Custom Truck One Source, Inc. · NYSE:CTOS
Custom Truck One Source — Q1 2026 Earnings Presentation
59 slides from Custom Truck One Source's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Investor Presentation
Q1 2026 INVESTOR PRESENTATION NYSE:CTOS April 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 and Adjusted EBITDA
Slide 3: High-Growth End Markets, New Segment Reporting, Strong Q1 Financial Performance
HIGH-GROWTH END MARKETS NEW SEGMENT REPORTING STRONG Q1 FINANCIAL PERFORMANCE Growth underpinned by secular Clearer two segment reporting Record Q1 consolidated revenue of $462M megatrends across end markets Specialty Equipment Rental (SER) Consolidated Adjusted T&D end market experiencing $401M of
Slide 4: First Quarter Highlights
FIRST QUARTER HIGHLIGHTS Record Q1 revenue and 33% Adj. EBITDA YoY growth driven by strong core T&D end-markets and continued rental momentum Revenue Adjusted Gross Profit Adjusted EBITDA OEC on Rent $462 Million +17% +33% +12% Record first quarter Q1 2026 vs. Q1 2025 Q1 2026 vs. Q1 2025 Q1 2026 vs.
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 and 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 41 locations in the U.S. and Canada, Opened in including new locations in Portland, June 2025 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 81.4% 12-13 Months 300+ Revenue fr
Slide 18: Specialty Truck and Equipment Manufacturing (STEM)
SPECIALTY TRUCK AND 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,
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 and 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 Revenue ($M) Adj. Gross Profit1 ($M) and Adj. EBITDA2 ($M) & Adj. Adj. Gross Margin (%) EBITDA Margin (%) $2,500 $700 $651 50.0% $500 50.0% $625 $62
Slide 23: Q1 2026 Consolidated Operating Performance
Q1 2026 CONSOLIDATED OPERATING PERFORMANCE Strong growth driven by improved rental fundamentals, strong demand across core markets led by T&D ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Revenue: $462M Adj. Gross Profit1 : $159M Adj. EBITD
Slide 24: Specialty Equipment Rentals (SER)
SPECIALTY EQUIPMENT RENTALS (SER) Q1 2026 rental revenue +18% YoY driven by rising utilization ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Revenue: $205M Segment Adj. EBITDA : $105M +$23M/+13% YoY +$19M/+23% YoY Rental Equipment Sales Par
Slide 25: SER Key Performance Indicators
SER KEY PERFORMANCE INDICATORS Q1 2026 improved average utilization and OEC on Rent, driven by continued momentum in T&D end markets ($ millions, except where indicated) Avg. OEC on Rent: $1,344M Avg. Utilization: 81.4% On Rent Yield: 38.9% +$141M vs Q1’25 +370bps vs Q1’25 +40bps vs Q1’25 Utilizatio
Slide 26: Specialty Truck and Equipment Manufacturing (STEM)
SPECIALTY TRUCK & EQUIPMENT MANUFACTURING (STEM) Q1 2026 revenue increase driven by third-party revenue growth; backlog continues to expand supported by core end-markets ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Revenue: $363M Segment A
Slide 27: Capital Investment and Allocation
CAPITAL INVESTMENT & ALLOCATION Focused on organic investment, debt reduction, and fleet management to drive levered cash flow and shareholder returns ($ millions, except where indicated) Growth1 and Net Rental2 Capex Net Leverage Ratio $79 4.8x 4.7x 4.4x 4.6x 4.5x $71 4.3x 4.1x 4.0x <4.0x $67 $64 $
Slide 28: Debt Structure and Liquidity
DEBT STRUCTURE & LIQUIDITY ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) 85%+ of Outstanding Debt is Covered by $1.41B Total OLV(1) of Rental Fleet Strong Available Liquidity and No Significant Maturities Until 2029 ▪ Substantial OLV of the
Slide 29: 2026 Outlook
2026 OUTLOOK 2025 Actual 2026 Outlook1 YoY Commentary Total Revenue $1.944B $2.005B – 2.120B +3% to +9% SER Revenue(2) $810M $835M – 870M +3% to +7% OEC on rent, utilization and margin all performing ahead of expectations; T&D demand at record levels, further growth supported by vocational market, w
Slide 30: Appendix
APPENDIX CUSTOM TRUCK
Slide 31: Glossary – Key Performance Indicators and Measures
GLOSSARY – KEY PERFORMANCE INDICATORS AND MEASURES • Ending OEC — Ending Original Equipment Cost (“OEC”) is the original equipment cost of units at the end of the measurement period. OEC represents the original equipment cost and excludes the effect of adjustments to rental equipment fleet acquired
Slide 32: Glossary – Financial Measures
GLOSSARY – FINANCIAL MEASURES • Adjusted Gross Profit — Adjusted Gross Profit is defined as Gross Profit excluding depreciation of rental equipment and is a financial performance measure that we use to monitor our results from operations. We believe the exclusion of depreciation expense of the renta
Slide 33: Glossary – Financial Measures
GLOSSARY – FINANCIAL MEASURES • Segment Adjusted EBITDA — Segment Adjusted EBITDA is defined as segment operating income or loss before depreciation and amortization, further excluding the effects of purchase accounting adjustments and the impact of sales-type lease accounting for certain leases con
