Greetings. Welcome to the Terex Q2 2026 results conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Drew Konop, Vice President of Investor Relations. Good morning. Welcome to the Terex Q2 2026 earnings conference call. A copy of the press release and presentation slides are posted on our investor relations website at investors.terex.com. The replay and slide presentation will be available on our website. We are joined today by Simon Meester, President and Chief Executive Officer, and Jennifer Kong-Picarello, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by Q&A. Please turn to slide two of the presentation, which reflects our safe harbor statement. Today's conference call contains forward-looking statements, which are subject to risks that could cause actual results to be materially different from those expressed or implied. These risks are described in greater detail in our earnings materials and in reports filed with the SEC. On this call, we will be discussing non-GAAP financial information, including adjusted figures that we believe are useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials. Please turn to slide three. I'll hand it over to Simon. Thanks, Drew. Good morning. Thank you for joining us today. Terex delivered a strong Q2 with revenue of $2.2 billion, increasing 8.5% compared to last year on a pro forma basis. The quarter's performance reflects revenue growth in all segments, improved earnings conversion, and progress against strategic priorities we've laid out in the past two years. Today, I'll begin with our consolidated performance and the demand backdrop we are seeing across the portfolio. I'll discuss how each segment is executing against those market conditions before providing an update to our full year guidance. Jen will take you through the detailed financials. At the consolidated level, Q2 performance was supported by revenue growth and improved earnings conversion both sequentially and year-over-year. Adjusted EBITDA of $269 million increased $26 million, or 10.7%, versus last year on a pro forma basis, driven by meaningful improvements, especially in the Materials Processing and Specialty Vehicles segments. Bookings increased 25% year-over-year on a pro forma basis. Our backlog of $6.9 billion provides solid coverage and supports our confidence in the second half and today's updated full-year outlook. From a macro perspective, the demand environment for our business is positive and improving in many of our verticals. U.S. non-residential construction is benefiting from the ongoing transition of planned projects to new starts, supporting demand across multiple segments. Year to date, U.S. non-residential construction starts rose 18% to $368 billion, driven by momentum in data centers, energy investments, and civil projects such as bridge, water, and sewage infrastructure. Mega project starts totaled approximately $80 billion year to date through May, creating increased opportunities for many of our businesses. Across our end markets, we're seeing higher utilization rates for our products, increasing capital expenditures by our customers, and positive sentiment from channel partners. These indicators and our bookings trends support our view that demand is growing in many of our verticals. Looking ahead, policy and infrastructure activity in Washington also provides a promising backdrop, including enactment of the 21st Century ROAD to Housing Act and introduction of the BUILD America 250 Act. The timing and implementation of these programs may vary, but the direction of public and private investment is supportive. Healthy municipal budgets and replacement needs support demand for fire apparatus, ambulances, refuse collection vehicles, and related equipment. Within Specialty Vehicles, during the quarter, the city of Chicago approved the purchase of 80 fire trucks and 40 ambulances as part of its fleet replacement plan. The breadth of our Specialty Vehicles portfolio allows us to serve communities of all sizes, and because these are essential assets that municipalities replace on a regular cycle, they provide a recurring source of replacement demand. In Environmental Solutions, long-term demand is supported by a large installed base of refuse collection vehicles, digital and aftermarket activity, and robust transmission demand in utilities. While the segment is navigating a temporary softness in refuse collection vehicles, ESG's Q2 bookings increased versus the prior year, the first year-over-year increase since the Q1 of 2025, indicating that momentum could be building going into 2027. Long-term demand for refuse collection vehicles is intact, including a regular replacement cycle and customer interest in technologies such as automated side loaders, 3rd Eye camera systems, and back office software that can improve productivity and safety for our customers and their operators. Terex Utilities is benefiting from demand tied to grid modernization, renewable energy investment, data center-related power needs, and storm hardening activities, which we expect to support the business over the next several years. In Materials Processing, the U.S. mobile crushing and screening market is showing growth in fleet utilization and rent-to-purchase conversions. We also saw increased bookings for material handling and concrete mixers, which supports our view that the segment's overall demand is broadening. In Aerials, customer demand is supported by non-residential construction activity, with customer mix in the quarter skewed toward national accounts that have greater exposure to mega projects. Turning to execution, I believe it is important to point out that after we completed the two largest transactions in our history in just the last two years, both the ESG acquisition and the merger with Rev are trending above their respective business cases to date. Across our new and