Mcgrath Rentcorp · NASDAQ:MGRC
Mcgrath Rentcorp — Q4 2025 Earnings Presentation
54 slides from Mcgrath Rentcorp's earnings presentation, Feb 25, 2026
Slide 1: Q4 2025 Quarterly Investor Presentation
FEBRUARY 25, 2026 Q4 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 2026 financial outlook as well as expectations, str
Slide 3: Chief Executive Officer Succession
Chief Executive Officer Succession Announced February 5, 2026 The Board of Directors has appointed Executive Vice President and Chief Operating Officer Philip B. Hawkins as President and Chief Executive Officer and a member of the Board, effective April 3, 2026 Phil Hawkins will succeed President an
Slide 4: Presentation Order
Presentation Order McGrath Overview 5 - 11 Quarterly Financial Highlights 12 - 26 Businesses Overview & End Markets 27 - 49 Sustainability, Responsibility & Culture 50 - 52 Appendix 53 - 54 PAGE 4
Slide 5: McGrath Overview
McGrath Overview ae McGRATH
Slide 6: 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) $362M Established rental businesses with solid positions in Adjusted EBITDA Margin (a) 38% attractive markets Strategic growth focus on modular solutions mark
Slide 7: Consistent Revenue and Adjusted EBITDA Growth
Consistent Revenue and Adjusted EBITDA Growth Continuing Growth over the Last 10 Years with Positive Trajectory ($ 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 8: 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% 67% Mobile Modular(a) Portable Storage TRS-RenTelco (a) Mobile Modular includes Enviroplex (b) The Company defines Adjusted EBITDA as net income before int
Slide 9: 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 10: 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 11: 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 12: Quarterly Financial Highlights
Quarterly Financial Highlights PAGE 12
Slide 13: Q4 2025 Quarterly Highlights
Q4 2025 Quarterly Highlights Year Over Year Strong McGrath results driven by Mobile Modular and TRS-RenTelco • Total revenues $257M (+5%) • Adjusted EBITDA $105M (+14%) Mobile Modular rental revenues increased 2% • Rental revenue growth driven by commercial customer base • Higher gross profit contri
Slide 14: Operating Results
Operating Results ($ in millions) Twelve months ended Three months ended December 31 December 31 2025 2024 Change 2025 2024 Change Rental Revenue $504 $490 3% $129 $124 4% Rental Related Services $162 $148 9% $41 $37 10% Sales $269 $262 3% $84 $80 5% Other $9 $10 -8% $2 $2 -3% Total Revenue $944 $91
Slide 15: Rental Revenue
Rental Revenue ($ in millions) Mobile Modular Portable Storage TRS-RenTelco +2% $100 $100 $100 $78 $82 $82 $83 $82 $83 $76 $78 $75 $75 $75 +13% $50 $50 +3% $50 $25 $26 $25 $27 $26 $28 $25 $29 $25 $25 $18 $16 $18 $17 $17 $17 $17 $17 $25 $0 $0 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total McGrath +4% $
Slide 16: Adjusted EBITDA
Adjusted EBITDA ($ in millions) Mobile Modular(a)(b) Portable Storage(a) TRS-RenTelco(a) +13% $80 $80 $80 $71 $69 $65 $61 $60 $60 $60 $53 $53 +21% $48 $43 $40 -3% $40 $40 $18 $18 $18 $19 $19 $20 $19 $23 $20 $12 $9 $11 $10 $11 $9 $10 $10 $20 $20 $0 $0 $0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total McGr
Slide 17: Mobile Modular Operating Results
Mobile Modular Operating Results ($ in millions) Total Revenues Rental Gross Profit Adjusted EBITDA(a) +2% $200 $80 $80 +13% $172 $176 0% $69 $61 of total $150 $60 $60 39% 34% 32% $53 $53 revenue 35% %s of total 65% 64% of rental revenue revenue $100 19% 20% $40 $40 $50 $20 $20 48% 47% $0 $0 $0 Q4 2
Slide 18: Mobile Modular Highlights
Mobile Modular Highlights ($ in millions) Rental Revenue Period End Rental Equipment (Original Cost)(a) Average Utilization(a) $100 $1,400 100% $1,373 $1,341 $1,315 $1,200 $1,290 $1,280 $1,259 $1,222 $80 80% $1,189 $83 $83 $82 $82 $82 78.7% $78 78.4% $1,000 $78 77.1% $76 76.0% 74.6% 73.7% 72.6% 71.3
Slide 19: Mobile Modular Highlights
Mobile Modular Highlights ($ in millions) Adjusted EBITDA(a) Adjusted EBITDA(a) % of Total Revenue Average Rental Rate(b) $80 40% 3.00% 39% 2.88% 2.88% 2.85% 2.84% 2.84% 2.76% 37% 2.76% 37% 2.73% 36% $71 36% 35% $69 34% 34% $60 30% $65 $61 2.00% $53 $53 $48 $40 20% $43 1.00% $20 10% $0 0% 0.00% Q1 Q
