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Terex Corp — Terex 3Q 2026 Earnings Presentation (Q3 2026)
Terex Corp (TEX) · 24 slides · Filed Oct 28, 2026
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Slide 1 — Terex 3Q 2026 Earnings
Terex Corporation | NYSE: TEX THIRD QUARTER FISCAL 2026 RESULTS Terex 3Q 2026 Earnings Presentation
Slide 2 — Forward Looking Statements
2 Certain information in this presentation includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”) and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent reports we file with the U.S. Securities and Exchange Commission from time to time, in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Contingencies and Uncertainties.” In addition, when included in this presentation, the words “may,” “expects,” “should,” “intends,” “anticipates,” “believes,” “plans,” “projects,” “estimates,” “will” and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. We have based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond our control, include, among others: • we may be unable to successfully integrate acquired or merged businesses, including REV Group, Inc. (“REV”), and we may not realize the anticipated benefits of any merged or acquired business; • we may be unable to effectively manage our expanded operations following the completion of the recent transaction with REV; • potential divestitures and any retained liabilities related thereto may negatively impact our business; • the timing and amount of benefits from our strategic initiatives may not be as expected; • our industry is highly competitive and subject to pricing pressure, and we may fail to compete effectively; • we may experience disruptions within our dealer network; • the imposition of new, postponed or increased international tariffs; • general economic conditions, government spending priorities and the cyclical nature of markets we serve; • our outstanding debt and need to comply with covenants contained in our debt agreements; • we may be unable to generate sufficient cash flow to service our debt obligations and operate our business; • our access to capital markets and borrowing capacity could be limited; • we may face cancellations, reductions or delays in customer orders, customer breaches of purchase agreements, backlog reductions or be unable to meet customer delivery schedules; • currency exchange and translation risk; • the financial condition of customers and dealers and their continued access to capital; • exposure from providing credit support for some of our customers and dealers; • we may experience losses in excess of recorded reserves; • our common stock may be affected by factors different from those previously disclosed, and may decline as a result of the transaction with REV; • political, economic and other risks that arise from operating a multinational business; • changes in the availability and price of certain materials and components, which may result in supply chain disruptions; • consolidation within our customer base and suppliers; • failure of our equipment to perform as expected; • a material disruption to one of our significant facilities; • a failure of a key information technology system or a breach of our information security from increased cybersecurity threats and more sophisticated computer crime; • issues related to the development, deployment and use of artificial intelligence technologies in our business operations, information systems, products and services; • increased regulatory focus on privacy and data security issues and expanding laws; • product liability claims, litigation and other liabilities; • compliance with the United States (“U.S.”) Foreign Corrupt Practices Act, the U.K. Bribery Act and similar worldwide anti-corruption laws; • compliance with environmental, health and safety laws and regulations and failure to meet sustainability requirements or expectations; • compliance with an injunction and related obligations imposed by the U.S. Securities and Exchange Commission (“SEC”); • our ability to attract, develop, engage and retain qualified team members; • possible work stoppages and other labor matters; and • other factors. Actual events or our actual future results may differ materially from any forward-looking statement due to these and other risks, uncertainties and material factors. The forward-looking statements contained herein speak only as of the date of this presentation. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this press release to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Non-GAAP Measures: Terex from time to time refers to various non-GAAP (generally accepted accounting principles) financial measures in this presentation. Terex believes that this information is useful to understanding its operating results and the ongoing performance of its underlying businesses without the impact of special items. See the appendix at the end of this presentation as well as the Terex third quarter 2026 earnings release on the Investor Relations section of our website www.terex.com for a description and/or reconciliation of these measures. Total amounts in tables of this presentation may not add due to rounding. Forward Looking Statements
