TEREX CORP

Previous wording

During the second quarter of 2026, the Company remained focused on executing its operating plan, integrating the legacy Terex and REV organizations, and deploying the Terex Operating System (“TOS”) across the enterprise to improve operational execution, reduce fixed costs, and drive productivity improvements. The REV Transaction, which closed in the first quarter of 2026, significantly expanded our portfolio of specialty equipment businesses and strengthened our position in resilient, high-demand markets with attractive long-term growth potential. Our integration work is progressing as planned, and we continue to focus on realizing synergies, improving operational consistency, and leveraging the combined scale of the Company. See Note D - “Acquisitions” in our Notes to Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Current wording

During the third quarter of 2026, the Company remained focused on executing its operating plan, integrating the legacy Terex and REV organizations, and deploying the Terex Operating System (“TOS”) across the enterprise to improve operational execution, reduce fixed costs, and drive productivity. The REV Transaction, which closed in the first quarter of 2026, significantly expanded our portfolio of specialty equipment businesses and strengthened our position in resilient, high-demand markets with attractive long-term growth potential. The operating results of REV are included in the newly created SV segment. We remain focused on realizing synergies, improving operational consistency, and leveraging the combined scale of the Company. See Note D - “Acquisitions and Held for Sale” in our Notes to Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Previous wording

Terex delivered strong second quarter results, with revenue growth in all segments and higher Adjusted operating profit and Adjusted EBITDA as compared with the same period from the prior year. Net sales for the three months ended June 30, 2026 were $2,238 million including sales generated from SV of $650 million, compared to $1,487 million in the same period in the prior year. Adjusted EBITDA for the three months ended June 30, 2026 was $269 million including adjusted EBITDA generated by SV of $94 million, compared to $182 million in the same period in 2025. Additional information regarding segment specific results is provided in the “Results of Operations” section below. The Company’s free cash flow for the three months ended June 30, 2026 was $101 million compared to $78 million in the same period in 2025, reflecting better working capital management for the three months ended June 30, 2026. Backlog as of June 30, 2026 was $6.9 billion, providing solid forward visibility.

Current wording

Terex delivered solid results in the third quarter of 2026. Net sales for the three months ended September 30, 2026 were $2,197 million including $657 million generated by SV, compared to total Net sales of $1,387 million in the same period in the prior year. Adjusted operating profit for the three months ended September 30, 2026 was $260 million including $99 million generated by SV, compared to Adjusted operating profit of $168 million in the same period in 2025. Adjusted EBITDA for the three months ended September 30, 2026 was $286 million including adjusted EBITDA generated by SV of $105 million, compared to Adjusted EBITDA of $186 million in the same period in 2025. Additional information regarding segment specific results is provided in the “Results of Operations” section below. The Company’s free cash flow for the three months ended September 30, 2026 was $209 million compared to $130 million in the same period in 2025, reflecting higher profitability excluding the impact of purchase accounting for the three months ended September 30, 2026. Backlog as of September 30, 2026 was $7.0 billion, providing solid forward visibility.

Previous wording

In the second quarter of 2026, our largest market remained North America. Over the past two years, we deliberately shifted our end market exposure to more U.S.-based, resilient and predictable sectors. Our North American sales represented approximately 83% of our total sales during the second quarter of 2026, as compared to the corresponding period in the prior year, where our North America sales represented 73% of total sales. We continue to execute our capital allocation strategy by driving more operational cash through better net working capital management and by returning value to shareholders through dividends and opportunistic share repurchases. Our net working capital as a percentage of trailing three month annualized net sales was 15.2% as of June 30, 2026 compared to 22.8% from the same period in the prior year. We continue to maintain ample liquidity with approximately $1,097 million available as of June 30, 2026. See “Liquidity and Capital Resources” for a detailed description of liquidity and working capital levels, including the primary factors affecting such levels, as well as a reconciliation of net cash provided by operating activities to free cash flow.

