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Here are 1-2 brief analogies for WillScot (WSC):

• It's like United Rentals for modular offices and storage containers.
• Think of it as the Hertz or Enterprise for temporary office space and storage solutions for businesses.

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• Modular Space Units: Leasing of temporary, relocatable buildings used as offices, classrooms, or other functional spaces.
• Portable Storage Units: Leasing of secure, on-site containers for storing equipment, materials, and other goods.
• Tank and Pump Units: Leasing of specialized units primarily used for fluid management in industrial and construction applications.

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WillScot (WSC) primarily sells its modular space and portable storage solutions to other companies, rather than individuals.

Due to the nature of its business—providing temporary infrastructure for a wide range of projects and operations—WillScot's customer base is highly fragmented across numerous industries. As such, specific major customer company names that account for a significant portion of its revenue are not typically disclosed in public filings.

However, the company explicitly identifies the following key categories of business customers (end markets) that it serves:

• Commercial and Industrial: This includes businesses and organizations needing temporary offices, specialized units, or portable storage for various commercial ventures, manufacturing, logistics, and other industrial operations.
• Construction: Construction companies are a significant customer group, leasing units for on-site offices, storage for equipment and materials, and other temporary facilities at job sites.
• Education: Educational institutions, from primary schools to universities, utilize WillScot's modular space for temporary classrooms, administrative offices, and other essential facilities.
• Energy and Natural Resources: Companies operating in sectors such as oil & gas, mining, and utilities often require temporary housing, offices, and storage solutions for remote sites and projects.
• Government: Various federal, state, and local government entities lease units for administrative purposes, emergency services, public works projects, and other governmental functions.

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Tim Boswell, President and Chief Executive Officer

Mr. Boswell became President and Chief Executive Officer of WillScot, effective January 1, 2026. He previously served as President and Chief Operating Officer, and as Chief Financial Officer for WillScot and its predecessor companies. During his tenure, Mr. Boswell oversaw operations and led strategic initiatives, including over 30 mergers & acquisitions. Prior to joining Algeco Scotsman in June 2012, Mr. Boswell was a Vice President at Sterling Partners, a private equity firm, where he was responsible for principal investing and portfolio company management. He also held roles at Banc of America Capital Investors, Edgeview Partners, and Bear, Stearns & Co.

Matt Jacobsen, Executive Vice President and Chief Financial Officer

Mr. Jacobsen serves as Executive Vice President and Chief Financial Officer of WillScot, effective January 1, 2025. He joined Williams Scotsman in November 2010 and has held various roles of increasing responsibility within the Finance and Accounting functions. Until December 2024, he served as Senior Vice President of Finance since July 2020, leading Financial Planning and Analysis, Treasury, and Business Intelligence functions following the merger of WillScot Corporation with Mobile Mini. Prior to joining Williams Scotsman, he worked in public accounting at Deloitte's audit practice.

Worthing Jackman, Executive Chairman of the Board

Mr. Jackman assumed the role of Executive Chairman of the Board effective September 3, 2025, after previously serving as non-Executive Chairman. In this capacity, he leads the Board and assists the CEO and senior management team in achieving the company's strategic plan. He is recognized for his long track record of driving superior shareholder returns.

Juan Gorcyca, Executive Vice President and Chief Human Resources Officer

Ms. Gorcyca serves as Executive Vice President and Chief Human Resources Officer for WillScot. She has diverse experience in strategic human resources, most recently as Chief People Officer for LifeStance Health Group, Inc. and President of the LifeStance Health Foundation. Earlier in her career, Ms. Gorcyca was an Operations Director and a member of the Global Human Capital team at TPG Capital, a private equity firm, where she partnered with portfolio companies to build transformative leadership teams and boards.

Carisa Bianchi, SVP – Chief Accounting Officer

Ms. Bianchi joined WillScot in 2026 as SVP – Chief Accounting Officer, overseeing the Company's accounting and reporting functions. Prior to this role, she served as Vice President, Global Corporate Controller at Insight Enterprises, a global technology company, starting in 2018. She also held various accounting leadership roles at Amkor Technology and KPMG, accumulating extensive corporate, functional, and technical experience domestically and internationally.