bigger portfolio, our focus is to convert backlog more profitably, improve throughput, realize synergies, and continue to bring exciting new products to market for our customers. The Q2 demonstrated our progress in all those areas. Starting with Specialty Vehicles, the REV Group integration is proceeding well, and the segment delivered record earnings performance. The teams are executing against the integration plan, and synergy realization is progressing as expected. Our near-term priorities for the segment are to improve throughput, reduce lead times, and expand capacity in targeted product categories. During the quarter, we made significant progress with the expansion of our ladder truck plant in Ocala, Florida, and we're nearing completion of the expansion in Brandon, South Dakota. The Brandon investment is intended to increase capacity of the S-180 semi-custom pumper and further reduce lead times, directly supporting our longer-term growth objectives. We expect the first deliveries from our Brandon expansion within the Q4. In Environmental Solutions, ESG is making progress with its ongoing manufacturing efficiency improvements in an already world-class facility. In Utilities, we are aggressively ramping up shipments to keep up with the accelerating demand and are executing our planned capacity expansion. Utilities also introduced the TRX product line, including four different models with different working heights, eliminating the need for a commercial driver's license, giving our customers more flexibility to operate their fleet. The product line is an industry first with a production unit of a 50-foot aerial on a Class six chassis. In Aerials, the team continued to navigate tariff headwinds and execute mitigation efforts in their supply chain and improve operational efficiency. As expected, our price cost position improved in the Q2, and we believe the full year will be price cost neutral based on the visibility we have within our backlog and our ongoing cost-out actions. Before turning to our 2026 guidance, let me provide an update on our strategic review of the Aerial segment. We are pleased with the progress we are making. We have interest from multiple parties and are working towards an outcome that maximizes value for our shareholders. We do not have any specific details to share at this time, but we will update you as the process unfolds. Based on our Q2 performance, our backlog coverage, and synergy pipeline, we are raising our full-year guidance. The increase reflects strong first half execution overall, increased volume in Aerials, and improved performance in Materials Processing. We now expect sales of $7.9 billion-$8.2 billion, adjusted EBITDA of $960 million-$1 billion, adjusted EPS of $4.70-$5.10. With that, I'll turn it over to Jen to walk through the financials in more detail. Thank you, Simon, and good morning, everyone. Let's review our Q2 results, starting with consolidated performance on slide four. Consolidated sales, including the results of Specialty Vehicles, were $2.24 billion, up $751 million, or 51% as reported. On a pro forma basis, excluding the sale of the Cranes and the Midwest businesses, sales increased $175 million, or 8.5%, with growth across each of our segments. Adjusted EBITDA margin was 12%, compared to 11.8% on a pro forma basis in the prior year. Adjusted EBITDA increased by $26 million, driven by healthy demand for our products, operational execution, and realized synergies, in spite of significantly higher tariffs compared to this time last year. Adjusted earnings per share was $1.37, including a net benefit of $8 million from IEEPA tariff refunds, plus a one-time unfavorable customs related accrual. Working capital continues to improve. Net working capital declined to 15.2% of sales, compared to 16.7% in the Q1 and 22.8% a year ago, primarily driven by the merger with REV Group. We generated $128 million of operating cash flow and $101 million of free cash flow within the quarter. Net debt ended the quarter was $2.28 billion, including $407 million of cash on hand. Net leverage improved to 2.3x net debt of 12-month adjusted EBITDA. We also returned $20 million to shareholders through dividends in the quarter. Turning to segment performance, starting with Environmental Solutions on slide five. Environmental Solutions sales increased by $26 million, or 5.9% versus the prior year, to $456 million. Growth was driven by strong demand and increased shipments in Terex Utilities, which more than offset temporary softness and demand for ESG. Despite the temporary unfavorable mix, the segment reported an adjusted EBITDA margin of 17.5%, down 250 basis points year-over-year, due to the aforementioned unfavorable mix, coupled with production ramp-up inefficiencies and lower absorption in ESG. Moving to Materials Processing on slide six. Materials Processing sales increased 11.1%, or $47 million to $464 million, driven by healthy demand, particularly for mobile crushers in the U.S., supported by infrastructure, data centers, and other industrial projects. Adjusted EBITDA margin expanded 440 basis points to 18.8%, reflecting a favorable product mix and price cost discipline. One-time benefits contributed approximately 180 basis points to the margin performance within the quarter. Turning to Specialty Vehicles on slide seven. Specialty Vehicles sales increased $38 million, or 6.2%, to $650 million, driven by improved throughput and fire. SV adjusted EBITDA margin improved 210 basis points to 14.5% compared to last year, reflecting favorable mix, operational efficiencies, and price realization, partially offset by cost inflation. Turning to Aerials in slide eight. Aerials sales increased 10.9% year-over-year to $673 million, driven by demand from national accounts as supported by mega projects. Adjusted EBITDA margin was 5.7% in the quarter, down 340 basis points