MANITOWOC CO INC

Previous wording

realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies and options;

Current wording

realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those enhancements, savings, synergies and options;

Previous wording

During the second quarter of 2026, the Company received $26.2 million of refunds from U.S. Customs and Border Protection related to previously paid International Emergency Economic Powers Act (“IEEPA”) tariffs. As a result of the refunds received, the Company recognized a net benefit of $11.8 million during the quarter as a reduction of cost of sales within the Condensed Consolidated Statement of Operations. The amount recognized includes the gross benefit from the IEEPA tariff refund, net of refunds expected to be provided to customers, adjustments to previously recognized tariff costs, and interest income recorded to other income (expense) – net. Additionally, there is $4.3 million of IEEPA refund amounts capitalized into inventory that is expected to be recognized in earnings as the associated inventory is sold. The Company continues to monitor ongoing legal and regulatory developments related to tariffs.

Current wording

In 2026, the Company received $26.4 million of refunds from U.S. Customs and Border Protection related to previously paid International Emergency Economic Powers Act (“IEEPA”) tariffs. As a result of the refunds received, the Company recognized a $16.4 million net benefit to gross profit within the Condensed Consolidated Statement of Operations for the nine months ended September 30, 2026. The amount recognized in income before income taxes includes the $26.4 million IEEPA tariff refund, net of refunds provided to customers, adjustments to previously recognized tariff costs, and interest income. In addition, for the nine months ended September 30, 2026, the Company recognized $15.2 million of net tariff costs, primarily related to previous IEEPA tariff payments that were recorded in inventory at the beginning of the year. This resulted in a benefit of $2.1 million, inclusive of $0.9 million of interest income. The Company continues to monitor ongoing legal and regulatory developments related to tariffs.

Previous wording

Orders for the six months ended June 30, 2026 increased 27.3% to $1,354.4 million from $1,064.2 million for the same period in 2025. The increase in orders was primarily attributable to higher demand in all of the Company’s three segments. Orders were favorably impacted by $32.2 million from changes in foreign currency exchange rates.

Current wording

Orders for the three months ended September 30, 2026 increased 37.6% to $676.4 million from $491.4 million for the same period in 2025. The increase in orders was primarily attributable to higher demand in the Americas and MEAP segments, and higher tower orders in the EURAF segment, partially offset by lower mobile orders in the EURAF segment. Orders were unfavorably impacted by $1.8 million from changes in foreign currency exchange rates.

Previous wording

Orders for the three months ended June 30, 2026 increased 56.1% to $708.7 million from $453.9 million for the same period in 2025. The increase in orders was primarily attributable to higher demand in all of the Company’s three segments. Orders were favorably impacted by $6.5 million from changes in foreign currency exchange rates.

Current wording

Orders for the nine months ended September 30, 2026 increased 30.5% to $2,030.8 million from $1,555.6 million for the same period in 2025. The increase in orders was primarily attributable to higher demand in all of the Company’s three segments. Orders were favorably impacted by $30.3 million from changes in foreign currency exchange rates.

Previous wording

As of June 30, 2026, total backlog was $1,050.1 million, an increase of 32.3% from the December 31, 2025 backlog of $793.5 million, and an increase of 44.0% from the June 30, 2025 backlog of $729.3 million. Backlog was unfavorably impacted by $44.6 million from changes in foreign currency exchange rates since December 31, 2025 and was unfavorably impacted by $9.8 million from changes in foreign currency exchange rates since June 30, 2025.

Current wording

As of September 30, 2026, total backlog was $1,110.9 million, an increase of 40.0% from the December 31, 2025 backlog of $793.5 million, and an increase of 66.7% from the September 30, 2025 backlog of $666.5 million. Backlog was unfavorably impacted by $10.2 million from changes in foreign currency exchange rates since December 31, 2025 and was unfavorably impacted by $9.6 million from changes in foreign currency exchange rates since September 30, 2025.

Previous wording

Results of Operations For the Three and Six Months Ended June 30, 2026 and 2025:

Current wording

Results of Operations For the Three and Nine Months Ended September 30, 2026 and 2025:

Previous wording

Consolidated net sales for the three months ended June 30, 2026 increased 10.3% to $594.9 million from $539.5 million in the same period in 2025. This increase was primarily attributable to $69.0 million of higher new machine sales in the Company's EURAF and MEAP segments and $10.6 million of higher non-new machine sales across all three segments. This was partially offset by $24.1 million of lower new machine sales in the Company’s Americas segment. Net sales were favorably impacted by $6.5 million from changes in foreign currency exchange rates.

