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QUARTERLY INVESTOR PRESENTATION THIRD QUARTER 2025 November 6, 2025
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SAFE HARBOR 2 Forward Looking Statements This presentation contains forward-looking statements (including the guidance/outlook contained herein) within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. The words "estimates," "expects," "anticipates," "believes," "forecasts," "plans," "intends," "may," "will," "should," "shall," "outlook," "guidance," "see," "have confidence" and variations of these words and similar expressions identify forward-looking statements, which are generally not historical in nature. Certain of these forward-looking statements include statements relating to: our network optimization initiative, mergers and acquisitions pipeline, acceleration of our run rate, acceleration toward and the timing of our achievement of our three to five year milestones, growth and acceleration of cash flow, driving higher returns on invested capital, and Adjusted EBITDA Margin expansion. Forward-looking statements are subject to a number of risks, uncertainties, assumptions and other important factors, many of which are outside our control, which could cause actual results or outcomes to differ materially from those discussed in the forward- looking statements. Although the Company believes that these forward-looking statements are based on reasonable assumptions, they are predictions and we can give no assurance that any such forward-looking statement will materialize. Important factors that may affect actual results or outcomes include, among others, our ability to acquire and integrate new assets and operations; our ability to judge the demand outlook; our ability to achieve planned synergies related to acquisitions; regulatory approvals; our ability to successfully execute our growth strategy, manage growth and execute our business plan; our estimates of the size of the markets for our products; the rate and degree of market acceptance of our products; the success of other competing modular space and portable storage solutions that exist or may become available; rising costs and inflationary pressures adversely affecting our profitability; potential litigation involving our Company; general economic and market conditions impacting demand for our products and services and our ability to benefit from an inflationary environment; our ability to maintain an effective system of internal controls; and such other risks and uncertainties described in the periodic reports we file with the SEC from time to time (including our Form 10-K for the year ended December 31, 2024), which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Any forward- looking statement speaks only at the date on which it is made, and the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Fl ow, Adjusted Free Cash Flow Margin, Return on Invested Capital, Net CAPEX, and Net Debt to Adjusted EBITDA ratio. Adjusted EBITDA is defined as net income (loss) plus net interest (income) expense, income tax expense (benefit), depreciation and amortization adjusted to exclude certain non- cash items and the effect of what we consider transactions or events not related to our core business operations, including net currency gains and losses, goodwill and other impairment charges, restructuring costs, lease impairment expense, costs to integrate acquired companies, costs incurred related to transactions, non-cash charges for stock compensation plans and other discrete expenses. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by revenue. Adjusted Free Cash Flow is defined as net cash provided by operating activities; less purchases of rental equipment and property, plant a nd equipment and plus proceeds from sale of rental equipment and property, plant and equipment, which are all included in cash flows from investing activities; excluding one- time, nonrecurring payments for transaction costs from terminated acquisitions. Adjusted Free Cash Flow Margin is defined as Adj usted Free Cash Flow divided by revenue. Return on Invested Capital is defined as adjusted earnings before interest and amortization divided by av erage invested capital. Adjusted earnings before interest and amortization is defined as Adjusted EBITDA (see definition above) reduced by depreciati on and estimated statutory taxes. We include estimated taxes at our current statutory tax rate of approximately 26%. Average invested capital is calculated as an average of net assets. Net assets is defined as total assets less goodwill, intangible assets, net and all non- interest bearing liabilities. Net CAPEX is defined as purchases of rental equipment and refurbishments and purchases of property, plant and equipment, less proceeds from the sale of rental equipment and proceeds from the sale of property, plant and equipment, which are all included in cash flows from investing activities. Net Debt to A djusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA. The Company believes that Adjusted EBITDA and Adjusted EBITDA Margin are useful to investors because they (i) allow investors to compare performance over various reporting periods on a consistent basis by removing from operating resul ts the impact of items that do not reflect core operating performance; (ii) are used by our board of directors and management to assess our performance; (ii i) may, subject to the limitations described below, enable investors to compare the performance of the Company to its competitors; (iv) provide addi tional tools for investors to use in evaluating ongoing operating results and trends; and (v) align with definitions in our credit agreement. The Company beli eves that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are useful to investors because they allow investors to compare cash generation performance over various reporting periods and against peers. The Company believes that Return on Invested Capital provides information about the long-term health and profitability of the business relative to the Company's cost of capital. The Company believes that the presentation of Net CA PEX provides useful information to investors regarding the net capital invested into our rental fleet and plant, property and equipment each year to assist i n analyzing the performance of our business. The Company believes that the presentation of Net Debt to Adjusted EBITDA provide useful information to investors regarding the performance of our business. Adjusted EBITDA is not a measure of financial performance or liquidity under GAAP and, accordingly, should not be considered as an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. These non-GAAP measures should not be considered in isolation from, or as an alternative to, financial measures determined in accordance wit h GAAP. Other companies may calculate Adjusted EBITDA and other non-GAAP financial measures differently, and therefore the Company's non-GAAP financial measures may not be directly comparable to similarly-titled measures of other companies. For reconciliations of the non-GAAP measures used in this presentation (except as explained below), see “Reconciliation of Non-GAAP Financial Measures" included in this presentation. Information regarding the most comparable GAAP financial measures and reconciling forward- looking Adjusted EBITDA, Net CAPEX, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Return on Invested Capital, and Net Debt to Adjusted EBITDA rat io to those GAAP financial measures is unavailable to the Company without unreasonable effort. We cannot provide the most comparable GAAP financi al measures nor reconciliations of forward-looking financial measures because certain items required for such reconciliations are outside of our control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward- looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the Company without unreasonable effort. Although we provide ranges of forward-looking financial measures that we believe will be achieved, we cannot accurately predict all the components of the calculations. The Company provides guidance because we believe that these non- GAAP financial measures, when viewed with our results under GAAP, provide useful information for the reasons noted above.
