Hertz reports $116 million net income for Q3 2026

Cover page 5 changes

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For the quarterly period ended June September 30, 2026

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If an emerging growth company, indicate by checkmark 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. ☐

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If an emerging growth company, indicate by checkmark 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. ☐

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Class Shares Outstanding as of July 30, October 29, 2026

Hertz Global Holdings, Inc. Common Stock, par value $0.01 per share 356,451,393 357,465,791

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Financial statements 10 changes

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Condensed Consolidated Balance Sheets as of June 3 0 , September 30, 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the Three and Six Nine Months Ended June 3 0 , September 30, 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Nine Months Ended June September 30, , 2026 and 2025

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Three and Six Nine Months Ended June September 30, , 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the Six Nine Months Ended June September 30, , 2026 and 2025

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Condensed Consolidated Balance Sheets as of June September 30, , 2026 and December 31, 2025

Condensed Consolidated Statements of Operations for the Three and Six Nine Months Ended June S eptember 30, , 2026 and 2025

Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three an d Six and Nine Months Ended June September 30, , 2026 and 2025

Condensed Consolidated Statements of Changes in Stockholder's Equity (Deficit) for the Three and Six Nine Months Ended June September 30, , 2026 and 2025

Condensed Consolidated Statements of Cash Flows for the Six Nine Months Ended June September 30, , 2026 and 2025

Note 15: Subsequent Events 258 changes

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June September 30, 2026 December 31, 2025

Cash and cash equivalents $ 631 531 $ 565

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Total restricted cash and cash equivalents 673 592 602

Total cash and cash equivalents and restricted cash and cash equivalents 1,304 1,123 1,167

Non-vehicle, net of allowance of $ 99 100 and $ 91 , respectively

Total receivables, net 1,203 1,294 1,110

Prepaid expenses and other assets 989 707 782

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Vehicles 15,249 14,039

Vehicles 14,640 14,039

Less: accumulated depreciation ( 1,569 1,673 ) ( 1,513 )

Total revenue earning vehicles, net 13,680 12,967 12,526

Property and equipment, net 505 497 566

Operating lease right-of-use assets 2,269 2,226 2,257

Intangible assets, net 2,877 2,887 2,858

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Total accounts payable 1,125 859

Accrued liabilities 1,024 1,231

Vehicle 12,710 11,629

Non-vehicle 6,037 5,425

Total debt 18,747 17,054

Public Warrants 90 222

Total accounts payable 872 859

Accrued liabilities 989 1,231

Accrued taxes, net 135 132 131

Vehicle 11,958 11,629

Non-vehicle 5,953 5,425

Total debt 17,911 17,054

Public Warrants 72 222

Operating lease liabilities 2,340 2,260 2,275

Self-insured liabilities 643 633 648

Deferred income taxes, net 396 366 350

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Common stock, $ 0.01 par value, 530,730,089 531,373,578 and 486,543,836 shares issued, respectively, and 355,918,045 356,561,534 and 311,731,792 shares outstanding, respectively

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Additional paid-in capital 6,557 6,576 6,447

Retained earnings (Accumulated deficit) ( 3,518 3,402 ) ( 3,249 )

Accumulated other comprehensive income (loss) ( 242 238 ) ( 232 )

Total stockholders' equity (deficit) ( 628 489 ) ( 459 )

Total liabilities and stockholders' equity (deficit) $ 23,872 22,746 $ 22,311 (1) Hertz Global Holdings, Inc.'s consolidated total assets as of June September 30, 2026 and December 31, 2025 include total assets of variable interest entities ("VIEs") of $ 1.4 billion and $ 1.3 billion, respectively, which can only be used to settle obligations of the VIEs. Hertz Global Holdings, Inc.'s consolidated total liabilities as of June September 30, 2026 and December 31, 2025 include total liabilities of VIEs of $ 1.4 billion and $ 1.3 billion, respectively, for which the creditors of the VIEs have no recourse to Hertz Global Holdings, Inc. See "Pledges Related to Vehicle Financing" in Note 5, "Debt," for further information.

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June 30, Six Months Ended

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

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

Selling, general and administrative 258 246 494 465

September 30, Nine Months Ended

Revenues $ 2,617 $ 2,478 $ 7,017 $ 6,476

Direct vehicle and operating 1,547 1,454 4,345 4,122

Depreciation of revenue earning vehicles and lease charges, net 487 415 968 950 468 457 1,436 1,407

Non-vehicle depreciation and amortization 26 28 29 52 59 80 88

Selling, general and administrative 256 241 750 706

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Vehicle 165 152 311 292

Non-vehicle 94 232 204 359

Interest expense, net 259 384 515 651

Other (income) expense, net 3 7 1 11

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

Vehicle 163 161 474 453

Non-vehicle 88 86 292 445

Interest expense, net 251 247 766 898

Other (income) expense, net 5 3 6 14

(Gain) on sale of non-vehicle capital assets — 64 ( ( 89 39 ) ( 64 ) ( 89 128 )

Change in fair value of Public Warrants ( 98 19 ) 115 6 ( 131 150 ) 124 130

Total expenses 2,530 2,244 7,163 7,083

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

Net income (loss) $ 116 $ 184 $ ( 153 ) $ ( 553 )

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Basic 317 309 315 308

Diluted 418 309 358 308

Basic 320 311 317 309

Diluted 475 364 396 309

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

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

Basic $ 0.36 $ 0.59 $ ( 0.48 ) $ ( 1.79 )

Diluted $ 0.20 $ 0.42 $ ( 0.59 ) $ ( 1.79 )

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June 30, Six Months Ended

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

September 30, Nine Months Ended

Net income (loss) $ 116 $ 184 $ ( 153 ) $ ( 553 )

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Foreign currency translation adjustments ( 6 ) 40 ( 10 ) 55

Total comprehensive income (loss) $ 58 $ ( 254 ) $ ( 279 ) $ ( 682 )

