PLOW Q3 2025 Earnings Presentation

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INVESTOR PRESENTATION DECEMBER 2025 MARK VAN GENDEREN – PRESIDENT & CEO SARAH LAUBER – EVP & CFO NATHAN ELWELL – VP, INVESTOR RELATIONS

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© 2025 Douglas Dynamics, LLC 2 This press release contains certain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These statements include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation, product demand, the payment of dividends, and availability of financial resources. These statements are often identified by use of words such as "anticipate," "believe," "intend," "estimate," "expect," "continue," "should," "could," "may," "plan," "project," "predict," "will" and similar expressions and include references to assumptions and relate to our future prospects, developments, and business strategies. Such statements involve known and unknown risks, uncertainties and other factors that could cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, weather conditions, particularly lack of or reduced levels of snowfall and the timing of such snowfall, our ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, labor strikes, global political instability, adverse developments affecting the banking and financial services industries, pandemics and outbreaks of contagious diseases and other adverse public health developments, increases in the price of steel or other materials, including as a result of tariffs, necessary for the production of our products that cannot be passed on to our distributors, our inability to maintain good relationships with our distributors, our inability to maintain good relationships with the original equipment manufacturers with whom we currently do significant business, lack of available or favorable financing options for our end-users, distributors or customers, increases in the price of fuel or freight, a significant decline in economic conditions, the inability of our suppliers and original equipment manufacturer partners to meet our volume or quality requirements, inaccuracies in our estimates of future demand for our products, our inability to protect or continue to build our intellectual property portfolio, the effects of laws and regulations and their interpretations on our business and financial condition, including policy or regulatory changes related to climate change, our inability to develop new products or improve upon existing products in response to end-user needs, losses due to lawsuits arising out of personal injuries associated with our products, factors that could impact the future declaration and payment of dividends, or our ability to execute repurchases under our stock repurchase program, our inability to effectively manage the use of artificial intelligence, our inability to compete effectively against competition, our inability to successfully implement our new enterprise resource planning system at Dejana, our inability to achieve the projected financial performance with the assets of Venco Venturo, which we acquired in 2025 and unexpected costs or liabilities related to such acquisition, as well as those discussed in the section entitled “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2024 and any subsequent Form 10-Q filings. You should not place undue reliance on these forward-looking statements. In addition, the forward-looking statements in this release speak only as of the date hereof and we undertake no obligation, except as required by law, to update or release any revisions to any forward-looking statement, even if new information becomes available in the future. FORWARD-LOOKING STATEMENTS

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© 2025 Douglas Dynamics, LLC 3 DOUGLAS DYNAMICS TODAY © 2025 Douglas Dynamics, LLC Installation and Distribution Centers Manufacturing Locations Corporate Headquarters Expanding portfolio of complex work vehicle attachments, featuring our leading commercial and municipal snow and ice control brands Customized solutions and upfit services with strong OEM relationships Products are trusted across the work truck industry based on decades of superior innovation, productivity, and reliability 7 Manufacturing locations ~1,600 Team members worldwide 15 Installation & Distribution Centers

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© 2025 Douglas Dynamics, LLC 6 THREE STRATEGIC PILLARS Activate Focus on strategic, complex attachment acquisitions to diversify and balance portfolio Optimize Continuously improve to drive operational efficiency and strengthen market leadership Expand Drive product development and broaden portfolio of work vehicle solutions to meet evolving customer needs across North America

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© 2025 Douglas Dynamics, LLC 7 ACTIVATE M&A Key Criteria Mission Critical Performance Strong Brand and Reputation Complex Manufacturing High Vehicle Integration Premium Product Unique Properties Highly Engineered Established Channel Presence Proprietary Technology / Regulatory Barriers Work Truck Heavy Equipment Agriculture Forestry & Specialty

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© 2025 Douglas Dynamics, LLC 8 ACQUIRED VENCO VENTURO Highly-regarded Ohio based provider of truck mounted service cranes and dump hoists © 2025 Douglas Dynamics, LLC Modestly accretive to earnings per share and free cash flow positive before synergies in 2026. Significant opportunity to drive profitable growth. Tremendous reputation for commitment to quality and reliability. ‘Activate’ Strategic Pillar Employs 70 people in two facilities Founded in 1952 Based in Sharonville, a suburb of Cincinnati, Ohio.

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FINANCIAL OVERVIEW

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© 2025 Douglas Dynamics, LLC 10 POSITIVE Q3 2025 RESULTS Key Consolidated Results* Adjusted EBITDA $20.1M 31.0% Adjusted EBITDA Margin 12.4% improved GAAP EPS $0.33 due to impact of Sale Leaseback gain in Q3 2024 Adjusted Diluted EPS $0.40 66.6% A Closer Look* Work Truck Attachments Work Truck Solutions Adjusted EBITDA Margin 15.4% improved Adjusted EBITDA Margin 10.2% Essentially flat Net Income $8.0M due to impact of Sale Leaseback gain in Q3 2024 Net Sales $162.1M 25.3% Net Sales $68.1M 13.0% Adjusted EBITDA $10.5M 28.5% Adjusted EBITDA $9.6M 33.8% Net Sales $94.0M 36.0% *Unless otherwise stated, all comparisons are to Q3 2024 results. For more information on Q3 2025 results, including non-GAAP reconciliations, refer to Douglas Dynamics’ Q3 2025 Earnings Release or visit Douglas Dynamics’ Investor Relations website. Original Updated Net Sales $630M - $660M $635M - $660M Adj. EBITDA $82M - $97M $87M - $102M Adj. EPS $1.65 - $2.15 $1.85 - $2.25 Tax Rate 24% - 25% Unchanged RAISES 2025 GUIDANCE RANGES* • Core markets will experience average snowfall in the fourth quarter of 2025 • Relatively stable economic conditions • Stable to slightly improving supply of chassis and components *2025 annual guidance was last given on November 4, 2025, and has not been confirmed or updated since that time. 2025 outlook assumes:

