Forward-Looking Statements Any statements made in this report that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, and should be evaluated as such. These statements often include words such as “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “suggests,” “plans,” “targets,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” “could,” “would,” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. As you read and consider this report, you should understand that these statements are not guarantees of performance or results and are subject to and involve risks, uncertainties, and assumptions. You should not place undue reliance on these forward-looking statements or projections. Below is a summary of risk factors applicable to us that may materially affect such forward-looking statements and projections: •increases in labor costs, changes in U.S. trade policy including tariffs, our inability to obtain raw materials, component parts and/or finished goods in a timely and cost-effective manner, and our inability to manage our rental equipment in an effective manner; •competition in the equipment dealership and rental industries; •our sales order backlog may not be indicative of the level of our future revenues; •increases in unionization rate in our workforce; •our inability to attract and retain key personnel, including our management and skilled technicians; •material disruptions to our operation and manufacturing locations as a result of public health concerns, equipment failures, natural disasters, work stoppages, power outages or other reasons; •any further increase in the cost of new equipment that we purchase for use in our rental fleet or for sale as inventory, and aging or obsolescence of our existing equipment, and the fluctuations of market value thereof; •disruptions in our supply chain; •our business may be impacted by government spending; •we may experience losses in excess of our recorded reserves for receivables; •uncertainty relating to macroeconomic conditions, unfavorable conditions in the capital and credit markets and our customers’ inability to obtain additional capital as required; •increases in price of fuel or freight; •regulatory, technological advancement, or other changes in our core end-markets may affect our customers’ spending; •our strategic initiatives including acquisitions and divestitures may not be successful and may divert our management’s attention away from operations and could create general customer uncertainty; •the interest of our majority stockholder, which may not be consistent with the other stockholders; •volatility of our common stock market price; •our significant indebtedness, which may adversely affect our financial position, limit our available cash and our access to additional capital, prevent us from growing our business and increase our risk of default; •our inability to generate cash, which could lead to a default; •significant operating and financial restrictions imposed by our debt agreements; •changes in interest rates, which could increase our debt service obligations on the variable rate indebtedness and decrease our net income and cash flows; •disruptions or security compromises affecting our information technology systems or those of our critical services providers could adversely affect our operating results by subjecting us to liability, and limiting our ability to effectively monitor and control our operations, adjust to changing market conditions, or implement strategic initiatives; •we are subject to complex laws and regulations, including environmental and safety regulations that can adversely affect cost, manner or feasibility of doing business; and •we are subject to a series of risks related to climate change, and increased attention to, and evolving expectations for, sustainability and environmental, social and governance initiatives. These cautionary statements should not be construed by you to be exhaustive and are made only as of the date of this report. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law. See “Risk Factors” in Part I, Item 1A of the Annual Report for the year ended December 31, 2025 and in Part II, Item 1A of this report, for additional risks. 21 Custom Truck One Source, Inc., a Delaware corporation, and its wholly owned subsidiaries (“we,” “our,” “us,” or “the Company”) are engaged in the business of providing a range of products and services to customers through rentals and sales of specialty equipment, rentals and sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance and customization services related to that equipment. We are a specialty equipment provider to the electric utility transmission and distribution, telecommunications, rail, forestry, waste management and other infrastructure-related industries in North America. Our core business relates to our new equipment inventory and rental fleet of specialty equipment that is utilized by service providers in infrastructure development and improvement work. We offer our specialized equipment to a diverse customer base, including utilities and contractors, for the maintenance, repair, upgrade, and installation of critical infrastructure assets, including distribution and transmission electric lines, telecommunications networks and rail systems, as well as for lighting and signage. We rent, produce, sell and service a broad range of new and used equipment, including bucket trucks, digger derricks, dump trucks, cranes, service trucks, and heavy-haul trailers. Beginning January 1, 2026, we manage the business in two reporting segments: Specialty Equipment Rentals (“SER”) and Specialty Truck Equipment & Manufacturing (“STEM”). Refer to Note 14: Segments, for additional information on our reporting segments. Financial and Performance Measures Financial Measures Revenue — As a full-service equipment provider, we generate revenue through renting, selling, assembling, upfitting, and servicing new and used heavy-duty trucks and cranes, as well as the sale of related parts. We also sell and rent specialized tools on