Slide 1: Q2 2026 Quarterly Investor Presentation
JULY 29, 2026 Q2 2026 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 2026 financial outlook as well as expectations, str
Slide 3: Presentation Order
Presentation Order McGrath Overview 4 - 10 Quarterly Financial Highlights 11 - 22 Businesses Overview & End Markets 23 - 45 Sustainability, Responsibility & Culture 46 - 48 Appendix 49 - 55 PAGE 3
Slide 4: McGrath Overview
McGrath Overview ae McGRATH
Slide 5: McGrath at a Glance
McGrath at a Glance (Nasdaq: MGRC) 2025 Core Strengths Total Revenue $944M Over 45 years of successfully serving customers Adjusted EBITDA(a) $362M Established rental businesses with solid positions in Adjusted EBITDA Margin (a) 38% attractive markets Strategic growth focus on modular solutions mark
Slide 6: Consistent Revenue and Adjusted EBITDA Growth
Consistent Revenue and Adjusted EBITDA Growth Continuing Growth over the Last 10 Years with Positive Trajectory ($ in millions) Revenue $911 $944 10-Year CAGR 9% $841 $734 $570 $573 $617 $462 $498 $424 Consistent focus on profitable long-term growth 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Slide 7: McGrath Business Mix
McGrath Business Mix Strategic Growth Focus on Mobile Modular (b) 2025 Total Revenues $944M 2025 Total Adjusted EBITDA $362M 16% 22% 10% 10% 74% 68% Mobile Modular(a) Portable Storage TRS-RenTelco (a) Mobile Modular includes Enviroplex (b) The Company defines Adjusted EBITDA as net income before int
Slide 8: McGrath's Rental Businesses
McGrath’s Rental Businesses Mobile Modular Portable Storage TRS-RenTelco POSITIONING A leading modular provider POSITIONING A leading portable storage provider POSITIONING A leading provider in North America in North America in North America PRODUCTS General purpose and communications PRODUCTS Offic
Slide 9: Strong Financial Foundation & Disciplined Management
Strong Financial Foundation & Disciplined Management Company Priorities Strategic Growth Disciplined Capital Allocation Shareholder Value Focus Centered on our largest business Strong balance sheet and cash flow Dividend increases for 35 with the highest long-term growth generation consecutive years
Slide 10: McGrath's Strategic Journey
McGrath’s Strategic Journey 2015 - 2019 2020 - 2023 2024 - 2025 2026 & Beyond Strengthen Portfolio Disciplined Foundation Reset Execution ✓ Performance ✓ Prioritized strategic ✓ Solid execution despite Improvement Initiatives investment in Modulars some market demand Broader headwinds Geographic ✓ S
Slide 11: Quarterly Financial Highlights
Quarterly Financial Highlights PAGE 11
Slide 12: Q2 2026 Quarterly Highlights
Q2 2026 Quarterly Highlights Year Over Year Continued growth in rental operations, offset by lower new equipment sales at Enviroplex and Mobile Modular • Rental operations revenues grew 6% • Several sales projects shifted to the second half of the year Mobile Modular rental revenues increased 2% • C
Slide 13: Operating Results
Operating Results ($ in millions) Six months ended Three months ended June 30 June 30 2026 2025 Change 2026 2025 Change Rental Revenue $258.5 $246.1 5% $131.9 $126.0 5% Rental Related Services $76.2 $71.4 7% $40.6 $37.5 8% Sales $80.4 $108.7 -26% $46.4 $69.8 -34% Other $4.5 $4.8 -6% $2.3 $2.4 -5% To
Slide 14: Rental Revenue
Rental Revenue ($ in millions) Mobile Modular Portable Storage TRS-RenTelco +2% $100 $100 $100 $82 $83 $83 $83 $78 $81 $75 $75 $75 $50 $50 $50 +17% -0% $29 $27 $32 $28 $29 $17 $17 $26 $25 $25 $16 $16 $17 $17 $25 $0 $0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Total McGrath +5% $150 $120 $127 $126 $132
Slide 15: Adjusted EBITDA