Foreign currency translation adjustments 4 ( 8 ) ( 6 ) 47

Total comprehensive income (loss) $ 120 $ 176 $ ( 159 ) $ ( 506 )

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Net income (loss) — — — — — 184 — — — 184

Other comprehensive income (loss) — — — — — — ( 8 ) — — ( 8 )

Net settlement on vesting of restricted stock — — 1 ( 3 ) — — — — ( 3 )

Stock-based compensation charges — — — — 14 — — — — 14

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and 178 more changes in the filing

Note 2: Basis of Presentation and Recently Issued Accounting Pronouncements 3 changes

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This Quarterly Report on Form 10-Q ("Quarterly Report") combines the quarterly reports on Form 10-Q for the quarterly period ended June September 30, 2026 of Hertz Global and Hertz. Hertz Global consolidates Hertz for financial statement purposes and, therefore, disclosures that relate to activities of Hertz also apply to Hertz Global. In the sections that combine disclosure of Hertz Global and Hertz, this Quarterly Report refers to actions as being actions of the Company, or Hertz Global, which is appropriate because the business is one enterprise and Hertz Global operates the business through Hertz. When appropriate, Hertz Global and Hertz are named specifically for their individual disclosures and any significant differences between the operations and results of Hertz Global and Hertz are separately disclosed and explained.

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Effective in the first quarter of 2026, the Company revised its definition of Adjusted EBITDA, the Company's measure of segment profitability, to better reflect the Company's chief operating decision maker's ("CODM") view of ongoing operations and assessment of the Company's operational performance. The presentation of the prior periods has been recast to conform to the current period presentation. See Note 13, "Segment Information," for further information.

The Oro Mobility transactions, as further disclosed in Note 15, "Subsequent Events," along with the implementation of the Company's new Platform Operating Model, as defined in Note 15, "Subsequent Events," are expected to impact the Company's operating and reportable segments. As a result, the Company expects to revise its reportable segments effective in the fourth quarter of 2026.

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Note 3: Divestitures 5 changes

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In the second quarter of 2026, the Company sold and leased back certain real estate associated with sites in its Americas RAC segment. The table below reflects the results of these transactions ($ in millions), in which a total pre-tax gain of $ 64 million was recognized on the sales and is included in the (Gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statements of operations for the three and six nine months ended June September 30, 2026.

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(1) Recorded in (Gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statements of operations for the three and six nine months ended June September 30, 2026.

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(4) The land portions of the sales qualified for sale-leaseback accounting and are accounted for as operating leases. The buildings portions of the sales, inclusive of site improvements, did not meet the criteria for a sale and are considered financial liabilities. The financial liabilities are classified as other non-vehicle debt and recorded in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheet as of June September 30, 2026.

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In June 2025, the Company sold and leased back certain land and buildings, inclusive of site improvements, associated with operating sites in its Americas RAC segment. The Company recognized a total pre-tax gain of $ 89 million on the sales, which is included in (Gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statements of operations for the three and six nine months ended June September 30, 2025. The land portions of the sales qualified for sale-leaseback accounting, and were accounted for as operating leases with then expected terms of 40 years, inclusive of extensions the Company intends to exercise. The Company accounted for $ 6 million of proceeds associated with the buildings portion of the sales as financial liabilities, as the criteria for a sale were not met. The financial liabilities are classified as other non-vehicle debt and included in Non-vehicle debt in the accompanying unaudited condensed consolidated balance sheets as of June September 30, 2026 and December 31, 2025.

In July 2025, the Company sold and leased back certain real estate associated with two operating sites in its Americas RAC segment. The Company recognized a pre-tax gain of $ 39 million on the sales, which is included in (Gain) on sale of non-vehicle capital assets in the accompanying unaudited condensed consolidated statements of operations for the three and nine months ended September 30, 2025. The sales qualified for sale-leaseback accounting, in which the leasebacks were classified as operating leases with then expected terms of 50 years, inclusive of extensions the Company currently intends to exercise, and 15 years, respectively.

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Note 4: Revenue Earning Vehicles 10 changes

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(In millions) June 30,

(In millions) September 30,

Revenue earning vehicles $ 15,138 14,548 $ 13,848

Less accumulated depreciation ( 1,569 1,673 ) ( 1,513 )

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Revenue earning vehicles, net $ 13,680 12,967 $ 12,526

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June 30, Six Months Ended

September 30, Nine Months Ended

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Depreciation of revenue earning vehicles $ 453 410 $ 431 420 $ 889 1,299 $ 897 1,317 (Gain) loss on disposal of revenue earning vehicles (1)

Rents paid for vehicles leased 29 22 51 32 39 33 90 65

Depreciation of revenue earning vehicles and lease charges, net $ 487 468 $ 415 457 $ 968 1,436 $ 950 1,407 (1) Includes costs associated with the sales of vehicles of $ 50 38 million and $ 102 140 million for the three and six nine months ended June September 30, 2026, respectively. Includes costs associated with the sales of vehicles of $ 72 49 million and $ 154 203 million for the three and six nine months ended June September 30, 2025, respectively.

Note 5: Debt 17 changes

The Company's debt, including its credit facilities, consists of the following ($ in millions) as of June September 30, 2026 and December 31, 2025:

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Rate Maturity June 30,

Rate Maturity September 30,

First Lien RCF 7.23 7.42 % Floating 3/2028 816 $ 750 $ 395

Term B Loan 7.43 7.58 % Floating 6/2028 1,235 1,232 1,242

Incremental Term B Loan 7.41 7.57 % Floating 6/2028 488 486 490

Term C Loan 7.43 7.58 % Floating 6/2028 245 245

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Exchangeable First Lien Notes Due 2030 (1)(2) (1)

6.75 % Fixed 7/2030 350 380 —

Exchangeable Notes Due 2029 (3) (2)

8.00 % Fixed 7/2029 282 294 271

Exchangeable Notes Due 2030 (4) (3)

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Senior Notes Due 2026 (5) (4)

