Slides
Page 1
Q2 2026 Quarterly Investor Presentation JULY 29, 2026 PAGE 1
Page 2
PAGE 2 Safe Harbor 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 2026 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 as well as the strategic plans for Portable Storage and TRS-RenTelco. 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. 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 and profitable growth in 2026; the impact of the recent tariff actions and macroeconomic factors, including fiscal policy uncertainty, government budgetary constraints, or other geopolitical, 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; our ability to effectively manage our rental assets; our ability to successfully integrate newly acquired businesses; 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 3
PAGE 3 Presentation Order McGrath Overview 4 - 10 Quarterly Financial Highlights 11 - 22 Businesses Overview & End Markets 23 - 45 Sustainability, Responsibility & Culture 46 - 48 Appendix 49 - 55
Page 4
McGrath Overview PAGE 4
Page 5
McGrath at a Glance (Nasdaq: MGRC) PAGE 5 (a) Adjusted EBITDA is defined on page 7 (b) Based on 1984 IPO through 12/31/25 assuming reinvestment of dividends Over 45 years of successfully serving customers Established rental businesses with solid positions in attractive markets Strategic growth focus on modular solutions market Resilient performance through economic cycles Proven cash flow & value creation Disciplined capital allocation Dividend increases 35 consecutive years Core Strengths Total Revenue $944M Adjusted EBITDA(a) $362M Adjusted EBITDA Margin (a) 38% 10-Year Revenue CAGR 9% 10-Year Adjusted EBITDA CAGR (a) 8% Shareholder Returns CAGR (b) 16% (as of 12/31/25) Long-term Performance 2025
Page 6
PAGE 6 Consistent Revenue and Adjusted EBITDA Growth Consistent focus on profitable long-term growth Resilience through economic and market cycles $163 $178 $203 $237 $241 $249 $289 $322 $352 $362 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-Year CAGR 8% $424 $462 $498 $570 $573 $617 $734 $841 $911 $944 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10-Year CAGR 9% Adjusted EBITDA(a) Revenue($ in millions) Continuing Growth over the Last 10 Years with Positive Trajectory (a) Adjusted EBITDA is defined on page 7
Page 7
68% 10% 22% 2025 Total Adjusted EBITDA $362M PAGE (a) Mobile Modular includes Enviroplex (b) The Company defines Adjusted EBITDA as net income before interest expense, provision for income taxes, depreciation, amortization, 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. 7 Mobile Modular(a) Portable Storage TRS-RenTelco McGrath Business Mix Strategic Growth Focus on Mobile Modular (b) 74% 10% 16% 2025 Total Revenues $944M
Page 8
McGrath’s Rental Businesses PAGE 8 Flexible Solutions. Real Impact. Mobile Modular Portable Storage TRS-RenTelco POSITIONING A leading modular provider in North America PRODUCTS Office buildings and complexes, classrooms COVERAGE Servicing 38 states RENTAL FLEET ~43,000 units POSITIONING A leading portable storage provider in North America PRODUCTS Portable storage containers, portable office, office and storage combos COVERAGE Servicing 29 states RENTAL FLEET ~42,000 units POSITIONING A leading provider in North America PRODUCTS General purpose and communications electronics test equipment COVERAGE Serving customers in North America and selectively overseas RENTAL FLEET ~24,000 units
Page 9
