#100 DOUGLAS DYNAMICS FISHER Σ FISHER INVESTOR PRESENTATION BAIRD CONFERENCE - NOV. 2023 Bob McCormick - President and Chief Executive Officer Sarah Lauber - Executive Vice President, Chief Financial Officer XLS#2FORWARD-LOOKING STATEMENTS This presentation 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, including as a result of global climate change, our ability to manage general economic, business and geopolitical conditions, including the impacts of natural disasters, labor strikes, pandemics and outbreaks of contagious diseases and other adverse public health developments, such as the COVID-19 pandemic, 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 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, 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, 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 compete effectively against competition, our inability to achieve the projected financial performance with the business of Henderson Enterprises Group, Inc. ("Henderson"), which we acquired in 2014, or with the assets of Dejana Truck & Utility Equipment Company, Inc., which we acquired in 2016, and unexpected costs or liabilities related to such acquisitions or any future acquisitions, 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, 2022 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. © 2023 Douglas Dynamics, LLC 2#3TWO MARKET LEADING SEGMENTS Work Truck Attachments ("WTA") • . Three leading commercial snow and ice control brands • Track record of innovation and defendable IP Superior service and quality driving leading market presence Exceptional margin profile Growth opportunities in non-truck products FISHER SNOWEX WESTERN Work Truck Solutions ("WTS") Leading provider of customized solutions and upfit services (Class 4-8) Strong relationships with truck OEM's including largest bailment pool for Ford Leading provider of Municipal snow & ice control solutions • Broad and diverse customer base Unlocking improvement in a custom environment via DDMS Henderson DEJANA Truck and Utility Equipment © 2023 Douglas Dynamics, LLC 3#4WORK TRUCK INDUSTRY STRUCTURE FISHER WESTERN SNOWEx Henderson Attachments Manufacturer Henderson DEJANA Truck and Utility Equipment Ford CHEVROLET VOLVO FREIGHTLINER Truck OEMS Vocational End User Landscapers Contractors © 2023 Douglas Dynamics, LLC Utilities Hauling Upfitter in Final Mile Service Delivery ® 4#5CAPABILITIES ACROSS THE WORK TRUCK MARKET FISHER SNOWEX WESTERN DEJANA Truck and Utility Equipment Henderson Class 1 - 3 Light Duty Trucks Ford F-150 Chevy 2500 © 2023 Douglas Dynamics, LLC Suburban Propan Class 3 - 6 Class 7 - 8 Medium Duty Ford F-450 Chevy Topkick Heavy Duty Freightliner International 3 Henderson 5#6DOUGLAS DYNAMICS Near-Term (8) WORK TRUCK SOLUTIONS Margin Improvement Custom Up-fit DDMS Best Cost Structure חה LONG-TERM GROWTH STRATEGY Revenue Synergies Partner with WTA Vertical Integration Organic Growth Market Leadership Solution Offerings Geographic Expansion Branch Expansion Pool Grant Opportunity © 2023 Douglas Dynamics, LLC th ୧୧ Long-Term Acquisition Market Leaders Pool Designations 6#7WTS: POSITIONING FOR LONG-TERM PROFITABLE GROWTH DEJANA Significant backlog entering 2023 Truck and Utility Equipment Expanding DDMS implementation Henderson Longer term focus on reducing chassis dependency Maintaining upfit volume with fewer facilities Self-help initiatives: Cost reductions, sourcing, product redesign ୧୧ Exploring Vertical Integration e.g. Dynapro In reference to the recent UAW strike: As of October 31st, 2023, we do not believe the recent UAW strike will materially impact our ability to operate in 2023. © 2023 Douglas Dynamics, LLC 7#8DOUGLAS DYNAMICS WORK TRUCK ATTACHMENTS LONG-TERM GROWTH STRATEGY Near-Term (8) Cash Flow Protect earnings power Organic Growth Evolving demand creating opportunities © 2023 Douglas Dynamics, LLC חה ୧୧ Long-Term Margin Improvement DDMS: consistently driving improved profitability Acquisition Market leaders Complex attachments Vertical Integration Leverage operations / Engineering expertise 1 8#9WTS: IMPROVED 3023 RESULTS Positives Improved chassis availability translated into stronger results in 3Q23 compared to 3Q22. 