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1 CONFIDENTIAL DRAFT Custom Truck One Source 3rd Quarter 2025 Investor Presentation October 27, 2025
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2 Safe Harbor 2 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 (collectively, the “non-GAAP financial measures”). These non-GAAP financial measures may exclude items that are significant in understanding and assessing the Company’s financial results. Therefore, these measures should not be considered in isolation or as an alternative to measures of financial performance in accordance with GAAP. Management believes that these non-GAAP financial measures provide meaningful information to investors because they provide insight into how effectively we operate our business. You should be aware that these non-GAAP financial measures may not be comparable to similarly titled measures used by other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the appendix of this presentation. This presentation includes market data and other statistical information from third-party sources. Although CTOS believes these third-party sources are reliable as of their respective dates, CTOS has not independently verified the accuracy or completeness of this information Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, as amended, and within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, that are based on certain assumptions that management has made in light of its experience in the industry, as well as the Company’s perceptions of historical trends, current conditions, expected future developments and other factors the Company believes are appropriate in these circumstances. When used in this presentation, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “suggests,” “plans,” “targets,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” “could,” “would,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside management’s control, that could cause actual results or outcomes to differ materially from those discussed in this presentation. Important factors, among others, that may affect actual results or outcomes include: increases in labor costs, changes in U.S. trade policy, our inability to obtain raw materials, component parts and/or finished goods in a timely and cost- effective manner, and our inability to manage our rental equipment in an effective manner; competition in the equipment dealership and rental industries; our sales order backlog may not be indicative of the level of our future revenues; increases in unionization rate in our workforce; our inability to attract and retain key personnel, including our management and skilled technicians; material disruptions to our operation and manufacturing locations as a result of public health concerns, equipment failures, natural disasters, work stoppages, power outages or other reasons; any further increase in the cost of new equipment that we purchase for use in our rental fleet or for sale as inventory; aging or obsolescence of our existing equipment, and the fluctuations of market value thereof; disruptions in our supply chain; our business may be impacted by government spending; we may experience losses in excess of our recorded reserves for receivables; uncertainty relating to macroeconomic conditions, unfavorable conditions in the capital and credit markets and our and our customers’ inability to obtain additional capital as required; increases in price of fuel or freight; regulatory technological advancement, or other changes in our core end-markets may affect our customers’ spending; our strategic initiatives including acquisitions and divestitures may not be successful and may divert our management’s attention away from operations and could create general customer uncertainty; the interest of our majority stockholder, which may not be consistent with the other stockholders; volatility of our common stock market price; our significant indebtedness, which may adversely affect our financial position, limit our available cash and our access to additional capital, prevent us from growing our business and increase our risk of default; our inability to generate cash, which could lead to a default; significant operating and financial restrictions imposed by our debt agreements; changes in interest rates, which could increase our debt service obligations on the variable rate indebtedness and decrease our net income and cash flows; disruptions or security compromises affecting our information technology systems or those of our critical services providers could adversely affect our operating results by subjecting us to liability, and limiting our ability to effectively monitor and control our operations, adjust to changing market conditions or implement strategic initiatives; we are subject to complex laws and regulations, including environmental and safety regulations that can adversely affect cost, manner or feasibility of doing business; we are subject to a series of risks related to climate change; and increased attention to, and evolving expectations for, sustainability and environmental, social and governance initiatives. For a more complete description of these and other possible risks and uncertainties, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and its subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the foregoing cautionary statements.
