Slides
Page 1
▪ See slides 16 and 17 for important information on forward-looking information, currency, and specified financial measures, inclu ding non-GAAP financial measures ▪ Unless otherwise noted, all figures presented are for continuing operations; please refer to Q2 2025 MD&A for additional info rmation September 2025 Investor Presentation
Page 2
Finning Overview 2 Finning is the largest Caterpillar dealer and is diversified by geography, customer base, product, and sector Canada Product support 57% New equipment 36% Used equipment 4% Rental 3% (4) This is a specified financial measure. see slide 17 for more information. (5) At September 5, 2025.(2) Construction market segment includes construction, forestry, pipeline, quarrying, waste management, industrial services, public services, and agriculture. (3) This is a non-GAAP financial measure. see slide 17 for more information. (1) LTM Q2 2025. Consecutive Dividend Growth 24Years Technicians As of Jun 30, 2025 ~6,000 Bolivia Argentina Chile United Kingdom Ireland BC AB YT NWT SK 49% South America UK & Ireland 38% 13% Mining 55% Construction 33% Power Systems 12% NU Revenue by Line of Business (1,4) Revenue by Market Segment (1,2) LTM Q2 2025 Key Metrics Market Statistics – FTT (TSX) (5) Revenue $10.1B EBIT $780M Adjusted EBIT (3) $825M EPS $3.54 Adjusted EPS (4) $3.80 Invested Capital (4) $4.6B Adjusted ROIC (4) 18.7% Share Price $58.05 Market Cap. $7.7B S&P/DBRS Rating BBB+/BBB(high) Annualized Dividend $1.21/share Dividend Yield 2.1% of Revenue (1) of Revenue (1) of Revenue (1)
Page 3
Executing Our Strategy – Q2 2025 3 Product Support Full Cycle Resilience Sustainable Growth SG&AProduct Support 15.5% (4) This is forward-looking information. See slide 16 for more information. Power Systems Jun 2025 vs Jun 2024 88% Revenue Equipment Backlog ▪ Strategic execution with growth across all regions, led by strong mining activity in Canada ▪ Product support revenue grew 4% in Canada, 4% in South America and 1% in the UK and Ireland (3) ▪ Implemented actions in Canada to further streamline organizational structure for an expected annualized SG&A savings of over $20 million (4) ▪ Remain focused on cost and capital management to continue strengthening earnings capacity in all market conditions (4) ▪ Continued strong demand in oil and gas, primary power applications and data centre markets ▪ Continued commitment to profitably grow our used and rental business (4) (2) This is a specified financial measure. see slide 17 for more information. 2.3x Margin (2) Invested Capital T urnover (2) 5% Q2 2025 $3.0B Equipment Backlog (2) Up $170M vs Mar 2025 (1) International revenue comprises revenue of our South American and UK & Ireland operations. Q2 2025 vs Q2 2024 Q2 2025 vs Q2 2024 4% ~50% international revenue (1) $2.6B Q2 2025 Revenue T echnician Increase South America >120 Jun 2025 vs Mar 2025 Rental Revenue (3) Product support year-over-year growth for South America and UK and Ireland are quoted in functional currencies.
