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Q4 and Full-Year 2025 Results Full-Year 2026 Guidance Earnings Release Call February 24, 2026 www.investors.tennantco.com
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Tennant Company Safe Harbor Statement Certain statements contained in this document are considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These statements do not relate to strictly historical or current facts and provide current expectations or forecasts of future events. Any such expectations or forecasts of future events are subject to a variety of factors. These include factors that affect all businesses operating in a global market as well as matters specific to us and the markets the Company serves. Particular risks and uncertainties presently facing it include: geopolitical and economic uncertainty throughout the world; changes in trade policy; ability to comply with global laws and regulations; changes in foreign currency exchange rates; ability to adapt price sensitivity; competition in the Company's business; fluctuations in the cost, quality or availability of raw materials and purchased components; ability to adjust pricing to respond to cost pressures; unforeseen product liability claims or product quality issues; the Company's ability to attract, retain and develop key personnel and create effective succession planning strategies; the Company's ability to effectively develop and manage strategic planning and growth processes and the related operational plans; ability to implement our new enterprise risk management system; the Company's ability to successfully protect its information technology systems, including from cybersecurity risks the occurrence of a significant business interruption; the Company's ability to maintain the health and safety of its workers; the Company's ability to integrate acquisitions; the Company's ability to develop and commercialize new innovative products and services; and the Company ability to execute its business transformation strategy. We caution that forward-looking statements must be considered carefully and that actual results may differ in material ways due to risks and uncertainties both known and unknown. Information about factors that could materially affect the Company’s results can be found in our 2025 Form 10-K. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investors are advised to consult any further disclosures by the Company in its filings with the Securities and Exchange Commission and in other written statements on related subjects. It is not possible to anticipate or foresee all risk factors, and investors should not consider any list of such factors to be an exhaustive or complete list of all risks or uncertainties. 2
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 3 Executive Summary Net Sales $291.6M -13.9% Organic Decline ERP update ► ERP go-live in Q425 introduced unexpected challenges (order management, fulfillment, scheduling) ► Targeted and decisive actions taken to stabilize critical operations. Improvements anticipated throughout 2026 ► Near-term impact has been meaningful, and affected both our customers and our financial performance ► Estimated Q4 impact: $30 million net sales and $22 million Adjusted EBITDA Net Sales ► Fourth quarter organic sales decline of 13.9% driven by volume decline and North America’s unanticipated ERP challenges ► Full year organic sales decline of 7.3% primarily driven by volume declines due to expected lapping of backlog reduction, and North America’s ERP challenges Adjusted EBITDA ► Full year Adjusted EBITDA* decreased 19.8% to $167.4 million ► Adjusted EBITDA Margin* decreased 230 bps to 13.9% Adj. EBITDA* $25.6M 8.8% Adj. EBITDA Margin Adj. Diluted EPS* $0.48/share $1.52/share in Q4 2024 Fourth-Quarter Results Net Sales $1,203.5M -7.3% Organic Decline Adj. EBITDA* $167.4M 13.9% Adj. EBITDA Margin Adj. Diluted EPS* $4.57/share $6.57/share in 2024 Full-Year Results *Non-GAAP Measures: refer to the Appendix of this presentation for additional information and reconciliation
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 4 2025 Year in Review Innovation & Growth Platforms ► Four new major products launched ► AMR sales of $85 million with strong X4/X6 adoption ► TNC Robotics launched to accelerate AMR scaling Capital Allocation Discipline ► Repurchased ~$88M in shares, or ~6% of outstanding shares, demonstrating continued commitment to shareholder value creation ► Paid consistent dividends throughout the year, including the Company’s 54th consecutive annual dividend increase ► Maintained strong liquidity, enabling flexibility for continued investment and M&A Long-Term Growth Targets Achievement Organic Net Sales 3-5% Net Sales – Price 0.5-1% Net Sales – Go-to-Market ~1% Net Sales – New Products 1.5-2% Adj. EBITDA Margin Expansion* 50-100bps FY2025 Results T360 Mid-Size Walk Behind Floor Scrubber *Non-GAAP Measures: refer to the Appendix of this presentation for additional information and reconciliation Resilience & Demand Durability ► Orders resilient across markets; order growth of 4% YoY ► Global commercial momentum, with EMEA and APAC returning to growth in Q4
