Slides
Page 1
Q3 2026 INVESTOR PRESENTATION NYSE:CTOS October 2026
Page 2
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. 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 the Company's management’s control, that could cause actual results or outcomes to differ materially from those discussed in this presentation. This presentation is based on certain assumptions that the Company's 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 and at such time. As you read and consider this presentation, you should understand that these statements are not guarantees of performance or results. Many factors could affect the Company’s actual performance and results and could cause actual results to differ materially from those expressed 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, and 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.
Page 3
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 Q3 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) $444M of LTM Adjusted EBITDA1 Specialty Truck Equipment & Manufacturing (STEM) $139M of LTM Adjusted EBITDA1 Quarterly consolidated revenue of $495M, +3% YoY Consolidated Adjusted EBITDA of $111M, +16% 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 48-59 for the calculation of these figures.
Page 4
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 THIRD QUARTER HIGHLIGHTS Consolidated revenue and Adjusted EBITDA YoY growth driven by unprecedented and sustained demand in core T&D end-markets and continued momentum across both segments 4 Sustained strong quarterly revenue Revenue $495 Million Record Q3 revenue Adjusted Gross Profit1 +9% Q3 2026 vs. Q3 2025 Adjusted EBITDA1 +16% Q3 2026 vs. Q3 2025 Average OEC on Rent +10% Q3 2026 vs. Q3 2025 ▪ Record third-quarter revenue of $495 million (+3% YoY) drove Adjusted EBITDA of $111 million (+16% YoY) ▪ Adjusted gross profit of $170 million, +9% YoY ▪ SER segment total revenue +18% YoY , driven by sustained performance in core T&D markets; rental revenue +20% YoY ▪ STEM segment total revenue +8% YoY , driven by strong intersegment sales Continued rental momentum in Q3 Improving 2026 outlook ▪ Fleet utilization averaged 81.5% in Q3, +220 bps YoY ▪ Average OEC on rent of $1.39 billion increased by more than $132 million, 10%+ YoY ▪ On rent yield of 39.4% increased by 120 basis points YoY ▪ Sales order backlog of $342 million, which has grown to almost $400 million so far in Q4 on solid order flow ▪ Affirming full-year consolidated revenue outlook and raising SER segment revenue and consolidated Adjusted EBITDA outlooks to reflect strong YTD performance ▪ Net leverage improved to 3.7x; remain on track to be meaningfully below 4.0x by year-end 2026, with 3.0x target in 2027 Affirming Full-Year Revenue Guidance Range of $2.1B – $2.2B and Raising Full-Year Adjusted EBITDA Guidance Range to $447.5M – $460M (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.
Page 5
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
Page 6
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 will drive 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
Page 7
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% T&D 60% Infrastructure⁷ 40% (1) As of, or for the twelve-month period ended, September 30, 2026. (2) Excludes third-party service locations. As of October 26, 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 10,850+ 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) $1.76 Billion (@ 09/30/26) Consolidated Revenue1,3 $2.05 Billion (LTM Q3’26) $446 Million (LTM Q3’26) Leading National Provider of Specialty Equipment Serving the T&D and Infrastructure End Markets SER $879M STEM $1,658M SER $444M STEM $139M
Page 8
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
Page 9
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
Page 10
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) 8.0% CAGR 2020-2025 ~$320 billion U.S. non-power capex (2025) 6.9% CAGR 2020-2025 ~$14 billion North America Rail capex (2025) 3.1% CAGR 2020-2025 ~$93 billion U.S. Telecom/Broadband capex (2025) (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
Page 11
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 ~$450 billion Planned investment by U.S. companies to support onshoring of critical manufacturing 50-60 years 10-20 years beyond 40-year useful life of transformers installed during peak build cycle +18% CAGR of extreme weather events since 2019 Market growth further supported by rising rental penetration and increased T&D outsourcing due to project cost management, access to specialized equipment, heightened demand/extended lead times and labor shortages
