McGrath Announces Results for Third Quarter 2026

McGrath RentCorp (“McGrath” or the “Company”) (Nasdaq: MGRC), a leading business-to-business rental company in North America, today announced total revenues for the quarter ended September 30, 2026 of $274.6 million, an increase of 7% compared to the third quarter of 2025. The Company reported net income of $48.8 million, or $2.00 per diluted share, for the third quarter of 2026, compared to net income of $42.3 million, or $1.72 per diluted share, for the third quarter of 2025. The increases in net income and earnings per diluted share for the quarter were primarily attributed to higher gross profit on rental operations and sales revenues when compared to the third quarter of 2025.

THIRD QUARTER 2026 YEAR-OVER-YEAR COMPANY HIGHLIGHTS:

Rental operations revenues increased 6% to $189.5 million.
Sales revenues increased 9% to $82.9 million.
Total revenues increased 7% to $274.6 million.
Income from operations increased 11% to $73.9 million.
Adjusted EBITDA¹ increased 10% to $106.5 million.
Dividend rate of $0.495 per share for the third quarter 2026. On an annualized basis, this dividend represents a 1.7% yield on the October 27, 2026 close price of $119.56 per share.

Phil Hawkins, President and CEO of McGrath, made the following comments:

“We were pleased with our third quarter results. The 7% increase in companywide revenues was primarily driven by higher rental operations, reflecting steady progress at Mobile Modular and TRS-RenTelco.

Modular rental revenues increased 4% compared to last year, with continued growth from our commercial customer base. Consistent with the first half of this year, we experienced positive business momentum during the quarter, particularly with large commercial projects and progress with our regional expansion efforts. We responded to this momentum with additional capital investments in new rental fleet.

Portable Storage rental revenues decreased 3% as market demand conditions remained soft. Consistent with the first half of this year, higher costs for equipment preparation, trucking and sales coverage continued to pressure margins in the quarter.

TRS had another impressive quarter with rental revenues increasing 26%. Demand remained robust throughout the quarter, and the business continued to benefit from projects supporting buildout of new data centers. We made additional investments in rental fleet to support the strong market conditions and positive outlook for the business.

Our updated outlook for the year reflects continued positive rental operations momentum and investment at Mobile Modular and TRS, partly offset by lower Modular new equipment sales. We are focused on disciplined operational execution and capitalizing on our rental operations momentum through the remainder of the year.”

DIVISION HIGHLIGHTS:

All comparisons presented below are for the quarter ended September 30, 2026 to the quarter ended September 30, 2025 unless otherwise indicated.

MOBILE MODULAR

For the third quarter of 2026, the Company’s Mobile Modular division reported Adjusted EBITDA of $62.6 million, a decrease of $1.9 million, or 3%, when compared to the same quarter in 2025.

Rental revenues increased 4% to $86.9 million, depreciation expense increased 11% to $12.0 million and other direct costs increased 7% to $25.9 million, which resulted in an increase in gross profit on rental revenues of 2% to $49.0 million.
Rental related services revenues was comparable to the prior year at $44.6 million, primarily attributable to higher delivery and dismantle revenues, partly offset by lower site related service revenues, with associated gross profit increasing 7% to $15.7 million.
Sales revenues decreased 10% to $47.1 million, primarily due to lower new equipment sales. Lower sales revenues and a comparable gross margin on sales of 36% in 2026, resulted in a 10% decrease in gross profit on sales revenues to $16.8 million.
Selling and administrative expenses increased 8% to $38.3 million, when compared to the prior year.

PORTABLE STORAGE

For the third quarter of 2026, the Company’s Portable Storage division reported Adjusted EBITDA of $7.4 million, a decrease of $1.9 million, or 20%, when compared to the same quarter in 2025.

Rental revenues decreased 3% $16.8 million, depreciation expense increased 5% to $1.1 million, and other direct costs increased 1% to $2.2 million, which resulted in a decrease in gross profit on rental revenues of 4% to $13.4 million.
Rental related services revenues increased 5% to $4.4 million, primarily attributable to higher delivery and return delivery activities. Gross margin on rental related services was negative 25% compared to negative 13% in 2025, primarily due to higher trucking related costs, resulting in a $0.6 million higher gross loss of $1.1 million.
Sales revenues decreased 16% to $2.3 million. Gross margin on sales decreased 3% to 37%, compared to 40% in 2025, resulting in a $0.2 million decrease in gross profit on sales revenues to $0.8 million.
Selling and administrative expenses increased 5% to $8.3 million, when compared to the prior year.