4.63 % Fixed 12/2026 200 199 200

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Other Non-Vehicle Debt (6)(7) (5)(6)

7.47 7.48 % Fixed Various 12 6

Fair Value of the Exchange Features 2029 (8) (7)

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Note 6: Revenues and Costs from Leases 10 changes

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The Company's operating leases for vehicle rentals have rental periods that are typically short term in nature. Rental charges are computed on a limited or unlimited mileage rate, or on a time rate plus a mileage charge. In connection with the vehicle rental, the Company offers supplemental equipment rentals (e.g., child seats and ski racks) which are deemed lease components. The Company also offers value-added services in connection with the vehicle rental, which are deemed non-lease components, such as loss or collision damage waiver, theft protection, liability and personal accident/effects insurance coverage, premium emergency roadside service and satellite radio. Additionally, the Company charges for variable services primarily consisting of tolls, refueling and recharging and collections for vehicle damage during the rental period. The Company combines lease and non-lease components in its contracts under ASC Topic 842, Lease Accounting Leases ("Topic 842"), when permissible.

The Company recognizes other revenues from contracts with its customers under ASC Topic 606, Revenue from Contracts with Customers ("Topic 606"), which primarily consist of fees generated from franchise agreements and revenues associated with the Company's retail car sales operations.

The following table summarizes the amount of operating lease income and other income sources included in total revenues in the accompanying unaudited condensed consolidated statements of operations:

September 30, Nine Months Ended

(In millions) 2026 2025 2026 2025

Operating lease income from vehicle rentals $ 2,359 $ 2,232 $ 6,290 $ 5,846

Variable operating lease income 173 170 514 440

Revenues from leases accounted for under Topic 842 2,532 2,402 6,804 6,286

Other revenues accounted for under Topic 606 85 76 213 190

Total revenues $ 2,617 $ 2,478 $ 7,017 $ 6,476

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Note 7: Income Tax (Provision) Benefit 8 changes

For the three months ended June September 30, 2026, Hertz Global recorded a tax provision benefit of $ 7 29 million, which resulted in an effective tax rate of 9 ( 33 )%. For the three months ended June September 30, 2025, Hertz Global recorded a tax benefit provision of $ 22 50 million, which resulted in an effective tax rate of 7 21 %.

The change in taxes for the three months ended June September 30, 2026 compared to the same period in 2025 was driven primarily by lower pretax losses and decreases in valuation allowances on deferred tax assets and lower pretax results.

For the three nine months ended June September 30, 2026, Hertz Global recorded a tax provision of $ 7 million, which resulted in an effective tax rate of ( 24 5 )%. For the three nine months ended June September 30, 2025, Hertz Global recorded a tax benefit of $ 22 54 million, which resulted in an effective tax rate of 11 9 %.

The change in taxes in the first half of nine months ended September 30, 2026 compared to the same period in 2025 was driven primarily by lower pretax losses and increases in valuation allowances on deferred tax assets, and partially offset by the nontaxable year-over-year fluctuations in the fair value adjustments of Public Warrants.

For the first half of three months ended September 30, 2026, Hertz Global recorded a tax provision benefit of $ 36 30 million, which resulted in an effective tax rate of ( 16 44 )%. For the first half of three months ended September 30, 2025, Hertz Global recorded a tax benefit provision of $ 104 50 million, which resulted in an effective tax rate of 12 21 %.

The change in taxes for the three months ended June September 30, 2026 compared to the same period in 2025 was driven primarily by improved lower pretax results income and decreases of the nontaxable year-over-year fluctuations in the fair value adjustments of Public Warrants and in valuation allowances on deferred tax assets.

For the nine months ended September 30, 2026, Hertz recorded a tax provision of $ 7 million, which resulted in an effective tax rate of ( 3 )%. For the nine months ended September 30, 2025, Hertz recorded a tax benefit of $ 54 million, which resulted in an effective tax rate of 11 %.

The change in taxes in the nine months ended September 30, 2026 compared to the same period in 2025 was driven primarily by lower pretax losses and increases in valuation allowances on deferred tax assets.

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Note 8: Public Warrants, Equity and Earnings (Loss) Per Common Share – Hertz Global 2 changes

As of June September 30, 2026, approximately 82,700,000 Public Warrants remain outstanding with an exercise price of $ 12.81 . There have been approximately 6,300,000 Public Warrants exercised since their original issuance in June 2021. The Public Warrants are recorded at fair value in the accompanying unaudited condensed consolidated balance sheets as of June September 30, 2026 and December 31, 2025. See Note 11, "Fair Value Measurements."

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In May 2025, Hertz Global filed a Form S-3 Registration Statement on Form S-3 as well as a prospectus supplement covering the offering, issuance and sale of up to a maximum aggregate offering price of $ 250 million of shares of Hertz Global common stock, par value $ 0.01 per share, that may be issued and sold from time to time under an equity distribution agreement with various banking institutions, acting as the Company's agents, through an ATM offering program (the "ATM Program"). Between April 1, 2026, and June During the three months ended September 30, 2026, approximately 524,000 no shares of Hertz Global common stock were sold under the ATM Program. for net proceeds of approximately $ 3 million. As of June September 30, 2026, there remains approximately $ 247 million worth of shares of Hertz Global common stock to be issued remained available under the ATM Program.

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Note 9: Stock-Based Compensation 1 change

The stock-based compensation expense associated with the Hertz Holdings stock-based compensation plans is pushed down from Hertz Global and recorded at Hertz. In 2021, Hertz Global's Board of Directors (the "Board") approved the Hertz Global Holdings, Inc. 2021 Omnibus Incentive Plan (the "2021 Omnibus Plan"). As of June September 30, 2026, 24,455,614 24,104,426 shares of the Company's common stock were authorized and remain available for future grants under the 2021 Omnibus Plan. Vesting of the outstanding equity awards is also subject to accelerated vesting as set forth in the 2021 Omnibus Plan.