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3 CTOS at a Glance End Market & Business Mix Rental Fleet OEC1Revenue1End Market5 10,350+ Fleet Units1 $1.94B+ LTM Revenue1 $365M LTM Adj. EBITDA1,2 $1.62B+ Fleet OEC3 2,600+ Employees1 41 Locations4 Leading Integrated Provider of Specialty Equipment • True “One-Stop-Shop” platform, focused on rental and sales • Deep product knowledge and truck expertise • Strong track record of consistent growth • Favorable end markets with positive secular tailwinds • Proven integration experience and operational focus • Nationwide footprint, with recent expansion in underserved regions • Established track record of conservative balance sheet management and de-levering (1) As of, or for the twelve-month period ended, September 30, 2025. (2) Adjusted EBITDA is a non-GAAP measure. Please refer to the supplemental information provided in the Appendix for reconciliations to the most comparable GAAP measure. (3) OEC represents the original equipment cost exclusive of the effect of purchase accounting adjustments applied to rental equipment acquired in business combinations and any rental equipment held for sale. As of September 30, 2025. (4) Excludes third-party service locations. As of October 27, 2025. (5) Based on FY24. T&D 55% Infrastructure 29% Rail 4% Telecom 3% Other 8% New Location Opened in June 2025 New Location Opened in October 2025 New & Used Sales 68%Rental 25% Parts, Sales & Service 7% Buckets 31% Diggers 16%Other T&D 19% Cranes 8% Rail 6% Telecom 3% Other 17%
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4 • 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 — Benefitting from improved utility end-market demand • Adjusted Gross Profit(1) of $156M: +13% vs. Q3 ‘24 • Adjusted EBITDA(1) of $96M: +20% vs. Q3 ‘24 • Continue to benefit from previous years’ strategic inventory investment o Supports continued strong demand for new equipment sales for TES o Catalyst for further investment in our rental fleet into 2026, particularly for specialty vocational trucks that service the Infrastructure end market • Focused on continued strong execution to finish the year o ERS and TES will continue to benefit from strong demand from customers across our primary end markets o Expected inventory reduction to continue into 2026 o Expect limited direct cost impact from tariffs this year Q3 2025 – Second Quarter Momentum Continues (1) Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures. Refer to the supplemental information provided in the Appendix for reconciliations to the most comparable GAAP measures.
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5 Unique Business Model = Strong Value Creation Attractive end markets with long-term secular growth drivers Infrastructure Bill, Inflation Reduction Act and One Big Beautiful Bill further supercharge end-market tailwinds Differentiated one-stop shop business model with strong unit economics for rent or buy Best-in-class asset level returns: High-teens Rental Asset ROICs and New Sales margins of 15%-18% Market leading specialty rental fleet of more than 10,350 vehicles and $1.62B of OEC Youngest, highest-quality equipment in the industry Long-term relationships with blue-chip customer base Demonstrated ability to grow with our customers and win new logos Nationwide footprint provides superior customer service and operating flexibility 41 branches with more than 300 technicians, with ability to expand further CTOS/Nesco combination created multiple operating synergy opportunities and scale benefits Improved operating and production efficiency with increased scale resulting in enhanced vendor relationships Solid balance sheet and prudent capital investment strategy Financial flexibility to both reduce leverage and invest for growth Executing on a well-defined growth strategy Value creation for shareholders
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6 Favorable End-Market Dynamics U.S. Telecom / Broadband CapexNorth American Rail Capex T&D U.S. Non-Power Infrastructure Capex Rapidly increasing major projects driven by AI-driven data center growth, the need for grid upgrades and hardening, renewable energy investment and EV mandates, coupled with frequent, often government mandated, maintenance Aging rail infrastructure drives extensive replacement / refurbishment spend, while increasing consumer usage and freight transportation needs are driving investment RAIL TELECOM Greatly expanded nationwide broadband offerings via the IIJA-funded BEAD program, as well as the continued build- out and implementation of 5G technology driving investments over next decade while significant recurring maintenance of existing networks required INFRASTRUCTURE Large and growing pent-up demand in North America with bipartisan support to address U.S. IOU T&D Capex Source: SEC Filings, Edison Electric Institute, Power Insights, FMI and US Telecom ~$91B 8.7% Annual Total Spend ’24 ‘20-’24 CAGR Projected ’24-’29 T&D Capex CAGR = 8.4% Strong, Multi-Year End-Market Tailwinds with Continued Upside from 2021 Infrastructure Investment and Jobs Act IIJA Bill Impact: $66B IIJA Bill Impact: $210B IIJA Bill Impact: $65B IIJA Impact: $79B $13B+ 7.9% LTM Spend @ 06/30/25 ‘21-LTM CAGR $300B+ 8.4% Annual Total Spend ’24 ‘20-’24 CAGR ~$90B 3.1% Annual Total Spend ’24 ‘20-’24 CAGR
