Form 8-K

8-K — HERTZ GLOBAL HOLDINGS, INC

Accession: 0001657853-26-000045

Filed: 2026-08-06

Period: 2026-08-06

CIK: 0001657853

SIC: 7510 (SERVICES-AUTO RENTAL & LEASING (NO DRIVERS))

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — htz-20260806.htm (Primary)

EX-99.1 (q22026earningsrelease.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: htz-20260806.htm · Sequence: 1

htz-20260806

00016578530000047129false00016578532026-08-062026-08-060001657853htz:TheHertzCorporationMember2026-08-062026-08-060001657853us-gaap:CommonStockMember2026-08-062026-08-060001657853us-gaap:WarrantMember2026-08-062026-08-06

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported) August 6, 2026

HERTZ GLOBAL HOLDINGS, INC.

THE HERTZ CORPORATION

(Exact name of registrant as specified in its charter)

Delaware 001-37665 61-1770902

Delaware 001-07541 13-1938568

(State or other jurisdiction of

incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

8501 Williams Road

Estero, Florida 33928

239 301-7000

(Address, including Zip Code, and

telephone number, including area code,

of registrant's principal executive offices)

Not Applicable

(Former name, former address and

former fiscal year, if changed since last report.)

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

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

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

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

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

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

Title of Each Class Trading Symbol(s) Name of Each Exchange on which Registered

Hertz Global Holdings, Inc. Common Stock par value $0.01 per share HTZ The Nasdaq Stock Market LLC

Hertz Global Holdings, Inc. Warrants to purchase common stock HTZWW The Nasdaq Stock Market LLC

The Hertz Corporation None None None

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

Emerging growth company ☐

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

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On August 6, 2026, Hertz Global Holdings, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02, including the exhibit attached hereto, is being furnished and shall not be deemed to be filed for the purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless such subsequent filing specifically references this Current Report on Form 8-K.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits.

Exhibit

Description

99.1

Press Release, dated August 6, 2026, of Hertz Global Holdings, Inc.

104.1 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

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

HERTZ GLOBAL HOLDINGS, INC.

THE HERTZ CORPORATION

(each, a Registrant)

By: /s/ SCOTT M. HARALSON

Name: Scott M. Haralson

Title: Executive Vice President and Chief Financial Officer

Date: August 6, 2026

EX-99.1

Filename: q22026earningsrelease.htm · Sequence: 2

Document

Exhibit 99.1

HERTZ ANNOUNCES Q2 2026 RESULTS, HIGHLIGHTS STRONG COMMERCIAL MOMENTUM AND CONTINUED TRANSFORMATION PROGRESS

------------------------------------------------------------------------------------------------------------------

“This quarter’s results reflect the disciplined execution of our strategy and our consistent commercial strength,” said Gil West, Chief Executive Officer of Hertz. “Our performance demonstrates the progress we're making in transforming the business and delivering tangible operational improvements across the company. Revenue increased 10% year over year despite operating with a 1% smaller fleet, driven by our strongest second quarter RPD on record, excluding the extraordinary market conditions in 2022."

On the Company’s strategic priorities, West added: "To unlock long-term opportunities, we’re strengthening our core business while building a platform for growth across four strategic areas: Rent-a-Car, Service, Fleet, and Mobility. We are applying our commercial, operational, and fleet management capabilities across these areas to drive greater efficiency, establish diverse engines of growth, and create long-term value."

ESTERO, Fla, August 6, 2026 – Hertz Global Holdings, Inc. (NASDAQ: HTZ) ("Hertz," "Hertz Global," or the "Company") today reported results for its second quarter 2026.

Q2 2026 HIGHLIGHTS

•Revenue totaled $2.4 billion in the second quarter, up 10% year over year, driven by Hertz’s strongest second quarter Revenue per Day (RPD) on record, excluding the pandemic peak in 2022.

•Year-over-year Revenue per Unit (RPU) and RPD metrics continued reflecting sequential improvements, with RPU up 8% and RPD up 9% through strong pricing performance.

•GAAP net income for the quarter totaled $64 million and Diluted GAAP EPS was $0.05. Adjusted net loss was $47 million and Adjusted Diluted EPS was $(0.11).

•Adjusted Corporate EBITDA was $81 million, representing a $63 million year-over-year improvement and coming in above the top end of revised guidance.

•Total Utilization was 79% in the second quarter, an increase of 80 basis points year-over-year; excluding elevated recalls, Total Utilization was 81%, up 190 basis points compared to the second quarter of 2025.

•Net Depreciation per Unit per Month (Net DPU) was $302 in in the second quarter, consistent with the Company's revised guidance. Hertz's U.S. core fleet now consists of approximately 94% model year 2025 and 2026 vehicles.

•Adjusted Direct Operating Expense (DOE) per Day increased 4% year over year; slightly higher than the Company's expectations, due primarily to higher revenue-related variable costs and higher expenses related to sale leaseback transactions. When normalizing for these factors and the Days impact of recalls, Adjusted DOE per Day improved approximately 2% year over year.

•The spread between RPD and DOE per Day improved by 17% on a year-over-year basis, representing the third consecutive quarter of year-over-year spread improvement.

•Hertz ended the second quarter with approximately $984 million of liquidity, in line with its prior guidance of just under $1 billion. The Company continues to view liquidity as a growth enabler and remains confident in its ability to fund the business and execute its transformation.

•The Company’s operating affiliate, Oro Mobility, is gaining momentum. Oro drivers have completed more than six million miles to date and its first AV partnership is progressing and expected to begin operations later this year in the San Francisco Bay Area.

Q2 SUMMARY

Hertz's second quarter results reflect continued progress in its transformation strategy, with disciplined commercial execution driving strong performance across the business. The Company delivered $2.4 billion in revenue, up 10% year over year. Continued commercial momentum drove RPU above both the Company's expectations and its North Star target, increasing 8% year over year despite elevated recalls. RPD increased 9%, which was Hertz's strongest second quarter RPD on record, excluding the pandemic peak in 2022. This performance was driven by the continued strength of Hertz’s commercial playbook and its ability to maintain strong supply discipline at airports, as well as a small incremental

bonus from the World Cup. As a result of this continued momentum, backed by a more balanced industry supply-demand environment, Hertz’s full-year RPU is expected to trend above its North Star target of $1,500.

The Company produced Net DPU in line with its revised expectations at $302. Forward views on residual values remain stable, and through its disciplined fleet strategy, Hertz expects to achieve its Net DPU target of at or below $300 for the full year. The Company now holds its youngest fleet in a dozen years, with 94% of its U.S. core fleet now comprised of model year 2025 and 2026 vehicles, which Hertz expects will produce better economics than prior model year vehicles.

Adjusted DOE per Day was $37.49, which was slightly higher than the Company's expectations, driven primarily by higher revenue-related variable costs and higher expenses related to sale leaseback transactions. When normalizing for these factors and the Days impact of recalls, Adjusted DOE per Day improved approximately 2% year over year. As revenue increases, certain operating costs move in tandem, emphasizing the importance of the Company’s RPD-to-DOE per Day spread, which improved 17% year over year, marking the third consecutive quarter of year-over-year spread improvement.

Recall activity was approximately 300% higher year over year and continued to be a measurable headwind to the business, impacting an average of nearly 15,000 vehicles. The estimated year-over-year impact to GAAP Net Income was $27 million and Adjusted Corporate EBITDA was approximately $30 million. Despite that, the Company still produced a significant year-over-year increase in Adjusted Corporate EBITDA.

Hertz ended the quarter with $984 million of liquidity, which includes cash and cash equivalents and the available capacity under our revolving credit facility. This was in line with the Company's guidance of just under $1 billion. In June, the Company completed the issuance of Exchangeable First Lien Notes Due 2030 for a total of $350 million, which used capacity created through expiring revolving commitments as well as from term loan amortization. In addition, Hertz added an additional $30 million of notes in July as part of the exercising of the greenshoe, bringing the Company's pro forma liquidity post transaction to slightly over $1 billion.

PLATFORM FOR GROWTH

Hertz's transformation continues to focus on two complementary objectives: strengthening its core rental business while building a diversified platform for long-term growth. The Company's platform spans Rent-a-Car, Service, Fleet, and Mobility, each with unique potential to scale, and collectively benefiting from Hertz's operational, commercial, and fleet management capabilities.

During the second quarter, Hertz advanced several of its highest-priority platform initiatives. It has made great strides in shoring up its Rent-a-Car business. One of the greatest opportunities remains more effectively leveraging the power of the Hertz brand. The Company is focused on realizing the full potential of its franchise business and is evaluating near-term opportunities across its global footprint through both whitespace expansion and conversion activity.

