WSC · WillScot Holdings Corporation

WillScot Holdings Corporation delivered first quarter 2026 results that exceeded its initial outlook, reporting revenue of $548.6 million and Adjusted EBITDA of $211 million at a 38.5% margin, despite a year-over-year decline primarily due to a 2.0% drop in leasing revenue offset by 12.3% growth in delivery and installation revenues from heightened project activations. Management highlighted strengthening demand from larger projects in data centers, power generation, utilities, manufacturing, and events, aligning with strategic focus on enterprise accounts and new verticals. Operational initiatives including the Network Optimization Plan, route optimization platform, and fleet activation are positioned to support elevated activity levels and improve profitability. CEO Tim Boswell noted steady order and activation trends through April, providing visibility into second half leasing revenue growth inflection. CFO Matt Jacobsen emphasized large project demand driving unit activations and variable costs, with expectations for higher units-on-rent and lease run-rate. The raised full year 2026 outlook to $2.250 billion revenue, $915 million Adjusted EBITDA, and $325 million Net CAPEX reflects confidence in commercial momentum, particularly in modular space, though caution persists on local markets. Balance sheet strength is evident with $76 million debt reduction to $3.514 billion total debt (net $3.499 billion, 3.7x Adjusted EBITDA LTM), $1.5 billion ABL availability, and 90/10 fixed-to-floating structure at 5.7% weighted average rate. Capital returns included $7 million share repurchases (352,900 shares, reducing share count 1.2% over 12 months) and $0.07 quarterly dividend, underscoring disciplined allocation amid improving demand.