Element Fleet Management CorporationTSX: EFN

Supplementary Information (EFN Q3 2026 Supplemental vF)

Nov 3, 2026 at 5:47 PM EST · Issued by Element Fleet Management Corporation

Summary by 6ix AI

Element Fleet Management's supplementary financial information for the quarter ended September 30, 2026 shows net income attributable to common shareholders of US$127 million and diluted earnings per share of US$0.33.

Key details

Reported net revenue was US$321 million and operating income was US$179 million for the quarter ended September 30, 2026.
Adjusted operating income was US$182 million and adjusted diluted earnings per share was US$0.35 for the quarter. The company says adjusted results are non-GAAP measures with no standard meaning under IFRS accounting rules.
Adjusted free cash flow was US$174 million, or US$0.45 per diluted share, for the quarter ended September 30, 2026.
Vehicles under management, meaning unique vehicles receiving Element services or financed by Element, stood at 1,580 thousand at September 30, 2026.
Total return of capital to shareholders was US$84 million in the quarter, made up of US$42 million in common dividends and US$42 million in share repurchases. 2.44 million shares were bought back at a weighted average price of $24.82 in Canadian dollars.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/element-fleet-management-supplementary-information-efn-q3-2026-supplemental-vf

Watch Element Fleet Management's latest callElement Fleet Management (TSX:EFN) Q2 2026 Earnings Call · Replay · Aug 6 Read the transcript of Element Fleet Management (TSX:EFN) Q2 2026 Earnings Call

‌Supplementary Financial Information

Q3 2026

For the quarter ended September 30, 2026

For further information, please contact:

Sumit Malhotra - SVP & Head of Financial Performance [email protected]

(437) 343-7723

Crystal Zhu - Manager, Investor Relations [email protected]

(437) 341-3789

‌ TABLE OF CONTENTS

This supplementary information should be read in conjunction with the Company's Management Discussion & Analysis dated September 30, 2026.