an individual basis and in kits. Rental revenue is primarily comprised of revenues from rental agreements and freight charges billed to customers. The Company records changes in estimated collectability directly against rental revenue. Equipment sales revenue reflects the value of vocational trucks and other equipment sold to customers as well as upfit services. Parts and service revenue is derived from maintenance and repair services, and parts, tools and accessories sold directly to customers. Rental revenue excludes active rental contracts which qualify to be accounted for as sales-type leases. Cost of rental revenue — Cost of rental revenue reflects repairs and maintenance costs of rental equipment, parts costs, labor and other overheads related to maintaining the rental fleet, and freight associated with the shipping of rental equipment. Depreciation of rental equipment — Depreciation of rental equipment is comprised of depreciation expense on the rental fleet. We allocate the cost of rental equipment generally over the rentable life of the equipment. The depreciation allocation is based upon estimated lives ranging from one to seven years. The cost of equipment is depreciated to an estimated residual value using the straight-line method. Cost of equipment and parts and services sales — Cost of equipment sales reflects production and inventory costs associated with new units sold, parts costs, labor and other overheads related to production, and freight associated with the shipping and receiving of equipment and parts. Cost of equipment sales also includes the net book value of rental units sold, including active rental contracts which qualify to be accounted for as sales-type leases. Selling, general and administrative expenses — Selling, general and administrative expenses include sales compensation, fleet licensing fees and corporate expenses, including salaries, stock-based compensation expense, insurance, advertising costs, professional services, fees earned on customer arranged financing, gains or losses resulting from insurance settlements, and information technology costs. Amortization and non-rental depreciation — Amortization expense relates to intangible assets such as customer lists, trade names, etc. Non-rental depreciation expense reflects the depreciation of property and equipment that is not part of the rental fleet. Transaction expenses and other — Transaction expenses and other include costs related to acquisitions of businesses; costs associated with closed operations; costs associated with restructuring and business optimization activities (inclusive of systems establishment costs); employee retention and/or severance costs; costs related to start-up/pre-openings and openings of locations; reconfiguration or consolidation of facilities and equipment conversion costs. Financing and other expense (income) — Financing and other expense (income) reflects the financing expense (income) associated with lease agreements qualifying to be accounted for as a sales-type lease, foreign currency gains and losses related to our Canadian operations, as well as other miscellaneous gains or losses from non-operating activities. Interest expense — Interest expense consists of contractual interest expense on outstanding debt obligations, floor plan financing facilities, amortization of deferred financing costs and other related financing expenses. 22 Income Tax Expense (Benefit) — We have net operating loss carryforward and disallowed interest deduction carryforward assets, which are generally available to be used to offset taxable income generated in future years. Due to limitations on the use of these carryforwards under U.S. federal and state income tax regulations, we record valuation allowances to reduce the carryforward assets to amounts that we estimate will be realized. Accordingly, income tax expense or benefit generally is comprised of changes to these valuation allowance estimates and does not reflect taxes on current period income (or tax benefit on current period losses). For these reasons, our effective tax rate differs from the federal statutory tax rate. Operating Metrics We consider the following key operational metrics, which are consistent with those defined by the American Rental Association, when evaluating our performance and making day-to-day operating decisions: Ending OEC — Ending original equipment cost (“OEC”) is the original equipment cost of units at the end of the measurement period. OEC represents the original equipment cost and excludes the effect of adjustments to rental equipment fleet acquired in business combinations. OEC is the basis for calculating certain of the measures set forth below. Additionally, the pricing of our rental contracts and equipment sales prices for our equipment is based upon OEC, and we measure a rate of return from our rentals and sales using OEC. OEC is a widely used industry metric to compare fleet dollar value independent of depreciation. Average OEC on rent — Average OEC on rent is calculated as the weighted-average OEC on rent during the stated period. Fleet utilization — Fleet utilization is defined as the total number of days the rental equipment was rented during a specified period of time divided by the total number of days available during the same period and weighted based on OEC. Utilization is a measure of fleet efficiency expressed as a percentage of time the fleet is on rent and is considered to be an important indicator of the revenue generating capacity of the fleet. OEC on rent yield — OEC on rent yield (“ORY”) is a measure of return realized by our rental fleet during a period. ORY is calculated as rental revenue (excluding freight recovery and ancillary fees) during the stated period divided by the average OEC on rent for the same period. For periods less than 12 months, ORY is adjusted to an annualized basis. Sales order backlog — Sales order backlog consists of purchase orders received for customized and stock equipment. Sales order backlog should not be considered an accurate