Element Announces Renewal of Normal Course Issuer Bid

Executive Summary

• Element Fleet Management Corp. received TSX approval to renew its NCIB, authorizing the purchase of up to 39,930,568 common shares (≈10% of public float) between 20 Nov 2025 and 19 Nov 2026.
• The company will fund the buy‑back with existing cash, cancel repurchased shares, and expects the program to be a “desirable use of funds” and in shareholders’ best interests.
• An Automatic Securities Purchase Plan (ASPP) will be entered into with an independent broker to allow purchases during blackout periods, enhancing flexibility in executing the NCIB.

Key Details

• NCIB Authorization: Up to 39,930,568 common shares (~10% of public float).
• Purchase Window: Commences 20 Nov 2025; ends on the earlier of 19 Nov 2026 or completion of purchases.
• Daily Purchase Limit: 146,679 shares (based on average daily volume of 586,717 over six months ended 31 Oct 2025).
• Current Share Statistics (as of 6 Nov 2025): 400,206,542 issued & outstanding; public float 399,305,689.
• Funding: Entirely from existing cash resources; repurchased shares will be cancelled.
• Previous NCIB (20 Nov 2024 – 19 Nov 2025): Authorized up to 40,386,699 shares; 4,806,957 shares repurchased at VWAP $31.32 per share (through 10 Nov 2025).
• ASPP Arrangement: Independent designated broker may purchase shares during internal blackout periods under parameters set by management; effective ≈18 Nov 2025.
• ASPP Termination Triggers: (a) ASPP purchase limit reached, (b) NCIB purchase limit reached, (c) Company terminates ASPP, or (d) NCIB terminates.

Notable Quotes

(No direct quotes were provided in the release.)