Page

Selected Financial Information 1

Balance Sheet 2

Revenue 3

Gain on Sale under Operating Leases by Geography 3

Net Financing Revenue Excluding GOS 3

Credit Quality 3

Revenue Mix 4

Revenue by Geography 4

Service Revenue by Nature 4

Capital Light Revenue 4

Originations 5

VUM 5

AUM (End-of-Period) 5

Net Earning Assets by Geography (End-of-Period) 5

Return of Capital to Shareholders 6

Shareholder Information 6

Adjusted Free Cash Flow 7

Statement of Changes in Shareholders' Equity 8

‌SELECTED FINANCIAL INFORMATION
US$ Millions, except Percentages and per Share Amount	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Reported Results
Servicing Income, net	164	164	162	163	156	151	152	161	147	623	596	490	460	434
Net Financing Revenue	138	136	138	129	130	127	112	103	116	498	449	411	369	346
Syndication Revenue, net	19	17	24	21	20	12	12	6	17	64	43	60	43	37
Reported Net Revenue	321	317	324	313	306	290	276	271	280	1,186	1,088	961	872	817
Operating Expenses	142	161	157	216	139	139	135	141	139	629	545	460	412	403
Operating Income	179	156	166	97	167	152	141	130	140	557 543		500	460	413
Operating Margin	55.7%	49.2%	51.3%	31.0%	54.6%	52.2%	51.0%	47.9%	50.2%	47.0% 49.9%		52.1%	52.7%	50.6%
Total Expenses	151	170	167	224	147	147	139	149	146	656 574		487	433	425
Income Before Income Taxes	170	147	157	90	160	143	136	121	134	529 514		474	440	392
Net Income Attributable to Common Shareholders	127	111	119	(61)	125	112	102	92	99	279	387	357	340	295
Earnings per Share (EPS) - Diluted	$0.33	$0.28	$0.30	($0.15)	$0.31	$0.28	$0.25	$0.23	$0.24	$0.69	$0.95	$0.90	$0.84	$0.72
Earnings per Share (EPS) - Diluted ($CAD)	$0.46	$0.39	$0.41	($0.21)	$0.43	$0.39	$0.36	$0.32	$0.33	$0.98	$1.30	$1.25	$1.18	$0.98
Adjusted Results1
Servicing Income, net	164	164	162	163	156	151	152	161	147	623	596	490	460	434
Net Financing Revenue	138	136	138	129	130	127	112	103	116	498	449	411	369	346
Syndication Revenue, net	19	18	24	21	20	12	12	6	17	64	43	61	43	37
Adjusted Net Revenue2	321	318	324	313	306	290	276	271	280	1,186	1,088	962	872	817
Salaries, Wages and Benefits	85	87	90	83	78	74	75	76	73	310	298	262	227	222
General and Administrative Expenses	35	37	35	38	34	38	34	35	30	143	129	107	106	94
Depreciation and Amortization	18	18	17	17	17	16	16	16	15	66	59	53	49	44
Adjusted Operating Expenses3	139	141	142	138	129	128	125	128	118	520	486	421	382	359
Adjusted Operating Income (AOI)	182	177	182	176	178	162	151	143	161	666	601	541	490	458
Adjusted Operating Margin4	56.8%	55.6%	56.2%	56.0%	58.0%	55.8%	54.7%	52.9%	57.7%	56.2%	55.3%	56.2%	56.2%	56.1%
Adjusted Net Income Attributable to Common Shareholders	138	134	137	132	134	121	113	108	120	500	451	409	367	343
Adjusted EPS [Diluted]	$0.35	$0.34	$0.35	$0.33	$0.33	$0.30	$0.28	$0.27	$0.29	$1.24	$1.10	$1.04	$0.91	$0.84
Adjusted EPS [Diluted] ($CAD)	$0.49	$0.47	$0.47	$0.46	$0.46	$0.42	$0.40	$0.37	$0.40	$1.74	$1.51	$1.43	$1.28	$1.15
Other Highlights
Originations	1,693	1,724	1,453	1,351	1,722	1,894	1,509	1,498	1,716	6,477	6,732	4,870	5,125	5,234
Vehicles Under Management (VUM)1,5 - End of Period	1.580	1.561	1.565	1.555	1.530	1.512	1.514	1.517	1.497	1.555	1.517	1.580	1.530	1.497
Adjusted Free Cash Flow per Share1 - [Diluted]	$0.45	$0.39	$0.45	$0.39	$0.42	$0.40	$0.36	$0.30	$0.36	$1.57	$1.35	$1.29	$1.18	$1.06
Adjusted Free Cash Flow per Share1 - [Diluted] ($CAD)	$0.62	$0.53	$0.62	$0.53	$0.58	$0.56	$0.52	$0.41	$0.49	$2.18	$1.85	$1.77	$1.66	$1.44
Weighted Average Common Shares Outstanding - Basic	391.0	394.7	398.1	399.9	401.0	401.7	403.5	404.6	403.6	401.5	396.9	394.6	402.1	394.3
Weighted Average Common Shares Outstanding - Diluted	391.1	394.9	398.3	399.9	401.3	401.9	403.7	404.7	403.8	401.7	404.2	394.7	402.2	403.8
Avg. Common Equity	2,710	2,730	2,752	2,823	2,827	2,776	2,731	2,769	2,781	2,789	2,770	2,731	2,778	2,771
Adjusted Return on Equity (ROE)1 - [Diluted]	20.2%	19.6%	20.3%	18.6%	18.8%	17.5%	16.7%	15.4%	16.9%	17.9%	16.0%	20.0%	17.7%	16.2%

1 Adjusted results are non-GAAP or supplemental financial measures, which do not have any standard meaning prescribed by GAAP under IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. For further information, please see the "IFRS to Non-GAAP Reconciliations" section in the Company's Management Discussion & Analysis, as at and for the three and nine-month periods ended September 30, 2026. The Company uses "Adjusted Results" because it believes that they provide useful information to investors regarding its performance and results of operations.

2 Adjusted net revenue is calculated as net revenue plus or minus items that management believes are not reflective of underlying operating performance.

3 Adjusted operating expenses are calculated as operating expenses less one-time strategic initiatives costs, share-based compensation, and other expenses that are non-recurring in nature.

4 Calculated as adjusted operating income divided by adjusted net revenue.

5 Commencing Q4 2024, VUM includes units associated with Autofleet and commencing Q4 2025, VUM includes units associated with Car IQ.