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TABLE OF CONTENTS 3 Q3 2025 Financial Review Q3 2025 Operating Results WillScot Business Overview 04 12 16 Appendix 30
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Revenue $M REVENUE AND ADJUSTED EBITDA IN Q3 2025 Total revenues and Adjusted EBITDA down 6% and 9% Y/Y, respectively Leasing revenue decreased 5% Y/Y Driven by volume declines across both modular and storage Elevated write-off activity due to progress in order-to-cash improvements Excluding write-off activity, decreased 1.3% Y/Y Partially offset by VAPS penetration, increased rates and contributions from climate-controlled storage 42.9% Adjusted EBITDA Margin declined ~150 bps Y/Y, but improved 60 bps sequentially 374 405 433 461 451 523 578 591 565 582 605 612 587 605 601 603 560 589 567 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Leasing Delivery and Installation New and Rental Unit Sales Consolidated Quarterly Revenue $M >75% of revenue is driven by recurring leasing revenue Leasing Delivery & Installation 456 434 115 99 31 34 601 567 - 100 200 300 400 500 600 700 Q3 2024 Q3 2025 267 243 44.4% 42.9% Q3 2024 Q3 2025 Adjusted EBITDA1 $M New and Rental Unit Sales Adjusted EBITDA Margin %1 Adjusted EBITDA 1 See Appendix for definition and Non-GAAP reconciliation 4
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(9) (15) (25) 255 251 251 86 80 80 100 100 100 24 27 28 (25) - 25 50 75 100 125 150 175 200 225 250 275 300 325 350 375 400 425 450 475 500 525 550 575 600 625 650 Q3 2024 Q2 2025 Q3 2025 UNDERLYING SEQUENTIAL LEASING REVENUE STABILITY PERSISTS THOUGH ORDER-TO-CASH IMPROVEMENTS WEIGH ON REVENUE 5 Continued initiative to improve working capital and lower bad debt expense as outlined in 2025 Investor Day, resulted in write- offs reducing revenue but improvement in days sales outstanding (DSO) and Net Promoter Score (NPS) Isolating for the increased write-off activity Leasing revenue was essentially flat Q/Q in Q3’25, a sign of underlying stability when excluding revenue impact of these write-offs DSO improved further in Q3’25 to low the 70’s and is down ~10% Y/Y Billing NPS improved Q/Q and Y/Y to the low 40’s in Q3’25 Revenue headwind expected to abate beyond 2025 given significant progress improving collections processes/clean-up Increased write-offs of aged receivables in 2025 had largely been reserved previously through the provision for credit losses in SG&A Leasing Revenue $M 1 See 10-Q for additional detail. Modular Space Portable Storage VAPS and Third Party Other Leasing (excluding write-offs) Write-offs to Leasing1 (recorded as reduction to other leasing revenue) Total Leasing Revenue, excluding write-offs Total Leasing Revenue, including write-offs 456 443 434 465 458 459
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149 202 191 219 209 176 (2) 179 207 205 191 Q1 Q2 Q3 Q4 2023 2024 2025 143 137 145 130 122 24% 23% 26% 22% 22% Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Adj. FCF Adj. FCF Margin FREE CASH FLOW DRIVEN BY PREDICTABLE, RECURRING LEASE REVENUES AND CAPITAL MANAGEMENT 6 Order-to-cash improvements supporting strong operating cash flow profile Increased Net CAPEX supporting large project strength and organic investments in VAPS expansions Adjusted Free Cash Flow Margin was 22% in Q3 and 23% over the LTM 2 New federal tax legislation (“H.R.1”) expected to benefit Adjusted Free Cash Flow, helping to support our FY 2025 outlook of $475 million Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin 2 $M Net Cash Provided By Operating Activities1 $M Net CAPEX1 $M 46 43 43 53 65 55 59 55 62 75 69 Q1 Q2 Q3 Q4 2023 2024 2025 1 Net Cash Provided By Operating Activities and Net CAPEX are not adjusted for the UK Storage divestiture in Q1 2023. See Append ix for definition and Non-GAAP reconciliation. 2 Adjusted Free Cash Flow excludes cash paid for transaction costs from terminated acquisitions of $180 million termination f ee and transaction related charges of $45 million incurred since Q1 2024. See Appendix for definition and Non-GAAP reconciliation. 202 Excludes cash paid for transaction costs from terminated acquisitions 192
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$1,476 $500 $500 $500 $500 $1,497 Current liquidity 2025 2026 2027 2028 2029 2030 2031 ABL Capacity Senior Notes ABL Principal WE MAINTAIN APPROPRIATE LEVERAGE AND A FLEXIBLE LONG- TERM DEBT STRUCTURE WITH NO NEAR TERM MATURITIES 7 On October 16, 2025, we amended and extended our ABL credit facility, reducing annual cash borrowing costs ~$5M and extending maturity to October 16, 2030 Leverage at 3.6x last-twelve-months Adj. EBITDA of $1.01B $84.4 million reduction in our total debt balance in the quarter ~$1.5B available liquidity in our revolving credit facility3 Weighted average pre-tax interest rate is ~5.7% with annual cash interest of ~$209M as of October 16, 20253 Gives effect to floating-to-fixed interest rate 1-month Term SOFR swaps for $750M at 3.44% and $500M at 3.70% Debt structure approximately ~89% / 11% fixed-to-floating Flexible long-term debt structure with no maturities prior to August 15, 2028 Our Free Cash Flow, flexible covenant structure, and excess capacity in our ABL gives us ample optionality to fund multiple capital allocation initiatives Liquidity and Debt Maturity Profile1,3 $M Leverage2 $M $3,620 $3,699 $3,612 $3,687 $3,603 $1,066 $1,063 $1,044 $1,029 $1,006 3.4x 3.5x 3.5x 3.6x 3.6x – 1,000 2,000 3,000 4,000 5,000 6,000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Net Debt LTM Adjusted EBITDA Leverage 4.625% 7.375% 1 Available borrowing capacity is reduced by $26.5 million of standby letters of credit outstanding under the US ABL Facility as of September 30, 2025. 2 Carrying value of debt is presented net of $35.0 million of debt discount and issuance costs as of September 30, 2025 that will be amortized and included as part of interest expense over the remaining contractual terms of those debt instrument s. 3 Reflects terms of ABL Amendment #7 Effective 10/16/2025. 6.625% 6.625%
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261 37% 181 26% 38 6% 220 31% Net Capex M&A Return to Shareholders via Dividend Return to Shareholders & Leverage Maintenance 25% 25% 50% Prioritize reinvestment in the business Committed to maintaining appropriate leverage and returning cash to shareholders via share repurchases and dividend Our target leverage range is 2.5x – 3.25x with natural de-leveraging from growth into the midpoint of the range over 3 – 5 years 25% 25% 5% 45% Capital Allocation Framework 2021 Investor Day % $701 LTM Capital Allocated $M | % Capital Allocation Framework 2025 Investor Day % Cumulative Cash from Operations1 ~$5B1 EXPANSION IN CASH FROM OPERATIONS SUPPORTS BALANCED CAPITAL ALLOCATION 8 1 Capital Allocated represents cumulative Cash From Operations excluding cash paid for transaction costs from terminated acquisitions over the respective timeframes. For Capital Allocation Framework 2025 Investor Day, $5B is the cumulative Cash from Operations over the five year period.
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11.7% 15.4% 17.7% 16.7% 15.4% 0% 5% 10% 15% 20% - 500 1,000 1,500 2,000 2,500 3,000 3,500 2021 2022 2023 2024 Q3 2025 LTM Average Invested Capital Adjusted Earnings Before Interest and Amortization Return On Invested Capital DELIVERED STRONG ROIC IN OUR 15 – 20% TARGET RANGE1 91 See additional pages in Appendix for definitions and Non-GAAP reconciliations Return on Invested Capital Build $M | % 3 to 5-year targeted ROIC operating range
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REVISED 2025 FINANCIAL OUTLOOK REFLECTS MACRO VIEWS ON END MARKET DEMAND 10 $M Q4 2025 2025 Outlook Revenue $545 $2,260 Adjusted EBITDA1 $250 $970 Net CAPEX1 $70 $275 1 See Appendix for definitions and non-GAAP reconciliations. Revenue range adjusted based on our end market demand expectations for the remainder of 2025, including seasonal retail demand Adjusted EBITDA range assumes variable cost base adjusts to support realized demand levels Net CAPEX is based on our 90-day, zero-based planning process and is focused towards large project demand and new VAPS products Adjusted Free Cash Flow of $475 million expected for FY2025 reflecting updated demand outlook, strong underlying cash generation, improvements to working capital, and recent tax legislation (“H.R.1”)
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TABLE OF CONTENTS 11 Q3 2025 Financial Review Q3 2025 Operating Results WillScot Business Overview 04 12 16 Appendix 30
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167.4 155.6 150.3 152.9 131.0 124.7 122.7 124.5110.2 107.5 105.8 Q1 Q2 Q3 Q4 OUR PORTFOLIO OF UNITS ON RENT IS UNDERPINNED BY 3-YEAR LEASE DURATION 12 6% Y/Y decline in average modular units on rent, demand remains more resilient in industrial and manufacturing, while commercial office, warehousing, and smaller contractors continue to face more macroeconomic driven headwinds 14% Y/Y decline in average portable storage units on rent, driven primarily by decline in non-residential square foot starts Average Modular Space Units on Rent 1 in thousands Average Portable Storage Units on Rent1 in thousands 99.8 98.9 98.2 97.795.8 95.7 94.9 92.790.5 90.3 89.4 Q1 Q2 Q3 Q4 2023 2024 2025 2023 2024 2025 1 Certain operating KPIs have been reclassified or recast as a result of our segment realignment in 2024 including the transfer of approximately 2,000 units from modular storage products to portable s torage products, as well as conforming our VAPS presentation for all product types. All historical product operating KPIs have been recast to be presented on a comparable basis for all periods. See additional discussion on page 31.