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7 Unprecedented Projected T&D Capital Spending • After years of essentially no growth in U.S. electricity demand, projections for load growth have increased dramatically over the last few years, driven by a handful of megatrends: AI-related data center investment Electrification of vehicles and buildings Onshoring of manufacturing, impacted by recent Federal policies Extreme weather events, requiring grid improvements • Total Transmission & Distribution spending among U.S. Investor-Owned Utilities is projected to total almost $600B from 2025 to 2029 and grow at 8.4% CAGR, with Transmission spending expected to grow at a 15%+ CAGR Forecasted Load Growth Requires Substantial Transmission & Distribution Investment in the U.S. We expect these projected levels of spending to continue to be catalysts for growth for the rental and sale of our broad variety of vehicles and equipment used both to bring power from new generation sources to, and in the infrastructure required for, new data centers, manufacturing sites, sub-stations and other projects Source: Power Insights Transmission & Distribution Equipment Vocational Equipment $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000$Millions Distribution Transmission 7.9% CAGR 8.4% CAGR U.S. IOU Electric Transmission & Distribution Capex
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8 Note: Metrics are as of and for the year ended 12/31/24, unless otherwise noted. T&D Infrastructure / Telecom Rail Highlights • Serve more than 8,000 customers, 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 customers • 15+ year tenure with top customers • Breadth of equipment and geographic reach enables servicing of largest national customers with recurring business tied to long- term engagements Diverse, Highly Loyal Customer Base
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9 Production and Customization Rental New and Used Sales Aftermarket Parts and Service Financing Disposal End-to-end customer solution Single point of contact for customer Ability to customize equipment to meet customer needs Boom BucketCable Placer Note: Graphic shows representative components and is not intended to be exhaustive. Integrated Production Capabilities and Rental + Sales Model Provides Unique Value Proposition TRANSMISSION & DISTRIBUTION (T&D) RAIL TELECOM INFRASTRUCTURE WASTE Integrated Production Capabilities One-Stop-Shop Value Proposition End Markets ServedService Offering Customer BenefitsChassis OEM Body OEM Attachment OEM Completed Unit Differentiated “One-Stop-Shop” Business Model Multiple Revenue Streams Strong, Consistent ReturnsUnit Economic Advantages Superior unit economics Size and Scale Production efficiencies and cost leverage Increased opportunity for customer share-of-wallet CTOS Benefits
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10 National Footprint Provides Flexibility in Managing the Rental Fleet and Superior Customer Service for Rental and Sales Customers National Branch Network • 41 locations in the U.S. and Canada, including new locations in Portland, OR (June 2025) and Orlando, FL (October 2025) o Highlights our continued confidence in the strength of the rental market o Reinforces our commitment to our growth strategy • More than 300 technicians located throughout our branches o 90+ mobile technicians capable of being deployed across the country • Opportunity remains to invest in underserved regions o Pacific Northwest o Northern California o NY/NJ Metro o Carolinas • Continue to target several additional sites over the next few years New Location Opened in June 2025 New Location Opened in October 2025
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11 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 deployed the Lightning PTO, an electric power takeoff (ePTO) that allows for auxiliary equipment to operate when the engine is off. Eliminating work site idling results in significant noise reduction, as well as greatly reduced fuel consumption and CO 2 emissions o At the forefront of EV chassis utilization in specialty vehicles through our partnerships with Peterbilt and Battle Motors to produce all-electric bucket trucks and digger derricks • Preparing for the implementation of upcoming CARB and EPA emissions standards o Staying up to date on new administration’s potential changes to upcoming regulations • Our ESG efforts will focus on the opportunities, risks and priorities that are particularly relevant to Custom Truck: o Environmental Compliance o Employee Health and Safety o Sustainable Operations o Enterprise Risk Management o Environmental Benefits of Products & Services o Business Ethics o Human Capital Management o Data Privacy and Security o Diversity, Equity and Inclusion o Corporate Governance
