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WillScot Mobile Mini’s 8% Activation Growth: Is Leasing Momentum Returning?

WillScot Mobile Mini Holdings Corporation’s first quarter 2026 results presented a mixed but cautiously optimistic view amid a challenging operating environment. The company reported total revenues of $549 million, slightly down year-over-year but above internal expectations, reflecting modest growth in leasing and services revenue driven by a 12% increase in delivery and installation revenues. Modular unit activations rose 8% year-over-year for the second consecutive quarter, signaling strengthening commercial demand despite ongoing softness in certain end markets, including a 6% year-over-year decline in nonresidential construction starts. Adjusted EBITDA was $211 million with a margin of 38.5%, exceeding guidance but lower than planned due to volume-driven margin compression linked to higher rental costs (up 9%) and increased commissions (up 33%). The rise in delivery and installation revenues, which carry lower margins, further constrained profitability.