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TT WAJAX ZW 180 PL HITACHI WAJAX CORPORATION FINANCIAL RESULTS Q2 2026 August 7 , 2026 WAJAX Together We Get More Done .
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION This presentation contains certain forward-looking statements and forward-looking information, as defined in applicable securities laws (collectively, “forward-looking statements”). These forward-looking statements relate to future events or the future performance of Wajax Corporation (“we”, “us”, “our”, “Wajax” or the “Corporation”). All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “anticipates”, “intends”, “predicts”, “expects”, “is expected”, “scheduled”, “believes”, “estimates”, “projects” or “forecasts”, or variations of, or the negatives of, such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Forward- looking statements involve known and unknown risks, uncertainties and other factors beyond the Corporation’s ability to predict or control which may cause actual results, performance and achievements to differ materially from those anticipated or implied in such forward-looking statements. To the extent any forward-looking information in this presentation constitutes future-oriented financial information or financial outlook within the meaning of applicable securities law, such information is being provided to demonstrate the potential of the Corporation and readers are cautioned that this information may not be appropriate for any other purpose. There can be no assurance that any forward-looking statement will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this presentation are made as of the date of this presentation, reflect management’s current beliefs and are based on information currently available to management. Although management believes that the expectations represented in such forward-looking statements are reasonable, there is no assurance that such expectations will prove to be correct. Specifically, this presentation includes forward-looking statements regarding, among other things: our corporate purpose statement of empowering people to build a better tomorrow, together with our related value commitments; our five strategic priorities for 2026: continuing to build a people- first company, growing our existing business with a focus on parts, service and margin improvement, unlocking the potential of our enhanced direct relationship with Hitachi Construction Machinery Americas Inc. (“Hitachi”), investing in operational efficiency, process optimization and technology enablement, and acquiring and integrating industrial parts and engineered repair services (“ERS”) businesses; anticipated customer demand in the mining and energy sectors, the expected delivery of two large mining shovels currently included in backlog over the next two quarters, and management’s outlook that market conditions in other sectors will remain mixed across regions due to continued macroeconomic uncertainty; management’s belief that our diversified exposure and focused execution position us to manage current market conditions, and that continued execution of our strategic priorities, supported by balance sheet strength and prudent capital allocation, will enable to the Corporation to deliver sustainable long-term value; and our strategic planning process, including the identification of investments, capabilities and operational priorities that will support profitable growth and strengthen our competitive position, and the expected influence of this process on 2027 priorities, capital allocation decisions and longer-term planning. These statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions regarding: the absence of significant negative changes to general business and economic conditions; our ability to manage our business through ongoing uncertainty related to Canada-U.S. trade dynamics, including the imposition of new or changing trade tariffs; limited negative fluctuations in the supply and demand for, and the level and volatility of prices for, oil, natural gas and other commodities; the stability of financial market conditions, including interest rates; the ability of Hitachi and Wajax to develop and execute successful sales, marketing and other plans related to the expanded direct distribution relationship which took effect on March 1, 2022; our continued ability to execute our strategic priorities, including our ability to execute on our organic growth priorities, complete and effectively integrate industrial parts and ERS acquisitions, and successfully implement new information technology platforms, systems and software, such as our ERP system; the future financial performance of the Corporation; limited fluctuations in our costs; the level of market competition; our continued ability to attract and retain skilled staff; our continued ability to procure quality products and inventory; and our ongoing maintenance of strong relationships with suppliers, employees and customers. The foregoing list of assumptions is not exhaustive. Factors that may cause actual results to vary materially include, but are not limited to: a continued or prolonged deterioration in general business and economic conditions; continued or prolonged uncertainty related to Canada-U.S. tariff dynamics; new tariffs and/or counter-tariffs imposed on