Page 12
12 Color Scheme 223 223 223 174 186 202 242 242 242 217 217 217 127 127 127 83 86 90 232 36 45 192 0 0 112 173 71 181 181 181 69 85 105 SUBSTANTIAL MULTI-YEAR T&D INVESTMENT REQUIRED Forecasted load growth and required grid modernization expected to drive significant T&D investment wave Total T&D spending among U.S. Investor- Owned Utilities projected to grow at a 7.4% CAGR through 2030; Transmission to grow at 12%+ CAGR Source: Third-Party Market Research, Grid Strategies, Power Insights Five-Year Nationwide Load Growth Forecast (2030 Summer Peak Demand Growth, GW) In just three years, the 5-year load growth forecast increased by ~7x; this follows a period of essentially zero growth in the prior decade U.S. IOU Electric T&D Capex ($ 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 24 GW 38 GW 64 GW 166 GW 2022 FERC Forecasted Peak Demand: 846 GW 2023 FERC Forecasted Peak Demand: 867 GW 2024 FERC Forecasted Peak Demand: 892 GW 2025 FERC Forecasted Peak Demand: 995 GW $- $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 $140,000 $160,000 Distribution Transmission
Page 13
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 -- $50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000 CYCLICAL & SECULAR TAILWINDS REDEFINING INFRASTRUCTURE NEEDS Aging infrastructure replacement cycle and new required spend supported by federal funding (IIJA, IRA, CHIPS Act) Source: Third-Party Market Research, U.S. Army Corps of Engineers and the American Society of Civil Engineers (Aging Infrastructure), Construction Dive (Manufacturing Nearshoring) U.S. Non-Power Infrastructure Capex ($ 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 5.2% CAGR (2026-2030) to over $400 billion by 2030 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
Page 14
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
Page 15
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 275 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
Page 16
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
Page 17
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 September 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 81.5% Avg. fleet utilization for Q3 2026 12-13 Months Average contract duration 275+ 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 $879M Revenue (35% of total)2,3 $501M Adj. Gross Profit3 (57% margin) Gain Utility End-Market Share Grow Specialty Penetration $444M Segment Adj. EBITDA3 (51% margin) 81.5% Q3 2026 Avg. Fleet Utilization Expand End-Market Exposure Leverage Service Network
Page 18
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 $342M Sales order backlog as of Q3 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 $1,658M Revenue (65% of total)2,3 $256M Gross Profit3 (15% margin) Gain Market Share with National and Regional Customers Expand Aftermarket Parts & Service $139M Segment Adj. EBITDA3 (8% margin) +2% YTD Revenue Growth3,4 Solid 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 September 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.
Page 19
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
Page 20
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
Page 21
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 – Lower net rental capex in near-term and continue to target inventory months on hand below six months ▪ Disciplined capital allocation with clear path to deleveraging ▪ Balance sheet strength supports growth strategy – SER accounts for >75% 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
Page 22
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 (1) LTM figures are for the twelve-month period ended September 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. 7.0% Revenue CAGR (FY’21 – LTM Q3’26) HISTORICAL FINANCIAL PERFORMANCE Operating performance reflects outstanding execution amidst volatile 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 Q3’26) 6.4% Adjusted EBITDA CAGR (FY’21 – LTM Q3’26) $1,484 $1,573 $1,865 $1,802 $1,944 $2,048 $0 $250 $500 $750 $1,000 $1,250 $1,500 $1,750 $2,000 $2,250 2021 2022 2023 2024 2025 LTM $472 $555 $625 $574 $628 $690 31.8% 35.3% 33.5% 31.8% 32.3% 33.7% 15.0% 22.5% 30.0% 37.5% 45.0% $0 $100 $200 $300 $400 $500 $600 $700 $800 2021 2022 2023 2024 2025 LTM $333 $393 $427 $340 $384 $446 22.4% 25.0% 22.9% 18.8% 19.7% 21.8% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% $0 $100 $200 $300 $400 $500 2021 2022 2023 2024 2025 LTM
