Wajax : 2024 TD Securities Infrastructure Services Conference (March 26, 2024)

Wajax Corporation

Investor Presentation

CAUTIONARY STATEMENT

REGARDING FORWARD-LOOKING INFORMATION

This presentation contains certain forward-looking statements and forward-looking information, as defined in applicable securities laws (collectively, "forward-looking statements"). These forward-looking statements relate to future events or the future performance of Wajax Corporation (the "Corporation" or "Wajax"). All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "anticipates", "intends", "predicts", "expects", "is expected", "scheduled", "believes", "estimates", "projects" or "forecasts", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors beyond the Corporation's ability to predict or control which may cause actual results, performance and achievements to differ materially from those anticipated or implied in such forward-looking statements. To the extent any forward-looking information in this presentation constitutes future-oriented financial information or financial outlook within the meaning of applicable securities law, such information is being provided to demonstrate the potential of the Corporation and readers are cautioned that this information may not be appropriate for any other purpose. There can be no assurance that any forward-looking statement will materialize. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this presentation are made as of the date of this presentation, reflect Wajax management's current beliefs and are based on information currently available to Wajax management. Although Wajax management believes that the expectations represented in such forward-looking statements are reasonable, there is no assurance that such expectations will prove to be correct. Specifically, this presentation includes forward-looking statements regarding, among other things: our focus on six strategic priorities for 2024: continuing to build a "people first" company, growing Wajax's existing business with a focus on parts, service and margin improvement, unlocking the potential of Wajax's enhanced direct relationship with Hitachi, acquiring industrial parts and engineered repair services ("ERS") businesses, improving cost structure and processes, and continuing Wajax's enterprise resource planning ("ERP") system rollout and additional technology improvements; our 2024 capital priorities: investing in organic growth to support working capital and maintenance needs, growing shareholder returns and funding dividend payments, investing in accretive and strategic acquisitions with a focus on industrial parts and ERS businesses, and debt repayment, including our target leverage rage of 1.5 - 2.0x; the expected benefits to Wajax as the sole Canadian distribution partner of Hitachi, including an expanded direct distribution strategy, enhanced access to key products and parts, better sales pipeline visibility with increased multi-unit potential, a direct product support relationship, and an evolving differentiated product line; Wajax's expectation that its reinvigorated relationship with Hitachi will help drive near-, mid- and long-term growth in equipment sales and product support; our view that industrial parts and services is a higher margin, less cyclical business line, with strong growth potential; our disciplined approach to industrial parts and ERS acquisitions, including targeted parts and services categories, the attributes of the acquisition targets upon which we focus, and the financial and other criteria which we apply when considering acquisition targets; our intention to prudently manage our leverage to support growth; our sustainability roadmap, including its primary environmental, social and governance priorities; our view that we have significant growth potential across all our business lines; and our focus on growing revenue and driving enhanced operational leverage. These statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions regarding: the absence of significant negative changes to general business and economic conditions; limited negative fluctuations in the supply and demand for, and the level and volatility of prices for, oil, natural gas and other commodities; the stability of financial market conditions, including interest rates; the ability of Hitachi and Wajax to develop and execute successful sales, marketing and other plans related to the expanded direct distribution relationship which took effect on March 1, 2022; our continued ability to execute our strategic priorities, including our ability to execute on our organic growth priorities, complete and effectively integrate industrial parts and ERS acquisitions, and successfully implement new information technology platforms, systems and software, such as our ERP system; the future financial performance of the Corporation; limited fluctuations in our costs; the level of market competition; our continued ability to attract and retain skilled staff; our continued ability to procure quality products and inventory; and our ongoing maintenance of strong relationships with suppliers, employees and customers. The foregoing list of assumptions is not exhaustive. Factors that may cause actual results to vary materially include, but are not limited to: a continued or prolonged deterioration in general business and economic conditions; negative fluctuations in the supply and demand for, and the level of prices for, oil, natural gas and other commodities; a continued or prolonged decrease in the price of oil or natural gas; the inability of Hitachi and Wajax to develop and execute successful sales, marketing and other plans related to the expanded direct distribution relationship which took effect on March 1, 2022; a decrease in levels of customer confidence and spending; supply chain disruptions and shortages; fluctuations in financial market conditions, including interest rates; the level of demand for, and prices of, the products and services we offer; decreased market acceptance of the products we offer; the termination of distribution or original equipment manufacturer agreements; unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications or expectations, cost escalation, our inability to reduce costs in response to slow-downs in market activity, unavailability of quality products or inventory, supply disruptions, job action and unanticipated events related to health, safety and environmental matters); our inability to attract and retain skilled staff and our inability to maintain strong relationships with our suppliers, employees and customers. The foregoing list of factors is not exhaustive. Further information concerning the risks and uncertainties associated with these forward-looking statements and Wajax's business may be found in our MD&A for the year-ended December 31, 2023 (the "2023 MD&A"), which has been filed under the Corporation's profile on SEDAR+ atwww.sedarplus.ca, under the heading "Risk Management and Uncertainties". The forward-looking statements contained in this presentation are expressly qualified in their entirety by this cautionary statement. The Corporation does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless so required by applicable securities laws.