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12 • Revenue up 8% in Q3 ‘25 vs. Q3 ’24 o Continued strong performance in Utility end market drove performance in the quarter • Adjusted Gross Profit up 13% in Q3 ’25 vs. Q3 ’24 • Adjusted EBITDA up 20% in Q3 ’25 vs. Q3 ’24 o Improvement reflects strong year-over-year ERS and TES performance • Current inventory levels are sufficient to support expected fleet investment and new equipment sales growth for Q4 2025 and into 2026 o Expect continued inventory reduction in Q4 2025 and into 2026 Consolidated Operating Performance Revenue Adjusted EBITDA(1) Q3 2025 Operating Results Reflect Strong Execution and Positive Trends Across the Consolidated Business (1) Adjusted Gross Profit and Adjusted EBITDA are non-GAAP measures. Refer to the supplemental information provided in the Appendix for reconciliations to the most comparable GAAP measures. ($ millions, except where indicated) Adjusted Gross Profit(1) $108 $127 $305 $321 $33 $34 $447 $482 Q3 24 Q3 25 Rental Equipment Sales Parts & Services $80 $96 Q3 24 Q3 25 $138 $156 Q3 24 Q3 25
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13 CTOS Reporting Segments Equipment Rental Solutions (ERS) Truck & Equipment Sales (TES) Aftermarket Parts & Service (APS) Includes results from core rental revenues, sale of rental assets, and related ancillary fees revenues and expenses Key Metrics Utilization OEC on Rent On Rent Yield (ORY) Includes results from new and used (non-rental) sales, as well as the impacts from our production and manufacturing activities Key Metrics New Sales Backlog Includes results from sales of external parts and services, as well as the rental activity associated with the accessories business Reporting Segments Align with Our Go-to-Market Strategies and Capital Allocation Decisions
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14 Equipment Rental Solutions (ERS) Q3 2025 Showed Year-over-Year Revenue Growth Resulting from Additional Gains in T&D Utilization (1) Adjusted Gross Profit is a non-GAAP financial measure, which the Company calculates as segment gross profit plus depreciation of rental equipment. ($ millions, except where indicated; s um of individual items may not equal total amounts due to rounding) Revenue Adjusted Gross Profit(1) • Total Revenue increased $18M, or 12%, in Q3 ‘25 vs. Q3 ’24 o Rental: +$19M, or +18% o Rental Sales: -$0.4M, or -1% • Adjusted Gross Profit(1) increased $17M, or 19%, in Q3 ‘25 vs. Q3 ’24 o Rental: +$18M, or +23% o Rental Sales: -$1M, or -7% • Adjusted Gross Margin was 62% in Q3 ‘25, up more than 370 basis points vs. Q3 ’24, driven by continued strong rental and rental sales margins and a higher mix of rental revenue Please refer to the Appendix for Q3 2025 ERS results $105 $124 $46 $45 $151 $169 Q3 24 Q3 25Rental Rental Sales $76 $94 $12 $11 $88 $104 Q3 24 Q3 25 Rental Adj. Gross Profit Rental Sales Gross Profit
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15 Equipment Rental Solutions (ERS) Q3 2025 Saw Improved Average Utilization and OEC on Rent, Driven by Continued Momentum in T&D End Markets Utilization & Average OEC on Rent On Rent Yield • Average Utilization of over 79% for Q3 ’25 o Highest quarterly average in over two years o Average OEC on Rent ↑$180M and Average Utilization ↑610 basis points in Q3 ‘25 vs. Q3 ‘24 o Utilization in the mid-70% to mid-80% range across most of our fleet and end markets • Experienced typical seasonality from Q2 ’25 into Q3 ‘25, with activity remaining strong so far in Q4 ‘25 o OEC on Rent currently stands at over $1.3B with Utilization of over 80% • On Rent Yield was 38.2% in Q3 ‘24, in line with our expected upper-30% to low-40% range ($ millions, except where indicated) $1,183 $1,268 $1,214 $1,204 $1,156 $1,159 $1,066 $1,044 $1,083 $1,211 $1,177 $1,207 $1,262 83.8% 86.3% 83.6% 81.7% 78.9% 77.6% 73.3% 71.7% 73.2% 78.9% 76.9% 77.6% 79.3% 40.0% 45.0% 50.0% 55.0% 60.0% 65.0% 70.0% 75.0% 80.0% 85.0% 90.0% $500 $600 $700 $800 $900 $1,000 $1,100 $1,200 $1,300 $1,400 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Avg. OEC on Rent Utilization 38.5% 39.5% 39.6% 40.1% 40.8% 41.1% 40.5% 40.0% 38.4% 38.6% 38.5% 38.6% 38.2% Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