Company Priorities PAGE 9 Dividend increases for 35 consecutive years Share repurchases – 2 million shares authorized for repurchase; 1.75 million remaining (as of 6/30/26) Shareholder Value Focus Centered on our largest business with the highest long-term growth potential – Mobile Modular Increasing geographic coverage Wider services solutions to customers – Mobile Modular Plus, Site-Related Services, Custom Modular Solutions Strategic Growth Strong balance sheet and cash flow generation Organic investments and acquisitions to deploy growth capital Disciplined Capital Allocation Strong Financial Foundation & Disciplined Management
Page 10
PAGE 10 2015 - 2019 2020 - 2023 2024 - 2025 2026 & Beyond McGrath’s Strategic Journey Strengthen Foundation Portfolio Reset Disciplined Execution ✓ Prioritized strategic investment in Modulars ✓ Acquired & integrated Design Space ✓ Acquired & integrated Vesta ✓ Divested Adler Tank Rentals ✓ Multiple smaller “Tuck-In” acquisitions ✓ Performance Improvement Initiatives ✓ Share repurchases ✓ Solid execution despite some market demand headwinds ✓ Expanded services offerings - Mobile Modular Plus & Site-Related Services ✓ Strengthened capabilities to deliver Custom Modular Solutions ✓ Consistent execution during terminated WSC merger(a) Broader Geographic Coverage Growth in Services New Equipment Sales Expertise (a) On September 18, 2024, McGrath confirmed a mutual agreement to terminate the previously announced merger
Page 11
Quarterly Financial Highlights PAGE 11
Page 12
Continued growth in rental operations, offset by lower new equipment sales at Enviroplex and Mobile Modular • Rental operations revenues grew 6% • Several sales projects shifted to the second half of the year Mobile Modular rental revenues increased 2% • Continued growth from commercial customer base • Positive momentum with large commercial projects and progress with regional expansion efforts Portable Storage rental revenues were flat • Commercial construction project activity remained soft • Higher costs for equipment preparation, trucking and sales coverage continued to pressure margins TRS-RenTelco rental revenues increased 17% • Strong market conditions supported rental revenue growth • Robust demand, benefiting from projects supporting buildout of new data centers PAGE 12 Year Over Year Q2 2026 Quarterly Highlights
Page 13
PAGE 13 Operating Results (a) Adjusted EBITDA defined on page 7 ($ in millions) Three months ended 2026 2025 Change 2026 2025 Change Rental Revenue $258.5 $246.1 5% $131.9 $126.0 5% Rental Related Services $76.2 $71.4 7% $40.6 $37.5 8% Sales $80.4 $108.7 -26% $46.4 $69.8 -34% Other $4.5 $4.8 -6% $2.3 $2.4 -5% Total Revenue $419.7 $431.0 -3% $221.1 $235.6 -6% Gross Profit $204.8 $207.2 -1% $107.9 $110.7 -3% Adjusted EBITDA (a) $156.9 $161.0 -3% $82.8 $86.5 -4% Six months ended June 30 June 30
Page 14
Rental Revenue PAGE 14 Mobile Modular $78 $82 $83 $83$81 $83 $0 $25 $50 $75 $100 1Q 2Q 3Q 4Q TRS-RenTelco $26 $27 $28 $29$29 $32 $0 $25 $50 $75 $100 1Q 2Q 3Q 4Q Total McGrath $120 $126 $128 $129$127 $132 $0 $50 $100 $150 1Q 2Q 3Q 4Q +2% +17% +5% Portable Storage $16 $17 $17 $17$16 $17 $0 $25 $50 $75 $100 1Q 2Q 3Q 4Q -0% 2025 2026 ($ in millions)
Page 15
2025 2026 Adjusted EBITDA PAGE 15 Mobile Modular(a)(b) $48 $53 $65 $69 $47 $51 $0 $20 $40 $60 $80 1Q 2Q 3Q 4Q TRS-RenTelco(a) $18 $19 $20 $23$21 $25 $0 $20 $40 $60 $80 1Q 2Q 3Q 4Q Total McGrath(a) $75 $87 $97 $105 $74 $83 $0 $40 $80 $120 1Q 2Q 3Q 4Q -4% +29% -4% Portable Storage(a) $9 $10 $9 $10$7 $8 $0 $20 $40 $60 $80 1Q 2Q 3Q 4Q -23% (a) Adjusted EBITDA defined on page 7 (b) Mobile Modular excludes Enviroplex. Enviroplex adjusted EBITDA decreased from $4.3M in 2Q25 to ($0.5M) in 2Q26. ($ in millions)
