Custom Truck One Source 4th Quarter & Full-Year 2021 Investor Presentation March 10, 2022 1 CONFIDENTIAL DRAFT 2 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, EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures are not measures of financial ...

Custom Truck One Source, Inc. (NYSE:CTOS) Q4 2021 Earnings Conference Call March 10, 2022 5:00 PM ET Company Participants Brian Perman - Vice President, Investor Relations Fred Ross - Chief Executive Officer Ryan McMonagle - President and Chief Operating Officer Brad Meader - Chief Financial Officer Conference Call Participants Justin Hauke - Baird Scott Schneeberger - Oppenheimer Noelle Dilts - Stifel Stefanos Crist - CJS Securities Operator Hello and welcome to the Custom Truck One Source Fourth Quarter 2 ...

Table of Contents _______________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38186 _______________________________ CUSTOM TRUCK ONE ...

Custom Truck One Source, Inc. (NYSE:CTOS) Q3 2021 Earnings Conference Call November 9, 2021 5:00 AM ET Company Participants Brian Perman - VP, IR Fred Ross – CEO Ryan McMonagle – President and COO Bradley Meader – CFO Conference Call Participants Stefanos Crist - CJS Securities Scott Schneeberger - Oppenheimer & Co. Sean Wondrack - Deutsche Bank Operator Ladies and gentlemen, thank you for standing by, and welcome to Custom Truck One Source's Third Quarter 2021 Earnings Conference Call. During the presentat ...

Custom Truck One Source 3rd Quarter 2021 Investor Presentation November 9, 2021 1 CONFIDENTIAL DRAFT 2 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, EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures are not measures of financial performan ...

Table of Contents _______________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________________ FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-38186 _______________________________ CUSTOM TRUCK ONE SOURCE ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2021 was $375 million, representing a 27% increase compared to the prior year, while adjusted EBITDA excluding certain charges was $79 million, up 23% year-over-year [51][52] - The reported net loss for the quarter was $129 million, which included $62 million of charges related to extinguishment of debt and $25 million of transaction-related costs [51][54] - Adjusted gross margin for the quarter was 29%, down from 33% in the combined Q2 last year, primarily due to a change in revenue mix [53] Business Line Data and Key Metrics Changes - Truck and Equipment Sales (TES) segment revenue increased by 56% in Q2, with backlog growing by 169% year-over-year [44][45] - Equipment Rental Solutions (ERS) rental revenue excluding asset sales was up 3% versus Q2 2020, with utilization at 81%, a 10 percentage point increase from last year [38][41] - Aftermarket Parts and Service (APS) revenue was $32.3 million, down from $34.6 million the previous year, attributed to increased repair and maintenance activity [46] Market Data and Key Metrics Changes - Transmission and Distribution (T&D) accounted for 50% of combined revenues year-to-date and 78% of rental revenues, driven by demand for renewable energy and aging infrastructure [17][22] - Telecom, particularly 5G, is expected to grow, although it currently represents only 6% of revenue [19] - Infrastructure, including road and bridge maintenance, accounted for 26% of combined year-to-date revenue and remains strong [21] Company Strategy and Development Direction - The company focuses on resilient end markets with strong growth potential, leveraging a one-stop shop model to maximize customer share of wallet [11][12] - Plans to expand market presence through new locations and acquisitions over the next three years [32][33] - Integration of Custom Truck and Nesco is progressing well, with identified cost synergies exceeding initial targets [35] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand across all end markets, despite supply chain challenges [62][82] - The company anticipates continued growth in the second half of the year, with a revenue forecast of $1.5 billion to $1.55 billion for FY 2021 [58] - The potential benefits from the $1 trillion infrastructure bill are expected to materialize over time, with a positive long-term outlook [22][76] Other Important Information - The company has a strong balance sheet and cash flow, allowing for investments in capital and growth opportunities [14] - The integration efforts have identified more than $55 million in annual cost synergies, ahead of the original $50 million target [35] Q&A Session Summary Question: What did you see in rental from Q1 to Q2? - Management noted strong demand across all industries, particularly in utility and distribution, with high utilization rates [62] Question: What type of contribution do you expect in the back half of the year? - Management expects double-digit growth in sales for the second half, tempered by supply chain constraints [64] Question: Can you elaborate on the deficiencies in Aftermarket Parts and Service? - Management is reconfiguring the sales organization and improving operational efficiencies to enhance performance in this segment [66] Question: What are the drivers behind the increased synergy outlook? - Synergies are coming from SG&A efficiencies, service and production optimization, and procurement opportunities [70] Question: When do you expect to see benefits from the infrastructure bill? - Management anticipates that benefits will materialize in the second quarter of next year, with ongoing demand already in place [76][78]

