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WILLSCOT QUARTERLY INVESTOR PRESENTATION SECOND QUARTER 2026 August 6 , 2026 WILLSCOT RIGHT FROM THE START
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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 operating capabilities, project pipeline (including large scale projects), order activation trends, leasing revenue trends and expectations regarding year -over-year leasing revenue growth, margin expansion, VAPS penetration, growth milestones, and expectations regarding capital allocation. 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 or implied by 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, economic conditions and changes therein, including financial market conditions and levels of end market demand, as a result of macroeconomic and geopolitical conditions, including international armed conflicts; our ability to effectively compete in the modular space and portable storage industries; our ability to effectively manage our credit risk, collect on our accounts receivable, or recover our rental equipment from customers; our ability to implement our Network Optimization Plan; laws and regulations governing antitrust, climate related disclosures, cybersecurity and information technology, privacy, government contracts, anti -corruption, and the environment; the actions of activist shareholders; our ability to successfully acquire and integrate new operations; risks associated with cybersecurity threats and failure of our management information systems; trade policies and changes in trade policies, including the imposition of or increases in tariffs, their enforcement, trade restrictions, and broader economic measures and their consequences; fluctuations in interest rates and commodity prices; risks associated with labor relations, labor costs and labor disruptions; changes in the competitive environment of our customers as a result of the economic climate in which they operate and/or economic or financial disruptions to their industry; our ability to adequately protect our intellectual property and other proprietary rights that are material to our business; natural disasters and other business disruptions such as pandemics; our ability to establish and maintain the appropriate physical presence in our markets; property, casualty or other losses not covered by our insurance; our ability to close our unit sales transactions; our ability to achieve our sustainability goals; operational, economic, political, and regulatory risks; effective management of our rental equipment; the effect of changes in state building codes on our ability to remarket our buildings; significant increases in the costs and restrictions on the availability of raw materials and labor; fluctuations in fuel costs or a reduction in fuel supplies; our reliance on third- party manufacturers and suppliers; impairment of our goodwill and intangible assets; our ability to use our net operating loss carryforwards and other tax attributes; our ability to recognize deferred tax assets, such as those related to tax loss carryforwards, and utilize future tax savings; unanticipated changes in tax obligations, adoption of new tax legislation, or exposure to additional income tax liabilities; our ability to access the capital and credit markets or the ability of key counterparties to perform their obligations to us; our ability to service our debt and operate our business; our ability to incur significant additional amounts of debt and avoid risks associated with substantial indebtedness; covenants that limit our operating and financial flexibility; and such other risks and uncertainties described in the periodic reports we file with the US Securities and Exchange Commission ("SEC") from time to time (including our Annual Report on Form 10-K for the year ended December 31, 2025), 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 Net Income, Adjusted Diluted Earnings Per Share, Adjusted Weighted Average Diluted Shares Outstanding, Adjusted Free Cash Flow, Adjusted Free Cash Flow Margin, Return on Invested Capital, Net CAPEX, Net Debt, and Net Debt to Adjusted EBITDA ratio. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, financial measures calculated in accordance with GAAP. Other companies may calculate these 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 financial measures used in this presentation (except as explained below), see “Reconciliation of Non- GAAP Financial Measures" included in this presentation. Information regarding the most directly comparable GAAP financial measures and reconciling forward- looking Adjusted EBITDA and Net CAPEX to those GAAP financial measures is unavailable to the Company without unreasonable effort. We cannot provide the most comparable GAAP financial measures nor reconciliations of forward-looking Adjusted EBITDA and Net CAPEX to the most directly comparable GAAP 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 outlooks for Adjusted EBITDA and Net CAPEX that we believe will be achieved, we cannot accurately predict all the components of the Adjusted EBITDA and Net CAPEX calculations. The Company provides Adjusted EBITDA and Net CAPEX guidance because we believe that Adjusted EBITDA and Net CAPEX, when viewed with our results under GAAP, provides useful information for the reasons noted below.
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TABLE OF CONTENTS 3 Q2 2026 Financial Review Q2 2026 Operating Results WillScot Business Overview 04 11 15 Appendix 31
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Revenue $M REVENUE, NET INCOME, AND ADJUSTED EBITDA IN Q2 2026 Total revenues up 4%, Net Income down 2% Y/Y, and Adjusted EBITDA down 8% Leasing and services revenue increased 6% Y/Y, driven by 25% growth of delivery and installation revenue, due to large project and event activity Leasing revenue increased 2% Y/Y, driven by growth in average monthly rental rates more than offsetting lower units on rent Adjusted EBITDA of $228M exceeded outlook for Q2 2026 Adjusted EBITDA margins compressed 510 bps Y/Y, driven primarily by investments to drive a 16% increase in modular unit activations and sequential units-on-rent growth 374 405 433 461 451 523 578 591 565 582 605 612 587 605 601 603 560 589 567 566 549 612 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 Q4 25 Q1 26 Q2 26 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 (“D&I”) 443 450 108 136 38 27 589 612 - 100 200 300 400 500 600 700 Q2 2025 Q2 2026 249 228 42.3% 37.2% Q2 2025 Q2 2026 Adjusted EBITDA1 $M New and Rental Unit Sales Adjusted EBITDA Margin %1 Adjusted EBITDA1 1 See appendix for definitions and non-GAAP reconciliations. 4
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(15) (13) (10) 251 244 257 80 73 75 100 97 103 27 25 25 (25) - 25 50 75 100 125 150 175 200 225 250 275 300 325 350 375 400 425 450 475 500 525 550 575 600 625 650 675 700 Q2 2025 Q1 2026 Q2 2026 443 426 450 458 439 460 LEASING REVENUE PRODUCT PERFORMANCE IN Q2 2026 5 Leasing revenue continuing to stabilize, consistent with our outlook for the year Modular space leasing revenues inflected positively 2% Y/Y with three consecutive quarters of activation growth and a solid pending order book heading into 2H26 Portable storage leasing revenues impacted by lower container volumes, partially offset by increases in climate-controlled storage units Value-added products and services (“VAPS”) revenue grew sequentially and up 3% Y/Y Excluding leasing revenue from a significant event across North America, combined leasing revenue of modular, storage and VAPS was essentially flat Y/Y in Q2 with positive trends moving towards lease revenue inflection in 2H26 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
