Alta Equipment Group Inc. · NYSE:ALTG
Alta Equipment — Q3 2025 Earnings Presentation
35 slides from Alta Equipment's earnings presentation, Nov 6, 2025
Slide 1: Earnings Presentation Third Quarter 2025
EARNINGS PRESENTATION THIRD QUARTER 2025 November 6, 2025
Slide 2: Legal Disclaimers
LEGAL DISCLAIMERS Forward-Looking Information This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Alta’s actual results may differ from their expectations, estimates and projections and co
Slide 3: Agenda & Introduction
AGENDA & INTRODUCTION Agenda INTRODUCTION CEO Overview Executive Officers: Q3 2025 Results Business Conditions Ryan Greenawalt, CEO Regional Markets & Tony Colucci, CFO Strategy and Execution CFO Overview Q3 2025 Quarterly Financial Analysis Rental Fleet Summary Free Cash Flow Performa
Slide 4: CEO Overview
CEO OVERVIEW Ryan Greenawalt 4 Earnings Presentation | Third Quarter 2025 | November 6, 2025
Slide 5: Q3 2025 Results
CEO OVERVIEW Q3 2025 Revenue Of $422.6 million, a decrease of $26.2 million from Q3 2024 primarily from revenue streams involving the sale of new, used, and previously rented equipment Q3 2025 Construction and Material Handling Segment Revenue Of Results: $241.6 million and $167.9 million, decreases
Slide 6: Business Conditions
CEO OVERVIEW Business Solid Industry Fundamentals 1Industrial Spending forecast remains high; $530 billion forecasted for ‘25 to $555 billion in ‘27 Conditions: 2Infrastructure starts forecast to grow from $327 billion in ’24 to $374 billion in ‘29 3Federal infrastructure spending (IIJA $1.2 t
Slide 7: Regional Markets
CEO OVERVIEW CE Industry Volumes v. DOT Budgets $35.0 6,500 $30.0 6,000 Regional $25.0 $20.0 5,500 5,000 Markets: $15.0 $10.0 4,500 4,000 $5.0 3,500 CE industry unit volumes $- 3,000 have declined from norms 2019-2020 2020-2021 2021-2022 2022-2023 2023-2024 2024-2025 2025-2026 in the face of rising
Slide 8: Strategy and Execution
CEO OVERVIEW Strategic Value-Creation Proven acquisition and integration track record; closing 17 acquisitions adding $543 million in total revenue and $66 million in EBITDA at accretive multiples (since IPO in 2020) Increased locations from 43 to 83 throughout Michigan, Indiana, Ohio, Illinois,
Slide 9: CFO Overview
CFO OVERVIEW Tony Colucci 9 Earnings Presentation | Third Quarter 2025 | November 6, 2025
Slide 10: Q3 2025 Quarterly Financial Analysis - Total Company
CFO OVERVIEW Q3 2025 Quarterly Financial Analysis Total Company Increase Three Months Ended September 30, (Decrease) Total Company 2025 2024 2025 versus 2024 • Total revenue declined $26.2MM, or (5.8)%, from $448.8MM to $422.6MM Revenues: • Product support revenue of $141.7MM for Q3 2025 versus $140
Slide 11: Q3 2025 Quarterly Financial Analysis - Material Handling Segment
CFO OVERVIEW Q3 2025 Quarterly Financial Analysis Material Handling Segment Increase Three Months Ended September 30, (Decrease) Material Handling 2025 2024 2025 versus 2024 • Total revenue declined $1.0MM, or (0.6)%, from $168.9MM to $167.9MM Revenues: • Product support revenue of $59.2MM for Q3 20
Slide 12: Q3 2025 Quarterly Financial Analysis - Construction Equipment Segment
CFO OVERVIEW Q3 2025 Quarterly Financial Analysis Construction Equipment Segment Increase Three Months Ended September 30, (Decrease) Construction 2025 2024 2025 versus 2024 • Total revenue decreased $20.7MM, or (7.9)%, from $262.3MM to $241.6MM Revenues: • Product support revenue of $79.9MM for Q3
Slide 13: Q3 2025 Quarterly Financial Analysis - Master Distribution Segment