In Fleet, building on its unique competitive advantage as one of the largest dealers in the country, the Company is exploring how to deepen existing relationships with the leading used car companies and establish new partnerships with best-in-class retailers. Hertz continued enhancing its direct retail channels via Hertz Car Sales by growing retail sales volumes, reducing reconditioning costs, and delivering strong F&I performance.

In Mobility, Hertz’s affiliated operating company, Oro, is gaining momentum. Through its driver-led managed fleet business, in which it maintains and operates vehicles for drivers supporting rideshare platforms, Oro is now active in four markets, and its drivers have logged over six million miles to date. This business validates Oro’s ability to deliver turnkey fleet solutions at scale today, while also creating a pathway to operating AV fleets at scale. Oro's first AV partnership with Uber's robotaxi program, supporting Lucid vehicles equipped with Nuro autonomous technology, is on track to begin operations later this year in the San Francisco Bay Area.

EARNINGS WEBCAST INFORMATION

Hertz Global's live webcast and conference call to discuss its second quarter 2026 results will be held on August 6, 2026 at 9:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on the Company’s Investor Relations website at IR.Hertz.com. If you would like to access the call by phone and ask a question, please go to https://events.q4inc.com/analyst/801751158?pwd=MrFxkOG4, and you will be provided with dial in details. Investors are encouraged to dial in approximately 15 minutes prior to the call. A web replay will remain available on the website for approximately one year. The earnings release and related supplemental schedules containing the reconciliations of non-GAAP measures will be available on the Hertz website, IR.Hertz.com.

ABOUT HERTZ

Hertz Global Holdings, Inc. is one of the world’s leading car rental and mobility solutions providers. Its subsidiaries, including The Hertz Corporation, and licensees operate the Hertz, Dollar, Thrifty, and Firefly vehicle rental brands, with approximately 11,000 rental locations in 160 countries around the globe. The Company also operates the Hertz Car Sales brand, which offers a range of quality, competitively priced used cars for sale online and at locations across the United States, and the Hertz 24/7 car-sharing business in Europe. The Company’s operating affiliate, Oro Mobility, provides integrated driver-led and autonomous fleet management solutions across a range of mobility segments. For more information about Hertz, visit www.hertz.com.

SUMMARY RESULTS

___________________________________

Three Months Ended

June 30, % Change

($ in millions, except earnings per share or where noted) 2026 2025

Hertz Global - Consolidated

Total revenues $ 2,396 $ 2,185 10%

Net income (loss) $ 64 $ (294) NM

Diluted earnings (loss) per share $ 0.05 $ (0.95) NM

Net income (loss) margin 3 % (13) %

Adjusted net income (loss)(a)

$ (47) $ (91) 48%

Adjusted diluted earnings (loss) per share(a)

$ (0.11) $ (0.29) 62%

Adjusted Corporate EBITDA(a)

$ 81 $ 18 NM

Adjusted Corporate EBITDA Margin(a)

3 % 1 %

Average Vehicles (in whole units) 539,118 544,962 (1)%

Average Rentable Vehicles (in whole units) 517,835 513,671 1%

Total Vehicle Utilization 79 % 78 %

Operational Vehicle Utilization 82 % 83 %

Transaction Days (in thousands) 38,646 38,695 —%

Total RPD (in dollars)(b)

$ 61.98 $ 56.89 9%

Total RPU Per Month (in whole dollars)(b)

$ 1,542 $ 1,429 8%

Depreciation Per Unit Per Month (in whole dollars)(b)

$ 302 $ 256 18%

DOE per Transaction Day (in dollars) $ 37.62 $ 36.03 4%

Adjusted DOE per Transaction Day (in dollars)(b)(c)

$ 37.49 $ 36.13 4%

Americas RAC Segment

Total revenues $ 1,918 $ 1,738 10%

Adjusted EBITDA $ 88 $ 43 NM

Adjusted EBITDA Margin 5 % 2 %

Average Vehicles (in whole units) 429,465 436,720 (2)%

Average Rentable Vehicles (in whole units) 410,849 407,913 1%

Total Vehicle Utilization 79 % 78 %

Operational Vehicle Utilization 83 % 83 %

Transaction Days (in thousands) 30,895 30,935 —%

Total RPD (in dollars)(b)

$ 62.11 $ 56.21 10%

Total RPU Per Month (in whole dollars)(b)

$ 1,557 $ 1,421 10%

Depreciation Per Unit Per Month (in whole dollars)(b)

$ 304 $ 248 22%

DOE per Transaction Day (in dollars) $ 38.30 $ 36.59 5%

Adjusted DOE per Transaction Day (in dollars)(b)(c)

$ 38.13 $ 36.45 5%

International RAC Segment

Total revenues $ 478 $ 447 7%

Adjusted EBITDA $ 47 $ 38 24%

Adjusted EBITDA Margin 10 % 9 %

Average Vehicles (in whole units) 109,653 108,242 1%

Average Rentable Vehicles (in whole units) 106,986 105,758 1%

Total Vehicle Utilization 78 % 79 %

Operational Vehicle Utilization 80 % 81 %

Transaction Days (in thousands) 7,751 7,760 —%

Total RPD (in dollars)(b)

$ 61.49 $ 59.63 3%

Total RPU Per Month (in whole dollars)(b)

$ 1,485 $ 1,458 2%

Depreciation Per Unit Per Month (in whole dollars)(b)

$ 294 $ 287 2%

DOE per Transaction Day (in dollars) $ 34.82 $ 33.94 3%

Adjusted DOE per Transaction Day (in dollars)(b)(c)

$ 34.74 $ 34.92 (1)%

NM = Not meaningful

(a) Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule II for 2026 and 2025.

(b) Based on December 31, 2025 foreign exchange rates.

(c) Represents a non-GAAP measure. See the accompanying reconciliations included in Supplemental Schedule V for 2026 and 2025.

UNAUDITED FINANCIAL DATA, SUPPLEMENTAL SCHEDULES, NON-GAAP MEASURES AND DEFINITIONS

_________________________________________________________________________________________________________________________________________________________

In this earnings release, we include select unaudited financial data of Hertz Global, Supplemental Schedules, which are provided to present segment results, and reconciliations of non-GAAP measures to their most comparable GAAP measures. Following the Supplemental Schedules, the Company provides definitions for terminology used throughout the earnings release and the Company’s rationale regarding the importance and usefulness of non-GAAP measures for investors and management.

Effective in the first quarter of 2026, the Company revised its definition of Adjusted Net Income (Loss) and Adjusted Corporate EBITDA to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses. The update was made in an effort to better reflect management's view of ongoing operations and operational performance. The presentation of the prior period has been recast to conform to the current period presentation.

Also effective in the first quarter of 2026, the Company changed its definition of Average Rentable Vehicles and Average Vehicles to use a daily average of vehicles as opposed to a simple average of vehicles at the beginning and end of a period, which the Company believes is a better, more accurate measure of its vehicles. The presentation of the prior period has been recast to conform to the current period presentation.

We have not reconciled Adjusted Corporate EBITDA for the quarter-ended September 30, 2026, the fiscal year ended December 31, 2026, or the fiscal year ended December 31, 2027 to GAAP net income or loss as a result of uncertainty regarding, and the potential variability of, reconciling items such as the change in fair value of Public Warrants, as this adjustment is directly impacted by unpredictable fluctuations in our stock price and the volume of warrants exercised during the period. Accordingly, a reconciliation is not available without unreasonable effort, although it is important to note that these factors could be material to our results calculated in accordance with GAAP.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

________________________________________________________________________________________________________

Certain statements contained or incorporated by reference in this release, and in related comments by the Company's management, include “forward-looking statements.” Forward-looking statements are identified by words such as "believe," "expect," "project," "potential," "anticipate," "intend," "plan," "estimate," "seek," "will," "may," "would," "should," "could," "forecasts," "guidance" or similar expressions, and include information concerning our liquidity, our results of operations, our business strategies, economic and industry conditions and other information. These forward-looking statements are based on certain assumptions that the Company has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors. The Company believes these judgments are reasonable, but you should understand that these forward-looking statements are not guarantees of future performance or results, and that the Company’s actual results could differ materially from those expressed in the forward-looking statements due to a variety of important factors, both positive and negative, that may be revised or supplemented in subsequent reports, such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed or furnished to the SEC.

Important factors that could affect the Company's actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things.

