Earnings release
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Exhibit 99.1 Contact Keith E. Pratt EVP & Chief Financial Officer 925-606-9200 PRESS RELEASE FOR RELEASE October 28, 2026 McGrath Announces Results for Third Quarter 2026 Livermore, CA - October 28, 2026 – McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced total revenues for the quarter ended September 30, 2026 of $274.6 million, an increase of 7% compared to the third quarter of 2025. The Company reported net income of $48.8 million, or $2.00 per diluted share, for the third quarter of 2026, compared to net income of $42.3 million, or $1.72 per diluted share, for the third quarter of 2025. The increases in net income and earnings per diluted share for the quarter were primarily attributed to higher gross profit on rental operations and sales revenues when compared to the third quarter of 2025. THIRD QUARTER 2026 YEAR-OVER-YEAR COMPANY HIGHLIGHTS: • Rental operations revenues increased 6% to $189.5 million. • Sales revenues increased 9% to $82.9 million. • Total revenues increased 7% to $274.6 million. • Income from operations increased 11% to $73.9 million. • Adjusted EBITDA1 increased 10% to $106.5 million. • Dividend rate of $0.495 per share for the third quarter 2026. On an annualized basis, this dividend represents a 1.7% yield on the October 27, 2026 close price of $119.56 per share. Phil Hawkins, President and CEO of McGrath, made the following comments: “We were pleased with our third quarter results. The 7% increase in companywide revenues was primarily driven by higher rental operations, reflecting steady progress at Mobile Modular and TRS-RenTelco. Modular rental revenues increased 4% compared to last year, with continued growth from our commercial customer base. Consistent with the first half of this year, we experienced positive business momentum during the quarter, particularly with large commercial projects and progress with our regional expansion efforts. We responded to this momentum with additional capital investments in new rental fleet. Portable Storage rental revenues decreased 3% as market demand conditions remained soft. Consistent with the first half of this year, higher costs for equipment preparation, trucking and sales coverage continued to pressure margins in the quarter. TRS had another impressive quarter with rental revenues increasing 26%. Demand remained robust throughout the quarter, and the business continued to benefit from projects supporting buildout of new data centers. We made additional investments in rental fleet to support the strong market conditions and positive outlook for the business. Our updated outlook for the year reflects continued positive rental operations momentum and investment at Mobile Modular and TRS, partly offset by lower Modular new equipment sales. We are focused on disciplined operational execution and capitalizing on our rental operations momentum through the remainder of the year.”
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2 DIVISION HIGHLIGHTS: All comparisons presented below are for the quarter ended September 30, 2026 to the quarter ended September 30, 2025 unless otherwise indicated. MOBILE MODULAR For the third quarter of 2026, the Company’s Mobile Modular division reported Adjusted EBITDA of $62.6 million, a decrease of $1.9 million, or 3%, when compared to the same quarter in 2025. • Rental revenues increased 4% to $86.9 million, depreciation expense increased 11% to $12.0 million and other direct costs increased 7% to $25.9 million, which resulted in an increase in gross profit on rental revenues of 2% to $49.0 million. • Rental related services revenues was comparable to the prior year at $44.6 million, primarily attributable to higher delivery and dismantle revenues, partly offset by lower site related service revenues, with associated gross profit increasing 7% to $15.7 million. • Sales revenues decreased 10% to $47.1 million, primarily due to lower new equipment sales. Lower sales revenues and a comparable gross margin on sales of 36% in 2026, resulted in a 10% decrease in gross profit on sales revenues to $16.8 million. • Selling and administrative expenses increased 8% to $38.3 million, when compared to the prior year. PORTABLE STORAGE For the third quarter of 2026, the Company’s Portable Storage division reported Adjusted EBITDA of $7.4 million, a decrease of $1.9 million, or 20%, when compared to the same quarter in 2025. • Rental revenues decreased 3% $16.8 million, depreciation expense increased 5% to $1.1 million, and other direct costs increased 1% to $2.2 million, which resulted in a decrease in gross profit on rental revenues of 4% to $13.4 million. • Rental related services revenues increased 5% to $4.4 million, primarily attributable to higher delivery and return delivery activities. Gross margin on rental related services was negative 25% compared to negative 13% in 2025, primarily due to higher trucking related costs, resulting in a $0.6 million higher gross loss of $1.1 million. • Sales revenues decreased 16% to $2.3 million. Gross margin on sales decreased 3% to 37%, compared to 40% in 2025, resulting in a $0.2 million decrease in gross profit on sales revenues to $0.8 million. • Selling and administrative expenses increased 5% to $8.3 million, when compared to the prior year. TRS-RENTELCO For the third quarter of 2026, the Company’s TRS-RenTelco division reported Adjusted EBITDA of $25.7 million, an increase of 27% when compared to the same quarter in 2025. • Rental revenues increased 26% to $35.4 million, depreciation expense increased 15% and other direct costs increased 14%, resulting in a 42% increase in gross profit on rental revenues to $17.2 million. • Sales revenues increased 7% to $7.9 million. Gross margin on sales in 2026 was 56%, unchanged from 2025, resulting in an increase in gross profit on sales revenues of 8% to $4.5 million. • Selling and administrative expenses increased 15% to $8.2 million, when compared to the prior year. FINANCIAL OUTLOOK: Based upon the Company's year-to-date results and current outlook for the remainder of the year, the Company is updating its financial outlook. Total revenues is decreasing as a result of lower Mobile Modular new equipment sales. Adjusted EBITDA range has narrowed with no change to mid-point expectations. Gross rental equipment capital expenditures are increasing to support rental operations momentum at Mobile Modular and TRS-RenTelco. For the remainder of 2026, the Company currently expects:
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3 Previous Current • Total revenue: $955 to $985 million $945 to $960 million • Adjusted EBITDA : $363 to $375 million $365 to $373 million • Gross rental equipment capital expenditures: $200 to $220 million $270 to $290 million 1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, transaction costs and non-operating transactions. A reconciliation of actual net income to Adjusted EBITDA and Adjusted EBITDA to net cash provided by operating activities can be found at the end of this release.2. Information reconciling forward-looking Adjusted EBITDA to the comparable GAAP financial measures is unavailable to the Company without unreasonable effort because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted, such as the provision for income taxes. Therefore, no reconciliation to the most comparable GAAP measures is provided. The Company provides Adjusted EBITDA guidance because it believes that Adjusted EBITDA, when viewed with the Company’s results under GAAP, provides useful information for the reasons noted in the reconciliation of actual Adjusted EBITDA to the most directly comparable GAAP measures at the end of this release. ABOUT MCGRATH: McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 35 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies. McGrath is headquartered in Livermore, California. Additional information about McGrath and its businesses is available at mgrc.com and investors.mgrc.com. You should read this press release in conjunction with the financial statements and notes thereto included in the Company’s latest Forms 10-K, 10-Q and other SEC filings. You can visit the Company’s web site at www.mgrc.com to access information on McGrath RentCorp, including the latest Forms 10-K, 10-Q and other SEC filings. CONFERENCE CALL NOTE: As previously announced in its press release of October 1, 2026, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on October 28, 2026 to discuss the third quarter 2026 results. To participate in the teleconference, dial 1-800-274-8461 (in the U.S.), or 1-203-518-9814 (outside the U.S.), or to listen only, access the simultaneous webcast at the investor relations section of the Company’s website at https://investors.mgrc.com/. A replay will be available for 7 days following the call by dialing 1-800-723-5759 (in the U.S.), or 1-402-220-2662 (outside the U.S.). In addition, a live audio webcast and replay of the call may be found in the investor relations section of the Company’s website at https://investors.mgrc.com/events-and-presentations. FORWARD-LOOKING STATEMENTS: This press release contains 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 expectations, strategies, prospects or targets are forward-looking statements. 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, the discussion under the heading “Financial Outlook” and Mr. Hawkins' comments about the Company's updated outlook for the year reflecting continued positive rental operations momentum at Mobile Modular and TRS, partly offset by lower Modular new equipment sales, 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: the continued impact of tariff actions and macroeconomic factors, including fiscal policy uncertainty, government budgetary constraints, other political, geopolitical or regulatory developments; fuel costs; 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; and our ability to 1, 2
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4 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 2025 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.
