EquipmentShare.com (EQPT) investor relations material

Cash flow and fleet investment

• Q3 fleet deployment was ~$900 million versus $400–$500 million in a typical quarter; OEC grew 32%, revenue 49%, and rental core EBITDA 52%. Deployment costs weighed on cash in the quarter.

• Q4 2026 standalone free cash flow is expected to exceed $400 million, with working capital expected to contribute to operating cash flow.

• At 420 stores, stopping growth and store openings would support ~$1.2 billion of go-forward free cash flow; management described the rental model as capable of generating over $1 billion in harvest mode.

• About half the fleet is financed through OWN and is off balance sheet; payments to participants are due when equipment rents, while operating cash flow also reflects fleet monetization and program economics.

Working capital and liquidity

• Liquidity was ~$2.3 billion; management cited a 7%–7.5% WACC and said cash deployment is assessed on risk-adjusted returns, including the trade-off between receivable pricing and supplier terms.

• Receivables were growing alongside revenue, up 49%; management said regional and national customers represented about 92% of the customer base, strengthening its receivables profile.

Related-party governance

• Equipment owned through founder-related entities fell from about $7.2 million in Q1 to less than $1 million in Q2, and was reduced to zero by the conference.

• Founder-related property arrangements are targeted for full transition within the next couple of months, subject to securing suitable landlords for branch locations.

• Related-party transactions are reviewed by an independent audit committee and external auditors; PCAOB compliance began in 2022 and Big Four audits in 2020.