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element Q2 2026 Investor Presentation Element Fleet Management ( TSX : EFN )
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Contents 2 Overview Slide 4 Year-to-Date & Q2 2026 Results • Q2 Highlights • Q2 YTD Highlights • Q2 Key Financial Metrics • Q2 YTD Key Financial Metrics Slide 5 Financial Performance • Net Revenue • Services Revenue • Net Financing Revenue • Syndication Revenue • VUM • Service Attachment Rates • Orders and Originations • Adjusted Operating Expenses Slide 10 FX Rates Trends Slide 19 Low Risk and Resilient Business Slide 20 Strategy & Outlook • 2026 Guidance • Return of Capital to Shareholders • Why Invest in EFN Slide 21 Sustainability Slide 25
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3 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 beliefs. In some cases, words such as “plan”, “expect”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “target”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements and forward-looking information. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Forward-looking statements and information in this presentation may include, but are not limited to, statements with respect to, among other things, statements regarding Element’s financial performance, including future cash flows, financial condition, operating performance, operating income, financial ratios, capital structure and capital expenditures; expectations regarding acquisitions and strategic initiatives and the benefits to be derived therefrom; expected enhancements to client experience; expectations regarding client and revenue retention trends; management of operating expenses; increases in efficiency; Element achieving its digital platform ambitions; the Element Mobility strategy enabling the Company to increase client and shareholder value and unlock new revenue streams; EV strategy and capabilities; global EV adoption rates; dividend policy and the payment of future dividends; the costs and benefits of strategic initiatives; creation of value for all stakeholders; expectations regarding syndication; growth prospects and expected revenue growth; level of workforce engagement; improvements to magnitude and quality of earnings; executive hiring and retention; focus and discipline in investing; balance sheet management and plans and expectations with respect to leverage ratios; Element’s ability to achieve its sustainability objectives; and Element’s proposed share purchases, including the number of common shares to be repurchased, the timing thereof and TSX acceptance of the NCIB and any renewal thereof By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Such forward-looking statements and information in this presentation speak only as of the date on the front of this presentation. The forward-looking information and statements contained in this presentation reflect several material factors, expectations and assumptions of Element including, without limitation: that Element will conduct its operations in a manner consistent with its expectations and, where applicable, consistent with past practice; expectations regarding industry and market conditions; acceptable negotiations with third parties; the general continuance of current or, where applicable, assumed industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax and regulatory regimes; certain cost assumptions; the continued availability of adequate debt and/or equity financing and cash flow to fund its capital and operating requirements as needed; Element’s net interest margin; expectations regarding syndication; expected growth in lease receivables and service income; assumed rate of cost inflation; assumed applicable foreign exchange rates and applicable income tax rates; Element’s funding mix; the extent of its assets and liabilities; and the impact of vehicle manufacturers' ability to deliver vehicles. Element believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking events and circumstances discussed in this presentation may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting Element, including risks regarding the fleet management and finance industries, economic factors, regulatory landscape, the political landscape, including the potential impact of tariffs, risks related to the addition of new clients, risks related to the payment of dividends, risks relating to execution of strategic initiatives, risks related to the integration of acquisitions, and many other factors beyond the control of Element. No forward-looking statement can be guaranteed and Element cannot guarantee future results, levels of activity, performance or achievements. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element disclaims any intention and assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. An investment in the securities of Element involves significant risks. A discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management & Risk Factors” in Element’s Management Discussion and Analysis for the year ended December 31, 2025, and Element's quarterly MD&A for the three and six-month periods ended June 30, 2026, and under the heading “Risk Factors” in Element’s Annual Information Form for the year ended December 31, 2025 as well as Element’s other filings with the Canadian securities regulatory authorities, which have been filed on SEDAR+ and can be accessed on Element’s profile on www.sedarplus.ca . Unless the context otherwise requires, references to "$" are to millions of U.S. Dollars, except per share amounts, which are single U.S. Dollars. Non-IFRS Measures In this presentation, management presents measures that do not have a standardized meaning under IFRS and may not be comparable to similarly-named or any other non-GAAP measures presented by other organizations. Descriptions of the non-GAAP measures presented in this document can be found in Element’s Management Discussion & Analysis that accompanies the financial statements for the most recent quarter or year, which have been filed on SEDAR+ (www.sedarplus.ca). Forward-Looking Statements and Disclaimer