Current wording

North America remained our largest market, representing approximately 81% of total sales during the third quarter of 2026 and reflecting our deliberate shift toward more U.S.-based, resilient and predictable sectors. We continue to execute our capital allocation strategy by generating additional operating cash through improved net working capital management and returning value to shareholders through dividends and opportunistic share repurchases. Net working capital as a percentage of trailing three month annualized net sales was 15.0% as of September 30, 2026 compared to 23.2% from the same period in the prior year. We maintained ample liquidity with approximately $1,207 million available as of September 30, 2026. See “Liquidity and Capital Resources” for a detailed description of liquidity and working capital levels, including the primary factors affecting such levels, as well as a reconciliation of net cash provided by operating activities to free cash flow.

Previous wording

Our key end markets remain resilient with reliable replacement and aftermarket demand. In waste and recycling, long-term demand is supported by fleet replacement, innovation and demographic trends, although certain customers in the short term continue to manage capital spending and digest recently delivered fleet. We expect utility market demand to remain supported by long-term investment in the U.S. electrical grid, including transmission expansion and future data-center-related growth. Demand for fire and emergency vehicles remains stable, tied to municipal budgets and replacement demand. In Aerials and MP, infrastructure activity remains robust, supported by government funding and a growing pipeline of mega projects that we expect to provide a tailwind through at least 2030.

Current wording

Our key end markets remain resilient, supported by consistent replacement and aftermarket demand. In waste and recycling, long-term demand is supported by fleet replacement, innovation and demographic trends, although certain customers continue to manage capital spending and absorb recently delivered fleets. We expect utility market demand to remain supported by long-term investment in the U.S. electrical grid, including transmission expansion and future data-center-related growth. Demand for fire and emergency vehicles remains stable, supported by municipal budgets and replacement demand. In Aerials and MP, infrastructure activity remains robust, supported by government funding and a growing pipeline of mega projects that we expect to continue to provide a tailwind.

Previous wording

We continue to see opportunities to improve operating performance across the portfolio through the on-going integration process, deploying TOS, investing in technology that enables productivity improvement and leveraging our broader portfolio and scale to better serve customers.

Current wording

We continue to identify opportunities to improve operating performance across the portfolio by advancing the integration process, deploying TOS, investing in productivity-enhancing technology and leveraging our broader portfolio and scale to better serve customers.

Previous wording

Net sales for the three months ended June 30, 2026 increased $751 million when compared to the same period in 2025, including sales generated from SV of $650 million. Excluding the impact of SV, and $36 million of sales in the prior year period from the Company’s tower and rough terrain cranes businesses which were sold on October 31, 2025, the increase in Net sales was primarily due to higher shipments in Aerials, MP and ES in North America and positive effects of foreign exchange rate changes.

Current wording

Net sales for the three months ended September 30, 2026 increased $810 million when compared to the same period in 2025, including sales generated from SV of $657 million. Excluding the impact of SV, and the impact of $27 million of sales in the prior year period from the Company’s tower and rough terrain cranes businesses which were sold on October 31, 2025, the increase in Net sales of $180 million was primarily due to higher sales in Aerials, MP and utilities products in ES, partially offset by lower shipment of refuse collection vehicles in ES.

Previous wording

Selling, general and administrative expenses for the six months ended June 30, 2026 increased $128 million when compared to the same period in 2025, driven by the SG&A contribution of $62 million from SV. Excluding the impact of SV, the increase in selling, general, and administrative expense of $66 million was primarily due to the REV Transaction, including additional compensation expense, severance and retention costs and transaction costs of $18 million, partially offset by lower costs within MP due to the absence of the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results.

Current wording

Selling, general and administrative expenses for the three months ended September 30, 2026 increased $57 million when compared to the same period in 2025, driven by the SG&A contribution of $50 million from SV. Excluding the impact of SV, the increase in selling, general, and administrative expense of $7 million was primarily due to loss on held-for-sale business, deal related costs and higher compensation costs primarily driven by the inclusion of REV corporate activities. These increases were partially offset by the one-time release of a contingent liability in ES, and lower costs within MP due to the absence of the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results.