•mix of program and non-program vehicles in the Company's fleet, which can lead to increased exposure to residual value risk upon disposition;

•the potential for residual values associated with non-program vehicles in the Company's fleet to decline, including suddenly or unexpectedly, or fail to follow historical seasonal patterns;

•the Company's ability to purchase adequate supplies of competitively priced vehicles at a reasonable cost in order to efficiently service rental demand, including upon any disruptions in the global supply chain;

•the Company's ability to effectively dispose of vehicles, at the times and through the channels, that maximize the Company's returns;

•the age of the Company's fleet, and its impact on vehicle carrying costs, customer service scores, as well as on the Company's ability to sell vehicles at acceptable prices and times;

•disruptions in the supply chain, including in connection with any increases in tariffs or changes in tariff policies or trade agreements;

•whether a manufacturer of the Company's program vehicle fulfills its repurchase obligations;

•the frequency or extent of manufacturer safety recalls;

•levels of travel demand, particularly business and leisure travel in the U.S. and in global markets;

•seasonality and other occurrences that disrupt rental activity during the Company's peak periods, including in critical geographies;

•the Company's ability to accurately estimate future levels of rental activity and adjust the number, location and mix of vehicles used in the Company's rental operations accordingly;

•the Company's ability to implement its business strategy or strategic transactions, including the Company's ability to implement plans to support a modern mobility ecosystem and Oro Mobility's partnership with Uber;

•the Company's ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from its profitability initiatives and other operational programs;

•the Company's ability to adequately respond to changes in technology impacting the mobility industry;

•significant changes in the competitive environment and the effect of competition in the Company's markets on rental volume and pricing;

•the Company's reliance on third-party distribution channels and related prices, commission structures and transaction volumes;

•the Company's ability to offer services for a favorable customer experience, and to retain and develop customer loyalty and market share;

•the Company's ability to maintain its network of leases and vehicle rental concessions at airports and other key locations in the U.S. and internationally;

•the Company's ability to maintain favorable brand recognition and a coordinated branding and portfolio strategy;

•the Company's ability to attract and retain effective front-line employees, senior management and other key employees;

•the Company's ability to effectively manage its union relations and labor agreement negotiations;

•the Company's ability to manage and respond to cybersecurity threats and cyber attacks on the Company's information technology systems or those of the Company's third-party providers;

•the Company's ability, and that of the Company's key third-party partners, to prevent the misuse or theft of information the Company possesses, including as a result of cyber attacks and other security threats;

•the Company's ability to evaluate, maintain, upgrade and consolidate its information technology systems;

•the Company's ability to comply with current and future laws and regulations in the U.S. and internationally regarding data protection, data security and privacy risks;

•risks associated with operating in many different countries, including the risk of a violation or alleged violation of applicable anti-corruption or anti-bribery laws and the Company's ability to repatriate cash from non-U.S. affiliates without adverse tax consequences;

•risks relating to tax laws and those tax laws that affect the Company's ability to recapture accelerated tax depreciation and expensing, as well as any adverse determinations or rulings by tax authorities;

•the Company's ability to utilize its net operating loss carryforwards;

•the Company's exposure to uninsured liabilities relating to personal injury, death and property damage, or otherwise, including material litigation;

•the potential for adverse changes in laws, regulations, policies or other activities of governments, agencies and similar organizations, including those related to environmental matters, optional

insurance products or policies, franchising and licensing matters, the ability to pass-through rental car related expenses or taxes, among others, that affect the Company's operations, the Company's costs or applicable tax rates;

•the risk of an impairment of the Company's long-lived assets, which risk could be impacted by, among other things, the timing of our fleet rotation;

•the Company's ability to recover its goodwill and indefinite-lived intangible assets when performing impairment analysis;

•the potential for changes in management's best estimates and assessments;

•the Company's ability to maintain an effective compliance program;

•the availability of earnings and funds from the Company's subsidiaries;

•the Company's ability to comply, and the cost and burden of complying, with corporate and social responsibility regulations or expectations of stakeholders, and otherwise advance the Company's corporate responsibility priorities;

•the availability of additional, or continued sources, of financing at acceptable rates for the Company's revenue earning vehicles and to refinance the Company's existing indebtedness, and the Company's ability to comply with the covenants in the agreements governing its indebtedness;

•the extent to which the Company's consolidated assets secure its outstanding indebtedness;

•volatility in the Company's share price, the Company's ownership structure and certain provisions of the Company's charter documents, which could, among other things, negatively affect the market price of the Company's common stock;

•the Company's ability to implement an effective business continuity plan to protect the business in exigent circumstances;

•the Company's ability to maintain effective internal control over financial reporting; and

•the Company's ability to execute strategic transactions.

Additional information concerning these and other factors can be found in the Company's filings with the SEC, including its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

You should not place undue reliance on forward-looking statements. All forward-looking statements attributable to the Company, or persons acting on its behalf, are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date of this release, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

________________________________________________________________________________________________________________________________________________________

CONTACTS:

Hertz Investor Relations: Hertz Media Relations:

investorrelations@hertz.com mediarelations@hertz.com

UNAUDITED FINANCIAL INFORMATION

____________________________________________________________

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions, except per share data)

2026 2025 2026 2025

Revenues $ 2,396 $ 2,185 $ 4,400 $ 3,998

Expenses:

Direct vehicle and operating 1,454 1,394 2,798 2,668

Depreciation of revenue earning vehicles and lease charges, net 487 415 968 950

Depreciation and amortization of non-vehicle assets 26 29 52 59

Selling, general and administrative 258 246 494 465

Interest expense, net:

Vehicle 165 152 311 292

Non-vehicle 94 232 204 359

Total interest expense, net 259 384 515 651

Other (income) expense, net 3 7 1 11

(Gain) on sale of non-vehicle capital assets (64) (89) (64) (89)

Change in fair value of Public Warrants (98) 115 (131) 124

Total expenses 2,325 2,501 4,633 4,839

Income (loss) before income taxes 71 (316) (233) (841)

Income tax (provision) benefit

(7) 22 (36) 104

Net income (loss) $ 64 $ (294) $ (269) $ (737)

Weighted average number of shares outstanding:

Basic 317 309 315 308

Diluted 418 309 358 308

Earnings (loss) per share:

Basic $ 0.20 $ (0.95) $ (0.85) $ (2.39)

Diluted $ 0.05 $ (0.95) $ (0.87) $ (2.39)

UNAUDITED CONSOLIDATED BALANCE SHEETS

(In millions, except par value and share data) June 30, 2026 December 31, 2025

ASSETS

Cash and cash equivalents $ 631 $ 565

Restricted cash and cash equivalents:

Vehicle 399 317

Non-vehicle 274 285

Total restricted cash and cash equivalents 673 602

Total cash and cash equivalents and restricted cash and cash equivalents 1,304 1,167

Receivables:

Vehicle 290 381

Non-vehicle, net of allowance of $99 and $91, respectively

913 729

Total receivables, net 1,203 1,110

Prepaid expenses and other assets 989 782

Revenue earning vehicles:

Vehicles 15,249 14,039

Less: accumulated depreciation (1,569) (1,513)

Total revenue earning vehicles, net 13,680 12,526

Property and equipment, net 505 566

Operating lease right-of-use assets 2,269 2,257

Intangible assets, net 2,877 2,858

Goodwill 1,045 1,045

Total assets $ 23,872 $ 22,311

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable:

Vehicle $ 497 $ 342

Non-vehicle 628 517

Total accounts payable 1,125 859

Accrued liabilities 1,024 1,231

Accrued taxes, net 135 131

Debt:

Vehicle 12,710 11,629

Non-vehicle 6,037 5,425

Total debt 18,747 17,054

Public Warrants 90 222

Operating lease liabilities 2,340 2,275

Self-insured liabilities 643 648

Deferred income taxes, net 396 350

Total liabilities 24,500 22,770

Commitments and contingencies

Stockholders' equity:

Preferred stock, $0.01 par value, no shares issued and outstanding

— —

Common stock, $0.01 par value, 530,730,089 and 486,543,836 shares issued, respectively, and 355,918,045 and 311,731,792 shares outstanding, respectively

5 5

Treasury stock, at cost, 174,812,044 and 174,812,044 common shares, respectively

(3,430) (3,430)

Additional paid-in capital 6,557 6,447

Retained earnings (Accumulated deficit) (3,518) (3,249)

Accumulated other comprehensive income (loss) (242) (232)

Total stockholders' equity (deficit) (628) (459)

Total liabilities and stockholders' equity (deficit) $ 23,872 $ 22,311

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions) 2026 2025 2026 2025

Cash flows from operating activities:

Net income (loss) $ 64 $ (294) $ (269) $ (737)

