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Q2 2026 INVESTOR PRESENTATION NYSE:CTOS August 2026
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2 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 2 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, Consolidated Adjusted EBITDA, Levered Free Cash Flow and Net Leverage Ratio (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, including tariffs, 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 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, 2025, 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 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 HIGH-GROWTH END MARKETS NEW SEGMENT REPORTING RECORD Q2 FINANCIAL PERFORMANCE Growth underpinned by secular megatrends across end markets T&D end market experiencing unprecedented growth resulting from AI- driven data center spending, electrification, grid modernization and storm hardening Infrastructure growth supported by replacement cycle and new public works projects Clearer two segment reporting Specialty Equipment Rentals (SER) $423M of LTM Adjusted EBITDA1 Specialty Truck Equipment & Manufacturing (STEM) $136M of LTM Adjusted EBITDA1 Record quarterly consolidated revenue of $563M, +10% YoY Consolidated Adjusted EBITDA of $117M, +25% YoY Compelling investment opportunity with exposure to secular mega trends in T&D and Infrastructure end markets (1) Effective January 1, 2026, the Company realigned its reportable segments from three segments (Equipment Rental Solutions, Truck and Equipment Sales, and Aftermarket Parts and Services) to two segments: SER and STEM. Historical period results have been recast to conform to the current segment presentation. Please refer to the Appendix on pages 48-63 for the calculation of these figures.
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4 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SECOND QUARTER HIGHLIGHTS Record quarterly revenue and 25% Adj. EBITDA YoY growth driven by strong core T&D end-markets and continued momentum across both segments 4 Record quarterly revenue Revenue $563 Million Record quarter Adjusted Gross Profit1 +16% Q2 2026 vs. Q2 2025 Adjusted EBITDA1 +25% Q2 2026 vs. Q2 2025 OEC on Rent +13% Q2 2026 vs. Q2 2025 ▪ Record quarterly revenue of $563 million drove Adjusted EBITDA of $117 million (+25% YoY) ▪ Adjusted gross profit of $181 million, +16% YoY ▪ SER segment external revenue +20% YoY , driven by sustained performance in core T&D market; rental revenue +20% YoY ▪ STEM segment external revenue +5% YoY , driven by record quarterly equipment sales Continued rental momentum in Q2 Improving outlook for 2026 ▪ Fleet utilization averaged 81.6% in Q2, +400 bps YoY ▪ Average OEC on rent of $1.37 billion increased by +$158 million, or 13%, YoY ▪ OEC on rent yield of 39.4% increased by 80 basis points YoY and 50 basis points QoQ ▪ Sales order backlog of $322 million, which has grown to over $340 million so far in Q3 on solid order flow ▪ Raising full-year consolidated revenue and Adjusted EBITDA outlooks to reflect strong H1’26 & continued momentum ▪ Net leverage declined to 3.85x; remain on track to be meaningfully below 4.0x by year-end 2026, with 3.0x target in 2027 Raising Full-Year Revenue Range to $2.1B – $2.2B and Full-Year Adjusted EBITDA Outlook Range to $437.5M – $455M (1) Adjusted Gross Profit and Consolidated Adjusted EBITDA are non-GAAP measures. Please refer to the supplemental information provided in the Appendix for reconciliations to the most comparable GAAP measures.
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5 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 COMPANY OVERVIEW
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6 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 INVESTMENT HIGHLIGHTS 1 Scaled, Differentiated Platform National scale and ability to manage full equipment lifecycle results in both lower costs and higher equipment resale values, driving exceptional unit economics 2 Large, Growing, Resilient End Markets Participation in high growth end markets with long-term secular growth drivers; outsized exposure to Transmission & Distribution (“T&D”) (60% of total revenue, 76% of SER segment revenue) 3 Mission-Critical Applications Fleet of specialty equipment and vehicles are essential assets to large projects with high cost of failure/downtime across T&D, Infrastructure, Telecom, Rail and more 4 Recurring & Visible Revenue Mix Strategic and recurring customer relationships and high-margin rental business provide durable cash flow, earnings visibility and meaningful wallet share opportunities 5 Meaningful Operating Leverage Internal production and customization capabilities provide scale benefits, pricing strength, synergies, and a structural cost advantage to drive meaningful margin expansion 6 Cash Flow Inflection Recent investment cycle now driving improved conversion as fleet now among youngest in the industry (~3 years) and maintenance capex moderates 7 Disciplined Capital Allocation Clear capital allocation priorities centered around continued leverage reduction, fleet optimization, investment in growth markets and driving superior shareholder returns O U R P U R P O S E : Power the people who strengthen our nation’s infrastructure 6
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7 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 Utility 74% Specialty⁸ 26% SER $423M STEM $136M SER $851M STEM $1,645M T&D 60% Infrastructure⁷ 40% (1) As of, or for the twelve-month period ended, June 30, 2026. (2) Excludes third-party service locations. As of August 3, 2026. (3) Consolidated Revenue excludes intersegment sales, but the segment revenue figures include intersegment sales. 2025 periods for segment data calculated on a recast basis to reflect the current margin treatment of intersegment sales. Please refer to the supplemental information in the Appendix for the calculation of these figures. (4) Consolidated 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. (5) Consolidated Adjusted EBITDA includes the impact of eliminations from intersegment sales while the segment total Adjusted EBITDA figures exclude this impact. (6) 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. (7) Infrastructure includes Infrastructure, Waste, Rail, Telecom and Other. (8) Specialty includes Rail, Telecom, and Other. CUSTOM TRUCK ONE SOURCE AT A GLANCE END MARKET & BUSINESS MIX Kansas City, MO Global HQ 1996 Founded 10,350+ Fleet Units1 250+ Product Variations 8,000+ Customers1 41 Locations2 ~2,500 Employees1 Rental Fleet OEC1,6 Consolidated Adjusted EBITDA1,4,5 End Market Revenue $1.944 Billion (FY’25) $1.679 Billion (@ 06/30/26) Consolidated Revenue1,3 $2.035 Billion (LTM Q2’26) $431 Million (LTM Q2’26) Leading National Provider of Specialty Equipment Serving the T&D and Infrastructure End Markets
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8 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 EXECUTING FROM AN ADVANTAGED POSITION Highly compelling operating model driven by unique market position and scope of capabilities Highly customizable fleet lends agility to quickly adapt to meet changing customer needs or enter new attractive markets Business model results in both lower costs and higher equipment resale values, driving exceptional unit economics National scale creates operating leverage and synergies that give us a structural cost advantage for our customers Unique scope of asset base and capabilities creates highly recurring and strategic customer relationships with meaningful wallet share opportunity Clear and differentiated value creation model for customers and stakeholders Extensive internal production capabilities and available inventory leads to reduced lead times and customer certainty for on-time equipment delivery Differentiated customer value proposition and ability to meet varied and dynamic needs throughout the project lifecycle
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9 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 Clearing trees and other vegetation growth from areas surrounding power lines DELIVERING MISSION-CRITICAL ASSETS FOR ESSENTIAL MARKETS Reliable custom equipment for essential jobs with high cost of failure and downtime KEY EQUIPMENT AND TRUCKS Substantial overlap between markets; Infrastructure trucks also used in T&D end markets Knuckleboom Trucks Hi-Rail Section Trucks Boom Trucks Digger Derricks Bucket Trucks Service Trucks Vacuum Trucks Roll-Off Trucks Cable Placers Track Equipment Heavy Haul Tractors Hi-Rail Service Trucks Pole & Reel Trailers Dump Trucks Water Trucks Hi-Rail Scissor Lifts Trailers Flatbed Trucks Forestry Buckets Pulling & Stringing Bucket Vans Allowing workers to safely construct and maintain power lines, transformers and other electrical infrastructure Transport equipment and materials, collect liquid in the construction process, perform heavy lifting and manage dust control and soil compaction Collection and transportation of municipal solid waste and construction & demolition (commercial) waste Trucks that can drive on rail lines for use in maintenance, construction and inspection of railways Install, maintain and repair above and below ground communications networks Transmission & Distribution Road & Bridges Rail Telecom Infrastructure Waste
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10 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 Major projects driven by AI data center growth, grid upgrades and strengthening, renewable energy investment, manufacturing reshoring, and frequent mandated maintenance Aging U.S. infrastructure and ~$1.2T of federal funding drive sustained replacement, modernization and expansion Aging rail infrastructure drives extensive replacement / refurbishment spend, while increasing consumer usage and freight transportation needs are driving investment Expanded nationwide broadband offerings via the BEAD program, build-out and implementation of 5G, and significant recurring maintenance of existing networks 60% of FY’25 Revenue 40% of FY’25 Revenue1 8.7% CAGR 2020-2025 ~$102 billion U.S. IOU capex (2025) 7.4% CAGR 2020-2025 ~$310 billion U.S. non-power capex (2025) 6.9% CAGR 2020-2025 ~$14 billion North America Rail capex (2025) 3.1% CAGR 2020-2024 ~$90 billion U.S. Telecom/Broadband capex (2024) (1) Infrastructure revenue includes Infrastructure, Waste, Rail, Telecom and Other. Source: SEC Filings, Third-Party Market Research, Edison Electric Institute, Power Insights, FMI, US Telecom SECULAR MEGATRENDS FUELING LONG-TERM GROWTH Significant exposure to high-growth megatrends, particularly within Transmission & Distribution and Infrastructure Transmission & Distribution Road & Bridges / Waste Rail Telecom Infrastructure
