Annual Report

THE TORO COMPANY 2020 Annual Report

The Toro Company 8111 Lyndale Avenue South Bloomington, MN 55420-1196 952-888-8801 www.thetorocompany.com POWERING AHEAD

Toro 2020 AR-Cover.indd Custom V 1/18/21 10:20 AM The Ditch Witch® JT24 has defined the evolution of the mid- size horizontal directional drill market. Packing the power, Following The Toro Company’s acquisition of Charles durability and best-in-class stability, the JT24 is designed Machine Works in fiscal 2019, which provided the opportunity for fiber, gas and other utility installations in residential and urban areas. Operators can confidently traverse city curbs for significant expansion in the underground construction and uneven terrain, while still maintaining a small footprint market with the addition of iconic brands like Ditch Witch, and optimum power.  in fiscal 2020 we added another respected business and brand with the acquisition of Venture Products, Inc., the manufacturer of Ventrac products.

Recognized in the industry for its market-leading innovation and commitment to meeting the diverse needs of customers, the addition of Ventrac advances our growth strategy in the Professional segment with a strong brand, a talented team Following in the footsteps of Exmark’s innovative Lazer and expanded product oering in the turf, landscape, and Z® Diesel, the new 96-inch Lazer Z® X-Series gas- powered mower makes quick work of large acreages. snow and ice maintenance categories. Featuring a rear-discharge UltraCut® Flex Wing cutting Complementary to our Toro, Exmark and BOSS Snowplow deck with a full-floating 48-inch center deck and two articulating 24-inch wing decks, this powerful machine brands, Ventrac strengthens our portfolio with a brand can mow in excess of 10 acres per hour. u and product that we have regarded for its leadership in key markets we serve. We are excited by the growth opportunities for this business and the potential to expand the Ventrac line both within and outside North America.

Featuring unprecedented comfort and unparalleled durability, Toro’s redesigned line of TimeCutter® zero-turn riding mowers helps homeowners tackle the most challenging mowing jobs with ease. Engineered from the same DNA as commercial landscape equipment and built to last with an IronForged™ cutting deck, the A major step for the electric-powered equipment market, TimeCutter line is the perfect solution for anyone with large yards Toro’s e-Dingo® compact utility loader allows contractors to medium-sized acreages.  and construction professionals to realize all the benefits and power of a standard compact utility loader with zero The most powerful and largest Ditch Witch stand-on skid steer exhaust emissions. Ideal for indoor construction and to date, the SK3000 is built to take on landscapes, hardscapes demolition jobs, the lithium-ion battery powered e-Dingo and tree-care projects usually reserved for traditional skid has the ability to use common attachments that work with steers. Featuring a lift capacity of up to 3,100 pounds, the Dingo models, allowing operators to handle a wide variety SK3000 offers unrivaled performance, 360-degree visibility and of tasks with greater efficiency.  the productivity to tackle a range of jobs. 

The industry’s first lithium-ion battery powered riding greensmower, Toro’s Greensmaster® eTriFlex® is designed for efficient and productive operation – to help customers reduce their environmental impact. Utilizing all-electric components for traction, steering, lift and cutting, the eTriFlex is amazingly quiet and boasts the power to mow up to 20 greens on a single charge. The result is world-class precision cutting performance With more than 30 years of snow and ice experience, with consistent quality from green to green. u BOSS re-engineered the Snowrator® to maximize performance, versatility and reliability. Designed to make quick work of snow- and ice-covered sidewalks, this multi-tasking, labor-saving solution allows operators the ability to brine, spread and plow at the same time to maximize on-the-job productivity and profitability. With the optional EXACT PATH® drop spreader, operators can also more precisely apply deicing material to protect grass and landscaping. u

Toro 2020 AR-Cover.indd 4-6 1/18/21 7:07 AM Richard M. Olson, Chairman and Chief Executive Ocer

TO OUR VALUED SHAREHOLDERS, Looking back on ﬁscal 2020, I want to highlight the truly remarkable drive and commitment demonstrated by our teams around the world. It was the resilience, ingenuity and strength of our people that helped The Toro Company navigate the unprecedented COVID-19 environment successfully. To our channel partners, we thank you for your continued commitment to serving our customers with dedication and passion. I will always remember this year as one that highlighted the way we demonstrated our collective values – working together safely, caring for one another, advancing our ability to deliver innovative customer solutions, and providing unwavering support to our communities.

Despite many challenges, The Toro Company posted another strong year of results as we continued to execute on our strategic priorities of accelerating proﬁtable growth, driving productivity and operational excellence, and empowering our people.

For the ﬁscal year, we saw net sales increase 7.7 percent over last year led by record performance in the Residential segment and incremental contributions from Professional segment acquisitions. We increased our investments in research and development, and successfully introduced new battery-powered products for both residential and professional applications. Building on the fundamentals of our business, we had strong free cash ﬂow and continued to return value to shareholders through dividends during the year. Finally, we were excited to launch our new Sustainability Endures platform, which will help us advance our key environmental, social and governance priorities where we believe The Toro Company can make a meaningful impact. This includes product innovation, health and safety, diversity, equity and inclusion, water conservation, and operational eciency.