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1,031 1,091 1,130 1,145 1,149 1,176 1,199 1,215 1,206 1,237 1,254 Q1 Q2 Q3 Q4 214 223 242 262262 263 265 281267 282 290 Q1 Q2 Q3 Q4 OUR CONSISTENT RENTAL RATE PERFORMANCE REFLECTS OUR DIFFERENTIATED VALUE PROPOSITION 13 Modular space unit average monthly rental rate increased 5% Y/Y to $1,254 in Q3 2025 ~11% Modular average monthly rental rate CAGR, inclusive of VAPS, since 2022 Portable storage unit average monthly rental rate increased 10% Y/Y to $290 in Q3 2025, driven by mix effects from climate- controlled units; steel container pricing remains stable further supported by incremental VAPS growth ~18% Storage average monthly rental rate CAGR, inclusive of VAPS, since 2022 Portable Storage Unit Average Monthly Rental Rate 1 $/unit per month 2023 2024 2025 1 Certain operating KPIs have been reclassified or recast as a result of our segment realignment in 2024 including the transfer of approximately 2,000 units from modular storage products to portable s torage products, as well as conforming our VAPS presentation for all product types. All historical product operating KPIs have been recast to be presented on a comparable basis for all periods. See additional discussion on page 31. Modular Space Unit Average Monthly Rental Rate1 $/unit per month 2023 2024 2025
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VAPS PORTFOLIO IS A VALUE DIFFERENTIATOR AND AN EXAMPLE OF INNOVATION SUPPORTING GROWTH 14 VAPS penetration growth driving revenue stability Y/Y despite unit on rent declines VAPS revenue increased 100 bps Y/Y to 17.7% of total revenue in Q3 2025 Targeting VAPS to comprise 20% - 25% of total revenue in 3 - 5 years Penetration, rate optimization, and selective new products driving opportunity across entire modular and storage portfolio 15.7% 15.9% 16.0% 16.6% 16.8% 16.5% 16.4% 16.4% 16.6% 16.7% 16.8% 17.2% 17.0% 17.7% 15.9% 15.9% 16.0% 16.1% 16.3% 16.5% 16.6% 16.5% 16.5% 16.5% 16.6% 16.8% 16.9% 17.2% Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 3-5 Year Milestone VAPS % of Revenue LTM VAPS % of Revenue 20% - 25% VAPS Revenue % of total revenue CRM harmonization
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TABLE OF CONTENTS 15 Q3 2025 Financial Review Q3 2025 Operating Results WillScot Business Overview 04 12 16 Appendix 30
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WillScot of yesteryear Essentials: Reinvented Our leadership in modular is bolstered FLEX is here to stay More than modular: unlocking storage Replicating success Built to withstand: BRM’s Thinking BIG & staying cold Fully-integrated, primed for growth 2015 2016 2018 2019 2020 2021 2022 2024 2025 A DECADE ON THE ROAD TO GROWTH
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THE CONTINUOUS EVOLUTION OF TURNKEY SPACES 17 Leading Onsite Comfort & Facilities From restrooms to efficient climate-control, we aim to make your site as comfortable and productive as possible. Turnkey Storage Solutions Highly customized storage solutions to help you maximize your space and keep your valuable items secure. Clearspan Structures Expansive, durable, and highly configurable structures that can be rapidly deployed and meet a vast array of needs from warehousing to aerospace. Turnkey Space Solutions Multiple options and configurations, combined with essentials such as furniture, fixtures, steps, restrooms, coverage, and more, can make your workspace functional right away. Climate-Controlled Storage Seamlessly manage temperature sensitive goods and materials across diverse industries, applications, and infrastructures. Unmatched Logistics Ability to deploy solutions when and where our customers need them – anywhere in North America – and then remove everything as though we were never there. Perimeter Solutions Expands our current portfolio of value- added products and solutions (“VAPS”) with the end goal of evolving towards higher value solutions.
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WSC FORMULA TO DRIVE SUSTAINABLE GROWTH AND RETURNS 1 Clear Market Leadership 3 Predictable Recurring Lease Revenues 4 Diversified Customer Segments And Flexible Go-To-Market 2 Compelling Unit Economics and Long-Lived Assets 5 Idiosyncratic Organic Revenue Growth Levers 6 Proven Platform For Accretive M&A 7 Driving Customer Satisfaction and Efficiencies through Sales and Operations Excellence with Best-in-Class Technology Robust Free Cash Flow and Return on Invested Capital $2.5B Portfolio of growth levers presents multiple paths to increase revenues by $600M in 3-5 years to achieve our $3B milestone, in differing end-market backdrops In ~$20B North American market for flexible space solutions#1 Average lease duration reduces financial volatility~3 year Of revenue is from recurring leasing revenue>75% Branch locations in most major MSAs with the ability to serve any zip code in North America~260 Discrete customer segments with ability to reposition for shifting sector demand15 Acquired enterprise value through ~41 transactions in 5 years all integrated seamlessly to compound organic levers>$1B LTM Adjusted EBITDA Margin through Q3 202543% Return on Invested Capital over LTM, already within target range of 15%-20%15% Adjusted FCF Margin in LTM, already within target operating range of 20%-30%123% Adjusted LTM FCF per share, expected to expand to target range of $4.00-$6.00 within 3-5 years1,2$2.94 Unlevered IRRs on new fleet investments Useful lives of Modular and Storage Assets >25% 20-30 yrs 8 ~500 bps Identified and actioned Adjusted EBITDA Margin expansion opportunities Target Adjusted EBITDA Margin operating range in 3-5 years45%–50% 1 Adjusted Free Cash Flow in LTM excludes cash paid for transaction costs from terminated acquisitions of $180 million terminati on fee and transaction related charges of $37 million. See Appendix for definition and Non-GAAP reconciliation. 2 Calculated using Adjusted Free Cash Flow over the last 12 months and common shares outstanding of 182,772,186 shares as of September 30, 2025 18
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2,396 3,000 1,063 1,500 554 700 44% 50% 2024 3-5 years Performance Metric1 % | $M 3 – 5 Year Operating Ranges (‘25 Investor Day) LTM as of Q3 2025 Revenue CAGR2 5 - 10% (4)% Adjusted EBITDA Margin3 45 - 50% 43.4% Return On Invested Capital3 15 - 20% 15.4% Net Debt / Adjusted EBITDA3 2.5x - 3.25x 3.6x Adjusted Free Cash Flow3,4 $700 - $900 $534 Adjusted Free Cash Flow Margin3,4 20 - 30% 23.0% Adjusted Free Cash Flow Per Share4 $4.00 - $6.00 $2.94Revenue1 Adjusted EBITDA1,3 Adjusted Free Cash Flow1,3 Adjusted EBITDA Margin1,3 19 OUR NEXT GROWTH MILESTONES: $3B REVENUE, $1.5B ADJUSTED EBITDA, $700M ADJUSTED FREE CASH FLOW 1 All metrics based on continuing operations unless otherwise stated 2 Revenue CAGR for Q3 2025A LTM is relative to Q3 2024A LTM 3 See Appendix for definition and Non-GAAP reconciliation. 4 Adjusted Free Cash Flow excludes cash paid for transaction costs from terminated acquisitions of $180 million termination f ee and transaction related charges of $37 million. See Appendix for definition and Non-GAAP reconciliation. Adjusted Free Cash Flow Per Share calculated using Adjusted Free Cash Flow over the last 12 months and common shares outstanding of 182,772,186 shares as of September 30, 2025 19
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WE OFFER THE MOST FLEXIBLE AND COST-EFFECTIVE, TURNKEY TEMPORARY SPACE SOLUTIONS 20
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OUR SCALE IS A KEY COMPETITIVE ADVANTAGE AND A VALUE DRIVER FOR OUR CUSTOMERS 21 We leverage our scale to win locally ~126M square feet of turnkey space relocatable anywhere in North America Sophisticated commercial and operational technology platform ~4,500 experts safely work ~9M hours annually ~950 trucks operating safely to drive ~80k miles daily ~361K units deployed over 20 to 30-year useful lives 20k+ units refurbished or reconfigured annually 85k+ customers No customer >2% of revenue Headquarters Phoenix, AZ Branch Hawaii Alaska
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22 OUR COMPANY VALUES WE ARE We take responsibility for our own well-being and for those around us. Health and safety are first, last and everything in-between. Committed To Inclusion & Diversity We are stronger together when we celebrate our differences and strive for inclusiveness. We encourage collaboration and support the diverse voices and thoughts of our employees and communities. Driven To Excellence We measure success through our results and the achievement of our goals. We continuously improve ourselves, our products and services in pursuit of shareholder value. Trustworthy & Reliable We hold ourselves accountable to do the right thing, especially when nobody's looking. Devoted To Our Customers We anticipate the growing needs of our customers, exceed their expectations and make it easy to do business with us. Community Focused We actively engage in the communities we serve and deliver sustainable solutions. Dedicated To Health & Safety
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OUR BUSINESS IS INHERENTLY SUSTAINABLE 23 Alternatives Permanent new construction Requires extensive materials and resources to construct, with disposal of the structure upon project completionSubleased offsite workspace Increases transportation and risk due to travel between project site and workspace Our circular economy solutions Ready to Work solution Incorporates VAPS to drive reuse of more products and equipment, in addition to the units Turnkey logistics solution Immediate opportunity to improve route efficiencies while transitioning to clean energy solutions by delivering/picking up the units with an alternative fuel vehicle (EV, CNG) and powering the unit with solar energy Temporary space solutions Provide basic space on the project site, and all units will be reused for future efforts Refurbishment process Circular by design, our lease-and-renew business model helps our customers achieve their ESG goals by reducing material usage, emissions, and costs. We have implemented circular economy practices for decades. Our space solutions, accompanied by Value- Added Products, are designed to be reused, relocated, reconfigured, and refurbished. Circular by design, our lease-and-renew business model helps our customers achieve their ESG goals by reducing material and labor usage, emissions, and costs.