Page 23
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 $127 $153 $321 $310 $34 $33 $482 $495 Q3'25 Q3'26 Rental Equipment Sales Parts & Services Q3 2026 CONSOLIDATED OPERATING PERFORMANCE Record Q3 performance driven by continued strong rental fundamentals and exceptional demand across core markets, led by T&D Revenue: $495M +3% vs Q3’25 Adjusted Gross Profit1 : $170M +9% vs Q3’25 Adjusted EBITDA1 : $111M +16% vs Q3’25 Record Q3 Revenue Driven by accelerating momentum in core T&D markets and strong execution across both segments Adjusted Gross Profit Expansion Stronger operational performance, improved rental fundamentals, and significant KPI improvement 16% Adjusted EBITDA Growth YoY Reflective of strong rental performance, continued fleet investment and solid equipment sales ($ 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. $156 $170 Q3'25 Q3'26 $96 $111 Q3'25 Q3'26
Page 24
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 $127 $153 $35 $39 $21 $20 $7 $11 $190 $223 Q3'25 Q3'26 Intersegment Sales, Rental AR Provision & Sales-Type Lease Adjustment Parts Sales and Services Equipment Sales Rental SPECIALTY EQUIPMENT RENTALS (SER) Q3 2026 rental revenue +20% YoY driven by rising OEC on rent and utilization ($ 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% YoY and Equipment Sales +14% YoY , demonstrating strong end-market demand and fleet utilization across core verticals 23% Adjusted EBITDA Growth YoY Operating leverage on revenue growth combined with disciplined SG&A management drove EBITDA expansion Revenue: $223M +$34M/+18% YoY Segment Adjusted EBITDA : $122M +$22M/+23% YoY $99 $122 Q3'25 Q3'26
Page 25
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 3.2 3.1 3.0 2.9 2.9 3.0 3.0 3.0 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 38.6% 38.5% 38.6% 38.2% 38.7% 38.9% 39.4% 39.4% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $1,211 $1,177 $1,207 $1,262 $1,377 $1,344 $1,366 $1,395 78.9% 76.9% 77.6% 79.3% 83.6% 81.4% 81.6% 81.5% $500 $1,000 73.0% 83.0% 93.0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Avg. OEC on Rent Utilization SER KEY PERFORMANCE INDICATORS Q3 2026 improved average utilization and OEC on Rent, driven by continued momentum in T&D end markets Avg. OEC on Rent: $1,395M +$132M vs Q3’25 Avg. Utilization: 81.5% +220bps vs Q3’25 On Rent Yield: 39.4% +120bps vs Q3’25 Utilization 81.5%: Increased 220 basis points compared to the prior year; mid-70% to high-80% range across most of fleet and end markets OEC on Rent +$132M YoY: fleet deployment gains driven by continued T&D end market strength On Rent Yield 39.4%: Increased 120 basis points compared to the prior year; 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 Q3’26, with activity remaining strong so far in Q4’26, as quarterly averages remain higher than a year ago, with OEC on rent of over $1.5 billion and utilization surpassing 84% On Rent Yield Utilization & Average OEC on Rent ($ millions, except where indicated) Fleet Age (Years)
Page 26
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 $369 $420 $335 $280 $335 $411 $322 $342 4.2 4.8 3.7 3.0 3.7 4.5 3.5 3.8 0.0 1.0 2.0 3.0 4.0 5.0 $50 $150 $250 $350 $450 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Backlog Backlog Months SPECIALTY TRUCK EQUIPMENT & MANUFACTURING (STEM) Q3 2026 revenue increase driven by increased sales to the rental fleet and continued solid third-party revenue Revenue: $442M +$34M/+8% YoY Segment Adj. EBITDA : $37M +$19M/+107% YoY Backlog: $342M +$19M in Q3 on strong order flow Revenue Growth Revenue growth was driven by a YoY increase intersegment sales resulting from additional strategic rental fleet investment; third-party sales were impacted by a pull-forward of certain sales into Q2 from H2 and delayed sales due to a chassis vendor recall and hailstorm damage Strong YoY Adj. EBITDA Growth Reflects strong intersegment sales, but also impacted by reported 2025 intersegment sales not reflecting any gross margin Backlog Building in Q4 Backlog has grown to almost $400M so far in Q4 on both strong order flow within core end-markets and strong year-over-year quoting activity ($ millions, except where indicated; sum of individual items may not equal total amounts due to rounding) $286 $270 $109 $159 $13 $13 $408 $442 Q3'25 Q3'26 Equipment Sales Intersegment Sales Parts Sales and Services $18 $37 Q3'25 Q3'26