Slide 20: Portable Storage Operating Results
Portable Storage Operating Results ($ in millions) Total Revenues Rental Gross Profit Adjusted EBITDA(a) $30 +5% $20 $20 $24 +2% $23 10% $14 $14 9% -3% $20 18% 85% 84% of rental 17% %s of total revenue revenue $10 $10 74% 73% $10 $10 44% 40% of total $10 revenue $0 $0 $0 Q4 24 Q4 25 Q4 24 Q4 25 Q4 2
Slide 21: Portable Storage Highlights
Portable Storage Highlights ($ in millions) Rental Revenue Period End Rental Equipment (Original Cost)(a) Average Utilization(a) $20 $300 100% $18 $250 $18 80% $17 $17 $17 $17 $17 $15 $243 $16 $238 $234 $234 $233 $230 $228 $225 $200 69.8% 60% 66.1% 62.8% 60.2% 61.4% 61.1% 61.2% 61.2% $10 $150 40% $1
Slide 22: Portable Storage Highlights
Portable Storage Highlights ($ in millions) 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% 40% 3.96% 3.95% 3.94% 3.94% 3.94% 3.94% 3.96% $12 3.82% 38% $11 $10 $11 30% 3.00% $10 $10 $10 $9 $9 20% 2.00% $5 10% 1.00% $0 0%
Slide 23: TRS-RenTelco Operating Results
TRS-RenTelco Operating Results ($ in millions) Total Revenues Rental Gross Profit Adjusted EBITDA(a) $30 $50 +19% $15 +21% +26% $41 $13 $23 $40 31% of rental $34 $10 revenue 57% of total 27% $10 $20 $19 revenue $30 23% 30% 56% 71% 75% of total $20 revenue $5 $10 $10 $0 $0 $0 Q4 24 Q4 25 Q4 24 Q4 25
Slide 24: TRS-RenTelco Highlights
TRS-RenTelco Highlights ($ in millions) Rental Revenue Period End Rental Equipment (Original Cost)(a) Average Utilization(a) $30 $400 100% $29 $28 $369 $367 $27 $354 80% $26 $342 $26 $25 $25 $25 $335 $332 $331 $331 $300 $20 60% 64.8% 64.8% 64.5% 61.6% 59.1% 57.3% $200 56.5% 56.5% 40% $10 $100 20% $0
Slide 25: TRS-RenTelco Highlights
TRS-RenTelco Highlights ($ in millions) Adjusted EBITDA(a) Adjusted EBITDA(a) % of Total Revenue Average Rental Rate(b) $25 60% 5.00% 57% 56% $23 55% 55% 55% 54% 4.43% 53% $20 4.00% 4.33% 51% 4.22% 4.09% 4.12% 4.11% 4.07% $20 4.03% $19 $19 $19 $18 40% $18 $18 $15 3.00% $10 2.00% 20% $5 1.00% $0 0% 0
Slide 26: McGrath 2026 Financial Outlook
McGrath 2026 Financial Outlook 2025 Actual 2026 Outlook (FY 12/31/25) (as of 2/25/26) Total Revenues $944M $945M to $995M Adjusted EBITDA(a) $362M $360M to $378M Gross Rental Equipment Capital Expenditures $143M $180M to $200M Projecting Another Year of Profitable Growth for 2026 (a) Adjusted EBITDA
Slide 27: Business Overview & End Markets
Business Overview & End Markets PAGE 27
Slide 28: Mobile Modular
Mobile Modular ae McGRATH mobile KITCHENS TO GO" modular ¥ fymebie median PAGE 28
Slide 29: Rental Assets
Rental Assets mobile modular ¥ z's McGRATH PAGE 29
Slide 30: Mobile Modular Total Revenues
Mobile Modular Total Revenues (a) 2025 Total Revenues $645M YoY Change u Rental Operations 5% 1% u Sales -7% 26% u Total Revenue 2% 73% Rental Operations Sales Other(b) (a) Mobile Modular excludes Enviroplex (b) Other Revenue includes allocated revenues from Corporate for tenant income PAGE 30
Slide 31: 2025 Rental Operations Revenue Mix
2025 Rental Operations Revenue Mix Customer Mix(a) Education Mix(a) Commercial Mix(a) Higher Education 2% Retail 1% Other 6% Daycare/Other 2% Entertainment & Recreation 1% Education Health Care 2% Transportation 3% 33% Private K-12/ Charter 6% General Business 4% Government 4% Residential Constructi
Slide 32: Mobile Modular Operating Results
Mobile Modular Operating Results ($ 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% $122 26% 20% 49% 32% 51% 50% 51% 54% 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 202
Slide 33: Mobile Modular Growth Opportunities
Mobile Modular Growth Opportunities Geographic expansion opportunities for Modulars through organic investment and strategic acquisitions Mobile Modular Plus – Products and services to support rental customers’ use of the building (e.g., furniture rental packages) 30% Site-Related Services – Product
Slide 34: Mobile Modular Initiatives: Geographic Expansion
Mobile Modular Initiatives Geographic Expansion Company founded with initial operations in California Long track record of successful organic growth in multiple states Strategic acquisitions have helped to broaden geographic coverage and allow for further organic investment Smaller tuck-in acquisiti
Slide 35: Mobile Modular Plus & Site-Related Services