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LEASE DURATION MITIGATES REVENUE VOLATILITY THROUGH CYCLES 24 Leasing Revenue LTM GDP¹ Non-residential construction square foot starts¹ $1.8B Lease Revenue2 $1.0B Lease Revenue2 Increase of ~77% Lease revenue outpaces GDP and non-res construction starts 3-year lease duration and end-market diversification mitigate volatility 1 Indexed to Q2 2018 and based on last 12 months of activity 2 Leasing revenue pro forma to include pre -acquisition contributions from ModSpace and Mobile Mini, excluding divested UK Storag e and Tank & Pump segments 2019 2021 2022 2023 2024 2025 Acquire ModSpace and build modular fleet while increasing VAPS penetration across portfolio Add portable storage fleet through Mobile Mini acquisition; Flex Net CAPEX and adjust cost base to quickly adjust to demand environment 2020 Units on rent inflect from post- COVID pent-up demand, supply chain disruptions, and U.S. stimulus Macroeconomic uncertainty and elevated interest rates reduce demand across many non-residential end markets Pre-COVID COVID shock Exceptional demand Non-Residential contraction
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25 2012 2024 3 – 5 Years2018 3rd Party Products & Fulfilment Robust Product Sourcing Network with WSC Fulfilment Initial Deployments of WSC Designed Products Regular Rhythm of Customer & Market Driven New Product Design $0.75B VAPS 14% $0.43B VAPS 20 – 25% 26% VAPS Revenue CAGR from 2012-2024 10-20% VAPS Revenue CAGR from 2024-2029 supports 5-10% Total Revenue CAGR $2.40B VAPS 17% Customer-Driven NPI & NPD Strategic Portfolio Management + Adjacency VAPS Pragmatic Innovation + WSC Owned VAPS (1st to Market) VAPS 5% OUR TURNKEY VAPS SOLUTIONS DRIVE PREDICTABLE MULTI-YEAR GROWTH IN VARIOUS ECONOMIC CYCLES ~80% gross margin and 12-month cash-on-cash return $3.00B
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0.88 0.95 0.81 0.99 1.17 1.01 0.90 0.86 0.31 0.32 0.30 0.34 0.42 0.30 0.32 0.31 1.19 1.27 1.11 1.32 1.60 1.32 1.21 1.16 2018 2019 2020 2021 2022 2023 2024 2025 WE SERVE DIVERSE CUSTOMER SEGMENTS AND CAN REPOSITION WITHIN THEM 26 Revenue By Customer Segment1 Customer Segment Outlook Continued multi-year demand from strategic onshoring with infrastructure demand, creating tailwinds in manufacturing, industrial, education, and event-driven projects Third Quarter 2025 Non-residential construction square foot starts down 1% year-over year while continued higher interest rates, labor constraints, and broader macro uncertainty persists into second half Arts, Media, Hotels, Entertainment – 3% Construction & Infrastructure Commercial / Industrial Government / Institutions Energy & Natural Resources Engineering & Architecture – 2% Home Builders & Developers – 12% Non-Residential & GCs – 15% Agriculture, Forestry, Fishing – 1% Professional Services – 15% Retail & Wholesale Trade – 13% Energy & Natural Resources – 6% Education – 7% Subcontractors – 10% Manufacturing – 9% Government – 2% Healthcare – 1% 1 Based on Q3 2025 2 Q4 2025 uses Dodge forecasted square foot starts Highway & Heavy Construction – 4% Non-Residential Square Foot Starts2 Values in Billions Q3 YTD Actuals Q4 Actuals/*Forecast
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(5,000) 5,000 15,000 25,000 35,000 Cumulative Cash Flow 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 WE HAVE COMPELLING UNIT ECONOMICS 27 Illustrative unit level cumulative cash flow1 Modular Space3 Portable Storage Containers2 Capital investment Average acquisition cost of ~$4K Rapid payback of ~30 months Maintenance Low annual maintenance costs Proceeds Realized residual values average >50% of original factory cost (100,000) (50,000) 0 50,000 100,000 150,000 200,000 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Cumulative Cash Flow Cumulative Cash Flow excl. VAPS Capital investment Acquisition cost of ~$50K, incl. VAPS cost to equip unit of ~$6K Rapid payback of ~40 months Maintenance Mid-life refurbishment ~$10K Proceeds Realized residual values average 50% of original factory cost IRR 30%+ over 30-year unit life, inclusive of VAPS Limited capex and long useful life provides highly attractive unit economics IRR ~25% over 20+ year unit life, inclusive of VAPS In-house refurbishment capability extends useful lives and enhances returns 1 Examples are based on current product costs and pricing with representative assumptions for life -cycle utilization, rental rat e and cost inflation, transportation fees, and other direct costs exclusive of general overhead. Actual product costs and rental economics vary across our fleet; however, we believe these examples are representative of lif e-cycle economics at the unit level 2 Indicative for a 40-ft container unit and includes transportation and initial conversion costs 3 Indicative for a 12x60 traditional modular unit
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Key Attributes OUR ORGANIC GROWTH ALGORITHM SUPPORTS CONTINUED PROFITABLE GROWTH Financial Impact Customer Benefits Growth Algorithm Volume Rate + VAPS Organic Lease Revenue Growth Operational Excellence 45% - 50% Adjusted EBITDA Margin ~0-2% ~5-10% ~5-10% ~500 bps Flexible space solutions Turnkey value proposition Ease of doing business 28 We have multiple pathways to achieve a 5-10% annual revenue growth rate and maintain 20-30% Adjusted Free Cash Flow Margins and 15-20% Return on Invested Capital 28 Value proposition supports rate and (VAPS) growth with natural and predictable convergence over three-year lease duration GDP overweight to non-residential construction, governed by 3- year lease duration Substantial operating leverage driven through technology investments for incremental productivity, ~50% variable cost structure, and scalable branch network
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TABLE OF CONTENTS 29 Q3 2025 Financial Review Q3 2025 Operating Results WillScot Business Overview 04 12 16 Appendix 30
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30 APPENDIX
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SUMMARY P&L, BALANCE SHEET AND CASH FLOW ITEMS 31 Key Profit & Loss Items (in thousands) Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Leasing and Services Leasing $434,224 $455,578 $1,311,530 $1,374,771 Delivery and Installation 98,517 114,765 295,630 323,274 Sales New Units 18,370 17,850 62,427 52,727 Rental Units 15,730 13,239 45,888 42,431 Total Revenues 566,841 601,432 1,715,475 1,793,203 Gross Profit 281,618 321,484 878,054 965,490 Adjusted EBITDA1 $243,307 $266,863 $721,005 $778,448 Key Cash Flow Items Net CAPEX1 $68,939 $58,560 $205,755 $178,069 Rental Equipment, Net2 3,412,440 3,401,198 3,412,440 3,401,198 1 See additional pages in Appendix for definitions and Non-GAAP reconciliations 2 Reflects the Net Book Value of lease fleet and VAPS
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CONSOLIDATED QUARTERLY PERFORMANCE 32 Modular Space Average Units on Rent and Utilization1,2 Portable Storage Average Units on Rent and Utilization1,2 127,119 123,460 127,279 138,103 122,946 118,353 121,749 137,402 121,765 127,147 138,585 160,629 155,609 166,371 179,015 187,710 167,403 155,615 150,281 152,933 131,018 124,746 122,732 124,521 110,175 107,514 105,792 74.8% 73.0% 74.8% 80.2% 71.9% 69.5% 71.7% 80.1% 72.1% 77.0% 83.1% 88.0% 83.1% 85.9% 88.6% 88.9% 78.7% 73.3% 70.2% 71.2% 62.1% 59.2% 58.1% 59.1% 52.6% 50.8% 50.3% Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Units on Rent Utilization (%) 1 In 2024, we reclassified approximately 2,000 units that were previously included in our modular space units on rent into po rtable storage units on rent as these units are generally used in a dry storage application. Additionally, based on our segment realignment, we have conformed our VAPS presentation to include all VAPS not specific to portable storage orders as modular space VAPS and recalculated Average Monthly Rental Rates. This treatment is consistent with prior treatment in our previous Modular Segment. A ll historical product operating KPIs have been recast to be presented on a comparable basis for all periods. 2 On September 30, 2022, we completed the sale of the former Tank and Pump Solutions ("Tank and Pump") segment. On January 31, 2 023, we completed the sale of the former United Kingdom (“UK”) Storage Solutions (“UK Storage Solutions”) segment. Our consolidated financial statements present the historical financial results of the former Tank and Pump segment and the former UK Storage Solutions segment as discontinued operations for all periods presented. As a result, product operating KPI metrics fo r all years exclude discontinued operations, but do include the operating KPIs of Mobile Mini's former Storage Solutions Segment on a pro forma basis for periods prior to the merger between WillScot Corporation and Mobile Mini, Inc. (July 1, 2020). 107,241 106,676 105,928 104,688 102,338 101,832 101,728 101,599 100,182 100,130 99,565 100,312 100,747 102,013 102,903 103,126 99,826 98,939 98,169 97,665 95,797 95,671 94,911 92,742 90,548 90,285 89,390 73.1% 72.8% 72.3% 71.7% 70.1% 69.7% 69.8% 69.8% 69.0% 69.1% 68.8% 69.0% 68.2% 68.4% 68.5% 67.8% 65.7% 64.8% 63.9% 63.3% 62.5% 62.5% 62.1% 60.7% 59.3% 59.6% 59.3% Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Units on Rent Utilization (%)