Current wording

Consolidated net sales for the three months ended September 30, 2026 increased 10.9% to $613.8 million from $553.4 million in the same period in 2025. This increase was primarily attributable to $63.8 million of higher new machine sales across all three of the Company's segments and $4.6 million of higher non-new machine sales in the Company's Americas and MEAP segments. This was partially offset by $8.0 million of lower non-new machine sales in the Company’s EURAF segment. Net sales were unfavorably impacted by $2.4 million from changes in foreign currency exchange rates.

Previous wording

Consolidated net sales for the six months ended June 30, 2026 increased 7.8% to $1,089.5 million from $1,010.4 million in the same period in 2025. This increase was primarily attributable to $83.0 million of higher new machine sales in the Company's EURAF and MEAP segments and $15.7 million of higher non-new machine sales across all three segments. This was partially offset by $19.6 million of lower new machine sales in the Company’s Americas segment. Net sales were favorably impacted by $25.5 million from changes in foreign currency exchange rates.

Current wording

Consolidated net sales for the nine months ended September 30, 2026 increased 8.9% to $1,703.3 million from $1,563.8 million in the same period in 2025. This increase was primarily attributable to $127.2 million of higher new machine sales across all three of the Company's segments and $16.4 million of higher non-new machine sales in the Company's Americas and MEAP segments. This was partially offset by $4.1 million of lower non-new machine sales in the Company’s EURAF segment. Net sales were favorably impacted by $23.0 million from changes in foreign currency exchange rates.

Previous wording

Gross profit for the six months ended June 30, 2026 increased 15.7% to $218.4 million as compared to $188.8 million for the same period in 2025. The increase was primarily due to $11.8 million of benefit from the refund of tariffs previously paid under the IEEPA and higher revenue in the Company's EURAF and MEAP segments. This was partially offset by $4.6 million of higher year over year other tariff related costs. Gross profit was favorably impacted by $4.6 million from changes in foreign currency exchange rates.

Current wording

Gross profit for the nine months ended September 30, 2026 increased 16.7% to $340.2 million as compared to $291.4 million for the same period in 2025. The increase was primarily due to higher revenue in the Company's three segments, price realization, and $1.2 million of net benefit from IEEPA tariff refunds received. Gross profit was favorably impacted by $4.5 million from changes in foreign currency exchange rates.

Previous wording

Gross profit percentage for the three months ended June 30, 2026 increased to 20.7% as compared to 18.4% for the same period in 2025. The improvement in gross profit percentage was primarily due to the net tariff benefit discussed above.

Current wording

Gross profit percentage for the three months ended September 30, 2026 increased to 19.8% as compared to 18.5% for the same period in 2025. The improvement in gross profit percentage was primarily due to price realization.

Previous wording

Gross profit percentage for the six months ended June 30, 2026 increased to 20.0% as compared to 18.7% for the same period in 2025. The improvement in gross profit percentage was primarily due to the net tariff benefit discussed above.

Current wording

Gross profit percentage for the nine months ended September 30, 2026 increased to 20.0% as compared to 18.6% for the same period in 2025. The improvement in gross profit percentage was primarily due to price realization.

Previous wording

Engineering, selling, and administrative expenses for the three months ended June 30, 2026 increased 3.4% to $90.4 million from $87.4 million for the same period in 2025. The increase was primarily due to higher employee costs. Engineering, selling, and administrative expenses were unfavorably impacted by $1.1 million from changes in foreign currency exchange rates.

Current wording

Engineering, selling, and administrative expenses for the three months ended September 30, 2026 increased 6.6% to $88.9 million from $83.4 million for the same period in 2025. The increase was primarily due to higher employee costs. Engineering, selling, and administrative expenses were favorably impacted by $0.3 million from changes in foreign currency exchange rates.

Previous wording

Engineering, selling, and administrative expenses for the six months ended June 30, 2026 increased 6.3% to $181.0 million from $170.3 million for the same period in 2025. The increase was primarily due to higher employee costs. Engineering, selling, and administrative expenses were unfavorably impacted by $4.9 million from changes in foreign currency exchange rates.

