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    Nayim Kaplan

    Research Analyst at Deutsche Bank

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

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

    Question

    Nayim Kaplan, on behalf of Nicole DeBlase at Deutsche Bank, asked for an update on the expected impact of tariffs for 2025, including its quarterly cadence, and questioned whether the decline in the sales backlog was a concern or a sign of returning seasonality.

    Answer

    CEO Ryan McMonagle stated that the tariff impact for the year would be minimal due to proactive chassis purchases and supply chain management, with minor cost effects appearing in Q3 and Q4. Regarding the backlog, McMonagle attributed the decline to a 21% increase in revenue and emphasized strong underlying order volume, with signed orders up nearly 30% year-over-year, which provides confidence for the back half of the year.

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

    Question

    Nayim Kaplan, on behalf of Nicole DeBlase from Deutsche Bank, inquired about the expected financial impact of tariffs in 2025 and its quarterly cadence. He also asked if the quarter-over-quarter decline in the sales backlog was a concern, whether it indicated a return to seasonality, and what the company's expectation was for the year-end backlog.

    Answer

    CEO Ryan McMonagle stated that the tariff impact for 2025 would be minimal due to proactive chassis purchases and supply chain management, with minor cost effects anticipated in Q3 and Q4. Regarding the backlog, McMonagle acknowledged the decline but contextualized it with strong 21% revenue growth. He emphasized that strong order volume, particularly a 45% year-over-year increase in signed orders from regional customers, provides confidence in the company's outlook and growth targets for the second half of the year.

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