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209 176 (2) 179 207 205 191 159 191 162 Q1 Q2 Q3 Q4 2024 2025 2026 130 122 91 116 55 22% 22% 16% 21% 9% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adj. FCF Adj. FCF Margin REINVESTING IN OUR FLEET TO SUPPORT COMMERCIAL DEMAND 6 Q2 2026 last-twelve-months (LTM) Adjusted Free Cash Flow of $384M reflects strong cash generation amid prioritizing demand driven reinvestment in portfolio Q2 Net CAPEX increased $39M Y/Y supporting investments in differentiated product lines to serve strength in large project demand Adjusted Free Cash Flow Margin was 9% in Q2, inclusive of >50% Y/Y increase in Net CAPEX Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin3 $M Net Cash Provided By Operating Activities1 $M Net CAPEX2 $M 65 55 59 55 62 75 69 67 89 114 Q1 Q2 Q3 Q4 2024 2025 2026 1 Net Cash Provided By Operating Activities excludes cash paid for terminated acquisitions, including a $180 million terminat ion fee and transaction related charges of $45 million incurred in 2024. 2 Commencing in Q1 2026, the definition of Net CAPEX excludes proceeds from the implementation of the Network Optimization Pl an and real estate exits prior to the approval of the Network Optimization Plan. Prior period amounts have not been recast as th e impact of this change is not material to previously reported results. See appendix for definitions and non-GAAP reconciliations. 3 Commencing in Q1 2026, the definition of Adjusted Free Cash Flow excludes payments for and proceeds from the implementation of the Network Optimization Plan and real estate exits prior to the approval of the Network Optimization Plan and payments for executive transition costs. Prior period amounts have not been recast as the impact of this change is not material to previou sly reported results. See appendix for definitions and non-GAAP reconciliations. 202 Excludes cash paid for transaction costs from terminated acquisitions 192
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25% 25% 5% 45% 339 51% 9 1% 51 8% 34 5% 228 35% Prioritize reinvestment in the business based on customer and project demand-driven criteria Progress to our target leverage range and return cash to shareholders via dividend and share repurchases Target leverage range is 2.5x – 3.25x driven largely by natural de-leveraging from growth into the midpoint of the range over 3 – 5 years $661M LTM Capital Allocated $M | % Capital Allocation Framework 2025 Investor Day % ~$5B1 CONSISTENT CASH FROM OPERATIONS SUPPORTS FLEXIBLE CAPITAL ALLOCATION 7 1 Capital Allocated represents cumulative Cash From Operations excluding cash paid for transaction costs from terminated acquis itions over the respective timeframes. For Capital Allocation Framework 2025 Investor Day, $5B is the cumulative Cash from Operations over the five-year period. 2 Commencing in Q1 2026, the definition of Net CAPEX excludes proceeds from the implementation of the Network Optimization P lan and real estate exits prior to the approval of the Network Optimization Plan. Prior period amounts have not been recast as the impact of this change is not material to previously reported results. See appendix for definitions and non -GAAP reconciliations. 3 Includes repurchases of stock of $34M including excise taxes paid for the LTM period. Net CAPEX2 Mergers and Acquisitions Return to Shareholders via Dividend Return to Shareholders 3 Repayment of Borrowings
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1,546 $500 $500 $500 $450 $1,406 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 8 Leverage at 3.7x LTM Adj. EBITDA of $932M $27M reduction in our total debt balance in the quarter ~$1.5B available liquidity in our ABL Facility Weighted average pre-tax interest rate is ~5.7% with annual cash interest of ~$201M as of June 30, 2026 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 90% / 10% fixed-to-floating Flexible long-term debt structure with no maturities until August 2028 Our Free Cash Flow, flexible covenant structure, and excess capacity in our ABL Facility gives us ample optionality to fund multiple capital allocation initiatives Liquidity and Debt Maturity Profile1 $M Leverage2 $M $3,687 $3,603 $3,574 $3,499 $3,477 $1,029 $1,006 $971 $953 $932 3.6x 3.6x 3.7x 3.7x 3.7x – 1,000 2,000 3,000 4,000 5,000 6,000 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net Debt LTM Adjusted EBITDA Leverage 4.625% 7.375% 1 Available borrowing capacity is reduced by $24.4 million of standby letters of credit outstanding under the US ABL Facility as of June 30, 2026. 2 Carrying value of debt is presented net of $32.6 million of debt discount and issuance costs as of June 30, 2026 that will be amortized and included as part of interest expense over the remaining contractual terms of those debt instruments. See appendix for definitions and non- GAAP reconciliations. 6.625% 6.625%
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2026 FINANCIAL OUTLOOK RAISED ON CONTINUED IMPROVING COMMERCIAL DEMAND 9 1 See appendix for definitions and non-GAAP reconciliations. Commencing in Q1 2026, the definition of Net CAPEX excludes proceeds from the implementation of the Network Optimization Plan and real estate exits prior to approval of the Network Optimization Plan. Pri or period amounts have not been recast as the impact of this change is not material to previously reported results. Revenue and Adjusted EBITDA outlooks increased based on first half 2026 results and momentum in commercial demand that we expect to support continued improving year-over-year leasing revenue trends through the rest of 2026 Net CAPEX outlook reflects increased investments in higher value product categories to serve large projects that we expect to activate in the second half of the year and into early 2027 $M 2025 Initial 2026 Outlook Increased 2026 Outlook Revenue $2,281 $2,175 $2,300 Adjusted EBITDA1 $971 $900 $920 Net CAPEX1 $273 $275 $375
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TABLE OF CONTENTS 10 Q2 2026 Financial Review Q2 2026 Operating Results WillScot Business Overview 04 11 15 Appendix 31
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131.0 124.7 122.7 124.5110.2 107.5 105.8 103.598.3 100.3 Q1 Q2 Q3 Q4 OUR PORTFOLIO OF UNITS ON RENT IS UNDERPINNED BY 3-YEAR LEASE DURATION 11 0.5% Y/Y decline in average modular units on rent in Q2 2026 but a 2.4% sequential increase split approximately evenly between a large event and underlying large project activity across industrial, manufacturing, energy, and events sectors Modular activations increased Y/Y for the third consecutive quarter in Q2 2026 7% Y/Y decline in average portable storage units on rent, driven by lower local market project activity more than offsetting growth from Enterprise customers Climate-controlled activations and units on rent increased both Y/Y and sequentially from organic growth efforts, providing some stability in the portable storage portfolio Average Modular Space Units on Rent 1 in thousands Average Portable Storage Units on Rent1 in thousands 95.8 95.7 94.9 92.790.5 90.3 89.4 88.287.7 89.8 Q1 Q2 Q3 Q4 2024 2025 2026 2024 2025 2026 1 In 2024, we reclassified approximately 2,000 units that were previously included in our modular space units on rent into porta ble storage units on rent as these units are generally used in a dry storage application. Additionally, based on our product realignment, we have conformed our VAPS presenta tion to include all VAPS not specific to portable storage orders as modular space VAPS and recalculated Average Monthly Rental Rates. This treatment is consistent wit h prior treatment in our previous Modular Segment. All historical product operating KPIs have been recast to be presented on a comparable basis for all periods.
