Custom Truck One Source, Inc. · NYSE:CTOS
Custom Truck One Source — Q2 2026 Earnings Presentation
64 slides from Custom Truck One Source's earnings presentation, August 2026
Slide 1: Q2 2026 Investor Presentation
Q2 2026 INVESTOR PRESENTATION NYSE:CTOS August 2026
Slide 2: Safe Harbor
SAFE HARBOR This presentation includes certain financial measures that have not been prepared in a manner that complies with generally accepted accounting principles in the United States (“GAAP”), including, without limitation, Adjusted Gross Profit, Adjusted Gross Margin, EBITDA, Consolidated Adjus
Slide 3: Compelling investment opportunity with exposure to secular megatrends
HIGH-GROWTH END MARKETS NEW SEGMENT REPORTING RECORD Q2 FINANCIAL PERFORMANCE Growth underpinned by secular Clearer two segment reporting Record quarterly consolidated megatrends across end markets revenue of $563M, +10% YoY Specialty Equipment Rentals (SER) T&D end market experiencing $423M of LTM
Slide 4: Second Quarter Highlights
SECOND QUARTER HIGHLIGHTS Record quarterly revenue and 25% Adj. EBITDA YoY growth driven by strong core T&D end-markets and continued momentum across both segments Revenue Adjusted Gross Profit1 Adjusted EBITDA1 OEC on Rent $563 Million +16% +25% +13% Record quarter Q2 2026 vs. Q2 2025 Q2 2026 vs. Q
Slide 5: Company Overview
COMPANY. _ OVERVIEW
Slide 6: Investment Highlights
INVESTMENT HIGHLIGHTS Scaled, Differentiated Platform National scale and ability to manage full 1 equipment lifecycle results in both lower costs and higher equipment resale values, driving exceptional unit economics Large, Growing, Resilient End Markets Participation in high growth end markets 2 wi
Slide 7: Custom Truck One Source at a Glance
CUSTOM TRUCK ONE SOURCE AT A GLANCE Leading National Provider of Specialty Equipment Serving the T&D and Infrastructure End Markets Kansas City, MO 1996 ~2,500 10,350+ 250+ 8,000+ 41 Global HQ Founded Employees1 Fleet Units1 Product Variations Customers1 Locations2 END MARKET & BUSINESS MIX End Mark
Slide 8: Executing from an Advantaged Position
EXECUTING FROM AN ADVANTAGED POSITION Highly compelling operating model driven by unique market position and scope of capabilities National scale creates operating leverage and synergies that give us a structural cost advantage for our customers Differentiated customer value Highly customizable flee
Slide 9: Delivering Mission-Critical Assets for Essential Markets
DELIVERING MISSION-CRITICAL ASSETS FOR ESSENTIAL MARKETS Reliable custom equipment for essential jobs with high cost of failure and downtime Infrastructure Transmission & Distribution Road & Bridges Waste Rail Telecom Allowing workers to safely construct Clearing trees and other vegetation Transport
Slide 10: Secular Megatrends Fueling Long-Term Growth
SECULAR MEGATRENDS FUELING LONG-TERM GROWTH Significant exposure to high-growth megatrends, particularly within Transmission & Distribution and Infrastructure Infrastructure Transmission & Distribution Road & Bridges / Waste Rail Telecom Major projects driven by AI data center growth, grid Aging U.S
Slide 11: T&D Spending Underpinned by Multiple Demand Drivers
T&D SPENDING UNDERPINNED BY MULTIPLE DEMAND DRIVERS Strong transmission & distribution capex growth driven by durable and diverse megatrends Load Growth Aging Grid Infrastructure AI and Data Center Manufacturing Electrification Aging Grid Storm Resiliency Expansion Reshoring AI workloads and cloud m
Slide 12: Substantial Multi-Year T&D Investment Required
SUBSTANTIAL MULTI-YEAR T&D INVESTMENT REQUIRED Forecasted load growth and required grid modernization expected to drive significant T&D investment wave Projected U.S. Data Center Power Demand Five-Year Nationwide Load Growth Forecast U.S. IOU Electric T&D Capex (‘000s TWh) (2029 Summer Peak Demand G