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Note 10: Financial Instruments 2 changes

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The Company uses a combination of interest rate caps and swaps to manage its exposure to interest rate movements and to manage its mix of floating and fixed-rate debt.

No ne of the Company's financial instruments have been designated as hedging instruments as of June September 30, 2026 and December 31, 2025. The Company classifies cash flows from financial instruments according to the classification of the cash flows of the economically hedged item(s).

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Legal proceedings 1 change

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The Company is currently a defendant in numerous actions and has received numerous claims on which actions have not yet commenced for self-insured liabilities arising from the operation of motor vehicles rented from the Company. The obligation for self-insured liabilities on self-insured U.S. and international vehicles, as stated in the accompanying unaudited condensed consolidated balance sheets, represents an estimate for both reported accident claims not yet paid and claims incurred but not yet reported. The related liabilities are recorded on an undiscounted basis and are based on actuarially determined estimates using historical claims experience. These estimates include judgment about severity of claims, frequency and volume of claims. As of June 30, 2026 and December 31, 2025, the Company's liability recorded for self-insured liabilities was $ 643 million and $ 648 million, of which $ 501 million and $ 508 million relates to liabilities incurred by the Company's Americas RAC operations, respectively. The Company believes that its analysis is based on the most relevant information available, combined

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Notes to the financial statements 4 changes

Schweitzer Securities Class Action Complaint – On July 24, 2026, Cameron Schweitzer, a stockholder of Hertz Global, filed a class action against Hertz Global and individual defendants Company CEO Gil West and Company CFO Scott Haralson in the Florida Middle District Court. The plaintiff purports to represent a class of all persons who purchased Hertz Global securities between May 7, 2026, and June 23, 2026, seeking to recover damages caused by the defendants' alleged violations of the federal securities laws and to pursue remedies under Sections 10(b) and

Share Repurchase Program Litigation – On May 11, 2023, Angelo Cascia, a purported stockholder of Hertz Global, filed a putative class and derivative lawsuit in the Delaware Court of Chancery (the "Delaware Chancery Court") against certain current and former directors of Hertz Global, Knighthead Capital Management, LLC ("Knighthead"), Certares Opportunities LLC ("Certares") and CK Amarillo. The claims in the complaint relate to the Company's share repurchase programs approved in November 2021 and June 2022. Among other allegations, the plaintiff claims Board members breached their fiduciary duties in approving these share repurchase programs and that Knighthead, Certares, and CK Amarillo were unjustly enriched because they gained a majority stake in Hertz Global as a result of share repurchases. Defendants filed their motion to dismiss the complaint on July 24, 2023. On March 11, 2024, the Delaware Chancery Court held a hearing on defendants' motion to dismiss. On June 20, 2024, the Delaware Chancery Court granted in part and denied in part the defendants' motion to dismiss. The Delaware Chancery Court dismissed the claims against directors Feikin, Fields, Intrieri and Vougessis with prejudice, dismissed the claims related to the 2021 buyback without prejudice and allowed the remaining claims to proceed. On August 26, 2024, the Board formed a Special Litigation Committee (the "SLC"), made up of two independent directors, to evaluate and take any necessary actions related to the remaining claims. On October 21, 2024, the Delaware Chancery Court granted a motion to stay the litigation, including all discovery, until March 21, 2025. On March 26, 2025, the Delaware Chancery Court extended the stay for an additional 30 days. On April 25, 2025, the SLC filed its report under seal with the Delaware Chancery Court. On May 9, 2025, the SLC filed an unopposed motion to terminate the derivative claims in the litigation. In response, the plaintiff informed the Delaware Chancery Court that he would not oppose the SLC's motion to terminate the derivative claims, declared his intention to continue to prosecute the direct claims only and reserved his right to seek an award of fees based on the alleged benefit conferred to the Company. The Court scheduled a hearing on the SLC's unopposed motion to terminate the derivative claims for November 10, 2025. The parties then settled the direct and derivative claims, subject to approval of the Delaware Chancery Court. On July 23, 2026, the Delaware Chancery Court approved the settlement agreement, including the plaintiff's approximate $ 3 million fee petition.

Doller Securities Class Action Complaint – On May 31, 2024, a complaint was filed in the United States District Court for the Middle District of Florida (the "Florida Middle District Court"), captioned Edward M. Doller v. Hertz Global Holdings, Inc. et al . (No. 2:24-CV-00513). On September 30, 2024, an amended complaint was filed, following the Florida Middle District Court's appointment of a lead plaintiff and a lead counsel. The amended complaint asserts claims against Hertz Global, former Company CEO, Stephen M. Scherr ("Defendant Scherr"), and former Company Chief Financial Officer ("CFO"), Alexandra Brooks, alleging violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder, including concerning statements regarding demand for EVs. Plaintiffs assert claims on behalf of a putative class, consisting of all persons and entities that purchased or otherwise acquired Hertz Global's securities between January 6, 2023 and April 24, 2024. The amended complaint seeks unspecified damages, together with interest, attorneys' fees and other costs. Hertz Global filed a motion to dismiss the complaint on October 30, 2024. On December 19, 2024, the Florida Middle District Court stayed all proceedings, pending a ruling on the motion to dismiss. On October 16, 2025, the Court granted the motion to dismiss in part, dismissing all claims except those based on two statements by Defendant Scherr in January and April of 2023. The Court directed the clerk to lift the stay. The parties settled in principle during a mediation on March 12, 2026, subject to approval of the Court. The Court preliminarily approved the settlement on October 2, 2026.

