Custom Truck One Source, Inc. · NYSE:CTOS
Custom Truck One Source — Q3 2025 Earnings Presentation
27 slides from Custom Truck One Source's earnings presentation, Oct 28, 2025
Slide 1: Custom Truck One Source 3rd Quarter 2025 Investor Presentation
Custom Truck One Source 3rd Quarter 2025 Investor Presentation October 27, 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 $1.94B+ Opened in June 2025 $365M Specialty Equipment LTM Revenue1 LTM Adj. EBITDA1,2 • True “One-Stop-Shop” platform, focused on rental and sales 2,600+ 10,350+ 41 Locations4 Employees1 Fleet Units1 • Deep product knowledge and New Locati
Slide 4: Q3 2025 – Second Quarter Momentum Continues
Q3 2025 – Second Quarter Momentum Continues • Strong fundamentals continue across all end-market and product categories • Revenue of $482M: +8% vs. Q3 ‘24 o ERS: $169M — Consistent strength in Rental KPIs, driven by strong utility spending o TES: $275M — Strong vocational sales o APS: $38M — Benefit
Slide 5: Unique Business Model = Strong Value Creation
Unique Business Model = Strong Value Creation Attractive end markets with long-term Infrastructure Bill, Inflation Reduction Act and One Big secular growth drivers Beautiful Bill further supercharge end-market tailwinds Differentiated one-stop shop business model with strong Best-in-class asset leve
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 U.S. IOU T&D Capex INFRASTRUCTURE U.S. Non-Power Infrastructure Capex Rapidly increasing major projects driven by AI-driven data center ~$91B 8.7% Large an
Slide 7: Unprecedented Projected T&D Capital Spending
Unprecedented Projected T&D Capital Spending Forecasted Load Growth Requires Substantial Transmission & Distribution Investment in the U.S. • After years of essentially no growth in U.S. electricity demand, projections for U.S. IOU Electric Transmission & Distribution Capex load growth have increase
Slide 8: Diverse, Highly Loyal Customer Base
Diverse, Highly Loyal Customer Base Highlights • Serve more than 8,000 customers, T&D Infrastructure / Telecom Rail with the top 15 customers representing ~18% of revenue • No customer represents more than 3% of company revenue • Strong brand recognition and awareness among industry-leading customer
Slide 9: Differentiated “One-Stop-Shop” Business Model
Differentiated “One-Stop-Shop” Business Model Integrated Production Capabilities and Rental + Sales Model Provides Unique Value Proposition Integrated Production Capabilities One-Stop-Shop Value Proposition Unit Economic Advantages Multiple Revenue Streams Strong, Consistent Returns Chassis OEM Comp
Slide 10: National Branch Network
National Branch Network National Footprint Provides Flexibility in Managing the Rental Fleet and Superior Customer Service for Rental and Sales Customers • 41 locations in the U.S. and Canada, including new locations in Portland, OR (June 2025) and Orlando, FL (October 2025) o Highlights our continu
Slide 11: Our ESG Strategy
Our ESG Strategy • Our ESG plan is driven by our shared Purpose, Vision and Values • We are committed to staying at the forefront of technological innovations in our industry as the energy transition continues and adapting our products and services to align with our ESG objectives o Developed and de
Slide 12: Consolidated Operating Performance
Consolidated Operating Performance ($ millions, except where indicated) Q3 2025 Operating Results Reflect Strong Execution and Positive Trends Across the Consolidated Business Revenue Adjusted Gross Profit(1) $156 $482 $447 $138 $34 $33 $321 $305 $108 $127 Q3 24 Q3 25 Q3 24 Q3 25 Rental Equipment Sa
Slide 13: CTOS Reporting Segments
CTOS Reporting Segments Reporting Segments Align with Our Go-to-Market Strategies and Capital Allocation Decisions Equipment Rental Solutions Truck & Equipment Sales Aftermarket Parts & Service (ERS) (TES) (APS) Includes results from core rental Includes results from new and Includes results f