Slide 3 — +53%
3 $2,197M $286M $1.50 1Backlog includes deliveries beyond 12 months; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations. QUARTERLY RESULTS BOOKINGS CONSOLIDATED BOOK TO BILL +53% $7.0B 103% year over year at quarter end for the quarter Net sales Adjusted EBITDA* Adjusted Diluted EPS* Q3 2026 VS. Q3 2025 ▲ 58.4% ▲ 53.8% Equal BACKLOG 1 FULL-YEAR 2026 GUIDANCE REFINED Net Sales $8.0B – $8.2B | Adjusted EBITDA* $930M – $960M | Adjusted Diluted EPS* $4.80 – $5.00 Q3 Consolidated Highlights
Slide 4 — Q3 Healthy Demand Environment Across the Portfolio
4 Q3 Healthy Demand Environment Across the Portfolio SALES GROWTH BY REGION, FX ADJUSTED North America1 ▲ 16% 1North America reflects legacy Terex, excluding Specialty Vehicles; FX-adjusted Asia-Pacific ▲ 4% Western Europe ▼ (3%) Rest of World ▲ 1% INFRASTRUCTURE, POWER & DATA CENTERS Supporting Utilities, Materials Processing and Aerials demand MUNICIPAL REPLACEMENT DEMAND Durable fire and emergency equipment demand; aging fleets support long- term replacement REFUSE COLLECTION VEHICLES Order activity is recovering, although shipment improvement remains gradual CONSTRUCTION MARKETS Commercial and residential activity remains below historical levels but has generally stabilized; Europe remains mixed
Slide 5 — Q3 Integration, Operational Execution, Brand Strength
5 Q3 Integration, Operational Execution, Brand Strength INTEGRATION & PROCUREMENT OPERATING DISCIPLINE CAPACITY EXPANSION BRAND STRENGTH • Foundational integration complete • Optimized Procurement to leverage scale and simplify sourcing • Focus on value capture and committed synergies • Deploy proven Terex practices and digital manufacturing tools • Standardize routines to improve throughput, productivity and quality • MP and SV growth and margin expansion • Ramp Utilities capacity to support growth • Improve production flow, throughput and cost absorption • Expand SV capacity to shorten lead times • Decades of customer relationships, innovation and application expertise • Large installed bases support repeat purchases • Aftermarket growth and long- term brand relevance Integration savings, operating improvements and strong brands support higher earnings and cash flow.
Slide 6 — Q3 Consolidated Financial Results
6 Q3 Consolidated Financial Results NET SALES ADJUSTED EBITDA* ADJUSTED DILUTED EPS* $1,387M $2,197M 2025 2026 +58.4% +53.8% Equal vs. prior year vs. prior year vs. prior year $186M $286M 2025 2026 $1.50 $1.50 2025 2026 FREE CASH FLOW* $209M +60.8% vs. $130M; $241M cash from operations less $32M capital expenditures, net of proceeds from sale of capital assets RETURN OF CASH TO SHAREHOLDERS $19M Regular quarterly cash dividend $2.17B Includes $407M cash on hand; 2.3x net leverage1 NET DEBT *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations. 1Net leverage is defined as net debt divided by trailing twelve-month pro forma adjusted EBITDA $72M Shares repurchased
Slide 7 — Q3 Environmental Solutions
7 Q3 Environmental Solutions SALES ADJUSTED EBITDA* $435 $400 2025 2026 $83 $61 2025 2026 (8.0)% YoY (8.0)% FX neutral (26.5)% YoY 15.3% vs. 19.2% margin SALES DRIVERS: + Higher utilities product sales − Lower refuse collection vehicle (RCV) shipments MARGIN DRIVERS: − Unfavorable mix − Utilities ramp-up inefficiencies Figures in USD Millions; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations.
Slide 8 — Q3 Materials Processing
8 Q3 Materials Processing SALES 1 ADJUSTED EBITDA* 1 $390 $434 2025 2026 $55 $84 2025 2026 +11.3% YoY +11.9% FX neutral +52.7% YoY 19.3% vs. 14.0% margin SALES DRIVERS: + Increased shipments across most product categories + High North America utilization & demand from Aggregates MARGIN DRIVERS: + Higher production and shipment volume + Favorable mix + Price cost discipline + Improved absorption Figures in USD Millions; 12025 shown on a pro forma basis; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations.