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Depreciation and reserves for revenue earning vehicles, net 542 458 1,079 1,082

Depreciation and amortization, non-vehicle 26 29 52 59

Amortization of deferred financing costs and debt discount (premium) 18 18 37 36

Accreted interest on Exchangeable Notes 8 2 15 4

PIK Interest on Exchangeable Notes — — 11 11

Stock-based compensation charges 21 16 38 32

Provision for receivables allowance 40 28 84 53

Deferred income taxes, net 13 (24) 39 (148)

(Gain) loss on sale of non-vehicle capital assets (64) (89) (64) (89)

Change in fair value of Public Warrants (98) 115 (131) 124

Unrealized (gain) loss on financial instruments (54) 104 (84) 104

Other 1 8 (1) 9

Changes in assets and liabilities:

Non-vehicle receivables (202) (127) (275) (84)

Prepaid expenses and other assets (13) (19) (66) (53)

Operating lease right-of-use assets 108 105 220 218

Non-vehicle accounts payable 44 21 90 28

Accrued liabilities 40 117 (211) 138

Accrued taxes, net (18) (34) 6 4

Operating lease liabilities (98) (95) (167) (208)

Self-insured liabilities 3 7 (2) 14

Net cash provided by (used in) operating activities 381 346 401 597

Cash flows from investing activities:

Revenue earning vehicles expenditures (3,615) (3,049) (7,217) (5,896)

Proceeds from disposal of revenue earning vehicles 2,556 2,126 5,083 4,250

Non-vehicle capital asset expenditures (28) (22) (57) (44)

Proceeds from non-vehicle capital assets disposed of 116 99 122 126

Net cash provided by (used in) investing activities (971) (846) (2,069) (1,564)

Cash flows from financing activities:

Proceeds from issuance of vehicle debt 2,040 2,648 2,785 3,774

Repayments of vehicle debt (1,250) (1,606) (1,675) (2,990)

Proceeds from issuance of non-vehicle debt 896 156 2,101 1,056

Repayments of non-vehicle debt (959) (579) (1,333) (859)

Payment of financing costs (47) (28) (54) (41)

Proceeds from the issuance of stock, net 3 — 3 —

Other (4) (4) (12) (7)

Net cash provided by (used in) financing activities 679 587 1,815 933

Effect of foreign currency exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents (4) 21 (10) 30

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents during the period 85 108 137 (4)

Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 1,219 1,021 1,167 1,133

Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 1,304 $ 1,129 $ 1,304 $ 1,129

Supplemental Schedule I

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

______________________________________________________________________________________________________________________________________________________________________________________________________________

Three Months Ended June 30, 2026 Three Months Ended June 30, 2025

(In millions)

Americas RAC International

RAC Corporate Hertz Global Americas RAC International

RAC Corporate Hertz Global

Revenues $ 1,918 $ 478 $ — $ 2,396 $ 1,738 $ 447 $ — $ 2,185

Expenses:

Direct vehicle and operating 1,183 270 1 1,454 1,132 263 (1) 1,394

Depreciation of revenue earning vehicles and lease charges, net 391 96 — 487 325 90 — 415

Depreciation and amortization of non-vehicle assets 21 4 1 26 23 4 2 29

Selling, general and administrative 139 64 55 258 132 57 57 246

Interest expense, net:

Vehicle 138 27 — 165 129 23 — 152

Non-vehicle 2 (4) 96 94 1 (4) 235 232

Total interest expense, net 140 23 96 259 130 19 235 384

Other (income) expense, net 1 1 1 3 1 1 5 7

(Gain) on sale of non-vehicle capital assets (64) — — (64) (89) — — (89)

Change in fair value of Public Warrants — — (98) (98) — — 115 115

Total expenses 1,811 458 56 2,325 1,654 434 413 2,501

Income (loss) before income taxes $ 107 $ 20 $ (56) 71 $ 84 $ 13 $ (413) (316)

Income tax (provision) benefit (7) 22

Net income (loss) $ 64 $ (294)

Supplemental Schedule I (continued)

HERTZ GLOBAL HOLDINGS, INC.

CONDENSED STATEMENT OF OPERATIONS BY SEGMENT

Unaudited

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

(In millions)

Americas RAC International

RAC Corporate Hertz Global Americas RAC International

RAC Corporate Hertz Global

Revenues $ 3,546 $ 854 $ — $ 4,400 $ 3,228 $ 770 $ — $ 3,998

Expenses:

Direct vehicle and operating 2,281 512 5 2,798 2,198 470 — 2,668

Depreciation of revenue earning vehicles and lease charges, net 793 175 — 968 787 163 — 950

Depreciation and amortization of non-vehicle assets 42 7 3 52 49 7 3 59

Selling, general and administrative 261 122 111 494 246 104 115 465

Interest expense, net:

Vehicle 262 49 — 311 246 46 — 292

Non-vehicle 5 (7) 206 204 — (8) 367 359

Total interest expense, net 267 42 206 515 246 38 367 651

Other (income) expense, net (2) 2 1 1 1 (2) 12 11

(Gain) on sale of non-vehicle capital assets (64) — — (64) (89) — — (89)

Change in fair value of Public Warrants — — (131) (131) — — 124 124

Total expenses 3,578 860 195 4,633 3,438 780 621 4,839

Income (loss) before income taxes $ (32) $ (6) $ (195) (233) $ (210) $ (10) $ (621) (841)

Income tax (provision) benefit (36) 104

Net income (loss) $ (269) $ (737)

Supplemental Schedule II

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - ADJUSTED NET INCOME (LOSS), ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE AND ADJUSTED CORPORATE EBITDA

Unaudited

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions, except per share data) 2026 2025 2026 2025

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share:

Net income (loss)(a)

$ 64 $ (294) $ (269) $ (737)

Adjustments:

Income tax provision (benefit) 7 (22) 36 (104)

Vehicle and non-vehicle debt-related charges(b)

31 26 63 51

Restructuring and restructuring related charges(c)

8 4 16 7

Acquisition accounting-related depreciation and amortization(d)

— 1 — 1

Net (gains) losses on financial instruments(e)

(51) 107 (80) 111

Share-based compensation expense 20 16 37 31

Foreign currency (gains) losses(f)

— (2) — 2

(Gain) on sale of non-vehicle capital assets(g)

(64) (89) (64) (89)

Change in fair value of Public Warrants (98) 115 (131) 124

Other items(h)(i)

21 17 31 44

Adjusted pre-tax income (loss)(j)

(62) (121) (361) 559

Income tax (provision) benefit on adjusted pre-tax income (loss)(k)

15 30 90 (140)

Adjusted Net Income (Loss) $ (47) $ (91) $ (271) $ 419

Weighted-average number of diluted shares outstanding 418 309 358 308

Adjusted Diluted Earnings (Loss) Per Share(l)

$ (0.11) $ (0.29) $ (0.76) $ 1.36

Supplemental Schedule II (continued)

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions, except per share data) 2026 2025 2026 2025

Adjusted Corporate EBITDA:

Net income (loss) $ 64 $ (294) $ (269) $ (737)

Adjustments:

Income tax provision (benefit) 7 (22) 36 (104)

Non-vehicle depreciation and amortization 26 29 52 59

Non-vehicle debt interest, net of interest income(m)

148 127 285 248

Vehicle debt-related charges(b)

10 12 22 23

Restructuring and restructuring related charges(c)

8 4 16 7

Net (gains) losses on financial instruments(e)

(51) 107 (80) 111

Share-based compensation expense 20 16 37 31

Foreign currency (gains) losses(f)

— (2) — 2

(Gain) on sale of non-vehicle capital assets(g)

(64) (89) (64) (89)

Change in fair value of Public Warrants (98) 115 (131) 124

Other items(h)

11 15 16 41

Adjusted Corporate EBITDA(n)

$ 81 $ 18 $ (80) $ (284)

Adjusted Corporate EBITDA margin 3 % 1 % (2) % (7) %

(a)Net income (loss) margin for the three and six months ended June 30, 2026 was 3% and (6)%, respectively. Net income (loss) margin for the three and six months ended June 30, 2025 was (13)% and (18)%, respectively.

(b)Represents debt-related charges relating to the amortization of deferred financing costs and debt discounts and premiums.

(c)Represents charges incurred under restructuring actions as defined in U.S. GAAP. Also includes restructuring related charges such as incremental costs incurred related to personnel reductions, litigation and closure of underperforming locations.

(d)Represents incremental expense associated with the amortization of other intangible assets and depreciation of property and equipment relating to acquisition accounting.