Mobile Modular Initiatives Mobile Modular Plus & Site-Related Services ($ in millions) Mobile Modular Plus(a)(c) Site-Related Services(b)(c) 3-Year CAGR 26% 3-Year CAGR 37% $38 $36 $31 $28 $29 $24 $19 $14 2022 2023 2024 2025 2022 2023 2024 2025 (a) Mobile Modular Plus includes recurring rental reven
Slide 36: Custom Modular Solutions Sales
Mobile Modular Initiatives Custom Modular Solutions Sales ($ in millions) Total Sales Revenues (a)(c) New Sales Revenue (a)(b)(c) 3-Year CAGR 21% 3-Year CAGR 35% $143 $183 $116 $121 $171 $155 22% 29% 25% $97 $49 49% 78% 75% 71% 51% 2022 2023 2024 2025 2022 2023 2024 2025 Total New Total Used (a) Sal
Slide 37: Revenue Per Unit
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) $1,400 $1,400 -3% $1,203 $1,169 $1,200 $1,200 +6% $1,000 $1,000 $874 $824 $800 $800 $600 $600 $400 $400 $200 $200 $0 $0 Q4 24 Q4 25 LTM Q4 24
Slide 38: Portable Storage
Portable Storage ae McGRATH mobile p modular ® Portable PAGE 38
Slide 39: Portable Storage Total Revenues
Portable Storage Total Revenues 2025 Total Revenues $93M YoY Change u Rental Operations -4% 1% u Sales 37% 8% u Total Revenue -2% Rental Operations 91% Sales Other(a) (a) Other Revenue includes allocated revenues from Corporate for tenant income PAGE 39
Slide 40: Portable Storage Operating Results
Portable Storage Operating Results ($ 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% $53 18% 85% 86% 45% 40% 21% 83% 17% 86% 74% 74% 73% 75% 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Rental
Slide 41: Portable Storage Growth Opportunities
Portable Storage Growth Opportunities Grow revenue and improve fleet utilization as industry demand conditions improve Geographic expansion opportunities through organic investment and strategic acquisitions Mobile Modular Plus – Products and services to support rental customers’ use of the building
Slide 42: Enviroplex
Enviroplex i: McGRATH Benviroplex
Slide 43: Enviroplex: Manufacturer of High-Performance Classrooms
Enviroplex Manufacturer of High-Performance Classrooms Administrative Building – 2,000 sq. ft. Classroom Interior – 2,880 sq. ft. Childcare Center – 9,360 sq. ft. 2 Story School Building – 21,500 sq. ft. Childcare Center – 6,720 sq. ft. PAGE 43
Slide 44: Enviroplex Operating Results
Enviroplex Operating Results ($ in millions) Total Revenues Adjusted EBITDA(a) $57 $11 $46 18% 17% $5 $5 $31 $23 16% 10% $20 0% $0 -9% -$2 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 (a) Adjusted EBITDA defined on page 8 PAGE 44
Slide 45: TRS-RenTelco
TRS-RenTelco ae McGRATH
Slide 46: TRS–RenTelco Total Revenues
TRS–RenTelco Total Revenues 2025 Total Revenues $149M YoY Change u Rental Operations 8% 2% u Sales 21% 22% u Total Revenue 10% 76% Rental Operations Sales Other(a) (a) Other Revenue includes allocated revenues from Corporate for tenant income PAGE 46
Slide 47: TRS-RenTelco Test Equipment Rental Applications
TRS-RenTelco Test Equipment Rental Applications Category 6 & Fiber Power Demand Optical Time Network Spectrum Product Optic Cable & Power Quality Domain Oscilloscopes Analyzers Analyzer Analyzers Analyzer Reflectometers User Group • Cable installation • Electrical • Fiber optic cable • Aerospace and
Slide 48: TRS-RenTelco Operating Results
TRS-RenTelco Operating Results ($ 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 49: 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 50: Sustainability, Responsibility & Culture
Sustainability, Responsibility & Culture PAGE 50
Slide 51: Corporate Responsibility & Values
Corporate Responsibility & Values We take corporate social responsibility and fundamental “Corporate Responsibility and Sustainability are good corporate citizenship seriously at McGrath long-standing hallmarks of our company’s culture and remain at the forefront in everything we do.” Visit our curr
Slide 52: 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 53: Appendix
Appendix 2s McGRATH
Slide 54: Rental Fleet Metrics
Rental Fleet Metrics Utilization – Rate - Cost (1) Ave r a ge U ti l i z a ti o n FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (4) Mobile Modular 76.6% 76.8% 78.2% 79.2% 77.2% 76.2% 78.0% 79.7% 77.5% 73.0% Portable Storage 84.8% 77.3% 64.9% 60.8% TRS-RenTelco 60.6% 62.9% 62.7% 66.2% 66.2% 67.0%