Slide 34: Adjusted EBITDA Reconciliation — Q1 2025 – Q1 2026
ADJUSTED EBITDA RECONCILIATION — Q1 2025 – Q1 2026 ($ 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 Net income (loss) $ (18) $ (28) $ (6) $ 21 $ (4) Interest expense 26 26 26 26 25 Income tax expense (benefit) (8)
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 and 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 Gross Profit Reconciliation — Q1 2025 – Q1 2026
ADJUSTED GROSS PROFIT RECONCILIATION — Q1 2025 – Q1 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 Revenue: Rental $ 116 $ 121 $ 127 $ 142 $ 137 Equipment sales 274 356 321 354 293 Parts sales and services
Slide 38: 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 39: 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 March 31, 2026 March 31, 2025 December 31, 2025 March
Slide 40: Adjusted Gross Profit Reconciliation — 2021 Actual and 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: 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 Revenue from external customers: Rental revenue $ 116 $ 121 $ 127 $ 142 $ 137 Equipment sales 30 40 35 56 38 Parts
Slide 42: 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 Revenue from external customers: Equipment sales $ 244 $ 316 $ 286 $ 298 $ 255 Parts sales and services 11 12 13 1
Slide 43: 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 Revenue: Rental $ 116 $ 121 $ 127 $ 142 $ 137 Equipment sales 30 40 35 56 38 Parts sales and services 21 22 2
Slide 44: 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 Revenue: Equipment sales $ 244 $ 316 $ 286 $ 298 $ 255 Parts sales and services 11 12 13 11 13 Intersegment sales 95
Slide 45: Leverage Ratio Calculation
LEVERAGE RATIO CALCULATION ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Net Debt and Finance Leases (As of Period End): Current Maturities of Long-Term Debt $ 4 $ 1 $ 8 $ 6 $ 23 $ 21 $ 26 $ 5
Slide 46: Levered Cash Flow Calculation
LEVERED 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 Net cash flow from operating activities $ 56 $ 181 $ 263 $ 310 $ 24 Acquisition of inventory through floor plan pa
Slide 47: 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 48: 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 49: TES to 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) Intersegment & Other As Reported TES APS Adjustments Adjustments As Adjusted STEM Revenue: Rental $ — $ — $ — $ — Equipment sales 233 — 12 244 Pa
Slide 50: TES to 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) Intersegment & Other As Reported TES APS Adjustments Adjustments As Adjusted STEM Revenue: Rental $ — $ — $ — $ — Equipment sales 303 — 13 317 Pa
Slide 51: 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) As Reported As Adjusted SER As Adjusted STEM Corporate & Eliminations Consolidated Revenue: Rental $ 120 $ — $ (4) $ 116 Equipment sales 29 24
Slide 52: 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) As Reported As Adjusted SER As Adjusted STEM Corporate & Eliminations Consolidated Revenue: Rental $ 125 $ — $ (4) $ 121 Equipment sales 39 31
Slide 53: ERS to SER Recast Financials — Two-Year Summary
ERS → SER RECAST FINANCIALS — TWO-YEAR 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 sal
Slide 54: TES to STEM Recast Financials — Two-Year Summary
TES → STEM RECAST FINANCIALS — TWO-YEAR SUMMARY ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended) Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Q2 25 Q3 25 Q4 25 2025 Revenue: Rental $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — Equipment sales 249 25
Slide 55: SER Recast Financials — Q1 2026
SER RECAST FINANCIALS — Q1 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 $ 137 $ 4 $ 141 Equipment sales 38 1 39 Parts sales and services 19 — 19 Total revenue from externa
Slide 56: STEM Recast Financials — Q1 2026
STEM RECAST FINANCIALS — Q1 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 $ 255 $ — $ 255 Parts sales and services 13 — 13 Total revenue from external customers
Slide 57: SER Recast Financials — Q1 2025 vs. Q1 2026
SER RECAST (1) FINANCIALS — Q1 2025 VS. Q1 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q1 26 Revenue: Rental $ 120 $ 141 Equipment sales 29 39 Parts sales and services 21 19 Total revenue from external customers 170 198 Interse
Slide 58: STEM Recast Financials — Q1 2025 vs. Q1 2026
STEM RECAST(1) FINANCIALS — Q1 2025 VS. Q1 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q1 26 Revenue: Equipment sales $ 244 $ 255 Parts sales and services 11 13 Total revenue from external customers 255 268 Intersegment sales 1
Slide 59: Contact IR
Contact IR: Brian Perman Vice President, Investor Relations investors@customtruck.com
Custom Truck One Source — Q1 2026 Earnings Presentation on 6ix