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11 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 T&D SPENDING UNDERPINNED BY MUL TIPLE DEMAND DRIVERS Strong transmission & distribution capex growth driven by durable and diverse megatrends Source: Third-Party Market Research Load Growth Aging Grid Infrastructure AI and Data Center Expansion Electrification Manufacturing Reshoring Aging Grid Storm Resiliency AI workloads and cloud migration are driving higher compute intensity and power requirements Growing power demand from data centers and digital infrastructure is accelerating power grid investments Tariffs, geopolitical risk and supply-chain disruptions are accelerating reshoring; helped by federal incentives (CHIPS, IRA) Aging grid assets well past their intended useful life is driving elevated replacement and maintenance spend More frequent and severe weather events are forcing utilities to increase investment in grid resilience +23% 2025-2030 U.S. Data Center Power Demand CAGR +17% 2025-2030 U.S. Transmission Specialty Truck Rental Market CAGR ~$450 billion Planned investment by U.S. companies to support onshoring of critical manufacturing 50-60 years 10-20 years beyond 40-year useful life of transformers installed during peak build cycle +18% CAGR of extreme weather events since 2019 Market growth further supported by rising rental penetration and increased T&D outsourcing due to project cost management, access to specialized equipment, heightened demand/extended lead times and labor shortages
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12 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SUBSTANTIAL MULTI-YEAR T&D INVESTMENT REQUIRED Forecasted load growth and required grid modernization expected to drive significant T&D investment wave Total T&D spending among U.S. Investor- Owned Utilities projected to grow at an 8.4% CAGR through 2029; Transmission to grow at 15%+ CAGR $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025P 2026P 2027P 2028P 2029P Distribution Transmission 23 GW 39 GW 67 GW 2022 FERC Forecasted Peak Demand: 840 GW 2023 FERC Forecasted Peak Demand: 859 GW 2024 FERC Forecasted Peak Demand: 947 GW Source: Third-Party Market Research, Grid Strategies, Power Insights Five-Year Nationwide Load Growth Forecast (2029 Summer Peak Demand Growth, GW) In just two years, the 5-year load growth forecast increased by 5x; this follows a period of essentially zero growth in the prior decade With Updates: 128 GW U.S. IOU Electric T&D Capex ($ millions) Outsourcing Trends Expected to Drive T&D Contractor Equipment Rental Market Growth of ~13% CAGR Over the Next Five Years 0.1 0.1 0.1 0.1 0.2 0.2 0.3 0.4 0.5 0.6 0.7 Projected U.S. Data Center Power Demand (‘000s TWh) Recent inflection in power demand is largely driven by data centers and AI, as it accounts for ~72% of incremental power demand growth from 2025-2030
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13 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 CYCLICAL & SECULAR TAILWINDS REDEFINING INFRASTRUCTURE NEEDS Aging infrastructure replacement cycle and new required spend supported by federal funding (IIJA, IRA, CHIPS Act) $0 $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 Source: Third-Party Market Research, U.S. Army Corps of Engineers and the American Society of Civil Engineers (Aging Infrastructure), Construction Dive (Manufacturing Nearshoring) U.S. Non-Power Infrastructure Capex ($ millions) 29 43 28 45 50 20 50 30 50 50 Roads Bridges Rail Water Pipes Levees Average Age Life Expectancy Average Age of Infrastructure Exceeds Average Life Expectancy (Years) Top Construction Projects by Value and Location (2022 – 2024; Bubble Size Indicates Size of Investment) Total non-power infrastructure spending is projected to grow at a 5.4% CAGR to $377 billion by 2029 Stable and growing capex on critical infrastructure projects expected to support >5% CAGR through this decade Manufacturing reshoring is accelerating and will require substantial investment in surrounding infrastructure A large installed base of U.S. infrastructure is reaching the end of its life cycle, driving replacement to maintain safety and reliability Semiconductor Plant EV Plant Manufacturing Facility
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14 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 Note: Metrics are as of and for the year ended 12/31/25, unless otherwise noted. DIVERSE, HIGHLY LOYAL CUSTOMER BASE Serving 8,000+ blue chip customers across T&D, Infrastructure/Telecom, and Rail end markets 8,000+ Customers served <4% Maximum revenue from any single customer 24% Revenue contribution from top 15 customers ~20 Years Average tenure with top customers National Industry-leading footprint and equipment breadth Transmission & Distribution Road & Bridges / Waste Rail Telecom Infrastructure
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15 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 NATIONAL BRANCH NETWORK National footprint provides flexibility in managing the rental fleet and superior customer service for rental and sales customers New Location Opened in October 2025 New Location Opened in June 2025 41 locations in the U.S. and Canada, including new locations in Portland, OR (June 2025) and Orlando, FL (October 2025) Highlights our continued confidence in the strength of the rental markets and reinforces our commitment to our growth strategy SER: More than 300 technicians located across our branches; with opportunities to invest in Pacific NW, Northern California, NY/NJ Metro, Carolinas STEM: Regional production centers; adding capacity in Casa Grande, AZ and Kansas City, MO
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16 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 REPORTING SEGMENTS Simplified reporting structure better reflects operational decision making and capital allocation strategy (1) Please see the Appendix for definitions of certain of the Key Performance Indicators and Measures. Specialty Equipment Rentals (SER) Specialty Truck Equipment & Manufacturing (STEM) Core rental revenues, sale of rental assets, aftermarket parts and services New and used (non-rental) sales, production and manufacturing activities, aftermarket parts and services KPIs and Measures1 KPIs and Measures1 Revenue by Category Adjusted EBITDA Revenue by Category New Sales Backlog Adj. Gross Profit & Margin OEC on Rent Adjusted EBITDA Net Order Trends Utilization Net Capex On Rent Yield (ORY) Asset-Level Returns Fleet Size & Age Simplified, two-segment reporting provides greater visibility into a more accurate sum-of-the-parts valuation
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17 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 (1) For the twelve-month period ended June 30, 2026. (2) Figures are shown as a percentage of total recast SER and STEM revenue, including the impact of intersegment sales, and before any consolidating eliminations. (3) Figures are shown on a recast basis. Please refer to the supplemental information in the Appendix for the calculation of these figures. SPECIALTY EQUIPMENT RENTALS (SER) Durable rental model: high-utilization fleet + recurring revenue + high margin = strong, predictable Adj. EBITDA generation T&D Sector Expertise Fleet Age Strong Utilization Attractive Contract Duration Best-in-Class Service 76% Revenue from T&D Customers ~3 Years 81.6% Avg. fleet utilization for Q2 2026 12-13 Months Average contract duration 300+ Rental Service Technicians Serving T&D contractors and IOUs across distribution, transmission and substation work We believe we have one of the youngest fleets in the industry High time utilization due to strategic focus on in-demand assets, proven fleet management strategy and rapid service response Average contract duration of 12-13 months provides strong forward revenue visibility and reduces re-pricing risk across the rental fleet In-house team services equipment at a lower rate than external providers, while a young fleet requires less repair & maintenance LTM1 Financial Highlights Segment Strategy & Growth Objectives $851M Revenue (34% of total)2,3 $479M Adj. Gross Profit3 (56% margin) Gain Utility End-Market Share Grow Specialty Penetration $423M Segment Adj. EBITDA3 (50% margin) 81.6% Q2 2026 Avg. Fleet Utilization Expand End-Market Exposure Leverage Service Network
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18 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SPECIALTY TRUCK EQUIPMENT & MANUFACTURING (STEM) Dominant Market Position Large Installed Base Full-Spectrum Product Portfolio Strong Order Book & Backlog Vertical Integration #1 Specialty Truck Upfitter in N. America 20,000+ Trucks and trailers sold 2022-2025 20+ Product Categories $322M Sales order backlog as of Q2 2026 ~20% Third-party sales from vertically integrated products and growing Dominant across all five value chain steps: upfit, distribution, parts, service and used sales Tremendous scale and large installed base Captive preferred supplier to SER, intersegment flow drives margin certainty and fleet lead times Targeted range of four to six months of new equipment sales Protects supply chain and expands margin LTM1 Financial Highlights Segment Strategy & Growth Objectives $1,645M Revenue (66% of total)2,3 $259M Gross Profit3 (16% margin) Gain Market Share with National and Regional Customers Expand Aftermarket Parts & Service $136M Segment Adj. EBITDA3 (8% margin) +5% YTD Revenue Growth3,4 Record Quarterly Revenue Optimize Inventory and Working Capital Extend Vertical Integration Capital-light, in-house production and supply chain + aftermarket lifecycle revenue = durable, high return business (1) For the twelve-month period ended June 30, 2026. (2) Figures are shown as a percentage of total recast SER and STEM revenue, including the impact of intersegment sales, and before any consolidating eliminations. (3) Figures are shown on a recast basis. Please refer to the supplemental information in the Appendix for the calculation of these figures. (4) Represents revenue growth for the sales to external customers (e.g., excluding the impact of intersegment sales) for the YTD period.
