The Toro Company Completes Acquisition of Tornado Infrastructure Equipment Ltd.

Key Terms

hydrovac excavation technical

Hydrovac excavation is a non-destructive digging method that uses high-pressure water to loosen soil and a vacuum hose to remove the slurry, like using a household pressure washer plus a shop vac to expose buried pipes or cables safely. For investors, it matters because it reduces the risk of damaging underground infrastructure, lowers accident and repair costs, speeds project timelines, and helps companies meet safety and environmental rules—factors that affect project budgets, liability exposure, and reputation.

underground construction technical

Underground construction is the planning and building of man‑made spaces below the earth’s surface—such as tunnels, subway stations, utility corridors, sewers and underground storage—using methods to dig, shore up and protect those spaces from water and collapse. Investors pay attention because these projects tie up large amounts of capital for long periods, depend on permits and safety rules, and can create big cost or schedule risks that affect contractors, suppliers and the returns on related infrastructure investments; think of it as the costly root system that supports visible infrastructure.

critical infrastructure technical

Critical infrastructure are the essential systems and facilities—such as power grids, water supply, telecommunications, transportation networks, financial systems and healthcare services—that society and the economy rely on to function. For investors, these assets matter because damage, outages or regulation affecting them can abruptly disrupt business operations, revenue and market value; conversely, their stable, mission-critical nature often attracts steady demand, government support or long-term contracts, reducing risk much like a solid foundation supports a house.

adjusted earnings per share financial

Adjusted Earnings Per Share shows how much profit a company makes for each share of stock, but it removes unusual or one-time items like big expenses or gains. This helps investors see the company's true ongoing performance, making it easier to compare how well different companies are doing over time.

run-rate cost synergies financial

Run-rate cost synergies are the ongoing, annualized savings a company expects to achieve after combining operations with another business, once integration actions (like consolidating offices or cutting overlapping staff) are fully in place. For investors, they matter because they show how a deal is expected to improve future profitability and cash flow — like projecting the yearly savings from merging two households so you can judge whether the combination was worth the price paid.

working capital financial

Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.

BLOOMINGTON, Minn.--(BUSINESS WIRE)-- The Toro Company (NYSE: TTC) today announced that it has successfully completed its acquisition of publicly held Tornado Infrastructure Equipment Ltd. (TSX-V: TGH). Based in Calgary, Alberta, Tornado is a leading manufacturer in hydrovac excavation solutions for the underground construction, power transmission and energy markets.

Known for producing powerful, high-quality and versatile equipment designed to safely excavate in urban areas and around critical infrastructure, this acquisition complements The Toro Company’s innovative construction product portfolio and capitalizes on accelerated growth in vacuum excavation. With the addition of Tornado alongside Ditch Witch and other leading underground construction brands, The Toro Company is strategically positioned to further its market reach and reinforce its leadership within the industry.

“The addition of Tornado significantly strengthens our leadership in underground and enables The Toro Company, along with our extensive portfolio of leading construction brands, to capture a greater share of the rapidly growing infrastructure space and deliver sustained value to our shareholders,” said Richard Olson, chairman and chief executive officer. “We have long regarded Tornado for their innovation in the marketplace, and we are pleased to welcome their talented team to The Toro Company and build on our continued success. We are confident that our combined commitment to innovation, operational excellence, and serving customers will further enhance our position in the industry.”

The purchase price was $279 million (CAD), which was financed with debt from existing credit facilities and additional financial arrangements. The transaction is expected to be marginally accretive to adjusted earnings per share in the first year after closing and will be increasingly accretive thereafter. As previously communicated, the company expects to realize annual run-rate cost synergies of $3 million (USD) over three years through purchasing and manufacturing efficiencies. In addition, there are revenue synergies and working capital improvements anticipated over time.

During the trailing 12 months ended September 30, 2025, Tornado generated net sales of approximately $161 million (CAD). The Toro Company expects to provide guidance regarding the anticipated contribution of the acquisition to its fiscal year 2026 financial results at the time of its fourth quarter earnings call, scheduled for December 17, 2025.

