Element Fleet Management Corporation · TSX:EFN
Element Fleet Management — Q3 2026 Earnings Presentation
26 slides from Element Fleet Management's earnings presentation, 2026
Slide 1: Q3 2026 Investor Presentation
Q3 2026 Investor Presentation Element Fleet Management (TSX: EFN)
Slide 2: Contents
Why Invest in EFN Slide 4 A Track Record of Strong Financial Performance Slide 5 Compelling Returns of Capital to Shareholders Slide 6 Overview Slide 7 Contents Year-to-Date & Q3 2026 Results • Q3 Highlights Slide 8 • Q3 YTD Highlights • Q3 Key Financial Metrics • Q3 YTD Key Financial Metrics Financ
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: 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. 4
Slide 5: A Track Record of Strong Financial Performance
A Track Record of Strong Financial Performance Element's resilient business model is underpinned by recurring revenue, strong cash generation, and attractive returns. Adjusted Net Revenue1 Adjusted Diluted EPS1 Adjusted Diluted FCF per Share1 Adjusted Return on Equity1 1. Growth represents cumulativ
Slide 6: Compelling Returns to Shareholders
Compelling Returns to Shareholders Our capital allocation framework consists of: Annual Common Share Dividends Declared ($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
Slide 7: Q3 Results Demonstrate Financial Resilience and Disciplined Capital Allocation
Q3 Results Demonstrate Financial Resilience and Disciplined Capital Allocation Section • Delivered $321M in net revenue, representing 5% year-over-year growth, driven by solid NFR performance and an expanding VUM portfolio • Adjusted EPS grew 6% year-over-year to $0.35, alongside 7% growth in adjust
Slide 8: Q3 2026 Results
Q3 2026 Results (©) element
Slide 9: Q3 2026 Financial Highlights
Q3 2026 Financial Quarter-over-Quarter Year-over-Year Highlights Net Revenue $321M 1% | +5% Our year-over-year adjusted Services Revenue performance reflects: $164M 0% | +5% • Resilience in our core revenue Adj. Operating Income 1 streams, with services and NFR $182M 3% | +2% driving top-line growth
Slide 10: Q3 YTD 2026 Financial Highlights
Q3 YTD 2026 Year-over-Year Adj. Net Revenue1,2 Financial Highlights $962M 10% For the first nine-months of 2026, Services Revenue performance was supported by: $490M 7% • Solid top-line and AOI growth, Adj. Operating Income1 driven by contributions across all $541M 10% revenue streams Adj. Operating
Slide 11: Q3 2026 Key Financial Metrics
Q3 2026 Key Financial Metrics (US$millions, except per share metrics) Adjusted1 Reported Key Metrics Q3 2026 QoQ YoY Q3 2026 QoQ YoY Net Financing Revenue $138 1% 6% $138 1% 6% Services Revenue $164 —% 5% $164 —% 5% Syndication Revenue $19 3% (6%) $19 12% (6%) Net Revenue $321 1% 5% $321 1% 5% Opera
Slide 12: Q3 YTD 2026 Key Financial Metrics
Q3 YTD 2026 Key Financial Metrics (US$millions, except per share metrics) Adjusted1 Reported Key Metrics Q3 YTD YoY Q3 YTD YoY Net Financing Revenue $411 11% $411 11% Services Revenue $490 7% $490 7% Syndication Revenue $61 41% $60 38% Net Revenue $962 10% $961 10% Operating Expenses $421 10% $460 1
Slide 13: Financial Performance
Financial Performance ©) element
Slide 14: Key Drivers of Net Revenue Growth
Key Drivers of Net Revenue Growth • Net revenue1 was $321M, up 5% from the prior year period and 1% higher sequentially Net Revenue1 Categories (in millions) • Year-over-year growth was primarily driven by a $10 million favourable FX impact, with underlying growth supported by services revenue • Ser
Slide 15: Continued Emphasis on Driving Services Revenue
Continued Emphasis on Driving Services Revenue • Services revenue increased 5% year-over-year to Q3 2025 to Q3 2026 Services Revenue (in millions) $164 million, and remained largely unchanged sequentially • The year-over-year increase was driven by a 3% growth in VUM and higher services revenue per
Slide 16: Net Financing Revenue
Net Financing Revenue • NFR grew 6% year-over-year to $138 million, driven Q3 2025 to Q3 2026 NFR (in millions) by favourable FX impact and continued leasing and funding benefits, partially offset by softer gains on sale ("GOS") in ANZ • On a quarter-over-quarter basis, NFR increased 1%, reflecting
Slide 17: Syndication Revenue
Syndication Revenue Syndication Volume (in millions) • Syndication revenue of $19 million declined by 6% year- over-year, reflecting a shift in client mix and lower yields compared to the prior year • Sequentially, revenue1 was up 3%, driven by higher core volumes • Syndication and equity residual s
Slide 18: Growing Core VUM
Growing Core VUM End-of-period global VUM1,4 (in thousands) • VUM reached 1.58 million, up 3% year-over-year, supported by continued client revenue retention of 98% • VUM is the primary measure of franchise growth and commercial initiatives are underway to accelerate 21% 100 growth with a focus on:
Slide 19: Deepening Services Penetration to Drive Organic Growth
Deepening Services Penetration to Drive Organic Growth Service Attachment Rates Across Existing Portfolio1 • Broad service adoption provides a strong foundation, with 78% of VUM enrolled in two or more services • Meaningful whitespace remains across key service categories, with opportunities to incr
Slide 20: Originations
Originations • Originations totaled $1.7 billion, down 2% year-over-year and quarter-over-quarter • YTD originations declined 5% versus last year, but Originations (in millions) increased 2% excluding the originate-to-syndicate client discussed in H1 • Management is taking steps to: • Strengthen pip
Slide 21: Adjusted Operating Expenses
Adjusted Operating Expenses • Adjusted operating expenses1 moderated for the second consecutive quarter, reflecting early benefits Adjusted Operating Expenses1 (in millions) of productivity actions • At $139 million, expenses increased 8% year-over- year, outpacing revenue growth of 5% • Growth refl
Slide 22: FX Rate Trends & Sensitivities
FX Rate Trends & Sensitivities 1 Currency Pair Q3’25 Q4’25 Q1'26 Q2'26 Q3'26 QoQ YoY USD/CAD 1.377 1.394 1.372 1.385 1.399 1% 2% USD/MXN 18.624 18.303 17.577 17.384 17.261 (1)% (7%) USD/AUD 1.529 1.523 1.441 1.410 1.416 —% (7%) USD/NZD 1.687 1.743 1.698 1.713 1.719 —% 2% The following table illustra
Slide 23: Strong Asset Quality Underpins Balance Sheet Resilience
Strong Asset Quality Underpins Balance Sheet Resilience Over 80% of Element's debt funds high-quality vehicle lease receivables. These mission-critical assets generate recurring contractual cash flows and have historically experienced low credit losses, supporting the Company's use of leverage. Cred
Slide 24: Outlook
Outlook ©) element
Slide 25: Expect to deliver at or near the low-end of 2026 Guidance on most Metrics
Expect to deliver at or near the low-end of 2026 Guidance on most Metrics • Expect1 to deliver at or near the low-end of 2026 (US$millions, except per share metrics) Full-Year 2026 Year-to-Date 2026 Guidance Actuals Guidance across all metrics, except Originations, which are expected to fall below G
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
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