Custom Truck One Source 2nd Quarter 2025 Investor Presentation July 30, 2025 CONFIDENTIAL DRAFT1 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 and Adjusted EBITDA (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures may exclude items that are si ...

Financial Performance & Guidance - Second quarter 2025 net income reached $107 million and Adjusted EBITDA was $277 million[12] - The company reaffirmed its 2025 Adjusted EBITDA guidance range of $1,095 - $1,155 million and an early outlook of $1,155 - $1,225 million for 2026[12] - The Pipeline segment contributed approximately 70% of the total Adjusted EBITDA in Q2 2025, while the Gathering segment accounted for the remaining 30%[17] - Distributable Cash Flow for the second quarter of 2025 was $157 million[37] Organic Growth & Project Backlog - The company reached a final investment decision (FID) on approximately $0.6 billion of projects from its organic growth backlog in the second quarter of 2025[12] - The company is executing on a ~$2.3 billion organic project backlog over 2025-2029[19] - Approximately $1.1 billion of projects have reached FID[21, 36] - The company's capital project backlog is comprised of approximately 70% Pipeline, 20% Gathering, and 10% Energy Transition projects[20] Key Projects & Expansions - Final Investment Decision was reached on the Guardian Pipeline "G3" expansion, increasing capacity by approximately 210 MMcf/d[12, 23, 25] - Final Investment Decision was reached on the initial phase of modernization across the company's new interstate pipelines[12, 26] - Haynesville throughput increased by 16% in Q2 2025 compared to Q2 2024, reaching 1.74 bcf/d[40]

Financial Performance - Service Revenue increased by 5.4% YoY in 6M25[9] - EBITDA grew by 6.5% YoY in 6M25, reaching a 49.5% margin, a 0.8 percentage point increase YoY[9] - Operating Cash Flow (OpCF) reached R$ 2.7 Billion, showing double-digit expansion[9] - Net Income expansion 14.3%[43] Mobile Business - Mobile Service Revenue grew by 5.9% YoY in 6M25[10] - Postpaid Net Adds (Ex-M2M) increased by 726k in 6M25[15] - Postpaid ARPU reached R$ 32.7/Mo in 2025, the highest in the industry[10] - Postpaid revenues have experienced rapid annual growth for 14 consecutive quarters[13] Infrastructure and Technology - Capex on Revenues was 17.1%, a decrease of 1.3 percentage points YoY[9] - 30% of traffic is now on 5G network[9] - 5G cost per GB is 30% of 4G[34] Sustainability - The company is recognized as the most sustainable Brazilian company in the B3 Sustainability Index (ISE)[9, 45] - 100% of the energy consumed comes from renewable sources[44]

Financial Performance - WTW generated organic revenue growth of 5% in Q2 2025[12] - Adjusted Operating Margin expanded by +150 bps in Q2 2025[12] - Adjusted Diluted EPS grew by 20% in Q2 2025[12] - WTW repurchased $500 million of shares and paid dividends of $91 million in Q2 2025[12] - Q2 2025 revenue was $2261 million, a 0% change compared to Q2 2024[14] - Income from Operations increased by 74% to $368 million in Q2 2025[14] - Net Income increased by 134% to $332 million in Q2 2025[14] - Diluted EPS increased by 144% to $332 in Q2 2025[14] Segment Performance - Health, Wealth & Career (HWC) organic revenue growth was 4% in Q2 2025[23] - Risk & Broking (R&B) organic revenue growth was 6% in Q2 2025[26] Financial Position - Cash and Cash Equivalents were $1963 million as of June 30, 2025[28] - Total Debt was $5311 million as of June 30, 2025[28]

Financial Performance - Q2 2025 - Net sales decreased by 3% year-over-year to $2.1 billion[36] - Gross profit decreased by 2% year-over-year to $442 million[36] - Cloud gross profit decreased by 5% year-over-year to $123 million[36] - Insight Core Services gross profit decreased by 3% year-over-year to $78 million[36] - Earnings from operations decreased by 34% year-over-year to $87 million[36] - Adjusted earnings from operations decreased by 2% year-over-year to $129 million[36] - Net earnings decreased by 46% year-over-year to $47 million[36] - Adjusted EBITDA decreased by 2% year-over-year to $138 million[36] Financial Position - Total debt balance at June 30, 2025, was $1.3 billion[40] - Year-over-year increase in total debt was $330 million[39, 40] - Total share repurchases and warrant settlement payments amounted to $463 million[39, 40] Full Year 2025 Outlook - Gross profit growth is expected to be approximately flat[41] - Gross margin is expected to be approximately 20%[41] - Adjusted diluted EPS is projected to be in the range of $9.70 - $10.10[41]

Financial Performance - The company experienced EBITDA growth of 6.5% in 2Q25[10] - EBITDA margin expanded by 116 bps[10, 11, 75] - Underlying USD EPS increased by 8.7%[10, 11] - H1 Free Cash Flow was up by $0.5 billion year-over-year[10, 81] Revenue and Volume - Revenue per hl accelerated by 4.9% in 2Q25[10, 11, 15] - Total revenue increased by 3.0% in 2Q25[11] - Total volumes decreased by 1.9% in 2Q25[11] Regional Performance - North America saw organic revenue growth of 2.2% and organic EBITDA growth of 4.5%[18, 21] - Middle Americas experienced organic revenue growth of 5.1% and organic EBITDA growth of 6.9%[18, 24] - South America's organic revenue grew by 3.6% and organic EBITDA by 7.2%[18, 28] - EMEA had organic revenue growth of 5.2% and organic EBITDA growth of 9.5%[18, 33] - Asia Pacific's revenue declined by 4.5% and organic EBITDA declined by 4.8%[18, 40] Brand and Innovation - No-alcohol beer revenue increased by 33%[10, 61] - BEES Marketplace GMV grew by 63% to $785 million[10, 66, 68] Debt and Outlook - Net finance costs are expected to be between $190 million and $220 million per quarter[93] - The average gross debt coupon is approximately 4%[93, 91]