Adjusted EBITDA ($ in millions) Mobile Modular(a)(b) Portable Storage(a) TRS-RenTelco(a) $80 $69 $80 $80 -4% $65 $60 $53 $51 $60 $60 $48 $47 $40 $40 $40 +29% -23% $19 $25 $20 $23 $18 $21 $20 $20 $9 $7 $10 $8 $9 $10 $20 $0 $0 $0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Total McGrath(a) $120 $105 -4% $97 $
Slide 16: Mobile Modular Operating Results
Mobile Modular Operating Results ($ in millions) Total Revenues Total Gross Profit Adjusted EBITDA(a) %s of total revenue %s of total gross profit % of total revenue $156.0 -4% $73.2 $53.1 $150.4 -4% $70.5 -4% $50.7 20% 34% 18% 34% 27% 22% 16% 18% 21% 23% 64% 64% 52% 55% 2Q25 2Q26 2Q25 2Q26 2Q25 2Q2
Slide 17: Mobile Modular Highlights
Mobile Modular Highlights ($ in millions) Rental Revenue Adjusted EBITDA(a) and Margin Average Utilization(b) Average Rental Rate(c) 39% 36% 2.88% 2.88% 2.85% 2.80% 2.78% 2.73% $68.7 $83.3 $83.2 $83.2 $81.9 $64.6 $81.4 34% 34% $78.5 36% 35% 74.6% 73.7% 72.6% 71.3% 70.1% 70.0% $53.1 $50.7 $47.6 $47.2
Slide 18: Portable Storage Operating Results
Portable Storage Operating Results ($ in millions) Total Revenues Total Gross Profit Adjusted EBITDA(a) %s of total revenue %s of total gross profit % of total revenue -23% $23.5 $9.8 $23.3 +1% $15.0 -9% 9% 9% $13.7 42% 6% 7% $7.6 19% 19% 32% 93% 99% 72% 72% 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Rental Rent
Slide 19: Portable Storage Highlights
Portable Storage Highlights ($ in millions) Rental Revenue Adjusted EBITDA(a) and Margin Average Utilization(b) Average Rental Rate(b) 3.97% 3.96% 3.95% 3.94% 3.82% 3.81% 42% 38% 40% $17.3 $17.3 40% $16.9 $16.9 $9.8 $16.3 $9.6 $16.1 $9.2 33% 32% $8.6 $7.6 61.4% 61.1% 60.8% 60.2% $7.1 58.6% 58.3% 1Q
Slide 20: TRS-RenTelco Operating Results
TRS-RenTelco Operating Results ($ in millions) Total Revenues Total Gross Profit Adjusted EBITDA(a) %s of total revenue %s of total gross profit % of total revenue $42.6 +17% +35% $22.2 $36.4 +29% $25.0 22% 29% 59% 23% 3% $16.4 $19.3 3% 2% 26% 53% 1% 75% 74% 69% 73% 2Q25 2Q26 2Q25 2Q26 2Q25 2Q26 Ren
Slide 21: TRS-RenTelco Highlights
TRS-RenTelco Highlights ($ in millions) Rental Revenue Adjusted EBITDA(a) and Margin Average Utilization(b) Average Rental Rate(b) 59% 57% $25.0 $31.8 55% 4.52% 54% 4.43% 4.38% 4.33% $23.1 53% 4.22% $28.9 $28.7 51% 4.09% $28.0 $27.1 $20.9 $20.2 $25.5 $19.3 68.1% $17.9 66.1% 64.8% 64.8% 64.5% 61.6% 1
Slide 22: McGrath 2026 Financial Outlook
McGrath 2026 Financial Outlook Previous Current (4/29/26) (as of 7/29/26) Total Revenues $945M to $995M $955M to $985M Adjusted EBITDA(a) $360M to $378M $363M to $375M Gross Rental Equipment Capital Expenditures $180M to $200M $200M to $220M Projecting Another Year of Profitable Growth for 2026 (a)
Slide 23: Business Overview & End Markets
Business Overview & End Markets PAGE 23
Slide 24: Mobile Modular
Mobile Modular ae McGRATH mobile AGTCHENS TO GO" modular ¥ fymebie median PAGE 24
Slide 25: Rental Assets
Rental Assets mobile modular ¥ 2"— McGRATH
Slide 26: Mobile Modular Total Revenues
Mobile Modular Total Revenues 2025 Total Revenues $645M (a) YoY Change u Rental Operations 5% 1% u Sales -7% 26% u Total Revenue 2% 73% Rental Operations Sales Other(b) (a) Mobile Modular excludes Enviroplex (b) Other Revenue includes allocated revenues from Corporate for tenant income PAGE 26
Slide 27: 2025 Rental Operations Revenue Mix
2025 Rental Operations Revenue Mix Customer Mix(a) Education Mix(a) Commercial Mix(a) Higher Education 2% Retail 1% Other 6% Daycare/Other 2% Entertainment & Recreation 1% Education Health Care 2% Transportation 3% 33% Private K-12/ Charter 6% General Business 4% Government 4% Residential Constructi
Slide 28: Mobile Modular Operating Results
Mobile Modular Operating Results ($ in millions) Total Revenues Rental Gross Profit Adjusted EBITDA(a) $635 $645 $195 $196 $229 $234 $562 27% $162 61% 60% 30% $190 36% 36% 29% 57% 30% $379 34% 20% 22% $101 20% $122 26% 20% 49% 32% 51% 50% 51% 54% 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 202