CFO OVERVIEW Q3 2025 Quarterly Financial Analysis Master Distribution Segment Increase Three Months Ended September 30, (Decrease) Master Distribution (Ecoverse) 2025 2024 2025 versus 2024 • Total revenue decreased $3.2MM, or (17.6)%, from $18.2MM to $15.0MM Revenues: • New/used revenue decreased 21
Slide 14: Construction Segment Focus: Earnings Quality Increases in 2025
CFO OVERVIEW Construction Segment Focus: Earnings Quality Increases in 2025 Product Support $77.0 YTD 2024 YTD 2025 $ Change $74.6 (PS) Departments Adj. EBITDA $21.4 $34.2 +$12.8 Rental equipment sales gross profit YTD 2024 YTD 2025 $ Change (i.e. gain on sale) Gain on sale of $22.3 $12.5 -$9.8 rent
Slide 15: Rental Fleet Summary
CFO OVERVIEW Rental Fleet Summary September September ($MM) Gross Book Value 30, 2024 30, 2025 Inc./(Dec.) Material Handling $205.0 $215.7 $10.7 Construction – Aerial (Rent-to-Rent) 67.2 36.2 (31.0) Total Rent-to-Rent Fleet 272.2 251.9 (20.3) Construction – Earthmoving/Specialty (Rent-to-Sell) 326.8
Slide 16: Free Cash Flow Performance
CFO OVERVIEW Free Cash Flow Performance [1] Non-GAAP measures; see Appendices for reconciliation of Non-GAAP measures Guidance 2023 2024 2025 YTD Midpoint Target Profile 1 Adjusted EBITDA [1] $ 191.4 $ 168.3 $ 123.8 $170.0 $ 200.0 Plus: Non-Cash Operating Activities (Non-Addbacks) 2 7.3 8.0 4.6 -/-
Slide 17: Capital Structure / Credit Profile
CFO OVERVIEW Capital Structure / Credit Profile Balance Sheet Strength / Liquidity5 Capital Structure ($MM) EV/2025 September 30, 2025 $ Amount EBITDA 800,000 Cash $14.1 700,000 $662MM Debt:1 600,000 Lines of Credit (ABL)2 $234.2 $501MM 500,000 Floor Plan – Used and Rental 69.4 400,000 300,000 2.1x
Slide 18: Debt Structure and Maturity Runoff
CFO OVERVIEW Debt Structure and Maturity Runoff Debt Maturity ABL SSSL $600MM Drawn Undrawn $500MM $500MM On June 5, 2024 the Company amended its ABL facility to increase borrowing $400MM capacity and extend the maturity from 12/31/2025 to March of 2029. Simultaneously with the amendment, the Compan
Slide 19: Capital Allocation Strategy
CFO OVERVIEW Capital Allocation Strategy STRATEGIC M&A STOCK REPURCHASE LEVERAGE REDUCTION ORGANIC GROWTH $30.0 million share repurchase Strategic opportunities with in- program in place, with ~$20 Manage leverage profile and network dealerships and in Dedicated to expansion, market million remainin
Slide 20: Pathway to Target Profile EBITDA
CFO OVERVIEW Pathway to Target Profile EBITDA $3 $7 $200 $10 ($7) $17 $170 • Reversion to Normal Industry Equipment Volumes and Margins Can Quickly Restore EBITDA to Target Levels • Future Market Share Gains and Achieved SG&A Optimization will Amplify EBITDA Gains as Industry Reverts to Normal Equip
Slide 21: FY 2025 Guidance
CFO OVERVIEW FY 2025 Guidance FY 2025 OUTLOOK ($ IN MM) ADJUSTED EBITDA: FY 2025 $168.0MM – $172.0MM GUIDANCE (Net of New Equipment Floorplan Interest) FREE CASH FLOW BEFORE RTS DECISIONING: $105.0MM – $110.0MM 2025 GUIDANCE ASSUMPTIONS/COMMENTARY: Adjusting top-end and low-end guidance and narrow
Slide 22: Thank You
THANK YOU (NYSE:ALTG) Investor Relations Contact: Kevin Inda SCR Partners M: (225) 772-0254 E: Kevin@scr-ir.com 22 Earnings Presentation | Third Quarter 2025 | November 6, 2025
Slide 23: Supplemental Information - About the Company
SUPPLEMENTAL APPENDICES INFORMATION About the Company 23 Earnings Presentation | Third Quarter 2025 | November 6, 2025
Slide 24: Alta Equipment Group Overview
THE COMPANY THE COMPANY Alta Equipment Group Overview Material Handling Construction E-mobility Distribution BRANDING MARKET RELATIONSHIPS OEM/SUPPLIER SELECT OFFERING PRODUCT SELECT Food and Beverage Highway, Street, and Bridge General Freight Trucking, Local Biofuel / Compost / Food Waste