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CONSOLIDATED QUARTERLY PERFORMANCE1,2 33 (in thousands, except for units on rent and monthly rental rate) Q1 Q2 Q3 Q4 TOTAL Revenue $559,551 $589,083 $566,841 $1,715,475 Gross profit $300,366 $296,070 $281,618 $878,054 VAPS percentage of revenue 17.2% 17.0% 17.7% 17.3% Adjusted EBITDA $228,785 $ 248,913 $243,307 $721,005 Net CAPEX $61,832 $74,984 $68,939 $205,755 Average modular space units on rent 90,548 90,285 89,390 90,074 Average modular space utilization rate 59.3% 59.6% 59.3% 59.4% Average modular space monthly rental rate $1,206 $1,237 $1,254 $1,232 Average portable storage units on rent 110,175 107,514 105,792 107,827 Average portable storage utilization rate 52.6% 50.8% 50.3% 51.2% Average portable storage monthly rental rate $267 $282 $290 $280 Quarterly Results for the nine months ended September 30, 2025: (in thousands, except for units on rent and monthly rental rate) Q1 Q2 Q3 Q4 TOTAL Revenue $587,181 $604,590 $601,432 $602,515 $2,395,718 Gross profit $316,888 $327,118 $321,484 $336,349 $1,301,839 VAPS percentage of revenue 16.4% 16.6% 16.7% 16.8% 16.6% Adjusted EBITDA $248,009 $263,576 $266,863 $284,712 $1,063,160 Net CAPEX $64,776 $54,733 $58,560 $55,359 $233,428 Average modular space units on rent 95,797 95,671 94,911 92,742 94,780 Average modular space utilization rate 62.5% 62.5% 62.1% 60.7% 61.9% Average modular space monthly rental rate $1,149 $1,176 $1,199 $1,215 $1,185 Average portable storage units on rent 131,018 124,746 122,732 124,521 125,754 Average portable storage utilization rate 62.1% 59.2% 58.1% 59.1% 59.6% Average portable storage monthly rental rate $262 $263 $265 $281 $268 Quarterly Results for the year ended December 31, 2024: 1 See additional pages in Appendix for definitions and Non-GAAP reconciliations 2 Certain operating KPIs have been reclassified or recast as a result of our segment realignment in 2024 including the transfer of approximately 2,000 units from modular storage products to portable s torage products, as well as conforming our VAPS presentation for all product types. All historical product operating KPIs have been recast to be presented on a comparable basis for all periods. See additional discussion on page 31.
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1 Restructuring costs, lease impairment expense, and other related charges associated with restructuring plans designed to st reamline operations and reduce costs including employee termination costs 2 Costs to integrate acquired companies, including outside professional fees, non-capitalized costs associated with system integ rations, non-lease branch and fleet relocation expenses, employee relocation and training costs, and other costs required to realize cost or revenue synergies RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA 34 (in thousands) Q1 Q2 Q3 Q4 TOTAL Net income $43,055 $47,939 $43,332 $134,326 Income tax expense 17,910 19,984 17,008 54,902 Interest expense, net 58,469 58,977 58,466 175,912 Depreciation and amortization 97,092 112,632 108,058 317,782 Currency losses (gains), net 223 (79) 100 244 Restructuring costs, lease impairment expense and other related charges1 702 205 (21) 886 Integration and transaction costs2 261 1,151 1,149 2,921 Stock compensation expense 8,341 8,373 9,964 26,678 Other 2,732 (629) 5,251 7,354 Adjusted EBITDA $228,785 $248,913 $243,307 $721,005 Quarterly Adjusted EBITDA for the nine months ended September 30, 2025: Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before income tax expense (benefit), net interest (income) expense, depreciation and amortization adjusted to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core business operations, including net currency (gains) losses, goodwill and other impairment charges, restructuring costs, lease impairment expense, transaction costs, costs to integrate acquired companies, non-cash charges for stock compensation plans, and other discrete expenses. Management believes that Adjusted EBITDA is useful to investors because it (i) allows investors to compare performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; (ii) is used by our board of directors and management to assess our performance; (iii) may, subject to the limitations described below, enable investors to compare the performance of the Company to its competitors; (iv) provides additional tools for investors to use in evaluating ongoing operating results and trends; and (v) aligns with definitions in our credit agreement. The following table provides reconciliations of net income to Adjusted EBITDA:
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA 35 (in thousands) Q1 Q2 Q3 Q4 TOTAL Net income (loss) $56,240 $(46,851) $(70,475) $89,215 $28,129 Income tax expense (benefit) 17,118 (13,929) (20,566) 25,852 8,475 Interest expense, net 56,588 55,548 55,823 59,352 227,311 Depreciation and amortization 92,828 93,746 99,320 99,078 384,972 Currency losses (gains), net 77 (42) (129) 687 593 Restructuring costs, lease impairment expense and other related charges1 746 6,183 2,478 28 9,435 Termination fee - - 180,000 - 180,000 Impairment loss on intangible asset3 - 132,540 - - 132,540 Impairment loss on long-lived asset - - - 374 374 Transaction costs - 40 235 376 651 Integration costs2 2,877 3,066 1,457 121 7,521 Stock compensation expense 9,099 9,614 9,534 7,719 35,966 Other4 12,436 23,661 9,186 1,910 47,193 Adjusted EBITDA $248,009 $263,576 $266,863 $284,712 $1,063,160 Quarterly Adjusted EBITDA for the year ended December 31, 2024: 1 Restructuring costs, lease impairment expense, and other related charges associated with restructuring plans designed to st reamline operations and reduce costs including employee termination costs 2 Costs to integrate acquired companies, including outside professional fees, non-capitalized costs associated with system integ rations, non-lease branch and fleet relocation expenses, employee relocation and training costs, and other costs required to realize cost or revenue synergies 3 In Q2 2024, we recorded a one -time non-cash charge of $133 million due to the impairment of the Mobile Mini tradename associat ed with rebranding our consolidated portfolio under the WillScot brand 4 For the year ended 12/31/24, other includes $42.4 million in legal and professional fees related to the terminated McGrath tra nsaction. Adjusted EBITDA is a non-GAAP measure defined as net income (loss) before income tax expense (benefit), net interest (income) expense, depreciation and amortization adjusted to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core business operations, including net currency (gains) losses, goodwill and other impairment charges, restructuring costs, lease impairment expense, transaction costs, costs to integrate acquired companies, non-cash charges for stock compensation plans, and other discrete expenses. Management believes that Adjusted EBITDA is useful to investors because it (i) allows investors to compare performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; (ii) is used by our board of directors and management to assess our performance; (iii) may, subject to the limitations described below, enable investors to compare the performance of the Company to its competitors; (iv) provides additional tools for investors to use in evaluating ongoing operating results and trends; and (v) aligns with definitions in our credit agreement. The following table provides reconciliations of net income (loss) to Adjusted EBITDA:
