CTOS · Custom Truck One Source, Inc.

Custom Truck One Source reported record first-quarter revenue of $461.6 million, a 9.3% increase year-over-year, driven by strong performance in both segments. The Specialty Equipment Rentals (SER) segment saw rental revenue rise 18% to $137.2 million, supported by a 12% increase in average OEC on rent and improved fleet utilization of 81.4% (up 370 bps). SER Adjusted EBITDA grew 24% to $105.5 million. The Specialty Truck Equipment & Manufacturing (STEM) segment delivered revenue of $267.9 million (excluding intersegment sales), up 4.4% year-over-year, driven by demand for forestry vehicles. STEM Adjusted EBITDA surged to $32.7 million from $13.1 million a year ago. Consolidated Adjusted EBITDA reached $98.0 million, up 33.4%, while net loss improved to $4.1 million from $17.8 million. Management highlighted strong T&D end-market conditions and raised full-year 2026 Adjusted EBITDA guidance to $415-$440 million (from $410-$435 million), while reaffirming revenue growth of 3%-9%. Net leverage improved to 4.02x, and the company expects levered free cash flow to exceed $50 million in 2026. The company also posted an updated investor presentation on its website, furnished under Item 7.01.