Current wording

Engineering, selling, and administrative expenses for the nine months ended September 30, 2026 increased 6.4% to $269.9 million from $253.7 million for the same period in 2025. The increase was primarily due to higher employee costs. Engineering, selling, and administrative expenses were unfavorably impacted by $4.6 million from changes in foreign currency exchange rates.

Previous wording

Interest expense for the six months ended June 30, 2026 was $18.1 million as compared to $17.9 million for the same period in 2025. See further detail at Note 10, “Debt” to the Condensed Consolidated Financial Statements.

Current wording

Interest expense for the three months ended September 30, 2026 was $9.2 million as compared to $9.8 million for the same period in 2025. See further detail at Note 10, “Debt” to the Condensed Consolidated Financial Statements.

Previous wording

Interest expense for the three months ended June 30, 2026 and 2025 was $9.2 million. See further detail at Note 10, “Debt” to the Condensed Consolidated Financial Statements.

Current wording

Interest expense for the nine months ended September 30, 2026 was $27.3 million as compared to $27.7 million for the same period in 2025. See further detail at Note 10, “Debt” to the Condensed Consolidated Financial Statements.

Previous wording

Other income (expense) - net was $(3.3) million of expense during the six months ended June 30, 2026 and $(4.0) million of expense for the same period in 2025. Other income (expense) - net during the six months ended June 30, 2026 was primarily composed of $6.7 million of net currency transaction losses, partially offset by $2.8 million of interest income, which includes $0.9 million of interest received from IEEPA tariff refunds, and $0.6 million of gains on disposal. Other income (expense) - net during the six months ended June 30, 2025 was primarily composed of $2.9 million of currency loss and $1.0 million of pension related costs and $0.6 million of interest related to settlement of the matter with the EPA.

Current wording

Other expense - net was $3.4 million of expense during the three months ended September 30, 2026 and $0.8 million of expense for the same period in 2025. Other expense - net during the three months ended September 30, 2026 was primarily composed of $5.0 million of net currency transaction losses, partially offset by $0.5 million of interest income and $1.1 million of gains on disposal of certain assets. Other expense - net during the three months ended September 30, 2025 was primarily composed of $0.5 million of pension related costs and $0.2 million of net currency transaction losses.

Previous wording

Other income (expense) - net was $(0.2) million of expense during the three months ended June 30, 2026 and income of $1.0 million for the same period in 2025. Other income (expense) - net during the three months ended June 30, 2026 was primarily composed of $3.3 million of net currency transaction losses, partially offset by $2.4 million of interest income, which includes $0.9 million of interest received from IEEPA tariff refunds, and $0.5 million of gains on disposal of certain assets. Other income during the three months ended June 30, 2025 was primarily composed of $2.0 million of currency gain. This was partially offset by $0.5 million of pension related costs and $0.6 million of interest related to settlement of the matter with the U.S. Environmental Protection Agency ("EPA").

Current wording

Other expense - net was $6.7 million of expense during the nine months ended September 30, 2026 and $4.8 million of expense for the same period in 2025. Other expense - net during the nine months ended September 30, 2026 was primarily composed of $11.7 million of net currency transaction losses, partially offset by $2.4 million of interest income, $0.9 million of interest received from IEEPA tariff refunds, and $1.7 million of gains on disposal of certain assets. Other expense- net during the nine months ended September 30, 2025 was primarily composed of $3.1 million of net currency transaction losses, $1.2 million of pension related costs, and $0.6 million of interest related to settlement of the previously described legal matter with the U.S. Environmental Protection Agency ("EPA").

Previous wording

For the three months ended June 30, 2026 and 2025, the Company recorded a provision for income taxes of $7.2 million and benefit for income taxes of $(0.2) million, respectively. For the six months ended June 30, 2026 and 2025, the Company recorded a provision for income taxes of $3.9 million and a benefit for income taxes of $(2.7) million, respectively. Changes to jurisdictional mix and year-to-date income before income taxes resulted in a provision for income taxes in the three and six months ended June 30, 2026 as compared to the prior year's benefit for income taxes. In addition, the Company's effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates and losses in certain jurisdictions where no tax benefit can be realized.