Page 16
52% 55% 21% 23% 27% 22% $156.0 $150.4 2Q25 2Q26 -4% $53.1 $50.7 34% 34% 2Q25 2Q26 -4% Mobile Modular Operating Results PAGE 16 Total Revenues %s of total revenue Total Gross Profit %s of total gross profit Adjusted EBITDA(a) % of total revenue (a) Adjusted EBITDA defined on page 7 ($ in millions) Rental Rental Related Services Sales & Other 64% 64% 16% 18% 20% 18% $73.2 $70.5 2Q25 2Q26 -4%
Page 17
Mobile Modular Highlights PAGE 17 (a) Adjusted EBITDA defined on page 7 (b) Average Utilization for the period is calculated using the average original costs of the rental equipment. See page 50 for additional detail. (c) Average Monthly Rental Rate is calculated by dividing the averages of monthly rental revenues by the original cost of rental equipment on rent, for the period. See page 50 for additional detail. ($ in millions) 2025 2026 Rental Revenue $78.5 $81.9 $83.2 $83.3 $81.4 $83.2 1Q 2Q 3Q 4Q $47 .6 $53.1 $64.6 $68.7 $47 .2 $50.7 36% 34% 36% 39% 35% 34% 1Q 2Q 3Q 4Q Adjusted EBITDA(a) and Margin 7 4.6% 73.7% 72.6% 71.3% 70.0% 70.1% 1Q 2Q 3Q 4Q Average Utilization(b) Average Rental Rate(c) 2.73% 2.85% 2.88% 2.88% 2.80% 2.78% 1Q 2Q 3Q 4Q
Page 18
Portable Storage Operating Results PAGE 18 ($ in millions) (a) Adjusted EBITDA defined on page 7 Rental Rental Related Services Sales & Other Total Revenues %s of total revenue Total Gross Profit %s of total gross profit Adjusted EBITDA(a) % of total revenue 72% 72% 19% 19% 9% 9% $23.3 $23.5 2Q25 2Q26 +1% 93% 99% 6% 7% $15.0 $13.7 2Q25 2Q26 -9% $9.8 $7 .6 42% 32% 2Q25 2Q26 -23%
Page 19
Portable Storage Highlights PAGE 19 (a) Adjusted EBITDA defined on page 7 (b) See page 17 for definition of utilization and rate ($ in millions) 2025 2026 Rental Revenue Adjusted EBITDA(a) and Margin Average Utilization(b) Average Rental Rate(b) $16.1 $16.9 $17 .3 $17 .3 $16.3 $16.9 1Q 2Q 3Q 4Q 60.2% 61.1% 61.4% 60.8% 58.6% 58.3% 1Q 2Q 3Q 4Q $8.6 $9.8 $9.2 $9.6 $7 .1 $7 .6 40% 42% 38% 40% 33% 32% 1Q 2Q 3Q 4Q 3.82% 3.95% 3.96% 3.94% 3.81% 3.97% 1Q 2Q 3Q 4Q
Page 20
TRS-RenTelco Operating Results PAGE 20 ($ in millions) (a) Adjusted EBITDA defined on page 7 Rental Rental Related Services Sales & Other Total Revenues %s of total revenue Total Gross Profit %s of total gross profit Adjusted EBITDA(a) % of total revenue 7 4% 75% 3% 3%23% 22%$36.4 $42.6 2Q25 2Q26 +17% 73% 69% 1% 2% 26% 29%$16.4 $22.2 2Q25 2Q26 +35% $19.3 $25.0 53% 59% 2Q25 2Q26 +29%
Page 21
TRS-RenTelco Highlights PAGE 21 (a) Adjusted EBITDA defined on page 7 (b) See page 17 for definition of utilization and rate ($ in millions) 2025 2026 Rental Revenue Adjusted EBITDA(a) and Margin Average Utilization(b) Average Rental Rate(b) $25.5 $27 .1 $28.0 $28.7 $28.9 $31.8 1Q 2Q 3Q 4Q 61.6% 64.8% 64.8% 64.5% 66.1% 68.1% 1Q 2Q 3Q 4Q $17 .9 $19.3 $20.2 $23.1 $20.9 $25.051% 53% 55% 57% 54% 59% 1Q 2Q 3Q 4Q 4.09% 4.22% 4.33% 4.43% 4.38% 4.52% 1Q 2Q 3Q 4Q
Page 22
McGrath 2026 Financial Outlook PAGE 22 Projecting Another Year of Profitable Growth for 2026 (a) Adjusted EBITDA defined on page 7 Previous Current (4/29/26) (as of 7/29/26) Total Revenues $945M to $995M $955M to $985M Adjusted EBITDA(a) $360M to $378M $363M to $375M Gross Rental Equipment Capital Expenditures $180M to $200M $200M to $220M
Page 23
Business Overview & End Markets PAGE 23
Page 24
Mobile Modular PAGE 24
Page 25
Rental Assets PAGE 25
Page 26
73% 26% 1% 2025 Total Revenues $645M Mobile Modular Total Revenues PAGE 26 (a) Mobile Modular excludes Enviroplex (b) Other Revenue includes allocated revenues from Corporate for tenant income Rental Operations Sales Other(b) (a) YoY Change u Rental Operations 5% u Sales -7% u Total Revenue 2%
