Confidential — Investor Materials

Layer 3 — Growth Engine46% CAGR

The Core Growth Engine

3,801 whitespace locations across 8 accounts. Six strategic levers. Proven playbook. Here's the math.

3,801

Whitespace Locations

Accounts

~3%

Penetration

The Levers We Pull

Six strategic pillars that drive organic growth across every account.

Boots-on-Ground AM

Dedicated account managers embedded with branch teams, building relationships face-to-face.

Why it works

Branch managers trust people they know. A familiar face gets the call before the spot market.

URSunbeltMWHNTS+1

AVRL Automation

AI-powered system with years of equipment rental knowledge. Understands true cost-to-carry and identifies arbitrage opportunities.

Why it works

Dual-pronged: (1) AI knows our true cost to carry, (2) Auto-bids on the bid board for predictable lanes.

URHercMWHNTS+2

Bid Participation Expansion

Increasing bid participation from 50% to 85%+ on available loads.

Why it works

You can't win loads you don't bid on. More bids = more wins = more share.

URSunbeltHercRain For Rent

Branch Relationship Conversion

Inside sales 'Proactive Desk' monitors bid board. When we see a bid from a branch we have a relationship with but didn't get a call, our team calls them immediately.

Why it works

Every branch is a potential customer. Whitespace is just branches we haven't won yet.

MWHNTSHosepower

OD/Heavy Haul Desk

Dedicated team focused solely on overdimensional and heavy haul freight. Endless potential across all accounts.

Why it works

Specialized expertise = higher margins. OD/heavy haul requires permits, route planning, and specialized carriers.

URSunbeltHercMWH+2

Canada Desk

Building out Canada experts to capture massive cross-border opportunity with current accounts.

Why it works

Huge whitespace in Canada with existing accounts. Requires customs expertise and Canadian carrier relationships.

URSunbeltHercMWH+2

Layer 3 — Whitespace

Two Paths to Growth

Branch penetration for AM-driven accounts. Bid board expansion for centralized accounts. Different levers, same result: more freight.

Branch Penetration

PATH 1

AM-Driven • Relationship-based growth • 5 accounts • 3,156 whitespace locations

The Math: Per Branch Opportunity

Shipments/Day

Avg Revenue

$1,000

Working Days

250

Revenue/Branch

$250K

Margin/Branch

$80K

@ 32% margin

Proof: Midwest Hose — 6 branches doing $40-70K/mo margin = $100-170K/branch annually

3,156 Locations ×

$700M+

Revenue Opportunity

→

$224M+

Margin @ 32%

United Rentals

NYSE: URI

$360M

$115M margin

Branch Penetration60 of 1,500 branches (4%)

60 active1440 whitespace

$250K

Rev/Branch

$80K

Margin/Branch

1440

Untapped

Sunbelt Rentals

LSE: AHT

$294M

$94M margin

Branch Penetration25 of 1,200 branches (2%)

25 active1175 whitespace

$250K

Rev/Branch

$80K

Margin/Branch

1175

Untapped

Midwest Hose

Private

$5.5M

$2.2M margin

Branch Penetration6 of 28 branches (21%)

6 active22 whitespace

$250K

Rev/Branch

$100K

Margin/Branch

Untapped

6 branches doing $40-70K/mo margin = $100-170K/branch annually

National Trench Safety

Private

$13.3M

$4.2M margin

Branch Penetration9 of 62 branches (14.5%)

9 active53 whitespace

$250K

Rev/Branch

$80K

Margin/Branch

Untapped

Sunstate EquipmentNEW

Private

$27M

$8.6M margin

Branch Penetration0 of 108 branches (0%)

0 active108 whitespace

$250K

Rev/Branch

$80K

Margin/Branch

108

Untapped

Bid Board Expansion

PATH 2

AVRL-Driven • Increase participation from ~50% → 85% • 3 accounts

The Lever: Participation Rate

Current State

47-50%

bid board participation

Target State

85%

bid board participation

Core outperforms peers:14% win rate vs 8% peer avg (UR) • 24% win rate vs 14% peer avg (Herc)

Source: Transportation Insight YTD 2025 data

AVRL Upside:These numbers assume current win rates. With AVRL understanding true cost-to-carry and historical lane data, win rates will improve — making this a floor, not a ceiling.

The Math: Increase participation 50% → 85% across 3 accounts with proven win rates

$39M+

Revenue Opportunity

→

$12M+

Margin @ 32%

Floor

United Rentals

NYSE: URI

$7.15M

incremental revenue

Total BB Volume

102,629 loads

Total BB Spend

$146M

Current Part.

50%

Target Part.

85%

Core Win Rate

14% vs 8% peers

Participation Rate50% → 85%

Source: Transportation Insight YTD 2025• Core won 9,294 loads YTD

Herc Rentals

NYSE: HRI

$5.47M

incremental revenue

Total BB Volume

46,000+ loads (incl. H&E)

Total BB Spend

$60M (incl. H&E)

Current Part.

47%

Target Part.

85%

Core Win Rate

24% vs 14% peers

Participation Rate47% → 85%

Source: Herc Board Data + H&E projection• Core won 3,344 loads YTD

Ramp began June 2025 — 2026 will be full yearH&E acquisition adds volume to bid board

Rain For Rent

Private

$1.5M

incremental revenue

Total BB Volume

~8,000 loads

Total BB Spend

$12M

Current Part.

40%

Target Part.

85%

Core Win Rate

20% vs 12% peers

Participation Rate40% → 85%

Source: Estimated based on similar accounts

Combined Whitespace

$1B+ Revenue

$331M+ margin @ 32%

Branch Penetration

$700M+ revenue

$224M+ margin

5 accounts • 3,156 whitespace locations • AM-driven

Bid Board Expansion

$39M+ revenue

$14M+ margin

3 accounts • 748 locations • AVRL-driven

Floor based on 2025 win rates — AVRL will improve

The Levers Compound Each Other

OD/Heavy Haul Desk: Specialized expertise wins branch relationships AND enables bidding on loads others can't touch.

Canada Desk: Establishes relationships with Canadian branches AND enables cross-border bid board participation.

AVRL: Better cost-to-carry understanding improves win rates on bid boards — making $39M a floor, not a ceiling.

Every lever we add compounds across both growth paths.

Pilot Spotlight

Proof the lever works. Real results from our account manager program.

Allie Stewart

Pilot Account Manager

Southeast

Pilot Started

October 2025

Margin Generated

Branches Won

Conversion

0 days

Timeline

90-Day Journey

Week 1

15 branches identified

Week 4

First 3 conversions

Week 8

$50K margin hit

Week 12

8 branches won

Playbook Executed

Identified 15 underserved branches in Southeast region

Prioritized by revenue potential and relationship gaps

Face-to-face visits with branch managers

Converted 8 branches to active accounts

Generated $50K in direct freight margin

Established relationships with 3 regional managers

Lever Proven

Boots-on-Ground AM — This is the model we're scaling across all accounts.

Proof in Action

Real events, real relationships — the playbook in action

This is what Boots-on-Ground AM looks like. Regionalized lunch & learns with branch managers, customer appreciation events, building relationships face-to-face. Same playbook we're running across all accounts.