Mcgrath Rentcorp · NASDAQ:MGRC
Mcgrath Rentcorp — Q3 2025 Earnings Presentation
42 slides from Mcgrath Rentcorp's earnings presentation, Oct 23, 2025
Slide 1: Q3 2025 Quarterly Investor Presentation
OCTOBER 23, 2025 Q3 2025 Quarterly Investor Presentation
Slide 2: Safe Harbor
Safe Harbor Statements contained in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, regarding McGrath RentCorp’s 2025 financial outlook as well as expectations, str
Slide 3: McGrath Overview
McGrath Overview as McGRATH
Slide 4: Uniquely McGrath
Uniquely McGrath B2B Rentals Modulars, Storage & Dividend Investor Focus Electronics Champion Shareholder 34 Years of Return CAGR 16%(c) Consecutive Increases Revenue North America $911M Focus Adjusted 99% of EBITDA $352M(a) (b) Total Revenues Diverse Customer Base Strong Service ~21,000 Customers C
Slide 5: McGrath Business Mix 2024
McGrath Business Mix 2024 Total Revenues $911M Total Adjusted EBITDA(2) $352M 15% 21% 10% 12% 67% 75% Mobile Modular Portable Storage TRS-RenTelco Mobile Modular Portable Storage TRS-RenTelco (1) Mobile Modular includes Enviroplex (2) The Company defines Adjusted EBITDA as net income before interest
Slide 6: Mobile Modular
Mobile Modular QUARTERLY REVENUES (Q3-25) $181M RENTAL EQUIPMENT (AT 9/30/25 OAC (1)) POSITIONING: A leading modular provider in North America $1,456M PRODUCTS: RENTAL FLEET (units) Office buildings and complexes, classrooms COVERAGE: Mobile Modular: servicing 35 states ~ 43,000 (1) Original Acquisi
Slide 7: Portable Storage
Portable Storage QUARTERLY REVENUES (Q3-25) $24M RENTAL EQUIPMENT (AT 9/30/25 OAC (1)) POSITIONING: A leading portable storage provider in North America $243M PRODUCTS: RENTAL FLEET (units) Portable storage containers, portable office, office and storage combos COVERAGE: Portable Storage: servicing
Slide 8: TRS-RenTelco
TRS-RenTelco QUARTERLY REVENUES (Q3-25) $37M RENTAL EQUIPMENT (AT 9/30/25 OAC (1)) POSITIONING: $338M A leading provider in North America PRODUCTS: RENTAL FLEET (units) 22,000 General purpose and communications test equipment ~ COVERAGE: Serving customers in North America and selectively overseas (1
Slide 9: Company Priorities
Company Priorities STRATEGIC GROWTH: Centered on our largest and highest-growth business segment – Modulars Increasing geographic coverage Wider services solutions to customers – Mobile Modular Plus, Site Related Services, Custom Modular Solutions DISCIPLINED CAPITAL ALLOCATION: Strong balance sheet
Slide 10: Corporate Responsibility & Values
Corporate Responsibility & Values We take corporate social responsibility and fundamental good corporate citizenship seriously at McGrath Visit our corporate responsibility site for additional environmental sustainability, social responsibility and governance information: https://investors.mgrc.com/
Slide 11: Financial Highlights
Financial Highlights PAGE 11
Slide 12: Q3 2025 Quarterly Highlights – (Year Over Year)
Q3 2025 Quarterly Highlights – (Year Over Year) Solid McGrath results despite challenging market demand conditions • Rental Operations revenues $178.1M (+4%) • Total revenues $256.4M (-4%) • Adjusted EBITDA $96.4M (-7%) Mobile Modular rental revenues increased 2% • Growth driven by commercial custom
Slide 13: Operating Results
Operating Results (dollars in millions) Nine months ended September 30 Three months ended September 30 2025 2024 Change 2025 2024 Change Rental Revenue 374.6 365.7 2% 128.5 124.2 3% Rental Related Services 121.0 111.6 8% 49.6 47.7 4% Sales 184.8 182.0 2% 76.1 92.5 -18% Other 7.1 7.9 -9% 2.3 2.3 -3%
Slide 14: Rental Revenue Quarterly Comparison
Rental Revenue Quarterly Comparison (2024 – 2025) Mobile Modular Portable Storage TRS-RenTelco +2% $100 $100 $100 78.0 81.9 81.5 83.2 82.1 76.5 78.5 $75 $75 $75 +9% +1% $50 $50 $50 25.4 25.5 25.3 27.1 25.7 28.0 25.4 $25 $25 18.4 16.1 17.8 16.9 17.0 17.3 16.7 $25 $0 $0 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 15: Adjusted EBITDA Quarterly Comparison
