Slide 1: Q2 2026 Investor Presentation
Q2 2026 Investor Presentation Element Fleet Management (TSX: EFN)
Slide 2: Contents
Overview Slide 4 Year-to-Date & Q2 2026 Results Slide 5 • Q2 Highlights • Q2 YTD Highlights Contents • Q2 Key Financial Metrics • Q2 YTD Key Financial Metrics Financial Performance Slide 10 • Net Revenue • Services Revenue • Net Financing Revenue • Syndication Revenue • VUM • Service Attachment Rate
Slide 3: Forward-Looking Statements and Disclaimer
Forward-Looking Statements and Disclaimer This presentation contains certain forward-looking statements and forward-looking information regarding Element Fleet Management Corp. (“Element”) and its business which are based upon Element’s current expectations, estimates, projections, assumptions and b
Slide 4: Solid Q2 performance supported by strategic execution
Solid Section Q2 performance supported by strategic execution • Adjusted net revenue reached $318M, driven by growth across all revenue streams and a re-acceleration in Services growth, alongside core NFR yield expanding 35 bps year-over-year to 5.12% • Adjusted EPS increased 12% year-over-year to $
Slide 5: Q2 2026 Results
Q2 2026 Results (©) element
Slide 6: Q2 2026 Financial Highlights
Q2 2026 Financial Quarter-over-Quarter Year-over-Year Highlights Adj. Net Revenue1 $318M (2%) | +10% Our year-over-year adjusted Services Revenue performance reflects: $164M 1% | +8% • Diversified revenue growth, with Adj. Operating Income 1 all revenue streams contributing $177M (3%) | +9% to a 10%
Slide 7: Q2 YTD 2026 Financial Highlights
Q2 YTD 2026 Year-over-Year Adj. Net Revenue1 Financial Highlights $642M 13% For the first six-months of 2026, Services Revenue performance was supported by: $326M 7% • Broad-based growth across all Adj. Operating Income1 revenue segments, driving 13% $359M 15% year-over-year top-line growth Adj. Ope
Slide 8: Q2 2026 Key Financial Metrics
Q2 2026 Key Financial Metrics (US$millions, except per share metrics) Adjusted1 Reported Key Metrics Q2 2026 QoQ YoY Q2 2026 QoQ YoY Net Financing Revenue $136 (1%) 7% $136 (1%) 7% Services Revenue $164 1% 8% $164 1% 8% Syndication Revenue $18 (23%) 58% $17 (29%) 45% Net Revenue $318 (2%) 10% $317 (
Slide 9: Q2 YTD 2026 Key Financial Metrics
Q2 YTD 2026 Key Financial Metrics (US$millions, except per share metrics) Adjusted1 Reported Key Metrics Q2 YTD YoY Q2 YTD YoY Net Financing Revenue $273 15% $273 15% Services Revenue $326 7% $326 7% Syndication Revenue $42 82% $41 75% Net Revenue $642 13% $640 13% Operating Expenses $283 12% $318 1
Slide 10: Financial Performance
Financial Performance ©) element
Slide 11: Key Drivers of Net Revenue Growth
Key Drivers of Net Revenue Growth • Adjusted net revenue1 increased 10% year-over-year to $318M, with growth across all revenue streams Net Revenue Categories (in millions) • Sequentially, net revenue declined by 2%, primarily reflecting lower syndication revenue • Capital-light revenues held steady
Slide 12: Continued Emphasis on Driving Services Revenue
Continued Emphasis on Driving Services Revenue • Services revenue increased 8% year-over-year to Q2 2025 to Q2 2026 Services Revenue (in millions) $164 million, reflecting continued demand across the services portfolio • Growth was driven by higher VUM and services revenue per VUM • Compared with Q1
Slide 13: Net Financing Revenue
Net Financing Revenue • NFR increased 7% year-over-year to $136 million, Q2 2025 to Q2 2026 NFR (in millions) reflecting: • Our optimized leasing strategy; • Growth in net earning assets; and • Lower funding costs • Core NFR yield expanded 35 basis points year-over- year to 5.12%, despite the impact
Slide 14: Syndication Revenue