Page 4
Strategy Execution is Resulting in Improved Earnings Power 4 20.3% 19.0% 18.3% 21.0% 18.3% 17.1% 15.9% 15.8% 15.7% 2017 2018 2019 2020 2021 2022 2023 2024 Q2/25 LTM SG&A Margin (1) Adjusted Earnings Per Share A stronger and more resilient company with fundamentally improved earnings capacity $1.33 $1.65 $1.61 $1.11 $2.12 $3.14 $3.77 $3.61 $3.80 2017 2018 2019 2020 2021 2022 2023 2024 Q2/25 LTM … + Full Cycle Resilience… …Leading to Earnings Growth Product Support Revenue Driving Product Support… $3.5 $3.6 $3.8 $3.5 $3.7 $4.6 $5.4 $5.5 $5.7 2017 2018 2019 2020 2021 2022 2023 2024 Q2/25 LTM In CAD billions Product Support CAGR from 2020 to LTM Q2 2025 Increase in global technician headcount from 2020 to Jun 2025 Equipment population growth and focused rebuild activity 12 % >1,700 Continuously optimizing facility footprint and network strategy Further reducing cost base by restructuring, consolidating and simplifying (e.g. sale of 4Refuel and ComT ech) SG&A margin goal of <17% in a steady growth environment at 2023 Investor Day (2) (1) Following a detailed review of our remanufacturing business in Canada, we determined that the correct classification of certain costs in SG&A should be cost of sales. Effective Q3 2024, the comparative figures for 2023 and Q1 2024 and Q2 2024 include an immaterial adjustment for a change in classification of certain expenses. For more information on the impact to financial statements, please refer to note 27 of our 2024 Annual Financial Statements. (2) This is forward-looking information. See slide 16 for more information.
Page 5
Improved Earnings and Capital Efficiency Driving ROIC 5 2.09x 2.12x 2.01x 1.77x 2.17x 2.11x 2.12x 2.16x 2.28x 2017 2018 2019 2020 2021 2022 2023 2024 Q2/25 LTM Invested Capital T urnover Adjusted Return on Invested Capital 13.1% 13.5% 12.5% 10.0% 17.3% 19.5% 20.7% 17.9% 18.7% 2017 2018 2019 2020 2021 2022 2023 2024 Q2/25 LTM ... + Capital Efficiency Focus …Sustainably Higher ROIC Adjusted EBIT and Adjusted EBIT Margin(1) EBIT Growth and Margin… $393 $446 $448 $319 $524 $744 $914 $820 $8256.3% 6.4% 6.2% 5.6% 8.0% 9.2% 9.8% 8.3% 8.2% 2017 2018 2019 2020 2021 2022 2023 2024 Q2/25 LTM In CAD millions Q2 2025 working capital to sales (1) down 310 bps from Q2 2024 26.4% 2.3-2.5 LTM Q2 2025 proportion of product support revenue57 % 15.7% Invested capital turns target range (2) Successful execution of invested capital optimization opportunities LTM Q2 2025 SG&A margin Strong execution of strategy focusing on efficiently expanding capacity and capability Goal to achieve Adjusted ROIC of 18% to 25% in all market conditions (2) (1) This is a specified financial measure. see slide 17 for more information. (2) This is forward-looking information. See slide 16 for more information.
Page 6
1.4x 1.2x 1.6x 1.8x 1.7x 1.6x 2020 2021 2022 2023 2024 Q2/25 Balanced and Consistent Approach to Shareholder Returns and Leverage 6 $0.820 $0.860 $0.933 $0.986 $1.075 $1.210 2020 2021 2022 2023 2024 2025 Annual Dividend Net Debt to Adjusted EBITDA (2) Consistent Dividend Growth Strong Balance Sheet Weighted Average Shares Outstanding Share Repurchases 162.3 161.1 154.7 147.5 140.4 134.0 2020 2021 2022 2023 2024 Q2/25 In millions Reduced share count from 2020 to Q2 2025 through consistent buybacks17 % up to13.3M Common shares to repurchase under normal course issuer bid renewed in May 2025 (3) Y ears of consecutive dividend growth24 8 % Dividend CAGR from 2020 to 2025 Net debt to adjusted EBITDA target under normal course of operations (3)1x-2x Stable leverage to maintain solid investment grade rating (1) Annualized, based on quarterly dividend of 0.3025 announced on Aug 5, 2025 (1) (2) This is a specified financial measure. see slide 17 for more information. (3) This is forward-looking information. See slide 16 for more information.