TRS-RENTELCO

For the third quarter of 2026, the Company’s TRS-RenTelco division reported Adjusted EBITDA of $25.7 million, an increase of 27% when compared to the same quarter in 2025.

Rental revenues increased 26% to $35.4 million, depreciation expense increased 15% and other direct costs increased 14%, resulting in a 42% increase in gross profit on rental revenues to $17.2 million.
Sales revenues increased 7% to $7.9 million. Gross margin on sales in 2026 was 56%, unchanged from 2025, resulting in an increase in gross profit on sales revenues of 8% to $4.5 million.
Selling and administrative expenses increased 15% to $8.2 million, when compared to the prior year.

FINANCIAL OUTLOOK:

Based upon the Company’s year-to-date results and current outlook for the remainder of the year, the Company is updating its financial outlook. Total revenues is decreasing as a result of lower Mobile Modular new equipment sales. Adjusted EBITDA range has narrowed with no change to mid-point expectations. Gross rental equipment capital expenditures are increasing to support rental operations momentum at Mobile Modular and TRS-RenTelco. For the remainder of 2026, the Company currently expects:

	Previous	Current
Total revenue:	$955 to $985 million	$945 to $960 million
Adjusted EBITDA^{1, 2}:	$363 to $375 million	$365 to $373 million
Gross rental equipment capital expenditures:	$200 to $220 million	$270 to $290 million

1.		Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, transaction costs and non-operating transactions. A reconciliation of actual net income to Adjusted EBITDA and Adjusted EBITDA to net cash provided by operating activities can be found at the end of this release.
2.		Information reconciling forward-looking Adjusted EBITDA to the comparable GAAP financial measures is unavailable to the Company without unreasonable effort because certain items required for such reconciliations are outside of the Company’s control and/or cannot be reasonably predicted, such as the provision for income taxes. Therefore, no reconciliation to the most comparable GAAP measures is provided. The Company provides Adjusted EBITDA guidance because it believes that Adjusted EBITDA, when viewed with the Company’s results under GAAP, provides useful information for the reasons noted in the reconciliation of actual Adjusted EBITDA to the most directly comparable GAAP measures at the end of this release.

ABOUT MCGRATH:

McGrath RentCorp (Nasdaq: MGRC) is a leading business-to-business rental company in North America with a strong record of profitable business growth. Founded in 1979, McGrath’s operations are centered on modular solutions through its Mobile Modular and Mobile Modular Portable Storage businesses. In addition, its TRS-RenTelco business offers electronic test equipment rental solutions. The Company’s rental product offerings and services are part of the circular supply economy, helping customers work more efficiently, and sustainably manage their environmental footprint. With over 40 years of experience, McGrath’s success is driven by a focus on exceptional customer experiences. This focus has underpinned the Company’s long-term financial success and supported over 35 consecutive years of annual dividend increases to shareholders, a rare distinction among publicly listed companies.

McGrath is headquartered in Livermore, California. Additional information about McGrath and its businesses is available at mgrc.com and investors.mgrc.com.

You should read this press release in conjunction with the financial statements and notes thereto included in the Company’s latest Forms 10-K, 10-Q and other SEC filings. You can visit the Company’s web site at www.mgrc.com to access information on McGrath RentCorp, including the latest Forms 10-K, 10-Q and other SEC filings.

CONFERENCE CALL NOTE:

As previously announced in its press release of October 1, 2026, McGrath RentCorp will host a conference call at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on October 28, 2026 to discuss the third quarter 2026 results. To participate in the teleconference, dial 1-800-274-8461 (in the U.S.), or 1-203-518-9814 (outside the U.S.), or to listen only, access the simultaneous webcast at the investor relations section of the Company’s website at https://investors.mgrc.com/. A replay will be available for 7 days following the call by dialing 1-800-723-5759 (in the U.S.), or 1-402-220-2662 (outside the U.S.). In addition, a live audio webcast and replay of the call may be found in the investor relations section of the Company’s website at https://investors.mgrc.com/events-and-presentations.