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 PRODUCT COVERAGE ► Acceleration and product portfolio optimization ► New offerings to reduce customer risk and friction Tennant Company Launch of Dedicated TNC Robotics Group 5 GO-TO-MARKET ► Increase brand awareness and demand generation ► Scale robotic business development capability and capacity ► Build out the robotic distribution channel CUSTOMER INTERFACE ► Scaling of demo, pilot, and deployment capabilities ► Establish globally consistent customer success approach Accelerating Adoption and Scaling of Autonomous Cleaning Solutions Targeting $250 million in AMR net sales by 2028
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 6 ERP Stabilization ► Target North America ERP stability early in 2026, with efficiency improving through the first half ► Expect phase out of manual workarounds as system reliability strengthens ► Apply lessons from the NA rollout to reduce risk and refine future ERP phases AMR Momentum ► Scale autonomous cleaning solutions through a dedicated cross-functional team accelerating development and commercialization ► Drive AMR growth through new product launches, expanding higher-value mix ► Strengthen customer onboarding and deployment support to speed adoption and ensure reliable in-field performance Demand Resilience & Financial Progress ► Capture resilient demand and backlog momentum as operational stability returns ► Expand margins through pricing actions, cost efficiencies, and favorable product and customer mix ► Expect improving financial performance as ERP-related constraints expected to unwind through the first half of 2026 Organic Net Sales Growth 3.0% - 6.5%% Adj. EBITDA Margin Expansion* 20-90 bps Adj. EPS* $4.70-$5.30 2026 Guidance Looking Ahead to 2026 *Non-GAAP Measures: refer to the Appendix of this presentation for additional information and reconciliation X6 ROVR Autonomous Floor Scrubber
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Tennant Company Earnings Release Call | Fourth Quarter and Full Year 2025 Financial Results Fourth Quarter and Full Year 2025 www.investors.tennantco.com 7
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Fourth-quarter results shifted from net income in the prior year to a net loss ► Quarter significantly impacted by the North America ERP transition, which reduced fourth-quarter profitability by roughly $17 million ► Year-over-year comparisons also affected by prior-year non-recurring items, including legal contingency accruals, restructuring activities, and M&A-related costs Fourth quarter adjusted EPS* of $0.48 per diluted share ► ERP-related operational disruptions reduced adjusted EPS by approximately $0.91, driven by lower sales volume and higher labor, freight, and other stabilization costs ► Results further pressured by tariff-driven material cost inflation and specific in-period charges, including inventory reserve adjustments Full-year net income decreased compared to prior year period ► The decline reflects lower volumes, less favorable product and channel mix, tariff-related cost pressures, and the impact of the fourth-quarter incl. ERP transition, which collectively outweighed pricing and cost-reduction initiatives Full year adjusted EPS* of $4.57 per diluted share ► Down from $6.57 in 2024, primarily due to lower volume, margin compression, tariff-related inflation, and the operational impact of the ERP disruption late in the year Tennant Company Fourth-Quarter and Full- Year Financial Performance $6.6 $83.7 -$4.4 $43.8 Q4'24 Q4'25 2024 vs 2025 Net (Loss) Income In millions of USD $1.52 $6.57 $0.48 $4.57 Adjusted EPS* 8 *Non-GAAP Measures: refer to the Appendix of this presentation for additional information and reconciliation
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Gross Margin decreased 670 bps to 34.6% ► Driven by the North America ERP transition, along with higher material costs and in period charges, partially offset by pricing and foreign exchange benefits Adjusted S&A* as a percent of net sales was relatively flat compared to the prior period Adjusted EBITDA Margin* decreased 560 bps to 8.8% ► Driven by lower volume, operating deleverage and incremental ERP stabilization costs ► ERP implementation disruption impact totaling approximately $22M Tennant Company Fourth-Quarter 2025 Results Net Sales $329 M $4 M ($50 M) $9 M $292 M Q4'24 Net Sales Price Volume*** FX Q4'25 Net Sales Adjusted EBITDA* $4 M $26 M $47 M ($20 M) ($5 M) Q4'24 Adj. EBITDA Price Volume*** Margin/Other Q4'25 Adj. EBITDA *Non-GAAP Measures: refer to the Appendix of this presentation for additional information and reconciliation **Organic net sales (decline) growth ***Volume includes inorganic impact from M&A activity 9 -22.3% Americas +3.0% EMEA +11.0% APAC -13.9% Total By Region** $212 M $166 M $66 M $69 M $51 M $57 M Q4'24 Net Sales Q4'25 Net Sales Service Parts and Consumables Equipment Product Categories
