Custom Truck One Source, Inc. · NYSE:CTOS
Custom Truck One Source — Investor Presentation (April 2026)
52 slides from Custom Truck One Source's investor presentation, Apr 1, 2026
Slide 1: Supplemental Segment Reporting Framework
Custom Truck One Source Supplemental Segment Reporting Framework Investor Webinar April 1, 2026 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, Adjusted EBITDA and Segmen
Slide 3: Executive Summary
Executive Summary • After a recent evaluation of how we currently assess overall operational decision-making and report internal financial information, beginning with the three-month period ending March 31, 2026, we will report the financial results of our two operating segments, which will also be
Slide 4: Executive Summary
Executive Summary • While the rental, sales and service activities of our legacy APS segment remain integral to our overall business, APS will no longer be presented or accounted for as a standalone business segment • Through Q4 2026 reporting, we will provide reconciliations of certain historical f
Slide 5: Operating Segment Realignment – Why Now?
Operating Segment Realignment – Why Now? • The operating segment change aligns our external financial reporting with how our CEO and executive team manage the overall business and report internal financial information • In addition to providing better internal alignment with operational decision mak
Slide 6: Operating Segment Realignment – What’s Not Changing
Operating Segment Realignment – What’s Not Changing The change in our segment reporting will have no impact on our consolidated financial results, cash flow generation, leverage targets and overall capital allocation framework • From a financial perspective, we are only changing how intersegment tra
Slide 7: New CTOS Reporting Segments
New CTOS Reporting Segments New Reporting Segments with Q1 2026 Earnings Release Equipment Rental Solutions Specialty Equipment Rentals (ERS) (SER) 36% of 2025 Revenue 33% of As Adjusted 2025 Revenue Before Eliminations(1) Truck & Equipment Sales (TES) 56% of 2025 Revenue Specialty Truck Equipment &
Slide 8: New CTOS Reporting Segments
New CTOS Reporting Segments Specialty Equipment Rentals Specialty Truck Equipment & Manufacturing (SER) (STEM) Our legacy ERS segment (except for certain used sales to Our legacy TES segment, plus certain used sales that be accounted for by STEM), plus a portion of our APS previously were accoun
Slide 9: APS Re-Allocation by Segment
APS Re-Allocation by Segment APS is being split between the two new segments: rental-related APS activity goes to SER, while sales-related and longer-term aftermarket support activity goes to STEM Allocated to SER Allocated to STEM Rental-Led Activities Sales-Led Aftermarket Activities • Parts, tool
Slide 10: What is Not Being Allocated to the Segments?
What is Not Being Allocated to the Segments? Approximately $99 million (for the year ended December 31, 2025) of shared corporate expenses will not be allocated to the segments and will be presented in a “Corporate & Eliminations” column in the consolidating financials: • Technology: Enterprise syst
Slide 11: Intersegment Transactions
Intersegment Transactions • All intersegment sales will be accounted for using a cost-plus methodology that reflects the relevant gross margin for the transaction • Intersegment sales of certain used equipment from SER to STEM will occur at a 10% gross margin o Example: SER sells used equipment earm
Slide 12: Intersegment Transactions
Intersegment Transactions • Our segment results from Q1 2026 forward will reflect the impact of the intersegment accounting outlined above. However, for Q1 – Q4 2026, as per GAAP, the segment reporting for 2025 will reflect the reclassification of actual segment revenue and will not reflect a gross
Slide 13: Financial Reporting & Guidance
