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Custom Truck One Source (CTOS) investor relations material

Custom Truck One Source 24th Annual Diversified Industrials & Services Conference summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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24th Annual Diversified Industrials & Services Conference summary18 Sep, 2025

Business overview and competitive positioning

  • Operates as a one-stop shop for vocational trucks, offering upfitting, sales, service, and rental, primarily serving utility and infrastructure markets, which together account for 85% of revenue.

  • Maintains a rental fleet of over 10,000 trucks valued at $1.6 billion, supported by seven production locations and 40 service sites across the US and Canada.

  • Asserts a strong competitive moat through scale, breadth of product, and national service network, outpacing the next largest competitor by 1.5x in fleet size.

  • Offers a broader product range than competitors, serving utility, infrastructure, rail, and telecom, with significant market share growth potential.

  • Builds 90-95% of trucks in-house, sourcing chassis and attachments from major OEMs and suppliers.

Market trends and growth outlook

  • Utility (transmission and distribution) is the largest segment, benefiting from data center expansion, grid modernization, and regulatory improvements.

  • Trucks are essential for new transmission projects and ongoing distribution maintenance, with strong demand from energy and data center infrastructure.

  • Non-utility segments like infrastructure, rail, and telecom are also experiencing growth, supporting a positive outlook.

  • Despite forecasts of a broader work truck market decline, expects to outperform due to focus on resilient end markets and ongoing market share gains.

  • Plans to continue expanding through new locations and strong production partnerships.

Fleet utilization and investment strategy

  • Rental fleet utilization has ranged from a trough of 70% to highs near 90% over the past two years, with current levels in the high 70s to low 80s considered optimal.

  • Supply chain improvements have reduced lead times, increasing flexibility to respond to demand and avoid previous utilization spikes.

  • Significant net investment in the rental fleet, with $260 million over the past year and gross investment expected to exceed $400 million.

  • Balances rental rates and fleet size in real time, leveraging customer relationships and market conditions.

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Frequently asked questions

Custom Truck One Source Inc provides equipment rental, sales, and servicing solutions for the utility, telecom, rail, and infrastructure sectors. The company offers a fleet of specialized trucks and related parts, with integrated engineering, customization, and logistics support. The company is headquartered in Kansas City, Missouri, and its shares are listed on the NYSE.

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