Willscot Holdings Corporation · NASDAQ:WSC
Willscot — Q1 2026 Earnings Presentation
49 slides from Willscot's earnings presentation, May 7, 2026
Slide 1: Quarterly Investor Presentation First Quarter 2026
QUARTERLY INVESTOR PRESENTATION FIRST QUARTER 2026 May 7, 2026
Slide 2: Safe Harbor
SAFE HARBOR Forward Looking Statements Non-GAAP Financial Measures This presentation contains forward-looking statements (including the guidance/outlook contained herein) within the This presentation includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, meaning of
Slide 3: Table of Contents
04 11 Q1 2026 Q1 2026 TABLE OF Financial Review Operating Results CONTENTS 15 31 WillScot Business Appendix Overview 3
Slide 4: Revenue and Adjusted EBITDA in Q1 2026
REVENUE AND ADJUSTED EBITDA IN Q1 2026 Revenue Adjusted EBITDA1 $M $M Total revenues and Adjusted EBITDA down 2% and 8% Y/Y, respectively 700 Leasing and services revenue inflected modestly 0.5% Y/Y, driven by 12% growth of delivery and installation revenue Leasing revenue decreased 2% Y/Y, dr
Slide 5: Leasing Revenue Product Performance
LEASING REVENUE PRODUCT PERFORMANCE Leasing Revenue $M 463 650 625 600 445 Leasing revenue continuing to stabilize, consistent with our 575 550 439 Total Leasing Revenue, excluding write-offs outlook for the year Modular space leasing revenues were down ~1% Y/Y, which combined 525 434 437 with t
Slide 6: Recurring Lease Revenues and Disciplined Capital Reinvestment Support Strong Free Cash Flow
RECURRING LEASE REVENUES AND DISCIPLINED CAPITAL REINVESTMENT SUPPORT STRONG FREE CASH FLOW Net Cash Provided By Operating Activities1 $M 209 207 191 205 192 176 202 191 Q1 2026 last-twelve-months Adjusted Free Cash Flow of $460M 159 demonstrates the resilience of our lease portfolio 179 Q1 Net
Slide 7: Consistent Cash from Operations Supports Balanced Capital Allocation
CONSISTENT CASH FROM OPERATIONS SUPPORTS BALANCED CAPITAL ALLOCATION Capital Allocation Framework $708M LTM Capital Allocated 2025 Investor Day $M | % % 135 25% 19% 296 45% 42% ~$5B1 85 12% 51 25% 7% 5% 142 20% Net Capex Mergers and Acquisitions Return to Shareholders via Dividend Return to Sharehol
Slide 8: Appropriate Leverage and Flexible Long-Term Debt Structure
WE MAINTAIN APPROPRIATE LEVERAGE AND A FLEXIBLE LONG- TERM DEBT STRUCTURE WITH NO NEAR TERM MATURITIES Liquidity and Debt Maturity Profile1 $M Leverage at 3.7x last-twelve-months Adj. EBITDA of $953M $1,432 $76M reduction in our total debt balance in the quarter $1,450 ~$1.5B available liquidi
Slide 9: 2026 Financial Outlook Raised on Continued Improving Commercial Demand
2026 FINANCIAL OUTLOOK RAISED ON CONTINUED IMPROVING COMMERCIAL DEMAND Initial 2026 Increased 2026 $M 2025 Outlook Outlook Revenue $2,281 $2,175 $2,250 Adjusted $971 $900 $915 EBITDA1 Net CAPEX1 $273 $275 $325 Revenue and Adjusted EBITDA outlooks increased based on first quarter 2026 results and i
Slide 10: Table of Contents
04 11 Q1 2026 Q1 2026 TABLE OF Financial Review Operating Results CONTENTS 15 31 WillScot Business Appendix Overview 10
Slide 11: Portfolio of Units on Rent Underpinned by 3-Year Lease Duration
OUR PORTFOLIO OF UNITS ON RENT IS UNDERPINNED BY 3-YEAR LEASE DURATION Average Modular Space Units on Rent1 in thousands 95.8 90.5 87.7 95.7 90.3 94.9 89.4 92.7 88.2 3% Y/Y decline in average modular units on rent, demand remains more resilient in industrial and manufacturing, while commercial off
Slide 12: Consistent Rental Rate Performance Reflects Differentiated Value Proposition