3Q23 Net Sales increase ~18% to $68.2M compared to 3Q22. Significant EBITDA margin improvement to 7.3% in 3Q23 compared to 3Q22. UAW strike has not impacted WTS to date. Tentative agreement between UAW and OEMs. 31.012 NYSE PLO © 2023 Douglas Dynamics, LLC ୧୧ 3 9#10WTA: SHIFTING TO EL NIÑO PATTERN Source: Henry Margusity - Weather Madness Our observations: Past four years = La Nina patterns - typically lower precipitation on the East Coast Shifting to El Nino pattern for next three years Typically leads to above average precipitation Salt Lake City Minneapolis Los Apprettes Denver Above Normal barquerque Binenes Near Normal Dallas WeatherMadness" All the Weather All the Time! Winter Precipitation New York Chicago Above Normal Atlanta#11WTA: DISRUPTION CREATING DEMAND OUTSIDE SNOWBELT AK CA BC AB SK MB QC ON WA NL PE NB NS ME MT ND OR MN NH ID SD WI NY MA WY MI CT RI IA PA -NJ NE NV OH -DE UT IN CO WV MD KS MO VA KY DC NC TN AZ OK NM SC AR MS AL GA TX LA Traditional Markets Expansion markets © 2023 Douglas Dynamics, LLC FL ୧୧ WINTER WEATHER ADVISORY USE EXTREME CAUTION Atlanta CITY LIMIT 000 SPEED CHECKED BY DETECTION DEVICES 11#12WTA: SHIFTING SOCIETAL EXPECTATIONS CREATING OPPORTUNITIES 00 Increased focus on safety • Pressure for higher levels of service due to safety concerns and increasingly litigious society Environment and regulations State legislation driving change Increasing use of liquids to pre-treat Preventative snow and ice management FEBIND Customer demand for services • 24/7/365 access now required Changing expectations and increasing impatience People willing to pay for priority 72 Driving demand for equipment © 2023 Douglas Dynamics, LLC SNOWEX DEALE 12#13WTA: EXPANDING SNOW & ICE CONTROL METHODS Tornado SNOWE LMAXX WESTERN WESTERN CONTRACTOR GRADE WIDE OUT © 2023 Douglas Dynamics, LLC XB WESTERN POLY CASTE WESTERN L SNOWEX 22 F STORM BOXX CASE arbest IMPACT 3 13#14Highly engineered Key Criteria Regulatory barriers ୧୧ Complex manufacturing Mission critical performance Hydraulics Intricate electrical Intellectual property Complex certification Professional user Decreased price sensitivity WTA: PRODUCT EXPANSION OPPORTUNITIES 1 Increasing Complexity © 2023 Douglas Dynamics, LLC Low barrier to entry > No upfitter needed End user installation > Minimal complexity Lack intellectual property 14 14#15D DOUGLAS DYNAMICS 31.012 FINANCIAL OVERVIEW#16RESILIENT BUSINESS MODEL Great Recession Revenue ($ in millions) 50-year snowfall low 5-year snowfall low Consecutive years below 10-year average snowfall Revenue Snowfall Inches $571 $616 $600 $524 $541 $475 $480 $500 $400 $416 $400 $304 $300 $200 $140 $180 $174 $177 $209 $194 $140 $100 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Adjusted EBITDA¹ ($ in millions) $120 $100 Adj. EBITDA Snowfall Inches $108 $88 $97 $91 $91 $96 $87 $75 $80 $80 $52 $60 $48 $45 $47 $30 $45 $33 $40 $20 $0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Free Cash Flow² ($ in millions) Free Cash Flow FCF Conversion % $80 $66 $60 $58 $60 $45 $48 $46 $48 $49 $39 $40 $29 $28 $20 $17 $20 $13 $14 $0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Source: Company filings 1: Non-GAAP metric is reconciled to nearest GAAP metric within the Company's 10-K as filed with the SEC as dated a 2/21/23 2: Free Cash Flow defined as cash from operating activities less capital expenditures and Free Cash Flow Conversion is defined as Free Cash Flow / cash from operating activities © 2023 Douglas Dynamics, LLC 16 16 ୧୧#17EXECUTING ON FACTORS WITHIN OUR CONTROL Total Internal Growth Drivers Total External Growth Drivers 2023 Initial EBITDA Plan I 2023 Current EBITDA Plan Internal Growth Drivers (including Baseline profit improvements, Pricing, New product introductions) are expected to come in ~50% above plan. 2023 performance has been significantly impacted by external growth drivers, predominantly snowfall, and to a much lesser extent chassis supply. Record low snowfall in core east coast markets offset success with internal growth drivers. © 2023 Douglas Dynamics, LLC ୧୧ 17#18Q3 2023 FINANCIALS ୧୧ Results Produced Net Sales of $144.1 million Delivered Net Income of $5.8 million, or $0.24 of Diluted EPS WTS Net Sales increased approximately 18%, and Adjusted EBITDA margin improved to 7.3% WTA 2023 combined 2Q and 3Q results only slightly below same period of 2022 and showed improvement over same period of 2021; Also maintained 25% EBITDA margins. Paid $0.295 per share cash dividend Positives • • • • WTA: Dealer sentiment and financial health remain positive. 