Current wording

For the three months ended September 30, 2026 and 2025, the Company recorded a provision for income taxes of $7.8 million and $2.5 million, respectively. For the nine months ended September 30, 2026 and 2025, the Company recorded a provision for income taxes of $11.7 million and a benefit for income taxes of $0.2 million, respectively. The increase in the Company’s tax provision for the three and nine months ended September 30, 2026, relative to the prior year is driven by higher income before taxes compared to the prior year. In addition, the Company's effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates and losses in certain jurisdictions where no tax benefit can be realized.

Previous wording

EURAF segment operating loss decreased $11.9 million for the three months ended June 30, 2026 to $2.7 million from $14.6 million for the same period in 2025. The decrease in operating loss was primarily attributable to favorable product mix, higher net sales, and better operational performance. Segment operating loss was unfavorably impacted by $0.3 million from changes in foreign currency exchange rates.

Current wording

EURAF segment operating loss decreased $0.5 million for the three months ended September 30, 2026 to $9.7 million from $10.2 million for the same period in 2025. The decrease in operating loss was primarily attributable to higher sales volume, partially offset by product mix. Segment operating loss was favorably impacted by $0.1 million from changes in foreign currency exchange rates.

Previous wording

EURAF segment operating loss decreased $17.9 million for the six months ended June 30, 2026 to $8.0 million from $25.9 million for the same period in 2025. The decrease in operating loss was primarily attributable to higher net sales and better operational performance. Segment operating loss was unfavorably impacted by $1.2 million from changes in foreign currency exchange rates.

Current wording

EURAF segment operating loss decreased $18.4 million for the nine months ended September 30, 2026 to $17.7 million from $36.1 million for the same period in 2025. The decrease in operating loss was primarily attributable to higher new machine sales and better operational performance. Segment operating loss was unfavorably impacted by $1.1 million from changes in foreign currency exchange rates.

Previous wording

MEAP segment net sales increased 50.2% for the three months ended June 30, 2026 to $95.8 million from $63.8 million for the same period in 2025. The increase was primarily attributable to $27.7 million of higher new machine sales. MEAP segment net sales were favorably impacted by $2.9 million from changes in foreign currency exchange rates.

Current wording

MEAP segment net sales increased 15.6% for the three months ended September 30, 2026 to $96.9 million from $83.8 million for the same period in 2025. The increase was primarily attributable to $12.0 million of higher new machine sales and $1.1 million of higher non-new machine sales. MEAP segment net sales were favorably impacted by $0.3 million from changes in foreign currency exchange rates.

Previous wording

MEAP segment net sales increased 19.1% for the six months ended June 30, 2026 to $154.6 million from $129.8 million for the same period in 2025. The increase was primarily attributable to $20.6 million of higher new machine sales. MEAP segment net sales were favorably impacted by $6.7 million from changes in foreign currency exchange rates.

Current wording

MEAP segment net sales increased 17.7% for the nine months ended September 30, 2026 to $251.5 million from $213.6 million for the same period in 2025. The increase was primarily attributable to $32.4 million of higher new machine sales and $5.5 million of higher non-new machine sales. MEAP segment net sales were favorably impacted by $7.0 million from changes in foreign currency exchange rates.

Previous wording

MEAP segment operating income increased $4.2 million for the three months ended June 30, 2026 to $14.0 million from $9.8 million for the same period in 2025. The increase was primarily due to higher net sales, partially offset by unfavorable product mix. MEAP segment operating income was favorably impacted by $0.4 million from changes in foreign currency exchange rates.

Current wording

MEAP segment operating income increased $0.7 million for the three months ended September 30, 2026 to $13.7 million from $13.0 million for the same period in 2025. The increase was primarily due to higher net sales and favorable product mix. MEAP segment operating income was favorably impacted by $0.1 million from changes in foreign currency exchange rates.

Previous wording

MEAP segment operating income increased $0.9 million for the six months ended June 30, 2026 to $22.1 million from $21.2 million for the same period in 2025. The increase was primarily due higher sales, partially offset by favorable product mix. MEAP segment operating income was favorably impacted by $1.1 million from changes in foreign currency exchange rates.

Current wording

MEAP segment operating income increased $1.6 million for the nine months ended September 30, 2026 to $35.8 million from $34.2 million for the same period in 2025. The increase was primarily due to higher net sales and favorable product mix. MEAP segment operating income was favorably impacted by $1.2 million from changes in foreign currency exchange rates.

