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Barclays 43rd Annual Industrial Select Conference FEBRUARY 17, 2026 PAGE 1
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Statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, regarding McGrath RentCorp’s 2025 financial outlook as well as expectations, strategies, prospects or targets are forward-looking statements, including prospects for the Company’s next phase of growth and the strategic focus on Mobile Modular division. These forward-looking statements also can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plan,” “predict,” “project,” or “will,” or the negative of these terms or other comparable terminology. In particular, Mr. Shuster's statement about the Company’s leadership transition and the Company’s financial performance, market opportunities and future growth potential are forward-looking. These forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause our actual results to differ materially from those projected including: our expectations around continued solid momentum; the impact of the recent tariff actions and macroeconomic factors, including fiscal policy uncertainty, government budgetary constraints, or other political or regulatory developments; health of the education and commercial markets in our modular building division; competition within the modular business; the activity levels in the semiconductor and general purpose and communications test equipment markets at TRS-RenTelco; the activity levels in commercial construction projects and impact on Portable Storage segment; continued execution of our strategic performance improvement initiatives; our ability to successfully increase prices to offset cost increases; and our ability to effectively manage our rental assets; our ability to retain and attract talent and uncertainty associated with the Chief Executive Officer transition, as well as the other factors disclosed under “Risk Factors” in the Company’s Form 10-K and other SEC filings. Forward-looking statements are made only as of the date hereof and are based on management’s reasonable assumptions, however these assumptions can be wrong or affected by known or unknown risks and uncertainties. No forward-looking statement can be guaranteed, and subsequent facts or circumstances may contradict, obviate, undermine or otherwise fail to support or substantiate such statements. Except as otherwise required by law, we assume no obligation to update any of the forward-looking statements contained in this press release. PAGE 2 Safe Harbor
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PAGE 3 The Board of Directors has appointed Executive Vice President and Chief Operating Officer Philip B. Hawkins as President and Chief Executive Officer and a member of the Board, effective April 3, 2026 Phil Hawkins will succeed President and Chief Executive Officer Joe Hanna, who plans to retire on April 3, 2026 but will remain on the McGrath Board of Directors Chief Executive Officer Succession Announced February 5, 2026 McGrath remains committed to disciplined execution, operational excellence, and creating long-term shareholder value “The McGrath Board has invested considerable time developing a thoughtful succession plan. This is a natural progression in our company’s history, and our solid momentum makes this the right time for this transition. The Board is confident that Phil Hawkins is the best leader to succeed Joe Hanna given his industry stature and experience at McGrath since 2004, most recently as Chief Operating Officer. He is a seasoned industry professional who embodies the core values of our company, and his experience will enable him to continue the execution of the company’s strategy and maintain its positive growth trajectory. The Board looks forward to working with Phil in his new role.” - Brad Shuster, Chairman of the Board
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McGrath Overview PAGE 4