‌BALANCE SHEET
US$ Millions, as at Period End	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24
ASSETS
Cash	133	203	267	159	169	144	498	129	65
Restricted Funds	277	302	395	345	359	327	283	280	272
Finance Receivables	7,755	7,647	7,838	8,316	8,545	8,446	7,692	7,570	7,607
Equipment under Operating Leases	3,024	3,006	2,852	2,836	2,737	2,645	2,428	2,435	2,537
Accounts Receivable and Other Assets	365	311	250	245	214	248	185	202	178
Derivative Financial Instruments	101	55	65	70	92	71	97	98	71
Property, Equipment and Leasehold Improvements, net	113	116	117	119	105	105	109	113	115
Intangible Assets, net	585	594	603	615	618	626	629	642	625
Deferred Tax Assets	107	112	105	112	211	216	201	201	211
Goodwill	1,066	1,065	1,065	1,066	1,033	1,034	1,031	1,030	956
Total Assets	13,526	13,411	13,557	13,884	14,083	13,862	13,153	12,701	12,639
LIABILITIES AND SHAREHOLDERS' EQUITY
LIABILITIES
Accounts Payable and Accrued Liabilities	1,088	1,100	1,103	1,249	1,477	1,362	1,228	1,338	1,154
Derivative Financial Instruments	52	40	38	70	115	141	34	22	67
Borrowings	9,518	9,431	9,565	9,707	9,502	9,442	9,046	8,464	8,472
Convertible Debenture	-	-	-	-	-	-	-	-	-
Deferred Tax Liabilities	191	174	156	138	161	142	123	103	171
Total Liabilities	10,849	10,745	10,861	11,164	11,255	11,086	10,432	9,926	9,864
Shareholders' Equity Attributable to Common Shareholders	2,675	2,665	2,696	2,720	2,829	2,775	2,721	2,774	2,775
Non-Controlling Interest	2	1
SHAREHOLDERS' EQUITY	2,677	2,666	2,696	2,720	2,829	2,775	2,721	2,774	2,775
Total Liabilities and Shareholders' Equity	13,526	13,411	13,557	13,884	14,083	13,862	13,153	12,701	12,639
Other Highlights
Client Pass Through1	7,643	7,325	7,691	8,037	8,079	7,653	7,027	7,036	7,800
Operating Debt	1,604	1,836	1,690	1,502	1,266	1,644	1,882	1,295	547
Total Debt	9,246	9,161	9,381	9,539	9,345	9,297	8,909	8,331	8,347
Client Pass Through Debt as a Percentage of Total Debt	82.7%	80.0%	82.0%	84.3%	86.4%	82.3%	78.9%	84.5%	93.4%
Total Net Debt	8,836	8,657	8,719	9,035	8,817	8,826	8,128	7,922	8,010
Debt-to-Capital2	76.7%	76.5%	76.4%	76.9%	75.7%	76.1%	74.9%	74.1%	74.3%

1 Total debt tied to funding safe, client mission-critical assets with a track record of historically low credit losses in the range of 1-2 basis points annually.

2 Our debt-to-capital ratio serves as the primary measure for assessing the Company's leverage.

‌GAIN ON SALE OF EQUIPMENT UNDER OPERATING LEASES BY GEOGRAPHY
US$ Millions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Gain on Sale of Equipment under Operating Leases	20	28	29	24	27	32	26	21	27	109	99	76	85	78
Australia & New Zealand	11	10	13	12	15	17	15	14	18	59	61	34	47	47
Mexico	9	15	11	11	11	14	10	7	8	45	35	34	35	29
US & Canada	-	3	5	1	1	2	1	-	1	5	3	8	4	3

NET FINANCING REVENUE EXCLUDING GOS
US$ Millions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025 2024	YTD26	YTD25	YTD24
Net Financing Revenue (excluding GOS)	118	108	109	105	103	95	86	82	89	389 350	335	284	267
Net Financing Revenue Yield (excluding GOS)	5.76%	5.12%	4.98%	4.75%	4.85%	4.77%	4.58%	4.17%	4.41%	4.73% 4.38%	5.29%	4.72%	4.45%
Average Net Earning Assets	8,139	8,482	8,840	8,793	8,533	7,988	7,618	7,848	8,060	8,233 7,980	8,487	8,046	8,024