(e)Represents total realized and unrealized (gains) losses on derivative financial instruments, including gains (losses) related to the fair value of the Exchange Features 2029, the Exchange Feature 2030, the First Lien Exchangeable Feature 2030 and the Capped Call Transactions 2030. As a result of the revision to the definitions of Adjusted pre-tax income (loss) and Adjusted Corporate EBITDA, the three months ended June 30, 2026 and 2025, include realized losses of $3 million on derivative financial instruments, and for the six months ended June 30, 2026 and 2025, includes realized losses of $4 million and $7 million, respectively, on derivative financial instruments.

(f)Represents (gains) losses recognized on the remeasurement and settlement of foreign currency transactions, excluding gains (losses) related to foreign currency derivative financial instruments, which are included in footnote (e) above.

(g)Represents the gain recognized on the sales of certain non-vehicle capital assets sold in the second quarter of 2026 and June 2025.

(h)Represents miscellaneous items. For the three months ended June 30, 2026, primarily includes certain IT-related charges, cloud computing costs and certain environmental remediation costs. For the three months ended June 30, 2025, primarily includes certain litigation charges, certain IT-related charges and cloud computing costs. For the six months ended June 30, 2026, primarily includes certain IT-related charges, cloud computing costs and certain environmental remediation costs. For the six months ended June 30, 2025, primarily includes certain litigation charges, certain IT-related charges, cloud computing costs and certain concession-related adjustments.

Supplemental Schedule II (continued)

(i)Also includes letter of credit fees.

(j)The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Pretax Income (Loss) and Adjusted Net Income (Loss), all of which are deemed non-GAAP measures.

(in millions) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025

Expenses: As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted

Direct vehicle and operating $ 1,454 $ (5) $ 1,449 $ 1,394 $ (6) $ 1,388

Depreciation of revenue earning vehicles and lease charges, net 487 — 487 415 — 415

Depreciation and amortization of non-vehicle assets 26 — 26 29 — 29

Selling, general and administrative 258 (30) 228 246 (4) 242

Interest expense, net:

Vehicle 165 (12) 153 152 (12) 140

Non-vehicle 94 21 115 232 (124) 108

Total interest expense, net 259 9 268 384 (136) 248

Other (income) expense, net 3 (3) — 7 (6) 1

(Gain) on sale of non-vehicle capital assets (64) 64 — (89) 89 —

Change in fair value of Public Warrants (98) 98 — 115 (115) —

Total expenses $ 2,325 $ 133 $ 2,458 $ 2,501 $ (178) $ 2,323

(in millions) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Expenses: As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted

Direct vehicle and operating $ 2,798 $ (7) $ 2,791 $ 2,668 $ (22) $ 2,646

Depreciation of revenue earning vehicles and lease charges, net 968 — 968 950 — 950

Depreciation and amortization of non-vehicle assets 52 — 52 59 — 59

Selling, general and administrative 494 (60) 434 465 (7) 458

Interest expense, net:

Vehicle 311 (21) 290 292 (23) 269

Non-vehicle 204 21 225 359 (148) 211

Total interest expense, net 515 — 515 651 (171) 480

Other (income) expense, net 1 — 1 11 (7) 4

(Gain) on sale of non-vehicle capital assets (64) 64 — (89) 89 —

Change in fair value of Public Warrants (131) 131 — 124 (124) —

Total expenses $ 4,633 $ 128 $ 4,761 $ 4,839 $ (242) $ 4,597

(k) Derived utilizing an effective rate of 25% for the three and six months ended June 30, 2026 and 2025, applied to the respective Adjusted Pre-tax Income (Loss).

(l) Adjustments used to reconcile diluted earnings (loss) per share on a GAAP basis to Adjusted Diluted Earnings (Loss) Per Share are comprised of the same adjustments, inclusive of the tax impact, used to reconcile net income (loss) to Adjusted Net Income (Loss) divided by the weighted-average diluted shares outstanding during the period.

(m) Excludes gains (losses) related to the fair value of the Exchange Features 2029, Exchange Feature 2030, First Lien Exchangeable Feature 2030 and Capped Call Transactions 2030, which are included in footnote (e) above.

Supplemental Schedule II (continued)

(n) The table below reconciles expenses as reported in the condensed consolidated unaudited statement of operations to adjusted expenses utilized in calculating Adjusted Corporate EBITDA, both of which are deemed non-GAAP measures.

(in millions) Three Months Ended June 30, 2026 Three Months Ended June 30, 2025

Expenses: As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted

Direct vehicle and operating $ 1,454 $ (5) $ 1,449 $ 1,394 $ (6) $ 1,388

Depreciation of revenue earning vehicles and lease charges, net 487 — 487 415 — 415

Depreciation and amortization of non-vehicle assets 26 (26) — 29 (29) —

Selling, general and administrative 258 (32) 226 246 (4) 242

Interest expense, net:

Vehicle 165 (12) 153 152 (12) 140

Non-vehicle 94 (94) — 232 (232) —

Total interest expense, net 259 (106) 153 384 (244) 140

Other (income) expense, net 3 (3) — 7 (8) (1)

(Gain) on sale of non-vehicle capital assets (64) 64 — (89) 89 —

Change in fair value of Public Warrants (98) 98 — 115 (115) —

Total expenses $ 2,325 $ (10) $ 2,315 $ 2,501 $ (317) $ 2,184

(in millions) Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Expenses: As Reported Adjustment As Adjusted As Reported Adjustment As Adjusted

Direct vehicle and operating $ 2,798 $ (7) $ 2,791 $ 2,668 $ (22) $ 2,646

Depreciation of revenue earning vehicles and lease charges, net 968 — 968 950 — 950

Depreciation and amortization of non-vehicle assets 52 (52) — 59 (59) —

Selling, general and administrative 494 (64) 430 465 (7) 458

Interest expense, net:

Vehicle 311 (21) 290 292 (23) 269

Non-vehicle 204 (204) — 359 (359) —

Total interest expense, net 515 (225) 290 651 (382) 269

Other (income) expense, net 1 — 1 11 (12) (1)

(Gain) on sale of non-vehicle capital assets (64) 64 — (89) 89 —

Change in fair value of Public Warrants (131) 131 — 124 (124) —

Total expenses $ 4,633 $ (153) $ 4,480 $ 4,839 $ (517) $ 4,322

Supplemental Schedule III

HERTZ GLOBAL HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURE - ADJUSTED OPERATING CASH FLOW

AND ADJUSTED FREE CASH FLOW

Unaudited

________________________________________________________________________________________________________________________________________________________

Three Months Ended

June 30, Six Months Ended

June 30,

(In millions) 2026 2025 2026 2025

ADJUSTED OPERATING CASH FLOW AND ADJUSTED FREE CASH FLOW:

Net cash provided by (used in) operating activities $ 381 $ 346 $ 401 $ 597

Depreciation and reserves for revenue earning vehicles, net (542) (458) (1,079) (1,082)

Bankruptcy related payments (post emergence) and other payments — 12 359 12

Adjusted operating cash flow (161) (100) (319) (473)

Non-vehicle capital asset proceeds (expenditures), net 88 77 65 82

Adjusted operating cash flow before vehicle investment (73) (23) (254) (391)

Net fleet growth after financing 235 350 (50) 140

Adjusted free cash flow $ 162 $ 327 $ (304) $ (251)

CALCULATION OF NET FLEET GROWTH AFTER FINANCING:

Revenue earning vehicles expenditures

$ (3,615) $ (3,049) $ (7,217) $ (5,896)

Proceeds from disposal of revenue earning vehicles

2,556 2,126 5,083 4,250

Revenue earning vehicles capital expenditures, net (1,059) (923) (2,134) (1,646)

Depreciation and reserves for revenue earning vehicles, net 542 458 1,079 1,082

Financing activity related to vehicles:

Borrowings 2,040 2,648 2,785 3,774

Payments (1,250) (1,606) (1,675) (2,990)

Restricted cash changes, vehicle (38) (227) (105) (80)

Net financing activity related to vehicles 752 815 1,005 704

Net fleet growth after financing $ 235 $ 350 $ (50) $ 140

Supplemental Schedule IV

HERTZ GLOBAL HOLDINGS, INC.