Custom Truck One Source 2 nd Quarter 2021 Investor Presentation CONFIDENTIAL DRAFT 1 August 12, 2021 2 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, EBITDA, Adjusted EBITDA, and Pro Forma Adjusted EBITDA (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures are not measures of financial performan ...

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section covers the unaudited condensed consolidated financial statements, management's discussion and analysis, market risk disclosures, and controls and procedures [Unaudited Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The unaudited condensed consolidated financial statements for the three months ended March 31, 2021, show a slight decrease in total revenue to **$78.3 million** from **$81.7 million** year-over-year, with a significantly wider net loss of **$27.9 million** compared to a **$15.9 million** loss in the prior-year period, primarily driven by **$10.4 million** in transaction expenses related to the Custom Truck acquisition [Condensed Consolidated Balance Sheets](index=3&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202021%20and%20December%2031%2C%202020) This section presents the company's financial position as of March 31, 2021, showing a slight decrease in total assets to **$750.2 million** and an increased total stockholders' deficit of **$68.7 million** Condensed Consolidated Balance Sheet Highlights (in $000s) | Account | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $104,346 | $103,242 | | Rental equipment, net | $323,705 | $335,812 | | Goodwill and other intangibles, net | $304,878 | $305,631 | | **Total Assets** | **$750,244** | **$768,404** | | **Total Current Liabilities** | $65,074 | $71,351 | | Long-term debt, net | $725,677 | $715,858 | | Derivative and warrants liabilities | $23,647 | $7,012 | | **Total Liabilities** | $818,911 | $799,471 | | **Total Stockholders' Deficit** | **$(68,667)** | **$(31,067)** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202021%20and%202020) This section details the company's financial performance for the three months ended March 31, 2021, reporting a total revenue of **$78.3 million** and a net loss of **$27.9 million** Condensed Consolidated Statements of Operations (in $000s, except per share data) | Account | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Total Revenue** | **$78,299** | **$81,743** | | Gross Profit | $20,219 | $21,403 | | Transaction and other expenses | $10,448 | $1,452 | | Operating (Loss) Income | $(3,054) | $6,796 | | **Net Loss** | **$(27,907)** | **$(15,969)** | | Basic and Diluted Net Loss Per Share | $(0.57) | $(0.33) | [Condensed Consolidated Statements of Cash Flows](index=5&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202021%20and%202020) This section outlines the company's cash flow activities for the three months ended March 31, 2021, showing a net cash use from operating activities of **$12.1 million** and a net change in cash of **$(0.2 million)** Condensed Consolidated Statements of Cash Flows (in $000s) | Activity | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | Net cash flow from operating activities | $(12,086) | $(2,819) | | Net cash flow from investing activities | $3,972 | $(27,190) | | Net cash flow from financing activities | $7,893 | $33,943 | | **Net Change in Cash** | **$(221)** | **$3,934** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations and disclosures supporting the unaudited condensed consolidated financial statements, including information on the Custom Truck acquisition and warrant reclassification - On April 1, 2021, after the reporting period, Nesco Holdings, Inc. acquired Custom Truck One Source, L.P. and changed its name to Custom Truck One Source, Inc. (CTOS Inc.), with the financial statements presented on a historical basis for Nesco Holdings[24](index=24&type=chunk) - The acquisition of Custom Truck One Source, L.P. closed on April 1, 2021, with a preliminary purchase price of **$1.5 billion**, and the company expensed approximately **$10.4 million** in related transaction costs during the three months ended March 31, 2021[52](index=52&type=chunk)[54](index=54&type=chunk) - In connection with the acquisition, the company issued **$920 million** of 5.50% senior secured notes due 2029 and entered into a new **$750 million** ABL facility, repaying its existing Senior Secured Notes and 2019 Credit Facility[55](index=55&type=chunk)[56](index=56&type=chunk)[59](index=59&type=chunk) - The company reclassified its Non-Public Warrants from equity to a liability based on SEC guidance for SPACs, resulting in a reclassification of **$10.3 million** from Additional paid-in capital and a recognized expense of **$7.6 million** in Q1 2021 for the fair value remeasurement[102](index=102&type=chunk)[103](index=103&type=chunk) Revenue by Segment (in $000s) | Segment | Q1 2021 Revenue | Q1 2020 Revenue | | :--- | :--- | :--- | | Equipment Rental and Sales (ERS) | $62,717 | $63,723 | | Parts, Tools, and Accessories (PTA) | $15,582 | $18,020 | | **Total** | **$78,299** | **$81,743** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the **4.2%** year-over-year revenue decline to a decrease in rental revenue and parts sales, partially offset by higher sales of used rental equipment, with the significant increase in net loss primarily due to transaction costs and warrant liability re-measurement - The acquisition of Custom Truck One Source, L.P. closed on April 1, 2021, with a preliminary purchase price of **$1.5 billion**, funded through a combination of equity issuance and new debt financing[133](index=133&type=chunk) - Total revenue for Q1 2021 decreased by **4.2%** YoY to **$78.3 million**, driven by a **5.3%** decrease in rental revenue