cross- border trade, particularly between Canada and the U.S.; negative fluctuations in the supply and demand for, and the level of prices for, oil, natural gas and other commodities; a continued or prolonged decrease in the price of oil or natural gas; the inability of Hitachi and Wajax to develop and execute successful sales, marketing and other plans related to the expanded direct distribution relationship which took effect on March 1, 2022; a decrease in levels of customer confidence and spending; supply chain disruptions and shortages; fluctuations in financial market conditions, including interest rates; the level of demand for, and prices of, the products and services we offer; decreased market acceptance of the products we offer; the termination of distribution or original equipment manufacturer agreements; unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, our inability to reduce costs in response to slow-downs in market activity, unavailability of quality products or inventory, supply disruptions, job action and unanticipated events related to health, safety and environmental matters); our inability to attract and retain skilled staff; and our inability to maintain strong relationships with our suppliers, employees and customers. The foregoing list of factors is not exhaustive. Further information concerning the risks and uncertainties associated with these forward-looking statements and the Corporation’s business may be found in our Management’s Discussion and Analysis for the year-ended December 31, 2025 (the “2025 MD&A”), which has been filed under the Corporation’s profile on SEDAR+ at www.sedarplus.ca, under the heading “Risk Management and Uncertainties”. The forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement. The Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws. Readers are cautioned that the risks described in the 2025 MD&A are not the only risks that could impact the Corporation. Risks and uncertainties not currently known to the Corporation, or currently deemed to be immaterial, may have a material effect on the Corporation’s business, financial condition or results of operations. Wajax Financial Results - Q2 2026 (August 7, 2026)2
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Wajax Financial Results - Q2 2026 (August 7, 2026)3 NON-GAAP AND OTHER FINANCIAL MEASURES This presentation contains certain non-GAAP and other financial measures that do not have a standardized meaning prescribed by generally accepted accounting principles ("GAAP"). Therefore, these financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that these measures should not be construed as an alternative to net earnings or to cash flow from operating, investing, and financing activities determined in accordance with GAAP as indicators of Wajax’s performance. Please see Wajax’s Management’s Discussion and Analysis for the three and six months ended June 30, 2026, which is available under the Corporation's profile on SEDAR+ at www.sedarplus.ca, under the heading “Non-GAAP and Other Financial Measures” for definitions of these measures and reconciliations to the most directly comparable GAAP measures.
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Wajax Financial Results - Q2 2026 (August 7, 2026)4 WAJAX AT-A-GLANCE NATIONAL FOOTPRINT More than 167 years of operating history 104 branches coast-to-coast A broad range of industrial products and services Diverse market and sector experience REVENUE SOURCES Q2 2026 ($ millions) Industrial Parts and Engineered Repair Services (ERS) 44% Heavy Equipment 56% $10.9 $515.7M IN REVENUE Q2 2026 REVENUE SOURCES YTD 2026 ($ millions) $1,017.7M IN REVENUE YTD 2026 Industrial Parts and Engineered Repair Services (ERS) 44% Heavy Equipment 56% $21.4
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Wajax Financial Results - Q2 2026 (August 7, 2026)5 PURPOSE AND VALUES Empowering People to Build a Better Tomorrow We commit to safety and well-being; We develop potential and expertise; We deliver an exceptional experience together; We build lasting relationships; and We strive to continuously improve.
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Wajax Financial Results - Q2 2026 (August 7, 2026)6 2026 STRATEGIC PRIORITIES Continue to build a people-first company. Grow our existing business with a focus on parts, service and margin improvement. Unlock the potential of our enhanced direct relationship with Hitachi. Invest in operational efficiency, process optimization and technology enablement. Acquire and integrate Industrial Parts and Engineered Repair Services businesses. Management continues to emphasize disciplined operational execution across its key focus areas, supported by balance sheet strength and prudent capital allocation
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Wajax Financial Results - Q2 2026 (August 7, 2026)7 STRATEGIC PLANNING PROCESS • Completed a comprehensive listening and learning phase across the business. • A strategic planning process is underway. • Building on the progress achieved since 2025, the review is focused on identifying investments, capabilities and operational priorities that will support profitable growth. • The strategy will guide disciplined investment and capital allocation decisions for 2027. • Additional details will be shared as the work progresses.
