MANITOWOC CO INC

Other than the update below, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission on February 18, 2026.

Our business is subject to risks related to tariffs and trade policies, and changes in the interpretation, administration, or enforcement of such measures could materially adversely affect us.

Our supply chain in the United States includes imported components and raw materials, including steel and steel derivative products. Changes in U.S. trade policy, including the imposition, modification, or enforcement of tariffs and related trade measures, have increased uncertainty and may continue to result in higher input costs, supply chain disruptions, pricing pressure, reduced demand, and increased volatility in our results of operations.

Significant uncertainty also exists regarding the scope, duration, and administration of existing and potential changes to tariffs, including the outcome of legal and regulatory challenges to certain tariff authorities, the timing, availability, amount and administration of any tariff exclusions or refunds, the potential modification or reinstatement of certain tariffs, the results and potential impacts of any country-specific tariffs, any potential claim by customers for reimbursement of tariffs, and the risk of retaliatory measures by foreign governments. Any resulting incremental tariffs, refunds, credits, pricing concessions, disputes, or related administrative or legal costs could negatively affect our margins and have a material adverse effect on our business, financial condition, cash flows, and results of operations.

We continue to evaluate mitigation strategies, including pricing actions, sourcing adjustments, duty recovery programs, and supply chain optimization; however, there can be no assurance that such measures will be successful or sufficient to offset the impacts of tariffs or related trade actions.

On April 30, 2026, the Company voluntarily submitted a prior disclosure to U.S. Customs and Border Protection (“CBP”) related to potential errors in the methodology used to calculate tariffs on the Company’s imports of steel and steel derivative products between April 29, 2021 and April 29, 2026. The disclosure was made proactively given uncertainty with respect to calculating certain tariffs and with the intent of mitigating potential penalties in the event errors are identified. The Company has paid approximately $18.0 million of Section 232 tariffs. The Company believes it has a strong legal and factual basis for the method of calculation and the amount of tariffs paid. The Company intends to vigorously defend any allegations of noncompliance; however, the ultimate outcome of this matter is uncertain.

In addition, in April 2026, the Company submitted a tariff recovery claim through CBP’s Commercial Accounting Program and Enforcement (“CAPE”) process seeking a refund of tariffs paid pursuant to the International Emergency Economic Powers Act (“IEEPA”). The Company estimates it paid approximately $25.0 million in IEEPA-related tariffs. The amount, timing, and realization of any refund or credit remain uncertain and subject to CBP review.

Based on management’s current assessment, no asset or liability related to these two CBP-related matters was recorded in the Company’s consolidated balance sheet as of March 31, 2026. The final resolution of these matters could result in material incremental tariffs, refunds, credits, legal or administrative costs, or customer claims and could materially adversely affect our business, financial condition, results of operations, or cash flows.