Previous wording

Amortization of purchased intangibles for the three months ended June 30, 2026 increased $31 million when compared to the same period in 2025, primarily due to the additional amortization expense from purchased intangibles resulting from the REV Transaction.

Current wording

Amortization of purchased intangibles for the three months ended September 30, 2026 increased $36 million when compared to the same period in 2025, which was directly related to the additional amortization expense from purchased intangibles resulting from the REV Transaction.

Previous wording

Operating profit for the three months ended June 30, 2026 increased $58 million when compared to the same period in 2025, primarily driven by the operating profit contribution of $73 million from SV. Excluding the impact of SV, operating profit decreased by $15 million, primarily due to higher tariff costs within Aerials, unfavorable product mix within ES, and costs related to the REV Transaction, partially offset by favorable mix and higher volume absorption in MP.

Current wording

Operating profit for the three months ended September 30, 2026 increased $43 million when compared to the same period in 2025, primarily driven by the operating profit contribution of $43 million from SV. Excluding the impact of SV, operating profit was flat year over year, primarily due to the factors detailed above.

Previous wording

Interest expense, net of interest income, for the three months ended June 30, 2026 and 2025 was $45 million and $42 million, respectively. The increase in expense is primarily due to interest accrued on customer deposits and higher revolver borrowings, partially offset by lower term loan interest rates and higher interest income.

Current wording

Interest expense, net of interest income, for the three months ended September 30, 2026 and 2025 was $44 million and $42 million, respectively. The increase in expense is primarily due to interest accrued on customer deposits which primarily relate to the SV segment.

Previous wording

Income tax benefit for the six months ended June 30, 2026, was $4 million on pretax income of $13 million, resulting in an effective tax rate of (37.4)%, as compared to income tax expense of $22 million on pretax income of $115 million, resulting in an effective tax rate of 18.9%, for the six months ended June 30, 2025. The lower effective tax rate for the six months ended June 30, 2026 when compared with the six months ended June 30, 2025 is primarily due to an increase in favorable discrete items.

Current wording

Income tax expense for the three months ended September 30, 2026 was $21 million on pretax income of $135 million, resulting in an effective tax rate of 15.6%, as compared to income tax expense of $29 million on pretax income of $94 million, resulting in an effective tax rate of 31.4%, for the three months ended September 30, 2025. The lower effective tax rate for the three months ended September 30, 2026 when compared with the three months ended September 30, 2025 is primarily due to an increase in favorable discrete items.

Previous wording

Net income for the three months ended June 30, 2026 was $110 million compared to Net income of $72 million in the same period in 2025. The increase in Net income of $38 million was primarily due to the factors detailed above.

Current wording

Net income for the three months ended September 30, 2026 was $114 million compared to Net income of $65 million in the same period in 2025. The increase in Net income of $49 million was primarily due to the factors detailed above.

Previous wording

Adjusted operating profit for the three months ended June 30, 2026 increased $81 million when compared to the same period in 2025, primarily due to the Adjusted operating profit generated by SV of $88 million. Excluding the impact of SV, Adjusted operating profit decreased by $7 million, driven by higher tariff costs within Aerials and unfavorable mix within ES, partially offset by favorable mix and higher volume absorption in MP.

Current wording

Adjusted operating profit for the three months ended September 30, 2026 increased $92 million when compared to the same period in 2025, primarily due to the Adjusted operating profit generated by SV of $99 million. Excluding the impact of SV, Adjusted operating profit decreased by $7 million, primarily due to the factors detailed above, excluding a one-time release of a contingent liability in ES and deal related costs.

Previous wording

Adjusted EBITDA for the three months ended June 30, 2026 increased $87 million when compared to the same period in 2025, primarily due to Adjusted EBITDA generated by SV of $94 million. Excluding the impact of SV, Adjusted EBITDA decreased by $7 million, driven by higher tariff costs within Aerials in the current year period and unfavorable mix within ES, partially offset by favorable mix and higher volume absorption in MP.

