Slides
Page 1
Q2 2026 Earnings Conference Call July 30, 2026
Page 2
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, 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 second 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
Page 3
3 Q2 2026 Financial Highlights 12.0% Adj. EBITDA Margin* $2.2B Sales Raising Full Year EPS Outlook $4.70 to $5.10 $269M Adj. EBITDA* $1.37 Adj. EPS* *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations
Page 4
4 USD Millions, except Earnings per Share Q2 2026 Q2 2025 Net Sales $ 2,238 $ 1,487 Adjusted EBITDA* 269 182 Adjusted EBITDA %* 12.0% 12.2% Adjusted Earnings per Share* $ 1.37 $ 1.49 Free Cash Flow* $ 101 $ 78 Q2 Financial Performance *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations; 1. Compares to $612 million in the prior year period, representing 6.2% growth Q2 2026 Financial Call-Outs EPS GAAP $0.96 Restructuring and Other 0.04 Deal related 0.09 Purchase price accounting 0.26 Tax rate change 0.02 Adjusted $1.37 Q2 2026 Net Sales Bridge Q2 2025 $1,487 Legacy, Pro Forma, FX-Neutral Change 123 8.3% FX Impact 14 0.9% Cranes Divestiture (36) (2.4%) Specialty Vehicles (REV)1 650 Q2 2026 $2,238 50.5%
Page 5
5 ES Financial Highlights Sales Adjusted EBITDA* 2026 2025 2026 2025 Q2 456 430 80 86 +5.9% YoY 17.5% 20.0% +5.8% FX Neutral (250) bps • Q2 bookings +18.2% YoY, $955M backlog • Sales: Increased utilities product sales, partially offset by lower shipments of refuse collection vehicles (RCV) • Margins: Unfavorable mix, utilities ramp up inefficiencies, under absorption related to lower RCV production Figures in USD Millions; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations
Page 6
6 MP Financial Highlights Sales Adjusted EBITDA* 2026 20251 2026 20251 Q2 464 417 87 60 +11.1% YoY 18.8% 14.4% +9.7% FX Neutral +440 bps • Q2 bookings +18.4% YoY, Backlog $599M, backlog +63.2% YoY • Sales: Growth led by strong demand in Aggregates • Margin: Favorable price/mix and operational execution. One-time items contributed +180 BPS to 2Q margin Figures in USD Millions; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations 1. Shown on a pro forma basis
Page 7
7 SV Financial Highlights Sales Adjusted EBITDA* 2026 20251 2026 20251 Q2 650 612 94 76 +6.2% YoY 14.5% 12.4% +210 bps • Q2 bookings: +8.6% YoY, Backlog $4.4B • Sales: Improved throughput in fire • Margin: Favorable mix, operational execution, price realization Figures in USD Millions; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations 1. Shown on a pro forma basis
Page 8
8 Aerials Financial Highlights Sales Adjusted EBITDA* 2026 2025 2026 2025 Q2 673 607 38 55 +10.9% YoY 5.7% 9.1% +9.6% FX Neutral (340) bps • Q2 bookings: +71.1% YoY, Backlog $914M, +28.0% YoY • Sales: Strong demand related to mega-projects • Margin: Unfavorable tariff impact partially offset by higher volume and price/cost actions. Favorable IEEPA refund offset by one-time unfavorable customs accrual. Figures in USD Millions; *Presented as Adjusted (non-GAAP financial measure); Refer to the appendix for definitions and/or reconciliations
Page 9
9 $388 $298 $392 $384 $353 $389 $456 $347 $417 102% 78% 105% 97% 82% 90% 107% 85% 92% Net Bookings Book-to-Bill Ratio Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 $182 $83 $664 $648 $310 $219 $971 $620 $530 25% 14% 153% 144% 51% 41% 210% 132% 79% Net Bookings Book-to-Bill Ratio Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Aerials Materials Processing* Segment Bookings 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 $317 $238 $353 $451 $396 $363 $465 $623 $469 70% 58% 87% 127% 95% 93% 109% 149% 101% Net Bookings Book-to-Bill Ratio Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Environmental Solutions* $528 $571 $575 $631 $541 $514 $691 $501 $588 100% 107% 117% 113% 88% 84% 116% 81% 90% Net Bookings Book-to-Bill Ratio Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Specialty Vehicles*