NET DEBT CALCULATION

Unaudited

________________________________________________________________________________________________________________________________________________________

As of June 30, 2026

As of December 31, 2025

(In millions) Vehicle Non-Vehicle Total Vehicle Non-Vehicle Total

First Lien RCF $ — $ 816 $ 816 $ — $ 395 $ 395

Term loans — 1,968 1,968 — 1,977 1,977

First lien senior notes — 1,250 1,250 — 1,250 1,250

Exchangeable First Lien Notes Due 2030

— 350 350 — — —

Exchangeable Notes Due 2029 — 282 282 — 271 271

Exchangeable Notes Due 2030 — 425 425 — 425 425

Unsecured senior notes — 1,200 1,200 — 1,200 1,200

U.S. vehicle financing (HVF III) 10,718 — 10,718 9,886 — 9,886

International vehicle financing (Various) 1,908 — 1,908 1,673 — 1,673

Other debt 151 12 163 120 6 126

Fair value of the Exchange Features 2029 — 26 26 — 78 78

Fair value of the Exchange Feature 2030

— 21 21 — 54 54

Fair Value of the First Lien Exchangeable Feature 2030

— 110 110

Debt issue costs, discounts and premiums (67) (338) (405) (50) (231) (281)

Debt issue cost - Share Lending Agreement — (85) (85)

Debt as reported in the balance sheet 12,710 6,037 18,747 11,629 5,425 17,054

Add:

Debt issue costs, discounts and premiums 67 338 405 50 231 281

Debt issue cost - Share Lending Agreement — 85 85

Less:

Cash and cash equivalents — 631 631 — 565 565

Restricted cash 399 — 399 317 — 317

Restricted cash and restricted cash equivalents associated with Term C Loan — 245 245 — 245 245

Net Debt $ 12,378 $ 5,584 $ 17,962 $ 11,362 $ 4,846 $ 16,208

LTM Adjusted Corporate EBITDA(a)

(59) (264)

Net Corporate Leverage NM NM

NM = Not meaningful

(a) Reconciliation of LTM Adjusted Corporate EBITDA for the six months ended June 30, 2026, and the twelve months ended December 31, 2025, are as follows:

(In millions) Six Months Ended June 30, 2026 Twelve Months Ended December 31, 2025

Net income (loss) three months ended:

September 30, 2025 $ 184 n/a

December 31, 2025 (194) n/a

March 31, 2026 (333) n/a

June 30, 2026 64 n/a

LTM net income (loss) (279) $ (747)

Adjustments:

Income tax provision (benefit) 57 (83)

Non-vehicle depreciation and amortization 110 117

Non-vehicle debt interest, net of interest income 533 496

Vehicle debt-related charges 45 46

Restructuring and restructuring related charge 27 18

Net (gains) losses on financial instruments (226) (35)

Share-based compensation expense 67 62

Foreign currency transactions 12 14

Change in fair value of Public Warrants (211) 44

(Gain) on sale of non-vehicle capital assets (119) (144)

Legal settlement (154) (154)

Bankruptcy-related litigation reserve 16 24

Other items 63 78

LTM Adjusted Corporate EBITDA $ (59) $ (264)

Supplemental Schedule V

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS AND OTHER NON-GAAP CALCULATIONS

Unaudited

Global RAC

Three Months Ended June 30, % Change Six Months Ended

June 30, % Change

($ in millions, except where noted) 2026 2025 2026 2025

Total RPD

Revenues $ 2,396 $ 2,185 $ 4,400 $ 3,998

Foreign currency adjustment(a)

(1) 16 (2) 48

Total Revenues - adjusted for foreign currency $ 2,395 $ 2,201 $ 4,398 $ 4,046

Transaction Days (in thousands) 38,646 38,695 73,540 72,597

Total RPD (in dollars) $ 61.98 $ 56.89 9 % $ 59.80 $ 55.73 7 %

Total Revenue Per Unit Per Month

Total Revenues - adjusted for foreign currency $ 2,395 $ 2,201 $ 4,398 $ 4,046

Average Rentable Vehicles (in whole units) 517,835 513,671 505,597 494,394

Total revenue per unit (in whole dollars) $ 4,626 $ 4,286 $ 8,698 $ 8,183

Number of months in period (in whole units) 3 3 6 6

Total RPU Per Month (in whole dollars) $ 1,542 $ 1,429 8 % $ 1,450 $ 1,364 6 %

Total Vehicle Utilization

Transaction Days (in thousands) 38,646 38,695 73,540 72,597

Average Vehicles (in whole units) 539,118 544,962 526,640 525,257

Number of days in period (in whole units) 91 91 181 181

Total Available Car Days (in thousands) 49,058 49,593 95,340 95,101

Total Vehicle Utilization(b)

79% 78% 77% 76%

Operational Vehicle Utilization

Transaction Days (in thousands) 38,646 38,695 73,540 72,597

Average Rentable Vehicles (in whole units) 517,835 513,671 505,597 494,394

Number of days in period (in whole units) 91 91 181 181

Available Car Days (in thousands) 47,121 46,744 91,530 89,514

Operational Vehicle Utilization(c)

82% 83% 80% 81%

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net $ 487 $ 415 $ 968 $ 950

Foreign currency adjustment(a)

1 3 — 12

Adjusted depreciation of revenue earning vehicles and lease charges

$ 488 $ 418 $ 968 $ 962

Average Vehicles (in whole units) 539,118 544,962 526,640 525,257

Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) $ 905 $ 768 $ 1,838 $ 1,831

Number of months in period (in whole units) 3 3 6 6

Depreciation Per Unit Per Month (in whole dollars) $ 302 $ 256 18 % $ 306 $ 305 — %

Note: Global RAC represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate, except for DOE-related metrics and measures

(a)Based on December 31, 2025 foreign exchange rates.

(b)Calculated as Transaction Days divided by Total Available Car Days.

(c)Calculated as Transaction Days divided by Available Car Days.

(d)For the three months ended June 30, 2026, primarily includes restructuring related IT costs. For the three months ended June 30, 2025, primarily includes restructuring related IT costs and litigation reserves. For the six months ended June 30, 2026, primarily includes restructuring related IT costs. For the six months ended June 30, 2025, primarily includes restructuring related IT costs, certain concession-related adjustments and litigation reserves.

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS AND OTHER NON-GAAP CALCULATIONS

Unaudited

Global RAC

Three Months Ended June 30, % Change Six Months Ended

June 30, % Change

($ in millions, except where noted) 2026 2025 2026 2025

DOE per Transaction Day

Direct Operating Expense – as reported $ 1,454 $ 1,394 $ 2,798 $ 2,668

Transaction Days (in thousands) 38,646 38,695 73,540 72,597

DOE per Transaction Day $ 37.62 $ 36.03 4 % $ 38.05 $ 36.75 4 %

Adjusted DOE per Transaction Day

Direct Operating Expense – as reported $ 1,454 $ 1,394 $ 2,798 $ 2,668

Adjustments:

Foreign currency adjustment(a)

— 10 (1) 33

Other(c)

(5) (6) (7) (22)

Direct Operating Expense (DOE) – as adjusted 1,449 1,398 2,790 2,679

Transaction Days (in thousands) 38,646 38,695 73,540 72,597

Adjusted DOE per Transaction Day $ 37.49 $ 36.13 4 % $ 37.93 $ 36.90 3 %

Note: Global RAC represents Americas RAC and International RAC segment information on a combined basis and excludes Corporate, except for DOE-related metrics and measures

(a)Based on December 31, 2025 foreign exchange rates.

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS AND OTHER NON-GAAP CALCULATIONS

Unaudited

Americas RAC

Three Months Ended

June 30, % Change Six Months Ended

June 30, % Change

($ in millions, except where noted) 2026 2025 2026 2025

Total RPD

Revenues $ 1,918 $ 1,738 $ 3,546 $ 3,228

Foreign currency adjustment(a)

1 1 1 3

Total Revenues - adjusted for foreign currency $ 1,919 $ 1,739 $ 3,547 $ 3,231

Transaction Days (in thousands) 30,895 30,935 59,458 58,693

Total RPD (in dollars) $ 62.11 $ 56.21 10 % $ 59.65 $ 55.05 8 %

Total Revenue Per Unit Per Month

Total Revenues - adjusted for foreign currency $ 1,919 $ 1,739 $ 3,547 $ 3,231

Average Rentable Vehicles (in whole units) 410,849 407,913 405,972 396,552

Total revenue per unit (in whole dollars) $ 4,670 $ 4,262 $ 8,736 $ 8,148

Number of months in period (in whole units) 3 3 6 6

Total RPU Per Month (in whole dollars) $ 1,557 $ 1,421 10 % $ 1,456 $ 1,358 7 %

Total Vehicle Utilization

Transaction Days (in thousands) 30,895 30,935 59,458 58,693

Average Vehicles (in whole units) 429,465 436,720 424,647 425,306

Number of days in period (in whole units) 91 91 181 181

Total Available Car Days (in thousands) 39,081 39,745 76,867 76,997

Total Vehicle Utilization(b)

79% 78 % 77% 76 %

Operational Vehicle Utilization

Transaction Days (in thousands) 30,895 30,935 59,458 58,693

Average Rentable Vehicles (in whole units) 410,849 407,913 405,972 396,552

Number of days in period (in whole units) 91 91 181 181

Available Car Days (in thousands) 37,387 37,121 73,486 71,792

Operational Vehicle Utilization(c)

83% 83 % 81% 82 %

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net $ 391 $ 325 $ 793 $ 787

Foreign currency adjustment(a)

— — — 1

Adjusted depreciation of revenue earning vehicles and lease charges $ 391 $ 325 $ 793 $ 788

Average Vehicles (in whole units) 429,465 436,720 424,647 425,306

Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars) $ 911 $ 745 $ 1,868 $ 1,852

Number of months in period (in whole units) 3 3 6 6

Depreciation Per Unit Per Month (in whole dollars) $ 304 $ 248 22 % $ 311 $ 309 1 %

(a)Based on December 31, 2025 foreign exchange rates.

