#1775G M TOROMONT CIMEO ECO CHILL Conserve today for the Future QUICKL CAT Investor Presentation December 2023 CAT ECO CHILL 223- AVIASH BATTLERELD WESTERN 1202 flagro BATTLEFIELD TOROMONT#2Advisory Information contained herein that is not a historical fact is "forward-looking information". Words such as "plans", "intends", "outlook", "expects", "anticipates", "estimates", "believes", "likely", "should", "could", "will", "may" and similar expressions are intended to identify statements containing forward-looking information. Forward-looking information herein reflects current estimates, beliefs, and assumptions, which are based on Toromont's perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. Toromont's estimates, beliefs and assumptions are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Toromont can give no assurance that such estimates, beliefs and assumptions will prove to be correct. This material may also contain forward-looking statements about the recently acquired businesses. Numerous risks and uncertainties could cause the actual results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward- looking statements, including, but not limited to: business cycles, including general economic conditions in the countries in which Toromont operates; commodity price changes, including changes in the price of precious and base metals; potential risks and uncertainties relating to the novel COVID-19 global pandemic, including an economic downturn, reduction or disruption in supply or demand for our products and services, or adverse impacts on our workforce, capital resources, or share trading price or liquidity; increased regulation of or restrictions placed on our businesses as a result of COVID-19; changes in foreign exchange rates, including the Cdn$/US$ exchange rate; the termination of distribution or original equipment manufacturer agreements; equipment product acceptance and availability of supply; increased competition; credit of third parties; additional costs associated with warranties and maintenance contracts; changes in interest rates; the availability of financing; potential environmental liabilities of the acquired businesses and changes to environmental regulation; information technology failures, including data or cyber security breaches; failure to attract and retain key employees; damage to the reputation of Caterpillar, product quality and product safety risks which could expose Toromont to product liability claims and negative publicity; new, or changes to current, federal and provincial laws, rules and regulations including changes in infrastructure spending; any requirement of Toromont to make contributions to the registered funded defined benefit pension plans, postemployment benefits plan or the multi-employer pension plan obligations in which it participates and acquired in excess of those currently contemplated; and ability to secure insurance coverage and cost of premiums. Readers are cautioned that the foregoing list of factors is not exhaustive. Any of the above mentioned risks and uncertainties could cause or contribute to actual results that are materially different from those expressed or implied in the forward- looking information and statements included herein. For a further description of certain risks and uncertainties and other factors that could cause or contribute to actual results that are materially different, see the risks and uncertainties set out in the "Risks and Risk Management" and "Outlook" sections of Toromont's most recent annual Management Discussion and Analysis, as filed with Canadian securities regulators at www.sedar.com or at our website www.toromont.com. Other factors, risks and uncertainties not presently known to Toromont or that Toromont currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information. TOROMONT TOROMONT CAT BATTLEFIELD CAT Rental TOROMONT ENERGY SITECH TOROMONT TOROMONT EIME Material