CREDIT QUALITY
US$ Millions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Provision for Credit Losses	0.2	4.6	4.6	2.9	(0.4)	1.4	1.0	0.7	0.9	5.0	1.6	9.4	2.1	0.9
Allowance for Credit Losses	19.6	19.6	15.3	10.8	8.5	8.9	7.1	6.2	6.1	10.8	6.2	19.6	8.5	5.4
Gross Finance Receivables	7,774	7,667	7,853	8,327	8,554	8,454	7,699	7,576	7,613	8,327	7,576	7,774	8,554	7,775
ACL as a % of Gross Finance Receivables	0.25%	0.26%	0.20%	0.13%	0.10%	0.10%	0.09%	0.08%	0.08%	0.13%	0.08%	0.25%	0.10%	0.07%

‌REVENUE BY GEOGRAPHY (%)1
	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
US & Canada
Service Revenue	59%	61%	59%	59%	60%	64%	67%	64%	63%	62%	67%	60%	64%	70%
Net Financing Revenue	30%	31%	30%	32%	31%	31%	28%	29%	29%	30%	27%	30%	30%	25%
Syndication Revenue	11%	8%	11%	9%	9%	6%	6%	8%	8%	7%	7%	10%	7%	6%
Australia & New Zealand
Service Revenue	27%	29%	27%	29%	26%	24%	25%	23%	23%	26%	25%	28%	25%	27%
Net Financing Revenue	73%	71%	73%	71%	74%	76%	75%	77%	77%	74%	75%	72%	75%	73%
Syndication Revenue	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%
Mexico
Service Revenue	26%	26%	26%	22%	25%	21%	24%	29%	26%	23%	27%	26%	23%	26%
Net Financing Revenue	74%	74%	74%	78%	75%	79%	76%	71%	74%	77%	73%	74%	77%	74%
Syndication Revenue	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%	-%

1 Totals may not add to 100% due to rounding

SERVICE REVENUE BY NATURE
	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
US & Canada
Usage Based Service Revenue	78%	79%	77%	79%	77%	76%	76%	77%	77%	77%	77%	78%	76%	76%
Recurring Service Revenue	22%	21%	23%	21%	23%	24%	24%	23%	23%	23%	23%	22%	24%	24%
Australia & New Zealand
Usage Based Service Revenue	24%	28%	27%	22%	24%	30%	33%	29%	25%	27%	29%	26%	29%	30%
Recurring Service Revenue	76%	72%	73%	78%	76%	70%	67%	71%	75%	73%	71%	74%	71%	70%
Mexico
Usage Based Service Revenue	64%	63%	70%	49%	44%	38%	53%	58%	50%	46%	58%	66%	45%	59%
Recurring Service Revenue	36%	37%	30%	51%	56%	62%	47%	42%	50%	54%	42%	34%	55%	41%

CAPITAL LIGHT REVENUE COMPONENTS
US$ Millions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Revenue
Core Syndication Revenue	19	16	24	21	20	12	12	11	17	64	48	59	43	37
Alternative Funding Revenue2	-	2	-	-	-	-	-	(5)	-	-	(5)	2	-	-
Service Revenue	164	164	162	163	156	151	152	161	147	623	596	490	460	434
Total Capital Light Revenue	183	182	186	184	176	163	164	168	164	687	638	551	503	471
Total Capital Light Revenue as a Percentage of Adjusted Net Revenue	57%	57%	57%	59%	58%	56%	60%	62%	58%	58%	59%	57%	58%	58%
Core Syndication Volume	806	634	867	666	632	537	574	693	1,004	2,408	3,126	2,307	1,742	2,433
Alternative Funding Volume2	-	729	-	-	-	-	-	342	-	-	342	729	-	-
Core Syndication Yield	2.4%	2.5%	2.8%	3.2%	3.2%	2.2%	2.1%	1.6%	1.7%	2.7%	1.5%	2.6%	2.5%	1.5%

2 Alternative funding represents arrangements outside the Company's traditional syndication channel, including the Blackstone transaction completed in Q4 2024 and the equity residual transaction completed in Q2 2026. Prior periods have been reclassified to conform with current presentation.

