Custom Truck One Source, Inc. · NYSE:CTOS
Custom Truck One Source — Q4 2025 Earnings Presentation
30 slides from Custom Truck One Source's earnings presentation, Mar 10, 2026
Slide 1: Custom Truck One Source 4th Quarter 2025 Investor Presentation
Custom Truck One Source 4th Quarter 2025 Investor Presentation March 10, 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, EBITDA and Adjusted EBITDA
Slide 3: CTOS at a Glance
CTOS at a Glance Leading Integrated Provider of $1.94B+ $384M Specialty Equipment LTM Revenue1 LTM Adj. EBITDA1,2 • True “One-Stop-Shop” platform, focused on rental and sales ~2,500 10,400+ 41 Locations4 Employees1 Fleet Units1 • Deep product knowledge and truck expertise $1.64B Fleet OEC3 • Strong
Slide 4: Q4 2025 – Record Quarterly Revenue on T&D Strength
Q4 2025 – Record Quarterly Revenue on T&D Strength • Strong fundamentals continue across all end-markets (particularly in T&D) and in most product categories drove record quarterly revenue o Revenue of $528M o Adjusted Gross Profit(1) of $180M: +7% vs. Q4 ’24 o Adjusted EBITDA(1) of $121M: +18% vs.
Slide 5: 2025 – Record Revenue with Strong Momentum into 2026
2025 – Record Revenue with Strong Momentum into 2026 • Returned to strong growth in 2025 with record revenue o Revenue of $1.94B, +8% vs. 2024 ERS: $701M,+17% vs. 2024 TES: $1.095B, +4% vs. 2024 APS: $148M, down marginally vs. 2024 o Adjusted Gross Profit(1) of $628M, +9% vs. 2024 o Adjusted E
Slide 6: Unique Business Model Leads to Strong Value Creation
Unique Business Model Leads to Strong Value Creation Attractive end markets with long-term Transmission and Distribution end markets continue to be secular tailwinds the primary growth drivers across the business Differentiated integrated business model with strong unit Best-in-class asset level ret
Slide 7: Favorable End-Market Dynamics
Favorable End-Market Dynamics Strong, Multi-Year End-Market Tailwinds with Remaining Spending 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 ~$102B 12.1% Larg
Slide 8: Unprecedented Projected T&D Capital Spending
Unprecedented Projected T&D Capital Spending Forecasted Load Growth Requires Substantial Transmission & Distribution Investment in the U.S. • After years of essentially no growth in U.S. electricity demand, projections for U.S. IOU Electric Transmission & Distribution Capex load growth have increase
Slide 9: Diverse, Highly Loyal Customer Base
Diverse, Highly Loyal Customer Base Highlights • Serve 8,000 customers, with the T&D Infrastructure & Telecom Rail top 15 customers representing 24% of revenue • No customer represents more than 4% of company revenue • Strong brand recognition and awareness among industry-leading customers • 18+ yea
Slide 10: Differentiated “One-Stop-Shop” Business Model
Differentiated “One-Stop-Shop” Business Model Integrated Production Capabilities and Rental + Sales Model Provides Unique Value Proposition Integrated Production Capabilities One-Stop-Shop Value Proposition Unit Economic Advantages Multiple Revenue Streams Strong, Consistent Returns Chassis OEM Comp
Slide 11: National Branch Network
National Branch Network National Footprint Provides Flexibility in Managing the Rental Fleet and Superior Customer Service for Rental, Sales & Service Customers • 41 locations in the U.S. and Canada, including new locations in Portland, OR and Orlando, FL o Highlights our continued confidence in the
Slide 12: Our ESG Strategy
Our ESG Strategy • Our ESG plan is driven by our shared Purpose, Vision and Values • We are committed to staying at the forefront of technological innovations in our industry as the energy transition continues and adapting our products and services to align with our ESG objectives o Developed and de
Slide 13: Q4 2025 Consolidated Operating Performance
Q4 2025 Consolidated Operating Performance ($ millions, except where indicated) Q4 2025 Operating Results Reflect Strong Execution and Positive Trends Across the Consolidated Business Revenue Adjusted Gross Profit(1) $521 $528 $180 $36 $32 $168 $359 $354 $125 $142 Q4 24 Q4 25 Q4 24 Q4 25 Rental Equi
Slide 14: Full-Year 2025 Consolidated Operating Performance
Full-Year 2025 Consolidated Operating Performance ($ millions, except where indicated) 2025 Operating Results Reflect Strength in T&D Markets and Continued Growth in Equipment Sales Revenue Adjusted Gross Profit(1) $1,944 $1,802 $628 $133 $574 $136 $1,304 $1,223 $443 $506 2024 2025 2024 2025 Rental
Slide 15: Consistent Revenue and Adjusted EBITDA Growth
Consistent Revenue and Adjusted EBITDA(1) Growth ($ millions, except where indicated) Produced consistent Revenue and Adjusted EBITDA(1) growth since the closing of the combination with Nesco despite softness in Utility demand in 2024, resulting in Revenue and Adjusted EBITDA(1) CAGRs through year-e
