Slide 1: Q1 2026 Investor Presentation
Q1 2026 Investor Presentation Element Fleet Management (TSX: EFN)
Slide 2: Contents
Overview Slide 4 Full-Year & Q1 2026 Results Slide 5 • Q1 Highlights • Q1 Key Financial Metrics Contents Financial Performance • Net Revenue Slide 8 • Services Revenue • Net Financing Revenue • Syndication Revenue • VUM & Service Attachment Rates • Orders and Originations • Adjusted Operating Expens
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: Strong start to 2026 with continued execution against strategy
Strong Section start to 2026 with continued execution against strategy • Delivered record quarterly net revenue of $324M, supported by our diversified revenue streams and solid execution across the business • Earnings and free cash flow generation remained robust, with adjusted EPS and FCF per share
Slide 5: Q1 2026 Results
Q1 2026 Results (©) element
Slide 6: Q1 2026 Financial Highlights
Q1 2026 Financial Quarter-over-Quarter Year-over-Year Highlights Net Revenue $324M 3% | +17% Our year-over-year adjusted Services Revenue performance reflects: $162M —% | +6% • Increases across all revenue Adj. Operating Income 1 categories, underpinning 17% $182M 4% | +21% growth Adj. Operating Mar
Slide 7: Q1 2026 Key Financial Metrics
Q1 2026 Key Financial Metrics (US$millions, except per share metrics) Adjusted1 Reported Key Metrics Q1 2026 QoQ YoY Q1 2026 QoQ YoY Net Financing Revenue $138 6% 23% $138 6% 23% Services Revenue $162 —% 6% $162 —% 6% Syndication Revenue $24 13% 105% $24 13% 105% Net Revenue $324 3% 17% $324 3% 17%
Slide 8: Financial Performance
Financial Performance ©) element
Slide 9: Key Drivers of Net Revenue Growth
Key Drivers of Net Revenue Growth • Net revenue in Q1 2026 reached a record $324 million, increasing 17% year-over-year, Net Revenue Categories (in millions) supported by solid growth across all revenue categories • On a quarter-over-quarter basis, net revenue was up by 3%, due to strong syndication
Slide 10: Continued Emphasis on Driving Services Revenue
Continued Emphasis on Driving Services Revenue • Services revenue in Q1 2026 was $162 million, increasing Q1 2025 to Q1 2026 Services Revenue (in millions) by $10M or 6% year-over-year • Growth was supported by the increase in VUM • On a quarter-over-quarter basis, services revenue declined by $1 mi
Slide 11: Net Financing Revenue
Net Financing Revenue Q1 2025 to Q1 2026 NFR (in millions) • In Q1 2026, NFR increased by 23% year-over-year to $138 million, primarily due to: • Our optimized leasing strategy; • Growth in average net earnings assets; and • Higher gains on sale (“GOS”) • Partly offset by higher funding costs and pr
Slide 12: Syndication Revenue
Syndication Revenue Syndication Volume (in millions) • Syndication revenue of $24 million in Q1 2026 was up by $12 million year-over-year • Higher syndication volume; • Favourable client mix; and • Reinstatement of 100% bonus depreciation in July 2025 • Revenue increased by $3 million quarter-over-q
Slide 13: Growing Core VUM and Service Attachment Rates
Growing Core VUM and Service Attachment Rates • VUM increased 3% year-over-year, driven by new client Service Attachment Rates2 wins and expansion within the existing portfolio, with client revenue retention remaining strong at 98% • Changes in VUM mix during the quarter modestly 21% 100 impacted mu
Slide 14: Originations
Originations • Originations totaled $1.5 billion in Q1 2026, a Originations (in millions) decrease of 4% from the prior year, largely driven by the reduction in volume from an originate-to- syndicate client • Compared to Q4 2025, originations grew 8% • On an underlying basis, originations growth in
Slide 15: Adjusted Operating Expenses
Adjusted Operating Expenses Adjusted Operating Expenses (in millions) • Adjusted operating expenses were up by 13% year- 1 over-year in Q1 2026 • The higher level of expenses primarily reflects inflation-based increases, the acquisition of Car IQ, depreciation, and core growth across the business •
Slide 16: FX Rate Trends & Sensitivities
FX Rate Trends & Sensitivities 1 Currency Pair Q1’25 Q2’25 Q3’25 Q4’25 Q1'26 QoQ YoY USD/CAD 1.436 1.384 1.377 1.394 1.372 (2%) (4%) USD/MXN 20.419 19.516 18.624 18.303 17.577 (4%) (14%) USD/AUD 1.595 1.561 1.529 1.523 1.441 (5%) (10%) USD/NZD 1.762 1.687 1.687 1.743 1.698 (3%) (4%) The following ta
Slide 17: Low Risk and Resilient Business Model
Low Risk and Resilient Business Model The vast majority of our total debt is funding high-quality lease receivables, with historically low credit losses. These assets are mission-critical for our clients in nature, making it strategically sound and stable for our use as leverage. Credit Losses as a
Slide 18: Strategy & Outlook
Strategy & Outlook (©) element
Slide 19: 2026 Financial Guidance
2026 Financial Guidance 1 • We expect continued growth in both our client base and total revenue in 2026, driven by strong demand Full-Year 2026 (US$millions, except per share metrics) Q1 2026 Actuals across an expanding services portfolio and increased Guidance conversion of self-managed fleets Net
Slide 20: 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 21: 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