Slide 1: Custom Truck One Source 2nd Quarter 2025 Investor Presentation
Custom Truck One Source 2nd Quarter 2025 Investor Presentation July 30, 2025 CONFIDENTIAL DRAFT1
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 and Adjusted EBITDA
Slide 3: CTOS at a Glance
CTOS at a Glance Leading Integrated Provider of New Location $1.9B+ $349M Opened in June 2025 Specialty Equipment LTM Revenue1 LTM Adj. EBITDA1,2 • True “One-Stop-Shop” platform, focused on rental and sales 2,600+ ~10,300 40 Locations4 Employees1 Fleet Units1 • Deep product knowledge and truck exper
Slide 4: Q2 2025 – Very Strong Quarter Across All Segments
Q2 2025 – Very Strong Quarter Across All Segments • Strong fundamentals continue across all end market and product categories • Revenue of $511M: +21% vs. Q2 ‘24 o ERS: $170M — Consistent strength in Rental KPIs and pronounced used sales growth o TES: $303M — 2nd highest quarter of sales in our hist
Slide 5: Unique Business Model = Strong Value Creation
Unique Business Model = Strong Value Creation Attractive end markets with long-term Infrastructure Bill and Inflation Reduction Act further secular growth drivers supercharge end-market tailwinds Differentiated one-stop shop business model with strong Best-in-class asset level returns: High-teens Re
Slide 6: Favorable End-Market Dynamics
Favorable End-Market Dynamics Strong, Multi-Year End-Market Tailwinds with Continued Upside from 2021 Infrastructure Investment and Jobs Act T&D T&D Capex INFRASTRUCTURE Infrastructure Capex Rapidly increasing major projects driven by AI-driven data center ~$95B 10.0% Large and growing pent-up deman
Slide 7: Diverse, Highly Loyal Customer Base
Diverse, Highly Loyal Customer Base Highlights • Serve more than 8,000 customers, T&D Infrastructure / Telecom Rail with the top 15 customers representing ~18% of revenue • No customer represents more than 3% of company revenue • Strong brand recognition and awareness among industry-leading customer
Slide 8: Differentiated “One-Stop-Shop” Business Model
Differentiated “One-Stop-Shop” Business Model Integrated Production Capabilities and Rental + Sales Model Provides Unique Value Proposition Integrated Production Capabilities One-Stop-Shop Value Proposition Unit Economic Advantages Multiple Revenue Streams Strong, Consistent Returns Chassis OEM Comp
Slide 9: National Branch Network
National Branch Network National Footprint Provides Flexibility in Managing the Rental Fleet and Superior Customer Service for Rental and Sales Customers • 40 locations in the U.S. and Canada, including a new location in Portland, OR, which opened in June 2025 o Highlights our confidence in the stre
Slide 10: Our ESG Strategy
Our ESG Strategy • Our ESG plan is driven by our shared Purpose, Vision and Values • We are committed to staying at the forefront of technological innovations in our industry as the energy transition continues and adapting our products and services to align with our ESG objectives o Developed and de
Slide 11: Consolidated Operating Performance
Consolidated Operating Performance ($ millions, except where indicated) Q2 2025 Operating Results Reflect Strong Execution and Positive Trends Across the Consolidated Business Revenue Adjusted Gross Profit(1) $511 $157 $35 $134 $423 $34 $356 $286 $103 $121 Q2 24 Q2 25 Q2 24 Q2 25 Rental Equipment Sa
Slide 12: CTOS Reporting Segments
CTOS Reporting Segments Reporting Segments Align with Our Go-to-Market Strategies and Capital Allocation Decisions Equipment Rental Solutions Truck & Equipment Sales Aftermarket Parts & Service (ERS) (TES) (APS) Includes results from core rental Includes results from new and Includes results f
Slide 13: Equipment Rental Solutions (ERS)
Equipment Rental Solutions (ERS) ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q2 2025 Showed Year-over-Year Revenue Growth Resulting from Sustained Gains in T&D Utilization and Continued Strong Utilization in Infrastructure End Market Reve
Slide 14: Equipment Rental Solutions (ERS)