Slide 16: CTOS New Reporting Segments
CTOS New Reporting Segments New Reporting Segments with Q1 2026 Earnings Release We will provide detail on our new reporting segments ahead of Q1 2026 earnings in early April, including reconciliations of certain reported historical financial data to reflect the updated segment reporting Equipment R
Slide 17: Equipment Rental Solutions (ERS)
Equipment Rental Solutions (ERS) ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q4 2025 Showed Year-over-Year Revenue Growth Resulting from Additional Gains in T&D Utilization Revenue $207 • Total Revenue of $207M, +$35M, or 20%, in Q4 ‘25 v
Slide 18: Equipment Rental Solutions (ERS)
Equipment Rental Solutions (ERS) ($ millions, except where indicated) Q4 2025 Saw Improved Average Utilization and OEC on Rent, Driven by Continued Momentum in T&D End Markets Utilization & Average OEC on Rent $1,500 90.0% • Average Utilization of almost 84% for Q4 ’25 83.6% $1,400 78.9% 77.6% 79.3%
Slide 19: Truck & Equipment Sales (TES)
Truck & Equipment Sales (TES) ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Sequential Quarterly Growth of 3% in Q4 2025, up 4% for the Full Year Revenue New Sales Backlog $308 $600 6.4 7.0 $284 $500 5.7 6.0 $537 4.8 4.6 5.0 $400 $478 4.2 $
Slide 20: Aftermarket Parts & Service (APS)
Aftermarket Parts & Service (APS) ($ millions, except where indicated) Consistent Quarterly Performance, Helped by Improving Conditions in Utility End Market Revenue Revenue $41 • Total Revenue decreased 8% in Q4 ‘25 vs. Q4 ‘24 $5 $37 o Impacted by softer demand across parts, tools and $5 accessorie
Slide 21: Balance Sheet & Capital Investment
Balance Sheet & Capital Investment ($ thousands, except where indicated; sum of individual items may not equal total amounts due to rounding) • Substantial OLV of the rental fleet provides ~85%+ of Outstanding Debt is Covered by $1.41B Total OLV(1) of Rental Fleet significant coverage of our outstan
Slide 22: 2026 Outlook
2026 Outlook 2025 Actual 2026 Outlook Growth Consolidated Revenue $1.944 billion $2.005 - $2.120 billion 3% - 9% ERS $701 million $725 - $760 million 3% - 8% TES $1.095 billion $1.125 - $1.200 billion 3% - 10% APS $148 million $155 - $160 million 5% - 8% Adjusted EBITDA(1) $384 million $410 - $435 m
Slide 23: Investment Highlights
Investment Highlights 11 Favorable End-Market Dynamics with Outstanding Secular Growth Drivers 22 Differentiated Integrated 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 Custom Truc
Slide 24: Appendix
: Appendix (Oh aes
Slide 25: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation Quarter Year to Date Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q4 25 (in $ millions) Net income (loss) $ 28 $ (18) $ (28) $ (6) $ 21 $ (29) $ (31) Interest expense 27 26 26 26 26 106 105 Income tax expense (benefit) (1) (8) 17 (1) (6) (1) 3 Depreciation and amortization 63 6
Slide 26: Adjusted Gross Profit Reconciliation
Adjusted Gross Profit Reconciliation Quarter Year to Date Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q4 25 (in $ millions) Revenue: Rental $ 125 $ 116 $ 121 $ 127 $ 142 $ 443 $ 506 Equipment sales 359 274 356 321 354 1,223 1,304 Parts sales and services 36 32 35 34 32 136 133 Total revenue 521 422 511 482
Slide 27: Supplementary Segment Data — ERS
Supplementary Segment Data — ERS Quarter Year to Date Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q4 25 (in $ millions) Revenue: Rental revenue $ 121 $ 113 $ 118 $ 124 $ 137 $ 430 $ 492 Equipment sales 52 41 53 45 70 168 209 Total revenue 172 154 170 169 207 598 701 Cost of revenue: Cost of rental revenue 2
Slide 28: Supplementary Segment Data — TES
Supplementary Segment Data — TES Quarter Year to Date Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q4 25 (in $ millions) Equipment sales $ 308 $ 232 $ 303 $ 275 $ 284 $ 1,055 $ 1,095 Cost of equipment sales 257 197 256 234 240 877 927 Gross profit $ 51 $ 35 $ 47 $ 41 $ 44 $ 178 $ 168 Sum of individual line i
Slide 29: Supplementary Segment Data — APS
Supplementary Segment Data — APS Quarter Year to Date Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q4 25 (in $ millions) Revenue: Rental revenue $ 5 $ 3 $ 3 $ 3 $ 5 $ 13 $ 14 Parts sales and services 36 32 35 34 32 136 133 Total revenue 41 35 38 38 37 149 148 Cost of revenue: Cost of parts sales and services
Slide 30: Leverage Ratio Calculation
Leverage Ratio Calculation Q4 24 Q4 25 (in $ millions) Net Debt and Finance Leases (As of Period End): Current Maturities of Long-Term Debt $ 8 $ 26 Long-Term Debt, Net 1,520 1,619 Add: Deferred Financing Costs 20 16 Total Debt and Finance Leases 1,548 1,661 Less: Cash and Cash Equivalents (4) (6) N
Custom Truck One Source — Q4 2025 Earnings Presentation on 6ix