Q1/2026 Earnings Call Presentation, May 14, 2026

Q1 2026 top 5 achievements

Q1 2026 performance

Strategic

• Participation in Work Truck Week marked the debut of new products and brand architecture, simplifying 20+ brands to eleven and eliciting

  positive customer feedback

• Ramp-up of facilities completed by the end of Q1 2026, with the Chicago Supercenter, Minneapolis, and Toronto upfits centers fully operational in Q2 2026

• Strategic partnership with Yeti to bring airside operations into an autonomous future

Market

• Order intake remains strong at $508m, an increase of 9% vs Q1 2025, further growing order backlog to $1.3b

  • Europe and RoW achieving very robust organic growth and capturing additional market share amid difficult market conditions

  • Europe and RoW growth driven by landmark €40m airport business deal and new Cleango product launch

  • North America winning $15m work truck body contract for a leading e-commerce player, ~$45m DOT orders from Municipal customers; more than $30m of airport awards

• Net sales of $456m, in line with Q1 2025 with like-for-like1 growth of 7%

  • Significant 16% organic growth in Europe and RoW

  • North America with like-for-like1 Net Sales growth of 4%

Financials

• Adj. EBITDA of $33.1m reflects a 6% increase vs Q1 2025, driven by Europe and RoW with 201% increase vs Q1 2025

  • After Sales driving profitable growth in Europe and RoW supported by major snow events and increased technician capacity

• Adj. EBITDA margin increased to 7.3% in Q1 2026 representing a ~40 basis-points increase vs Q1 2025

• Net Working Capital at $449m as of the end of Q1 2026, a $4m decrease vs the end of Q1 2025, despite production ramp-up

• Net Debt of $455m at the end of Q1 2026, representing a leverage of 2.88x; reaffirming leverage target of 2.0x by year-end 2026

• More than $30m in awarded airport customer contracts for MB brands

• Yeti partnership advancing airport and winter fleet automation in North America, with exclusive US market rights

• Spartan RV continues to deepen customer relationships, including Supplier of the Year recognition from Newmar

  Goods Transport

• $15m three-year truck body award from a leading e-commerce player, starting with an initial order of several hundred units

• Operational efficiencies in Walk-in-Van as a key driver of profitability growth

• Strong order entry in Truck Bodies through focused alignment with customer base

  Commercial Trucks

• Launch of vertical integration service body program

• Year-over-year growth overcoming challenging market conditions

  Municipal

• Very strong quoting activity and order intake with year-over-year growth

• Multiple DOT awards for the Monroe and Swenson brands totaling ~$45m

• Ramp up in Q1 2026 with expected output increase in Q2 2026 at our Supercenter in Joliet

North America Financials ($m)

• Continued momentum in Order Intake and Order Backlog driven by Airport/Chassis and Municipal and continued recovery of Walk-in-Van orders

• Walk-in-Van backlog conversion expected from Q2 2026

• 3.6% underlying Net Sales growth, excluding $26.3m

  of Blue Arc sales in Q1 2025

• Profitability impacted by ramp-up expenses to convert significant Walk-in-Van orders into revenue

Europe and RoW Market Update

Airport

• Expecting larger tenders in 2026, especially from major civil and military airports

• Landmark €40m strategic win with Aéroports de Paris, for up to 29 airport machines, including 20-year service contract

• Local APAC footprint strengthened, ensuring continued compliance with local content requirements, especially in China

  Municipal

• New product lines, including Ladog and recently launched 4m2 sweeper product update (Cleango), driving continued order growth

• Strong order intake in Southern Europe, supported by robust demand in street cleaning

  After Sales

• Strong momentum in After Sales spare parts and service in Q1 2026 supported by major snow events in Central Europe

• Increasing technician capacity in key markets to address unlocked potential for service work

• Implementation of price benchmark engine to optimize spare parts pricing

Europe and RoW Financials ($m)

• Backlog stabilized in Q1 2026 following strong Q4 2025 net sales, returning to a more manageable level that supports expected lead times and delivery performance

• Order intake reflects strong underlying core demand growth, compared to Q1 2025 which included large deals

• Net sales performance remained robust, supported by efficient operations, strong production output, and improved material availability

