#1GENERAC INVESTOR PRESENTATION MAY 2021 "Generac's mission is to ensure peace of mind by developing power products and solutions that make the world safer, brighter, and more productive." CAINERIC#2INVESTOR RELATIONS Aaron Jagdfeld PRESIDENT & CEO York Ragen CHIEF FINANCIAL OFFICER Mike Harris VICE PRESIDENT - CORPORATE DEVELOPMENT & INVESTOR RELATIONS (262) 506-6064 Investor [email protected] GENERAC#3FORWARD LOOKING STATEMENTS GENERAC Certain statements contained in this news release, as well as other information provided from time to time by Generac Holdings Inc. or its employees, may contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. Forward-looking statements give Generac's current expectations and projections relating to the Company's financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "anticipate," "estimate," "expect," "forecast," "project," "plan," "intend," "believe," "confident," "may," "should," "can have," "likely," "future," "optimistic" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. Any such forward looking statements are not guarantees of performance or results, and involve risks, uncertainties (some of which are beyond the Company's control) and assumptions. Although Generac believes any forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Generac's actual financial results and cause them to differ materially from those anticipated in any forward- looking statements, including: • frequency and duration of power outages impacting demand for our products; • availability, cost and quality of raw materials and key components from our global supply chain and labor needed in producing our products; ⚫ the impact on our results of possible fluctuations in interest rates, foreign currency exchange rates, commodities, product mix and regulatory tariffs; ⚫ the possibility that the expected synergies, efficiencies and cost savings of our acquisitions will not be realized, or will not be realized within the expected time period; ⚫ the risk that our acquisitions will not be integrated successfully; ⚫ the duration and scope of the impacts of the COVID-19 pandemic are uncertain and may or will continue to adversely affect our operations, supply chain, and distribution for certain of our products and services; • difficulties we may encounter as our business expands globally or into new markets; ⚫ our dependence on our distribution network; ⚫ our ability to invest in, develop or adapt to changing technologies and manufacturing techniques; • loss of our key management and employees; • increase in product and other liability claims or recalls; • failures or security breaches of our networks, information technology systems, or connected products; and . changes in environmental, health and safety, or product compliance laws and regulations affecting our products, operations, or customer demand. Should one or more of these risks or uncertainties materialize, Generac's actual results may vary in material respects from those projected in any forward-looking statements. In the current environment, some of the above factors have materialized and may or will continue to be impacted by the COVID-19 pandemic, which may cause actual results to vary from these forward-looking statements. A detailed discussion of these and other factors that may affect future results is contained in Generac's filings with the U.S. Securities and Exchange Commission ("SEC"), particularly in the Risk Factors section of the 2020 Annual Report on Form 10-K and in its periodic reports on Form 10-Q. Stockholders, potential investors and other readers should consider these factors carefully in evaluating the forward-looking statements. Any forward-looking statement made by Generac in this presentation speaks only as of the date on which it is made. Generac undertakes no obligation to update any forward- looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. 