recovery

pathways, restoring dignity and independence.

h Training and Awareness: Delivered training

for Procurement and Category Managers on

identifying red flags and escalation pathways;

promoted grievance mechanisms and

confidential reporting channels.

Alignment to Standards

h We have undergone an independent

evaluation by Action Sustainability Ltd

against ISO 20400:2017 (Sustainable

Procurement – Guidance) and continue to

embed the principles of the non-certifiable

guidance standard.

h Speedy Hire was similarly evaluated against

BS 25700:2022 (Organisational Responses

to Modern Slavery – Guidance) and is further

aligning its practices with this non-certifiable

guidance standard.

Impact and Outcomes

Our actions have strengthened supplier

transparency, reduced compliance risk, improved

supplier reliability, and enhanced trust among

customers and stakeholders. Survivor focused

remediation and ethical recruitment practices

drive systemic change, while sustainability

principles lay the foundation for Scope 3

decarbonisation and circularity partnerships.

Forward Priorities

h Extend on site audits in higher risk

geographies and categories.

h Implement digital supplier monitoring

platforms

h Standardise human rights disclosures and

ESG reporting across strategic suppliers.

h Continuing embedding recruitment risk

controls and agency compliance checks

across all hiring processes.

COLLECTIVE

RESPONSIBILITY

Speedy Hire Plc Annual Report and Accounts 2026

Refreshed Double Materiality Assessment FY2026

The assessment, inspired by the principles of the European Sustainability Reporting Standards

(‘ESRS’), used a five-step process involving value chain mapping, topic identification, stakeholder

input and structured scoring to determine impact and financial materiality. It identified three material

topics for Speedy Hire, with a further ten topics nearing the materiality threshold.

Why These Topics Are Material

Climate Change

Climate change is material to Speedy Hire from both impact and financial perspectives. While it was

identified as a risk in the previous Double Materiality Assessment, it was not considered a top risk

at that time; its elevation reflects increasing transition and physical risks, alongside growing market

expectations. The construction sector has a significant carbon footprint, which Speedy Hire can

influence through the provision of low emission equipment, sustainable hire solutions and cleaner

fuels such as HVO, supporting customers in reducing Scope 3 emissions through our PAS2080

aligned offering. Financially, demand for low carbon solutions is accelerating as the economy

transitions to net zero, shaping future revenue streams and competitive positioning. Speedy Hire’s

current and prior TCFD disclosures highlight the actions taken to mitigate climate related risks and

to realise associated opportunities, demonstrating how these considerations are embedded into

strategy, risk management and capital allocation.

Circular Economy

Circular economy is considered material to Speedy Hire from an impact materiality perspective.

Speedy Hires core hire-based business model inherently supports circular economy principles

by extending the life of equipment through reuse, repair, refurbishment, and responsible end-of-

life management. Through Speedy Hire’s integrated circular approach reduces resource use and

embodied carbon across its hire fleet, decreasing the need for new equipment manufacturing and

lowering environmental impacts across the wider value chain. Although the model delivers significant

positive impacts on resource efficiency and emissions reduction. While circularity is not considered

financially material under the DMA, increasing demand for circular solutions, enabled by product

design, refurbishment and recycling, presents opportunities for Speedy Hire to grow revenue.

Nature and Biodiversity

Nature and biodiversity is considered material to Speedy Hire from an impact materiality

perspective and has been newly identified through the refreshed Double Materiality Assessment,

reflecting increased scrutiny of upstream environmental impacts. The mining of raw materials such

as lithium, cobalt, and nickel used in batteries for equipment and energy storage units creates

significant upstream ecological impacts within Speedy Hire’s supply chain. These extraction

processes can lead to land degradation, water stress, and biodiversity loss in producing regions,

with environmental damage that is often long-term and difficult to remediate. Although Speedy Hire

has limited leverage over these upstream activities, the potential severity and irremediability of the

impacts contribute to a high impact of materiality assessment.

Next Steps

Speedy Hire will begin implementing recommendations, support business areas in leveraging

opportunities and monitor topics near the materiality threshold to manage risks and respond to

evolving expectations.

Financial materiality

• Circular economy

• Climate change

• Nature and biodiversity

• Health, safety and wellbeing

• Product safety and governance

• Sustainable governance

• Business ethics

• Data privacy and security

• Employee training and development

• Human rights and modern slavery

• Working conditions of workers in the value chain

• Energy management

• Pollution (air)

• Community relations

• Employee working conditions

• Diversity, equity and inclusion

• Responsible marketing practices

• Waste management

• Water management

Impact materiality

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

ESG REPORT CONTINUED

TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING

INTRODUCTION

This disclosure details Speedy Hire’s response to the Task Force on

Climate‑related Financial Disclosures (‘TCFD’) ‘Recommendations

and Recommended Disclosures’ and ‘TCFD Annex’ in accordance with

Listing Rule LR 6.6.6 (8).

The Board has undertaken an assessment of the Group’s climate-related disclosures against the

Task Force on Climate-related Financial Disclosures (‘TCFD’) Recommendations and Recommended

Disclosures. Speedy Hire confirms that the disclosures set out in this section are consistent with the

TCFD framework across the four pillars of Governance, Strategy, Risk Management, and Metrics and

Targets. Where relevant, cross-references are provided to information contained elsewhere in this

Annual Report and Accounts (‘ARA’). In preparing this statement, Speedy Hire has also had regard to the

TCFD Annex, including its guidance on the application of the Recommendations and Recommended

Disclosures. The Annex has informed both the structure and content of this disclosure, supporting

alignment with regulatory expectations and ensuring that climate-related risks and opportunities are

reported in a clear, balanced and decision-useful manner.

Following on from the DMA looking at group sustainability risks, this section focuses in on how climate-

related developments are considered within Speedy Hire’s corporate governance processes, and their

potential impact on our strategy and financial planning. They also outline how climate-related matters

are addressed within our risk management procedures, as well as our related metrics and targets. We

also refer to climate-related disclosures elsewhere in the ARA, including a detailed breakdown of our

emissions on pages 52 to 53.

FY2026 represents the fourth year that Speedy Hire has reported against the TCFD listing rules. As

part of its continued commitment to transparent and decision-useful climate-related disclosure, Speedy

Hire undertook a review and update of our previously identified climate-related risks and opportunities

to ensure they remain relevant and reflective of the latest climate science, regulatory developments

and market conditions. This process reflects the evolution and maturity of its approach to identifying,

assessing and managing both transition and physical climate-related risks and opportunities,

embedding climate considerations more deeply within it’s strategic and financial risk management

frameworks. Speedy Hire has also furthered the quantitative financial approach of its key risks, including

updating the model for tower lights and generators and added a new model for power tools - the third

highest contributor to emissions within its hire fleet. Speedy Hire also undertook a dedicated modelling

exercise across its property portfolio to assess exposure to flood risk, improving its understanding of

potential physical impacts throughout its operational footprint.

Based on the findings of the FY2026 climate risk and resilience analysis, Speedy Hire has concluded

its business has strong short-term resilience across all climate scenarios. This reflects established

controls, including flexible procurement, asset redeployment, fuel hedging, energy resilience measures

at operating sites such as onsite renewable generation, and robust governance arrangements. These

measures help mitigate risks such as delayed or uneven market demand for low-emission equipment

which could increase operating costs across our fleet and property portfolio.

Over the medium to longer term, resilience becomes more scenario-dependent, with outcomes

diverging based on the pace and coordination of the transition. Notably, the analysis highlights a clear

strategic opportunity for Speedy Hire to capitalise on the transition to net zero, driven by increasing

demand for low-emission equipment across differing scenario time horizons. As physical climate

risks such as flooding and extreme heat intensify, the business anticipates a growing demand for eco

products and services that help customers adapt and recover from such physical climate risks.

The strategic implications of these differing transition pathways are explored further in the Strategy

section of this statement.

GOVERNANCE

Board‑level oversight

Speedy Hire’s Board has ultimate oversight of climate-related risks and opportunities, including

associated metrics and targets. Responsibility for detailed oversight is delegated to the relevant Board

Committees, with management accountable for implementation.

As part of its oversight responsibilities, the Board approves the annual capital allocation framework,

including expenditure associated with managing climate-related risks and opportunities, and reviews

proposed acquisitions and divestments to ensure consistency with the ESG strategy.

Speedy Hire Plc

Annual Report and Accounts 2026

Board and management‑level committee overview

Committee Responsibilities

Meetings

in FY2026

BOARD LEVEL

Sustainability

Committee

Oversees the identification, assessment and management of climate-

related risks and opportunities, including the Company’s TCFD-aligned

disclosures, as part of its broader oversight of the Company’s ESG

strategy and performance against targets.

Audit & Risk

Committee

Reviews the effectiveness of risk management and internal control

processes, including those relating to climate change, and over-sees the

Company’s compliance with its disclosure obligations.

Remuneration

Committee

Integrates relevant ESG performance metrics into the Company’s

variable remuneration framework, including Executive Team bonus

payments, which are linked to SBTi net zero targets.

Nomination

Committee

Supports the Company’s diversity, equity and inclusion strategy, with

the aim of developing an increasingly diverse and inclusive work-force

across backgrounds, experience, knowledge, skills and gender, thereby

contributing to a sustainable and prosperous business.

MANAGEMENT LEVEL

ESG

Committee

Responsible for the execution of the ESG agenda, including climate

strategy and performance.

Investment

Committee

Reviews spending proposals against our Eco Product Roadmap to

ensure that they align with expected market demand and our science-

based targets.

Management‑level oversight

The Executive Team is responsible for the operational management of climate-related risks and

opportunities. It meets monthly and receives updates from Executive Directors on material climate-

related matters as part of its regular agenda. Where material, climate-related issues are reported or

escalated to the Sustainability Committee via the Chief Executive in line with the governance framework

and policies established by the Board’s Sustainability Committee.

The ESG Committee, a senior management forum, is chaired by the Head of Sustainability and

Governance. The Committee is responsible for overseeing the delivery of Speedy Hire’s ESG agenda,

including climate-related performance and initiatives. It meets monthly to monitor progress against

objectives and includes representatives from HR, Operations, Digital, Supply Chain, Legal, Finance and

Risk, with additional subject-matter experts invited as required.

Figure 1: Speedy Hire’s PLC Board and Executive Team structure

PLC BOARD

Chief Executive

Audit & Risk

Committee

Remuneration

Committee

Nomination

Committee

Sustainability

Committee

EXECUTIVE TEAM

Head of

Sustainability &

Governance

ESG Committee

ESG Data

Governance

Nature Communities ISO2400

Modern

Slavery/

Human Rights

Carbon

and

Climate Change

The Head of Sustainability and Governance attends all sustainability governance meetings, providing

a clear link between management and Board oversight. ESG progress is reported monthly to the

Executive Team and three times a year to the Sustainability Committee. The Chief Executive, Dan Evans,

is Board sponsor for ESG.

Climate responsibilities are embedded across the business through quarterly sustainability reviews,

supporting delivery of actions aligned to the Decade to Deliver strategy.

Twenty business partners support the coordination and monitoring of ESG initiatives across functions,

including those related to climate-related risks and opportunities. Ongoing training and upskilling

initiatives are delivered throughout the financial year to ensure our partners have the knowledge and

capability required to implement these measures effectively.

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

ESG REPORT CONTINUED

TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING

STRATEGY

Update of climate‑related risks and opportunities

In FY2026, we reviewed and updated our list of relevant climate-related risks and opportunities to

reflect developments in regulation, market conditions, climate science and changes in Speedy Hire’s

business model.

While the overall risk landscape remains broadly consistent with prior years, certain items were refined,

consolidated or removed where they were no longer considered distinct exposure areas.

The updated assessment focuses on three physical and eight transition risk and opportunity areas. In

addition, the FY2026 review identified:

h New risk (transition): Changes in reporting requirements across the value chain.

h New opportunity (transition): High transitional fuel prices accelerating electrification.

h New opportunity (physical): Increased demand for adaptation and recovery services following

extreme weather events.

This updated risk universe formed the basis of the FY2026 scenario analysis and financial quantification

exercise.

Updated scenario analysis

Since FY2023, Speedy Hire has undertaken a climate scenario analysis to assess the resilience of the

business under a range of climate and societal outcomes and to inform strategic decision-making.

In FY2026 a refreshed scenario analysis was undertaken for the updated list of climate-related risks

and opportunities using the Network for Greening the Financial System (NGFS) scenarios: Net Zero,

Delayed Transition and Current Policies.

Physical risks were assessed using NGFS climate projections, supported by IPCC AR6 insights and UK-

specific datasets, including DEFRA flood projections, to evaluate site-level exposure. Transition risks and

opportunities were also evaluated across NGFS scenarios, with reference to IEA World Energy Outlook

2025 assumptions to inform energy, technology and fleet transition pathways.

Four-time horizons were applied consistently across the assessment which were aligned to Speedy

Hire’s business strategy and key climate change and policy milestones, such as the UK’s 2050 Net Zero

target: short-term (2026–2027), medium-term (2028–2030), long-term (2031–2035) and very long-term

(2036–2050).

Risk scoring and resilience implications

Following completion of the updated analysis, climate-related risks and opportunities were scored

using Speedy Hire’s enterprise risk methodology. The refreshed assessment did not materially change

the short-term risk profile. Greater differentiation emerges over the medium and long-term, particularly

under a Delayed Transition scenario where transition risks intensify, while the Net Zero scenario

presents increased commercial opportunity.

Financial quantification of key risks and opportunities

In FY2026, Speedy Hire refined and extended its financial modelling to assess the potential impacts

of selected material risks and opportunities, building on the initial FY2025 analysis. The modelling

focused on:

h Long-term rising and volatile energy prices affecting fleet and property operating costs, excluding

short-term geopolitical instability of the energy markets.

h Uneven market uptake of low-emission equipment; and

h Increased pluvial and riverine flooding at key operating sites.

These enhancements provide more granular transition pathways to inform capital allocation and risk

mitigation planning.

Asset‑related modelling

Our asset transition model for lighting and power now includes the top 30 customers by revenue and

extending the analysis to power tools, the third largest emissions contributor within its hire fleet. The

modelling quantifies the potential financial impacts of a key risk and opportunity:

h Risk: Delayed and uneven market demand for low-emission equipment (could lead to low utilisation

of eco-assets).

h Opportunity: Continued government commitment for Net Zero will drive customer demand for low-

emissions equipment and services.

To assess this, three demand scenarios were modelled, aligned to climate scenarios and the science-

based targets of Speedy Hire’s top 30 customers. These were compared against three procurement

approaches:

h Replace and grow: Accelerated investment in eco-assets for both replacement and fleet expansion

h Replace only: Replace non-eco assets at their end of life with eco-assets, with conventional assets

supporting growth

h Minimum replacement and grow: Replacement with eco assets only where contractually required.

Tower lights and generators

The results are broadly consistent with FY2025, with enhanced visibility of value at risk and demand

trajectories. The updated modelling confirmed that there is a significant opportunity for additional

revenue from eco assets. The potential incremental revenue of £1.4m to £2.9m per annum depending

on the scenario. Across the climate scenarios, Speedy Hire’s current portfolio trajectory sits within the

central range of expected demand, indicating that its existing investment approach is aligned with

observed market signals. Speedy Hire has invested early in eco assets to ensure it can meet growing

customer and market demand. The current asset composition provides significant flexibility to adjust the

future share of eco assets in its portfolio in line with market demands.

Speedy Hire Plc

Annual Report and Accounts 2026

Speedy Hire’s scenario analysis highlights differing risk profiles over time. Under a Net Zero scenario,

demand accelerates earlier, increasing the risk of under-supplying eco-assets if investment does not

keep pace. Under a Delayed Transition scenario, demand is more backloaded, creating a risk of short-

term over-provisioning before uptake increases. Under Current Policies, demand remains more gradual,

reducing transition risk but limiting revenue upside. In absolute terms, the value at risk quantified in the

model is larger than last year’s reported risk value. This is because Speedy Hire expanded its modelling

scope and included a larger share of its overall asset portfolio. The analysis demonstrates that Speedy

Hire is not constrained to a fixed transition pathway. Its procurement approach can be adjusted to

accelerate or moderate investment in response to market signals, enabling Speedy Hire to maintain

alignment with demand while preserving upside opportunity.

Power tools

The power tools model indicates a similar outcome. This product category offers even greater flexibility

to adjust the uptake of eco assets in line with market demand, driven by shorter asset lifecycles and a

higher proportion of eco-classified products already within the portfolio.

This enables a faster response to changes in demand, with full electrification achievable before 2030

under a Replace and Grow procurement strategy. Conversely, a slower transition remains compatible

with expected demand through a combination of the replace only and the replace and grow

procurement strategies. This would assist in meeting both the Net Zero 2050 demand trajectory as well

as the Delayed Transition trajectory, reducing the risk of asset stranding.

While over-provisioning remains the primary risk, current deployment remains aligned with market

demand. The analysis also indicates that demand may be influenced by factors beyond decarbonisation

targets, including eco product price point, safety and operational considerations, which are not fully

captured in the model.

Model limitations and uncertainties and next steps

The FY2026 model remains focused on lighting towers, generators and power tools and does not yet cover

the full hire portfolio. Demand assumptions are based on publicly available customer targets and assume

delivery against these commitments. As a result, the model may not fully capture divergence between

stated targets and realised demand, or additional drivers such as safety, performance or cost efficiency.

Future development will focus on expanding coverage to additional asset classes, including powered

access, and refining procurement scenarios to better reflect delayed or non-linear transition pathways.

Energy‑related risks and opportunities

Building on its FY2025 quantification, Speedy Hire updated its internal energy model in FY2026 to

assess the financial impact of energy-related risks on properties and its vehicle fleet. Fuel sold to

customers was excluded, as price risks are managed contractually. Diesel and petrol consumption

account for approximately 87% of Speedy Hire’s Scope 1 and 2 emissions, creating material exposure to

fuel price volatility driven by geopolitical instability, supply chain constraints and commodity markets.

Short hedging periods for road fuels limit its ability to secure long-term price stability, increasing

vulnerability to global fuel shocks. Projections for vehicles and property were developed using historic

consumption data and planned transition pathways to lower-emission energy sources. Projected costs

were derived using market-based energy price forecasts and scenario assumptions, with volatility

assessed against historic price movements between 2018 and 2024.

Under the Net Zero scenario, the transition delivers the most structural shift in energy consumption.

Hydrotreated Vegetable Oil (HVO) usage increases initially as a bridging fuel, deferring immediate

capital expenditure on electric vehicle (EV), before EV rollout accelerates from 2028 onwards. Electricity

progressively becomes the dominant energy source, with EV uptake reaching up to 55% of the diesel

fleet and 80% of the petrol fleet by 2031. As electricity displaces diesel, exposure to price volatility

reduces over time, although transitional reliance on HVO may result in additional medium-term fleet fuel

costs of £1.0m–£1.2m annually.

In the Delayed Transition scenario, progress is slower initially but accelerates significantly post-2030,

driven by regulatory mandates and manufacturer commitments. HVO adoption increases more

substantially, and electricity demand rises sharply as EV and hybrid deployment expand. While this

scenario ultimately diversifies the energy mix, prolonged dependence on liquid fuels may result in

elevated fuel price exposure, with potential cost increases of £1.1m–£1.3m around 2030.

Under the Current Policies scenario, diesel remains the dominant energy source through to 2035, with

more limited EV uptake due to higher upfront capital costs and weaker policy drivers. HVO growth

remains constrained by supply and cost premiums. Continued reliance on fossil fuels increases exposure

to sustained price volatility, with potential medium-term fleet fuel cost increases of up to £1.1m.

Model limitations and uncertainties and next steps

Whilst Speedy Hire continues to proactively mitigate the risks associated with energy-related cost

increases through hedging, we continue to monitor and ensure resilience as far as possible when it

comes to climate change-related energy risks. However, the model strictly considers climate-related

forecasts and projections, and it does not incorporate other macro-economic issues such as geopolitical

events and global conflicts which may result in cost implications for the business. Wider industry

assumptions and data sources are used for long-term modelling, incorporating forward thinking

resilience through the transition of its energy portfolio to reduce exposure to impacts of oil and other

fossil fuel energy spikes.

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

ESG REPORT CONTINUED

TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING

Figure 1: Diesel consumption

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Figure 2: Petrol consumption

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Figure 3: Electricity consumption

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Property‑related risks

In FY2026 Speedy Hire undertook a more detailed geospatial screening of its regional service centre

(RSC +) sites to quantify exposure to riverine, coastal and surface water flooding under present-day

conditions and future climate projections. Using Environment Agency datasets and QGIS analysis, site

boundaries were assessed against Flood Zones 2 and 3

and surface water risk bands, with climate

change allowances applied to evaluate potential future exposure.

The modelling used recognised climate change scenarios to assess how flood risk may evolve over time.

Surface water flooding was assessed using a climate change allowance for 2050 (2040–2060), while

river and coastal flooding were assessed over a longer-term horizon extending to the late century and

up to 2125.

These time horizons reflect the differing behaviour of flood risk drivers and are intended to support long-

term strategic planning rather than indicate immediate changes in risk.

Current conditions

Under present day conditions, six sites (Beckton, Cardiff, Doncaster, East London - Blackwall, Hull and

Norwich) show high potential exposure to river and coastal flooding, with more than 80% of a defined

50-metre buffer around each site, falling within Flood Zones 2 or 3. Across these sites, this equates to

approximately 127,327 m² falling within Flood Zones 2 and 3.

Speedy Hire Plc

Annual Report and Accounts 2026

Surface water exposure is less widespread, with four sites (Basildon, Doncaster, Heathrow and Norwich)

exhibiting medium risk, with 20–50% of a defined 50-metre buffer around each site falling within

medium or high-risk flood areas,

equating to approximately 22,197 m².

Future projections with climate change

Under future climate change projections, overall exposure to river and coastal flooding increases across

all selected sites, with 173,915 m

falling within Flood Zones 2 and 3.

As with current conditions, surface water exposure remains relatively limited in future projections, with

seven sites (Derby, Basildon, Doncaster, Hull, Ipswich, Norwich and West London) classified as having

medium flood risk, equating to approximately 37,821 m².

The Heathrow RSC+ site shows the highest exposure under future conditions, with 53% of the site

(including the 50-metre buffer) classified as medium or high flood risk.

From a financial perspective, increased flood exposure could lead to higher maintenance and

remediation costs, asset damage and upward pressure on insurance premiums. As Speedy Hire adopts

the new UK Sustainability Reporting Standards (SRS), potential annualised CAPEX and OPEX cost

exposures are being assessed as part of climate-related financial analysis.

The outputs inform estate strategy, capital planning and business continuity arrangements, including the

consideration of flood risk in site consolidation, refurbishment and lease extension decisions.

This assessment represents a strategic-level screening based on nationally available datasets and

does not account for site-specific mitigation measures or flood defences. Where material exposure is

identified, further site-level assessment may be undertaken.

RISK MANAGEMENT

Identifying and assessing climate‑related risks

Speedy Hire has outlined its climate risks that exceed a defined materiality threshold consistent with

the groups approach to risk—as detailed on pages 47 to 50. In addition to these key material risks

and opportunities, a comprehensive register of all identified climate-related risks and opportunities is

maintained in our ‘Climate-related Risk Register’ and reviewed annually. Consistent with the governance

framework described above, oversight of climate-related risk management is maintained through regular

reporting to the Executive Team and Sustainability Committee, with significant risks and mitigation

progress reported to the Board. This ensures that climate-related risks are actively managed and aligned

with the Group’s strategic objectives, capital allocation decisions and ESG commitments.

In FY2026 Speedy Hire aligned its climate risk assessment methodology with broader enterprise risk

management frameworks, ensuring consistency in scoring criteria, oversight and governance. Initial

risk and opportunity scores were reassessed and subsequently validated through a cross-functional

workshop involving representatives from key departments. This session enabled discussion, challenge

and alignment on impact and likelihood, resulting in the final agreed risk scores.

Group climate-related risks is identified and managed within the Group Risk Register. More granular,

material climate risks and opportunities are captured within the ESG Risk Register, where mitigation

actions are defined and managed at a divisional level and escalated to the Group Risk Register as

appropriate. On behalf of the Audit & Risk Committee, the Head of Sustainability and Governance

and the Head of Risk and Assurance oversee their review on a quarterly basis. Agreed management

responses and mitigation actions are escalated through ESG Committee meetings, with progress

monitored and reported through regular committee updates.

Through this integration, climate-related risks and opportunities are managed in line with Speedy

Hire’s enterprise risk management processes. Material climate-related risks are therefore subject to the

same monitoring, escalation and governance mechanisms as other enterprise risks, supporting their

consideration within Speedy Hire’s principal risk review.

Flood Zone 2 indicates a medium probability of flooding (0.1–1% annual probability from rivers; 0.1–0.5% from the

sea), while Flood Zone 3 indicates a high probability (≥1% from rivers; ≥0.5% from the sea).

Surface water flood risk is defined as high where the annual probability exceeds 3.3% (greater than 1 in 30), and

medium where it lies between 1% and 3.3% (1 in 100 to 1 in 30).

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

ESG REPORT CONTINUED

TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING

METRICS AND TARGETS

Speedy Hire relies on a range of metrics and targets to manage and assess climate-related risks and

opportunities. Primary climate-related metrics are its greenhouse gas (‘GHG’) emissions footprint and

progress against its SBTi-validated net zero targets, which provide the foundation for understanding,

monitoring and managing climate transition exposure.

GHG emissions reporting

Speedy Hire calculates its Scope 1, 2 and 3 GHG emissions in accordance with the GHG Protocol and

ISO14064-1:2018. A detailed breakdown by category, comparison against its base year and narrative on

performance against emissions targets are set out in our GHG Statement on pages 51 to 53.

Science‑based targets

Speedy Hire has established SBTi-validated emissions reduction targets which underpin it’s net zero

transition strategy. Full details of the targets, including scope coverage, baseline year and interim

milestones, are provided within our FY2026 Sustainability Report. Following the ProService Transaction,

Speedy Hire has reviewed its emissions baseline and organisational boundary and determined through

its re-baselining policy, that re-baselining and revalidation of its science-based targets is required, which

is also in accordance with SBTi guidance on structural changes.

Speedy Hire’s Net-Zero Roadmap sets out its strategy to meet these targets and is supported by its Eco

Product Roadmap, Nature Positive Roadmap and in FY2027 a Climate Transition Plan.

Additional metrics, targets and monitoring progress

In addition to Science-Based Targets and GHG emissions, Speedy Hire monitors a range of internal

operational and financial metrics that relate to material climate-related risks and opportunities, these are

found in table 1. These metrics support ongoing oversight of risk exposure, operational performance and

progress against decarbonisation objectives.

By tracking progress against these metrics set out in the Climate Solutions pillar of the Decade to Deliver

ESG strategy, Speedy Hire monitors and manages transition risk exposure across all time horizons.

For physical climate-related risks, Speedy Hire monitors operational disruption, including site downtime,

and implement a range of resilience measures across its estate. These include site-level environmental

emergency procedures, Business Continuity Plans for higher-risk locations, strategic estate consolidation

into more resilient premises and flexible asset deployment to maintain service continuity during extreme

weather events.

Climate-related performance metrics, particularly performance against SBTi net zero targets, are factored

into the Board’s remuneration policies.

Table 1: Additional climate related metrics

Energy (risks: fuel price and energy price)

Targets FY25 FY26

30% of natural gas to be replaced with alternative fuels and technologies by 2030 from a FY2020 base year 35% 48%

15% of HGVs transitioned to electric by 2030 1.3% 3%

66% of our LCVs will be electric by 2030 21% 27%

Metrics FY25 FY26

Litres of diesel replaced by running large commercial vehicles on HVO D+ (litres) 1.1 million 672,471

Associated emissions reduction from HVO D+ from commercial vehicles (tCO

e) 2,755.44 1,704.87

Number of service centres with Building Management Systems installed 14 14

Hire assets (risks: sets, climate technology, customer demand; opportunities: product and service and supports targets)

Target FY25 FY26

70% of itemised products to be eco by FY2027 53% 57%

Metrics FY25 FY26

Proportion of revenue that is generated from eco products in core hire 56% 57.9 %

Increasing our sales of HVO D+ to support our customers’ demand for sustainable fuels and associated emissions reduction (litres) 14.8 million 12.6 million

Speedy Hire Plc Annual Report and Accounts 2026

Risk/opportunity

Risk: Increasing and volatile energy prices will increase direct costs for vehicles and property.

Description

Increased operational costs for Speedy Hire’s vehicles

and property, as well as higher prices for customers

using Speedy Hire’s products.

Impacts

h Reduced revenue

h Increased CAPEX

h Increased OPEX

Scenario

NZ DT CP

Time Horizon

MT MT MT

£ estimate

£1.0m - £1.2m £1.1m - £1.3m Up to £1.1m

Management response

Energy expenditure across fleet and property operations is subject to regular oversight. Fuel

price volatility is managed through hedging and procurement strategies informed by transition

modelling. Electricity exposure is reduced through on-site renewables and Power Purchase

Agreements (PPAs). Ongoing energy-efficiency initiatives such as service centre consolidation,

building management system rollout and on site renewable expansion, further reduce underlying

demand and support delivery of our Decade to Deliver targets.

Risk/opportunity

Risk: Increasing prices for transitional fuels may result in a slower decarbonisation, impacting

the achievement of Speedy Hire’s Science-Based Target (SBT).

Description

Increased fuel costs arising from Speedy Hire’s reliance

on HVO for its own operations, reduced customer

demand for HVO use in hire assets, and potential

impacts on progress toward Speedy Hire’s Science-

Based Target.

Impacts

h Reduced revenue

h Increased CAPEX

h Increased OPEX

Scenario

NZ DT CP

Time Horizon

ST MT ST

£ estimate

N/a N/a N/a

Management response

Speedy Hire is reducing reliance on transitional fuels by progressing towards a majority EV

fleet post 2028, lowering long-term exposure to HVO price volatility and supporting delivery

of our Science-Based Targets. In the interim, short-term HVO price risk is managed through

contractual arrangements. Business unit sustainability heatmaps define fleet decarbonisation

pathways and scenario-based actions to maintain progress despite fuel market variability.

Overview of climate‑related risks and opportunities, their potential average annual financial impact and our management response

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

ESG REPORT CONTINUED

TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING

Risk/opportunity

Risk: Delayed and uneven market demand for low-emission equipment (could lead to low

utilisation of eco-assets).

Description

Under- or over-provisioning of eco assets, leading to

under-utilisation of both eco and non-eco assets and

resulting in foregone revenue.

Impacts

h Foregone revenue

h Low return on investment

h Increased OPEX

Scenario

NZ DT

Time Horizon

MT MT

£ estimate

Up to £1.9m Up to £1.2m

Management response

Our Eco Product Roadmap mitigates the risk of uneven demand for low-emission equipment by

aligning investment with forecast utilisation, supported by modelling to avoid over-provisioning.

Capital allocation reflects disciplined assumptions on asset life, residual value and returns,

recognising higher upfront and battery costs. Flexible procurement and deployment allow

us to adapt investment pace to market conditions, while refurbishment and redeployment

support utilisation and asset longevity. We also help stimulate demand. The Diesel-Free Matrix

enables customers to identify lower-emission alternatives, while PAS 2080 is a growing driver in

construction, embedding whole-life carbon management. Speedy’s PAS 2080-aligned offering

helps customers update their eco asset strategies and supports greater adoption of low-

emission equipment.

Risk/opportunity

Speedy Hire may not stay on track to meet its SBT.

Description

Reputational repercussions with stakeholders, such as

customers, investors and partners.

Impacts

h Loss of revenue if customers

switch to providers on track to

meet their SBT.

Scenario

Time Horizon

£ estimate

N/a

Management response

The risk is mitigated through continued investment in low-carbon technologies, sustainable

fuels and energy-efficient systems, alongside the targeted divestment of more carbon-intensive

products. Our SBT commitments are aligned with the Velocity strategy, ensuring integration of

decarbonisation objectives within core business planning. Carbon performance is monitored

monthly at company level, enabling proactive management of emissions. Speedy Hire will

also resubmit SBT for validation due to material carbon emissions changes brought by the

ProService Transaction. In addition, our alignment to ISO20400 supports transparency and

prioritisation of carbon reduction efforts across high-impact suppliers within our value chain.

Speedy Hire Plc Annual Report and Accounts 2026

Risk/opportunity

Changes in reporting requirements throughout the value chain may result in Speedy

Hire not meeting climate-related reporting obligations.

Description

Regulatory fines and loss of business due to failure to

meet regulatory and voluntary expectations from key

stakeholders.

Impacts

h Reduced revenue.

h Increased CAPEX.

h Increased OPEX.

h Increased liability risk.

Scenario

Time Horizon

£ estimate

N/a

Management response

We continue to track emissions and value-chain data to support compliance with evolving

reporting and assurance standards, supported by supplier engagement to improve the

completeness, consistency and auditability of emissions data. Regular legal and regulatory

horizon scanning enables early identification of emerging disclosure requirements, including

preparation for the UK Sustainability Reporting Standards (UK SRS). In parallel, we are

enhancing our data systems and internal controls to support reliable, auditable reporting and to

meet increasingly standardised and contractual disclosure requirements.

Risk/opportunity

Opportunity: Continued government commitment for Net Zero will drive customer demand for

low-emissions equipment and services

Description

This could result in sustained and increasing demand

for low-emission products, supporting delivery of

Speedy Hire’s SBT’s and strengthening accountability

across the value chain.

Impacts

h Additional revenue.

h Increased investment.

h Increased training costs.

Scenario

NZ DT

Time Horizon

MT MT

£ estimate

£2.8m – £3.7m £2.2m – £3.1m

Management response

Continued government commitment to Net Zero, alongside industry initiatives such as the

Construction Leadership Council’s CO₂nstruct Zero programme and its five commitments,

is expected to drive increasing customer demand for low-emission equipment and services.

In response, we continue to invest in eco-assets, diesel-free solutions and low-emission

technologies to capture this growth while managing utilisation risk. Strategic capital allocation,

including within powered access, supports the integration of specialist eco-lifting products and

emerging technologies, along-side deployment of hydrogen solutions to broaden our low-

emission offering. At the same time, the growing expectation for PAS 2080 carbon management

systems across construction are strengthening the focus on whole-life carbon, sup-porting

greater specification of low-emission equipment. Ongoing horizon scanning of technology,

policy developments and customer demand informs the timing and scale of deployment,

ensuring alignment with market readiness and maximising opportunity capture.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

ESG REPORT CONTINUED

TASKFORCE FOR CLIMATE FINANCIAL DISCLOSURE (‘TCFD’) REPORTING

Risk/opportunity

Opportunity: High prices of transitional fuels may accelerate the transition to battery and

electric equipment.

Description

This could lead to a faster shift towards battery and

electric operated equipment, resulting in a faster

transition to net zero for Speedy Hire.

Impacts

h Increased revenue.

Scenario

Time Horizon

£ estimate

N/a

Management response

Ongoing horizon scanning of technology developments, policy direction and customer demand

informs the timing and scale of eco-asset deployment, ensuring investment remains aligned

with market conditions. In FY2026 Speedy Hire was supported through a new partnership with

Instagrid to supply portable battery energy packs, alongside the introduction of Milwaukee’s

latest high performance battery range, delivering higher power output and improved reliability.

Further progress includes the expansion of the cordless fleet with new Altrad Belle products,

such as battery-powered pressure washers, and the systematic replacement of legacy Hilti

equipment with the more efficient Nuron battery platform.

Risk/opportunity

Opportunity: Investment in low-emission hire assets, vehicles and property will help Speedy

Hire achieve its climate targets and be recognised as market leader

Description

This could result in enhanced reputation in the

construction sector and increased revenue from

climate-conscious customers

Impacts

h Increased customer retention.

h Continued investment.

h Return on investment.

Scenario

Time Horizon

£ estimate

N/a

Management response

Investment in low-emission hire assets, vehicles and property supports delivery of Speedy Hire’s

climate targets while strengthening our position as a market leader in sustainable solutions.

We are reducing operational and value chain emissions through hybrid and electric vehicles,

EV charging infrastructure and targeted investment in energy-efficient technologies, including

onsite renewable generation. Increased capital expenditure in low-carbon technologies and

sustainable fuels further enhances our low-emission offering. A key differentiator is our PAS

2080-aligned Carbon Intelligence offering, which integrates asset provision with carbon

management expertise. Through our Sustainability Reporting Tool, we provide customers with

transparent emissions data and insights to support informed equipment choices and whole-life

carbon reduction. Together, these investments and capabilities drive decarbonisation across our

operations and customer projects, supporting our climate targets and reinforcing Speedy Hire’s

position as a leader in sustainable hire solutions.

Speedy Hire Plc

Annual Report and Accounts 2026

ESG REPORT CONTINUED

GREENHOUSE GAS STATEMENT

Greenhouse Gas Statement

This statement has been prepared in accordance

with ISO14064-1:2018 for the purpose of

documenting our greenhouse gas (‘GHG’)

emissions for the Financial Year 2026 (1 April 2025

– 31 March 2026) and transparently discloses

progress against our targets. Ultimately, this

statement and its disclosure is the responsibility

of our Board. In our ambition to deliver absolute

net zero across Scopes 1, 2 and 3 by 2040,

headline Scope 3 figures have been provided,

followed by the methodology used to calculate

our emissions, and finally, a detailed breakdown

of our emissions. Our scoped emissions have

been prepared in accordance with the GHG

Protocol Corporate Standard for the purpose

of documenting our GHGs under Speedy Hire

Plc operational control. For the reference period

1 April 2025 to 31 March 2026, our emissions

were 313,495.94 tCO

e for Scope 1, Scope 2 and

Scope 3 (excluding category 8, 10, 12, 14). This is

an increase of 16.43% from the FY2020 baseline

year total footprint of 269,265.64 tCO

e and a

10.90% increase from the FY2025 total footprint of

282,688.62 tCO

Quantification Methodology Summary

We have reported on all emissions sources

required under the Companies Act 2006

(Strategic and Directors’ Report) Regulations

2013. We have aligned to ISO14064-1:2018

in our management of scoped emissions,

including the use of GHG Protocol Corporate

Accounting and Reporting Standard (revised

edition), Scopes 1, 2 and 3, and emissions factors

from the UK Government’s GHG Conversion

Factors for Company Reporting, the Office

for National (‘ONS’) Statistics Atmospheric

emissions: greenhouse gas emissions intensity

by industry for supply chain factors (last updated

October 2025), and cumulative inflation rates

within the reporting period. The organisational

boundary has been set based on the operational

control approach. A significance threshold

of a cumulative impact, across all scopes, of

omissions being no more than 5%, has been

applied to our emission scope inventory, meaning

emission data sources below this threshold may

be omitted from the footprint due to their lack of

magnitude, level of influence, data availability or

data accuracy.

Quantification Methodology Details

Our Scope 1 and 2 used an activity-based

approach for Scope 1 and a location and

market-based approach to Scope 2. Our Scope

3 category 1 (Purchased goods and services)

and category 2 (Capital goods) have aligned to

the GHG Protocol definitions (The Corporate

Value Chain (Scope 3) Standard). The bulk of the

quantification was done using financial spend-

based data. We have used spend categories,

provided by our inhouse tool, to align carbon

factors against ONS 2023 supply chain factors.

Within categories 1 and 2, we have omitted

spend-related items with no emissions. Due to

the high-level nature of the spend categories,

we understand the limitations in accuracy for

inclusions and/or exclusions assigned by the

current emission factors. We have also used

activity data from suppliers where available.

Our remaining Scope 3 categories 3 (FERA),

4 (upstream transportation and distribution), 5

(waste generated in operations), 6 (business

travel), 7 (employee commuting), 9 (downstream

transportation and distribution), 11 (use of sold

products), 13 (downstream leased assets)

and 15 (investments) have used a hybrid

model of financial-based modelling, including

emissions intensity units, with activity included

where possible. The GHG Protocol Corporate

Accounting and Reporting Standard (revised

edition) has been used to derive scopes

with emissions factors adopted from the UK

Government’s GHG Conversion Factors for

Company Reporting. The methodology for

downstream leased assets has been updated

for Speedy Hire products since the last financial

year, as more accurate assumptions regarding

fuel consumption and hours-of-use-per-hire-day

have been extracted from validated supply chain

data for powered products and telematics is

used where possible. Within FY2026, changes in

the business, notably investment in ProService

plc, results in a 9.99% share of emissions now

included within category 15, and the purchase

of assets within the ProService Transaction

now included within our Category 1. Due to the

absence in FY2026 corporate emissions data from

ProService, Speedy Hire has applied a financial

based metric from investments, this presents

a significant underreporting risk to category 15

reported emissions and overall scope 1,.2 and

3. Mitigation of this risk going forward will be

managed through the ISO14064-1 management

system.

Whilst there have been no procured offsets during

FY2026, we have used REGO-backed certificates

from biomass, across its service centre network,

which, based on the Corporate Standard the

portion of the biomass combustion shall be

reported outside the scopes 1,2 &3.

Base year selection

Our baseline reports on the Scope 1,2 and

3 inventories in FY2020 (1 April 2019 –

31 March 2020). This baseline was undertaken by

a third-party consultant, and the financial year

was chosen for the following reason: FY2020 was

prior to the Covid-19 pandemic and the impact it

had on our operations and was deemed a typical

year of activity with low uncertainty in data yield.

There has been no historic change of the baseline

report prior to this statement; however, within

FY2026, our rebaseline threshold has been met

with the inclusion of new emissions sources

investments, asset and property acquisitions,

due to the ProService Transaction. Aligned to

the ISO14064-1 transparency principle, we will

undergo baseline re-evaluation for Science Based

Target validation.

Uncertainty

The aggregated uncertainty level has been

established using the ‘GHG Protocol guidance

on uncertainty assessment in GHG inventories

and calculating statistical parameter uncertainty’.

This is disclosed within the GHG table within this

statement. We aim to reduce the level uncertainty

regarding our Scope 3 emissions by transitioning

to activity-based data where possible.

Verification Assurance Statement

This GHG Statement has been verified by NQA,

an independent third party qualified to undertake

GHG Emissions Reporting Assurance. The

Verification Opinion Statement (‘VOS’) issued by

the Verifier is available on our website. The VOS

is associated with Speedy Hire Plc’s Greenhouse

Gas Statement on Operational Control

Emissions for the Financial Year 1 April 2025 to

31 March 2026 (FY2026).

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

Emissions Scope

GHG Protocol

Emissions Scope

ISO14064‑1:2018 Emissions Source

Tonnes of CO

Current reporting

year FY2026

Reporting year

FY2025

Baseline

(FY2020) Narrative

SCOPE 1

Category 1

Direct GHG emissions or removals

Combustion of Fuel and Operation of Facilities 13,103.93 11,967.39 19,841.43 Emissions increased due to higher fuel use linked to

mobilisation of the ProService Commercial Agreement

and additional contracts. Biofuel market constraints limited

further Scope 1 reductions in FY2026.

Refrigerants 0 0 13.1 7 No emissions recorded, consistent with FY2025, reflecting

effective refrigerant management controls.

SCOPE 2

Category 2

Indirect GHG emissions from energy

Electricity, Heat, Steam and Cooling Purchased for

Own Use (market-based)

135.58 176.09 4,411.68 Emissions reduced following transition to solar and

wind REGOs and expanded confirmation of renewable

electricity at third party depots.

Electricity, Heat, Steam and Cooling Purchased for

Own Use (location-based)

1,515.46 1,878.08 Reduction reflects improved grid carbon intensity.

Total Scope 1 and 2 emissions (market-based) 13,239.51 1 2 ,14 3 .48 24,266.28 Aggregated direct measured cumulative uncertainty

+/-4.2%

Total Scope 1 and 2 Emissions (location-based) 14,619.39 13,845.47

SCOPE 3

Category 4

Indirect from products an organisation uses

Cat 1: Purchased Goods and Services 28,61 7.1 2 7,777.84 16,281.00 Increase driven by methodological refinement (category

1 & 2 tagging), aligning emissions to supply chain spend

using ONS industry factors and inflationary effects, rather

than increased physical consumption.

Cat 2: Capital Goods 5,903.05 33,730.10 58,275.85 Decrease reflects reallocation following the same

methodological update as Category 1, improving accuracy

of spend based emissions.

Cat 3: FERA 4,072.17 4,136.2 1,290.37 Emissions remained broadly consistent with changes in

fuel and energy use during the reporting year.

Category 3

Indirect GHG emissions from transportation

Cat 4: Upstream Transportation and Distribution 3,319.69 1,701.83 6,701.16 Increase driven by higher third-party haulage spend and

inclusion of emissions from fuel transportation to service

centres.

Category 4

Indirect from products an organisation uses

Cat 5: Waste Generated in Operations 14.28 18.91 91.94 Emissions decreased due to lower waste volumes and

increased diversion to recycling compared with energy

from waste treatment.

Category 3

Indirect GHG emissions from transportation

Cat 6: Business Travel (inc. all WTT emissions) 135.83 152.62 392.91 Reduction reflects lower travel activity and continued

optimisation of business travel practices.

ESG REPORT CONTINUED

GREENHOUSE GAS STATEMENT

Speedy Hire Plc Annual Report and Accounts 2026

Emissions Scope

GHG Protocol

Emissions Scope

ISO14064‑1:2018 Emissions Source

Tonnes of CO

Current reporting

year FY2026

Reporting year

FY2025

Baseline

(FY2020) Narrative

SCOPE 3

CONTINUED

Category 3

Indirect GHG emissions from transportation

Cat 7: Employee Commuting 3,080.20 2,982 3,398.94 Slight increase aligned with changes in workforce

headcount, with commuting patterns remaining broadly

unchanged.

Category 4

Indirect from products an organisation uses

Cat 8: Upstream Leased Assets Scoped out Scoped out Scoped out

Category 3

Indirect GHG emissions from transportation

Cat 9: Downstream Transportation and Distribution 4,069.27 955.91 3,698.41 Emissions increased due to expanded capture of third

party haulage activity, including fuel transportation

emissions to customers.

Category 5

Indirect GHG emissions (use of products

from the organisation)

Cat 10: Processing of Sold Products Scoped out Scoped out Scoped out

Cat 11: Use of Sold Products 83,909.00 87,193.82 66,237.66 Decrease reflects reduced fuel volumes sold to customers

despite a marginal increase in non fuel consumables and

auctioned products.

Cat 12: End of Life Treatment of Sold Products Scoped out Scoped out Scoped out

Cat 13: Downstream Leased Assets 165,923.94 127,530.99 87,479.56 Increase driven by improved activity data coverage (+17%

vs FY2025) and inclusion of ProService Plc downstream

emissions.

Cat 14: Franchises Scoped out Scoped out Scoped out

Cat 15: Investments 1,211.88 4,364.92 1,151.56 Reduction primarily reflects lower emissions from the

Kazakhstan JV; equity based reporting for ProService plc

presents a risk of under reporting in FY2026.

Total Scope 3 Emissions 300,256.43 270,545.14 244,999.36 Aggregated indirect measured cumulative uncertainty

+/- 3.7%

Total emissions Scopes 1, 2 and 3 (market-based) 313,495.94 282,688.62 269,265.64 Aggregated uncertainty +/- 3.6%

Biogenic CO

associated with Biomass (N

O, CH

) 1,106.91 11 7.85 n/a Increase reflects an update to DEFRA carbon factors

rather than changes in biomass use.

Category 8 (upstream leased assets), 10 (processing of sold products), 12 (end of life treatment of sold products), 14 (franchises) are scoped out due to Speedy Hire’s business operations consistent with the GHG

Protocol definitions (The Corporate Value Chain (Scope 3) Standard

Speedy Hire Plc

Annual Report and Accounts 2026

STRATEGIC REVIEW

Streamlined Energy and Carbon Reporting

This section details the energy consumption from the activities of Speedy Hire for the period 1 April 2025

to 31 March 2026, as required by the Companies Act 2006 (Strategic Report and Directors’ Report)

Regulations 2013 (‘the 2013 Regulations’) and the Companies (Directors’ Report) and Limited Liability

Partnerships (Energy and Carbon Report) Regulations 2018 (‘the SECR Regulations’). FY2020 data has

not been validated through a third-party verification however FY2026 data was verified under ISO14064-

1:2018. Please see GHG statement for further details of carbon emissions.

Methodology

ESOS methodology (as specified in Complying with the Energy Savings Opportunity Scheme version 6)

used in conjunction with Government GHG reporting conversion factors.

h Sites given average square footage.

h Carbon factors used are sourced from Government DEFRA Conversion Factors.

h Intensity ratios calculated using square meterage.

h kgCO

e per square metre of total site area.

Speedy Hire is committed to responsible energy management and will practice energy efficiency

throughout the organisation, aligned to the requirements of ISO 50001 and ESOS. Actions taken this

financial year can be found within our Sustainability Report on our website.

FY2026 FY2025 FY2020 (baseline)

Scope 1 emissions (tCO

e) 13,103.93 11,967.39 19,854.60

Scope 2 emissions (tCO

e) (market-based) 135.58 176.09 4,411.68

Scope 2 emissions (tCO

e) (location-based) 1,515.46 1,878.08 4,411.68

Total Scope 1 and 2 emissions (tCO

e) *UK & Global

market based

13,239.51 12 ,143.48 24,266.28

Emission intensity Scope 1 and 2 (kgCO

e per sqft) *UK &

Global market based under operational control

71.26 62.08 n/a

Total Scope 1 and 2 emissions (tCO

e) *Global market

based only under operational control

263.84 232.13 178.65

UK Natural gas usage (kWh) 3,836,074 4,791,246 7,344,025

Global Natural gas usage (kWh) 0 0 21,665

UK Commercial fuel usage (ltr) 5,083,269 4,950,372 6,310,316

Global Commercial fuel usage (ltr) 122,058 136,768 0

Electricity usage (kWh) 9,035,737 8,916,597 11,205,438

Global Electricity usage (kWh) 226,698 154,048 233,034

Total energy consumption (kWh) (Gas and Electric) 13,098,509 13,861,891 18,804,162

ESG REPORT CONTINUED

STREAMLINED ENERGY AND CARBON REPORTING

Note:

h Global refers to all Speedy Hire operations outside of the UK (Ireland & Kazakhstan).

h Emission intensity unit per sq ft of property was not disclosed during our baseline. FY2025 kgCO

per sqft figure restated following review of the calculation methodology taken in FY2026.