Page 7
8.8 8.3 11.0 8.6 13.0 10.4 8.2 6.5 4.9 4.7 3.2 4.3 5.1 5.3 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Reduced Cyclicality: Transformed Finning Business Coupled with Stable End Markets 7 Canada Oil Sands Mining Industry Capex (1) (1) CAPP – Canada Oil Sands Expenditures, 2024 ▪ Build Phase characterized by meaningful equipment population growth to service new mines (i.e. Horizon, Jackpine, Kearl) ▪ Transition Phase marked by steady equipment population additions with increasing product support from high equipment utilization and component cycles ▪ Optimization Phase resulting in growing mined ore volumes, increasing equipment needs and growing product support contribution from high hour equipment ▪ Industry strongly positioned to withstand oil price downturns with low cash operating costs of ~$20-$35 per barrel with plans to drive further optimization with modest capital requirements (2,3) 7.4 8.8 13.1 15.0 12.4 10.2 6.9 7.2 8.9 10.0 8.0 10.1 12.6 14.2 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Chile Mining Industry Capex (4) Build Phase Growth Phase (4) Consejo Minero – Aporte de la Mineria a la Economia Nacional, April 2025 Country Level Product Support Revenue Mix (Average) 2010-2014 2015-2020 2021-2025 2010-2014 2015-2020 2021-2025 ▪ Growth Phase led to increase in equipment population for public and private miners ▪ Underinvestment Phase marked by relatively low copper prices (<US$3 per pound) that led to miners focusing on operating existing assets vs. expansion; increasing product support mix with modest equipment sales ▪ Reinvestment Phase driven by increasing global copper demand and declining ore grades; introduction of electric drive truck leading to improved competitiveness in market, with meaningful equipment sales and continued product support opportunities ▪ Industry has strong ability to withstand copper price weakness with solid cash margins; 90% of Chile’s copper miners’ cost of production < US$3 per pound (3,5) 45 % 55 % 61 % 51 % 68 % 63 % (5) Goldman Sachs Equity Research - Copper Cost Curve Analysis Report, Jun 2025 (2) Applicable oil sands producer company websites (3) This is forward-looking information. See slide 16 for more information. CAD Billions USD Billions
Page 8
Key Business Drivers – Canada Mining 8 Commentary (1) Alberta Energy Regulator – ST39 Report 2019 to Apr 2025. ▪ Multiple new equipment awards in Q2 2025 added to equipment backlog ▪ Mature and multi-decade stable asset base undergoing optimization ▪ Mined volumes continue to increase over time to maximize asset utilization ▪ Haul distances increase as mine plans advance further away from the crusher ▪ >30B barrels of remaining mining reserves in the oil sands (2) Oil Sands Market Fundamentals Mining Business Overview (2) Government of Alberta – Oil sands 101, Jan 13 2025 Oil Sands Mined Ore Volume (1) Million T onnes 2019 2020 2021 2022 2023 2024 Jun 2025 CAT 797 Truck Population Cumulative Trucks in Service ~50% Major Oil Sands Projects Revenues as a % of T otal Mining Revenues 882 863 898 942 980 1,012 1,019 2019 2020 2021 2022 2023 2024 Apr/25 LTM Base & Precious Metals Copper, gold, silver, diamonds Metallurgical Coal Other Minerals Uranium, Potash ▪ Leading technician capabilities ▪ Significant repair capacity including major machine and component rebuilds ▪ Proven technology solutions provider (i.e., autonomous haul trucks) 450 350 250 Mining Support Equipment Graders, dozers, loaders Large Mining Trucks 793, 789, 785, 777 & Mining Shovels Electric rope shovels & hydraulic mining shovels # of Active UnitsAs at Jun 30, 2025 ~1,300 ~1,330
Page 9
➢ Yellowhead (Copper-Gold) Western Canada – New Projects and Outlook (1,2) 9 Selected Potential Greenfield Mining Projects (2) ➢ KSM (Gold-Copper) ▪ World’s largest undeveloped gold/copper project ▪ Estimated reserve of 47.3M oz of gold and 7.3B lbs of copper ▪ Expected annual production of 14kt copper and 107kt of zinc over 9yr mine life ▪ Feasibility study completed in 2019 ➢ Kudz ze Kayah (Copper-Zinc) ▪ Largest development-stage uranium project in Canada ▪ Expected annual production of 30M lbs ➢ Rook 1 (Uranium) British Columbia Alberta Saskatchewan Yukon Selected Large Scale Oil and Gas Projects (2) ▪ Encouraged by recent Bill C-5 legislation and announcements regarding the potential to accelerate resource development and infrastructure project activity, but remain cautious with respect to the timing and magnitude ▪ Ongoing commitment from federal and provincial governments, as well as private sector