Willscot Holdings Corporation · NASDAQ:WSC
Willscot — Q3 2025 Earnings Presentation
52 slides from Willscot's earnings presentation, Nov 6, 2025
Slide 1: Quarterly Investor Presentation Third Quarter 2025
QUARTERLY INVESTOR PRESENTATION THIRD QUARTER 2025 November 6, 2025
Slide 2: Safe Harbor
SAFE HARBOR Forward Looking Statements Non-GAAP Financial Measures This presentation contains forward-looking statements (including the guidance/outlook This presentation includes non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free c
Slide 3: Table of Contents
04 12 Q3 2025 Q3 2025 TABLE OF Financial Review Operating Results CONTENTS 16 30 WillScot Business Appendix Overview 3
Slide 4: Revenue and Adjusted EBITDA in Q3 2025
REVENUE AND ADJUSTED EBITDA IN Q3 2025 Revenue Adjusted EBITDA1 Total revenues and Adjusted EBITDA down 6% and 9% Y/Y, $M $M respectively 700 Leasing revenue decreased 5% Y/Y Driven by volume declines across both modular and storage 601 Elevated write-off activity due to progress in order-to
Slide 5: Underlying Sequential Leasing Revenue Stability Persists
UNDERLYING SEQUENTIAL LEASING REVENUE STABILITY PERSISTS THOUGH ORDER-TO-CASH IMPROVEMENTS WEIGH ON REVENUE Leasing Revenue $M Continued initiative to improve working capital and lower bad debt expense as outlined in 2025 Investor Day, resulted in write- 650 465 458 459 Total Leasing Revenue, excl
Slide 6: Free Cash Flow Driven by Predictable, Recurring Lease Revenues and Capital Management
FREE CASH FLOW DRIVEN BY PREDICTABLE, RECURRING LEASE REVENUES AND CAPITAL MANAGEMENT Net Cash Provided By Operating Activities1 Order-to-cash improvements supporting strong operating cash $M flow profile 209 207 202 205 219 Increased Net CAPEX supporting large project strength and 176 191 202 1
Slide 7: 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 Profile1,3 On October 16, 2025, we amended and extended our ABL credit $M facility, reducing annual cash borrowing costs ~$5M and extending maturity to October 16, 203
Slide 8: Expansion in Cash from Operations Supports Balanced Capital Allocation
EXPANSION IN CASH FROM OPERATIONS SUPPORTS BALANCED CAPITAL ALLOCATION Capital Allocation Framework $701 LTM Capital Allocated Capital Allocation Framework 2021 Investor Day $M | % 2025 Investor Day % % 25% 220 25% 31% 261 Cumulative 37% 45% 50% Cash from ~$5B1 Operations1 38 25% 6% 25% 181 5% 26% N
Slide 9: Delivered Strong ROIC in 15-20% Target Range
DELIVERED STRONG ROIC IN OUR 15 – 20% TARGET RANGE1 Return on Invested Capital Build $M | % 3,500 20% 3 to 5-year targeted 17.7% ROIC operating range 16.7% 3,000 15.4% 15.4% 15% 2,500 11.7% 2,000 10% 1,500 1,000 5% 500 - 0% 2021 2022 2023 2024 Q3 2025 LTM Average Invested Capital Adjusted Earnings B
Slide 10: Revised 2025 Financial Outlook Reflects Macro Views on End Market Demand
REVISED 2025 FINANCIAL OUTLOOK REFLECTS MACRO VIEWS ON END MARKET DEMAND $M Q4 2025 2025 Outlook Revenue $545 $2,260 Adjusted EBITDA1 $250 $970 Net CAPEX1 $70 $275 Revenue range adjusted based on our end market demand expectations for the remainder of 2025, including seasonal retail demand Adjus
Slide 11: Table of Contents
04 12 Q3 2025 Q3 2025 TABLE OF Financial Review Operating Results CONTENTS 16 30 WillScot Business Appendix Overview 11
Slide 12: 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 99.8 95.8 98.9 95.7 98.2 94.9 97.7 92.7 90.5 90.3 89.4 6% Y/Y decline in average modular units on rent, demand remains more resilient in industrial and manufacturing, while comm
Slide 13: 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 1,237 1,254 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 $1,254 in Q3 20
Slide 14: 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% 16.3% 16.5% 16.6% 16.5% 16.5% 16.5% 16.6% 16.8% 16.9% 17.2% 15.9% 15.9% 16.0% 16.1% 15.7% 15.9% 16.0% 16.6% 16.8
Slide 15: Table of Contents
04 12 Q3 2025 Q3 2025 TABLE OF Financial Review Operating Results CONTENTS 16 30 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: 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 Metric1 Ranges LTM as of Q3 2025 % | $M (‘25 Investor Day) Revenue CAGR2 5 - 10% (4)% 2,396 50% Adjusted EBITDA Margin3 45 - 50% 43.4% 44% Return On Invested Capital3
Slide 20: 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 Value Driver
OUR SCALE IS A KEY COMPETITIVE ADVANTAGE AND A VALUE DRIVER FOR OUR CUSTOMERS We leverage our scale to win locally ~126M 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, Requires extensive materials in addition to the units circular economy and resou
Slide 24: Lease Duration Mitigates Revenue Volatility Through Cycles