Speedy Hire Plc

Annual Report and Accounts 2026

NON-FINANCIAL AND SUSTAINABILITY INFORMATION SHEET

In accordance with sections 414CA and 414CB of the Companies Act 2006, the information below sets out how we comply with each reporting requirement, where further information can be found within the

Annual Report and Accounts and which relevant policies and guidance are adopted:

What we do is described on the Highlights page and our vision, mission and values are described on page 1. We demonstrate how we act as a responsible business when fulfilling our mission and values

throughout our ESG Report on pages 34 to 54. Our principal risks and uncertainties, together with the mitigating controls in place, are summarised within our Principal Risks and Uncertainties disclosures on

pages 60 to 66. A description of all matters relating to climate-related risks and opportunities, are included within our Task Force on Climate-related Financial Disclosures on pages 40 to 50.

Information necessary to understand our development,

performance, position and the impact of our activity Relevant policies and guidance

ENVIRONMENTAL MATTERS

Our policies reflect the needs of our environment and

support our roadmap to net zero.

ESG Report – Pages 34 to 54, incorporating the following

key areas:

Waste and Circular Economy – Page 36

Corporate Greenhouse Gas (‘GHG’) Report – Pages

51 to 53

Task Force on Climate-related Financial Disclosures –

Pages 40 to 50

Supplier Trading Agreement

Supplier Code of Conduct

Speedy Sustainability Requirements for

Suppliers

Supply Chain Policy

Sustainability Policy

Sustainable Travel Policy

Environmental Policy

Energy Policy

COLLEAGUES

Our People First strategy is driven by living our values of

ambition, innovation, inclusivity, safety, working together and

trusting each other. Our polices help support this.

Keeping our People and Communities Safe – Pages

26 to 27

People First – Pages 25 to 26

Diversity, Equity and Inclusion – Page 37

S.172 Statement – Pages 56 to 59

Employee Handbook

Recruitment, Selection & Equal

Opportunity Policy

Diversity, Equity and Inclusion Policy

Resolving Issues at Work Policy

Health and Safety Policy

Work Safe Policy

Wellbeing Policy

Flexible Working Policy

Leave Policy

People Development and Career

Mobility Policy

Family Friendly Policy

Information necessary to understand our development,

performance, position and the impact of our activity Relevant policies and guidance

SOCIAL MATTERS

Our policies, underpinned by our Code of Conduct, support

all colleagues to do the right thing within our communities

and from a safety and environmental perspective.

Double Materiality Update – Pages 36 to 39

ESG Report – Pages 34 to 54

S.172 Statement – Pages 56 to 59

Code of Conduct

Charity, Community & Volunteering Policy

Time off for Public Duties – Leave Policy

Health and Safety Policy

Environmental Policy

RESPECT FOR HUMAN RIGHTS

Reflecting the needs of our stakeholders we consider human

rights within our own operations, suppliers and customers.

Our published Modern Slavery Statement is available at

www.speedyhire.com/investors

Human Rights, Modern Slavery & Responsible Sourcing –

Page 38

ESG Report – Pages 34 to 54

Human Rights Policy

Anti-Slavery and Human Trafficking Policy

Employee Handbook

Code of Conduct

Speak Up Whistleblowing Policy

Data Protection – GDPR – Policies

ANTI-CORRUPTION AND ANTI-BRIBERY MATTERS

Our policies support compliance with anti-bribery and

anti-corruption requirements. We strive to act in a clear,

transparent and fair way without our operations and expect

our stakeholders to do the same

Audit & Risk Committee Report – Business Ethics and

Whistleblowing – Page 80

Corporate Governance – Pages 71 to 76

Code of Conduct

Anti-Bribery Policy

Speak Up Whistleblowing Policy

Supplier Trading Agreement

Supplier Code of Conduct

Supply Chain Policy

Internal financial control processes

Competition Law Policy

Share Dealing Policy

Some of our policies and guidance are only published internally.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

SECTION 172 STATEMENT AND ENGAGEMENT WITH STAKEHOLDERS

Section 172 of the Companies Act 2006 requires

the Directors of Speedy Hire Plc to act in a way

that they consider, in good faith, both individually

and together, would most likely promote the

success of the Company for the benefit of its

members as a whole, and in doing so have regard

(amongst other matters) to:

h the likely consequences of any decisions in

the long-term;

h the interests of the Company’s employees;

h the need to foster the Company’s business

relationships with suppliers, customers and

others;

h the impact of the Company’s operations on

the community and environment;

h the desirability of the Company maintaining

a reputation for high standards of business

conduct; and

h the need to act fairly as between members of

the Company.

Each Director and the Board collectively gives

careful consideration to the factors set out

above and have acted in a way they consider

complies in all respects with their Section 172(1)

duty, in the decisions taken during the year

ended 31 March 2026. Details of how the Board

discharged its duties are set out in the Strategic

Report pages 1 to 67 and should be read in

conjunction with information disclosed in the

Governance section, on pages 68 to 117.

To help facilitate this, before each scheduled

Board meeting all Directors receive appropriate

reports addressing key matters concerning

customers, suppliers, investors, colleagues,

regulators and the environment and also

information regarding the Group, comprising

a financial report and briefings from senior

executives.

The Chief Executive and Chief Financial Officer

also brief Directors on results, key issues and

strategy. During Board meetings, the Non-

Executive Directors regularly make further

enquiries of the Executive Directors and seek

additional information which is provided either at

the relevant meeting or subsequently.

This information and any related reports (provided

either before or after meetings) are considered

in the Board’s discussions and in its decision-

making process when having regard to Section

172 of the Companies Act 2006.

Stakeholder engagement

Engagement with relevant stakeholders is a

key consideration of the Board which varies

depending on the subject at hand. Pages 56 to 59

detail Speedy Hire’s key stakeholders and how we

engage with them.

As mentioned above the Board receives reports

from management concerning its customers,

suppliers and others in a business relationship

with the Company which it takes into account

in its discussions and also in the Section 172(1)

decision making process. The Board has also

received training relating to its obligations under

Section 172(1) and the consideration of the

Company’s stakeholders.

Colleague engagement

In addition to the Board receiving reports from

management concerning its colleagues the Board

engages directly with colleagues in a variety of

ways. This includes via its Colleague Consultative

Committee (attended annually by the

designated Non-Executive Director for employee

engagement, Carol Kavanagh), via its People

First Awards, the Speedy Hire Live Expo and/

or related series of live events, Chief Executive’s

and Chief Financial Officer’s ‘Up to Speed’ and

‘The Hub’ communications and monthly ‘Team

Talk’ updates. Further information on colleague

engagement can be found on page 25.

Board decisions and stakeholders

This statement details a number of examples of

how the Directors have had regard to Section

172(1) when discharging their duties and the effect

that this regard had on the decisions being made.

Speedy Hire’s approach to connecting with our

people, customers, communities and suppliers,

is to build a sustainable future, as detailed on

pages 34 to 54 through the Company’s ESG

programme. Our mission is to be the most

efficient and sustainable UK hire business: digital

and data driven, optimised through operational

excellence, and powered by our people. Our

vision is to inspire and innovate the future of hire

and accelerate sustainable growth.

Our key stakeholders

Engagement with our key stakeholders plays

an essential role throughout the business. It is a

multi-layered process with engagement touching

all levels of our business from front line operations

to the Board and its Committees.

Our key stakeholders and examples of how

we engage are detailed in the tables on the

following pages. Relevant information from these

interactions informs judgements and decision

making.

Speedy Hire Plc

Annual Report and Accounts 2026

Key stakeholder

CUSTOMERS

Why we engage

Understanding the needs and challenges of our customers allows us to deliver a service of high standards.

We engage with our customers to ensure our services meet their evolving requirements and we seek to

solve their challenges through innovative technology and solutions to support their current and future

needs.

Ways we engage

h Face to face meetings (when required),

videoconferencing and calls

h Tendering and RfP processes

h Monitoring of hires, sales and services

h Speedy Hire Direct, a central call centre in

the North West, with dedicated desks for our

National customers

h Customer Solutions, a centralised service

providing a single hire destination service

through the provision of all our core products

and services, plus an extensive range of

equipment in partnership with the industry’s

leading product suppliers

h Regional Trading Hubs, regional call centres are

located throughout the country, with dedicated

staff servicing our Regional customer base

h Through trading partnerships with some of the

UK’s leading trade and DIY brands, operating

digitally via a drop-ship-vendor model

h Service Centre network, through 128 centres

across the UK and Ireland

h Customer Relationship Centre, through our

central hub in South Wales, dedicated to

servicing our SME customers

h Online, through our website and mobile app

h Social media

h Product videos and peer reviews

h Advertising campaigns

h The Speedy Hire Live Expo and/or related

series of live events that bring together

customers, colleagues, suppliers and industry

experts

h Trade shows and Service Centre open days

throughout the year

h Customer feedback surveys via email and text

Areas discussed

h Availability of products and services (including

use of AI)

h Improved customer service

h Range of products and services

h Value for money

h Access to customer services e.g. Speedy Hire

app and tracking

h Four-hour service commitment to customers

on our top selling products ‘One Speedy Hire’

for first class customer experience

h Sustainability solutions

h Product development

Key stakeholder

COMMUNITIES AND ENVIRONMENT

Why we engage

Engaging with local communities to identify opportunities to minimise the environmental impact of our

business as we work towards our commitment of operating efficiently as an industry-leading sustainable

company. This reinforces our commitment to enabling our customers to meet their sustainability targets,

and our people and local communities, from looking after their wellbeing and boosting diversity, equity and

inclusivity, to supporting charity and community projects wherever we operate.

Ways we engage

h Community engagement via our community

investment programme

h ESG strategy and initiatives to achieve ESG-

related targets, including the aim to achieve net

zero by 2040

h We support communities through joint

initiatives with customers and by backing

colleague-led causes that matter to them. We

provide in-kind contributions, including free of

charge or discounted equipment hire for charity

partners and local events.

h We remain responsive to emerging local

needs, addressing urgent challenges and

advancing innovative programmes. Our

Communities Committee ensures all initiatives

are aligned with our policies and strategic

priorities, maintaining focus, accountability and

sustainable outcomes.

h Awareness campaigns and targeted

sponsorships form part of our approach, guided

by our social impact decision matrix to achieve

meaningful and long-term impact.

h Collaboration and partnerships with charities

including WellChild, Lighthouse Club, Prostrate

Cancer UK, and the British Heart Foundation

h Signatory to Cleansheet, a national Criminal

Justice Charity to offer people with convictions

the hope of a better future by finding

sustainable employment.

h Communities Committee and Community

Ambassadors

h Partnered with The Royal Society for the

Prevention of Accidents in publishing the ‘Safer

Lives, Stronger Nation’ report

Areas discussed

h Climate change

h Sustainability

h Local communities

h Human rights

h Forced labour/modern slavery

h Sustainable procurement

h Charity and partnerships

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

SECTION 172 STATEMENT AND ENGAGEMENT WITH STAKEHOLDERS CONTINUED

Key stakeholder

COLLEAGUES

Why we engage

Engaging with colleagues is fundamental in creating a strong culture and fulfilling place to work where colleagues can contribute and help to deliver our, ambition, vision, mission and long-term success.

Ways we engage

h Colleague Consultative Committee meetings (including NED attendance)

h People First Survey and pulse surveys

h Apprenticeship and graduate programmes (commitment to the 5% Club initiative)

h Career Pathway programmes (technical and leadership development)

h Internal and external mentoring programmes

h Online Lunch and Learns covering a variety of topics

h Time to Talk to encourage colleagues to speak to one another about all things wellbeing

h Team building events

h Organised volunteering projects

h Benchmarking of key roles within the business

h ‘The Hub’ colleague communications platform and intranet

h Active Viva Engage communities to promote social engagement

h ‘Up to Speed’ and ‘Wellbeing Wednesday’ e-communications

h Mobile phone and PDA text messaging

h Senior management meetings held at various UK and Ireland locations

h Senior Leadership quarterly ‘Connect Calls’

h Monthly ‘Team Talks’ with local line manager

h Executive Team and Chief Executive video updates and colleague briefings

h Ask the Exec - A platform on the intranet for colleagues to submit questions to the Executive Team, which

are answered and published monthly

h People Fluent training portal for key messages that fall outside of the regular Executive Team video

updates which can be broadcast or targeted to specific groups of colleagues

h Line manager communication and engagement workshops and training modules

h Training Academy schedule of online, classroom and practical training courses

h Personal Development Reviews with associated Personal Development Plans

h Coaching and mentoring opportunities across business functions

h Lunch and Learn sessions to raise awareness and understanding of key issues

h ‘Celebrating Excellence’ reward scheme

h People First Awards nomination process and finalist gala dinner

h Long service recognition scheme at 5, 10, 15, 20, 25, 30, 35, 40 and beyond years’ service

h The Speedy Hire Live Expo and/or series of live events

h Inclusion in cross-functional project teams to inform project development

h Over 50 volunteer Mental Health First Aiders throughout the business

h A Gender Balance DEI Community Group to support our Decade to Deliver strategy

h Established a Human Rights cross-functional working group that meets monthly, facilitated by human

rights experts

h ESG Committee, colleague group and its underlying community groups:

– Gender Balance & Allies

– Race and Culture & Allies

– Ability & Allies (new/launched in 2025)

– LGBTQIA+ & Allies (new/launched in 2025)

h Our DEI community groups are supported by a DEI Colleague Commitment and sponsored by Senior

leaders

h DEI Forum - Ask me Anything intranet platform to encourage inclusivity and openness

Areas discussed

h Career opportunities

h Wellbeing (including mental and physical health)

h Training and development (including safety)

h Pay and conditions

h Colleague engagement

h Our strategy, vision and business updates

h Human rights

h Forced labour/modern slavery

h Sustainable procurement

h Environmental sustainability

h DEI

Speedy Hire Plc Annual Report and Accounts 2026

Key stakeholder

SUPPLIERS

Why we engage

To support our business operations and ambition, we require an efficient supply chain. It is critical that we

have good supplier relationships to allow us to deliver a standout customer experience. Engaging with our

suppliers by working collaboratively ensures we can bring innovative solutions to the future of hire.

Ways we engage

h Tendering process

h Visits and meetings (including via

videoconferencing)

h Supplier conferences

h Partnership Programme engages customers,

suppliers and peer groups on key

sustainability issues

h Use of electric vans reducing CO

h Industry trade shows

h Product innovation days

h The Speedy Hire Live Expo and/or series of

live events

h Responsible sourcing initiatives (modern

slavery risk assessment and questionnaire on

ESG topics)

h Creation of a risk prioritisation methodology

h Implemented a procurement platform for

onboarding processes

h Speedy Hire’s Nature Positive Roadmap webinar

h Arrangement of supplier workshops to combat

modern slavery

Areas discussed

h Quality management

h Cost efficiency

h Ethical Trading policy

h Long-term relationships

h Sustainability as part of our ESG programme

h Product development

h Human rights

h Forced labour/modern slavery

h Sustainable procurement

h Environmental sustainability

Key stakeholder

INVESTORS

Why we engage

We provide clear and transparent information to the market which allows investors and potential investors

to make informed decisions. Regular communication is important to ensure the Board is aware of investor

expectations.

Ways we engage

h Annual Report and Accounts

h Annual General Meeting

h RNS announcements

h Investor presentations and roadshows

h Capital markets days

h Corporate website

h One-on-one meetings

h Information requests

h Consultation letters

h The Speedy Hire Live Expo and/or series of

live events

Areas discussed

h Financial and operating performance

h Dividends risk information

h Access to management

h Strategy sustainability

h Remuneration policy

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

SPEEDY HIRE RISK MANAGEMENT

Speedy Hire manages risk through our Risk

Management Framework, which includes an

overview of our internal control environment

and our principal risks and uncertainties.

All principal risks are formally reviewed

biannually by the Executive Team and the

Audit & Risk Committee.

The Board has overall responsibility for the

business strategy and has delegated the

oversight of the risks associated with its delivery,

including setting the risk appetite and tolerance,

to the Audit & Risk Committee. The Audit & Risk

Committee monitors the effectiveness of risk

management and the control environment and

directs and reviews independent assurance.

Our Risk Management Framework

Speedy Hire’s Executive Team has overall

responsibility for day-to-day risk management.

On an ongoing basis, the Corporate Risk

Manager maintains Speedy Hire’s risk register.

The Executive Team, supported by the Senior

Leadership Team, identifies the nature, likelihood

and potential impact of all identified risks and

actions to provide mitigations for each risk.

Each member of the Executive Team reviews

their business unit’s risk registers on a biannual

basis to moderate scoring, ensure any mitigating

actions are being undertaken on a timely

basis, and manage actions to reduce the risk to

Speedy Hire.

We use the three lines model to manage and

provide assurance over the risks that we face:

BOARD AND BOARD COMMITTEES

Accountability to stakeholders for organisational oversight

EXTERNAL ASSURANCE PROVIDERS

Board and Board committees’ roles: Integrity, leadership and transparency

MANAGEMENT

Actions (including managing risk) to achieve

organisational objectives

ASSURANCE

FUNCTION

Independent assurance

First line roles:

Provision of products/

services to clients;

managing risk

Second line roles:

Expertise, support

monitoring and

challenge on risk

related matters

Third line roles:

Independent and

objective assurance

and advice on all

matters related to

the achievement of

objectives

Key

Accountability,

reporting

Delegation, direction,

resources, oversight

Alignment, communication,

coordination, collaboration

Our Internal Control Environment

In FY2026, Speedy Hire has continued to make

progress in the management of its internal control

environment, which aims to protect Speedy Hire’s

assets and check the reliability and integrity of

Speedy Hire’s information. The risk management

framework provides assurance that Speedy Hire

appropriately manages the risks in its business

model and the delivery of its strategy.

Internally published policies set the framework

for Speedy Hire’s internal controls. These policies

cover a range of matters intended to mitigate risk,

such as health and safety, project management,

information security, trade controls, contracting

requirements, financial transactions and financial

reporting.

The FRC published the 2024 UK Corporate

Governance Code and associated guidance

in January 2024, and Speedy Hire took the

opportunity to assess the maturity of risk and

internal control systems in response to the

guidance. This exercise highlighted elements

of Speedy Hire’s risk and control assurance

framework, which required enhancements.

During FY2026, the risk management framework

and risk appetite statements were reviewed and

updated. These will form the basis of ongoing

improvements to our processes going forward.

The most significant change in the update to

the UK Corporate Governance Code Reporting

Requirements was in respect of Provision 29,

which relates to the Board monitoring the risk

management and internal control framework. In

accordance with the revised code, the Board will

make a declaration of the effectiveness of material

controls from FY2027, which will supplement the

existing annual assessment of risk management

and internal control systems. During the year, we

have developed a material controls framework,

documented our material controls, and

established our approach to providing assurance.

AUDIT & RISK

COMMITTEE

EXECUTIVE

TEAM

DEPARTMENTS

h Review results of

internal audit and control

processes

h Review external audits

h Review Group risk

actions

h Corporate Risk register

reviewed and moderated

h Ownership of

departmental risk

registers and mitigating

controls

h Identify and control

local risks

h Delivery of risks

management processes

and procedures

h Risk mitigation

Speedy Hire Plc

Annual Report and Accounts 2026

Risk

Movement

from FY2025

Developing

Controls

Moderately

Controlled

Well

Controlled

Controllable Risks

Vehicle or Health and Safety Incident

Cyber attack

Significant IT event or Disaster Recovery event

Funding arrangements

Loss of a major Speedy Hire site

Loss of key contract

Delivery of transformation benefits

Climate change

Uncontrollable Risks

Market and economic conditions

Government decisions and policy changes

Impact

Very high

High

2 4

MediumLowVery Low

Very Low Low Medium High Very high

Likelihood

Total Risk Definition

Acceptable

Low

Moderate

High

Unacceptable

Limited: An event that will have little/

no impact on achieving the business’

objectives.

Moderate: An event with limited impact on

achieving the business’ objectives.

Severe: An event that has significant impact

on achieving the business’ objectives. The

organisation will put targeted actions in place

to reduce the risk.

Very Severe: A future event that, if it occurs will

cause significant cost increases, revenue losses

or operational/reputational damage and will lead

to redefining the strategy and objectives.

Catastrophic: A future event that has the

potential to damage the whole organisation

or threaten its existence.

This framework is closely aligned with our risk management framework, with our material controls focused on managing the principal risks, financial and non-financial reporting risks, and legal and regulatory risks.

Our control testing programme has commenced, and we remain on track to make a declaration over their effectiveness next year.

Our principal risks

Using the Risk Management Framework described above, the Audit & Risk Committee has identified, on pages 62 to 66, the principal risks that it currently believes to be of greatest significance to Speedy Hire.

As part of our risk management process, we have assessed the mitigating controls that are currently in place for each risk to provide an indication of how well the risks are controlled.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

SPEEDY HIRE RISK MANAGEMENT CONTINUED

PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION

Controllable risks

VEHICLE OR HEALTH AND SAFETY INCIDENT

Total Risk Score:

Description and potential impact

An accident relating to Speedy Hire vehicles, equipment, employees, contractors or customers that results in

serious injury and/or legal action.

Mitigation

Health and Safety is fundamental to the Company’s values. Speedy Hire continues to challenge current

ways of thinking to improve risk exposure in its operations and improve safety performance. Our safety

performance has been recognised through the achievement of the RoSPA construction commercial safety

award for safety performance in 2025. During FY2026 we have maintained our accreditations including our

FORS accreditation for fleet operations.

An open reporting culture is fostered with colleagues encouraged to report anything that they consider to

be unsafe. Monthly communications to all colleagues highlight examples of successfully addressed issues or

where there are lessons to be learned.

Speedy Hire has in place robust health and safety policies and procedures and is recognised for its industry

leading health and safety compliance. Training is provided to all colleagues with managers expected to

champion safety awareness within Speedy Hire’s culture. We maintain systems that enable us to hold

appropriate industry recognised accreditations, and this is supported by a specialist software platform for

managing data and reporting in relation to Health and Safety, Security, Environment and Quality.

Technology usage to improve safety has been at the forefront over the past year to help improve safety and

increase awareness.

Key actions undertaken in FY2026

h Halo fork truck system and forklift safety campaigns.

h Samsara driver system implementation.

h Dedicated driver training team to improve safety performance and awareness.

Controllable risks

CYBER ATTACK

Total Risk Score:

Description and potential impact

A cyberattack that results in a threat actor gaining unauthorised access to data or systems resulting in

significant downtime, loss of Company commercial information or personal data, which could result in

disruption of the business, fines, legal or regulatory action, and reputational damage and/or loss of public

confidence.

Mitigation

Stringent policies surrounding security, user access and change control are in place. Mandatory training for

employees is in place to raise awareness of cybersecurity.

An established Cybersecurity Governance Committee, incorporating Board members, meets quarterly to

monitor our control framework and reports on a routine basis to the Audit & Risk Committee.

Speedy Hire’s IT systems are protected against internal and external unauthorised access. These protections

are tested regularly by an independent provider. Speedy Hire has retained its Cyber Essentials Plus

accreditation, which also provides assurance over its processes and controls. All mobile devices have access

restrictions and, where appropriate, data encryption is applied.

Key actions undertaken in FY2026

h Cyber Essentials Plus accreditation renewal achieved.

h ISO27001 reaccreditation achieved.

h Strengthening password management process and controls via the service desk.

h Annual penetration testing and vulnerability testing has been undertaken by a third party.

h Development tools to protect against vulnerabilities at source are in place and utilised.

The table below includes the principal risks facing Speedy Hire. A description of these risks and their potential impact on Speedy Hire is

included as are examples of our key mitigating controls. The table is split into two sections: controllable and uncontrollable risks. Where it is

deemed that the risk is uncontrollable, any mitigations that have been put in place to reduce any potential impact have been reflected.

Speedy Hire Plc

Annual Report and Accounts 2026

Controllable risks

SIGNIFICANT IT OUTAGE OR DISASTER RECOVERY EVENT

Total Risk Score:

Description and potential impact

A significant IT outage or IT Disaster Recovery event that results in significant downtime of the business,

resulting in reputational damage, lost business and lost employee hours.

Mitigation

Preventative controls, including back-up and recovery procedures, are in place for key IT systems.

Changes to Speedy Hire’s systems are considered as part of wider change management programmes and

implemented in phases wherever possible. Core controls are built into new systems, and they are linked into

the recovery processes when rolled out.

Speedy Hire has critical incident plans in place for all its sites. Insurance cover is reviewed at regular

intervals to ensure appropriate coverage in the event of a business continuity issue.

Speedy Hire has a documented plan to establish a crisis management team when events occur that interrupt

business. This includes detailed plans for all critical trading sites and Head Office support. These plans are

regularly tested by management and any advisory actions raised are implemented on a timely basis.

Key actions undertaken in FY2026

h An annual IT Disaster Recovery test is undertaken to check resilience.

Controllable risks

FUNDING ARRANGEMENTS

Total Risk Score:

Description and potential impact

Funding agreement requirements are not maintained or met leading to the withdrawal of additional funding

and the potential requirement for early repayment, which could result in the Company not being able to

continue as a going concern and impact reputation and shareholder perception.

Mitigation

The Board has an established Treasury Policy regarding the nature, amount and maturity of committed

funding facilities that should be in place to support Speedy Hire’s activities.

The Group has a defined capital allocation policy. This ensures that Speedy Hire’s capital requirements,

forecast, actual financial performance, and potential sources of finance are reviewed at Board level on a

regular basis in order that its requirements can be managed within appropriate levels of spare capacity.

Forward compliance with financial covenants is reviewed and monitored by the Audit & Risk Committee and

the Board. Covenant compliance is formally reported to the lender group on a quarterly basis according to

the financing arrangements.

Key actions undertaken in FY2026

h Prior to the year end, the Group agreed a temporary amendment to the financial covenants to maintain

sufficient headroom following the strategic Pro-Service Transaction whilst the Group goes through the

process of meaningful deleveraging during FY2027.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

SPEEDY HIRE RISK MANAGEMENT CONTINUED

PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION

Controllable risks

LOSS OF A KEY CONTRACT

Total Risk Score:

Description and potential impact

Loss of a key customer or key supplier relationship due to breach of terms, breakdown of relationship or the

business leaving the market, resulting in loss of future sales, a gap in supply and/or financial losses, which

could affect our financial results and investor confidence.

Mitigation

Speedy Hire mitigates the risk of losing a key customer or supplier through the national sales and

procurement teams, monitoring of compliance with terms, and proactive management of performance and

service issues. It monitors contractual performance at various levels within the organisation, identifying high-

risk contracts for special attention and implementing remediation plans when performance falls short.

Speedy Hire maintains strong relationships with its key suppliers and continuously works with them to agree

mutually beneficial contracts, conduct due diligence in line with its commitment to responsible sourcing, and

ensures a continuous supply of quality goods and materials.

Customer and supplier concentration is monitored, with actions taken to diversify the portfolio where

feasible. Contingency plans, including the identification of alternative suppliers and commercial mitigation

actions, are maintained to reduce disruption to supply, revenue and financial performance.

Key actions undertaken in FY2026

h Contract management processes enhanced.

h Key supplier management in place.

h Identification of alternative suppliers undertaken.

Controllable risks

LOSS OF A MAJOR SPEEDY HIRE SITE

Total Risk Score:

Description and potential impact

A major site (e.g. RSC+ or NSC) is not operational for a significant period, resulting in loss of revenue,

equipment and/or reputation.

Mitigation

Speedy Hire recognises the importance of robust operational resilience capabilities and has established

Business Continuity Plans (‘BCP’) and processes, which have been tested and are reviewed on an ongoing

basis. For key operational sites, business impact assessments are undertaken and have been completed on

NSCs, our Head Offices and other significant locations.

To assess our resilience, incident scenario testing has been undertaken with third parties to ascertain

readiness and the robust nature of our plans. The findings of these reviews have been used to further

develop our response plans.

A crisis management team is in place with testing of crisis management response reviewed through real life

events usually fire, flooding or road traffic incidents.

Key actions undertaken in FY2026

h Further testing and enhancements made to business impact assessments include other localised

emergency scenarios to ensure location readiness.

h BCP processes have been externally validated and assessed as controlled.

Speedy Hire Plc Annual Report and Accounts 2026

Controllable risks

TRANSFORMATION BENEFITS DELIVERED ARE NOT SUFFICIENT

TO MEET VELOCITY’S GOALS

Total Risk Score:

Description and potential impact

Transformation projects do not deliver the level of cost saving and benefit expected by the business to

achieve the Velocity Strategy, resulting in a fall in share price and loss of expected benefit and outlay by

the business.

Mitigation

A business plan for the transformation programme has been completed and approved by the Board. Each

pillar of the transformation plan has an Executive Team sponsor and ongoing monitoring of activity and

progress. KPI tracking is in place for each initiative.

Financial business cases are done at programme level and individual project level. These are updated

monthly to track cost and benefit realisation. Progress updates and material issues are reported to the

Executive Team monthly.

Fortnightly ‘pulse’ meetings are held with the Chief Executive and Chief Financial Officer to identify areas of

concern and enable action to be taken to address those.

Key actions undertaken in FY2026

h A new corporate website has been designed and introduced.

h OpenFleet, a new logistics management system aimed at optimising transport routes using live data,

has been rolled out.

h A new CRM system has been rolled out.

h A new telephony system has been rolled out.

h Mobile tablets and an app have been rolled out across operations and engineering.

Controllable risks

CLIMATE CHANGE

Total Risk Score:

Description and potential impact

Climate-related risks may materialise and cause a wide range of adverse impacts to Speedy Hire over the

short, medium and long-term. The severity of any impact would vary depending on the climate scenario and

a range of local and macro factors.

Mitigation

Speedy Hire mitigates climate related risks through strong governance, targeted investment and transparent

reporting. Material climate responsibilities and challenges are regularly assessed, with oversight from the

Board and mitigation actions cascaded through the ESG Business Partners and ESG Committee, supported

by technical expertise from the Head of Sustainability & Governance and the Head of Net Zero.

Compliance is reinforced through ESG policies and procedures, with updates on emerging legislation shared

via the Group’s training system, People Fluent. Scope 1, 2 and 3 emissions are monitored monthly and

reported annually in line with ISO 14064 1, supported by external verification.

Investment decisions emphasise low carbon innovation, fuel efficiency and fleet decarbonisation, working

closely with suppliers to adopt emerging technologies. Looking ahead, Speedy Hire will launch its Climate

Transition Plan in FY2027, setting out a structured pathway that builds on its existing Taskforce for Climate

Related Financial Disclosures (‘TCFD’) reporting and aligns with upcoming Sustainability Reporting

Standards (‘SRS’). Speedy Hire continues to disclose material climate related risks and opportunities

annually through its TCFD statement within the Annual Report, supporting transparency and reinforcing its

commitment to long term climate resilience.

Key actions undertaken in FY2026

h Governance Arrangements for ESG have been established with regular ESG Committee meetings held

during the year.

h Additional processes and controls have been put in place to ensure our Scope 1, 2 and 3 emissions data

is accurately reported including an internal data governance framework.

h Sustainability workshops have been held to further knowledge and understating across Speedy Hire.

h A Climate Transition Plan has been drafted.

h The TCFD model has been expanded to include physical risk modelling and inclusion of tools within the

asset climate model.

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

SPEEDY HIRE RISK MANAGEMENT CONTINUED

PRINCIPAL RISKS, THEIR IMPACT AND MITIGATION

Uncontrollable risks

MARKET AND ECONOMIC CONDITIONS

Total Risk Score:

Description and potential impact

Serious downturn in economic and market conditions significantly impacts the volume of sales, ongoing

business and orders resulting in a contraction of the market and lower revenues.

Mitigation

Speedy Hire monitors changes in economic and market conditions through the ongoing analysis of private

and public sector spending, customer demand and market trends; this includes considering the wider

macroeconomic environment and geopolitical conflicts. Insight from this analysis is embedded within

the Group’s commercial and performance governance framework, and informs financial and operational

budgeting, forecasting and investment decisions.

Defined management review forums use scenario and sensitivity analysis to assess the potential impact

of adverse market conditions and to support timely decision making, including pricing discipline, margin

management, cost control and the prioritisation of capital and transformation investment.

The Group’s strategy focuses on maintaining a differentiated proposition across its chosen markets and

managing customer and sector exposure to support resilience. The Board provides oversight of strategic

alignment, resource allocation and risk response, whilst management takes decisive action, where required,

to mitigate the impact of market volatility and ensuring continued investment in strategic priorities.

Uncontrollable risks

GOVERNMENT POLICY

Total Risk Score:

Description and potential impact

Changes in government policy negatively impact Speedy Hire’s business, personnel and operations,

resulting in lost revenue, increased costs and reduced margins. This includes the future of major government

schemes, e.g. HS2, which could impact the confidence of investors and shareholders and may result in

Speedy Hire not achieving growth targets, aspects of the Velocity strategy not being fulfilled and reductions

in share price.

Mitigation

Speedy Hire monitors and assesses changes in Government policy and public sector spending as part of

its ongoing market and insight analysis. The potential impact of policy changes is evaluated through the

Group’s financial and operational budgeting and forecasting processes, including scenario analysis where

appropriate.

Relevant risks and impacts are reviewed through established commercial and insight governance forums,

with escalation to senior management where required. Mitigating actions, including pricing, cost control,

sector focus and capital allocation decisions, are implemented to manage financial exposure and protect

margins.

Speedy Hire Plc Annual Report and Accounts 2026

The Group operates an annual planning process,

which includes a multi-year strategic plan and a

one-year financial budget. These plans, and risks

to their achievement, are reviewed by the Board

as part of its strategy review and budget approval

processes. The Board has evaluated the Group’s

current position and outlook and has considered

the impact of the principal risks to the Group’s

business model, performance, solvency and

liquidity, as set out above.

The Directors have determined that three years

is an appropriate period over which to assess the

Viability Statement. Whilst the strategic plan is

based on detailed action plans developed by the

Group with specific initiatives and accountabilities,

there is inherently less certainty in the projections

beyond year three in the plan. The Group’s

financing facilities of £225m are represented by a

£150m revolving credit facility (‘RCF’) and a £75m

private placement term loan. The RCF is in place

through to April 2028, with uncommitted extension

options for a further two years, and the private

placement term loan is in place through to April

2032. The strategic plan assumes the facilities will

be extended to cover the viability period and to

meet the Group’s investment strategies, taking into

account the Group’s established and constructive

relationships with its lenders, including the

covenant amendments agreed during FY2026.

In making this statement, the Directors have

considered the resilience of the Group, its current

position, the principal risks facing the business

in distressed but reasonable scenarios, and the

effectiveness of any mitigating actions. Scenario

analysis has been performed, which considers

a manifestation of the principal risks that could

directly impact the Group’s trading performance,

including, but not limited to, market and

economic conditions and Velocity not delivering

expected benefits.

The analysis assumes reduced levels of revenue

and a broadly stable cost base, with limited

mitigating actions. Under both the base case and

the downside scenarios, the Group maintains

compliance with its financial covenants and has

sufficient liquidity throughout the assessment

period.

Notwithstanding the results of the severe but

plausible downside scenarios, the Group’s

forecasts remain sensitive to trading performance.

A more significant deterioration in market and

economic conditions than those modelled,

including sustained underperformance of the

business, or the loss or material reduction of a

key customer contract, could adversely impact

the Group’s financial performance and reduce

covenant headroom or result in a breach of

covenant limits.

The severe but plausible downside scenario

indicates more limited headroom against the

Group’s leverage covenant at the June 2026 and

September 2026 test dates. While the Directors

have identified actions available to management

which could support covenant compliance,

the headroom in these periods is sensitive to

changes in trading performance.

The downside modelling incorporates reductions

in revenue and profitability consistent with a

material under-performance of the FY2027

budget and assumes limited mitigating actions,

continuing into future years. In addition, the

Directors have considered a range of mitigating

actions that are within management’s control

and could be implemented should trading

performance deteriorate. These include the

deferral or reduction of capital expenditure,

active management of working capital, and

reductions in discretionary expenditure and

deferment of shareholder distributions.

Having considered the likelihood and potential

impact of these risks, together with the availability

of mitigating actions and funding arrangements,

the Directors note that while covenant

compliance is maintained in the base case and

severe but plausible downside scenarios, there

remains a risk that a more significant deterioration

in trading performance could result in a breach of

the Group’s financial covenants. These conditions

indicate the existence of a material uncertainty

that may cast significant doubt on the Group’s

ability to continue as a going concern, specifically

in relation to the risk of a breach of financial

covenants under the Group’s banking facilities.

Notwithstanding the material uncertainty

described above, the Directors have a reasonable

expectation that the Company will be able to

continue in operation and meet its liabilities as

they fall due over the period to March 2029.

The going concern statement and further

information can be found in note 1 of the Financial

Statements.

The Strategic Report on pages 1 to 67 were

approved by the Board of Directors on

16 June 2026 and signed on its behalf by:

DAN EVANS

Director

VIABILITY STATEMENT

Speedy Hire Plc Annual Report and Accounts 2026

STRATEGIC REVIEW

Appointment to the Board

Appointed to the Board as Chief Financial Officer

on 1 July 2023.

Experience

On 1 July 2023, Paul was appointed to the Plc

Board as Chief Financial Officer having previously

been the Interim from November 2022. Paul is a

Fellow of The Institute of Chartered Accountants

and Fellow of the Institute of Directors. He has

over 25 years’ experience in senior financial roles,

including interim and permanent roles, respectively,

on the main boards of FTSE-listed companies,

Avon Protection Plc and Chemring Group Plc.

Skills brought to the Board

Financial management; business development;

M&A; and leading high-quality finance teams.

Appointment to the Board and Committee

memberships

Appointed to the Board on 1 June 2019 as

Non-Executive Director. Rhian is Chair of the

Sustainability Committee and a member of the

Audit & Risk and Nomination Committees, and has

previously been a member of the Remuneration

Committee.

Rhian is currently Chief Commercial and

Sustainability Officer at J Sainsbury Plc, having

previously held the position of Director of Fresh

Food. Prior to joining Sainsbury’s, she worked at

Screwfix Direct, a Kingfisher Plc Group company,

as Customer and Digital Director having previously

held the position of Commercial Director.

Skills brought to the Board

Commercial knowledge; digital trading; and

sustainability.

Appointment to the Board and Committee

memberships

Appointed to the Board as Chief Executive on

1 October 2022. Dan is also a member of the

Sustainability Committee.

Experience

Dan joined Speedy Hire in December 2008 and

has developed through the business undertaking

a variety of roles, including Regional Director,

Contracts Director and Managing Director UK and

Ireland, before his appointment as Chief Operating

Officer in November 2019. Dan is also a Board

member of the Supply Chain Sustainability School.

Skills brought to the Board

Operational performance; strategy; leadership

and management; business development; and

sustainability.

Appointment to the Board and Committee

memberships

Appointed to the Board as Non-Executive

Chairman on 1 October 2018. Prior to this

appointment, David was a Non-Executive Director

from 9 September 2016. He is also Chairman of the

Nomination Committee and has previously been a

member of each of the Audit & Risk, Nomination

and Remuneration Committees.

Experience

David is a commercially focused and experienced

Chairman, corporate financier and turnaround

specialist with experience in public and private

companies both in the UK and internationally.

His portfolio career over the last 20 years has

covered a broad range of industries and has

included acting in Executive Chair roles. David was

most recently the Executive Chairman of Esken

Limited until it was placed in administration as

part of the restructuring of that business, and the

founder Chairman of Amber River Group, stepping

down in 2024. He has led a number of successful

turnaround and restructuring projects in both the

public and private arenas in addition to holding

pro bono roles. In his previous career, David was

a senior corporate finance partner and a UK

Executive Board member of Deloitte LLP.

Skills brought to the Board

Experienced Chairman; strategic advisor;

operational management; governance; private

equity; and M&A.

PAUL RAYNER

Chief Financial Officer

RHIAN BARTLETT

Senior Independent

Director

DAN EVANS

Chief Executive

DAVID SHEARER

Non-Executive

Chairman

BOARD OF DIRECTORS

Speedy Hire Plc Annual Report and Accounts 2026

Appointment to the Board and Committee

memberships

Appointed to the Board in June 2017 as Non-

Executive Director. David is a member of the

Nomination, Remuneration and Audit & Risk

Committees.

Experience

David is a Director of several private companies.

David has a broad range of industrial experience

and was previously Chief Executive of TDG Plc

(now TDG Limited), a European contract logistics

and supply chain management business, an

Executive Director of Associated British Foods

Plc and has held a variety of management roles at

United Biscuits.

He was also the Senior Independent Director at

John Menzies Plc, St Modwen Properties Plc and

Phoenix IT Plc, and a Non-Executive Director at

Kewill Plc, Victoria Plc and Troy Income & Growth

Trust Plc.

Skills brought to the Board

Business advisor; leadership and coaching;

growth strategy development and execution; and

performance improvement.

Appointment to the Board and Committee

memberships

Appointed to the Board on 1 February 2021 as

Non-Executive Director. Shatish is Chairman of

the Audit & Risk Committee and a member of the

Nomination and Remuneration Committees.

Experience

Shatish is currently Senior Independent Director

and Audit Committee Chairman of Renew

Holdings Plc and a Non-Executive Director and

Audit Committee Chairman of SIG plc and Genuit

Group Plc. He is also a Trustee and Chairman of

UNICEF UK, the children’s charity. Shatish has

over 25 years’ experience in senior public company

finance roles across various sectors, including

building materials, general industrial and business

services. He was Chief Financial Officer of Forterra

Plc from 2015 to 2019, during which the company

successfully listed on the Main Market in London.

Prior to this, he was CFO at TT Electronics Plc and

has also been alternate Non-Executive Director of

Camelot Group Plc and Public Member at Network

Rail Plc. Shatish is a Fellow of the Institute of

Chartered Accountants in England and Wales, and

has extensive international experience, including as

regional CFO based in South America.

Skills brought to the Board

Financial management; corporate finance; M&A;

performance improvement; strategy development;

international; and construction sector knowledge.

Appointment to the Board and Committee

memberships

Appointed to the Board on 1 June 2021 as

Non-Executive Director. Carol is Chair of the

Remuneration Committee and a member of

the Sustainability Committee. Carol is also the

designated Non-Executive Director for employee

engagement.

Experience

Carol has over 20 years’ experience working in

senior public company human resource roles

across the construction and retail sectors,

including as Group HR Director for Travis Perkins

Plc from 2007 to 2020. At Travis Perkins, Carol’s

responsibilities extended across all the Group’s ten

businesses at that time, including Travis Perkins

and Toolhire, and the Wickes and Toolstation

brands. She was Executive Chair for the Tile

Giant business unit from 2018. Her Non-Executive

Director experience began in the Financial Services

sector with Leeds Building Society, where she

was a member of the Remuneration Committee.

Other previous Non-Executive Director experience

includes Verona Stone, a tile procurement and

supply business and ScS Group Plc, where Carol

was also Chair of the Remuneration Committee.

She recently joined Stark Group in an organisation

change and transformation role to support the

turnaround of their UK merchant businesses

acquired by CVC from St Gobain in 2023.

Skills brought to the Board

Human resources; remuneration and reward

expertise; talent and succession planning;

organisation change and transformation; and

construction sector knowledge and experience.

DAVID GARMAN

Independent Non-

Executive Director

SHATISH DASANI

Independent Non-

Executive Director

CAROL KAVANAGH

Independent Non-

Executive Director

Audit & Risk Committee

Nomination Committee

Remuneration Committee

Sustainability Committee

Chair

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

CHAIRMAN’S LETTER

TO SHAREHOLDERS

The Board continues to uphold a high standard

of corporate governance and, in the following

pages of the Governance Report, we detail

and I am pleased to confirm the Company’s full

compliance with, the provisions set out in the UK

Corporate Governance Code 2024 (‘Code’) which

the Company is now reporting against. The Audit

& Risk Committee has overseen the Company

making the changes necessary to comply with

Provision 29 of the Code and report against that

next year, further details are on page 79.

Board succession has remained a focus area

during the year amongst both Executive and

Non-Executive Director positions. Paul Rayner

indicated he was considering retiring as Chief

Financial Officer by the end of 2026. The

recruitment process for a successor, led by

the Nomination Committee, concluded more

quickly than anticipated, and I was pleased to

announce Judith Cottrell’s appointment as Chief

Financial Officer and to the Board with effect from

1 July 2026. Paul will step down from the Board

on that date and I would like to thank him for his

significant contribution to the business.

I reported last year, that as Rob Barclay had

come to the end of the usual term of office for

Non-Executive Director he would step down from

the Board at the 2025 Annual General Meeting

(‘AGM’). It had been decided to maintain a smaller

Board, and a replacement was not recruited

for Rob. With David Garman similarly stepping

down from the Board at the 2026 AGM, a

recruitment process to appoint his successor has

commenced and is at an advanced stage. These

changes necessitated a review of staffing of

Board Committees and Non-Executive Directors’

responsibilities during the year, and details of the

changes made are on pages 82 to 83. I would

also like to thank David for his commitment

and contribution across the various Board and

Committee positions he has held over the years.

In view of the above, I am pleased to report

that, with effect from 1 July 2026, the Company

will have met its objective to fully comply with

the Listing Rules in the area of gender diversity,

and maintaining diversity on the Board will

continue to be a consideration of the Nomination

Committee in all recruitment processes.

The Board and Board Committee evaluations

were again undertaken internally and led by

David Garman. I was pleased the overall findings

continue to indicate that the Board and its

Committees remain effective and work well

together. The process followed and outcomes are

reported on pages 74 to 75.

In accordance with the Corporate Governance

Code and the Company’s Articles of Association,

all Directors serving at the time of the Annual

General Meeting will submit themselves for

election or re-election, with the exception of

David Garman as noted above.

The Annual General Meeting will be held at the

offices of Addleshaw Goddard LLP, 41 Lothbury,

London EC2R 7HG on 10 September 2026 at

2:00pm and I would like to invite our shareholders

to attend.

DAVID SHEARER

Chairman

DEAR SHAREHOLDER,

On behalf of the Board, I am pleased to present the

Governance Report for FY2026. This section of the Annual

Report highlights the Company’s corporate governance

processes (alongside the work of the Board and

Board Committees).

Speedy Hire Plc Annual Report and Accounts 2026

CORPORATE GOVERNANCE

Governance progress

During the year, the Company continued to

build upon its governance practices, in light of

the UK Corporate Governance Code 2024, and

taking into account relevant actions from the

internal Board evaluation in FY2026, to ensure

they remain in line with developing best practice

and are suitable for a company of its size. Board

succession remained a focus area and with the

changes announced in Board membership and

Director responsibilities in FY2026 the Board

is pleased that with effect from 1 July 2026

its objective to fully comply with the Listing

Rules in respect of gender diversity will be fully

met. Preparations have continued to meet the

enhanced reporting requirements under Provision

29 of the Code, which the Company will report

against for FY2027. The Audit & Risk Committee is

overseeing the development and enhancement of

the Group’s internal control framework to ensure

that the necessary assurance can be reported.

UK Corporate Governance Code

compliance

The Board is committed to maintaining high

standards of corporate governance. The Board

first reported its compliance with the Combined

Code in 2004. Since then, other than as explained

in previous Annual Reports and Accounts, it

has complied in full with the Combined Code

Board and Committee attendance at scheduled meetings

Board (8)

Audit & Risk

Committee (4)

Nomination

Committee (2)

Remuneration

Committee (4)

Sustainability

Committee (3)

Executive Directors

Dan Evans 8/8 0/0 0/0 0/0 3/3

Paul Rayner 8/8 0/0 0/0 0/0 0/0

Non-Executive Directors

David Shearer 8/8 0/0 2/2 0/0 0/0

David Garman 8/8 2/2

2/2 4/4 0/0

Rhian Bartlett 8/8 4/4 2/2 0/0 3/3

Shatish Dasani 8/8 4/4 2/2 2/2

0/0

Carol Kavanagh 8/8 0/0 0/0 4/4 1/1

Former Non-

Executive Director

Rob Barclay

4/4 2/2 0/0 2/2 2/2

David Garman joined the Audit & Risk Committee on 4 September 2025

Shatish Dasani joined the Remuneration Committee on 4 September 2025

Carol Kavanagh joined the Sustainability Committee on 4 September 2025

Rob Barclay stepped down from the Board on 4 September 2025.

The Board has approved a schedule of matters reserved for decision by it. That schedule is available for

inspection at the Company’s registered office and on the Company’s website. The matters reserved for

decision by the Board can be subdivided into a number of key areas, including, but not limited to:

h financial reporting (including the approval of interim and final Financial Statements, financial

updates and dividends);

h approving the form and content of the Group’s Annual Report and Financial Statements (following

appropriate recommendations from the Audit & Risk Committee) to ensure that it is fair, balanced

and understandable overall and provides the information necessary for shareholders to assess the

Company’s position and performance, business model and strategy;

h the Group’s finance, banking and capital structure arrangements;

h the Group’s strategy and key transactions (including major acquisitions and disposals);

h Stock Exchange/Listing Authority matters (including the issue of shares, the approval of circulars

and communications to the market);

h approval of the policies and framework in relation to remuneration across the Group (following

appropriate recommendations from the Remuneration Committee);

h oversight of the Group’s risk appetite, risk acceptance and programmes for risk mitigation;

h approval of the Group’s risk management and internal control processes (following appropriate

recommendations from the Audit & Risk Committee);

(now the UK Corporate Governance Code 2024

(‘the Code’)) and has continued to develop its

approach to corporate governance and the

effective management of risk in the context of

an evolving business. This year, the Company is

reporting against the Code. A copy of the Code is

available to view on the website of the Financial

Reporting Council at www.frc.org.uk. Throughout

the year ended 31 March 2026, the Company has

been in full compliance with the provisions set out

in the Code.