Data Breach Claims – On April 15, 2025, Zain Jiwani filed a class action complaint against Cleo Communications U.S., LLC ("Cleo") and the Company in the U.S. District Court for the Northern District of Illinois, Western Division (Rockford, IL) (the "Illinois Northern District, Western Division Court"). Plaintiff alleges that Cleo, a file-transfer vendor for the Company, experienced a data breach event that may have impacted the personal information of certain individuals during the secure file transfer process from the Company's systems to third-party systems and that Company data may have been acquired by an unauthorized third party that exploited zero-day vulnerabilities within Cleo's platform in October and December of 2024. Plaintiff alleges that the Company was negligent in failing to secure the data, breached implied contracts and was unjustly enriched. Ten similar class action complaints were filed against the Company shortly thereafter and eventually transferred to the same court, the Illinois Northern District, Western Division Court. The class actions generally seek injunctive relief and unspecified damages. The defendants' responses to the complaints were stayed until the conclusion of a mediation between the plaintiffs and Cleo on June 30, 2026. The plaintiffs and Cleo conditionally settled all claims against all defendants at the mediation. At this stage of the litigation, the Company does not believe that the ultimate resolution of these actions will have a material adverse effect on its financial condition, results of operations or liquidity.

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Note 14: Segment Information 5 changes

The Company's CODM is its Chief Executive Officer. The CODM uses Adjusted EBITDA to determine segment profitability, which aids the CODM in the assessment of segment operating performance and assists in the evaluation of resource needs and the allocation of resources to the Company's reportable segments. The CODM conducts regular meetings with finance and operational leaders to review targeted results versus actual results to facilitate the evaluation of Adjusted EBITDA. The Company has identified two reportable segments, which are consistent with its operating segments and organized based primarily on the geographic areas in which business is conducted, as follows:

• Americas RAC – Rental of vehicles (cars, crossovers, vans and light trucks), as well as sales of value-added services, in the U.S., Canada, Latin America and the Caribbean. The Company maintains a network of company-operated rental locations in this segment and has franchisees and partners that operate rental locations under the Company's brands; and

• International RAC – Rental of vehicles (cars, crossovers, vans and light trucks), as well as sales of value-added services, in locations other than the U.S., Canada, Latin America and the Caribbean. The Company maintains a network of company-operated rental locations, a majority of which are in Europe, and has franchisees and partners that operate rental locations under the Company's brands.

In addition to its reportable segments, the Company has corporate operations ("Corporate"), which includes general corporate assets and expenses and net interest expense on non-vehicle debt. Corporate includes other items necessary to reconcile the reportable segments to the Company's total amounts.

The Oro Mobility transactions, as further disclosed in Note 15, "Subsequent Events," along with the implementation of the Company's new Platform Operating Model, as defined in Note 15, "Subsequent Events," are expected to

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MD&A 12 changes

principal amount of Exchangeable First Lien Notes Due 2030 pursuant to the Greenshoe Option. The remainder of the Greenshoe Option has expired.

The Exchangeable First Lien Notes Due 2030 bear interest payable semi-annually in arrears on January 1 and July 1 of each year, beginning in January 2027. Each payment of interest will consist of 3.375% per annum of such interest to be paid in cash and 3.375% per annum of such interest to be paid in the form of PIK interest. The Exchangeable First Lien Notes Due 2030 will mature on July 1, 2030, unless earlier repurchased, redeemed or exchanged in accordance with their terms prior to maturity.

The Exchangeable First Lien Notes Due 2030 will be exchangeable at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. The Exchangeable First Lien Notes Due 2030 will be exchangeable by holders into shares of Hertz Global common stock, cash or a combination of Hertz Global common stock and cash, at Hertz's election. The aggregate number of shares of Hertz Global common stock that may be issued upon exchange of the Exchangeable First Lien Notes Due 2030 may not exceed 63,457,320 shares, unless and until the shareholders of Hertz Global approve the issuance of the Exchangeable First Lien Notes Due 2030. The exchange rate will initially be 279.5248 shares per $1,000 principal amount of Exchangeable First Lien Notes Due 2030, corresponding to an initial exchange price of approximately $3.58 per share of Hertz Global common stock. The exchange rate and exchange price will be subject to adjustment upon the occurrence of certain events.

Holders of the Exchangeable First Lien Notes Due 2030 will have the right to require Hertz to repurchase all or a portion of their Exchangeable First Lien Notes Due 2030 at 100% of the capitalized principal amount of the Exchangeable First Lien Notes Due 2030 plus accrued and unpaid cash interest up to, but excluding, the date of such repurchase, upon the occurrence of certain corporate events constituting a "fundamental change" as defined in the indenture governing the Exchangeable First Lien Notes Due 2030. Hertz may not redeem the Exchangeable First Lien Notes Due 2030 prior to January 6, 2029. On or after January 6, 2029 and on or prior to the 31st scheduled trading day immediately preceding the maturity date, if the last reported sale price per share of Hertz Global common stock has been at least 130% of the exchange price for the Exchangeable First Lien Notes Due 2030 for certain specified periods, and certain other conditions are satisfied, Hertz may redeem all or any portion (subject to certain limitations) of the Exchangeable First Lien Notes Due 2030. The redemption will be at a cash redemption price equal to the capitalized principal amount of the Exchangeable First Lien Notes Due 2030 to be redeemed plus accrued and unpaid cash interest to, but excluding, the date of such redemption.

Upon issuance, we bifurcated the First Lien Exchangeable Feature 2030 from the Exchangeable First Lien Notes Due 2030 for accounting purposes utilizing applicable guidance. As a result, we recognized a debt discount of $115 million within Non-vehicle debt in the accompanying unaudited consolidated balance sheet as of June 30, 2026 in Part I, Item 1 of this Quarterly Report, representing the initial fair value of the First Lien Exchangeable Feature 2030. As of June 30, 2026, the fair value of the First Lien Exchangeable Feature 2030 was $110 million. Refer to Note 11, "Fair Value Measurements," in Part I, Item 1 of this Quarterly Report for further details.