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Section Solid 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 $0.34 with adjusted ROE expanding to 19.6%, reflecting the execution of our capital-light strategy • Adjusted free cash flow per share remained resilient at $0.39, underscoring the consistency of our cash generation • Adjusted operating margin remained stable at 55.6%, with targeted expense actions initiated during Q2 expected to support a more efficient operating model through ongoing digitization & automation initiatives • Expanded into adjacent mobility opportunities through the Waymo partnership, while continuing to enhance our digital capabilities • Enhanced our capital management toolkit through the inaugural equity residual transaction, supporting continued capital deployment, including the repurchase of 8.1M common shares in H1 2026 4
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Q2 2026 Results
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Q2 2026 Financial Highlights 6 Adj. Net Revenue1 $318M (2%) | +10% Services Revenue $164M 1% | +8% Adj. Operating Income1 $177M (3%) | +9% Adj. Operating Margin1 55.6% (60 bps) | (20 bps) Adj. Free Cash Flow/Share1 [Diluted] $0.39 (13%) | (3%) Adj. EPS1 [Diluted] $0.34 (2%) | +12% Adj. ROE1 19.6% (70 bps) | 210 bps Quarter-over-Quarter Year-over-Year Our year-over-year adjusted performance reflects: • Diversified revenue growth, with all revenue streams contributing to a 10% increase • Return on equity of 19.6%, supported by a capital-light revenue mix of 57% • Continued momentum in earnings and free cash flow, supporting our balanced approach to capital allocation 1. Considered to be a non-GAAP financial measure that does not have a standardized meaning under IFRS and may not be comparable to similarly-named or any other non-GAAP measures presented by other organizations. Descriptions of the non-GAAP measures presented in this document can be found in Element’s Management Discussion & Analysis that accompanies the financial statements for the three and six-month periods ended June 30, 2026 which have been filed on SEDAR+ (www.sedarplus.ca).
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7 Adj. Net Revenue1 $642M 13% Services Revenue $326M 7% Adj. Operating Income1 $359M 15% Adj. Operating Margin1 55.9% 60 bps Adj. Free Cash Flow/Share1 [Diluted] $0.84 11% Adj. EPS1 [Diluted] $0.68 18% Adj. ROE1 19.9% 280 bps Year-over-YearQ2 YTD 2026 Financial Highlights For the first six-months of 2026, performance was supported by: • Broad-based growth across all revenue segments, driving 13% year-over-year top-line growth • +1.7% positive operating leverage and 60 bps of operating margin expansion • Strong earnings growth and free cash flow generation, resulting in double digit growth in adjusted EPS and free cash flow per share 1. Considered to be a non-GAAP financial measure that does not have a standardized meaning under IFRS and may not be comparable to similarly-named or any other non-GAAP measures presented by other organizations. Descriptions of the non-GAAP measures presented in this document can be found in Element’s Management Discussion & Analysis that accompanies the financial statements for the three and six-month periods ended June 30, 2026 which have been filed on SEDAR+ (www.sedarplus.ca).
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Q2 2026 Key Financial Metrics 8 Reported Q2 2026 QoQ YoY $136 (1%) 7% $164 1% 8% $17 (29%) 45% $317 (2%) 9% $161 2% 16% $156 (6%) 3% 49.2% (210 bps) (300 bps) $1,724 19% (9%) $0.28 (7%) —% 16.3% (120 bps) 10 bps (US$millions, except per share metrics) Adjusted1 Key Metrics Q2 2026 QoQ YoY Net Financing Revenue $136 (1%) 7% Services Revenue $164 1% 8% Syndication Revenue $18 (23%) 58% Net Revenue $318 (2%) 10% Operating Expenses $141 —% 10% Operating Income $177 (3%) 9% Operating Margin 55.6% (60 bps) (20 bps) Originations $1,724 19% (9%) EPS [Diluted] $0.34 (2%) 12% Free Cash Flow per Share [Diluted] $0.39 (13%) (3%) Return on Equity 19.6% (70 bps) 210 bps 1. Considered to be a non-GAAP financial measure that does not have a standardized meaning under IFRS and may not be comparable to similarly-named or any other non-GAAP measures presented by other organizations. Descriptions of the non-GAAP measures presented in this document can be found in Element’s Management Discussion & Analysis that accompanies the financial statements for the three and six-month periods ended June 30, 2026 which have been filed on SEDAR+ (www.sedarplus.ca).