projects for infrastructure development supporting construction ▪ Focused on growing market share ▪ Actively monitoring and contingency planning for Canada/US trade negotiations and scenarios Prince Rupert Gas Transmission Project ▪ ~800-kilometre natural gas pipeline from Northeast BC ▪ Estimated capacity of 2.0 to 3.6 bcf/day ▪ Expected to service Western LNG project Carbon Capture and Storage Project ▪ A $16.5-billion pipeline network to capture and store CO₂ emissions from >20 oil sands facilities to a central hub in Cold Lake ▪ Supports emission reduction across Alberta’s oil sands industry Construction Outlook (1) (2) Information on this slide was sourced from applicable company websites and publicly available technical reports. (1) This slide contains forward looking information. See slide 16 for more information. ▪ Open pit mine with estimated total production of 4.4B lbs of copper and 282k oz of gold over 25yr mine life ➢ Galore Creek (Copper-Gold-Silver) ▪ Open pit mine with estimated reserve of 12.1B lbs of copper, 9.4M oz of gold and 174M oz of silver over 21yr mine life
Page 10
Electric Power Oil and Gas General Applications Key End Markets – Power Systems Overview 10 ▪ Primary and peak applications ▪ Grid power infrastructure ▪ Back up power (data centres) ▪ Gas Compression ▪ Well Servicing ▪ Drilling ▪ Industrial and marine ▪ Utilities and transportation ▪ Specialized equipment manufacturers Key growth opportunity (1) Steady growth with oil and gas development (1) Dynamic Gas Blending Engine Approx. Proportion of Total Power Revenue Finning Power Systems Steady growth (1) Gas Compression Engine Includes a power rental business serving customers across a variety of applications (1) This is forward-looking information. See slide 16 for more information.
Page 11
Key Business Drivers – Power Systems – All Regions 11 South America (1) UK and Ireland (1)Canada (1) Stable oil and gas industry activity Increasing demand for electric power generation and data centres Growing demand in Chile led by data centres Strong oil and gas activity in Argentina Healthy demand for primary and backup electric power generation Growing number of customers and scale in the data centre market Sustainable Growth Power Systems vs Jun 2024 88% Equipment Backlog H1 2025 vs H1 2024 8% Product Support Revenue ▪ Capturing key opportunities in electric power generation, data centre, and oil & gas markets ▪ Robust backlog with deliveries beyond 2026 $1.0B Jun 2025 (1) This is forward-looking information. See slide 16 for more information. Relatively mature markets with steady growth Relatively early stages of development with strong growth prospects
Page 12
~50 ~200 2019 2020 2021 2022 2023 2024 2025 ~640 ~1,300 2019 2020 2021 2022 2023 2024 Growth Outlook – Power Systems – All Regions (1) 12 South America UK and IrelandCanada Key growth opportunity in electric power and increasing data centre activity with 18GWs of demand seeking grid connections in Alberta (2) 6%13% ▪ Increasing government spend on power infrastructure and data centre projects ▪ Focused on growing market share 11% ▪ Increasing demand across most key end markets ▪ Strong capture of market share and rebuild opportunities Back up Generation Installed in Data Centres (MWs) Power Product Support Revenue 2019 - LTM Q2 2025 CAGR CAGR CAGR Back up Generation Installed in Data Centres (MWs) ▪ Leader in electric power project development and prime location for data centre infrastructure ▪ Competitive value proposition Steady growth in oil and gas with supportive commodity prices and healthy spend by key producers Projected Chilean data centre market growth (3) driven by Chile’s robust infrastructure and government support for digital transformation initiatives Steady growth in oil and gas with strong prospects in Vaca Muerta region of Argentina 8% CAGR 2024-2030 Projected UK data centre market growth (4), strong opportunities to expand installed base with stable product support opportunities Continued healthy demand for both primary and backup power generation 5% CAGR 2025-2034 (1) This slide contains forward-looking information. See slide 16 for more information. (2) Alberta Electric System Operator – Connection Project List Dashboard, Aug 26 2025. (3) Research and Markets - Chile Data Center Market Investment Analysis Report 2025-2030, March 2025. (4) Expert Market Research – United Kingdom Data Center Market Size Analysis Report, 2025. G3600 Gas Compression Engine Population ~890 As of July 2025 ~4% CAGR 2021-2025
Page 13