Previous wording

A summary of cash flows for the six months ended June 30, 2026 and 2025 are as follows:

Current wording

A summary of cash flows for the nine months ended September 30, 2026 and 2025 are as follows:

Previous wording

Cash flows provided by operating activities of $35.4 million for the six months ended June 30, 2026 increased $90.2 million from$54.8 million of cash used by financing activities for the same period in 2025. The increase in net cash provided by operating activities was primarily driven by a $42.6 million payment to settle a legal matter with the U.S. EPA made in 2025, $33.2 million of higher cash provided by the net change in operating assets and liabilities, and $26.2 million of cash receipts from the refund of tariffs paid under IEEPA.

Current wording

Cash flows provided by operating activities of $2.2 million for the nine months ended September 30, 2026 increased $71.1 million from$68.9 million of cash used for operating activities for the same period in 2025. The increase in net cash provided by operating activities was primarily driven by $26.4 million of tariff refunds received in 2026 and the $42.6 million payment to settle a legal matter with the EPA made in 2025. This was partially offset by an increase in accounts receivable primarily attributable to higher year over year net sales.

Previous wording

Net cash used for investing activities of $20.3 million for the six months ended June 30, 2026 decreased $9.2 million from$29.5 million for the same period in 2025. The decrease in net cash used for investing activities was primarily due to $12.9 million of cash outflows in the prior year related to the purchase of certain assets and territory from Ring Power Corporation, partially offset by an increase in capital expenditures of $3.7 million, net of proceeds from property, plant, and equipment in the current year.

Current wording

Net cash used for investing activities of $27.1 million for the nine months ended September 30, 2026 decreased $10.0 million from$37.1 million of cash used for investing activities for the same period in 2025. The decrease in net cash used for investing activities was primarily due to $12.9 million of cash outflows in the prior year related to the purchase of certain assets and sales territory from Ring Power Corporation, partially offset by an increase in capital expenditures of $2.9 million, net of proceeds from property, plant, and equipment in the current year.

Previous wording

Net cash provided by financing activities of $4.1 million for the six months ended June 30, 2026 decreased $62.9 million from$67.0 million of cash provided by financing activities for the same period in 2025. The decrease in net cash provided by financing activities was primarily due to a reduction of $56.0 million of borrowings under the ABL Revolving Credit Facility.

Current wording

Net cash provided by financing activities of $13.0 million for the nine months ended September 30, 2026 decreased $82.9 million from$95.9 million of cash provided by financing activities for the same period in 2025. The decrease in net cash provided by financing activities was primarily due to a reduction of $74.6 million of borrowings under the ABL Revolving Credit Facility.

Previous wording

In addition to the ABL Revolving Credit Facility, the Company has access to committed and non-committed lines of credit to fund working capital in Europe and China. There are six facilities, of which five facilities are denominated in Euros totaling €37.0 million and one facility denominated in Chinese Yuan totaling ¥50.0 million. Total U.S. dollar availability as of June 30, 2026 for the six facilities was $49.6 million, with $4.4 million outstanding.

Current wording

In addition to the ABL Revolving Credit Facility, the Company has access to committed and non-committed lines of credit to fund working capital in Europe and China. There are six facilities, of which five facilities are denominated in Euros totaling €37.0 million and one facility denominated in Chinese Yuan totaling ¥50.0 million. Total U.S. dollar availability as of September 30, 2026 for the six facilities was $49.4 million, with $15.7 million outstanding.

Previous wording

The Company uses EBITDA, adjusted EBITDA, adjusted operating income (loss), adjusted net income (loss), adjusted diluted net income (loss) per share (“adjusted DEPS”), adjusted return on invested capital (“adjusted ROIC”) and free cash flows, which are financial measures that are not prepared in accordance with GAAP, as additional metrics to evaluate the Company’s performance. The Company believes these non-GAAP measures provide important supplemental information to readers regarding business trends that can be used in evaluating its results because these financial measures provide a consistent method of comparing financial performance and are commonly used by investors to assess performance. These non-GAAP financial measures should be considered together with, and are not substitutes for, the GAAP financial information provided herein.