Financial Reporting & Guidance • Q4 2025 and full-year 2025 financial results were the last results we reported under our legacy three-segment format • Earnings reporting for Q1 2026 and forward will reflect our new two-segment framework • Reconciliations of financial reporting from periods ending p
Slide 14: Recast 2026 Outlook
Recast 2026 Outlook(1) 2025 Actual 2026 Outlook Growth Consolidated Revenue $1.944 billion $2.005 - $2.12 billion +3% to +9% SER(2) $810 million $835 - $870 million +3% to +7% STEM(2) $1.656 billion $1.580 - $1.655 billion -5% to +0.4% Adjusted EBITDA(3) $384 million $410 - $435 million +7% to +13%
Slide 15: Key Messages
Key Messages • Purposeful transition from three segments to two, better aligning with the operational and strategic priorities while harnessing the full power of the CTOS business model • Reflects an evolution of the operating model and customer demand while also simplifying the story • Highlights C
Slide 16: Appendix
: Appendix (Oe aee
Slide 17: Glossary – Key Performance Indicators and Measures
Glossary – Key Performance Indicators and Measures • OEC — Original equipment cost (“OEC”) is the original equipment cost of units at the end of the measurement period. OEC represents the original equipment cost and excludes the effect of adjustments to rental equipment fleet acquired in business co
Slide 18: Glossary – Financial Measures
Glossary – Financial Measures • Adjusted Gross Profit — Adjusted Gross Profit is defined as Gross Profit excluding depreciation of rental equipment and is a financial performance measure that we use to monitor our results from operations. We believe the exclusion of depreciation expense of the renta
Slide 19: Glossary – Financial Measures
Glossary – Financial Measures • Segment Adjusted EBITDA — Segment Adjusted EBITDA is defined as Adjusted Gross Profit for the segment, less selling, general and administrative and certain other expenses allocated to the segment. This non-GAAP measure is subject to certain limitations. • Levered Free
Slide 20: Two-Segment Recast – Basis of Financial Presentation
Two-Segment Recast – Basis of Financial Presentation • The “as reported” amounts presented on the following pages were derived from our previously issued quarterly and annual financial information as reported in our quarterly earnings press releases, Quarterly Reports on Form 10-Q and Annual Reports
Slide 21: ERS → SER As Adjusted Financials – Q1 2024
ERS → SER As Adjusted Financials – Q1 2024 For the Three Months Ended March 31, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 103.3 $ 2.9 $ 6.7 $ 112.9 Equipment sales 32.7 - (5.3) 27.4 Parts sales and services - 22.1 - 22.1 I
Slide 22: TES → STEM As Adjusted Financials – Q1 2024
TES → STEM As Adjusted Financials – Q1 2024 For the Three Months Ended March 31, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 239.9 - 9.2 249.1 Parts sales and services - 10.4 - 10.4 Intersegmen
Slide 23: Consolidating As Adjusted Financials – Q1 2024
Consolidating As Adjusted Financials – Q1 2024 For the Three Months Ended March 31, 2024 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 112.9 $ - $ (6.7) $ 106.2 Equipment sales 27.4 249.1 (3.9) 272.6 Parts sales and services 22.1
Slide 24: ERS → SER As Adjusted Financials – Q2 2024
ERS → SER As Adjusted Financials – Q2 2024 For the Three Months Ended June 30, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 100.7 $ 2.3 $ 7.0 $ 110.1 Equipment sales 37.7 - (3.0) 34.7 Parts sales and services - 23.7 - 23.7 In
Slide 25: TES → STEM As Adjusted Financials – Q2 2024
TES → STEM As Adjusted Financials – Q2 2024 For the Three Months Ended June 30, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 247.9 - 10.8 258.7 Parts sales and services - 10.7 - 10.7 Intersegmen
Slide 26: Consolidating As Adjusted Financials – Q2 2024
Consolidating As Adjusted Financials – Q2 2024 For the Three Months Ended June 30, 2024 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 110.1 $ - $ (7.1) $ 103.0 Equipment sales 34.7 258.7 (7.8) 285.6 Parts sales and services 23.7