from last year, which had significantly less tariff impact. As expected, Aerials improved margin sequentially in the Q2 by 560 basis points, reflecting improving price-cost dynamics and a higher production volume. We are on track to be price-cost neutral for the year. The IEEPA refunds we received in the quarter were offset by a one-time unfavorable customs accrual. Please note, Terex is not accruing for future refunds not yet received. Turning to bookings on slide nine. As Simon mentioned, consolidated second quarter bookings were $2 billion, up $400 million or 25% year-over-year on a pro forma basis. In Environmental Solutions, bookings were $417 million, an increase of 18% versus last year's quarter, mostly driven by Utilities. We expect bookings and Utilities to be solid for years to come, and our focus is to ramp throughput to meet the accelerating demand. In ESG, bookings were up year-over-year, which could indicate momentum is building going into 2027. Having said that, given the conversations with our customers and suppliers, we no longer expect a material second-half pre-buy of RCVs ahead of 2027 EPA regulations. As a result, we're updating our second-half ES segment revenue outlook to low single-digit growth. Materials Processing Q2 bookings of $469 million increased 18% on a pro forma basis. While aggregates demand was the main driver, bookings also increased meaningfully in material handling. MP ended the quarter with $599 million of backlog, up $232 million, or 63% year-over-year, supporting an updated full-year outlook of low double-digit sales growth. This implies high single-digit year-over-year growth in the second half. Specialty Vehicles bookings were $588 million in the quarter, up nine percent versus the prior year, led by the previously announced City of Chicago order. Increased throughput drove higher sales and lowered the segment's backlog, as intended. We expect this segment will execute against its backlog, and our outlook remains high single-digit revenue growth for the year. Finally, Aerials Q2 bookings of $530 million reflect 71% growth versus last year, particularly from national customers tied to large funded projects in infrastructure and non-residential construction. Aerials ended the quarter with $914 million in backlog, an increase of $200 million or 28% versus the prior year. Given Aerials' first-half performance, healthy bookings, and backlog visibility, we're updating the full-year outlook to low double-digit sales growth. Now turn to slide 10 for our update to the consolidated 2026 outlook. We're operating in a complex environment with many macroeconomic variables and geopolitical uncertainties, and results could change negatively or positively. The outlook we are providing today reflects our current portfolio and does not account for any cost to achieve the synergies, purchase accounting adjustments, or other non-recurring items. Today, we are increasing our outlook for the year, with 2026 sales expected to grow approximately 7.4% at a midpoint on a pro forma basis to a range of $7.9 billion-$8.2 billion. We now expect pro forma EBITDA to grow by approximately $124 million, or 14.5% year-over-year, to between $960 million and $1 billion, or 12.2% EBITDA margin at the midpoint. Included in our EBITDA outlook is approximately $28 million of synergies that we're well on our way to realizing. Updated guidance reflects 22% incremental adjusted EBITDA margin conversion at the midpoint pro forma, despite a dynamic tariff environment. We anticipate interest and other expenses to approximately $185 million, based on average debt outstanding of $2.7 billion. The effective tax rate for the full-year is still expected to be 21%, despite favorability in the first half of the year. We now expect 2026 EPS between $4.70 and $5.10, with slightly more earnings per share in the Q3 and a typical seasonal step down expected in the Q4. Please note, the share count for the second half will be approximately $114 million. Finally, we expect to deliver $300 million-$350 million of free cash flow in 2026. With that, I'll turn it back to Simon for his closing remarks. Thanks, Jen. I would like to thank everyone again for joining today's call. Just to quickly summarize what we shared today. We see strong demand from most of the markets we compete in, and we see clear momentum from the execution of our strategy. The REV integration is progressing as planned. Our synergy pipeline is building, and the new Specialty Vehicles segment is improving throughput quarter after quarter. Environmental Solutions is well positioned with its manufacturing knowhow, digital offering, and multiyear demand in utilities. Materials Processing is executing effectively, and together with Aerials, benefiting from investments in infrastructure, data centers, manufacturing, and overall power generation. We are raising our full year guidance because of the performance we delivered in the first half and the visibility we have in the backlog and the momentum we're building. Taken together, these results demonstrate the strength of the new Terex, a more diversified, more resilient, and higher performing company with clear opportunities to grow, improve margins, generate cash, and create value. I want to thank our global team members for their dedication, our customers and dealers for their partnership, and our shareholders for their confidence in Terex. With that, we'll turn the call over to the operator for questions. We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimal sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question is from the line of Mig Dobre from Baird. Your line is open. Please go ahead. Thank you very much. Good morning, everyone. Maybe I would like to start with double clicking a little bit on Environmental Solutions here. Can you give us a little perspective as to what's embedded in that