(b)Calculated as Transaction Days divided by Total Available Car Days.

(c)Calculated as Transaction Days divided by Available Car Days.

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS AND OTHER NON-GAAP CALCULATIONS

Unaudited

Americas RAC

Three Months Ended

June 30, % Change Six Months Ended

June 30, % Change

($ in millions, except where noted) 2026 2025 2026 2025

DOE per Transaction Day

Direct Operating Expense – as reported $ 1,183 $ 1,132 $ 2,281 $ 2,198

Transaction Days (in thousands) 30,895 30,935 59,458 58,693

DOE per Transaction Day $ 38.30 $ 36.59 5 % $ 38.36 $ 37.45 2 %

Adjusted DOE per Transaction Day

Direct Operating Expense – as reported $ 1,183 $ 1,132 $ 2,281 $ 2,198

Adjustments:

Foreign Currency Adjustment(a)

— — — 2

Other(b)

(5) (5) (8) (21)

Direct Operating Expense (DOE) – as adjusted 1,178 1,127 2,273 2,179

Transaction Days (in thousands) 30,895 30,935 59,458 58,693

Adjusted DOE per Transaction Day $ 38.13 $ 36.45 5 % $ 38.23 $ 37.13 3 %

(a)Based on December 31, 2025 foreign exchange rates.

(b)For the three months ended June 30, 2026, primarily includes restructuring related IT costs. For the three months ended June 30, 2025, primarily includes restructuring related IT costs and litigation reserves. For the six months ended June 30, 2026, primarily includes restructuring related IT costs. For the six months ended June 30, 2025, primarily includes restructuring related IT costs, certain concession-related adjustments and litigation reserves.

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS AND OTHER NON-GAAP CALCULATIONS

Unaudited

International RAC

Three Months Ended

June 30, % Change Six Months Ended

June 30, % Change

($ in millions, except where noted) 2026 2025 2026 2025

Total RPD

Revenues $ 478 $ 447 $ 854 $ 770

Foreign currency adjustment(a)

(1) 16 (3) 45

Total Revenues - adjusted for foreign currency $ 477 $ 463 $ 851 $ 815

Transaction Days (in thousands) 7,751 7,760 14,082 13,904

Total RPD (in dollars) $ 61.49 $ 59.63 3 % $ 60.42 $ 58.59 3 %

Total Revenue Per Unit Per Month

Total Revenues - adjusted for foreign currency $ 477 $ 463 $ 851 $ 815

Average Rentable Vehicles (in whole units) 106,986 105,758 99,625 97,842

Total revenue per unit (in whole dollars) $ 4,455 $ 4,375 $ 8,541 $ 8,326

Number of months in period (in whole units) 3 3 6 6

Total RPU Per Month (in whole dollars) $ 1,485 $ 1,458 2 % $ 1,423 $ 1,388 3 %

Total Vehicle Utilization

Transaction Days (in thousands) 7,751 7,760 14,082 13,904

Average Vehicles (in whole units) 109,653 108,242 101,993 99,951

Number of days in period (in whole units) 91 91 181 181

Total Available Car Days (in thousands) 9,977 9,849 18,473 18,104

Total Vehicle Utilization(b)

78% 79% 76% 77%

Operational Vehicle Utilization

Transaction Days (in thousands) 7,751 7,760 14,082 13,904

Average Rentable Vehicles (in whole units) 106,986 105,758 99,625 97,842

Number of days in period (in whole units) 91 91 181 181

Available Car Days (in thousands) 9,734 9,622 18,044 17,722

Operational Vehicle Utilization(c)

80% 81% 78% 78%

Depreciation Per Unit Per Month

Depreciation of revenue earning vehicles and lease charges, net $ 96 $ 90 $ 175 $ 163

Foreign currency adjustment(a)

1 3 — 11

Adjusted depreciation of revenue earning vehicles and lease charges

$ 97 $ 93 $ 175 $ 174

Average Vehicles (in whole units) 109,653 108,242 101,993 99,951

Adjusted depreciation of revenue earning vehicles and lease charges divided by Average Vehicles (in whole dollars)

$ 881 $ 860 $ 1,715 $ 1,739

Number of months in period (in whole units) 3 3 6 6

Depreciation Per Unit Per Month (in whole dollars)

$ 294 $ 287 2 % $ 286 $ 290 (1) %

(a)Based on December 31, 2025 foreign exchange rates.

(b)Calculated as Transaction Days divided by Total Available Car Days.

(c)Calculated as Transaction Days divided by Available Car Days.

Supplemental Schedule V (continued)

HERTZ GLOBAL HOLDINGS, INC.

KEY METRICS AND OTHER NON-GAAP CALCULATIONS

Unaudited

International RAC

Three Months Ended

June 30, % Change Six Months Ended

June 30, % Change

($ in millions, except where noted) 2026 2025 2026 2025

DOE per Transaction Day

Direct Operating Expense – as reported $ 270 $ 263 $ 512 $ 470

Transaction Days (in thousands) 7,751 7,760 14,082 13,904

DOE per Transaction Day $ 34.82 $ 33.94 3 % $ 36.37 $ 33.80 8 %

Adjusted DOE per Transaction Day

Direct Operating Expense – as reported $ 270 $ 263 $ 512 $ 470

Adjustments:

Foreign Currency Adjustment(a)

(1) 9 (2) 30

Other — (1) 1 (1)

Direct Operating Expense (DOE) – as adjusted 269 271 511 499

Transaction Days (in thousands) 7,751 7,760 14,082 13,904

Adjusted DOE per Transaction Day $ 34.74 $ 34.92 (1) % $ 36.30 $ 35.89 1 %

(a)Based on December 31, 2025 foreign exchange rates.

NON-GAAP MEASURES AND KEY METRICS

___________________________________________________________________

The term “GAAP” refers to accounting principles generally accepted in the United States. Adjusted EBITDA is the Company's segment measure of profitability and complies with GAAP when used in that context.

NON-GAAP MEASURES

Non-GAAP measures are not recognized measurements under GAAP. When evaluating the Company's operating performance or liquidity, investors should not consider non-GAAP measures in isolation of, superior to, or as a substitute for measures of the Company's financial performance as determined in accordance with GAAP.

Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) Per Share ("Adjusted EPS")

Adjusted Net Income (Loss) represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; vehicle and non-vehicle debt-related charges; restructuring and restructuring related charges; acquisition accounting-related depreciation and amortization; net (gains) losses on financial instruments; share-based compensation expense; foreign currency (gains) losses; change in fair value of Public Warrants; (gain) on sale of non-vehicle capital assets and certain other miscellaneous or non-recurring items on a pre-tax basis. Effective in the first quarter of 2026, the Company revised its definition of Adjusted Net Income (Loss) to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses in an effort to better align with the management's view of the Company's ongoing operations and its operational performance. The presentation of the prior periods has been recast to conform to the current period presentation.

Adjusted Net Income (Loss) includes a provision (benefit) for income taxes derived utilizing a combined statutory rate. The combined statutory rate is management's estimate of the Company's long-term tax rate. Its most comparable GAAP measure is net income (loss).

Adjusted EPS represents Adjusted Net Income (Loss) on a per diluted share basis using the weighted-average number of diluted shares outstanding for the period. Its most comparable GAAP measure is diluted earnings (loss) per share.

Adjusted Net Income (Loss) and Adjusted EPS are important operating metrics because they allow management and investors to assess operational performance of the Company's business, exclusive of the items mentioned above that are not operational in nature or comparable to those of the Company's competitors.