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19 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SERVING THE CORE OF THE NORTH AMERICAN SPECIALTY TRUCK MARKET Complementary business segments lend broad capabilities across the full value chain, creating a stronger unified company Production & Manufacturing Distribution & Sales DispositionAftermarket Truck Chassis Class Revenue Streams End Markets Product Categories Chassis OEM Bodies & Attachments OEM Upfitters Dealers Parts Service Re-ManufacturingAuction Used Sales T&D Contractors and IOUs Rental SalesRent-to- Purchase Infrastructure Waste Telecom Rail Other Markets (Transportation, Gen Rent, Municipal, etc.) Light Duty (Class 1-2) Medium Duty (Class 3-6) Heavy Duty (Class 7-8) Bucket Trucks Track Equipment Vacuum Trucks Service Trucks Flatbeds Mixers Pickup TrucksDigger Derricks Pulling & Stringing Dump Trucks Roll-Offs Boom Trucks & Knucklebooms Propane Trucks RT + AT CranesChip Trucks Water Trucks Refuse Trucks Tractors Box Trucks MunicipalVegetation Telecom T&D Specialty Light Trucks and Other STEM FocusSER Focus Both Heavy Haul Trailers Hi-Rail
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20 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 FINANCIAL OVERVIEW
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21 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 KEY FINANCIAL STRATEGIES & PRIORITIES ▪ Two best-in-class segments – STEM: Grow revenue and drive higher margins – SER: Grow specialty rental and optimize fleet ▪ Cash flow conversion as a core operating discipline – Continued reduction of inventory months on hand toward <6 months and substantially lower net rental fleet investment in 2026 ▪ Disciplined capital allocation with clear path to deleveraging ▪ Balance sheet strength supports growth strategy – SER accounts for >70% of Adj. EBITDA before eliminations Lifecycle Monetization Sales, Rentals, Parts & Service Specialty Rental Growth High-Margin Recurring Revenue Fleet Optimization Utilization & Asset Mix Cash Flow Discipline Capex & FCF Focus Deleveraging Focus Expect to reduce net leverage to meaningfully below 4x by year-end 2026 and targeting 3x in 2027
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22 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 $333 $393 $427 $340 $384 $431 22.4% 25.0% 22.9% 18.8% 19.7% 21.2% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% $0 $100 $200 $300 $400 $500 2021 2022 2023 2024 2025 LTM (1) LTM figures are for the twelve-month period ended June 30, 2026. (2) Adjusted Gross Profit and Consolidated Adjusted EBITDA are non-GAAP measures. 2021 figures are pro forma and also include addbacks of special charges related to leasing receivables and inventory reserves taken in connection with the CTOS/Nesco business combination in the second quarter of 2021. Please refer to the supplemental information provided in the Appendix for reconciliations to the most comparable GAAP measures. 7.3% Revenue CAGR (FY’21 – LTM Q2’26) HISTORICAL FINANCIAL PERFORMANCE Proven ability to profitably grow during challenging macroeconomic backdrop ($ millions, except where indicated) Total Revenue1 ($M) Adjusted Gross Profit1,2 ($M) and Adjusted Gross Margin (%) Adjusted EBITDA1,2 ($M) & Adjusted EBITDA Margin (%) 8.3% Adj. Gross Profit CAGR (FY’21 – LTM Q2’26) 5.9% Adjusted EBITDA CAGR (FY’21 – LTM Q2’26) $1,484 $1,573 $1,865 $1,802 $1,944 $2,035 $0 $500 $1,000 $1,500 $2,000 $2,500 2021 2022 2023 2024 2025 LTM $472 $555 $625 $574 $628 $676 31.8% 35.3% 33.5% 31.8% 32.3% 33.2% 15.0% 22.5% 30.0% 37.5% 45.0% $0 $150 $300 $450 $600 $750 2021 2022 2023 2024 2025 LTM
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23 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 Q2 2026 CONSOLIDATED OPERATING PERFORMANCE Strong growth driven by improved rental fundamentals, strong demand across core markets led by T&D Revenue: $563M +10% vs Q2’25 Adjusted Gross Profit1 : $181M +16% vs Q2’25 Adjusted EBITDA1 : $117M +25% vs Q2’25 Record Quarterly Revenue Driven by momentum in core T&D markets and strong execution across both segments Adjusted Gross Profit Expansion Stronger operational performance, improved rental fundamentals, and significant KPI improvement 25% Adjusted EBITDA Growth YoY Reflective of strong rental performance and new equipment sales ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (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. $121 $145 $356 $384 $35 $35 $511 $563 Q2'25 Q2'26 Rental Equipment Sales Parts & Services $157 $181 Q2'25 Q2'26 $93 $117 Q2'25 Q2'26
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24 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SPECIALTY EQUIPMENT RENTALS (SER) Q2 2026 rental revenue +20% YoY driven by rising OEC on Rent and utilization ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Strong Rental Revenue Growth Broad-based growth led by Rental +20% and Equipment Sales +30%, demonstrating strong end market demand and fleet utilization across core verticals 26% Adjusted EBITDA Growth YoY Operating leverage on revenue growth combined with disciplined SG&A management drove EBITDA expansion Revenue: $221M +$19M/+9% YoY Segment Adjusted EBITDA : $117M +$24M/+26% YoY $121 $145 $40 $52 $22 $22 $19 $2 Q2'25 Q2'26 Intersegment Sales, Rental AR Provision & Sales-Type Lease Adjustment Parts Sales and Services Equipment Sales Rental $202 $221 $93 $117 Q2'25 Q2'26
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25 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 $1,083 $1,211 $1,177 $1,207 $1,262 $1,377 $1,344 $1,366 73.2% 78.9% 76.9% 77.6% 79.3% 83.6% 81.4% 81.6% $- $500 $1,000 71.0% 81.0% 91.0% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Avg. OEC on Rent Utilization SER KEY PERFORMANCE INDICATORS Q2 2026 improved average utilization and OEC on Rent, driven by continued momentum in T&D end markets Avg. OEC on Rent: $1,366M +$158M vs Q2’25 Avg. Utilization: 81.6% +400bps vs Q2’25 On Rent Yield: 39.4% +80bps vs Q2’25 Utilization 81.6%: Increased 400 basis points compared to the prior year; mid-70% to mid-80% range across most of fleet and end markets OEC on Rent +$158M YoY: fleet deployment gains driven by T&D end market strength On Rent Yield 39.4%: Increased 80 basis points compared to the prior year and 50 basis points sequentially; in line with expected high-30% to low-40% range with continued opportunity for rate improvement as transmission mix grows 2026 Momentum Intact: Year-over-year growth in rental KPIs continued in Q2’26, with activity remaining strong so far in Q3’26, as averages remain higher than a year ago On Rent Yield Utilization & Average OEC on Rent ($ millions, except where indicated) Fleet Age (Years) 38.4% 38.6% 38.5% 38.6% 38.2% 38.7% 38.9% 39.4% Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 3.3 3.2 3.1 3.0 2.9 2.9 3.0 3.0 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26
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26 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 $396 $369 $420 $335 $280 $335 $411 $322 4.6 4.2 4.8 3.7 3.0 3.7 4.5 3.5 0.0 1.0 2.0 3.0 4.0 5.0 $- $100 $200 $300 $400 $500 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Backlog Backlog Months $316 $332 $98 $93 $12 $13 Q2'25 Q2'26 Equipment Sales Intersegment Sales Parts Sales and Services SPECIALTY TRUCK EQUIPMENT & MANUFACTURING (STEM) Q2 2026 revenue increase driven by third-party revenue growth, with new equipment sales setting a quarterly record Revenue: $438M +$12M/+3% YoY Segment Adj. EBITDA : $37M +$13M/+55% YoY Backlog: $322M Down in Q2 on record deliveries Third-Party Revenue Growth Revenue growth was driven by a YoY increase in third- party revenue of 5%, with new equipment sales at an all- time quarterly high Strong YoY Growth Reflects growth in third-party revenue but also is impacted by reported 2025 intersegment sales not reflecting any gross margin Backlog Building in Q3 Backlog has grown to over $340M so far in Q3 on solid order flow within core end-markets and strong year-over- year quoting activity ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) $426 $438 $24 $37 Q2'25 Q2'26