FORWARD-LOOKING STATEMENTS:

This press release contains 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 expectations, strategies, prospects or targets are forward-looking statements. These forward-looking statements also can be identified by the use of forward-looking terminology such as “anticipates,” “believes,” “continues,” “could,” “estimates,” “expects,” “intends,” “may,” “plan,” “predict,” “project,” or “will,” or the negative of these terms or other comparable terminology. In particular, the discussion under the heading “Financial Outlook” and Mr. Hawkins’ comments about the Company’s updated outlook for the year reflecting continued positive rental operations momentum at Mobile Modular and TRS, partly offset by lower Modular new equipment sales, are forward looking.

These forward-looking statements are not guarantees of future performance and involve significant risks and uncertainties that could cause our actual results to differ materially from those projected including: the continued impact of tariff actions and macroeconomic factors, including fiscal policy uncertainty, government budgetary constraints, other political, geopolitical or regulatory developments; fuel costs; health of the education and commercial markets in our modular building division; competition within the modular business; the activity levels in the semiconductor and general purpose and communications test equipment markets at TRS-RenTelco; the activity levels in commercial construction projects and impact on Portable Storage segment; continued execution of our strategic performance improvement initiatives; our ability to successfully increase prices to offset cost increases; our ability to effectively manage our rental assets; and our ability to retain and attract talent and uncertainty associated with the Chief Executive Officer transition; as well as the other factors disclosed under “Risk Factors” in the Company’s 2025 Form 10-K and other SEC filings.

Forward-looking statements are made only as of the date hereof and are based on management’s reasonable assumptions, however these assumptions can be wrong or affected by known or unknown risks and uncertainties. No forward-looking statement can be guaranteed, and subsequent facts or circumstances may contradict, obviate, undermine or otherwise fail to support or substantiate such statements. Except as otherwise required by law, we assume no obligation to update any of the forward-looking statements contained in this press release.

MCGRATH RENTCORP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2026		2025		2026			2025
Revenues
Rental	$	139,057	$	128,488	$	397,598		$	374,586
Rental related services		50,418		49,622		126,608			121,021
Rental operations		189,475		178,110		524,206			495,607
Sales		82,898		76,058		163,288			184,759
Other		2,233		2,275		6,766			7,109
Total revenues		274,606		256,443		694,260			687,475
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment		24,534		21,868		70,477			64,799
Rental related services		36,229		35,422		89,722			85,212
Other		34,931		32,308		101,537			91,479
Total direct costs of rental operations		95,694		89,598		261,736			241,490
Costs of sales		48,038		47,588		96,853			119,578
Total costs of revenues		143,732		137,186		358,589			361,068
Gross profit		130,874		119,257		335,671			326,407
Expenses:
Selling and administrative expenses		56,935		52,540		166,859			156,952
Other income, net		—		—		(1,814	)		—
Income from operations		73,939		66,717		170,626			169,455
Interest expense		7,965		8,177		21,578			24,130
Foreign currency exchange loss (gain)		6		32		77			(54	)
Income before provision for income taxes		65,968		58,508		148,971			145,379
Provision for income taxes		17,165		16,211		39,463			38,900
Net income		48,803		42,297		109,508			106,479
Earnings per share:
Basic	$	2.00	$	1.72	$	4.47		$	4.33
Diluted	$	2.00	$	1.72	$	4.46		$	4.32
Shares used in per share calculation:
Basic		24,413		24,612		24,502			24,598
Diluted		24,451		24,644		24,536			24,628
Cash dividends declared per share	$	0.495	$	0.485	$	1.485		$	1.455

MCGRATH RENTCORP
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
	September 30,			December 31,
(in thousands)	2026			2025
Assets
Cash	$	1,038		$	295
Accounts receivable, net of allowance for credit losses of $2,400 at September 30, 2026 and $2,866 at December 31, 2025		244,850			231,865
Rental equipment, at cost:
Relocatable modular buildings		1,607,898			1,485,794
Portable storage containers		245,917			245,141
Electronic test equipment		389,141			337,100
		2,242,956			2,068,035
Less: accumulated depreciation		(685,814	)		(647,137	)
Rental equipment, net		1,557,142			1,420,898
Property, plant and equipment, net		263,680			233,492
Inventories		9,589			8,027
Prepaid expenses and other assets		123,036			83,351
Intangible assets, net		39,120			46,605
Goodwill		337,362			332,584
Total assets	$	2,575,817		$	2,357,117
Liabilities and Shareholders’ Equity
Liabilities:
Notes payable	$	618,257		$	514,924
Accounts payable		69,232			66,233
Accrued liabilities		133,903			114,764
Deferred income		145,148			110,593
Deferred income taxes, net		331,170			313,580
Total liabilities		1,297,710			1,120,094
Shareholders’ equity:
Common stock, no par value – Authorized 40,000 shares
Issued and outstanding – 24,364 shares as of September 30, 2026 and 24,612 shares as of December 31, 2025		122,626			121,785
Retained earnings		1,155,481			1,115,238
Total shareholders’ equity		1,278,107			1,237,023
Total liabilities and shareholders’ equity	$	2,575,817		$	2,357,117