Slide 29: Mobile Modular Growth Opportunities
Mobile Modular Growth Opportunities Geographic expansion opportunities for Modulars through organic investment and strategic acquisitions Mobile Modular Plus – Products and services to support rental customers’ use of the building (e.g., furniture rental packages) 30% Site-Related Services – Product
Slide 30: Mobile Modular Initiatives
Mobile Modular Initiatives Geographic Expansion Company founded with initial operations in California Long track record of successful organic growth in multiple states Strategic acquisitions have helped to broaden geographic coverage and allow for further organic investment Smaller tuck-in acquisiti
Slide 31: Mobile Modular Initiatives
Mobile Modular Initiatives Mobile Modular Plus & Site-Related Services ($ in millions) Mobile Modular Plus(a)(c) Site-Related Services(b)(c) 2022-2025 CAGR 26% 2022-2025 CAGR 37% $38 $36 $31 $28 $29 +17% $24 $19 $20.8 $17.8 $14 +7% $10.6 $11.3 2022 2023 2024 2025 YTD YTD 2022 2023 2024 2025 YTD YTD
Slide 32: Mobile Modular Initiatives
Mobile Modular Initiatives Custom Modular Solutions Sales ($ in millions) Total Sales Revenues (a)(c) New Sales Revenue (a)(b)(c) 2022-2025 CAGR 21% 2022-2025 CAGR 35% $143 $183 $171 $116 $121 $155 22% 29% 25% $97 -17% 49% $63.0 $49 $46.1 -22% 78% $52.1 $36.0 75% 71% 27% 31% 51% 73% 69% 2022 2023 20
Slide 33: Mobile Modular Initiatives
Mobile Modular Initiatives Revenue Per Unit Total Fleet Units On Rent New Shipments Monthly revenue per unit(a) Last Twelve Months Monthly revenue per unit(a) +7% $1,252 $1,168 +7% $902 $840 2Q25 2Q26 LTM 2Q25 LTM 2Q26 $ per unit on rent (a) Includes base building rent for modular buildings and clas
Slide 34: Portable Storage
Portable Storage ae McGRATH mobile p modular ® Portable PAGE 34
Slide 35: Portable Storage Total Revenues
Portable Storage Total Revenues 2025 Total Revenues $93M YoY Change u Rental Operations -4% 1% u Sales 37% 8% u Total Revenue -2% Rental Operations 91% Sales Other(a) (a) Other Revenue includes allocated revenues from Corporate for tenant income PAGE 35
Slide 36: Portable Storage Operating Results
Portable Storage Operating Results ($ in millions) Total Revenues Rental Gross Profit Adjusted EBITDA(a) $47 $101 $43 $94 $93 6% $64 46% $83 7% $60 $37 $37 20% 9% $56 46% 4% 19% $53 18% 85% 86% 45% 40% 21% 83% 17% 86% 74% 74% 73% 75% 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Rental
Slide 37: Portable Storage Growth Opportunities
Portable Storage Growth Opportunities Grow revenue and improve fleet utilization as industry demand conditions improve Geographic expansion opportunities through organic investment and strategic acquisitions Mobile Modular Plus – Products and services to support rental customers’ use of the building
Slide 38: Enviroplex
Enviroplex i: McGRATH Benviroplex
Slide 39: Enviroplex
Enviroplex Manufacturer of High-Performance Classrooms Administrative Building – 2,000 sq. ft. Classroom Interior – 2,880 sq. ft. Childcare Center – 9,360 sq. ft. 2 Story School Building – 21,500 sq. ft. Childcare Center – 6,720 sq. ft. PAGE 39
Slide 40: Enviroplex Operating Results
Enviroplex Operating Results ($ in millions) Total Revenues Adjusted EBITDA(a) $57 $11 $46 18% 17% $5 $5 $31 $23 16% 10% $20 $0 -$2 0% -9% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 (a) Adjusted EBITDA defined on page 7 PAGE 40
Slide 41: TRS-RenTelco
TRS-RenTelco ae McGRATH
Slide 42: TRS-RenTelco Total Revenues
TRS–RenTelco Total Revenues 2025 Total Revenues $149M YoY Change 2% u Rental Operations 8% u Sales 21% 22% u Total Revenue 10% 76% Rental Operations Sales Other(a) (a) Other Revenue includes allocated revenues from Corporate for tenant income PAGE 42