Slide 9 — Q3 Specialty Vehicles
9 Q3 Specialty Vehicles SALES 1 ADJUSTED EBITDA* 1 $608 $657 2025 2026 $79 $105 2025 2026 +8.1% YoY on a pro forma basis +32.9% YoY 16.0% vs. 13.0% margin SALES DRIVERS: + Higher sales of fire apparatus and recreational vehicles MARGIN DRIVERS: + Operating efficiencies + Price cost discipline − Inflationary pressures Figures in USD Millions; 12025 shown on a pro forma basis; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations.
Slide 10 — Q3 Aerials
10 Q3 Aerials SALES ADJUSTED EBITDA* $537 $709 2025 2026 $56 $62 2025 2026 +32.0% YoY +32.1% FX neutral +10.7% YoY 8.7% vs. 10.5% margin SALES DRIVERS: + Strong demand from national accounts + Large projects driving capex spending MARGIN DRIVERS: + Cost out actions + Higher sales volume − Unfavorable customer mix − Inflationary and tariff pressures Figures in USD Millions; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations.
Slide 11 — Q3 Book-to-bill Consolidated 103%
11 Q3 Book-to-bill Consolidated 103% $298 $392 $384 $353 $389 $456 $347 $417 $445 78% 105% 97% 82% 90% 107% 85% 92% 112% Net Bookings Book-to-bill Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Environmental Solutions* $83 $664 $648 $310 $219 $971 $620 $530 $646 14% 153% 144% 51% 41% 210% 132% 79% 91% Net Bookings Book-to-bill Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Aerials Materials Processing* $238 $353 $451 $396 $363 $465 $623 $469 $511 58% 87% 127% 95% 93% 109% 149% 101% 118% Net Bookings Book-to-bill Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 $571 $575 $631 $541 $514 $691 $501 $588 $665 107% 117% 113% 88% 84% 116% 81% 90% 101% Net Bookings Book-to-bill Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Specialty Vehicles* Figures in USD Millions; *Shown on a pro forma basis to present past performance as if the ESG acquisition (ES), Cranes divestiture (MP) and REV merger (SV) had occurred at an earlier date to illustrate comparable performance
Slide 12 — 2026 Outlook
12 2026 Outlook CONSOLIDATED OUTLOOK 3,4 - REFINED VS. PRIOR GUIDANCE SEGMENT SALES OUTLOOK NET SALES 2 ADJUSTED EBITDA 1 DILUTED EPS 1 FREE CASH FLOW 1 $8.0B - $8.2B Prior: $7.8B - $8.1B $930M - $960M Prior: $960M - $1.0B Prior: $4.70 - $5.10 $4.80 - $5.00 $360M - $400M Environmental Solutions Materials Processing Specialty Vehicles Aerials Diluted Share count ~110M full year, ~113M Q4 Interest / other expense ~$180M Capital expenditures ~$145M D&A ~$95M5 Tax rate ~19% Flat vs. $1,691M in 2025 ▲ LDD ▲ HSD ▲ LDD vs. $1,578M in 2025 excl. Cranes vs. $2,179M in 2025 Feb-Dec '25, excl. Lance & Midwest vs. $2,060M in 2025 LDD = up low double-digits; HSD = up high single-digits 1Presented as Adjusted / Non-GAAP measure. Refer to the appendix for definitions 2Legacy sales expected to increase by ~10% vs. 2025 excl. tower and rough terrain cranes divestiture 3Outlook assumes that tariffs broadly remain at current rates 4Includes Rev Group businesses for the period February 2 – December 31 5Excludes purchase price amortization and non-cash interest costs Prior: $300M - $350M
Slide 13 — Appendix
Appendix Supporting Detail & Reconciliations SUPPLEMENTAL INFORMATION
Slide 14 — Q3 net sales bridge and diluted EPS call-outs