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16 Truck & Equipment Sales (TES) Year-Over-Year Revenue Growth of 6% in Q3 2025, up 8.5% Year-To-Date • Revenue increased $16M, or 6%, in Q3 ‘25 vs. Q3 ’24 o Strong quarterly sales after near-record setting sales in Q2 ‘25 o Continued strong momentum, particularly in Utility and Infrastructure end markets o Net orders of $220M in Q3 ’25, up 24% vs. Q3 ’24 o Strong order growth from local and regional customers o Backlog has grown to over $350M in Q4, reflecting strong intra-quarter order flow o Customers continue to be impacted by high interest rates and economic uncertainty • Gross Margin of 15% in Q3 ’25 o Expect improvement in coming quarters as equipment supply moderates Please refer to the Appendix for Q3 2025 TES results Revenue Gross Profit ($ millions, except where indicated; s um of individual items may not equal total amounts due to rounding) New Sales Backlog $260 $275 Q3 24 Q3 25 $42 $41 Q3 24 Q3 25 $709 $754 $855 $864 $779 $689 $537 $478 $396 $369 $420 $335 $280 12.5 12.0 12.8 11.9 10.1 8.4 6.4 5.7 4.6 4.2 4.8 3.7 3.0 -1.5 0.5 2.5 4.5 6.5 8.5 10.5 12.5 14.5 $- $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Backlog Backlog Months
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17 Aftermarket Parts & Service (APS) Revenue Up 3% in Q3 2025 vs. Q3 2024, with Performance Helped by Improving Conditions in Utility End Market Revenue • Total Revenue increased 3% in Q3 ‘25 vs. Q3 ‘24 o Rental and Parts & Services revenue both up year-over-year • Adjusted Gross Margin of 26% in Q3 ‘25, up from 23% in Q3 ’24 and up on a sequential basis from Q2 ‘25 • Next steps for APS include: o Continue to leverage the large installed based on rental and sales customers with clear go-to market strategy and product offering o Additional investment to increase market share of captive and specialized parts business, which have margins of 50%+ o Beginning to see the benefits of significant footprint expansion and capabilities in Kansas City, MO location o Continued focus on cost reductions through operational efficiencies o Enhance digital consumer experience to accelerate growth Please refer to the Appendix for Q3 2025 APS results Adjusted Gross Profit(1) ($ millions, except where indicated) Revenue $33 $34 $3 $3 $36 $38 Q3 24 Q3 25 Parts & Services Rental $8 $10 Q3 24 Q3 25
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18 Notes Payable $916 Notes Payable $19,611 2023 Credit Facility $90 2023 Credit Facility $371 2023 Credit Facility $393 2023 Credit Facility $16,533 ABL Facility $708,481 2029 SSN $920,000 $1,006 $19,982 $393 $16,533 $1,628,481 0 200000 400000 600000 800000 1000000 1200000 1400000 1600000 1800000 $- $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 2025 2026 2027 2028 2029 Balance Sheet & Capital Investment ($ thousands, except where indicated; s um of individual items may not equal total amounts due to rounding) • Total Available Liquidity: $480M+ o ABL availability + cash of $250M+ o Ability to upsize the ABL Facility by more than $230M based on suppressed availability • Q3 ’25 Net Rental Capex: $79M o Gross OEC additions of $124M o Offset by $45M of rental sales proceeds o Investing in the fleet to meet expected rental demand in Q4 2025 and 2026 • Expect to reduce inventory by year end and into 2026 and to focus free cash flow on debt reduction • Remain committed to achieving 3x net leverage target by the end of fiscal 2026 (1) Total Orderly Liquidation Value as of June 30, 2025, effective date as per third-party appraisal. 80%+ of Outstanding Debt is Covered by $1.34B Total OLV(1) of Rental Fleet Strong Available Liquidity and No Significant Maturities Until 2029 Fixed 57% / Floating 43%
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19 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 $370 - $390 million 9% – 15% • The middle of the outlook range results in ~12% growth in both Revenue and Adjusted EBITDA • ERS will continue to benefit from sustained trends in OEC on Rent and Utilization, driven by increased work by our T&D customers o Expect revenue to be in upper half of the guidance range o Now expect our net OEC to be up high-single-digits percentage this year, with gross rental capex of $425M to $450M, approximately $250M net • TES will benefit from continued strong orders from local and regional customers. However, but we expect revenue to be toward the low end of the guidance range given some continued hesitancy from our customers to purchase equipment amidst economic uncertainty and high interest rates • Accelerated depreciation provisions contained in the recently enacted Federal tax and spending bill could be a catalyst for year-end equipment sales and provide upside to our current expectations • Incremental non-rental capex will allow us to expand our production capabilities at our Kansas City location • Anticipated continued benefit from inventory reduction in Q4 2025 and into 2026, but, given the strong demand environment, we expect an overall reduction vs. year-end 2024 of $125 million to $150 million • Given updated capex and inventory reduction plans, now expect our levered free cash flow to be less than our previous $50 million target • Anticipate a significant reduction in net leverage by the end of fiscal 2025 and to achieve our 3x net leverage target by the end of fiscal 2026 (1) Adjusted EBITDA is a non-GAAP measure. Refer to the supplemental information provided in the Appendix for reconciliations to the most comparable GAAP measures.