Page 27
2025 Rental Operations Revenue Mix PAGE 27 Commercial 67% Education 33% Customer Mix(a) Public K-12 23% Private K-12/ Charter 6% Daycare/Other 2% Higher Education2% Education Mix(a) Commercial Construction 31% Industrial 9% Residential Construction 6% Government 4% General Business 4% Transportation 3% Health Care 2% Entertainment & Recreation 1% Retail 1%Other 6% Commercial Mix(a) (a) Includes Mobile Modular and Portable Storage, and excludes Enviroplex
Page 28
Mobile Modular Operating Results PAGE 28 Total Revenues Rental Gross Profit Adjusted EBITDA(a) 30% 54% 51% 50% 51% 20% 20% 20% 22% 26% 29% 30% 27% $379 $562 $635 $645 2022 2023 2024 2025 $101 $162 $195 $196 49% 57% 61% 60% 2022 2023 2024 2025 $122 $190 $229 $234 32% 34% 36% 36% 2022 2023 2024 2025 ($ in millions) (a) Adjusted EBITDA defined on page 7 Rental Rental Related Services Sales & Other
Page 29
Mobile Modular Growth Opportunities PAGE 29 30% Geographic expansion opportunities for Modulars through organic investment and strategic acquisitions 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 Positive fleet revenue per unit dynamics as contracts churn and additional services are provided to customers
Page 30
PAGE 30 Company founded with initial operations in California Long track record of successful organic growth in multiple states Strategic acquisitions have helped to broaden geographic coverage and allow for further organic investment Smaller tuck-in acquisitions compliment organic growth initiatives Mobile Modular Initiatives Geographic Expansion
Page 31
PAGE 31 Mobile Modular Initiatives Mobile Modular Plus(a)(c) Site-Related Services(b)(c) (a) Mobile Modular Plus includes recurring rental revenue for items such as steps, ramps, furniture, personal property expense, damage waiver, air care, sanitation (b) Site-Related Services includes one-time 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 $19 $28 $31 $38 $17 .8 $20.8 2022 2023 2024 2025 YTD 2Q25 YTD 2Q26 2022 -2025 CAGR 26% +17% $14 $24 $29 $36 $10.6 $11.3 2022 2023 2024 2025 YTD 2Q25 YTD 2Q26 2022 -2025 CAGR 37% +7% Mobile Modular Plus & Site-Related Services ($ in millions)
Page 32
Mobile Modular Initiatives PAGE 32 Total Sales Revenues (a)(c) New Sales Revenue (a)(b)(c) (a) Sales revenues exclude Enviroplex (b) Includes Custom Modular Solutions and other New Sales (c) 2023 includes Vesta from the acquisition date February 1, 2023 51% 75% 78% 71% 73% 69% 49% 25% 22% 29% 27% 31% $97 $155 $183 $171 $63.0 $52.1 2022 2023 2024 2025 YTD 2Q25 YTD 2Q26 2022 -2025 CAGR 21% -17% $49 $116 $143 $121 $46.1 $36.0 2022 2023 2024 2025 YTD 2Q25 YTD 2Q26 2022 -2025 CAGR 35% -22% Custom Modular Solutions Sales ($ in millions) Total New Total Used
Page 33
Mobile Modular Initiatives PAGE 33 (a) Includes base building rent for modular buildings and classrooms, plus Mobile Modular Plus rental revenue (defined on page 31). 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. Revenue Per Unit $1,168 $1,252 LTM 2Q25 LTM 2Q26 +7% $840 $902 2Q25 2Q26 +7% $ per unit on rent New Shipments Last Twelve Months Monthly revenue per unit(a) Total Fleet Units On Rent Monthly revenue per unit(a)
Page 34
Portable Storage PAGE 34
Page 35
91% 8% 1% 2025 Total Revenues $93M Portable Storage Total Revenues PAGE 35 Rental Operations Sales Other(a) (a) Other Revenue includes allocated revenues from Corporate for tenant income YoY Change u Rental Operations -4% u Sales 37% u Total Revenue -2%
Page 36