Page 10
10 2026 Updated Outlook 1. Presented as Adjusted / Non-GAAP measure. Refer to the appendix for definitions 2. Full year share count ~110M; Q3 - Q4 share count ~114M 3. Legacy sales expected to increase by ~10% vs. 2025 excl. tower and rough terrain cranes divestiture 4. Outlook assumes that tariffs broadly remain at current rates 5. Includes Rev Group businesses for the period February 2 - December 31 6. Interest / Other Expense ~$185M 7. Tax rate ~21% 8. Depreciation & Amortization of ~$110M excl. amortization pertaining to purchase price accounting Consolidated Outlook4,5,6,7,8 Net Sales3 $7.9B - $8.2B Adjusted EBITDA1 $960M - $1B EPS1,2 $4.70 - $5.10 Free Cash Flow1 $300M - $350M Segment Sales Outlook Environmental Solutions LSD Materials Processing LDD Specialty Vehicles HSD Aerials LDD Sales Mix 2025 comparable revenue: ES: $1,691M MP (excl Cranes): $1,578M SV (Feb-Dec '25, excl Lance & Midwest): $2,179M Aerials: $2,060M LSD = up low single-digits LDD = up low double-digits HSD = up high single-digits
Page 11
11 Appendix
Page 12
12 Sequential Year on Year ES ($37) (4%) ($117) (11%) MP* 5 1% 232 63% SV* (33) (1%) (58) (1%) Aerials (142) (13%) 200 28% Total ($207) (2.9%) $257 3.9% 1,075 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 1,961 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 4,446863 1,001 982 1,215 1,190 1,152 1,122 1,105 1,015 838 729 653 516 344 291 389 367 341 390 594 599 650 730 804 943 951 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 4,549 5,352 6,268 7,2727,5337,5107,8267,7717,6867,5617,8197,763 7,122 6,3976,7017,0916,6576,207 6,9227,1216,914 ES* MP* SV* Aerials Jun- 21 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 Backlog Trend 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
Page 13
13 73% 15% 7% 5% 83% 9% 5%3% North America Western Europe Asia / Pacific Rest of World North America Western Europe Asia-Pacific Rest of World Actual Legacy* 11%70% Q2 2026 Q2 2025 Q2 YOY Sales by Geography Actual FX-Adj. Actual FX-Adj. Actual FX-Adj. (6%) (9%) (7%) (9%) 9% 6% *Legacy excludes REV
Page 14
14 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 June 30, 2026, unless otherwise indicated. 2026 Outlook Terex's 2026 outlook for Adjusted EBITDA, 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
Page 15
15 GAAP to Non-GAAP Reconciliation: Q2 2026 Figures in USD Millions, except Earnings per Share Q2 2026 GAAP Restructuring and Other Deal related Purchase Price Accounting Tax Q2 2026 Adjusted (non- GAAP) Net Sales $2,238 — — — — $2,238 Gross Profit (Loss) 444 4 — (11) — 437 % of Sales 19.8% 19.5% SG&A (209) 3 12 2 — (192) Amortization of Purchased Intangibles (48) — — 48 — — SG&A % of Sales (9.3%) (8.6%) Operating Profit $187 7 12 39 — $245 Operating Margin 8.4% 10.9% Net Interest (Expense) (45) — — — — (45) Other (Expense) - Net (3) — — — — (3) Income Before Income Taxes 139 7 12 39 — 197 (Provision For) Benefit From Income Taxes (29) (2) (3) (9) 2 (41) Effective Tax Rate 20.6% 20.7% Net Income $110 5 9 30 2 $156 Earnings per Share $0.96 $ 0.04 $ 0.09 $ 0.26 $ 0.02 $1.37
Page 16