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20 Investment Highlights 20 1 Favorable End-Market Dynamics with Outstanding Secular Growth Drivers 2 Differentiated “One-Stop-Shop” Business Model Attractive End Market Exposure to Diverse and Mission Critical Industries CTOS Well-Positioned for Continued Growth & Free Cash Flow Generation Integration Drove Cost Efficiencies and Created Scale Benefits Deep, Long-Term Supplier and Customer Relationships Demonstrated Performance and Financial Profile Support Growth Opportunities 1 2 3 4 5 Our Purpose: Power the people who strengthen our nation’s infrastructure 6 7
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21 Appendix
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22 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 EBITDA 65 63 68 116 63 82 87 Adjustments: Non-cash purchase accounting impact (1) 3 5 4 5 4 4 3 Transaction and other costs (2) 5 6 4 3 4 5 3 Sales-type lease adjustment (3) 2 2 1 (1) 1 — — Gain on sale leaseback transaction (4) — — — (23) — — — Share-based payments (5) 3 4 2 3 2 2 2 Change in fair value of warrants (6) (1) — — — — — — Adjusted EBITDA $ 77 $ 80 $ 80 $ 102 $ 73 $ 93 $ 96 Adjusted EBITDA is defined as net income (loss), as adjusted for provision for income taxes, interest expense (excluding interest on floorplan financing), net, depreciation of rental equipment and non-rental depreciation and amortization, and further adjusted for the impact of the fair value mark-up of acquired rental fleet, business acquisition and merger-related costs, including integration, the impact of accounting for certain of our rental contracts with customers that are accounted for under GAAP as sales-type lease and stock compensation expense. This non-GAAP measure is subject to certain limitations. (1) Represents the non-cash impact of purchase accounting, net of accumulated depreciation, on the cost of equipment and inventory sold. The equipment and inventory acquired received a purchase accounting step-up in basis, which is a non-cash adjustment to the equipment cost pursuant to our ABL Credit Agreement and Indenture. (2 Represents transaction and other costs related to acquisitions of businesses; costs associated with closed operations; costs associated with restructuring and business optimization activities (inclusive of systems establishment costs); employee retention and/or severance costs; costs related to start-up/pre-openings and openings of locations; reconfiguration or consolidation of facilities or equipment conversion costs. These adjustments are presented as adjustments to net income (loss) pursuant to our ABL Credit Agreement and Indenture. (3) Represents the impact of sales-type lease accounting for certain leases containing rental purchase options (or “RPOs”), as the application of sales-type lease accounting is not deemed to be representative of the ongoing cash flows of the underlying rental contracts. The adjustments are made pursuant to our ABL Credit Agreement and Indenture. (4) During Q4 2024, the Company closed on a sale leaseback transaction with an unrelated third party. The Company sold 8 properties with a combined net book value of $29.0 million for gross proceeds of $53.8 million, which was reduced by transaction costs and other fees of $1.3 million, for net cash proceeds of approximately $52.5 million. Additionally, $3.2 million from the proceeds were used to repay a note payable. The Company recognized a gain of $23.5 million on this transaction. (5) Represents non-cash share-based compensation expense associated with the issuance of restricted stock units. (6) Represents the charge to earnings for the change in fair value of the liability for warrants. On July 31, 2024, all of the Company’s stock purchase warrants expired and unexercised. Sum of individual line items may not equal subtotal and total amounts due to rounding. Adjusted EBITDA Reconciliation