MCGRATH RENTCORP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
	Nine Months Ended September 30,
(in thousands)	2026			2025
Cash Flows from Operating Activities:
Net income	$	109,508		$	106,479
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization		85,973			79,717
Deferred income taxes		15,645			22,918
Provision for credit losses		853			1,266
Share-based compensation		8,451			8,088
Gain on sale of property, plant and equipment		(1,814	)		—
Gain on sale of used rental equipment		(32,749	)		(30,188	)
Foreign currency exchange loss (gain)		77			(54	)
Amortization of debt issuance costs		6			204
Change in:
Accounts receivable		(13,692	)		(23,270	)
Inventories		(1,562	)		882
Prepaid expenses and other assets		(39,614	)		(1,884	)
Accounts payable		(5,348	)		(8,041	)
Accrued liabilities		17,682			(1,854	)
Deferred income		34,555			20,502
Net cash provided by operating activities		177,971			174,765
Cash Flows from Investing Activities:
Purchases of rental equipment		(218,745	)		(91,516	)
Purchases of property, plant and equipment		(37,969	)		(33,235	)
Cash paid for acquisition of businesses, net of cash received		(9,538	)		(21,947	)
Proceeds from sales of used rental equipment		59,969			58,647
Proceeds from sales of property, plant and equipment		2,750			—
Net cash used in investing activities		(203,533	)		(88,051	)
Cash Flows from Financing Activities:
Net borrowings (payments) under bank lines of credit		163,326			(40,612	)
Principal payment of term note agreement		—			(73,000	)
Borrowings under Series G senior notes		—			75,000
Principal payment of Series E senior notes		(60,000	)		—
Repurchase of common stock		(34,223	)		—
Taxes paid related to net share settlement of stock awards		(6,032	)		(5,693	)
Payment of dividends		(36,766	)		(35,960	)
Net cash provided by (used in) financing activities		26,305			(80,265	)
Net increase in cash		743			6,449
Cash balance, beginning of period		295			807
Cash balance, end of period	$	1,038		$	7,256
Supplemental Disclosure of Cash Flow Information:
Interest paid, during the period	$	23,419		$	24,869
Net income taxes paid, during the period	$	27,895		$	6,537
Dividends accrued during the period, not yet paid	$	12,617		$	12,535
Rental equipment acquisitions, not yet paid	$	19,889		$	8,459
Business acquisition payments withheld	$	1,110		$	1,815

MCGRATH RENTCORP
BUSINESS SEGMENT DATA (unaudited)
Three months ended September 30, 2026
(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS-RenTelco			Enviroplex		Consolidated
Revenues
Rental	$	86,901		$	16,769		$	35,387		$	—	$	139,057
Rental related services		44,648			4,416			1,354			—		50,418
Rental operations		131,549			21,185			36,741			—		189,475
Sales		47,053			2,267			7,879			25,699		82,898
Other		1,323			218			692			—		2,233
Total revenues		179,925			23,670			45,312			25,699		274,606

Costs and Expenses
Direct costs of rental operations:
Depreciation		11,962			1,104			11,468			—		24,534
Rental related services		28,923			5,524			1,782			—		36,229
Other		25,945			2,222			6,764			—		34,931
Total direct costs of rental operations		66,830			8,850			20,014			—		95,694
Costs of sales		30,210			1,425			3,428			12,975		48,038
Total costs of revenues		97,040			10,275			23,442			12,975		143,732