Current wording

Adjusted EBITDA for the three months ended September 30, 2026 increased $100 million when compared to the same period in 2025, primarily due to Adjusted EBITDA generated by SV of $105 million. Excluding the impact of SV, Adjusted EBITDA decreased by $5 million, driven by a decrease in ES and Corporate, partially offset by increases in MP and Aerials, the latter of which was primarily related to higher production volume and cost out actions.

Previous wording

Net sales for the six months ended June 30, 2026 increased $38 million when compared to the same period in 2025, primarily due to increased throughput and shipments of utilities products, partially offset by lower shipments ofrefuse collection vehicles.

Current wording

Net sales for the three months ended September 30, 2026 decreased $35 million when compared to the same period in 2025, primarily due to lower shipments ofrefuse collection vehicles, partially offset by higher utilities product sales.

Previous wording

Net sales for the six months ended June 30, 2026 increased $47 million when compared to the same period in 2025. Excluding the sales impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results, net sales increased $111 million. The increase was primarily driven by increased shipments across most product lines and geographies as well as positive effects of foreign exchange rate changes.

Current wording

Net sales for the three months ended September 30, 2026 increased $17 million when compared to the same period in 2025. Excluding the sales impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results, net sales increased $44 million. The improvement was primarily driven by increased shipments across most product categories, with the largest increase coming from Aggregates in North America.

Previous wording

Adjusted EBITDA for the three months ended June 30, 2026 increased $25 million when compared to the same period in 2025, primarily due to favorable mix, higher volume absorption, and lower SG&A costs driven by the sale of the Company’s tower and rough terrain cranes businesses, partially offset by increased transportation costs. The adjusted EBITDA impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior period results, was $2 million.

Current wording

Adjusted EBITDA for the three months ended September 30, 2026 increased $28 million when compared to the same period in 2025, primarily due to higher shipment volume, favorable mix, price cost discipline, and improved absorption driven by higher production volumes. The adjusted EBITDA impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior period results, was $2 million.

Previous wording

Net sales and Adjusted EBITDA represent the results of operations of REV from the REV Transaction for the three months ended June 30, 2026. See Note D - “Acquisitions” in our Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Current wording

Net sales and Adjusted EBITDA represent the results of operations of REV from the REV Transaction for the three months ended September 30, 2026. See Note D - “Acquisitions and Held for Sale” in our Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Previous wording

Adjusted EBITDA for the three months ended June 30, 2026 decreased $9 million when compared to the same period in 2025. The decrease is primarily due to additional costs driven by the REV Transaction which includes higher compensation costs and technology expenses.

Current wording

Adjusted EBITDA for the three months ended September 30, 2026 decreased $17 million when compared to the same period in 2025. The decrease is primarily due to higher compensation costs primarily driven by the inclusion of REV corporate activities and professional fees.

Previous wording

Net sales for the six months ended June 30, 2026 increased $1,256 million when compared to the same period in 2025, including sales generated from SV of $1,086 million. Excluding the impact of SV, and $64 million of sales in the prior year period from the Company’s tower and rough terrain cranes businesses which were sold on October 31, 2025, the increase in Net sales was primarily due to higher shipments across most product lines and geographies in all other segments and positive effects of foreign exchange rate changes.

Current wording

Net sales for the nine months ended September 30, 2026 increased $2,066 million when compared to the same period in 2025, including sales generated from SV of $1,744 million. Excluding the impact of SV, and the impact of $91 million of sales in the prior year period from the Company’s tower and rough terrain cranes businesses which were sold on October 31, 2025, the increase in Net sales was primarily due to higher sales in Aerials, utilities products in ES and MP, as well as favorable foreign exchange rate movements, partially offset by lower sales of refuse collection vehicles in ES.

Previous wording

Gross profit for the three months ended June 30, 2026 increased $136 million when compared to the same period in 2025, primarily driven by the gross profit contribution of $139 million from SV. Excluding the impact of SV, the decrease in gross profit of $3 million was primarily due to higher tariff costs within Aerials and unfavorable product mix in ES, partially offset by favorable mix and higher volume absorption in MP, and approximately $8 million of IEEPA tariff refunds received, net of a one-time unfavorable customs-related accrual.