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PAGE 5 Uniquely McGrath Diverse Customer Base ~21,000 Customers Revenue $911M Adjusted EBITDA $352M(a) (b) Investor Focus Shareholder Return CAGR 16%(c) B2B Rentals Modulars, Storage & Electronics Dividend Champion 34 Years of Consecutive Increases North America Focus 99% of Total Revenues Strong Service Culture ~1,200 Employees OVER 40 YEARS OF EXCELLENCE Corporate Responsibility (a) Full year 2024 (b) Adjusted EBITDA defined on page 6 (c) Based on 1984 IPO through 12/31/24 assuming reinvestment of dividends
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McGrath Business Mix 2024 PAGE (1) Mobile Modular includes Enviroplex (2) The Company defines Adjusted EBITDA as net income before interest expense, provision for income taxes, depreciation, amortiza tion, non-cash impairment costs, share-based compensation and transaction costs. A reconciliation of Adjusted EBITDA to the most directly comparable financial measures calculated and presented in accordance with GAAP is disclosed in the company’s earnings press releases and SEC filings. Total Revenues $911M 6 Total Adjusted EBITDA(2) $352M 67% 12% 21% Mobile Modular Portable Storage TRS-RenTelco 75% 10% 15% Mobile Modular Portable Storage TRS-RenTelco
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POSITIONING: A leading modular provider in North America PRODUCTS: Office buildings and complexes, classrooms COVERAGE: Mobile Modular: servicing 35 states PAGE 7 Mobile Modular QUARTERLY REVENUES (Q3-25) $181M RENTAL EQUIPMENT (AT 9/30/25 OAC (1)) $1,456M RENTAL FLEET (units) 43,000~ (1) Original Acquisition Cost
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POSITIONING: A leading portable storage provider in North America PRODUCTS: Portable storage containers, portable office, office and storage combos COVERAGE: Portable Storage: servicing 29 states PAGE 8 Portable Storage QUARTERLY REVENUES (Q3-25) $24M RENTAL EQUIPMENT (AT 9/30/25 OAC (1)) $243M RENTAL FLEET (units) 43,000~ (1) Original Acquisition Cost
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POSITIONING: A leading provider in North America PRODUCTS: General purpose and communications test equipment COVERAGE: Serving customers in North America and selectively overseas PAGE 9 TRS-RenTelco QUARTERLY REVENUES (Q3-25) $37M RENTAL EQUIPMENT (AT 9/30/25 OAC (1)) $338M RENTAL FLEET (units) 22,000~ (1) Original Acquisition Cost
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STRATEGIC GROWTH: Centered on our largest and highest-growth business segment – Modulars Increasing geographic coverage Wider services solutions to customers – Mobile Modular Plus, Site Related Services, Custom Modular Solutions DISCIPLINED CAPITAL ALLOCATION: Strong balance sheet and cash flow generation Organic investments and acquisitions to deploy growth capital SHAREHOLDER VALUE FOCUS: Dividend Champion – Dividend increases for 34 years Share repurchases – 2 million shares authorized for repurchase (9/18/24) PAGE 10 Company Priorities
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Corporate Responsibility & Values PAGE 11 We take corporate social responsibility and fundamental good corporate citizenship seriously at McGrath Visit our corporate responsibility site for additional environmental sustainability, social responsibility and governance information: https://investors.mgrc.com/corporate-responsibility “Corporate Responsibility and Sustainability are long-standing hallmarks of our company’s culture and remain at the forefront in everything we do.” -- Joe Hanna, President and CEO.
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Financial Highlights PAGE 12
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Solid McGrath results despite challenging market demand conditions • Rental Operations revenues $178.1M (+4%) • Total revenues $256.4M (-4%) • Adjusted EBITDA $96.4M (-7%) Mobile Modular rental revenues increased 2% • Growth driven by commercial customer base • Increased operating expenses to prepare available fleet for new shipments. Reduced rental equipment capital spend Progress with Mobile Modular strategic growth initiatives • Revenue per unit on rent up 6% and revenue per new unit shipped up 3% (on LTM basis)* • Growing contributions from Mobile Modular Plus and Site Related Services Portable Storage rental revenues increased 1% • First year-over-year growth since Q1 2024 • Market conditions showing signs of stabilization despite soft commercial construction TRS-RenTelco rental revenues increased 9% • Broad-based improvement in market demand across customer segments PAGE 13 Q3 2025 Quarterly Highlights – (Year Over Year) * See page 27 for Mobile Modular pricing highlights
