Core Viewpoint - Element Fleet Management Corp. has received approval from the Toronto Stock Exchange to renew its normal course issuer bid (NCIB) for repurchasing its common shares as part of its capital return strategy [2][3]. Group 1: NCIB Details - The approved NCIB allows the company to purchase up to 39,930,568 common shares, which is approximately 10% of the public float, from November 20, 2025, to November 19, 2026, or until the purchases are completed [3]. - The average daily trading volume of the common shares was 586,717, limiting daily purchases under the NCIB to 146,679 shares, excluding block purchases [4]. - The company plans to fund the NCIB using existing cash resources, and any repurchased shares will be cancelled [5]. Group 2: Previous NCIB Performance - Under the current NCIB that started on November 20, 2024, the company has repurchased 4,806,957 common shares at an average price of CAD 31.32 per share as of November 10, 2025 [6]. Group 3: Automatic Securities Purchase Plan (ASPP) - The company will implement an automatic securities purchase plan (ASPP) with an independent broker to facilitate share repurchases during blackout periods [8]. - The ASPP will allow the broker to purchase shares at times when the company cannot, based on parameters set by the company prior to the blackout period [8]. - The ASPP will terminate when the purchase limit is reached, the NCIB is completed, or the company decides to terminate it [9]. Group 4: Company Overview - Element Fleet Management is the largest publicly traded pure-play automotive fleet manager globally, providing comprehensive fleet management services across various regions [10].

Financial Performance - Element Fleet Management Corp. reported a net revenue of $306.4 million for Q3 2025, reflecting a 10% increase year-over-year and a 6% increase quarter-over-quarter [2][5] - Pre-tax income for Q3 2025 was $159.7 million, up 19% from Q3 2024 and 11% from Q2 2025, with a pre-tax income margin of 52.1%, an increase of 420 basis points year-over-year [2][3] - Adjusted operating income rose to $177.7 million, a 10% increase from both Q3 2024 and Q2 2025, with an adjusted operating margin of 58.0%, up 220 basis points quarter-over-quarter [2][14] Earnings and Cash Flow - The diluted earnings per share (EPS) increased to $0.31, a 29% rise year-over-year, while adjusted diluted EPS reached $0.33, up 14% from Q3 2024 [2][3] - Adjusted free cash flow per share was $0.42, representing a 17% increase year-over-year and a 5% increase quarter-over-quarter [2][18] Revenue Breakdown - Services revenue increased by 6% year-over-year to $156 million, driven by higher utilization rates across the client base [6][7] - Net financing revenue grew by 12% year-over-year to $130 million, attributed to higher net earning assets in the U.S. and Mexico [8][9] - Syndication volume decreased by 37% year-over-year to $632 million, but syndication revenue increased by 20% to $20 million, indicating improved yields [10][11] Operational Highlights - Client originations totaled $1.7 billion in Q3 2025, with a record volume in Mexico, although this represented a 9% decrease quarter-over-quarter [15][16] - Vehicles under management increased by 2% year-over-year to 1.53 million [3][15] Shareholder Returns - The company returned $61 million to shareholders through dividends and share repurchases during Q3 2025 [18] - A quarterly cash dividend of CAD$0.13 per common share was declared, payable on January 15, 2026 [19] Strategic Initiatives - The company is focused on redefining fleet and mobility solutions, enhancing digital capabilities, and building partnerships to support long-term growth [4][44] - Investments in technology modernization and the Small-to-Medium-Fleets initiative are expected to enhance client experience and drive revenue growth [12][36]