Handling STOHE DRIVING FORWARD TOGETHER TOROMONT ALLER DE L'AVANT ENSEMBLE 2#3Toromont Industries Ltd. TIH (TSX) TIH is a diversified growth company that serves its shareholders and customers through several well-established, market-leading businesses, underpinned by a strong financial foundation These businesses are grouped under two growth platforms: EQUIPMENT GROUP THE TOROMONT CAT BATTLEFIELD CAT Rental TOROMONT ENERGY STORE TOROMONT SITECH® Material Handling CIMCO TOROMONT CIMCO CORPORATE Incorporated 1963 Canadian Public Company 1967 Cat dealer in Ontario 1993 Cat dealer in Newfoundland Labrador 1996 Battlefield Rental first store acquired 1996 Cat dealer in Manitoba 2001 Business bifurcation 2011 Cat dealer in Quebec & the Maritimes 2017 Employees: > 6800 Locations: > 160 in Canada & USA Toromont Material Handling 3% Annual Revenue Splits for Fiscal Year 2022 (D) Other 3% Battlefield 13% CIMCO 9% Toromont Cat 75% CIMCO 8% Rental Services 13% Power Systems 10% Mining 23% Rental 11% Construction 43% Product Support Equipment 47% 42% MARKET (A) Share Price $110.62 ☐ Market Capitalization $9.1B ☐ Enterprise Value $9.0B Annualized Dividend per Share $1.72 Shares Outstanding - basic 82.35M DBRS Rating A(low) FINANCIAL (B) Q3 YTD FY '22 FY '21 ☐ Revenues $3.4B $4.2B $3.9B ☐ Net Earnings $375M $454M $333M ☐ Basic EPS ROCE (C) ☐ Net Debt/Total Cap $4.56 $5.52 $4.03 31.5% -7% 32.3% 26.6% -14% -16% Toromont Cat diversified from Manitoba east to the Maritime provinces and most of Nunavut; CIMCO is primarily across Canada and into the US Further diversification by Product, Sector, Customer Segment, Rental Services and Support Product Support is a significant component of the Toromont business model All amounts in Canadian dollars; see Advisory slide and www.Toromont.com for additional information (A) Equity related items include market share data as at Sept 30, 2023; Debt and shares outstanding as at Sept 30, 2023; dividend at the most recently approved annualized rate ($0.43/quarter starting April 2023) (B) As reported for periods shown; Continuing Operations only for 2023. (C) See Annual and Quarterly disclosures in sections titled "Additional GAAP Measures and No-GAAP Measures" (D) Revenue splits for 12 months ending December 31, 2022; splits have varied due to pandemic related factors and business cycles. Reported on continuing operations basis; AgWest disposition reported Q2 2023. TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE 3#4Executive Team Changes Effective October 15, 2023 Scott Medhurst Executive Advisor Mike McMillan President & Chief Executive Officer Board Director John Doolittle Executive Vice President & Chief Financial Officer TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE 4#5Q3 2023 Highlights ✓ Q3 results reflected good execution on new equipment deliveries against order backlog and favourable operating leverage ✓ Equipment Group - prime product delivery executed well on deliveries of several large customer orders, despite some softening in demand for equipment in the construction markets, rental and product support reported strong market activity & technician headcount ✓ CIMCO – Package deliveries improved on advancement of project construction and improved execution product support activity continued to increase ✓ Operational leverage & efficiencies contributing to the bottom line; persistent inflationary pressures continue ✓ Backlog of $1.2 billion down 11% Y/Y while Q3 Bookings down 5% (YTD up 5%), a reflection of improving availability, factors overriding normal seasonality and some caution in buying. ✓ Financial position remains strong - liquidity well-positioned to support customer requirements & growth opportunities ✓ Team continues to execute safely in support of customer needs TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE 5#6Q3 Consolidated Financial Summary Financial Data in $ million, EPS in $ per share Bookings Backlog 1,364 431 