Slide 13: Cyclical & Secular Tailwinds Redefining Infrastructure Needs
CYCLICAL & SECULAR TAILWINDS REDEFINING INFRASTRUCTURE NEEDS Aging infrastructure replacement cycle and new required spend supported by federal funding (IIJA, IRA, CHIPS Act) Average Age of Infrastructure Exceeds Average Top Construction Projects by Value and Location U.S. Non-Power Infrastructure C
Slide 14: Diverse, Highly Loyal Customer Base
DIVERSE, HIGHLY LOYAL CUSTOMER BASE Serving 8,000+ blue chip customers across T&D, Infrastructure/Telecom, and Rail end markets Infrastructure Transmission & Distribution Road & Bridges / Waste Rail Telecom 8,000+ <4% 24% ~20 Years National Customers served Maximum revenue from Revenue contribution
Slide 15: National Branch Network
NATIONAL BRANCH NETWORK National footprint provides flexibility in managing the rental fleet and superior customer service for rental and sales customers New Location Opened in 41 locations in the U.S. and Canada, June 2025 including new locations in Portland, OR (June 2025) and Orlando, FL (October
Slide 16: Reporting Segments
REPORTING SEGMENTS Simplified reporting structure better reflects operational decision making and capital allocation strategy Specialty Equipment Rentals (SER) Specialty Truck Equipment & Manufacturing (STEM) Core rental revenues, sale of rental assets, New and used (non-rental) sales, production an
Slide 17: Specialty Equipment Rentals (SER)
SPECIALTY EQUIPMENT RENTALS (SER) Durable rental model: high-utilization fleet + recurring revenue + high margin = strong, predictable Adj. EBITDA generation T&D Sector Expertise Fleet Age Strong Utilization Attractive Contract Duration Best-in-Class Service 76% ~3 81.6% 12-13 Months 300+ Revenue fr
Slide 18: Specialty Truck Equipment & Manufacturing (STEM)
SPECIALTY TRUCK EQUIPMENT & MANUFACTURING (STEM) Capital-light, in-house production and supply chain + aftermarket lifecycle revenue = durable, high return business Dominant Market Position Large Installed Base Full-Spectrum Product Portfolio Strong Order Book & Backlog Vertical Integration #1 20,00
Slide 19: Serving the Core of the North American Specialty Truck Market
SERVING THE CORE OF THE NORTH AMERICAN SPECIALTY TRUCK MARKET Complementary business segments lend broad capabilities across the full value chain, creating a stronger unified company SER Focus STEM Focus Both Production & Manufacturing Distribution & Sales Aftermarket Disposition Revenue Streams Bod
Slide 20: Financial Overview
FINANCIAL OVERVIEW CUSTOM TRUCK
Slide 21: Key Financial Strategies & Priorities
KEY FINANCIAL STRATEGIES & PRIORITIES ▪ Two best-in-class segments Lifecycle Monetization – STEM: Grow revenue and drive higher margins Sales, Rentals, Parts & Service – SER: Grow specialty rental and optimize fleet ▪ Cash flow conversion as a core operating discipline Specialty Rental Growth – Cont
Slide 22: Historical Financial Performance
HISTORICAL FINANCIAL PERFORMANCE Proven ability to profitably grow during challenging macroeconomic backdrop ($ millions, except where indicated) Total Revenue1 ($M) Adjusted Gross Profit1,2 ($M) and Adjusted EBITDA1,2 ($M) & Adjusted Gross Margin (%) Adjusted EBITDA Margin (%) $2,500 $750 45.0% $50
Slide 23: Q2 2026 Consolidated Operating Performance
Q2 2026 CONSOLIDATED OPERATING PERFORMANCE Strong growth driven by improved rental fundamentals, strong demand across core markets led by T&D ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Revenue: $563M Adjusted Gross Profit1 : $181M Adjust
Slide 24: Specialty Equipment Rentals (SER)
SPECIALTY EQUIPMENT RENTALS (SER) Q2 2026 rental revenue +20% YoY driven by rising OEC on Rent and utilization ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Revenue: $221M Segment Adjusted EBITDA : $117M +$19M/+9% YoY +$24M/+26% YoY Interse