Directors

The Board

The Board comprises a Non-Executive Chairman,

two Executive Directors and four independent

Non-Executive Directors. In the year ended

31 March 2026, the Board met eight times across

the annual scheduled programme. The Board

also meets as required on an ad hoc basis to deal

with urgent business, including the consideration

and approval of matters that are reserved to

the Board. The table below lists the current and

former Directors’ attendance at the scheduled

Board meetings and Committee meetings during

the year ended 31 March 2026.

Directors who are not a member of a Board

Committee may attend meetings at the invitation

of the relevant Committee Chair.

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

CORPORATE GOVERNANCE CONTINUED

h approving the Company’s annual Viability

Statement;

h the constitution of the Board itself,

including its various Committees, and

succession planning (following appropriate

recommendations from the Nomination

Committee); and

h approving the Group’s policies in relation

to, inter alia, the Group’s Code of Conduct

and whistleblowing procedure, the Bribery

Act, the environment, health and safety and

corporate responsibility.

Matters requiring Board or Committee approval

are generally the subject of a proposal by

the Executive Directors, which is formally

submitted to the Board, together with supporting

information, as part of the Board or Committee

papers made available prior to the relevant

meeting. Where practicable, papers are generally

made available via an electronic platform at least

five days in advance of such meetings, to allow

proper time for review and ensure the best use of

the Directors’ time. The implementation of matters

approved by the Board, particularly in relation

to matters such as significant acquisitions or

other material projects, sometimes includes the

establishment of a sub-committee, including at

least one Non-Executive Director, where relevant.

Chairman and Chief Executive

The posts of Chairman and Chief Executive are

held by David Shearer and Dan Evans, respectively.

A statement as to the division of the

responsibilities between the Chairman and Chief

Executive is available on the Company’s website.

The Board considered that the Chairman, on his

appointment, met the independence criteria set

out in Provision 10 of the Code. The Board has an

established policy that the Chief Executive should

not go on to become Chairman.

Board balance and independence

The Board currently comprises the Chairman,

two Executive Directors and four independent

Non-Executive Directors: Rhian Bartlett, Shatish

Dasani, David Garman and Carol Kavanagh. The

four Non-Executive Directors bring a strong and

independent non-executive element to the Board.

The Senior Independent Director is Rhian Bartlett.

The number and respective experience of the

independent Non-Executive Directors, details

of which are set out on pages 68 to 69, clearly

indicates that their views carry appropriate weight

in the Board’s decisions. The Board considers

that each of Rhian Bartlett, Shatish Dasani, David

Garman and Carol Kavanagh are independent on

the basis of the criteria specified in Provision 10 of

the Code and are free from any business, or other,

relationship which could materially interfere with

the exercise of their independent judgement.

Board Committees

The Audit & Risk Committee is chaired by Shatish

Dasani. Its other members are Rhian Bartlett and

David Garman. Details of its activities during the

year are detailed in the Audit & Risk Committee

Report on pages 77 to 81.

The Remuneration Committee is chaired by Carol

Kavanagh. The other members are David Garman

and Shatish Dasani. The Committee Chair’s

Statement, Directors’ Remuneration Policy and

Directors’ Remuneration Report are on pages 84

to 104.

The Nomination Committee is chaired by

David Shearer. The other members are Rhian

Bartlett, Shatish Dasani and David Garman. The

Committee, therefore, satisfies the requirement

of Provision 17 of the Code that a majority of its

members are to be independent Non-Executive

Directors. The report on the activities of the

Committee is contained on pages 82 to 83.

The Sustainability Committee is chaired by Rhian

Bartlett. The other members are Carol Kavanagh

and Dan Evans. A report of the Committee’s

activities is contained on page 105.

The Chairman and other Non-Executive Directors

meet at least twice a year without the Executive

Directors present. In addition, the Chairman

regularly briefs the other Non-Executive Directors

on relevant developments regarding the

Company as necessary. The Senior Independent

Director and the other Non-Executive Directors

meet at least twice a year without the Chairman

present and undertake an annual appraisal of

the Chairman’s performance as part of the Board

annual appraisal process.

The minutes of all meetings of the Board and

each Committee are taken by the Company

Secretary or Assistant Company Secretary. In

addition to constituting a record of decisions

taken, the minutes reflect questions raised by the

Directors relating to the Company’s businesses

and, in particular, issues raised from the reports

included in the Board or Committee papers

circulated prior to the relevant meeting. Any

unresolved concerns are recorded in the minutes.

On resignation, written concerns (if any) provided

by an outgoing Non-Executive Director are

circulated by the Chairman to the remaining

members of the Board.

Appropriate Directors’ and Officers’ insurance

cover is arranged and maintained via the

Company’s insurance brokers, Marsh Ltd, and is

reviewed annually.

The Companies Act 2006 allows non-conflicted

directors of public companies to authorise a

situation in which a director has, or could have,

a direct or indirect interest that conflicts, or

possibly may conflict, with the interests of the

company, where the Articles of Association

contain a provision to that effect. The Company’s

Articles of Association give the Board authority

to authorise matters which may otherwise result

in the Directors breaching their duty to avoid a

conflict of interest. Directors who have an interest

in matters under discussion at a Board meeting

must declare that interest and abstain from voting.

Only Directors who have no interest in the matter

being considered are able to approve a conflict of

interest and, in taking that decision, the Directors

must act in a way they consider, in good faith,

would be most likely to promote the success of the

Company. The Directors are able to impose limits

or conditions when giving authorisation if they

feel this is appropriate. Any conflicts considered

by the Board and any authorisations given are

recorded in the Board minutes and in the register

of conflicts, which is reviewed annually by the

Board. The Board considers that its procedures to

approve conflicts of interest and potential conflicts

of interest are operating effectively.

The Board is both balanced and diverse in

respect of its experience and skills. The Board

remains committed to maintaining and building

on matters relating to diversity, equity and

inclusion, and encouraging that within senior

management levels as recruitment opportunities

arise. Any succession planning for the Board

recognises this and matters relating to diversity,

equity and inclusion, in all its aspects, is

considered in the shortlisting of candidates.

Appointments to the Board

The Board has established a Nomination

Committee. The terms of reference of the

Nomination Committee are published on the

Company’s website. The Committee meets

formally as necessary, but at least twice a year.

Its activities are set out in more detail in the

Nomination Committee Report on pages 82 to

83. The principal functions of the Nomination

Speedy Hire Plc

Annual Report and Accounts 2026

Committee are to consider and review the

structure and composition of the Board and

membership of Board Committees. It also

considers candidates for Board nomination,

including job description, election and re-election

to the Board for those candidates standing for

election or annual re-election at the Annual

General Meeting and succession planning

generally.

A specification for the role of Chairman, including

anticipated time commitment, is included as

part of the written statement of division of

responsibilities between the Chairman and Chief

Executive. Details of the Chairman’s other material

commitments are set out on page 68 having been

disclosed to the Board in advance and included

in a register of the same maintained by the

Company Secretary.

The terms and conditions of appointment of

all the Non-Executive Directors, and those of

the Chairman, are available for inspection at

the Company’s registered office during normal

business hours. Each letter of appointment

specifies the anticipated level of time commitment

including, where relevant, additional responsibilities

derived from involvement with the Audit & Risk,

Remuneration, Nomination or Sustainability

Committees. Details of other material commitments

are disclosed to the Board and a register of the

same is maintained by the Company Secretary.

No Director is a Non-Executive Director or Chair

of a FTSE 100 company.

Diversity, equity, and inclusion

The value of diversity, equity and inclusion (‘DEI’)

in the way we operate is strongly recognised and

encouraged in the composition and culture of the

Board, Board Committees, senior management

and the wider workforce.

Underpinning the importance of DEI, we are

pleased to report that, as at 31 March 2026, our

seven-member Board includes two women

and a Board member from a minority ethnic

background, the latter complying with the Listing

Rules and Parker Review recommendation.

As reported earlier, Judith Cottrell will replace

Paul Rayner as Chief Financial Officer on

1 July 2026 and David Garman is stepping down

from the Board after the 2026 AGM. These

events will improve the gender diversity of the

Board generally and amongst the senior Board

positions

, enabling the Company to fully meet

the Listing Rule requirements in respect of

gender diversity. For further information regarding

Board succession, please see the Nomination

Committee Report on pages 82 to 83.

The challenges to increasing diversity from the

under-representation of women, as well as those

from a minority ethnic background, within the

construction industry, are acknowledged and the

Company will continue to work hard to overcome

these and seek to increase diversity across all

areas of our business, from future recruitment

opportunities when they arise as detailed below.

When recruitment opportunities arise on the

Board and its Committees, the recruitment

process and Recruitment, Selection and Equal

Opportunities Policy will be followed. The

Board will always prioritise appointing the best

candidate, ensuring that the Board and its

Committees have a sufficient range of experience

and expertise, to maximise Board effectiveness,

whilst, at all times, considering the maintenance

of the targets detailed within the Listing Rules

and Disclosure Guidance and Transparency Rules

regarding gender, gender identity and minority

ethnic background representation. The Board

also recognises that diversity can take many

forms, including gender, ethnic and social background, as well as personal, behavioural and cognitive

strengths; accordingly, the Board understands and appreciates that diversity at Board and Committee

level and throughout the Company is a valuable strength.

Chair, CEO, Senior Independent Director (‘SID’) or CFO.

Numerical data disclosure obligations as at 31 March 2026:

Gender identity/sex

Number of Board

members

Percentage of the

Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

Executive

management

Percentage

of Executive

management

Men 5 71.4% 3 6 85.7%

Women 2 28.6% 1 1 14.3%

Not specified – – – – –

Reference to ‘Executive management’ is to the Company’s Executive Team.

Ethnic background

Number of Board

members

Percentage of the

Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Number in

Executive

management

Percentage

of Executive

management

White British or other

White (including

minority white groups) 6 85.7% 4 7 100.0%

Mixed/Multiple

Ethnic Groups – – – – –

Asian/Asian British 1 14.3% – - -

Black/African/

Caribbean/ Black

British – – – – –

Other ethnic group,

including Arab – – – – –

Not specified/prefer

not to say – – – – –

Reference to ‘Executive management’ is to the Company’s Executive Team.

The approach to collecting the data used for the purposes of making the disclosures detailed above

consisted of each Board and Executive Team member anonymously self-reporting their gender/gender

identity and their ethnic diversity as at 31 March 2026. The results are based on a 100% return rate.

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

CORPORATE GOVERNANCE CONTINUED

As reported above, with effect from the 1 July 2026, gender diversity at Board level will increase as follows:

Gender identity/sex

Number of Board

members

Percentage of the

Board

Number of senior

positions on the

Board (CEO, CFO,

SID and Chair)

Men 4 57.1% 2

Women 3 42.9% 2

Not specified – – –

Speedy Hire’s DEI position

A benchmark review of Speedy Hire’s DEI position was undertaken against a recent diversity survey

completed by the Supply Chain Sustainability School (the Diversity Survey)

which included input from

over 275 companies and 466,910 employees within the construction sector.

Female

gender

Diverse

ethnicity Disability LGBTQIA+ Age 16–25 Age 50–65

Speedy Hire

21.02% 7.02% 3.27% 6.39% 10.65% 35.63%

Diversity Survey

23.4% 13.9% 3.0% 2.0% 7.3% 28.7%

Figures taken from Speedy Hire’s internal DEI report as at 31 March 2026. A reduction in the female gender

% compared to FY2025 is attributed to the transfer of the Customer Solutions team to ProService under the

Commercial Agreement in November 2025, where the majority of employees were female.

Supply Chain Sustainability School’s survey relating to Equality, Diversity & Inclusion, collected data as of

1 January 2025.

Speedy Hire’s DEI strategy

The overriding objective of Speedy Hire’s DEI Policy is to ensure that the Board, its Committees and

Executive Team comprise outstanding individuals who can lead the business effectively in a manner

aligned to Speedy Hire’s vision, mission and values. Candidates are recruited regardless of age, gender,

ethnicity, sexual orientation, disability or educational, professional and socioeconomic backgrounds;

however, the Board will, at all times, consider, on such appointments, maintaining the targets detailed

within the Listing Rules and Disclosure Guidance and Transparency Rules regarding gender/gender

identity and minority ethnic background representation.

The Board appreciates and is committed to ensuring that it delivers on Speedy Hire’s DEI strategy,

including increasing female and ethnic representation where appropriate. The Board regularly reviews

progress under Speedy Hire’s DEI strategy and the underlying work and achievement to improve its DEI

position and provide the basis for further progress.

Information and professional

development

Before each scheduled Board meeting, all

Directors receive reports from the Chief

Executive and Chief Financial Officer on results,

key issues and strategy. Additionally, these

reports (and, where relevant, additional reports

from Senior Executives) address key matters

concerning the Company’s strategy, customers,

suppliers, investors, employees, regulators and

the environment. During Board meetings, the

Non-Executive Directors regularly make further

enquiries of the Executive Directors and seek

further information, which is provided either

at the relevant meeting or subsequently. This

information and any related reports (provided

either before or after meetings) are considered

in the Board’s discussions and in its decision-

making process when having regard to Section

172 of the Companies Act 2006.

The Board recognises the importance of tailored

induction training on joining the Board and

ongoing training and education, particularly

regarding new laws and regulations that relate to,

or affect, the Group. Such training and education

are obtained by the Directors individually through

the Company, including briefings from external

advisors, through other companies of which they

are Directors, or through associated professional

firms or as members of their professional bodies.

Procedures are in place to enable Directors

to take independent professional advice, if

necessary, at the Company’s expense, in the

furtherance of their duties. The procedure to

enable such advice to be obtained is available for

inspection on the Company’s website.

All Directors have access to the advice and

services of the Company Secretary, whose role

is to ensure that information is received by the

Board in a timely manner, all procedures are

followed and applicable rules and regulations are

complied with. The appointment or removal of

the Company Secretary is a matter specifically

reserved for decision by the Board.

Performance evaluation

Board evaluations are performed annually,

conducted internally and were led by David

Garman, as in previous years when he was the

Senior Independent Director and continued

for consistency ahead of his stepping down

from the Board at the 2026 AGM. Each of the

Directors completed a confidential evaluation

questionnaire and the results were reviewed by

him in a one-to-one meeting with each Director

individually. David presented his findings to the

Board for discussion led by the Chairman. The

one-to-one sessions between David and Directors

were open and constructive with good alignment,

generally, amongst the Directors on views and

matters raised for consideration on the evaluation

questionnaire and during discussion. The findings

overall were that the Board and its Committees

continued to perform effectively, with meetings

continuing to be well managed and providing

good opportunity for discussion and challenge.

Progress had been made in completing the actions

from the last evaluation and where ongoing these

will continue alongside new key actions from

this year’s evaluation, which included regular

Board reviews of: the benefits secured from the

Velocity transformation programme, following

the completion of the enable phase; ‘Big Picture’

business impacts of significant events (e.g. market,

strategy, contracts); formalising the regular review

of strategic risk and capital allocation; reviewing

the retention of the Sustainability Committee, as

that business discipline becomes more embedded;

and reviewing the performance metrics used for

external reporting.

Speedy Hire Plc

Annual Report and Accounts 2026

The Chairman had reviewed the performance and

development needs of each of the Executive and

Non-Executive Directors in one-to-one meetings.

The Non-Executive Directors, led by the Senior

Independent Director conducted an evaluation

of the Chairman, and the Senior Independent

Director discussed the results of the evaluation

with the Chairman. No actions were considered

necessary as a result of these evaluations,

and the Board is satisfied with the Chairman’s

commitment and performance.

Re‑election

Pursuant to the Code and under the Company’s

Articles of Association, all Directors must submit

to annual re-election (or, where they are a new

Director, appointed to the Board since the last

Annual General Meeting, they will retire and

seek election) at each Annual General Meeting.

Biographical details of all the Directors, including

respective experience, are included on pages 68

to 69 to enable shareholders to take an informed

decision on any election/re-election resolution.

The letters of appointment of each of the Non-

Executive Directors and the Chairman confirm

that appointments are for specified terms and that

reappointment is not automatic.

Directors’ remuneration

The performance-related elements of the

remuneration of the Executive Directors form

a significant proportion of their potential total

remuneration packages. The performance-related

schemes in which the Executive Directors are

entitled to participate are set out in more detail in

the Remuneration Report on pages 84 to 104. The

Remuneration Committee, with the advice of FIT

Remuneration Consultants LLP (‘FIT’), reviews

the Company’s Remuneration Policy on a regular

basis, including the design of performance-related

remuneration schemes. Such performance-

related elements have been designed with a view

to aligning the interests of the Executive Directors

with those of shareholders and to incentivise

performance at the highest level.

The service contracts for Dan Evans and Paul

Rayner provide for termination by the Company

on 12 months’ and 9 months’ notice, respectively.

It is the Company’s current policy that notice

periods on termination of Directors’ contracts

should not exceed 12 months.

The policy of the Board is that the remuneration

of the Non-Executive Directors should be

consistent with the levels of remuneration paid

by companies of a similar size. The levels of

remuneration also reflect the time commitment

and responsibilities of each role, including the

office of Chair of Board Committees. It is the

policy of the Board that remuneration for Non-

Executive Directors should not include share

options or any other share-based incentives.

The remuneration of the Non-Executive Chairman

is dealt with by the Remuneration Committee

and details are reported in the Directors’

Remuneration Report. The remuneration of

other Non-Executive Directors is dealt with by a

Committee of the Board specifically established

for this purpose, normally comprising the Chief

Executive and the Chief Financial Officer, without

the presence of the Non-Executive Directors.

The remuneration of all Non-Executive Directors

is ordinarily reviewed annually with changes

effective 1 April. The review of the remuneration of

the Non-Executive Directors at the end of FY2026

was deferred to September 2026 in line with the

deferral of the annual review of all salaries within

the business. Further details of the remuneration

of the Non-Executive Directors, including the

outcome of the annual review, are set out on page

97 to 98.

Procedure

The Remuneration Committee met on four

scheduled occasions during the year, although

additional ad hoc meetings took place

during the year. The terms of reference of the

Remuneration Committee are published on the

Company’s website and are fully compatible

with Provision 33 of the Code. The Remuneration

Committee members are Carol Kavanagh

(Chair), David Garman and Shatish Dasani, who

are independent of management and free from

any business or other relationship that could

materially interfere with the exercise of their

independent judgement. The Company Chairman,

Chief Executive, Chief Financial Officer and

Chief People Officer attend by invitation but are

not present for discussions relating to their own

remuneration.

The Remuneration Committee has appointed FIT

to advise it in relation to the design of appropriate

executive remuneration structures. FIT has no

other connection with the Company or any of its

Directors.

The responsibilities of the Remuneration

Committee include setting the Remuneration

Policy, ensuring that remuneration (including

pension rights and compensation payments) and

the terms of service of the Executive Directors are

appropriate and that Executive Directors are fairly

rewarded for the contribution they make to the

Group’s overall performance. The Committee is

also responsible for the allocation of shares under

long-term incentive arrangements approved by

shareholders and in accordance with agreed

criteria. In addition, it monitors current best

practice in remuneration and related issues. The

Board’s policy is that all new long-term incentive

schemes (as defined in the Listing Rules) and

significant changes to existing schemes should

be specifically approved by shareholders, whilst

recognising that the Remuneration Committee

must have appropriate flexibility to alter the

operation of these arrangements to reflect

changing circumstances.

A more detailed summary of the work of the

Remuneration Committee during the year and the

Group’s Remuneration Policy are contained on

pages 84 to 104.

Accountability and audit

Financial reporting

The Directors’ Report and independent auditor’s

report appear on pages 106 to 108 and pages 110

to 117, respectively, and comply with Provisions 27

and 30 of the Code.

Audit & Risk Committee and auditors

The Audit & Risk Committee met on four

scheduled occasions during the year. The terms

of reference of the Audit & Risk Committee are

published on the Company’s website. Such

terms of reference comply with Provision 25 of

the Code. The Committee members are Shatish

Dasani, Rhian Bartlett and David Garman, who

are independent of management and free from

any business or other relationship that could

materially interfere with the exercise of their

independent judgement. The Chief Executive,

Chief Financial Officer, Group Financial Controller,

Head of Risk & Assurance and the external

auditors attend by invitation. The Board is

satisfied that the Chairman of the Audit & Risk

Committee, Shatish Dasani, has appropriate

recent and relevant financial experience and that

the Committee, as a whole, has competence

relevant to the sector in which the Company

operates.

In addition to responsibility for the Group’s

systems of internal control, the Committee is

responsible for reviewing the integrity of the

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

CORPORATE GOVERNANCE CONTINUED

Company’s accounts, including the half- and full-

year results, and recommending their approval to

the Board.

The Committee meets on a regular basis with

the external auditors and internal audit function

to review and discuss issues arising from internal

and external audits, and to agree the scope and

planning of future work.

The Audit & Risk Committee has primary

responsibility for making a recommendation on

the appointment, reappointment and removal

of the external auditors. The policy of the Audit

& Risk Committee is to ensure that auditor

objectivity and independence is safeguarded at

all times. As further detailed on pages 79 to 80,

the Audit & Risk Committee considers that the

Company’s auditors are independent.

A more detailed description of the work of the

Audit & Risk Committee during the year is

contained in the separate report of the Committee

on pages 77 to 81.

Internal control

The Board is responsible for the Company’s

internal control procedures and processes and for

reviewing the effectiveness of such systems.

The Board, via the Audit & Risk Committee,

conducts a review, at least annually, of the

Group’s systems of internal control. Such a

review considers all material controls, including

financial, operational and compliance controls,

and risk management systems, and accords with

the recommendations contained in the FRC’s

guidance on Risk Management, Internal Control

and Related Financial and Business Reporting

(formerly the Turnbull Guidance). A formal report

is prepared by the Company’s external auditor,

highlighting matters identified in the course of its

statutory audit work, and is reviewed by the Audit

& Risk Committee in the presence of the external

auditor and, by invitation, the Chief Executive,

the Chief Financial Officer, Group Financial

Controller and the Head of Risk and Assurance.

The Committee also considers formal reports

prepared and presented by the internal audit

function. The findings and recommendations of

the Committee are then formally reported to the

Board for detailed consideration.

Relations with shareholders

Dialogue with institutional shareholders

The Chairman, Chief Executive and Chief

Financial Officer give presentations regularly

to analysts and investors, which include the

Company’s half-year and full-year results. The

Chairman, Chief Executive and Chief Financial

Officer, with assistance from the Company’s

brokers, collate feedback from such presentations

and report the findings to the next meeting of the

Board. The Chairman is also available to discuss

matters with major shareholders in relation

to, inter alia, results, strategy and corporate

governance issues. The Senior Independent

Director, Rhian Bartlett, is available to attend

meetings with major shareholders to understand

their issues and concerns should the normal

communication channels with the Chairman,

Chief Executive or Chief Financial Officer be

considered ineffective or inappropriate.

Constructive use of the Annual General

Meeting

The Company’s Annual General Meeting

procedures include, as a matter of course,

specifying the level of proxies lodged on each

resolution and the balance for and against each

resolution and votes withheld. All voting is dealt

with by way of poll. It is also the Company’s policy

to propose a separate resolution at the Annual

General Meeting on each substantive separate

issue, including in relation to the Annual Report

and Accounts and the Directors’ Remuneration

Report.

All Committee Chairs will be available for

shareholders’ questions at the Annual General

Meeting.

The Company’s standard procedure is to ensure

that the Notice of Annual General Meeting and

related papers are sent to shareholders at least 20

working days before the meeting.

Speedy Hire Plc Annual Report and Accounts 2026

AUDIT & RISK COMMITTEE REPORT

THE AUDIT & RISK COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026

SHATISH DASANI

Chairman of the Audit & Risk Committee

that the Board has completed a robust assessment

of the Company’s emerging and principal risks,

including those that would threaten its business

model, future performance, solvency or liquidity.

The terms of reference of the Audit & Risk

Committee, which include all matters referred

to in the UK Corporate Governance Code,

are reviewed annually by the Committee and

changes proposed to the Board. The current

terms of reference can be found at speedyhire.

com/investors and are also available in hard copy

from the Company Secretary.

Composition of the Audit & Risk

Committee

The Committee comprises three Non-Executive

Directors: Shatish Dasani (Chairman), David

Garman and Rhian Bartlett. All members are

considered by the Board to be independent.

Biographies of each of the members of the

Committee are set out on pages 68 and 69.

Membership of the Committee changed during

the year with Rob Barclay stepping down from the

Committee after the September 2025 meeting.

David Garman was appointed to the Committee

and has attended Committee meetings since his

appointment.

The Audit & Risk Committee is chaired by Shatish

Dasani, a chartered accountant with over 25

years’ experience in senior public company

finance roles across various sectors, including

building materials, general industrial and business

services. His biography is set out on page ••.

The Board is satisfied that Shatish Dasani has

recent and relevant financial experience, and that

the Committee as a whole has an appropriate

balance of skills, experience, qualifications and

sector-related knowledge.

Attendance

The Audit & Risk Committee’s agenda is linked

to events in the Group’s financial calendar,

and the Committee meets on four scheduled

occasions during the year with additional ad hoc

meetings as required. Details of the attendance at

scheduled Committee meetings are set out below.

Audit & Risk Committee members and

meetings attended during the year:

Shatish Dasani (Chairman)

Non-Executive Director 4/4

Rhian Bartlett

Non-Executive Director 4/4

David Garman

Non-Executive Director 2/2

Rob Barclay

Non-Executive Director 2/2

David Garman was appointed to the Audit & Risk

Committee on 4 September 2025.

Rob Barclay stepped down from the Audit & Risk

Committee on 4 September 2025.

Operation and responsibilities of the

Audit & Risk Committee

The Company Chairman, Chief Executive and

Chief Financial Officer, together with the external

auditors, the Group Financial Controller and

the Head of Risk and Assurance, are invited to

attend meetings of the Committee, although the

Committee reserves time for discussions without

any invitees being present. The external auditors

and the Head of Risk and Assurance meet

privately with the Committee to advise of any

matters which they consider should be brought

to their attention without the Executive Directors

present. The Chair of the Committee also holds

private meetings both with the Head of Risk and

Assurance and the external auditors on a regular

basis and they in turn may also request a meeting

with the Committee if they consider it necessary.

The Risk and Assurance department carries out

the Group’s internal audit work.

The Company Secretary acts as secretary to

the Audit & Risk Committee. The members

of the Committee can, where they judge it

necessary to discharge their responsibilities,

obtain independent professional advice at the

Company’s expense.

The Committee undertakes its activities in line

with an annual programme of business and its

principal duties are:

Internal controls and risk

h Monitoring the effectiveness and

appropriateness of internal controls;

h evaluating the process for identifying and

managing significant risk in the business;

h considering the effectiveness and resourcing

of the internal audit function;

h determining and directing the scope of the

internal audit programme;

h appointing or replacing the Head of Risk and

Assurance;

h reviewing matters reported through the

Group’s whistleblowing policy; and

h monitoring performance of the Group’s

senior finance personnel and ensuring their

development.

External auditors

h Monitoring the effectiveness of the external

audit process, including recommending

the appointment, re-appointment and

remuneration of the external auditors;

h overseeing the rotation of the lead audit

partner at appropriate junctures;

h considering and, if appropriate, approving

the use of the external auditors for non-audit

work in line with its policy;

Objectives and terms of reference

The Audit & Risk Committee’s key objectives are

to provide oversight and governance over the

effectiveness of the Group’s financial reporting and

internal controls, together with the procedures for

identification, evaluation and management of key

risks. The role of the Committee in monitoring the

integrity of the Group’s financial affairs is important

to shareholders and other stakeholders, both

internal and external. Accordingly, the Committee

works closely with management and external

and internal auditors to ensure a best practice

approach to policies and controls. In addition, a key

objective of the Committee is to ensure all financial

reporting is fair, balanced and understandable.

The Committee is satisfied that the Group’s

internal and external processes are robust and

appropriately aligned to deliver good financial

reporting and governance. The Directors confirm

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

h considering the independence of the external

auditors, taking into account: (i) non-audit

work undertaken by them; (ii) feedback

from various stakeholders; and (iii) the

Committee’s own assessment; and

h monitoring and considering the provisions

and recommendations of the UK Corporate

Governance Code in respect of external

auditors. This involves a review of the scope

of the audit, the auditor’s assessment of risk,

appropriateness of materiality and the key

findings.

Financial Statements

h Monitoring the integrity of the Group’s

Financial Statements and formal

announcements relating to the Group’s

performance;

h reviewing the Company’s Viability Statement,

challenging assumptions made with

management and, if thought appropriate,

recommending this for approval by the Board

and inclusion in the Annual Report and

Financial Statements;

h considering liquidity risk and the use of the

going concern basis for preparing the Group’s

Financial Statements; and

h evaluating the content of the Annual Report

and Financial Statements, to advise the

Board as to whether it may reasonably

conclude that the Annual Report and

Financial Statements are fair, balanced and

understandable overall and provides the

information necessary to enable shareholders

to assess the performance, business model

and strategy of the Group.

As part of its annual programme of business,

the Audit & Risk Committee regularly receives

updates from the external auditors as to

emerging accounting standards and reporting

requirements, and members are expected to

participate personally in relevant briefing and

training sessions during the year.

Significant areas considered during

FY2026

During the year, the Audit & Risk Committee

considered and discussed with the external

auditors and management the following items:

h carrying value of goodwill, intangible assets

and property, plant and equipment;

h the going concern basis for the preparation of

the Financial Statements;

h non-underlying items;

h accounting for the ProService

Transaction; and

h the findings of the Financial Reporting

Council’s review into the 2025 Annual Report

and Accounts.

The role and response of the Committee to these,

along with any corresponding impact on the

Group’s Financial Statements, are discussed in

more detail in this report.

Carrying value of goodwill, intangible

assets and property, plant and

equipment

The Group tests for impairment at least annually,

considering at each reporting date whether there

are any indicators that impairment may have

occurred. The value-in-use modelling prepared

uses the Group’s future cash flow projections

which applies judgement in arriving at certain

growth and discounting assumptions.

The Committee reviewed the projections

and downside sensitivity analysis prepared

by management and challenged the key

assumptions made. It also discussed with

the external auditors the work carried out by

them and their conclusion. Based on this, the

Committee is satisfied that no impairment is

required.

Going concern basis for the

preparation of the Financial

Statements

The Group has adopted a going concern basis

for the preparation of the Financial Statements.

Judgement over the future cash flows of the

business (for a period of at least 12 months

from signing these accounts) and the available

headroom from the Group’s borrowing facilities

must be applied in concluding whether to

adopt a going concern basis of preparation. The

Committee has challenged forecast cash flows,

the assumptions applied to derive the cash

flows and availability of finance from the Group’s

banking facilities.

The Group’s £225m financing facility comprises

of a £150m revolving credit facility (‘RCF’) and a

£75m private placement term loan. The RCF has a

three-year maturity to April 2028 with options to

extend up to a further two years and the private

placement term loan has a seven-year maturity,

expiring in April 2032.

The facilities include quarterly leverage and fixed

charge cover covenant tests. During the year,

the Group agreed temporary amendments to

these covenant tests to facilitate the ProService

Transaction and subsequently slower than

anticipated deleveraging, following a short period

of contract mobilisation. The covenant tests for

quarterly leverage and fixed charge cover return

to their original levels at September 2026 and

December 2026 respectively.

The Committee reviewed – and discussed with

the external auditors – management’s going

concern assessment, including cash flow

forecasts and severe but plausible downside

scenario over the assessment period to June

2027. The Committee focused on covenant

compliance and the level of headroom under

the Group’s financing arrangements, challenging

the assumptions underpinning forecast trading

performance and the sensitivity of the projections.

While the forecasts indicate that the Group

is expected to maintain adequate liquidity

and comply with its financial covenants, the

Committee noted reduced headroom at certain

covenant testing dates and that the forecasts

remain sensitive to trading performance. A

more significant deterioration in trading or

underperformance could result in a breach of

financial covenants.

The Committee therefore reviewed and agreed

the related disclosures in note 1 of the Financial

Statements.

Non‑underlying items

Throughout the year, the Group has incurred

significant costs in respect of the final year of the

‘Enable’ phase of the transformation plan which,

alongside restructuring activities, do not form

part of the underlying cost base of the business.

Work had been completed throughout the year

to determine appropriate treatment of such

spend and in particular which elements of the

transformation costs have been incremental to

the Group and which of those costs should be

treated as capital or underlying. All such costs

have been reviewed based on the activity that has

taken place, with regular updates provided to the

Audit & Risk Committee.

AUDIT & RISK COMMITTEE REPORT CONTINUED

Speedy Hire Plc Annual Report and Accounts 2026

The Group also incurred significant one-off costs

in respect of the transaction with ProService and,

to a lesser extent, in relation to the disposal of a

non-core part of the Lloyds British business.

Based on the work performed, the Committee

is satisfied that costs have been appropriately

classified in line with accounting standards.

Accounting for the ProService

Transaction

The ProService Transaction has been treated as a

business combination in the Financial Statements,

following which the fair value of net assets

acquired has been determined. The transaction

resulted in a negligible gain on bargain purchase

which has been presented within non-underlying

items, alongside the significant costs to procure

and implement an agreement such as this.

Advice was obtained from an external party in

determining this accounting treatment and in

valuing the associated intangible asset acquired,

with regular updates provided to the Committee.

Based on the work performed, the Committee is

satisfied that the treatment is in accordance with

accounting standards.

Findings of the Financial Reporting

Council’s (‘FRC’) review

During the year, a letter was received from the

FRC in relation to the Group’s Annual Report

and Accounts for the year ended 31 March 2025.

Clarifications were requested on goodwill and

parent company investment impairment testing

and offsetting within the financial statements.

The Committee considered the findings of the

FRC’s limited scope review and were involved in

reviewing and approving the Group’s responses,

resulting in the identification of disclosure

enhancements which have been considered

within this Annual Report and Accounts. A

summary of the findings of the review is available

on the FRC’s website.

Internal control and risk management

The Board is responsible for the Group’s system

of internal control and risk management and for

reviewing its effectiveness. The Board is also

responsible for defining the risk appetite of the

Group. The detailed review of internal controls

has been delegated by the Board to the Audit &

Risk Committee.

The Risk and Assurance Department includes

the Group’s internal audit function. The Head of

Risk and Assurance reports to the Board and to

the Audit & Risk Committee. The internal audit

function is involved in the assessment of the

quality of risk management and internal controls.

It helps to promote and develop further effective

risk management in all areas of the business,

including the embedding of risk registers and

risk management procedures within individual

business areas. The Committee receives detailed

reports from the Risk and Assurance Department

at each meeting.

The Committee has considered the enhanced

reporting requirements under Provision 29 of

the UK Corporate Governance Code 2024. Work

has progressed to ensure and this will remain a

reoccurring agenda item for the year to come.

For further information see the risk management

section on pages 60 to 66.

The Committee ensured that questionnaires were

circulated to senior management requesting they

notify the Chief Financial Officer of any significant

irregularities in information provided for inclusion

in the Financial Statements. None have been

reported.

The Audit & Risk Committee has reviewed

the effectiveness of internal controls and

risk management during the year taking into

consideration the framework and risk register

maintained by management, in addition to reports

from both internal and external auditors. The

Committee has concluded that internal controls

have operated effectively during FY2026.

Review of the work, effectiveness and

independence of internal audit

The Audit & Risk Committee reviews the

effectiveness of the Group’s internal audit

function. This review includes the audit plan and

the level of resource devoted to internal audit,

as well as the degree to which the function can

operate free from management restrictions.

The Committee considered the results of the

audits undertaken by the internal audit function

and in particular considered the response of

management to issues raised by internal audit,

including the time taken to resolve matters

reported. Although internal audit has raised

recommendations for improvement in the normal

course of business, the Audit & Risk Committee is

satisfied that none of these constituted significant

control failings during FY2026.

In accordance with Standard 8.4 of the Global

Internal Audit Standards (‘GIIA’), an external

quality assessment of internal audit was

undertaken during FY2022. The review concluded

that the internal audit and risk function is effective

in providing independent assurance to the

organisation and complies with IIA standards

in place at that time. The next review is due

to be undertaken during FY2026. In addition

to this, the Head of Risk and Assurance is

required to undertake an annual self-assessment

of adherence to this framework. This self-

assessment is considered by the Committee

during its review of internal audit. On an annual

basis the Committee circulates a questionnaire

to Directors and senior management inviting

comments on the Risk and Assurance function.

The responses are considered by the Audit & Risk

Committee and are used in conjunction with the

other review processes described to determine

whether internal audit is working effectively.

Following the review, the Committee concluded

that the Group’s internal audit function remains

effective.

The Global Internal Audit Standards require the

Audit & Risk Committee to explicitly discuss

annually the Chairman’s assessment of the

independence and objectivity of the Head of Risk

and Assurance. The Committee is satisfied that

the Head of Risk and Assurance is independent

and will robustly challenge management

appropriately.

The Internal Audit Charter was reviewed by the

Audit & Risk Committee during the financial year,

and it was determined that it remained fit for

purpose.

Review of the work, effectiveness and

independence of the external auditors

The Audit & Risk Committee reviews annually the

relationship between the Group and the external

auditors and has responsibility for monitoring the

external auditors’ independence, effectiveness

and objectivity. This work includes a review of

the scope of their work, an assessment of their

performance, as well as their compliance with

ethical, professional and regulatory requirements.

The Committee also reviews any major issues

which arise during the course of the audit

and their resolution, key accounting and audit

judgements, and any recommendations made

to the Board by the auditors and the Board’s

response. No significant issues have been noted

during the year.

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

The Committee is responsible for ensuring that an

appropriate relationship is maintained between

the Group and the external auditors.

The policy for the use of the external auditors

for non-audit related purposes was reviewed

by the Committee during the year and it was

determined that this remained appropriate and

no changes were made. The policy is designed

to control the provision of non-audit services by

the external auditors in order to ensure that their

objectivity and independence are safeguarded.

The policy states that preference should be

given to retaining consultants other than from

the external auditors unless strong reasons exist

to the contrary, and that non-audit fees paid to

the auditor should not exceed 100% of the audit

related fees paid in that year, and the three-year

average of non-audit fees paid to the auditor

should not exceed 50% of the annual audit fees.

The policy further requires that the provision of

any non-audit services by the external auditors

is subject to prior approval by the Audit & Risk

Committee. The Committee closely monitors the

amount the Company spends with the external

auditors on non-audit services.

The only non-audit service provided by the

auditors in the year relates to the review of the

Company’s half-year results which the Committee

accepted was work best undertaken by the

external auditors. These fees represented 10.1% of

the annual audit fees and the three-year average

was 9.6%. Details of the fees, split between audit

and non-audit services, payable to the external

auditors are given in note 4 to the Financial

Statements.

The Audit & Risk Committee considered the

external auditor’s performance during the year

and reviewed the level of fees charged, which

are considered appropriate given the size of

the Group.

Audit & Risk Committee performance

evaluation

The Committee carried out a self-evaluation

during the year using questionnaires circulated to

members of the Committee as well as those who

attend regularly including the external auditors,

Head of Risk and Assurance and the Executive

Directors. The responses received indicated that

the Committee was considered to be operating

effectively.

The Committee has set the following key

objectives for its work as a result:

h review of papers presented to the Committee

so as to highlight key issues, be more

concise, and facilitate wider discussion;

h oversight of the work around Provision

29 and the Board declaration on control

effectiveness;

h continued monitoring of risks faced by the

Group, particularly in relation to cyber;

h focus on overdue management actions to

address control weaknesses; and

h support the onboarding of the new external

audit partner.

Appointment of auditors

PricewaterhouseCoopers LLP were appointed

as external auditors following a comprehensive

tender process, commencing with the FY2023

audit.

Having considered the results of the Audit & Risk

Committee’s work, the Board is recommending

the re-appointment of PricewaterhouseCoopers

LLP as auditors of the Group for FY2027. The

lead audit engagement partner changed during

the year with Christopher Hibbs stepping down

in November upon his retirement from the firm

and Rebecca Gissing being appointed following

a selection process. PricewaterhouseCoopers

LLP has expressed its willingness to continue

as external auditors of the Group. Separate

resolutions proposing its reappointment and

the determination of its remuneration will be

proposed at the Annual General Meeting to be

held on 10 September 2026.

Business Ethics and Whistleblowing

The Company remains committed to the highest

standards of business conduct including zero-

tolerance towards bribery and corruption and

expects its Directors, employees, consultants

and other stakeholders to act accordingly.

The Company has a well-established Code

of Conduct, emphasising its commitment to

honesty, trust and transparency. The Code details

the behaviours that are expected, including

encouraging our people to use the Speak Up

Whistleblowing channels if they have any

concerns about wrongdoing. All employees must

read and confirm awareness of the Code as part

of mandatory annual training.

The Company recognises the importance of

having an open and inclusive culture, where

people feel safe to raise issues. The Speak

Up Whistleblowing Policy includes the ability

of anonymously reporting concerns via our

independent whistleblowing partner.

The Board has overall responsibility for ensuring

compliance with business ethics requirements; it

has delegated regular oversight of whistleblowing

to the Audit & Risk Committee. The Committee

receives a report at each of its scheduled

meetings, providing an overview of concerns

raised under the Speak Up Whistleblowing Policy

in the previous period and any investigations

undertaken. An annual summary detailing the

number and nature of reported cases alongside

details of investigations, outcomes and actions is

also reviewed as part of the Committee’s meeting

programme.

Business ethics summary statistics for

FY2026:

h 96% Completion rating for annual business ethics

training (FY2025: 95%)

All personnel are required to annually undertake

mandatory compliance training; raising awareness

of ethical behaviours and reinforcing policies on

business ethics matters including Modern Slavery,

Diversity & Equality, Anti-Bribery & Corruption,

Health & Safety and Information Security.

h 11 Reports via Speak Up Whistleblowing (FY2025: 13)

Total number of reported concerns raised via

Speak Up channels from personnel, suppliers and

other third parties with reports raising concerns

about economic crimes, employment law issues,

and non-compliance. All concerns are assessed;

however not all are substantiated. Appropriate

action is taken on substantiated concerns which

may include adopting additional measures, and/or

disciplinary action.

AUDIT & RISK COMMITTEE REPORT CONTINUED

Speedy Hire Plc Annual Report and Accounts 2026

Communicating with shareholders

The Company places considerable importance on

communication with its shareholders, including

both institutions and private shareholders. The

Group’s Chief Executive and Chief Financial

Officer manage the investor relations programme

and meet with major shareholders on a regular

basis. The Group’s Chairman also meets with

investors. The views of the Company’s major

shareholders are reported to the Board and are

regularly discussed at meetings of the Board and

at the various committees of the Board, including,

where appropriate, the Audit & Risk Committee.

The Committee Chairman will be available at

the 2026 AGM in September to address any

questions raised by shareholders.

Approval of Annual Report and

Financial Statements

Having reviewed the Annual Report and Financial

Statements and made inquiries of management

and the external auditors, the Audit & Risk

Committee advised the Board that in its opinion

the Annual Report and Financial Statements was

fair, balanced and understandable overall and

provides all the information necessary to enable

shareholders to assess the performance, business

model and strategy of the Group.

This report was approved by the Board on

16 June 2026.

SHATISH DASANI

Chairman of the Audit & Risk Committee

Speedy Hire Plc Annual Report and Accounts 2026

GOVERNANCE

NOMINATION COMMITTEE REPORT

THE NOMINATION COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026

DAVID SHEARER

Chairman of the Nomination Committee

The terms of reference of the Nomination

Committee are reviewed annually by the

Committee and changes are proposed to the

Board. The current terms are published on the

Company’s website at speedyhire.com/investors

and are also available in hard copy form on

application to the Company Secretary.

Attendance

The Nomination Committee met on two

scheduled occasions during the year. Additional

ad hoc meetings took place dealing with Board

changes occurring during the year. Details of the

attendance at scheduled Nomination Committee

meetings are set out in the table below. At the

invitation of the Chairman, the Chief Executive

may attend meetings. The Group’s Chief People

Officer may also be invited to attend, particularly

where discussions are taking place around

succession planning within the Group.

Nomination Committee members and

scheduled meetings attended during the year:

David Shearer (Chairman)

Non-Executive Chairman 2/2

Rhian Bartlett

Non-Executive Director 2/2

David Garman

Non-Executive Director 2/2

Shatish Dasani

Non-Executive Director 2/2

Operation of the Nomination

Committee

The Company Secretary acts as secretary to the

Nomination Committee. The members of the

Nomination Committee can, where they judge

it necessary to discharge their responsibilities,

obtain independent professional advice at the

Company’s expense.

The Nomination Committee’s duties include,

inter alia:

h ensuring that there is a formal and

transparent procedure for the appointment of

new Executive and Non-Executive Directors

to the Board and making recommendations

to the Board on such appointments;

h reviewing the size and composition of the

Board along with membership of Board

Committees;

h evaluating the balance of skills, knowledge

and experience on the Board;

h ensuring that succession planning is in place

for the Board and senior management;

h ensuring that Non-Executive Directors are

able to devote sufficient time to discharge

their duties;

h making recommendations to the Board in

respect of Directors standing for election or

re-election at the AGM; and

h overseeing the development of a diverse

pipeline for succession to the Board and

senior management roles.

The Nomination Committee leads the process

for all Board appointments, carefully evaluating

the skills available on the Board and how

these may be best balanced and enhanced by

agreeing the person’s specification, selecting

external recruitment consultants, considering

all candidates and making recommendations

to the Board for appointment. In selecting

candidates, the Nomination Committee gives due

consideration to the benefits of diversity, equity

and inclusion and the objective of maintaining a

diverse Board in its wider sense. The Company’s

values and objectives in this area are disclosed on

pages 73, 74 and 83. All recommendations made

are on merit against objective criteria. These

processes were followed for the appointments

made in year.

During the year, the Nomination Committee

undertook all the duties set out above and

reviewed the leadership needs of the organisation

and succession planning for key individuals,

including Directors and senior management,

which followed the completion of an annual

review led by the Chief People Officer for the

latter. The review included the identification of

talented individuals for key management roles

and development across the Group and took

account of the Company’s objectives to increase

diversity, equity and inclusion across all levels.

In support of succession planning and senior

management development, Non-Executive

Directors participate in the Group’s mentoring

scheme.

During the year the Committee considered

the size and composition of the Board and its

Committees and the balance of skills, knowledge

and experience across the Directors. Taking

account of the changes in hand, the Committee

concluded that no further changes were required

to the overall size, structure and composition

of the Board at this stage. The composition of

Board Committees would be further considered

following the appointment of the new Non-

Executive Director.

Board

Board succession was a significant focus area

during the year amongst both Executive and Non-

Executive Directors.

Paul Rayner indicated he was considering

retiring as Chief Financial Officer by the end

of 2026. The Nomination Committee led the

process for the appointment of a successor and

external search consultants were retained. The

recruitment process concluded more quickly than

Objectives

The key functions of the Nomination Committee

are to review the structure and composition of

the Board, to identify and propose to the Board

suitable candidates to fill Board vacancies, and

to undertake succession planning for Board and

senior management positions.

Composition of the Nomination

Committee

The Nomination Committee comprises the

Chairman, David Shearer, and three independent

Non-Executive Directors, Rhian Bartlett, David

Garman and Shatish Dasani. Appointments and

attendance at meetings during the year are set

out below. Biographies of the members of the

Nomination Committee are set out on pages

68 to 69.

Speedy Hire Plc

Annual Report and Accounts 2026

anticipated following Judith Cottrell’s selection

and availability, with Judith appointed as Chief

Financial Officer and to the Board with effect from

1 July 2026. Paul Rayner will step down from the

Board on that date.

As reported last year the Committee’s

consideration of Board succession during FY2025

considered the position of Directors coming

towards the end of their normally accepted

tenures through to the 2026 AGM. These included

Rob Barclay, who stepped down from the Board

at the 2025 AGM on 4 September 2025, having

served nine years, and David Garman, who will

have served nine years by the 2026 AGM on

10 September 2026, and will step down at that

time. The Committee recommended continuing

with a smaller Board at this stage with the

recruitment of only one new Non-Executive

Director, prior to the 2026 AGM. The Nomination

Committee is leading the process for the

appointment of a new Non-Executive Director,

external search consultants have been retained

and the recruitment process is advanced. The

Committee recommended the appointment of

Rhian Bartlett as Senior Independent Director

with effect from the end of the 2025 AGM to

facilitate a smooth transition of the responsibility

from David Garman ahead of his stepping down

from the Board.

Rob Barclay stepping down from the Board

necessitated a review of staffing of Board

Committees and Non-Executive Directors’

responsibilities. The Committee recommended

David Garman join the Audit & Risk Committee,

Shatish Dasani join the Remuneration Committee,

Carol Kavanagh join the Sustainability

Committee, with Rhian Bartlett appointed as chair

of that Committee, and Carol Kavanagh take over

the role of Employee Designated Non-Executive

Director. These changes were all made with effect

from the close of the 2025 AGM.

The Committee’s consideration of Board

succession included the Chairman, who will

have served eight years as Chairman by the end

of September 2026. In view of the continued

benefit of his leading and overseeing the above

detailed Board changes and to provide continuity

across current key initiatives, including delivery

of the Velocity growth strategy, the Committee

recommended to the Board that the Chairman

should remain in position.

Following the above appointment of Judith

Cottrell, the Committee was pleased to note that

with effect from 1 July, the Company will have

met its objective to fully comply with the Listing

Rules in the area of gender diversity. Board

diversity in its broadest sense will continue to be

a consideration of the Nomination Committee in

all recruitment processes.