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PAGE 14 Operating Results (dollars in millions) (a) Adjusted EBITDA defined on page 6 Three months ended September 30 2025 2024 Change 2025 2024 Change Rental Revenue 374.6 365.7 2% 128.5 124.2 3% Rental Related Services 121.0 111.6 8% 49.6 47.7 4% Sales 184.8 182.0 2% 76.1 92.5 -18% Other 7.1 7.9 -9% 2.3 2.3 -3% Total Revenue 687.5 667.2 3% 256.4 266.8 -4% Gross Profit 326.4 320.7 2% 119.3 124.0 -4% Adjusted EBITDA (a) 257.6 259.7 -1% 96.5 104.0 -7% Nine months ended September 30
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Rental Revenue PAGE 15 Quarterly Comparison (2024 – 2025) Mobile Modular 76.5 78.0 81.5 82.178.5 81.9 83.2 $0 $25 $50 $75 $100 Q1 Q2 Q3 Q4 TRS-RenTelco 25.4 25.3 25.7 25.425.5 27.1 28.0 $0 $25 $50 $75 $100 Q1 Q2 Q3 Q4 MGRC 120.3 121.2 124.2 124.2120.1 126.0 128.5 $0 $50 $100 $150 Q1 Q2 Q3 Q4 +2% +9% +3% 2024 2025 (dollars in millions) Portable Storage 18.4 17.8 17.0 16.716.1 16.9 17.3 $0 $25 $50 $75 $100 Q1 Q2 Q3 Q4 +1%
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Adjusted EBITDA (a) PAGE 16 Quarterly Comparison (2024 – 2025) Mobile Modular(a) 43.3 53.4 71.4 61.0 47.6 53.1 64.6 $0 $20 $40 $60 $80 Q1 Q2 Q3 Q4 TRS-RenTelco 18.5 18.0 18.9 19.117.9 19.3 20.2 $0 $20 $40 $60 $80 Q1 Q2 Q3 Q4 MGRC 72.1 83.7 104.0 92.0 74.5 86.5 96.5 $0 $40 $80 $120 Q1 Q2 Q3 Q4 -10% +7% -7% 2024 2025 (dollars in millions) Portable Storage 11.5 11.0 10.8 9.98.6 9.8 9.2 $0 $20 $40 $60 $80 Q1 Q2 Q3 Q4 -14% (a) Adjusted EBITDA defined on page 6 (b) Mobile Modular excludes Enviroplex. Enviroplex adjusted EBITDA decreased from $2.8M in Q3-24 to $2.5M in Q3-25.
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2025 Financial Outlook PAGE 17 $935M to $955M $350M to $357M $120M to $125M Total Revenues Adjusted EBITDA (a) Gross Rental Equipment Capital Expenditures Previous (7/24/25) Current (as of 10/23/25) $925M to $960M $347M to $356M $115M to $125M (a) Adjusted EBITDA defined on page 6
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Rental Segment Highlights PAGE 18
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Mobile Modular PAGE 19
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Rental Assets PAGE 20
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Modular Segment Total Revenues Q3 2025 PAGE 21 (a) Mobile Modular excludes Enviroplex 70% 29% 1% Rental Operations Sales Other Mobile Modulars (a) Total Revenues $181M (b) Other Revenue includes allocated revenues from Corporate for tenant income (b)
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Mobile Modular Operating Results PAGE 22 Total Revenues 43% 46% 191 181 $0 $50 $100 $150 $200 Q3-24 Q3-25 35% 25%22% Rental Gross Profit 51 48 62% 58% $0 $20 $40 $60 Q3-24 Q3-25 -5% Adjusted EBITDA(a) Rents RRS (dollars in millions) (a) Adjusted EBITDA defined on page 6 Sales & Other %s of total revenue of rental revenue of total revenue 30% 71 65 37% 36% $0 $20 $40 $60 $80 Q3-24 Q3-25 -10%
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Rental Operations Revenue Customer Mix 2024 (a) PAGE 23 (a) Includes Mobile Modular and Portable Storage, and excludes Enviroplex Commercial, 66% Education, 34% Customer Mix Public K-12, 24% Private K-12/ Charter, 6% Daycare/Other, 2% Higher Education, 2% Education Mix - (Industrial, Petro-Chemical, Manufacturing, Environmental) Commercial Construction, 30% Industrial, 8% Residential Construction, 7% General Business, 4% Transportation, 3% Government, 3% Health Care, 2% Retail, 1%Other, 6% Commercial Mix Entertainment & Recreation, 1%
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Mobile Modular Highlights (a) PAGE 24 Period End Rental Equipment (Original Cost) 1,189 1,222 1,259 1,280 1,290 1,315 1,341 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Q1 Q2 Q3 Q4 Average Utilization 78.7% 78.4% 77.1% 76.0% 74.6% 73.7% 72.6% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Q1 Q2 Q3 Q4 Rental Revenue 76.5 78.0 81.5 82.1 78.5 81.9 83.2 $0 $20 $40 $60 $80 $100 Q1 Q2 Q3 Q4 2024 2025 (dollars in millions) (a) See page 43 for definitions of rental equipment and utilization