Slide 25: SER Key Performance Indicators
SER KEY PERFORMANCE INDICATORS Q2 2026 improved average utilization and OEC on Rent, driven by continued momentum in T&D end markets ($ millions, except where indicated) Avg. OEC on Rent: $1,366M Avg. Utilization: 81.6% On Rent Yield: 39.4% +$158M vs Q2’25 +400bps vs Q2’25 +80bps vs Q2’25 Utilizatio
Slide 26: Specialty Truck Equipment & Manufacturing (STEM)
SPECIALTY TRUCK EQUIPMENT & MANUFACTURING (STEM) Q2 2026 revenue increase driven by third-party revenue growth, with new equipment sales setting a quarterly record ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Revenue: $438M Segment Adj. EB
Slide 27: Capital Investment & Allocation
CAPITAL INVESTMENT & ALLOCATION Focused on organic investment, debt reduction, and fleet management to drive levered free cash flow and shareholder returns ($ millions, except where indicated) Growth Capex1 & Net Rental Capex2 Net Leverage Ratio3 4.8x 4.7x $79 4.4x 4.5x 4.5x 4.3x $71 4.0x 3.9x <4.0x
Slide 28: Debt Structure & Liquidity
DEBT STRUCTURE & LIQUIDITY ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) 84%+ of Outstanding Debt is Covered by $1.41B Total OLV1 of Rental Fleet Strong Available Liquidity and No Significant Maturities Until 2029 ▪ Substantial OLV of the r
Slide 29: Revised 2026 Outlook
REVISED 2026 OUTLOOK 2025 Actual 2026 Outlook1 YoY Commentary Total Revenue $1.944B $2.1B – $2.2B +8% to +13% Raised guidance from $2.005B – $2.12B SER Revenue(2) $810M $850M – $875M +5% to +8% OEC on rent, utilization and margin all performing ahead of expectations; T&D demand at record levels, fur
Slide 30: Appendix
APPENDIX CUSTOM TRUCK
Slide 31: Glossary – Key Performance Indicators and Measures
GLOSSARY – KEY PERFORMANCE INDICATORS AND MEASURES • Ending OEC — Ending Original Equipment Cost (“OEC”) is the original equipment cost of units at the end of the measurement period. OEC represents the original equipment cost and excludes the effect of adjustments to rental equipment fleet acquired
Slide 32: Glossary – Financial Measures
GLOSSARY – FINANCIAL MEASURES • Adjusted Gross Profit — Adjusted Gross Profit is defined as Gross Profit excluding depreciation of rental equipment and is a financial performance measure that we use to monitor our results from operations. We believe the exclusion of depreciation expense of the renta
Slide 33: Glossary – Financial Measures
GLOSSARY – FINANCIAL MEASURES • Segment Adjusted EBITDA — Segment Adjusted EBITDA is defined as segment operating income or loss before depreciation and amortization, further excluding the effects of purchase accounting adjustments and the impact of sales-type lease accounting for certain leases con
Slide 34: Adjusted EBITDA Reconciliation — Q1 2025 – Q2 2026
ADJUSTED EBITDA RECONCILIATION — Q1 2025 – Q2 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net income (loss) $ (18) $ (28) $ (6) $ 21 $ (4) $ 10 Interest expense 26 26 26 26 25 27 Income tax expense
Slide 35: Adjusted EBITDA Reconciliation — 2021 – 2025
ADJUSTED EBITDA RECONCILIATION — 2021 – 2025 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) 2021 2022 2023 2024 2025 Pro Forma Net income (loss) $ (91) 39 $ 51 $ (29) (31) Interest expense 71 76 95 106 105 Income tax expense (benefit) 34 8 7
Slide 36: Adjusted EBITDA Reconciliation — 2021 Actual & Pro Forma
ADJUSTED EBITDA RECONCILIATION — 2021 ACTUAL & PRO FORMA ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) 2021 2021 Actual Pro Forma Net income (loss) $ (182) $ (91) Interest expense 68 71 Income tax expense (benefit) 4 34 Depreciation and amo
Slide 37: Adjusted EBITDA Reconciliation — LTM Period
ADJUSTED EBITDA RECONCILIATION — LTM PERIOD ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year LTM Adjusted EBITDA June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 Net i