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27 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 4.4x 4.5x 4.8x 4.7x 4.5x 4.3x 4.0x 3.9x <4.0x 3.0x Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 2026 Target 2027 Target ▪ Remain committed to achieving net leverage meaningfully below 4x by year-end 2026 ▪ Targeting 3x net leverage in 2027 CAPITAL INVESTMENT & ALLOCATION Focused on organic investment, debt reduction, and fleet management to drive levered free cash flow and shareholder returns ▪ Elevated period of capital investment in fleet now behind us – average unit age now ~3 years, among lowest in the industry ▪ Expect reduced maintenance capex in 2026 which should also support improved levered free cash flow ▪ Expect to continue to reduce inventory in 2026 and to focus levered free cash flow on debt reduction Growth Capex1 & Net Rental Capex2 Net Leverage Ratio3 ($ millions, except where indicated) (1) Growth Capex is defined as fleet additions in excess of maintenance and replacement requirements, resulting in a net increase in earning assets and revenue capacity. (2) Net Rental Capex is defined as total capital expenditures for the rental fleet less cash proceeds from the sale of vehicles from the rental fleet. (3) Net Leverage Ratio is a non-GAAP performance measure used by management and we believe it provides useful information to investors because it is an important measure to evaluate our debt levels and progress toward leverage targets, which is consistent with the manner our lenders and management use this measure. We define Net Leverage Ratio as current maturities and long-term debt and finance lease obligations, net of cash and cash equivalents, divided by Consolidated Adjusted EBITDA for the previous twelve-month period. Please refer to the supplemental information provided in the Appendix for a calculation of these figures. $37 $22 $33 $11 $63 $15 $18 $24 $57 $71 $67 $64 $79 $41 $49 $36 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Growth Capex Net Capex
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28 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 ABL Facility 2029 Sr Sec Notes $3 $1 $17 $1,636 $16 0 200 400 600 800 1000 1200 1400 1600 1800 $- $10 $20 $30 $40 $50 2026 2027 2028 2029 2030 and Thereafter Notes Payable & 2023 Credit Facility Notes Payable & 2023 Credit Facility Notes Payable & 2023 Credit Facility Notes Payable & 2023 Credit Facility Notes Payable & 2023 Credit Facility DEBT STRUCTURE & LIQUIDITY 84%+ of Outstanding Debt is Covered by $1.41B Total OLV1 of Rental Fleet Strong Available Liquidity and No Significant Maturities Until 2029 Fixed 57% / Floating 43% ▪ Substantial OLV of the rental fleet provides significant coverage of our outstanding debt – Rental fleet OLV1 $187M since the end of 2023 ▪ Total Available Liquidity: $482M – $240M of combined ABL availability + cash – Ability to upsize the ABL Facility by more than $240M based on suppressed availability – Total available liquidity has averaged over $485M over the last two years ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Total Orderly Liquidation Value as of December 31, 2025, effective date as per third-party appraisal. 28 Debt maturities
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29 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 (1) We are unable to present a quantitative reconciliation of our forward-looking Adjusted EBITDA, Levered Free Cash Flow, and Net Leverage Ratio for the year ending December 31, 2026 and future periods to their respective most directly comparable GAAP fina ncial measure due to the high variability and difficulty in predicting certain items that affect such GAAP measures including, but not limited to, customer buyout requests on rentals with rental purchase options and income tax expense. Adjusted EBITDA, Levered Free Cash Flow, and Net Leverage Ratio should not be used to predict their respective most directly comparable GAAP measure as the differences between the respective measures are variable and unpredictable. (2) Effective January 1, 2026, the Company realigned its reportable segments from three segments (ERS, TES and APS) to two segmen ts: SER and STEM. Historical period results have been recast to conform to the current segment alignment. Please refer to the Appendix of this document for the calculation of the respective figures. (3) Consolidated Adjusted EBITDA, Levered Free Cash Flow and Net Leverage Ratio are non -GAAP measures. Please refer to the Appendix of this document for definitions of each and for reconciliations to the most comparable GAAP measures. REVISED 2026 OUTLOOK 2025 Actual 2026 Outlook1 YoY Commentary Total Revenue $1.944B $2.1B – $2.2B +8% to +13% Raised guidance from $2.005B – $2.12B SER Revenue(2) $810M $850M – $875M +5% to +8% OEC on rent, utilization and margin all performing ahead of expectations; T&D demand at record levels, further growth supported by vocational market; raised guidance from $835M – $870M STEM Revenue(2) $1.656B $1.63B – $1.70B -2% to +3% Continued strong order flow, particularly from local and regional customers; third-party revenue projected to grow +3-10% in 2026, with lower overall sales impacted solely by expected lower YoY sales to SER; raised guidance from $1.580B – $1.655B Adjusted EBITDA(3) $384M $437.5M – $455M +14% to +19% Raised guidance from $415M – $440M Net OEC $1.637B – +MSD% Gross Rental Capex $457M $360M – $390M –- Net Rental Capex $251M $170M – $200M –- Inventory months on hand is expected to continue trending toward the targeted level of below six months; raised guidance from $150M – $170M Levered Free Cash Flow(3) ($77M) ≥$50M –- Anticipated continued benefit from inventory reduction Net Leverage(3) 4.31x <4.0x –- Expect to be meaningfully below 4x during 2026, achieve 3x net leverage target in fiscal 2027
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30 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 APPENDIX
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31 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 GLOSSARY – KEY PERFORMANCE INDICATORS AND MEASURES • Ending OEC — Ending 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 combinations. OEC is the basis for calculating certain of the measures set forth below. Additionally, the pricing of our rental contracts and equipment sales prices for our equipment is based upon OEC, and we measure a rate of return from our rentals and sales using OEC. OEC is a widely used industry metric to compare fleet dollar value independent of depreciation. • Average OEC on Rent — Average OEC on Rent is calculated as the weighted-average OEC on rent during the stated period. • Fleet Utilization — Fleet Utilization is defined as the total number of days the rental equipment was rented during a specified period of time divided by the total number of days available during the same period and weighted based on OEC. Utilization is a measure of fleet efficiency expressed as a percentage of time the fleet is on rent and is considered to be an important indicator of the revenue generating capacity of the fleet. • OEC On Rent Yield — OEC On Rent Yield (“ORY”) is a measure of return realized by our rental fleet during a period. ORY is calculated as rental revenue (excluding freight recovery and ancillary fees) during the stated period divided by the average OEC on rent for the same period. For periods less than 12 months, ORY is adjusted to an annualized basis. • Sales Order Backlog — Sales Order Backlog consists of purchase orders received for customized and stock equipment. Sales order backlog should not be considered an accurate measure of future net sales.