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Q2 YTD 2026 Key Financial Metrics 9 Reported Q2 YTD YoY $273 15% $326 7% $41 75% $640 13% $318 16% $322 10% 50.3% (130 bps) $3,177 (7%) $0.58 9% 16.9 % 120 bps (US$millions, except per share metrics) Adjusted 1 Key Metrics Q2 YTD YoY Net Financing Revenue $273 15% Services Revenue $326 7% Syndication Revenue $42 82% Net Revenue $642 13% Operating Expenses $283 12% Operating Income $359 15% Operating Margin 55.9% 60 bps Originations $3,177 (7%) EPS [Diluted] $0.68 18% Free Cash Flow per Share [Diluted] $0.84 11% Return on Equity 19.9% 280 bps 1. Considered to be a non-GAAP financial measure that does not have a standardized meaning under IFRS and may not be comparable to similarly-named or any other non-GAAP measures presented by other organizations. Descriptions of the non-GAAP measures presented in this document can be found in Element’s Management Discussion & Analysis that accompanies the financial statements for the three and six-month periods ended June 30, 2026 which have been filed on SEDAR+ (www.sedarplus.ca).
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Financial Performance
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Key Drivers of Net Revenue Growth • Adjusted net revenue 1 increased 10% year-over-year to $318M, with growth across all revenue streams • Sequentially, net revenue declined by 2%, primarily reflecting lower syndication revenue • Capital-light revenues held steady, with services and syndication representing 57% of net revenue in Q2 2026 • Adjusted ROE increased 210 basis points year-over- year to 19.6%, supported by strong earnings growth and disciplined capital management 11 Net Revenue Categories (in millions) Net Revenue per VUM 1. Q2 2026 excluded $1.5 million of upfront costs associated with the inaugural equity residual transaction, which were reflected in syndication revenue. No comparable items were recorded in Q1 2026 or Q2 2025.
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Continued Emphasis on Driving Services Revenue • Services revenue increased 8% year-over-year to $164 million, reflecting continued demand across the services portfolio • Growth was driven by higher VUM and services revenue per VUM • Compared with Q1 2026, services revenue increased by $2 million • Continued expansion into adjacent mobility opportunities, including Car IQ and our partnership with Waymo, expands our long-term growth runway 12 Q1 2026 to Q2 2026 Services Revenue (in millions) Q2 2025 to Q2 2026 Services Revenue (in millions) 100 100 100 100 100 100 Services Revenue Mix
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• NFR increased 7% year-over-year to $136 million, 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 of the client- specific provision (now fully provided for) • On a quarter-over-quarter basis, NFR declined by 1%, primarily due to lower net earning assets (equity residual transaction) and lower gains on sale ("GOS") • Completed a senior notes offering during the quarter, continuing to support lower funding costs Net Financing Revenue 13 Q1 2026 to Q2 2026 NFR (in millions) Q2 2025 to Q2 2026 NFR (in millions)
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14 Syndication Revenue • Adjusted syndication revenue 1 increased by 58% year-over- year to $18 million, supported by higher syndication volume, continued investor demand, and the reinstatement of 100% bonus depreciation • Sequentially, revenue declined by $6 million, largely due to our evolving mix following the introduction of the equity residual program, where a greater proportion of revenue is generated over time • The new program complements our traditional syndication channel by expanding funding capacity, retaining stronger long-term economics, and enhancing our capital flexibility Syndication Revenue (in millions)1 Syndication Volume (in millions) Core Syndication Yield 1. Q2 2026 excluded $1.5 million of upfront costs associated with the inaugural equity residual transaction, which were reflected in syndication revenue. No comparable items were recorded in Q1 2026 or Q2 2025.