measure of future net sales. Operating Segments After a recent evaluation of how we currently assess overall operational decision-making and report internal financial information, beginning January 1, 2026, we are reporting the financial results of our two operating segments, which will also be our two reportable segments: (1) Specialty Equipment Rentals (“SER”), which comprises our legacy Equipment Rental Solutions (“ERS”) segment (except for certain used sales to be accounted for by STEM, defined below), plus a portion of our legacy Aftermarket Parts and Services (“APS”) segment, and (2) Specialty Truck Equipment & Manufacturing (“STEM”), which comprises our legacy Truck and Equipment Sales (“TES”) segment, certain used sales that previously were accounted for by ERS, plus a portion of our legacy APS segment. Additionally, beginning January 1, 2026, our segment reporting reflects intersegment sales and a gross margin, with adjusted EBITDA being the new reportable segments’ profit measure. This new structure better represents the financial profile and economics of our rental and sales & manufacturing businesses. Specialty Equipment Rentals (“SER”) Segment — We own a broad range of new and used specialty equipment, including truck-mounted aerial lifts, cranes, service trucks, dump trucks, trailers, digger derricks and other machinery and equipment. As of June 30, 2026, this equipment (the “rental fleet”) is comprised of more than 10,350 units. The majority of our rental fleet can be used across a variety of end-markets, which coincides with the needs of many of our customers who operate in multiple end-markets. As is customary for equipment rental companies, we sell used equipment out of our rental fleet to end user customers and to our STEM segment. These sales are often made in response to specific customer requests. These sales offer customers an opportunity to buy well-maintained equipment with long remaining useful lives and enable us to effectively manage the age and mix of our rental fleet to match current market demand. We also employ rental purchase options (“RPOs”) on a select basis, which provide a buyout option with an established purchase price that decreases over time as rental revenue is collected. Customers are given credit against such purchase price for a portion of the amounts paid over the life of the rental, allowing customers the flexibility of a rental with the option to purchase at any time at a known price. Activities in our SER segment consist of the rental and sale from the rental fleet of the foregoing specialty equipment, rentals of aftermarket parts and services related to the specialty equipment, and repair, maintenance and customization services related to that equipment. Specialty Truck Equipment & Manufacturing (“STEM”) segment — We offer a broad variety of new equipment for sale to be used across our end-markets, which can be modified to meet our customers’ specific needs. We believe that our integrated production 23 capabilities and extensive knowledge gained over a long history of selling equipment have established us as a trusted partner for customers seeking tailored solutions with short lead times. In support of these activities, we primarily employ a direct-to-customer sales model, leveraging our dedicated sales force of industry and product managers, who are focused on driving national and local sales. We also opportunistically engage in the sale of used equipment purchased from third parties, our SER segment or received via trade-ins from new equipment sales customers. In the majority of these cases, we will sell used equipment directly to customers, rather than relying on auctions. Activities in our STEM segment consist of the production and sale of new and used specialty equipment and vocational trucks, which includes equipment from leading original equipment manufacturers (“OEMs”) across our end-markets, as well as our Load KingTM brand, and the sales of aftermarket parts and services related to the specialty equipment, and repair, maintenance and customization services related to that equipment. Results of Operations Three and six months ended June 30, 2026, compared to the same periods in 2025 Condensed Consolidated Results of Operations Three Months Ended June 30, (in $000s) June 30, 2026 % of revenue June 30, 2025 % of revenue $ Change % change March 31, 2026 % of revenue Rental revenue $ 145,060 25.7% $ 120,814 23.6% $ 24,246 20.1% $ 137,215 29.7% Equipment sales 383,559 68.1% 356,112 69.6% 27,447 7.7% 292,634 63.4% Parts sales and services 34,827 6.2% 34,557 6.8% 270 0.8% 31,773 6.9% Total revenue 563,446 100.0% 511,483 100.0% 51,963 10.2% 461,622 100.0% Cost of revenue, excluding rental equipment depreciation 382,545 67.9% 354,934 69.4% 27,611 7.8% 302,362 65.5% Depreciation of rental equipment 56,927 10.1% 54,007 10.6% 2,920 5.4% 56,197 12.2% Gross profit 123,974 22.0% 102,542 20.0% 21,432 20.9% 103,063 22.3% Operating expenses 77,359 74,611 2,748 3.7% 71,594 Operating income 46,615 27,931 18,684 66.9% 31,469 Total other expense 37,639 38,833 (1,194) (3.1)% 35,274 Income (loss) before income taxes 8,976 (10,902) 19,878 (182.3)% (3,805) Income tax expense (benefit) (1,423) 17,478 (18,901) (108.1)% 297 Net income (loss) $ 10,399 $ (28,380) $ 38,779 (136.6)% $ (4,102) Six Months Ended June 30, (in $000s) June 30, 2026 % of revenue June 30, 2025 % of revenue $ Change % change Rental revenue $ 282,275 27.5% $ 237,075 25.4% $ 45,200 19.1% Equipment sales 676,193 66.0% 629,975 67.5% 46,218 7.3% Parts sales and services 66,600 6.5% 66,665 7.1% (65) (0.1)% Total revenue 1,025,068 100.0% 933,715 100.0% 91,353 9.8% Cost of revenue, excluding rental equipment depreciation 684,907 66.8% 641,539 68.7% 43,368 6.8% Depreciation of rental equipment 113,124 11.0% 104,098 11.1% 9,026 8.7% Gross profit 227,037 22.1% 188,078 20.1% 38,959 20.7% Operating expenses 148,953 147,742 1,211 0.8% Operating income 78,084 40,336 37,748 93.6% Total other expense 72,913 76,730 (3,817) (5.0)% Income (loss) before income taxes 5,171 (36,394) 41,565 (114.2)% Income tax expense (benefit) (1,126) 9,777 (10,903) (111.5)% Net income (loss) $ 6,297 $ (46,171) $ 52,468 (113.6)% ​ 24 Total Revenue - The increase in total revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025 is a result of strong new equipment sales primarily within utility and forestry equipment and rental revenue driven by increases in average OEC on rent for the three and six months ended June 30, 2026 of 13.1% and 13.6%, compared to the same periods in 2025, respectively, and improvement in OEC on rent yield of 2.1% for both periods. Cost of Revenue, Excluding Rental Equipment Depreciation - The increase in cost of revenue, excluding rental equipment depreciation for the three and six months ended June 30, 2026, compared to the same periods in 2025, was driven primarily by the increase in equipment sales volume. Depreciation of Rental Equipment - Depreciation of our rental equipment increased in the three and six months ended June 30, 2026, compared to the same periods in 2025, as a result of higher rental equipment levels. Operating Expenses - Operating expenses increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily as a result of an increase in general and administrative expenses due to increased compensation. Total Other Expense - Other expense decreased for the three and six months ended June 30, 2026, compared to the same periods in 2025, due to less interest expense on floor plan financing as a result of lower inventory levels. Income Tax Expense (Benefit) - Income tax benefit was $1.4 million and $1.1 million for the three and six months ended June 30, 2026, respectively, compared to income tax expense of $17.5 million and $9.8 million for the same periods in 2025. The changes in effective tax rate were primarily attributable to changes in the valuation allowance recorded against deferred tax assets, and the inclusion of an adjustment to our estimated effective tax rate in the three months ended June 30, 2025, resulting from changes in expected taxable income in different tax jurisdictions. Net Income (Loss) - Net income increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to higher operating income as a result of strong new equipment sales and higher rental revenue driven by higher average OEC on rent. The increase is also due to an income tax benefit in the three and six months ended June 30, 2026, compared to expense for the same periods in 2025, as discussed above. Operating Metrics We principally evaluate operational performance based on the following metrics: ending OEC, average OEC on rent, fleet utilization, and OEC on rent yield. We also report sales order backlog related to our customers’ orders for new vocational heavy duty trucks as an indicator of the demand environment for our products. The table below presents these key measures. Three Months Ended (in $000s) June 30, 2026 June 30, 2025 Change % Change March 31, 2026 % Change Ending OEC $ 1,679,255 $ 1,560,704 $ 118,551 7.6 % $ 1,655,414 1.4 % Average OEC on rent $ 1,365,689 $ 1,207,231 $ 158,458 13.1 % $ 1,343,712 1.6 % Fleet utilization 81.6 % 77.6 % 4.0 % 5.2 % 81.4 % 0.2 % OEC on rent yield 39.4 % 38.6 % 0.8 % 2.1 % 38.9 % 1.3 % Sales order backlog $ 322,470 $ 334,805 $ (12,335) (3.7) % $ 411,311 (21.6) % Six Months Ended June 30, (in $000s) 2026 2025 Change % Change Ending OEC $ 1,679,255 $ 1,560,704 $ 118,551 7.6 % Average OEC on rent $ 1,354,822 $ 1,192,333 $ 162,489 13.6 % Fleet utilization 81.5 % 77.3 % 4.2 % 5.4 % OEC on rent yield 39.1 % 38.3 % 0.8 % 2.1 % Sales order backlog $ 322,470 $ 334,805 $ (12,335) (3.7) % ​ Operating Results by Segment Prior period amounts have been recast to reflect the change to two reportable segments. 25 Specialty Equipment Rentals Three Months Ended (in $000s) June 30, 2026 June 30, 2025 $ Change % Change March 31, 2026 % Change Revenue from external customers: Rental $ 145,060 $ 120,814 $ 24,246 20.1 % $ 137,215 5.7 % Equipment sales 51,659 39,661 11,998 30.3 % 37,777 36.7 % Parts sales and services 22,100 22,353 (253) (1.1) % 18,771 17.7 % Total revenue from external customers 218,819 182,828 35,991 19.7 % 193,763 12.9 % Intersegment sales 4,113 15,726 (11,613) (73.8) % 6,790 (39.4) % Rental AR provision(1) 2,390 2,358 32 1.4 % 2,176 9.8 % Sales-type lease adjustment(2) (4,318) 1,179 (5,497) (466.2) % 2,103 (305.3) % Total segment revenue 221,004 202,091 18,913 9.4 % 204,832 7.9 % Segment Expenses: Cost of rental, excluding depreciation 34,542 30,040 4,502 15.0 % 30,748 12.3 % Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(3) 30,884 25,959 4,925 19.0 % 28,472 8.5 % Cost of parts and services, excluding depreciation 17,914 18,993 (1,079) (5.7) % 17,968 (0.3) % Cost of intersegment sales 3,728 15,726 (11,998) (76.3) % 6,110 (39.0) % Rental AR provision(1) 2,390 2,358 32 1.4 % 2,176 9.8 % Total segment cost of revenue expenses 89,458 93,076 (3,618) (3.9) % 85,474 4.7 % Selling, general and administrative expenses 14,347 16,180 (1,833) (11.3) % 13,861 3.5 % Total segment expenses 103,805 109,256 (5,451) (5.0) % 99,335 4.5 % Segment Adjusted EBITDA $ 117,199 $ 92,835 $ 24,364 26.2 % $ 105,497 11.1 % Six Months Ended June 30, (in $000s) 2026 2025 $ Change % Change Revenue from external customers: Rental $ 282,275 $ 237,075 $ 45,200 19.1 % Equipment sales 89,436 69,516 19,920 28.7 % Parts sales and services 40,871 43,318 (2,447) (5.6) % Total revenue from external customers 412,582 349,909 62,673 17.9 % Intersegment sales 10,903 27,326 (16,423) (60.1) % Rental AR provision(1) 4,566 4,203 363 8.6 % Sales-type lease adjustment(2) (2,215) 2,436 (4,651) (190.9) % Total Segment Revenue 425,836 383,874 41,962 10.9 % Segment Expenses: Cost of rental, excluding depreciation 65,290 60,132 5,158 8.6 % Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(3) 59,356 43,885 15,471 35.3 % Cost of parts and services, excluding depreciation 35,882 38,970 (3,088) (7.9) % Cost of intersegment sales 9,838 27,326 (17,488) (64.0) % Rental AR provision(1) 4,566 4,203 363 8.6 % Total segment cost of revenue expenses 174,932 174,516 416 0.2 % Selling, general and administrative expenses 28,208 30,474 (2,266) (7.4) % Total segment expenses 203,140 204,990 (1,850) (0.9) % Segment Adjusted EBITDA $ 222,696 $ 178,884 $ 43,812 24.5 % (1) Specifically identifiable lease revenue receivables not deemed probable of collection are recorded as a reduction of rental revenue. This is classified as a segment expense for Segment Adjusted EBITDA reviewed by the chief operating decision maker. (2) Impact of sales-type lease accounting for certain leases containing RPOs: this impact is excluded from the measure of Adjusted EBITDA utilized by our CODM to allocate resources and to assess the performance of our segments as we believe continuing to reflect the transactions as an operating lease better reflects the economics of the transactions given our large portfolio of rental contracts. (3) Excludes the non-cash impact of purchase accounting, impact of sales-type lease accounting for certain leases containing RPOs, further excluding depreciation. 26 Total Revenue - The increase in total revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to an increase in rental revenue as well as rental equipment sales. Rental revenue increased as a result of increases in fleet utilization of 4.0% and 4.2%, respectively, for the three and six months ended June 30, 2026, driven by increases in average OEC on rent of 13.1% and 13.6%, respectively. Rental equipment sales increased due to an increase in buyout activity of rental contracts with purchase options. The decrease in parts sales and services was driven by fewer tool kits sold. Intersegment sales decreased as fewer units were identified as rental asset disposals given the increased external demand for rental units and buyout activity of rental contracts with purchase options. Cost of Rental Revenue, Excluding Depreciation - The increase in cost of rental revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025, was largely due to an increase in rental activity. Cost of Equipment Sales, net of Purchase Accounting, Sales-Type Leases and Depreciation - The increase in cost of equipment sales for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to an increase in rental equipment sales volume. Cost of Parts and Services, Excluding Depreciation - The decrease in cost of parts and services for the three and six months ended June 30, 2026, compared to the same periods in 2025, was in line with the decline in parts and services revenue as fewer tool kits were sold. Selling, General and Administrative Expenses - Selling, general and administrative expenses decreased for the three and six months ended June 30, 2026 compared to the same periods in 2025, primarily due to the reclassification of expenses associated with two facilities that transitioned from rental operations to manufacturing operations and are now reported within STEM. Rental AR Provision - Represents specifically identifiable lease revenue receivables not deemed probable of collection which are recorded as a reduction of rental revenue per the Company’s significant accounting policies. This is classified as a segment expense for Segment Adjusted EBITDA reviewed by the chief operating decision maker. Sales-Type Lease Adjustments - Represents the impact of sales-type lease accounting for certain leases containing rental purchase options (or “RPOs”), as we believe continuing to reflect the transactions as an operating lease better reflects the economics of the transactions given our large portfolio of rental contracts. Segment Adjusted EBITDA - The increase in segment adjusted EBITDA for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to higher operating income. 27 Specialty Truck Equipment & Manufacturing Three Months Ended (in $000s) June 30, 2026 June 30, 2025 $ Change % Change March 31, 2026 % Change Revenue from external customers: Equipment sales $ 331,900 $ 316,451 $ 15,449 4.9 % $ 254,857 30.2 % Parts sales and services 12,727 12,204 523 4.3 % 13,002 (2.1) % Total revenue from external customers 344,627 328,655 15,972 4.9 % 267,859 28.7 % Intersegment sales 93,153 97,599 (4,446) (4.6) % 95,450 (2.4) % Total segment revenue 437,780 426,254 11,526 2.7 % 363,309 20.5 % Segment Expenses: Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(1) 281,235 265,542 15,693 5.9 % 213,225 31.9 % Cost of parts and services, excluding depreciation 9,551 8,634 917 10.6 % 9,094 5.0 % Cost of intersegment sales 78,596 97,599 (19,003) (19.5) % 80,185 (2.0) % Total segment cost of revenue expenses 369,382 371,775 (2,393) (0.6) % 302,504 22.1 % Selling, general and administrative expenses 20,042 16,663 3,379 20.3 % 17,580 14.0 % Floor plan interest expense 11,139 13,764 (2,625) (19.1) % 10,519 5.9 % Total segment expenses 400,563 402,202 (1,639) (0.4) % 330,603 21.2 % Segment Adjusted EBITDA $ 37,217 $ 24,052 $ 13,165 54.7 % $ 32,706 13.8 % Six Months Ended June 30, (in $000s) 2026 2025 $ Change % Change Revenue from external customers: Equipment sales 586,757 560,459 26,298 4.7 % Parts sales and services 25,729 23,347 2,382 10.2 % Total revenue from external customers 612,486 583,806 28,680 4.9 % Intersegment sales 188,603 192,388 (3,785) (2.0) % Total segment revenue 801,089 776,194 24,895 3.2 % Segment Expenses: Cost of equipment sales, net of purchase accounting, sales-type leases and depreciation(1) 494,460 470,991 23,469 5.0 % Cost of parts and services, excluding depreciation 18,645 16,078 2,567 16.0 % Cost of intersegment sales 158,781 192,388 (33,607) (17.5) % Total segment cost of revenue expenses 671,886 679,457 (7,571) (1.1) % Selling, general and administrative expenses 37,622 32,516 5,106 15.7 % Floor plan interest expense 21,658 27,061 (5,403) (20.0) % Total segment expenses 731,166 739,034 (7,868) (1.1) % Segment Adjusted EBITDA $ 69,923 $ 37,160 $ 32,763 88.2 % (1) Excludes the non-cash impact of purchase accounting. Total Revenue - The increase in total revenue for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to higher equipment sales driven by demand in utility and forestry vehicles. Parts sales and