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Q3 2026 FINANCIAL RESULTS WAJAX CORPORATION November 3, 2026
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2 Wajax Financial Results - Q3 2026 (November 3, 2026) 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”,“isexpected”,“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 theCorporation’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, reflectmanagement’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: the Corporation’s 2027 Strategy Roadmap, including the identified strategic priorities, anticipated investments and initiatives described therein; the planned organizational changes and the anticipated benefits of those changes, including stronger execution and accountability; theCorporation’s anticipated investments in areas including technician recruitment and development, leadership training, sales capabilities, digital and eCommerce tools, and selected supply chain and facility investments; the Corporation’s plans and expectations regarding its people and leadership, customer and supplier relationships, community investment and engagement, operational excellence, process improvement, technology and automation, market share growth, financial performance and capital allocation; management’s expectations regarding the Corporation’s ability to enhance execution, improve competitiveness, strengthen customer and supplier relationships, improve operating efficiency and support profitable growth and create long-term shareholder value; the Corporation’s vision of becoming Canada’s fastest growing provider of industrial products, equipment and services by 2031; market conditions across theCorporation’s end markets and regions, including expectations regarding variability in customer demand and project timing and the potential effects of broader macroeconomic uncertainty on customer confidence and investment decisions;management’s expectations regarding theCorporation’s ability to navigate prevailing market conditions and pursue opportunities for growth; and theCorporation’s objective of maintaining its leverage within a target range of 1.5 to 2.0 times. 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; our continued ability to execute our strategic priorities, including our ability to execute on our organic growth priorities, successfully pursue, complete and integrate acquisitions, including in our industrial products and engineered repair services(“ERS”) businesses, and successfully implement new information technology platforms, systems and software, such as our enterprise resource planning system; our ability to successfully implement the planned organizational changes and the strategic priorities, investments and initiatives described in the 2027 Strategy Roadmap and realize the anticipated benefits associated with them; 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. trade 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 to successfully implement the planned organizational changes or the strategic priorities, investments and initiatives described in the 2027 Strategy Roadmap, or to realize the anticipated benefits expected from them; a decrease in levels of customer confidence and spending, or delays in customer investment decisions; 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 theCorporation’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 andUncertainties”. 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. Additional information, including Wajax’s2025 Annual Report, is available under the Corporation’s profile on SEDAR+ at www.sedarplus.ca
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3 Wajax Financial Results - Q3 2026 (November 3, 2026) 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 ofWajax’s performance. Please seeWajax’sManagement’s Discussion and Analysis for the three and nine months ended September 30, 2026, which is available under the Corporation's profile on SEDAR+ at www.sedarplus.ca, under the heading“Non-GAAP and Other FinancialMeasures” for definitions of these measures and reconciliations to the most directly comparable GAAP measures.
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REVENUE SOURCES Q3 2026 ($ millions) 4 Wajax Financial Results - Q3 2026 (November 3, 2026) WAJAX OVERVIEW NATIONAL FOOTPRINT AND FOUNDATION • 168 years of operating history • 104 branches coast-to-coast • 3,000 employees • Provider of industrial products, equipment and services • Diverse market and sector experience Industrial Products and Engineered Repair Services (ERS) 44% Heavy Equipment 56% $477.8M IN REVENUE Q3 2026 REVENUE SOURCES YTD 2026 ($ millions) Industrial Products and Engineered Repair Services (ERS) 44% Heavy Equipment 56% $8.7 IN REVENUE YTD 2026 $1,495.5M $30.1
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5 Wajax Financial Results - Q3 2026 (November 3, 2026)
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6 Wajax Financial Results - Q3 2026 (November 3, 2026)
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Near-record backlog of $598.6 million, up 18.2% year over year and just below the record of $599.2 million reached in the third quarter of 2023 8.1% Third quarter results reflected mixed market conditions and variability in customer demand and project timing. Management continued to improve working capital efficiency, maintained leverage within target range and preserved financial flexibility required to support strategic priorities. 7 Wajax Financial Results - Q3 2026 (November 3, 2026) HIGHLIGHTS – THIRD QUARTER REVENUE • 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 Percentage change from Q3 2025 -1.1% $477.8 million REVENUE -70 bps GROSS PROFIT MARGIN1 20.1% • Lower mining equipment sales, including the delivery of a large mining shovel in the third quarter of the prior year, with no comparable delivery in the third quarter of the current year • Lower margins realized on product support, industrial products and ERS revenue, partially offset by higher margins on equipment sales $0.60per share ADJUSTED BASIC EPS1 ADJUSTED EBITDA MARGIN1 -1.2% -19% • Adjusted to exclude facility closure, restructuring and other related costs and non-cash gains on mark to market of derivative instruments • Adjusted to exclude facility closure, restructuring and other related costs and non-cash gains on mark to market of derivative instruments
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8 Wajax Financial Results - Q3 2026 (November 3, 2026) REVENUE BY REGION Note: Totals may not add due to rounding. (9)% (11)% (2)% 2% Third quarter growth in eastern Canada construction and forestry and power systems sales were offset by sales declines in western and central Canada Q3 2026 ($ millions) (12)% 6% YTD 2026 ($ millions)
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9 Wajax Financial Results - Q3 2026 (November 3, 2026) • Decrease from Q2 2026 was due primarily to lower construction and forestry sales in central and eastern Canada offset partially by higher crane and utility sales in central and eastern Canada. • Decrease from Q3 2025 was due primarily to lower mining equipment sales in western Canada, including the delivery of a large mining shovel in the third quarter of the prior year, with no comparable delivery in the third quarter of the current year. This increase was partially offset by higher construction and forestry equipment sales in western and eastern Canada. 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 not allocated to the regions. Equipment YoY Change (0.3)% (1.2)% (23.3)% (22.3)% (4.0)% Product Support YoY Change (0.1)% (6.4)% (7.0)% 6.9% 6.3% • Decrease from Q2 2026 was due primarily to lower mining sales in western Canada. • Increase from Q3 2025 was due primarily to strong mining revenue in western Canada
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10 Wajax Financial Results - Q3 2026 (November 3, 2026) INDUSTRIAL PRODUCTS AND ERS REVENUE Industrial Products YoY Change —% (2.3)% (4.9)% (1.9)% (6.7)% • Decrease from Q2 2026 was due primarily to lower sales in all regions. • Decrease from Q3 2025 was due primarily to lower sales in all regions driven by competitive and uncertain market conditions, as customers continued to be impacted by tariff and macroeconomic uncertainty. ERS YoY Change 3.5% 11.1% 6.3% 2.9% 5.3% • Increase from Q2 2026 was due to higher sales in western Canada offset partially by lower sales in central and eastern Canada. • Increase from Q3 2025 was due primarily to higher sales in western and eastern Canada driven largely by the timing of large projects. Note: Totals may not add up to amounts reported in Wajax's Management’s Discussion and Analysis due to elimination entries not allocated to the regions.