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Mobile Modular Highlights PAGE 25 Average Rental Rate(b) 2.76% 2.76% 2.84% 2.84% 2.73% 2.85% 2.88% 0.00% 1.00% 2.00% 3.00% Q1 Q2 Q3 Q4 Adjusted EBITDA(a) 43.3 53.4 71.4 61.0 47.6 53.1 64.6 $0 $20 $40 $60 $80 Q1 Q2 Q3 Q4 Adjusted EBITDA(a) % of Total Revenue 34% 37% 37% 35% 36% 34% 36% 0% 0% 10% 20% 30% 40% Q1 Q2 Q3 Q4 2024 2025 (dollars in millions) (a) Adjusted EBITDA defined on page 6 (b) See page 43 for definition of rate
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PAGE 26 Modular Buildings and Storage Containers Growth Opportunities Large and growing market Industry – Leader in education rentals Geographic expansion opportunities for Modulars and Portable Storage, through organic investment and strategic acquisitions Positive fleet pricing dynamics as contracts churn and additional services are provided to customers Mobile Modular Plus – Products and services to support rental customers’ use of the building (e.g., furniture rental packages) Site Related Services – Products and services outside the building (e.g., electrical and plumbing connections, walkways) Custom Modular Solutions – Large turnkey projects, including permanent modular construction, across the U.S.
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Mobile Modular Pricing Highlights (a) PAGE 27 Total fleet units on rent Monthly revenue per unit $815 $865 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Q3-24 $ per unit on rent Q3-25 $ per unit on rent (a) Includes base building rent for modular buildings and classrooms, plus Mobile Modular Plus rental revenue (defined on page 28). Rental revenue per unit varies based on multiple factors, including product type, region, contract term, customization charges and inclusion of Mobile Modular Plus services. Units on rent is the average for the quarter. +6% New Shipments Last Twelve Months Monthly revenue per unit $1,161 $1,192 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 LTM Q3-24 LTM Q3-25 +3%
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PAGE 28 Mobile Modular Initiatives Mobile Modular Plus(a)(c) 13.7 20.0 22.6 27.5 $0 $10 $20 $30 2022 2023 2024 2025 YTD September Rental Revenue Site Related Services(b)(c) 11.0 18.3 21.8 26.1 $0 $10 $20 $30 2022 2023 2024 2025 YTD September Rental Related Services Revenue (a) Mobile Modular Plus includes rental revenue for items such as steps, ramps, furniture, personal property expense, damage waiv er, air care, sanitation (b) Site Related Services includes rental related services revenue for site planning, permits, project scheduling, plumbing connections, clearing and grading, drainage, foundation design and installation, electrical, sidewalks and paving, landscaping (c) 2023 includes Vesta from the acquisition date February 1, 2023 (dollars in millions)
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Mobile Modular Sales (a) PAGE 29 Total Sales Revenues 23% 31% 77% 69% 127 115 $0 $50 $100 $150 YTD September 2024 YTD September 2025 -9% New Sales Used Sales (dollars in millions) New Sales Revenue 98 80 $0 $50 $100 $150 YTD September 2024 YTD September 2025 -18% (a) Sales revenues exclude Enviroplex
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Portable Storage PAGE 30
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Portable Storage Total Revenues Q3 2025 PAGE 31 88% 11% 1% Rental Operations Sales Other Portable Storage Total Revenues $24M (1) (1) Other Revenue includes allocated revenues from Corporate for tenant income
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Portable Storage Operating Results PAGE 32 Total Revenues 23 24 $0 $10 $20 $30 Q3-24 Q3-25 19% 12%7% 74% 71% Rental Gross Profit 15 14 86% 81% $0 $10 $20 Q3-24 Q3-25 Adjusted EBITDA(a) 11 9 47% 38% $0 $10 $20 Q3-24 Q3-25 Rents RRS (dollars in millions) (a) Adjusted EBITDA defined on page 6 Sales & Other %s of total revenue of rental revenue of total revenue 17% +6%