3#4GENERAC BY THE NUMBERS GENERAC LTM NET SALES $2.8 BILLION -6,800 EMPLOYEES DOING BUSINESS IN OVER 150 COUNTRIES COMMERCIAL & INDUSTRIAL 26 OVER 500 ENGINEERS WORLDWIDE LTM ADJ EBITDA $712 MILLION 25.3% MARGIN RESIDENTIAL 65% OTHER 9% LTM FREE CASH FLOW $554 MILLION OMNI CHANNEL DISTRIBUTION THOUSANDS OF DEALERS, WHOLESALERS, RETAILERS AND E-COMMERCE PARTNERS 4#5MEGA TRENDS "Grid 2.0" - Evolution of the traditional electrical utility model Technology & regulation will create Clean Energy and Grid Services opportunities Legacy infrastructure needs major investment cycle Rebuilding of transportation, water & power will take decades Attitudes around global warming and climate change are changing Expectation of more severe weather driving power outages Telecommunications infrastructure shifting to next generation 5G will enable new technologies requiring significant improvement in network uptime Natural Gas will be the fuel of the future Huge supply & increasing demand for applications beyond standby power Home as a Sanctuary Millions of people working, learning, shopping, entertaining, and in general, spending more time at home GENERAC GENERAC#6MACRO INVESTMENT THEMES CREATING A LEADING "ENERGY TECHNOLOGY SOLUTIONS" COMPANY $2,500 12% ORGANIC CAGR SINCE IPO IN 2010 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14 '16 '18 '20 Note: $ amounts in millions. Represents gross sales excluding freight revenue. Excludes "Portable Product" sales prior to the division's divestiture in 1998. Figures include results from acquisitions completed during 2011-present; see slide titled "Summary of Acquisitions" for further details. $2,000 $1,500 $1,000 $500 Power Quality Issues Continue To Increase Power outage severity increasing significantly over LT baseline average during 2017-2020 -Aging and under-invested electrical grid more vulnerable to unpredictable and severe weather -Aging population and overall consumers are more dependent on power Home Standby Market Growth Opportunity is Massive - ~5.0% of US HH's have a HSB today (TAM=55M HH's) - Every 1.0% of penetration is approximately $2.5 billion market opportunity (at retail) - Generac's 75%+ share due to unique go to market strategy California and Texas markets for backup power increasing significantly - Represents two largest addressable market opportunities within U.S. for home standby generators - HSB penetration rates in both states well below national average of -5.0% (CA ~1%, TX ~3%) - California - numerous power shutoff events impacting millions of customers in an attempt to mitigate risk of wildfires - Texas - recent major outage event expected to accelerate demand for backup power over the next several quarters Energy Storage & Monitoring Markets Developing Quickly - New markets focused on energy cost reduction and resiliency - Battery cost and performance continue to improve - Generac uniquely positioned with distribution, marketing & brand Natural Gas Generators Driving Superior Growth Rates - Cleaner, greener & more cost effective for on-site power - US is ~40% gas gen sales annually and growing 2x diesel - Global opportunity is nascent - low-single digits percentage of market Rollout of 5G Will Require Improved Network Reliability - 5G will enable many new technologies - uptime critical - ~400K cell towers in U.S., ~40% penetration, Generac #1 market share - Technology to rollout globally - Generac footprint can serve 6#7GENERAC WORLDWIDE LOCATIONS Wisconsin, USA