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32 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 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 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. • Consolidated Adjusted EBITDA — Consolidated Adjusted EBITDA is defined as net income (loss), as adjusted for provision for income taxes, interest expense, net (excluding interest on floorplan financing), 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.
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33 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 GLOSSARY – FINANCIAL MEASURES • Segment Adjusted EBITDA — Segment Adjusted EBITDA is defined as segment operating income or loss before depreciation and amortization, further excluding the effects of purchase accounting adjustments and the impact of sales-type lease accounting for certain leases containing rental purchase options (or “RPOs”). • Levered Free Cash Flow – Net cash provided by operating activities, less cash flow for investing activities, excluding acquisitions, plus acquisition of inventory through floor plan payables – non-trade less repayment of floor plan payables – non-trade, both of which are included in cash flow from financing activities in our Consolidated Statements of Cash Flows. This non-GAAP measure is subject to certain limitations. • Net Leverage Ratio – Net leverage ratio is a non-GAAP performance measure used by management and we believe it provides useful information to investors because it is an important measure to evaluate our debt levels and progress toward leverage targets, which is consistent with the manner our lenders and management use this measure. We define net leverage ratio as net debt divided by Consolidated Adjusted EBITDA for the previous twelve-month period (“last twelve months, ” or “LTM”).
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34 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 ADJUSTED EBITDA RECONCILIATION — Q1 2025 – Q2 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Adjusted EBITDA is defined as net income (loss), as adjusted for provision for income taxes, interest expense, net (excluding interest on floorplan financing), 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) Represents non-cash share-based compensation expense associated with the issuance of restricted stock units. Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net income (loss) $ (18) $ (28) $ (6) $ 21 $ (4) $ 10 Interest expense 26 26 26 26 25 27 Income tax expense (benefit) (8) 17 (1) (6) 0 (1) Depreciation and amortization 63 66 67 69 68 69 EBITDA 63 82 87 110 89 105 Adjustments: Non-cash purchase accounting impact (1) 4 4 3 4 3 3 Transaction and other costs (2) 4 5 3 4 4 6 Sales-type lease adjustment (3) 1 0 0 (0) 1 (0) Share-based payments (4) 2 2 2 2 1 3 Adjusted EBITDA $ 73 $ 93 $ 96 $ 121 $ 98 $ 117
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35 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 ADJUSTED EBITDA RECONCILIATION — 2021 – 2025 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Adjusted EBITDA is defined as net income (loss), as adjusted for provision for income taxes, interest expense, net (excluding interest on floorplan financing), 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 our interest rate collar and the change in fair value of the liability for warrants. (7) Special charges related to leasing receivables and inventory reserves taken in connection with the CTOS/Nesco business combination in the second quarter of 2021. 2021 2022 2023 2024 2025 Pro Forma Net income (loss) $ (91) 39 $ 51 $ (29) (31) Interest expense 71 76 95 106 105 Income tax expense (benefit) 34 8 7 (1) 3 Depreciation and amortization 244 223 219 236 265 EBITDA 258 346 372 313 342 Adjustments: Non-cash purchase accounting impact (1) 16 23 20 17 15 Transaction and other costs (2) 17 26 14 18 17 Sales-type lease adjustment (3) 8 5 10 5 1 Gain on sale leaseback transaction(4) — — — (23) — Share-based payments (5) 18 12 13 12 8 Change in fair value of derivative and warrants (6) 6 (20) (2) (1) — Adjusted EBITDA 323 393 427 340 384 Special charges related to leasing receivables and inventory (7) 10 — — — — Adjusted EBITDA, including special items $ 333 $ 393 $ 427 $ 340 $ 384
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36 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 ADJUSTED EBITDA RECONCILIATION — 2021 ACTUAL & PRO FORMA ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Adjusted EBITDA is defined as net income (loss), as adjusted for provision for income taxes, interest expense, net (excluding interest on floorplan financing), 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) Loss on extinguishment of debt represents a special charge, which is not expected to recur. Such charges are adjustments pursuant to our credit agreement. (4) 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. (5) Represents non-cash share-based compensation expense associated with the issuance of restricted stock units. (6) Represents the charge to earnings for our interest rate collar and the change in fair value of the liability for warrants. (7) Special charges related to leasing receivables and inventory reserves taken in connection with the CTOS/Nesco business combination in the second quarter of 2021. 2021 2021 Actual Pro Forma Net income (loss) $ (182) $ (91) Interest expense 68 71 Income tax expense (benefit) 4 34 Depreciation and amortization 209 244 EBITDA 100 258 Adjustments: Non-cash purchase accounting impact (1) 34 16 Transaction and other costs (2) 52 17 Loss on extinguishment of debt (3) 62 — Sales-type lease adjustment (4) 7 8 Share-based payments (5) 17 18 Change in fair value of derivative and warrants (6) 6 6 Adjusted EBITDA 278 323 Special charges related to leasing receivables and inventory (7) — 10 Adjusted EBITDA, including special items $ 278 $ 333
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37 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 ADJUSTED EBITDA RECONCILIATION — LTM PERIOD ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Adjusted EBITDA is defined as net income (loss), as adjusted for provision for income taxes, interest expense, net (excluding interest on floorplan financing), 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) Represents non-cash share-based compensation expense associated with the issuance of restricted stock units. Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year LTM Adjusted EBITDA June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 Net income (loss) $ 6 $ (46) (31) 21 Interest expense 52 52 105 104 Income tax expense (benefit) (1) 10 3 (8) Depreciation and amortization 137 129 265 273 EBITDA 194 145 342 391 Adjustments: Non-cash purchase accounting impact (1) 6 8 15 13 Transaction and other costs (2) 10 9 17 18 Sales-type lease adjustment (3) 0 1 1 1 Share-based payments (4) 5 4 8 9 Adjusted EBITDA $ 215 $ 167 $ 384 $ 431
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38 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 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. ADJUSTED GROSS PROFIT RECONCILIATION — Q1 2025 – Q2 2026 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue: Rental $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 Equipment sales 274 356 321 354 293 384 Parts sales and services 32 35 34 32 32 35 Total revenue 422 511 482 528 462 563 Cost of Revenue: Cost of revenue 287 355 327 348 302 383 Depreciation of rental equipment 50 54 55 57 56 57 Total cost of revenue 337 409 381 405 359 439 Less: Depreciation of rental equipment (50) (54) (55) (57) (56) (57) Cost of revenue excluding depreciation 287 355 327 348 302 383 Adjusted gross profit 136 157 156 180 159 181 Less: Depreciation of rental equipment (50) (54) (55) (57) (56) (57) Gross profit - GAAP $ 86 $ 103 $ 101 $ 123 $ 103 $ 124
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39 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 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. ADJUSTED GROSS PROFIT RECONCILIATION — 2021 – 2025 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) 2021 2022 2023 2024 2025 Pro Forma Revenue: Rental $ 422 $ 464 $ 479 $ 443 $ 506 Equipment sales 941 982 1,253 1,223 1,304 Parts sales and services 120 127 133 136 133 Total revenue 1,484 1,573 1,865 1,802 1,944 Cost of Revenue: Cost of revenue 1,022 1,018 1,240 1,229 1,316 Depreciation of rental equipment 184 172 171 183 216 Total cost of revenue 1,205 1,189 1,411 1,412 1,532 Less: Depreciation of rental equipment (184) (172) (171) (183) (216) Cost of revenue excluding depreciation 1,022 1,018 1,240 1,229 1,316 Adjusted gross profit 462 555 625 574 628 Less: Depreciation of rental equipment (184) (172) (171) (183) (216) Gross profit - GAAP $ 278 $ 384 $ 454 $ 390 $ 412
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40 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 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. ADJUSTED GROSS PROFIT RECONCILIATION — 2021 ACTUAL & PRO FORMA ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) 2021 2021 Actual Pro Forma Revenue: Rental $ 370 $ 422 Equipment sales 695 941 Parts sales and services 102 120 Total revenue 1,167 1,484 Cost of Revenue: Cost of revenue 800 1,022 Depreciation of rental equipment 157 184 Total cost of revenue 957 1,205 Less: Depreciation of rental equipment (157) (184) Cost of revenue excluding depreciation 800 1,022 Adjusted gross profit 367 462 Less: Depreciation of rental equipment (157) (184) Gross profit - GAAP $ 210 $ 278
