Element Announces Renewal of Normal Course Issuer Bid

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Amounts in CAD unless otherwise noted

• Permitted to purchase the maximum number of EFN Common Shares under the TSX rules
  

TORONTO, Nov. 18, 2025 (GLOBE NEWSWIRE) -- Element Fleet Management Corp. (TSX: EFN) (“Element” or the “Company”) announced today that the Toronto Stock Exchange (the “TSX”) has approved the Company’s notice of intention to renew its normal course issuer bid (the “NCIB”) for its issued and outstanding common shares (the “Common Shares”) in furtherance of its capital return strategy.

Under the NCIB approved by the TSX, the Company may purchase on the open market (or otherwise as permitted) up to 39,930,568 Common Shares, representing approximately 10% of the “public float” of the Common Shares, at its discretion during the period commencing on November 20, 2025 and ending on the earlier of November 19, 2026 and the completion of purchases under the NCIB. The actual number of Common Shares which may be purchased pursuant to the NCIB and the timing of such purchases will be determined by management of the Company, subject to applicable law and the rules of the TSX.

Under the rules of the TSX, during the six months ended October 31, 2025, the average daily trading volume of the Common Shares on the TSX was 586,717, and, accordingly, daily purchases on the TSX pursuant to the NCIB will be limited to 146,679 Common Shares, other than purchases made pursuant to the block purchase exception. As of November 6, 2025, the Company had 400,206,542 Common Shares issued and outstanding and a “public float” of 399,305,689 Common Shares.

Purchases made pursuant to the NCIB are expected to be made through the facilities of the TSX or through alternative trading systems in Canada, at prevailing market prices or as otherwise permitted. The NCIB will be funded using existing cash resources and any Common Shares repurchased by the Company under the NCIB will be cancelled. The Company believes that the NCIB is in the best interests of the Company and constitutes a desirable use of its funds.

Under the current NCIB that commenced on November 20, 2024 and will end on November 19, 2025, the Company sought and obtained approval from the TSX to purchase up to 40,386,699 Common Shares for cancellation. For the period from commencement of the current NCIB up to and including November 10, 2025, the Company repurchased for cancellation an aggregate of 4,806,957 Common Shares at a volume weighted average price of $31.32 per Common Share.