Adjusted EBITDA (a) Quarterly Comparison (2024 – 2025) Mobile Modular(a) -10% Portable Storage TRS-RenTelco $80 71.4 $80 $80 64.6 61.0 $60 47.6 53.4 53.1 $60 $60 43.3 +7% -14% $40 $40 $40 18.5 17.9 18.0 19.3 18.9 20.2 19.1 $20 $20 11.5 8.6 11.0 9.8 10.8 9.2 9.9 $20 $0 $0 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q
Slide 16: 2025 Financial Outlook
2025 Financial Outlook Previous (7/24/25) Current (as of 10/23/25) Total Revenues $925M to $960M $935M to $955M Adjusted EBITDA (a) $347M to $356M $350M to $357M Gross Rental Equipment Capital $115M to $125M $120M to $125M Expenditures (a) Adjusted EBITDA defined on page 5 PAGE 16
Slide 17: Rental Segment Highlights
Rental Segment Highlights PAGE 17
Slide 18: Mobile Modular
Mobile Modular ae McGRATH mobile KITCHENS TO GO" modular ¥ fymebie median PAGE 18
Slide 19: Rental Assets
Rental Assets mobile modular ¥ z's McGRATH PAGE 19
Slide 20: Modular Segment Total Revenues Q3 2025
Modular Segment Total Revenues Q3 2025 Mobile Modulars (a) Total Revenues $181M 1% 29% 70% (b) Rental Operations Sales Other (a) Mobile Modular excludes Enviroplex (b) Other Revenue includes allocated revenues from Corporate for tenant income PAGE 20
Slide 21: Mobile Modular Operating Results
Mobile Modular Operating Results Total Revenues Rental Gross Profit Adjusted EBITDA(a) 191 -10% $200 181 $60 -5% $80 51 71 48 65 37% 35% 30% 62% of total $150 58% of rental $60 36% revenue revenue $40 %s of total revenue $100 22% 25% $40 $20 $50 43% 46% $20 $0 $0 $0 Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-
Slide 22: Rental Operations Revenue Customer Mix 2024
Rental Operations Revenue Customer Mix 2024 (a) Customer Mix Education Mix Commercial Mix Higher Education, 2% Other, 6% Retail, 1% Daycare/Other, 2% Entertainment & Recreation, 1% Education, 34% Health Care, 2% Private K-12/ Government, 3% Charter, 6% Transportation, 3% General Business, 4% Residen
Slide 23: Mobile Modular Highlights
Mobile Modular Highlights (a) Rental Revenue Period End Rental Equipment (Original Cost) Average Utilization $100 $1,400 100.0% 1,341 1,315 $1,200 1,290 1,280 1,259 1,222 $80 80.0% 1,189 83.2 82.1 81.9 81.5 78.5 $1,000 78.0 78.7% 78.4% 76.5 77.1% 76.0% 74.6% 73.7% 72.6% $60 60.0% $800 $600 $40 40.0%
Slide 24: Mobile Modular Highlights
Mobile Modular Highlights Adjusted EBITDA(a) Adjusted EBITDA(a) % of Total Revenue Average Rental Rate(b) $80 40% 3.00% 2.88% 2.85% 2.84% 2.84% 2.76% 37% 2.76% 37% 2.73% 36% 71.4 36% 35% 34% 34% $60 64.6 30% 61.0 2.00% 53.4 53.1 47.6 $40 20% 43.3 1.00% $20 10% 0% $0 0% 0.00% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 25: Modular Buildings and Storage Containers Growth Opportunities
Modular Buildings and Storage Containers Growth Opportunities Large and growing market Industry – Leader in education rentals Geographic expansion opportunities for Modulars and Portable Storage, through organic investment and strategic acquisitions Positive fleet pricing dynamics as contracts churn
Slide 26: Mobile Modular Pricing Highlights
Mobile Modular Pricing Highlights (a) Total fleet units on rent New Shipments Monthly revenue per unit Last Twelve Months Monthly revenue per unit $1,400 +3% $1,400 $1,200 $1,161 $1,192 +6% $1,200 $1,000 $865 $1,000 $815 $800 $800 $600 $600 $400 $400 $200 $200 $0 $0 Q3-24 Q3-25 LTM Q3-24 LTM Q3-25 $
Slide 27: Mobile Modular Initiatives
Mobile Modular Initiatives Mobile Modular Plus(a)(c) Site Related Services(b)(c) $30 $30 27.5 26.1 22.6 21.8 20.0 $20 18.3 $20 13.7 11.0 $10 $10 $0 $0 2022 2023 2024 2025 2022 2023 2024 2025 YTD September Rental Related Services Revenue YTD September Rental Revenue (dollars in millions) (a) Mobile M
Slide 28: Mobile Modular Sales