NEW PRODUCTS AND CHANNEL EXPANSION FUELS RESIDENTIAL GROWTH In the residential segment, we beneﬁtted from a number of favorable trends seen throughout much of the year. Stay- at-home directives and consumers focused on home and garden improvement projects helped fuel the growth, as new products like the Toro® Timecutter®, the redesigned TITAN® lineup and our expanded 60V Flex-Force lithium-ion line were well received. The overall strength of our channel partners, and new partnership expansion with Tractor Supply Company, were key contributors to higher demand with record sales of walk power mowers and zero-turn riding mowers. We were honored to be awarded the Supplier Partner of the Year by The Home Depot for their Indoor Garden Division, as well as being named the Innovation Partner of the Year by Tractor Supply Company. Both recognitions speak to our shared commitment to overall success and excellence in delivering innovative and quality products to meet the needs of our customers.

Toro 2020 AR-Cover.indd 7 1/14/21 11:23 AM PROFESSIONAL SEGMENT ACQUISITIONS DRIVE RESULTS

Despite COVID-19-related challenges that softened demand for golf and grounds equipment, landscape contractor products and rental, specialty and underground construction equipment, we experienced many bright spots during ﬁscal 2020.

Critical to our success is our ability to create long-term growth through new product development and strategic acquisitions. We were pleased to announce the acquisition of Venture Products, Inc., the manufacturer of Ventrac- branded equipment, which contributed incremental sales for the year. This trusted brand and category leader of versatile, multi-season machines provides an exciting opportunity to grow this business in the markets we serve. Focused on delivering high-productivity solutions to meet the all-season needs of professional customers, we were encouraged by accelerated demand later in the year for landscape contractor zero-turn riding mowers and snow and ice management equipment on improved business conﬁdence.

In underground construction, 5G infrastructure and broadband spending drove demand for new equipment like the Ditch Witch® JT24 directional drill, which is designed for urban and residential utility, gas and fiber jobs. Critical need infrastructure repair and rehab projects also remained steady, which we believe will continue to benefit our HammerHead® Bluelight™ technology as an innovative retrofit solution for aging or damaged pipe without the need to dig, trench or replace. We are fortunate to have added the Charles Machine Works business and its employees as part of our company. Not only have these established construction businesses added scale and diversification to our portfolio, as realized in the incremental sales they drove for the year, but they have also opened access to new markets and provided additional opportunities for synergy and value creation across the company.

In the golf and grounds markets, we continue to innovate to increase productivity and solve customer challenges. Focused on environmental sustainability and performance, interest in our new all-electric Toro® Greensmaster® eTriFlex® riding greens mower remains high as customers appreciate the reduction in noise, maintenance and fuel costs. It was also with great excitement that the PGA of America and Ryder Cup Europe named Toro as the ocial turf maintenance equipment and irrigation provider for the Ryder Cup through 2029. With a deep appreciation for the game of golf and the industry, we were honored to be selected and look forward to supporting the Ryder Cup courses at the highest level.

Turning to our Ag Irrigation Business, we were pleased with strong overall growth in key regions as growers seek to better manage water usage and increase crop yields. New product introductions, such as our Aqua-Traxx Azul® clog- resistant drip tape, continued to gain traction and take market share. Additionally, our Aqua-Traxx® Sweet Spot™ was recognized by the Irrigation Association as a 2020 New Product winner in the Agriculture Specialty category.

SUSTAINABILITY ENDURES

Sustainability is not a new concept for The Toro Company. It is deeply rooted in our purpose and is the foundation of our strategic business priorities. We believe sustainability practices and guiding principles rest at the core of creating long- term value and positive change in the markets we support and in the communities we serve around the world.

Toro 2020 AR-Cover.indd 8 1/15/21 2:08 PM With the launch of our Sustainability Endures platform in 2020, we introduced four strategic pillars that include People, Products, Process and Planning. These help deﬁne and guide The Toro Company’s sustainability strategies and execution. While sustainability has traditionally been part of our culture, we will continue to take action to ensure we are meeting the demands of the rapidly changing world we live in. There is much we have done, and there is more we can, and will, do.

POWERING PROFITABLE GROWTH TOGETHER

As we concluded our Vision 2020 employee initiative, I was pleased with how our team persevered and closed out the year with momentum – despite being unable to achieve our goal as we faced one of the most challenging years in the history of The Toro Company. For ﬁscal 2021, we have introduced a new one-year initiative, Power Forward, in support of our strategic priorities of accelerating proﬁtable growth, driving productivity and operational excellence, and empowering our people. With our teams working together, we will continue to drive progress in the pursuit of our performance goals. This includes achieving net sales of $3.7 billion and adjusted operating earnings of at least $485 million.