0.63% 0.62% 0.60% 0.57% 0.55% 0.55% 2019 2020 2021 2022 2023 2024 Key Business Drivers – Chile Mining 13 ▪ Demand for copper continues to accelerate driven by the energy transition megatrend and the expansion of electromobility (2) ▪ Declining ore grade profile requires large equipment fleets to travel longer distances and run more hours to maintain or increase production ▪ Strategic wins and opportunities for market share gains with electric drive trucks, with 200+ committed trucks in territory to 2032 (2) Copper Market Fundamentals Industry Investment Outlook (2) Chile Copper Ore Grade (1) Weighted Average 2019 2020 2021 2022 2023 2024 Jun 2025794AC 798AC CAT 798 | 794 Electric Drive Truck Population Cumulative Trucks in Service ▪ Sustained recovery in investments in Chile's copper sector ▪ Strategic decisions from major mining companies, strengthened public- private partnerships, and a clear shift toward more sustainable practices ▪ Numerous strategic projects underway to extend the lifespan of key operations, expand capacity, and develop integrated mining districts 1.24Mined Volumes (1) (billion tonnes) 1.20 1.30 1.26 1.24 1.28 Proposed Capital Investment (3) 2024-2033 US$83B 51 Projects 100 50 0 Commentary Potential Productive Capacity Increase (3) T onnes/year 2.2M Copper, Gold, Iron Ore, Lithium (1) S&P Global Market Intelligence (2) This is forward-looking information. See slide 16 for more information. (3) Cochilco – Inversión en la Minería Chilena 2024-2033, Nov 2024 Finning’s Newly Built La Negra Service Shop ~40% increase from 2024 production level
Page 14
El Pachón (Copper) ~280 kT CuEq Potential for Significant Growth in Argentina (1) 14 0 200 400 600 800 1,000 2021 2023 2023 2024E 2030E Taca Taca (Copper) ~230 kT CuEq Vicuña Corp. (Copper-Gold-Silver) ~200 kT CuEq Los Azules (Copper-Gold) ~175 kT CuEq Oil & Gas Pipeline LNG Export Oil Production (kbbl/d) >1Mbbl/d by 2030 (6) 58% Vaca Muerta Contribution to Argentina Total Production (5) September 2024 74% 2025 planned investment by YPF (7) Improving Environment for Future Potential Activity Potential New Mining Projects (Annual Capacities) (4) Vaca Muerta Potential ▪ RIGI Incentive (2) - 30 years of fiscal and legal incentives to foreign and domestic investors investing >US$200M in a project ▪ 25% corporate tax rate, exemption from import and export duties (under certain conditions), and extraterritorial arbitration ▪ IMF 48-month US$20 billion extended fund facility approved April 11, 2025 ▪ Currency controls reduced on April 14, 2025 MARA (Copper-Gold-Silver) ~225 kT CuEq $3.3B Crude Oil Natural Gas ~US$15B 11 Projects Projected Investment (3) As at April 2025 (3) Copper, Gold, Lithium ▪ Legislative elections are scheduled to be held in Argentina on October 26, 2025 Currency Mid-term Election (4) Salta Mining – Los Ocho Megaproyectos de Cobre en Argentina, May 2025 (5) EIA – Argentina’s crude oil and natural gas production near record highs, Dec 2024 (6) EnergyNews – Vaca Muerta: A Record Leap Towards 1 Million Barrels Per Day by 2030, Dec 2024 (7) Global Flow Control – YPF to Invest $3.3 Billion in Vaca Muerta Focusing on Oil in 2025, Apr 2025 (1) This slide contains forward-looking information. See slide 16 for more information. (2) KPMG - Argentina: New incentive regime for large investments approved, July 2024 (3) La Derecha Diario - RIGI: there are already two approved projects and USD $15.2 billion in ongoing investments, Apr 2025
Page 15
Capital Allocation Priorities – Value Creation Focus (1) 15 Allocate capital to maximize the discounted cash flow per share of our business Balanced approach to prioritize both organic growth and shareholders returns Consistent approach to provide stability and resiliency to our business for the long term Philosophy Invest in Core Operations Strong Balance Sheet Shareholder Returns M&A ▪ Enhance safety for employees and improve customer experience ▪ Maintain and improve network capacity and capability ▪ Maintain strong credit rating ▪ Net debt to adjusted EBITDA target range of 1-2x (normal course) ▪ Dividends – 24 years of consecutive growth ▪ Share repurchases – 17% WASO (2) reduction from 2020 to Q2 2025 ▪ Potential accelerators of sustainable growth strategy (e.g. power, rental) (1) This slide contains forward-looking information. See slide 16 for more information. (2) Weighted Average Shares Outstanding.
Page 16