Gross Profit (Loss)
Rental		48,994			13,443			17,155			—		79,592
Rental related services		15,725			(1,108	)		(428	)		—		14,189
Rental operations		64,719			12,335			16,727			—		93,781
Sales		16,843			842			4,451			12,724		34,860
Other		1,323			218			692			—		2,233
Total gross profit		82,885			13,395			21,870			12,724		130,874
Selling and administrative expenses		38,320			8,328			8,194			2,093		56,935
Income from operations	$	44,565		$	5,067		$	13,676		$	10,631		73,939
Interest expense													(7,965	)
Foreign currency exchange loss													(6	)
Provision for income taxes													(17,165	)
Net income												$	48,803

Other Information:
Adjusted EBITDA ¹	$	62,637		$	7,375		$	25,739		$	10,736	$	106,487
Average rental equipment ²	$	1,458,867		$	242,827		$	366,209
Average monthly total yield ³		1.99	%		2.30	%		3.22	%
Average utilization ⁴		70.2	%		59.1	%		69.9	%
Average monthly rental rate ⁵		2.83	%		3.89	%		4.61	%

1.		Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions.
2.		Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.
3.		Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.
4.		Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment.
5.		Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.

MCGRATH RENTCORP
BUSINESS SEGMENT DATA (unaudited)
Three months ended September 30, 2025
(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS-RenTelco			Enviroplex		Consolidated
Revenues
Rental	$	83,168		$	17,293		$	28,027		$	—	$	128,488
Rental related services		44,544			4,187			891			—		49,622
Rental operations		127,712			21,480			28,918			—		178,110
Sales		52,334			2,693			7,347			13,684		76,058
Other		1,422			229			624			—		2,275
Total revenues		181,468			24,402			36,889			13,684		256,443

Costs and Expenses
Direct costs of rental operations:
Depreciation		10,810			1,056			10,002			—		21,868
Rental related services		29,809			4,739			874			—		35,422
Other		24,199			2,191			5,918			—		32,308
Total direct costs of rental operations		64,818			7,986			16,794			—		89,598
Costs of sales		33,558			1,629			3,231			9,170		47,588
Total costs of revenues		98,376			9,615			20,025			9,170		137,186

Gross Profit (Loss)
Rental		48,159			14,046			12,107			—		74,312
Rental related services		14,735			(552	)		17			—		14,200
Rental operations		62,894			13,494			12,124			—		88,512
Sales		18,776			1,064			4,116			4,514		28,470
Other		1,422			229			624			—		2,275
Total gross profit		83,092			14,787			16,864			4,514		119,257
Selling and administrative expenses		35,389			7,912			7,113			2,126		52,540
Income from operations	$	47,703		$	6,875		$	9,751		$	2,388		66,717
Interest expense													(8,177	)
Foreign currency exchange loss													(32	)
Provision for income taxes													(16,211	)
Net income												$	42,297

Other Information:
Adjusted EBITDA ¹	$	64,573		$	9,245		$	20,212		$	2,496	$	96,526
Average rental equipment ²	$	1,328,245		$	237,227		$	333,045
Average monthly total yield ³		2.09	%		2.43	%		2.81	%
Average utilization ⁴		72.6	%		61.4	%		64.8	%
Average monthly rental rate ⁵		2.88	%		3.96	%		4.33	%

1.		Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions.
2.		Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.
3.		Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.
4.		Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment.
5.		Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.

MCGRATH RENTCORP
BUSINESS SEGMENT DATA (unaudited)
Nine months ended September 30, 2026
(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS-RenTelco			Enviroplex		Consolidated
Revenues
Rental	$	251,518		$	49,909		$	96,171		$	—	$	397,598
Rental related services		110,202			12,799			3,607			—		126,608
Rental operations		361,720			62,708			99,778			—		524,206
Sales		99,127			5,724			24,618			33,819		163,288
Other		3,905			686			2,175			—		6,766
Total revenues		464,752			69,118			126,571			33,819		694,260

Costs and Expenses
Direct costs of rental operations:
Depreciation		35,329			3,300			31,848			—		70,477
Rental related services		70,792			15,469			3,461			—		89,722
Other		75,968			6,595			18,974			—		101,537
Total direct costs of rental operations		182,089			25,364			54,283			—		261,736
Costs of sales		64,596			3,575			9,990			18,692		96,853
Total costs of revenues		246,685			28,939			64,273			18,692		358,589