services also increased driven primarily by higher service activity and increased demand for replacement parts. Intersegment sales decreased for the three and six months ended June 30, 2026, compared to the same periods in 2025, due to fewer units sold to SER for the rental fleet. Cost of Equipment Sales, net of Purchase Accounting, Sales-Type Leases and Depreciation - The increase in cost of equipment sales for the three and six months ended June 30, 2026, compared to the same periods in 2025, was driven by the increase in equipment sales volume. Cost of Parts and Services, Excluding Depreciation - The increase in cost of parts and services for the three and six months ended June 30, 2026, compared to the same periods in 2025, corresponded with the increase in parts sales and services revenue reflecting higher volume of work performed and the related increase in materials and labor required to support that activity. 28 Cost of Intersegment Sales - Cost of intersegment sales declined for the three and six months ended June 30, 2026, compared to the same periods in 2025 due to fewer units sold to SER. Selling, General and Administrative Expenses - Selling, general, and administrative expenses increased for the three and six months ended June 30, 2026, compared to the same periods in 2025, primarily due to the reclassification of expenses associated with two facilities that transitioned from rental operations to manufacturing operations and are now reported within STEM, as well as higher sales commission. Floor plan Interest Expense - The decrease in floor plan interest expense for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to the lower inventory levels. Segment Adjusted EBITDA - The increase in segment adjusted EBITDA for the three and six months ended June 30, 2026, compared to the same periods in 2025, was due to increased gross profit and lower interest expense on variable-rate floor plan liabilities from lower inventory levels. Reconciliation of Segment Adjusted EBITDA to Consolidated Income (Loss) Before Income Taxes Three Months Ended June 30, Six Months Ended Three Months Ended March 31, in 000s 2026 2025 2026 2025 2026 Adjusted EBITDA - SER $ 117,199 $ 92,835 $ 222,696 $ 178,884 $ 105,497 Adjusted EBITDA - STEM 37,217 24,052 69,923 37,160 32,706 Total Segment Adjusted EBITDA 154,416 116,887 292,619 216,044 138,203 Reconciling Items: Intersegment margin (14,942) — (30,887) — (15,945) Corporate and non-allocated selling, general and administrative expenses(1) (22,720) (23,459) (46,992) (49,190) (24,272) Depreciation and amortization (68,970) (66,426) (137,244) (128,937) (68,274) Interest expense, net (non-floor plan) (27,051) (26,440) (51,569) (52,056) (24,518) Non-cash purchase accounting impact(2) (2,736) (3,915) (5,968) (8,096) (3,232) Transaction and integration costs(3) (5,998) (5,303) (9,890) (8,963) (3,892) Sales-type lease adjustment(4) 408 (471) (288) (1,017) (696) Share-based payments(5) (3,431) (1,775) (4,610) (4,179) (1,179) Consolidated income (loss) before income taxes $ 8,976 $ (10,902) $ 5,171 $ (36,394) $ (3,805) (1) Certain costs are not allocated to the segments as they represent Corporate-level activities. These costs primarily include people-related costs, enterprise technology, insurance coverage, and professional services required to support the Company’s national scale, public-company requirements, and centralized corporate functions. (2) Represents the non-cash impact of purchase accounting, net of accumulated depreciation, on the cost of equipment and inventory sold. (3) Represents transaction and other costs related to acquisitions of businesses; costs associated with closed operations; costs associated with restructuring and business optimization activities (inclusive of systems establishment costs); employee retention and/or severance costs; costs related to start-up/pre-openings and openings of locations; reconfiguration or consolidation of facilities or equipment conversion costs. (4) Represents the impact of sales-type lease accounting for certain leases containing RPOs, as we believe continuing to reflect the transactions as an operating lease better reflects the economics of the transactions given our large portfolio of rental contracts. (5) Represents non-cash share-based compensation expense associated with the issuance of restricted stock units. See Note 14: Segments for additional information. Liquidity and Capital Resources Our principal sources of liquidity include cash generated by operating activities and borrowings under revolving credit facilities as described below. We believe that our liquidity sources and operating cash flows are sufficient to address our operating, debt service and capital requirements, including investments in our rental fleet, over the next 12 months and beyond. As of June 30, 2026, we had $10.3 million in cash and cash equivalents compared to $6.3 million as of December 31, 2025. As of June 30, 2026 and December 31, 2025, we had $714.9 million and $698.0 million of outstanding borrowings under our ABL Facility, respectively. Availability under the ABL Facility was $229.4 million as of June 30, 2026, and based on our borrowing base, we have an additional $242.0 million of suppressed availability that we can potentially utilize by upsizing our existing facility. For further information on the ABL Facility, see Note 7: Long-Term Debt in the Notes to the Unaudited Condensed Consolidated Financial Statements. Our non-trade floor plan 29 facility with PNC Equipment Finance, LLC, under which $397.0 million was outstanding as of June 30, 2026, matures on August 25, 2026; we expect to complete its renewal on or prior to that date on terms substantially consistent with the existing agreement. Loan Covenants and Compliance The ABL Facility contains customary negative covenants for transactions of this type, including covenants that, among other things, limit Nesco Holdings II, Inc., our wholly owned subsidiary (the “Borrower” with respect to the ABL Facility, or the “Issuer” with respect to the