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• 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 • Service-only VUM continues to grow, reflecting continued adoption of Element's capital-light fleet management and service offerings • VUM remains a key long-term driver of our revenue growth, with an annual growth target of 2-4% • Beyond reported VUM, the Element platform supports additional mobility assets including ride-hailing and route-optimization, further expanding our digital ecosystem • Importantly, the 3.7x Services per VUM metric only comprises (1) the US & Canada region; and (2) the Top 9 services on the Element platform in terms of utilization 1. Every "VUM" is one unique vehicle (a) receiving or subscribed to one or more Element services, and/or (b) financed by Element, whether or not subsequently syndicated. In calculating VUM, management applies certain judgements and makes certain estimates, including in respect of a small number of single-service usage-based VUM. Certain estimates rely on information provided by our clients that could not be definitively validated. While there are inherent subjectivities in the VUM calculation due to these judgements and estimates, the Company believes that such judgements and estimates are reasonable. As of October 1, 2024, acquired VUM from Autofleet are included in the following periods: 10 thousand (Q1/25), 10 thousand (Q2/25), 10 thousand (Q3/25), 11 thousand (Q4/25), 8 thousand (Q1/26), and 9 thousand (Q2/26). As of December 31, 2025, acquired VUM from Car IQ include 8 thousand (Q4/25), 5 thousand (Q1/26), and 5 thousand (Q2/26) 2. Represents the number of services per VUM in U.S. and Canada only, where the vast majority of our vehicles are located. 3. The services being tracked are limited to Collision, Fleet Partnership Solutions, Fuel, Insurance, Maintenance & Roadside Assistance, Tax Benefits, Telematics, Title & Registration and Tolls & Violations. Excludes Acquisitions, Remarketing, Driver Safety and End of Contract services. Financing is excluded from total services count. Autofleet and Car IQ services are also excluded from the calculation. 4. Excludes assets powering capabilities such as route optimization and ride-hailing. These assets are monetized on a usage basis (i.e., per ride rather than per vehicle) and are not managed under traditional fleet arrangements. While they generate services revenue through Element’s digital and mobility solutions, they are excluded from reported VUM to maintain consistency with Element’s core VUM definition. 15 Growing Core VUM Quarter-over-Quarter VUM (in thousands) End-of-period global VUM1,4 (in thousands) 21% 20% 100 100
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• Broader service adoption is expanding Element’s services opportunity and creating a larger foundation for future cross-sell • More than 75% of clients today utilize two or more services, supporting stickier and more durable client relationships • The Q2 2026 single-service attachment rate was influenced by one large client, and we expect multi- service adoption to increase in Q3 as this client expands into additional services • Underpenetrated service categories create a clear runway for growth, with strategic partnerships and adjacent mobility capabilities expanding adoption Expanding Services Adoption 16 Service Attachment Rates Across Existing Portfolio1 1. Represents the attachment rates in U.S. and Canada only, where the vast majority of our vehicles are located. Service Penetration for Top Products1
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• 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 last quarter • The year-over-year headwind resulting from this client will moderate through the rest of the year • Excluding the impact of this client, originations increased 4% year-over-year for the first six months of 2026 • Compared to Q1 2026, originations increased by 19%, reflecting broad-based strength across all regions • While originations are a key metric that underpins our net earning assets growth, it is important to note that: (1) 60% of our VUM is Services-only (i.e., no Origination activity); and (2) our NFR (16%) and syndication revenue (82%) have increased at a robust rate over the trailing 12 months, reflecting consistent margin expansion in both streams Originations 17 Originations (in millions)
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• Adjusted operating expenses 1 totaled $141 million, up 10% year-over-year • The increase reflects higher depreciation, inflationary increases, and continued investments in growth initiatives, including Car IQ and Waymo • Our continued investments in technology and process improvements are expected to reduce employee count by 8%, resulting in $20 million of annualized expense run-rate savings in 2027 • Strategic investments remained aligned with our long-term growth strategy, and our expense initiatives support a more efficient cost structure over time, while preserving service quality Adjusted Operating Expenses 18 Adjusted Operating Expenses (in millions) Components of Year-over-Year Adjusted Operating Expense Growth (in millions) 1. One-time costs in Q2 2026 included $11 million in severance expenses related to targeted organizational changes driven by the Company's digitization and automation initiatives, $3.7 million associated with the development of the equity residual program, and $0.5 million for payments to certain Car IQ personnel contingent upon their continued employment. In Q1 2026, one-time items included $2 million associated with the development of the equity residual program and $4 million for payments to certain Car IQ personnel contingent upon their continued employment. No comparable costs were incurred in Q2 2025.