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN % 36 We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. Management believes that Adjusted EBITDA Margin is useful to investors because it (i) allows investors to compare performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; (ii) is used by our board of directors and management to assess our performance; (iii) may, subject to the limitations described below, enable investors to compare the performance of the Company to its competitors; (iv) provides additional tools for investors to use in evaluating ongoing operating results and trends; and (v) aligns with definitions in our credit agreement. The following table provides comparisons of Adjusted EBITDA Margin to Gross Profit Margin. (in thousands) Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Adjusted EBITDA (A) $243,307 $266,863 $721,005 $778,448 Revenue (B) $566,841 $601,432 $1,715,475 $1,793,203 Adjusted EBITDA Margin (A/B) 42.9% 44.4% 42.0% 43.4% Gross Profit (C) $281,618 $321,484 $878,054 $965,490 Gross Profit Margin (C/B) 49.7% 53.5% 51.2% 53.8% See additional pages in Appendix for definitions and Non-GAAP reconciliations
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN % 37 (in thousands) Q3 2025 LTM Adjusted EBITDA (A) $1,005,717 Revenue (B) $2,317,990 Adjusted EBITDA Margin (A/B) 43.4% Gross Profit (C) $1,214,403 Gross Profit Margin (C/B) 52.4% See additional pages in Appendix for definitions and Non-GAAP reconciliations We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. Management believes that Adjusted EBITDA Margin is useful to investors because it (i) allows investors to compare performance over various reporting periods on a consistent basis by removing from operating results the impact of items that do not reflect core operating performance; (ii) is used by our board of directors and management to assess our performance; (iii) may, subject to the limitations described below, enable investors to compare the performance of the Company to its competitors; (iv) provides additional tools for investors to use in evaluating ongoing operating results and trends; and (v) aligns with definitions in our credit agreement. The following table provides comparisons of Adjusted EBITDA Margin to Gross Profit Margin.
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RECONCILIATION OF NON-GAAP MEASURES – NET DEBT TO ADJUSTED EBITDA RATIO 38 Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from the last twelve months. We define Net Debt as total debt net of total cash and cash equivalents. Management believes that the presentation of Net Debt to Adjusted EBITDA ratio provides useful information to investors regarding the performance of our business. The following table provides a reconciliation of Net Debt to Adjusted EBITDA ratio. (in thousands) September 30 2025 Long-term debt $3,590,015 Current portion of long-term debt 27,437 Total debt 3,617,452 Cash and cash equivalents 14,757 Net debt (A) $3,602,695 Adjusted EBITDA from the three months ended December 31, 2024 284,712 Adjusted EBITDA from the three months ended March 31, 2025 228,785 Adjusted EBITDA from the three months ended June 30, 2025 248,913 Adjusted EBITDA from the three months ended September 30, 2025 243,307 Adjusted EBITDA from the last twelve months (B) $1,005,717 Net Debt to Adjusted EBITDA ratio (A/B) 3.6
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RECONCILIATION OF NON-GAAP MEASURES – NET DEBT TO ADJUSTED EBITDA RATIO 39 Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from the last twelve months. We define Net Debt as total debt net of total cash and cash equivalents. Management believes that the presentation of Net Debt to Adjusted EBITDA ratio provides useful information to investors regarding the performance of our business. The following table provides a reconciliation of Net Debt to Adjusted EBITDA ratio. (in thousands) June 30 2025 Long-term debt $3,672,856 Current portion of long-term debt 26,928 Total debt 3,699,784 Cash and cash equivalents 12,850 Net debt (A) $3,686,934 Adjusted EBITDA from the three months ended September 30, 2024 $266,863 Adjusted EBITDA from the three months ended December 31, 2024 284,712 Adjusted EBITDA from the three months ended March 31, 2025 228,785 Adjusted EBITDA from the three months ended June 30, 2025 248,913 Adjusted EBITDA from the last twelve months (B) $1,029,273 Net Debt to Adjusted EBITDA ratio (A/B) 3.6
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RECONCILIATION OF NON-GAAP MEASURES – NET DEBT TO ADJUSTED EBITDA RATIO 40 Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from the last twelve months. We define Net Debt as total debt net of total cash and cash equivalents. Management believes that the presentation of Net Debt to Adjusted EBITDA ratio provides useful information to investors regarding the performance of our business. The following table provides a reconciliation of Net Debt to Adjusted EBITDA ratio. (in thousands) March 31 2025 Long-term debt $3,596,816 Current portion of long-term debt 25,439 Total debt 3,622,255 Cash and cash equivalents 10,679 Net debt (A) $3,611,576 Adjusted EBITDA from the three months ended June 30, 2024 $263,576 Adjusted EBITDA from the three months ended September 30, 2024 266,863 Adjusted EBITDA from the three months ended December 31, 2024 284,712 Adjusted EBITDA from the three months ended March 31, 2025 228,785 Adjusted EBITDA from the last twelve months (B) $1,043,936 Net Debt to Adjusted EBITDA ratio (A/B) 3.5
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RECONCILIATION OF NON-GAAP MEASURES – NET DEBT TO ADJUSTED EBITDA RATIO 41 Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from continuing operations from the last twelve months. We define Net Debt as total debt from continuing operations net of total cash and cash equivalents from continuing operations. Management believes that the presentation of Net Debt to Adjusted EBITDA ratio provides useful information to investors regarding the performance of our business. The following table provides a reconciliation of Net Debt to Adjusted EBITDA ratio. (in thousands) December 31 2024 Long-term debt $3,683,502 Current portion of long-term debt 24,598 Total debt 3,708,100 Cash and cash equivalents 9,001 Net debt (A) $3,699,099 Adjusted EBITDA from continuing operations from the three months ended March 31, 2024 248,009 Adjusted EBITDA from continuing operations from the three months ended June 30, 2024 263,576 Adjusted EBITDA from continuing operations from the three months ended September 30, 2024 266,863 Adjusted EBITDA from continuing operations from the three months ended December 31, 2024 284,712 Adjusted EBITDA from continuing operations from the last twelve months (B) $1,063,160 Net Debt to Adjusted EBITDA ratio (A/B) 3.5
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RECONCILIATION OF NON-GAAP MEASURES – NET DEBT TO ADJUSTED EBITDA RATIO 42 Net Debt to Adjusted EBITDA ratio is defined as Net Debt divided by Adjusted EBITDA from continuing operations from the last twelve months. We define Net Debt as total debt from continuing operations net of total cash and cash equivalents from continuing operations. Management believes that the presentation of Net Debt to Adjusted EBITDA ratio provides useful information to investors regarding the performance of our business. The following table provides an unaudited reconciliation of Net Debt to Adjusted EBITDA ratio. (in thousands) September 30 2024 Long-term debt $3,607,957 Current portion of long-term debt 22,933 Total debt 3,630,890 Cash and cash equivalents 11,046 Net debt (A) 3,619,844 Adjusted EBITDA from continuing operations from the three months ended December 31, 2023 287,802 Adjusted EBITDA from continuing operations from the three months ended March 31, 2024 248,009 Adjusted EBITDA from continuing operations from the three months ended June 30, 2024 263,576 Adjusted EBITDA from continuing operations from the three months ended September 30, 2024 266,863 Adjusted EBITDA from continuing operations from the last twelve months (B) $1,066,250 Net Debt to Adjusted EBITDA ratio (A/B) 3.4