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41 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 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. ADJUSTED GROSS PROFIT RECONCILIATION — LTM PERIOD ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year LTM Adjusted Gross Profit June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 Revenue: Rental $ 282 $ 237 $ 506 $ 551 Equipment sales 676 630 1,304 1,351 Parts sales and services 67 67 133 133 Total revenue 1,025 934 1,944 2,035 Cost of Revenue: Cost of revenue 685 642 1,316 1,360 Depreciation of rental equipment 113 104 216 225 Total cost of revenue 798 746 1,532 1,584 Less: Depreciation of rental equipment (113) (104) (216) (225) Cost of revenue excluding depreciation 685 642 1,316 1,360 Adjusted gross profit 340 292 628 676 Less: Depreciation of rental equipment (113) (104) (216) (225) Gross profit - GAAP $ 227 $ 188 $ 412 $ 451
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42 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SUPPLEMENTARY SEGMENT DATA — SER ADJUSTED EBITDA ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue from external customers: Rental revenue $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 Equipment sales 30 40 35 56 38 52 Parts sales and services 21 22 21 21 19 22 Total revenue from external customers 167 183 183 219 194 219 Intersegment sales 12 16 4 10 7 4 Rental AR provision(1) 2 2 2 2 2 2 Sales-type lease adjustment(2) 1 1 1 (1) 2 (4) Total Segment revenue 182 202 190 230 205 221 Segment Expenses: Cost of rental revenue, excluding depreciation(3) 30 30 30 30 31 35 Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(4) 18 26 24 35 28 31 Cost of parts and services, excluding depreciation(5) 20 19 18 17 18 18 Cost of intersegment sales 12 16 4 10 6 4 Rental AR provision(1) 2 2 2 2 2 2 Total segment cost of revenue expenses 81 93 78 95 85 89 Selling, general and administrative expenses 14 16 12 15 14 14 Total segment expenses 96 109 90 110 99 104 Adjusted EBITDA $ 86 $ 93 $ 99 $ 120 $ 105 $ 117 SER Segment Adjusted EBITDA is defined as segment operating income or loss before depreciation and amortization, further excluding the effects of purchase accounting adjustments and the impact of sales-type lease accounting for certain leases containing rental purchase options (or “RPOs”). (1) Specifically identifiable lease revenue receivables not deemed probable of collection are recorded as a reduction of rental revenue. This is classified as a segment expense for Segment Adjusted EBITDA reviewed by the chief operating decision maker. (2) Impact of sales-type lease accounting for certain leases containing RPOs: this impact is excluded from the measure of Adjusted EBITDA utilized by our CODM to allocate resources and to assess the performance of our segments as we believe continuing to reflect the transactions as an operating lease better reflects the economics of the transactions given our large portfolio of rental contracts. (3) Cost of rental revenue, excluding depreciation, reflects repairs and maintenance costs of rental equipment, parts costs, labor and other overheads related to maintaining the rental fleet, and freight associated with the shipping of rental equipment, further excluding depreciation. (4) Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation, reflects production and inventory costs associated with new units sold, labor and other overheads related to production, and freight associated with the shipping and receiving of equipment. Cost of equipment sales also includes the net book value of rental units sold. These costs are net of (i) the impact of purchase accounting step-up in basis on equipment and inventory acquired ("non-cash purchase accounting impact") and (ii) the impact of sales- type lease accounting for certain leases containing RPOs, further excluding depreciation. (5) Cost of parts and services sales, excluding depreciation, reflects inventory costs associated with parts costs and freight associated with the shipping and receiving of parts, further excluding depreciation.
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43 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SUPPLEMENTARY SEGMENT DATA — STEM ADJUSTED EBITDA ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue from external customers: Equipment sales $ 244 $ 316 $ 286 $ 298 $ 255 $ 332 Parts sales and services 11 12 13 11 13 13 Total revenue from external customers 255 329 299 309 268 345 Intersegment sales 95 98 109 89 95 93 Total segment revenue 350 426 408 398 363 438 Segment Expenses: Cost of equipment sales, net of purchase accounting1) 205 266 241 250 213 281 Cost of parts and services, excluding depreciation(2) 7 9 9 9 9 10 Cost of intersegment sales 95 98 109 89 80 79 Total segment cost of revenue expenses 308 372 359 348 303 369 Selling, general and administrative expenses 16 17 18 18 18 20 Floorplan interest expense 13 14 14 12 11 11 Total segment expenses 337 402 390 378 331 401 Adjusted EBITDA $ 13 $ 24 $ 18 $ 20 $ 33 $ 37 STEM Segment Adjusted EBITDA is defined as segment operating income or loss before depreciation and amortization, further excluding the effects of purchase accounting adjustments. (1) Cost of equipment sales, net of purchase accounting and depreciation: reflects production and inventory costs associated with new units sold, labor and other overheads related to production, and freight associated with the shipping and receiving of equipment. Cost of equipment sales also includes the net book value of rental units sold. These costs are net of the impact of purchase accounting step-up in basis on equipment and inventory acquired ("non-cash purchase accounting impact") further excluding depreciation. (2) Cost of parts and services sales, excluding depreciation: reflects inventory costs associated with parts costs and freight associated with the shipping and receiving of parts, further excluding depreciation.
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44 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SUPPLEMENTARY SEGMENT DATA — SER ADJUSTED GROSS PROFIT ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue: Rental $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 Equipment sales 30 40 35 56 38 52 Parts sales and services 21 22 21 21 19 22 Intersegment sales 12 16 4 10 7 4 Total revenue 179 199 187 229 201 223 Cost of Revenue: Cost of rental revenue 30 30 30 30 31 35 Cost of equipment sales 21 29 25 39 28 37 Depreciation of rental equipment 50 54 55 57 56 57 Cost of parts and services 20 19 18 17 18 18 Cost of intersegment sales 12 16 4 10 6 4 Total cost of revenue 133 148 132 154 140 150 Gross profit 46 51 55 75 61 73 Add: Depreciation of rental equipment 50 54 55 57 56 57 Adjusted gross profit $ 96 $ 105 $ 109 $ 132 $ 117 $ 130
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45 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SUPPLEMENTARY SEGMENT DATA — STEM GROSS PROFIT ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Revenue: Equipment sales $ 244 $ 316 $ 286 $ 298 $ 255 $ 332 Parts sales and services 11 12 13 11 13 13 Intersegment sales 95 98 109 89 95 93 Total revenue 350 426 408 398 363 438 Cost of Revenue: Cost of equipment sales 208 268 243 253 216 283 Cost of parts and services 8 9 10 9 9 10 Cost of Intersegment sales 95 98 109 89 80 79 Total cost of revenue 310 374 362 351 305 372 Gross profit $ 40 $ 52 $ 46 $ 48 $ 58 $ 66
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46 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 NET LEVERAGE RATIO CALCULATION Net 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 Consolidated Adjusted EBITDA for the previous twelve-month period (“last twelve months,” or “LTM”). ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Net Debt and Finance Leases (As of Period End): Current Maturities of Long-Term Debt $ 1 $ 8 $ 6 $ 23 $ 21 $ 26 $ 5 $ 3 Long-Term Debt, Net 1,567 1,520 1,593 1,590 1,629 1,619 1,629 1,657 Add: Deferred Financing Costs 21 20 19 18 17 16 14 13 Total Debt and Finance Leases 1,590 1,548 1,618 1,631 1,666 1,661 1,648 1,673 Less: Cash and Cash Equivalents (8) (4) (5) (5) (13) (6) (10) (10) Net Debt and Finance Leases $ 1,581 $ 1,544 $ 1,613 $ 1,625 $ 1,653 $ 1,654 $ 1,639 $ 1,663 Adjusted EBITDA: Adjusted EBITDA (Current Year to Date Period) $ 238 $ 340 $ 73 $ 167 $ 263 $ 384 $ 98 $ 215 Add: Adjusted EBITDA (Prior Fiscal Year) 427 427 340 340 340 340 384 384 Less: Adjusted EBITDA (Prior Year to Date Period) (309) (427) (77) (157) (238) (340) (73) (167) LTM Adjusted EBITDA $ 356 $ 340 $ 336 $ 349 $ 365 $ 384 $ 408 $ 431 Net Leverage Ratio 4.44 4.55 4.80 4.66 4.53 4.31 4.02 3.85
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47 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 LEVERED FREE CASH FLOW CALCULATION Levered Free Cash Flow is defined as net cash provided by operating activities, less cash flow for investing activities, excluding acquisitions, plus acquisition of inventory through floor plan payables – non-trade less repayment of floor plan payables – non-trade, both of which are included in cash flow from financing activities in our Consolidated Statements of Cash Flows. ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) YTD Q1 25 YTD Q2 25 YTD Q3 25 YTD Q4 25 YTD Q1 26 YTD Q2 26 Net cash flow from operating activities $ 56 $ 181 $ 263 $ 310 $ 24 $ 68 Acquisition of inventory through floor plan payables - non-trade 125 238 364 482 136 263 Repayment of floor plan payables - non-trade (146) (327) (468) (587) (85) (232) Purchases of rental equipment (112) (225) (349) (457) (97) (192) Proceeds from sales and disposals of rental equipment 45 94 139 206 48 107 Purchase of non-rental property and cloud computing arrangements (4) (8) (24) (32) (10) (22) Levered Free Cash Flow $ (36) $ (47) $ (75) $ (77) $ 15 $ (7)
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48 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SEGMENT RECAST FINANCIALS — BASIS OF 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 on Form 10-K for the applicable periods. The recast amounts reflect a recast of our historical financial information for illustrative purposes only, as if our current two-segment reporting structure and related intersegment accounting framework had been in effect for the periods presented. These supplemental financial data are unaudited and do not represent a restatement of previously issued financial statements or previously filed periodic reports.