OUR CONSISTENT RENTAL RATE PERFORMANCE REFLECTS OUR DIFFERENTIATED VALUE PROPOSITION Modular Space Unit Average Monthly Rental Rate1 $/unit per month 1,240 1,254 1,271 1,237 1,206 1,199 1,215 Modular space unit average monthly rental rate increased 1,176 1,149 3% Y/Y to $1,240 in Q1 2026 ~10% Mo
Slide 13: VAPS Portfolio Is a Value Differentiator
VAPS PORTFOLIO IS A VALUE DIFFERENTIATOR AND AN EXAMPLE OF INNOVATION SUPPORTING GROWTH VAPS Revenue VAPS % of Revenue LTM VAPS % of Revenue % of total revenue CRM harmonization 20% - 25% 16.8% 16.9% 17.2% 17.4% 17.5% 15.9% 15.9% 16.0% 16.1% 16.3% 16.5% 16.5% 16.5% 16.5% 16.6% 15.7% 15.9% 16.0% 16.6
Slide 14: Table of Contents
04 11 Q1 2026 Q1 2026 TABLE OF Financial Review Operating Results CONTENTS 15 31 WillScot Business Appendix Overview 14
Slide 15: A Decade of Transformation and Growth
A DECADE OF TRANSFORMATION AND GROWTH Essentials: WillScot of Reinvented yesteryear FLEX is here to stay Our leadership Replicating success in modular is bolstered More than Thinking BIG & staying cold modular: 2015 unlocking storage 2016 Built to withstand: 2018 BRM’s¹ Fully-integrated, 2019 primed
Slide 16: The Continuous Evolution of Turnkey Spaces
THE CONTINUOUS EVOLUTION OF TURNKEY SPACES Leading Onsite Comfort & Facilities Turnkey Storage Solutions Clearspan Structures From restrooms to efficient climate-control, we aim to make Highly customized storage solutions to help Expansive, durable, and highly configurable your site as comfortable a
Slide 17: WSC Formula to Drive Sustainable Growth and Returns
WSC FORMULA TO DRIVE SUSTAINABLE GROWTH AND RETURNS 1 Clear Market Leadership #1 In ~$20B North American market for flexible space solutions >25% Unlevered IRRs³ on new fleet investments 2 Compelling Unit Economics and Long-Lived Assets 20-30 yrs Useful lives of Modular and Storage Assets ~3 year Av
Slide 18: Next Growth Milestones: $3B Revenue, $1.5B Adjusted EBITDA, $700M Adjusted FCF
OUR NEXT GROWTH MILESTONES: $3B REVENUE, $1.5B ADJUSTED EBITDA, $700M ADJUSTED FREE CASH FLOW Performance 3 – 5 Year Operating 3,000 Metric Ranges LTM as of Q1 2026 % | $M (‘25 Investor Day) Revenue CAGR1 5 - 10% (4)% 2,396 50% Adjusted EBITDA Margin2 45 - 50% 42.0% 44% Return On Invested Capital2 1
Slide 19: Most Flexible and Cost-Effective Turnkey Temporary Space Solutions
WE OFFER THE MOST FLEXIBLE AND COST-EFFECTIVE, TURNKEY TEMPORARY SPACE SOLUTIONS FLEX units for a manufacturing facility Perimeter Solutions in Arizona FLEX units for data center project in Mid-Atlantic Cold storage complex for a manufacturing facility Pro Rack in Texas FLEX units for sporting event
Slide 20: Our Scale Is a Key Competitive Advantage
OUR SCALE IS A KEY COMPETITIVE ADVANTAGE AND A VALUE DRIVER FOR OUR CUSTOMERS We leverage our scale to win locally ~107M square feet of turnkey space relocatable anywhere in North America Sophisticated commercial and operational technology platform ~4,500 experts safely work ~9M hours annual
Slide 21: Our Company Values
OUR COMPANY VALUES WE ARE Dedicated To Committed To Driven To Health & Safety Inclusion & Diversity Excellence We take responsibility for our own We are stronger together when we We measure success through our well-being and for those around us. celebrate our differences and strive results and the a
Slide 22: Our Business Is Inherently Sustainable
OUR BUSINESS IS INHERENTLY SUSTAINABLE Alternatives Our circular economy solutions Ready to Work solution Permanent new construction Incorporates VAPS to drive reuse We have implemented of more products and equipment, circular economy Requires extensive materials in addition to the units and resou