Diversity, equity and inclusion

Continuing to develop an increasingly diverse

and inclusive workforce is an important factor

in supporting the Company’s strategy, which

additionally helps create a sustainable and

prosperous business. The Board recognises the

value of diversity within the Boardroom, including

across backgrounds, experience, knowledge,

skills and gender. The Committee considers the

Company’s Diversity, Equity and Inclusion Policy

and objectives, generally, to achieve gender

diversity on the Board, its Executive Team and

amongst senior management and to meet the

gender targets specified in the Listing Rules, in all

appointments to the Board and its Committees

and any changes in the roles of Directors. More

generally, the Group’s approach to diversity,

equity and inclusion can be seen on pages 73

to 74 along with details of the gender balance of

those personnel in senior management.

The Nomination Committee has recommended

the election or re-election of all Directors

standing at the forthcoming Annual General

Meeting. David Garman is stepping down from

the Board after the AGM.

This report was approved by the Board on

16 June 2026.

DAVID SHEARER

Chairman of the Nomination Committee

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

REMUNERATION REPORT

THE REMUNERATION COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026

CAROL KAVANAGH

Chair of the Remuneration Committee

ANNUAL STATEMENT

I am pleased to present, on behalf of the Board,

the Directors’ Remuneration Report for the year

ended 31 March 2026. The report has been

divided into the following three sections:

h This Annual Chair’s Statement,

summarising major decisions and a proposed

change to our approach to long-term

share awards

h The Remuneration Policy Report, which

sets out the Group’s proposed Directors’

Remuneration Policy following the

Remuneration Committee’s intended switch

from Performance Share Awards (’PSAs’) to a

hybrid structure (as explained further below)

h The Annual Report on Remuneration,

outlining how the Directors’ Remuneration

Policy (‘Policy’) was implemented in FY2026

and how, subject to shareholder approval, it

will be implemented in FY2027

Performance and reward for FY2026

The Group continued to experience subdued

market conditions and wider economic

uncertainty in the year. This, coupled with a

number of customer led work mobilisation delays

had a negative impact on the Group’s financial

performance in the year.

Therefore, despite good operational and strategic

progress during the final year of the ‘Enable’

phase of our Velocity strategy, no annual bonus

was awarded for the year ended 31 March 2026

as the threshold PBT target was not met. In

addition, the Performance Share Plan (‘PSP’)

awards granted on 21 July 2023 are expected

to lapse in full in July 2026 as a result of below-

threshold performance against the EPS and

relative Total Shareholder Return targets.

Use of Discretion and Malus and

Clawback Provisions

The Committee retains the right to exercise

discretion to override formulaic outcomes and

ensure that the level of bonus and/or share

award payable is appropriate. No such discretion

in relation to Executive Directors was used in

respect of the year ended 31 March 2026. In

addition, there was no exercise of malus/clawback

under the Policy during the year under review.

Policy Review

Following a review of the current Speedy

Hire Policy in the second half of FY2026, the

Committee’s main conclusions were that:

h Speedy Hire’s approach to fixed pay (i.e.

salary, benefits and a workforce aligned

pension) remains appropriate;

h the current approach to annual bonus

provision, whereby awards are capped at

100% of salary (notwithstanding that the

annual bonus limit in the Policy is set at

125% of salary) and based on the delivery

of profit, strategic and ESG-based targets

is considered to work well. Outstanding

performance will continue to be required for

the maximum bonus to become payable with

half of any bonus award above 75% of salary

deferred into shares for two years; and

h shareholder protections (i.e. post-vesting

holding periods, malus and clawback

provisions and in-employment/post-

cessation shareholding guidelines) remain

aligned to best practice.

However, the Committee wishes to make one

change to the existing Policy in respect of Speedy

Hire’s approach to long-term incentive provision

which is currently delivered via PSAs under

our Performance Share Plan (‘PSP’). Our Policy

permits awards with a face value of up to 150%

of salary albeit in 2024, we sought shareholder

approval for a ‘one off’ grant of a 300% of salary

PSA to Executive Directors (i.e. a double award)

to incentivise the delivery of the Velocity strategy.

As a result of this ‘one off’ award no PSAs were

granted in 2025 with the normal annual PSA

grant cycle due to resume in 2026 (vesting in

2029). However, rather than reverting to granting

the normal annual PSAs from 2026 onwards,

the Committee wishes to convert the CEO

and incoming CFO’s 2026 PSAs into a hybrid

structure - i.e. based on a combination of PSAs

and Restricted Share Awards (‘RSA’).

The Committee is proposing to convert the

current policy limit of 150% of salary equally on a

fair value basis between PSAs (75% of salary) and

RSAs (37.5% of salary) by adopting the generally

accepted exchange principle of two PSAs for

one RSA. The Committee believes that this

mix provides an appropriate balance between:

(i) incentivisation to deliver on stretching

financial targets and shareholder returns; (ii)

the stewardship of the share price and; (iii)

people retention; all of which align directly with

shareholder interests.

Speedy Hire Plc

Annual Report and Accounts 2026

The Committee considers this the optimum

approach for Speedy Hire at this time for the

following reasons:

h Recruitment competitiveness - As

evidenced during recent senior executive

recruitment processes (including in respect

of our new CFO), a package comprising

both PSAs and RSAs was considered to be

significantly more attractive by candidates

than one based purely on PSAs. This issue is

particularly acute for Speedy Hire given the

lack of PSP vestings in recent years.

h Retention through and post Velocity -

Speedy Hire’s Velocity strategy remains

firmly on track as we move from the enable

phase to focus on growth delivery. In this

regard, the double PSA in 2024 is considered

to have worked well in respect of aligning

the Executive Directors (and the senior

management population) to the delivery

of the Velocity strategy and in this regard,

some level of vesting is currently anticipated

in 2028. However, the Committee is keen

to ensure that the management team is

appropriately retained after: (i) the delivery of

the Velocity strategy; and (ii) the vesting of

the 2024 PSAs in 2028.

h Cyclical nature of the sector - While the

recent contract wins and the transformational

Commercial Agreement with ProService

provide the Board with confidence in the

ability of Speedy Hire to deliver sustainable

profitable growth notwithstanding market

conditions, a hybrid structure will result in

a more balanced approach to retaining and

incentivising the management throughout

the cycle going forwards whilst maintaining

alignment with shareholders.

h Alignment below Board - There is a strong

team focus at Speedy Hire across both

the management team and throughout

the workforce. As such, and consistent

with the approach adopted for the 2024

PSAs, whereby awards were granted to 15

individuals below Board on the same terms

as those granted to the Chief Executive and

Chief Financial Officer, the adoption of a

hybrid structure for the Executive Directors

will be similarly followed below Board,

with senior management also receiving a

combination of PSAs and RSAs from 2026

onwards.

Policy implementation for FY2027

The proposed implementation of the Policy in

respect of the year ending 31 March 2027 is as

follows:

h Salary: In line with the approach to the wider

workforce, the Chief Executive did not receive

a salary increase with effect from 1 April 2026.

This will be reviewed later in the year subject

to Company performance. As such, his

salary remains at £504,900. The salary for

the incoming Chief Financial Officer will be

£386,500.

h Pension: Executive Directors will continue

to receive a workforce-aligned pension

allowance, currently set at 3% of salary.

h Annual bonus: Maximum annual bonus

opportunity will continue to be limited to

100% of salary in line with past practice,

and performance metrics will continue to be

based on financial, strategic and ESG targets

to reflect Speedy Hire’s priorities for the year

ahead. Half of any bonus award above 75%

of salary for the year ending 31 March 2027

will be deferred into shares for two years. The

targets are currently considered by the Board

to be commercially sensitive, although full

retrospective disclosure of the performance

metrics, targets and outturns will be provided

in the Directors’ Remuneration Report for the

year ending 31 March 2027.

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

REMUNERATION REPORT CONTINUED

Pay and practices in the wider Group

When considering the Remuneration Policy

for the Executive Directors, the Remuneration

Committee takes into account pay and

employment conditions across the Company.

In this regard, the Committee was pleased to

note that: (i) investment continues to be made

to ensure that employees are paid at, or above,

the Real Living Wage; and (ii) our apprentices

continue to be paid well above the relevant

apprentice minimum wage during their first

year and then at least the relevant national

minimum or living wage until they transfer off the

apprenticeship scheme, at which point they are

paid at least the Real Living Wage.

Shareholder engagement

The Committee takes an active interest in any

shareholder views on the Company’s Executive

remuneration and is mindful of the concerns

of shareholders and other stakeholders. In

this regard, the Committee actively consulted

main shareholders and representative bodies

regarding the proposed changes to the Directors’

Remuneration Policy and we are pleased that

the majority confirmed that they were supportive

of the proposed change given the Committee’s

rationale provided (as set out above). Whilst

the Committee’s preference was to receive

support from all shareholders consulted, we

were encouraged that the few who felt unable

to support the change understood the rationale

notwithstanding that the approach was not

consistent with their stated governance positions.

Conclusion

The Committee has carefully considered

the proposed transition to a hybrid long-

term incentive along with our approach to

implementing the other elements of the

Policy for FY2027 and is satisfied that the

proposed changes are appropriate and in the

interests of shareholders. I hope you find this

report helpful in understanding the proposed

change to the Remuneration Policy and our

approach more generally, and I look forward to

receiving continued shareholder support for the

remuneration-related shareholder resolutions at

our 2026 AGM.

This report was prepared by the Remuneration

Committee and approved by the Board on

16 June 2026.

CAROL KAVANAGH

Chair of the Remuneration Committee

h 2026 PSP and RSA Awards: As detailed

above, rather than grant a 150% of salary

PSA in 2026 (following the double award in

2024 and no award in 2025), the Committee

will grant a reduced 75% of salary PSA and,

subject to shareholder approval, a 37.5%

of salary RSA to the Chief Executive and

incoming Chief Financial Officer in 2026.

The use of the 2:1 exchange rate ensures

that the approach is neutral in respect of the

“economic fair value” of the awards and the

Remuneration Committee is satisfied that

the approach remains appropriately skewed

towards PSAs.

PSAs will continue to be based on relative

Total Shareholder Return, versus the FTSE

SmallCap (excluding investment trusts) and

three-year, Earnings Per Share and Free

Cash Flow targets. In addition, regardless of

the performance conditions set, the number

of shares which may vest under an award

may be adjusted (including downwards to

zero) where the Remuneration Committee

determines that exceptional circumstances

exist which mean that the formulaic

vesting would be inappropriate taking

into account such factors as it considers

relevant (including, but not limited to, the

overall performance of the Company, any

Group member or the relevant Executive

Director, windfall gains, and the stakeholder

experience more generally). The performance

targets will be set just prior to the grant date

and full disclosure of the target ranges will

be set out in the RNS which will be issued

immediately following grant and next year’s

Directors’ Remuneration Report. The delay to

the PSA target setting reflects the change in

CFO in early July 2026.

RSAs will be subject to a performance

underpin which will ensure that the

Committee is satisfied that the Company’s

underlying performance and delivery against

its strategy and plans are sufficient to

justify the level of vesting. In assessing this

underpin, the Committee will have regard to

such factors as it considers to be appropriate

(including both financial and share price

performance, windfall gains, and the

stakeholder experience more generally).

The Committee’s intention is to grant the

reduced PSAs to Executive Directors in

the normal grant window following the

announcement of the FY2026 results (at the

same time as the below Board PSAs and

RSAs) with the RSAs to Executive Directors

granted following the 2026 AGM subject to

shareholders approving the Policy change

detailed above.

Speedy Hire Plc

Annual Report and Accounts 2026

REMUNERATION REPORT CONTINUED

DIRECTORS’ REMUNERATION POLICY REPORT

This part of the Directors’ Remuneration Report

sets out the proposed Directors’ Remuneration

Policy (‘Policy) for the Group. This Policy will be put

to the shareholders for approval in a binding vote

at the 2026 AGM and if approved will be effective

form that date. The Remuneration Committee’s

current intention is that the revised policy will

operate for the three year period to the 2029 AGM.

Policy overview

The primary objective of the Remuneration

Policy is to promote the long-term success of the

Group. In working towards the fulfilment of this

objective, the Remuneration Committee takes

into account a number of factors when setting the

Remuneration Policy for the Executive Directors,

including the following:

h The need to attract, retain and motivate

high-calibre Executive Directors and senior

management

h Internal pay and benefits levels, and practice

and employment conditions within the Group

as a whole

h The recommendations set out in the UK

Corporate Governance Code and the views of

shareholders and their representative bodies

h Periodic external comparisons to examine

current market trends and practices and

equivalent roles in similar companies taking

into account their size, business complexity,

international scope and relative performance

Our remuneration structure is intended to be

simple and transparent, and to contribute to the

building of a sustainable performance culture.

The main elements of the remuneration package

for Executive Directors are a base salary, benefits

and pension provision and, an annual bonus

plan and shares awards subject to continued

service and, where relevant, stretching long-term

performance targets.

Proposed Policy Changes

One change to the Directors’ Remuneration Policy

is being proposed in respect of a switch from

purely performance-based Performance Share

Awards (’PSAs’) to a hybrid structure - i.e. part

PSA and part Restricted Share Awards (‘RSAs’),

with the weighting of awards skewed to PSAs

and a 2 for 1 exchange rate used such that the

change is neutral from a fair value perspective.

Based on the proposed change, the

Remuneration Committee considers that

the remuneration of Executive Directors will

provide an appropriate balance between fixed

and performance-related pay elements. The

Remuneration Committee will continue to review

the Remuneration Policy to ensure it takes due

account of remuneration best practice and that it

remains aligned with shareholders’ interests.

Directors’ Remuneration Policy table

The table below summarises each element of the

updated Remuneration Policy for the Directors,

explaining how each element operates and the

links to the corporate strategy.

This Policy was prepared in accordance with

the provisions of the Companies Act 2006

(‘the Act’) and the Large and Medium-sized

Companies and Groups (Accounts and

Reports) (Amendment) Regulations 2013

(‘the Regulations’) as amended, the

UK Corporate Governance Code, the

Financial Conduct Authority’s Listing

Rules and the Disclosure and

Transparency Rules. It also takes

into account the accompanying

Directors’ Remuneration

Reporting Guidance, prevailing

shareholder and proxy

guidelines, and wider best

practice.

The overall approach to remuneration remains

consistent, with modest adjustments to

ensure the Policy continues to underpin the

performance of the business and deliver a

balanced remuneration package to Executives,

which is focused on total remuneration with a

significant proportion of the package based

on performance-related variable pay. The

Remuneration Committee will continue to

review the Remuneration Policy to ensure

it takes due account of remuneration best

practice and that it remains aligned

with shareholders’ interests.

GOVERNANCE

Speedy Hire Plc Annual Report and Accounts 2026

Purpose and link to

strategy Operation Maximum Performance targets

SALARY

Recognises the

knowledge, skills and

experience, as well as

the size and scope of

the role

Provides an appropriate

level of basic fixed

income avoiding

excessive risk arising

from overreliance on

variable income

Normally reviewed annually with changes typically effective 1 April.

Paid in cash on a monthly basis.

Pensionable.

Comparison against companies with similar characteristics and sector peers are taken

into account in review.

Internal reference points, the responsibilities of the individual role, progression within

the role and individual performance are also taken into account.

There is no prescribed maximum annual basic

salary or salary increase.

Salary increases are awarded at the discretion

of the Committee. Salary increases (in

percentage of salary terms) will ordinarily be

considered in relation to those applied to the

broader employee population.

The Committee retains discretion to award a

lower or a higher increase to recognise, for

example, the performance and contribution of

an individual; an increase in the scale, scope

or responsibility of the role, and/or to take

account of relevant market movements.

Where an Executive Director’s salary is set

below market levels at appointment, a series

of increases may be given (in addition to the

factors listed above) to achieve the desired

salary positioning, subject to satisfactory

individual performance.

None, although the overall

performance of the individual is

considered as part of the review

process alongside the factors

described in how we operate the

salary policy.

BENEFITS

To provide a competitive

benefits package

To promote recruitment

and retention

Benefits may include a car or car allowance, health benefits, including permanent

incapacity, and life insurance.

Other benefits including relocation allowances may be offered if considered appropriate

and reasonable by the Committee. Executive Directors may be eligible for other

benefits, which are introduced for the wider workforce on broadly similar terms.

Any reasonable business-related expenses can be reimbursed (including the tax

thereon if determined to be a taxable benefit).

Executive Directors are also eligible to participate in any all-employee share plans

operated by the Company, in line with prevailing HMRC guidelines (where relevant), on

the same basis as for other eligible employees.

There is no maximum limit, but the Committee

reviews the cost of the benefits provision

on a regular basis to ensure that it remains

appropriate. The value of benefits is based on

the cost to the Company and varies according

to individual circumstances.

The maximum level of participation in respect

of any all-employee share plan is subject to

the limits imposed by HMRC from time to

time (or a lower cap set by the Company).

n/a

REMUNERATION REPORT CONTINUED

DIRECTORS’ REMUNERATION POLICY REPORT

Speedy Hire Plc Annual Report and Accounts 2026

Purpose and link to

strategy Operation Maximum Performance targets

PENSION

To provide market

competitive retirement

benefits, to reward

sustained contribution

Defined contribution and/or pension allowance. Workforce aligned. n/a

BONUS

To incentivise delivery

of specific strategic

objectives, including

financial performance

and personal annual

goals

Maximum bonus only

payable for achieving

demanding targets

Annual awards are based on targets set by the Committee normally at the beginning of

each financial year.

The extent to which the performance measures have been achieved is determined by

the Committee after the end of the performance period. The level of bonus for each

measure is determined by reference to the actual performance relative to that measure’s

performance targets, on a pro rata basis.

All bonus payments are at the ultimate discretion of the Committee, and the Committee

retains an overriding ability to ensure that overall bonus payments reflect its view of

corporate performance during the year when determining the final bonus amount to be

awarded.

Annual bonus awards up to 75% of salary are normally payable in cash (although the

Committee reserves the right to deliver some or all such bonus in shares, which may be

deferred).

50% of any bonus paid in excess of 75% of salary will normally be compulsorily deferred

into shares for two years with vesting normally subject to continued employment.

Note, should bonus quantum be operated at 125% of salary during the Policy period,

it is the intention of the Committee that a minimum of 20% of the entire bonus would

be deferred into shares for two years with vesting normally subject to continued

employment.

Malus and clawback provisions apply to allow recoupment of bonus (including as

to any deferred portion) for three years from the bonus payment date in the event of

material misstatement of performance, a significant failure of risk management, serious

misconduct, corporate failure or reputational damage.

Participants may also be entitled to receive dividend equivalents on vested shares.

Any dividend equivalents would normally be delivered in shares.

The annual bonus policy maximum is 125% of

salary in any financial year.

Performance metrics will be set for

each financial year by the Committee

aligned to the Company’s key

strategic objectives.

Group financial measures (e.g. profit

before tax) will apply.

Personal and/or strategic and/or

ESG-based KPIs may apply for a

minority of the bonus.

The performance metrics and targets

are reviewed annually to ensure they

remain appropriate.

The Committee retains the discretion

to set alternative metrics as

appropriate.

Performance measured over one

financial year.

No more than 25% of the maximum

opportunity will be payable for

threshold performance and no

more than 50% of the maximum

opportunity will be payable for on-

target performance.

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

Purpose and link to

strategy Operation Maximum Performance targets

LONG-TERM

INCENTIVES

To recruit and retain

Executive Directors.

Aligned to main strategic

objectives of delivering

long-term value creation.

Align Executive

Directors’ interests with

those of shareholders.

Discretionary conditional awards or nil or nominal cost options may be granted

annually as a combination of Performance ShareAwards (PSAs) and Restricted Share

Awards (RSAs).

The Committee reviews the quantum of awards annually and monitors the continuing

suitability of the performance measures.

Awards normally vest over 3 years or more from grant, subject to performance

conditions normally measured over three financial years or more (PSAs) and continued

service (PSAs and RSAs).

A two-year post vesting holding period requirement, which continues to apply post-

employment for shares that vest, net of sales to settle tax or other withholding due on

the vesting or exercise of awards.

Malus and clawback provisions apply to allow recoupment for a period of three years

following the vesting of an award, in the event that the value of a vested award is

subsequently found to have been overstated as a result of a material misstatement of

performance, a significant failure of risk management, serious misconduct, corporate

failure, reputational damage, or any other matter which the Committee deems relevant.

Participants may also be entitled to receive dividend equivalents on shares which vest.

Any dividend equivalents accrued will normally be delivered in shares.

All awards are subject to the discretions contained in the relevant plan rules.

PSA: 150% of salary

In respect of awards to be granted in 2026,

2027 and 2028 (i.e. the three-year Policy

period), the Committee intends to grant a

hybrid approach to Executive Directors as

follows:

PSA: 75% of salary

RSA: 37.5% of salary

PSA performance normally measured

over at least three years targets based

on financial targets, share price-

based targets (e.g. Total Shareholder

Return targets) and/or strategic/

ESG-based targets as set by the

Committee to reflect the prevailing

strategic priorities.

A maximum of 25% vests at threshold

increasing to 100% vesting at

maximum on a straight-line basis.

The Committee retains discretion

to override formulaic outcomes in

deciding the level of vesting to reflect

wider Company performance. Any

exercise of discretion will be fully

disclosed to shareholders.

RSAs will vest subject to achievement

of one or more an underpin which

mayinclude key financial and/ or

strategic measures and/ or reference

to underlying financial performance,

usually over a three-year period.

REMUNERATION REPORT CONTINUED

DIRECTORS’ REMUNERATION POLICY REPORT

Speedy Hire Plc Annual Report and Accounts 2026

Purpose and link to

strategy Operation Maximum Performance targets

SHAREHOLDING

REQUIREMENTS

To strengthen the

alignment between

the interests of the

Executive Directors and

those of shareholders

In accordance with best practice, share ownership requirements apply during and after

employment.

In-employment shareholding requirement

Executive Directors will normally be required to retain at least 50% of the shares

acquired on the vesting of share awards, net of tax, until the required level of

shareholding is achieved.

Deferred bonus shares, vested PSP shares, shares subject to a holding period and

open-market purchase shares, including shares held by a spouse or children under 18,

count towards this limit, on a net-of-tax basis.

Newly appointed Executive Directors would normally be expected to achieve the

required shareholding within five years of the date of appointment.

Existing Executive Directors would normally be expected to achieve the increased

requirement within a reasonable timeframe of the adoption of the Policy.

Post-employment shareholding requirement

Executive Directors will normally be required to retain a shareholding until the second

anniversary of the date they ceased to be an Executive Director.

The post-cessation shareholding requirement will apply to shares acquired (net of tax)

under awards granted under this Policy. Shares acquired under all-employee share

plans or purchased from the Executive Directors’ own funds would not be included.

Executive Directors are required to build up

and maintain an in-employment shareholding

worth at least 200% of base salary.

Executive Directors will normally be required

to retain a shareholding at the level of the

in-employment shareholding requirement, or

the actual shareholding on cessation if lower,

for a period of 12 months post-employment,

reducing to 50% of the year one holding for

the subsequent 12 months.

n/a

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

Purpose and link to

strategy Operation Maximum Performance targets

NON-EXECUTIVE

DIRECTORS

To attract and retain

high-calibre Non-

Executive Directors

The Non-Executive Directors’ fees are set by the Board on the recommendation of

the Executive Directors. No Director takes part in discussions relating to their own

remuneration.

The fees are set taking into account the time commitment and responsibilities of the

role. Additional fees may be payable in relation to extra responsibilities undertaken

such as chairing a Board Committee and/or a Senior Independent Director or other

designated role or being a member of a committee.

If there is a temporary, yet material, increase in the time commitments for Non-

Executive Directors, the Board may pay extra fees on a pro rata basis to recognise the

additional workload.

Fees are normally paid monthly in cash and are normally reviewed annually.

There is an expectation that individuals build and maintain a shareholding equal to

100% of fees.

Non-Executive Directors can be reimbursed for any reasonable business-related

expenses (including the tax thereon, if determined to be a taxable benefit).

Non-Executive Directors do not participate in incentive or pension plans and are not

eligible to receive benefits.

There is no prescribed maximum fee or fee

increase. Total fees for the Non-Executive

Directors are subject to the overall limit set

out in the Company’s Articles of Association.

Any increase will be guided by changes

in market rates, time commitments and

responsibility levels.

n/a

REMUNERATION REPORT CONTINUED

DIRECTORS’ REMUNERATION POLICY REPORT

Speedy Hire Plc Annual Report and Accounts 2026

Remuneration scenarios for Executive Directors

The remuneration package comprises core fixed pay (base salary, pension and benefits), an annual

bonus, PSAs and RSAs.

The chart below illustrates the composition of the Executive Directors’ remuneration packages under the

proposed policy for threshold, on-target and stretch performance.

h Base salaries effective from 1 April 2026 (or date of joining if later);

h An approximated annual value of benefits;

h A workforce aligned annualised pension contribution;

h Minimum performance comprises salary, benefits and pension only, with no bonus awarded and no

PSAs or RSAs vesting;

h On-target performance comprises annual bonus awarded at 50% of the maximum level (taken to

be 125% of salary notwithstanding that bonuses have been capped at 100% of salary in practice), a

75% of salary PSA (vesting at 50%) and a 37.5% of salary RSA (vesting at 100%);

h Maximum performance comprises annual bonus awarded at the maximum level of 125% of salary, a

75% of salary PSA (vesting at 100%) and a 37.5% of salary RSA (vesting at 100%); and

h Maximum performance with share price growth assumes a 50% share price appreciation in respect

of the PSA and RSAs.

Malus and clawback provisions

In respect of the malus and clawback provisions

set out in the Policy table above, the Remuneration

Committee has selected the malus/clawback

periods on the basis that: (i) it believes these to be

aligned with shareholder expectations as well as

FTSE All Share practice; and (ii) any circumstances

that would give rise to a potential malus/clawback

scenario would be likely to be identified during the

three-year time periods specified.

How employees’ pay is taken into

account

The designated employee Non-Executive Director

attends an annual Colleague Consultative

Committee (formerly the employee forum) meeting

(the last meeting was held on 3 March 2026)

where Directors’ remuneration was discussed,

along with: (i) how it aligned with the wider pay

policy; and (ii) the rationale behind the current

Remuneration Policy.

Pay and conditions across the Group are

considered when designing the Policy for

Executive Directors, and continue to be

considered in relation to the implementation

of the Policy. The Remuneration Committee

regularly interacts with the HR function and

senior operational executives, and monitors pay

trends across the workforce. Salary increases

will ordinarily be (in percentage of salary

terms) in line with those of the wider workforce.

The requirement to consider wider pay and

employment conditions elsewhere in the Group

is considered by the Remuneration Committee

to be a key objective and is embedded in the

Remuneration Committee’s terms of reference.

Speedy Hire discloses the pay ratio for the Chief

Executive, compared to that of UK employees

at the median, lower and upper quartile, and the

year-on-year trends will be considered in the

wider context of employee pay at Speedy Hire.

How the Executive Directors’

Remuneration Policy relates to the

wider Group

The Remuneration Policy described above

provides an overview of the structure that

operates for the most Senior Executives in the

Group. Employees below Executive level have

a lower proportion of their total remuneration

made up of incentive-based remuneration, with

remuneration driven by market comparators

and the impact of the role in question. Long-

term incentives are reserved for those judged

as having the greatest potential to influence the

Group’s strategic direction, earnings growth and

share price performance.

Consistent with the Group’s approach of

recognising the contribution of its employees

at all levels in the business, the Group operates

bonus incentives throughout the Group, a

long-term service award scheme, under which

employees receive a range of additional benefits,

including additional days of annual holiday

entitlement, dependent on service starting at

ten years. These benefits are popular amongst

employees, and the Group believes that they fulfil

a business need by encouraging and rewarding

the loyalty and motivation of long-serving

employees and by rewarding those employees

with higher levels of experience.

How shareholders’ views are taken

into account

The Remuneration Committee considers

shareholder feedback received in relation to

the AGM each year and shareholder views

on our executive remuneration policy more

generally. Outside of this, the Remuneration

Chief Executive

Minimum

Remuneration (£’000)

Annual Bonus

£2,500

£2,000

£1,500

£1,000

£500

£0

On-target Maximum Maximum

with share

price growth

100%

£527

42%

£1,221

26%

16%

30%

£1,726

37% 31%

11% 9%

22% 19%

15%

£2,010

26%

Share price growth

Fixed pay

PSP RSP

Chief Financial Officer

Remuneration (£’000)

RSP

Minimum

Annual Bonus

£2,500

£2,000

£1,500

£1,000

£500

£0

On-target Maximum Maximum

with share

price growth

100%

£405

43%

£937

26%

15%

16%

30%

£1,323

37% 31%

11% 9%

22%

19%

15%

£1,540

26%

Share price growth

Fixed pay

PSP RSP

Speedy Hire Plc Annual Report and Accounts 2026

GOVERNANCE

REMUNERATION REPORT CONTINUED

DIRECTORS’ REMUNERATION POLICY REPORT

Committee seeks to engage with its major

shareholders when any significant changes

to the Remuneration Policy are proposed.

The Remuneration Committee will consider

shareholder feedback received in relation to the

Directors’ Remuneration Report each year. The

Remuneration Committee also has regard to

additional feedback received from time-to-time

and closely monitors developments in institutional

investors’ best practice expectations.

Approach to recruitment and promotions

The remuneration package for a new Executive

Director would be set in accordance with the terms

of the approved Remuneration Policy prevailing at

the time of appointment and take into account the

skills and experience of the individual, the market

rate for a candidate of that experience and the

importance of securing the relevant individual.

The overarching principles applied by the

Remuneration Committee in developing

the remuneration package will be to set an

appropriate base salary together with benefits

and short- and long-term variable pay that takes

into account the complexity of the role. Salary

would be provided at such a level as required to

attract the most appropriate candidate and may

be set initially at a below-market level on the

basis that it may progress towards a competitive

market level once expertise and performance

have been proven and sustained. Salary

will be considered in the context of the total

remuneration package.

The maximum level of variable pay, which may be

awarded to new Executive Directors, excluding

the value of any buy-out arrangements, will be

in line with the policy set above. In addition, the

Remuneration Committee may offer additional

cash and/or share-based elements to replace

deferred or incentive pay forfeited by an Executive

leaving a previous employer when it considers

these to be in the best interests of the Company

and its shareholders. It will, where possible, ensure

that these awards are consistent with awards

forfeited in terms of the form of award, vesting

periods and expected value. Such elements may

be made under Section 9.4.2 of the Listing Rules

where necessary. Shareholders will be informed of

any such arrangements at the time of appointment.

The Remuneration Committee may apply different

performance measures, performance periods

and/or vesting periods for initial awards made

following appointment under the annual bonus

and/or long-term incentive arrangements,

subject to the rules of the plan, if it determines

that the circumstances of the recruitment merit

such alteration. A PSP award can be made

shortly following an appointment (assuming the

Company is not in a closed period).

For an internal Executive Director appointment,

any variable pay element awarded in respect of the

prior role may be allowed to pay out according to

its original terms, adjusted, if appropriate, to take

account of the new appointment. For external

and internal appointments, the Remuneration

Committee may agree that the Company will meet

certain relocation and/or incidental expenses as

appropriate.

The fee structure and quantum for Non-Executive

Director appointments will be based on the

prevailing Non-Executive Director fee policy

taking into account the experience and calibre of

the individual.

The Board evaluation and succession planning

processes in place are designed to ensure there

is the correct balance of skills, experience and

knowledge on the Board. The activities of the

Nomination Committee overseeing these matters

are disclosed in the Nomination Committee Report.

Service contracts and approach to

leavers

The Company’s policy is for Executive Directors

to have service contracts that may be terminated

with no more than 12 months’ notice from either

party. The Executive Directors’ service contracts

are available for inspection by shareholders at the

Company’s registered office.

The relevant dates of service contracts and notice

periods for the current Executive Directors are set

out as follows:

Executive Director

Date of

contract Notice period

Dan Evans 29 July 2022 12 months

Paul Rayner 1 July 2023 9 months

Service contracts for Executive Directors all

contain non-compete provisions appropriate to

their role. No Executive Director has the benefit

of provisions in his or her service contract for

the payment of pre-determined compensation in

the event of termination of employment. It is the

Remuneration Committee’s policy that the service

contracts of Executive Directors will provide for

termination of employment by giving notice or

by making a payment of an amount equal to

the monthly basic salary, benefits and pension

contributions in lieu of notice.

The Policy also provides that no Executive

Director should be entitled to a notice period

or payment on termination of employment in

excess of the levels set out in his or her service

contract and in determining amounts payable on

termination. The Remuneration Committee will

take into consideration the Executive Director’s

duty to mitigate his or her loss when determining

the amount of compensation.

Annual bonus may be payable for a good leaver

with respect to the period of the financial year

worked, although it will be performance linked,

pro-rated for time and paid at the normal pay-

out date. Different performance targets may be

set for the remainder of this bonus period to

reflect the individual’s specific responsibilities.

Any share-based entitlements granted to an

Executive Director under the Company’s share

plans will be determined based on the relevant

plan rules. In certain prescribed circumstances,

such as retirement, death, ill health, disability

or other circumstances at the discretion of the

Remuneration Committee, ‘good leaver’ status

may be applied. For good leavers, awards will

normally vest at the normal vesting date subject

to the satisfaction of the relevant performance

conditions/underpins at that time and time pro-

rating. However, the Remuneration Committee

retains discretion to determine that awards vest at

cessation of employment and/or to disapply the

time pro-rating in full, or in part, if it considers it

appropriate to do so. Where ‘good leaver’ status

is not applied, awards will lapse at the date of

termination.

In relation to a termination of employment, the

Remuneration Committee may make payments in

relation to any statutory entitlements or payments

to settle or compromise claims as necessary.

The Remuneration Committee also retains

the discretion to reimburse reasonable legal

expenses incurred in relation to a termination

of employment and to meet any transitional

or outplacement costs if deemed necessary.

Payment may also be made in respect of accrued

benefits, including untaken holiday entitlement.

There is no provision for additional compensation

on a change of control. In the event of a change

of control, the PSP awards will normally vest on

(or shortly before) the change of control subject

Speedy Hire Plc

Annual Report and Accounts 2026

to the satisfaction of the relevant performance conditions at that time and, unless the Remuneration

Committee determines otherwise, reduced pro rata to reflect the proportion of the vesting period served.

Outstanding awards under any all-employee share plans will vest in accordance with the relevant scheme

plan. Bonuses may become payable, subject to performance and, unless the Remuneration Committee

determines otherwise, subject to a pro rata reduction to reflect the curtailed performance period.

External appointments

The Board allows Executive Directors to accept appropriate outside commercial Non-Executive

Director appointments provided the aggregate commitment is compatible with their duties as Executive

Directors. The Executive Directors concerned may retain fees paid for these services, which will be

subject to approval by the Board.

Non‑Executive Directors

The Chairman and Non-Executive Directors do not have contracts of service but serve under letters

of appointment. Appointments are subject to annual re-election by shareholders at the AGM and may

be terminated by three months’ notice on either side. Therefore, all Directors will submit themselves

for re-election at the forthcoming AGM in September 2026, with the exception of David Garman, who

is stepping down from the Board after the AGM. The letters of appointment of the Non-Executive

Directors are available for inspection at the Company’s registered office during normal business hours.

The anticipated time commitment of Non-Executive Directors required by the Company is 50 days per

annum in relation to David Shearer and 20 days in relation to David Garman, Rhian Bartlett, Shatish

Dasani and Carol Kavanagh. Appointment dates for the Non-Executive Directors are detailed below:

Non‑Executive Director Role Appointment date

David Shearer

Non-Executive Chairman 1 October 2018

Rhian Bartlett Senior Independent Director 1 June 2019

David Garman Non-Executive Director 1 June 2017

Shatish Dasani Non-Executive Director 1 February 2021

Carol Kavanagh Non-Executive Director 1 June 2021

Details relate to appointment as Non-Executive Chairman, original appointment as Non-Executive Director was

9 September 2016.

Speedy Hire Plc Annual Report and Accounts 2026

GOVERNANCE

REMUNERATION REPORT CONTINUED

ANNUAL REPORT ON REMUNERATION

The sections of the Annual Remuneration Report

that have been audited by PwC are indicated in

the corresponding titles of those sections.

Remuneration Committee role and

membership

The Remuneration Committee comprises three

members: Carol Kavanagh (Chair), David Garman

and Shatish Dasani. All members are considered

by the Board to be independent Non-Executive

Directors. Biographies of the members of the

Remuneration Committee are set out on page

69. Details of the attendance at Remuneration

Committee meetings are set out below.

Remuneration Committee members and

scheduled meetings attended:

Carol Kavanagh (Chair)

Non-Executive Director 4/4

David Garman

Non-Executive Director 4/4

Shatish Dasani

Non-Executive Director 2/2

Rob Barclay

Non-Executive Director 2/2

Shatish Dasani was appointed to the Remuneration

Committee on 4 September 2025

Rob Barclay stepped down from the Remuneration

Committee on 4 September 2025

At the invitation of the Remuneration Committee

Chair, other members of the Board and senior

management may attend meetings of the

Remuneration Committee, except when their

own remuneration is under consideration. No

Directors are involved in determining their own

remuneration. The Company Secretary acts as the

secretary to the Remuneration Committee. The

members of the Remuneration Committee can,

where they judge it necessary to discharge their

responsibilities, obtain independent professional

advice at the Group’s expense.

The Remuneration Committee’s duties include:

h making recommendations to the Board

on the Group’s framework and policy for

the remuneration of the Company Chair,

Executive Directors, Company Secretary and

Senior Executives;

h reviewing and determining, on behalf of the

Board, Executive remuneration and incentive

packages to ensure such packages are fair

and reasonable;

h reviewing Directors’ expenses;

h reviewing Executive and Non-Executive

Directors against the shareholding guidelines;

h determining the basis on which the

employment of Executives is terminated;

h designing the Group’s share incentive

schemes and other performance-related pay

schemes, and to operate and administer such

schemes;

h determining whether awards made under

performance-related and share incentive

schemes should be made, the overall amount

of the awards, the individual awards to

Executives and the performance targets to

be used;

h ensuring that no Director is involved

in any decisions as to his/her own

remuneration; and

h reviewing regularly the ongoing

appropriateness and effectiveness of all

remuneration policies.

During FY2026, the Remuneration Committee

reviewed the following matters at its meetings:

h Determination of FY2025 bonuses for the

Executive Directors and senior managers

h Feedback on Directors’ Remuneration Report

and the final outcome of the 2025 AGM

voting for the report

h Consideration of the revised Directors’

Remuneration Policy to apply from 2026

AGM and significant shareholder consultation

exercise

h Determination of vesting of PSP awards due

to vest in FY2026

h Determination of the FY2026

Sharesave Scheme

h Determination of the Executive remuneration

structure and application of the Policy

for FY2027

h Proposed FY2026 bonus scheme for

Executive Directors and Executive Team

members and bonus arrangements for

employees generally

h Interim and final progress of employee share

plan performance measures against targets

and consequent approval of any vesting

of awards

h Progress of bonus achievement for FY2026

executive bonuses

h Approval of long-service share awards for

eligible employees and consideration of other

awards based on long service

h Terms of reference for, and the effectiveness

of, the Remuneration Committee

h Ongoing appropriateness and effectiveness

of remuneration and benefits policies for

Executive Directors and employees generally

and alignment to Company culture

h Performance of external remuneration

advisors

h Use of equity for employee share plans in

relation to dilution headroom limits

h Review of the Non-Executive Chairman’s fee

h Determining remuneration arrangements for

senior management joiners and leavers

The Remuneration Committee’s terms of

reference are published on the Company’s

website at speedyhire.com/investors and are

also available in hard copy on application to the

Company Secretary.

Advisors

During the year, the Remuneration Committee

received independent advice from FIT

Remuneration Consultants LLP (‘FIT’), in

connection with remuneration matters, including

the provision of general guidance on market and

best practice and the production of this report.

FIT was appointed by the Committee in 2020

following a competitive tender and has no other

connection or relationship with the Group or

individual Directors and provided no other services

to the Group during FY2026. FIT is a member of

the Remuneration Consultants Group and is a

signatory to its Code of Conduct. Fees paid to FIT

for FY2026 totalled £37,500 (excluding VAT) in

respect of advice provided to the Remuneration

Committee and for related matters based on a

standing retainer (with additional time based on

time and materials). Following the Committee’s

annual review of its advisor and the advice

received, the Committee concluded that FIT’s

advice continues to be objective and independent.

Speedy Hire Plc

Annual Report and Accounts 2026

Implementation of the Remuneration Policy for FY2027

Details of how the Remuneration Committee intends to operate the Remuneration Policy for Executive Directors in respect of the year ending 31 March 2027 are set out in the Annual Chair’s Statement.

Non‑Executive Directors

Current annual fee levels for Non-Executive Directors are as follows:

Non‑Executive Director Role Committee Chair role 1 April 2026

1 April 2025

David Shearer Non-Executive Chairman Nomination £156,060 £156,060

David Garman Non-Executive Director – £49,420 £56,420

Rhian Bartlett Senior Independent Director Sustainability £63,420 £54,420

Shatish Dasani Non-Executive Director Audit & Risk £56,420 £56,420

Carol Kavanagh Non-Executive Director Remuneration £61,420 £56,420

The policy reflects a base Board fee of £49,420 (FY2026: £49,420); additional fees per annum for the Chairman of the Audit & Risk, Remuneration and Sustainability Committees of £7,000 (FY2026: £7,000), an additional fee per annum for

the Senior Independent Director (Rhian Bartlett) of £7,000 (FY2026: £7,000) and for the designated employee Non-Executive Director (Carol Kavanagh) £5,000 (FY2026: £5,000). Rhian Bartlett replaced David Garman as Senior Independent

Director and Carol Kavanagh replaced Rhian Barlett as Designated Employee Director and Rhian Barlett became Chair of the Sustainability Committee in each case on 4 September 2025.

Speedy Hire Plc Annual Report and Accounts 2026

GOVERNANCE

REMUNERATION REPORT CONTINUED

ANNUAL REPORT ON REMUNERATION

Directors’ remuneration for FY2026 (Audited)

The emoluments of the Directors of the Company for the year under review were as follows:

Financial year

Fees/basic salary

£’000 Benefits £’000

Pension £’000

Total fixed

remuneration

£’000

Annual bonus

£’000

Value of long‑term

incentives £’000

Total variable

remuneration

£’000

Total

remuneration

£’000

Executive Directors

Dan Evans 2026 505 7 15 527 0 0 0 527

2025 495 7 15 517 0 0 0 517

Paul Rayner 2026 357 20 11 388 0 0 0 388

2025 350 18 8 376 0 0 0 376

Non-Executive Directors

David Shearer 2026 156 – – 156 – – – 156

2025 153 – – 153 – – – 153

David Garman 2026 52 – – 52 – – – 52

2025 55 – – 55 – – – 55

Rhian Bartlett 2026 60 – – 60 – – – 60

2025 53 – – 53 – – – 53

Shatish Dasani 2026 56 – – 56 – – – 56

2025 55 – – 55 – – – 55

Carol Kavanagh 2026 59 – – 59 – – – 59

2025 55 – – 55 – – – 55

Former Non-Executive Director

Rob Barclay

2026 24 24 24

2025 55 55 55

Totals 2026 1,269 27 26 1,322 0 0 0 1,322

2025 1,271 25 23 1,319 0 0 0 1,319

Rob Barclay resigned from the Board on 4 September 2025

Taxable benefits comprise a car or cash alternative, health insurance and life insurance.

Dan Evans and Paul Rayner received £15,000 and £11,000, respectively, in lieu of pension contributions, which are included in the Pension column above together with any actual pension contributions made.

For FY2026, the maximum bonus opportunity for the Executive Directors was 100% of salary, based on Group adjusted profit before tax (55%), Free Cash Flow (20%), strategic targets (20%) and ESG targets (5%). Details of actual

performance against targets is set out below.

For FY2026, this reflects that the 2023 PSP awards are expected to fail to hit both the threshold EPS and TSR performance targets, resulting in nil vesting. In respect of FY2025, this reflects the 2022 PSP awards (granted to Dan Evans)

awards lapsed in full as both the threshold EPS and TSR performance targets were not met.

Speedy Hire Plc Annual Report and Accounts 2026

Annual bonus assessment in respect of FY2026 performance (Audited)

Dan Evans and Paul Rayner were eligible to receive annual bonuses in respect of financial and operational performance in FY2026. Details of the performance targets and resulting bonus outcome are set out in the

table below:

Measure

Weighting (% of

salary) Threshold Max Actual

Result (% of

salary)

Adjusted PBT

55% £18m £21.9m £(9.8)m 0%

Free Cash Flow

20% £11.4m £14.9m £3.0m 0%

Strategic (customers, safety) 20% 20% – – n/a

ESG (carbon emissions) 5% 5% – – n/a

Total 100% – – – 0%

Group adjusted profit before tax (‘adjusted PBT’).

Free Cash Flow: Net cash flow before movement in borrowings, merger and acquisition activity and returns to shareholders.

Despite the Committee noting the progress made against strategy delivery and ESG targets, on the basis that the threshold PBT target was not met, a detailed assessment was not made against the strategic targets (focussed on proactively

managing and leading change to minimise safety incidents and increasing trade with national customers) or ESG targets (delivering a year-on-year reduction in scope 1 and 2 carbon emissions).

PSP awards vesting in 2026 (Audited)

PSP awards, which were granted in July 2023 with vesting based on earnings per share (‘EPS’) and relative total shareholder return (TSR) performance targets measured over the three years ending on the dates

below are expected to lapse in full as follows:

Performance Measure Weighting

Performance

period end

Threshold (25%

vesting)

Maximum (100%

vesting) Actual

% vesting for this

part of the award

EPS 50% 31 March 2026 6.25p 8.00p Below Threshold 0%

TSR* 50% 20 July 2026 Median Upper Quartile Expected to be Below Median 0%

Versus constituents of the FTSE 250 (excluding investment trusts).

Long‑term incentive plan awards granted to Executive Directors in the year (Audited)

No long-term incentives were granted in the year ended 31 March 2026.

Speedy Hire Plc

Annual Report and Accounts 2026

GOVERNANCE

Directors’ interests in share‑based awards (Audited)

Details of the Executive Directors’ interests in share-based awards1 are as follows:

Executive Director

Interest at

1 April 2025

Options/

awards granted

during the year

Options/

awards exercised

during the year

Options/

awards lapsed

during the year

Interest at

31 March 2026

Exercise price

(pence)

Normal date from

which exercisable/

vested to expiry date (if

appropriate)

Dan Evans

PSP 2017

2,3

23,883 – – – 23,883 nil Jun 2020 – Jun 2027

PSP 2018

2,3

60,148 – – – 60,148 nil May 2021 – May 2028

PSP 2022

2,4

604,528 – – (604,528) – nil Jun 2025 – Jun 2032

PSP 2023

1,212,284 – – – 1,212,284 nil Jul 2026 – Jul 2033

PSP 2024

5,386,289 – – – 5,386,289 nil Jun 2028 – Sept 2034

Total 7,2 87,13 2 – – (604,528) 6,682,604

Paul Rayner

PSP 2023

943,426 – – – 943,426 nil Jul 2026 – Jul 2033

PSP 2024

3,810,664 – – – 3,810,664 nil Jun 2028 – Sept 2034

Total 4,754,090 – – – 4,754,090

All PSP awards above were granted as nil-cost options. No consideration was paid for the grant of these options.

Granted to Dan Evans prior to his appointment to the Board on 1 October 2022.

Vested awards.

The performance conditions for the 2022 PSP awards are set out in the ‘Long-term incentive plan awards granted to Executive Directors on page 101 of the Annual Report and Accounts 2025.

The performance conditions for the 2023 PSP awards are set out under ‘PSP awards vesting in 2026 (Audited)’ above.

The performance conditions for the 2024 PSP awards are set out in the ‘Long-term incentive plan awards granted to Executive Directors on page 100 of the Annual Report and Accounts 2025.

The mid-market closing price of Speedy Hire Plc ordinary shares at 31 March 2026 was 22.65 pence and the range during the year was 18.12 pence to 32.25 pence per share.

Dilution

The Performance Share Plan and SAYE share option schemes provide that overall dilution through the issuance of new shares for employee share schemes should not exceed an amount equivalent to 10% of

the Company’s issued share capital over a rolling ten-year period. The Committee monitors the position prior to making awards under these schemes to ensure that the Company remains within the limit. As at

12 June 2026, the latest practicable date before the publication of this Annual Report and Accounts, 8.33% of the 10% limit has been used.

REMUNERATION REPORT CONTINUED

ANNUAL REPORT ON REMUNERATION

Speedy Hire Plc Annual Report and Accounts 2026

100

Shareholder voting at AGM

The most recent resolutions in respect of the Directors’ Remuneration Policy (2024 AGM) and Directors’ Remuneration Report (2025 AGM) received the following votes from shareholders:

2024 AGM – Remuneration Policy 2025 AGM – Remuneration Report

Total number of

votes % of votes cast

Total number of

votes % of votes cast

For 252,125,891 80.26 309,364,669 99.59

Against 62,015,362 19.74 1,288,633 0.41

Total votes cast (for and against) 314,141,253 100 310,653,302 100

Votes withheld

9,579,557 n/a 98,739 n/a

Total votes cast (including withheld votes) 323,720,810 310,752,041

A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes cast ‘For’ and ‘Against’ a resolution.