‌ORIGINATIONS
US$ Millions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Originations (excluding Armada)	1,693	1,724	1,453	1,351	1,722	1,894	1,509	1,498	1,716	6,477	6,732	4,870	5,125	5,234
US & Canada	1,247	1,269	1,087	934	1,275	1,512	1,195	1,061	1,363	4,917	5,206	3,602	3,982	4,146
Australia & New Zealand	122	110	95	116	105	97	99	134	133	417	490	327	301	356
Mexico	324	346	271	301	342	285	215	303	220	1,143	1,035	941	842	732

VUM
Thousands	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
VUM1	1,580	1,561	1,565	1,555	1,530	1,512	1,514	1,517	1,497	1,555	1,517	1,580	1,530	1,497
Service Only	953	935	927	911	879	861	861	860	838	911	860	953	879	838
Serviced & Financed	610	605	615	621	622	618	617	619	620	621	619	610	622	620
Financed Only	17	21	23	24	29	33	37	38	39	24	38	17	29	39
eVUM2	167	151	138	129	123	107	101	95	89	129	95	167	123	89

1 Every "VUM" is one unique vehicle (a) receiving or subscribed to one or more Element services, and/or (b) financed by Element, whether or not subsequently syndicated. Commencing Q4 2024 and Q4 2025 includes Autofleet and Car IQ, respectively. We released approximately 206,200 VUM between Q2 2023 and Q1 2024 in relation to our move to end the provision of certain white-label services to competitors. These VUM are not adjusted out of these figures.

2 Included in total VUM count, noted above.

eVUM consists of battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs) and hydrogen vehicles

ASSETS UNDER MANAGEMENT
US$ Billions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Assets Under Management	15.1	14.8	14.6	14.8	14.9	14.7	14.0	13.9	13.9	14.8	13.9	15.1	14.9	13.9
Syndicated Assets	5.8	5.7	5.1	4.8	4.9	4.9	5.1	5.3	5.0	4.8	5.3	5.8	4.9	5.0
Interim Funded Assets	1.2	1.2	1.1	1.1	1.2	1.5	1.3	1.2	1.1	1.1	1.2	1.2	1.2	1.1
Net Earning Assets (NEAs)	8.1	7.9	8.4	8.9	8.8	8.3	7.6	7.4	7.8	8.9	7.4	8.1	8.8	7.8
NEA & Quarterly Changes	8.1	7.9	8.4	8.9	8.8	8.3	7.6	7.4	7.8	8.9	7.4	8.1	8.8	7.8
Activations	1.7	1.6	1.3	1.6	1.9	1.7	1.5	1.6	1.8	6.7	6.8	4.6	5.1	5.2
Syndication	(0.8)	(1.3)	(0.9)	(0.7)	(0.6)	(0.6)	(0.6)	(1.0)	(1.0)	(2.5)	(3.5)	(3.0)	(1.8)	(2.5)
Amortizations	(0.5)	(0.5)	(0.6)	(0.6)	(0.6)	(0.6)	(0.5)	(0.5)	(0.5)	(2.3)	(2.1)	(1.6)	(1.7)	(1.6)
Dispositions	(0.1)	(0.2)	(0.3)	(0.3)	(0.2)	(0.2)	(0.2)	(0.2)	(0.5)	(0.9)	(1.0)	(0.6)	(0.6)	(0.8)
FX	(0.1)	0.1	-	0.1	-	0.4	-	(0.3)	(0.1)	0.5	(0.4)	-	0.4	(0.1)
Syndicated Assets & Quarterly Changes	5.8	5.7	5.1	4.8	4.9	4.9	5.1	5.3	5.0	4.8	5.3	5.8	4.9	5.0
Syndication	0.7	1.3	0.9	0.7	0.6	0.5	0.6	1.0	1.0	2.4	2.5	2.9	1.7	2.5
Amortization	(0.4)	(0.4)	(0.5)	(0.5)	(0.5)	(0.6)	(0.6)	(0.6)	(0.6)	(2.1)	(2.0)	(1.3)	(1.7)	(1.6)
Dispositions	(0.2)	(0.3)	(0.2)	(0.2)	(0.2)	(0.2)	(0.1)	(0.2)	(0.2)	(0.7)	(0.6)	(0.7)	(0.5)	(0.5)
FX	-	-	-	-	-	-	-	-	(0.1)	-	(0.1)	-	-	0.1