Concurrently with the issuance of the Exchangeable First Lien Notes Due 2030, Hertz Global agreed to lend the Share Borrower a total of 37,037,037 shares of Hertz Global common stock pursuant to the Share Lending Agreement to help facilitate the successful completion of the Exchangeable First Lien Notes Due 2030 offering. Hertz Global received a one-time nominal lending fee for the Borrowed Shares equal to the par value of Hertz Global's common stock. The Share Borrower was obligated to furnish collateral equal in value to the market value of the Borrowed Shares as of the closing date of the Share Lending Agreement. The share loan under the Share Lending Agreement will terminate, and the Borrowed Shares must be returned to Hertz Global within five business days of such termination (subject to the Share Borrower's right to extend the settlement due date of the Borrowed Shares in certain circumstances, under the following circumstances: (i) the Share Borrower may terminate all or any portion of the loan at any time and (ii) on the earliest to occur of (a) October 1, 2030; (b) the date that is three months after the first date following the closing date of the Exchangeable First Lien Notes Due 2030 offering when none of the Exchangeable First Lien Notes Due 2030 remains outstanding; and (c) the date, if any, on which the Share Lending Agreement is terminated by the parties upon mutual agreement or by one party upon a default with

Hertz Global Holdings, Inc. is a holding company and its principal, wholly owned subsidiary is The Hertz Corporation. Hertz Global consolidates Hertz for financial statement purposes, and Hertz comprises approximately the entire balance of Hertz Global's assets, liabilities and operating cash flows. In addition, Hertz's operating revenues and operating expenses comprise nearly 100% of Hertz Global's revenues and operating expenses. As such, Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") that follows herein is for Hertz and also applies to Hertz Global in all material respects, unless otherwise noted. Differences between the operations and results of Hertz and Hertz Global are separately disclosed and explained. We sometimes use the words "we," "our," "us" and the "Company" in this MD&A for disclosures that relate to all of Hertz and Hertz Global.

The statements in this MD&A regarding industry outlook, our expectations regarding the performance of our business and the other non-historical statements are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties. The following MD&A provides information that we believe to be relevant to an understanding of our consolidated financial condition and results of operations. Our actual results may differ materially from those contained in or implied by any forward-looking statements.

This MD&A should be read in conjunction with the MD&A presented in our 2025 Form 10-K together with the sections entitled "Cautionary Note Regarding Forward-Looking Statements and Summary of Risk Factors," Part I, Item 1A, "Risk Factors," and our unaudited condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 (this "Quarterly Report"), which include additional information about our accounting policies, practices and the transactions underlying our financial results. The preparation of our unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts in our unaudited condensed consolidated financial statements and the accompanying notes including revenue earning vehicle depreciation and various claims and contingencies related to lawsuits, taxes, insurance and other matters arising during the normal course of business. We apply our best judgment, our knowledge of existing facts and circumstances and our knowledge of actions that we may undertake in the future in determining the estimates that will affect our unaudited condensed consolidated financial statements. We evaluate our estimates on an ongoing basis using our historical experience, as well as other factors we believe to be appropriate under the circumstances, such as current economic conditions, and adjust or revise our estimates as circumstances change. As future events and their effects cannot be determined with precision, actual results may differ from these estimates.

In this MD&A, we refer to the following non-GAAP measure and key metrics:

• Adjusted Corporate EBITDA – important non-GAAP measure to management because it allows management to assess the operational performance of our business, exclusive of certain items, and allows management to assess the performance of the entire business on the same basis as the segment measure of profitability. Management believes that it is important to investors for the same reasons it is important to management and because it allows investors to assess our operational performance on the same basis that management uses internally. Adjusted EBITDA, the segment measure of profitability and accordingly a GAAP measure, is calculated exclusive of certain items which are largely consistent with those used in the calculation of Adjusted Corporate EBITDA. Effective in the first quarter of 2026, we revised our definition of Adjusted Corporate EBITDA to adjust for realized (gains) losses from financial instruments, share-based compensation expense and foreign currency (gains) losses in an effort to better reflect management's view of ongoing operations and its assessment of our operational performance. The presentation of the prior period has been recast to conform to the current period presentation.

• Vehicle Utilization – important key metric to management and investors as it is the measurement of the proportion of our vehicles that are being used to generate revenues relative to rentable fleet capacity. Higher Vehicle Utilization means more vehicles are being utilized to generate revenues.

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Business 10 changes

We are engaged principally in the business of renting vehicles primarily through our Hertz, Dollar and Thrifty brands. Our profitability is primarily a function of the volume, mix and pricing of rental transactions and the utilization of vehicles based on availability to rent, the related ownership cost of vehicles and other operating costs. Significant changes in the purchase price or residual values of vehicles or interest rates can have a significant effect on our profitability depending on our ability to adjust pricing for these changes. We continue to balance our mix of EVs, non-program vehicles and program vehicles based on market conditions, including residual values. Our business requires significant expenditures for vehicles, and, as such, we require substantial liquidity to finance such expenditures.

Through our "Back-to-Basics" roadmap, we are committed to executing a comprehensive strategy to transform our business, anchored by three financial pillars: disciplined fleet management, revenue optimization and rigorous cost control. Building on our brand strength, global network and fleet management expertise, we remain committed to operational excellence and keeping customers central to everything we do. We have strengthened our fleet by refining our capabilities by sourcing vehicles strategically, deploying them efficiently and monetizing them effectively. Our approach balances disciplined execution today with systematic innovation for tomorrow, leveraging industry experience to adapt to evolving market dynamics and position us for sustainable growth in the future of mobility.

Our revenues are primarily derived from rental and related charges and consist of worldwide vehicle rental revenues from all company-operated vehicle rental operations and charges to customers for the reimbursement of costs incurred relating to airport concession fees and vehicle license fees, the fueling and electric charging of vehicles and revenues associated with value-added services, including the sale of loss or collision damage waivers, theft protection, liability and personal accident/effects insurance coverage, premium emergency roadside service and other products and fees. Also included are collections from customers for vehicle damages, ancillary revenues associated with, but not limited to, retail vehicle sales and certain royalty fees from our franchisees (such fees are less than 3% of total revenues each period).