In closing, I want to recognize Kendrick “Ken” B. Melrose, legendary former chairman and chief executive ocer of The Toro Company, who passed away earlier this year. Having led the company through some of the most challenging times in our history, Ken was a transformational leader who inspired those around him to work together to achieve great things. Throughout 2020, I reﬂected on Ken’s leadership and philosophy as we faced many challenges as a company and as individuals, and I am proud of how our amazing team lived up to Ken’s model of excellence.

On behalf of the board of directors, senior leadership team, employees and business partners around the world, I would like to thank our shareholders for their continued trust in The Toro Company.

Sincerely,

Richard M. Olson Chairman and Chief Executive Ocer

Toro 2020 AR-Cover.indd 9 1/15/21 2:08 PM FINANCIAL HIGHLIGHTS

Fiscal years ended October 31 $3.379 7.7% 2016 2017 2018 2019 SALES NET 2020 BILLION vs. 2019

ADJUSTED NET EARNINGS1 ADJUSTED NET EARNINGS AS A PERCENTAGE OF $327.7M 1.1% NET SALES1 9.7% vs. 2019

CASH DIVIDENDS PAID FREE CASH FLOW RETURN ON ADJUSTED 3 1 ON COMMON STOCK CONVERSION INVESTED CAPITAL DILUTED EPS OUTSTANDING $3.02 0.7% vs. 2019 $107.7M 139.9% 17.97%

AVERAGE NET WORKING CAPITAL AS A R & D INVESTMENT PERCENTAGE OF NET SALES2 20.2% $124.1M 13.7% vs. 2019

NET SALES BY NET SALES BY NET SALES BY SEGMENT PRODUCT GEOGRAPHICAL ¢ Professional 75% ¢ Equipment 88% LOCATION ¢ Residential 24% ¢ Irrigation 12% ¢ United States 80% ¢ Other 1% ¢ International 20%

1 This Annual Report includes certain non-GAAP financial measures. Please refer to the disclosure, entitled “Non-GAAP Financial Measures,” which begins on page 54 of the Form 10-K. 2 Defined as average net accounts receivable plus average net inventory, less average accounts payable as a percentage of net sales for a 12-month period. 3 Free cash flow conversion percentage represents net cash provided by operating activities less capital expenditures divided by net earnings. A reconciliation of this non-GAAP financial metric can be found in our Investor Presentation, which is available in the Investor section at www.thetorocompany.com.

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 Executive Ocers Board of Directors

Richard M. Olson Gregory S. Janey Janet K. Cooper Joyce A. Mullen Chairman of the Board, Vice President, Retired, Senior Vice President, President and Chief Residential and Landscape President and Treasurer North America Businesses Executive Officer Contractor Businesses Qwest Communications Insight Enterprises, Inc. International Inc. Jody M. Christy Peter D. Moeller Richard M. Olson Vice President, BOSS Vice President, Gary L. Ellis* Chairman of the Board, President International Retired, Executive Vice President and Chief Executive Officer Amy E. Dahl Medtronic plc The Toro Company Vice President, Renee J. Peterson Human Resources Vice President, Treasurer Jeffrey M. Ettinger James C. O’Rourke and General Counsel and Chief Financial Officer Retired, Chairman and President and Chief Executive Officer Chief Executive Officer Angela C. Drake Darren L. Redetzke Hormel Foods Corporation The Mosaic Company Vice President, Construction Vice President, Strategic Technologies Katherine J. Harless Gregg W. Steinhafel Blake M. Grams Retired, President and Former Chairman, Chief Chief Executive Officer Executive Officer and President Vice President, Richard W. Rodier Idearc Inc. Target Corporation Global Operations Group Vice President, Construction, Contractor and Residential Businesses Jeffrey L. Harmening Michael G. Vale, Ph.D. Bradley A. Hamilton Chairman and Chief Executive Vice President, Safety Group Vice President, Executive Officer & Industrial Business Group Commercial, International, Kurt D. Svendsen Vice President, General Mills, Inc. 3M Company Ventrac and Irrigation Strategy, Corporate and Businesses Channel Development D. Christian Koch Chairman, President and Chief Executive Officer Carlisle Companies Incorporated

*Presiding Non-Management Director

Shareholder Information

Shareholder Assistance Communications concerning The Toro Company stock, including shareholder change of address, certificate replacement, share transfer requirements, the direct stock purchase plan, dividends, the dividend reinvestment plan and similar matters should be directed to our transfer agent at: Broadridge Shareholder Services c/o Broadridge Corporate Issuer Solutions P.O. Box 1342 Brentwood, NY 11717-0718 1-844-956-0809 or 1-303-562-9697 [email protected] www.shareholder.broadridge.com/TTC

Investor Inquiries Individual shareholders may direct any questions to [email protected].

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Toro 2020 AR-Cover.indd 4-6 1/18/21 7:07 AM THE TORO COMPANY 2020 Annual Report

The Toro Company 8111 Lyndale Avenue South Bloomington, MN 55420-1196 952-888-8801 www.thetorocompany.com POWERING AHEAD

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