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1,149 1,176 1,199 1,215 1,206 1,237 1,254 1,271 1,240 1,272 Q1 Q2 Q3 Q4 262 263 265 281267 282 290 306284 287 Q1 Q2 Q3 Q4 OUR CONSISTENT RENTAL RATE PERFORMANCE REFLECTS OUR DIFFERENTIATED VALUE PROPOSITION 12 Modular space unit average monthly rental rate increased 3% Y/Y to $1,272 in Q2 2026 ~10% Modular average monthly rental rate CAGR, inclusive of VAPS, since 2022 Portable storage unit average monthly rental rate increased 2% Y/Y to $287 in Q2 2026, driven by mix effects from climate- controlled units Steel container pricing remains stable, supported by VAPS growth ~14% Storage average monthly rental rate CAGR, inclusive of VAPS, since 2022 Portable Storage Unit Average Monthly Rental Rate 1 $/unit per month 2024 2025 2026 Modular Space Unit Average Monthly Rental Rate1 $/unit per month 2024 2025 2026 1 In 2024, we reclassified approximately 2,000 units that were previously included in our modular space units on rent into porta ble storage units on rent as these units are generally used in a dry storage application. Additionally, based on our product realignment, we have conformed our VAPS presenta tion to include all VAPS not specific to portable storage orders as modular space VAPS and recalculated Average Monthly Rental Rates. This treatment is consistent wit h prior treatment in our previous Modular Segment. All historical product operating KPIs have been recast to be presented on a comparable basis for all periods.
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VAPS PORTFOLIO IS A VALUE DIFFERENTIATOR AND AN EXAMPLE OF INNOVATION SUPPORTING GROWTH 13 VAPS revenue increased 3% Y/Y to $103M, representing 17.5% of total revenue on an LTM basis Targeting VAPS to comprise 20% - 25% of total revenue in 3 - 5 years Opportunities include increased penetration, rate optimization, and selective new products across the entire modular and storage portfolios 15.7% 15.9% 16.0% 16.6% 16.8% 16.5% 16.4% 16.6% 16.7% 16.8% 17.2% 17.0% 17.7% 17.8% 17.7% 16.9% 15.9% 15.9% 16.0% 16.1% 16.3% 16.5% 16.5% 16.5% 16.5% 16.6% 16.8% 16.9% 17.2% 17.4% 17.5% 17.5% Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 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 14 Q2 2026 Financial Review Q2 2026 Operating Results WillScot Business Overview 04 11 15 Appendix 31
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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’s¹ Thinking BIG & staying cold Fully-integrated, primed for growth 2015 2016 2018 2019 2020 2021 2022 2024 2025+ A DECADE OF TRANSFORMATION AND GROWTH 1 Blast resistant modular buildings
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THE CONTINUOUS EVOLUTION OF TURNKEY SPACES 16 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 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 Adjusted Free Cash Flow and Return on Invested Capital 1 $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 (metropolitan statistical area) with the ability to serve any zip code in North America~240 Discrete customer segments with ability to reposition for shifting sector demand15 Acquired enterprise value through ~40 transactions all integrated seamlessly to compound organic levers since going public near the end of 2017>$1B LTM Adjusted EBITDA Margin1 through Q2 202641% Return on Invested Capital1 over LTM as compared to the target range of 15%-20%14% Focused on driving LTM Adjusted FCF Margin1 to target operating range of 20%-30%17% Expected to grow Adj. LTM FCF per share to target range of $4.00-$6.00 within 3-5 years2$2.12 Unlevered IRRs³ on new fleet investments Useful lives of Modular and Storage Assets >25% 20-30 yrs 8 ~500 bps Identified and actioned Adjusted EBITDA Margin1 expansion opportunities Target Adjusted EBITDA Margin1 operating range in 3-5 years45%–50% 1 See appendix for definitions and non-GAAP reconciliations. Commencing in Q1 2026, the definition of Adjusted Free Cash Flow excludes payments for and proceeds from the implementation of the Network Optimization Plan and real estate exits prior to the approval of the Network Optimization Plan and payments for executive transition costs. Prior period amounts have not been recast as the impact of this change is not material to previously reported results. 2 Calculated using Adjusted Free Cash Flow1 over the last 12 months and common shares outstanding of 181,055,275 shares as of June 30, 2026. 3 Internal rate of return 17
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2,396 3,000 1,063 1,500 554 700 44% 50% 2024 3-5 years Performance Metric % | $M 3 – 5 Year Operating Ranges (‘25 Investor Day) LTM as of Q2 2026 Revenue CAGR1 5 - 10% (3)% Adjusted EBITDA Margin2 45 - 50% 40.6% Return On Invested Capital2 15 - 20% 14.3% Net Debt / Adjusted EBITDA2 2.5x - 3.25x 3.7x Adjusted Free Cash Flow2 $700 - $900 $384 Adjusted Free Cash Flow Margin2 20 - 30% 16.8% Adjusted Free Cash Flow Per Share2,3 $4.00 - $6.00 $2.12Revenue Adjusted EBITDA2 Adjusted Free Cash Flow2 Adjusted EBITDA Margin2 18 OUR NEXT GROWTH MILESTONES: $3B REVENUE, $1.5B ADJUSTED EBITDA, $700M ADJUSTED FREE CASH FLOW 1 Revenue CAGR for Q2 2026A LTM is relative to Q2 2025A LTM 2 Commencing in Q1 2026, the definition of Adjusted Free Cash Flow excludes payments for and proceeds from the implementation of the Network Optimization Plan and real estate exits prior to the approval of the Network Optimization Plan and payments for executive transition costs. Prior period amounts have not been recast as the impact of this change is not material to previou sly reported results. See appendix for definitions and non-GAAP reconciliations. 3.Adjusted Free Cash Flow Per Share calculated using Adjusted Free Cash Flow over the last 12 months and common shares outstandi ng of 181,055,275 shares as of June 30, 2026. 18
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RECENT EXAMPLES OF COST-EFFECTIVE, TURNKEY TEMPORARY SPACE SOLUTIONS 19 A Quick-Connect Canopy in Las Vegas ensures all contents are protected from inclement weather conditions WillScot flex units with viewing decks at the Indy 500 Modular complexes expand an aviation passenger lounge in Hawaii Climate controlled storage units support onsite food storage at a casino in Sacramento WillScot expands its perimeter solutions at a retail store renovation Modular complexes reinforce a data center mega project in Wisconsin