Syndication Revenue • Adjusted syndication revenue1 increased by 58% year-over- year to $18 million, supported by higher syndication volume, Syndication Volume (in millions) continued investor demand, and the reinstatement of 100% bonus depreciation • Sequentially, revenue declined by $6 million, la
Slide 15: Growing Core VUM
Growing Core VUM End-of-period global VUM1,4 (in thousands) • VUM increased 3% year-over-year to 1.5 million, supported by sustained client revenue retention of 98%, new client wins, and expansion within existing client relationships 21% 100 • Service-only VUM continues to grow, reflecting continued
Slide 16: Expanding Services Adoption
Expanding Services Adoption • Broader service adoption is expanding Element’s services opportunity and creating a larger Service Attachment Rates Across Existing Portfolio1 foundation for future cross-sell • More than 75% of clients today utilize two or more services, supporting stickier and more du
Slide 17: Originations
Originations • Originations totaled $1.7 billion, down 9% year-over-year • The decline primarily reflects the expected normalization in activity from an originate-to-syndicate client, as discussed Originations (in millions) last quarter • The year-over-year headwind resulting from this client will m
Slide 18: Adjusted Operating Expenses
Adjusted Operating Expenses • Adjusted operating expenses1 totaled $141 million, up 10% year-over-year Adjusted Operating Expenses (in millions) • The increase reflects higher depreciation, inflationary increases, and continued investments in growth initiatives, including Car IQ and Waymo • Our cont
Slide 19: FX Rate Trends & Sensitivities
FX Rate Trends & Sensitivities 1 Currency Pair Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 QoQ YoY USD/CAD 1.384 1.377 1.394 1.372 1.385 1% —% USD/MXN 19.516 18.624 18.303 17.577 17.384 (1%) (11%) USD/AUD 1.561 1.529 1.523 1.441 1.41 (2%) (10%) USD/NZD 1.687 1.687 1.743 1.698 1.713 1% 2% The following table illus
Slide 20: Low Risk and Resilient Business Model
Low Risk and Resilient Business Model The vast majority of our total debt is funding high-quality lease receivables, with historically low credit losses. These assets are mission-critical to our clients and have historically generated low credit losses, supporting the use of leverage in the business
Slide 21: Strategy & Outlook
Strategy & Outlook (©) element
Slide 22: Expect to Deliver on our 2026 Financial Guidance
Expect to Deliver on our 2026 Financial Guidance 1 • We see meaningful runway for growth through increased service penetration and self-managed fleet Full-Year 2026 Year-to-Date 2026 (US$millions, except per share metrics) conversion Guidance Actuals Adjusted Net Revenue2 $1,280-$1,305 $642 • The re
Slide 23: Return of Capital to Shareholders
Return of Capital to Shareholders Our capital allocation priorities: Annual Common Share Dividends Paid ($CAD) 1. Prudently reinvesting in the business; +18% CAGR 2. Managing to our target debt-to-capital ratio; 3. Paying a consistent and growing dividend (in the range of 25-35% LTM FCF); 4. Review
Slide 24: Why Invest in EFN
Why Invest in EFN EFN combines the defensive qualities of large-scale, mission-critical fleet management with the growth potential of a digitally-enabled, capital-light mobility platform.
Slide 25: Sustainability Highlights
Sustainability Highlights In June 2026, we issued our sixth annual Sustainability Report. Highlights from the 2026 Sustainability Report include: • Sustained achievement of our Scope 1 & 2 science- based target, with emissions 77% below the 2019 baseline • Continued Scope 3 progress at 43% below bas
Slide 26: Investor Relations Contacts
Investor Relations Contacts: Sumit Malhotra SVP & Head of Financial Performance (437) 343-7723 smalhotra@elementcorp.com Crystal Zhu Manager, Investor Relations (437) 341-3789 czhu@elementcorp.com elementfleet.com