Page 27
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 4.5x 4.8x 4.7x 4.5x 4.3x 4.0x 3.9x 3.7x <4.0x 3.0x Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 2026 Target 2027 Target ▪ Reduced net leverage ratio to 3.70x, a decrease of 0.83x vs. the end of the Q3’25, even as ending fleet OEC grew $143 million year-over- year to a record $1.76 billion ▪ Remain committed to achieving net leverage meaningfully below 4x by year-end 2026 ▪ Targeting 3x net leverage in 2027 CAPITAL INVESTMENT & ALLOCATION Focused on strategic fleet investment & management and debt reduction to drive levered free cash flow and shareholder returns ▪ Elevated period of maintenance capital investment in fleet now behind us – average unit age now ~3 years, among lowest in the industry ▪ Expect reduced maintenance capex in 2026 and 2027, which should also support improved levered free cash flow and further deleveraging ▪ Additional growth capex in 2026 to capture visible, high-return transmission rental demand; earnings benefit of the incremental fleet weighted to 2027 Growth Capex1 & Net Rental Capex2 Net Leverage Ratio3 ($ 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. $22 $33 $11 $63 $15 $18 $24 $86 $71 $67 $64 $79 $41 $49 $36 $114 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Growth Capex Net Capex
Page 28
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 <$1 $1 $17 $1,631 $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 82%+ of Outstanding Debt is Covered by $1.37B 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 $148M since the end of 2023 ▪ Total Available Liquidity: $537M – $249M of combined ABL availability + cash – Ability to upsize the ABL Facility by $288M 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 June 30, 2026, effective date as per third-party appraisal. 28 Debt maturities
Page 29
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% Affirmed previous guidance SER Revenue(2) $804M $870M – $890M +8% to +11% 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 $850M – $875M STEM Revenue(2) $1.655B $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 largely by expected lower YoY sales to SER Adjusted EBITDA(3) $384M $447.5M – $460M +17% to +20% Raised guidance from $437.5M – $455M Net OEC $1.637B –- +MSD% to HSD% As of September 30, 2026, at $1.765B, up 7.8% YTD Gross Rental Capex $457M $400M – $430M –- Net Rental Capex $251M $210M – $230M –- Inventory months on hand is expected to be flat with year-end 2025; raised guidance from $170M – $200M Levered Free Cash Flow(3) ($77M) Slightly positive –- Unprecedented rental demand driving strategic incremental fleet investment versus previous expectations Net Leverage(3) 4.31x <4.0x by FYE –- Expect to be meaningfully below 4x during 2026 and to achieve 3x net leverage target in fiscal 2027
Page 30
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
Page 31
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.
Page 32
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.
Page 33
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”).
Page 34
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 SER & STEM Q4 2025 REPORTED AND RECAST FINANCIALS After an internal review of our new segment financial presentation to reflect the re-segmentation of our business earlier this year, compared to previous versions of segment financial data that we have presented, the SER and STEM “Supplement Segment Data” presented on pages 43-46 reflect minor, non-material changes to certain revenue and expense items for each of SER and STEM for Q4 2025 only. For each segment, the changes to revenue and expenses are equal to one another and, as a result, do not impact Segment Adjusted EBITDA for either segment, SER Adjusted Gross Profit, or STEM Gross Profit for either Q4 2025 or full year 2025. The same changes are reflected on the recast segment “2024 & 2025 Summary” financial information on pages 50 and 51, as well as the segment “LTM Financials” on pages 56 and 59. As discussed above, the changes to the recast financial information for SER and STEM do not impact Segment Adjusted EBITDA for either Q4 2025 or full-year 2025. For additional information on the segment recast financials, please see the note on page 49 of this presentation.