LEASE DURATION MITIGATES REVENUE VOLATILITY THROUGH CYCLES $1.8B Leasing Revenue LTM GDP¹ Non-residential construction square foot starts¹ Lease Revenue2 Increase of ~77% $1.0B Lease Revenue2 2019 2020 2021 2022 2023 2024 2025 Pre-COVID COVID shock Exceptional demand Non-Residential contraction Acqu
Slide 25: Turnkey VAPS Solutions Drive Predictable Multi-Year Growth
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 NPI & NPD + Pragmatic $0.75B + Innovation Strategi
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 Engineering & Architecture – 2% Continued multi-year demand from strategic onshoring with infrastructure demand, creating tailwinds in manufacturing, industrial, education, and H
Slide 27: 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 28: 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 29: Table of Contents
04 12 Q3 2025 Q3 2025 TABLE OF Financial Review Operating Results CONTENTS 16 30 WillScot Business Appendix Overview 29
Slide 30: Appendix
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Slide 31: 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 September 30 Nine Months Ended September 30 (in thousands) 2025 2024 2025 2024 Leasing and Services Leasing $434,224 $455,578 $1,311,530 $1,374,771 Delivery and Installation 98,517 114,765 295,630 323,274 Sales
Slide 32: Consolidated Quarterly Performance
CONSOLIDATED QUARTERLY PERFORMANCE Modular Space Average Units on Rent and Utilization1,2 107,241 106,676 105,928 104,688 102,338 101,832 101,728 101,599 100,182 100,130 99,565 100,312 100,747 102,013 102,903 103,126 99,826 98,939 98,169 97,665 95,797 95,671 94,911 92,742 90,548 90,285 89,390 73.1%
Slide 33: Consolidated Quarterly Performance
CONSOLIDATED QUARTERLY PERFORMANCE1,2 Quarterly Results for the nine months ended September 30, 2025: (in thousands, except for units on rent Q1 Q2 Q3 Q4 TOTAL and monthly rental rate) Revenue $559,551 $589,083 $566,841 $1,715,475 Gross profit $300,366 $296,070 $281,618 $878,054 VAPS percentage of r
Slide 34: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Adjusted EBITDA is a non-GAAP measure 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 tra
Slide 35: Reconciliation of Non-GAAP Measures – Adjusted EBITDA
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA Adjusted EBITDA is a non-GAAP measure 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 tra
Slide 36: Reconciliation of Non-GAAP Measures – Adjusted EBITDA Margin %
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN % We define Adjusted EBITDA Margin 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 con
Slide 37: Reconciliation of Non-GAAP Measures – Adjusted EBITDA Margin %
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED EBITDA MARGIN % We define Adjusted EBITDA Margin 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 con
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 continuing operations from the last twelve months. We define Net Debt as total debt from continuing operations net of total cash and cash e
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 continuing operations from the last twelve months. We define Net Debt as total debt from continuing operations net of total cash and cash e
Slide 43: 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 (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 We define Net CAPEX 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 Margin
RECONCILIATION OF NON-GAAP MEASURES – ADJUSTED FREE CASH FLOW AND ADJUSTED FREE CASH FLOW MARGIN Adjusted Free Cash Flow and Adjusted Free Cash Flow Margin are non-GAAP measures. We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and pr
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 and Adjusted Free Cash Flow Margin are non-GAAP measures. We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and pr
Slide 47: 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 Net Cash Provided By Operating Activities is defined as net cash provided by operating activities excluding one-time, nonrecurring payments for the McGrath termination fee and transaction costs
Slide 48: 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 Net Cash Provided By Operating Activities is defined as net cash provided by operating activities excluding one-time, nonrecurring payments for the McGrath termination fee and transaction costs
Slide 49: 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 and Adjusted Free Cash Flow Margin are non-GAAP measures. We define Adjusted Free Cash Flow as net cash provided by operating activities; less purchases of rental equipment and pr
Slide 50: 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 51: 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 52: WillScot – Right From the Start
WILLSCOT RIGHT FROM THE START 52