Current wording

Gross profit for the nine months ended September 30, 2026 increased $231 million when compared to the same period in 2025, primarily driven by the gross profit contribution of $233 million from SV. Excluding the impact of SV, the decrease in gross profit of $2 million was primarily due to unfavorable mix in ES and Aerials, inefficiencies related to a production ramp up in Utilities, under-absorption associated with lower refuse collection vehicle volume within ES, and higher tariff costs and inflationary pressures in Aerials. These unfavorable impacts were partially offset by higher sales volume, favorable mix, and lower SG&A costs in MP.

Previous wording

Selling, general and administrative expenses for the three months ended June 30, 2026 increased $47 million when compared to the same period in 2025, driven by the SG&A contribution of $37 million from SV. Excluding the impact of SV, the increase in selling, general, and administrative expense of $10 million was primarily due to the REV Transaction, including additional compensation expense and severance and retention costs, as well as negative effects of foreign exchange rate changes. These increases were partially offset by lower costs within MP due to the absence of the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results.

Current wording

Selling, general and administrative expenses for the nine months ended September 30, 2026 increased $185 million when compared to the same period in 2025, driven by the SG&A contribution of $112 million from SV. Excluding the impact of SV, the increase in selling, general, and administrative expense of $73 million was primarily due to deal related costs, loss on held-for-sale business and higher compensation costs primarily driven by the inclusion of REV corporate activities. These increases were partially offset by the one-time release of a contingent liability in ES, and lower costs within MP due to the absence of the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results.

Previous wording

Amortization of purchased intangibles for the six months ended June 30, 2026 increased $60 million when compared to the same period in 2025, primarily due to the additional amortization expense from purchased intangibles resulting from the REV Transaction.

Current wording

Amortization of purchased intangibles for the nine months ended September 30, 2026 increased $96 million when compared to the same period in 2025, which was directly attributable to the additional amortization expense from purchased intangibles resulting from the REV Transaction.

Previous wording

Operating profit for the six months ended June 30, 2026 was $105 million compared to Operating profit of $198 million in the same period in 2025. Excluding the operating loss generated by SV of $15 million, operating profit decreased $78 million, primarily due to higher tariff costs within Aerials and unfavorable mix within Aerials and ES, partially offset by favorable mix and higher volume absorption in MP.

Current wording

Operating profit for the nine months ended September 30, 2026 was $288 million compared to Operating profit of $338 million in the same period in 2025. Excluding the operating profit generated by SV of $28 million, operating profit decreased $78 million, primarily due to the factors detailed above.

Previous wording

Interest expense, net of interest income, for the six months ended June 30, 2026 and 2025 was $88 million and $83 million, respectively. The increase in expense is primarily due to interest accrued on customer deposits and higher revolver borrowings, partially offset by lower term loan interest rates and higher interest income.

Current wording

Interest expense, net of interest income, for the nine months ended September 30, 2026 and 2025 was $133 million and $125 million, respectively. The increase in expense is primarily due to interest accrued on customer deposits which primarily relate to the SV segment.

Previous wording

Income tax expense for the three months ended June 30, 2026, was $29 million on pretax income of $139 million, resulting in an effective tax rate of 20.6%, as compared to income tax expense of $17 million on pretax income of $89 million, resulting in an effective tax rate of 18.5%, for the three months ended June 30, 2025. The higher effective tax rate for the three months ended June 30, 2026 when compared with the three months ended June 30, 2025 is primarily due to higher tax related to geographic distribution of income.

Current wording

Income tax expense for the nine months ended September 30, 2026 was $16 million on pretax income of $147 million, resulting in an effective tax rate of 11.0%, as compared to income tax expense of $51 million on pretax income of $209 million, resulting in an effective tax rate of 24.5%, for the nine months ended September 30, 2025. The lower effective tax rate for the nine months ended September 30, 2026 when compared with the nine months ended September 30, 2025 is primarily due to an increase in favorable discrete items.