Portable Storage Operating Results PAGE 36 Total Revenues Rental Gross Profit Adjusted EBITDA(a) 17% 75% 7 4% 7 4% 73% 21% 20% 19% 18%4% 6% 7% 9%$83 $101 $94 $93 2022 2023 2024 2025 $53 $64 $60 $56 86% 85% 86% 83% 2022 2023 2024 2025 $37 $47 $43 $37 45% 46% 46% 40% 2022 2023 2024 2025 Rental Rental Related Services Sales & Other ($ in millions) (a) Adjusted EBITDA defined on page 7
Page 37
Portable Storage Growth Opportunities PAGE 37 Grow revenue and improve fleet utilization as industry demand conditions improve Geographic expansion opportunities through organic investment and strategic acquisitions Mobile Modular Plus – Products and services to support rental customers’ use of the building (e.g., security, furniture)
Page 38
Enviroplex PAGE 38
Page 39
Enviroplex PAGE 39 Manufacturer of High-Performance Classrooms Administrative Building – 2,000 sq. ft. Childcare Center – 9,360 sq. ft. Childcare Center – 6,720 sq. ft.2 Story School Building – 21,500 sq. ft. Classroom Interior – 2,880 sq. ft.
Page 40
$5 $0 -$2 $5 $11 16% 0% -9% 10% 18% 2021 2022 2023 2024 2025 Enviroplex Operating Results PAGE 40 Total Revenues Adjusted EBITDA(a) 17% $31 $23 $20 $46 $57 2021 2022 2023 2024 2025 ($ in millions) (a) Adjusted EBITDA defined on page 7
Page 41
TRS-RenTelco PAGE 41
Page 42
76% 22% 2% 2025 Total Revenues $149M TRS–RenTelco Total Revenues PAGE 42 Rental Operations Sales Other(a) (a) Other Revenue includes allocated revenues from Corporate for tenant income YoY Change u Rental Operations 8% u Sales 21% u Total Revenue 10%
Page 43
PAGE 43 TRS-RenTelco Test Equipment Rental Applications Product Category 6 & Fiber Optic Cable Analyzers Power Demand & Power Quality Analyzer Optical Time Domain Reflectometers Network Analyzers Spectrum Analyzer Oscilloscopes User Group • Cable installation contractors • Electrical Contractors • Fiber optic cable installation and maintenance companies • Aerospace and Defense contractors • Semiconductor manufacturers • R&D Labs • Aerospace and Defense contractors • Broad base of electronic equipment manufacturers • Manufacturers ranging from consumer products manufacturers to high-end Aerospace & Defense • Computer / Semiconductor Manufacturers Typical Use Case • Install/maintenance • Install/ maintenance • Install/ maintenance • R&D/Manufacturing • R&D/ Manufacturing • R&D/Manufacturing Test Application • Install & certify fiber optic cable • Used in high-speed communications networks and data centers • Test electrical power quality and demand • Test loss on a fiber link & locate where loss is occurring • Used in buildings, outside plant and data centers • Measure the magnitude and phase of signals • Analyze antennas, filters, cables and, semiconductors • Measure RF power & frequency • Analyze signals across a range of frequencies • Display the performance of an electrical signal • Troubleshoot signal and circuit performance
Page 44
PAGE 44 TRS-RenTelco Operating Results Total Revenues Rental Gross Profit Adjusted EBITDA(a) ($ in millions) (a) Adjusted EBITDA defined on page 7 Rental Rental Related Services Sales & Other 80% 78% 75% 73% 2% 2% 2% 2% 17% 20% 22% 24% $151 $147 $135 $149 2022 2023 2024 2025 $51 $45 $38 $47 42% 40% 37% 43% 2022 2023 2024 2025 $92 $84 $75 $8161% 57% 55% 54% 2022 2023 2024 2025
Page 45
PAGE 45 TRS-RenTelco Growth Opportunities A market leader in North America in general purpose and communications equipment rentals Diversified end markets and customer base with positive long-term demand trends Positive long-term demand outlook for technology-related end markets Established customer base with many long-term repeat customers High-quality rental equipment to serve the most demanding customers