Slide 38: Adjusted Gross Profit Reconciliation — Q1 2025 – Q2 2026
ADJUSTED GROSS PROFIT RECONCILIATION — Q1 2025 – Q2 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue: Rental $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 Equipment sales 274 356 321 354 293 384 Parts sal
Slide 39: Adjusted Gross Profit Reconciliation — 2021 – 2025
ADJUSTED GROSS PROFIT RECONCILIATION — 2021 – 2025 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) 2021 2022 2023 2024 2025 Pro Forma Revenue: Rental $ 422 $ 464 $ 479 $ 443 $ 506 Equipment sales 941 982 1,253 1,223 1,304 Parts sales and serv
Slide 40: Adjusted Gross Profit Reconciliation — 2021 Actual & Pro Forma
ADJUSTED GROSS PROFIT RECONCILIATION — 2021 ACTUAL & PRO FORMA ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) 2021 2021 Actual Pro Forma Revenue: Rental $ 370 $ 422 Equipment sales 695 941 Parts sales and services 102 120 Total revenue 1,167
Slide 41: Adjusted Gross Profit Reconciliation — LTM Period
ADJUSTED GROSS PROFIT RECONCILIATION — LTM PERIOD ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year LTM Adjusted Gross Profit June 30, 2026 June 30, 2025 December 31, 2025 June 30
Slide 42: Supplementary Segment Data — SER Adjusted EBITDA
SUPPLEMENTARY SEGMENT DATA — SER ADJUSTED EBITDA ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue from external customers: Rental revenue $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 Equipment sales 30 40 35
Slide 43: Supplementary Segment Data — STEM Adjusted EBITDA
SUPPLEMENTARY SEGMENT DATA — STEM ADJUSTED EBITDA ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue from external customers: Equipment sales $ 244 $ 316 $ 286 $ 298 $ 255 $ 332 Parts sales and service
Slide 44: Supplementary Segment Data — SER Adjusted Gross Profit
SUPPLEMENTARY SEGMENT DATA — SER ADJUSTED GROSS PROFIT ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue: Rental $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 Equipment sales 30 40 35 56 38 52 Parts sales and s
Slide 45: Supplementary Segment Data — STEM Gross Profit
SUPPLEMENTARY SEGMENT DATA — STEM GROSS PROFIT ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue: Equipment sales $ 244 $ 316 $ 286 $ 298 $ 255 $ 332 Parts sales and services 11 12 13 11 13 13 Interse
Slide 46: Net Leverage Ratio Calculation
NET LEVERAGE RATIO CALCULATION ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net Debt and Finance Leases (As of Period End): Current Maturities of Long-Term Debt $ 1 $ 8 $ 6 $ 23 $ 21 $ 26 $ 5
Slide 47: Levered Free Cash Flow Calculation
LEVERED FREE CASH FLOW CALCULATION ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) YTD Q1 25 YTD Q2 25 YTD Q3 25 YTD Q4 25 YTD Q1 26 YTD Q2 26 Net cash flow from operating activities $ 56 $ 181 $ 263 $ 310 $ 24 $ 68 Acquisition of inventory t
Slide 48: Segment Recast Financials — Basis of Presentation
SEGMENT RECAST FINANCIALS — BASIS OF PRESENTATION The “as reported” amounts presented on the following pages were derived from our previously issued quarterly and annual financial information as reported in our quarterly earnings press releases, Quarterly Reports on Form 10-Q and Annual Reports on F
Slide 49: STEM Q1 and Q2 2025 Recast Financials
STEM Q1 AND Q2 2025 RECAST FINANCIALS As a result of an internal error in how intersegment sales between STEM and SER were accounted for in our previous investor presentation regarding our business re-segmentation, we have made corrections to those financial presentations for those two quarters, whi
Slide 50: TES → STEM Recast Financials — Q1 2025
TES → STEM RECAST FINANCIALS — Q1 2025 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting) Intersegment & Other As Reported TES APS Adjustments Adjustments As Adjusted STEM Revenue: Equipment sales $ 233 $ — $ 12 $