Adjusted Corporate EBITDA and Adjusted Corporate EBITDA Margin

Adjusted Corporate EBITDA represents income or loss attributable to the Company as adjusted to eliminate the impact of GAAP income tax; non-vehicle depreciation and amortization; non-vehicle debt interest, net; vehicle debt-related charges; restructuring and restructuring related charges; net (gains) losses on financial instruments; share-based compensation expense; foreign currency (gains) losses; change in fair value of Public Warrants; (gain) on sale of non-vehicle capital assets and certain other miscellaneous or non-recurring items. Effective in the first quarter of 2026, the Company revised its definition of Adjusted Corporate EBITDA to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses. The update was made in an effort to better align with management's view of the Company's ongoing operations and its operational performance. The presentation of the prior periods has been recast to conform to the current period presentation.

Adjusted Corporate EBITDA Margin is calculated as the ratio of Adjusted Corporate EBITDA to total revenues.

Management uses these measures as operating performance metrics for internal monitoring and planning purposes, including the preparation of the Company's annual operating budget and monthly operating reviews, and analysis of investment decisions, profitability and performance trends. These measures enable management and investors to isolate the effects on profitability of operating metrics most meaningful to the business of renting and leasing vehicles. They also allow management and investors to assess the performance of the entire business on the same basis as its reportable segments. Adjusted Corporate EBITDA is also utilized in the determination of

certain executive compensation. Its most comparable GAAP measure is net income (loss) attributable to the Company.

Adjusted Direct Operating Expense per Transaction Day (“Adjusted DOE per Transaction Day”)

Adjusted DOE per Transaction Day is calculated as Direct Operating Expenses - as reported, exclusive of the impacts of foreign currency exchange rates and adjustments for certain other miscellaneous or non-recurring items, divided by the number of Transaction Days during the period. Adjusted DOE per Transaction Day is important to management and investors as it measures the Company’s cost efficiency on a per unit basis excluding the impact of variable direct operating expense fluctuations attributable to changes in volume, so as not to affect the comparability of underlying trends. Its most comparable GAAP measure is DOE per Transaction Day.

Adjusted operating cash flow and adjusted free cash flow

Adjusted operating cash flow represents net cash provided by operating activities net of the non-cash add back for vehicle depreciation and reserves, and exclusive of bankruptcy related payments made post emergence. Adjusted operating cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash generated from operations when fully burdened by fleet costs.

Adjusted free cash flow represents adjusted operating cash flow plus the impact of net non-vehicle capital expenditures and net fleet growth after financing. Adjusted free cash flow is an important performance measure to management and investors as it provides useful information about the amount of cash available for, but not limited to, the reduction of non-vehicle debt, share repurchase and acquisition.

The most comparable GAAP measure for adjusted operating cash flow and adjusted free cash flow is net cash provided by (used in) operating activities.

Net Fleet Growth After Financing

U.S. and International Rental Car segments Fleet Growth is defined as revenue earning vehicles expenditures, net of proceeds from disposals, plus vehicle depreciation and net vehicle financing, which includes borrowings, repayments and the change in restricted cash associated with vehicles. Fleet Growth is important as it allows the Company to assess the cash flow required to support its investment in revenue earning vehicles.

Net Non-vehicle Debt

Net Non-vehicle Debt is calculated as non-vehicle debt as reported on the Hertz Global's balance sheet, excluding the impact of unamortized debt issuance costs associated with non-vehicle debt (including the Share Lending Agreement), less cash and cash equivalents. Non-vehicle debt consists of the Company's First Lien RCF, term loans, First Lien Senior Notes, Exchangeable First Lien Notes Due 2030, Exchangeable Notes Due 2029, Exchangeable Notes Due 2030, senior unsecured notes and certain other non-vehicle indebtedness of its domestic and foreign subsidiaries. Net Non-vehicle Debt is important to management and investors as it helps measure the Company's corporate leverage. Net Non-vehicle Debt also assists in the evaluation of the Company's ability to service its non-vehicle debt without reference to the expense associated with the vehicle debt, which is collateralized by assets not available to lenders under the non-vehicle debt facilities.

Net Vehicle Debt

Net Vehicle Debt is calculated as vehicle debt as reported on the Company's balance sheet, excluding the impact of unamortized debt issue costs associated with vehicle debt, less restricted cash associated with vehicles. Restricted cash associated with vehicle debt is restricted for the purchase of revenue earning vehicles and other specified uses under the Company's vehicle debt facilities. Net Vehicle Debt is important to management, investors and ratings agencies as it helps measure the Company's leverage with respect to its vehicle assets.

Total Net Debt

Total Net Debt is calculated as total debt as reported on the Hertz Global's balance sheet, excluding the impact of unamortized debt issuance costs (including the Share Lending Agreement), less total cash and cash equivalents

and restricted cash associated with vehicle debt. Unamortized debt issuance costs are required to be reported as a deduction from the carrying amount of the related debt obligation under GAAP. Management believes that eliminating the effects that these costs have on debt will more accurately reflect the Company's net debt position. Total Net Debt is important to management, investors and ratings agencies as it helps measure the Company's gross leverage.

Net Corporate Leverage

Net Corporate Leverage is calculated as non-vehicle net debt divided by Adjusted Corporate EBITDA for the last twelve months. Net Corporate Leverage is important to management and investors as it measures the Company's corporate leverage net of unrestricted cash. Net Corporate Leverage also assists in the evaluation of the Company's ability to service its non-vehicle debt with reference to the generation of Adjusted Corporate EBITDA.

KEY METRICS

Available Car Days

Available Car Days represents Average Rentable Vehicles multiplied by the number of days in a given period.

Average Vehicles ("Total Fleet Capacity" or "Total Capacity")

Average Vehicles is determined using a daily average of the number of vehicles in the fleet whether owned or leased by the Company. Effective in the first quarter of 2026, we changed our definition of Average Vehicles to use a daily average of vehicles as opposed to a simple average of vehicles at the beginning and end of a period. The Company believes this a better, more accurate measure of our vehicles. The prior periods have been recast to reflect this change.

Average Rentable Vehicles ("Rentable Fleet Capacity")

Average Rentable Vehicles reflects Average Vehicles excluding vehicles for sale on the Company’s retail lots or actively in the process of being sold through other disposition channels. Effective in the first quarter of 2026, the Company changed its definition of Average Rentable Vehicles to use a daily average of rentable vehicles as opposed to a simple average of rentable vehicles at the beginning and end of a period. The Company believes this a better, more accurate measure of its rentable vehicles. The prior periods have been recast to reflect this change.

Depreciation Per Unit Per Month ("Depreciation Per Unit" or "DPU")

Depreciation Per Unit Per Month represents the amount of average depreciation expense and lease charges per vehicle per month, exclusive of the impacts of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it reflects how effectively the Company is managing the costs of its vehicles and facilitates comparisons with other participants in the vehicle rental industry.

Total Available Car Days

Total Available Car Days represents Average Vehicles multiplied by the number of days in a given period.

Total Revenue Per Transaction Day ("Total RPD" or "RPD"; also referred to as "pricing")

Total RPD represents revenue generated per transaction day, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends. This metric is important to management and investors as it represents a measure of changes in the underlying pricing in the vehicle rental business and encompasses the elements in vehicle rental pricing that management has the ability to control.

Total Revenue Per Unit Per Month ("Total RPU", "RPU" or "Total RPU Per Month")

Total RPU Per Month represents the amount of revenue generated per vehicle in the rental fleet each month, excluding the impact of foreign currency exchange rates so as not to affect the comparability of underlying trends.

This metric is important to management and investors as it provides a measure of revenue productivity relative to the number of vehicles in our rental fleet whether owned or leased, or asset efficiency.

Transaction Days ("Days"; also referred to as "volume")

Transaction Days represents the total number of 24-hour periods, with any partial period counted as one Transaction Day, that vehicles were on rent (the period between when a rental contract is opened and closed) in a given period. Thus, it is possible for a vehicle to attain more than one Transaction Day in a 24-hour period. This metric is important to management and investors as it represents the number of revenue-generating days.

Total Vehicle Utilization ("Total Utilization")

Total Vehicle Utilization represents the ratio of Transaction Days to Total Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to Total Fleet Capacity.

Operational Vehicle Utilization ("Utilization")

Operational Vehicle Utilization represents the ratio of Transaction Days to Available Car Days. This metric is important to management and investors as it is the measurement of the proportion of vehicles that are being used to generate revenues relative to Rentable Fleet Capacity.

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