Mobile Modular Sales (a) Total Sales Revenues New Sales Revenue $150 -9% $150 127 115 23% -18% 31% 98 $100 $100 80 77% $50 69% $50 $0 $0 YTD September 2024 YTD September 2025 YTD September 2024 YTD September 2025 New Sales Used Sales (dollars in millions) (a) Sales revenues exclude Enviroplex PAGE 2
Slide 29: Portable Storage
Portable Storage ae McGRATH mobile p modular ® Portable PAGE 29
Slide 30: Portable Storage Total Revenues Q3 2025
Portable Storage Total Revenues Q3 2025 Portable Storage Total Revenues $24M 1% 11% 88% (1) Rental Operations Sales Other (1) Other Revenue includes allocated revenues from Corporate for tenant income PAGE 30
Slide 31: Portable Storage Operating Results
Portable Storage Operating Results Total Revenues Rental Gross Profit Adjusted EBITDA(a) $30 +6% $20 $20 23 24 12% 15 14 7% $20 86% 19% 17% 81% of rental revenue 11 %s of total 9 74% 71% revenue $10 $10 47% 38% of total $10 revenue $0 $0 $0 Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-25 Rents RRS Sales & Other
Slide 32: Portable Storage Highlights
Portable Storage Highlights (a) Rental Revenue Period End Rental Equipment (Original Cost) Average Utilization $20 $300 100.0% 18.4 $250 17.8 17.3 80.0% 17.0 16.9 16.7 $15 16.1 238 234 234 233 230 228 225 $200 69.8% 60.0% 66.1% 62.8% 60.2% 61.4% 61.1% 61.2% $10 $150 40.0% $100 $5 $50 20.0% $0 $0 0.0
Slide 33: Portable Storage Highlights
Portable Storage Highlights Adjusted EBITDA(a) Adjusted EBITDA(a) % of Total Revenue Average Rental Rate(b) $15 50% 5.00% 47% 47% 46% 44% 40% 4.00% 42% 40% 3.96% 3.95% 3.94% 3.94% 3.94% 3.96% 11.5 3.82% 38% 11.0 $10 10.8 30% 3.00% 9.9 9.8 9.2 8.6 20% 2.00% $5 10% 1.00% 0% $0 0% 0.00% Q1 Q2 Q3 Q4 Q1
Slide 34: TRS-RenTelco
TRS-RenTelco ae McGRATH
Slide 35: Rental Assets
Rental Assets Rental and Sales of General Purpose and Communications Test Equipment PAGE 35
Slide 36: TRS-RenTelco Operating Results
TRS-RenTelco Operating Results Total Revenues Rental Gross Profit Adjusted EBITDA(a) $30 $50 $15 +6% 12 $40 37 33% 35 of rental 20 $10 9 revenue $20 19 22% 55% $30 24% 54% of total of total 27% revenue revenue 74% 76% $20 $5 $10 $10 $0 $0 $0 Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-25 Rents RRS Sales & Othe
Slide 37: TRS-RenTelco Highlights
TRS-RenTelco Highlights (a) Rental Revenue Period End Rental Equipment (Original Cost) Average Utilization $30 $400 100.0% 28.0 27.1 369 367 354 25.7 25.5 25.4 25.4 25.3 80.0% 342 335 331 331 $300 $20 60.0% 64.8% 64.8% 61.6% 59.1% 57.3% $200 56.5% 56.5% 40.0% $10 $100 20.0% $0 $0 0.0% Q1 Q2 Q3 Q4 Q1
Slide 38: TRS-RenTelco Highlights
TRS-RenTelco Highlights Adjusted EBITDA(a) Adjusted EBITDA(a) % of Total Revenue Average Rental Rate(b) $25 60% 5.00% 56% 55% 55% 55% 54% 53% $20 4.00% 4.33% 51% 4.22% 4.09% 4.12% 4.11% 4.07% 20.2 4.03% 19.3 19.1 18.9 18.5 40% 18.0 17.9 $15 3.00% $10 2.00% 20% $5 1.00% 0% $0 0% 0.00% Q1 Q2 Q3 Q4 Q1
Slide 39: TRS-RenTelco Growth Opportunities
TRS-RenTelco Growth Opportunities A market leader in North America in general purpose and communications equipment rentals Highly diversified end markets and customer base with positive long term demand trends Positive long term demand outlook for technology-related end markets driven by new technol
Slide 40: Thank you for your interest and investment in MGRC
Company Summary McGrath (Nasdaq: MGRC) Established rental businesses with solid positions Strategic growth focus on Mobile Modular and Portable Storage Disciplined capital spending on new rental equipment and acquisitions Strong cash flow and resilient business model Dividend increases for 34 consec
Slide 41: Appendix
Appendix 2s McGRATH
Slide 42: Definitions - Rental Fleet Metrics
Definitions - Rental Fleet Metrics Period End Utilization is calculated by dividing the cost of rental equipment on rent by the total cost of rental equipment excluding new equipment inventory and accessory equipment. Average utilization for the period is calculated using the average costs of the re