Previous wording

Net income for the six months ended June 30, 2026 was $21 million compared to Net income of $93 million in the same period in 2025. The decrease in Net income of $72 million was primarily due to the factors detailed above.

Current wording

Net income for the nine months ended September 30, 2026 was $135 million compared to Net income of $158 million in the same period in 2025. The decrease in Net income of $23 million was primarily due to the factors detailed above.

Previous wording

Adjusted operating profit for the six months ended June 30, 2026 increased $119 million when compared to the same period in 2025, primarily due to the Adjusted operating profit generated by SV of $146 million. Excluding the impact of SV, Adjusted operating profit decreased by $27 million, primarily due to higher tariff costs within Aerials and unfavorable mix within Aerials and ES, partially offset by favorable mix and higher volume absorption in MP.

Current wording

Adjusted operating profit for the nine months ended September 30, 2026 increased $212 million when compared to the same period in 2025, primarily due to the Adjusted operating profit generated by SV of $246 million. Excluding the impact of SV, Adjusted operating profit decreased by $34 million, primarily due to the factors detailed above, excluding deal related costs, restructuring costs, and a one-time release of a contingent liability in ES.

Previous wording

Adjusted EBITDA for the six months ended June 30, 2026 increased $132 million when compared to the same period in 2025, primarily due to Adjusted EBITDA generated by SV of $156 million. Excluding the impact of SV, Adjusted EBITDA decreased by $24 million, primarily due to higher tariff costs within Aerials in the current year period and unfavorable mix within ES and Aerials, partially offset by favorable mix and higher volume absorption in MP.

Current wording

Adjusted EBITDA for the nine months ended September 30, 2026 increased $232 million when compared to the same period in 2025, primarily due to Adjusted EBITDA generated by SV of $262 million. Excluding the impact of SV, Adjusted EBITDA decreased by $30 million, driven by a decrease in ES, Aerials and Corporate, partially offset by an increase in MP as detailed below.

Previous wording

Net sales for the three months ended June 30, 2026 increased $26 million when compared to the same period in 2025, primarily due to increased throughput and shipments of utilities products, partially offset by lower shipments ofrefuse collection vehicles.

Current wording

Net sales for the nine months ended September 30, 2026 increased $3 million when compared to the same period in 2025, primarily due to increased throughput and shipments of utilities products, partially offset by lower shipments ofrefuse collection vehicles.

Previous wording

Adjusted EBITDA for the six months ended June 30, 2026 decreased $13 million when compared to the same period in 2025, primarily due to unfavorable mix, inefficiencies related to a production ramp up in Utilities, and under-absorption associated with lower refuse collection vehicle volume within ESG.

Current wording

Adjusted EBITDA for the nine months ended September 30, 2026 decreased $36 million when compared to the same period in 2025, primarily due to unfavorable mix, inefficiencies related to a production ramp up in Utilities, under-absorption associated with lower refuse collection vehicle volume and inflationary pressures.

Previous wording

Net sales for the three months ended June 30, 2026 increased $10 million when compared to the same period in 2025. Excluding the sales impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results, net sales increased $46 million. The improvement was primarily driven by increased shipments, particularly for mobile crushers in the U.S. supported by road construction, infrastructure projects, and select commercial building activities.

Current wording

Net sales for the nine months ended September 30, 2026 increased $64 million when compared to the same period in 2025. Excluding the sales impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results, net sales increased $155 million. The increase was primarily driven by higher shipment volume across all product categories, with the largest increase coming from Aggregates in North America, and favorable foreign exchange rate movements.

Previous wording

Adjusted EBITDA for the six months ended June 30, 2026 increased $45 million when compared to the same period in 2025, primarily due to higher sales volume, favorable mix, price realization, and lower SG&A costs driven by the sale of the Company’s tower and rough terrain cranes businesses, partially offset by inflationary pressures. The adjusted EBITDA impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior period results, was $3 million.