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49 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 STEM Q1 AND Q2 2025 RECAST FINANCIALS As a result of an internal error in how intersegment sales between STEM and SER were accounted for in our previous investor presentation regarding our business re-segmentation, we have made corrections to those financial presentations for those two quarters, which are presented on the following pages. The corrections only impact the distribution of Segment Adjusted EBITDA between Q1 and Q2 2025 and does not impact full-year STEM Segment Adjusted EBITDA or the consolidated financial results for those quarters.
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50 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 TES → STEM RECAST FINANCIALS — Q1 2025 As Reported TES APS Adjustments Intersegment & Other Adjustments As Adjusted STEM Revenue: Equipment sales $ 233 $ — $ 12 $ 244 Parts sales and services — 11 — 11 Intersegment sales — — 113 113 Total Revenue 233 11 124 368 Segment Expenses: Cost of equipment sales, net of purchase accounting and sales-type leases 198 — 10 208 Cost of parts and services, excluding depreciation — 7 — 7 Cost of intersegment sales — — 95 95 Total segment cost of revenue expenses 198 7 105 310 Adjusted Gross Profit 35 4 19 58 Selling, general and administrative expenses 17 17 Floorplan interest expense 13 13 Segment Adjusted EBITDA $ (11) $ 28 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting)
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51 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 TES → STEM RECAST FINANCIALS — Q2 2025 As Reported TES APS Adjustments Intersegment & Other Adjustments As Adjusted STEM Revenue: Equipment sales $ 303 $ — $ 13 $ 317 Parts sales and services — 12 — 12 Intersegment sales — — 116 116 Total Revenue 303 12 129 445 Segment Expenses: Cost of equipment sales, net of purchase accounting and sales-type leases 256 — 13 269 Cost of parts and services, excluding depreciation — 8 — 8 Cost of intersegment sales — — 98 98 Total segment cost of revenue expenses 256 8 110 375 Adjusted Gross Profit 47 4 19 70 Selling, general and administrative expenses 18 18 Floorplan interest expense 14 14 Segment Adjusted EBITDA $ (13) $ 38 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting)
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52 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 CONSOLIDATING RECAST FINANCIALS — Q1 2025 As Adjusted SER As Adjusted STEM Corporate & Eliminations As Reported Consolidated Revenue: Rental $ 120 $ — $ (4) $ 116 Equipment sales 29 244 1 274 Parts sales and services 21 11 — 32 Intersegment sales 13 113 (126) — Total Revenue 183 368 (128) 422 Segment Expenses: Cost of rental, excluding depreciation 32 — (2) 30 Cost of equipment sales, net of purchase accounting and sales-type leases 22 208 (1) 229 Cost of parts and services, excluding depreciation 20 7 — 28 Cost of intersegment sales 12 95 (106) — Total segment cost of revenue expenses 85 310 (109) 287 Adjusted Gross Profit 98 58 (20) 136 Selling, general and administrative expenses 15 17 28 60 Floorplan interest expense — 13 — 13 Other expenses / (add-backs) — — (11) (11) Adjusted EBITDA $ 83 $ 28 $ (37) $ 73 (Amended at Q1 2026 Reporting) ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding)
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53 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 CONSOLIDATING RECAST FINANCIALS — Q2 2025 As Adjusted SER As Adjusted STEM Corporate & Eliminations As Reported Consolidated Revenue: Rental $ 125 $ — $ (4) $ 121 Equipment sales 39 317 1 356 Parts sales and services 23 12 — 35 Intersegment sales 18 116 (134) — Total Revenue 204 445 (137) 512 Segment Expenses: Cost of rental, excluding depreciation 32 — (2) 30 Cost of equipment sales, net of purchase accounting and sales-type leases 31 269 (3) 297 Cost of parts and services, excluding depreciation 19 8 1 28 Cost of intersegment sales 16 98 (113) — Total segment cost of revenue expenses 98 375 (118) 355 Adjusted Gross Profit 106 70 (19) 157 Selling, general and administrative expenses 17 18 25 59 Floorplan interest expense — 14 — 14 Other expenses / (add-backs) — — (10) (10) Adjusted EBITDA $ 89 $ 38 $ (34) $ 93 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting)
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54 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 ERS → SER RECAST FINANCIALS — 2024 & 2025 SUMMARY Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Q2 25 Q3 25 Q4 25 2025 Revenue: Rental $ 113 $ 110 $ 113 $ 129 $ 465 $ 120 $ 125 $ 131 $ 146 $ 522 Equipment sales 27 35 34 38 135 29 39 34 53 155 Parts sales and services 22 24 23 26 94 21 23 22 21 87 Intersegment sales 3 10 9 11 32 13 17 4 12 46 Total Revenue 165 178 179 203 726 183 204 191 232 810 Segment Expenses: Cost of rental, excluding depreciation 31 30 30 30 121 32 32 33 32 129 Cost of equipment sales, net of purchase accounting and sales-type leases 27 23 26 31 108 22 31 28 42 123 Cost of parts and services, excl depreciation 18 21 18 22 79 20 19 18 18 75 Cost of intersegment sales 2 9 8 10 29 12 16 4 10 42 Total segment cost of revenue expenses 78 84 83 93 337 85 98 82 102 368 Adjusted Gross Profit 87 95 96 111 389 98 106 109 130 442 Selling, general and administrative expenses 14 13 14 16 57 15 17 12 15 58 Segment Adjusted EBITDA $ 73 $ 82 $ 82 $ 95 $ 332 $ 83 $ 89 $ 96 $ 115 $ 384 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding)
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55 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 TES → STEM RECAST FINANCIALS — 2024 & 2025 SUMMARY Q1 24 Q2 24 Q3 24 Q4 24 2024 Q1 25 Q2 25 Q3 25 Q4 25 2025 Revenue: Equipment sales $ 249 $ 259 $ 271 $ 321 $ 1,100 $ 244 $ 317 $ 286 $ 298 $ 1,145 Parts sales and services 10 11 11 10 42 11 12 13 11 47 Intersegment sales 81 87 102 114 384 113 116 130 106 465 Total Revenue 341 357 384 445 1,526 368 445 429 415 1,656 Segment Expenses: Cost of equipment sales, net of purchase accounting and sales-type leases 200 217 229 269 914 208 269 243 253 974 Cost of parts and services, excl depreciation 8 7 8 6 29 7 8 9 8 33 Cost of intersegment sales 68 73 86 95 322 95 98 109 89 390 Total segment cost of revenue expenses 276 297 322 370 1,265 310 375 361 351 1,397 Gross Profit 65 59 62 75 261 58 70 67 64 259 Selling, general and administrative expenses 19 16 16 20 71 17 18 19 18 72 Floorplan interest expense 13 15 17 16 61 13 14 14 12 53 Segment Adjusted EBITDA $ 34 $ 28 $ 29 $ 39 $ 129 $ 28 38 $ 34 $ 34 $ 134 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (Amended at Q1 2026 Reporting)
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56 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SER RECAST 1 FINANCIALS — Q2 2026 As Reported SER Adjustments(1) As Adjusted SER Revenue: Rental $ 145 $ 4 $ 149 Equipment sales 52 (6) 46 Parts sales and services 22 — 22 Total revenue from external customers 219 (2) 217 Intersegment sales 4 1 5 Rental AR Provision(2) 2 (2) — Sales-type lease adjustment(3) (4) 4 — Total Segment Revenue 221 1 222 Segment Expenses: Cost of rental, excluding depreciation 35 4 39 Cost of equipment sales, net of purchase accounting and sales-type leases(3)(4) 31 6 37 Cost of parts and services, excluding depreciation 18 (2) 16 Cost of intersegment sales 4 1 4 Rental AR Provision(2) 2 (2) — Total segment cost of revenue expenses 89 7 96 Selling, general and administrative expenses 14 — 14 Total segment expenses 104 7 111 Segment Adjusted EBITDA $ 117 $ (6) $ 111 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (2) Specifically identifiable lease revenue receivables not deemed probable of collection are recorded as a reduction of rental revenue. This is classified as a segment expense for Segment Adjusted EBITDA reviewed by the chief operating decision maker. (3) Impact of sales-type lease accounting for certain leases containing RPOs: this impact is excluded from the measure of Adjusted EBITDA utilized by our CODM to allocate resources and to assess the performance of our segments as we believe continuing to reflect the transactions as an operating lease better reflects the economics of the transactions given our large portfolio of rental contracts. (4) Excludes the non-cash impact of purchase accounting, impact of sales-type lease accounting for certain leases containing RPOs, further excluding depreciation.