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Wajax Financial Results - Q2 2026 (August 7, 2026)8 HIGHLIGHTS – SECOND QUARTER In the second quarter of 2026, Wajax achieved stronger margins, generated robust operating cash flow and further reduced leverage Percentage change from Q2 2025 -5.7% $515.7 million REVENUE 180 bps GROSS PROFIT MARGIN1 20.9% • Lower mining equipment sales in western Canada, including the delivery of a large mining shovel in the second quarter of the prior year, with no comparable delivery in the second quarter of the current year • Higher margins realized on industrial parts and ERS sales, reflecting margin improvement initiatives, and a lower proportion of equipment sales from a sales mix perspective $0.84per share ADJUSTED BASIC EPS1 1.43 ADJUSTED EBITDA MARGIN1 YTD TRIF3 0.7% 10% 40% • One additional recordable incident occurred in Q2 2026 compared to the prior year • Adjusted to exclude non-cash gains on mark to market of derivative instruments • Adjusted to exclude after-tax non-cash gains on mark to market of derivative instruments 8.9%
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Wajax Financial Results - Q2 2026 (August 7, 2026)9 Note: Totals may not add due to rounding. (12)% (11)% (11)% 0.3% Second quarter growth in eastern Canada construction and forestry, and power systems sales were offset by sales declines in western and central Canada Q2 2026 ($ millions) (13)% 4% REVENUE BY REGION YTD 2026 ($ millions)
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• Increase from Q1 2026 was due primarily to higher construction and forestry sales in western and eastern Canada offset partially by lower mining sales in western Canada and lower construction and forestry and crane and utility sales in central Canada. • Decrease from Q2 2025 was due primarily to lower mining equipment sales in western Canada, including the delivery of a large mining shovel in the second quarter of the prior year, with no comparable delivery in the second quarter of the current year. Wajax Financial Results - Q2 2026 (August 7, 2026)10 10 Wajax Financial Results - Q2 2026 (August 7, 2026) HEAVY EQUIPMENT AND PRODUCT SUPPORT REVENUE Note: Totals may not add up to amounts reported in Wajax's Management’s Discussion and Analysis due to elimination entries no t allocated to the regions. Equipment YoY Change (2.1)% (0.3)% (1.2)% (23.3)% (22.3)% Product Support YoY Change (7.9)% (0.1)% (6.4)% (7.0)% 6.9% • Increase from Q1 2026 was due primarily to higher mining sales in western Canada and higher power systems sales in central Canada. • Increase from Q2 2025 was due primarily to strong mining revenue in western Canada.
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11 Wajax Financial Results - Q2 2026 (August 7, 2026) INDUSTRIAL PARTS AND ERS REVENUE Industrial Parts YoY Change (4.1)% —% (2.3)% (4.9)% (1.9)% • Increase from Q1 2026 was due primarily to higher sales in central and eastern Canada offset partially by lower sales in western Canada. ERS YoY Change (1.1)% 3.5% 11.1% 6.3% 2.9% • Increase from Q1 2026 was due to higher sales in western Canada offset partially by lower sales in central and eastern Canada. Note: Totals may not add up to amounts reported in Wajax's Management’s Discussion and Analysis due to elimination entries no t allocated to the regions.