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5 MCGRATH RENTCORP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except per share amounts) 2026 2025 2026 2025 Revenues Rental $ 139,057 $ 128,488 $ 397,598 $ 374,586 Rental related services 50,418 49,622 126,608 121,021 Rental operations 189,475 178,110 524,206 495,607 Sales 82,898 76,058 163,288 184,759 Other 2,233 2,275 6,766 7,109 Total revenues 274,606 256,443 694,260 687,475 Costs and Expenses Direct costs of rental operations: Depreciation of rental equipment 24,534 21,868 70,477 64,799 Rental related services 36,229 35,422 89,722 85,212 Other 34,931 32,308 101,537 91,479 Total direct costs of rental operations 95,694 89,598 261,736 241,490 Costs of sales 48,038 47,588 96,853 119,578 Total costs of revenues 143,732 137,186 358,589 361,068 Gross profit 130,874 119,257 335,671 326,407 Expenses: Selling and administrative expenses 56,935 52,540 166,859 156,952 Other income, net — — (1,814) — Income from operations 73,939 66,717 170,626 169,455 Interest expense 7,965 8,177 21,578 24,130 Foreign currency exchange loss (gain) 6 32 77 (54) Income before provision for income taxes 65,968 58,508 148,971 145,379 Provision for income taxes 17,165 16,211 39,463 38,900 Net income 48,803 42,297 109,508 106,479 Earnings per share: Basic $ 2.00 $ 1.72 $ 4.47 $ 4.33 Diluted $ 2.00 $ 1.72 $ 4.46 $ 4.32 Shares used in per share calculation: Basic 24,413 24,612 24,502 24,598 Diluted 24,451 24,644 24,536 24,628 Cash dividends declared per share $ 0.495 $ 0.485 $ 1.485 $ 1.455
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6 MCGRATH RENTCORP CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, December 31, (in thousands) 2026 2025 Assets Cash $ 1,038 $ 295 Accounts receivable, net of allowance for credit losses of $2,400 at September 30, 2026 and $2,866 at December 31, 2025 244,850 231,865 Rental equipment, at cost: Relocatable modular buildings 1,607,898 1,485,794 Portable storage containers 245,917 245,141 Electronic test equipment 389,141 337,100 2,242,956 2,068,035 Less: accumulated depreciation (685,814) (647,137) Rental equipment, net 1,557,142 1,420,898 Property, plant and equipment, net 263,680 233,492 Inventories 9,589 8,027 Prepaid expenses and other assets 123,036 83,351 Intangible assets, net 39,120 46,605 Goodwill 337,362 332,584 Total assets $ 2,575,817 $ 2,357,117 Liabilities and Shareholders' Equity Liabilities: Notes payable $ 618,257 $ 514,924 Accounts payable 69,232 66,233 Accrued liabilities 133,903 114,764 Deferred income 145,148 110,593 Deferred income taxes, net 331,170 313,580 Total liabilities 1,297,710 1,120,094 Shareholders’ equity: Common stock, no par value - Authorized 40,000 shares Issued and outstanding - 24,364 shares as of September 30, 2026 and 24,612 shares as of December 31, 2025 122,626 121,785 Retained earnings 1,155,481 1,115,238 Total shareholders’ equity 1,278,107 1,237,023 Total liabilities and shareholders’ equity $ 2,575,817 $ 2,357,117
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7 MCGRATH RENTCORP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended September 30, (in thousands) 2026 2025 Cash Flows from Operating Activities: Net income $ 109,508 $ 106,479 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 85,973 79,717 Deferred income taxes 15,645 22,918 Provision for credit losses 853 1,266 Share-based compensation 8,451 8,088 Gain on sale of property, plant and equipment (1,814) — Gain on sale of used rental equipment (32,749) (30,188) Foreign currency exchange loss (gain) 77 (54) Amortization of debt issuance costs 6 204 Change in: Accounts receivable (13,692) (23,270) Inventories (1,562) 882 Prepaid expenses and other assets (39,614) (1,884) Accounts payable (5,348) (8,041) Accrued