Current wording

The Company uses EBITDA, adjusted EBITDA, adjusted operating income, adjusted net income, adjusted diluted net income per share (“Adjusted DEPS”), adjusted return on invested capital (“Adjusted ROIC”) and free cash flows, which are financial measures that are not prepared in accordance with GAAP, as additional metrics to evaluate the Company’s performance. The Company believes these non-GAAP measures provide important supplemental information to readers regarding business trends that can be used in evaluating its results because these financial measures provide a consistent method of comparing financial performance and are commonly used by investors to assess performance. These non-GAAP financial measures should be considered together with, and are not substitutes for, the GAAP financial information provided herein.

Previous wording

The Company’s Adjusted ROIC as of June 30, 2026 was 6.9%. Below is the calculation of Adjusted ROIC as of June 30, 2026 and 2025.

Current wording

The Company’s Adjusted ROIC as of September 30, 2026 was 8.0%. Below is the calculation of Adjusted ROIC as of September 30, 2026 and 2025.

Previous wording

The adjustments in 2026 represent the addback of $2.5 million of costs associated with a legal matter and $0.3 million of other one-time costs. The adjustment in 2025 represents the addback of $3.6 million of costs associated with a legal matter with the EPA.

Current wording

The adjustments in 2026 represent the addback of $2.5 million of costs associated with a legal matter and $0.6 million of other one-time costs. The adjustment in 2025 represents the addback of $1.0 million of costs associated with a legal matter with the EPA.

Previous wording

The Company defines adjusted net income (loss) as net income (loss) plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net income (loss) divided by diluted weighted average shares outstanding. Diluted weighted average common shares outstanding are adjusted for the effect of dilutive stock awards when there is net income on an adjusted basis, as applicable. The reconciliation of net income (loss) and diluted net income (loss) per share to adjusted net income (loss) and Adjusted DEPS for the three and six months ended June 30, 2026 and 2025 are summarized as follows. All dollar amounts are in millions, except per share data and share amounts.

Current wording

The Company defines adjusted net income as net income plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net income divided by diluted weighted average shares outstanding. Diluted weighted average common shares outstanding are adjusted for the effect of dilutive stock awards when there is net income on an adjusted basis, as applicable. The reconciliation of net income and diluted net income per share to adjusted net income and Adjusted DEPS for the three and nine months ended September 30, 2026 and 2025 are summarized as follows.

Previous wording

The adjustments in 2026 and 2025 represent the net income tax impact of items (1) and (2).

Current wording

The adjustments in 2026 represent the net income tax impact of items (1) and (2).

Previous wording

The adjustments in 2026 represent the addback of $2.5 million of costs associated with a legal matter and $0.3 million of other one-time costs.

Current wording

The adjustments in 2026 represent the addback of $2.5 million of costs associated with a legal matter and $0.6 million of other one-time costs.

Previous wording

The adjustments in 2026 and 2025 represent the net income tax impact of items (1) and (2).

Current wording

The adjustments in 2026 represent the net income tax impact of items (1) and (2). The adjustment in 2025 represents the net income tax impact of items (2).

Previous wording

The Company defines EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring expense, other income (expense) - net, and certain other non-recurring items.

Current wording

The Company defines EBITDA as net income before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring expense, other expense - net, and other non-recurring items - net.

Previous wording

The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 and trailing twelve months is summarized as follows.

Current wording

The reconciliation of net income to EBITDA, and further to adjusted EBITDA for the three and nine months ended September 30, 2026 and 2025 and trailing twelve months is summarized as follows.

Previous wording

Other non-recurring items - net for the three months ended June 30, 2026 relate to $2.0 million of costs associated with a legal matter. Other non-recurring items - net for the six months ended June 30, 2026 relate to $2.5 million of costs associated with a legal matter and $0.3 million of other one-time costs.

Current wording

Other non-recurring items - net for the three months ended September 30, 2026 relate to $0.3 million of other one-time costs. Other non-recurring items - net for the nine months ended September 30, 2026 relate to $2.5 million of costs associated with a legal matter and $0.6 million of other one-time costs.

Previous wording

Other (income) expense - net includes net foreign currency (gains) losses, other components of net periodic pension costs, and other items in the three, six, and trailing twelve months ended June 30, 2026 and the three and six months ended June 30, 2025.

Current wording

Other expense - net includes net foreign currency (gains) losses, other components of net periodic pension costs, and other items in the three, nine, and trailing twelve months ended September 30, 2026 and the three and nine months ended September 30, 2025.