Our expenses primarily consist of:

• direct vehicle and operating expense ("DOE"), primarily wages and related benefits; commissions and concession fees paid to airport authorities, travel agents and others; facility, self-insurance and reservation costs; and other costs relating to the operation and rental of revenue earning vehicles, such as collision and damage, maintenance, fuel and electric charging costs;

• depreciation expense and lease charges, net relating to revenue earning vehicles, including gains and losses and related costs associated with the disposal of vehicles, including vehicle sales;

• depreciation and amortization expense relating to non-vehicle assets;

• selling, general and administrative expense ("SG&A"), which includes advertising costs and administrative personnel costs, along with costs for information technology and business transformation programs; and

• interest expense, net.

Our vehicle rental operations are a seasonal business, with decreased levels of business in the winter months and heightened activity during the spring and summer months ("our peak season") for the majority of countries where we generate our revenues. To accommodate increased demand, we seek to increase our available fleet and staff. As demand declines, we seek to reduce our fleet and staff accordingly. As a result, we strive to maintain a flexible workforce, with a significant number of part-time and seasonal workers. A number of our other major operating costs, including airport concession fees, commissions and vehicle liability expenses, are directly related to revenues or transaction volumes. Certain operating expenses, including real estate taxes, rent, insurance, utilities, maintenance and other facility-related expenses, and minimum staffing costs, remain fixed and cannot be adjusted for demand.

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Forward-looking statements 8 changes

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Important factors that could affect our actual results and cause them to differ materially from those expressed in forward-looking statements include, among other things, those that may be disclosed from time to time in subsequent reports filed with, or furnished to, the SEC, those described under Part I, Item 1A, "Risk Factors," in our 2025 Form 10-K and set forth in this Quarterly Report, and the following, which also summarizes the principal risks of our business:

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• seasonality and other occurrences that disrupt rental activity during our peak periods, including in critical geographies;

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

• our ability to implement our business strategy or strategic transactions, as well as our ability to implement plans to support a modern mobility ecosystem, including the success of the Joint Venture and Oro's partnership with Uber;

• our ability to achieve cost savings and normalized depreciation levels, as well as revenue enhancements from our profitability initiatives and other operational programs;

• our ability to adequately respond to changes in technology impacting the mobility industry;

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

• our reliance on third-party distribution channels and related prices, commission structures and transaction volumes;

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Market risk 1 change

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As of June September 30, 2026, there have been no material changes to the information reported under Part II, Item 7A of our 2025 Form 10-K.

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Controls and procedures 4 changes

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Our senior management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined under Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of June September 30, 2026, our disclosure controls and procedures were effective.

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There were no changes in our internal control over financial reporting that occurred during the three months ended June September 30, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Our senior management has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined under Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that as of June September 30, 2026, our disclosure controls and procedures were effective.

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There were no changes in our internal control over financial reporting that occurred during the three months ended June September 30, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Other information 8 changes

CHANGE IN CONTROL SEVERANCE PLAN FOR SENIOR EXECUTIVES

On August 5, 2026, the Board upon the recommendation of the Compensation Committee of the Board, approved and adopted the 2026 Hertz Global Holdings, Inc. Change in Control Severance Plan for Senior Executives (the "Change in Control Severance Plan"). The Change in Control Severance Plan provides severance and related benefits to a select group of the Company's senior executives (including the Company's Chief Executive Officer and other executive and senior vice president-level employees, which group includes the Company's named executive officers) in the event of a "Qualifying Termination" which is a termination by the Company other than for "cause," permanent disability, or death or a resignation by the senior executive for "good reason," in either case occurring on or within 2 years following a "change in control" of the Company (as defined in the Change in Control Severance Plan).

Upon a Qualifying Termination, in addition to receiving any earned but unpaid salary, earned but unpaid annual performance bonus for the year prior to termination, and/or other vested payments or benefits, an eligible senior executive will be entitled to receive: (i) a pro-rata annual performance bonus for the year of termination based on actual achievement of the applicable performance metrics; (ii) a cash severance payment equal to the sum of the senior executive's base salary and target annual bonus, multiplied by a severance factor (1.5 times for senior vice presidents, 2.0 times for executive vice presidents, and 2.5 times for the Chief Executive Officer), generally payable in installments (except for the current Chief Executive Officer, whose payment will be made in a lump sum in accordance with his employment agreement) over a corresponding "Severance Period" (18 months for senior vice presidents, 24 months for executive vice presidents, and 30 months for the Chief Executive Officer following termination); (iii) continued medical, dental, vision, and other health coverage (or, if such coverage cannot be provided, a monthly cash payment equal to the applicable COBRA premium) for the duration of the applicable Severance Period; and (iv) full accelerated vesting of outstanding time-based equity awards and pro-rata accelerated vesting of outstanding performance-based equity awards (with performance deemed achieved at the greater of target or actual results as of the termination date), in each case under the Company's 2021 Omnibus Incentive Plan (or any successor thereto).

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

THE HERTZ CORPORATION AND SUBSIDIARIES

The senior executive must execute (and not revoke) a release of claims within 60 days following termination to be eligible for benefits. The Change in Control Severance Plan contains certain covenants regarding confidential information, non-competition, non-solicitation and non-disparagement. These restrictive covenants generally apply for a period equal to the greater of 12 months or the applicable Severance Period, but not more than 24 months following termination. All compensation and benefits payable under the Change in Control Severance Plan also remain subject to the Company's Covered Officer Compensation Clawback Policy or any other clawback policy of the Company. A senior executive who is otherwise a party to a separate offer letter, employment agreement, or similar arrangement providing for severance is not entitled to duplicate benefits under the Change in Control Severance Plan.

The foregoing description of the Change in Control Severance Plan does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Change in Control Severance Plan, a copy of which is filed with this Quarterly Report.

During the quarter ended June September 30, 2026, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) entered into any (i) contract or written plan for the purchase or sale of securities of Hertz Global intended to satisfy the affirmative defense conditions of Rule 10b5-1 (c) under the Exchange Act or (ii) non-Rule 10b5-1 trading arrangement.