Equipment Rental Solutions (ERS) ($ millions, except where indicated) Q2 2025 Saw Improved Average Utilization and OEC on Rent, Driven by Continued Strength in T&D End Markets Utilization & Average OEC on Rent $1,400 86.3% 90.0% • Average utilization at just under 78% for Q2 ’25 $1,300 82.8% 83.8% 8
Slide 15: Truck & Equipment Sales (TES)
Truck & Equipment Sales (TES) ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Strong Q2 2025 Revenue Growth with 2nd Highest Quarterly Sales in Company History Revenue New Sales Backlog $1,000 12.6 14.0 12.2 11.7 11.8 $303 $900 11.1 12.0 $800
Slide 16: Aftermarket Parts & Service (APS)
Aftermarket Parts & Service (APS) ($ millions, except where indicated) Revenue Up 3% in Q2 2025 vs. Q2 2024, with Performance Helped by Continued Steady Conditions in Utility End Market Revenue Revenue $37 $38 • Total Revenue increased 3% in Q2 ‘25 vs. Q2 ‘25 $2 $3 o Rental and Parts & Services reve
Slide 17: Balance Sheet & Capital Investment
Balance Sheet & Capital Investment ($ thousands, except where indicated; sum of individual items may not equal total amounts due to rounding) ~78% of Outstanding Debt is Covered by $1.27B Total OLV(1) of Rental Fleet Strong Available Liquidity and No Significant Maturities Until 2029 • Total Availab
Slide 18: Reaffirming 2025 Outlook
Reaffirming 2025 Outlook 2024 Actual 2025 Outlook Growth Consolidated Revenue $1.802 billion $1.97 - $2.06 billion 9% - 14% ERS $598 million $660 - $690 million 10% - 15% TES $1.055 billion $1.16 - $1.21 billion 10% - 15% APS $149 million $150 - $160 million 1% - 7% Adjusted EBITDA(1) $340 million $
Slide 19: Investment Highlights
Investment Highlights 11 Favorable End-Market Dynamics with Outstanding Secular Growth Drivers 22 Differentiated “One-Stop-Shop” Business Model 3 Attractive End Market Exposure to Diverse and Mission Critical Industries 4 CTOS Well-Positioned for Continued Growth & Free Cash Flow Generation 5 Integr
Slide 20: Appendix
: Appendix (Oh eee
Slide 21: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 (in $ millions) Net income (loss) $ (14) $ (24) $ (17) $ 28 $ (18) $ (28) Interest expense 25 27 27 27 26 26 Income tax expense (benefit) (2) 3 (1) (1) (8) 17 Depreciation and amortization 56 58 59 63 63 66 EBITDA 65 63 68 116 63 82
Slide 22: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 (in $ millions) Revenue: Rental $ 106 $ 103 $ 108 $ 125 $ 116 $ 121 Equipment sales 273 286 305 359 274 356 Parts sales and services 33 34 33 36 32 35 Total revenue 411 423 447 521 422 511 Cost of Revenue: Cost of revenue 277 2
Slide 23: Supplementary Segment Data — ERS
Supplementary Segment Data — ERS Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 (in $ millions) Revenue: Rental revenue $ 103 $ 101 $ 105 $ 121 $ 113 $ 118 Equipment sales 33 38 46 52 41 53 Total revenue 136 138 151 172 154 170 Cost of revenue: Cost of rental revenue 30 29 29 28 30 30 Cost of equipment sales 2
Slide 24: Supplementary Segment Data — TES
Supplementary Segment Data — TES Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 (in $ millions) Equipment sales $ 240 $ 248 $ 260 $ 308 $ 232 $ 303 Cost of equipment sales 197 206 218 257 197 256 Gross profit $ 43 $ 42 $ 42 $ 51 $ 35 $ 47 Sum of individual line items may not equal subtotal and total amounts du
Slide 25: Supplementary Segment Data — APS
Supplementary Segment Data — APS Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 (in $ millions) Revenue: Rental revenue $ 3 $ 2 $ 3 $ 5 $ 3 $ 3 Parts sales and services 33 34 33 36 32 35 Total revenue 35 37 36 41 35 38 Cost of revenue: Cost of parts sales and services 26 29 28 29 28 28 Depreciation of rental e
Slide 26: Leverage Ratio Calculation
Leverage Ratio Calculation Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 (in $ millions) Net Debt and Finance Leases (As of Period End): Current Maturities of Long-Term Debt $ 6 $ 4 $ 1 $ 8 $ 6 $ 23 Long-Term Debt, Net 1,492 1,528 1,567 1,520 1,593 1,590 Add: Deferred Financing Costs 21 20 21 20 19 18 Total D