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RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX 43 We define Net CAPEX as purchases of rental equipment and refurbishments and purchases of property, plant and equipment (collectively, "Total Capital Expenditures"), less proceeds from the sale of rental equipment and proceeds from the sale of property, plant and equipment (collectively, "Total Proceeds"), which are all included in cash flows from investing activities. Management believes that the presentation of Net CAPEX provides useful information regarding the net capital invested in our rental fleet and property, plant and equipment each year to assist in analyzing the performance of our business. The following table provides reconciliations of Net CAPEX. (in thousands) Q1 Q2 Q3 Q4 TOTAL Purchase of rental equipment and refurbishments $(72,552) $(85,269) $(81,018) $(238,939) Proceeds from sale of rental equipment 14,063 16,269 15,713 46,045 Net CAPEX for Rental Equipment (58,489) (69,000) (65,305) (192,794) Purchase of property, plant and equipment (4,634) (6,286) (4,244) (15,164) Proceeds from sale of property, plant and equipment 1,291 302 610 2,203 Net CAPEX $(61,832) (74,984) (68,939) $(205,755) (in thousands) Q1 Q2 Q3 Q4 TOTAL Purchase of rental equipment and refurbishments $(72,417) $(65,174) $(69,398) $(73,868) $(280,857) Proceeds from sale of rental equipment 14,195 16,473 13,238 20,091 63,997 Net CAPEX for Rental Equipment (58,222) (48,701) (56,160) (53,777) (216,860) Purchase of property, plant and equipment (6,554) (6,247) (3,318) (2,316) (18,435) Proceeds from sale of property, plant and equipment - 215 918 734 1,867 Net CAPEX $(64,776) $(54,733) $(58,560) $(55,359) $(233,428) Quarterly Net CAPEX for the nine months ended September 30, 2025: Quarterly Net CAPEX for the year ended December 31, 2024:
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RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX 44 We define Net CAPEX as purchases of rental equipment and refurbishments and purchases of property, plant and equipment (collectively, "Total Capital Expenditures"), less proceeds from the sale of rental equipment and proceeds from the sale of property, plant and equipment (collectively, "Total Proceeds"), which are all included in cash flows from investing activities. Management believes that the presentation of Net CAPEX provides useful information regarding the net capital invested in our rental fleet and property, plant and equipment each year to assist in analyzing the performance of our business. The following table provides reconciliations of Net CAPEX. (in thousands) Q1 Q2 Q3 Q4 TOTAL Purchase of rental equipment and refurbishments $(47,128) $(55,581) $(63,388) $(60,879) $(226,976) Proceeds from sale of rental equipment 7,781 17,473 12,720 13,316 51,290 Net CAPEX for Rental Equipment (39,347) (38,108) (50,668) (47,563) (175,686) Purchase of property, plant and equipment (6,736) (4,453) (5,563) (5,485) (22,237) Proceeds from sale of property, plant and equipment 258 7 13,001 6 13,272 Net CAPEX $(45,825) $(42,554) $(43,230) $(53,042) $(184,651) Quarterly Net CAPEX for the year ended December 31, 2023:
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN 45 Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP measures. We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and property, plant and equipment and plus proceeds from sale of rental equipment and property, plant and equipment, which are al l included in cash flows from investing activities; excluding one-time, nonrecurring payments for the termination fee and transaction costs from terminated acquisitions. Adjusted Free Cash Flow Margin is defined as Adjusted Free Cash Flow divided by Revenue. Management believes that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are useful to investors because they allow investors to compare cash generatio n performance over various reporting periods and against peers . The following table provides reconciliations of Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin. (in thousands) Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Net cash provided by operating activities $191,151 $(1,562) $603,089 $382,725 Purchase of rental equipment and refurbishments (81,018) (69,398) (238,839) (206,989) Proceeds from sale of rental equipment 15,713 13,238 46,045 43,906 Purchase of property, plant and equipment (4,244) (3,318) (15,164) (16,119) Proceeds from the sale of property, plant and equipment 610 918 2,203 1,133 Cash paid for termination fee - 180,000 - 180,000 Cash paid for transaction costs from terminated acquisitions - 23,266 - 32,451 Adjusted Free Cash Flow (A) $122,212 $143,144 $397,334 $417,107 Revenue (B) $566,841 $601,432 $1,715,475 $1,793,203 Adjusted Free Cash Flow Margin (A/B) 21.6% 23.8% 23.2% 23.3% Net cash provided by operating activities (C) $191,151 $(1,562) $603,089 $382,725 Net cash provided by operating activities margin (C/B) 33.7% (0.3)% 35.2% 21.3%
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN 46 Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP measures. We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and property, plant and equipment and plus proceeds from sale of rental equipment and property, plant and equipment, which are al l included in cash flows from investing activities; excluding one-time, nonrecurring payments for the termination fee and transaction costs from terminated acquisitions. Adjusted Free Cash Flow Margin is defined as Adjusted Free Cash Flow divided by Revenue. Management believes that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are useful to investors because they allow investors to compare cash generatio n performance over various reporting periods and against peers . The following table provides reconciliations of Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin. (in thousands) Three Months Ended June 30 Six Months Ended June 30 2025 2024 2025 2024 Net cash provided by operating activities $205,311 $175,611 $411,938 $384,287 Purchase of rental equipment and refurbishments (85,269) (65,174) (157,821) (137,591) Proceeds from sale of rental equipment 16,269 16,473 30,332 30,668 Purchase of property, plant and equipment (6,286) (6,247) (10,920) (12,801) Proceeds from the sale of property, plant and equipment 302 215 1,593 215 Cash paid for transaction costs from terminated acquisitions - 8,070 - 9,185 Adjusted Free Cash Flow (A) $130,327 $128,948 $275,122 $273,963 Revenue (B) $589,083 $604,590 $1,148,634 $1,191,771 Adjusted Free Cash Flow Margin (A/B) 22.1% 21.3% 24.0% 23.0% Net cash provided by operating activities (C) $205,311 $175,611 $411,938 $384,287 Net cash provided by operating activities margin (C/B) 34.9% 29.0% 35.9% 32.2%
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN 47 Adjusted Net Cash Provided By Operating Activities is defined as net cash provided by operating activities excluding one-time, nonrecurring payments for the McGrath termination fee and transaction costs from terminated acquisitions. Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin are non- GAAP measures. We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and property, plant and equipment and plus proceeds from sale of rental equipment and property, plant and equipment, which are all included in cash flows from investing activities; excluding one-time, nonrecurring payments for the McGrath termination fee and transaction costs from terminated acquisitions. Adjusted Free Cash Flow Margin is defined as Adjusted Free Cash Flow divided by Total Revenue including discontinued operations. Management believes that the presentation of Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin provides useful additional information concerning cash flow available to fund our capital allocat ion alternatives. The following table provides reconciliations of Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin. (in thousands) Three Months Ended March 31 2025 2024 Net cash provided by operating activities $206,627 $208,676 Cash paid for termination Fee – – Cash paid for transaction costs from terminated acquisitions – 1,115 Adjusted net cash provided by operating activities $206,627 $209,791 Net cash provided by operating activities $206,627 $208,676 Purchase of rental equipment and refurbishments (72,552) (72,417) Proceeds from sale of rental equipment 14,063 14,195 Purchase of property, plant and equipment (4,634) (6,554) Proceeds from the sale of property, plant and equipment 1,291 – Cash paid for termination Fee – – Cash paid for transaction costs from terminated acquisitions – 1,115 Adjusted Free Cash Flow (A) $144,795 $145,015 Revenue (B) $559,551 $587,181 Adjusted Free Cash Flow Margin (A/B) 25.9% 24.7% Net cash provided by operating activities (C) $206,627 $208,676 Net cash provided by operating activities margin (C/B) 36.9% 35.5%