liabilities 17,682 (1,854) Deferred income 34,555 20,502 Net cash provided by operating activities 177,971 174,765 Cash Flows from Investing Activities: Purchases of rental equipment (218,745) (91,516) Purchases of property, plant and equipment (37,969) (33,235) Cash paid for acquisition of businesses, net of cash received (9,538) (21,947) Proceeds from sales of used rental equipment 59,969 58,647 Proceeds from sales of property, plant and equipment 2,750 — Net cash used in investing activities (203,533) (88,051) Cash Flows from Financing Activities: Net borrowings (payments) under bank lines of credit 163,326 (40,612) Principal payment of term note agreement — (73,000) Borrowings under Series G senior notes — 75,000 Principal payment of Series E senior notes (60,000) — Repurchase of common stock (34,223) — Taxes paid related to net share settlement of stock awards (6,032) (5,693) Payment of dividends (36,766) (35,960) Net cash provided by (used in) financing activities 26,305 (80,265) Net increase in cash 743 6,449 Cash balance, beginning of period 295 807 Cash balance, end of period $ 1,038 $ 7,256 Supplemental Disclosure of Cash Flow Information: Interest paid, during the period $ 23,419 $ 24,869 Net income taxes paid, during the period $ 27,895 $ 6,537 Dividends accrued during the period, not yet paid $ 12,617 $ 12,535 Rental equipment acquisitions, not yet paid $ 19,889 $ 8,459 Business acquisition payments withheld $ 1,110 $ 1,815
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8 MCGRATH RENTCORP BUSINESS SEGMENT DATA (unaudited) Three months ended September 30, 2026 (dollar amounts in thousands) Mobile Modular Portable Storage TRS-RenTelco Enviroplex Consolidated Revenues Rental $ 86,901 $ 16,769 $ 35,387 $ — $ 139,057 Rental related services 44,648 4,416 1,354 — 50,418 Rental operations 131,549 21,185 36,741 — 189,475 Sales 47,053 2,267 7,879 25,699 82,898 Other 1,323 218 692 — 2,233 Total revenues 179,925 23,670 45,312 25,699 274,606 Costs and Expenses Direct costs of rental operations: Depreciation 11,962 1,104 11,468 — 24,534 Rental related services 28,923 5,524 1,782 — 36,229 Other 25,945 2,222 6,764 — 34,931 Total direct costs of rental operations 66,830 8,850 20,014 — 95,694 Costs of sales 30,210 1,425 3,428 12,975 48,038 Total costs of revenues 97,040 10,275 23,442 12,975 143,732 Gross Profit (Loss) Rental 48,994 13,443 17,155 — 79,592 Rental related services 15,725 (1,108) (428) — 14,189 Rental operations 64,719 12,335 16,727 — 93,781 Sales 16,843 842 4,451 12,724 34,860 Other 1,323 218 692 — 2,233 Total gross profit 82,885 13,395 21,870 12,724 130,874 Selling and administrative expenses 38,320 8,328 8,194 2,093 56,935 Income from operations $ 44,565 $ 5,067 $ 13,676 $ 10,631 73,939 Interest expense (7,965) Foreign currency exchange loss (6) Provision for income taxes (17,165) Net income $ 48,803 Other Information: Adjusted EBITDA $ 62,637 $ 7,375 $ 25,739 $ 10,736 $ 106,487 Average rental equipment $1,458,867 $ 242,827 $ 366,209 Average monthly total yield 1.99% 2.30% 3.22% Average utilization 70.2% 59.1% 69.9% Average monthly rental rate 2.83% 3.89% 4.61% 1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions. 2. Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment. 3. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.4. Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment. 5. 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. 1 2 3 4 5