Generac Eagle Janesville Jefferson Oshkosh Waukesha (HQ) GENERAC Vancouver, BC Neurio Enbala Vermont, USA Country Home Products Maine, USA Pika Energy United Kingdom Pramac UK France Pramac France Germany Motortech Pramac GMBH Poland Pramac SP. ZOO Motortech Vertically Integrated Manufacturing Capacity Serving a Globally Diverse Commercial Footprint Whitewater Generac Mobile Products Berlin Colorado, USA Enbala Spain Pramac Iberica Ohio, USA Mean Green California, USA Energy Systems South Carolina, USA Generac Italy Trenton Generac Mobile Products Dominican Republic Mexico Pramac Caribbean Ottomotores Selmec Brasil Generac Pramac Brasil Russia Pramac Russia Italy Pramac Industrial Romania Pramac Generators Kolkata, India China Captiva Pramac Fu Lee Foshan Power Equipment United Arab Emirates Pramac Middle East Australia Pramac Australia Singapore Pramac Asia 7#8ENERGY TECHNOLOGY SOLUTIONS CONNECTIVITY & enbala GRID SERVICES Residential DERS Air-cooled GENERAC DER: Distributed Energy Resource - Generates, Stores or Manages Power Concerto Mobile Link. Energy Storage & Management DERS Commercial & Industrial DERS PWRCell Battery Storage Gaseous Generators Up to 1MW GENERAC Home Standby Generators Liquid-cooled Home Standby Generators Other Capabilities Portable Generators COSENSE TECHSELOST CARB Compliant GAB Energy Monitoring & Management Chore Products Liquid-cooled commercial generators. Mobile Products RENERAC Transfers Switches 8#9GENERAC'S EVOLVING BUSINESS MODEL ... Variability in supply due to increasing use of renewables ISO/Utilities/Energy Retailers Address peaks in electricity demand Provides resiliency from outages Virtual Power Plant (VPP) Network Digital platform enables assets to be connected more seamlessly as DERS Connectivity + Software Platform Generac DER ASSETS GENERATE/STORE/MANAGE POWER Enbala Residential + C&I End Users Ready Load PV+Storage Control Residential Generator C&I Generator enbala A Generac Company GENERAC Evolution into Energy Technology Solutions Company#10...ALIGNED WITH CHANGING LEGACY ELECTRICAL UTILITY MODEL GENERAC'S CAPABILITIES PROVIDE UNIQUE POSITION TO ENABLE UTILIZATION OF PRODUCTS AS DERS ON A VERY LARGE SCALE Current • Generators: backup and beyond standby • Battery storage systems • Energy monitoring devices. Near Term Generator integration within battery storage Next-gen load control with energy management devices DC generator integrated into battery storage system Future • Develop various new revenue streams from solutions built around DER products aggregated and controlled New revenues from sales of software platform and turnkey operations services Energy management devices Connectivity Grid services - Enbala software platform DER assets and devices become "Enbala Ready" Develop roadmap for full suite of grid-support solutions Ultimately performance services that can deliver mega-watts of power Enables grid independence for end users Improved ROI for existing DER assets GENERAC 10#11ENERGY TECHNOLOGY - GENERAC'S ENERGY STORAGE SOLUTION GENERAC MORE POWER - 9/11 kW Max. Continuous - 50A Motor Starting Current MORE CAPACITY - 3.0 kWh Battery Modules - 9-18 kWh per Cabinet LOAD MANAGEMENT - 50A and 100A Automatic Smart Management Modules GENERAC GENERAC PWREED PWR GENERAC OUTDOOR RATED - Type 3R Battery Cabinet -10 to 50°C Operating Temperature Range GENERAC PWR WHOLE HOME BACKUP - 200 A and 100A Whole Home Transfer Switches Coming in 2021 - Generator Integration, AC-Coupled Solution, Next-Gen Load Control, Integrated DC-Generator, Enbala Ready PWRcell Whole Home Backup... CLEAN & SIMPLE 11#12GLOBAL DISTRIBUTION CHANNELS Other Key Channels Locke SUPPLY CO. COSTCO WHOLESALE Residential