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Portable Storage Highlights (a) PAGE 33 Period End Rental Equipment (Original Cost) 225 228 230 233 234 234 238 $0 $50 $100 $150 $200 $250 $300 Q1 Q2 Q3 Q4 Average Utilization 69.8% 66.1% 62.8% 61.2% 60.2% 61.1% 61.4% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Q1 Q2 Q3 Q4 Rental Revenue 18.4 17.8 17.0 16.7 16.1 16.9 17.3 $0 $5 $10 $15 $20 Q1 Q2 Q3 Q4 2024 2025 (dollars in millions) (a) See page 43 for definitions of rental equipment and utilization
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Portable Storage Highlights PAGE 34 Average Rental Rate(b) 3.94% 3.96% 3.94% 3.94% 3.82% 3.95% 3.96% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Q1 Q2 Q3 Q4 Adjusted EBITDA(a) 11.5 11.0 10.8 9.9 8.6 9.8 9.2 $0 $5 $10 $15 Q1 Q2 Q3 Q4 Adjusted EBITDA(a) % of Total Revenue 47% 46% 47% 44% 40% 42% 38% 0% 0% 10% 20% 30% 40% 50% Q1 Q2 Q3 Q4 2024 2025 (dollars in millions) (a) Adjusted EBITDA defined on page 6 (b) See page 43 for definition of rate
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TRS-RenTelco PAGE 35
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Rental Assets PAGE 36 Rental and Sales of General Purpose and Communications Test Equipment
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TRS-RenTelco Operating Results PAGE 37 Total Revenues 35 37 $0 $10 $20 $30 $40 $50 Q3-24 Q3-25 74% 76% 24% 22% Rental Gross Profit 9 12 27% 33% $0 $5 $10 $15 Q3-24 Q3-25 Adjusted EBITDA(a) 19 20 54% 55% $0 $10 $20 $30 Q3-24 Q3-25 Rents RRS (dollars in millions) (a) Adjusted EBITDA defined on page 6 Sales & Other of total revenue of rental revenue of total revenue +6%
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TRS-RenTelco Highlights (a) PAGE 38 Period End Rental Equipment (Original Cost) 369 367 354 342 331 331 335 $0 $100 $200 $300 $400 Q1 Q2 Q3 Q4 Average Utilization 56.5% 56.5% 57.3% 59.1% 61.6% 64.8% 64.8% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% Q1 Q2 Q3 Q4 Rental Revenue 25.4 25.3 25.7 25.4 25.5 27.1 28.0 $0 $10 $20 $30 Q1 Q2 Q3 Q4 2024 2025 (dollars in millions) (a) See page 43 for definitions of rental equipment and utilization
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TRS-RenTelco Highlights PAGE 39 Average Rental Rate(b) 4.03% 4.07% 4.12% 4.11% 4.09% 4.22% 4.33% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% Q1 Q2 Q3 Q4 Adjusted EBITDA(a) 18.5 18.0 18.9 19.1 17.9 19.3 20.2 $0 $5 $10 $15 $20 $25 Q1 Q2 Q3 Q4 Adjusted EBITDA(a) % of Total Revenue 55% 55% 54% 56% 51% 53% 55% 0% 0% 20% 40% 60% Q1 Q2 Q3 Q4 2024 2025 (dollars in millions) (a) Adjusted EBITDA defined on page 6 (b) See page 43 for definition of rate
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PAGE 40 TRS-RenTelco Growth Opportunities A market leader in North America in general purpose and communications equipment rentals Highly diversified end markets and customer base with positive long term demand trends Positive long term demand outlook for technology-related end markets driven by new technologies in almost all our markets (for example 5G communications network investments) High-quality customer base High-quality rental fleet to serve the most demanding customers
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Established rental businesses with solid positions Strategic growth focus on Mobile Modular and Portable Storage Disciplined capital spending on new rental equipment and acquisitions Strong cash flow and resilient business model Dividend increases for 34 consecutive years Sound financial foundation to support current business operations and future growth PAGE 41 Company Summary McGrath (Nasdaq: MGRC) Thank you for your interest and investment in MGRC
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Appendix PAGE 42
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PAGE 43 Definitions - Rental Fleet Metrics Period End Utilization is calculated by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding new equipment inventory and accessory equipment. Average utilization for the period is calculated using the average costs of the rental equipment Average Monthly Rental Rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent, for the period Period End Rental Equipment represents the original cost of rental equipment excluding new equipment inventory and accessory equipment