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© 2025 Douglas Dynamics, LLC 11 DISCIPLINED CAPITAL ALLOCATION STRATEGY Pay Dividend • Dividend Yield = ~ 3% • Sustainable dividends remains a priority Pursue Strategic Acquisitions • Capital structure creates liquidity to pursue strategic assets • Build portfolio of mission critical complex attachments Return Cash to Shareholders • $50M Share Buyback authorization (2022) • YTD returned $26.9M via dividend and share buyback Invest to Drive Growth • Continue organic investments • New product introductions • CapEx – 2-3% of Revenue 05 04 03 02 01 Maintain Strong Balance Sheet • Improved financial flexibility • Current Leverage Ratio is 1.9X • Within target Leverage Ratio Of 1.5X - 3.0X

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APPENDIX MARK VAN GENDEREN – PRESIDENT & CEO SARAH LAUBER – EVP & CFO NATHAN ELWELL – VP, INVESTOR RELATIONS

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© 2025 Douglas Dynamics, LLC 13 WTA: QUARTERLY SALES Typical Net Sales by Quarter 0 5 10 15 20 25 30 35 Q1 Q2 Q3 Q4 P&A Quarter = ~10-15% 2Q + 3Q Pre-Season Shipments = ~65% Influenced by start of winter = 20-25% Most important / Core markets are east of the Mississippi and north of the Ohio rivers. Western U.S. and western provinces of Canada are less important markets due to low population density / location of snowfall. 1Q = most snowfall, but least sales; P&A quarter. Pre-season shipments shift each year between 2Q and 3Q. Averages 65% of Net Sales. Influenced by previous winter. Free cash flow driven in fourth quarter in line with equipment retail season (Sept. – Jan.) © 2025 Douglas Dynamics, LLC

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© 2025 Douglas Dynamics, LLC 14 MARKET LEADING BRANDS Work Truck Attachments (“WTA”) Work Truck Solutions (“WTS”) Superior service and quality reinforcing leading market presence Leading commercial snow and ice control brands Expanding portfolio including truck mounted service cranes and dump hoists Exceptional margin profile Expanding portfolio of non-truck products Customized solutions and upfit services (Class 4-8) Strong relationships with truck OEMs Leading provider of municipal snow & ice control solutions Broad and diverse customer base Unlocking improvement in a custom environment via DDMS

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© 2025 Douglas Dynamics, LLC 16 OPTIMIZE AND EXPAND EXAMPLES © 2025 Douglas Dynamics, LLC 16 WTA: Manufacturing Centers of Excellence Concentrate expertise to improve Safety, Quality, Delivery and Cost WTS: Henderson Capacity Expansion Upgrade Missouri Upfit Facility Sustained backlog growth drives +10% capacity expansion

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© 2025 Douglas Dynamics, LLC 17 This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The non-GAAP measures used in this press release are Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share, and Free Cash Flow. The Company believes that these non-GAAP measures are useful to investors and other external users of its consolidated financial statements in evaluating the Company’s operating performance as compared to that of other companies. Reconciliations of these non-GAAP measures to the nearest comparable GAAP measures can be found immediately following the Consolidated Statements of Cash Flows included in this press release. Adjusted EBITDA represents net income before interest, taxes, depreciation, and amortization, as further adjusted for certain charges consisting of unrelated legal and consulting fees, stock-based compensation, severance, restructuring charges, CEO transition costs, debt modification expense, loss on extinguishment of debt, write downs of property, plant and equipment, insurance proceeds, gain on sale leaseback transaction and related transaction costs, and impairment charges. The Company uses Adjusted EBITDA in evaluating the Company’s operating performance because it provides the Company and its investors with additional tools to compare its operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect the Company’s core operations. The Company’s management also uses Adjusted EBITDA for planning purposes, including the preparation of its annual operating budget and financial projections, and to evaluate the Company’s ability to make certain payments, including dividends, in compliance with its senior credit facilities, which is determined based on a calculation of “Consolidated Adjusted EBITDA” that is substantially similar to Adjusted EBITDA. Adjusted Net Income and Adjusted Earnings Per Share (calculated on a diluted basis) represents net income and earnings per share (as defined by GAAP), excluding the impact of stock based compensation, severance, restructuring charges, CEO transition costs, debt modification expense, loss on extinguishment of debt, write downs of property, plant and equipment, insurance proceeds, gain on sale leaseback transaction and related transaction costs, impairment charges, certain charges related to unrelated legal fees and consulting fees, and adjustments on derivatives not classified as hedges, net of their income tax impact. Adjustments on derivatives not classified as hedges are non-cash and are related to overall financial market conditions; therefore, management believes such costs are unrelated to our business and are not representative of our results. Management believes that Adjusted Net Income and Adjusted Earnings Per Share are useful in assessing the Company’s financial performance by eliminating expenses and income that are not reflective of the underlying business performance. USE OF NON-GAAP FINANCIAL MEASURES

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