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OUR SCALE IS A KEY COMPETITIVE ADVANTAGE AND A VALUE DRIVER FOR OUR CUSTOMERS 20 We leverage our scale to win locally ~107M square feet of turnkey space relocatable anywhere in North America Sophisticated commercial and operational technology platform ~4,900 experts safely work ~10M hours annually >1,000 trucks operating safely to drive ~90k miles daily ~305K 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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21 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 22 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 sustainability goals by reducing material usage, emissions, and costs. We have implemented circular economy practices for decades. Our space solutions, accompanied by VAPS, are designed to be reused, relocated, reconfigured, and refurbished. Circular by design, our lease-and-renew business model helps our customers achieve their sustainability goals by reducing material and labor usage, emissions, and costs.
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LEASE DURATION MITIGATES REVENUE VOLATILITY THROUGH CYCLES 23 Leasing Revenue LTM GDP¹ Non-residential construction square foot starts¹ $1.7B Lease Revenue2 $1.0B Lease Revenue2 Increase of ~74% 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 Storage and Tank & Pump segments 3 See appendix for definitions and non-GAAP reconciliations. Commencing in Q1 2026, the definition of Net CAPEX excludes proceeds from the implementation of the Network Optimization Plan and real estate exits prior to approval of the Network Optimization Plan. Prior period amounts have not been recast as the impact of this change is not material to previously reported results. 2019 2021 2022 2023 2024 Acquire ModSpace and build modular fleet while increasing VAPS penetration across portfolio Add portable storage fleet through Mobile Mini acquisition; flex Net CAPEX3 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 2025 2026 Commercial alignment and execution drive lease revenue stabilization
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24 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 NPI¹ & NPD² Strategic Portfolio Management + Adjacency VAPS Pragmatic Innovation + WillScot Owned VAPS (1st to Market) VAPS 5% OUR TURNKEY VAPS SOLUTIONS DRIVE PREDICTABLE MULTI-YEAR GROWTH AND TRACK RECORD OF INNOVATION ~80% gross margin and 12-month cash-on-cash return $3.00B 1 New Product Introduction 2 New Product Development
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0.57 0.59 0.55 0.65 0.75 0.67 0.59 0.57 0.54 0.62 0.68 0.56 0.67 0.85 0.65 0.64 0.63 0.63 1.19 1.27 1.11 1.32 1.60 1.32 1.23 1.20 1.18 2018 2019 2020 2021 2022 2023 2024 2025 2026 Non-Residential Square Foot Starts2 Values in Billions WE SERVE DIVERSE CUSTOMER SEGMENTS AND CAN REPOSITION WITHIN THEM 25 Revenue By Customer Segment1 Customer Segment Outlook Continued multi-year demand from data centers and power generation projects; strategic onshoring and infrastructure demand provide tailwinds for manufacturing, industrial, education, and event-driven projects over a prolonged period Q2 2026 non-residential construction square foot starts down 6% Y/Y; 2025 tax legislation and interest rate reductions have the potential to spur higher non-residential construction activity in future periods Arts, Media, Hotels, Entertainment – 5% Construction & Infrastructure Commercial / Industrial Government / Institutions Energy & Natural Resources Engineering & Architecture – 2% Home Builders & Developers – 11% Non-Residential & GCs³ – 16% Agriculture, Forestry, Fishing – 1% Professional Services – 14% Retail & Wholesale Trade – 13% Energy & Natural Resources – 5% Education – 4% Subcontractors – 10% Manufacturing – 9% Government – 3% Healthcare – 1% 1 Based on Q2 2026 2 Q3-Q4 2026 uses Dodge forecasted square foot starts 3 General contractors Highway & Heavy Construction – 4% Other – 1% H1 Actuals Remaining YTD Actuals / 2026 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 26 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 rate 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 bel ieve these examples are representative of life- 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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Customer Satisfaction Revenue Margins ROIC WE HAVE A MULTIYEAR PLAN TO IMPROVE BUSINESS PROCESSES AND EFFICIENCY 27 Field Focus Dispatch and route optimization Work order production Network optimization plan Leveraging scale to deliver operational excellence through cost-efficient and optimized practices, supported by in-house logistics and service capabilities that enhance customer experience and optimize capital use Initiatives to unlock further customer and operational value Central Focus Order-to-cash optimization Global capabilities center Digital customer experience Enhancing back-office processes to strengthen billing and capital efficiency, while expanding new customer service channels that create additional opportunities to leverage scale for added productivity Continue to lead industry with integrated solutions, superior service model, and market-leading operational scale
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11.7% 15.4% 17.7% 16.7% 14.8% 14.3% 0% 5% 10% 15% 20% - 500 1,000 1,500 2,000 2,500 3,000 3,500 2021 2022 2023 2024 2025 Q2 2026 LTM Average Invested Capital Adjusted Earnings Before Interest and Amortization Return On Invested Capital WE GENERATE OUTSTANDING RETURNS ON CAPITAL THROUGH BUSINESS CYCLES 281 See appendix for definitions and non-GAAP reconciliations. Return on Invested Capital1 $M | % 3 to 5-year targeted ROIC operating range
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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 29 We have multiple pathways to achieve a 5-10% annual revenue growth rate and maintain 20-30% Adjusted Free Cash Flow Margins1 and 15-20% Return on Invested Capital1 29 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 three-year lease duration Substantial operating leverage driven through technology investments for incremental productivity, ~50% variable cost structure, and scalable branch network 1 See appendix for definitions and non-GAAP reconciliations. Commencing in Q1 2026, the definition of Adjusted Free Cash Flow excludes payments for and proceeds from the implementation of the Network Optimization Plan and real estate exits prior to the approval of the Netw ork Optimization Plan and payments for executive transition costs. Prior period amounts have not been recast as the impact of this change is not material to previously reported results.