and C&I Dealer Network International network of approximately 9,000 dealers • Installation and after sale service support • Work with professional engineering firms to develop customized solutions • Thousands of technicians trained each year . Support for global large account sales Significant Omni-Channel Distribution REXEL Electrical & Datacom Products sonepar Electrical Wholesalers KAISER+KRAFT ELECTRIC GENERATORS DIRECT LOWE'S Lets Build Something Together MERLIN Walmart MENARDS® DUNNINGS warehouse CANADIAN TIRE LEROY BRICOMAN DEPUT Mass Retailers amazon CRAFTSMAN. Honeywell DEWALT GUARANTEED TOUGH: JUNGHEINRICH PROFI GRAINGER SHOP Catalog and E-Commerce Speedy Auchan ooredoo GE Jenbacher TARGET gamy verizon bouygues at&t United Rentals SUNBELT RENTALS Direct to Global Accounts Licensing Partners DR DONE RIGHT OWER Direct to Consumer CED GREENTECH POWERHOME SOLAR GENERAC® Sunnova Clean Energy 12#13ENTERPRISE STRATEGY Grow: Further expand market penetration for standby and clean energy solutions in North America while establishing traction for these products globally. GROW Residential Power Solutions GAIN Share & New Markets GENERAC Gain: We gain share by innovating and we expand our opportunity for growth by doing the hard work of pioneering new products and markets. Lead: Capitalize on the global growth of natural gas fuel as an available and affordable energy source. Leverage Generac's expertise in gaseous engines to expand applications beyond standby power. LEAD Gas Power Generation CONNECT Monitor & Manage Connect: By being connected to the devices we manufacture we will drive additional value to our customers and our partners over the product life-cycle. POWERING OUR FUTURE 13#14FINANCIAL SUMMARY ($'S IN MILLIONS) Adjusted EBITDA Adjusted EBITDA margin % Total Net Sales Gross Margin % $3,000 $2,816.7 60.0% $800 50.0% $711.9 $2,485.2 $700 $2,500 $2,204.3 50.0% $600 $583.8 40.0% $2,023.5 $2,000 $1,679.4 39.3% $500 $454.1 40.0% $424.6 30.0% 25.3% $400 $1,500 38.5% $317.3 35.8% 36.2% $300 34.8% 23.5% 30.0% 20.0% $1,000 21.0% 20.6% $200 19.0% $500 20.0% $100 10.0% 2017 2018 2019 2020 LTM 2017 2018 2019 2020 LTM Free Cash Flow $600 $550 $500 $450 $427.1 $400 $350 $300 $250.7 $250 $227.9 $203.6 $200 $150 $100 2017 2018 2019 2020 LTM Note: Adjusted EBITDA margin calculated using adjusted EBITDA before deducting for non-controlling interest. Consolidated Gross Debt Consolidated Gross Debt Leverage Ratio $553.8 $1,200 5.0x $1,000 $928.7 $924.0 $898.9 $885.2 $872.1 4.0x $800 3.0x $600 2.9x 2.0x $400 2.2x 2.0x 1.5x 1.0x $200 1.2x $0 0.0x 2017 2018 2019 2020 LTM GENERAC 14#15CAPITAL DEPLOYMENT PRIORITIES 2018-2020 $ 1 Organic I Invest in technology, innovation, and R&D capabilities Asset Lite ~170m Growth I Capacity expansion; Global systems; High ROI automation 23 I Target 2-3x leverage Pay Down I Term Loan matures 2026, ABL matures 2023 Debt I $500mm notional swapped fixed Deleveraging Story ~85m GENERAC I Demonstrated ability to execute; 17 deals since 2011 M&A I Accelerates "Powering Our Future" strategic plan Accelerate the strategy ~240m I Seek high synergy opportunities with above WACC returns 4 Return of Capital I As future cash flow permits, will evaluate options opportunistically Opportunistic ~25m I $250mm remaining on current share repurchase authorization Strong balance sheet and cash flow generation enables disciplined and balanced approach toward capital deployment that creates value for shareholders TOTAL ~520m 15#16APPENDIX GENERAC 16#172021 BUSINESS OUTLOOK (AS REPORTED ON APRIL 29, 2021) GENERAC Consolidated net sales Consolidated revenue: increase between 40% to 45% Residential products: increase at a very robust