END-OF-PERIOD NET EARNING ASSETS BY GEOGRAPHY
US$ Billions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Net Earning Assets	8.1	7.9	8.4	8.9	8.8	8.3	7.6	7.4	7.8	8.9	7.4	8.1	8.8	7.8
US & Canada	4.0	3.9	4.6	5.1	5.1	4.8	4.4	4.1	4.5	5.1	4.1	4.0	5.1	4.5
Australia & New Zealand	1.4	1.3	1.3	1.3	1.3	1.3	1.2	1.2	1.3	1.3	1.2	1.4	1.3	1.3
Mexico	2.7	2.7	2.5	2.5	2.4	2.2	2.0	2.1	2.0	2.5	2.1	2.7	2.4	2.0

‌RETURN OF CAPITAL
US$ Millions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Common Dividends (Settled)	42	43	37	37	38	37	37	35	35	149	139	122	112	69
Preferred Share Redemptions	-	-	-	-	-	-	-	-	95	-	186	-	-	91
Share Repurchases (Settled)	42	120	57	34	23	23	40	3	-	120	11	219	87	7
Total Return of Capital	84	163	94	71	61	61	77	39	130	269	336	341	199	167
Total Return of Capital as a Percentage of Adjusted Free Cash Flow	48%	107%	52%	46%	37%	37%	53%	32%	90%	43%	61%	67%	42%	39%

COMMON DIVIDEND PER SHARE ($CAD)
Common Dividends	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Common Dividends per Share (in $CAD)	$0.15	$0.15	$0.15	$0.13	$0.13	$0.13	$0.13	$0.13	$0.12	$0.52	$0.49	$0.45	$0.39	$0.36
Annualized Common Dividend per Share as a % of LTM FCF per Share	25.8%	26.3%	26.4%	23.8%	25.2%	26.3%	26.8%	28.0%	27.0%	23.7%	27.0%	26.2%	26.1%	26.9%

SHARE REPURCHASES UNDER NCIB
Millions (except Share Amounts)	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Shares Repurchased	2.44	5.83	2.29	1.29	0.94	0.95	2.18	0.18	0.00	5.37	0.63	10.55	4.07	0.45
Weighted Avg. Repurchased Share Price - $CAD	$24.82	$28.26	$33.33	$36.64	$36.26	$29.94	$28.55	$28.51	$0.00	$32.10	$23.77	$28.56	$30.66	$21.95
Cost of Repurchases - $CAD	60.49	165.00	76.30	47.40	34.17	28.47	62.17	5.00	0.00	172.21	14.99	301.79	124.82	9.99
Shares Issued in the Period on Exercise of Options	-	0.07	0.08	-	-	0.01	-	-	-	0.01 -		0.15	0.01	0.31
Shares Issued in the Period on Exercise of Convertible Debentures	-	-	-	-	-	-	-	-	-	-	14.6	-	-	14.6
Shares Issued and Outstanding at Period End	388.9	391.3	397.1	399.3	400.5	401.4	402.4	404.5	403.6	399.3	404.5	388.9	400.5	403.6

SHAREHOLDER INFORMATION
Share Price ($CAD)	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024	YTD26	YTD25	YTD24
Closing Share Price	$22.65	$29.27	$30.17	$36.05	$36.04	$34.11	$28.61	$29.06	$28.76	$36.05	$29.06	$22.65	$36.04	$28.76
High	$32.20	$33.01	$36.29	$38.26	$38.16	$34.30	$29.63	$30.49	$28.89	$38.26	$30.49	$36.29	$38.16	$28.89
Low	$22.51	$26.00	$29.95	$34.46	$33.57	$25.00	$25.00	$26.51	$24.53	$25.00	$18.80	$22.51	$25.00	$18.80
Average	$27.84	$29.35	$33.40	$36.66	$36.28	$31.47	$28.57	$29.07	$26.90	$33.26	$25.38	$30.18	$32.12	$24.17