• Profitability continued to improve, driven by improved pricing and volume in new business and strong contribution from After Sales; gross margin increased reinforcing a sustained margin expansion trend

Order intake and backlog ($m)

• Order intake increased 9% year-over-year, with significant growth in Europe and RoW

  • Main drivers remain Airport/Chassis and Municipal, as well as the continued recovery in Walk-in-Van orders in North America

• Order backlog increased an additional 4% since December 2025, supporting expected strong growth in 2026

  • Order backlog is generally expected to translate into sales within the next 15 months

Net Sales ($m)

• Net Sales in line with Q1 2025 against a challenging

  environment, with like-for-like1 growth of 7%

  • Outstanding performance from Europe and RoW with 16% organic growth year-over-year

  • North America with 3.6% like-for-like1 growth

• Expecting significant improvements in Net Sales materializing in the second quarter and especially in the second half of 2026, supported by converting Walkin-Van orders and backlog into sales

Adjusted EBITDA ($m)

• Adjusted EBITDA of $33.1m or 7.3% margin, up 6.0% year-over-year with a 40 basis-point margin improvement

  • Strong Europe and RoW Net Sales growth translated into tripling of adj. EBITDA to $6.8m for a record first quarter performance

  • North American adj. EBITDA of $26.4m, a decrease of $2.6m or 9% vs prior year, driven by ramp-up expenses to facilitate strong Walk-in-Van orders into revenue beginning in Q2 2026, combined with temporary production inefficiencies and ramp-up expenses related to new locations, with expected positive contributions to adj. EBITDA as of Q3 2026

Net Working Capital and Net Debt ($m)

365

• Net Working Capital (NWC) of $449m, improved by

  $4m year-over-year

  • Working capital investments, especially in inventory, required to facilitate expected growth in Q2 2026 offset by structural improvements and efficiency gains

• Net Debt1 of $455m, increasing $18m since December 2025, with stable leverage at 2.88x

  • Net Debt increase driven by investments in NWC, reflecting the usual seasonal pattern

  • On track for delivering at or below 2.0x leverage by year-end 2026

Financial outlook 2026

Commentary

• Strong Q1 performance

  • Exceptional performance in Europe and RoW

  • Solid order momentum and net sales growth in

    North America driven by Walk-in-Van recovery

  • Demonstrated resiliency despite geopolitical and

    commercial market headwinds

• On track to deliver full-year guidance

  • Carrying momentum into Q2 supported by operational ramp-up and synergies realization

  • Strong order intake and backlog supporting net

    sales conversion through Q2 and H2

  • Deleveraging toward ~2.0x by year-end 2026

North America

Europe and Rest of World

• Accelerate backlog conversion and revenue realization

  • Walk-in-Van orders to drive revenue growth starting Q2 2026

  • Significant increase in Chicago Supercenter output by Q2 2026

  • Ramp-up Minneapolis and Toronto operations by late Q2 2026

• Capture merger synergies and procurement savings

  • Merger cost synergies continue to support profitability

  • New in-house delivery of Service Pro XP body established, will positively contribute by Q3 2026

• Optimize footprint and improve operational efficiency

  • Consolidate warehouse and logistics operations to improve utilization and manufacturing efficiency

  • Optimize capacity across all locations to translate high backlog into revenue, such as municipal production in Charlotte (MI)

• Strengthen the After Sales organization

  • Expand and reorganize After Sales operations to increase service, parts, and lifecycle revenues

  • Strong focus on strategic, large last-mile delivery and service fleets, to deliver growth in After Sales

• Implement factory efficiency programs

  • Former Arctic Machine production in the Nordics fully moved to and integrated into our Poland factory

• Accelerate After Sales excellence initiatives

  • Dedicated After Sales organization, onboarding additional technicians, gaining After Sales share month-by-month

• Improve margins through pricing

  • Drive margin expansion through two-step price increases across New Business and After Sales

• Expand electric municipal vehicle solutions

  • Full electrification of Street Sweeper product range (eFlexigo,

    eCleango and eSwingo) expected to be finalized by mid-2026

  • Footprint in China strengthened, with adopted airport product solutions to meet local requirements