rate of over 50% • C&I products: increase in the mid-20% range Approximately 2% favorable impact from acquisitions and foreign currency Adjusted EBITDA margins • Between 24.5 to 25.5% Cash income tax rate • Approximately 20.5% Free cash flow Conversion of adjusted net income of approximately 90% 1848 90 Expect to Utilize Strong Free Cash Flow Generation to Increase Shareholder Value 17#18EXPANDING POWER OUTAGE SEVERITY(1) GENERAC Total Outage Hours (Severity) Legacy Residential Organic Sales - LTM Q1 Q2 Q3 2010 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2011 2012 2013 2014 2015 2016 2017 Q3 Q4 Q1 Q2 Q3 2018 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2019 2020 2021 Elevated Baseline Outages + Major Event + Home as a Sanctuary = Catalysts for Growth (1) Represents power outage hours for mainland U.S. only 18#19SUMMARY OF ACQUISITIONS GENERAC Acquisitions used to accelerate Powering Our Future strategy Revenue synergies New products, customers, end markets Numerous cross-selling opportunities Geographic and international expansion Cost synergies Strategic global sourcing initiatives Innovation and cost-reduction engineering Adopt Generac's lean cost culture Operational excellence focus MAGNUM OCT. AUG. 2011 Country Home neurio 2015 MAR. 2019 PRODUCTS Magnum Products is a leading manufacturer of high-quality light towers, and mobile generators. Berlin, WI Expands chore-related products line-up and provides additional scale to the residential engine- powered tools platform Vergennes, VT The leading energy data company focused on metering technology and sophisticated analytics to optimize energy use Vancouver, BC DEC. ottomotores 2012 PRAMAC MAR. 2016 Pika APR. ENERGY 2019 . GROUP Leading manufacturer of industrial power generation equipment in Mexico and other parts of Latin America. Mexico City, Mexico Stationary, mobile and portable generators sold into over 150 countries worldwide Siena, Italy Leading manufacturer of smart storage solutions and smart batteries JAN. T TOWER 88 AUG. 2013 MOTORTECH® MEANGREEN 2017 Portland, ME SEP. 2020 LIGHT Mobile light towers for EMEA and other international markets Milan, Italy Gaseous-engine control systems and accessories sold to engine OEMs and aftermarket customers Celle, Germany MOWERS Leading manufacturer of an innovative commercial line of battery powered turf care products NOV. 2013 Oshkosh, WI OCT. 2014 BALDOR Expands domestic offering of standby and prime- duty gensets up to 2.5 MW MAC MAC is a leading manufacturer of premium-grade commercial and industrial mobile heaters within the U.S. and Canada. Bismarck, ND Captiva Energy Solutions, founded in 2010 and headquartered in Kolkata, India specializes in customized industrial generators. Kolkata, India Selmec JUN. 2018 enbala YOUR GRID. IN BALANCE. • Ross, OH OCT. 2020 • Larger kW and container gensets; service and remote monitoring platform for Latin America market Mexico City, Mexico Leading provider of distributed energy optimization and control software for the electrical grid Denver, CO CAPTIVA ENERGY SOLUTIONS FEB. 2019 Smaller acquisitions of Gen-Tran completed in February 2012 (manual transfer switches for portable generators -Alpharetta, GA); Pramac America in September 2017 (portable generators - Marietta, GA); Energy Systems in July 2020 (industrial distributor - Stockton, CA) 19#20NET SALES BY PRODUCT CLASS ($'S IN MILLIONS) $1,800 $1,600 $1,400 $1,200 $1,000 $870 $800 $600 $684 $400 $200 $125 $0 2017 RESIDENTIAL $1,043 $820 $1,144 $872 $160 2018 2019 COMMERCIAL & INDUSTRIAL OTHER $189 $1,557 GENERAC $1,841 $732 $702 2020 $227 LTM $244 Figures include results from acquisitions completed during 2011 - 2020; see slide titled "Summary of Acquisitions" for further details. 