Slides
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Q3 2025 Results Kevin Parkes David Primrose President and CEO EVP and CFO November 12, 2025 See slides 9 and 10 for important information on forward-looking information, currency, and specified financial measures, including non- GAAP financial measures. Unless noted otherwise, all numbers presented are for continuing operations only.
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Executing Our Strategy – LTM Q3 2025 2 Product Support Full Cycle Resilience Sustainable Growth SG&AProduct Support 15.0% Power Systems Revenue 5% Revenue Total ▪ Strategic execution with growth primarily driven by strong mining activity in Canada and South America ▪ Continue to hire high-skilled labour in order to build capacity and capability ▪ LTM Q3-25 SG&A margin down 80 bps from LTM Q3-24, reflecting strong cost control, operating leverage, and cost savings from previous restructuring activities ▪ Remain focused on cost and capital management to continue strengthening earnings capacity in all market conditions ▪ Continued healthy demand in oil and gas, and growing activity in data centre markets ▪ Power systems backlog (1) up 23% from the end of September 2024 mainly driven by strong order intake in Canada (1) This is a specified financial measure. See slide 10 for more information. 2.31x Margin (1) Invested Capital T urnover (1) 8% LTM Q3 2025 $10.4B T otal Revenue Up 7% vs LTM Q3-24 LTM Q3-25 vs LTM Q3-24 7% Up in all regions vs LTM Q3-24 $5.8B Product Support Revenue T echnician Increase Consolidated ~285 Sep 2025 vs Sep 2024 Product Support Q3 2025 LTM Q3-25 vs LTM Q3-24
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Q3 2025 Results (from continuing operations) (2) This is a specified financial measure. See slide 10 for more information.3 vs Adjusted (1)(2) Q3 2024 Revenue EBIT $2.8B $240M Q3 2025 Highlights ▪ Continued supportive mining and power system activities driving momentum in our diversified business ▪ Focus on strategy execution to maximize product support and build full cycle resilience via cost and capital management ▪ Robust backlog at $2.9B with record new equipment sales. Mining and power systems order intake continue to be strong in Canada while construction is improving Q3 2025 Financial Statistics Revenue 2,842 EBIT 240 EPS 1.17 Free cash flow (1) (56) EPS $1.17 33 % 25 % Invested capital turnover 2.31 times Working capital to sales (2) 26.4% Inventory turns (2) 2.72 times Adjusted ROIC (2) 19.3% Net debt to Adjusted EBITDA (2) 1.7 times $ millions, except EPS Key Ratios (1) This is a non-GAAP financial measure. See slide 10 for more information. 14 %
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2,489 2,842 113 110 3 129 (2) Q3 2024 New Equipment Used Equipment Equipment Rental Product Support Other Q3 2025 Q3 2025 Revenue 4 Revenue by Line of Business $ millions ▪ New equipment sales up 12%, higher across all regions led by mining and power systems in South America ▪ Used equipment sales up 122%, driven by large mining sales in Canada and South America ▪ Product support revenue up 9%, driven by strong mining activity in Canada and South America ▪ Equipment backlog down 5% from Jun 30, 2025, reflecting delivery slightly outpacing order intake in mining and power sectors Mining 45% Construction 20% Power Systems 35% Equipment Backlog At Sep 30, 2025 $2.9B Q3 2025 Revenue Highlights All comparisons are to Q3 2024 results unless indicated otherwise 26% vs Sep 30, 2024
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193 240 27 12 6 2 Q3 2024 Adjusted EBIT Gross Profit SG&A Equity Earnings of Joint Ventures Foreign Exchange Q3 2025 EBIT Q3 2025 EBIT 5 EBIT (1) $ millions ▪ Gross profit margin (2) of 21.7% down 170 bps primarily driven by lower product support margins and higher proportion of used equipment in the revenue mix ▪ SG&A margin of 13.4% down 290 bps, reflecting strong cost control and savings from previously announced restructuring initiatives, along with operating leverage on higher revenues 8. 5 %7. 8 % Adjusted EBIT Margin (2) Q3 2025 EBIT Highlights All comparisons are to Q3 2024 results unless indicated otherwise Q3 2025 EBIT Margin 8.7%9.7% 6.5% CanadaSouth America UK & Ireland (1) Change presented on a currency neutral basis. (2) This is a specified financial measure. See slide 10 for more information. EBIT Margin (2)
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Q3 2025 Results – South America 6 ▪ New equipment sales up 23%, driven by mining and included multiple data centre project deliveries in Chile ▪ Used equipment sales up 267%, reflecting the sale of a large package of mining equipment in Chile ▪ Product support revenue up 5%, driven by strong demand from mining customers in Chile ▪ EBIT margin down 120 basis points from Q3 2024 Adjusted EBIT margin, reflecting lower product support margins and a higher proportion of lower margin used mining equipment sales ▪ Argentina remained profitable in the quarter and we continue to take a low-risk approach (1) 952 947 1122 200 400 600 800 1000 1200 Q3 2024 Q2 2025 Q3 2025 Revenue $ Millions 26.5% 25.9% 24.6% Q3 2024 Q2 2025 Q3 2025 Adjusted ROIC ▪ Strong outlook for Chile mining underpinned by growing demand for copper, strong copper prices, capital deployment into large-scale brownfield expansions, and increasing customer confidence to invest ▪ Broad-based level of quoting, tender and award activity for mining equipment, product support, and technology solutions ▪ Continue to expect some challenges in the labour environment as the demand for skilled labour remains high ▪ Healthy demand from large contractors supporting mining operations and steady infrastructure construction activity in Chile ▪ Strong power systems activity in industrial and data centre markets in Chile Adjusted EBIT and Adjusted EBIT Margin $ Millions (1) This is forward-looking information. See slide 9 for more information. Q3 2025 Commentary Market Outlook (1) All comparisons are to Q3 2024 results in functional currency unless indicated otherwise 104 96 109 10.9% 10.1% 9.7% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 0 43 86 129 Q3 2024 Q2 2025 Q3 2025