Slide 14: Equipment Rental Solutions (ERS)
Equipment Rental Solutions (ERS) ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q3 2025 Showed Year-over-Year Revenue Growth Resulting from Additional Gains in T&D Utilization Revenue $169 $151 • Total Revenue increased $18M, or 12%, in Q3 ‘
Slide 15: Equipment Rental Solutions (ERS)
Equipment Rental Solutions (ERS) ($ millions, except where indicated) Q3 2025 Saw Improved Average Utilization and OEC on Rent, Driven by Continued Momentum in T&D End Markets Utilization & Average OEC on Rent $1,400 86.3% 90.0% • Average Utilization of over 79% for Q3 ’25 83.8% 83.6% 81.7% $1,300 7
Slide 16: Truck & Equipment Sales (TES)
Truck & Equipment Sales (TES) ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Year-Over-Year Revenue Growth of 6% in Q3 2025, up 8.5% Year-To-Date Revenue New Sales Backlog $1,000 14.5 $275 12.5 12.0 12.8 11.9 $260 $900 12.5 $800 10.1 $855 $8
Slide 17: Aftermarket Parts & Service (APS)
Aftermarket Parts & Service (APS) ($ millions, except where indicated) Revenue Up 3% in Q3 2025 vs. Q3 2024, with Performance Helped by Improving Conditions in Utility End Market Revenue Revenue $36 $38 • Total Revenue increased 3% in Q3 ‘25 vs. Q3 ‘24 $3 $3 o Rental and Parts & Services revenue bot
Slide 18: Balance Sheet & Capital Investment
Balance Sheet & Capital Investment ($ thousands, except where indicated; sum of individual items may not equal total amounts due to rounding) 80%+ of Outstanding Debt is Covered by $1.34B Total OLV(1) of Rental Fleet • Total Available Liquidity: $480M+ Strong Available Liquidity and No Significant M
Slide 19: 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 20: 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 21: Appendix
: Appendix (Oe aes
Slide 22: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (in $ millions) Net income (loss) $ (14) $ (24) $ (17) $ 28 $ (18) $ (28) $ (6) Interest expense 25 27 27 27 26 26 26 Income tax expense (benefit) (2) 3 (1) (1) (8) 17 (1) Depreciation and amortization 56 58 59 63 63 66 67 EBIT
Slide 23: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (in $ millions) Revenue: Rental $ 106 $ 103 $ 108 $ 125 $ 116 $ 121 $ 127 Equipment sales 273 286 305 359 274 356 321 Parts sales and services 33 34 33 36 32 35 34 Total revenue 411 423 447 521 422 511 482 Cost of Revenue
Slide 24: Supplemental Segment Data – ERS
Supplemental Segment Data – ERS Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (in $ millions) Revenue: Rental revenue $ 103 $ 101 $ 105 $ 121 $ 113 $ 118 $ 124 Equipment sales 33 38 46 52 41 53 45 Total revenue 136 138 151 172 154 170 169 Cost of revenue: Cost of rental revenue 30 29 29 28 30 30 30 Cost
Slide 25: Supplemental Segment Data – TES
Supplemental Segment Data – TES Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (in $ millions) Equipment sales $ 240 $ 248 $ 260 $ 308 $ 232 $ 303 $ 275 Cost of equipment sales 197 206 218 257 197 256 234 Gross profit $ 43 $ 42 $ 42 $ 51 $ 35 $ 47 $ 41 Sum of individual line items may not equal subtotal
Slide 26: Supplemental Segment Data – APS
Supplemental Segment Data – APS Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (in $ millions) Revenue: Rental revenue $ 3 $ 2 $ 3 $ 5 $ 3 $ 3 $ 3 Parts sales and services 33 34 33 36 32 35 34 Total revenue 35 37 36 41 35 38 38 Cost of revenue: Cost of parts sales and services 26 29 28 29 28 28 28 Deprec
Slide 27: Leverage Ratio Calculation
Leverage Ratio Calculation Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 (in $ millions) Net Debt and Finance Leases (As of Period End): Current Maturities of Long-Term Debt $ 6 $ 4 $ 1 $ 8 $ 6 $ 23 $ 21 Long-Term Debt, Net 1,492 1,528 1,567 1,520 1,593 1,590 1,629 Add: Deferred Financing Costs 21 20 21
Custom Truck One Source — Q3 2025 Earnings Presentation on 6ix