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TABLE OF CONTENTS 30 Q2 2026 Financial Review Q2 2026 Operating Results WillScot Business Overview 04 11 15 Appendix 31
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31 APPENDIX
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SUMMARY P&L, BALANCE SHEET AND CASH FLOW ITEMS 32 Key Profit & Loss Items (in thousands) Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Leasing and Services Leasing $449,684 $442,916 $875,206 $877,306 Delivery and Installation 135,844 108,452 235,366 197,113 Sales New Units 14,587 21,620 23,581 44,057 Rental Units 12,036 16,095 26,626 30,158 Total Revenues $612,151 $589,083 $1,160,779 $1,148,634 Gross Profit $306,264 $296,070 $591,939 $596,436 Adjusted EBITDA1 $227,884 $248,913 $438,898 $477,698 Key Cash Flow Items Net CAPEX1 $113,747 $74,984 $203,093 $136,816 Rental Equipment, Net2 $3,138,907 $3,424,524 $3,138,907 $3,424,524 1 See reconciliation of non-GAAP measures for definitions and reconciliations. Commending in Q1 2026, the definition of Net CAPE X excludes proceeds from the implementation of the Network Optimization Plan and real estate exits prior to approval of the Network Optimization Pla n. Prior period amounts have not been recast as the impact of this change is not material to previously reported results. 2 Reflects the Net Book Value of lease fleet and VAPS.
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CONSOLIDATED QUARTERLY PERFORMANCE 33 Modular Space Average Units on Rent and Utilization1,2 Portable Storage Average Units on Rent and Utilization1,2 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% 51.5% 55.9% 57.3% 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 Q4 25 Q1 26 Q2 26 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 porta ble storage units on rent as these units are generally used in a dry storage application. Additionally, based on our product realignment, we have conformed our VAPS presenta tion to include all VAPS not specific to portable storage orders as modular space VAPS and recalculated Average Monthly Rental Rates. This treatment is consistent wit h prior treatment in our previous Modular Segment. All historical product operating key performance indicators have been recast to be presented on a comparable basis f or 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 res ult, product operating KPI metrics for 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). 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% 60.9% 68.0% 69.2% 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 Q4 25 Q1 26 Q2 26 Units on Rent Utilization (%)
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CONSOLIDATED QUARTERLY PERFORMANCE2 34 (in thousands, except for units on rent and monthly rental rate) Q1 Q2 Q3 Q4 TOTAL Revenue $548,628 $612,151 $1,160,779 Gross profit $285,675 $306,264 $591,939 VAPS percentage of revenue 17.7% 16.9% 17.5% Adjusted EBITDA1 $211,014 $227,884 $438,898 Net CAPEX1 $89,346 $113,747 $203,093 Average modular space units on rent 87,692 89,835 88,784 Average modular space utilization rate 68.0% 69.2% 68.6% Average modular space monthly rental rate $1,240 $1,272 $1,256 Average portable storage units on rent 98,316 100,270 99,318 Average portable storage utilization rate 55.9% 57.3% 56.6% Average portable storage monthly rental rate $284 $287 $285 Quarterly Results for the year ended December 31, 2026: (in thousands, except for units on rent and monthly rental rate) Q1 Q2 Q3 Q4 TOTAL Revenue $559,551 $589,083 $566,841 $565,971 $2,281,446 Gross profit $300,366 $296,070 $281,618 $285,532 $1,163,586 VAPS percentage of revenue 17.2% 17.0% 17.7% 17.8% 17.4% Adjusted EBITDA1 $228,785 $ 248,913 $243,307 $250,034 $971,039 Net CAPEX1 $61,832 $74,984 $68,939 $67,449 $273,204 Average modular space units on rent 90,548 90,285 89,390 88,235 89,548 Average modular space utilization rate 59.3% 59.6% 59.3% 60.9% 59.9% Average modular space monthly rental rate $1,206 $1,237 $1,254 $1,271 $1,243 Average portable storage units on rent 110,175 107,514 105,792 103,498 106,784 Average portable storage utilization rate 52.6% 50.8% 50.3% 51.5% 51.5% Average portable storage monthly rental rate $267 $282 $290 $306 $286 Quarterly Results for the year ended December 31, 2025: 1 See reconciliation of non-GAAP measures for definitions and reconciliations. Commencing in Q1 2026, the definition of Net CAPE X excludes proceeds from the implementation of the Network Optimization Plan and real estate exits prior to the approval of t he Network Optimization Plan. Prior period amounts have not been recast as the impact of this change is not material to previous ly reported results. 2 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 product realignment, we have conformed our VAPS presentation to include all VAPS not specific to portable storage orders as modular s pace VAPS and recalculated Average Monthly Rental Rates. This treatment is consistent with prior treatment in our previous Modular Segment. All historical product operating KPIs have been recast to be presented on a comparable basis for all periods .