Page 35
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 — Q1 2025 – Q3 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 Q3 26 Net income (loss) $ (18) $ (28) $ (6) $ 21 $ (4) $ 10 $ 2 Interest expense 26 26 26 26 25 27 26 Income tax expense (benefit) (8) 17 (1) (6) 0 (1) (1) Depreciation and amortization 63 66 67 69 68 69 69 EBITDA 63 82 87 110 89 105 97 Adjustments: Non-cash purchase accounting impact (1) 4 4 3 4 3 3 2 Transaction and other costs (2) 4 5 3 4 4 6 8 Sales-type lease adjustment (3) 1 0 0 (0) 1 (0) 1 Share-based payments (4) 2 2 2 2 1 3 3 Adjusted EBITDA $ 73 $ 93 $ 96 $ 121 $ 98 $ 117 $ 111
Page 36
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 – 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
Page 37
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 — 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
Page 38
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 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 September 30, 2026 September 30, 2025 December 31, 2025 September 30, 2026 Net income (loss) $ 9 $ (52) (31) 29 Interest expense 78 79 105 104 Income tax expense (benefit) (2) 9 3 (8) Depreciation and amortization 206 196 265 275 EBITDA 291 231 342 401 Adjustments: Non-cash purchase accounting impact (1) 8 12 15 12 Transaction and other costs (2) 18 12 17 23 Sales-type lease adjustment (3) 1 1 1 1 Share-based payments (4) 8 6 8 10 Adjusted EBITDA $ 326 $ 263 $ 384 $ 446
Page 39
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 — Q1 2025 – Q3 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 Q3 26 Revenue: Rental $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 $ 153 Equipment sales 274 356 321 354 293 384 310 Parts sales and services 32 35 34 32 32 35 33 Total revenue 422 511 482 528 462 563 495 Cost of Revenue: Cost of revenue 287 355 327 348 302 383 325 Depreciation of rental equipment 50 54 55 57 56 57 57 Total cost of revenue 337 409 381 405 359 439 382 Less: Depreciation of rental equipment (50) (54) (55) (57) (56) (57) (57) Cost of revenue, excluding depreciation 287 355 327 348 302 383 325 Adjusted gross profit 136 157 156 180 159 181 170 Less: Depreciation of rental equipment (50) (54) (55) (57) (56) (57) (57) Gross profit - GAAP $ 86 $ 103 $ 101 $ 123 $ 103 $ 124 $ 113
Page 40
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 – 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
Page 41
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 — 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
Page 42
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 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 September 30, 2026 September 30, 2025 December 31, 2025 September 30, 2026 Revenue: Rental $ 435 $ 364 $ 506 $ 577 Equipment sales 986 951 1,304 1,340 Parts sales and services 100 101 133 132 Total revenue 1,520 1,416 1,944 2,048 Cost of Revenue: Cost of revenue 1,010 968 1,316 1,358 Depreciation of rental equipment 170 159 216 227 Total cost of revenue 1,180 1,127 1,532 1,585 Less: Depreciation of rental equipment (170) (159) (216) (227) Cost of revenue, excluding depreciation 1,010 968 1,316 1,358 Adjusted gross profit 510 448 628 690 Less: Depreciation of rental equipment (170) (159) (216) (227) Gross profit - GAAP $ 340 $ 289 $ 412 $ 463
Page 43
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 — 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 Q3 26 Revenue: Rental revenue $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 $ 153 Equipment sales 30 40 35 56 38 52 39 Parts sales and services 21 22 21 22 19 22 20 Total revenue from external customers 167 183 183 220 194 219 212 Intersegment sales 12 16 4 5 7 4 8 Rental AR provision(1) 2 2 2 2 2 2 1 Sales-type lease adjustment(2) 1 1 1 (1) 2 (4) 3 Total segment revenue 182 202 190 226 205 221 223 Segment Expenses: Cost of rental revenue, excluding depreciation(3) 30 30 30 30 31 35 33 Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(4) 18 26 24 35 28 31 30 Cost of parts and services, excluding depreciation(5) 20 19 18 18 18 18 17 Cost of intersegment sales 12 16 4 5 6 4 7 Rental AR provision(1) 2 2 2 2 2 2 1 Total segment cost of revenue, excluding depreciation 81 93 78 91 85 89 88 Selling, general and administrative expenses 14 16 12 15 14 14 14 Total segment expenses, excluding depreciation 96 109 90 106 99 104 101 Adjusted EBITDA $ 86 $ 93 $ 99 $ 120 $ 105 $ 117 $ 122 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. (Amended at Q3 2026 Reporting)