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Key Risks to WillScot Mobile Mini Holdings Corp. (WSC)

1. Financial Health and Debt Burden: WillScot Mobile Mini Holdings Corp. faces significant financial risks primarily due to high debt levels and a precarious financial position. The company's financial strength is rated poorly, with concerns over its high debt-to-equity ratio and a low interest coverage ratio, indicating potential difficulties in meeting its interest obligations. An Altman Z-Score of 0.97 suggests financial distress and a potential risk of bankruptcy within two years. Furthermore, the company's financial performance has shown a dip in earnings per share (EPS) and a decline in free cash flow margin, indicating reduced profitability and challenges in generating sufficient cash.
2. Aging Fleet and Asset Management: A key operational risk for WillScot is its aging fleet of modular space and portable storage units, which necessitates continuous reinvestment and modernization. Concerns have been raised about increased rental equipment depreciation costs and a significant $302 million write-off involving 53,000 units, representing about 15% of its total rental inventory. This write-off and the ongoing need for fleet upgrades could impact future performance and require substantial capital expenditure, further straining the company's financial resources.
3. Cyclical Demand and Intense Competition: The business of providing modular space and portable storage solutions is cyclical, making WillScot susceptible to macroeconomic pressures and economic downturns. The company has experienced declining leasing revenues and a sluggish construction market, which pose risks to demand for its services. Additionally, WillScot faces intense competition from a growing number of newer modular fleets, including a well-capitalized competitor aggressively targeting lucrative segments, which can impact its market share and pricing power.

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Here are 3-5 expected drivers of future revenue growth for WillScot Mobile Mini Holdings Corp. (WSC) over the next 2-3 years:

1. Expansion of Value-Added Products and Services (VAPS): WillScot Mobile Mini is actively pursuing the continuous expansion of its Value-Added Products and Services (VAPS), with a target for VAPS to contribute between 20-25% of total revenue within the next 3-5 years. These products enhance the value proposition and boost rental revenue per unit. In Q1 2024, the VAPS metric was up year-over-year. Pricing and Value-Added Products are expected to drive growth into 2024 and beyond.
2. Strategic Mergers and Acquisitions (M&A): The company's business strategy emphasizes increasing market share through a combination of organic growth and strategic acquisitions. A significant acquisition was that of McGrath RentCorp in Q2 2024, which is expected to further solidify WillScot's North American leadership and diversify its platform. Acquisitions in 2023 and 2024 have also integrated cold storage solutions, modular space manufacturing, premium clearspan structures, and perimeter solutions, expanding its offerings and total addressable market.
3. Dynamic Pricing and Rate Growth: WillScot Mobile Mini employs a data-driven strategy to increase average monthly rates, which helps to offset fluctuations in the number of units on rent. For instance, core container category rates (excluding cold storage) were up approximately 20% year-over-year in Q4 2023, with favorable spot rate spreads for modular products. This trend is expected to continue contributing to growth.
4. Growth in Enterprise Accounts and Large Project Volumes: The company is focused on going deeper with existing customers and developing vertical business strategies across key industry sectors, which is expected to drive volume growth. In Q4 2025, enterprise account revenue grew by 10% year-over-year, and modular pending orders increased by 17% year-over-year, indicating strong demand. WillScot anticipates high single-digit revenue growth from its Enterprise Accounts portfolio in 2026, particularly from mega projects in industrial sectors.

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Share Repurchases

• In October 2021, the Board authorized a new share repurchase program of up to $1.0 billion, with $956.7 million remaining as of December 31, 2021.
• WillScot repurchased 18.5 million shares for $811 million in 2023, reducing its share count by 8.6% over the last twelve months of that year.
• In 2025, the company repurchased 3.9 million shares for $100 million. As of March 31, 2025, $789.8 million of the share repurchase authorization remained available.

Share Issuance

• As part of the definitive agreement to acquire McGrath RentCorp, announced in January 2024, the transaction was structured as 60% cash and 40% stock, providing McGrath shareholders with approximately a 12.6% stake in the combined company.

Outbound Investments

• WillScot invested $147 million in and fully integrated seven acquisitions in the second half of 2021.
• In 2022, WillScot made several tuck-in acquisitions, including Modulease Corporation and Georgia Storage Containers, Inc., and invested $46 million in acquisitions in Q2 2022.
• On January 29, 2024, WillScot announced a definitive agreement to acquire McGrath RentCorp for $3.8 billion to enhance its position and diversify its platform. In Q2 2025, approximately $134 million was deployed towards tuck-in acquisitions, including a climate-controlled temporary storage business.

Capital Expenditures

• In 2022, organic capital expenditures increased to $119 million to support the expansion of the storage fleet, value-added products (VAPS), and modular refurbishments.
• Net capital expenditures for the full year 2025 were $273 million, with a 2026 outlook of $275 million focused on differentiated product categories.
• For 2025, the estimated Net CapEx guidance was $265 million, with investments focusing on VAPS, perimeter solutions, complex fleet, modular refurbishments, cold storage, and clearspan structures.