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We define EBITDA as net income plus net interest (income) expense, income tax expense (benefit), depreciation and amortization. Our adjusted EBITDA (“Adjusted EBITDA”) reflects the following further adjustments to EBITDA to exclude certain non-cash items and the effect of what we consider transactions or events not related to our core business operations: currency (gains) losses, net on monetary assets and liabilities denominated in foreign currencies other than the subsidiaries’ functional currency; restructuring costs, lease impairment expense, and other related charges associated with restructuring plans designed to streamline operations and reduce costs including employee and lease termination costs; goodwill and other impairment charges related to non-cash costs associated with impairment charges to goodwill, other intangibles, rental fleet and property, plant and equipment; costs to integrate acquired companies, including outside professional fees, non-capitalized costs associated with system integrations, non-lease branch and fleet relocation expenses, employee relocation and training costs, and other costs required to realize cost or revenue synergies; transaction costs including legal and professional fees and other transaction specific related costs; non-cash charges for stock compensation plans; other expense, including consulting expenses related to certain one-time projects, financing costs not classified as interest expense, gains and losses on disposals of property, plant, and equipment, unrealized gains and losses on investments, costs to implement the Company's real estate exits prior to the approval of the Network Optimization Plan, and non-equity executive transition costs. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by revenue. We evaluate business performance utilizing Adjusted EBITDA and Adjusted EBITDA Margin as shown in the reconciliations below. We believe that evaluating performance excluding such items noted above is meaningful because it provides insight with respect to the intrinsic and ongoing operating results of the Company and captures the business performance, inclusive of indirect costs. We believe 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 results 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; (iii) may, subject to certain limitations, enable investors to compare the performance of the Company to its competitors; (iv) provide additional tools for investors to use in evaluating ongoing operating results and trends; and (v) align with definitions in our ABL Facility. The following table provides reconciliations of net income to Adjusted EBITDA: RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN 35 (in thousands) Q1 Q2 Q3 Q4 TOTAL Net income $28,123 $46,973 $75,096 Income tax expense 14,933 17,042 31,975 Interest expense, net 53,607 53,479 107,086 Depreciation and amortization 92,431 95,259 187,690 Currency losses, net 171 246 417 Restructuring costs, lease impairment expense and other related charges1 11,273 5,482 16,755 Integration and transaction costs 66 13 79 Stock compensation expense 7,107 7,895 15,002 Other 3,303 1,495 4,798 Adjusted EBITDA $211,014 $227,884 $438,898 Quarterly Adjusted EBITDA for the year ended December 31, 2026: 1 Restructuring costs associated with the Network Optimization Plan.
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA 36 (in thousands) Q1 Q2 Q3 Q4 TOTAL Net income $43,055 $47,939 $43,332 $(187,316) $(52,990) Income tax expense (benefit) 17,910 19,984 17,008 (57,333) (2,431) Interest expense, net 58,469 58,977 58,466 55,599 231,511 Loss on extinguishment of debt — — — 5,364 5,364 Depreciation and amortization 97,092 112,632 108,058 112,239 430,021 Currency losses (gains), net 223 (79) 100 (34) 210 Restructuring costs, lease impairment expense and other related charges1 702 205 (21) 301,918 302,804 Integration and transaction costs 261 1,151 1,149 182 3,103 Stock compensation expense 8,341 8,373 9,964 11,748 38,426 Other 2,732 (629) 5,251 7,667 15,021 Adjusted EBITDA $228,785 $248,913 $243,307 $250,034 $971,039 Quarterly Adjusted EBITDA for the year ended December 31, 2025: 1 Restructuring costs in Q4 2025 associated with the Network Optimization Plan.
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1 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. 2 For the year ended 12/31/24, other includes $42.4 million in legal and professional fees related to the terminated McGrath tra nsaction. RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA 37 (in thousands) Q1 Q2 Q3 Q4 TOTAL Net Income $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 charges 746 6,183 2,478 28 9,435 Termination fee — — 180,000 — 180,000 Impairment loss on intangible asset1 — 132,540 — — 132,540 Impairment loss on long-lived asset — — — 374 374 Integration and transaction costs 2,877 3,106 1,692 497 8,172 Stock compensation expense 9,099 9,614 9,534 7,719 35,966 Other2 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:
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN 38 (in thousands) Three Months Ended June 30 2026 2025 Adjusted EBITDA (A) $227,884 $248,913 Revenue (B) $612,151 $589,083 Adjusted EBITDA Margin (A/B) 37.2% 42.3% Gross Profit (C) $306,264 $296,070 Gross Profit Margin (C/B) 50.0% 50.3% (in thousands) 2024 Adjusted EBITDA (A) $1,063,160 Revenue (B) $2,395,718 Adjusted EBITDA Margin (A/B) 44.4% Gross Profit (C) $1,301,839 Gross Profit Margin (C/B) 54.3%
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN 39See additional pages in Appendix for definitions and Non-GAAP reconciliations (in thousands) Q2 2026 LTM Adjusted EBITDA (A) $932,239 Revenue (B) $2,293,591 Adjusted EBITDA Margin (A/B) 40.6% Gross Profit (C) $1,159,089 Gross Profit Margin (C/B) 50.5% (in thousands) Q2 2025 LTM Adjusted EBITDA (A) $1,029,273 Revenue (B) $2,352,581 Adjusted EBITDA Margin (A/B) 43.8% Gross Profit (C) $1,254,269 Gross Profit Margin (C/B) 53.3%