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11 Wajax Financial Results - Q3 2026 (November 3, 2026) REVENUE BY CATEGORY Third quarter revenue decrease driven primarily by lower industrial products sales in all regions, offset partially by higher ERS 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 CATEGORY3 Q3 2026 Q3 2025 CHANGE YTD 2026 YTD 2025 CHANGE W C E HEAVY EQUIPMENT $ 265.4 $ 265.9 $ (0.6) $ 833.9 $ 916.6 $ (82.7) ↓ ↓ ↑ Construction and Forestry 127.2 109.1 18.0 376.5 390.0 (13.5) ↓ ↓ ↑ Mining 35.1 49.8 (14.7) 140.5 191.1 (50.6) ↓ ↓ ↑ Material Handling 40.4 47.9 (7.5) 132.3 156.2 (23.9) ↓ ↓ ↓ Power Systems 62.7 59.1 3.5 184.7 179.3 5.4 ↓ ↓ ↑ INDUSTRIAL PRODUCTS AND ERS $ 212.4 $ 217.2 $ (4.8) $ 661.6 $ 668.6 $ (7.0) ↑ ↓ ↑ Industrial Products 127.3 136.4 (9.1) 403.3 422.2 (18.9) ↓ ↓ ↓ ERS 85.1 80.8 4.3 258.3 246.5 11.9 ↑ ↓ ↑ TOTAL $ 477.8 $ 483.1 $ (5.3) $ 1,495.5 $ 1,585.3 $ (89.7) ↓ ↓ — CHANGE (1.1)% (5.7)% YTD*
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12 Wajax Financial Results - Q3 2026 (November 3, 2026) 1 BACKLOG1 INVENTORY Backlog Inventory 2 2 1 1. Backlog increased by $52.0 million (9.5%) from Q2 2026 to $598.6 million 2. Backlog increased by $92.1 million (18.2%) compared to Q3 2025 1. Total inventory of $608.7 million increased $18.4 million compared to Q2 2026 2. Total inventory increased$3.0 million compared to Q3 2025
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13 Wajax Financial Results - Q3 2026 (November 3, 2026) CASH FLOW, LEVERAGE1 AND BALANCE SHEET Cash Flow from Operating Activities Leverage1 Increase in leverage due to higher debt level from working capital timing and the lower trailing 12-month pro-forma adjusted EBITDA 2.28x 1.62x 1.51x 1.38x 1.82x Working Capital Efficiency1 Working capital efficiency has improved from Q2 2026 due to lower trailing four quarter average working capital Inventory turns have remained stable and improved marginally from 2.3x in Q3 2025 due primarily to lower average inventory levels offset partially by lower sales
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14 Wajax Financial Results - Q3 2026 (November 3, 2026) • Market conditions are expected to remain mixed across certain end markets and regions, with continued variability in customer demand and project timing. Broader macroeconomic uncertainty is likely to continue to weigh on customer confidence and investment decisions. • Wajax's diversified exposure across equipment, product support, industrial products and engineered repair services, together with its national footprint and supplier relationships, provides a broad platform from which to navigate these conditions and pursue opportunities for growth. • On October 8, 2026, Wajax announced its 2027 Strategy Roadmap, organized around four priorities: Building the Best Team, Customer and Supplier Partner Focus, Supporting Our Communities and Delivering on Our Commitments. • Wajax also announced planned organizational changes intended to provide greater role clarity and accountability and strengthen its focus on profitable sales growth and customer and supplier partner relationships. • As Wajax prepares to enter 2027, management’s focus is on execution of the Strategy Roadmap and the planned organizational changes. • Management believes that disciplined execution of the Strategy Roadmap and the planned organizational changes will strengthenWajax’s competitiveness, support profitable growth and create sustainable long-term value for shareholders. OUTLOOK
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15 Wajax Financial Results - Q3 2026 (November 3, 2026) APPENDIX 1
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16 Wajax Financial Results - Q3 2026 (November 3, 2026) ENDNOTES Except where noted, all figures are in millions of Canadian dollars, except per share data and ratio calculations. 1. This measure does not have a standardized meaning prescribed by GAAP. Please see Wajax’sManagement’s Discussion and Analysis for the three and nine months ended September 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 Third Quarter Consolidated Results section of the Q3 2026Management’s Discussion and Analysis. 3. Category values contain equipment sales and rental, parts and related services, where applicable.