Slide 51: TES → STEM Recast Financials — Q2 2025
TES → STEM RECAST FINANCIALS — Q2 2025 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting) Intersegment & Other As Reported TES APS Adjustments Adjustments As Adjusted STEM Revenue: Equipment sales $ 303 $ — $ 13 $
Slide 52: Consolidating Recast Financials — Q1 2025
CONSOLIDATING RECAST FINANCIALS — Q1 2025 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting) As Reported As Adjusted SER As Adjusted STEM Corporate & Eliminations Consolidated Revenue: Rental $ 120 $ — $ (4) $ 116
Slide 53: Consolidating Recast Financials — Q2 2025
CONSOLIDATING RECAST FINANCIALS — Q2 2025 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting) As Reported As Adjusted SER As Adjusted STEM Corporate & Eliminations Consolidated Revenue: Rental $ 125 $ — $ (4) $ 121
Slide 54: ERS → SER Recast Financials — 2024 & 2025 Summary
ERS → SER RECAST FINANCIALS — 2024 & 2025 SUMMARY ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Q2 25 Q3 25 Q4 25 2025 Revenue: Rental $ 113 $ 110 $ 113 $ 129 $ 465 $ 120 $ 125 $ 131 $ 146 $ 522 Equipment
Slide 55: TES → STEM Recast Financials — 2024 & 2025 Summary
TES → STEM RECAST FINANCIALS — 2024 & 2025 SUMMARY ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting) Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Q2 25 Q3 25 Q4 25 2025 Revenue: Equipment sales $ 249 $ 259 $ 271 $ 321 $ 1,1
Slide 56: SER Recast Financials — Q2 2026
SER RECAST 1 FINANCIALS — Q2 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) As Reported SER Adjustments(1) As Adjusted SER Revenue: Rental $ 145 $ 4 $ 149 Equipment sales 52 (6) 46 Parts sales and services 22 — 22 Total revenue from ext
Slide 57: STEM Recast Financials — Q2 2026
STEM RECAST 1 FINANCIALS — Q2 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) As Reported STEM Adjustments(1) As Adjusted STEM Revenue: Equipment sales $ 332 $ — $ 332 Parts sales and services 13 — 13 Total revenue from external customer
Slide 58: SER Recast Financials — Q2 2025 vs. Q2 2026
SER RECAST 1 FINANCIALS — Q2 2025 vs. Q2 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q2 25 Q2 26 Revenue: Rental $ 125 $ 149 Equipment sales 39 46 Parts sales and services 23 22 Total revenue from external customers 186 217 Intersegm
Slide 59: SER Recast Financials — YTD 2025 vs. YTD 2026
SER RECAST 1 FINANCIALS — YTD 2025 vs. YTD 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) YTD 25 YTD 26 Revenue: Rental $ 245 $ 290 Equipment sales 68 84 Parts sales and services 44 41 Total revenue from external customers 356 415 Inter
Slide 60: SER Recast Financials — LTM Period
SER RECAST 1 FINANCIALS — LTM PERIOD ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year Latest Twelve Months June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 Revenue: Re
Slide 61: STEM Recast Financials — Q2 2025 vs. Q2 2026
STEM RECAST1 FINANCIALS — Q2 2025 vs. Q2 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q2 25 Q2 26 Revenue: Equipment sales $ 316 $ 332 Parts sales and services 12 13 Total revenue from external customers 328 345 Intersegment sales 116
Slide 62: STEM Recast Financials — YTD 2025 vs. YTD 2026
STEM RECAST1 FINANCIALS — YTD 2025 vs. YTD 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) YTD 25 YTD 26 Revenue: Equipment sales $ 560 $ 587 Parts sales and services 23 26 Total revenue from external customers 583 612 Intersegment sales
Slide 63: STEM Recast Financials — LTM Period
STEM RECAST1 FINANCIALS — LTM PERIOD ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year Latest Twelve Months June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 Revenue: Eq
Slide 64: Contact
Contact IR: Brian Perman Vice President, Investor Relations investors@customtruck.com
Custom Truck One Source — Q2 2026 Earnings Presentation on 6ix