Slide 25: Material Handling Revenue by End-Market
THE COMPANY Alta Equipment Group – Material Handling Revenue by End-Market Finance, Insurance, and Aggregate and Mining Real Estate 0% 1% Manufacturing End-Market Detail Agriculture, Forestry, and Landscaping Retail Trade 0% 9% Other 11% Transportation Equipment 18% Rubber And Miscellaneous Public A
Slide 26: Construction Equipment Revenue by End-Market
THE COMPANY Alta Equipment Group – Construction Equipment Revenue by End-Market Aggregate and Mining Finance, Insurance, and 9% Real Estate 2% Retail Trade 2% Construction End-Market Detail Manufacturing 8% Agriculture, Forestry, and Landscaping Building Construction General 5% Contractors And Opera
Slide 27: Product Support Overview
THE COMPANY THE COMPANY Product Support Overview Product We have capabilities to support a variety of Support makes and models of Construction and Solutions Material Handling equipment. SERVICE Over 83 full-service locations across 15 states and 3 provinces Approx. 1,200 of Alta’s ~2,800 employe
Slide 28: Product Support Yield Trends
THE COMPANY Product Support Yield Trends Parts and Service Sales follow Equipment Sales Parts and Service Sales ($MM) New/Used/Rental Eq. Sales 2020 2021 2022 2023 2024 Parts and Service Sales Parts $129.6 $178.5 $234.8 $278.3 $294.4 $1,200.0 Service 128.5 165.5 206.6 241.3 253.8 Total $258.1 $344.0
Slide 29: Alta Equipment Group Vs Pure-Play Rental Businesses
THE COMPANY Alta Equipment Group Vs Pure-Play Rental Businesses EQUIPMENT DEALERSHIP BUSINESS MODEL New and used equipment sales Protected exclusive areas of primary responsibility (APRs) 53% Exclusive rights to OEM equipment and parts Proprietary diagnostic software to service field populatio
Slide 30: Alta Equipment Group Financial Profile
THE COMPANY Alta Equipment Group Financial Profile TTM September 30, ($MM) 2022 2023 2024 YTD Q3 2024 YTD Q3 2025 2025 Revenue $1,571.8 $1,876.8 $1,876.6 $1,378.5 $1,326.8 $1,824.9 Gross Profit 419.6 507.2 493.7 377.2 355.1 471.6 % margin 26.7% 27.0% 26.3% 27.4% 26.8% 25.8% Operating Expenses1 378.8
Slide 31: Appendices
APPENDICES Unaudited Reconciliation of Non-GAAP Financial Measures 31 Earnings Presentation | Third Quarter 2025 | November 6, 2025
Slide 32: Adjusted EBITDA – GAAP Reconciliation
APPENDIX A Adjusted EBITDA – GAAP Reconciliation Nine Mos Nine Mos Ended Sept Ended Sept TTM ($MM) 2022 2023 2024 Q3 2024 Q3 2025 30, 2024 30, 2025 Sept 30, 2025 Net income/(loss) available to common shareholders $6.3 $5.9 $(65.1) $(28.4) $(42.3) $(53.7) $(70.8) $(82.2) Depreciation and amortization
Slide 33: Free Cash Flow Performance – GAAP Reconciliation
APPENDIX B Free Cash Flow Performance – GAAP Reconciliation Nine Mos Ended ($MM) 2023 2024 Sept 30, 2025 Levered Free Cash Flow after RTS Decisioning and Returns to Shareholders[1] 1 $16.6 $29.8 $6.4 Reconciliation to Consolidated Statements of Cash Flows: Cash Paid Addbacks to EBITDA 2 (3.4) (9.4)
Slide 34: Economic EBIT – GAAP Reconciliation
APPENDIX C Economic EBIT – GAAP Reconciliation Nine Mos Ended Nine Mos Ended ($MM) 2022 2023 2024 Sept 30, 2024 Sept 30, 2025 Net income/(loss) available to common shareholders $6.3 $5.9 $(65.1) $(53.7) $(70.8) Depreciation and amortization 112.0 132.6 144.5 109.8 101.9 Interest expense 31.8 57.0 81
Slide 35: Unlevered FCF Before/After Growth Investments Reconciliation
APPENDIX D Unlevered FCF Before/After Growth Investments Reconciliation Nine Mos Ended Nine Mos Ended ($MM) 2022 2023 2024 Sept 30, 2024 Sept 30, 2025 Economic EBIT [1] $113.8 $122.3 $77.7 $63.7 $71.3 Cash Paid for Income Taxes (1.0) (5.7) (3.7) (1.5) (4.5) Unlevered FCF Before Growth Related Invest