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Gross Margin decreased 250 bps to 40.2% ► Driven primarily by lower volume and unfavorable mix, coupled with the late-year North America ERP transition impacts and with higher tariff-related material and service-related costs and other Q4 charges; partially offset by pricing and FX benefits Adjusted S&A* as a percent of net sales increased 30 bps to 27.7% ► Driven by net sales deleverage Adjusted EBITDA Margin* decreased 230 bps to 13.9% ► Driven by lower volume, operating deleverage, and the cumulative impact of the fourth-quarter ERP operational disruption $809 M $715 M $274 M $276 M $204 M $213 M 2024 Net Sales 2025 Net Sales Service Parts and Consumables Equipment Tennant Company Full-Year 2025 Results Net Sales Adjusted EBITDA* *Non-GAAP Measures: refer to the Appendix of this presentation for additional information and reconciliation **Organic net sales (decline) growth *** Volume includes inorganic impact from M&A activity 10 -10.5% Americas +0.5% EMEA -2.2% APAC -7.3% Total By Region** Product Categories ($111 M) $1,287 M $19 M $9 M $1,204 M 2024 Net Sales Price Volume*** FX 2025 Net Sales $19 M $209 M ($47 M) ($14 M) $167 M 2024 Adj. EBITDA Price Volume*** Margin/Other 2025 Adj. EBITDA
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Tennant Company Capital Deployment Cash Flow 11 $100 M $65 M ($22 M) ($3 M) $74 M ($110 M) $2 M $106 M 2024 Cash Operating Performance CapEx M&A Debt, net Dividends / Share Repurchases Proceeds from stock options / FX / Other 2025 Cash YE 2024 YE 2025 Total Debt $199.5M $273.6M Net Leverage 0.48x 1.00x Revolver Availability $374.3M Capital Allocation Priorities Invest in the Business ► $22M of capital expenditures ► $59M of ERP modernization spend ► $41M of spend for R&D investments Shareholder Return ► $22M of Dividends ► $88M of share repurchases of ~1.1M shares of common stock
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 12 Full-Year Guidance $1.240B - $1.280B Net Sales 3.0% – 6.5% Organic Net Sales Growth $4.70 - $5.30 Adjusted Diluted EPS(1) $175M - $190M Adjusted EBITDA(1) 14.1% - 14.8% Adjusted EBITDA Margin(1) ~$25M Capital Expenditures(1) 24% - 29% Adjusted Effective Tax Rate(1) (1) Excludes ERP modernization costs and certain nonoperational items and amortization expense $4.05 - $4.65 Diluted EPS
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www.investors.tennantco.com T260 Walk Behind Floor Scrubber Z50 Citadel Outdoor Sweeper 13
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 14 THANK YOU www.investors.tennantco.com
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Tennant Company Earnings Release Call APPENDIX Fourth Quarter and Full Year 2025 www.investors.tennantco.com 15
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Tennant Company Non-GAAP Financial Measures This presentation and the related conference call include presentation of Non-GAAP measures that include or exclude special items of a nonrecurring and/or nonoperational nature (hereinafter referred to as “special items”). Management believes that the Non-GAAP measures provide useful information to investors regarding the Company’s results of operations and financial condition because they permit a more meaningful comparison and understanding of Tennant Company’s operating performance for the current, past or future periods. Management uses these Non-GAAP measures to monitor and evaluate ongoing operating results and trends and to gain an understanding of the comparative operating performance of the Company. The Company believes that disclosing selling and administrative (“S&A”) expense – as adjusted, S&A expense as a percent of net sales –as adjusted, operating income – as adjusted, operating margin –as adjusted, income before income taxes – as adjusted, income tax expense – as adjusted, net income – as adjusted, net income per diluted share – as adjusted, EBITDA –as adjusted, and EBITDA margin –as adjusted (collectively, the “Non- GAAP measures”), excluding the impacts from special items, is useful to investors as a measure of operating performance. The Company uses these measures to monitor and evaluate operating performance. The Non- GAAP measures are financial measures that do not reflect United States Generally Accepted Accounting Principles (GAAP). The Company calculates the Non-GAAP measures by adjusting for legal contingency costs, ERP modernization costs, restructuring-related costs, transaction-related costs and amortization expense. The Company calculates income tax expense – as adjusted by adjusting for the tax effect of these Non-GAAP measures. The Company calculates net income per diluted share –as adjusted by adjusting for the after-tax effect of these Non-GAAP measures and dividing the result by the diluted weighted average shares outstanding. The Company calculates EBITDA margin – as adjusted by dividing EBITDA – as adjusted by net sales. 16
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Tennant Company SUPPLEMENTAL NON-GAAP FINANCIAL TABLES 17
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Tennant Company SUPPLEMENTAL NON-GAAP FINANCIAL TABLES 18
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Tennant Company SUPPLEMENTAL NON-GAAP FINANCIAL TABLES 19
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Tennant Company SUPPLEMENTAL NON-GAAP FINANCIAL TABLES 20
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TNC Earnings Release Call | Fourth Quarter and Full Year 2025 Tennant Company SUPPLEMENTAL NON-GAAP FINANCIAL TABLES 21