14 Q3 net sales bridge and diluted EPS call-outs Q3 2026 NET SALES BRIDGE ($M) Q3 2026 DILUTED EPS WALK ($) 1,387 +182 (2) (27) +657 2,197 Q3 2025 Legacy, pro forma, FX-neutral FX impact Cranes Divestiture Specialty Vehicles (REV) (1) Q3 2026 *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations; (1) Compares to $608 million in the prior year period, representing 8.1% growth 13.1% (0.1)% (1.9)% 58.4% 1.00 (0.10) +0.05 +0.40 +0.15 1.50 GAAP EPS Restructuring and other Deal related Purchase price accounting Divestitures Adjusted EPS
Slide 15 — Backlog trend by segment
15 Sequential Year on Year ES $47 5% ($25) (2%) MP* 77 13% 335 98% SV* 33 1% 37 1% Aerials (62) (7%) 455 115% Total $95 1.4% $802 12.9% 1,421 1,837 2,296 2,207 1,960 2,135 2,236 1,904 1,596 1,838 1,666 1,116 582 811 1,010 714 397 906 1,056 914 852 2,200 2,645 2,818 3,185 3,271 3,431 3,279 3,586 3,798 3,996 4,228 4,266 4,330 4,439 4,546 4,504 4,442 4,571 4,479 4,446 4,479 1,001 982 1,215 1,190 1,152 1,122 1,105 1,015 838 729 653 516 344 291 389 367 341 390 594 599 676 730 804 943 951 1,127 1,138 1,151 1,181 1,329 1,256 1,216 1,224 1,141 1,160 1,146 1,072 1,027 1,055 992 955 1,002 5,352 6,268 7,272 7,533 7,510 7,826 7,771 7,686 7,561 7,819 7,763 7,122 6,397 6,701 7,091 6,657 6,207 6,922 7,121 6,914 7,009 ES* MP* SV* Aerials Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Backlog trend by segment Figures in USD Millions; Backlog includes deliveries beyond 12 months which reflects continuing operations; *Shown on a pro forma basis to present past performance as if the ESG acquisition, Cranes divestiture, and REV merger had occurred at an earlier date to illustrate comparable performance
Slide 16 — Q3 sales by geography
16 72% 14% 9% 5% 82% 9% 6% 3% North America Western Europe Asia-Pacific Rest of World ACTUAL LEGACY* ▲ 16% ▲ 81% Q3 2026 Q3 2025 Q3 sales by geography ACTUAL FX-Adjusted Actual FX-Adj. Actual FX-Adj. ▼ (3%) ▼ (3%) ▲ 1% ▲ 1% ▲ 4% ▲ 4% *Legacy excludes REV North America Western Europe Asia / Pacific Rest of World
Slide 17 — Glossary
17 In an effort to provide investors with additional information regarding the Company’s results, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures which management believes provides useful information to investors. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. In addition, the Company believes that non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. Terex believes that this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Management of Terex uses both GAAP and non-GAAP financial measures to establish internal budgets and targets and to evaluate the Company’s financial performance against such budgets and targets. The amounts described below are unaudited, are reported in millions of U.S. dollars (except per share data and percentages), and are as of or for the three month period ended September 30, 2026, unless otherwise indicated. 2026 Outlook Terex's 2026 outlook for Adjusted EBITDA, adjusted diluted earnings per share, and free cash flow are non-GAAP financial measures because they exclude the impact of potential future acquisitions, divestitures, restructuring, tariffs, trade policies and other unusual items. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the exact timing and impact of such items. The unavailable information could have a significant impact on the Company's full-year 2026 GAAP financial results. This forward looking information provides guidance to investors about the Company's 2026 Outlook excluding unusual items that the Company does not believe is reflective of its ongoing operations. Glossary