Slide 27: ERS → SER As Adjusted Financials – Q3 2024
ERS → SER As Adjusted Financials – Q3 2024 For the Three Months Ended September 30, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 105.3 $ 3.0 $ 5.1 $ 113.4 Equipment sales 45.6 - (11.1) 34.4 Parts sales and services - 22.7 - 2
Slide 28: TES → STEM As Adjusted Financials – Q3 2024
TES → STEM As Adjusted Financials – Q3 2024 For the Three Months Ended September 30, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 259.9 - 11.3 271.2 Parts sales and services - 10.7 - 10.7 Inters
Slide 29: Consolidating As Adjusted Financials – Q3 2024
Consolidating As Adjusted Financials – Q3 2024 For the Three Months Ended September 30, 2024 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 113.4 $ - $ (5.1) $ 108.3 Equipment sales 34.4 271.2 (0.1) 305.5 Parts sales and services
Slide 30: ERS → SER As Adjusted Financials – Q4 2024
ERS → SER As Adjusted Financials – Q4 2024 For the Three Months Ended December 31, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 120.9 $ 4.6 $ 3.3 $ 128.8 Equipment sales 51.6 - (13.2) 38.4 Parts sales and services - 25.5 - 25
Slide 31: TES → STEM As Adjusted Financials – Q4 2024
TES → STEM As Adjusted Financials – Q4 2024 For the Three Months Ended December 31, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 307.7 - 13.6 321.3 Parts sales and services - 10.4 - 10.4 Interse
Slide 32: Consolidating As Adjusted Financials – Q4 2024
Consolidating As Adjusted Financials – Q4 2024 For the Three Months Ended December 31, 2024 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 128.8 $ - $ (3.3) $ 125.5 Equipment sales 38.4 321.3 (0.4) 359.3 Parts sales and services 2
Slide 33: ERS → SER As Adjusted Financials – Full-Year 2024
ERS → SER As Adjusted Financials – Full-Year 2024 For the Twelve Months Ended December 31, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 430.2 $ 12.9 $ 22.1 $ 465.1 Equipment sales 167.6 - (32.7) 134.9 Parts sales and services
Slide 34: TES → STEM As Adjusted Financials – Full-Year 2024
TES → STEM As Adjusted Financials – Full-Year 2024 For the Twelve Months Ended December 31, 2024 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 1,055.4 - 44.9 1,100.3 Parts sales and services - 42.2 -
Slide 35: Consolidating As Adjusted Financials – Full-Year 2024
Consolidating As Adjusted Financials – Full-Year 2024 For the Twelve Months Ended December 31, 2024 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 465.1 $ - $ (22.2) $ 443.0 Equipment sales 134.9 1,100.3 (12.2) 1,223.0 Parts sales
Slide 36: ERS → SER As Adjusted Financials – Q1 2025
ERS → SER As Adjusted Financials – Q1 2025 For the Three Months Ended March 31, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 113.0 $ 3.3 $ 3.7 $ 120.0 Equipment sales 41.4 - (12.6) 28.8 Parts sales and services - 21.0 - 21.0
Slide 37: TES → STEM As Adjusted Financials – Q1 2025
TES → STEM As Adjusted Financials – Q1 2025 For the Three Months Ended March 31, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 232.5 - 11.5 244.0 Parts sales and services - 11.1 - 11.1 Intersegme
Slide 38: Consolidating As Adjusted Financials – Q1 2025
Consolidating As Adjusted Financials – Q1 2025 For the Three Months Ended March 31, 2025 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 120.0 $ - $ (3.7) $ 116.3 Equipment sales 28.8 244.0 1.0 273.9 Parts sales and services 21.0 1
Slide 39: ERS → SER As Adjusted Financials – Q2 2025
ERS → SER As Adjusted Financials – Q2 2025 For the Three Months Ended June 30, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 117.7 $ 3.1 $ 4.2 $ 125.0 Equipment sales 52.7 - (13.9) 38.8 Parts sales and services - 22.7 - 22.7 I
Slide 40: TES → STEM As Adjusted Financials – Q2 2025