About The Toro Company

The Toro Company (NYSE: TTC) is a leading global provider of solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.6 billion in fiscal 2024, The Toro Company’s global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, Spartan, BOSS, Ventrac, Tornado, American Augers, Subsite, HammerHead, Radius, Perrot, Hayter, Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations. For more information, visit www.thetorocompany.com.

About Tornado Infrastructure Equipment

Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of utility and oilfield professionals with over 1,900 hydrovacs sold since 2008. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities. For more information about Tornado Infrastructure Equipment Ltd., visit www.tornadotrucks.com.

Forward-Looking Statements

This news release contains not only historical information, but also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and that are subject to the safe harbor created by those sections. Statements that are not historical are forward-looking and reflect expectations and assumptions. Forward-looking statements are based on management’s current assumptions and expectations of future events, and often can be identified by words such as “anticipate,” “believe,” “become,” “can,” “continue,” “could,” “encourage,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “improve,” “intend,” “likely,” “looking ahead,” “may,” “optimistic,” “outlook,” “plan,” “possible,” “potential,” “pro forma,” “project,” “promise,” “pursue,” “should,” “strive,” “target,” “will,” “would,” “seek,” variations of such words or the negative thereof, and similar expressions or future dates. Some of the forward-looking statements in this release about The Toro Company’s acquisition of Tornado Infrastructure Equipment Ltd. include The Toro Company’s expected earnings contribution from the Acquisition and expected value to be achieved through synergies and working capital improvements. Forward-looking statements involve risks and uncertainties that could cause actual events and results to differ materially from those projected or implied. The following are some of the factors known to The Toro Company that could cause The Toro Company’s actual results to differ materially from what The Toro Company has anticipated in its forward-looking statements: the failure by The Toro Company to achieve the net sales, earnings and any cost or revenue synergies and any working capital improvements expected from the acquisition or delays in the realization thereof; delays and challenges in integrating the businesses after the acquisition is completed; business disruption as a result of the completion of the acquisition; loss of key personnel; unanticipated liabilities or exposures for which The Toro Company has not been indemnified or may not recover; infringement of intellectual property rights of others associated with the rights acquired in the acquisition; and general adverse business, economic or competitive conditions. For more information regarding these and other uncertainties and factors that could cause The Toro Company’s actual results to differ materially from what it has anticipated in its forward-looking statements or otherwise could materially adversely affect its business, financial condition or operating results, see The Toro Company’s most recent annual report on Form 10-K, Part I, Item 1A, “Risk Factors”, Quarterly Report on Form 10-Q, Part II, Item IA, “Risk Factors” and other filings with the Securities and Exchange Commission (“SEC”). All forward-looking statements included in this release are expressly qualified in their entirety by the foregoing cautionary statements. The Toro Company cautions readers not to place undue reliance on any forward-looking statement which speaks only as of the date made and to recognize that forward-looking statements are predictions of future results, which may not occur as anticipated. Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described above, the risks described in The Toro Company’s most recent Annual Report on Form 10-K, Part I, Item 1A, “Risk Factors”, Quarterly Report on Form 10-Q, Part II, Item IA, “Risk Factors,” other filings with the SEC as well as others that The Toro Company may consider immaterial or does not anticipate at this time. The foregoing risks and uncertainties are not exclusive and further information concerning The Toro Company and its businesses, including factors that potentially could materially affect The Toro Company’s financial results or condition, may emerge from time to time. The Toro Company makes no commitment to revise or update any forward-looking statements in order to reflect events or circumstances occurring or existing after the date any forward-looking statement is made. The Toro Company advises you, however, to consult any further disclosures it makes on related subjects in its future Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K that The Toro Company may file with, or furnish to, the SEC.

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Investor Relations

Heather Hille

Vice President, Corporate Affairs and Investor Relations

(952) 887-8923, heather.hille@toro.com

Media Relations

Branden Happel

Senior Manager, Public Relations

(952) 887-8930, branden.happel@toro.com

For Immediate Release

Source: The Toro Company