Slide 23: Lease Duration Mitigates Revenue Volatility Through Cycles
LEASE DURATION MITIGATES REVENUE VOLATILITY THROUGH CYCLES $1.7B Leasing Revenue LTM GDP¹ Non-residential construction square foot starts¹ Lease Revenue2 Increase of ~74% $1.0B Lease Revenue2 2019 2020 2021 2022 2023 2024 2025 2026 Pre-COVID COVID shock Exceptional demand Non-Residential contraction
Slide 24: Turnkey VAPS Solutions Drive Predictable Multi-Year Growth
OUR TURNKEY VAPS SOLUTIONS DRIVE PREDICTABLE MULTI-YEAR GROWTH AND TRACK RECORD OF INNOVATION $3.00B 26% VAPS Revenue CAGR from 2012-2024 10-20% VAPS Revenue CAGR from 2024-2029 $2.40B supports 5-10% Total Revenue CAGR Adjacency VAPS Customer-Driven NPI¹ & NPD² + Pragmatic $0.75B + Innovation St
Slide 25: Diverse Customer Segments and Ability to Reposition
WE SERVE DIVERSE CUSTOMER SEGMENTS AND CAN REPOSITION WITHIN THEM Revenue By Customer Segment1 Customer Segment Outlook Engineering & Architecture – 2% Continued multi-year demand from data centers and power generation projects; strategic onshoring and infrastructure demand provide Highway & Heavy
Slide 26: We Have Compelling Unit Economics
WE HAVE COMPELLING UNIT ECONOMICS Illustrative unit level cumulative cash flow1 Maintenance Proceeds Capital investment Rapid Low annual Realized residual Average acquisition payback of maintenance values average >50% IRR 30%+ over Portable Storage cost of ~$4K ~30 months costs of original factory
Slide 27: Multiyear Plan to Improve Business Processes and Efficiency
WE HAVE A MULTIYEAR PLAN TO IMPROVE BUSINESS PROCESSES AND EFFICIENCY Initiatives to unlock further customer and operational value Dispatch and route Field Focus Work order production Network optimization plan Customer Satisfaction optimization Leveraging scale to deliver operational excellence th
Slide 28: Outstanding Returns on Capital Through Business Cycles
WE GENERATE OUTSTANDING RETURNS ON CAPITAL THROUGH BUSINESS CYCLES Return on Invested Capital1 $M | % 3,500 20% 3 to 5-year targeted 17.7% ROIC operating range 16.7% 3,000 15.4% 14.8% 14.7% 15% 2,500 11.7% 2,000 10% 1,500 1,000 5% 500 - 0% 2021 2022 2023 2024 2025 Q1 2026 LTM Average Invested Capita
Slide 29: Organic Growth Algorithm Supports Continued Profitable Growth
OUR ORGANIC GROWTH ALGORITHM SUPPORTS CONTINUED PROFITABLE GROWTH Customer Flexible space Turnkey value Ease of doing Benefits solutions proposition business Growth Rate + Organic Lease Operational 45% - 50% Volume Revenue Adjusted Algorithm VAPS Excellence Growth EBITDA Margin Financial ~500 Impact
Slide 30: Table of Contents
04 11 Q1 2026 Q1 2026 TABLE OF Financial Review Operating Results CONTENTS 15 31 WillScot Business Appendix Overview 30
Slide 31: Appendix
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Slide 32: Summary P&L, Balance Sheet and Cash Flow Items
SUMMARY P&L, BALANCE SHEET AND CASH FLOW ITEMS Key Profit & Loss Items Three Months Ended March 31 (in thousands) 2026 2025 Leasing and Services Leasing $425,522 $434,390 Delivery and Installation 99,522 88,661 Sales New Units 8,994 22,437 Rental Units 14,590 14,063 Total Revenues $548,628 $559,551
Slide 33: Consolidated Quarterly Performance
CONSOLIDATED QUARTERLY PERFORMANCE Modular Space Average Units on Rent and Utilization1,2 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% 68.0% 65.7% 64.8% 63.9% 63.3% 62.5% 62.5% 62.1% 60.7% 59.6% 60.9% 59.3% 59.3% Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20
Slide 34: Consolidated Quarterly Performance 2