Page 44
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 — 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 Q3 26 Revenue: Equipment sales $ 244 $ 316 $ 286 $ 298 $ 255 $ 332 $ 270 Parts sales and services 11 12 13 10 13 13 13 Total revenue from external customers 255 328 299 308 268 345 283 Intersegment sales 95 98 109 89 95 93 159 Total segment revenue 350 426 408 397 363 438 442 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(1) 205 266 241 250 213 281 233 Cost of parts and services, excluding depreciation(2) 7 9 9 8 9 10 11 Cost of intersegment sales 95 98 109 89 80 79 134 Total segment cost of revenue, excluding depreciation 308 372 359 347 303 369 377 Selling, general and administrative expenses 16 17 18 18 18 20 17 Floorplan interest expense 13 14 14 12 11 11 11 Total segment expenses, excluding depreciation 337 402 390 377 331 401 406 Adjusted EBITDA $ 13 $ 24 $ 18 $ 20 $ 33 $ 37 $ 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. (Amended at Q3 2026 Reporting)
Page 45
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 — 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 Q3 26 Revenue: Rental $ 116 $ 121 $ 127 $ 142 $ 137 $ 145 $ 153 Equipment sales 30 40 35 56 38 52 39 Parts sales and services 21 22 21 22 19 22 20 Total revenue from external customers 167 183 183 220 194 219 212 Intersegment sales 12 16 4 5 7 4 8 Total revenue 179 199 187 225 201 223 220 Cost of Revenue: Cost of rental revenue 30 30 30 30 31 35 33 Cost of equipment sales 21 29 25 39 28 37 29 Depreciation of rental equipment 50 54 55 57 56 57 57 Cost of parts and services 20 19 18 18 18 18 17 Cost of intersegment sales 12 16 4 5 6 4 7 Total segment cost of revenue 133 148 132 149 140 150 144 Gross profit 46 51 55 75 61 73 77 Add: Depreciation of rental equipment 50 54 55 57 56 57 57 Adjusted gross profit $ 96 $ 105 $ 109 $ 132 $ 117 $ 130 $ 134 (Amended at Q3 2026 Reporting)
Page 46
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 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 Q3 26 Revenue: Equipment sales $ 244 $ 316 $ 286 $ 298 $ 255 $ 332 $ 270 Parts sales and services 11 12 13 10 13 13 13 Total revenue from external customers 255 328 299 308 268 345 283 Intersegment sales 95 98 109 89 95 93 159 Total revenue 350 426 408 397 363 438 442 Cost of Revenue: Cost of equipment sales 208 268 243 253 216 283 235 Cost of parts and services 8 9 10 8 9 10 11 Cost of Intersegment sales 95 98 109 89 80 79 134 Total cost of revenue 310 374 362 350 305 372 380 Gross profit $ 40 $ 52 $ 46 $ 48 $ 58 $ 66 $ 63 (Amended at Q3 2026 Reporting)
Page 47
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 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) Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net Debt and Finance Leases (As of Period End): Current Maturities of Long-Term Debt $ 8 $ 6 $ 23 $ 21 $ 26 $ 5 $ 3 $ 1 Long-Term Debt, Net 1,520 1,593 1,590 1,629 1,619 1,629 1,657 1,653 Add: Deferred Financing Costs 20 19 18 17 16 14 13 12 Total Debt and Finance Leases 1,548 1,618 1,631 1,666 1,661 1,648 1,673 1,666 Less: Cash and Cash Equivalents (4) (5) (5) (13) (6) (10) (10) (15) Net Debt and Finance Leases $ 1,544 $ 1,613 $ 1,625 $ 1,653 $ 1,654 $ 1,639 $ 1,663 $ 1,651 Adjusted EBITDA: Adjusted EBITDA (Current Year to Date Period) $ 340 $ 73 $ 167 $ 263 $ 384 $ 98 $ 215 $ 326 Add: Adjusted EBITDA (Prior Fiscal Year) 427 340 340 340 340 384 384 384 Less: Adjusted EBITDA (Prior Year to Date Period) (427) (77) (157) (238) (340) (73) (167) (263) LTM Adjusted EBITDA $ 340 $ 336 $ 349 $ 365 $ 384 $ 408 $ 431 $ 446 Net Leverage Ratio 4.55 4.80 4.66 4.53 4.31 4.02 3.85 3.70
Page 48
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 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 YTD Q3 26 Net cash flow from operating activities $ 56 $ 181 $ 263 $ 310 $ 24 $ 68 $ 232 Acquisition of inventory through floor plan payables - non-trade 125 238 364 482 136 263 389 Repayment of floor plan payables - non-trade (146) (327) (468) (587) (85) (232) (384) Purchases of rental equipment (112) (225) (349) (457) (97) (192) (353) Proceeds from sales and disposals of rental equipment 45 94 139 206 48 107 154 Purchase of non-rental property and cloud computing arrangements (4) (8) (24) (32) (10) (22) (34) Levered Free Cash Flow $ (36) $ (47) $ (75) $ (77) $ 15 $ (7) $ 4
Page 49
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 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.