Current wording

Adjusted EBITDA for the nine months ended September 30, 2026 increased $72 million when compared to the same period in 2025, primarily due to higher sales volume, favorable mix, improved absorption driven by higher production volumes, and lower SG&A costs driven by the sale of the Company’s tower and rough terrain cranes businesses, partially offset by inflationary pressures. The adjusted EBITDA impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior period results, was $5 million.

Previous wording

Net sales and Adjusted EBITDA represent the results of operations of REV from the REV Transaction since February 2, 2026. See Note D - “Acquisitions” in our Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Current wording

Net sales and Adjusted EBITDA represent the results of operations of REV from the REV Transaction since February 2, 2026. See Note D - “Acquisitions and Held for Sale” in our Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Previous wording

Net sales for the six months ended June 30, 2026 increased $85 million when compared to the same period in 2025, primarily due to higher shipment volumes in North America and Western Europe across most product lines and positive effects of foreign exchange rate changes.

Current wording

Net sales for the nine months ended September 30, 2026 increased $257 million when compared to the same period in 2025, primarily due to higher shipments across most product lines, with the largest increase coming from booms in North America and Western Europe as well as favorable foreign exchange rate movements.

Previous wording

Adjusted EBITDA for the six months ended June 30, 2026 decreased $36 million when compared to the same period in 2025, primarily due to higher tariff costs, unfavorable mix, and inflationary pressures, partially offset by higher sales volume and cost actions.

Current wording

Adjusted EBITDA for the nine months ended September 30, 2026 decreased $31 million when compared to the same period in 2025, primarily due to higher tariff costs, unfavorable mix, and inflationary pressures, partially offset by higher sales volume and cost out actions.

Previous wording

Adjusted EBITDA for the six months ended June 30, 2026 decreased $20 million when compared to the same period in 2025. The decrease is primarily due to additional costs driven by the REV Transaction which includes higher compensation costs and technology expenses.

Current wording

Adjusted EBITDA for the nine months ended September 30, 2026 decreased $35 million when compared to the same period in 2025. The decrease is primarily due to higher compensation primarily driven by the inclusion of REV Corporate activities, legal and other professional fees.

Previous wording

In this document, we refer to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. Management believes that presenting these non-GAAP financial measures provide investors with additional analytical tools which are useful in evaluating our operating results and the ongoing performance of our underlying businesses because they (i) provide meaningful supplemental information regarding financial performance by excluding the impact of one-time items and other items affecting comparability between periods, and non-cash items such as depreciation and amortization, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our core operating performance across periods, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating our financial results. We do not, nor do we suggest that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Current wording

In this document, we refer to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. Management believes that presenting these non-GAAP financial measures provides investors with additional analytical tools which are useful in evaluating our operating results and the ongoing performance of our underlying businesses because they (i) provide meaningful supplemental information regarding financial performance by excluding the impact of one-time items and other items affecting comparability between periods, and non-cash items such as depreciation and amortization, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our core operating performance across periods, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating our financial results. We do not, nor do we suggest that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

Previous wording

Non-GAAP measures also include translation effect of foreign currency exchange rate changes on net sales, gross profit, selling, general & administrative expenses and operating profit, as well as net sales, gross profit, and SG&A costs and operating profit excluding the impact of acquisitions and divestitures.

Current wording

Non-GAAP measures also include the translation effect of foreign currency exchange rate changes on net sales, gross profit, selling, general & administrative expenses and operating profit, as well as net sales, gross profit, and SG&A costs and operating profit excluding the impact of acquisitions and divestitures.

Previous wording

a. Costs for the three months ended June 30, 2026 are associated with reduction in force and a plant closure in the Aerials segment. Costs for the three months ended June 30, 2025 are associated with restructuring programs across the MP and Aerials segments.

Current wording

a. Costs for the three months ended September 30, 2026 are primarily associated with the release of a contingent liability in ES and a reduction in force and a plant closure in the Aerials segment. Costs for the three months ended September 30, 2025 are associated with restructuring programs across the ES, MP and Aerials segments.