‌ADJUSTED FREE CASH FLOW TO SHAREHOLDERS

US$ Millions (except per Share Amounts)

Q3/26

Q2/26

Q1/26

Q4/25

Q3/25

Q2/25

Q1/25

Q4/24

Q3/24

2025

2024

YTD26

YTD25

YTD24

Adjusted Operating Income (AOI)1 Adjust for Non-Cash Items in AOI:

Depreciation and Amortization, net of non-recurring items Amortization of Deferred Lease Costs

Amortization of Debt Issue Costs Provision for Credit Losses

Adjust for Cash Items not Included in AOI:

X. Amortization of Deferred Revenue

Y. Cash Revenue Received in the Period, Recognition of which is Deferred

Z. Lease Costs Incurred in the Period, Recognition of which is Deferred

X. + Y. + Z. =

182

(9)

177

(16)

182

(3)

176

(11)

178

(6)

162

151

(2)

143

(10)

161

(8)

666

(14)

601

(25)

541

(29)

490

(2)

458

(15)

Cash from Operations

Subtract Required Cash Expenses: Sustaining Capital Investments Preferred Share Dividends Cash Taxes

204

(10)

- (19)

196

(10)

- (33)

214

(8)

- (25)

197

(23)

- (19)

201

(13)

- (21)

194

(10)

- (22)

176

(5)

- (26)

161

(19)

- (22)

182

(12)

(1)

(23)

768

(50)

- (89)

682

(54)

(7)

(74)

613

(28)

- (77)

571

(27)

- (70)

522

(34)

(7)

(52)

Adjusted Free Cash Flow

Weighted Avg. # of Common Shares Outstanding - [Diluted]

174

391.1

153

394.9

181

398.3

154

399.9

167

401.3

162

401.9

145

403.7

120

404.7

145

403.8

629

401.7

547

404.2

508

394.7

474

402.2

429

403.8

Adjusted Free Cash Flow per Common Share Outstanding1 - [Diluted]

Australia Cash Tax Payments Growth Capital Investments

$0.45

(5)

$0.39

(7)

$0.45

(4)

$0.39

(11)

$0.42

(4)

$0.40

(3)

$0.36

(2)

$0.30

(47)

(4)

$0.36

(6)

$1.57

(21)

$1.35

(47)

(23)

$1.29

$1.18

$1.06

(16)

(9)

(20)

Free Cash Flow Available after All Capital Investments

169

146

177

143

163

159

143

139

608

477

492

465

409

‌STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
US$ Millions	Q3/26	Q2/26	Q1/26	Q4/25	Q3/25	Q2/25	Q1/25	Q4/24	Q3/24	2025	2024
Beginning Balance	2,666	2,696	2,720	2,829	2,775	2,721	2,774	2,775	2,908	2,774	2,944
Comprehensive Income for the Period	96	131	78	(37)	115	112	25	18	(2)	215	27
Dividends
Preferred Shares	-	-	-	-	-	-	-	-	(1)	-	(7)
Common Shares	(42)	(42)	(43)	(38)	(38)	(38)	(36)	(37)	(36)	(150)	(142)
Redemption of Preferred Shares	-	-	-	-	-	-	-	-	(95)	-	(186)
Conversion of Convertible Debentures	-	-	-	-	-	-	-	-	-	-	125
Issuance of Shares, net of Share Issue Costs	-	-	-	-	-	-	-	-	-	-	-
Options Exercised	-	1	-	-	-	-	-	1	-	-	2
Matured Convertible Debentures	-	-	-	-	-	-	-	-	-	-	-
Recognition on acquisition	1	1	-	-	-	-	-	21	-	-	21
Compensation - Escrowed Shares	-	1	-	1	1	1	1	2	-	3	2
Vesting of Escrowed Shares	-	-	-	-	-	-	-	-	-	-	-
Shares Repurchased for Cancellation	(44)	(121)	(59)	(34)	(25)	(20)	(43)	(4)	-	(122)	(11)
Ending Balance	2,677	2,666	2,696	2,720	2,829	2,775	2,721	2,774	2,775	2,720	2,774

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