20 20#21% of US Addressable Market HSB: A PENETRATION STORY North American Penetration Opportunity(1) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1945 1955 1965 1975 1985 1995 2005 Central Air Conditioning Portable Generators Home Security Alarms (professionally monitored) Home Standby Generators 2015 2020 86.9% GENERAC 26.0% Aging Population Fits Demographic • ~65% of buyers age 60 and older • ~Median home value of approximately $425k • ~80% retro-fit application ~$130K median household income • Between 8-10% replacement units. 16.1% 5.0% Every 1% of increased penetration equals ~$2.5 billion of market opportunity (1) Source: Company estimates; based on addressable market for HSB generators consisting of all single-family detached, owner-occupied homes valued > $125K; portables and central A/C use all single-family homes regardless of value; penetration rate for home security alarms was estimated from a variety of industry sources and focuses on the professionally monitored market. 21#22WHOLE HOME POWER COMPARISON 20 15 Power/Energy (kW/kWh) 10 5 0 +56% +33% +80% GENERAC PEAK CURRENT USEABLE ENERGY CONTINUOUS POWER PWRcell Tesla LG Energy Solution Peak Current PWRcell 50A Tesla 32A LG Energy Solution 31A Enphase Useable Energy 18kWh 13.5kWh 16kWh 25A 10.1kWh Continuous Power 9kW 5kW 7kW 3.8kW 50 40 40 30 20 20 10 10 Peak Current 0 Enphase Note: Shaded lines represent market leading advantage in terms of power capability, with specific percentages as compared to Tesla 222#23WHOLE HOME POWER SCALABLE MODULAR APPROACH GENERAC PWR OR SPACER SPACER OR OR # of Modules 6 5 4 Old Capacity (kWh) 17.1 14.3 11.4 3 8.6 New Capacity (kWh) 18 15 12 9 GENERAC 23#24RAPIDLY BUILDING CLEAN ENERGY DISTRIBUTION NATIONAL sunnova REGIONAL momentum SOLAR Trinity SOLAR ❤infinity energy BAKER ELECTRIC HOME ENERGY SOCAR MMGXIE AMERICA'S SOLAR COMPANY HEATING & SMART HOME EHS Efficient Home Services LONG TAIL CED GREENTECH Soligent BayWa r.e. WESCO® Gexpro windmar SOLAR REVOLU SUN ①TITAN SOLAR POWEE Suntuity SOLAR POWERHOME SOLAR Krannich global solar distribution INTER-ISLAND SOLAR SUPPLY sonepar USO GENERAC 24 24#25ENBALA'S REVENUE MODEL GENERAC Current SaaS Model - $/MW Assets Connected/year Fundamentally a Software-as-a-Service business Enbala is paid as assets/devices are connected to the platform on a recurring basis Current Performance Model - $/MW Delivered/year • Fundamentally a pay-for-performance business • Enbala is paid by utilities for the energy performance delivered UTILITY/ENERGY RETAILERS enbala A GENERAC COMPANY UTILITY/ENERGY RETAILERS ↑↓ enbala A GENERAC COMPANY CUSTOMER 1 CUSTOMER 2 CUSTOMER X CUSTOMER 1 CUSTOMER 2 CUSTOMER X enbala Enbala Opportunities: . Energy imbalance markets ⚫ Real time capacity markets . Emerging wholesale markets from FERC Order 2222 A GENERAC COMPANY • Predictive energy management for customers Ancillary Service, Frequency Control and other aggregation markets 25 25#26Q1 2021 & LTM FINANCIAL OVERVIEW ($'S IN MILLIONS) Actual Q1 2021 (unaudited) Y/Y% Change Actual LTM (unaudited) Y/Y % Change Residential $542.1 110.4% $1,841.0 55.6% Industrial 202.4 17.6% 732.1 (12.3%) Other 62.9 36.0% 243.6 27.0% Net Sales $807.4 69.7% $2,816.7 27.5% Gross Profit $321.8 86.8% 1,107.1 37.0% % Margin 39.9% 39.3% Adjusted EBITDA $214.2 149.0% $711.9 57.1% % Margin (1) 26.5% 25.3% Net Income - GHI (2) $149.0 235.1% $455.1 80.9% Adjusted Net Income - GHI $152.7 177.3% $509.8 61.1% Adjusted EPS - GHI $2.38 173.5% $7.98 58.7% Free Cash Flow $125.8 N/M $553.8 121.2% Consolidated Gross Debt Consolidated Gross Debt Leverage Ratio $872.1 1.2x GENERAC (1) Adjusted EBITDA (margin) calculated using adjusted EBITDA before deducting for non-controlling interest. (2) LTM includes $11.5 million of pre-tax charges relating to restructuring costs and asset write-downs to address the impact of COVID-19 pandemic 26 26#27ADJUSTED EBITDA RECONCILIATION ($'S IN MILLIONS) Net income Interest expense Depreciation and amortization Income taxes provision Non-cash write-down and other charges Non-cash share-based compensation expense Loss on extinguishment of debt Transaction costs and credit facility fees Loss on pension settlement, restructuring and other Adjusted EBITDA Adjusted EBITDA attributable to noncontrolling interests Adjusted EBITDA attributable to Generac Holdings, Inc. 2017 2018 2019 2020 LTM $159.6 $241.2 $252.3 $347.2 $453.8 42.7 41.0 41.5 33.0 31.7 52.0 47.4 60.8 68.8 70.9 44.1 69.9 67.3 99.0 124.9 5.8 3.5 0.8 (0.3) (6.5) 10.2 14.6 16.7 20.9 21.8 1.3 0.9 2.1 3.9 2.7 2.2 2.8 0.8 1.8 11.0 13.1 12.6 $317.3 $424.6 $454.0 $583.8 $711.9 (6.1) $311.2 (7.8) $416.8 (5.0) $449.0 (2.4) (4.7) $581.4 $707.3 GENERAC 27#28ADJUSTED EBITDA RECONCILIATION ($'S IN MILLIONS) Net income to Adjusted EBITDA reconciliation Three months ended March 31, LTM Ended March 31, 2020 2021 2020 2021 (unaudited) (unaudited) Net income attributable to Generac Holdings. Inc. Net income attributable to noncontrolling interests Net income Interest expense Depreciation and amortization Income taxes provision Non-cash write-down and other charges Non-cash share-based compensation expense Loss on extinguishment of debt $148,993 952 $44,460 (1,049) $455,109 $251,606 (1,357) (1,656) 149,945 43,411 453,752 249,950 7,723 9,053 31,661 40,325 18,237 16,116 70,894 64,276 35,368 9,444 124,897 61,758 (3,868) 2,284 (6,479) 4,491 5,448 4,574 21,756 17,674 926 Transaction costs and credit facility fees 914 234 2,831 1,682 Loss on pension settlement, restructuring and other 427 909 12,631 11,930 Adjusted EBITDA 214,194 86,025 711,942 453,012 Adjusted EBITDA attributable to noncontrolling interests (2,192) 102 Adjusted EBITDA attributable to Generac Holdings, Inc. $212,002 $86,127 (4,652) $707,290 (2,813) $450,199 GENERAC 28#29ADJUSTED NET INCOME AND FREE CASH FLOW RECONCILIATIONS ($'S IN MILLIONS) Net income to Adjusted net income reconciliation Three months ended March 31, 2021 2020 2021 (unaudited) Net income attributable to Generac Holdings. Inc. Net income attributable to noncontrolling interests Net income Provision for income taxes Income before provision for income taxes Amortization of intangible assets $148,993 $44,460 LTM Ended March 31, 2020 $455,109 $251,606 (unaudited) 952 (1,049) (1,357) (1,656) 149,945 43,411 453,752 249,950 35,368 9,444 124,897 61,758 185,313 52,855 578,649 311,708 8,979 7,781 33,478 31,083 Amortization of deferred financing costs and OID 646 642 2,602 4,177 Loss on extinguishment of debt 926 Transaction costs and credit facility fees 689 40 (679) (121) Loss on pension settlement, restructuring and other (3,832) 512 7,814 12,835 Adjusted net income before provision for income taxes Cash income tax expense 191,795 61,830 621,864 360,608 (37,868) (7,345) (110,246) (44,780) Adjusted net income $153,927 $54,485 $511,618 $315,828 Adjusted net income attributable to noncontrolling interests Adjusted net income attributable to Generac Holdings. Inc. (1,223) 581 $152,704 $55,066 (1,772) $509,846 567 $316,395 Free Cash Flow Reconciliation Net cash provided by operating activities $152,543 $11,346 $627,730 $305,662 Proceeds from beneficial interests in securitization transactions 712 Expenditures for property and equipment (27,469) Free cash flow $125,786 618 (12,894) $(930) 2,745 (76,703) $553,772 2,505 (57,794) $250,373 GENERAC 29