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9 MCGRATH RENTCORP BUSINESS SEGMENT DATA (unaudited) Three months ended September 30, 2025 (dollar amounts in thousands) Mobile Modular Portable Storage TRS-RenTelco Enviroplex Consolidated Revenues Rental $ 83,168 $ 17,293 $ 28,027 $ — $ 128,488 Rental related services 44,544 4,187 891 — 49,622 Rental operations 127,712 21,480 28,918 — 178,110 Sales 52,334 2,693 7,347 13,684 76,058 Other 1,422 229 624 — 2,275 Total revenues 181,468 24,402 36,889 13,684 256,443 Costs and Expenses Direct costs of rental operations: Depreciation 10,810 1,056 10,002 — 21,868 Rental related services 29,809 4,739 874 — 35,422 Other 24,199 2,191 5,918 — 32,308 Total direct costs of rental operations 64,818 7,986 16,794 — 89,598 Costs of sales 33,558 1,629 3,231 9,170 47,588 Total costs of revenues 98,376 9,615 20,025 9,170 137,186 Gross Profit (Loss) Rental 48,159 14,046 12,107 — 74,312 Rental related services 14,735 (552) 17 — 14,200 Rental operations 62,894 13,494 12,124 — 88,512 Sales 18,776 1,064 4,116 4,514 28,470 Other 1,422 229 624 — 2,275 Total gross profit 83,092 14,787 16,864 4,514 119,257 Selling and administrative expenses 35,389 7,912 7,113 2,126 52,540 Income from operations $ 47,703 $ 6,875 $ 9,751 $ 2,388 66,717 Interest expense (8,177) Foreign currency exchange loss (32) Provision for income taxes (16,211) Net income $ 42,297 Other Information: Adjusted EBITDA $ 64,573 $ 9,245 $ 20,212 $ 2,496 $ 96,526 Average rental equipment $1,328,245 $ 237,227 $ 333,045 Average monthly total yield 2.09% 2.43% 2.81% Average utilization 72.6% 61.4% 64.8% Average monthly rental rate 2.88% 3.96% 4.33% 1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions. 2. Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment. 3. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.4. Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment. 5. 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. 1 2 3 4 5
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10 MCGRATH RENTCORP BUSINESS SEGMENT DATA (unaudited) Nine months ended September 30, 2026 (dollar amounts in thousands) Mobile Modular Portable Storage TRS-RenTelco Enviroplex Consolidated Revenues Rental $ 251,518 $ 49,909 $ 96,171 $ — $ 397,598 Rental related services 110,202 12,799 3,607 — 126,608 Rental operations 361,720 62,708 99,778 — 524,206 Sales 99,127 5,724 24,618 33,819 163,288 Other 3,905 686 2,175 — 6,766 Total revenues 464,752 69,118 126,571 33,819 694,260 Costs and Expenses Direct costs of rental operations: Depreciation 35,329 3,300 31,848 — 70,477 Rental related services 70,792 15,469 3,461 — 89,722 Other 75,968 6,595 18,974 — 101,537 Total direct costs of rental operations 182,089 25,364 54,283 — 261,736 Costs of sales 64,596 3,575 9,990 18,692 96,853 Total costs of revenues 246,685 28,939 64,273 18,692 358,589 Gross Profit (Loss) Rental 140,221 40,014 45,349 — 225,584 Rental related services 39,410 (2,670) 146 — 36,886 Rental operations 179,631 37,344 45,495 — 262,470 Sales 34,531 2,149 14,628 15,127 66,435 Other 3,905 686 2,175 — 6,766 Total gross profit 218,067 40,179 62,298 15,127 335,671 Selling and administrative expenses 110,932 25,190 24,447 6,290 166,859 Income from operations $ 107,135 $ 14,989 $ 37,851 $ 8,837 168,812 Interest expense (21,578) Foreign currency exchange loss (77) Other income, net 1,814 Provision for income taxes (39,463) Net income $ 109,508 Other Information: Adjusted EBITDA $ 160,567 $ 22,101 $ 71,583 $ 9,160 $ 263,411 Average rental equipment $1,422,229 $ 242,832 $ 349,022 Average monthly total yield 1.96% 2.28% 3.06% Average utilization 70.1% 58.7% 68.0% Average monthly rental rate 2.80% 3.89% 4.50% 1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions. 2. Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment. 3. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.4. Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment. 5. 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.6. During the nine months ended September 30, 2026, the Company sold a corporate property which resulted in a net gain on sale of $1,814, excluding taxes. 6 1 2 3 4 5