Gross Profit (Loss)
Rental		140,221			40,014			45,349			—		225,584
Rental related services		39,410			(2,670	)		146			—		36,886
Rental operations		179,631			37,344			45,495			—		262,470
Sales		34,531			2,149			14,628			15,127		66,435
Other		3,905			686			2,175			—		6,766
Total gross profit		218,067			40,179			62,298			15,127		335,671
Selling and administrative expenses		110,932			25,190			24,447			6,290		166,859
Income from operations	$	107,135		$	14,989		$	37,851		$	8,837		168,812
Interest expense													(21,578	)
Foreign currency exchange loss													(77	)
Other income, net ⁶													1,814
Provision for income taxes													(39,463	)
Net income												$	109,508

Other Information:
Adjusted EBITDA ¹	$	160,567		$	22,101		$	71,583		$	9,160	$	263,411
Average rental equipment²	$	1,422,229		$	242,832		$	349,022
Average monthly total yield ³		1.96	%		2.28	%		3.06	%
Average utilization ⁴		70.1	%		58.7	%		68.0	%
Average monthly rental rate ⁵		2.80	%		3.89	%		4.50	%

1.		Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions.
2.		Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.
3.		Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.
4.		Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment.
5.		Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.
6.		During the nine months ended September 30, 2026, the Company sold a corporate property which resulted in a net gain on sale of $1,814, excluding taxes.

MCGRATH RENTCORP
BUSINESS SEGMENT DATA (unaudited)
Nine months ended September 30, 2025
(dollar amounts in thousands)	Mobile Modular			Portable Storage			TRS-RenTelco			Enviroplex		Consolidated
Revenues
Rental	$	243,572		$	50,307		$	80,707		$	—	$	374,586
Rental related services		106,191			12,212			2,618			—		121,021
Rental operations		349,763			62,519			83,325			—		495,607
Sales		115,308			5,649			23,039			40,763		184,759
Other		4,303			846			1,960			—		7,109
Total revenues		469,374			69,014			108,324			40,763		687,475

Costs and Expenses
Direct costs of rental operations:
Depreciation		32,105			3,125			29,569			—		64,799
Rental related services		69,999			12,976			2,237			—		85,212
Other		69,001			5,636			16,842			—		91,479
Total direct costs of rental operations		171,105			21,737			48,648			—		241,490
Costs of sales		76,483			3,509			11,574			28,012		119,578
Total costs of revenues		247,588			25,246			60,222			28,012		361,068

Gross Profit (Loss)
Rental		142,466			41,546			34,296			—		218,308
Rental related services		36,192			(764	)		381			—		35,809
Rental operations		178,658			40,782			34,677			—		254,117
Sales		38,825			2,140			11,465			12,751		65,181
Other		4,303			846			1,960			—		7,109
Total gross profit		221,786			43,768			48,102			12,751		326,407
Selling and administrative expenses		106,154			23,014			21,871			5,913		156,952
Income from operations	$	115,632		$	20,754		$	26,231		$	6,838		169,455
Interest expense													(24,130	)
Foreign currency exchange gain													54
Provision for income taxes													(38,900	)
Net income												$	106,479

Other Information:
Adjusted EBITDA ¹	$	165,290		$	27,666		$	57,463		$	7,148	$	257,567
Average rental equipment ²	$	1,304,716		$	234,957		$	334,389
Average monthly total yield ³		2.07	%		2.38	%		2.68	%
Average utilization ⁴		73.6	%		60.8	%		63.5	%
Average monthly rental rate ⁵		2.82	%		3.91	%		4.22	%

1.		Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions.
2.		Average rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.
3.		Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment for the period.
4.		Average utilization is calculated by dividing the average month end costs of rental equipment on rent by the average month end total costs of rental equipment.
5.		Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent for the period.

Reconciliation of Adjusted EBITDA to the most directly comparable GAAP measures

To supplement the Company’s financial data presented on a basis consistent with accounting principles generally accepted in the United States of America (“GAAP”), the Company presents “Adjusted EBITDA”, which is defined by the Company as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, transaction costs, gains on property sales and non-operating transactions. The Company presents Adjusted EBITDA as a financial measure as management believes it provides useful information to investors regarding the Company’s liquidity and financial condition and because management, as well as the Company’s lenders, use this measure in evaluating the performance of the Company.

