Progress towards multi-year sustainability goals highlighted and materiality assessment confirms ESG priorities

BLOOMINGTON, Minn.--(BUSINESS WIRE)--Jun. 15, 2023-- The Toro Company (NYSE: TTC) today released its Sustainability Report for fiscal 2022, highlighting progress made in support of its strategic priorities, advancements in new technologies, and efforts to foster a more diverse, equitable and inclusive workplace. The report also details the results of a materiality assessment conducted in 2022 to confirm the company’s environmental, social and governance (ESG) priorities and determine key areas of focus for the enterprise’s short and long-term sustainability journey. The full report can be found at www.thetorocompany.com/sustainability.

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“The commitment to advancing our sustainability goals and helping our stakeholders achieve theirs has never been stronger at The Toro Company,” said Richard M. Olson, chairman and chief executive officer. “Sustainability is at the heart of how we innovate and is ingrained in our culture of investing in our people, serving our customers, and giving back to our communities. We are excited to share our progress and provide updates on the latest advancements in our sustainability journey. We continue to build momentum and aspire to keep driving meaningful change for our people and for our planet.”

Through its Sustainability Endures initiative, TTC strives to strengthen its environmental and societal commitments through its teams, solutions and operations to make outdoor environments more beautiful, productive and sustainable. Comprised of four key pillars – People, Products, Process and Planning – this framework guides TTC’s strategic actions and performance goals to promote a future of sustainable innovation and growth. The report provides detailed progress and metrics related to the previously identified company goals:

• Increase battery and hybrid product sales to at least 20% of total adjusted net sales (motorized product sales) by fiscal 2025.
• Reduce absolute Scope 1 and 2 greenhouse gas emissions by at least 15% by fiscal 2025 as compared to fiscal 2019.
• Increase the number of women and racial and ethnic minorities in leadership positions by at least 20% by fiscal 2025 as compared to fiscal 2021.

As momentum builds around the company’s Sustainability Endures performance goals, TTC remains committed to accelerating profitable growth, achieving unmatched operational excellence, and empowering its people. The following are a few accomplishments and initiatives from fiscal 2022:

• Launched first employee resource group (ERG), the Women’s Initiative Network, which provides an inclusive forum for support, mentorship and development.
• Administered Environmental, Health and Safety training with a completion rate above 90% of our global manufacturing and distribution teams.
• Established a new partnership with the Atlanta University Center Consortium’s Dual Degree Engineering Program to expand opportunities for Black students to pursue careers in engineering.
• Recognized for the eighth consecutive year by the U.S. Environmental Protection Agency with a 2022 WaterSense® Excellence Award for promoting water efficiency and conservation.
• Introduced a new Supplier Excellence Program, which classifies suppliers using selected criteria, including cost, quality, delivery and ESG performance to strengthen the resiliency of the TTC supply chain.
• Through the Land. Water. Thrive. initiative in partnership with iDE, TTC employees across global locations brought their skills and expertise to Zambia to help address water challenges faced by local smallholder farmers and provide education on the benefits of sustainable drip irrigation to increase crop yields.
• Expanded TTC’s Monitoring, Targeting and Reporting program that measures energy, water use and waste for all global manufacturing facilities, and established baseline metrics to guide reduction strategies.

The full sustainability report, which includes disclosures consistent with the Sustainability Accounting Standards Board (SASB) standard reporting framework, can be found at: www.thetorocompany.com/sustainability.

About The Toro Company

The Toro Company (NYSE: TTC) is a leading worldwide provider of innovative 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 $4.5 billion in fiscal 2022, 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, American Augers, Trencor, Pope, 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.

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Investor Relations
Jeremy Steffan
Director, Investor Relations
(952) 887-7962, jeremy.steffan@toro.com

Media Relations
Branden Happel
Senior Manager, Public Relations
(952) 887-8930, branden.happel@toro.com

Source: The Toro Company