Slide 18 — GAAP to Non-GAAP Reconciliation: Q3 2026
18 GAAP to Non-GAAP Reconciliation: Q3 2026 Figures in USD Millions, except Earnings per Diluted Share Q3 2026 GAAP Restructuring and Other Deal related Purchase Price Accounting Divestitures Q3 2026 Adjusted (non- GAAP) Net Sales $2,197 — — — — $2,197 Gross Profit 435 — — 5 — 440 % of Sales 19.8% 20.0% SG&A (199) (15) 9 2 23 (180) Amortization of Purchased Intangibles (53) — — 53 — — SG&A % of Sales (9.1%) (8.2%) Operating Profit $183 (15) 9 60 23 $260 Operating Margin 8.3% 11.9% Net Interest (Expense) (44) — — — — (44) Other (Expense) - Net (4) — — — — (4) Income Before Income Taxes 135 (15) 9 60 23 212 (Provision For) Benefit From Income Taxes (21) 4 (3) (15) (6) (41) Effective Tax Rate 15.6% 19.3% Net Income $114 (11) 6 45 17 $171 Earnings per Diluted Share $1.00 $ (0.10) $ 0.05 $ 0.40 $ 0.15 $1.50
Slide 19 — GAAP to Non-GAAP Reconciliation: Q3 2025
19 GAAP to Non-GAAP Reconciliation: Q3 2025 Q3 2025 GAAP Restructuring and Other Deal Related Purchase Price Accounting Equity Security Related Tax Q3 2025 Adjusted (non- GAAP) Net Sales $1,387 — — — — — $1,387 Gross Profit 299 3 — 3 — — 305 % of Sales 21.6% 22.0% SG&A (142) 2 3 — — — (137) Amortization of Purchased Intangibles (17) — — 17 — — — SG&A % of Sales (10.2%) (9.9%) Operating Profit $140 5 3 20 — — $168 Operating Margin 10.1% 12.1% Net Interest (Expense) (42) — — — — — (42) Other (Expense) Income - Net (4) — 1 — 1 — (2) Income Before Income Taxes 94 5 4 20 1 — 124 (Provision For) Benefit From Income Taxes (29) (1) (1) (4) — 11 (24) Effective Tax Rate 31.4% 19.9% Net Income $65 4 3 16 1 11 $100 Earnings per Diluted Share $0.98 $ 0.06 $ 0.04 $ 0.24 $ 0.01 $ 0.17 $1.50 Figures in USD Millions, except Earnings per Diluted Share
Slide 20 — Segment Operating Profit and Adjusted Operating Profit: Q3 2026 and 2025
20 Segment Operating Profit and Adjusted Operating Profit: Q3 2026 and 2025 Figures in USD Millions 1. Column does not foot due to rounding. Three Months Ended September 30, 2026 2025 ES MP1 SV1 Aerials ES MP Aerials Operating Profit $ 52 $ 75 $ 43 $ 54 $ 58 $ 52 $ 45 Restructuring and Other (16) — — 1 1 (1) 5 Purchase Price Accounting 20 — 37 — 20 — — Divestitures — 3 20 — — — — Adjusted Operating Profit $ 56 $ 79 $ 99 $ 55 $ 79 $ 51 $ 50 Net Sales $ 400 $ 434 $ 657 $ 709 $ 435 $ 417 $ 537 OP Margin % 13.0% 17.3% 6.5% 7.6% 13.3% 12.5% 8.4% Adjusted OP Margin % 14.1% 18.2% 15.1% 7.8% 18.3% 12.4% 9.2%
Slide 21 — Free Cash Flow
21 The Company calculates a non-GAAP measure of free cash flow that is defined as Net cash provided by operating activities less Capital expenditures, net of proceeds from sale of capital assets. The Company believes this measure provides management and investors further useful information on cash generation in our primary operations. Three Months Ended September 30, 2026 2025 Net cash provided by operating activities $ 241 $ 154 Capital expenditures, net of proceeds from sale of capital assets (32) (24) Free cash flow $ 209 $ 130 Free Cash Flow Figures in USD Millions
Slide 22 — EBITDA