Readers are cautioned that the risks described in the 2023 MD&A are not the only risks that could impact the Corporation. Risks and uncertainties not currently known to the Corporation, or currently deemed to be immaterial, may have a material effect on the Corporation's business, financial condition or results of operations. Additional information, including Wajax's Annual Report, is available under the Corporation's profile on SEDAR+ atwww.sedarplus.ca.

NON-GAAP AND OTHER FINANCIAL MEASURES

This presentation contains certain non-GAAP and other financial measures that do not have a standardized meaning prescribed by generally accepted accounting principles ("GAAP"). Therefore, these financial measures may not be comparable to similar measures presented by other issuers. Investors are cautioned that these measures should not be construed as an alternative to net earnings or to cash flow from operating, investing, and financing activities determined in accordance with GAAP as indicators of Wajax's performance.

Please see Wajax's Management's Discussion and Analysis for the three and twelve months ended December 31, 2023 and for the three and twelve months ended December 31, 2022 under the heading "Non-GAAP and Other Financial Measures", which is available under Wajax's profile on SEDAR+ atwww.sedarplus.ca, for definitions of these measures and reconciliations to the most directly comparable GAAP measures.

For the three and twelve months ended December 31, 2021, December 31, 2020, December 31, 2019, December 31, 2018, December 31, 2017, and December 31, 2016, please see Wajax's Management's Discussion and Analysis under the heading "Non-GAAP and Additional GAAP Measures", which are available under the Corporation's profile on SEDAR+ atwww.sedarplus.ca, for definitions of these measures and reconciliations to the most directly comparable GAAP measures.

NATIONAL FOOTPRINT 166-year operating history119 branches coast-to-coast

A broad range of industrial products and servicesDiverse market and sector experience

Heavy Equipment 55%

FINANCIAL HIGHLIGHTS

Q4 2023	Q4 2022	2023	2022
Revenue ($ millions)	$542.6	$541.3	$2,154.7	$1,962.8
Adjusted Basic Earnings per Share1	$0.83	$0.83	$3.88	$3.26
Adjusted EBITDA1 ($ millions)	$47.2	$42.3	$197.4	$165.9

Revenue ($ millions) $1,962.7 $2,154.7 $1,221.9 $1,318.7 $1,481.6 $1,553.0 $1,422.6 $1,637.3 2016 2017 2018 2019 2020 2021 2022 2023

Leverage1 2.07x 2.17x 2.45x 2.60x 2.28x 1.98x 1.29x 1.13x 2016 2017 2018 2019 2020 2021 2022 2023

Earnings and Adjusted Earnings Per Share1

$3.38

$3.77

$3.88

$3.26

$1.01

$1.40

$1.54

$1.82

$2.02

$1.98

$2.10

$2.50

$2.41

$1.58

$1.75

$0.55

2016

2017

2018 2019Basic Earnings Per Share

2020 2021Adjusted Earnings Per Share1

2022

2023

TTM = Trailing Twelve Month

KEY FIVE-YEAR BUSINESS METRICS1

45% increase in revenue

125% growth in net earnings

250 bps improvement in gross margin

320 bps improvement in EBITDA margin1

133% total shareholder return

32% increase in quarterly dividend

17% increase in size of workforce

1 For the period January 1, 2019 - December 31, 2023

PURPOSE AND VALUES

Empowering People to Build a Better Tomorrow

We commit to safety and well-being

We develop potential and expertise

We deliver an exceptional experience together

We build lasting relationships

We strive to continuously improve

STRATEGIC PRIORITIES

Continue to build a "people first" company

Grow our existing business with a focus on parts, service, and margin improvement

Unlock the potential of our enhanced direct

relationship with Hitachi

Acquire Industrial Parts and ERS businesses

Improve our cost structure and processes

Continue ERP system roll-out and technology

improvements

CAPITAL PRIORITIES

• 1. Investing in organic growth to support working capital and maintenance needs

• 2. Growing shareholder returns and funding dividend payments

• 3. Investing in accretive and strategic acquisitions with a focus on Industrial Parts and ERS

• 4. Debt repayment - Target Debt/EBITDA1 of 1.5-2.0x

WORLD CLASS HEAVY EQUIPMENT OEMS

Construction

Mining

Forestry

Material Handling

Power Systems

Sole or exclusive Canadian distribution relationships for core brands, including Hitachi

* Includes all products and services

10