low single-digit revenue growth outlook? How you think about the refuse business versus utility? I guess the second part here, just the guidance seems to imply revenue compression in the second half. How should we think about the effect that would have on margins for this segment? Yeah. Good morning, Mig. I'll take the first one, and I'll let Jen weigh in on your second question. From a top-line perspective for the segment overall, obviously, strong bookings, 18% year-over-year, sequential also, growth in bookings 20% versus prior quarter. I know you asked about refuse, but part of Environmental Solutions is obviously also Terex Utilities. We see a lot of accelerating demand in Terex Utilities, and we're expanding capacity to keep up. In ESG, which is the refuse collection vehicle business within Environmental Solutions, we actually saw bookings were up as well year-over-year and sequentially, we do see momentum building for 2027. When we look at that business, we look at bookings trends, we look at fleet utilization, we look at telematics, we look at what customers are telling us. We clearly see that in the first half, maybe even starting late last year, there was probably a little bit too much fleet in the system. It's not that America is producing less waste or that there are less garbage trucks on the road, but clearly, there was a little bit of resyncing that needed to happen between supply and demand. We think that that happened in the first half and is now mostly behind us as we see bookings coming back up. That's the first piece. The second piece, in our initial guide, we assumed there was going to be some pre-buy activity in the second half of 2026 going into 2027 when the new engine emission regulations come out. We now think that will actually spill over in 2027 as some of those changes are grandfathered and delayed by a couple of months. We don't see as much of an uptick in pre-buys in the second half as originally assumed. We still think that bookings will sequentially recover. We still think that 2027 is most likely a growth year for refuse. We just see it being delayed by a couple of months because of the delay in pre-buys. Jen, you want to weigh in on the margins? Hey, good morning, Mig. From a margin perspective, we expect for Q3 to be very similar with Q2, given that the top-line growth is going to continue to be driven by the utilities, and they have a very different margin profile. We do expect that from Q3 - Q4 to be a step up in the margins at the segment level, driven by favorable product mix, favorable customer mix, and the inefficiencies that I mentioned in my prepared remarks, specifically in utilities to be behind that. Those are the big three drivers in terms of the step-up in the margin. I appreciate that. That's helpful. My follow-up, maybe on Specialty Vehicles, and this is kind of a bigger picture question. As you're starting to operate this asset and working with the REV team, I'm curious as to what you're discovering in terms of opportunities for either manufacturing efficiencies or being able to use some of the scale that Terex has that could bring to this business on a go-forward basis. I do understand that you have communicated on the synergies near term and also the capacity additions that you have. My question, I guess extends beyond that if possible. Thank you. Yeah. I'll let Jen talk about the synergies, but very pleased with how the integration is going. It's been five months now. We're very pleased that they booked a record quarter in terms of EBITDA performance. Mig, you know this business. You know the momentum that team was building and has been building over the last two - three years before we merged with REV. We were obviously very keen and very focused on making sure we would maintain that momentum, that continuous improvement momentum, if you will, and that's exactly what has been happening so far in the first five months. It's the exact same leadership team operationally that runs SV today that was running REV before the merger. We continue to improve throughput. We were up again in units produced in the Q2. To your point, with the acquisition of ESG, we think we acquired one of the best specialty vehicle manufacturers in the industry. What our game plan is and has been and will be, is we see that manufacturing excellence in high mix, low volume of ESG now helping Terex Utilities, so you see Terex Utilities margins are coming up, and we expect that same manufacturing know-how to help SV going forward. At the end of the day, it's all about continuous improvement and continue to try to reduce the number of hours per truck. The most immediate focus is on just making sure we keep that momentum that we have in SV, and we're very pleased with how the integration is going and how the synergy pipeline is building. Jen, any context? Mig, from a financial standpoint, we committed that $28 million of synergies for the 11 months post-merger. They are largely corporate, and that's what I said in my previous call. We have realized about 20% of that in Q2 with a very good visibility of converting the remaining 80% in the second half of the year with a sequential step-up quarter-over-quarter. Like what Simon said, we're very confident of the integration that now translates to synergies that drops through the bottom line. Next question, please. Your next question comes from the line of Jamie Cook at Truist Securities. Your line is now open. Hi. Please go ahead. Hi. Good morning. I guess two questions. First one on Specialty. Can you just sort of elaborate what you're seeing in the fire truck business? I think backlog for total Specialty was down about one percent. Your peers are experiencing declines. Your growth has been better, so if you could elaborate there in terms of backlog orders and the outlook for fire truck. My second question is on Aerials. Just