TES → STEM As Adjusted Financials – Q2 2025 For the Three Months Ended June 30, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 303.4 - 13.1 316.5 Parts sales and services - 11.9 - 11.9 Intersegmen
Slide 41: Consolidating As Adjusted Financials – Q2 2025
Consolidating As Adjusted Financials – Q2 2025 For the Three Months Ended June 30, 2025 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 125.0 $ - $ (4.2) $ 120.8 Equipment sales 38.8 316.5 0.9 356.1 Parts sales and services 22.7 11
Slide 42: ERS → SER As Adjusted Financials – Q3 2025
ERS → SER As Adjusted Financials – Q3 2025 For the Three Months Ended September 30, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 123.9 $ 3.2 $ 4.0 $ 131.2 Equipment sales 45.2 - (11.0) 34.2 Parts sales and services - 21.5 - 2
Slide 43: TES → STEM As Adjusted Financials – Q3 2025
TES → STEM As Adjusted Financials – Q3 2025 For the Three Months Ended September 30, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 275.4 - 10.6 286.0 Parts sales and services - 12.8 - 12.8 Inters
Slide 44: Consolidating As Adjusted Financials – Q3 2025
Consolidating As Adjusted Financials – Q3 2025 For the Three Months Ended September 30, 2025 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 131.2 $ - $ (4.0) $ 127.1 Equipment sales 34.2 286.0 0.4 320.6 Parts sales and services 21
Slide 45: ERS → SER As Adjusted Financials – Q4 2025
ERS → SER As Adjusted Financials – Q4 2025 For the Three Months Ended December 31, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 137.2 $ 4.9 $ 3.7 $ 145.8 Equipment sales 70.0 - (16.7) 53.3 Parts sales and services - 21.4 - 21
Slide 46: TES → STEM As Adjusted Financials – Q4 2025
TES → STEM As Adjusted Financials – Q4 2025 For the Three Months Ended December 31, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 284.0 - 14.2 298.2 Parts sales and services - 10.8 - 10.8 Interse
Slide 47: Consolidating As Adjusted Financials – Q4 2025
Consolidating As Adjusted Financials – Q4 2025 For the Three Months Ended December 31, 2025 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 145.8 $ - $ (3.8) $ 142.0 Equipment sales 53.3 298.2 2.5 353.9 Parts sales and services 21.
Slide 48: ERS → SER As Adjusted Financials – Full-Year 2025
ERS → SER As Adjusted Financials – Full-Year 2025 For the Twelve Months Ended December 31, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) ERS Adjustments Adjustments SER Revenue: Rental $ 491.8 $ 14.6 $ 15.6 $ 521.9 Equipment sales 209.3 - (54.1) 155.1 Parts sales and services
Slide 49: TES → STEM As Adjusted Financials – Full-Year 2025
TES → STEM As Adjusted Financials – Full-Year 2025 For the Twelve Months Ended December 31, 2025 Intersegment As Reported APS & Other As Adjusted ($ in millions) TES Adjustments Adjustments STEM Revenue: Rental $ - $ - $ - $ - Equipment sales 1,095.2 - 49.4 1,144.6 Parts sales and services - 46.6 -
Slide 50: Consolidating As Adjusted Financials – Full-Year 2025
Consolidating As Adjusted Financials – Full-Year 2025 For the Twelve Months Ended December 31, 2025 As Adjusted As Adjusted Corporate & As Reported ($ in millions) SER STEM Eliminations Consolidated Revenue: Rental $ 521.9 $ - $ (15.7) $ 506.2 Equipment sales 155.1 1,144.6 4.7 1,304.5 Parts sales an
Slide 51: ERS → SER As Adjusted Financials – Two-Year Summary
ERS → SER As Adjusted Financials – Two-Year Summary As Adjusted SER Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 ($ in millions) Revenue: Rental $ 112.9 $ 110.1 $ 113.4 $ 128.8 $ 465.1 $ 120.0 $ 125.0 $ 131.2 $ 145.8 $ 521.9 Equipment sales 27.4 34.7 34.4 38.4 134.9 28.8
Slide 52: TES → STEM As Adjusted Financials – Two-Year Summary
TES → STEM As Adjusted Financials – Two-Year Summary As Adjusted STEM Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 2025 ($ in millions) Revenue: Rental $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Equipment sales 249.1 258.7 271.2 321.3 1,100.3 244.0 316.5 286.0 298.2 1,144.6 Part
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