409 1,216 Q3 Q3 YTD YTD 2022 2023 2022 2023 Operating Income 193.1 165.7 408.7 499.7 Revenues 1,087 1,174 3,395 2,987 Q3 Q3 YTD YTD 2022 2023 2022 2023 EPS (basic) 1.77 1.47 4.56 3.54 Q3 Q3 YTD YTD 2022 2023 2022 2023 Q3 Q3 YTD YTD 2022 2023 2022 2023 • Bookings -5% in Q3 (YTD +5%) on good demand Backlog remains healthy at $1.2 billion - Equipment Group down 16% and CIMCO up 21% Revenue +8% in Q3 (YTD +14%) о › Equipment sales +7% in Q3 (YTD +15%) • Product Support +9% in Q3 (YTD +13%) ⚫ Rental revenue +11% in Q3 (YTD +8%) Expenses were +5% in Q3 (YTD +7%) • Gain on disposition of property YTD $3.5 million (pre-tax) ° о о Higher planned compensation costs & profit sharing accruals on higher income, partially offset by lower pension expense Bad debt expenses -$0.6 million (YTD -$4.3M) Higher DSU MTM adjustments +$1.0M (YTD +$1.9M, versus $3.2M recovery in 2022) Operating Income +17% in Q3 & +22% YTD reflecting higher revenue, higher gross margins and lower relative expenses Interest Income +$5.0M in Q3 & +$19.8M YTD Net Earnings +21% in Q3 or $25.1M (YTD +29% to $375M) Basic EPS of $1.77 +20% in Q3 (YTD $4.56 +29%) from continuing operations TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE AgWest reported as a discontinued operation, disposition reported in Q2 2023. 6#7BUSINESS OVERVIEW: EQUIPMENT GROUP WE ARE TOROMONT Toromont is your Cat dealer in: Manitoba Québec ● Ontario New Brunswick Nova Scotia TOROM TOROMONT CAT • P.E.I. • Newfoundland & Labrador for M Nunavut We are dedicated to consistently delivering a superior customer experience by providing new and good quality used equipment and exceptional product support to the markets we serve. 124 LOCATIONS* 7P 1 PROVINCES & TERRITORY 4,000+ EMPLOYEES 2,000+ TECHNICIANS * Includes Toromont CAT and Battlefield Equipment Rentals only TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE TOROMONT 7#8BUSINESS OVERVIEW: CIMCO A North American market leader in the design, engineering, fabrication, installation and servicing of industrial and recreational refrigeration systems Well recognized proprietary brand with 100+ year history Bookings and Backlog at healthy levels 0-5 COMPRESSOR LOW TEMP Strong Product Support growth opportunity Established Recreational and Industrial customer base Segments include ice rinks/surfaces, food & beverage, bottling, packing houses, dairies, freezing facilities, pharmaceuticals, chemical & petrochemical, mining and automotive D Frick 2022 Segments* Industrial 31% Product Support 51% Recreational 18% TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE TOROMONT Splits vary YoY due to large projects; 2021 was 17% 41% / 42% for Rec / Ind/PS respectively GIMCD 8#9CENTRE DE BATTLEFIELD CAT Location D'ÉQUIPEMENT. THE BATTLEFIELD CAT Rental STORE JOBSITE BATTLEFIELD EQUIPMENT RENTALS Branches located in Manitoba, Ontario, Québec, New Brunswick, Nova Scotia, P.E.I, Newfoundland & Labrador and Nunavut 79 1,200+ LOCATIONS Includes 9 JobSite locations EMPLOYEES CAT Rental STORE SINGLE SOURCE SUPPLIER FOR: • Rental Equipment · Cat Compact Equipment New and Used Equipment Sales Specialty Tools CATERPILLAR Battlefield Equipment Rentals is an authorized distributor for hundreds of industry leading brands, including: CATERPILLAR Building Products · Safety Supplies Safety Training TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE SKYJACK WACKER W NEUSON Husqvarna SPECTRA PRECISION LASER Trimble. Authorized Dealer Genie STIHE Atlas Copco HBOSCH HONDA Power GR Equipment GORMAN-RUPP PUMPS 9#10EQUIPMENT MANAGEMENT SOLUTIONS Toromont specialists work with our customers to determine the best strategies to maximize productivity, minimize costs and reduce risk Genuine Cat PARTS MOBILE LUBRICATION SERVICE DO IT MYSELF WORK Solution Package WITH ME Partnership Package Service DO IT FOR ME Total Care Package BAY SERVICE Quality service supplied by Toromont service personnel enhances the competitive advantage of our customers. Toromont service work force of over 2,000 highly skilled technicians and over 380 support staff, in addition to our service fleet of 1200+ vehicles. 