'Low Snowfall Playbook' actions positively impacting results. WTS: Continued strong backlog and pricing recovery. Internal growth drivers are paying off. Continued baseline profit improvements in both segments. © 2023 Douglas Dynamics, LLC 18#19UPDATED OUTLOOK Updated 2023 guidance* Low High Sales $610M $640M Adj EBITDA $77M $92M Adj EPS $1.30 $1.70 ~24% Tax Rate *Guidance assumes average snowfall for the fourth quarter 2023 and no significant changes to economic conditions or the supply of components and chassis. 2023 annual guidance was last given on October 31st, 2023, and has not been confirmed or updated since that time. 2023 - Adjusted guidance lower due to ongoing impact of last winter's snowfall. 2024 - Expected guidance likely at or better than original Feb 2023 guidance. Mid-point 2024 Adjusted EPS guidance likely to be ~30% higher than mid-point of current 2023 Adjusted EPS guidance. Long-Term Target We believe $3.00 of Adjusted EPS remains achievable. External headwinds expected to push out timing. Guidance to be issued in February 2024. © 2023 Douglas Dynamics, LLC 19 19 ୧୧#20LONG-TERM FINANCIAL TARGETS ୧୧ DOUGLAS DYNAMICS WORK TRUCK ATTACHMENTS Sales growth - low to mid-single digits - EBITDA % profile – mid to high 20's DOUGLAS DYNAMICS WORK TRUCK SOLUTIONS Sales growth – mid to high-single digits - EBITDA % Profile - low teens Expanding Vertical Integration Disciplined Acquisition Strategy Delivering Long-Term Shareholder Value Assumptions: average snowfall, consistent chassis delivery, stable economy, no transformative acquisitions © 2023 Douglas Dynamics, LLC 20 20#21LONG-TERM FREE CASH FLOW SUPPORTS GROWTH STRATEGY Average Over Past Five Years2: FCF: ~$46 Million FCF as a % of Adjusted Net Income: ~110%³ CapEx: ~2-3% of Sales Free Cash Flow (FCF)1 ($ in millions) $80 $70 $66 $46 $60 $48 $50 5-year Avg. $49 $39 $40 $28 Strong Balance Sheet $30 $20 $10 Free Cash Flow Support Growth Plans $0 2018 2019 2020 2021 2022 1 Free Cash Flow defined as cash from operating activities less capital expenditures and Free Cash Flow Conversion is defined as Free Cash Flow / cash from operating activities 2: Reflects 5 year average from 2018 through 2022 3: Non-GAAP metric is reconciled to nearest GAAP metric within the Company's 10-K as filed with the SEC © 2023 Douglas Dynamics, LLC ୧୧ 21 21#22DISCIPLINED, CONSISTENT CAPITAL ALLOCATION STRATEGY Maintain & Grow Dividend Organic Growth Strong Balance Sheet Disciplined Acquisitions Dividend Yield = ~ 5% • Sustainable & Growing Dividend 15 Dividend Increases in 13 Years Continue Organic Investments • Vertical Integration & New Product Introductions • • Target Leverage Ratio Of 1.5X - 3.0X 80% of Variable Interest Risk Mitigated with Swap Capital Structure Creates Liquidity to Pursue Strategic Assets © 2023 Douglas Dynamics, LLC • Financial Flexibility . ୧୧ Return Cash to Shareholders Initiated $50M Share Buyback in Spring 2022 222#23ROADMAP TO LONG-TERM VALUE CREATION Drive organic growth through diversification Innovation and diversification to further strengthen market position Execute effectively Delivering margin improvements via DDMS and evolving talent strategy Deliver long-term shareholder value Focused on delivering organic growth and a sustainable dividend © 2023 Douglas Dynamics, LLC FISHER wwwwww 23#24D DOUGLAS DYNAMICS 31.012 INVESTOR PRESENTATION BAIRD CONFERENCE - NOV. 2023 Bob McCormick - President and Chief Executive Officer Sarah Lauber - Executive Vice President, Chief Financial Officer