16 Disclosures Forward-looking information This presentation includes “forward-looking information” (as defined in applicable Canadian securities legislation) that is base d on expectations, estimates and projections that we believe are reasonable as of the date of this presentation, but may ultimately turn out to be incorrect. Forward looking information in this presentati on includes: our plans and expectations for executing on our strategy; our goals on slide 3 to remain focused on cost and capital management to continue strengthening earnings capacity in all market conditi ons and remain committed to profitably grow our used and rental business; our expectation on slide 3 of annual SG&A savings of over $20 million (based on our actions to streamline our organizational stru cture); our goal on slide 4 of <17% SG&A margin in a steady growth environment; our goals on slide 5 to increase invested capital turnover to 2.3 - 2.5x, and achieve Adjusted ROIC of 18% to 25% in all market conditions; statements on slide 6 regarding the potential repurchase of shares under our normal course issuer bid; our target on slide 6 of 1 - 2x net debt to adjusted EBITDA under normal course of operations; our belief on slide 7 that the Canadian oil sands industry is strongly positioned to withstand oil price downturns with low cash operating costs and modest maintenance capital requirements and that the Chilean mining industry has significant ability to withstand copper price weakness with strong cash margins; our construction outlook on slide 9;our outlook regarding our powe r systems business across multiple countries and sectors on slide 10; our outlook regarding the key business drivers of our power systems business on slide 11, including our expectation of stable oil and gas industry activity in Canada, increasing demand for electric power generation in Canada, growing power systems activities in Chile driven by data centres, strong oil and gas activity in Argentina, healthy demand for primary and back -up power generation in the UK and Ireland, and that the number of customers and scale in the data centre market in the UK and Ireland is growing; our outlook of the growth prospects for our power systems business in all our region s on slide 12; our belief that the demand for copper continues to accelerate driven by the energy transition megatrend and the exp ansion of electromobility on slide 13; our expectation of strategic wins and opportunities for market share gains with electric drive trucks as 200+ committed trucks are expected to be in territory to 2 032 on slide 13; our industry investment outlook for the Chilean mining industry on slide 13; our belief that there is potential for significant growth in Argentina, including an improving environm ent for future potential activity, the potential new mining projects, and Vaca Muerta potential on slide 14; and our capital allocation expectations, philosophy and priorities on slide 15. No assurances can be g iven that the information in this presentation will result in sustained or improved financial performance, or that past performance is indicative of future results. Information in this presentation has been fu rnished for information only and is accurate at the time of presentation but may later be superseded by more current information. Except as required by law, we do not undertake any obligation to update the information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors, and is based on a number of assumptions that we believe are reasonable as of the date of this presentation. Our actual results, performance or achievements may be materially different from any future results, performanc e or achievements expressed or implied by the forward-looking information. Assumptions on which the forward-looking information is based include but are not limited to those assumptions and expectations mentioned above and that: we will be able to execute on our strategic plans, successfully manage our business through volatile commodity prices, global geopolitical and trade uncertainty, high in flation, changing tariffs and interest rates, and supply chain challenges, successfully execute our strategies to win customers, achieve full cycle resilience and continue business momentum; that we will be able t o continue to source and hire technicians, build capabilities and capacity and successfully and sustainably improve workshop efficiencies; that commodity prices will remain at constructive levels; that ou r customers will not curtail their activities; that general economic and market conditions will be supportive; that the level of customer confidence and spending, and the