Tennant : Reports 2024 First-Quarter

Earnings Release Call

First Quarter 2024 Results

May 3, 2024

I N V E S T O R S . T E N N A N T C O . C O M

SAFE HARBOR STATEMENT

Certain statements contained in this document are considered "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements do not relate to strictly historical or current facts and provide current expectations or forecasts of future events. Any such expectations or forecasts of future events are subject to a variety of factors. These include factors that affect all businesses operating in a global market as well as matters specific to us and the markets the Company serves. Particular risks and uncertainties presently facing it include: economic uncertainty throughout the world; geopolitical tensions or health epidemics; the Company's ability to comply with global laws and regulations; the Company's ability to adapt pricing to the competitive marketplace and customer pricing sensitivities; the competition in the Company's business; fluctuations in the cost, quality or availability of raw materials and purchased components; increasing cost pressures; unforeseen product liability claims or product quality issues; the Company's ability to attract, retain and develop key personnel and create effective succession planning strategies; the Company's ability to effectively develop and manage strategic planning and growth processes and the related operational plans; the Company's ability to successfully upgrade and evolve its information technology systems; the Company's ability to successfully protect our information technology systems from cybersecurity risks; the occurrence of a significant business interruption; the Company's ability to maintain the health and safety of its workers; the Company's ability to integrate acquisitions; and the Company's ability to develop and commercialize new innovative products and services. We caution that forward-looking statements must be considered carefully and that actual results may differ in material ways due to risks and uncertainties both known and unknown. Information about factors that could materially affect the Company's results can be found in our 2023 Form 10-K. Shareholders, potential investors and other readers are urged to consider these factors in evaluating forward- looking statements and are cautioned not to place undue reliance on such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Investors are advised to consult any further disclosures by the Company in its filings with the Securities and Exchange Commission and in other written statements on related subjects. It is not possible to anticipate or foresee all risk factors, and investors should not consider any list of such factors to be an exhaustive or complete list of all risks or uncertainties.

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ExecutiveExecutiveSummarySummary

• First quarter organic sales growth of 0.9%

4.6% price growth and -3.7% volume decline

• First quarter gross margin increased 320 bps to 44.2%
• First quarter adjusted EBITDA margin increased 200 bps to 17.7%
• Reaffirm 2024 full-year guidance

First-Quarter Results

Net Sales

Adj. EBITDA*

Adj. Diluted EPS*

$311.0M $54.9M $1.81/share

+0.9% Organic Growth

17.7% Adj. EBITDA Margin

+24.8% higher than Q1 2023

	*Non-GAAP Measures: refer to the Appendix of this presentation for additional information and reconciliation
In millions of USD, except adjusted diluted EPS
Tennant Company Earnings Release Call | First Quarter 2024	3

Enterprise Growth Strategy

2024-2026

GROWTH

Customer-focused new product innovation

Channel expansion and new go- to-market opportunities

Price growth across product categories

M&A Strategy

PERFORMANCE

Modernize existing ERP systems and create a scalable digital infrastructure

Accelerate our sustainability

progress by embedding our Thriving People, Healthy Planet

framework across entire enterprise

PEOPLE

Invest in our employee value proposition to attract, retain and develop top talent

Above-market growth rates

Tennant Company Earnings Release Call | First Quarter 2024

Continued margin

improvements

Target 100% FCF

Conversion

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X4 ROVR - First Purpose-Built, Fully Autonomous

Executive Summary

Floor Cleaning Machine

X4 ROVR

Small size, versatile, and efficient

high-performance design

Expected to yield

a dramatic acceleration in

adoption

Drives a step change in

customer ROI

• First machine to be released under exclusive technology agreement with Brain Corp
• Powered by the next generation BrainOS® Robotics Platform, available exclusively on Tennant Company AMR machines

X4 ROVR

In millions of USD, except adjusted diluted EPS

Tennant Company Earnings Release Call | First Quarter 2024

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Tennant Company Launches International Expansion of the i-mop Family of Products

Tennant-brandedi-mop® Lite and i-mop® XL Plus scrubber products will be available in Brazil, France, Portugal and Spain.

The complete i-mop line gives facilities the productivity and performance boost of mechanized cleaning with maneuverability for small, occupied spaces, enabling them to achieve a consistently deeper clean with less time, less water, and less effort.

The international expansion of the i-mop family of products illustrates Tennant Company's strategy

to expand accessibility of our small-space portfolio, offering a broader range of customers the opportunity to elevate their cleaning needs.

Tennant Company Earnings Release Call | First Quarter 2024

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Strategic M&A Priorities Aligned to Enterprise Strategy

Defend & Grow

Cleaning Core

Drive Value Through Connected Autonomy

Expand Equipment Portfolio into Select Adjacencies

Maintain and Enhance

Strong Margins & Growth

Drive Industry Disruption to Gain Share and Increase Recurring

Revenue Models

Diversify & Grow

Addressable Market

Sustained

Value-Add

Expand Margins

Accelerate Growth

Enhance Resilient Revenue

Grow TAM

Tennant Company Earnings Release Call | First Quarter 2024

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Tennant Company Acquires Long-Time Distributor to Accelerate Growth in Central and Eastern Europe

Tennant acquired M&F Management and Financing GmbH, the parent company of Tennant Company's largest Central and Eastern Europe distributor.

Gives Tennant an established direct channel into countries including Romania, Hungary, Czech Republic, and Slovakia, along with an expanded network in Austria, Switzerland, and Poland.

The acquisition is consistent with Tennant Company's strategy to invest in companies with

commercial capabilities that can be leveraged to connect to expanded markets.

Tennant Company Earnings Release Call | First Quarter 2024

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Tennant to Host Investor Day on May 13, 2024

Monday, May 13, 2024

9 am ET

New York Stock Exchange

18 Broad Street

New York, NY

Register at

investors.tennantco.com

Members of the executive management team will share a detailed view of the

Company's growth and innovation plans and provide an update on its long-term

enterprise strategy.

Speakers include:

• Dave Huml - President & Chief Executive Officer
• Rusty Zay - Senior Vice President & Chief Commercial Officer
• Pat Schottler - Senior Vice President, Innovation & Technology
• Reilly Goodwin - Senior Director, Sustainability & ESG
• Fay West - Senior Vice President & Chief Financial Officer

Elevate Growth, Performance & People

100% FCF

Conversion

Tennant Company Earnings Release Call | First Quarter 2024

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Tennant Company

Financial Results

First Quarter 2024

I N V E S T O R S . T E N N A N T C O . C O M	10