Page 46
Sustainability, Responsibility & Culture PAGE 46
Page 47
Corporate Responsibility & Values PAGE 47 “Our commitment to Corporate Responsibility and Sustainability is embedded in our company’s culture and creates positive impact for our people, our customers, and our community.” -- Phil Hawkins, President and CEO We take corporate social responsibility and good corporate citizenship seriously at McGrath Visit our current Corporate Sustainability Report for additional information https://investors.mgrc.com/sustainability
Page 48
PAGE 48 Uniquely McGrath Diverse Customer Base ~21,000 Customers Revenue $944M Adjusted EBITDA $362M(a) (b) Investor Focus Shareholder Returns CAGR 16%(c) B2B Rentals Modulars, Storage & Electronics Dividend Champion 35 Years of Consecutive Increases North America Focus 99% of Total Revenues Strong Service Culture ~1,300 Employees OVER 45 YEARS OF EXCELLENCE Corporate Responsibility (a) Full year 2025 (b) Adjusted EBITDA defined on page 7 (c) Based on 1984 IPO through 12/31/25 assuming reinvestment of dividends
Page 49
Appendix PAGE 49
Page 50
PAGE 50 Rental Fleet Metrics Utilization – Rate - Cost (1) Average utilization for the period is calculated using the average original costs of the rental equipment (2) Average Monthly Rental Rate is calculated by dividing the averages of monthly rental revenues by the original cost of rental equipment on rent, for the period (3) Period End Rental Equipment represents the original cost of rental equipment excluding new equipment inventory and accessory equipment (4) Mobile Modular includes Portable Storage through 2021, and excludes Enviroplex (5) Information above excludes Adler Tank Rentals, which was divested in 2023 Aver age Uti l i z ati on ( 1 ) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2Q25 YTD 2Q26 Mobile Modular (4) 76.6% 76.8% 78.2% 79.2% 77.2% 76.2% 78.0% 79.7% 77.5% 73.0% 74.2% 70.1% Portable Storage 84.8% 77.3% 64.9% 60.8% 60.6% 58.4% TRS-RenTelco 60.6% 62.9% 62.7% 66.2% 66.2% 67.0% 64.2% 58.9% 57.3% 63.8% 63.0% 66.9% Aver age Monthl y Rental Rate ( 2 ) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2Q25 YTD 2Q26 Mobile Modular (4) 1.96% 2.07% 2.24% 2.41% 2.47% 2.61% 2.57% 2.73% 2.80% 2.83% 2.79% 2.79% Portable Storage 3.60% 3.90% 3.95% 3.92% 3.89% 3.90% TRS-RenTelco 4.45% 4.35% 4.33% 4.26% 4.08% 4.01% 4.11% 4.16% 4.08% 4.27% 4.17% 4.46% Per i od End Rental Equi pment ( 3 ) - ($ in millions) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2Q25 YTD 2Q26 Mobile Modular (4) $744 $747 $775 $814 $837 $1,001 $870 $1,164 $1,280 $1,373 $1,315 $1,441 Portable Storage $185 $222 $233 $243 $234 $243 TRS-RenTelco $246 $262 $284 $334 $332 $361 $395 $374 $342 $332 $331 $352
Page 51
PAGE 51 Consolidated Cash Flow ($ in millions) (1) Cash provided by operating activities in 2023 was impacted by the purchase of Vesta and the divesture of Adler Tank Rentals. See the 10K for additional details. (2) Adjusted Free Cash Flow is defined as net cash provided by operating activities less purchases of rental equipment and property, plant and equipment plus proceeds from sales of rental equipment and property, plant and equipment, excluding one-time, nonrecurring proceeds from the merger termination, and transaction costs from acquisitions. (3) Adjusted Free Cash Flow Conversion is defined as Adjusted Free Cash Flow divided by Adjusted EBITDA Year Ended December 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA 163$ 178$ 203$ 237$ 241$ 249$ 289$ 322$ 352$ 362$ Adjusted EBITDA margin 39% 39% 41% 42% 42% 