Indenture, defined below) and its restricted subsidiaries’ ability to: incur additional indebtedness; pay dividends, redeem stock, or make other distributions; repurchase, prepay or redeem subordinated indebtedness; make investments; create restrictions on the ability of the Borrower’s restricted subsidiaries to pay dividends; create liens; transfer or sell assets; consolidate, merge, sell, or otherwise dispose of all or substantially all of the Borrower’s assets; enter into certain transactions with the Borrower’s affiliates; and designate subsidiaries as unrestricted subsidiaries, in each case subject to certain exceptions, as well as a restrictive covenant applicable to each Specified Floor Plan Company (as defined in the ABL Credit Agreement) limiting its ability to own certain assets and engage in certain lines of business. The covenants governing the payment of dividends and making other distributions are based upon a combination of fixed amounts, percentages of Adjusted EBITDA or upon multiple pro forma measures depending on the purpose of any such dividend payments or distributions the Borrower and its restricted subsidiaries are permitted to make. Unlimited dividends under the ABL Facility may be permitted so long as, on a pro forma basis, “distribution conditions” (as defined in the ABL Credit Agreement governing the ABL Facility) are satisfied. As of June 30, 2026, the Company’s distribution conditions were satisfied and, as a result, the Company determined there were no restrictions on distributions by the Borrower and its restricted subsidiaries by the ABL Credit Agreement. The 5.50% senior secured second lien notes due 2029 (the “2029 Secured Notes”) were issued pursuant to the indenture governing our 2029 Secured Notes (the “Indenture”) which contains covenants that limit the Issuer’s (and certain of its subsidiaries’) ability to, among other things: (i) incur additional debt or issue certain preferred stock; (ii) pay dividends, redeem stock, or make other distributions; (iii) make other restricted payments or investments; (iv) create liens on assets; (v) transfer or sell assets; (vi) create restrictions on payment of dividends or other amounts by the Issuer’s restricted subsidiaries; (vii) engage in mergers or consolidations; (viii) engage in certain transactions with affiliates; or (ix) designate the Issuer’s subsidiaries as unrestricted subsidiaries. The covenants governing the payment of dividends and making other distributions are based upon a combination of fixed amounts, percentages of Adjusted EBITDA or upon multiple pro forma measures depending on the purpose of any such dividend payments or distributions the Issuer and its restricted subsidiaries are permitted to make. Unlimited dividends, under the Indenture, may be made so long as after giving effect to making the dividends, the Consolidated Total Debt Ratio would be no greater than 5.00 to 1.00 on a pro forma basis. As of June 30, 2026, the Company’s Consolidated Total Debt Ratio was not greater than 5.00 to 1.00 and, as a result, the Company determined there were no restrictions on distributions by the Issuer and its restricted subsidiaries by the Indenture. For further information on the ABL Facility and Indenture, see Note 8: Long-Term Debt in the Notes to the Consolidated Financial Statements under Part II, Item 8 in the Company’s annual report on Form 10-K for the year ended December 31, 2025, filed on March 10, 2026. The Company presents Adjusted EBITDA calculated in accordance with “Consolidated EBITDA” as that term is used in the ABL Credit Agreement and the Indenture. Adjusted EBITDA is defined as net income, as adjusted for provision for income taxes, interest expense, net (excluding interest on floor plan financing), depreciation of rental equipment and non-rental depreciation and amortization, and further adjusted for the impact of the fair value mark-up of acquired rental fleet (the “non-cash purchase accounting impact”), business acquisition and merger-related costs, including integration, the impact of accounting for certain of our rental contracts with customers that are accounted for under GAAP as a sales-type lease and stock compensation expense. The Company presents Net Leverage Ratio, which is equivalent to Consolidated Total Net Leverage Ratio in our ABL Credit Agreement and Consolidated Total Debt Ratio in the Indenture, is defined as Net Debt over Adjusted EBITDA for the previous twelve-month period (“last twelve months,” or “LTM”). Net debt is defined as total debt (calculated as current and long-term debt, excluding deferred financing fees, plus current and long-term finance lease obligations) minus cash and cash equivalents. Our creditors utilize Adjusted EBITDA and Net Leverage Ratio to assess our compliance with the restrictive covenants in the ABL Credit Agreement and the Indenture. Neither Adjusted EBITDA nor Net Leverage Ratio is calculated in accordance with GAAP and may not conform to the calculation of Adjusted EBITDA or Net Leverage Ratio used by other companies. Neither Adjusted EBITDA nor Net Leverage Ratio should be considered as a substitute for a measure of our financial performance or liquidity prepared in accordance with GAAP. 30 The following table provides the calculation of Adjusted EBITDA pursuant to the ABL Credit Agreement and the Indenture. Three Months Ended Six Months Ended Three Months Ended March 31, 2026 (in $000s) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net income (loss) $ 10,399 $ (28,380) $ 6,297 $ (46,171) $ (4,102) Interest expense 27,051 26,440 51,569 52,056 24,518 Income tax expense (benefit) (1,423) 17,478 (1,126) 9,777 297 Depreciation and amortization 68,970 66,426 137,244 128,937 68,274 EBITDA 104,997 81,964 193,984 144,599 88,987 Adjustments: Non-cash purchase accounting impact (1) 2,736 3,915 5,968 8,096 3,232 Transaction and integration costs (2) 5,998 5,303 9,890 8,963 3,892 Sales-type lease adjustment (3) (408) 471 288 1,017 696 Share-based payments (4) 3,431 1,775 4,610 4,179 1,179 Adjusted EBITDA $ 116,754 $ 