Directors’ interests in the share capital of the Company (Audited)

The interests of the Directors, including their connected persons, (all of which were beneficial), who held office during FY2026, are set out in the table below:

Legally owned

PSP Awards (Performanced, nil cost

options)

Sharesave (Non‑

Performanced,

share options) Total

Shareholding

requirement

% of salary/fee of

requirement met

Total purchase price

of all shares

Director 31 March 2025 31 March 2026 Unvested Vested Unvested 31 March 2026 % % (£)

Dan Evans – – 6,598,573 84,031 – 84,031 200 1 –

Paul Rayner 650,000 740,000 4,754,090 – – 740,000 200 25 260,429

David Shearer 1,356,111 1,606,111 – – – 1,606,111 100 >100 676,890

David Garman 500,000 700,000 – – – 700,000 100 >100 292,160

Rhian Bartlett 74,744 250,744 – – – 250,744 100 95 87,48 9

Shatish Dasani 301,500 361,500 – – – 361,500 100 >100 133,789

Carol Kavanagh 65,075 65,075 – – – 65,075 100 26 29,817

Former Director

Rob Barclay

48,000 n/a – – – – n/a n/a n/a

Total purchase price of all share purchases made up to 31 March 2026.

Rob Barclay stepped down from the Board on 4 September 2025. At that date, he legally owned 48,000 shares.

Note that only legally owned shares and vested but unexercised PSP awards (on a net of tax basis) count towards the shareholding requirement. Shareholdings are valued on the basis of the average daily closing

share price (of the three months prior to the 31 March 2026 (being 24.14p) and tested against the Directors’ base salary/fee at 31 March 2026).

Between 1 April 2026 and the date of this report, no transactions in the share capital of the Company were made by current Directors (including their connected persons)

Payment to past Directors or for loss of office (Audited)

There have been no payments made to past Directors and no payments made for loss of office in the year.

Speedy Hire Plc

Annual Report and Accounts 2026

101

GOVERNANCE

Comparison of overall performance and pay

The chart below presents the total shareholder return for Speedy Hire Plc compared to that of the FTSE 250 and FTSE SmallCap (both excluding investment trusts). The values indicated in the graph show the

share price growth plus reinvested dividends over a ten-year period from a £100 hypothetical holding of ordinary shares in Speedy Hire Plc and in the index.

Total shareholder return

REMUNERATION REPORT CONTINUED

ANNUAL REPORT ON REMUNERATION

This graph shows the value, by 31 March 2026, of £100 investment in Speedy Hire on 31 March 2016, compared with the value of £100 invested in the FTSE 250 (excl. Investment Trusts) and FTSE SmallCap (excl.

Investment Trusts) indices on the same day. The other points plotted are the values at intervening financial year ends. The FTSE 250 and SmallCap indexes have been chosen as appropriate comparators given that

the former was used for the PSP TSR comparator group for the majority of the last ten years and Speedy Hire is currently a constituent of the latter.

The total remuneration figures for the Chief Executive during each of the last ten financial years are shown in the table below. The total remuneration figure includes the annual bonus based on that year’s

performance (FY2017 to FY2026) and PSP awards based on three-year performance periods ending just after the relevant year end. The annual bonus pay-out and PSP vesting level, as a percentage of the

maximum opportunity, are also shown for each of these years.

Russell Down Dan Evans

FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2023 FY2024 FY2025 FY2026

Single Total Figure of remuneration (£’000s) 757 667

1,278

683 790 735 257 236 492 517 527

Annual bonus (% of max) 97% 55% 55% – 71%

67% 0% 0% 0% 0% 0%

PSP vesting (% of max) – 33% 96%

50% 49% 0% 0% 0% 0% 0% 0%

Russell Down stepped down and Dan Evans was appointed as Chief Executive during FY2023.

Total remuneration for 2018 includes the EPS element of the 2015 PSP grant (of which 15% of the maximum vested). Total remuneration for 2019 includes the TSR element of 2015 PSP grant (of which 18.51% of the maximum vested) and both

the EPS and TSR element of the 2016 PSP grant (of which 96.41% vested).

The vesting percentage for 2018 shows the vesting of the 2015 PSP grant (EPS and TSR elements). The vesting percentage for 2019 shows the vesting of the 2016 PSP grant only.

The annual bonus potential was limited to 50% of salary over the second half of FY2021.

The vesting percentage for 2026 reflects that the 2023 PSP awards are expected to lapse in full due to the failure to hit the threshold EPS target and the expected below median TSR.

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Speedy Hire Plc Annual Report and Accounts 2026

102

Percentage change in each Director’s total remuneration

The table below shows the percentage change in each Director’s total remuneration (excluding the value of any long-term incentives and pension benefits receivable in the year) between FY2021 and FY2022, FY2022

and FY2023, FY2023 and FY2024, FY2024 and FY2025, and FY2025 and FY2026 compared to that of the average for all UK- and Ireland-based employees of the Group (there are no employees of the Company).

% change from FY2021 to FY2022 % change from FY2022 to FY2023 % change from FY2023 to FY2024 % change from FY2024 to FY2025 % change from FY2025 to FY2026

Salary/

Fee Benefits Bonus

Salary/

Fee Benefits Bonus

Salary/

Fee Benefits Bonus

Salary/

Fee Benefits Bonus

Salary/

Fee Benefits Bonus

Dan Evans

n/a n/a n/a n/a n/a n/a 30% (24%) n/a 5% 28% n/a 2% 0% n/a

Paul Rayner

n/a n/a n/a n/a n/a n/a 3% n/a n/a 0% 28% n/a 2% 10% n/a

David Shearer 6% n/a n/a 5% n/a n/a 7% n/a n/a 2% n/a n/a 2% n/a n/a

David Garman 8% n/a n/a 8% n/a n/a 5% n/a n/a 2% n/a n/a (5%) n/a n/a

Rob Barclay

5% n/a n/a 4% n/a n/a 5% n/a n/a 2% n/a n/a 2% n/a n/a

Rhian Bartlett

4% n/a n/a 5% n/a n/a 17% n/a n/a 2% n/a n/a 12% n/a n/a

Shatish Dasani

3% n/a n/a 4% n/a n/a 5% n/a n/a 2% n/a n/a 2% n/a n/a

Carol Kavanagh

n/a n/a n/a 39% n/a n/a 2% n/a n/a 2% n/a n/a 7% n/a n/a

Average employees 12% 0% 11% 6% 0% 75% 5% 0% (96%) 5% 0% 22% 5% n/a n/a

Dan Evans was appointed to the Board on 1 October 2022.

Paul Rayner was appointed to the Board on 1 July 2023.

Rob Barclay stepped down from the Board on 4 September 2025. His 2026 numbers are pro-rated up, to enable a full year-on-year comparison.

Rhian Bartlett was appointed to the Board on 1 June 2019. Her 2020 numbers have been pro-rated up, to enable a full year-on-year comparison.

Shatish Dasani was appointed to the Board on 1 February 2021. As such, there was no prior year remuneration for 2020. His 2021 numbers have been pro-rated up, to enable a full year-on-year comparison.

Carol Kavanagh was appointed to the Board on 1 June 2021. As such, there was no prior year remuneration for 2021. Her 2022 numbers have been pro-rated up, to enable a full year-on-year comparison.

Pay ratio of the Chief Executive to average employee

The table below compares the ratio of Chief Executive’s pay to the pay of employees at the 25th, median and 75th percentile as at 31 March 2026 (and for the prior six years).

Year

Method of

calculation

adopted

25th percentile

pay ratio (Chief

Executive: UK

employees)

Median pay ratio

(Chief Executive:

UK employees)

75th percentile

pay ratio (Chief

Executive: UK

employees)

2026 Option A 18:1 16:1 13:1

2025 Option A 18:1 16:1 13:1

2024 Option A 18:1 16:1 13:1

2023* Option A 20:1 17:1 13:1

2022 Option A 31:1 26:1 21:1

2021 Option A 37:1 32:1 25:1

2020 Option B 30:1 29:1 22:1

* Given the change in Chief Executive during the FY2023, the Chief Executive’s pay for FY2023 was based on £491,766, being the total remuneration for both Russell Down and Dan Evans in respect of their qualifying services as Chief

Executive from the single figure table above.

Speedy Hire Plc Annual Report and Accounts 2026

103

GOVERNANCE

REMUNERATION REPORT CONTINUED

ANNUAL REPORT ON REMUNERATION

The median, 25th percentile and 75th percentile figures used to determine the above ratios were calculated by reference to option ‘A’ methodology prescribed under the UK Companies (Miscellaneous Reporting)

Regulations 2018 albeit the total remuneration figures for employees are based on a cash, rather than accrual basis, in respect of the various annual bonus schemes operated. The Committee selected this approach

as it was felt to produce the most statistically accurate result based on the available data and to be comparable from year to year.

The median ratio for 2026 is broadly consistent with that for 2025 given the CEO’s remuneration continued to comprise only of fixed remuneration and the median total pay and benefits number is broadly

comparable with the prior year.

The Committee considers that the median pay ratio disclosed above is consistent with the pay, reward and progression policies for the Company’s UK employees taken as a whole.

Pay details for the individuals whose 2025/2026 remuneration is at the median, 25th percentile and 75th percentile amongst UK-based employees (and for the prior year) are as follows:

Chief Executive UK Employees

Year 25th percentile Median 75th percentile

Salary £504,900 £28,993 £32,000 £40,290

2026 (Total pay and benefits) (£526,928) (£29,924) (£32,960) (£41,499)

Relative importance of spend on pay

The following table shows the Company’s actual spend on pay (for all employees) relative to distributions to shareholders by way of dividends and share buybacks.

Year 2025 2026 % change

Staff costs (£’m) 136.2 140.7 3%

Dividends (£’m) 11.8 9.7 (18%)

£0.9m of the staff costs figures relates to pay for the Executive Directors. This is different from the aggregate of the single figures for the year under review due to the way in which the share-based awards are

accounted for. The dividend figures relate to amounts paid in the relevant financial year.

This report was approved by the Board on 16 June 2026.

CAROL KAVANAGH

Chair of the Remuneration Committee

Speedy Hire Plc

Annual Report and Accounts 2026

104

SUSTAINABILITY COMMITTEE REPORT

THE SUSTAINABILITY COMMITTEE PRESENTS ITS REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2026

RHIAN BARTLETT

Chair of the Sustainability Committee

The terms of reference of the Sustainability

Committee are reviewed annually by the

Committee and changes proposed to the

Board. The current terms are published on the

Company’s website at speedyhire.com/investors

and are also available in hard copy form on

application to the Company Secretary.

Attendance

The Sustainability Committee met on three

scheduled occasions during the year. Details of

the attendance are set out in the table below.

At the invitation of the Chair, Speedy Hire’s Head

of Sustainability & Governance is invited to attend

Committee meetings.

Sustainability Committee meetings and

member attendance during the year:

Rhian Bartlett (Chair) Non-Executive Director 3/3

Carol Kavanagh Non-Executive Director 1/1

Dan Evans Chief Executive 3/3

Rob Barclay Non-Executive Director 2/2

Carol Kavanagh was appointed to the Sustainability

Committee on 4 September 2025.

Rob Barclay stepped down from the Sustainability

Committee on 4 September 2025.

Operation of the Sustainability

Committee

The Company Secretary or Assistant Company

Secretary acts as secretary to the Sustainability

Committee. The members of the Sustainability

Committee can, where they judge it necessary

to discharge their responsibilities, obtain

independent professional advice at the

Company’s expense.

The Sustainability Committee’s duties include

inter alia:

h reviewing Speedy Hire’s ESG strategy and

execution for the Board;

h engaging with and supporting the

other Board Committees (Audit & Risk,

Remuneration and Nomination Committees)

in respect of ESG matters;

h reviewing and recommending the approval

of the annual Modern Slavery Statement to

the Board;

h overseeing Speedy Hire’s sustainability

disclosures on behalf of the Board, including

approval of the ESG Report, Task Force on

Climate-Related Financial Disclosures and

greenhouse gas emissions;

h monitoring the sustainable development of

the organisation; and

h monitoring developments and emerging best

practice in approaches to ESG matters.

During the year, the Committee fulfilled all

responsibilities within its remit, overseeing the

continued delivery of Speedy Hire’s Decade to

Deliver strategy. The Committee assessed the

sustainability impacts and opportunities arising

from the ProService Transaction and monitored

progress in supporting customers’ increasing

demand for lower carbon solutions.

In line with the structural changes to the business,

the Committee endorsed the establishment of

FY2026 as the new baseline year for recalculating

Scope 1, 2 and 3 emissions and refreshing Speedy

Hire’s science-based targets, with detailed

metrics to be reported from FY2027.

The Committee was pleased to note strong

performance during the year, including achieving

EcoVadis Gold, retaining a CDP A– rating and an

A for Supply Chain Engagement; launching a new

Social Value Strategy, advancing PAS 2080 aligned

carbon reduction services and developing the

industry’s first nature calculator for hire equipment;

becoming the first hire sector signatory to the

Anti-Greenwashing Charter and piloting the UK’s

first Net Zero Supplier Recognition Scheme.

These achievements strengthen Speedy Hire’s

sustainability foundations and support the

planned refresh of targets in FY2027.

This report was approved by the Board on

16 June 2026.

RHIAN BARTLETT

Chair of the Sustainability Committee

Objectives

The key function of the Sustainability Committee

is to assist the Board in its oversight of Speedy

Hire’s Environmental, Social and Governance

(‘ESG’) strategy and to provide input to the Board

and other Board Committees on ESG-related

matters as required.

Composition of the Sustainability

Committee

The Sustainability Committee comprises Rhian

Bartlett (Chair), Carol Kavanagh and Dan Evans.

Appointments and attendance at meetings during

the year are set out below. Biographies of the

members of the Sustainability Committee are set

out on pages pages 68 to 69.

Speedy Hire Plc

Annual Report and Accounts 2026

105

GOVERNANCE

DIRECTORS’ REPORT

This section contains additional information which

the Directors are required by law and regulation

to include within the audited consolidated Annual

Report and Accounts. This section, along with

the Chairman’s statement on pages 2 to 3, the

Strategic Report on pages 1 to 67, the Corporate

Governance review on pages 71 to 76 and

the reports of the Audit & Risk, Nomination,

Remuneration and Sustainability Committees

on pages 77 to 105, which are incorporated by

reference into this report and are deemed to form

part of this report, constitutes the Directors’ Report

in accordance with the Companies Act 2006.

Results and dividends

The consolidated loss after taxation for the

year was £26.6m (2025: £1.1m loss). This loss

is stated after a taxation credit of £5.7m (2025:

£0.4m credit) representing an effective rate of

17.6% (2025: 26.7%). An interim dividend of 0.30

pence per share was paid during the year. The

Directors propose that a final dividend of 0.70

pence per share be paid, which, if approved at

the forthcoming Annual General Meeting, would

make a total dividend distribution in respect of the

year of 1.00 pence per share (2025: 2.60 pence).

The final dividend, if approved, will be paid on

2 October 2026 to all shareholders on the register

at 21 August 2026.

Post‑balance sheet events

There are no post-balance sheet events to

disclose.

Related party transactions

Except for Directors’ service contracts, the

Company did not have any material transactions

or transactions of an unusual nature with, and

did not make loans to, related parties in the

period in which any Director is, or was, materially

interested.

Buy‑back of shares

At the Annual General Meeting held on

4 September 2025, a special resolution was passed

to authorise the Company to make purchases on

the London Stock Exchange of up to 10% of its

ordinary shares. As at 16 June 2026, no shares had

been purchased under this authority.

Shareholders will be requested to renew this

authority at the forthcoming Annual General

Meeting on 10 September 2026.

Financial instruments

The Group holds and uses financial instruments

to finance its operations and manage its interest

rate and liquidity risks. Full details of the Group’s

arrangements are contained in note 19 to the

Financial Statements.

Going concern

The Directors have assessed the Group’s and the

Company’s ability to continue as a going concern

based on forecasts covering the period to June

2027, including a severe but plausible downside

scenario.

The forecasts indicate that the Group is expected

to maintain sufficient liquidity and comply with its

financial covenants. However, they show reduced

headroom at certain covenant testing dates and

are sensitive to changes in trading performance.

A more significant deterioration in trading,

including sustained underperformance or

disruption to key customer contracts, could

reduce covenant headroom and result in a breach

of financial covenants.

These conditions indicate the existence of a

material uncertainty that may cast significant

doubt on the Group’s and the Company’s ability

to continue as a going concern,specifically

in relation to covenant compliance under the

Group’s financing arrangements.

Notwithstanding this material uncertainty, the

Directors have a reasonable expectation that

the Group and the Company have adequate

resources to continue in operational existence for

at least 12 months from the date of approval of

the financial statements. Accordingly, as detailed

in note 1 to the Financial Statements (Accounting

policies), the Directors continue to adopt the

going concern basis in preparing the Annual

Report and Accounts.

Substantial shareholders

The Company had received notifications from the

following holders of shares with 3% or more of

the total voting rights in the issued share capital

of the Company (excluding treasury shares),

which confirmed the following holdings as at

31 March 2026:

Shareholder name

Percentage of

voting rights

Aberforth Partners LLP 11.63

FIL Limited 9.95

Jupiter Fund Management Plc 8.94

Schroders Plc 8.00

Between 1 April 2026 and 16 June 2026, the

Company had not received notifications of any

changes in substantial shareholdings or voting

rights, as required under the Disclosure Guidance

and Transparency Rules.

Directors

The Directors who served during the year and

up to the date of signing, and the interests of

Directors in the share capital of the Company, are

set out on page 101.

In accordance with the Company’s Articles of

Association and in compliance with the UK

Corporate Governance Code, all new Directors

submit for election at the first Annual General

Meeting following their appointment and all other

Directors submit for re-election at each Annual

General Meeting.

No Director had any interest, either during or at

the end of the year, in any disclosable contracts

or arrangements, other than a contract of service,

with the Company or any subsidiary company.

No Director had any interest in the shares of any

subsidiary company during the year.

Equal opportunities

The Group employed 3,335 people in the UK and

Ireland as at 31 March 2026.

The Group has a clear policy that employees are

recruited and promoted solely based on aptitude

and ability. The Group does not discriminate in

any way in respect of race, sex, marital status,

age, religion, disability or any other characteristic

of a similar nature. In the case of disability,

bearing in mind the aptitude of the applicant

concerned, all reasonable adjustments are

considered and training is provided to enable

employment or continued employment, as

well as to ensure that any disabled employees

receive equal treatment in matters such as career

development, promotion and training. Managers

at all levels are trained and developed to adhere

to and promote this goal, including receiving

training specifically on diversity, equity and

inclusion matters.

Speedy Hire Plc

Annual Report and Accounts 2026

106

Employee involvement

The Group actively promotes employee

involvement to achieve a shared commitment

from all employees to the success of the

businesses in which they are employed. To

support this, updates on the Group’s performance

(including factors affecting performance) are

provided to employees through the Chief

Executive’s ‘Up to Speed’ and ‘The Hub’

communications, which are available on

all Company devices. The Group has also

established a Colleague Consultative Committee

in which representatives from different business

areas meet on a six-monthly basis with the Chief

Executive and the Chief People Officer. Carol

Kavanagh, in her capacity as the designated Non-

Executive Director for employee engagement,

annually attends this meeting. Her attendance

helps ensure the employee voice is heard in the

Boardroom. This enables a greater understanding

of workforce concerns and their consideration in

Board decisions.

The Board believes in the effectiveness of

financial incentives. It is the Group’s policy

that employees should generally be eligible to

participate either in Company incentive schemes

or local tactical campaigns as soon as practicable

after joining the Group, following the conclusion

of any relevant probationary period. Details of

annual incentive arrangements for Executive

Directors are summarised in the Remuneration

Committee’s Report on pages 84 to 104.

The Group has a people strategy in place aimed

at being an employer of choice, as can be seen on

page 25 of the Strategic Report. The Group makes

a number of commitments to its employees,

including pay, engagement and development.

The Board sees employee engagement as a key

part of its success. Further details of how the

Board engages with employees and how it has

regard for their interests and views can be seen

on page 58 of the Strategic Report.

Exercise of Board powers

In performing its duty to promote the success of

the Company and the wider Group, the Board

is committed to effective engagement and

the fostering of relationships with all relevant

stakeholders, which is illustrated on pages 56 to

59. To help facilitate this, monthly management

reporting to the Board addresses key matters

concerning relevant customers, suppliers,

investors, employees, regulators and the

environment. These reports are considered in the

Board’s discussions and influence its decision-

making process allowing regard to the matters

within Section 172 of the Companies Act 2006.

Further information and a statement on how the

Directors have had regard to the matters set out

in Section 172 when discharging their duties, is

provided on page 56 of the Strategic Report.

Disclosure of information to auditors

The Directors who held office at the date of

approval of this Directors’ Report confirm that, so

far as they are each aware, there is no relevant

audit information of which the Company’s

auditors are unaware and each Director has taken

all the steps that he or she ought to have taken

as a Director to make himself or herself aware of

any relevant audit information and to establish

that the Company’s auditors are aware of that

information. This confirmation is given and should

be interpreted in accordance with the provisions

of Section 418 of the Companies Act 2006.

Independent Auditors

PricewaterhouseCoopers LLP (‘PwC’) was

reappointed at the Annual General Meeting

of the Company held on 4 September 2025

and its appointment expires at the conclusion

of this year’s Annual General Meeting. PwC

has expressed their willingness to continue

as external auditors of the Group. Separate

resolutions proposing the re-appointment of

PwC and to authorise the Directors to determine

the auditors’ remuneration will be put to the

forthcoming Annual General Meeting on

10 September 2026.

Capital structure

As at 31 March 2026, the Company’s share capital

comprised a single class of ordinary shares of

5 pence each. As at 31 March 2026, the issued

share capital was 516,983,637 comprising ordinary

shares of 5 pence each, of which 55,141,657 were

held in treasury. There are no special rights or

obligations attaching to the ordinary shares.

Restrictions on share transfers

The Company’s Articles of Association provide

that the Company may refuse to transfer shares in

the following customary circumstances:

h where the share is not a fully paid share;

h where the share transfer has not been

duly stamped with the correct amount of

stamp duty;

h where the transfer is in favour of more than

four joint transferees;

h where the share is a certificated share and

is not accompanied by the relevant share

certificate(s) and such other evidence as the

Board may reasonably require to prove the

title of the transferor; or

h in certain circumstances where the

shareholder in question has been issued with

a notice under Section 793 of the Companies

Act 2006.

These restrictions are in addition to any which are

applicable to all UK listed companies imposed by

law or regulation.

Shares with special rights

There are no shares in the Company with special

rights with regard to control of the Company.

Restrictions on voting rights

The Notice of Annual General Meeting specifies

deadlines for exercising voting rights and

appointing a proxy or proxies to vote in relation

to resolutions to be passed at the Annual

General Meeting. All proxy votes are counted

and the numbers for, against or withheld in

relation to each resolution are announced at the

Annual General Meeting and published on the

Company’s website after the meeting.

Agreements that may result in

restrictions on share transfers

The Company is not aware of any agreements

between shareholders that may result in

restrictions on the transfer of securities and/or on

voting rights.

Appointment and replacement of

Directors

The Company’s Articles of Association provide

that all Directors must stand for election at the

first Annual General Meeting after having been

appointed by the Board. Thereafter, a Director will

retire from office at each Annual General Meeting

and submit to re-election.

Speedy Hire Plc

Annual Report and Accounts 2026

107

GOVERNANCE

Articles of Association

The Company’s Articles of Association may be

amended by special resolution of the Company’s

shareholders.

Directors’ powers

At the Annual General Meeting to be held on

10 September 2026, shareholders will be asked

to renew the Directors’ power to allot shares and

buy back shares in the Company and to renew

the disapplication of pre-emption rights, in each

case capped in line with the requirements of

current best practice.

Change of control – significant

agreements

There are no significant agreements to which

the Company is a party that may take effect,

alter or terminate upon a change of control

following a takeover bid, other than in relation to:

(i) employee share schemes; (ii) the Company’s

borrowings, which would become repayable on

a takeover being completed; and (iii) some joint

venture and customer contracts, which include

provisions exercisable by a counterparty on a

change of control, including the right of a counter

party to terminate an agreement.

Employee Benefit Trust ‑ shareholdings

Shares in the Company are held in the Speedy

Hire Employee Benefits Trust (‘Trust’) for the

purpose of satisfying awards made under the

Company’s Performance Share Plan. Unless

otherwise directed by the Company, the Trustees

of the Trust abstain from voting on any shares

held in the Trust in respect of which the beneficial

interest has not vested in any beneficiary. In

relation to shares held in the Trust where the

beneficial interest has vested in a beneficiary,

the beneficiary can direct the Trustees on how to

vote. As at 16 June 2026, the Trust held 737,893

shares in the Company (0.14% of the issued share

capital).

Compensation for loss of office

There are no agreements between the Company

and its Directors or employees providing for

compensation for loss of office or employment

(whether through resignation, purported

redundancy or otherwise) that occurs in the event

of a bid for the Company or takeover save that the

provisions of the Company’s share schemes and

plans may cause options and awards granted to

employees under such schemes and plans to vest

on a takeover.

Directors’ indemnities

Throughout the financial year and at the date

of approval of the Financial Statements, the

Company has purchased and maintained

Directors’ and Officers’ liability insurance in

respect of itself and its Directors.

As permitted by the Companies Act 2006 and

the Company’s Articles of Association, it is the

Company’s policy to indemnify its Directors.

Qualifying deeds of third-party indemnity are put

in place for all Directors on appointment.

Political contributions

No political donations were made during the year

(2025: nil).

Research and Development

The Company continued to undertake research

and development activities to develop its

information technology, including its enterprise

resource planning (‘ERP’) system and digital

platforms.

Carbon and Energy Reporting

All disclosures concerning the Group’s carbon

and energy consumption (as required under

The Companies (Directors’ Report) and Limited

Liability Partnerships (Energy and Carbon Report)

Regulations 2018) are included in the ESG section

of the Strategic Report on pages 34 to 54.

Annual General Meeting

The Company’s Annual General Meeting will be

held at Addleshaw Goddard LLP, 41 Lothbury,

London EC2R 7HG on 10 September 2026

at 2:00pm. A formal Notice of Meeting, an

explanatory circular and a form of proxy will be

sent separately to shareholders.

This report was approved by the Board on

16 June 2026 and signed on its behalf by:

DAN EVANS

Chief Executive

DIRECTORS’ REPORT CONTINUED

Speedy Hire Plc Annual Report and Accounts 2026

108

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

IN RESPECT OF THE ANNUAL REPORT AND ACCOUNTS

The Directors are responsible for preparing the Annual Report and Accounts in accordance with applicable law and regulations.

Company law requires the Directors to prepare

Financial Statements for each financial year.

Under that law, the Directors have prepared

the Group and the Parent Company Financial

Statements in accordance with UK-adopted

international accounting standards.

Under company law, Directors must not

approve the Financial Statements unless they

are satisfied that they give a true and fair view

of the state of affairs of the Group and Parent

Company and of the profit or loss of the Group

and Parent Company for that period. In preparing

the Financial Statements, the Directors are

required to:

h select suitable accounting policies and then

apply them consistently;

h state whether applicable UK-adopted

international accounting standards have been

followed, subject to any material departures

disclosed and explained in the Financial

Statements;

h make judgements and accounting estimates

that are reasonable and prudent; and

h prepare the Financial Statements on the

going concern basis unless it is inappropriate

to presume that the Group and Parent

Company will continue in business.

The Directors are responsible for safeguarding

the assets of the Group and Parent Company

and hence for taking reasonable steps for the

prevention and detection of fraud and other

irregularities.

The Directors are also responsible for keeping

adequate accounting records that are sufficient

to show and explain the Group’s and Parent

Company’s transactions and disclose, with

reasonable accuracy, at any time, the financial

position of the Group and Parent Company

and enable them to ensure that the Financial

Statements and the Directors’ Remuneration

Report comply with the Companies Act 2006.

The Directors are responsible for the maintenance

and integrity of the Parent Company’s website.

Legislation in the United Kingdom governing

the preparation and dissemination of Financial

Statements may differ from legislation in other

jurisdictions.

Directors’ confirmations

The Directors consider that the Annual Report

and Accounts, taken as a whole, is fair, balanced

and understandable and provides the information

necessary for shareholders to assess the Group’s

and Parent Company’s position and performance,

business model and strategy.

Each of the Directors, whose names and

functions are listed in Board of Directors, confirm

that, to the best of their knowledge:

h the Group and Parent Company Financial

Statements, which have been prepared in

accordance with UK-adopted international

accounting standards, give a true and fair

view of the assets, liabilities and financial

position of the Group and Parent Company,

and of the profit of the Group; and

h the Strategic Report includes a fair review

of the development and performance of the

business and the position of the Group and

Parent Company, together with a description

of the principal risks and uncertainties that

it faces.

In the case of each Director in office at the date

the Directors’ Report is approved:

h so far as the Director is aware, there is no

relevant audit information of which the

Group’s and Parent Company’s auditors are

unaware; and

h they have taken all the steps that they

ought to have taken as a Director to make

themselves aware of any relevant audit

information and to establish that the Group’s

and Parent Company’s auditors are aware of

that information.

Approved by the Board on 16 June 2026 and

signed on its behalf by:

DAVID SHEARER

Chairman

DAN EVANS

Chief Executive

Speedy Hire Plc

Annual Report and Accounts 2026

109

GOVERNANCE

REPORT ON THE AUDIT OF THE

FINANCIAL STATEMENTS

Opinion

In our opinion, Speedy Hire Plc’s group financial

statements and company financial statements

(the “financial statements”):

h give a true and fair view of the state of the

group’s and of the company’s affairs as at

31March2026 and of the group’s loss and

the group’s and company’s cash flows for the

year then ended;

h have been properly prepared in accordance

with UK-adopted international accounting

standards as applied in accordance with the

provisions of the Companies Act 2006; and

h have been prepared in accordance with the

requirements of the Companies Act 2006.

We have audited the financial statements,

included within the Annual Report and Accounts

2026 (the “Annual Report”), which comprise:

h the Consolidated Balance Sheet as at

31March2026;

h the Company Balance Sheet as at

31March2026;

h the Consolidated Income Statement for the

year then ended;

h the Consolidated Statement of

Comprehensive Income for the year

then ended;

h the Consolidated Statement of Changes in

Equity for the year then ended;

h the Company Statement of Changes in Equity

for the year then ended;

h the Consolidated Cash Flow Statement for

the year then ended;

h the Company Cash Flow Statement for the

year then ended; and

h the notes to the financial statements,

comprising material accounting policy

information and other explanatory

information.

Our opinion is consistent with our reporting to the

Audit & Risk Committee.

Basis for opinion

We conducted our audit in accordance with

International Standards on Auditing (UK) (“ISAs

(UK)”) and applicable law. Our responsibilities

under ISAs (UK) are further described in the

Auditors’ responsibilities for the audit of the

financial statements section of our report. We

believe that the audit evidence we have obtained

is sufficient and appropriate to provide a basis for

our opinion.

Independence

We remained independent of the group in

accordance with the ethical requirements

that are relevant to our audit of the financial

statements in the UK, which includes the FRC’s

Ethical Standard, as applicable to listed public

interest entities, and we have fulfilled our other

ethical responsibilities in accordance with these

requirements.

To the best of our knowledge and belief, we

declare that non-audit services prohibited by the

FRC’s Ethical Standard were not provided.

Other than those disclosed in note 4 of the

Consolidated financial statements, we have

provided no non-audit services to the company

or its controlled undertakings in the period

under audit.

Material uncertainty related to

going concern

In forming our opinion on the financial

statements, which is not modified, we have

considered the adequacy of the disclosure made

in note 1 to the financial statements concerning

the group’s and the company’s ability to continue

as a going concern. Although the directors have

currently modelled compliance with the Group’s

leverage covenant over the going concern

assessment period under both a base case and

a severe but plausible scenario with mitigations,

there is a risk that a more significant deterioration

in market and economic conditions than those

modelled, including sustained underperformance

of the business, or the loss or material

reduction or delay of a key customer contract,

could adversely impact the Group’s financial

performance and result in a breach of covenant

limits in the near term. These conditions, along

with the other matters explained in note 1 to the

financial statements, indicate the existence of a

material uncertainty which may cast significant

doubt about the group’s and the company's ability

to continue as a going concern. The financial

statements do not include the adjustments that

would result if the group and the company were

unable to continue as a going concern.

In auditing the financial statements, we have

concluded that the directors’ use of the going

concern basis of accounting in the preparation of

the financial statements is appropriate.

Our evaluation of the directors’ assessment of

the group's and the company’s ability to continue

to adopt the going concern basis of accounting

included:

h We obtained the directors’ base case

going concern scenario and challenged

the directors’ key assumptions, including

assumptions relating to revenue growth and

EBITDA over the assessment period to the

end of June 2027.

h We evaluated and challenged the

appropriateness of the assumptions

underpinning the severe but plausible

downside scenario which reflected reduced

levels of revenue and EBITDA compared to

the base case.

h We compared the current and historical

actual trading results with forecasts and

evaluated the accuracy of the forecasts

prepared by management.

h We understood and confirmed the terms

of the group’s revolving credit facility and

the private placement term loan, and the

covenants in place in relation to these

facilities.

h We validated the accuracy of management’s

modelling and the calculations of the

covenant outcomes across the going concern

period, including confirming the headroom

in both the base and severe but plausible

downside scenarios.

h We reviewed the disclosures made in respect

of going concern included in the financial

statements.

In relation to the directors’ reporting on how

they have applied the UK Corporate Governance

Code, other than the material uncertainty

identified in note 1 to the financial statements, we

have nothing material to add or draw attention

to in relation to the directors’ statement in the

financial statements about whether the directors

considered it appropriate to adopt the going

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF SPEEDY HIRE PLC

Speedy Hire Plc Annual Report and Accounts 2026

110

concern basis of accounting, or in respect of the

directors’ identification in the financial statements

of any other material uncertainties to the group's

and the company’s ability to continue to do so

over a period of at least twelve months from the

date of approval of the financial statements.

Our responsibilities and the responsibilities of

the directors with respect to going concern are

described in the relevant sections of this report.

Our audit approach

Overview

Audit scope

h The group is organised into seven operating

legal entities within the UK and Ireland.

The group has a further 12 dormant

entities. The group financial statements

are a consolidation of these entities and

the consolidation journals, including the

accounting for the two joint ventures in the

UK and Kazakhstan.

h Of the seven operating legal entities, we

identified two which, in our view, required an

audit of their complete financial information,

either due to their size or risk characteristics.

We also audited material consolidation

journals.

h We also engaged a component team in

Kazakhstan to perform a full scope audit of

Speedy Zholdas LLP, one of the joint ventures

disclosed within the financial statements as at

31 December 2025 (the entity's year end).

h On the remaining five legal entities which

were not subject to an audit of their complete

financial information, we performed audit

procedures on specific balances over four of

these legal entities to respond to potential

risks of material misstatement to the group

financial statements. The remaining legal

entity is considered to be an inconsequential

component.

h This covered 98 percent of the group’s

revenue and 92 percent of the group’s loss

before taxation. These coverages are based

on absolute values.

Key audit matters

h Material uncertainty related to going concern

(group and parent)

h Carrying value of goodwill in the Hire cash

generating unit (group)

h Valuation of the right of first refusal intangible

asset; (group)

h Valuation of investments in subsidiaries

and recoverability of amounts owed by

subsidiaries (parent)

Materiality

h Overall group materiality: £4.2m (FY25:

£4.2m) based on 1% of revenue.

h Overall company materiality: £3.7m (FY25:

£3.9m) based on approximately 1% of total

assets but capped at 90% of group overall

materiality.

h Performance materiality: £3.1m (FY25: £3.1m)

(group) and £2.8m (FY25: £2.9m) (company).

The scope of our audit

As part of designing our audit, we determined

materiality and assessed the risks of material

misstatement in the financial statements.

Key audit matters

Key audit matters are those matters that, in

the auditors’ professional judgement, were of

most significance in the audit of the financial

statements of the current period and include

the most significant assessed risks of material

misstatement (whether or not due to fraud)

identified by the auditors, including those which

had the greatest effect on: the overall audit

strategy; the allocation of resources in the audit;

and directing the efforts of the engagement

team. These matters, and any comments we

make on the results of our procedures thereon,

were addressed in the context of our audit of the

financial statements as a whole, and in forming

our opinion thereon, and we do not provide a

separate opinion on these matters.

In addition to going concern, described in the

Material uncertainty related to going concern

section above, we determined the matters

described below to be the key audit matters to

be communicated in our report. This is not a

complete list of all risks identified by our audit.

Valuation of the right of first refusal intangible

asset (group) is a new key audit matter this year.

Completeness and valuation of dilapidation

provision (group) and presentation and disclosure

of non-underlying items (group), which were key

audit matters last year, are no longer included

because of the reduced relative complexity

and level of management judgement required.

Otherwise, the key audit matters below are

consistent with last year.

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GOVERNANCE

Key audit matter How our audit addressed the key audit matter

Carrying value of goodwill in the Hire cash generating unit (group)

Refer to the Consolidated financial statements, Note 1 - Summary of material

accounting policy information and Consolidated financial statements Note

12 - Intangible assets.

Goodwill of £27.4 million (2025: £27.4m) is split across two cash-generating

units (CGUs) that are considered annually for impairment. Of the £27.4m,

£26.4m relates to the Hire CGU.

Management have performed their annual impairment assessment using a

value-in-use model in which no impairment has been identified. The model

for the Hire CGU incorporates a number of estimates, including trading

performance (representing a combination of projected changes in revenue

and overheads, and discount rate) which we consider to be most relevant to

the risk of impairment. Management have sensitised the value-in-use model

to assess the financial impact of key assumptions that they believe have a

reasonable likelihood of occurrence. This is deemed to be a key audit matter

as the balance is material and the valuation requires estimation.

In assessing the appropriateness of the carrying value of goodwill, we performed the following procedures:

h We evaluated and challenged the Group’s future cash flow forecasts and tested the underlying value-in-use calculations, and

we validated the mathematical accuracy of the model;

h We compared the Group’s forecasts to the latest Board-approved budget and found them to be consistent;

h We understood and challenged the revenue assumptions relating to significant long-term framework and commercial agreements;

h We compared the growth assumptions to external market research in order to identify any inconsistencies;

h We assessed management’s assumptions for margins by comparing to historical data;

h We compared actual results with previous forecasts to assess the historical accuracy of management’s forecasting;

h We utilised specialists to assess management’s key assumptions for long-term growth rates and discount rates;

h We considered the possibility of management bias throughout the assumptions used and considered any contradictory

evidence; and

h We have reviewed and challenged the disclosures made regarding the assumptions and sensitivities applied by management.

As a result of these procedures, we were satisfied with the Directors’ conclusion that no impairment was required for the current year.

Valuation of the right of first refusal intangible asset (group)

Refer to the Consolidated financial statements, Note 12 - Intangible assets

and Note 30 - Business Combinations.

Following the completion of a commercial agreement with ProService for the

Group to take on a right of first refusal (RoFR) to supply ProService with core

hire equipment, management have recognised an intangible asset in relation

to this RoFR.

The intangible asset of £18.4m has been measured at fair value using an

income-based approach, focussing on the specific earnings generated by

the intangible itself, after accounting for the contribution of other supporting

assets of the Group. Given the valuation of the RoFR is material and sensitive

to changes in key assumptions, we have considered the valuation of the

RoFR as a key audit matter.

In assessing the appropriateness of valuation of the RoFR intangible asset, we have performed the following procedures:

h We utilised specialists to assess management’s valuation methodology including key assumptions for discount rates;

h We evaluated the competency, independence and objectivity of the experts engaged by management;

h We confirmed the projections utilised were consistent with the Board-approved forecasts for the commercial agreement;

h We compared the actual revenue and profitability of the commercial agreement to date with the cash flow forecasts used in

the valuation to assess the reasonableness of management’s assumptions;

h We compared the fixed assets contributory charges to historical capital requirements of the Group and other market participants;

h We evaluated and challenged the probability of exercising the extension option included in the RoFR;

h We validated the mathematical accuracy of the valuation model; and

h We reviewed and challenged the disclosures made regarding the assumptions and sensitivities applied by management.

As a result of these procedures, we were satisfied with the Directors’ conclusion that the valuation of the RoFR is reasonable.

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED

Speedy Hire Plc Annual Report and Accounts 2026

112

Key audit matter How our audit addressed the key audit matter

Valuation of investments in subsidiaries and recoverability of amounts

owed by subsidiaries (parent)

Refer to the Company financial statements, Note 32 - Investments and Note

33 -Trade and other receivables.

Investments in related undertakings of £93.5m (2025: £93.5m) are material to

the Company financial statements. Due to the decline in performance versus

budget, impairment indicators exist in respect of the investment in related

undertakings in the current year and management have assessed these

balances for impairment.

Given the magnitude of this balance, and the determination that impairment

triggers exist, we have considered the risk of impairment of these assets as a

key audit matter.

The amounts owed by Group undertakings of £341.7m (2025: £290.7m) are

stated after an expected credit loss impairment of £44.0m (2025: £44.0m).

Given the magnitude of this balance and the judgement involved in

determining the amount of expected credit losses, we have considered the

risk of impairment of these assets as a key audit matter.

Valuation of investments in subsidiaries

In assessing the appropriateness of the valuation of the investments in subsidiaries, we have performed the following procedures:

h We evaluated and assessed the Company's investments in subsidiaries with reference to the Group’s future cash flow

forecasts;

h We assessed the allocation of the cash flows by legal entity and the process by which they were drawn up and validated the

mathematical accuracy of the model;

h We confirmed the cash flow and discount rate assumptions were consistent with the Group’s goodwill impairment modelling;

h We evaluated the appropriateness of the adjustments for items excluded from the goodwill impairment modelling but which

were relevant to the valuation of the investments in subsidiaries; and

h We reviewed the disclosures included in the financial statements.

As a result of these procedures, we were satisfied with the Directors’ conclusion that no impairment was required against the

carrying value of the investments in subsidiaries.

Recoverability of amounts owed by subsidiaries

In assessing the appropriateness of the recoverability of amounts owed by subsidiaries, we have performed the following

procedures:

h We obtained management's intercompany recoverability model and assessed whether the expected credit loss ‘general

approach’ methods applied were consistent with IFRS 9;

h We validated the calculations within the model and agreed the figures included to the relevant financial information included in

the Group consolidation schedules;

h We obtained evidence that supports the extent to which the counterparty could repay amounts in full, if demanded; and

h We assessed the adequacy of the disclosure provided in the Company financial statements in relation to the relevant

accounting standards.

As a result of these procedures, we were satisfied with the Directors’ conclusion that the recoverability of amounts owed by

subsidiaries was reasonable.

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Annual Report and Accounts 2026

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GOVERNANCE

How we tailored the audit scope

We tailored the scope of our audit to ensure that

we performed enough work to be able to give an

opinion on the financial statements as a whole,

taking into account the structure of the group

and the company, the accounting processes and

controls, and the industry in which they operate.

The group is organised into seven operating

legal entities within the UK and Ireland. The

group has a further 12 dormant entities included

within the consolidation. The group financial

statements are a consolidation of these entities

and the consolidation journals, including the

accounting for the two joint ventures in the UK

and Kazakhstan. The legal entities vary in size

and we identified two legal entities that required

an audit of their complete financial information

due to their individual size or risk characteristics.

The work over these two entities was completed

by the group audit team. Of these components,

we have identified one component which we

considered to be significant based on size. We

also audited material consolidation journals. The

parent company is the other legal entity which

was subject to a full scope audit by the group

engagement team.

We also engaged a component team in

Kazakhstan to perform a full scope audit of

Speedy Zholdas LLP, one of the joint ventures

disclosed within the financial statements as at

31 December 2025 (the entity’s year end). The

group audit team supervised the direction and

execution of the audit procedures performed by

the component team. Our involvement in their

audit process, including attending the component

clearance meeting, review of the supporting

working papers, together with the additional

procedures performed at group level, gave us the

evidence required for our opinion on the financial

statements as a whole.

On the remaining five operating legal entities

which were not subject to an audit of their

complete financial information, we performed

audit procedures on specific balances over four

of these legal entities to respond to potential risks

of material misstatement to the group financial

statements.

In the four legal entities where audits of specific

balances were performed, this included audit

procedures over expenses; non-underlying items;

property, plant and equipment and prepayments

in order to obtain the evidence required for our

opinion on the financial statements as a whole.

The work performed accounted for 98 percent of

the group’s revenue and 92 percent of the group’s

loss before taxation.

The remaining legal entity is considered to be an

inconsequential component.

The impact of climate risk on our audit

As part of our audit we made enquiries of

management to understand the process

management adopted to assess the extent of the

potential impact of climate risk on the group’s

financial statements and support the disclosures

made within the financial statements.

We challenged the completeness of

management’s climate risk assessment by:

reading external reporting made by management;

challenging the consistency of management’s

climate impact assessment with internal climate

plans and board minutes; and reading the

entity’s website / communications for details of

climate related impacts. Management has made

commitments to become net zero by 2040.

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED

Management has determined that this

commitment does not directly impact financial

reporting, as management has not yet developed

a detailed pathway on how exactly they will

deliver this commitment and will only be able to

model the impact further into the journey to net

zero. Management's budget and strategy include

costs associated with the overall sustainability

strategy. Management considers the impact

of climate risk does not give rise to a potential

material financial statement impact.

We considered the consistency of the disclosures

in relation to climate change (including the

disclosures in the Task Force on Climate-related

Financial Disclosures (TCFD) section) within the

Annual Report with the financial statements and

our knowledge obtained from our audit.

Our procedures did not identify any material

impact in the context of our audit of the financial

statements as a whole, or our key audit matters

for the period ended 31 March 2026.

Materiality

The scope of our audit was influenced by

our application of materiality. We set certain

quantitative thresholds for materiality. These,

together with qualitative considerations, helped

us to determine the scope of our audit and the

nature, timing and extent of our audit procedures

on the individual financial statement line items

and disclosures and in evaluating the effect of

misstatements, both individually and in aggregate

on the financial statements as a whole.

Based on our professional judgement, we

determined materiality for the financial

statements as a whole as follows:

Financial statements ‑ group Financial statements ‑ company

Overall materiality £4.2m (FY25: £4.2m). £3.7m (FY25: £3.9m).

How we

determined it

1% of revenue approximately 1% of total assets but capped

at 90% of group overall materiality

Rationale for

benchmark applied

We considered materiality in a number of

different ways, and used our professional

judgement having applied 'rule of thumb'

percentages to a number of potential

benchmarks. On the basis of this, we

concluded that 1% of revenue is an

appropriate level of materiality considering

the overall scale of the business.

We believe that calculating statutory

materiality based on 1% of total assets is

a typical primary measure for users of the

financial statements of holding companies,

and is a generally accepted auditing

benchmark.

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114

For each component in the scope of our group

audit, we allocated a materiality that is less

than our overall group materiality. The range of

materiality allocated across components was

£0.1m - £3.7m. Certain components were audited

to a local statutory audit materiality that was also

less than our overall group materiality.

We use performance materiality to reduce to

an appropriately low level the probability that

the aggregate of uncorrected and undetected

misstatements exceeds overall materiality.

Specifically, we use performance materiality

in determining the scope of our audit and the

nature and extent of our testing of account

balances, classes of transactions and disclosures,

for example in determining sample sizes. Our

performance materiality was 75% (FY25: 75%)

of overall materiality, amounting to £3.1m (FY25:

£3.1m) for the group financial statements and

£2.8m (FY25: £2.9m) for the company financial

statements.

In determining the performance materiality, we

considered a number of factors - the history of

misstatements, risk assessment and aggregation

risk and the effectiveness of controls - and

concluded that an amount at the upper end of our

normal range was appropriate.

We agreed with the Audit & Risk Committee that

we would report to them misstatements identified

during our audit above £0.2m (group audit)

(FY25: £0.2m) and £0.2m (company audit) (FY25:

£0.2m) as well as misstatements below those

amounts that, in our view, warranted reporting for

qualitative reasons.

Reporting on other information

The other information comprises all of the

information in the Annual Report other than the

financial statements and our auditors’ report

thereon. The directors are responsible for the

other information. Our opinion on the financial

statements does not cover the other information

and, accordingly, we do not express an audit

opinion or, except to the extent otherwise

explicitly stated in this report, any form of

assurance thereon.

In connection with our audit of the financial

statements, our responsibility is to read the other

information and, in doing so, consider whether

the other information is materially inconsistent

with the financial statements or our knowledge

obtained in the audit, or otherwise appears to be

materially misstated. If we identify an apparent

material inconsistency or material misstatement,

we are required to perform procedures

to conclude whether there is a material

misstatement of the financial statements or a

material misstatement of the other information.

If, based on the work we have performed, we

conclude that there is a material misstatement of

this other information, we are required to report

that fact. We have nothing to report based on

these responsibilities.

With respect to the Strategic report and Directors'

Report, we also considered whether the

disclosures required by the UK Companies Act

2006 have been included.

Based on our work undertaken in the course of

the audit, the Companies Act 2006 requires us

also to report certain opinions and matters as

described below.

Strategic report and Directors' Report

In our opinion, based on the work undertaken in

the course of the audit, the information given in

the Strategic report and Directors' Report for the

year ended 31March2026 is consistent with the

financial statements and has been prepared in

accordance with applicable legal requirements.

In light of the knowledge and understanding of

the group and company and their environment

obtained in the course of the audit, we did

not identify any material misstatements in the

Strategic report and Directors' Report.

Directors' Remuneration

In our opinion, the part of the Annual Report on

Remuneration to be audited has been properly

prepared in accordance with the Companies

Act 2006.

Corporate governance statement

The Listing Rules require us to review the

directors’ statements in relation to going

concern, longer-term viability and that part of the

corporate governance statement relating to the

company’s compliance with the provisions of the

UK Corporate Governance Code specified for

our review. Our additional responsibilities with

respect to the corporate governance statement as

other information are described in the Reporting

on other information section of this report.

