Custom Truck One Source, Inc.

As of September 30, 2025, cash and cash equivalents was $13.1 million, total debt outstanding was $1,666.4 million, net debt was $1,653.3 million and our net leverage ratio was 4.53x.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

Availability under the senior secured credit facility was $237.6 million as of September 30, 2025, and based on our borrowing base, we have an additional $232.0 million of suppressed availability that we can potentially utilize by upsizing our existing facility.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

2025 Consolidated Outlook Revenue $1,970 million $2,060 million Adjusted EBITDA 1, 4 $370 million $390 million 2025 Revenue Outlook by Segment ERS $660 million $690 million TES $1,160 million $1,210 million APS $150 million $160 million 1 - Adjusted EBITDA is a non-GAAP performance measure that we use to monitor our results of operations, to measure performance against debt covenants and performance relative to competitors.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

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.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

Adjusted EBITDA is a non-GAAP performance measure that we use to monitor our results of operations, to measure performance against debt covenants and performance relative to competitors.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

We present the non-GAAP financial measure Net Debt, which is total debt (the most comparable GAAP measure, calculated as current and long-term debt, excluding deferred financing fees, plus current and long-term finance lease obligations) minus cash and cash equivalents.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

After the volatility in our ERS segment rental markets in 2024, we have experienced strong demand in our rental business over the past four fiscal quarters, driven by particular strength in our core utility markets and our continued focus on further penetrating the vocational rental market.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

We continue to expect to make progress on unwinding our significant strategic investment in inventory over the last two years by the end of the year.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

14 Note 10: Fair Value Measurements The FASB accounting standards provide a comprehensive framework for measuring fair value and set forth a definition of fair value and establish a hierarchy prioritizing the inputs to valuation techniques, giving the highest priority to quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable value inputs.

SEC original ↗Custom Truck One Source, Inc. — 10-Q Quarterly report10-QOct 26, 2026

These audits typically focus on the Company s withholding of state-specific sales tax and rental-related taxes.

SEC original ↗Custom Truck One Source, Inc. — 10-Q Quarterly report10-QOct 26, 2026

Adjusted EBITDA aids the Chief Operating Decision Maker ( CODM ) in managing the inventory levels and rental fleet, entering into significant revenue contracts, expanding into new markets or launching new products, making capital expenditures, designing and implementing key marketing strategies, making personnel changes, and approving operating budgets.

SEC original ↗Custom Truck One Source, Inc. — 10-Q Quarterly report10-QOct 26, 2026

Regarding TES, while our strong order flow, particularly among our local and regional customers, will allow us to generate significant revenue growth this year, given the impact of the continued macroeconomic uncertainty and the high level of interest rates, particularly on our smaller customers, we now expect to come in at the lower end of our TES revenue guidance for the year.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

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 press release.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

For a more complete description of these and other possible risks and uncertainties, please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and its subsequent reports filed with the Securities and Exchange Commission.

SEC original ↗Custom Truck One Source, Inc. — Earnings release (8-K exhibit)EX-99Oct 27, 2025

Legal Proceedings 36 Item 1A.

SEC original ↗Custom Truck One Source, Inc. — 10-Q Quarterly report10-QOct 26, 2026

Legal Matters In the normal course of business, there are various claims in process, matters in litigation, and other contingencies.

SEC original ↗Custom Truck One Source, Inc. — 10-Q Quarterly report10-QOct 26, 2026

As you read and consider this report, you should understand that these statements are not guarantees of performance or results and are subject to and involve risks, uncertainties, and assumptions.

SEC original ↗Custom Truck One Source, Inc. — 10-Q Quarterly report10-QOct 26, 2026