Element reports record second quarter results, raises full year 2024 guidance, announces strategic acquisition

^{Amounts in US$ unless otherwise stated}

• Record quarterly net sales of US$274.6 million adjusted earnings per share of the US$0.29 and US adjusted free cash flow per share$0.38
• Robust net sales growth of 14.1% led by double-digit growth in net financing and service income year-on-year; and up 4.6% of a strong Q1 2024
• Reports record volume of origin; up 28.2% from Q1 2024 and later 4.6% from Q2 2023
• Raises full year 2024 guidance on most metrics due to robust performance in the first half of 2024
• First-ever goal unveiled: Move the world through intelligent mobility
• Accelerates digitalization and automation capabilities with the execution of a definitive agreement to acquire Autofleet Solutions Ltd. (“Autofleet”)

TORONTO, Aug. 13, 2024 (GLOBE NEWSWIRE) — Element Fleet Management Corp. (TSX:EFN) (“Element” or the “Company”), the world’s largest publicly traded, pure-play fleet management company, today announced strong financial and operating results for the three months ended June 30, 2024.

Unless otherwise stated, selected Element financial results in the table below are presented in U.S. dollars.