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57 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 STEM RECAST 1 FINANCIALS — Q2 2026 As Reported STEM Adjustments(1) As Adjusted STEM Revenue: Equipment sales $ 332 $ — $ 332 Parts sales and services 13 — 13 Total revenue from external customers 345 — 345 Intersegment sales 93 0 94 Total Revenue 438 0 438 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 281 0 281 Cost of parts and services, excluding depreciation 10 — 10 Cost of intersegment sales 79 — 79 Total segment cost of revenue expenses 369 0 370 Selling, general and administrative expenses 20 — 20 Floorplan interest expense 11 — 11 Total expenses 401 0 401 Segment Adjusted EBITDA $ 37 $ 0 $ 37 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (2) Excludes the non-cash impact of purchase accounting.
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58 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SER RECAST 1 FINANCIALS — Q2 2025 vs. Q2 2026 Q2 25 Q2 26 Revenue: Rental $ 125 $ 149 Equipment sales 39 46 Parts sales and services 23 22 Total revenue from external customers 186 217 Intersegment sales 17 5 Total Revenue 204 222 Segment Expenses: Cost of rental, excluding depreciation 32 39 Cost of equipment sales, net of purchase accounting and sales-type leases(2)(3) 31 37 Cost of parts and services, excluding depreciation 19 16 Cost of intersegment sales 16 4 Total segment cost of revenue expenses 98 96 Adjusted Gross Profit 106 126 Selling, general and administrative expenses 17 14 Segment Adjusted EBITDA $ 89 $ 111 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (2) Excludes the non-cash impact of purchase accounting. The equipment 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. (3) Excludes the impact of sales-type lease accounting for certain leases containing 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.
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59 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SER RECAST 1 FINANCIALS — YTD 2025 vs. YTD 2026 YTD 25 YTD 26 Revenue: Rental $ 245 $ 290 Equipment sales 68 84 Parts sales and services 44 41 Total revenue from external customers 356 415 Intersegment sales 30 13 Total Revenue 387 428 Segment Expenses: Cost of rental, excluding depreciation 64 73 Cost of equipment sales, net of purchase accounting and sales-type leases(2)(3) 53 70 Cost of parts and services, excluding depreciation 39 33 Cost of intersegment sales 27 11 Total segment cost of revenue expenses 183 187 Adjusted Gross Profit 203 240 Selling, general and administrative expenses 31 28 Segment Adjusted EBITDA $ 172 $ 212 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (2) Excludes the non-cash impact of purchase accounting. The equipment 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. (3) Excludes the impact of sales-type lease accounting for certain leases containing 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.
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60 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SER RECAST 1 FINANCIALS — LTM PERIOD Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year Latest Twelve Months June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 Revenue: Rental $ 290 $ 245 $ 522 $ 567 Equipment sales 84 68 155 172 Parts sales and services 41 44 87 84 Total revenue from external customers 415 356 764 822 Intersegment sales 13 30 46 29 Total Revenue 428 387 810 851 Segment Expenses: Cost of rental, excluding depreciation 73 64 129 137 Cost of equipment sales, net of purchase accounting and sales-type leases(2)(3) 70 53 123 140 Cost of parts and services, excluding depreciation 33 39 75 69 Cost of intersegment sales 11 27 42 26 Total segment cost of revenue expenses 187 183 368 372 Adjusted Gross Profit 240 203 442 479 Selling, general and administrative expenses 28 31 58 56 Segment Adjusted EBITDA $ 212 $ 172 $ 384 $ 423 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (2) Excludes the non-cash impact of purchase accounting. The equipment 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. (3) Excludes the impact of sales-type lease accounting for certain leases containing 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.
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61 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 STEM RECAST1 FINANCIALS — Q2 2025 vs. Q2 2026 Q2 25 Q2 26 Revenue: Equipment sales $ 316 $ 332 Parts sales and services 12 13 Total revenue from external customers 328 345 Intersegment sales 116 94 Total Revenue 445 438 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 269 281 Cost of parts and services, excluding depreciation 8 10 Cost of intersegment sales 98 79 Total segment cost of revenue expenses 375 370 Gross Profit 70 69 Selling, general and administrative expenses 18 20 Floorplan interest expense 14 11 Segment Adjusted EBITDA $ 38 $ 37 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (2) Excludes the non-cash impact of purchase accounting.
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62 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 STEM RECAST1 FINANCIALS — YTD 2025 vs. YTD 2026 YTD 25 YTD 26 Revenue: Equipment sales $ 560 $ 587 Parts sales and services 23 26 Total revenue from external customers 583 612 Intersegment sales 229 189 Total Revenue 813 802 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 477 497 Cost of parts and services, excluding depreciation 16 19 Cost of intersegment sales 192 159 Total segment cost of revenue expenses 685 674 Gross Profit 127 127 Selling, general and administrative expenses 35 38 Floorplan interest expense 27 22 Segment Adjusted EBITDA $ 65 $ 68 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (2) Excludes the non-cash impact of purchase accounting.
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63 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 STEM RECAST1 FINANCIALS — LTM PERIOD Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year Latest Twelve Months June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 Revenue: Equipment sales $ 587 $ 560 $ 1,144 $ 1,171 Parts sales and services 26 23 47 49 Total revenue from external customers 612 583 1,191 1,220 Intersegment sales 189 229 465 425 Total Revenue 802 813 1,656 1,645 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 497 477 974 993 Cost of parts and services, excluding depreciation 19 16 33 36 Cost of intersegment sales 159 192 390 357 Total segment cost of revenue expenses 674 685 1,397 1,386 Gross Profit 127 127 259 259 Selling, general and administrative expenses 38 35 72 75 Floorplan interest expense 22 27 53 47 Segment Adjusted EBITDA $ 68 $ 65 $ 134 $ 136 ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (2) Excludes the non-cash impact of purchase accounting.
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Contact IR: Brian Perman Vice President, Investor Relations investors@customtruck.com