Page 50
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 ERS → SER RECAST1 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 Total revenue from external customers 162 168 171 193 694 170 186 187 221 764 Intersegment sales 3 10 9 11 32 13 17 4 6 41 Total segment revenue 165 178 179 203 726 183 204 191 226 804 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, sales-type leases and depreciation(2)(3) 27 23 26 31 108 22 31 28 42 123 Cost of parts and services, excluding depreciation 18 21 18 22 79 20 19 18 18 75 Cost of intersegment sales 2 9 8 10 29 12 16 4 5 36 Total segment cost of revenue, excluding depreciation 78 84 83 93 337 85 98 82 97 362 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) (Amended at Q3 2026 Reporting) (1) Includes adjustments to reflect the historical mark-up on used equipment sales added to the rental fleet prior to January 1, 2026. (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) 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.
Page 51
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 RECAST1 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 10 45 Total revenue from external customers 259 269 282 332 1,143 255 328 299 308 1,190 Intersegment sales 81 87 102 114 384 113 116 130 106 465 Total segment revenue 341 357 384 445 1,526 368 445 429 414 1,655 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 200 217 229 269 914 208 269 243 253 974 Cost of parts and services, excluding depreciation 8 7 8 6 29 7 8 9 7 32 Cost of intersegment sales 68 73 86 95 322 95 98 109 89 390 Total segment cost of revenue, excluding depreciation 276 297 322 370 1,265 310 375 361 350 1,396 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 & Q3 2026 Reporting) (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.
Page 52
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 SER RECAST1 FINANCIALS — Q3 2026 As Reported SER Adjustments(1) As Adjusted SER Revenue: Rental $ 153 $ 2 $ 155 Equipment sales 39 1 41 Parts sales and services 20 — 20 Total revenue from external customers 212 3 215 Intersegment sales 8 2 10 Rental AR Provision(2) 1 (1) — Sales-type lease adjustment(3) 3 (3) — Total segment revenue 223 2 225 Segment Expenses: Cost of rental, excluding depreciation 33 2 35 Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(3)(4) 30 4 34 Cost of parts and services, excluding depreciation 17 (2) 16 Cost of intersegment sales 7 1 9 Rental AR Provision(2) 1 (1) — Total segment cost of revenue, excluding depreciation 88 6 94 Selling, general and administrative expenses 14 — 14 Total segment expenses 101 6 107 Segment Adjusted EBITDA $ 122 $ (4) $ 118 ($ 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 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.
Page 53
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 STEM RECAST1 FINANCIALS — Q3 2026 As Reported STEM Adjustments(1) As Adjusted STEM Revenue: Equipment sales $ 270 $ — $ 270 Parts sales and services 13 — 13 Total revenue from external customers 283 — 283 Intersegment sales 159 0 159 Total segment revenue 442 0 442 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 233 0 233 Cost of parts and services, excluding depreciation 11 — 11 Cost of intersegment sales 134 — 134 Total segment cost of revenue, excluding depreciation 377 0 378 Selling, general and administrative expenses 17 — 17 Floorplan interest expense 11 — 11 Total segment expenses 406 0 406 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.
Page 54
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 SER RECAST1 FINANCIALS — Q3 2025 vs. Q3 2026 Q3 25 Q3 26 Revenue: Rental $ 131 $ 155 Equipment sales 34 41 Parts sales and services 22 20 Total revenue from external customers 187 215 Intersegment sales 4 10 Total segment revenue 191 225 Segment Expenses: Cost of rental, excluding depreciation 33 35 Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(2)(3) 28 34 Cost of parts and services, excluding depreciation 18 16 Cost of intersegment sales 4 9 Total segment cost of revenue, excluding depreciation 82 94 Adjusted Gross Profit 109 131 Selling, general and administrative expenses 12 14 Segment Adjusted EBITDA $ 96 $ 118 ($ 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.