93,428 $ 214,740 $ 166,854 $ 97,986 (1) Represents the non-cash impact of purchase accounting, net of accumulated depreciation, on the cost of equipment and inventory sold. The equipment and inventory acquired received a purchase accounting step-up in basis, which is a non-cash adjustment to the equipment cost pursuant to our ABL Credit Agreement and Indenture. (2) Represents transaction and other costs related to acquisitions of businesses; costs associated with closed operations; costs associated with restructuring and business optimization activities (inclusive of systems establishment costs); employee retention and/or severance costs; costs related to start-up/pre-openings and openings of locations; reconfiguration or consolidation of facilities or equipment conversion costs. These adjustments are presented as adjustments to net income (loss) pursuant to our ABL Credit Agreement and Indenture. (3) Represents the impact of sales-type lease accounting for certain leases containing RPOs, as the application of sales-type lease accounting is not deemed to be representative of the ongoing cash flows of the underlying rental contracts. The adjustments are made pursuant to our ABL Credit Agreement and Indenture. The components of this adjustment are presented in the table below. Three Months Ended Six Months Ended Three Months Ended March 31, 2026 (in $000s) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Equipment sales $ (5,942) $ (984) $ (5,212) $ (3,145) $ 730 Cost of equipment sales 4,461 949 2,817 2,788 (1,644) Gross profit (1,481) (35) (2,395) (357) (914) Interest income (550) (1,322) (313) (2,334) 237 Rental invoiced 1,623 1,828 2,996 3,708 1,373 Sales-type lease adjustment $ (408) $ 471 $ 288 $ 1,017 $ 696 (4) Represents non-cash share-based compensation expense associated with the issuance of restricted stock units. 31 The following table presents the calculation of Net Debt and Net Leverage Ratio: (in $000s) June 30, 2026 March 31, 2026 Current maturities of long-term debt 3,209 5,085 Long-term debt, net 1,656,652 1,628,943 Deferred financing fees 13,353 14,462 Less: cash and cash equivalents (10,287) (9,608) Net Debt $ 1,662,927 $ 1,638,882 Divided by: LTM Adjusted EBITDA (1) $ 431,444 $ 408,118 Net Leverage Ratio 3.85 4.02 (1) The following tables present the calculation of LTM Adjusted EBITDA for the periods ended June 30, 2026 and March 31, 2026: Current Year To Date Period Less: Prior Year To Date Period Add: Prior Fiscal Year LTM Adjusted EBITDA (in $000s) June 30, 2026 June 30, 2025 December 31, 2025 June 30, 2026 Net income (loss) $ 6,297 $ (46,171) $ (31,052) $ 21,416 Interest expense 51,569 52,056 104,882 104,395 Income tax expense (benefit) (1,126) 9,777 2,922 (7,981) Depreciation and amortization 137,244 128,937 264,998 273,305 EBITDA 193,984 144,599 341,750 391,135 Adjustments: Non-cash purchase accounting impact 5,968 8,096 15,469 13,341 Transaction and integration costs 9,890 8,963 16,639 17,566 Sales-type lease adjustment 288 1,017 1,229 500 Share-based payments 4,610 4,179 8,471 8,902 Adjusted EBITDA $ 214,740 $ 166,854 $ 383,558 $ 431,444 Current Year To Date Period Less: Prior Year To Date Period Add: Prior Fiscal Year LTM Adjusted EBITDA (in $000s) March 31, 2026 March 31, 2025 December 31, 2025 March 31, 2026 Net income (loss) $ (4,102) $ (17,791) $ (31,052) $ (17,363) Interest expense 24,518 25,616 104,882 103,784 Income tax expense (benefit) 297 (7,701) 2,922 10,920 Depreciation and amortization 68,274 62,511 264,998 270,761 EBITDA 88,987 62,635 341,750 368,102 Adjustments: Non-cash purchase accounting impact 3,232 4,181 15,469 14,520 Transaction and integration costs 3,892 3,660 16,639 16,871 Sales-type lease adjustment 696 546 1,229 1,379 Share-based payments 1,179 2,404 8,471 7,246 Adjusted EBITDA $ 97,986 $ 73,426 $ 383,558 $ 408,118 32 Historical Cash Flows The following table summarizes our sources and uses of cash: Six Months Ended June 30, (in $000s) 2026 2025 Net cash flow from operating activities $ 68,186 $ 181,353 Net cash flow for investing activities (106,224) (139,807) Net cash flow from (for) financing activities 41,296 (39,889) Effect of exchange rate changes on cash and cash equivalents 756 (203) Net change in cash and cash equivalents $ 4,014 $ 1,454 As of June 30, 2026, we had cash and cash equivalents of $10.3 million, an increase of $4.0 million from December 31, 2025. Generally, we manage our cash flow by using any excess cash, after considering our working capital and capital expenditure needs, including paying down the outstanding balance under our ABL Facility, and availability under our credit facilities. Cash Flows from Operating Activities Net cash from operating activities was $68.2 million for the six months ended June 30, 2026, as compared to $181.4 million in the same period of 2025. The decrease in net cash from operating activities is driven by a higher increase in inventory on hand for the six months ended June 30, 2026, when compared to the same period in 2025. Cash Flows for Investing Activities Net cash used in investing activities was $106.2 million for the six months ended June 30, 2026, as compared to $139.8 million in the same period of 2025. The decrease in cash used in investing activities was primarily due to a decrease in purchases of rental equipment of $33.7 million and an increase in proceeds from sales and disposals of rental equipment of $13.0 million, partially offset by an increase in purchases of non-rental property and cloud computing arrangements of $13.2 million. Cash Flows from Financing Activities Net cash from financing activities was $41.3 million for the six months ended June 30, 2026, as compared to cash used for financing activities of $39.9 million in the same period of 2025. The increase in net cash from financing activities was primarily due to a decrease in repurchases of stock of $32.6 million, a decrease in repayments on floor plan liabilities and long-term debt of $32.6 million and higher proceeds from floor plan liabilities and long-term debt of $16.4 million.