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN 48 Adjusted Net Cash Provided By Operating Activities is defined as net cash provided by operating activities excluding one-time, nonrecurring payments for the McGrath termination fee and transaction costs from terminated acquisitions. Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin are non-GAAP measures. We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and property, plant and equipment and plus proceeds from sale of rental equipment and property, plant and equipment, which are all included in cash flows from investing activities; excluding one-time, nonrecurring payments for the McGrath termination fee and transaction costs from terminated acquisitions. Adjusted Free Cash Flow Margin is defined as Adjusted Free Cash Flow divided by Total Revenue including discontinued operations. Management believes that the presentation of Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin provides useful additional information concerning cash flow available to fund our capital allocation alternatives. Adjusted Free Cash Flow as presented includes amounts for the former UK Storage Solutions segment through January 31, 2023. The following table provides reconciliations of Adjusted net cash provided by operating activities, Adjusted Free Cash Flow, and Adjusted Free Cash Flow Margin. (in thousands) Three Months Ended December 31 Year Ended December 31 2024 2023 2024 2023 Net cash provided by operating activities $178,919 $219,322 $561,644 $761,240 Cash paid for termination Fee - – 180,000 – Cash paid for transaction costs from terminated acquisitions 13,270 – 45,721 – Adjusted net cash provided by operating activities $192,189 $219,322 $787,365 $761,240 Net cash provided by operating activities $178,919 $219,322 $561,644 $761,240 Purchase of rental equipment and refurbishments (73,868) (60,879) (280,857) (226,976) Proceeds from sale of rental equipment 20,091 13,316 63,997 51,290 Purchase of property, plant and equipment (2,316) (5,485) (18,435) (22,237) Proceeds from the sale of property, plant and equipment 734 6 1,867 13,272 Cash paid for termination Fee - – 180,000 – Cash paid for transaction costs from terminated acquisitions 13,270 – 45,721 – Adjusted Free Cash Flow (A) $136,830 $166,280 $553,937 $576,589 Revenue from continuing operations $602,515 $612,376 $2,395,718 $2,364,767 Revenue from discontinued operations – – – 8,694 Total Revenue including discontinued operations (B) $602,515 $612,376 $2,395,718 $2,373,461 Adjusted Free Cash Flow Margin (A/B) 22.7% 27.2% 23.1% 24.3% Net cash provided by operating activities (C) $178,919 $219,322 $561,644 $761,240 Net cash provided by operating activities margin (C/B) 29.7% 35.8% 23.4% 32.1%
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN 49 (in thousands) Q3 2025 LTM Net cash provided by operating activities $782,008 Purchase of rental equipment and refurbishments (312,707) Proceeds from sale of rental equipment 66,136 Purchase of property, plant and equipment (17,480) Proceeds from the sale of property, plant and equipment 2,937 Cash paid for transaction costs from terminated acquisitions 13,270 Adjusted Free Cash Flow (A) $534,164 Revenue (B) $2,317,990 Adjusted Free Cash Flow Margin (A/B) 23.0% Shares outstanding (D) 181,941,675 Adjusted Free Cash Flow Per Share (A/D) $2.94 Net cash provided by operating activities (C) $782,008 Net cash provided by operating activities margin (C/B) 33.7% Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP measures. We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and property, plant and equipment and plus proceeds from sale of rental equipment and property, plant and equipment, which are al l included in cash flows from investing activities; excluding one-time, nonrecurring payments for the termination fee and transaction costs from terminated acquisitions. Adjusted Free Cash Flow Margin is defined as Adjusted Free Cash Flow divided by Revenue. Management believes that Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are useful to investors because they allow investors to compare cash generatio n performance over various reporting periods and against peers . The following table provides reconciliations of Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin.
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RECONCILIATION OF NON-GAAP MEASURES – RETURN ON INVESTED CAPITAL 50 Return on Invested Capital is defined as Adjusted earnings before interest and amortization divided by Average Invested Capital. Management believes that the presentation of Return on Invested Capital provides useful information regarding the long-term health and profitability of the business relative to the Company's cost of capital. We define Adjusted earnings before interest and amortization as Adjusted EBITDA (see reconciliation above) reduced by depreciation and estimated taxes. We include estimated taxes at our current statutory tax rate. The Average Invested Capital is calculated as an average of Net Assets, a four quarter average for annual metrics and two quarter average for quarterly metrics. Net assets is defined for purposes of the calculation below as total assets less goodwill, intangible assets, net, and all non-interest bearing liabilities. The following table provides reconciliations of Return on Invested Capital, which has been adjusted to reflect depreciation in 2025 related to the network optimization initiative. (in thousands) Three Months Ended September 30 Nine Months Ended September 30 2025 2024 2025 2024 Total Assets $6,104,669 $6,037,219 $6,104,669 $6,037,219 Less: Goodwill (1,257,006) (1,176,889) (1,257,006) (1,176,889) Less: Intangible assets, net (235,261) (260,539) (235,261) (260,539) Less: Total Liabilities (5,044,599) (4,983,140) (5,044,599) (4,983,140) Add: Long Term Debt 3,590,015 3,607,957 3,590,015 3,607,957 Net Assets, as defined above 3,157,818 3,224,608 3,157,818 3,224,608 Average Invested Capital (A) $3,180,606 $3,218,527 $3,194,360 $3,209,496 Adjusted EBITDA $243,307 $266,863 $721,005 $778,448 Less: Depreciation (96,525) (87,415) (283,181) (259,264) Add: Depreciation related to network optimization 7,326 — 26,629 — Adjusted EBITA (B) $154,108 $179,448 $464,453 $519,184 Statutory Tax Rate (C) 26% 26% 26% 26% Estimated Tax (B*C) $40,068 $46,656 $119,210 $134,988 Adjusted earning before interest and amortization (D) $114,040 $132,792 $345,243 $384,196 Return on Invested Capital (D/A), annualized 14.3% 16.5% 14.4% 16.0%
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RECONCILIATION OF NON-GAAP MEASURES – RETURN ON INVESTED CAPITAL 51 (in thousands) 2021 2022 2023 2024 Q3 2025 LTM Total Assets $5,773,599 $5,827,651 $6,137,915 $6,034,911 $6,104,669 Goodwill (1,178,806) (1,069,573) (1,176,635) (1,201,353) (1,257,006) Intangible assets, net (460,678) (425,539) (419,709) (251,164) (235,261) Total Liabilities (3,776,836) (4,262,351) (4,876,665) (5,016,318) (5,044,599) Long Term Debt 2,694,319 3,063,042 3,538,516 3,683,502 3,590,015 Net Assets, as defined above 3,051,598 3,133,230 3,203,422 3,249,578 3,157,818 Average Invested Capital (A) $2,893,471 $3,121,035 $3,124,064 $3,217,513 $3,200,410 Adjusted EBITDA $740,393 $956,576 $1,061,465 $1,063,160 $1,005,717 Less: Depreciation (288,300) (314,531) (312,830) (346,467) (370,384) Add: Depreciation related to network optimization — — — — 26,629 Adjusted EBITA (B) $452,093 $642,045 $748,635 $716,693 $661,962 Statutory Tax Rate (C) 25% 25% 26% 25% 26% Estimated Tax (B*C) $113,023 $160,511 $194,645 $179,173 $168,800 Adjusted earning before interest and amortization (D) $339,070 $481,534 $553,990 $537,520 $493,162 Return on Invested Capital (D/A), annualized 11.7% 15.4% 17.7% 16.7% 15.4% Return on Invested Capital is defined as Adjusted earnings before interest and amortization divided by Average Invested Capital. Management believes that the presentation of Return on Invested Capital provides useful information regarding the long-term health and profitability of the business relative to the Company's cost of capital. We define Adjusted earnings before interest and amortization as Adjusted EBITDA (see reconciliation above) reduced by depreciation and estimated taxes. We include estimated taxes at our current statutory tax rate. The Average Invested Capital is calculated as an average of Net Assets, a four quarter average for annual metrics and two quarter average for quarterly metrics. Net assets is defined for purposes of the calculation below as total assets less goodwill, intangible assets, net, and all non-interest bearing liabilities. Average Invested Capital and Adjusted EBITDA related to our former Tank and Pump segment and former UK Storage Solutions segment have only been excluded prospectively from July 1, 2022 and January 1, 2023, respectively, and prior periods have not been adjusted. The following table provides reconciliations of Return on Invested Capital, which has been adjusted to reflect depreciation in 2025 related to the network optimization initiative.
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