demand for, and prices of, our pro ducts and services will be maintained; that support and demand for renewable energy will continue to grow; that our efforts of reducing our SG&A and invested capital base will produce positive results on our earnings capacity; that present supply chain and inflationary challenges will not materially impact large project deliveries in our equipment backlog; our ability to successfully execute our plans and in tentions, including our strategic priorities; our ability to attract and retain skilled staff; our ability and timing to successfully negotiate and renew collective bargaining agreements with satisfactory terms fo r our employees and us; market competition will remain at similar levels; the products and technology offered by our competitors will be as expected; identified opportunities for growth will result in re venue; that we have sufficient liquidity to meet operational needs, commitments and obligations; consistent and stable legislation in the various countries in which we operate; no disruptive changes in the technology environment; our current good relationships with Caterpillar, our customers and our suppliers, service providers and other third parties will be maintained and that Caterpillar and such other suppliers will deliver quality, competitive products with supply chain continuity; sustainment of oil prices; that demand for reliable and sustainable electric power solutions in Western Canada will continue to create opportunities for our power systems business; that maximizing product support growth will positively affect our strategic priorities going forward; quoting activity for requests for propo sals for equipment and product support is reflective of opportunities; and market recoveries in the regions that we operate. Important information identifying and describing these and other risks, uncertaint ies, assumptions and other factors is contained in our most recently filed annual information form (AIF) and in our most recent annual and quarterly management’s discussion and analysis of financial results (MD&A), which are available on our website (www.finning.com) and under our profile on SEDAR+ (www.sedarplus.ca).
Page 17
17 Currency Monetary amounts referred to in this presentation are in Canadian dollars unless noted otherwise. All variances and ratios in this presentation are based on the functional currency of each operation (Canada: CAD, South America: USD, UK & Ireland: GBP). These variances and ratios for South America and UK & Ireland exclude the foreign currency translation impact from the CAD relative to the USD and GBP, respectively, and are therefore, considered to be specified financial measures. We believe t he variances and ratios in functional currency provide meaningful information about operational performance of the reporting segment. Specified financial measures This presentation includes certain specified financial measures, including non -GAAP financial measures, which are identified as such the first time they are used. The specified financial measures we use do not have any standardized meaning under Generally Accepted Accounting Principles (GAAP) and therefore may not be comparable to similar measures presented by other issuers. For additional information regarding these financial measures, including descriptions, composition, and where applicable, reconciliations from certain specified financial measures to their most directly comparable measure under GAAP see the heading “Description of Specified Financial Measures and Reconci liations” in our Q2 2025 MD&A. We believe that providing certain specified financial measures, including non-GAAP financial measures, provides users of our MD&A and consolidated financial statements with important information regarding the operational performance and related trends of our business. By considering these specified financial measures in combination with the comparable GAAP measures (where available), we believe that users are provided a better overall understanding of our business and financial performance during the relevant period than if they simply considered the GAAP measures alone. Reported financial measures may be impacted by significant items we do not consider indicative of operational and financial t rends either by nature or amount. Financial measures that have been adjusted to take these items into account are referred to as “Adjusted” measures. For a description of these significant items, please refer to our Q2 2025 MD&A. Disclosures