and a **14.6%** decrease in parts sales and services, while sales of rental equipment increased **15.3%**[145](index=145&type=chunk) - Net loss widened to **$27.9 million** in Q1 2021 from **$16.0 million** in Q1 2020, largely due to **$10.4 million** in transaction expenses for the acquisition and a **$7.6 million** non-cash charge related to the change in fair value of warrant liabilities[149](index=149&type=chunk) Key Performance Metrics | Metric | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | Adjusted EBITDA (in $000s) | $27,531 | $32,061 | (14.1)% | | Fleet utilization | 78.5% | 77.3% | +1.6% | | OEC on rent yield | 35.0% | 36.5% | (4.1)% | - Post-acquisition, the company's debt structure consists of a **$750 million** ABL facility maturing in 2026 and **$920 million** of 5.50% senior secured notes due 2029, with previous credit facilities repaid[171](index=171&type=chunk)[181](index=181&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk associated with its variable-rate debt under the new ABL Facility, with a **0.125%** change in interest rates impacting annual interest expense by approximately **$0.5 million** - The company is exposed to interest rate risk from its variable-rate ABL Facility, with **$415.0 million** in variable-rate debt post-acquisition[200](index=200&type=chunk) - A **0.125%** change in the applicable interest rate would change the company's annual interest expense by approximately **$0.5 million**, excluding the impact of the existing interest rate collar[200](index=200&type=chunk) - The company utilizes an interest rate collar agreement to manage a portion of its interest rate risk, which is not designated for hedge accounting[201](index=201&type=chunk) [Controls and Procedures](index=43&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2021, with no material changes to internal control over financial reporting during the quarter - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2021[205](index=205&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[206](index=206&type=chunk) [PART II OTHER INFORMATION](index=43&type=section&id=PART%20II%20OTHER%20INFORMATION) This section includes legal proceedings, risk factors, unregistered sales of equity securities, and other miscellaneous information [Legal Proceedings](index=43&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and litigation in the ordinary course of business, which management does not expect to have a material adverse impact on its financial condition or results of operations - The company is not currently involved in any pending litigation that is expected to have a material adverse effect on its financial condition, cash flows, or results of operations[208](index=208&type=chunk) [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The company highlights several key risks, including the difficulty and cost of integrating the Nesco and Custom Truck businesses, substantial indebtedness incurred for the acquisition, and the majority equity ownership by Platinum - **Integration Risk:** The company faces challenges in integrating Nesco and Custom Truck, which is a complex and costly process, with a risk that anticipated benefits and cost savings may not be fully realized[229](index=229&type=chunk)[230](index=230&type=chunk) - **Indebtedness Risk:** The company has significant indebtedness following the acquisition, which could adversely affect its financial position, limit access to capital, and increase the risk of default, with debt agreements imposing significant operating and financial restrictions[238](index=238&type=chunk)[239](index=239&type=chunk)[246](index=246&type=chunk) - **Majority Shareholder Risk:** Platinum owns a majority of the company's equity, giving it control over affairs, policies, and the election of directors, whose interests may conflict with those of other shareholders[237](index=237&type=chunk) - **Operational Risk:** The company faces risks related to managing its long-life rental equipment, potential supply chain disruptions for raw materials and components, and the potential for increased unionization of its workforce[211](index=211&type=chunk)[212](index=212&type=chunk)[214](index=214&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On April 1, 2021, the company issued **176,600,000** shares of common stock at **$5.00** per share for a total of **$883.0 million** to finance the acquisition of Custom Truck One Source, L.P., under an exemption from registration - On April 1, 2021, CTOS Inc. issued **176,600,000** shares of Common Stock at **$5.00** per share, raising **$883.0 million** in aggregate[254](index=254&type=chunk) - The proceeds were used to finance the acquisition of Custom Truck One Source, L.P., with the issuance made under an exemption from registration pursuant to Section 4(a)(2) of the Securities Act and/or Rule 506(c) of Regulation D[254](index=254&type=chunk) [Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - No defaults upon senior securities were reported[255](index=255&type=chunk) [Mine Safety Disclosures](index=53&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) Not applicable - Not applicable[256](index=256&type=chunk) [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) No other information was reported - No other information was reported[258](index=258&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the Purchase and Sale Agreement for the acquisition, the new Indenture and Revolving Credit Agreement, and various officer certifications - The report includes key legal documents as exhibits, such as the Purchase and Sale Agreement, new debt agreements (Indenture and ABL Credit Agreement), and officer certifications required by the Sarbanes-Oxley Act[259](index=259&type=chunk)

