Willscot Holdings Corporation · NASDAQ:WSC
Willscot — Q4 2025 Earnings Presentation
49 slides from Willscot's earnings presentation, Feb 19, 2026
Slide 1: Quarterly Investor Presentation Fourth Quarter 2025
QUARTERLY INVESTOR PRESENTATION FOURTH QUARTER 2025 February 19, 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 13 Q4 2025 Q4 2025 Financial Review Operating Results TABLE OF CONTENTS 17 31 WillScot Business Appendix Overview 3
Slide 4: Revenue and Adjusted EBITDA in Q4 2025
REVENUE AND ADJUSTED EBITDA IN Q4 2025 Revenue Adjusted EBITDA1 $M $M ▪ Total revenues and Adjusted EBITDA down 6% and 12% Y/Y, respectively 700 ▪ Leasing revenue decreased 6% Y/Y ▪ Driven by lower storage container volumes and elevated write-off activity 603 due to progress in order-to-cash improve
Slide 5: Underlying Sequential Leasing Revenue Stability Persists
UNDERLYING SEQUENTIAL LEASING REVENUE STABILITY PERSISTS THOUGH ORDER-TO-CASH IMPROVEMENTS WEIGH ON REVENUE Leasing Revenue 650 $M ▪ Leasing revenue down ~2% Y/Y but up ~1% Q/Q in Q4’25 when 471 463 Total Leasing Revenue, excluding write-offs excluding revenue impact of write-offs 459 625 600 575 ▪
Slide 6: Recurring Lease Revenues and Disciplined Capital Allocation Support Strong Free Cash Flow
RECURRING LEASE REVENUES AND DISCIPLINED CAPITAL ALLOCATION SUPPORT STRONG FREE CASH FLOW Net Cash Provided By Operating Activities1 ▪ FY 2025 Adjusted Free Cash Flow of $489M demonstrates the $M resilience of our lease portfolio 209 207 205 219 ▪ Order-to-cash improvements supporting strong operati
Slide 7: Cash from Operations Supports Balanced Capital Allocation
CASH FROM OPERATIONS SUPPORTS BALANCED CAPITAL ALLOCATION Capital Allocation Framework $715M LTM Capital Allocated 2025 Investor Day $M | % % 25% 246 35% 273 38% 45% ~$5B1 25% 51 7% 5% 145 20% Net Capex M&A Return to Shareholders via Dividend Return to Shareholders & Leverage Maintenance2 ▪ Prioriti
Slide 8: We Maintain Appropriate Leverage and a 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 Profile1,3 $M ▪ On October 16, 2025, we amended and extended our asset- based revolving credit facility (“ABL Facility”), reducing annual $1,508 cash borrowing costs ~$5
Slide 9: Initiated Network Optimization Plan to Reduce Real Estate Costs
INITIATED NETWORK OPTIMIZATION PLAN TO REDUCE REAL ESTATE COSTS Real Estate and Facility Costs $M ▪ Expect to reduce annual real estate cost increases by $25M to 150 - 160 $30M while maintaining capacity to meet future demand, $25M - $30M annual cost existing market coverage, and customer service ca
Slide 10: 2026 Financial Outlook Includes Conservatism to Run Rate Trends Entering Year
2026 FINANCIAL OUTLOOK INCLUDES CONSERVATISM TO RUN RATE TRENDS ENTERING YEAR $M 2025 2026 Outlook Revenue $2,281 $2,175 Adjusted EBITDA1 $971 $900 Net CAPEX1 $273 $275 ▪ Revenue and Adjusted EBITDA outlooks reflect conservative view of run rate trends entering 2026 and do not include any benefits f
Slide 11: Table of Contents
04 13 Q4 2025 Q4 2025 Financial Review Operating Results TABLE OF CONTENTS 17 31 WillScot Business Appendix Overview 11
Slide 12: Our Portfolio of Units on Rent Is 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 99.8 95.8 98.9 95.7 98.2 94.9 97.7 92.7 ▪ 5% Y/Y decline in average modular units on rent, demand 90.5 90.3 89.4 88.2 remains more resilient in industrial and manufacturing, while
Slide 13: Our Consistent Rental Rate Performance Reflects Our Differentiated Value Proposition
OUR CONSISTENT RENTAL RATE PERFORMANCE REFLECTS OUR DIFFERENTIATED VALUE PROPOSITION Modular Space Unit Average Monthly Rental Rate1 $/unit per month 1,237 1,254 1,271 ▪ Modular space unit average monthly rental rate increased 1,149 1,206 1,091 1,176 1,130 1,199 1,145 1,215 1,031 5% Y/Y to $1,271 in
Slide 14: VAPS Portfolio Is a Value Differentiator and an Example of Innovation Supporting Growth
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% 16.6% 16.8% 16.9% 17.2% 17.4% 15.9% 15.9% 16.0% 16.1% 16.3% 16.5% 16.5% 16.5% 16.5% 15.7% 15.9% 16.0% 16.6% 16.8
Slide 15: Table of Contents
04 13 Q4 2025 Q4 2025 Financial Review Operating Results TABLE OF CONTENTS 17 31 WillScot Business Appendix Overview 15
Slide 16: A Decade on the Road to Growth
A DECADE ON THE ROAD TO 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’s Fully-integrated, 2019 primed for gro
Slide 17: 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 18: 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 IRRs on new fleet investments 2 Compelling Unit Economics and Long-Lived Assets 20-30 yrs Useful lives of Modular and Storage Assets ~3 year Ave
Slide 19: Our Next Growth Milestones: $3B Revenue, $1.5B Adjusted EBITDA, $700M Adjusted Free Cash Flow