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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 Net Debt to Adjusted EBITDA ratio provides useful information to management and investors in evaluating our borrowing capacity and allocation strategies. The following table provides a reconciliation of Net Debt to Adjusted EBITDA ratio: (in thousands) June 30, 2025 September 30, 2025 December 31, 2025 March 31, 2026 June 30, 2026 Long-term debt $3,672,856 $3,590,015 $3,557,074 $3,482,297 $3,461,831 Current portion of long-term debt 26,928 27,437 31,094 31,934 33,469 Total debt 3,699,784 3,617,452 3,588,168 3,514,231 3,495,300 Cash and cash equivalents 12,850 14,757 14,587 15,543 18,167 Net debt (A) $3,686,934 $3,602,695 $3,573,581 $3,498,688 $3,477,133 Adjusted EBITDA from the three months ended September 30, 2024 266,863 Adjusted EBITDA from the three months ended December 31, 2024 284,712 284,712 Adjusted EBITDA from the three months ended March 31, 2025 228,785 228,785 228,785 Adjusted EBITDA from the three months ended June 30, 2025 248,913 248,913 248,913 248,913 Adjusted EBITDA from the three months ended September 30, 2025 243,307 243,307 243,307 243,307 Adjusted EBITDA from the three months ended December 31, 2025 250,034 250,034 250,034 Adjusted EBITDA from the three months ended March 31, 2026 211,014 211,014 Adjusted EBITDA from the three months ended June 30, 2026 227,884 Adjusted EBITDA from the last twelve months (B) $1,029,273 $1,005,717 $971,039 $953,268 $932,239 Net Debt to Adjusted EBITDA ratio (A/B) 3.6 3.6 3.7 3.7 3.7
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(in thousands) Q1 Q2 Q3 Q4 TOTAL Purchase of rental equipment and refurbishments $(101,940) $(122,034) $(223,974) Proceeds from sale of rental equipment 19,278 14,155 33,433 Less: Proceeds from sale of rental equipment for Network Optimization Plan (4,467) (2,388) (6,805) Less: Proceeds from sale of rental equipment for real estate exits prior to approval for the Network Optimization Plan (213) (89) (302) Net CAPEX for Rental Equipment (87,342) (110,306) (197,648) Purchase of property, plant and equipment (3,629) (4,740) (8,369) Proceeds from sale of property, plant and equipment 1,625 1,299 2,924 Net CAPEX $(89,346) $(113,747) $(203,093) RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX 41 We define Net CAPEX as purchases of rental equipment and refurbishments and purchases of property, plant and equipment, less proceeds from the sale of rental equipment (commencing in Q1 2026, Net CAPEX excludes proceeds from the implementation of the Network Optimization Plan and real estate exits prior to the approval of the Network Optimization Plan) and proceeds from the sale of property, plant and equipment, which are all included in cash flows from investing activities. Prior period amounts have not been recast to reflect the change in definition as the impact is not material to previously reported results. 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: Quarterly Net CAPEX for the year ended December 31, 2026:
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(in thousands) Q1 Q2 Q3 Q4 TOTAL Purchase of rental equipment and refurbishments $(72,552) $(85,269) $(81,018) $(78,846) $(317,685) Proceeds from sale of rental equipment 14,063 16,269 15,713 19,823 65,868 Net CAPEX for Rental Equipment (58,489) (69,000) (65,305) (59,023) (251,817) Purchase of property, plant and equipment (4,634) (6,286) (4,244) (9,167) (24,331) Proceeds from sale of property, plant and equipment 1,291 302 610 741 2,944 Net CAPEX $(61,832) $(74,984) $(68,939) $(67,449) $(273,204) RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX 42 Quarterly Net CAPEX for the year ended December 31, 2025:
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(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) RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX 43 Quarterly Net CAPEX for the year ended December 31, 2024:
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RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN 44 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; and, commencing in Q1 2026, excludes payments for and proceeds from the implementation of the Network Optimization Plan and real estate exits prior to the approval of the Network Optimization Plan and payments for executive transition costs. Prior period amounts have not been recast to reflect the change in definition as the impact is not material to previously reported results. Adjusted Free Cash Flow Margin is defined as Adjusted Free Cash Flow divided by Revenue. The Company believes that the presentation of Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin provide useful additional information concerning cash flow available to fund our capital allocation alternatives and allow investors to compare cash generation per formance over various reporting periods and against peers. The following table provides reconciliations of net cash provided by operating activities to Adjusted Free Cash Flow and Adju sted Free Cash Flow Margin: (in thousands) Three Months Ended June 30 Six Months Ended June 30 2026 2025 2026 2025 Net cash provided by operating activities (A) $162,264 $205,311 $353,322 $411,938 Purchase of rental equipment and refurbishments (122,034) (85,269) (223,974) (157,821) Proceeds from sale of rental equipment 14,155 16,269 33,433 30,332 Purchase of property, plant and equipment (4,740) (6,286) (8,369) (10,920) Proceeds from the sale of property, plant and equipment 1,299 302 2,924 1,593 Cash paid to implement Network Optimization Plan 6,057 — 14,852 — Proceeds from sale of rental equipment for Network Optimization Plan (2,338) — (6,805) — Cash paid to implement real estate exit initiatives prior to approval of the Network Optimization Plan 140 — 919 — Proceeds from sale of rental equipment for real estate exit initiatives prior to approval of the Network Optimization Plan (89) — (302) — Cash paid for executive transition costs 372 — 4,642 — Adjusted Free Cash Flow (B) $55,086 $130,327 $170,642 $275,122 Revenue (C) $612,151 $589,083 $1,160,779 $1,148,634 Net cash provided by operating activities margin (A/C) 26.5% 34.9% 30.4% 35.9% Adjusted Free Cash Flow Margin (B/C) 9.0% 22.1% 14.7% 24.0%