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12 Wajax Financial Results - Q2 2026 (August 7, 2026) REVENUE BY CATEGORY Revenue decrease driven primarily by lower mining equipment sales in western Canada and lower material handling equipment sales in western and eastern Canada Construction and Forestry: Includes the crane and utility category Power Systems: Includes the engines and transmissions, power and marine, and on-highway categories * Directional arrows applied to changes of +/- 2% year over year Note: Totals may not add due to rounding CATEGORY4 Q2 2026 Q2 2025 CHANGE YTD 2026 YTD 2025 CHANGE W C E HEAVY EQUIPMENT $ 290.8 $ 321.9 $ (31.2) $ 568.6 $ 650.7 $ (82.1) ↓ ↓ — Construction and Forestry 140.9 142.6 (1.7) 249.3 280.8 (31.5) ↓ ↓ ↓ Mining 45.8 67.8 (22.0) 105.4 141.4 (36.0) ↓ ↓ ↑ Material Handling 43.1 51.7 (8.6) 91.8 108.3 (16.5) ↓ ↓ ↓ Power Systems 60.9 59.9 1.0 122.0 120.2 1.8 ↓ ↓ ↑ INDUSTRIAL PARTS AND ERS $ 224.9 $ 225.2 $ (0.3) $ 449.2 $ 451.4 $ (2.2) ↑ ↓ ↑ Industrial Parts 138.4 141.1 (2.7) 276.0 285.8 (9.8) ↓ ↓ — ERS 86.5 84.1 2.4 173.2 165.6 7.6 ↑ ↓ ↑ TOTAL $ 515.7 $ 547.1 $ (31.5) $ 1,017.7 $ 1,102.1 $ (84.4) ↓ ↓ — CHANGE (5.7)% (7.7)% FY*
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13 Wajax Financial Results - Q2 2026 (August 7, 2026) 1 BACKLOG1 INVENTORY Backlog Inventory 2 2 1 1. Backlog increased by $24.9 million (4.8%) from Q1 2026 to $546.6 million 2. Backlog increased by $22.4 million (4.3%) compared to Q2 2025 1. Total inventory of $590.2 million decreased $3.7 million compared to Q1 2026 2. Total inventory decreased$12.3 million compared to Q2 2025
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14 Wajax Financial Results - Q2 2026 (August 7, 2026) CASH FLOW, LEVERAGE1 AND BALANCE SHEET Cash Flow from Operating Activities Leverage1 Decrease in leverage due to lower debt level driven by cash generated from operating activities 2.35x 2.28x 1.62x 1.51x 1.38x Working Capital Efficiency1 Working capital efficiency has improved from Q1 2026 due to lower trailing four quarter average working capital Inventory turns have declined marginally from Q1 2026 and improved to 2.4x from 2.2x in Q2 2025 due primarily to lower average inventory levels offset partially by lower sales
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• Looking ahead, Wajax continues to see solid customer demand in the mining and energy sectors. Mining demand continues to be supported by a backlog that includes two large mining shovels scheduled for delivery over the next two quarters, and sustained strength in quoting activity. • Market conditions in other sectors remain mixed across regions, with ongoing macroeconomic uncertainty. • Wajax continues to maintain a strong balance sheet and a solid backlog. Inventory levels are within a normal operating range, while margin improvement and cost control remain key focus areas. • Although demand visibility varies across end markets, the Corporation’s diversified exposure and focused execution positions it to manage current market conditions effectively. • Management believes that continued execution of its strategic priorities, supported by balance sheet strength and prudent capital allocation, will enable the Corporation to deliver sustainable long-term value. • Wajax has commenced a strategic planning process, engaging a Strategic Working Group of senior leaders, to identify the investments, capabilities and operational priorities that will support profitable growth and strengthen our competitive position in 2027 and beyond. 15 Wajax Financial Results - Q2 2026 (August 7, 2026) OUTLOOK
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16 APPENDIX 1
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17 Wajax Financial Results - Q2 2026 (August 7, 2026) ENDNOTES 1. This measure does not have a standardized meaning prescribed by GAAP. Please see Wajax’s Management’s Discussion and Analysis for the three and six months ended June 30, 2026 under the heading “Non-GAAP and Other Financial Measures”, which is available on SEDAR+ at www.sedarplus.ca, for definitions of these measures and reconciliations to the most directly comparable GAAP measures. 2. See the Second Quarter Consolidated Results section of the Q2 2026 Management’s Discussion and Analysis. 3. Total Recordable Incident Frequency (“TRIF”) measures the company’s injury frequency. This is calculated as the total number of recordable incidents times 200,000 hours of work divided by the actual number of hours worked. A recordable incident is one that requires medical treatment beyond first aid. 4. Category values contain equipment sales and rental, parts and related services, where applicable.
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18 Wajax Financial Results - Q2 2026 (August 7, 2026) wajax.com