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Q3 2025 Results – Canada (from continuing operations) 7 Q3 2025 Commentary ▪ New equipment sales were up slightly, strong activity in power systems offset by timing of mining deliveries ▪ Used equipment sales up 105% driven by the conversion of a large package of mining equipment with rental purchase options ▪ Product support revenue up 13%, primarily reflecting strong demand from mining customers ▪ EBIT margin of 8.7% was up 180 basis points from Q3 2024 Adjusted EBIT margin, primarily driven by lower SG&A margin 1,209 1,333 1,362 Q3 2024 Q2 2025 Q3 2025 Revenue $ Millions 15.9% 16.3% 17.6% 0.0% 6.0% 12.0% 18.0% 24.0% Q3 2024 Q2 2025 Q3 2025 Market Outlook (1) ▪ Encouraged by the announcements regarding the potential to accelerate resource development and infrastructure project activity, but remain cautious with respect to the timing and magnitude ▪ Steady activity level in mining as customers renew, maintain, and rebuild aging equipment ▪ Moderate activity in the construction sector related to resource development and infrastructure projects ▪ Steady activity in the oil and gas market, with longer term potential in the data centre market ▪ Focused on building resilience by managing cost and working capital Adjusted EBIT and Adjusted EBIT Margin $ Millions Adjusted ROIC All comparisons are to Q3 2024 results from continuing operations unless indicated otherwise 84 125 117 6.9% 9.4% 8.7% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 0 60 120 180 Q3 2024 Q2 2025 Q3 2025 (1) This is forward-looking information. See slide 9 for more information.
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Q3 2025 Results – UK & Ireland 8 ▪ New equipment sales up 11% reflecting higher sales in construction ▪ Product support revenue down 3%, due to lower machine utilization in construction, offset by steady power systems activity in the electric power and marine markets ▪ EBIT margin of 6.5% was up 20 basis points from Q3 2024 Adjusted EBIT margin, primarily driven by higher new equipment margins and strong cost control 328 329 358 Q3 2024 Q2 2025 Q3 2025 11.5% 18.4% 20.2% 0.0% 4.0% 8.0% 12.0% 16.0% 20.0% Q3 2024 Q2 2025 Q3 2025 ▪ Expect demand in the construction sector to remain soft, in line with low projected GDP growth ▪ Expect growing contribution from power systems as we continue to execute on our strategy ▪ Healthy demand and strong quoting activity for primary power projects as well as backup power, primarily in the data centre market ▪ Product support business expected to remain stable Q3 2025 Commentary Market Outlook (1) Revenue $ Millions Adjusted ROICAdjusted EBIT and Adjusted EBIT Margin $ Millions All comparisons are to Q3 2024 results in functional currency unless indicated otherwise 20 17 24 6.3% 5.2% 6.5% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 0 12 24 Q3 2024 Q2 2025 Q3 2025 (1) This is forward-looking information. See slide 9 for more information.
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Disclosures 9 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 market outlook for South America on slide 6, including in Chile, our strong outlook for Chile mining underpinned by growing d emand for copper, strong copper prices, capital deployment into large-scale brownfield expansions and increasing customer confidence to invest; our expectation of a broad -based level in quoting, tender and award activity for mining equipment, product support and technology solutions; our continued expectation of some challenges in the labour environment as the demand for skilled labour remains hi gh; our expectation of healthy demand from large contractors supporting mining operations and steady infrastructure construction activity in Chile; our expectation regarding strong power systems ac tivity in the industrial and data centre markets in Chile; and in Argentina, our expectation to continue taking a low-risk approach; our market outlook for Canada on slide 7, including our encouragement about announcements regarding the potential to accelerate resource development and infrastructure project activity, but that we remain cautious with respect to the timing and magnitude; our e xpectation of steady activity levels in mining as customers renew, maintain, and rebuild aging equipment; our expectation of moderate activity in the construction sector related to resource development and infrastructure projects; our expectation of steady activity in the oil and gas market, with longer term potential in the data centre market; our focus on building resilience by managing cost and working capital; and our market outlook for the UK and Ireland on slide 8, including our expectation for demand in the construction sector to remain soft, in line with low projected GDP growth; our expectation of a growing contribution from power systems as we continue to execute on our strategy; our expectation of strong quoting activity in power systems for primary and backup power projects, particula rly in the data centre market; and our expectation of our product support business to remain stable. No assurances can be given that the information in this presentation will result in sustained or i mproved financial performance, or that past performance is indicative of future results. Information in this presentation has been furnished for information only and is accurate at the time of presentatio n 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, high inflation, geopolitical and trade uncertainty , 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 a nd intentions, 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 for 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 i n revenue; 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 ch anges 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 Caterpill ar 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 Can ada 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 request s for proposals 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, uncertainties, 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 finan cial results (MD&A), which are available on our website (www.finning.com) and under our profile on SEDAR+ (www.sedarplus.ca).
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Disclosures 10 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 Q3 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 Q3 2025 MD& A.
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2025-2026 Earnings Schedule 11 Quarter Release Date after market close Investor Call Date Investor Call Time Eastern Q4 2025 February 10, 2026 February 11, 2026 10:00 AM Q1 2026 May 11, 2026 May 12, 2026 10:00 AM Q2 2026 August 4, 2026 August 5, 2026 10:00 AM Q3 2026 November 10, 2026 November 11, 2026 10:00 AM Q4 2026 February 9, 2027 February 10, 2027 10:00 AM All dates and times are preliminary and subject to change