Page 55
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 SER RECAST1 FINANCIALS — YTD 2025 vs. YTD 2026 YTD 25 YTD 26 Revenue: Rental $ 376 $ 445 Equipment sales 102 125 Parts sales and services 65 61 Total revenue from external customers 543 630 Intersegment sales 35 22 Total segment revenue 578 653 Segment Expenses: Cost of rental, excluding depreciation 97 108 Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(2)(3) 81 105 Cost of parts and services, excluding depreciation 57 48 Cost of intersegment sales 31 20 Total segment cost of revenue, excluding depreciation 266 281 Adjusted Gross Profit 312 372 Selling, general and administrative expenses 43 42 Segment Adjusted EBITDA $ 269 $ 330 ($ 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.
Page 56
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 RECAST1 FINANCIALS — LTM PERIOD Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year Latest Twelve Months September 30, 2026 September 30, 2025 December 31, 2025 September 30, 2026 Revenue: Rental $ 445 $ 376 $ 522 $ 590 Equipment sales 125 102 155 178 Parts sales and services 61 65 87 82 Total revenue from external customers 630 543 764 851 Intersegment sales 22 35 41 28 Total segment revenue 653 578 804 879 Segment Expenses: Cost of rental, excluding depreciation 108 97 129 140 Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(2)(3) 105 81 123 147 Cost of parts and services, excluding depreciation 48 57 75 66 Cost of intersegment sales 20 31 36 25 Total segment cost of revenue, excluding depreciation 281 266 362 378 Adjusted Gross Profit 372 312 442 501 Selling, general and administrative expenses 42 43 58 57 Segment Adjusted EBITDA $ 330 $ 269 $ 384 $ 444 ($ 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. (Amended at Q3 2026 Reporting)
Page 57
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 RECAST1 FINANCIALS — Q3 2025 vs. Q3 2026 Q3 25 Q3 26 Revenue: Equipment sales $ 286 $ 270 Parts sales and services 13 13 Total revenue from external customers 299 283 Intersegment sales 130 159 Total segment revenue 429 442 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 243 233 Cost of parts and services, excluding depreciation 9 11 Cost of intersegment sales 109 134 Total segment cost of revenue, excluding depreciation 361 378 Gross Profit 67 65 Selling, general and administrative expenses 19 17 Floorplan interest expense 14 11 Segment Adjusted EBITDA $ 34 $ 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.
Page 58
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 STEM RECAST1 FINANCIALS — YTD 2025 vs. YTD 2026 YTD 25 YTD 26 Revenue: Equipment sales $ 846 $ 857 Parts sales and services 36 39 Total revenue from external customers 882 896 Intersegment sales 359 348 Total segment revenue 1,241 1,244 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 720 730 Cost of parts and services, excluding depreciation 25 30 Cost of intersegment sales 301 293 Total segment cost of revenue, excluding depreciation 1,047 1,052 Gross Profit 195 192 Selling, general and administrative expenses 54 55 Floorplan interest expense 41 32 Segment Adjusted EBITDA $ 100 $ 105 ($ 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.
Page 59
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 STEM RECAST1 FINANCIALS — LTM PERIOD Current YTD Period Less: Prior YTD Period Add: Prior Fiscal Year Latest Twelve Months September 30, 2026 September 30, 2025 December 31, 2025 September 30, 2026 Revenue: Equipment sales $ 857 $ 846 $ 1,145 $ 1,155 Parts sales and services 39 36 45 48 Total revenue from external customers 896 882 1,190 1,204 Intersegment sales 348 359 465 454 Total segment revenue 1,244 1,241 1,655 1,658 Segment Expenses: Cost of equipment sales, net of purchase accounting and depreciation(2) 730 720 974 983 Cost of parts and services, excluding depreciation 30 25 32 37 Cost of intersegment sales 293 301 390 382 Total segment cost of revenue, excluding depreciation 1,052 1,047 1,396 1,401 Gross Profit 192 195 259 256 Selling, general and administrative expenses 55 54 72 73 Floorplan interest expense 32 41 53 44 Segment Adjusted EBITDA $ 105 $ 100 $ 134 $ 139 ($ 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. (Amended at Q3 2026 Reporting)
Page 60
Contact IR: Brian Perman Vice President, Investor Relations investors@customtruck.com