Based on the work undertaken as part of our

audit, we have concluded that each of the

following elements of the corporate governance

statement, included within the Corporate

Governance section of the Annual Report is

materially consistent with the financial statements

and our knowledge obtained during the audit,

and, except for the matters reported in the section

headed ‘Material uncertainty related to going

concern’, we have nothing material to add or draw

attention to in relation to:

h The directors’ confirmation that they have

carried out a robust assessment of the

emerging and principal risks;

h The disclosures in the Annual Report

that describe those principal risks, what

procedures are in place to identify emerging

risks and an explanation of how these are

being managed or mitigated;

h The directors’ statement in the financial

statements about whether they considered it

appropriate to adopt the going concern basis

of accounting in preparing them, and their

identification of any material uncertainties to

the group’s and company’s ability to continue

to do so over a period of at least twelve

months from the date of approval of the

financial statements;

h The directors’ explanation as to their

assessment of the group's and company’s

prospects, the period this assessment covers

and why the period is appropriate; and

h The directors’ statement as to whether they

have a reasonable expectation that the

company will be able to continue in operation

and meet its liabilities as they fall due over

the period of its assessment, including any

related disclosures drawing attention to any

necessary qualifications or assumptions.

Our review of the directors’ statement regarding

the longer-term viability of the group and

company was substantially less in scope than an

audit and only consisted of making inquiries and

considering the directors’ process supporting

Speedy Hire Plc

Annual Report and Accounts 2026

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GOVERNANCE

their statement; checking that the statement is in

alignment with the relevant provisions of the UK

Corporate Governance Code; and considering

whether the statement is consistent with the

financial statements and our knowledge and

understanding of the group and company and

their environment obtained in the course of

the audit.

In addition, based on the work undertaken as part

of our audit, we have concluded that each of the

following elements of the corporate governance

statement is materially consistent with the

financial statements and our knowledge obtained

during the audit:

h The directors’ statement that they consider

the Annual Report, taken as a whole, is fair,

balanced and understandable, and provides

the information necessary for the members to

assess the group’s and company's position,

performance, business model and strategy;

h The section of the Annual Report that

describes the review of effectiveness of

risk management and internal control

systems; and

h The section of the Annual Report describing

the work of the Audit & Risk Committee.

We have nothing to report in respect of our

responsibility to report when the directors’

statement relating to the company’s compliance

with the Code does not properly disclose a

departure from a relevant provision of the Code

specified under the Listing Rules for review by the

auditors.

Responsibilities for the financial

statements and the audit

Responsibilities of the directors for the

financial statements

As explained more fully in the Statement of

Directors' Responsibilities in respect of the

Annual Report and Accounts, the directors are

responsible for the preparation of the financial

statements in accordance with the applicable

framework and for being satisfied that they

give a true and fair view. The directors are also

responsible for such internal control as they

determine is necessary to enable the preparation

of financial statements that are free from material

misstatement, whether due to fraud or error.

In preparing the financial statements, the

directors are responsible for assessing the group’s

and the company’s ability to continue as a going

concern, disclosing, as applicable, matters related

to going concern and using the going concern

basis of accounting unless the directors either

intend to liquidate the group or the company or to

cease operations, or have no realistic alternative

but to do so.

Auditors’ responsibilities for the audit

of the financial statements

Our objectives are to obtain reasonable

assurance about whether the financial

statements as a whole are free from material

misstatement, whether due to fraud or error, and

to issue an auditors’ report that includes our

opinion. Reasonable assurance is a high level of

assurance, but is not a guarantee that an audit

conducted in accordance with ISAs (UK) will

always detect a material misstatement when it

exists. Misstatements can arise from fraud or error

and are considered material if, individually or in

the aggregate, they could reasonably be expected

to influence the economic decisions of users

taken on the basis of these financial statements.

Irregularities, including fraud, are instances of

non-compliance with laws and regulations. We

design procedures in line with our responsibilities,

outlined above, to detect material misstatements

in respect of irregularities, including fraud. The

extent to which our procedures are capable

of detecting irregularities, including fraud, is

detailed below.

Based on our understanding of the group and

industry, we identified that the principal risks of

non-compliance with laws and regulations related

to UK tax legislation and Companies Act 2006,

and we considered the extent to which non-

compliance might have a material effect on the

financial statements. We evaluated management’s

incentives and opportunities for fraudulent

manipulation of the financial statements

(including the risk of override of controls), and

determined that the principal risks were related to

posting inappropriate journal entries to improve

financial performance and management bias in

accounting estimates and judgements. The group

engagement team shared this risk assessment

with the component auditors so that they could

include appropriate audit procedures in response

to such risks in their work. Audit procedures

performed by the group engagement team and/or

component auditors included:

h discussions with the audit committee,

management, internal audit and the in-house

legal team including consideration of known

or suspected instances of non-compliance

with laws and regulation or fraud;

h reviewing minutes of meetings of those

charged with governance;

h identifying and testing journal entries, in

particular any journal entries posted with

unusual account combinations;

h challenging assumptions and judgements

made by management in their critical

accounting estimates; and

h reviewing financial statement disclosures

and testing to supporting documentation,

where appropriate, to assess compliance with

applicable laws and regulations.

There are inherent limitations in the audit

procedures described above. We are less likely to

become aware of instances of non-compliance

with laws and regulations that are not closely

related to events and transactions reflected

in the financial statements. Also, the risk of

not detecting a material misstatement due to

fraud is higher than the risk of not detecting

one resulting from error, as fraud may involve

deliberate concealment by, for example, forgery

or intentional misrepresentations, or through

collusion.

Our audit testing might include testing complete

populations of certain transactions and balances,

possibly using data auditing techniques. However,

it typically involves selecting a limited number

of items for testing, rather than testing complete

populations. We will often seek to target particular

items for testing based on their size or risk

characteristics. In other cases, we will use audit

sampling to enable us to draw a conclusion about

the population from which the sample is selected.

A further description of our responsibilities for

the audit of the financial statements is located

on the FRC’s website at: www.frc.org.uk/

auditorsresponsibilities. This description forms

part of our auditors’ report.

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF SPEEDY HIRE PLC CONTINUED

Speedy Hire Plc Annual Report and Accounts 2026

116

Use of this report

This report, including the opinions, has been

prepared for and only for the company’s members

as a body in accordance with Chapter 3 of Part

16 of the Companies Act 2006 and for no other

purpose. We do not, in giving these opinions,

accept or assume responsibility for any other

purpose or to any other person to whom this

report is shown or into whose hands it may come

save where expressly agreed by our prior consent

in writing.

OTHER REQUIRED REPORTING

Companies Act 2006 exception

reporting

Under the Companies Act 2006 we are required

to report to you if, in our opinion:

h we have not obtained all the information and

explanations we require for our audit; or

h adequate accounting records have not been

kept by the company, or returns adequate

for our audit have not been received from

branches not visited by us; or

h certain disclosures of directors’ remuneration

specified by law are not made; or

h the company financial statements and the

part of the Annual Report on Remuneration

to be audited are not in agreement with the

accounting records and returns.

We have no exceptions to report arising from this

responsibility.

Appointment

We were first appointed by the company

for the financial year ended 31March2023.

Our uninterrupted engagement covers four

financial years.

OTHER MATTER

The company is required by the Financial

Conduct Authority Disclosure Guidance and

Transparency Rules to include these financial

statements in an annual financial report prepared

under the structured digital format required by

DTR 4.1.15R - 4.1.18R and filed on the National

Storage Mechanism of the Financial Conduct

Authority. This auditors’ report provides no

assurance over whether the structured digital

format annual financial report has been prepared

in accordance with those requirements.

REBECCA GISSING

(Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

Manchester

16June2026

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GOVERNANCE

		Year ended 31 March 2026			Year ended 31 March 2025
		Underlying	Non‑underlying		Underlying	Non‑underlying
		performance	items 1	Total	performance	Items 1	Total
	Note	£m	£m	£m	£m	£m	£m
Revenue	2	4 1 6 .1	–	4 1 6 .1	416.6	–	416.6
Cost of sales		(185.6)	–	(185.6)	(180 .5)	–	(180.5)
Gross profit		23 0.5	–	2 30.5	2 3 6 .1	–	2 3 6 .1
Distribution and administrative costs		(220.8)	( 1 7. 6)	(238.4)	(210.5)	(9. 6)	(22 0 . 1)
Impairment losses on trade receivables	17	(2.1)	–	(2. 1)	(2.6)	–	(2 .6)
Movements on financial assets at fair value through profit and loss	30	(3.3)	–	(3.3)	–	–	–
Operating profit/(loss)	4	4.3	( 1 7. 6)	(13.3)	23 .0	(9.6)	13.4
Share of results of joint venture	13	(0. 4)	–	(0 .4)	1.0	–	1.0
Profit/(loss) from operations		3.9	( 1 7. 6)	(13.7)	24 .0	(9.6)	14.4
Finance costs	7	(18.6)	–	(18.6)	(15.9)	–	(15.9)
(Loss)/profit before taxation		(1 4.7)	( 1 7. 6)	(3 2 .3)	8 .1	(9.6)	(1.5)
Taxation	8	3 .1	2.6	5.7	(2 .0)	2 .4	0. 4
(Loss)/profit for the financial year		(11.6)	(15.0)	(26.6)	6 .1	( 7. 2 )	(1 . 1)
Loss per share
– Basic (pence)	9			(5 .7 7)			(0. 2 4)
– Diluted (pence)	9			(5 .7 6)			(0. 24)
Non-GAAP performance measures
Adjusted EBITDA	11			85.4			9 7.1
Adjusted operating profit	11			11.9			26.8
Adjusted (loss)/profit before tax	11			(9. 8)			8.7
Adjusted (loss)/earnings per share (pence)	9			(1.71)			1.41

Detail on non-underlying items is provided in note 3.

All activities in each year presented relate to continuing operations.

The accompanying notes form part of the Financial Statements.

CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

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118

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£m	£m
Loss for the financial year	(26.6)	(1. 1)
Other comprehensive income/(expense) that may be reclassified subsequently to the Income Statement:
– Effective portion of change in fair value of cash flow hedges	0.5	(0.6)
– Exchange difference on translation of foreign operations	–	(0. 7)
– Tax on items	(0 .1)	0 .1
Other comprehensive income/(expense)	0.4	(1.2)
Total comprehensive expense for the financial year	(26.2)	(2.3)

The accompanying notes form part of the Financial Statements.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2026

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119

FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEET

AS AT 31 MARCH 2026

		31 March	31 March
		2026	2025
ASSETS	Note	£m	£m
Non-current assets
Intangible assets	12	56.0	3 8.4
Investment in joint ventures	13	5.0	5.7
Property, plant and equipment
Land and buildings	14	12 .7	15.0
Hire equipment	14	2 39.4	222.4
Other	14	5.3	5.9
Right of use assets	15	108.8	104. 2
Other financial assets	30	3.8	–
		4 31.0	391. 6
Current assets
Inventories	16	10.2	11. 2
Trade and other receivables	17	118.0	1 05.2
Cash and cash equivalents	20	14.4	2 .1
Current tax asset		0.9	2 .9
Derivative financial assets	19	0.5	–
		14 4.0	121.4
Total assets		57 5.0	513.0
LIABILITIES
Current liabilities
Borrowings	20	–	(2 .3)
Lease liabilities	21	( 2 7. 9)	(25.0)
Trade and other payables	18	( 1 3 7. 6)	(106.9)
Derivative financial liabilities	19	-	(0 .1)
Provisions	22	(4 . 0)	(6. 1)
		(169.5)	(14 0.4)

		31 March	31 March
		2026	2025
	Note	£m	£m
Non-current liabilities
Borrowings	20	(1 7 3. 4)	(112 . 9)
Lease liabilities	21	(86 .5)	(8 0. 9)
Provisions	22	(9. 3)	(8.0)
Deferred tax liability	23	(8 .3)	(8.6)
		( 2 7 7. 5)	(2 1 0.4)
Total liabilities		(4 4 7. 0)	(3 50. 8)
Net assets		128.0	162 . 2
EQUITY
Share capital	24	25.8	25 .8
Share premium	26	1.9	1.9
Capital redemption reserve	26	0.7	0. 7
Merger reserve	26	1.0	1.0
Hedging reserve	26	0 .1	(0.4)
Translation reserve	26	(2 . 2)	(2 .2)
Retained earnings	26	100.7	135.4
Total equity		128.0	162 . 2

The Consolidated Financial Statements on pages 118 to 151 were approved by the Board of Directors on

16 June 2026 and were signed on its behalf by:

DAN EVANS

Director

Company registered number: 00927680

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Annual Report and Accounts 2026

120

				Capital
		Share	Share	redemption	Merger	Hedging	Translation	Retained	Total
		capital	premium	reserve	reserve	reserve	reserve	earnings	equity
	Note	£m	£m	£m	£m	£m	£m	£m	£m
At 1 April 2024		25.8	1.9	0. 7	1 .0	0. 2	(1.5)	1 4 7. 6	1 75.7
Loss for the year		–	–	–	–	–	–	(1. 1)	(1. 1)
Other comprehensive (expense)/income		–	–	–	–	(0. 6)	(0. 7)	0 .1	(1.2)
Total comprehensive expense		–	–	–	–	(0. 6)	(0.7)	(1.0)	(2 .3)
Dividends		–	–	–	–	–	–	(11.8)	(11.8)
Equity-settled share-based payments	25	–	–	–	–	–	–	0. 6	0. 6
At 31 March 2025		25.8	1.9	0. 7	1 .0	(0. 4)	(2. 2)	135.4	162 . 2
Loss for the year		–	–	–	–	–	–	(26.6)	(26.6)
Other comprehensive income/(expense)		–	–	–	–	0.5	–	(0 .1)	0.4
Total comprehensive income/(expense)		–	–	–	–	0.5	–	(26.7)	(26.2)
Dividends		–	–	–	–	–	–	(9.7)	(9 .7)
Equity-settled share-based payments	25	–	–	–	–	–	–	1.7	1.7
At 31 March 2026		25.8	1.9	0.7	1.0	0 .1	(2 .2)	10 0.7	128.0

The accompanying notes form part of the Financial Statements.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

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121

FINANCIAL STATEMENTS

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

		Year ended	Year ended
		31 March 2026	31 March 2025
	Note	£m	£m
Cash generated from operating activities
Loss before tax		(32 . 3)	(1.5)
Net finance costs	7	18.6	15.9
Amortisation	12	4.3	3.8
Depreciation	14, 15	72. 2	6 7. 6
Non-underlying items	3	1 7. 6	9.6
Movements in fair value of financial assets	30	3.3	–
Share of loss/(profit) from joint venture	13	0.4	(1.0)
Termination of lease contracts		(0 .1)	–
Loss on planned disposals of hire equipment	4	1. 3	2.7
Profit on other disposals of hire equipment	4	(3 .8)	(1.2)
Loss on disposal of non-hire equipment	4	0.7	0. 6
Decrease in inventories		1.0	0. 7
Increase in trade and other receivables		(13.3)	(2 .5)
Increase/(decrease) in trade and other payables		18. 2	(1.2)
Decrease in provisions	22	(2 . 4)	(2.3)
Equity-settled share-based payments		1.7	0. 6
Cash generated from operations before changes in hire fleet and non-underlying items		8 7. 4	9 1.8
Cash flow relating to changes in hire fleet:
Purchase of hire equipment		(4 5 . 2)	(5 0.0)
Proceeds from planned sale of hire equipment		10.9	3.6
Proceeds from customer loss/damage of hire equipment		8.7	9.6
Cash outflow from changes in hire fleet		(25 .6)	(36 .8)
Cash flow relating to non-underlying items:
Non-underlying items		(1 7. 6)	(9. 6)
Increase in non-underlying payables		7. 0	3. 2
Acquisition fees paid 1		(1.7)	–
Cash outflow from non-underlying items		(12. 3)	(6.4)
Cash generated from operations		49 .5	4 8.6
Interest paid		(16.8)	(15.8)
Interest received		0.5	–
Tax received		3.6	0.6
Net cash flow from operating activities		36.8	33 .4

		Year ended	Year ended
		31 March 2026	31 March 2025
	Note	£m	£m
Cash flow used in investing activities
Purchase of non-hire property, plant and equipment		(3 .2)	(5. 7)
Capital expenditure on IT development		(2 . 4)	(2.5)
Purchase of other financial assets 1	30	( 7. 1)	–
Acquisition of business 1	30	(29.7)	–
Investment in joint venture (Speedy Hydrogen Solutions)		–	(0.6)
Dividends from joint venture 2	13	–	4. 2
Net cash flow used in investing activities		(4 2 . 4)	(4.6)
Net cash flow before financing activities		(5 .6)	2 8.8
Cash flow from financing activities
Payments for the principal element of leases		(29. 9)	(28.6)
Drawdown of loans		395.3	534.7
Repayment of loans		(3 34 . 2)	(526. 1)
Proceeds received under a payables finance
arrangement		–	7. 2
Repayments to a financial institution under a payables
finance arrangement		(2 . 3)	(4 .9)
Refinancing fees paid		(1 .3)	–
Dividends paid	10	(9.7)	(11.8)
Net cash flow generated from/(used in) financing
activities		1 7. 9	(29 .5)
Increase/(decrease) in cash and cash equivalents		12. 3	(0.7)
Net cash at the start of the financial year	20	2 .1	2 .8
Net cash at the end of the financial year	20	14.4	2 .1
Analysis of cash and cash equivalents
Cash	20	14.4	2 .1
Bank overdraft	20	–	–
		14.4	2 .1

Relates to the ProService Transaction. See note 30.

Relates wholly to the joint venture in Kazakhstan.

Speedy Hire Plc Annual Report and Accounts 2026

122

NOTES TO THE FINANCIAL STATEMENTS

1 Summary of material accounting policy information

Speedy Hire Plc is a public limited company listed on the London Stock Exchange, incorporated and

domiciled in the United Kingdom (England). The Consolidated Financial Statements of the Company for the

year ended 31 March 2026 comprise the Company and its subsidiaries (together referred to as the ‘Group’).

The Group and Parent Company Financial Statements were approved by the Board of Directors on

16 June 2026.

The material accounting policies set out below have, unless otherwise stated, been applied consistently

to all periods presented in these Consolidated Financial Statements.

Statement of compliance

Both the Group and Parent Company Financial Statements have been prepared and approved by the

Board of Directors in accordance with UK-adopted international accounting standards (‘UK-adopted

IFRS’) and with the requirements of the Companies Act 2006 as applicable to companies reporting

under those standards.

Basis of preparation

These Financial Statements have been prepared under the historical cost convention, with the exception of

derivative financial instruments used for hedging purposes which are measured at fair value through other

comprehensive income and other financial assets measured at fair value through profit and loss.

At 31 March 2026, the Company had net current liabilities of £34.4m (2025: £46.6m), with net assets of

£150.6m (2025: £156.2m).

The Directors consider the going concern basis of preparation for the Group and Company to be

appropriate for the following reasons.

At 31 March 2026, the Group had access to a £150.0m revolving credit facility (‘RCF’) maturing in April

2028, with uncommitted extension options for a further two years, and a £75.0m private placement term

loan due to expire in April 2032. These facilities replaced the Group’s previous £180.0m asset-based

finance facility, which was due to terminate in July 2026. The Group also retains access to an

uncommitted £50.0m accordion available through to April 2028. There are no scheduled repayments

under these facilities before maturity. Cash and facility headroom at 31 March 2026 was £36.0m,

reflecting the availability under the new RCF and the Group’s cash position at the year end.

The Group meets its day-to-day working capital requirements through operating cash flows,

supplemented as necessary by borrowings. The Directors have prepared a going concern assessment

covering a period to June 2027 (‘the going concern assessment period’) of at least 12 months from the

date of approval of these Financial Statements. This assessment indicates that, under the base case

forecast, the Group is capable of operating within its existing facilities and meeting the associated

financial covenant requirements. The key assumptions underpinning the projections include expected

improved trading performance in current market conditions and the level of capital investment required

to support those revenue levels.

The Group’s financing facilities include quarterly leverage and fixed charge cover covenant tests. In

preparation for entering into the ProService Transaction, the Group agreed short-term amendments to

the fixed charge cover covenant for the quarters ended 30 September 2025 and 31 December 2025,

after which the covenant reverted to their original level. In addition, further short-term amendments to

both the leverage and fixed charge cover covenants were agreed prior to the year end, in anticipation of

slower deleveraging than originally expected. The covenant tests for quarterly leverage and fixed charge

cover return to their original levels at September 2026 and December 2026 respectively.

In preparing forecasted financial modelling, the Board has also considered a severe but plausible

downside scenario, which reflects reduced levels of revenue compared to the base case budget and

a broadly stable cost base, representing reduced revenue growth compared to prior year. Mitigating

actions available to management in these scenarios include reductions in planned capital expenditure

and restrictions on discretionary overhead growth. Under both the base case and the downside

scenarios, the Group maintains forecast compliance with its financial covenants and has sufficient

liquidity throughout the assessment period.

Notwithstanding the results of the severe but plausible downside scenarios, the Group’s forecasts

remain sensitive to trading performance. A more significant deterioration in market and economic

conditions than those modelled, including sustained underperformance of the business, or the loss or

material reduction or delay of a key customer contract, could adversely impact the Group’s financial

performance and reduce covenant headroom or result in a breach of covenant limits in the near term.

The severe but plausible downside scenario indicates more limited headroom against the Group’s

leverage covenant at the June 2026 and September 2026 test dates. While the Directors have identified

actions available to management which could support covenant compliance, the headroom in these

periods is sensitive to changes in trading performance.

The downside modelling incorporates reductions in revenue and profitability consistent with a material

under-performance of the FY2027 budget and assumes limited mitigating actions. In addition, the

Directors have considered a range of mitigating actions that are within management’s control and could

be implemented should trading performance deteriorate. These include the deferral or reduction of

capital expenditure, active management of working capital, and reductions in discretionary expenditure

and deferment of shareholder distributions.

The Directors have also taken into account the Group’s established and constructive relationships with

its lenders, including the covenant amendments agreed during FY2026.

Having considered the likelihood and potential impact of these risks, together with the availability of

mitigating actions and funding arrangements, the Directors note that while covenant compliance is

maintained in the base case and severe but plausible downside scenarios, there remains a risk that

a more significant deterioration in market and economic conditions than those modelled, including

sustained underperformance of the business, or the loss or material reduction or delay of a key customer

contract, could adversely impact the Group’s financial performance and result in a breach of the

Group’s financial covenant limits in the near term. These conditions indicate the existence of a material

uncertainty that may cast significant doubt on the Group’s and the Company’s ability to continue as a

Speedy Hire Plc

Annual Report and Accounts 2026

123

FINANCIAL STATEMENTS

going concern, specifically in relation to the risk of a breach of financial covenants under the Group’s

banking facilities. The Financial Statements do not include the adjustments that would result if the

Group and the Company were unable to continue as a going concern.

Notwithstanding the material uncertainty described above, the Directors have a reasonable expectation

that the Company and the Group have adequate resources to continue in operational existence for a

period of at least 12 months from the date of approval of these Financial Statements. Accordingly, the

Directors continue to adopt the going concern basis of accounting in preparing the Financial Statements.

Basis of consolidation

(a) Subsidiaries

Subsidiaries are entities controlled by the Company and are detailed in note 32. The Group controls an

entity when it is exposed to variable returns and has the ability to use its power to alter its returns from

its involvement with the entity. The Financial Statements of subsidiaries are included in the Consolidated

Financial Statements from the date that control commences until the date that control ceases.

Intra-group balances, and any unrealised gains and losses or income and expenses arising from intra-

group transactions, are eliminated in preparing the Consolidated Financial Statements.

(b) Joint ventures

A joint venture is an arrangement in which the Group has joint control, whereby the Group has rights to

the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.

Interests in joint ventures are accounted for using the equity method. They are initially recognised at

cost. Subsequent to initial recognition, the Consolidated Financial Statements include the Group’s share

of the profit or loss and other comprehensive income of equity-accounted investees, until the date on

which significant influence or joint control ceases.

New accounting standards and accounting standards not yet effective

The following new standards, amendments to standards and interpretations were issued by the

International Accounting Standards Board (‘IASB’) and became effective during the year:

		Effective date
		(periods beginning
International Accounting Standards (‘IAS’)/IFRS		on or after)
Amendments to IAS 21	Lack of Exchangeability	1 January 2025

There is no material impact to the Group from this standard.

The following UK-adopted IFRSs have been issued at 31 March 2026 with an effective date of

implementation after the date of these Financial Statements but have not been applied by the Group in

these Consolidated Financial Statements.

The Group has not yet performed an assessment of their impact on the Financial Statements.

		Effective date
		(periods beginning
International Accounting Standards (‘IAS’)/IFRS		on or after)
Amendments to IFRS 9 and IFRS 7	Amendments to the Classification	1 January 2026
	and Measurement of Financial
	Instruments
Annual Improvements to IFRS Accounting	Volume 11	1 January 2026
Standards
Amendments to IFRS 9 and IFRS 7	Contracts Referencing Nature-	1 January 2026
	dependent Electricity
IFRS 18	Presentation and Disclosure in	1 January 2027
	Financial Statements
IFRS 19	Subsidiaries without Public	1 January 2027
	Accountability: Disclosures

Revenue

Revenue is accounted for under IFRS 15 and is measured based on the consideration specified in a

contract with a customer or a price list, net of returns, trade discounts and volume rebates. Accumulated

experience is used to estimate and provide for the rebates, using the expected value method, and

revenue is only recognised to the extent that it is highly probable that a significant reversal will not

occur. No other variable consideration is present.

i. Hire and related activities

The Group recognises revenue for hire services, adjusted for rebates, on a straight-line basis as the

equipment is available evenly over the period of hire. Revenue is recognised for transport services

provided at the point at which delivery or collection is completed. Revenue for repairs to equipment

damaged whilst on hire is recognised from the point the damage is identified.

ii. Services revenue

The Group recognises revenue for rehire services as principal on a straight-line basis over the

period of hire, adjusted for rebates. The Group controls the service to be provided to the customer

and has responsibility for fulfilling the associated performance obligations.

The Group recognises revenue for training services at a point in time upon completion of the relevant

training as this is when the performance obligation is fulfilled. Revenue for testing is recognised

at a point in time once certification is provided, evidencing fulfilment of the Group’s performance

obligation. The Group recognises revenue on the sale of consumables and equipment at a point in

time, upon delivery or collection of the goods when control is transferred to the customer.

Dependent on the agreement in place, fuel revenue is recognised on either an agent or principal

basis at the point control is transferred to the customer. The Group acts as principal when fuel

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

1 Summary of material accounting policy information continued

Basis of preparation continued

Speedy Hire Plc

Annual Report and Accounts 2026

124

is provided to customers directly from Speedy Hire depots and as agent when fuel provided to

customers is not directly controlled by the Group before being provided to the customer.

iii. Disposals revenue

The Group generates income/proceeds from the disposal of hire equipment either through the planned

sale of these assets at the end of their useful economic life or where a customer has lost or damaged the

asset beyond repair during the hire contract. These transactions are accounted for differently.

Income earned when a customer has lost or damaged assets beyond repair is presented on a

net basis within cost of sales at the point in time the loss or damage is identified. No revenue is

recognised on these transactions as they do not meet the requirements of IAS 16 (para 68).

Income from planned disposals meets the definition in IAS 16 and therefore revenue is recognised

gross at a point in time when control of the asset being disposed is transferred to the customer. The

key difference between the two types of income is that for planned disposals, the assets are held for

sale and are in saleable condition.

Cash flows from these two types of transaction are presented separately in the Consolidated Cash

Flow Statement.

Customer invoicing is performed multiple times a month. Consideration is payable following invoicing, in

line with agreed payment terms.

Customer rebates

Revenue is recognised net of customer rebates, which are held as a separate liability within trade and

other payables (see note 18). The Group reviews its estimate of likely settlements at each reporting date

and any revisions to the liability are updated accordingly.

Non‑underlying items

Non-underlying items are recognised for items or events of a significant nature or value, where it is

determined that separate disclosure aids understanding of the underlying performance of the business.

Further detail on such items is provided in note 3.

Research and development expenditure

Development costs in relation to the Group’s ERP system are capitalised as intangible assets. No

significant research and development expenditure is recognised in the Income Statement.

Start‑up expenses

Legal and start-up expenses incurred in respect of new depots are written off as incurred.

Employee benefits

h Pension schemes

The Group automatically enrols UK employees in a defined contribution pension plan and, except for

those who opt out, makes contributions to personal pension schemes for these UK employees and

certain other non-UK employees. Obligations for contributions to these defined contribution pension

plans are recognised as an expense in the Income Statement as incurred.

h Share-based payment transactions

The Group operates a number of schemes that allow certain employees to acquire shares in the Company,

including the Performance Share Plan and the all-employee Sharesave Schemes. The fair value of options

granted is recognised as an employee expense with a corresponding increase in equity. The fair value is

measured at grant date and spread over the period during which the employees become unconditionally

entitled to the options. The fair value of the options granted is measured, using an appropriate option-

pricing model, taking into account the terms and conditions upon which the options were granted.

The amount recognised as an expense is adjusted to reflect the actual number of share options that vest,

except where it is related to market-based performance conditions. For share-based payment awards with

non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such

conditions and there is no adjustment for differences between expected and actual outcomes.

Transactions of the Company-sponsored Employee Benefits Trust are treated as being those of the

Company and are therefore reflected in the Company and Group Financial Statements. In particular, the

Trust’s purchases of shares in the Company are charged directly to equity.

Finance costs

Finance costs comprise interest payable on borrowings and lease liabilities, and gains and losses on

financial instruments that are recognised in the Income Statement.

Interest payable on borrowings includes a charge in respect of attributable transaction costs and non-

utilisation fees, which are recognised in the Income Statement over the period of the borrowings on an

effective interest basis.

Taxation

Income tax is recognised in the Income Statement except to the extent that it relates to items recognised

directly in equity, in which case it is recognised in equity. Income tax comprises current and deferred tax.

Current tax is the expected tax payable on the taxable income for the year, using tax rates substantively

enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset

and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Deferred tax is recognised using the balance sheet liability method, providing for temporary differences

between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts

used for taxation purposes. The following temporary differences are not provided for: goodwill not

deductible for tax purposes, the initial recognition of assets or liabilities not acquired in a business

combination affecting neither accounting nor taxable profit and which at the time of the transaction do not

give rise to equal taxable and deductible temporary differences, and differences relating to investments

in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of

Speedy Hire Plc

Annual Report and Accounts 2026

125

FINANCIAL STATEMENTS

deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount

of assets and liabilities, using tax rates enacted, or substantively enacted, at the balance sheet date.

IAS 12 ‘Income Taxes’, does not require all temporary differences to be provided for. In particular, the

Group does not provide for deferred tax on undistributed earnings of subsidiaries where the Group is

able to control the timing of the distribution, and the temporary difference created is not expected to

reverse in the foreseeable future.

Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax

assets and liabilities and where the deferred tax balances relate to the same taxation authority.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be

available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting

date and are reduced to the extent that it is no longer probable that the related tax benefit will be

realised.

Intangible assets

h Goodwill

All business combinations are accounted for by applying acquisition accounting. The Group measures

goodwill at the acquisition date as:

– the fair value of the consideration transferred; plus

– the recognised amount of any non-controlling interests in the acquiree; plus

– the fair value of the existing equity interest in the acquiree; less

– the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities

assumed.

When the excess is negative, a bargain purchase gain is recognised immediately in the Income Statement.

Costs related to the acquisition, other than those associated with the issue of debt or equity securities,

are expensed as incurred.

Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent

consideration is classified as equity it is not remeasured, and settlement is accounted for within equity.

Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in the

Income Statement.

Goodwill is stated after any accumulated impairment losses and is included as an intangible asset. It is

allocated to cash-generating units and is tested annually for impairment and at each reporting date to

the extent that there are any indicators of impairment.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

1 Summary of material accounting policy information continued

Taxation continued

Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the

entity sold.

h Customer lists, brands and right of first refusal

For a number of its acquisitions, the Group has identified intangible assets in respect of customer lists,

brands and the right of first refusal over certain customer contracts. The values of these intangibles are

recognised as part of the identifiable assets, liabilities and contingent liabilities acquired.

Intangible assets, other than goodwill, that are acquired by the Group are initially measured at fair value

at the acquisition date. Subsequent to initial recognition, these intangible assets are stated at cost less

accumulated amortisation and impairment losses (note 12).

Expenditure on internally generated goodwill and brands is recognised in the Income Statement as an

expense as incurred.

h IT development

The Group’s accounting policy in relation to the configuration and customisation costs incurred in

implementing Software-as-a-Service (‘SaaS’) is as follows:

– Amounts paid to cloud vendors for configuration and customisation that are not distinct from access

to the cloud software are expensed over the SaaS contract term.

– Configuration and customisation costs incurred in implementing SaaS arrangements, which give

rise to an identifiable intangible asset, are capitalised and amortised over the life of the asset.

– Other implementation costs are expensed as incurred.

h Amortisation

Amortisation is charged to the Income Statement on a straight-line basis over the estimated useful

economic lives of identified intangible assets. Intangible assets, excluding goodwill, are amortised from the

date that they are available for use. The useful lives of identified intangible assets are estimated as follows:

Customer lists – over the period of the expected benefit, up to ten years

Brands – over the period of use in the business, up to ten years

Right of First Refusal – over the expected life of the contract, being 6.5 years

IT development – over the period of use in the business, up to ten years

Amortisation of intangible assets is included within distribution and administrative costs.

Property, plant and equipment

Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment

losses. Cost includes expenditure that is directly attributable to the acquisition or the refurbishment of

the asset where the refurbishment extends the asset’s useful economic life.

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Depreciation of property, plant and equipment is charged to the Income Statement so as to write off the

cost of the assets over their estimated useful economic lives after taking account of estimated residual

values. Residual values and estimated useful economic lives are reassessed at least annually. Land is

not depreciated. Hire equipment assets are depreciated so as to write down to their residual value over

their normal useful lives, which range from one to fifteen years depending on the category of the asset.

The principal rates and methods of depreciation used are as follows:

h Hire equipment

Tools and general equipment – between one and twelve years straight-line

Access equipment – between five and ten years straight-line

Surveying equipment – between one and ten years straight-line

Power equipment – between three and twelve years straight-line

Lifting equipment – between one and eleven years straight-line

Powered access – between seven and eleven years straight-line

h Non-hire assets

Freehold buildings and long leasehold improvements – over the shorter of the lease period and 50

years straight-line

Short leasehold property improvements – over the period of the lease

Fixtures and fittings and office equipment (excluding IT) – 25% per annum straight-line

IT equipment – between three and fifteen years straight-line

Motor vehicles – 25% per annum straight-line

Planned disposals of hire equipment are transferred, at net book value, to inventory when they cease to

be available for hire and become held for sale, with the sale included in revenue. Profit or loss on other

disposals is taken to operating profit as shown in note 4, presented net within cost of sales.

Leases

The Group holds leases for a number of properties and vehicles. Rental contracts are typically entered

into for fixed periods of one to ten years but may have break options or extension options as set out

below. Such leases can contain a wide range of different terms and conditions.

Leases are recognised as a right of use asset and a corresponding liability at the date at which the

leased asset is available for use by the Group. Each lease payment is allocated between the liability and

finance cost. The finance cost is charged to the Income Statement over the lease period. The right of use

asset is depreciated over the lease term on a straight-line basis.

Lease liabilities are initially measured on a present value basis. Lease liabilities include the net present

value of fixed payments (including in-substance fixed payments) and variable lease payments which are

based on a specified index or rate. The lease payments are discounted using the Group’s incremental

borrowing rate (if the interest rate implicit in the lease is not readily determinable). This rate is the

interest rate the Group would have to pay to borrow the funds necessary to obtain an asset of similar

value, over a similar term and with similar security to the right of use asset, in a similar economic

environment.

Right of use assets are measured at cost comprising the amount of the initial measurement of the

lease liability, any initial direct costs, any restoration costs and any lease payments made at, or before,

the commencement date. Payments associated with short-term leases and leases of low value assets

are recognised on a straight-line basis as an expense in the Income Statement. Short-term leases are

certain leases with a lease term of 12 months or less. Low-value assets comprise certain small items of

IT equipment and office furniture where the cash value when new is considered immaterial.

Extension and termination options are included in a number of leases across the Group. These terms are

used to maximise operational flexibility in terms of managing contracts. In determining the lease term

applicable for accounting purposes, consideration is given to all facts and circumstances that create

economic incentive to exercise an extension option, or not to exercise a termination option. Extension

options are only included in the lease term if the lease is reasonably certain to be extended (or not

terminated). The assessment is reviewed if a significant event or significant change in circumstances

occurs which affects this assessment and is within the control of the Group. Lease remeasurements

comprise extensions and rent reviews not known at lease inception.

Inventories

Inventories are measured at the lower of cost and net realisable value. Assets transferred from the hire

fleet are measured at the lower of cost less accumulated depreciation and impairment at the date of

transfer, or net realisable value. The cost of inventories is based on the first-in, first-out principle. In the

case of work in progress, cost includes an appropriate share of production overheads based on normal

operating capacity. Net realisable value is the estimated selling price in the ordinary course of business,

less the estimated costs of completion and selling expenses.

Trade and other receivables

Trade and other receivables are recognised initially at fair value. Subsequent to initial recognition, they

are measured at amortised cost using the effective interest method, less any impairment losses.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and overnight deposits. Overdraft facilities are

presented as current liabilities on the Balance Sheet.

When settling a liability, the Group derecognises the cash and associated liability on the day the

payments are made by the Group, as opposed to when the bank itself processes the funds.

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FINANCIAL STATEMENTS

Financial instruments

The Group classifies all financial instruments at either amortised cost, fair value through other

comprehensive income (‘FVTOCI’) or fair value through profit and loss (‘FVTPL’).

Equity instruments not held for long-term strategic purposes are classified at FVTPL, as they do not

form part of the Group’s business model, their cash flows are not solely payments of principal and

interest and they have not been designated at FVTOCI. Financial assets measured at FVTPL are carried

at fair value on the balance sheet, with net changes in fair value recognised in the income statement.

Offset of financial instruments

Financial assets and financial liabilities are offset, and the net amount reported in the Balance Sheet,

when there is a legally enforceable right to offset and there is either the intention to settle on a net basis,

or to realise the asset and settle the liability simultaneously.

The legally enforceable right must not be contingent on future events and must be enforceable in the

normal course of business.

In respect of cash pooling arrangements, the requirement of intent to settle net is only met if the entire

period end balance is settled on a net basis, prior to any further movement in the balance.

Impairments

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are

separately identifiable cash inflows, which are largely independent of the cash inflows from other assets

or groups of assets (cash-generating units). If any indication of impairment exists, then the asset’s

recoverable amount is estimated, being the higher of fair value less costs to sell and value in use, and

if there is an impairment loss then this loss is recognised such that the carrying amount is reduced

accordingly.

The carrying amounts of the Group’s non-financial assets, other than deferred tax, are reviewed at each

reporting date to determine whether there is any impairment. Non-financial assets other than goodwill

that suffered an impairment are reviewed for possible reversal of the impairment at the end of each

reporting period.

h Expected credit losses

The Group recognises loss allowances for expected credit losses (‘ECLs’) on financial assets measured

at amortised cost. Loss allowances for trade receivables are always measured at an amount equal to

lifetime expected credit losses (IFRS 9 simplified approach).

When determining whether the credit risk of a financial asset has increased significantly since initial

recognition and when estimating ECLs, the Group considers reasonable and supportable information

that is relevant and available without undue cost or effort. This includes both quantitative and qualitative

information and analysis, based on the Group’s historical experience and informed credit assessment

and includes forward-looking information.

Lifetime ECLs are ECLs that result from all possible default events over the expected life of a financial

instrument. The maximum period considered when estimating ECLs is the maximum contractual period

over which the Group is exposed to credit risk.

ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present

value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance

with the contract and the cash flows that the Group expects to receive).

Derivative financial instruments

The Group uses derivative financial instruments to hedge its exposure to interest rate risks arising

from financing activities and to variability in cash payments for fuel arising from operating activities. In

accordance with its treasury policy, the Group does not hold or issue derivative financial instruments for

trading purposes; however, derivatives that do not qualify for hedge accounting are accounted for as

trading instruments and the movement in fair value is recognised in the Income Statement.

Derivatives are recognised initially at fair value; attributable transaction costs are recognised in the

Income Statement when incurred. Subsequent to initial recognition, changes in the fair value of the

derivative hedging instrument designated as a cash flow hedge are recognised directly in equity to the

extent that the hedge is effective. To the extent that the hedge is ineffective, changes in fair value are

recognised in the Income Statement.

If the hedging instrument expires, no longer meets the criteria for hedge accounting, is sold, is

terminated or is exercised, then hedge accounting is discontinued prospectively. The cumulative gain

or loss previously recognised in equity remains there until the forecast transaction occurs. When the

hedged item is a non-financial asset, the amount recognised in equity is transferred to the carrying

amount of the asset when it is recognised. In other cases, the amount recognised in equity is transferred

to the Income Statement in the same period that the hedged item affects the Income Statement.

Regular way purchases and sales of financial assets are recognised at the trade date, being the date on

which the Group commits to purchase or sell the asset.

Trade and other payables

Trade and other payables are recognised initially at fair value. Subsequent to initial recognition, they are

measured at amortised cost using the effective interest method.

Intra‑group financial instruments

Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other

companies within the Group, the Company accounts for these under IAS 32, IFRS 7 and IFRS 9.

Financial guarantee contracts are initially measured at fair value and subsequently measured at the

higher of fair value and the expected credit loss.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

1 Summary of material accounting policy information continued

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Interest‑bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less directly attributable transaction

costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with

any difference between cost and redemption value being recognised in the Income Statement over the

period of the borrowings on an effective interest basis.

Provisions and contingent liabilities

A provision is recognised on the Balance Sheet when the Group has a present legal or constructive

obligation as a result of a past event, the obligation can be measured reliably, and it is probable that an

outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions

are determined by discounting the expected future cash flows at a pre-tax rate that reflects current

market assessments of the time value of money and, where appropriate, the risks specific to the liability.

Dilapidations provisions are recognised by the Group, representing the cost to restore leased premises

to their original condition upon the Group’s exit of a lease. Dilapidations may not be settled for some

months following the Group’s exit of the lease and are calculated based on the estimated expenditure

required to settle the landlord’s claim at current market rates. The total liability is discounted to current

values. Amounts relating to restoration are capitalised as part of the cost of the right of use asset and

are amortised over the shorter of the lease term and the useful life of the asset.

Contingent liabilities are disclosed for possible obligations whose existence will be confirmed by

uncertain future events, or where settlement values cannot be measured reliably.

Translation of foreign currencies

Transactions in foreign currencies are initially recorded at the rate of exchange prevailing at the

transaction date. Monetary assets and liabilities denominated in foreign currencies are retranslated at

the rates of exchange ruling at the balance sheet date. Exchange gains and losses arising on settlement

or retranslation of monetary assets and liabilities are included in the Income Statement.

Assets and liabilities of overseas subsidiaries are translated at the rate of exchange ruling at the balance

sheet date. The results of overseas subsidiary undertakings are translated into sterling at the average

rates of exchange during the period. Exchange differences resulting from the translation of the results

and balances of overseas subsidiaries are charged or credited directly to the foreign currency translation

reserve.

Gains and losses on intercompany foreign currency loans that are long-term in nature, and which the

Company does not intend to settle in the foreseeable future, are also recorded in the foreign currency

translation reserve.

The Consolidated – and Company only – Financial Statements are presented in pound sterling, which is

the presentational currency of the Group.

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new

shares are shown in equity as a deduction from the proceeds. Where the Group purchases its own

equity share capital, the consideration paid is deducted from equity attributable to the Group’s

shareholders. Where such shares are subsequently cancelled, the nominal value of the shares

repurchased is deducted from share capital and transferred to a capital redemption reserve. Where the

Group purchases its own equity share capital to hold in treasury, the consideration paid for the shares is

shown as a reduction in retained earnings.

Dividend distribution

Dividend distributions to the Company’s shareholders are recognised as a liability in the Group’s

Financial Statements in the period in which the dividends are approved and declared.

Consideration of climate change

Following on from the TCFD disclosures on pages 40 to 50, the impact of climate change on the wider

Financial Statements has been considered. No material impact on financial reporting judgements and

estimates has been identified. In particular, the impact of climate change has been considered in respect

of cash flow forecasts used in the impairment assessments undertaken and the carrying value and

useful economic lives of property, plant and equipment (see the Significant Judgements and Estimates

section for more detail). The Directors are aware of the ever-changing risks resulting from climate

change and will regularly assess these risks against judgements and estimates made in the preparation

of the Group’s financial statements.

Segment reporting

The Group determines and presents operating segments based on the information that is provided

internally to the Board, which is the Group’s ‘chief operating decision-maker’.

An operating segment is a component of the Group that engages in business activities from which it

may earn revenues and incur expenses, including revenues and expenses that relate to transactions with

any other member of the Group and for which discrete financial information is available. An operating

segment’s operating results are reviewed regularly by the Board to make decisions about resources to

be allocated to the segment and to assess its performance.

Segment results that are reported to the Board include items directly attributable to a segment as well

as those that can be allocated on a reasonable basis. Unallocated items comprise mainly corporate

assets and head office expenses.

Segment capital expenditure is the total cost incurred during the period to acquire property, plant

and equipment, and intangible assets other than goodwill, inclusive of assets acquired in business

combinations.

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129

FINANCIAL STATEMENTS

Significant judgements and estimates

The preparation of Financial Statements requires management to make judgements, estimates and

assumptions in applying the accounting policies that affect the reported amounts of assets and

liabilities, income and expense. The estimates and associated assumptions are based on historical

experience and other factors that are believed to be reasonable under the circumstances, the results of

which form the basis of making the judgements about carrying values of assets and liabilities that are

not readily apparent from other sources. Actual results may differ from these estimates.

The judgements, estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that

period, or in the period of the revision and future periods if the revision affects both current and future

periods. The following accounting policies are limited to those items that would be most likely to produce

materially different results were the underlying judgements, estimates and assumptions changed.

The following are significant judgements or sources of estimation uncertainty that management has

made in the process of applying the accounting policies and that have a significant risk of resulting in a

material adjustment within the next financial year.

Key accounting judgements

Non‑underlying items

In determining the non-underlying transformation costs recognised in both FY2025 and FY2026,

judgement has been applied in respect of certain costs which do not form part of the underlying

business. The costs relating to transformation were appraised to determine which were entirely

incremental to the programme and would no longer remain in the Group following the conclusion of the

overall project, and which were expected to remain within the Group. The costs that were judged to be

entirely incremental, and therefore non-underlying, were primarily additional headcount into the Group,

to work exclusively on the transformation programme.

More information on the nature and quantum of these costs is provided in note 3.

Dilapidations provision

Dilapidations are assessed at the earliest point, being the start of the lease or due to an obligating

event. Uncertainty is present in respect of the timing and amounts of future cash flows related to lease

dilapidations. The exercise of judgement as to existing facts and circumstances, which may be subject to

change, is required in estimating the provision.

The provision recognised is the estimated expenditure required to settle the landlord’s claim at current

market rates, discounted to net present value. Given the cash outflow in respect of dilapidations can

take place many years in the future, the carrying amount of the provision is reviewed regularly and is

adjusted as needed to take account of changing facts and circumstances.

During the year ended 31 March 2024, the Group engaged an external surveyor to undertake a full

review of the property portfolio, to assess the condition of each site and the potential dilapidations

costs due on exit. This was the first review of its kind undertaken by the Group, with the aim of aiding

management’s determination of the adequacy of the dilapidation provision held by the Group.

The surveyor’s review outlined all potential costs payable on the exit of each property, according to the

respective lease agreement. The Group then exercised judgement in determining the appropriateness of

these potential costs and the expected amounts payable, based on knowledge of the property portfolio,

historic settlements and the Group’s proactive approach to resolving dilapidations with landlords. The

judgement applied resulted in the removal of certain of these costs from the required provision, primarily

relating to contractor and other related fees; on the basis that the Group typically does not incur these costs.

At 31 March 2026, as in the prior year, these judgements have been reassessed to ensure they remain

appropriate and to take account of subsequent settlements. The provision recognised is based on

management’s best estimate of likely settlement and sits within a range of potential outcomes. The

calculated provision equates to an expected settlement of £6.10 per square foot (2025: £6.47). If this were

to change by £1 per square foot, a £2.2m movement in the provision would result.

Management will continue to monitor and assess the adequacy of the provision recognised and the

appropriateness of the judgements made.

Payables financing arrangement

The Group was party to a payables finance arrangement whereby credit from a bank was used to settle

supplier invoices, with the Group then settling its balance with the bank at a later date.

Under the arrangement, the Group obtained extended payment terms without affecting payments

to suppliers and was able to direct the payments the bank made on the Group’s behalf. Given the

substantially different terms the Group had with the bank under this arrangement, the supplier trade

payable was derecognised once the liability was discharged upon payment, with a new financing

liability instead recognised – representing the amount the Group owed to the bank – presented as a

separate line item within current borrowings.

More information on payables financing is provided in note 20.

Key accounting estimates

Impairment of goodwill

In assessing any impairment of goodwill, the future cash flows expected to result from the use of the

asset, and its eventual disposal, are estimated. Actual outcomes could vary from such estimates of

discounted future cash flows. The calculations involved require assumptions to be made in relation to

discount rate, long-term growth rate, the rate of inflation and also short-term performance and cash

flows, for which reference is made to external information and historical performance. Note 12 provides

details of the impairment reviews undertaken, assumptions and sensitivities in relation to goodwill.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

1 Summary of material accounting policy information continued

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130

Hire equipment

In relation to the Group’s hire equipment (note 14), useful economic lives and residual values of assets

have been established using historical experience of the internal asset team and external market

information, taking into consideration the nature of the assets involved.

At 31 March 2026, the carrying value of hire equipment was £239.4m (2025: £222.4m), representing 93.0%

(2025: 91.4%) of the total property, plant and equipment. The hire equipment depreciation charge for the year

ended 31 March 2026 was £35.3m (2025: £30.9m), which represents 8.4% (2025: 7.7%) of the average original

cost of hire equipment. Both useful economic lives and residual values are reviewed on a regular basis.

