Slides
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Fourth-Quarter and Full-Year 2025 Earnings Conference Call February 10, 2026
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2 Forward-Looking Statements Safe Harbor Statement Any statements contained in this presentation that are not historical facts are “forward-looking statements.” These statements are based on the current expectations of the management of the Company, only speak as of the date on which they are made and are subject to uncertainty and changes in circumstances. The Company undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations and beliefs relating to matters that are not historical in nature. The words “could,” “should,” “feel,” “anticipate,” “aim,” “preliminary,” “expect,” “believe,” “esti mate,” “intend,” “intent,” “plan,” “will,” “foresee,” “project,” “forecast,” or the negative thereof or variations thereon, and similar expressions identify forward -looking statements. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or i mplied by such forward-looking statements. For a list of factors that could cause actual results to differ materially from those discussed or implied, please see the Company’s periodic filings with the SEC, particularly those disclosed in “Risk Factors” in the Company’s Annual Reports on Form 10-K. Any “forward-looking statements” in this presentation are intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Non-GAAP Measures Adjusted net income, adjusted diluted net income per share (“Adjusted DEPS”), EBITDA, adjusted EBITDA, adjusted return on inv ested capital, and free cash flows are financial measures that are not in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). For a reconciliation to the comparable GAAP numbers please see “Appendix – GAAP to Non-GAAP Reconciliation.” Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance, and is more useful in assessing management performance.
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3 2025 Highlights CRANES+50 STRATEGY CONTINUES TO GAIN MOMENTUM 11 New Models Launched Continued NPD investment to drive growth $690M Record non-new machine sales; 10% YOY increase 500+ Service Techs 12% YOY increase in headcount Expanded Aftermarket Footprint Increased territory coverage; upgraded branch locations
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4 377 339 320 340 360 380 2024 2025 First Aid Incidents The Manitowoc Way: 2025 Continuous Improvement SAFETY CONTINUOUS IMPROVEMENT 1.19 0.94 Recordable Injury Rate* *per 200k hours CEO Award Winners LESSONS LEARNED AWARDS Sales Team in Portugal MGX Chesapeake Branch Designed blaster hopper, improving efficiency by 70% and reducing injury risk Provided customer with complete suite of lifting solutions – from cranes to lifting hardware Stephane Dumont Vitaly Artemyev Nick Bird Photo Photo
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5 Market Conditions OVERALL CUSTOMER SENTIMENT IMPROVING EUROPE - Positive sentiment driven by public stimulus funding - Continued improvement in Tower and Mobile Cranes - Upbeat outlook on future projects MIDDLE EAST - Sentiment optimistic; credit tightening - Slowing pace of infrastructure projects ASIA PACIFIC - Improving sentiment - Major project announcements in South Korea; new projects pending in Australia NORTH AMERICA - Customer sentiment muted due to tariff-related uncertainty - Large stocking orders in Q4 to secure build slots - Rental rates stagnant - Stable dealer inventory
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6 Q4 2025 Financial & Other Key Metrics ($ in millions) RESULTS IN LINE WITH EXPECTATIONS; STRONG ORDERS
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7 2025 Full-Year Financial & Other Key Metrics ($ in millions, ex per share amounts) -1% +22%-13% +10% ACHIEVED ADJUSTED EBITDA GUIDANCE IN LINE WITH EXPECTATIONS * 2025 free cash flow inclusive of $45M payment related to settlement of the EPA matter and environmental mitigation project.
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8 2026 Full-Year Guidance Net sales $2.250 to $2.350 billion Adjusted EBITDA $125 to $150 million Depreciation and amortization $60 million Interest expense $35 to $38 million Provision for income tax expense $11 to $15 million Adjusted DEPS $0.45 to $0.90 Capital expenditures $45 to $50 million, $25 million related to rental fleet Free cash flow $40 to $65 million IMPROVED RESULTS EXPECTED IN 2026
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9 Conclusion LONG-TERM ASPIRATIONAL GOAL: 15% ROIC CRANES+50 Strategy drivers: • Growing field service technicians • Additional and upgraded locations • New complementary products • End market tailwinds globally • Favorable macroeconomic drivers • Impending fleet replacement cycle • New Hiab distribution agreement
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Appendix
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11 Appendix – GAAP to Non-GAAP Reconciliation _____________________ Dollars in millions, excluding per share amounts Note: See full reconciliation of GAAP and Non -GAAP financial measures contained in our fourth -quarter and full-year earnings release
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12 Appendix – GAAP to Non-GAAP Reconciliation _____________________ Dollars in millions, excluding per share amounts Note: See full reconciliation of GAAP and Non -GAAP financial measures contained in our fourth -quarter and full-year earnings release
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13 Appendix – GAAP to Non-GAAP Reconciliation _____________________ Dollars in millions Note: See full reconciliation of GAAP and Non -GAAP financial measures contained in our fourth -quarter and full-year earnings release
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14 Appendix – GAAP to Non-GAAP Reconciliation _____________________ Dollars in millions Note: See full reconciliation of GAAP and Non -GAAP financial measures contained in our fourth -quarter and full-year earnings release
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15 Appendix – Adjusted ROIC Calculation _____________________ Dollars in millions Note: See full reconciliation of GAAP and Non -GAAP financial measures contained in our fourth -quarter and full-year earnings release
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Thank you for your interest Additional information: Ion Warner – SVP Marketing & Investor Relations (m) +1 414-760-4805 (c) +1 717-414-1813 ion.warner@manitowoc.com www.manitowoc.com