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19 FX Rate Trends1 & Sensitivities Currency Pair Q2’25 Q3’25 Q4’25 Q1'26 Q2'26 QoQ YoY USD/CAD 1.384 1.377 1.394 1.372 1.385 1% —% USD/MXN 19.516 18.624 18.303 17.577 17.384 (1%) (11%) USD/AUD 1.561 1.529 1.523 1.441 1.41 (2%) (10%) USD/NZD 1.687 1.687 1.743 1.698 1.713 1% 2% The following table illustrates the estimated impact of foreign currency translation on key income statement items, as a result of changes in average exchange rates. (US$millions, except per share metrics) Q2 2026 vs. Q2 2025 Net Financing Revenue $12 Services Revenue $3 Net Revenue $15 Adjusted Operating Expenses $3 Adjusted Operating Income (AOI) $12 Adjusted EPS [Diluted] $0.02 1. Oanda/Bank of Mexico Avg. Rates
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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. 20 Credit Ratings S&P BBB Fitch BBB+ DBRS A (low) KBRA A- Credit Losses as a % of Finance Receivables Portfolio of Leases ~68% Investment-Grade Debt-to-Capital Ratio (Q2 2026) 76.5% (Target range of 73%-77%) 2022 2023 2024 2025 0.01% 0.02% 0.01% 0.01% 80% 20% $9.2B Total Debt (June 30, 2026)
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Strategy & Outlook
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22 Expect to Deliver on our 2026 Financial Guidance1 The above ranges are prior to any further material foreign exchange fluctuations, and any adverse impact related to changes in the trade agreements between the U.S., Mexico, and Canada. (US$millions, except per share metrics) Full-Year 2026 Guidance Year-to-Date 2026 Actuals Adjusted Net Revenue2 $1,280-$1,305 $642 Adjusted Operating Income2 $720-$745 $359 Adjusted Operating Margin2 56.3%-57.3% 55.9% Adjusted EPS [Diluted]2 $1.40-$1.45 $0.68 Adjusted Free Cash Flow per Share [Diluted]2 $1.67-$1.72 $0.84 Originations $6,500-$6,900 $3,177 • We see meaningful runway for growth through increased service penetration and self-managed fleet conversion • The return of VUM growth to our targeted 2-4% range supports our expectation of continued strong top-line growth in 2026 • Targeting 8% to 10% full-year net revenue growth and expect to deliver high-single to low double-digit increases in key metrics such as adjusted operating income, EPS and free cash flow per share • Internal efficiency initiatives are expected to improve operating leverage over time, supporting further margin expansion and ROE improvement • Our long-term growth strategy remains focused on: 1. Continuing to grow organically; 2. Delivering industry leading client experience by transforming our digital, analytics and operational capabilities; and 3. Expanding beyond the core with new products and services 1. Financial results guidance in this investor presentation are forward-looking statements within the meaning of applicable securities law. Such statements are based upon Element’s current internal expectations, estimates, assumptions, projections, and beliefs. The reader is cautioned that such statements may not be appropriate for other purposes. These statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements or information. Undue reliance should not be placed on these forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. A discussion of some of the material risks affecting Element and its business appears under the heading “Risk Management & Risk Factors” in Element’s Management Discussion and Analysis for the year ended December 31, 2025, and Element's quarterly Management Discussion and Analysis for the three- month and six-month periods ended June 30, 2026 2. Considered to be a non-GAAP financial measure that does not have a standardized meaning under IFRS and may not be comparable to similarly-named or any other non-GAAP measures presented by other organizations. Descriptions of the non-GAAP measures presented in this document can be found in Element’s Management Discussion & Analysis that accompanies the financial statements for the three-month period ended June 30, 2026, which have been filed on SEDAR+ (www.sedarplus.ca).
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Our capital allocation priorities: 1. Prudently reinvesting in the business; 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 opportunities to accelerate our digitization & automation efforts via external capital deployment; 5. Return of capital to shareholders • In Q2 2026, we returned $163M of cash to shareholders through common dividends and common share repurchases • Ended Q2 2026 with 391.3M shares outstanding, a reduction of 3% from a year ago Return of Capital to Shareholders 23 Annual Common Share Dividends Paid ($CAD) 2022 2023 2024 2025 2026 +18% CAGR 77 60 61 7 1 Quarterly Share Repurchases and Common Share Dividends (in millions)
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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.
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25 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 baseline, keeping us ahead of our 2034 target schedule • Third consecutive CDP Climate B score and an EcoVadis Bronze Medal, placing Element in the top 35% globally • Directed $2.3B to 3,600+ diverse suppliers across our value chain • Matched 100% of purchased electricity with renewable energy certificates while managing 129,000 electric vehicles for clients
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elementfleet.com 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