Management uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate period-to-period operating performance, compliance with financial covenants in the Company’s revolving lines of credit and senior notes and the Company’s ability to meet future capital expenditure and working capital requirements. Management believes the exclusion of non-cash charges and non-recurring transactions, including share-based compensation, transaction costs and gains on property sales is useful in measuring the Company’s cash available for operations and performance of the Company. Because management finds Adjusted EBITDA useful, the Company believes its investors will also find Adjusted EBITDA useful in evaluating the Company’s performance.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flows, or other consolidated income or cash flow data prepared in accordance with GAAP or as a measure of the Company’s profitability or liquidity. Adjusted EBITDA is not in accordance with or an alternative for GAAP and may be different from non−GAAP measures used by other companies. Unlike EBITDA, which may be used by other companies or investors, Adjusted EBITDA does not include share-based compensation charges, transaction costs, gains on property sales and non-operating transactions. The Company believes that Adjusted EBITDA is of limited use in that it does not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and does not accurately reflect real cash flow. In addition, other companies may not use Adjusted EBITDA or may use other non-GAAP measures, limiting the usefulness of Adjusted EBITDA for purposes of comparison. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that the Company will not incur expenses that are the same as or similar to the adjustments in this presentation. Therefore, Adjusted EBITDA should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The Company compensates for the limitations of Adjusted EBITDA by relying upon GAAP results to gain a complete picture of the Company’s performance. Because Adjusted EBITDA is a non-GAAP financial measure, as defined by the SEC, the Company includes in the tables below reconciliations of Adjusted EBITDA to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Reconciliation of Net Income to Adjusted EBITDA
(dollar amounts in thousands)	Three Months Ended September 30,						Nine Months Ended September 30,						Twelve Months Ended September 30,
	2026			2025			2026			2025			2026			2025
Net income	$	48,803		$	42,297		$	109,508		$	106,479		$	159,336		$	145,428
Provision for income taxes		17,165			16,211			39,463			38,900			57,336			51,909
Interest expense		7,965			8,176			21,578			24,130			28,070			32,988
Depreciation and amortization		29,693			26,978			85,973			79,717			113,325			106,348
EBITDA		103,627			93,662			256,522			249,226			358,068			336,673
Share-based compensation		2,772			2,766			8,451			8,088			11,588			10,641
Transaction costs ³		88			98			252			253			465			2,255
Other income, net ⁴		—			—			(1,814	)		—			(1,814	)		—
Adjusted EBITDA ¹	$	106,487		$	96,526		$	263,411		$	257,567		$	368,307		$	349,569
Adjusted EBITDA margin ²		39	%		38	%		38	%		37	%		39	%		38	%

Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA
(dollar amounts in thousands)	Three Months Ended September 30,						Nine Months Ended September 30,						Twelve Months Ended September 30,
	2026			2025			2026			2025			2026			2025
Net cash provided by operating activities	$	72,279		$	65,071		$	177,971		$	174,765		$	258,889		$	211,544
Change in certain assets and liabilities:
Accounts receivable, net		4,828			7,545			12,839			22,004			3,358			16,817
Inventories, prepaid expenses and other assets		447			(2,261	)		41,176			1,002			36,770			14,103
Accounts payable and accrued liabilities		784			8,588			(18,000	)		18,854			(22,951	)		(5,834	)
Deferred income		(4,834	)		(5,378	)		(34,555	)		(20,502	)		(14,381	)		(6,413	)
Amortization of debt issuance costs		(1	)		(159	)		(6	)		(204	)		(8	)		(264	)
Foreign currency exchange (loss) gain		(6	)		(32	)		(77	)		54			(51	)		(214	)
Gain on sale of used rental equipment		14,714			13,514			32,749			30,188			46,752			40,088
Income taxes paid, net of refunds received		8,115			751			27,895			6,537			31,474			46,887
Interest paid		10,161			8,887			23,419			24,869			28,455			32,855
Adjusted EBITDA ¹	$	106,487		$	96,526		$	263,411		$	257,567		$	368,307		$	349,569

1.		Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, other income, net and non-operating transactions.
2.		Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total revenues for the period.
3.		Transaction costs include acquisition related legal and professional fees and other costs specific to these transactions.
4.		Other income, net, consists of net gains on property, plant and equipment sales that are infrequent in nature and excluded from Adjusted EBITDA.

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