Given the varied portfolio and range of assumptions relating to both the useful economic lives and

residual values of the Group’s hire equipment, it is not practical to disclose sensitivity analysis.

The Group has considered increased interest rates, inflation, and implications of climate change in

assessing the carrying value of both eco and non-eco assets and identified no indicators of impairment.

The relatively new age of the current hire fleet within the Group mitigates any potential obsolescence

and new capital spend is weighted towards eco assets. No indicators of impairment have been noted in

relation to hire equipment.

Valuation of trade receivables

The expected credit loss provision is calculated using the simplified approach under IFRS 9, based upon

historical default experience over the lifetime of the debt. This is adjusted for the Directors’ assessment

of current and forward-looking macroeconomic factors affecting the Group’s operating environment,

such as inflation and interest rates.

At 31 March 2026, the expected credit loss provision was £2.2m (2025: £2.0m) against a total debtor

book of £108.7m (2025: £97.9m). Further detail is provided in note 17, including an ageing analysis of

debt. The Group’s estimated expected credit losses are 2.0% (2025: 2.0%) of gross trade receivables. A

change of 1% in this assumption would result in an increase to the provision of £1.1m (2025: £1.0m).

Whilst this area does not meet the definition under IAS 1 of a critical accounting estimate or significant

accounting judgement, the recognition and measurement are based on assumptions and/or subject to

longer-term uncertainties. No consideration is made regarding expected credit losses across time bands

as this would not provide a materially different result given the simplified method is used, whereby

assessment of lifetime expected credit losses is made.

Valuation of right of first refusal intangible asset

The ProService Transaction undertaken during the year resulted in the identification of a right of first

refusal intangible (see note 30). The specific earnings potential of the asset, and contribution of other

supporting assets of the Group, form the basis of the valuation of the intangible, taken from Board

approved forecasts. This, alongside key assumptions around the length of the contract and the discount

rate applied, require significant judgement to be exercised. Actual outcomes could therefore vary from

such estimates. Note 30 provides detail on the valuation methodology used, the assumptions applied

and related sensitivities in respect of the valuation of the right of first refusal intangible.

2 Segmental analysis

The segmental disclosure presented in the Financial Statements has been determined based on the way

in which performance is assessed, assets are monitored and resources allocated, and hence reflects the

format of reports reviewed by the ‘chief operating decision-maker’. The Group’s reportable segments are

Hire and Services, which form the UK and Ireland business.

The Hire segment relates to hire of the Group’s core fleet of owned products, covering a range of

product lines in categories such as small tools, access, power and battery storage, lifting, survey,

powered access, welding and plant machinery.

The Services segment predominantly relates to the rehire of an extensive range of specialist equipment

through partnerships with the industry’s leading suppliers, referred to as Customer Solutions. This

segment also includes fuel and energy sales and management, training, product sales, and test,

inspection and certification services.

An element of the Group’s costs is incurred at a corporate level and consequently cannot be analysed by

segment. These costs, together with net corporate borrowings and taxation, are not directly attributable to the

activities of the operating segments and consequently are presented under Corporate items. The remaining

unallocated net assets comprise principally working capital balances held by the support services function.

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FINANCIAL STATEMENTS

For the year ended 31 March 2026 / As at 31 March 2026

	Hire excluding		UK and	Corporate
	disposals	Services	Ireland¹	items	Total
	£m	£m	£m	£m	£m
Revenue	255.3	149.9	416.1	–	416.1
Cost of sales	(52.4)	(123.3)	(185.6)	–	(185.6)
Gross Profit	202.9	26.6	230.5	–	230.5
Segment result:
Adjusted EBITDA²			88.1	(2.7)	85.4
Depreciation³			(72.1)	(0.1)	(72.2)
Loss on planned disposals of hire equipment			(1.3)	–	(1.3)
Operating profit/(loss) before amortisation, non-underlying items and fair value
movements on financial assets			14.7	(2.8)	11.9
Amortisation³			(1.6)	(2.7)	(4.3)
Non-underlying items			(17.6)	–	(17.6)
Fair value movements on financial assets			–	(3.3)	(3.3)
Operating loss			(4.5)	(8.8)	(13.3)
Share of results of joint venture			–	(0.4)	(0.4)
Loss from operations			(4.5)	(9.2)	(13.7)
Finance costs					(18.6)
Loss before tax					(32.3)
Taxation					5.7
Loss for the financial year					(26.6)
Intangible assets³			46.5	9.5	56.0
Investment in joint ventures			0.6	4.4	5.0
Other financial assets			–	3.8	3.8
Land and buildings			12.7	–	12.7
Hire equipment			239.4	–	239.4
Non-hire equipment			5.3	–	5.3
Right of use assets			108.8	–	108.8
Taxation assets			–	0.9	0.9
Current assets			123.3	5.4	128.7
Cash			–	14.4	14.4
Total assets			536.6	38.4	575.0

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

2 Segmental analysis continued

	Hire excluding		UK and	Corporate
	disposals	Services	Ireland¹	items	Total
	£m	£m	£m	£m	£m
Lease liabilities			(114.4)	–	(114.4)
Other liabilities			(138.3)	(12.6)	(150.9)
Borrowings			–	(173.4)	(173.4)
Taxation liabilities			–	(8.3)	(8.3)
Total liabilities			(252.7)	(194.3)	(4 4 7.0)

UK and Ireland also includes revenue and costs relating to the disposal of hire assets.

See note 11.

Intangible assets in Corporate items relate to the Group’s ERP system, amortisation is charged to the UK and Ireland

segment as this is fundamental to the trading operations of the Group. Depreciation in Corporate items relates to

computers and is recharged from the UK and Ireland based on proportional usage.

For the year ended 31 March 2025 / As at 31 March 2025

	Hire excluding
	disposals	Services	UK and Ireland¹	Corporate items	Total
	£m	£m	£m	£m	£m
Revenue	255.0	158.0	416.6	–	416.6
Cost of sales	(49.7)	(126.7)	(180.5)	–	(180.5)
Gross Profit	205.3	31.3	236.1	–	236.1
Segment result:
Adjusted EBITDA²			101.0	(3.9)	97.1
Depreciation³			(67.3)	(0.3)	(67.6)
Loss on planned disposals of hire equipment			(2.7)	–	(2.7)
Operating profit/(loss)
before amortisation and non- underlying items			31.0	(4.2)	26.8
Amortisation³			(0.6)	(3.2)	(3.8)
Non-underlying items			(8.0)	(1.6)	(9.6)
Operating profit/(loss)			22.4	(9.0)	13.4
Share of results of joint venture			–	1.0	1.0
Profit/(loss) from operations			22.4	(8.0)	14.4
Finance costs					(15.9)
Loss before tax					(1.5)
Taxation					0.4
Loss for the financial year					(1.1)

Speedy Hire Plc Annual Report and Accounts 2026

132

	Hire excluding
	disposals	Services	UK and Ireland¹	Corporate items	Total
	£m	£m	£m	£m	£m
Intangible assets³			28.7	9.7	38.4
Investment in joint ventures			0.6	5.1	5.7
Land and buildings			15.0	–	15.0
Hire equipment			222.4	–	222.4
Non-hire equipment			5.9	–	5.9
Right of use assets			104.2	–	104.2
Taxation assets			–	2.9	2.9
Current assets			111.5	4.9	116.4
Cash			–	2 .1	2 .1
Total assets			488.3	24.7	513.0
Lease liabilities			(105.9)	–	(105.9)
Other liabilities			(117.3)	(3.8)	(121.1)
Borrowings			–	(115.2)	(115.2)
Taxation liabilities			–	(8.6)	(8.6)
Total liabilities			(223.2)	(127.6)	(350.8)

UK and Ireland also includes revenue and costs relating to the disposal of hire assets.

See note 11.

Intangible assets in Corporate items relate to the Group’s ERP system, amortisation is charged to the UK and Ireland

segment as this is fundamental to the trading operations of the Group. Depreciation in Corporate items relates to

computers and is recharged from the UK and Ireland based on proportional usage.

Geographical information

In presenting geographical information, revenue is based on the geographical location of customers.

Assets are based on the geographical location of the assets.

		Year ended / As at 31 March 2026		Year ended / As at 31 March 2025
		Non‑current		Non‑current
	Revenue	assets¹	Revenue	assets¹
	£m	£m	£m	£m
UK	409.6	416.1	410.3	384.0
Ireland	6.5	11.1	6.3	7.6
	416.1	42 7. 2	416.6	391.6

Non-current assets excluding financial instruments and deferred tax assets.

Revenue by type

Revenue is attributed to the following activities:

	Year ended	Year ended
	31 March 2026	31 March 2025
	£m	£m
Hire and related activities	255.3	255.0
Services	149.9	158.0
Disposals	10.9	3.6
	416.1	416.6

Major customers

No one customer represents more than 10% of revenue, reported profit or combined assets of the Group.

3 Non‑underlying items

	Year ended	Year ended
	31 March 2026	31 March 2025
	£m	£m
Transformation costs	6.3	6.6
Restructuring costs	3.6	1.2
Business disposal	2.8	–
Other professional and support costs	4.9	1.8
	17.6	9.6

Transformation costs

Our Velocity strategy is split into two distinct phases through to 31 March 2028, being ‘Enabling Growth’

(years one to three) and ‘Delivering Growth’ (years four to five). Throughout the ‘Enabling’ phase to

March 2026, the investment in implementing our Velocity strategy and executing our transformation

programme has represented a significant cost to the business.

The total cost (including those incurred in FY2024 and FY2025) of this phase is £20.5m, of which £16.1m

relates to non-underlying items. The remainder of the costs either represent underlying costs to the

business or are capital in nature.

The £6.3m non-underlying cost to the business in the year relates primarily to incremental people

costs. FY2026 is the final year of the ‘Enabling Growth’ phase, following which transformation costs

will become part of the underlying business, as the Velocity strategy moves into its second phase:

‘Delivering Growth’.

Speedy Hire Plc

Annual Report and Accounts 2026

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FINANCIAL STATEMENTS

Restructuring costs

An additional £3.6m relates to restructuring, as transformation projects have driven an accelerated move

towards the target operating model, mandating certain depot closures and redundancies to align to the

strategic direction of the business.

Business disposal

In August 2025 the Group disposed of the manufacturing division of Lloyds British, generating a loss

on disposal of £2.6m, presented within non-underlying items due to the infrequent nature of such

transactions. Subsequent restructuring of the Lloyds British business followed, resulting in £0.2m of

additional costs.

Other professional and support costs

On 6 October 2025, the Group announced the ProService Transaction (see note 30). Significant legal,

professional and integration costs have been incurred in relation to the transaction, which have been

presented as non-underlying items owing to the scale and rarity of a transaction such as this.

The net cash outflow from activities associated with non-underlying items during the year is £12.3m.

The following non-underlying items occurred in FY2025:

Transformation costs

Of the £6.6m non-underlying cost to the business in FY2025, £5.1m related primarily to incremental

people costs.

The roll out of Velocity process improvements and applications, and the increasing leverage of systems

and data, resulted in the redundancy of some employees in FY2025. Related costs of £1.5m were

therefore presented within non-underlying transformation costs.

Other professional and support costs

In FY2025, the Group engaged with external advisors regarding the refinancing of the Group. Whilst

the Group entered into the new arrangements post year end, replacing the asset based lending (‘ABL’)

facility, related advisory services were provided, and work undertaken, in FY2025.

Legal and professional fees incurred as part of the refinancing could not be attributed directly to the

new facilities, as they – in part – related to the settlement of the old facility. Hence these costs were

recorded through the Income Statement rather than being capitalised against the new facility.

The remaining fees capitalised in relation to the ABL facility were also written off at 31 March 2025, given

the refinancing was substantially complete as at 31 March 2025, with an expectation of completion soon

after the year end.

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Restructuring costs

In FY2025, following the autumn budget, a decision was taken to accelerate ‘Future State’ restructuring

plans that formed part of the operational model changes in the Velocity strategy. The acceleration of the

plan was, in part, to offset the announced increases in both the national minimum wage and employer

national insurance contributions. Such restructuring entailed the closure of eight depots, with a resulting

reduction in headcount. Restructuring of this scale is not part of the ordinary course of business and

hence was presented within non-underlying items.

The net cash outflow from activities associated with non-underlying items during FY2025 was £6.4m.

4 Operating profit/(loss)

Operating profit/(loss) is stated after charging/(crediting):

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£m	£m
Amortisation of intangible assets
– acquired	1.6	0.6
– internally generated	2.7	3.2
Depreciation of owned property, plant and equipment	40.8	37.6
Depreciation of right of use assets	31.4	30.0
Loss on planned disposals of hire equipment	1.3	2.7
Profit on other disposals of hire equipment	(3.8)	(1.2)
Loss on disposal of non-hire equipment	0.7	0.6
Auditors’ remuneration
– audit of these Financial Statements	0.7	0.8
– audit of Financial Statements of subsidiaries	0.1	0.1
Total audit fees	0.8	0.9
Non-audit fees: audit-related services − interim review fee of £86,943
(2025: £85,500)	0.1	0.1
Total fees	0.9	1.0

Within distribution and administrative costs, £34.3m relates to distribution (2025: £33.5m).

3 Non‑underlying items continued

Speedy Hire Plc

Annual Report and Accounts 2026

134

5 Employees

The monthly average number of people employed by the Group (including Directors) during the year

was as follows:

	Year ended	Year ended
	31 March	31 March
	2026	2025
UK and Ireland	2,989	2,993
Central	329	342
	3,318	3,335

The aggregate payroll costs of these employees (including bonuses) were as follows:

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£m	£m
Wages and salaries	120.4	120.1
Social security costs	14.9	11.7
Other pension costs	3.6	3.5
Share-based payments	1.8	0.9
	140.7	136.2

6 Directors’ remuneration

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£’000s	£’000s
Directors’ emoluments
Basic remuneration, including benefits	1,296	1,296
Company contributions to money purchase pension schemes	26	23
	1,322	1,319
Emolument of the highest paid Director
Basic remuneration, including benefits	512	502
Company pension contributions	15	15
	527	517

The number of Directors in respect of whose qualifying services shares were received or receivable

under long-term incentive schemes, and who exercised share options during the year, is disclosed on

page 100 of the Directors’ Remuneration Report.

Further analysis of Directors’ remuneration can be found in the Remuneration Report. All the Directors’

remuneration is paid by Speedy Support Services Limited, a wholly owned subsidiary of Speedy

Hire Plc.

7 Finance costs

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£m	£m
Interest on bank loans and overdrafts	11.1	9.1
Amortisation of issue costs	0.3	0.4
Total interest on borrowings	11.4	9.5
Interest on lease liabilities	7.5	6.4
Other finance income	(0.3)	–
Finance costs	18.6	15.9

8 Taxation

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£m	£m
Tax credited in the Income Statement from continuing operations
Current tax
UK corporation tax on loss at 25% (2025: 25%)	–	(0.4)
Adjustment in respect of prior years	(1.0)	0.1
Total current tax	(1.0)	(0.3)
Deferred tax
UK deferred tax at 25% (2025: 25%)	(5.5)	0.3
Adjustment in respect of prior years	0.8	(0.4)
Total deferred tax	(4.7)	(0.1)
Total tax credit from continuing operations	(5.7)	(0.4)
Tax charged/(credited) in other comprehensive income
Deferred tax on effective portion of changes in fair value of cash
flow hedges	0.1	(0.1)

Speedy Hire Plc Annual Report and Accounts 2026

135

FINANCIAL STATEMENTS

The tax credit in the Income Statement for the year of 17.6% (2025: 26.7%) is lower (2025: higher) than

the standard rate of corporation tax in the UK and is explained as follows:

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£m	£m
Loss before tax	(32.3)	(1.5)
Accounting loss multiplied by the standard rate of corporation tax at 25%
(2025: 25%)	(8.1)	(0.4)
Expenses not deductible for tax purposes	2.1	0.4
Share-based payments	0.4	0.1
Share of joint venture income already taxed	0.1	(0.2)
Adjustment in respect of prior years	(0.2)	(0.3)
Tax credit for the year reported in the Income Statement	(5.7)	(0.4)

The adjusted effective tax rate of 18.4% (2025: 24.1%) is lower (2025: lower) than the standard rate of UK

corporation tax of 25% (2025: 25%).

9 (Loss)/earnings per share

The calculation of basic loss per share is based on the loss for the financial year of £26.6m (2025: £1.1m

loss) and the weighted average number of ordinary shares in issue, and is calculated as follows:

	Year ended	Year ended
	31 March	31 March
	2026	2025
Weighted average number of shares in issue (m)
Number of shares at the beginning of the year	460.5	457. 7
Movement in shares owned by the Employee Benefit Trust	0.2	2.4
Vested shares not yet exercised	0.6	0.2
Weighted average for the year – basic number of shares	461.3	460.3
Share options	0.3	0.2
Employee share scheme	–	0.5
Weighted average for the year – diluted number of shares	461.6	461.0

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

	Year ended	Year ended
	31 March	31 March
	2026	2025
(Loss)/profit (£m)
Loss for the year after tax – basic loss	(26.6)	(1.1)
Intangible amortisation charge – acquired intangibles (after tax)	1.2	0.4
Non-underlying items (after tax)	15.0	7. 2
Fair value movements on financial assets (after tax)	2.5	–
Adjusted (loss)/profit (after tax)	( 7. 9)	6.5
(Loss)/earnings per share (pence)
Basic loss per share	(5.77)	(0.24)
Dilutive shares and options	0.01	–
Diluted loss per share	(5.76)	(0.24)
Adjusted (loss)/earnings per share	(1.71)	1.41
Dilutive shares and options	–	–
Adjusted diluted (loss)/earnings per share	(1.71)	1.41

More detail on adjusted (loss)/earnings is provided in note 11.

Total number of shares outstanding at 31 March 2026 amounted to 516,983,637 (2025: 516,983,637),

including 55,141,657 (2025: 55,141,657) shares held in treasury and 802,874 (2025: 1,329,911) shares held in

the Employee Benefit Trust, which are excluded in calculating basic earnings per share.

10 Dividends

The aggregate amount of dividend paid in the year comprises:

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£m	£m
2024 final dividend (1.80 pence on 454.7m ordinary shares)	–	8.2
2025 interim dividend (0.80 pence on 455.6m ordinary shares)	–	3.6
2025 final dividend (1.80 pence on 458.8m ordinary shares)	8.3	–
2026 interim dividend (0.30 pence on 456.3m ordinary shares)	1.4	–
	9.7	11.8

Subsequent to the end of the year, and not included in the results for the year, the Directors

recommended a final dividend of 0.70 pence (2025: 1.80 pence) per share, bringing the total amount

payable in respect of the year ended 31 March 2026 to 1.00 pence (2025: 2.60 pence), to be paid on

2 October 2026 to shareholders on the register on 21 August 2026.

8 Taxation continued

Speedy Hire Plc

Annual Report and Accounts 2026

136

12 Intangible assets

						Internally
		Acquired				generated
				Right	Total		Total
		Customer		of First	acquired	IT	intangible
	Goodwill	lists	Brands	Refusal	intangibles	development	assets
	£m	£m	£m	£m	£m	£m	£m
Cost
At 1 April 2024	2 7.4	3.9	1.3	–	32.6	18.0	50.6
Additions	–	–	–	–	–	2.5	2.5
At 31 March 2025	2 7.4	3.9	1.3	–	32.6	20.5	53.1
Additions	–	–	–	–	–	2.4	2.4
Acquisitions 1	–	–	–	19.5	19.5	–	19.5
Disposals	–	–	–	–	–	(3.6)	(3.6)
At 31 March 2026	27. 4	3.9	1.3	19.5	52 .1	19.3	71.4
Accumulated
amortisation
At 1 April 2024	–	2.1	1.1	–	3.2	7. 7	10.9
Charged in year	–	0.4	0.2	–	0.6	3.2	3.8
At 31 March 2025	–	2.5	1.3	–	3.8	10.9	14.7
Charged in year	–	0.5	–	1.1	1.6	2.7	4.3
Disposals	–	–	–	–	–	(3.6)	(3.6)
At 31 March 2026	–	3.0	1.3	1.1	5.4	10.0	15.4
Net book value
At 31 March 2026	27. 4	0.9	–	18.4	46.7	9.3	56.0
At 31 March 2025	2 7.4	1.4	–	–	28.8	9.6	38.4
At 31 March 2024	2 7.4	1.8	0.2	–	29.4	10.3	39.7

See note 30.

The remaining amortisation period of each category of intangible fixed asset is the following: Customer

lists one to eight years (2025: two to nine years), Brands one year (2025: two years), Right of first refusal

six years (2025: nil) and IT development two to three years (2025: three to four years).

The Employee Benefit Trust, established to hold shares for the Performance Share Plan and other

employee benefits, waived its right to the interim dividend. At 31 March 2026, the Trust held 802,874

ordinary shares (2025: 1,329,911).

11 Non‑GAAP performance measures

The Group believes that the measures below provide valuable additional information for users of the

Financial Statements in assessing the Group’s performance by adjusting for the effect of non-underlying

items and significant non-cash items including depreciation, amortisation and fair value movements on

financial assets. The Group uses these measures for planning, budgeting and reporting purposes and

for its internal assessment of the operating performance of the individual divisions within the Group. The

measures on a continuing basis are as follows:

	Year ended	Year ended
	31 March	31 March
	2026	2025
	£m	£m
Operating (loss)/profit	(13.3)	13.4
Add back: amortisation	4.3	3.8
Add back: non-underlying items	1 7.6	9.6
Add back: fair value movements on financial assets	3.3	–
Adjusted operating (loss)/profit (EBITA)	11.9	26.8
Add back: depreciation	72.2	67. 6
Add back: loss on planned disposals of hire equipment	1.3	2.7
Adjusted EBITDA	85.4	97.1
Loss before tax	(32.3)	(1.5)
Add back: amortisation of acquired intangibles	1.6	0.6
Add back: non-underlying items	1 7.6	9.6
Add back: fair value movements on financial assets	3.3	–
Adjusted (loss)/profit before tax	(9.8)	8.7
Return on capital employed (ROCE)
Adjusted (loss)/profit before tax	(9.8)	8.7
Finance costs	18.6	15.9
Profit before tax, interest, amortisation of acquired intangibles, non- underlying items and fair value movements on financial assets 1	8.8	24.6
Average gross capital employed 2	281.2	276.2
ROCE	3.1%	8.9%

Profit before tax, finance costs, amortisation of acquired intangibles, non-underlying items and fair value movements

on financial assets for the last 12 months.

Average gross capital employed (where capital employed equals total equity and net debt) based on a two-point

average for the last 12 months.

Speedy Hire Plc Annual Report and Accounts 2026

137

FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Analysis of goodwill, customer lists, brands and IT development by cash-generating unit:

		Customer		Right of First	IT
	Goodwill	lists	Brands	Refusal	development	Total
	£m	£m	£m	£m	£m	£m
Allocated to Hire	26.4	0.9	–	18.4	8.2	53.9
Services	1.0	–	–	–	1.1	2.1
At 31 March 2026	27. 4	0.9	–	18.4	9.3	56.0
Allocated to Hire	26.4	1.1	–	–	8.4	35.9
Services	1.0	0.3	–	–	1.2	2.5
At 31 March 2025	2 7.4	1.4	–	–	9.6	38.4

All goodwill has arisen from business combinations and has been allocated to the cash-generating unit

(‘CGU’) expected to benefit from those business combinations. All intangible assets are held in the UK.

The Group tests goodwill for impairment annually, or more frequently if there are indications that

goodwill might be impaired, and considers at each reporting date whether there are indicators that

impairment may have occurred. Other assets are assessed at each reporting date for any indicators of

impairment and tested if an indicator is identified. The Group’s reportable CGUs comprise the UK&I Hire

business (‘Hire’) and UK&I Services business (‘Services’), representing the lowest level within the Group

at which the associated assets are monitored for management purposes.

The recoverable amounts of the assets allocated to the CGUs are determined by a value-in-use

calculation. The value-in-use calculation uses cash flow projections based on five-year financial

forecasts.

To prepare the value-in-use calculation, the Group uses cash flow projections from the Board-approved

FY2027 budget, and a subsequent four-year period representing revenue growth in line with the

expected market growth, with inflationary cost increases. This represents no significant uplift from

strategic initiatives and is a continuation of the steady state of the Group, forming the best estimate of

forecast performance at the time of impairment testing. A terminal value into perpetuity using long-term

growth rates is then applied to these cash flows.

The key assumptions for these forecasts are those regarding trading performance – representing a

combination of projected changes in revenue and overheads – and discount rate.

The Group’s five-year financial forecasts assume average annual revenue growth of 6.1% and an

average overhead increase of 3.3%. This results in average operating margin of 7.7%. Revenue growth

is in line with the Group’s current view of average market growth, adjusted for the annualised impact of

12 Intangible assets continued

significant contracts secured by the Group during FY2026, which are yet to fully mobilise. The forecasts

therefore assume an expectation of growth in relative market share. The Directors believe that the

assumptions adopted in the cash flow forecasts are the most appropriate.

The resulting forecast cash flows are discounted back to present value, using an estimate of the Group’s

pre-tax weighted average cost of capital, adjusted for risk factors associated with the CGUs and market-

specific risks.

The impairment model is prepared in nominal terms. The future cash flows are based on current price

terms inflated into future values, using general inflation and any known cost or sales initiatives. The

discount rate is calculated in nominal terms, using market and published rates.

The pre-tax discount rates and terminal growth rates applied are as follows:

		31 March 2026		31 March 2025
	Pre‑tax	Terminal value	Pre‑tax	Terminal value
	discount rate	growth rate	discount rate	growth rate
UK and Ireland Hire and Services	12.3%	2.0%	12.6%	2.0%

A single discount rate is applied to both CGUs as they operate in the same market, with access to the

same shared Group financing facility, with no additional specific risks applicable to either CGU.

At 31 March 2026, the headroom between value in use and carrying value of related assets for the UK

and Ireland was £153.6m (2025: £261.8m) – £130.4m for Hire (2025: £165.7m) and £23.2m for Services

(2025: £96.1m).

Impairment calculations are sensitive to changes in key assumptions around trading performance and

discount rate. An impairment may be identified if there is a significant change to these key assumptions,

resulting from declining economic or market conditions and sustained underperformance of the Group.

The sensitivity applied in relation to trading performance is aligned to the assumptions applied in

relation to going concern, representing a severe but plausible downside scenario, resulting in reduced

revenue growth and lower profitability. Changes to key assumptions from the base model are as follows:

Reduced trading performance

	Five‑year forecast
	period
Average annual revenue growth	5.3%
Average annual overheads growth	3.8%
Operating profit margin	4.9%

Speedy Hire Plc Annual Report and Accounts 2026

138

Revenue growth in this scenario is still ahead of general market trend initially, as a result of the Group’s

secured contract wins which are yet to fully mobilise. Revenue growth thereafter however drops below

expected market growth, representing a severe downside sensitivity. This scenario still results in a

significant decline in operating profit margin from the base model, with limited mitigating actions. No

impairment was identified as a result of the application of these sensitivities.

Whilst revenue growth represents a key assumption in the value-in-use calculation, it should not be

considered in isolation as there are cost saving measures available to the Group to mitigate the impact

of reduced revenue growth. For information, an unmitigated 1% reduction in revenue from the base

model, in each year including the terminal period, would result in a £36.7m reduction in headroom –

£34.4m for Hire and £2.3m for Services. This would not result in an impairment in either CGU.

Not considering relevant mitigations, revenue over the forecast period would need to decrease by 3.8%

for Hire and 10.0% for Services from the base model, for the recoverable amount of each CGU to equal

its respective carrying amount.

In the event of sustained or severe revenue underperformance, the Group is able to respond by making

additional efficiencies not already included in the trading performance sensitivity. These include, but are

not limited to, further reduced capital expenditure and cost saving initiatives.

The table below shows the reduction in headroom created by a change in assumptions:

		Impact on headroom at 31 March 2026
		(£m)
		Pre‑tax discount
	Reduced trading	rate – 0.5%
	performance	increase
Hire	(114.0)	(20.2)
Services	(13.7)	(1.9)

There are no reasonable variations in these assumptions that would be sufficient to result in an

impairment of either the Hire or Services CGU at 31 March 2026.

It is noted that the market capitalisation of the Group at 31 March 2026 was below the consolidated net

asset position – one indicator that an impairment may exist. Based on the impairment test performed,

the Directors believe that no impairment is required in this regard.

13 Investment in joint ventures

Turner & Hickman Limited

Speedy Hire Plc has a 50% interest in the share capital of Turner and Hickman Limited, a joint venture

company that controls the operations of Speedy Zholdas LLP via a 90% shareholding, with the other

50% interest being held by J. & J. Denholm Group. The proportion of ownership interest is the same as

the proportion of voting rights held. Speedy Zholdas LLP provides asset management and equipment

rental services to the oil and gas sector in Kazakhstan. Total cash consideration for the purchase of

shares in Turner and Hickman Limited was US$4.3m in November 2013.

At 31 March 2026, the joint venture is considered material to the Group. The country of incorporation

or registration is also their principal place of business, with the presentation currency and functional

currency being tenge.

The joint venture has a non-coterminous year end with Speedy Hire, reporting to 31 December each

year, to be consistent with the other joint venture partner J. & J. Denholm Group. Speedy Hire reports

the share of joint venture one month in arrears. As such estimate reporting is used, taking ten month

reported actuals, a further two months of the joint venture’s results for the following year, plus any

significant transactions in the following month, to report twelve months to 31 March.

Speedy Hydrogen Solutions Limited

Speedy Hire Plc has a 50% interest in Speedy Hydrogen Solutions Limited (‘SHS’), a 50:50 joint venture

company with H-Power Plc, based in the United Kingdom. The proportion of ownership interest is the

same as the proportion of voting rights held. SHS is a dedicated hydrogen-powered generator plant hire

business promoting sustainable, zero emission, temporary power solutions designed specifically for the

off-grid generation market. An initial equity injection into SHS (as a subscription for shares) of £1.25m

was made upon formation of SHS (£0.625m from each joint venture partner).

The first trade arose in SHS in the year ended 31 March 2026 (2025: none), however the joint venture is

not material to the Group. The joint venture has a non-coterminous year end with Speedy Hire, reporting

to 31 October each year, to be consistent with the other joint venture partner H-Power Plc.

Speedy Hire Plc

Annual Report and Accounts 2026

139

FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Speedy Hire’s share of joint ventures is as follows:

	Speedy Hydrogen	Turner & Hickman
	Solutions Limited	Limited
	Equity	Equity
	investment	investment
	£m	£m
At 1 April 2024	0.6	8.2
Share of results for the year after tax	–	1.0
Share of other comprehensive income	–	(0.5)
Dividends received	–	(3.6)
At 31 March 2025	0.6	5.1
Share of results for the year after tax	–	(0.4)
Share of other comprehensive income	–	(0.3)
Dividends received	–	–
At 31 March 2026	0.6	4.4

Summarised financial information of Speedy Zholdas LLP is presented below. Whilst the figures are

presented in tenge in the accounts of the joint venture, they have been translated into pound sterling

below using the rate prevailing at the 31 December 2025 of 0.001470 (31 December 2024: 0.001510)

for presentation purposes. The information disclosed reflects the amounts presented in the Financial

Statements of the joint venture and not Speedy Hire Plc’s share of those amounts.

	Year ended	Year ended
	31 December	31 December
	2025	2024
	£m	£m
Revenue	2.4	11.1
Cost of sales	(2.0)	(4.6)
Gross profit	0.4	6.5
General and administrative expenses	(1.9)	(2.4)
Operating (loss)/profit	(1.5)	4.1
Other income	0.6	0.3
(Loss)/profit before tax	(0.9)	4.4
Income tax credit/(expense)	0.1	(1.1)
(Loss)/profit for the year	(0.8)	3.3

13 Investment in joint ventures continued

	31 December	31 December
	2025	2024
	£m	£m
ASSETS
Non-current assets	1.5	2.3
Current assets
Inventories	0.4	0.5
Trade accounts receivable	0.4	2.6
Cash and cash equivalents	0.4	0.2
Other current assets	0.4	0.6
Total current assets	1.6	3.9
Total assets	3.1	6.2
LIABILITIES
Current liabilities
Trade accounts payable	(0.2)	(0.4)
Other current liabilities	(0.2)	(0.9)
Total current liabilities	(0.4)	(1.3)
Net assets	2.7	4.9

Speedy Hire Plc Annual Report and Accounts 2026

140

14 Property, plant and equipment

	Land and	Hire
	buildings	equipment	Other	Total
	£m	£m	£m	£m
Cost
At 1 April 2024	58.2	386.0	28.2	472.4
Foreign exchange	–	(0.5)	–	(0.5)
Additions	4.9	57.5	0.8	63.2
Disposals	(2.1)	(19.9)	(1.3)	(23.3)
Transfers to inventory	–	(21.6)	–	(21.6)
At 31 March 2025	61.0	401.5	2 7.7	490.2
Foreign exchange	–	0.2	–	0.2
Additions	2.0	53.0	1.3	56.3
Acquisitions 1	–	16.8	–	16.8
Disposals	(2.3)	(15.3)	(0.4)	(18.0)
Transfers to inventory	–	(33.7)	–	(33.7)
At 31 March 2026	60.7	422.5	28.6	511.8
Accumulated depreciation
At 1 April 2024	43.7	175.4	20.2	239.3
Foreign exchange	–	(0.4)	–	(0.4)
Charged in year	4.1	30.9	2.6	37.6
Disposals	(1.8)	(11.5)	(1.0)	(14.3)
Transfers to inventory	–	(15.3)	–	(15.3)
At 31 March 2025	46.0	179.1	21.8	246.9
Foreign exchange	–	0.2	–	0.2
Charged in year	3.7	35.3	1.8	40.8
Disposals	(1.7)	(8.0)	(0.3)	(10.0)
Transfers to inventory	–	(23.5)	–	(23.5)
At 31 March 2026	48.0	183.1	23.3	254.4
Net book value
At 31 March 2026	12.7	239.4	5.3	25 7.4
At 31 March 2025	15.0	222.4	5.9	243.3
At 31 March 2024	14.5	210.6	8.0	233.1

See note 30.

The net book value of land and buildings is made up of improvements to short leasehold properties.

Of the £239.4m (2025: £222.4m) net book value of hire equipment, £31.6m (2025: £25.7m) relates to non-

itemised assets.

The net book value of other – non-hire equipment – comprises, fixtures, fittings, office equipment and IT

equipment.

At 31 March 2026, no indicators of impairment were identified in relation to property, plant and

equipment (2025: none).

15 Right of use assets

	Land and
	buildings	Other	Total
	£m	£m	£m
Cost
At 1 April 2024	165.5	66.9	232.4
Additions	2.1	19.3	21.4
Remeasurements	13.1	3.2	16.3
Disposals	(5.4)	(10.1)	(15.5)
At 31 March 2025	175.3	79.3	254.6
Additions	8.7	8.3	17.0
Remeasurements	21.7	0.3	22.0
Disposals	(9.0)	(15.3)	(24.3)
At 31 March 2026	196.7	72.6	269.3
Accumulated depreciation
At 1 April 2024	106.3	28.8	135.1
Charged in year	14.2	15.8	30.0
Disposals	(4.9)	(9.8)	(14.7)
At 31 March 2025	115.6	34.8	150.4
Charged in year	14.6	16.8	31.4
Disposals	(6.2)	(15.1)	(21.3)
At 31 March 2026	124.0	36.5	160.5
Net book value
At 31 March 2026	72.7	36.1	108.8
At 31 March 2025	59.7	44.5	104.2
At 31 March 2024	59.2	38.1	97.3

Land and buildings leases comprise depots and associated ancillary leases such as car parks and yards.

Other leases consist of cars, lorries, vans and forklifts.

Included within disposals for the year ended 31 March 2026 is £0.7m (2025: £0.4m) relating to

impairment of property leases presented within non-underlying items.

Speedy Hire Plc

Annual Report and Accounts 2026

141

FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

16 Inventories

	31 March	31 March
	2026	2025
	£m	£m
Work in progress	0.8	1.6
Finished goods and goods for resale	9.4	9.6
	10.2	11.2

The amount of inventory expensed in the year amounted to £41.9m (2025: £59.7m) and is included within

cost of sales. A provision of £0.4m (2025: £0.9m) is recorded in respect of inventory held at the year end.

17 Trade and other receivables

	31 March	31 March
	2026	2025
	£m	£m
Trade receivables	104.7	95.0
Other receivables	2.5	2.0
Prepayments	8.2	6.6
Accrued income	2.6	1.6
	118.0	105.2

The Group’s credit risk is primarily attributable to trade receivables. The amounts presented in the

Consolidated Balance Sheet are net of any loss provision. The ageing of trade receivables (net of

impairment provision) at the year end was as follows:

	31 March	31 March
	2026	2025
	£m	£m
Not past due	75.6	69.1
Past due 0–30 days	15.1	18.0
Past due 31–120 days	9.5	4.8
More than 120 days past due	4.5	3.1
	104.7	95.0

The valuation of trade receivables and calculation of expected credit losses (‘ECLs’) is explained in the

Significant judgements and estimates section within note 1 Summary of material accounting policy

information. The related loss allowance can be analysed as follows:

	2026	2025
	£m	£m
At 1 April	2.0	2.5
Impairment provision charged to the Income Statement	2.1	2.6
Utilised in the year	(1.9)	(3.1)
At 31 March	2.2	2.0

18 Trade and other payables

	31 March	31 March
	2026	2025
	£m	£m
Trade payables	76.0	54.1
Other payables	13.5	11.1
Accruals	35.9	30.5
Customer rebates	12.2	11.2
	13 7.6	106.9

19 Financial instruments

The Group holds and uses financial instruments to finance its operations and to manage its interest rate

and liquidity risks. The Group primarily finances its operations using share capital, retained profits and

borrowings. The main risks arising from the Group’s financial instruments are credit, interest rate, foreign

currency and liquidity risk. The Board reviews and agrees the policies for managing each of these risks

on an annual basis. A full description of the Group’s approach to managing these risks is set out below.

The Group does not engage in trading or speculative activities using derivative financial instruments. A

Group offset arrangement exists in order to minimise the interest costs on outstanding debt. Furthermore,

there are a number of hedges relating to fuel prices in order to mitigate fuel price increases.

Speedy Hire Plc

Annual Report and Accounts 2026

142

Fair value hierarchy

The Group’s financial assets and liabilities are principally short-term in nature, with interest payable

on borrowings close to market rates, and therefore their fair value is not materially different from their

carrying value. The valuation method for the Group’s financial assets and liabilities can be defined as

follows in accordance with IFRS 13:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or

liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3: Techniques that use inputs that have a significant effect on the recorded fair value that are not

based on observable market data.

Basis for determining fair values

The following summarises the principal methods and assumptions used in estimating the fair value of

financial instruments:

(a) Derivatives – Broker quotes are used for all interest rate swaps and fuel hedges.

(b) Interest-bearing loans and borrowings – Fair value is calculated based on discounted expected

future principal and interest cash flows at a market rate of interest.

than one year, the notional amount is deemed to reflect the fair value. All other receivables and payables

are discounted to determine the fair value.

(d) Lease liabilities – These are not within the scope of IFRS 13 and are accounted for in accordance

with IFRS 16.

(e) Other financial assets – Equity instruments are valued using quoted share prices.

Carrying amount of financial assets and liabilities

The carrying value of the Group’s financial assets and financial liabilities are set out below:

			31 March 2026			31 March 2025
		Fair value			Fair value
		through other			Fair value through other
	Amortised	comprehensive	through profit		Amortised	comprehensive
	cost	income	or loss	Total	cost	income	Total
	£m	£m	£m	£m	£m	£m	£m
Financial assets
Other financial assets	–	–	3.8	3.8	–	–	–
Trade and other receivables¹	109.8	–	–	109.8	98.6	–	98.6
Cash and cash equivalents	14.4	–	–	14.4	2 .1	–	2.1
Derivative financial assets	–	0.5	–	0.5	–	–	–
	124.2	0.5	3.8	128.5	100.7	–	100.7

Trade and other receivables excluding prepayments.

Speedy Hire Plc Annual Report and Accounts 2026

143

FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

		31 March 2026			31 March 2025
		Fair value			Fair value
		through other			through other
	Amortised	comprehensive		Amortised	comprehensive
	cost	income	Total	cost	income	Total
	£m	£m	£m	£m	£m	£m
Financial liabilities
Borrowings – Current	–	–	–	2.3	–	2.3
Borrowings – Non-current	173.4	–	173.4	112.9	–	112.9
Lease liabilities – Current	27.9	–	2 7.9	25.0	–	25.0
Lease liabilities – Non-current	86.5	–	86.5	80.9	–	80.9
Trade and other payables²	89.5	–	89.5	65.2	–	65.2
Accruals	35.9	–	35.9	30.5	–	30.5
Customer rebates	12.2	–	12.2	11.2	–	11.2
Derivative financial liabilities	–	–	–	–	0.1	0.1
	425.4	–	425.4	328.0	0.1	328.1

Trade and other payables excluding non-financial liabilities.

Offsetting arrangements

Financial assets and financial liabilities are offset, and the net amount reported in the Balance Sheet, when there is a legally enforceable right to offset and there is either the intention to settle on a net basis, or to

realise the asset and settle the liability simultaneously.

Under the Group’s prior asset based finance facility a cash pooling arrangement existed, such that the entire period end balance was settled on a net basis prior to any further movement in the balance. The impact

of this is detailed below:

		31 March 2026			31 March 2025
		Gross amounts	Net amounts		Gross amounts	Net amounts
		offset in the	presented in the		offset in the	presented in the
	Gross amounts	Balance Sheet	Balance Sheet	Gross amounts	Balance Sheet	Balance Sheet
	£m	£m	£m	£m	£m	£m
Financial assets
Cash and cash equivalents	14.4	–	14.4	12 .1	(10.0)	2 .1
Financial liabilities
Bank overdraft	–	–	–	3.6	(3.6)	–
Borrowings	173.4	–	173.4	119.3	(6.4)	112.9

Following the refinancing of the Group’s borrowings in April 2025, no such cash pooling arrangement exists.

19 Financial instruments continued

Speedy Hire Plc

Annual Report and Accounts 2026

144

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial

instrument fails to meet its contractual obligations and arises principally from the Group’s receivables

from customers. The exposure to credit risk is monitored on an ongoing basis. Credit evaluations are

performed on all customers requiring credit over a certain amount.

At the balance sheet date, there were no significant concentrations of credit risk. The maximum

exposure to credit risk is represented by the carrying amount of each financial asset, including derivative

financial instruments, in the Balance Sheet. No individual customer accounts for more than 10% of the

Group’s sales transactions and the Group’s exposure to outstanding indebtedness follows this profile.

No collateral is held as security in respect of amounts outstanding; however, in a number of instances,

deposits are held against the value of hire equipment provided. The extent of deposit taken is assessed

on a case-by-case basis and is not considered significant in comparison to the overall amounts

receivable from customers.

Transactions involving derivative financial instruments are undertaken with counterparties within the

syndicate of banks that provide the Group’s asset based finance facility. Given their high credit ratings,

management does not expect any counterparty to fail to meet its obligations.

The Group establishes an allowance for impairment that is based on historical experience of dealing

with customers with the same risk profile along with a consideration of the future expected credit losses.

Liquidity risk

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due.

The Group’s approach to managing liquidity is to ensure, as far as possible, that it will always have

sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without

incurring unacceptable losses or risking damage to the Group’s reputation.

The Group uses both short and long-term cash forecasts to assist in monitoring cash flow requirements.

Typically, the Group uses short-term forecasting to ensure that it has sufficient cash on demand to

meet operational expenses and to service financing obligations for a period of 12 weeks. Longer-term

forecasts are performed on a regular basis to assess compliance with bank covenants on existing

facilities, ensuring that activities can be managed within reason to ensure covenant breaches are

avoided.

At 31 March 2026, the Group had a revolving credit facility (‘RCF’) of £150.0m and a private placement

loan of £75.0m (2025: £180.0m asset based lending facility), as detailed in note 20. The cash and

undrawn availability on the RCF as at 31 March 2026 was £36.0m, excluding any ancillary or accordion

facilities (2025: £42.0m under the Group’s previous £180.0m asset based finance facility).

The Group monitors available facilities against forward requirements on a regular basis and, where

necessary, obtains additional sources of financing to provide the Group with the appropriate level

of headroom against the required borrowing. The Group maintains close contact with its syndicate

of banks.

A payables finance arrangement was entered into during FY2025, providing the Group additional

financing of up to £5.0m as detailed in note 20. The unutilised amount on this facility as at 31 March 2026

was £5.0m (2025: £2.7m), with the level of utilisation dependent on the upcoming due dates of supplier

invoices. The facility is provided by one of the Group’s banking syndicate members, however remains

entirely separate to the existing banking facilities of the Group.

Derivative financial instruments are also used in the form of interest rate swaps and fuel hedges to help

manage cash flows.

The following analysis is based on the undiscounted contractual maturities on the Group’s financial

liabilities, including estimated interest that will accrue, over the following financial years ended 31 March.

				Undiscounted cash flows – 31 March 2026
				2030 and
	2027	2028	2029	later	Total
	£m	£m	£m	£m	£m
Bank borrowings – Revolving credit
facility	–	–	98.4	–	98.4
Bank borrowings – Loan notes	–	–	–	75.0	75.0
Lease liability (principal and interest)	35.1	28.5	21.2	54.8	139.6
Bank interest payments	13.1	10.6	5.8	11.6	41.1
Trade and other payables	89.5	–	–	–	89.5
Accruals	35.9	–	–	–	35.9
Customer rebates	12.2	–	–	–	12.2
Derivative financial liabilities	–	0.5	–	–	0.5
	185.8	39.6	125.4	141.4	492.2

				Undiscounted cash flows – 31 March 2025
				2029 and
	2026	2027	2028	later	Total
	£m	£m	£m	£m	£m
Bank borrowings – Asset based finance
facility	–	112.9	–	–	112.9
Borrowings – Payables financing	2.3	–	–	–	2.3
Lease liability (principal and interest)	33.7	27.1	22.8	43.8	1 27.4
Bank interest payments	9.5	3.0	–	–	12.5
Trade payables	65.2	–	–	–	65.2
Accruals	30.5	–	–	–	30.5
Customer rebates	11.2	–	–	–	11.2
Derivative financial liabilities	0.1	–	–	–	0.1
	152.5	143.0	22.8	43.8	362.1

Speedy Hire Plc Annual Report and Accounts 2026

145

FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

19 Financial instruments continued

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates,

will affect the Group’s income or the value of its holdings of financial instruments. Generally, the Group

seeks to apply hedge accounting in order to manage volatility in profit.

Foreign exchange risk

With 1.6% (2025: 1.5%) of the Group’s revenue generated in currencies other than sterling, the Group’s

Balance Sheet and Income Statement are affected by movements in exchange rates. The revenue and

costs of overseas operations normally arise in the same currency and consequently the exposure to

exchange differences is not normally significant and consequently not hedged. Overseas operations

maintain local currency bank facilities, which provide partial mitigation against balance sheet risk.

At 31 March 2026, if sterling had weakened or strengthened by 10% against the euro and USD with all

other variables held constant, post-tax loss for the year would have been £0.1m (2025: £0.2m) higher or

lower respectively.

Interest rate risk

The Group is exposed to interest rate risk on its variable rate borrowings. The Group’s risk management

objective is to maintain an appropriate balance between fixed and variable rate debt, to reduce exposure

to significant fluctuations in interest rates.

The Group regularly reviews the terms of its borrowing facilities, to assess and manage the long-term

borrowing commitment accordingly, utilising interest rate hedges where appropriate.

The principal derivative financial instruments used by the Group are interest rate swaps. The notional

contract amount and the related fair value of the Group’s derivative financial instruments can be

analysed as follows:

		31 March 2026		31 March 2025
	Fair value	Notional amount	Fair value	Notional amount
	£m	£m	£m	£m
Designated as cash flow hedges
Fixed interest rate swaps	–	–	–	40.0

Future cash flows associated with the above instruments are dependent upon movements in the

Sterling Overnight Index Average Rate (‘SONIA’) over the contractual period. Interest is paid or received

under the instruments on a quarterly basis, depending on the individual instrument, referenced to the

relevant prevailing SONIA rates.

No fixed interest rate swaps were in place at 31 March 2026. The weighted average interest rate on the

fixed interest rate swaps at 31 March 2025 was 4.5% and the instruments for a weighted average period

of 2 months. The maximum contractual period was 36 months.

The Group enters into interest rate swaps that have similar critical terms as the hedged item, such as

reference rate, reset dates, payment dates, maturities and notional amount. As all critical terms matched

during the year, there is an economic relationship. No hedge ineffectiveness was identified for the year

ended 31 March 2026 (2025: none). The balance on this hedging reserve relates to continuing hedges.

Sensitivity analysis

In managing interest rate and currency risk, the Group aims to reduce the impact of short-term

fluctuation on the Group’s earnings. Over the longer term, however, permanent changes in foreign

exchange and interest rates would have an impact on consolidated earnings.

At 31 March 2026 it is estimated that an increase of 1% in interest rates would increase the Group’s loss

before tax by approximately £0.3m (2025: £0.3m). Interest rate swaps have been included in this calculation.

Capital management

The Group requires capital for purchasing hire equipment to replace the existing asset base when it

has reached the end of its useful life, and for growth, by establishing new depot locations, completing

acquisitions and refinancing existing debts in the longer term. The Group defines gross capital as net

debt (cash less borrowings), as disclosed in note 20, plus total equity as disclosed in the Consolidated

Statement of Changes in Equity, and seeks to ensure an acceptable return on gross capital. The Board

seeks to maintain a balance between debt and equity funding such that it maintains an efficient capital

position relevant for the prevailing economic environment.