CONSOLIDATED QUARTERLY PERFORMANCE2 Quarterly Results for the three months ended March 31, 2026: (in thousands, except for units on rent Q1 Q2 Q3 Q4 TOTAL and monthly rental rate) Revenue $548,628 $548,628 Gross profit $285,675 $285,675 VAPS percentage of revenue 17.7% 17.7% Adjusted EBITDA1 $211,01
Slide 35: Reconciliation of Non-GAAP Measures – Adjusted EBITDA and Adjusted EBITDA Margin
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN 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 EBITD
Slide 36: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Quarterly Adjusted EBITDA for the year ended December 31, 2025: (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 58,4
Slide 37: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Quarterly Adjusted EBITDA for the year ended December 31, 2024: (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 56,58
Slide 38: Reconciliation of Non-GAAP Measures – Adjusted EBITDA Margin
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN (in thousands) Three Months Ended March 31 2026 2025 Adjusted EBITDA (A) $211,014 $228,785 Revenue (B) $548,628 $559,551 Adjusted EBITDA Margin (A/B) 38.5% 40.9% Gross Profit (C) $285,675 $300,366 Gross Profit Margin (C/B) 52.1% 53.7% (in
Slide 39: Reconciliation of Non-GAAP Measures – Net Debt to Adjusted EBITDA Ratio
RECONCILIATION OF NON-GAAP MEASURES – NET DEBT TO ADJUSTED EBITDA RATIO 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 Adjus
Slide 40: Reconciliation of Non-GAAP Measures – Net Debt to Adjusted EBITDA Ratio
RECONCILIATION OF NON-GAAP MEASURES – NET DEBT TO ADJUSTED EBITDA RATIO 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
Slide 41: Reconciliation of Non-GAAP Measures – Net CAPEX
RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX 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 N
Slide 42: Reconciliation of Non-GAAP Measures – Net CAPEX
RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX Quarterly Net CAPEX for the year ended December 31, 2025: (in thousands) Q1 Q2 Q3 Q4 TOTAL Purchase of rental equipment and $(72,552) $(85,269) $(81,018) $(78,846) $(317,685) refurbishments Proceeds from sale of rental equipment 14,063 16,269 15,713 19
Slide 43: Reconciliation of Non-GAAP Measures – Net CAPEX
RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX Quarterly Net CAPEX for the year ended December 31, 2024: (in thousands) Q1 Q2 Q3 Q4 TOTAL Purchase of rental equipment and $(72,417) $(65,174) $(69,398) $(73,868) $(280,857) refurbishments Proceeds from sale of rental equipment 14,195 16,473 13,238 20
Slide 44: Reconciliation of Non-GAAP Measures – Adjusted Free Cash Flow and Margin
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN 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 pr
Slide 45: Reconciliation of Non-GAAP Measures – Adjusted Free Cash Flow and Margin
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 March 31, 2026 (in thousands) Q1 2026 Q4 2025 Q3 2025 Q2 2025 Total Net cash provided by operating activities (A) $191,058 $158,896 $191,1
Slide 46: Reconciliation of Non-GAAP Measures – Adjusted Free Cash Flow and Margin
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
Slide 47: Reconciliation of Non-GAAP Measures – Return on Invested Capital
RECONCILIATION OF NON-GAAP MEASURES – RETURN ON INVESTED CAPITAL 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 regard
Slide 48: Reconciliation of Non-GAAP Measures – ROIC Including Goodwill and Intangibles
RECONCILIATION OF NON-GAAP MEASURES – RETURN ON INVESTED CAPITAL INCLUDING GOODWILL AND INTANGIBLES 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
Slide 49: WillScot
WILLSCOT RIGHT FROM THESTART = 45