Financial Performance - Q2 2025 revenue was $15 million, with a gross profit of $4.8 million (31.9% of revenues), resulting in an operating loss of $2.4 million (negative 15.7% of revenues) and a net loss of $2 million (negative 13.1% of revenues)[26] - H1 2025 revenue reached $29.4 million, with a gross profit of $9.1 million (31.1% of revenues), leading to an operating loss of $4.8 million (negative 16.2% of revenues) and a net loss of $4.1 million (negative 13.8% of revenues)[27] - The company holds $79.7 million in cash and cash equivalents and boasts a strong balance sheet with $121.7 million in stockholders' equity[28] - The company's working capital stands at $100.5 million[28] Strategic Focus - The company aims to achieve an EPS of $3+ as revenues return to the $150-160 million range[14] - The company plans to secure 7-9 new Design Wins (DWs) annually[14] - The company is targeting double-digit annual growth rates starting in 2026[14] Market and Customer Base - The company has a large global customer base with 200+ customers and 400+ active Design Wins[7] - North America accounts for 74% of the company's last twelve-month revenues[12, 13] - EMEA represents 16% of the company's last twelve-month revenues[12, 13] - APAC contributes 8% of the company's last twelve-month revenues[12, 13]

Loan Portfolio & Origination - The total loan portfolio reached $2,485 million as of June 30, 2025, reflecting a 4.2% increase compared to June 30, 2024[15] - Recreation loans constitute 62.2% of the total loan portfolio, amounting to $1,546.3 million as of June 30, 2025, a 3.3% increase year-over-year[15] - Home Improvement loans represent 32.3% of the portfolio, totaling $803.5 million, showing a 3.9% increase from the previous year[15] - Commercial loans account for 4.9% of the portfolio, reaching $121.4 million, a significant 10.2% increase compared to June 30, 2024[15] - Strategic Partnership loan originations totaled $168.6 million[13] Financial Performance - Net interest income for the second quarter of 2025 was $53.4 million[28, 35] - The company reported a net income attributable to Medallion Financial Corp of $11.1 million for the second quarter of 2025[31] - The net interest margin was 8.09% on gross loans and 8.42% on net loans[14, 35] - The company declared a dividend of $0.12 per share per quarter[14, 54] - Operating costs as a percentage of net interest income were 40% for the year-to-date period ending June 30, 2025[48]

Financial Performance & Guidance - The company projects a 36-39% increase in FY25 earnings compared to FY24 [54] - The company anticipates a consolidated 3-year Adjusted EPS CAGR greater than 10% from FY24-FY27E [52] - The company's FY26 Adjusted EPS guidance varies based on NYMEX pricing, with estimates ranging from $6.35-$6.85 at $2.30 NYMEX to $9.75-$10.25 at $3.90 NYMEX [186] - The company returned over $650 million to shareholders in the last 3 years [41] Operational Highlights - Seneca Resources' current net production is approximately 1.2 Bcf/day [22] - The company has reduced methane emissions by 17% since 2020 [13, 50] - The company's Utility segment has approximately 755,000 customers [17] - The company's Pipeline & Storage segment has a total rate base of $1.6 billion [26] Capital Expenditure & Development - The company's Seneca Resources is driving a 30% improvement in capital efficiency since FY23 [76] - The company's Tioga Utica wells deliver over 2x the well productivity versus legacy WDA program [75] - The company's Shippingport Lateral Project will initially have a capacity of 205,000 Dth/day [91]

Q2 2025 Financial Highlights - Net revenues reached approximately €1.8 billion[6], a 4.4% increase compared to Q2 2024[17] - EBITDA stood at €709 million[6], with a margin of 39.1%[15] - Net profit amounted to €425 million[6] - Industrial Free Cash Flow (FCF) surged to €232 million[6], a 90.7% increase from Q2 2024[21] - Diluted earnings per share increased by 3.9% to €2.38[19] Shipments and Regional Performance - Total shipments were 3,494 units in Q2 2025, a slight increase of 0.3% compared to 3,484 units in Q2 2024[11, 16] - EMEA shipments decreased by 9 units, representing 47% of total shipments[23] - Mainland China, Hong Kong, and Taiwan saw a decrease of 4 units[23], accounting for 5% of total shipments[27] - Rest of APAC increased by 11 units, making up 17% of total shipments[23] - Americas increased by 12 units, holding steady at 28% of total shipments[23] 2025 Guidance - The company expresses stronger confidence in its 2025 guidance, projecting net revenues greater than €7.0 billion[38], representing a growth of ≥5%[38] - Adjusted EBITDA is expected to be at least €2.68 billion[38], with a margin of ≥38.3%[38], representing a growth of ≥5%[38] - Adjusted EBIT is projected to be at least €2.03 billion[38], with a margin of ≥29.0%[38], representing a growth of ≥7%[38] - Industrial FCF is expected to be at least €1.20 billion[38], representing a growth of ≥17%[38]