Financial Data and Key Metrics Changes - Nesco's total revenue for Q1 2021 was $78.3 million, down from $81.7 million in Q1 2020, reflecting a decline of approximately 3.9% [24] - Adjusted EBITDA decreased by 14.1% to $27.5 million, with a margin contraction of 400 basis points [24] - Net loss for the quarter was $27.9 million, compared to a loss of $16 million in Q1 2020, which included $10.4 million in transaction-related expenses and a noncash charge of $7.6 million [25] - Equipment rental and sales revenue declined by 1.6% to $62.7 million, while whole goods sales increased by 7.9% to $18 million [26] Business Line Data and Key Metrics Changes - Equipment rental revenue decreased by 4.9% to $44.7 million, with OEC on rent remaining consistent with 2020 levels but yield down due to a mix shift [26] - The parts, tools, and accessories business saw a revenue decline of 13.5% to $15.6 million, driven by a decrease in the truck utilities upfitting business [27] - Gross profit decreased by 5.5% to $20.2 million, primarily due to deferred repair and maintenance costs from the COVID slowdown [28] Market Data and Key Metrics Changes - Rental demand was strong, with both legacy Custom Truck and legacy Nesco fleets achieving over 78% utilization during Q1, with further gains expected [15] - Customers are experiencing pent-up demand and are increasingly prepared to operate safely, leading to increased equipment rentals and unit sales [15][16] - Significant capital projects in transmission and distribution have been announced, indicating strong market fundamentals [17] Company Strategy and Development Direction - The merger with Nesco is seen as a transformational opportunity, creating a leading provider of specialty equipment [4][5] - The company aims to achieve $50 million in synergies by the end of 2022, with $20 million to $25 million expected on a run rate basis by the end of 2021 [19] - Capital allocation will focus on targeted investments in the fleet while maintaining a balance with debt reduction [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery phase post-COVID, driven by pent-up demand and potential infrastructure legislation [5][16] - The company is well-positioned to capitalize on robust tailwinds in core markets, with strong customer backlogs and demand for rental equipment [13][16] - Management highlighted the importance of adapting to new conditions and maintaining operational capabilities during the pandemic [22] Other Important Information - The debt refinancing concurrent with the acquisition resulted in a stronger balance sheet, reducing the weighted interest rate on debt from 7.7% to 4.4% [30] - The integration of Custom Truck and Nesco is progressing smoothly, with plans to unify systems and operations [41] Q&A Session Summary Question: Can you elaborate on the end markets and trends moving into Q2? - Management noted strong demand across all end markets, including transmission, distribution, telecom, and rail, with utilization rates improving [34][36] Question: What are the expectations for rental rates going forward? - Management indicated that rental rates have been increasing month-on-month due to strong demand, and this trend is expected to continue [42] Question: Can you provide details on CapEx goals over the next two years? - Management outlined a CapEx range of $50 million to $70 million for core rental, with potential for increased investment if demand remains strong [43][44]