22 EBITDA is defined as earnings, before interest, other non-operating income (loss), income (loss) attributable to non-controlling interest, taxes, depreciation and amortization. The Company calculates this by subtracting the following items from Net income (loss): (Gain) loss on disposition of discontinued operations- net of tax; and (Income) loss from discontinued operations – net of tax. Then adds the Provision for (benefit from) income taxes; Interest & Other (Income) Expense; the Depreciation and Amortization amounts reported in the Consolidated Statement of Cash Flows less amortization of debt issuance costs that are recorded in Interest expense. Adjusted EBITDA is defined as EBITDA plus certain SG&A and other income/expenses that management believes are not indicative of ongoing operating performance. Terex believes that disclosure of EBITDA and Adjusted EBITDA will be helpful to those reviewing its performance, as EBITDA provides information on Terex’s ability to meet debt service, capital expenditure and working capital requirements, and is also an indicator of profitability. EBITDA
Slide 23 — EBITDA and Adjusted EBITDA: Q3 2026
23 Three Months Ended September 30, 2026 ES MP3 SV3 Aerials Corporate and Other / Elims Total Net income (loss)1 $ 52 $ 71 $ 39 $ 53 $ (101) $ 114 Provision for income taxes — — — — 21 21 Interest income — — — — (5) (5) Interest expense — 4 4 — 41 49 Other expense - net — — — 1 3 4 Operating profit (loss) $ 52 $ 75 $ 43 $ 54 $ (41) $ 183 Depreciation2 5 4 7 7 3 26 Amortization2 20 1 40 — 3 64 Non-Cash Interest Costs — — — — (2) (2) EBITDA 77 80 90 61 (37) 271 Restructuring and Other (16) — — 1 — (15) Deal Related — — — — 9 9 Purchase Price Accounting — — (4) — 2 (2) Divestitures — 3 20 — — 23 Adjusted EBITDA $ 61 $ 84 $ 105 $ 62 $ (26) $ 286 Net Sales $ 400 $ 434 $ 657 $ 709 $ (3) $ 2,197 EBITDA Margin % 19.3 % 18.4 % 13.7% 8.6 % * 12.3 % Adjusted EBITDA Margin % 15.3 % 19.3 % 16.0 % 8.7 % * 13.0 % EBITDA and Adjusted EBITDA: Q3 2026 Figures in USD Millions; 1. Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments; 2.These line items include $1 million of depreciation and $60 million of amortization within the ES and SV segments related to purchase price accounting. 3. Column does not foot due to rounding.
Slide 24 — EBITDA and Adjusted EBITDA: Q3 2025
24 Three Months Ended September 30, 2025 ES MP2 Aerials Corporate and Other / Elims Total Net income (loss)1 $ 58 $ 48 $ 44 $ (85) $ 65 Provision for income taxes — — — 29 29 Interest income — — — (3) (3) Interest expense — 4 — 41 45 Other expense - net — — 1 3 4 Operating profit (loss) $ 58 $ 52 $ 45 $ (15) $ 140 Depreciation 4 5 6 3 18 Amortization3 20 — — 2 22 Non-Cash Interest Costs — — — (2) (2) EBITDA 82 57 51 (12) 178 Restructuring and Other 1 (1) 5 — 5 Deal Related — — — 3 3 Adjusted EBITDA $ 83 $ 56 $ 56 $ (9) $ 186 Net Sales $ 435 $ 417 $ 537 $ (2) $ 1,387 EBITDA Margin % 18.9 % 13.7 % 9.5 % * 12.8 % Adjusted EBITDA Margin % 19.2 % 13.5 % 10.5 % * 13.4 % EBITDA and Adjusted EBITDA: Q3 2025 Figures in USD Millions; 1. Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments; 2. As shown earlier in this presentation, the Q3 2025 impact of the divested Cranes business on Net Sales and Adjusted EBITDA was $27 million and $2 million, respectively; 3. This line item includes $20 million of amortization within the ES segment related to purchase price accounting.