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    Naim Kaplan • Deutsche Bank AG

    Naim Kaplan's questions to Custom Truck One Source Inc (CTOS) leadership

    Naim Kaplan's questions to Custom Truck One Source Inc (CTOS) leadership • Q2 2025

    Question

    Naim Kaplan, on behalf of Nicole DeBlase, inquired about the expected impact of tariffs on 2025 results and questioned whether the decline in the Truck and Equipment Sales (TES) backlog was a concern given strong order flow.

    Answer

    CEO Ryan McMonagle explained that the 2025 tariff impact will be minimal due to proactive inventory management, with minor effects appearing in H2. Regarding the backlog, McMonagle attributed the decline to strong sales execution and highlighted that robust intra-quarter order flow, up nearly 30% YoY, provides confidence for the rest of the year.

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    Naim Kaplan's questions to Custom Truck One Source Inc (CTOS) leadership • Q3 2024

    Question

    Naim Kaplan, on behalf of Nicole DeBlase at Deutsche Bank AG, questioned the drivers behind the strong implied Q4 sequential revenue growth in the ERS segment. He also asked for commentary on demand trends within the telecom vertical of the TES segment, noting that broader industry investment appears weak.

    Answer

    CFO Chris Eperjesy confirmed that the strong Q4 ERS outlook is underwritten by the significant acceleration in OEC on rent that occurred late in Q3 and continued into October. CEO Ryan McMonagle added that Q4 is also typically a strong quarter for rental asset sales. Regarding telecom, McMonagle stated that while it's a small segment for the company, they are seeing increased activity and winning larger orders, driving growth from a small base.

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