OUR NEXT GROWTH MILESTONES: $3B REVENUE, $1.5B ADJUSTED EBITDA, $700M ADJUSTED FREE CASH FLOW Performance 3 – 5 Year Operating 3,000 Metric1 Ranges LTM as of Q4 2025 % | $M (‘25 Investor Day) Revenue CAGR2 5 - 10% (5)% 2,396 50% Adjusted EBITDA Margin3 45 - 50% 42.6% 44% Return On Invested Capital3
Slide 20: We Offer the Most Flexible and Cost-Effective, Turnkey Temporary Space Solutions
WE OFFER THE MOST FLEXIBLE AND COST-EFFECTIVE, TURNKEY TEMPORARY SPACE SOLUTIONS 20
Slide 21: Our Scale Is a Key Competitive Advantage and a Value Driver for Our Customers
OUR SCALE IS A KEY COMPETITIVE ADVANTAGE AND A VALUE DRIVER FOR OUR CUSTOMERS ▪ We leverage our scale to win locally ▪ ~100M 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 22: 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 23: 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 24: 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 ~75% $1.0B Lease Revenue2 2019 2020 2021 2022 2023 2024 2025 Pre-COVID COVID shock Exceptional demand Non-Residential contraction Acqu
Slide 25: Our Turnkey VAPS Solutions Drive Predictable Multi-Year Growth in Various Economic Cycles
OUR TURNKEY VAPS SOLUTIONS DRIVE PREDICTABLE MULTI-YEAR GROWTH IN VARIOUS ECONOMIC CYCLES $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 Strate
Slide 26: We Serve Diverse Customer Segments and Can Reposition Within Them
WE SERVE DIVERSE CUSTOMER SEGMENTS AND CAN REPOSITION WITHIN THEM Revenue By Customer Segment1 Customer Segment Outlook ▪ Continued multi-year demand from data centers and power generation Engineering & Architecture – 2% projects; strategic onshoring and infrastructure demand provide tailwinds for m
Slide 27: We Have Compelling Unit Economics
WE HAVE COMPELLING UNIT ECONOMICS Illustrative unit level cumulative cash flow 1 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 of original factory cost
Slide 28: Targeting 15 – 20% ROIC Range
TARGETING 15 – 20% ROIC RANGE1 Return on Invested Capital $M | % 3,500 20% 3 to 5-year targeted 17.7% ROIC operating range 16.7% 3,000 15.4% 14.8% 15% 2,500 11.7% 2,000 10% 1,500 1,000 5% 500 - 0% 2021 2022 2023 2024 2025 Average Invested Capital Adjusted Earnings Before Interest and Amortization Re
Slide 29: Our 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 13 Q3 2025 Q3 2025 Financial Review Operating Results TABLE OF CONTENTS 17 31 WillScot Business Appendix Overview 30
Slide 31: Appendix
APPENDIX WILLSCOT RIGHT FROM THESTART =:
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 December 31 Twelve Months Ended December 31 (in thousands) 2025 2024 2025 2024 Leasing and Services Leasing $437,493 $465,104 $1,749,023 $1,839,875 Delivery and Installation 93,257 95,607 388,887 418,881 Sales
Slide 33: Consolidated Quarterly Performance
CONSOLIDATED QUARTERLY PERFORMANCE Modular Space Average Units on Rent and Utilization1,2,3 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% 68.6% 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 2
Slide 34: Consolidated Quarterly Performance
CONSOLIDATED QUARTERLY PERFORMANCE1,2 Quarterly Results for the twelve months ended December 31, 2025: (in thousands, except for units on rent Q1 Q2 Q3 Q4 TOTAL and monthly rental rate) 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
Slide 35: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Adjusted EBITDA is 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
Slide 36: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Adjusted EBITDA is 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
Slide 37: Reconciliation of Non-GAAP Measures – Adjusted EBITDA Margin
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN Adjusted EBITDA Margin is defined 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 cons
Slide 38: 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 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 the presentation
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 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 42: 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 43: Reconciliation of Non-GAAP Measures – Net CAPEX
RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX Net CAPEX is defined 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
Slide 44: Reconciliation of Non-GAAP Measures – Net CAPEX
RECONCILIATION OF NON-GAAP MEASURES – NET CAPEX Net CAPEX is defined 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
Slide 45: Reconciliation of Non-GAAP Measures – Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN Adjusted Free Cash Flow is defined as net cash provided by operating activities less purchases of rental equipment and property, plant and equipment plus proceeds from sale of rental equipment and proper
Slide 46: 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 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 – Return on Invested Capital 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 49