2,000+ 1,200+ TECHNICIANS TOROMONT SERVICE VEHICLES DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE E TOROMONT CAT 10 10#11REMANUFACTURING & REPAIR Toromont Reman helps maximize customer investment by repairing and remanufacturing all engine, power train and hydraulic components, servicing the industrial and portable/mobile markets. 5 FULL-SERVICE MACHINE SHOPS 175+ REMAN TECHNICIANS/ COMPONENT REBUILDERS 3YR/5000HR Industry leading Warranty on Major Components Servicing the Construction, Mining, Industrial and Marine Markets . ISO 9001: 2008 Certification · ● 14001: 2004 EMS Certification 5 STAR Contamination Control •SOS Testing Facilities . Fabrication and Machine Shop for non-engine components and Metal Spray technology TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE TOROMONT CAT REMAN TR 11 11#12High Performance Capital Management Return on Opening Shareholders Equity (%) 28.9 29.9 Net Debt-to-Capitalization (%) 9.1 24.3% 25.7 23.3% 23.0 21.6 22.3 21.4 20.0 19.3 19.6% 16.6 Q3 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Debt Maturities & Liquidity ($ million) $150M $500M $500M 2023 2024 2025 2026 2027 2028 Revolver (Undrawn Capacity) Outstanding Debentures 40% 15% lii: 18% 10% 10% 6% 3% -4% -1% -4% -7% -14% -16% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Q1 Q2 Q3 2023 2023 2023 * Continuing operations from 2011 ✓ RCF 5460M Cash $807M ކ C$1,52B Accordion $250M Liquidity as at most recent reported quarter TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE Capital Allocation Priorities Cash from operations and liquidity well positioned Balanced Short and Long term debt profile Disciplined Capital Allocation Care & Maintenance of business Fund Organic Growth Initiatives Debt management Growth Investments Buy-backs & modest dividend increases Note: Results provided as at the most recent published QTR 12#13Long-term Business Growth & Returns 55 Year Dividend Record 34 Years Of Consecutive Growth Annual Dividend per Share 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0.00 2010 2011 2012 2013 | 1.72 TIH (TSX) 1.56 1.40 +14% 1.24 2014 2015 2016 | 2017 2018 2019 2020 2021 2022 2023 Notes: Annualized Dividend rate shown Quarterly dividend rate increases have generally been effective for record dates in March and distribution in April, with the exception of 2021 where the increase was effective for July distribution; the most recent increase was to $0.39 per quarter (record date of March and distribution April 2022) Historic pro forma based on Butterfly proportion 56.4% Foundational Acquisitions (Continuing Ops) Volume 10 Yr Trended Share Performance 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 = 125.00 nything 100.00 75.00 50.00 25.00 0.00 0 Source: QuoteMedia.com December 4, 2023 Crothers 1993 Battlefield 1996 Newfoundland Tractor 1997 Powell 2001 Hewitt/Atlantic 2017 TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE 13#14Well Positioned for Long Term Success A Servi ✓ Market leading brands and position ✓ Large diversified installed base by geography and industry ✓ Organic growth opportunities expanding Rental Equipment, Product Support, telematics and digital capabilities ✓ Long term infrastructure and construction pipeline ✓ Continuous focus on operational excellence ✓ Disciplined expense management, development of human capital and investment in IT priorities ✓ Superior financial track record ✓ Strong Balance Sheet and Liquidity ✓ 55 year Dividend record / 34 of consecutive growth TOROMONT DRIVING FORWARD TOGETHER ALLER DE L'AVANT ENSEMBLE 14#15OUR EMPLOYEES CAT OUR CUSTOMERS OUR SUPPLIERS OUR STAKEHOLDERS CAT 320F TOGETHER, WE ARE STRONGER CAT TOROMONT TOROMONT CAT BATTLEFIELD CAT Rental TOROMONT ENERGY SITECH TOROMONT TOROMONT CIMED STORE Material Handling