Exhibits 46 changes

Hertz Indenture, dated June 29, 2026, by and among The Hertz Corporation, as Issuer, the guarantors party thereto and Computershare Trust Company, N.A., as trustee and as notes collateral agent, governing the 6.75 0 % Exchangeable Senior First-Lien Secured PIK Notes due 2030 (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on June 29, 2026)

Hertz Form of 6.750% Exchangeable Senior First-Lien Secured PIK Notes due 2030 (included in Exhibit 4.1) (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on June 29, 2026)

Hertz Amendment No. 1, dated as of April 24, 2026, to Amended and Restated Series 2022-5 Supplement, dated as of October 20, 2023, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2023-2 Supplement, dated as of March 2, 2023, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2023-4 Supplement, dated as of August 24, 2023, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2024-1 Supplement, dated as of July 26, 2024, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.4 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2024-2 Supplement, dated as of July 26, 2024, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.5 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2025-1 Supplement, dated as of March 12, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.6 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

THE HERTZ CORPORATION AND SUBSIDIARIES

EXHIBIT INDEX (Continued)

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2025-2 Supplement, dated as of March 12, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.7 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2025-3 Supplement, dated as of June 30, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.8 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

Hertz Amendment No. 1, dated as of April 24, 2026 to Series 2025-4 Supplement, dated as of June 30, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.9 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

10.10 Hertz Holdings

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2025-5 Supplement, dated as of December 5, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.10 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

10.11 Hertz Holdings

Hertz Amendment No. 1, dated as of April 24, 2026, to Series 2025-6 Supplement, dated as of December 5, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee and securities intermediary (incorporated by reference to Exhibit 10.11 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

10.12 Hertz Holdings

10.13 Hertz Holdings

Hertz Amended and Restated Issuer Facility Agreement as amended and restated on April 28, 2026, by and among International Fleet Financing No. 2 B.V., Hertz Europe Limited, Credit Agricole Corporate and Investment Bank, certain committed note purchasers, conduit investors and funding agents named therein, and BNP Paribas Trust Corporation UK Limited (incorporated by reference to Exhibit 10.13 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

THE HERTZ CORPORATION AND SUBSIDIARIES

EXHIBIT INDEX (Continued)

10.14 Hertz Holdings

Hertz Amended and Restated Master Definitions and Constructions Agreement as amended and restated on April 28, 2026,by and among International Fleet Financing No. 2 B.V., Hertz Automobielen Nederland B.V., Stuurgroep Fleet (Netherlands) B.V., Hertz France S.A.S., RAC Finance S.A.S., Hertz De Espana SLU, Stuurgroep Fleet (Netherlands) B.V. Sucursal en Espaῆa, Hertz Autovermietung GmbH, Hertz Fleet Limited, Eurotitrisation S.A., BNP Paribas, Italian Branch, BNP Paribas S.A., Hertz Italiana S.R.L., IFM SPV S.R.L., Hertz Fleet Italiana S.R.L., Hertz Belgium BV, Credit Agricole Corporate and Investment Bank, Hertz Europe Limited, The Hertz Corporation, BNP Paribas, Luxembourg Branch, TMF Administrative Services B.V., TMF France Management SARL, TMF France SAS, Interpath (France) SAS, BNP Paribas Trust Corporation UK Limited, BNP Paribas S.A., Dublin Branch, BNP Paribas S.A., Netherlands Branch, Banca Nazionale Del Lavoro S.P.A., Banca Finanziaria Internazionale S.P.A., Apex Financial Services (Trust Company) Limited, certain committed note purchasers, conduit investors and funding agents named therein, Hertz Holdings Netherlands 2 B.V. and Hertz International Limited (incorporated by reference to Exhibit 10.14 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

10.15 Hertz Holdings

Hertz 2021 Hertz Global Holdings, Inc. Severance Plan for Senior Executives, amended and restated as of April 8, 2026.†*

10.16 Hertz Holdings

10.17 Hertz Holdings

10.18 Hertz Holdings

10.19 Hertz Holdings

Hertz 2026 Hertz Global Holdings, Inc. Change in Control Severance Plan for Senior Executives, adopted as of August 5, 2026.†*

Hertz Share Lending Amended and Restated Voting Agreement, dated June 24, as of August 20, 2026, by and between Hertz Global Holdings, Inc. and J.P. Morgan Securities LLC CK Amarillo LP (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on June 29, August 20, 2026) .

Hertz Amendment No. 2, 3, dated as of April 28, November 2, 2026, to Third Amended and Restated Series 2021-A Supplement, dated as of August 29, 2025, by and among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, Deutsche Bank AG, New York Branch, as program agent, and The Bank of New York Mellon Trust Company, N.A., as trustee.* (incorporated by reference to Exhibit 10.12 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on April 30, 2026)

Hertz Series 2026-1 2026-3 Supplement, dated as of May 28, August 27, 2026, among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on June 2, August 28, 2026) .

Hertz Series 2026-2 2026-4 Supplement, dated as of May 28, August 27, 2026, among Hertz Vehicle Financing III LLC, as issuer, The Hertz Corporation, as administrator, and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K of Hertz Global Holdings, Inc. (File No. 001-37665) and The Hertz Corporation (File No. 001-07541), as filed on June 2, August 28, 2026) .

Hertz Offer Letter, dated September 9, 2026, between Michael Moore and Hertz Global Holdings, Inc.†*

Hertz Offer Letter, dated September 9, 2026, between Christopher G. Berg and Hertz Global Holdings, Inc.†*

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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

THE HERTZ CORPORATION AND SUBSIDIARIES

EXHIBIT INDEX (Continued)

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HERTZ GLOBAL HOLDINGS, INC. AND SUBSIDIARIES

THE HERTZ CORPORATION AND SUBSIDIARIES

EXHIBIT INDEX (Continued)

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Date: August 6, November 5, 2026 HERTZ GLOBAL HOLDINGS, INC.

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