	31 March	31 March	31 March
	2026	2025	2024
	£m	£m	£m
Net debt	159.0	113.1	101.3
Total equity	128.0	162.2	175.7
At 31 March	287.0	275.3	27 7.0

The Board’s policy is to maintain a strong capital base so as to maintain investor, creditor and market

confidence and to sustain future development of the business. The Board of Directors seeks to ensure

the most attractive mix of capital growth and income return for investors.

The Group encourages ownership of Speedy Hire Plc shares by employees at all levels within the Group,

and has developed this objective through the introduction of long-term incentive plans and SAYE schemes.

There were no changes in the Group’s approach to capital management during the year.

Speedy Hire Plc

Annual Report and Accounts 2026

146

20 Borrowings

	31 March	31 March
	2026	2025
	£m	£m
Current borrowings
Borrowings – Payables financing	–	2.3
Lease liabilities	27.9	25.0
	27.9	27.3
Non-current borrowings
Bank borrowings – Asset based finance facility	–	112.9
Bank borrowings – Revolving credit facility	98.4	–
Bank borrowings – Loan notes	75.0	–
Lease liabilities	86.5	80.9
Total non-current borrowings	259.9	193.8
Total borrowings	287.8	221.1
Less: cash	(14.4)	(2.1)
Exclude lease liabilities	(114.4)	(105.9)
Net debt 1	159.0	113.1

Key performance indicator – excluding lease liabilities.

Reconciliation of financing liabilities and net debt

	1 April	Non‑cash		31 March
	2025	movement	Cash flow	2026
	£m	£m	£m	£m
Bank borrowings	(112.9)	0.6	(61.1)	(173.4)
Payables financing	(2.3)	–	2.3	–
Lease liabilities	(105.9)	29.0	(37.5)	(114.4)
Liabilities arising from financing
activities	(221.1)	29.6	(96.3)	(287.8)
Cash and cash equivalents	2.1	–	12.3	14.4
Net debt	(219.0)	29.6	(84.0)	(273.4)

Bank borrowings

In April 2025, the Group refinanced its borrowings, replacing the £180.0m asset based finance (‘ABL’) facility

which was due to expire in July 2026. The ABL balance of £112.9m at 31 March 2025 was repaid in full on

24 April 2025 and the new facilities simultaneously entered into. Details on these new facilities are as follows.

The Group has a £150.0m revolving credit facility (‘RCF’), reduced to the extent that any ancillary

facilities are provided, which is sub-divided into:

a. A secured overdraft facility, which secures by cross guarantees and debentures the bank deposits

and overdrafts of the Company and certain subsidiary companies, up to a maximum of £5.0m.

b. A supplier financing facility of £5.0m.

c. A stand-by letter of credit facility of £5.0m.

d. An RCF of up to £135.0m. Headroom on this facility as at 31 March 2026 was £36.0m (2025: £42.0m

under the Group’s previous £180.0m ABL facility).

An additional uncommitted accordion of £50.0m is also in place.

The RCF, expiring in April 2028, is priced based on SONIA plus a variable margin, whilst any unutilised

commitment is charged at 35% of the applicable margin. During the period, the effective margin was

2.42% (2025: 2.14% under the ABL facility).

Additionally, the Group has a private placement loan of £75.0m, repayable in April 2032. Interest on the

private placement term loan is fixed for the duration of the facility, payable quarterly.

The facilities are secured by fixed and floating charges over all of the Group’s property and undertakings

and include quarterly leverage and fixed charge cover covenant tests as follows:

Leverage* shall not exceed 2.75:1.00.

Fixed charge cover shall not be less than 2.00:1.00.

* The calculation of bank leverage includes certain additional EBITDA adjustments and is therefore not directly

comparable with the Group’s adjusted leverage measure.

During the year ended 31 March 2026, covenant amendments were agreed as follows:

Leverage shall not exceed 3.10:1.00 for the relevant periods ending on 31 March 2026

and 30 June 2026, returning to the level above for any relevant period ending on or after

30 September 2026.

Fixed charge cover shall not be less than 1.75:1.00 for the relevant period ending on 31 March 2026,

30 June 2026 and 30 September 2026, returning to the level above for any relevant period ending on

or after 31 December 2026.

Payables financing

The Group is also party to a payables finance arrangement whereby credit from a bank is used to settle

supplier invoices, with the Group then settling its balance with the bank at a later date. Supplier invoices

settled using the payables financing facility are settled on the same terms as comparable trade payables

settled outside of the arrangement. The financing liability created with the bank as a result of this

arrangement is then settled 28 days following the monthly statement date.

Speedy Hire Plc

Annual Report and Accounts 2026

147

FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

Under the arrangement, the Group obtains extended payment terms without affecting payments to

suppliers and is able to direct the payments the bank make on the Group’s behalf. Joint and several

liability is also in place under the facility. Given the substantially different terms the Group has with the

bank under this arrangement, the supplier trade payable is derecognised once the liability is discharged

upon payment, with a new financing liability instead recognised – representing the amount the Group

owes to the bank – presented as a separate line item within current liabilities.

For the purpose of the cash flow statement, management considers that the bank settles the invoices

as a payment agent on behalf of the Group. Any payment made by the bank is therefore presented as

an operating cash outflow and a financing cash inflow. When the Group subsequently pays the amount

outstanding to the bank, this is presented as a financing cash outflow. As a result, the amount of the

payables financing facility utilised but not yet settled is included in the net debt reconciliation.

No significant non-cash changes arose as a result of this arrangement.

21 Lease liabilities

	Land and
	buildings	Other	Total
	£m	£m	£m
At 1 April 2024	55.9	41.7	97. 6
Additions	2.1	19.3	21.4
Remeasurements	13.1	3.2	16.3
Repayments	(16.8)	(18.2)	(35.0)
Unwinding of discount rate	3.2	3.2	6.4
Terminations	(0.8)	–	(0.8)
At 31 March 2025	56.7	49.2	105.9
Additions	8.7	8.3	17.0
Remeasurements	21.7	0.3	22.0
Repayments	(15.1)	(22.4)	(37.5)
Unwinding of discount rate	4.1	3.4	7. 5
Terminations	(0.3)	(0.2)	(0.5)
At 31 March 2026	75.8	38.6	114.4

Included within terminations for the year ended 31 March 2026 is £0.7m (2025: £0.4m) relating to

exceptional terminations of property leases.

Amounts payable for lease liabilities (discounted at the incremental borrowing rate of each lease) fall

due as follows:

	31 March	31 March
	2026	2025
	£m	£m
Payable within one year	27.9	25.0
Payable in more than one year	86.5	80.9
At 31 March	114.4	105.9

22 Provisions

	Dilapidations
	£m
At 1 April 2024	16.4
Additional provision recognised	0.5
Provision utilised in the year	(2.8)
At 31 March 2025	14.1
New provision created	1.6
Provision utilised in the year	(2.4)
At 31 March 2026	13.3

Of the £13.3m provision at 31 March 2026 (2025: £14.1m), £4.0m (2025: £6.1m) is due within one year and

£9.3m (2025: £8.0m) is due after one year.

The dilapidations provision relates to amounts payable to restore leased premises to their original

condition upon the Group’s exit of the lease for the site and other committed costs. Dilapidations may

not be settled for some months following the Group’s exit of the lease and are calculated based on

estimated expenditure required to settle the landlord’s claim at current market rates. The total liability is

discounted to current values. The additional provision recognised in the year relates to newly acquired

sites as part of the ProService Transaction (see note 30).

23 Deferred tax

	Property, plant	Intangible	Share‑based
	and equipment	assets	payments	Other items	Total
	£m	£m	£m	£m	£m
At 1 April 2024	8.5	1.0	–	(0.8)	8.7
Recognised in the year	1.6	(0.8)	–	(0.9)	(0.1)
At 31 March 2025	10.1	0.2	–	(1.7)	8.6
Recognised in the year	1.5	(0.6)	–	(5.6)	(4.7)
Acquisitions 1	(0.1)	4.9	–	(0.4)	4.4
At 31 March 2026	11.5	4.5	–	( 7.7 )	8.3

See note 30.

20 Borrowings continued

Payables financing continued

Speedy Hire Plc

Annual Report and Accounts 2026

148

Approximately £2.6m (2025: £0.2m) of the deferred tax liability relating to property, plant and equipment

and £0.7m (2025: £0.7m) of the deferred tax liability relating to intangible fixed asset timing differences

is expected to reverse within 12 months as the depreciation and amortisation charged on the underlying

assets exceeds tax allowances claimed in the period.

Approximately £3.4m (2025: £0.3m) of the deferred tax asset relating to other items is expected to

reverse within 12 months as taxable profits arise against which these losses can be utilised.

The Group has gross trading losses carried forward at 31 March 2026 amounting to approximately

£26.3m (2025: £5.5m). A deferred tax asset of £5.4m (2025: £0.3m) has been recognised in respect

of these losses. The Group has an unrecognised deferred tax asset relating to losses of £0.6m (2025:

£0.5m). The Group also has gross capital losses carried forward at 31 March 2026 amounting to

approximately £1.4m (2025: £1.4m). No deferred tax asset has been recognised in respect of these losses.

24 Share capital

	31 March 2026		31 March 2025
	Number	Amount	Number	Amount
	m	£m	m	£m
Authorised, allotted, called-up and fully paid
Ordinary shares of 5 pence each	51 7.0	25.8	51 7.0	25.8
Exercise of Sharesave Scheme options	–	–	–	–
Total	51 7.0	25.8	51 7.0	25.8

During the year, no ordinary shares of 5 pence were transferred from treasury on exercise of options

under the Speedy Hire Sharesave Scheme (2025: 4,624).

An Employee Benefits Trust was established in 2004 (‘the Trust’). The Trust holds shares issued by

the Company in connection with the Performance Share Plan. No shares were acquired by the Trust

during the year (2025: nil) and 527,037 (2025: 2,731,148) shares were transferred during the year, the vast

majority being the exercise of options by former employees. At 31 March 2026, the Trust held 802,874

shares (2025: 1,329,911).

25 Share incentives

The Group operates a number of share-based payment schemes, details of which are provided in the

Directors’ Remuneration Report.

The total share based payment expense recognised in the year was £1.8m (2025: £0.9m).

At 31 March 2026, options and awards over 36,407,800 shares (2025: 41,475,028) were outstanding under

employee share schemes. The Group operates two share incentive schemes. No ordinary shares of 5

pence were transferred from treasury on exercise of options under the Speedy Hire Sharesave Schemes

during the year (2025: 4,624).

As at 31 March 2026, options to acquire 11,213,379 (2025: 12,634,919) Speedy Hire Plc shares were

outstanding under the Speedy Hire Sharesave Schemes. These options are exercisable by employees

of the Group at prices between 23 and 32 pence (2025: 23 and 56 pence) at dates between April 2026

and July 2029 (2025: April 2025 and July 2028), subject to vesting. At 31 March 2026, options to acquire

25,194,421 shares (2025: 28,840,109) under the Performance Share Plans were outstanding. These

options are exercisable at nil cost between April 2026 and December 2035 (2025: April 2025 and June

2034). No PSP awards were granted during the year. The weighted average fair value of the PSP awards

granted in 2025 was 32 pence.

The number and weighted average exercise price (‘WAEP’) of share options and awards under all the

share incentive schemes are as follows:

	31 March 2026		31 March 2025
	WAEP		WAEP
	pence	Number	pence	Number
Outstanding at 1 April	9	41,475,028	18	23,613,896
Granted	23	2,583,481	4	27, 9 53 , 8 57
Exercised	–	(368,712)	–	(2,499,813)
Lapsed	18	(7,281,997)	24	(7,592,912)
Outstanding at 31 March	8	36,407,800	9	41,475,028
Exercisable at 31 March	24	2,381,670	44	1,15 7,68 1

Options and awards outstanding at 31 March 2026 have weighted average remaining contractual lives

as follows:

	2026	2025
	Years	Years
Exercisable at nil pence	1.7	2.6
Exercisable at 23 pence	4.7	2.8
Exercisable at 27 pence	0.8	1.8
Exercisable at 32 pence	–	0.8

The fair value of services received in return for share options granted and shares awarded is measured

by reference to the fair value of those instruments. The pricing models used for the schemes are Black–

Scholes for awards not subject to market-based performance conditions (Sharesave and Performance

Share Plan: EPS and FCF conditions) and Stochastic for awards subject to market-based conditions

in order to incorporate a discount factor into the fair value for the probability of achieving the relevant

targets (Performance Share Plan: TSR condition). Where a holding period applies to awards, the Chaffe

model is used to value the discount due to the lack of marketability of the awards.

Speedy Hire Plc

Annual Report and Accounts 2026

149

FINANCIAL STATEMENTS

NOTES TO THE FINANCIAL STATEMENTS CONTINUED

For awards subject to a market condition, volatility is calculated over the period of time commensurate

with the remainder of the performance period immediately prior to the date of grant. Where an award is

not subject to market conditions, volatility is usually calculated over the period of time commensurate

with the expected award term immediately prior to the date of grant.

The inputs used for the outstanding options (on a weighted average basis where appropriate) are as

follows:

Speedy Hire Sharesave Schemes

	December 2025	December 2024	December 2023	December 2022
Exercise price	23p	23p	27p	32p
Share price volatility	44.9%	37.0%	34.7%	33.5%
Option life	3.25 years	3.25 years	3.25 years	3.25 years
Expected dividend yield	8.4%	9.3%	8.1%	5.6%
Risk-free interest rate	3.7%	4.4%	3.6%	3.3%

Performance Share Plan

	July 2024	July 2023	June 2022
Exercise price	Nil	Nil	Nil
Share price volatility	35.9%	33.7%	32.4%
Option life	3.5 years	3 years	3 years
Expected dividend yield	Nil	Nil	Nil
Risk-free interest rate	3.9%	4.7%	2.5%

26 Reserves

Share premium

Relates to any premiums received on the issue of share capital.

Merger reserve

Used to record the amount arising on the difference between the nominal value of shares issued on

acquisition of a subsidiary company and the Company value of the interest in the subsidiary. The merger

reserve arises where more than 90% of the shares in a subsidiary are acquired and the consideration

includes the issue of new shares by the Company, and therefore the Company adopts merger relief

under the Companies Act 2006.

Hedging reserve

Used to recognise the effective portion of gains or losses on derivatives that are designated and qualify

as cash flow hedges, including interest rate swaps and fuel price hedges.

Capital redemption reserve

Represents the nominal value of shares repurchased and subsequently cancelled, transferred from share

capital to the capital redemption reserve.

Translation reserve

Comprises foreign currency translation differences arising from the translation of Financial Statements of

the Group’s foreign entities into pounds sterling.

Retained earnings

Includes all current and prior period retained profits.

27 Contingent liabilities

There are no contingent liabilities as at the 31 March 2026 (2025: none).

28 Commitments

The Group had contracted capital commitments amounting to £8.4m (2025: £34.8m) at the end of the

financial year for which no provision has been made, which includes the contractual commitments

covered below. These related to hire fleet equipment on order (2025: hire fleet equipment on order).

The Group is also party to a contractual supply agreement covering a remaining two month period, for a

minimum order of hire fleet equipment at an approximate total cost of £0.7m (2025: two years; £6.4m per

annum). No provision has been made for the remaining contracted units.

29 Related party disclosures

Key management remuneration

The Group’s key management personnel are the Executive and Non-Executive Directors as identified in

the Directors’ Remuneration Report, the remuneration of whom is disclosed in note 6.

In addition to salaries and pension payments, the Group also provides non-cash benefits to Executive

Directors. Executive Directors also participate in the Group’s share option schemes.

Non-Executive Directors receive a fee for their services to Speedy Hire Plc.

Full details of Executive and Non-Executive Director compensation and interests in the share capital of

the Company as at 31 March 2026 are given in the Directors’ Remuneration Report.

25 Share incentives continued

Speedy Hire Plc

Annual Report and Accounts 2026

150

30 Business combination

On 6 October 2025, Speedy Hire announced that its subsidiary Speedy Asset Services Limited (‘SASL)

entered into a comprehensive commercial hire and services supply agreement with HSS ProService

Limited (‘ProService’), a subsidiary of ProService Building Services Marketplace plc (‘ProService plc’)

(‘Commercial Agreement’) and ProService plc’s subsidiary at that time, HSS Service Group Limited,

agreed to sell certain assets to SASL and ProService plc agreed to issue to the Company 79,368,711 of

its shares (together the ‘ProService Transaction’).

The Commercial Agreement sees the Group take on a right of first refusal to supply ProService with

the core hire equipment it needs to fulfil its customer orders, as well as right of first refusal to supply

ProService with TIC services, through Speedy Hire’s Lloyds British business. The agreement is for an

initial five-year period, with a unilateral option for Speedy Hire to extend for a further three years.

On 17 November 2025, the Group announced that the conditions of the ProService Transaction had

been fully satisfied and accordingly had completed.

The ProService Transaction meets the definition of a business combination under IFRS 3, given the

Group acquired an integrated set of activities and assets capable of revenue generating outputs, being

the provision of core hire and TIC services to customers.

The fair value of the consideration paid and net assets acquired was as follows:

	£m
Cash consideration	36.8
Shares in ProService plc 1	( 7.1)
Consideration relating to the business combination	29.7
Fair value of identifiable net assets acquired:
Property, plant and equipment (hire fleet)	16.8
Asset condition provision	(0.5)
Right of use assets (properties and vehicles)	9.4
Lease liabilities (properties and vehicles)	(9.4)
Dilapidations provision	(1.6)
Intangible asset (right of first refusal)	19.5
Deferred tax liability 2	(4.4)
Gain on bargain purchase 3	(0.1)

9.99% shareholding in ProService Building Services Marketplace plc (registered number 09378067); separate to the

business combination. Registered office: Building 2, Think Park, Mosley Road, Manchester, England, M17 1FQ.

Principally arising on the right of first refusal intangible asset.

Recognised within non-underlying items on the face of the Income Statement, along with £5.0m of acquisition

related costs. See note 3 for details.

The ProService Transaction resulted in a gain on bargain purchase due to the net assets acquired

exceeding the consideration. Through the Commercial Agreement the Group can access significant

additional core hire and TIC orders, which it can fulfil primarily because of the existing Speedy Hire asset

base, in addition to the property, plant and equipment acquired. It is therefore not practicable to disclose

separable information on the performance of the acquired business post transaction as it is inherently

linked to the wider Speedy Hire business.

The fair value exercise identified an intangible asset in relation to the right of first refusal contained

within the Commercial Agreement.

The right of first refusal intangible has been valued using an income-based approach, focussing on

the specific earnings generated by the intangible itself, after accounting for the contribution of other

supporting assets of the Group. The valuation is based on information available, and conditions existing,

at the valuation date of 17 November 2025, with a market participant discount rate having been applied.

The useful economic life of the right of first refusal intangible has been determined as 6.5 years,

assuming a 50% probability of the three year extension, owing to the inherent uncertainty in forecasting

the contract’s future performance.

The valuation is sensitive to changes in key assumptions around the length of the contract, i.e. the

probability that the extension option will be executed, and the discount rate applied. Were the contract

life instead determined to be 5 years or 8 years, a c.£3m movement would arise in the value of the right

of first refusal intangible respectively, after accounting for the related deferred tax impact. A change

of 0.5% in the discount rate would result in a c.£1m change in the value of the right of first refusal

intangible.

Whilst separate to the business combination, the shares in ProService plc were acquired at the same

time, classified as an other financial asset. This other financial asset is measured at FVTPL, as not to be

held for long-term strategic purposes (see note 1). The movement in fair value on this asset between the

acquisition date and balance sheet date is as follows:

Shares in ProService plc	£m
At acquisition date	7.1
Fair value movement	(3.3)
At 31 March 2026	3.8

Speedy Hire Plc Annual Report and Accounts 2026

151

FINANCIAL STATEMENTS

COMPANY BALANCE SHEET

AS AT 31 MARCH 2026

Note

31 March

2026

£m

31 March

2025

£m

ASSETS

Non-current assets

Investments 32 93.5 93.5

Trade and other receivables 33 260.3 230.5

Other financial assets 30 3.8 –

Deferred tax asset 37 0.8 –

358.4 324.0

Current assets

Trade and other receivables 33 82.3 62.9

Current tax receivable – 2.6

Cash and cash equivalents 36 9.8 3.1

92.1 68.6

Total assets 450.5 392.6

LIABILITIES

Current liabilities

Trade and other payables 34 (125.1) (115.1)

Derivative financial liabilities 35 – (0.1)

Current tax creditor (1.4) –

(126.5) (115.2)

Non-current liabilities

Borrowings 36 (173.4) (121.2)

(173.4) (121.2)

Total liabilities (299.9) (236.4)

Net assets 150.6 156.2

EQUITY

Share capital 38 25.8 25.8

Share premium 1.9 1.9

Capital redemption reserve 0.7 0.7

Merger reserve 2.3 2.3

Hedging reserve (0.4) (0.4)

Retained earnings 120.3 125.9

Total equity 150.6 156.2

The Company profit for the year was £2.4m (2025: £3.2m). The Company has taken advantage of the

exemption under Section 408 of the Companies Act 2006 from presenting its own profit and loss

account.

The accompanying notes form part of the Financial Statements.

The Company Financial Statements on pages 152 to 161 were approved by the Board of Directors on

16 June 2026 and were signed on its behalf by:

DAN EVANS

Director

Company registered number: 00927680

Speedy Hire Plc

Annual Report and Accounts 2026

152

capital

premium

Capital

redemption

reserve

Merger

reserve

Hedging

reserve

Retained

earnings

Total

equity

£m £m £m £m £m £m £m

At 1 April 2024 25.8 1.9 0.7 2.3 0.1 133.8 164.6

Profit for the financial year – – – – – 3.2 3.2

Other comprehensive (expense)/income – – – – (0.5) 0.1 (0.4)

Total comprehensive (expense)/income – – – – (0.5) 3.3 2.8

Dividends – – – – – (11.8) (11.8)

Equity-settled share-based payments – – – – – 0.6 0.6

At 31 March 2025 25.8 1.9 0.7 2.3 (0.4) 125.9 156.2

Profit for the financial year and total comprehensive income – – – – – 2.4 2.4

Dividends – – – – – (9.7) (9.7)

Equity-settled share-based payments – – – – – 1.7 1.7

At 31 March 2026 25.8 1.9 0.7 2.3 (0.4) 120.3 150.6

The accompanying notes form part of the Financial Statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2026

Speedy Hire Plc Annual Report and Accounts 2026

153

FINANCIAL STATEMENTS

Note

Year ended

31 March

2026

£m

Year ended

31 March

2025

£m

Cash used in operating activities

Profit before tax 3.2 3.8

Net financial income ( 7. 7 ) (6.1)

Non-underlying items 0.2 1.6

Movements in fair value on financial assets 3.3 –

Increase in trade and other receivables (49.1) (15.0)

Increase/(decrease) in trade and other payables 6.6 (0.9)

Equity-settled share-based payments 1.7 0.6

Cash used in operations before non-underlying items (41.8) (16.0)

Cash flow relating to non-underlying items:

Non-underlying items (0.2) (1.6)

Increase in non-underlying payables 0.2 1.6

Cash flow from non-underlying items – –

Cash (used in)/generated from operations (41.8) (16.0)

Interest paid

(8.9) (8.6)

Interest received

19.2 15.0

Tax received/(paid) 2.2 (0.4)

Net cash flow used in operating activities (29.3) (10.0)

Cash flow used in investing activities

Purchase of other financial assets

( 7.1) –

Net cash flow used in investing activities ( 7.1) –

Net cash flow before financing activities (36.4) (10.0)

Cash flow from financing activities

Drawdown of loans 395.3 534.7

Repayment of loans (342.5) (519.2)

Proceeds from the issue of Sharesave Scheme shares – –

Dividends paid 10 (9.7) (11.8)

Net cash flow generated from financing activities 43.1 3.7

Increase/(decrease) in cash and cash equivalents 6.7 (6.3)

Cash at the start of the financial year 3.1 9.4

Cash at the end of the financial year 9.8 3.1

Restated to separately show cash flows resulting from interest paid and received.

See note 30.

The accompanying notes form part of the financial statements.

COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2026

Speedy Hire Plc Annual Report and Accounts 2026

154

31 Summary of material accounting policy information

The Company complies with the accounting policies defined in note 1 of the Group Consolidated

Financial Statements, except as noted below.

Statement of compliance

The Company is taking advantage of the exemption in Section 408 of the Companies Act 2006 not to

present its individual Income Statement or Statement of Comprehensive Income and related notes that

form part of the approved Financial Statements. The amount of the profit for the financial year dealt

with in the Financial Statements of the Company is disclosed in the Company Balance Sheet and the

Company Statement of Changes in Equity.

Dividends

Dividends received and receivable are credited to the Company’s Income Statement to the extent that

they represent a realised profit for the Company.

Finance income

Finance income comprises interest receivable from subsidiary undertakings and is recognised in the

Company’s Income Statement using the effective interest method.

Employees

The Company does not have any employees. Directors are paid by other Group companies, the details

of which are disclosed in the Directors’ Remuneration Report.

Investments in subsidiaries

Investments in subsidiary undertakings are stated at cost less any accumulated impairment.

Intercompany receivables

The Company monitors the risk profile of intercompany receivables regularly and provides for amounts

that may not be recoverable on the basis of expected portfolio losses.

Significant judgements and estimates

The following are significant sources of estimation uncertainty that management has made in the

process of applying the accounting policies and that have a significant risk of resulting in a material

adjustment within the next financial year.

Valuation of intercompany receivables

Intercompany expected credit losses are assessed under IFRS 9, based on the applicable repayment

profile and the ability of the borrower to repay the loan. Where the borrower has insufficient liquid assets

to repay the loan, and no contractual obligation exists to provide support for the loan, an impairment

loss is recognised. No consideration is made regarding expected credit losses across time bands as this

would not provide a materially different result.

At 31 March 2026, the expected credit loss provision was £44.0m (2025: £44.0m) against a receivables

balance of £341.7m deemed to be at risk of impairment. Further detail is provided in note 33.

Recoverability of intercompany receivables is assessed using a discounted cash flow model. This

modelling is sensitive to changes in key assumptions around operating performance and the probability

weighting of scenarios arising. At 31 March 2026, all outstanding intercompany receivables are assessed

as recoverable. Under a sensitised cash flow model, an expected credit loss of £0.1m would result across

these receivables. No recognition of this amount has been made in the Financial Statements due to the

low probability of occurrence and the inherent judgement involved.

32 Investments

Investments in

undertakings

£m

Cost

At 1 April 2024 and 31 March 2025 and 31 March 2026 113.3

Provisions

At 1 April 2024 and 31 March 2025 and 31 March 2026 (19.8)

Net book value

At 1 April 2024 and 31 March 2025 and 31 March 2026 93.5

An impairment test has been performed on the Company’s carrying value of investments in related

undertakings and no impairment identified (2025: nil). The recoverable amount of the investments has

been determined based on a value-in-use calculation, the assumptions of which are disclosed in note 12.

Adjustment is then made for items excluded from the value-in-use assessment of a cash-generating unit

(‘CGU’) but relevant to the Company’s investment in subsidiaries. Due to the investments benefitting

from both Hire and Services segment net present value, and the carrying amount of the Company’s

investments being significantly lower than the carrying value of the Group’s CGUs, no reasonable

possible change in the underlying assumptions would result in an impairment.

NOTES TO THE COMPANY FINANCIAL STATEMENTS

Speedy Hire Plc Annual Report and Accounts 2026

155

FINANCIAL STATEMENTS

The Company’s related undertakings are as follows:

Registered number

Incorporation

and operation

Principal

activity

Ordinary

share capital

held

Allen Contracts Limited

01617643 UK Dormant 100%

Allen Investments Limited

01354530 UK Dormant 100%

Bucks Access Rentals Limited

1,2

05249533 UK Dormant 100%

Chestview (North East) Limited

02935264 UK Dormant 100%

Crewe Plant Hire Limited

1,2

08590447 UK Dormant 100%

Drain Technology (1985) Limited

SC036329 UK Dormant 100%

Drain Technology Limited

SC090054 UK Dormant 100%

Green Power Hire Limited

1,2

13588088 UK Hire services 100%

Hire-A-Tool Limited

01354100 UK Dormant 100%

Lifterz Holdings Limited

1,2

10215607 UK Dormant 100%

Lifterz Limited

1,2

05995339 UK Dormant 100%

Lifterz (Scot) Limited

1,2

10981353 UK Dormant 100%

OHP Limited

1,2

09392490 UK Dormant 100%

Platform Sales & Hire Limited

1,2

03845635 UK Dormant 100%

Prolift Access Limited

1,2

07067785 UK Dormant 100%

Rail Hire (UK) Limited

1,2

06758009 UK Dormant 100%

SHH 501 Limited

1,2

08666700 UK Dormant 100%

Speedy Asset Leasing Limited

04621481 UK Dormant 100%

Speedy Asset Services Limited

06847930 UK Hire services 100%

Speedy Engineering Services Limited

06440025 UK Dormant 100%

Speedy Hire (Ireland) Limited

4,10

NI048108 UK Hire services 100%

Speedy Hire (Ireland) Limited

2,5

409718 Ireland Hire services 100%

Speedy Hire (UK) Limited

00245380 UK Dormant 100%

Speedy Hire Centres (Midlands) Limited

01048492 UK Dormant 100%

Speedy Hire Centres Limited

06207105 UK Dormant 100%

Speedy Hire Direct Limited

1,2

00974324 UK Dormant 100%

Speedy Hydrogen Solutions Limited

1,2

15264396 UK Hire services 50%

Speedy Industrial Services Limited

01105942 UK Dormant 100%

Speedy International Asset Services (Holdings) Limited

1,10

07174616 UK Holding company 100%

Speedy International Asset Services LLC (Egypt)

2,6

Egypt Dormant 100%

Speedy International Leasing Limited

1,2

07174944 UK Dormant 100%

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

32 Investments continued

Speedy Hire Plc

Annual Report and Accounts 2026

156

Registered number

Incorporation

and operation

Principal

activity

Ordinary

share capital

held

Speedy LCH Generators Limited

SC068997 UK Dormant 100%

Speedy LGH Limited

05436955 UK Dormant 100%

Speedy Lifting Limited

04529136 UK Dormant 100%

Speedy Plant Hire Limited

02036670 UK Dormant 100%

Speedy Power Limited

03923249 UK Dormant 100%

Speedy Pumps Limited

04663170 UK Dormant 100%

Speedy Rail Services Limited

04016794 UK Dormant 100%

Speedy Safemaker Limited

1,2

05628930 UK Dormant 100%

Speedy Services Limited

04529126 UK Dormant 100%

Speedy Space Limited

01157713 UK Dormant 100%

Speedy Support Services Limited

1,10

02479218 UK Provision of Group services 100%

Speedy Survey Limited

03845497 UK Dormant 100%

Speedy Transport Limited

1,10

04408263 UK Provision of Group services 100%

Speedy Zholdas LLP

Kazakhstan Hire services 45%

Speedyloo Limited

03244814 UK Dormant 100%

Stockton Investments (North East) Limited

05064013 UK Dormant 100%

Tidy Group Limited

01227264 UK Dormant 100%

Turner & Hickman Limited

2 ,7,8

SC318140 UK Holding company 50%

Waterford Hire Services Limited

1,9

079898 Ireland Dormant 100%

Registered office: Chase House, 16 The Parks, Newton-le-Willows, Merseyside, WA12 0JQ.

Indirect holding via a 100% subsidiary undertaking.

Registered office: 13 Queen’s Road, Aberdeen, United Kingdom, AB15 4YL.

Registered office: Unit 2 Duncrue Pass, Duncrue Road, Belfast, Antrim, Northern Ireland, BT3 9DL.

Registered office: Unit 2, Glen Industrial Estate, Broombridge Road, Glasnevin, Dublin 11, Republic of Ireland.

Registered office: City Light Tower A3, Third Floor, Office No. 303, 1 Makram Ebeid Street, Nasr City, Cairo, Egypt.

The Group has a 50% investment in Turner & Hickman Limited, which has a 90% investment in Speedy Zholdas LLP. The registered office of Speedy Zholdas LLP is Building 276, Traffic Atyrau – Dossor, Atyrau City, Kazakhstan.

Registered office: 19 Woodside Crescent, Glasgow, G3 7UL.

Registered office: Kingsmeadow Retail Park, Ring Road, Waterford, Republic of Ireland.

For the year ending 31 March 2026, the Company was entitled to exemption from audit under s479A of the Companies Act 2006 relating to subsidiary companies.

All dormant related undertakings noted above take the s480 exemption under the Companies Act 2006 from the requirement to have their accounts for the financial year ended 31 March 2026 audited.

The Company holds voting rights in each related undertaking in the same proportion to its holdings in the ordinary share capital of the respective undertakings.

Speedy Hire Plc

Annual Report and Accounts 2026

157

FINANCIAL STATEMENTS

33 Trade and other receivables

31 March

2026

£m

31 March

2025

£m

Current

Amounts owed by Group undertakings 81.4 60.2

Other receivables 0.9 2.7

82.3 62.9

Non-current

Amounts owed by Group undertakings 260.3 230.5

260.3 230.5

Of the amounts owed by Group undertakings, £244.5m bears interest on the same basis as external

bank borrowings (2025: £194.7m); the remainder is interest free. The interest-bearing balances comprise

£78.7m classified as current (2025: £58.7m), and £165.8m classified as non-current (2025: £136.0m).

Amounts owed by Group undertakings are unsecured, have no fixed date of repayment and are

repayable on demand. The above disclosure is made however based on likelihood of settlement.

The valuation of intercompany receivables and calculation of expected credit losses (‘ECLs’) is explained

in the Significant judgements and estimates section within note 31 Summary of material accounting

policy information. The related loss allowance can be analysed as follows:

2026

£m

2025

£m

At 1 April 44.0 44.0

Impairment provision charged to the Income Statement – –

Utilised in the year – –

At 31 March 44.0 44.0

The loss allowance relates to international intercompany balances in whom investments are not held.

Any intra-group financial guarantees are unrelated to these companies.

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

34 Trade and other payables

31 March

2026

£m

31 March

2025

£m

Amounts owed to Group undertakings 121.7 113.1

Accruals 3.4 2.0

125.1 115.1

Of the amounts owed to Group undertakings, £4.0m bears interest on the same basis as external bank

borrowings (2025: £2.6m); the remainder is interest free.

Amounts owed to Group undertakings are unsecured, have no fixed date of repayment and are

repayable on demand.

35 Financial instruments

The fair value hierarchy and basis for determination of fair values of financial instruments used by the

Company is the same as that stated for the Group in note 19.

Carrying amount of financial assets and liabilities

The fair values of financial assets and liabilities held at amortised cost are considered to be

approximately equal to the carrying values shown in the Balance Sheet. The carrying value of the

Company’s financial assets and financial liabilities are set out below:

Speedy Hire Plc

Annual Report and Accounts 2026

158

31 March 2026 31 March 2025

Amortised

cost

£m

Fair value

through other

comprehensive

income

£m

Fair value through

profit or loss

£m

Total

£m

Amortised

cost

£m

Fair value

through other

comprehensive

income

£m

Total

£m

Financial assets

Other financial assets – – 3.8 3.8 – – –

Trade and other receivables¹ 342.6 – – 342.6 293.4 – 293.4

Cash and cash equivalents 9.8 – – 9.8 3.1 – 3.1

352.4 – 3.8 356.2 296.5 – 296.5

Trade and other receivables excluding prepayments.

Interest income of £18.9m (2025: £15.4m) was received in relation to amounts owed by Group undertakings, accruing at an effective interest rate of 7.4% per annum (2025: 8.0%).

31 March 2026 31 March 2025

Amortised

cost

£m

Fair value

through other

comprehensive

income

£m

Total

£m

Amortised

cost

£m

Fair value

through other

comprehensive

income

£m

Total

£m

Financial liabilities

Borrowings 173.4 – 173.4 121.2 – 121.2

Trade and other payables² 121.7 – 121.7 113.1 – 113.1

Accruals 3.4 – 3.4 2.0 – 2.0

Derivative financial liabilities – – – – 0.1 0.1

298.5 – 298.5 236.3 0.1 236.4

Trade and other payables excluding non-financial liabilities.

Risks in relation to financial instruments are as discussed for the Group in note 19, except for the following:

Credit risk

Credit risk is the risk of financial loss to the Company if a Group undertaking or counterparty to a financial instrument fails to meet its contractual obligations. Such risk arises principally from the Company’s

receivables from Group undertakings and the intra-group financial guarantee contract in place under the Company’s banking facility.

Transactions involving derivative financial instruments are undertaken with counterparties within the syndicate of banks that provide the Company’s banking facilities. Given their high credit ratings, management

does not expect any counterparty to fail to meet its obligations.

The Company establishes an allowance for impairment that is based on the ability of Group undertakings to repay amounts owed, following consideration of the liquidity of assets that could be used to settle

outstanding amounts.

Speedy Hire Plc

Annual Report and Accounts 2026

159

FINANCIAL STATEMENTS

Liquidity risk

The banking facilities of the Group detailed in note 19 are held by the Company.

The following analysis is based on the undiscounted contractual maturities on the Company’s financial liabilities, including estimated interest that will accrue, over the following financial years ended 31 March.

Undiscounted cash flows – 31 March 2026

2027

£m

2028

£m

2029

£m

2030 and later

£m

Total

£m

Bank borrowings – Revolving credit facility – – 98.4 – 98.4

Bank borrowings – Loan notes – – – 75.0 75.0

Bank interest payments 13.1 10.6 5.8 11.6 41.1

Trade and other payables 121.7 – – – 121.7

Accruals 3.4 – – – 3.4

138.2 10.6 104.2 86.6 339.6

Undiscounted cash flows – 31 March 2025

2026

£m

2027

£m

2028

£m

2029 and later

£m

Total

£m

Asset based finance facility – 121.2 – – 121.2

Bank interest payments 9.5 3.0 – – 12.5

Trade and other payables 113.1 – – – 113.1

Accruals 2.0 – – – 2.0

Derivative financial liabilities 0.1 – – – 0.1

124.7 124.2 – – 248.9

Capital management

The Company requires capital for growth, by completing acquisitions and refinancing existing debts in the longer term. The Company defines gross capital as net debt (cash less borrowings), as disclosed in note

36, plus total equity as disclosed in the Company Statement of Changes in Equity, and seeks to ensure an acceptable return on gross capital. The Board seeks to maintain a balance between debt and equity

funding such that it maintains an efficient capital position relevant for the prevailing economic environment.

NOTES TO THE COMPANY FINANCIAL STATEMENTS CONTINUED

35 Financial instruments continued

Speedy Hire Plc

Annual Report and Accounts 2026

160

31 March

2026

£m

31 March

2025

£m

Net debt 163.6 118.1

Total equity 150.6 156.2

At 31 March 314.2 274.3

36 Borrowings

31 March

2026

£m

31 March

2025

£m

Non-current borrowings

Bank borrowings – Asset based finance facility – 121.2

Bank borrowings – Revolving credit facility 98.4 –

Bank borrowings – Loan notes 75.0 –

Total borrowings 173.4 121.2

Less: cash (9.8) (3.1)

Net debt

163.6 118.1

Key performance indicator – excluding lease liabilities.

The overdraft and bank borrowings are secured by fixed and floating charges over all of the Group’s

property and undertakings.

Reconciliation of financing liabilities and net debt

1 April

2025

£m

Non‑cash

movement

£m

Cash flow

£m

31 March

2026

£m

Bank borrowings (121.2) 0.6 (52.8) (173.4)

Liabilities arising from financing

activities (121.2) 0.6 (52.8) (173.4)

Cash and cash equivalents 3.1 – 6.7 9.8

Net debt (118.1) 0.6 (46.1) (163.6)

37 Deferred tax

Total

£m

Opening at 1 April 2024 (0.1)

Recognised in income 0.1

At 31 March 2025 –

Recognised in income 0.8

At 31 March 2026 0.8

38 Share capital and share incentives

The Company share capital is stated in accordance with note 24, with share incentives as disclosed in

note 25.

39 Contingent liabilities and commitments

There are no contingent liabilities nor capital commitments for the Company at the year end date.

40 Related party disclosures

Intercompany funding and cross guarantees

The amount outstanding from Group undertakings at 31 March 2026 totalled £341.7m (2025: £290.7m).

Amounts owed to Group undertakings as at 31 March 2026 totalled £121.7m (2025: £113.1m).

Amounts held with Group undertakings are unsecured, have no fixed date of repayment and are

repayable on demand.

The Company and certain subsidiary undertakings have entered into cross guarantees of bank loans

and overdrafts to the Company, as disclosed in note 20.

Provision of Group services

The Company paid £1.0m in respect of Group services provided by its wholly owned subsidiary, Speedy

Support Services Limited 2025: £0.9m).

Directors’ remuneration is borne by Speedy Support Services Limited with no recharge, the

remuneration of whom is disclosed in note 6. Full details of Executive and Non-Executive Director

compensation and interests in the share capital of the Company as at 31 March 2026 are given in the

Directors’ Remuneration Report.

Speedy Hire Plc

Annual Report and Accounts 2026

161

FINANCIAL STATEMENTS

2026

£m

2025

£m

2024

£m

2023

£m

2022

£m

Income Statement

Revenue 416.1 416.6 421.5 440.6 386.8

Gross profit 230.5 236.1 230.0 219.0 221.1

Operating (loss)/profit (13.3) 13.4 14.9 3.8 31.6

Share of results of joint ventures (0.4) 1.0 2.9 6.6 3.2

Net finance costs (18.6) (15.9) (12.7) (8.6) (5.7)

(Loss)/profit before taxation (32.3) (1.5) 5.1 1.8 29.1

Non-GAAP performance measures

Adjusted EBITDA 85.4 97.1 96.8 103.9 100.1

Adjusted (loss)/profit before tax (9.8) 8.7 14.7 30.7 29.6

Balance Sheet

Hire equipment – original cost 422.5 401.5 386.0 395.9 422.7

Hire equipment – net book value 239.4 222.4 210.6 207. 9 226.9

Total equity 128.0 162.2 175.7 184.6 216.4

Cash Flow

Cash generated from operations 49.5 48.6 69.0 51.9 28.6

Net cash flow before financing activities (5.6) 28.8 28.4 37.0 5.5

Purchase of hire equipment (45.2) (50.0) (41.3) (54.2) (71.5)

Profit/(loss) on disposal of hire equipment 2.5 (1.5) (2.6) 1.7 0.5

Free cash flow 3.0 0.8 23.5 10.6 (18.5)

In pence

Dividend per share (interim and final dividend) 1.00 2.60 2.60 2.60 2.20

Adjusted (loss)/earnings per share (1.71) 1.41 2.35 4.96 4.24

Net assets per share 24.8 31.4 34.0 35.7 41.8

In percentages

Return on capital employed 3.1 8.9 9.9 14.0 13.1

EBITDA margin 20.5 23.3 23.0 23.6 25.9

In ratios

Net debt/EBITDA (excluding impact of IFRS 16) 3.3 1.9 1.5 1.3 0.9

Net debt/net tangible fixed assets 0.43 0.33 0.31 0.29 0.20

In numbers

Average employee numbers 3,318 3,335 3,409 3,524 3,501

Depot numbers 128 135 147 183 207

2022 presented for continuing operations only.

CORPORATE INFORMATION

FIVE-YEAR SUMMARY

Speedy Hire Plc Annual Report and Accounts 2026

162

Annual General Meeting

The Annual General Meeting (‘AGM’) will be

held at the offices of Addleshaw Goddard

LLP, 41 Lothbury, London, EC2R 7HG on

10 September 2026 at 2.00pm.

Details of the business of the AGM and the

resolutions to be proposed will be sent to those

shareholders who have opted to continue

receiving paper communications, which are also

available to other shareholders and the public on

our website at speedyhire.com/investors.

Shareholders will be asked to approve the

Directors’ Remuneration Report and the re-

election of Directors.

Other resolutions will include proposals to renew,

for a further year, the Directors’ general authority

to allot shares in the Company, to allot a limited

number of shares for cash on a non-pre-emptive

basis and to buy back the Company’s own shares.

Share price information/

performance

The latest share price is available at speedyhire.

com/investors.

By selecting share price information, shareholders

can check the value of their shareholding online

or review share charts illustrating annual share

price performance trends.

Shareholders can download copies of our Annual

Report and Accounts and interim accounts from

speedyhire.com/investors.

Dividend reinvestment plan

(‘DRIP’)

You can choose to reinvest dividends received to

purchase further shares in the Company through

a DRIP. A DRIP application form is available from

our registrar, whose contact details are +44 (0)

371 384 2769. If calling from outside of the UK,

please ensure the country code is used. Lines are

open 8.30am to 5.30pm (UK time), Monday to

Friday (excluding public holidays in England and

Wales). Alternatively, you can write to our registrar

at Equiniti Limited, Aspect House, Spencer Road,

Lancing, West Sussex, BN99 6DA.

Electronic communications

You can elect to receive shareholder

communications electronically by signing up to

Equiniti Limited’s portfolio service at shareview.

co.uk. This will save on printing and distribution

costs, creating environmental benefits. When

you register, you will be sent a notification to say

when shareholder communications are available

on our website, and you will be provided with a

link to that information.

Enquiries on shareholdings

Any administrative enquiries relating to

shareholdings in the Company, such as dividend

payment instructions or a change of address,

should be notified direct to the registrar, Equiniti

Limited, at Aspect House, Spencer Road, Lancing,

West Sussex, BN99 6DA. Your correspondence

should state Speedy Hire Plc and the registered

name and address of the shareholder. Information

on how to manage your shareholdings can be

found at help.shareview.co.uk.

If your question is not answered by the

information provided, you can send your enquiry

via secure email from this webpage. You will

be asked to complete a structured form and to

provide your shareholder reference, name and

address. You will also need to provide your email

address, if this is how you would like to receive

your response.

Boiler room fraud

Share scams are often run from ‘boiler rooms’

where fraudsters cold-call investors offering

them worthless, overpriced or even non-existent

shares. While such scams promise high returns,

those who invest usually end up losing their

money.

If you are offered unsolicited investment advice,

discounted shares, a premium price for shares

you own, or free company or research reports,

you should take these steps before handing over

any money:

h get the name of the person and organisation

contacting you;

h search the list of unauthorised firms to

avoid at fca.org.uk/consumers/using-

financial-services-register to ensure they are

authorised;

h only use the details on the FCA Register to

contact the firm; and

h call the Consumer Helpline on 0800 111 6768

if you suspect the caller is fraudulent.

REMEMBER: If it sounds too good to be true, it

probably is!

Forward‑looking statements

This Annual Report and Accounts includes

statements that are forward-looking in nature.

Forward-looking statements involve known and

unknown risks, assumptions, uncertainties and

other factors which may cause the actual results,

performance or achievements of the Group to

be materially different from any future results,

performance or achievements expressed or

implied by such forward-looking statements.

Except as required by the Listing Rules, the

Disclosure Guidance and Transparency Rules

and applicable law, the Company undertakes

no obligation to update, revise or change any

forward-looking statements to reflect events or

developments occurring on or after the date of

this Annual Report and Accounts.

Contact details

We are happy to answer queries from current and

potential shareholders. Similarly, please let us

know if you wish to receive past, present or future

copies of the Annual Report and Accounts. Please

details of which are given on the Registered

Office and Advisors page.

SHAREHOLDER INFORMATION

Speedy Hire Plc Annual Report and Accounts 2026

163

CORPORATE INFORMATION

REGISTERED OFFICE AND ADVISORS

Registered office

Speedy Hire Plc

Chase House

16 The Parks

Newton-le-Willows

Merseyside

WA12 0JQ

Telephone

01942 720 000

investor.relations@speedyhire.com

Website

speedyhire.com/investors

Registered number

00927680

Company Secretary

Neil Hunt

Financial advisors

NM Rothschild & Sons Limited

New Court St. Swithin’s Lane

London

EC4N 8AL

Stockbrokers

Panmure Liberum Limited

Ropemaker Place Level 12

25 Ropemaker Street

London

EC2Y 9LY

Canaccord Genuity Ltd

88 Wood Street

London

EC2V 7QR

Legal advisors

Pinsent Masons LLP

1 Park Row

Leeds

LS1 5AB

Addleshaw Goddard LLP

One St Peter’s Square

Manchester

M2 3DE

Independent Auditors

PricewaterhouseCoopers LLP

Manchester Hardman Sq

1 Hardman Square

Manchester

M3 3EB

Bankers

Barclays Bank PLC 10th Floor

1 Churchill Place

London

E14 5HP

HSBC UK Bank Plc 2nd Floor

Landmark

St Peter’s Square

1 Oxford Street

Manchester

M1 4PB

Lloyds Bank Plc

Floor 3

Fountainbridge Wing

New Uberior House

Earl Grey Street

Edinburgh

EH3 9BN

The Royal Bank of Scotland plc

1 Spinningfields Square

Manchester

M3 3AP

Public relations

Teneo Financial Advisory Limited

The Carter Building

11 Pilgrim Street

London

EC4V 6RN

Registrars and transfer office

Equiniti Limited

Aspect House

Spencer Road

Lancing

West Sussex

BN99 6DA

Insurance brokers

Marsh Ltd

Belvedere

12 Booth Street

Manchester

M2 4AW

Speedy Hire Plc

Annual Report and Accounts 2026

164

The production of this report supports the work of the

Woodland Trust, the UK’s leading woodland conservation

charity. Each tree planted will grow into a vital carbon store,

helping to reduce environmental impact as well as creating

natural havens for wildlife and people.

Speedy Hire Plc Annual Report and Accounts 2026

CORPORATE INFORMATION

Speedy Hire Plc

Chase House,

16 The Parks,

Newton-le-Willows,

Merseyside, WA12 0JQ