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23 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 rental fleet provides a meaningful measure of financial performance because it provides useful information relating to profitability that reflects ongoing and direct operating expenses, such as freight costs and fleet maintenance costs, related to our rental fleet. Although management evaluates and presents this non-GAAP measure for the reasons described herein, please be aware that this non-GAAP measure has limitations and should not be considered in isolation or as a substitute for revenue, gross profit or any other comparable operating measure prescribed by GAAP. In addition, we may calculate and/or present this non-GAAP financial measure differently than measures with the same or similar names that other companies report, and as a result, the non-GAAP measure we report may not be comparable to those reported by others. 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: Cost of revenue 277 289 309 353 287 355 327 Depreciation of rental equipment 44 45 46 49 50 54 55 Total cost of revenue 321 334 355 402 337 409 381 Less: Depreciation of rental equipment (44) (45) (46) (49) (50) (54) (55) Cost of revenue excluding depreciation 277 289 309 353 287 355 327 Adjusted gross profit 134 134 138 168 136 157 156 Less: Depreciation of rental equipment (44) (45) (46) (49) (50) (54) (55) Gross profit - GAAP $ 91 $ 89 $ 92 $ 118 $ 86 $ 103 $ 101 Adjusted Gross Profit Reconciliation Sum of individual line items may not equal subtotal and total amounts due to rounding.
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24 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 of equipment sales 24 26 34 39 31 40 34 Depreciation of rental equipment 43 44 45 48 49 53 54 Total cost of revenue 97 99 108 116 111 124 119 Gross profit 39 40 43 57 44 46 50 Depreciation of rental equipment 43 44 45 48 49 53 54 Gross profit excluding depreciation of rental equipment $ 82 $ 83 $ 88 $ 105 $ 93 $ 100 $ 104 Sum of individual line items may not equal subtotal and total amounts due to rounding. Supplemental Segment Data – ERS
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25 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 and total amounts due to rounding. Supplemental Segment Data – TES
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26 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 Depreciation of rental equipment 1 1 1 1 1 1 1 Total cost of revenue 27 30 29 30 29 29 28 Gross profit 8 7 7 11 7 9 9 Depreciation of rental equipment 1 1 1 1 1 1 1 Gross profit excluding depreciation of rental equipment $ 9 $ 8 $ 8 $ 12 $ 8 $ 10 $ 10 Sum of individual line items may not equal subtotal and total amounts due to rounding. Supplemental Segment Data – APS
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27 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 20 19 18 17 Total Debt and Finance Leases 1,519 1,552 1,590 1,548 1,618 1,631 1,666 Less: Cash and Cash Equivalents (8) (8) (8) (4) (5) (5) (13) Net Debt and Finance Leases $ 1,511 $ 1,544 $ 1,581 $ 1,544 $ 1,613 $ 1,625 $ 1,653 Adjusted EBITDA: Adjusted EBITDA (Current Year to Date Period) $ 77 $ 157 $ 238 $ 340 $ 73 $ 167 $ 263 Add: Adjusted EBITDA (Prior Fiscal Year) 427 427 427 N/A 340 340 340 Less: Adjusted EBITDA (Prior Year to Date Period) (105) (208) (309) N/A (77) (157) (238) LTM Adjusted EBITDA $ 399 $ 376 $ 356 $ 340 $ 336 $ 349 $ 365 Leverage Ratio 3.79 4.11 4.44 4.55 4.80 4.66 4.53 Leverage Ratio is defined as current maturities and long-term debt and finance lease obligations, net of cash and cash equivalents (“net debt”) divided by Adjusted EBITDA for the previous twelve-month period (“last twelve months,” or “LTM”). Sum of individual line items may not equal subtotal and total amounts due to rounding. Leverage Ratio Calculation