WillScot narrows 2025 outlook after Q2 results

Photo: WillScot Holdings Corporation

WillScot Holdings Corporation has reported second quarter 2025 results broadly in line with expectations, while narrowing its full-year revenue and adjusted EBITDA guidance.

For the three months to June 30, revenue totalled $589 million, with leasing revenues of $443 million improving 2% compared to the last quarter but down 3.4% year-on-year. Adjusted EBITDA came in at $249 million

The company said higher average monthly rates, up 5.2% for modular space units and 7.2% for portable storage units, offset much of the impact from lower units on rent.

During the quarter, the company deployed $134 million on acquisitions, including a regional climate-controlled storage business, and returned $53 million to shareholders through share repurchases and dividends.

WillScot said it now expects 2025 revenue to be between $2.30 billion and $2.35 billion, compared to its previous range of $2.28 billion to $2.38 billion.

Adjusted EBITDA is forecast at $1.00 billion to $1.02 billion, while adjusted free cash flow is projected at $500 million to $550 million, incorporating benefits from recently enacted US federal tax legislation.

Brad Soultz, chief executive officer of WillScot, said, “While we continue to see strength in larger projects, the end market outlook overall remains mixed in the near term. We are progressing the various initiatives outlined in our investor day, targeting to achieve $3 billion of annualised revenue, $1.5 billion of Adjusted EBITDA, and $700 million of Adjusted Free Cash Flow in three-to-five years.”