Slide 43: TRS-RenTelco Test Equipment Rental Applications
TRS-RenTelco Test Equipment Rental Applications Category 6 & Fiber Power Demand Optical Time Network Spectrum Product Optic Cable & Power Quality Domain Oscilloscopes Analyzers Analyzer Analyzers Analyzer Reflectometers User Group • Cable installation • Electrical • Fiber optic cable • Aerospace and
Slide 44: TRS-RenTelco Operating Results
TRS-RenTelco Operating Results ($ in millions) Total Revenues Rental Gross Profit Adjusted EBITDA(a) $151 $147 $149 $92 $135 $51 $84 17% $47 61% $81 20% 24% $45 $75 2% 22% 42% 57% 2% 2% $38 43% 54% 2% 40% 55% 37% 80% 78% 73% 75% 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Rental Rent
Slide 45: TRS-RenTelco Growth Opportunities
TRS-RenTelco Growth Opportunities A market leader in North America in general purpose and communications equipment rentals Diversified end markets and customer base with positive long-term demand trends Positive long-term demand outlook for technology-related end markets Established customer base wi
Slide 46: Sustainability, Responsibility & Culture
Sustainability, Responsibility & Culture PAGE 46
Slide 47: Corporate Responsibility & Values
Corporate Responsibility & Values We take corporate social responsibility and good “Our commitment to Corporate Responsibility and corporate citizenship seriously at McGrath Sustainability is embedded in our company’s culture and creates positive impact for our people, our Visit our current Corporat
Slide 48: Uniquely McGrath
Uniquely McGrath B2B Rentals Modulars, Storage & Dividend Investor Focus Electronics Champion Shareholder 35 Years of Returns CAGR 16%(c) Consecutive Increases Revenue North America $944M Focus Adjusted 99% of EBITDA $362M(a) (b) Total Revenues Diverse Customer Base Strong Service ~21,000 Customers
Slide 49: Appendix
Appendix as McGRATH
Slide 50: Rental Fleet Metrics
Rental Fleet Metrics Utilization – Rate - Cost (1) Ave r a ge U ti l i z a ti o n 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2Q25 YTD 2Q26 (4) Mobile Modular 76.6% 76.8% 78.2% 79.2% 77.2% 76.2% 78.0% 79.7% 77.5% 73.0% 74.2% 70.1% Portable Storage 84.8% 77.3% 64.9% 60.8% 60.6% 58.4% TRS-Re
Slide 51: Consolidated Cash Flow
Consolidated Cash Flow Year Ended December 31, 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Adjusted EBITDA $ 163 $ 178 $ 203 $ 237 $ 241 $ 249 $ 289 $ 322 $ 352 $ 362 Adjusted EBITDA margin 39% 39% 41% 42% 42% 40% 39% 39% 39% 38% (1) Cash provided by operating activities 141 122 143 188 181 19
Slide 52: Capital Expenditures
Capital Expenditures Y ear Ended Decem ber 3 1 , 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Rental Equipm ent C apital Ex penditures (Gross) Mobile Modular(1) $ 43 $ 35 $ 54 $ 70 $ 39 $ 53 $ 88 $ 176 $ 154 $ 100 Portable Storage - - - - - - 34 28 8 5 TRS-RenTelco 31 59 65 90 43 61 70 29 18 44
Slide 53: Leverage
Leverage 2023: Acquisition of Vesta Divestiture of Adler 2016-2019: Performance Improvement Initiatives 2021: Acquisition of 2.4x Design Space & KTG 2024: WSC Termination Fee 2.0x 1.7x 1.7x 1.7x 1.5x 2020: Covid-19 1.5x 1.4x 1.2x 0.9x Leverage Components ( 1 ) (in millions) 2016 2017 2018 2019 2020
Slide 54: 2025 Revenue and Gross Profit Mix
2025 Revenue and Gross Profit Mix 2025 Total 2025 Gross Profit Revenues $944M $455M 12% 20% 10% 9% 11% 17% 65% 53% ($ in millions) Revenue Gross Profit Rental Rental Related Services Sales - Used Other Sales - New PAGE 54
Slide 55: Modular Fleet Metrics
Modular Fleet Metrics 76.0% 76.7% 78.8% 80.5% 79.4% 79.3% 79.9% 79.7% 78.7% 78.4% 77.1% 76.0% 74.6% 73.7% 72.6% 71.3% 70.0% 70.1% $943 $956 $965 $958 $959 $964 $964 $970 $996 $886 $909 $921 $925 $784 $645 $655 $675 $694 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25