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11 MCGRATH RENTCORP BUSINESS SEGMENT DATA (unaudited) Nine months ended September 30, 2025 (dollar amounts in thousands) Mobile Modular Portable Storage TRS-RenTelco Enviroplex Consolidated Revenues Rental $ 243,572 $ 50,307 $ 80,707 $ — $ 374,586 Rental related services 106,191 12,212 2,618 — 121,021 Rental operations 349,763 62,519 83,325 — 495,607 Sales 115,308 5,649 23,039 40,763 184,759 Other 4,303 846 1,960 — 7,109 Total revenues 469,374 69,014 108,324 40,763 687,475 Costs and Expenses Direct costs of rental operations: Depreciation 32,105 3,125 29,569 — 64,799 Rental related services 69,999 12,976 2,237 — 85,212 Other 69,001 5,636 16,842 — 91,479 Total direct costs of rental operations 171,105 21,737 48,648 — 241,490 Costs of sales 76,483 3,509 11,574 28,012 119,578 Total costs of revenues 247,588 25,246 60,222 28,012 361,068 Gross Profit (Loss) Rental 142,466 41,546 34,296 — 218,308 Rental related services 36,192 (764) 381 — 35,809 Rental operations 178,658 40,782 34,677 — 254,117 Sales 38,825 2,140 11,465 12,751 65,181 Other 4,303 846 1,960 — 7,109 Total gross profit 221,786 43,768 48,102 12,751 326,407 Selling and administrative expenses 106,154 23,014 21,871 5,913 156,952 Income from operations $ 115,632 $ 20,754 $ 26,231 $ 6,838 169,455 Interest expense (24,130) Foreign currency exchange gain 54 Provision for income taxes (38,900) Net income $ 106,479 Other Information: Adjusted EBITDA $ 165,290 $ 27,666 $ 57,463 $ 7,148 $ 257,567 Average rental equipment $1,304,716 $ 234,957 $ 334,389 Average monthly total yield 2.07% 2.38% 2.68% Average utilization 73.6% 60.8% 63.5% Average monthly rental rate 2.82% 3.91% 4.22% 1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions. 2. Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment. 3. Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.4. Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment. 5. 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. 1 2 3 4 5
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12 Reconciliation of Adjusted EBITDA to the most directly comparable GAAP measures To supplement the Company’s financial data presented on a basis consistent with accounting principles generally accepted in the United States of America (“GAAP”), the Company presents “Adjusted EBITDA”, which is defined by the Company as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share- based compensation, transaction costs, gains on property sales and non-operating transactions. The Company presents Adjusted EBITDA as a financial measure as management believes it provides useful information to investors regarding the Company’s liquidity and financial condition and because management, as well as the Company’s lenders, use this measure in evaluating the performance of the Company. Management uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate period-to-period operating performance, compliance with financial covenants in the Company’s revolving lines of credit and senior notes and the Company’s ability to meet future capital expenditure and working capital requirements. Management believes the exclusion of non-cash charges and non-recurring transactions, including share-based compensation, transaction costs and gains on property sales is useful in measuring the Company’s cash available for operations and performance of the Company. Because management finds Adjusted EBITDA useful, the Company believes its investors will also find Adjusted EBITDA useful in evaluating the Company’s performance. Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flows, or other consolidated income or cash flow data prepared in accordance with GAAP or as a measure of the Company’s profitability or liquidity. Adjusted EBITDA is not in accordance with or an alternative for GAAP and may be different from non−GAAP measures used by other companies. Unlike EBITDA, which may be used by other companies or investors, Adjusted EBITDA does not include share-based compensation charges, transaction costs, gains on property sales and non-operating transactions. The Company believes that Adjusted EBITDA is of limited use in that it does not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and does not accurately reflect real cash flow. In addition, other companies may not use Adjusted EBITDA or may use other non-GAAP measures, limiting the usefulness of Adjusted EBITDA for purposes of comparison. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that the Company will not incur expenses that are the same as or similar to the adjustments in this presentation. Therefore, Adjusted EBITDA should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The Company compensates for the limitations of Adjusted EBITDA by relying upon GAAP results to gain a complete picture of the Company’s performance. Because Adjusted EBITDA is a non-GAAP financial measure, as defined by the SEC, the Company includes in the tables below reconciliations of Adjusted EBITDA to the most directly comparable financial measures calculated and presented in accordance with GAAP. Reconciliation of Net Income to Adjusted EBITDA (dollar amounts in thousands) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, Twelve Months EndedSeptember 30, 2026 2025 2026 2025 2026 2025 Net income $ 48,803 $ 42,297 $ 109,508 $ 106,479 $ 159,336 $ 145,428 Provision for income taxes 17,165 16,211 39,463 38,900 57,336 51,909 Interest expense 7,965 8,176 21,578 24,130 28,070 32,988 Depreciation and amortization 29,693 26,978 85,973 79,717 113,325 106,348 EBITDA 103,627 93,662 256,522 249,226 358,068 336,673 Share-based compensation 2,772 2,766 8,451 8,088 11,588 10,641 Transaction costs 88 98 252 253 465 2,255 Other income, net — — (1,814) — (1,814) — Adjusted EBITDA $ 106,487 $ 96,526 $ 263,411 $ 257,567 $ 368,307 $ 349,569 Adjusted EBITDA margin 39% 38% 38% 37% 39% 38% 3 4 1 2
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13 Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA (dollar amounts in thousands) Three Months EndedSeptember 30, Nine Months EndedSeptember 30, Twelve Months EndedSeptember 30, 2026 2025 2026 2025 2026 2025 Net cash provided by operating activities $ 72,279 $ 65,071 $ 177,971 $ 174,765 $ 258,889 $ 211,544 Change in certain assets and liabilities: Accounts receivable, net 4,828 7,545 12,839 22,004 3,358 16,817 Inventories, prepaid expenses and other assets 447 (2,261) 41,176 1,002 36,770 14,103 Accounts payable and accrued liabilities 784 8,588 (18,000) 18,854 (22,951) (5,834) Deferred income (4,834) (5,378) (34,555) (20,502) (14,381) (6,413) Amortization of debt issuance costs (1) (159) (6) (204) (8) (264) Foreign currency exchange (loss) gain (6) (32) (77) 54 (51) (214) Gain on sale of used rental equipment 14,714 13,514 32,749 30,188 46,752 40,088 Income taxes paid, net of refunds received 8,115 751 27,895 6,537 31,474 46,887 Interest paid 10,161 8,887 23,419 24,869 28,455 32,855 Adjusted EBITDA $ 106,487 $ 96,526 $ 263,411 $ 257,567 $ 368,307 $ 349,569 1. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions. 2. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenues for the period.3. Transaction costs include acquisition related legal and professional fees and other costs specific to these transactions.4. Other income, net, consists of net gains on property, plant and equipment sales that are infrequent in nature and excluded from Adjusted EBITDA. 1