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45 RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN Last Twelve Months Adjusted Free Cash Flow for the quarter ended June 30, 2026 (in thousands) Q2 2026 Q1 2026 Q4 2025 Q3 2025 Total Net cash provided by operating activities (A) $162,264 $191,058 $158,896 $191,151 $703,369 Purchase of rental equipment and refurbishments (122,034) (101,940) (78,846) (81,018) (383,838) Proceeds from sale of rental equipment 14,155 19,278 19,823 15,713 68,969 Purchase of property, plant and equipment (4,740) (3,629) (9,167) (4,244) (21,780) Proceeds from the sale of property, plant and equipment 1,299 1,625 741 610 4,275 Cash paid to implement Network Optimization Plan 6,057 8,795 — — 14,852 Proceeds from sale of rental equipment for Network Optimization Plan (2,338) (4,467) — — (6,805) Cash paid to implement real estate exit initiatives prior to approval of the Network Optimization Plan 140 779 — — 919 Proceeds from sale of rental equipment for real estate exit initiatives prior to approval of the Network Optimization Plan (89) (213) — — (302) Cash paid for executive transition costs 372 4,270 — — 4,642 Adjusted Free Cash Flow (B) $55,086 $115,556 $91,447 $122,212 $384,301 Revenue (C) $612,151 $548,628 $565,971 $566,841 $2,293,591 Net cash provided by operating activities margin (A/C) 26.5% 34.8% 28.1% 33.7% 30.7% Adjusted Free Cash Flow Margin (B/C) 9.0% 21.1% 16.2% 21.6% 16.8%
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46 RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN Adjusted Free Cash Flow for the year ended December 31, 2024 (in thousands) Total Net cash provided by operating activities (A) $561,644 Purchase of rental equipment and refurbishments (280,857) Proceeds from sale of rental equipment 63,997 Purchase of property, plant and equipment (18,435) Proceeds from the sale of property, plant and equipment 1,867 Cash paid for termination fee 180,000 Cash paid for transaction costs from termination acquisitions 45,721 Adjusted Free Cash Flow (B) $553,937 Revenue (C) $2,395,718 Net cash provided by operating activities margin (A/C) 23.4% Adjusted Free Cash Flow Margin (A/C) 23.1%
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RECONCILIATION OF NON-GAAP MEASURES – RETURN ON INVESTED CAPITAL 47 (in thousands) 2021 2022 2023 2024 2025 Q2 2026 LTM Total Assets $5,773,599 $5,827,651 $6,137,915 $6,034,911 $5,816,167 $5,865,509 Goodwill (1,178,806) (1,069,573) (1,176,635) (1,201,353) (1,257,612) (1,256,689) Intangible assets, net (460,678) (425,539) (419,709) (251,164) (224,088) (203,186) Total Liabilities (3,776,836) (4,262,351) (4,876,665) (5,016,318) (4,959,913) (4,954,850) Long Term Debt 2,694,319 3,063,042 3,538,516 3,683,502 3,557,074 3,461,831 Net Assets, as defined above 3,051,598 3,133,230 3,203,422 3,249,578 2,931,628 2,912,615 Average Invested Capital (A) $2,893,471 $3,121,035 $3,124,064 $3,217,513 $3,141,814 3,017,528 Adjusted EBITDA $740,393 $956,576 $1,061,465 $1,063,160 $971,039 $932,239 Less: Depreciation (288,300) (314,531) (312,830) (346,467) (384,247) (364,378) Add: Depreciation expense related to real estate exits — — — — 40,666 21,192 Adjusted EBITA (B) $452,093 $642,045 $748,635 $716,693 $627,458 $589,053 Statutory Tax Rate (C) 25% 25% 26% 25% 26% 27% Estimated Tax (B*C) $113,023 $160,511 $194,645 $179,173 $163,139 $159,044 Adjusted earning before interest and amortization (D) $339,070 $481,534 $553,990 $537,520 $464,319 $430,009 Return on Invested Capital (D/A) 11.7% 15.4% 17.7% 16.7% 14.8% 14.3% 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. 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 related to real estate exits prior to initiating our Network Optimization Plan.
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RECONCILIATION OF NON-GAAP MEASURES – RETURN ON INVESTED CAPITAL INCLUDING GOODWILL AND INTANGIBLES 48 Return on Invested Capital Including Goodwill and Intangibles is defined as Net Operating Profit After Tax (“NOPAT”) divided by Average Invested Capital including Goodwill and Intangibles. Management believes that the presentation of Return on Invested Capital including Goodwill and Intangibles provides useful information regarding the long-term health and profitability of the business relative to the Company's cost of capital. We define NOPAT as Adjusted EBITDA (see reconciliation above) reduced by depreciation, amortization, and estimated taxes. We include estimated taxes at an estimated statutory tax rate, excluding discrete items, of 25%. Average Invested Capital including Goodwill and Intangibles is defined for purposes of the calculation as the sum of Total Shareholders’ Equity plus Total Debt, using a four quarter average for annual metrics and two quarter average for quarterly metrics. The following table provides reconciliations of Return on Invested Capital including Goodwill and Intangibles, which has been adjusted to reflect depreciation related to real estate exits prior to initiating our Network Optimization Plan for the periods presented below. (in thousands) Three Months Ended June 30 Last Twelve Months Ended June 20 2026 2025 2026 2025 Total Shareholders’ Equity $910,659 $1,034,595 $910,659 $1,034,595 Long-term debt 3,461,831 3,672,856 3,461,831 3,672,856 Current portion of long-term debt 33,469 26,928 33,469 26,928 Total Debt 3,495,300 3,699,784 3,495,300 3,699,784 Invested Capital including Goodwill and Intangibles 4,405,959 4,734,379 4,405,959 4,734,379 Average Invested Capital including Goodwill and Intangibles (A) $4,395,357 $4,683,998 $4,529,407 $4,692,278 Adjusted EBITDA $227,884 $248,913 $932,239 $1,029,273 Less: Amortization and Depreciation 95,259 112,632 407,987 408,122 Add: Depreciation expense related to real estate exits - 15,527 21,192 19,303 Adjusted EBIT (B) $132,625 $151,808 $545,444 $640,454 Statutory Tax Rate (C) 25% 25% 25% 25% Estimated Tax (B*C) $33,156 $37,952 $136,361 $160,114 NOPAT (D) $99,469 $113,856 $409,083 $480,341 Return on Invested Capital including Goodwill and Intangibles (D/A) 9.1% 9.7% 9.0% 10.2%
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