40% 39% 39% 39% 38% Cash provided by operating activities (1) 141 122 143 188 181 196 194 95 374 256 Purchases of rental equipment (79) (95) (123) (168) (86) (114) (188) (230) (191) (143) Purchases of property, plant and equipment (11) (15) (16) (12) (14) (3) (18) (44) (40) (44) Proceeds from sales of used rental equipment 29 38 42 44 47 57 74 66 68 84 Proceeds from sales of property, plant and equipment - - - - - - - 10 12 - Free Cash Flow 81 52 46 53 128 136 63 (102) 224 152 Proceeds from WillScot Mobile Mini merger termination - - - - - - - - (180) - Acquisition and transaction related cash costs - - - - - 2 4 16 63 0 Adjusted Free Cash Flow (2) 81 52 46 53 128 138 67 (87) 107 153 Adjusted Free Cash Flow Conversion(3) 49% 29% 23% 22% 53% 56% 23% -27% 30% 42%
Page 52
PAGE 52 Capital Expenditures ($ in millions) (1) Mobile Modular includes Mobile Modular Portable Storage through 2021 (2) Adler Tank Rentals was divested on February 1, 2023 (3) Represents total rental equipment acquisitions including equipment received, not yet paid for (4) PP&E includes land, facility improvements, IT investments, and other equipment 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Rental Equipment Capital Expenditures (Gross) Mobile Modular(1) 43$ 35$ 54$ 70$ 39$ 53$ 88$ 176$ 154$ 100$ Portable Storage - - - - - - 34 28 8 5 TRS-RenTelco 31 59 65 90 43 61 70 29 18 44 Adler Tank Rentals(2) 1 5 5 5 3 0 4 - - - Total Rental Equipment(3) 75 98 125 165 84 114 195 233 180 149 Proceeds from used equipment sales (29) (38) (42) (44) (47) (57) (74) (66) (68) (84) Net Rental Equipment Capital Expenditures 45 60 83 120 37 57 121 167 112 65 Non-Rental Property, Plant & Equipment Non-rental PP&E(4) 11 15 16 12 14 3 18 44 40 44 Proceeds from sales of property, plant and equipment - - - - - - - (10) (12) - Net Non-Rental PP&E Capital Expenditures 11 15 16 12 14 3 18 34 28 44 Total Net Capital Expenditures 56$ 74$ 99$ 132$ 51$ 60$ 139$ 201$ 139$ 110$ Year Ended December 31,
Page 53
PAGE 53 Leverage (1) Consolidated leverage ratio is calculated as funded debt divided by Adjusted EBITDA. Adjusted EBITDA is defined on page 7 Leverage Components (1) (in millions) 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA $163 $178 $203 $237 $241 $249 $289 $322 $352 $362 Net Debt (year-end) $326 $303 $299 $293 $223 $426 $414 $763 $590 $515 2.0x 1.7x 1.5x 1.2x 0.9x 1.7x 1.5x 2.4x 1.7x 1.4x 2016-2019: Performance Improvement Initiatives 2020: Covid -19 2021: Acquisition of Design Space & KTG 2023: Acquisition of Vesta Divestiture of Adler 2024: WSC Termination Fee
Page 54
PAGE 54 2025 Revenue and Gross Profit Mix ($ in millions) 53% 65% 17% 11% 9% 10% 20% 12% Revenue Gross Profit Rental Rental Related Services Sales - Used Other Sales - New 2025 Total Revenues $944M 2025 Gross Profit $455M
Page 55
PAGE 55 Modular Fleet Metrics ($ in millions) (1) Average Utilization for the period is calculated using the average original costs of the rental equipment. See page 50 for additional detail. (2) OAC on rent represents the original acquisition cost of rental equipment on rent excludes held for resale and accessories. (3) Vesta was acquired February 1, 2023 and is included in OAC on rent from that date; Vesta units on rent are reflected beginning 4Q23, upon integration into MGRC's systems. $645 $655 $675 $694 $784 $886 $909 $921 $925 $943 $956 $965 $958 $959 $964 $964 $970 $996 76.0% 76.7% 78.8% 80.5% 79.4% 79.3% 79.9% 79.7% 78.7% 78.4% 77.1% 76.0% 74.6% 73.7% 72.6% 71.3% 70.0% 70.1% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 OAC – On Rent(2)(3) Utilization %(1)