16 GAAP to Non-GAAP Reconciliation: Q2 2025 Q2 2025 GAAP Restructuring and Other Deal Related Purchase Price Accounting Equity Security Related Tax Q2 2025 Adjusted (non- GAAP) Net Sales $1,487 — — — — — $1,487 Gross Profit 308 7 — 3 — — 318 % of Sales 20.7% 21.4% SG&A (162) 5 3 — — — (154) Amortization of Purchased Intangibles (17) — — 17 — — — SG&A % of Sales (10.9%) (10.4%) Operating Profit $129 12 3 20 — — $164 Operating Margin 8.7% 11.0% Net Interest (Expense) (42) — — — — — (42) Other Income (Expense) - Net 2 — 1 — (5) — (2) Income (Loss) Before Income Taxes 89 12 4 20 (5) — 120 (Provision For) Benefit From Income Taxes (17) (3) (1) (5) 2 2 (22) Effective Tax Rate 18.5% 18.3% Net Income (Loss) $72 9 3 15 (3) 2 $98 Earnings (Loss) per Share $1.09 $ 0.14 $ 0.05 $ 0.23 $ (0.05) $ 0.03 $1.49 Figures in USD Millions, except Earnings per Share
Page 17
17 Segment Operating Profit and Adjusted Operating Profit: Q2 2026 and 2025 Figures in USD Millions Three Months Ended June 30, 2026 2025 ES MP SV Aerials ES MP Aerials Operating Profit $ 55 $ 82 $ 73 $ 25 $ 61 $ 49 $ 46 Restructuring and Other — — — 7 — 9 3 Purchase Price Accounting 20 — 15 — 21 — — Adjusted Operating Profit $ 75 $ 82 $ 88 $ 32 $ 82 $ 58 $ 49 Net Sales $ 456 $ 464 $ 650 $ 673 $ 430 $ 454 $ 607 OP Margin % 12.1% 17.6% 11.2% 3.7% 14.2% 10.8% 7.6% Adjusted OP Margin % 16.5% 17.6% 13.6% 4.7% 19.1% 12.7% 8.0%
Page 18
18 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 June 30, 2026 2025 Net cash provided by operating activities $ 128 $ 102 Capital expenditures, net of proceeds from sale of capital assets (27) (24) Free cash flow $ 101 $ 78 Free Cash Flow Figures in USD Millions
Page 19
19 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. 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
Page 20
20 Three Months Ended June 30, 2026 ES MP SV Aerials Corporate and Other / Elims Total Net income (loss)1 $ 55 $ 79 $ 69 $ 25 $ (118) $ 110 Provision for (benefit from) income taxes — — — — 29 29 Interest income — — — — (5) (5) Interest expense — 3 4 — 43 50 Other (expense) income - net — — — — 3 3 Operating profit (loss) $ 55 $ 82 $ 73 $ 25 $ (48) $ 187 Depreciation2 5 4 7 6 4 26 Amortization2 20 1 35 — 3 59 Non-Cash Interest Costs — — — — (2) (2) EBITDA 80 87 115 31 (43) 270 Restructuring and Other — — — 7 — 7 Deal Related — — — — 12 12 Purchase Price Accounting — — (21) — 1 (20) Adjusted EBITDA $ 80 $ 87 $ 94 $ 38 $ (30) $ 269 Net Sales $ 456 $ 464 $ 650 $ 673 $ (5) $ 2,238 EBITDA Margin % 17.5 % 18.8 % 17.8% 4.7 % * 12.1 % Adjusted EBITDA Margin % 17.5 % 18.8 % 14.5 % 5.7 % * 12.0 % EBITDA and Adjusted EBITDA: Q2 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 $55 million of amortization within the ES and SV segments related to purchase price accounting.
Page 21
21 Three Months Ended June 30, 2025 ES MP2 Aerials Corporate and Other / Elims Total Net income (loss)1 $ 61 $ 46 $ 45 $ (80) $ 72 Provision for (benefit from) income taxes — — — 17 17 Interest income — — — (2) (2) Interest expense — 3 — 41 44 Other (expense) income - net — — 1 (3) (2) Operating profit (loss) $ 61 $ 49 $ 46 $ (27) $ 129 Depreciation 4 4 6 3 17 Amortization3 20 — — 2 22 Non-Cash Interest Costs — — — (2) (2) EBITDA 85 53 52 (24) 166 Restructuring and Other — 9 3 — 12 Deal Related — — — 3 3 Purchase Price Accounting 1 — — — 1 Adjusted EBITDA $ 86 $ 62 $ 55 $ (21) $ 182 Net Sales $ 430 $ 454 $ 607 $ (4) $ 1,487 EBITDA Margin % 19.8 % 11.9 % 8.7 % * 11.2 % Adjusted EBITDA Margin % 20.0 % 13.8 % 9.1 % * 12.2 % EBITDA and Adjusted EBITDA: Q2 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 Q2 2025 impact of the divested Cranes business on Net Sales and Adjusted EBITDA was $36 million and $2 million, respectively; 3. This line item includes $20 million of amortization within the ES segment related to purchase price accounting.