trying to understand where the margins in the quarter were relative to your expectations, and given we're raising the outlook for Aerials, how are you thinking about the setup for margins in the back half of the year? Thank you. All right. I'll talk about the fire truck backlog, and then Jen can talk about Aerials' margins. Yeah. Quite honestly, Jamie, we want that backlog to come down because obviously our customers are waiting for a very long time for their truck, and we are focusing on continuing to ramp up our throughput, which is what we're doing. We're making another step in Q4 when our capacity in Ocala comes online for ladder trucks and our capacity for S-180 pumpers, which is a low lead time product, if you will, a semi-custom product, when that capacity comes online in Brandon, South Dakota. We're pleased with our bookings. As I mentioned, we secured a large order from the city of Chicago. Our bookings continue to grow, quite frankly, what's more important for us and what you should be expecting, if the backlog is to come down, is that actually our book-to-bill should stay below 100% in SV, just by the virtue of lead times improving. That's the mission, is to get our lead times down. We think a more sustainable number for us and for the industry is to get lead times back to about a year or so. That's the mission, and we think that that's what the trend will be over the next 24 months or so, where you will see a consistent below 100% book-to-bill just because lead times are improving. Hey, Jamie. Good morning. On Aerials' questions, from a margin perspective for Q2, they came in better than expected. As I mentioned in my prepared remarks, in Q2 we took an unfavorable customer accruals in Aerials. Without that accrual, we would have achieved 8.3% of adjusted EBITDA. Overall, it's going to be from a year-over-year perspective, still a relatively tough comp because last year, where the liberation day was actually April, but we didn't really see the P&L impact hitting us until June last year. It was one month of tariff impact last year versus three months of tariff impact this quarter. What we believe that it's important that we show from a like-for-like basis with the same kind of tariff impact is a sequential improvement that I mentioned in my prepared remarks of 560 basis points quarter-over-quarter sequential improvement. That is despite an unfavorable mix. Like what Simon mentioned, we saw more nationals coming in terms of our shipments as well for Q2. For the second half of the year, we do expect that we continue to see a quarter-over-quarter improvement in our margin expansion from Q2 to Q3 and a seasonal step down from Q3 to Q4, driven by less scheduled deliveries. We expect that we will be able to continue to drive the improved price-cost dynamics such that we are full-year price-cost neutral for the Aerials business. And year-over-year, that take into consideration that with a higher tariff, because this year we'll have 12 months versus last year for seven months, plus the one-time customer accrual, that's actually a $17 million headwind that we're actually absorbing and driving the cost actions and also price-cost neutrality throughout the rest of the year. We see a lot of positive momentum in Aerials purely from a top-line perspective, and we see that continuing into 2027. Our focus is just on sequential improvement, and that's what the team is delivering at the moment. Thank you. You're welcome. Thanks, Jamie. Your next call is from the line of Angel Castillo from Morgan Stanley. Your line is now open. Please go ahead. On the Aerials string here, you talked about some of the incremental bookings largely being from nationals. Just, I guess, a couple of things. One, what are you hearing from the independents timing or just general kind of demand underlying those customers, and the implications that might have to your margins here in the second half? Separately, are you seeing anything as we think about the nationals in particular as this demand starts to pick up from their CapEx, any ability to take market share or just general shifts in market share there? Yeah. On the independents, we said we saw the first signs in the Q1, we continue to see those in the second quarter, where independents booking sequentially continue to improve. As you know, Angel, they're a little bit more tied to private construction and commercial jobs, which tend to be more interest rate and input cost sensitive. We'll have to see kind of what the long-term impact is going to be on inflation and so on. We quite frankly think that Europe is probably in a little bit more of a vulnerable spot, where we see some markets kind of hinting with stagflation. We think we see the U.S. market as being a lot more resilient, as such, we think that that independent bookings pattern will continue to improve. That's encouraging. As Jen said, the nationals just grew faster than we had originally assumed in the first half, and that's where the revised top-line guide is coming from. With that, obviously, comes a little bit of unfavorable mix. In terms of market share, we typically don't talk about market share on public calls. I do believe in the Genie value prop, and I know I sound biased, but I do believe the team has made tremendous progress with their value proposition, the customer-centric approach, and I do believe they are on a great run commercially. I'll just leave it there for now. That's helpful. The 27 dynamics that you mentioned, essentially led to the push out of that pre-buy on the refuse. Very good color there. Just curious, at a broader perspective, just do those changes, including the penalties or phase rollout of those engines from the OEMs, does that have any implications on, one, your ability to standardize certain equipment or certain vehicles on the fire side? I think one of the strategies was to be able to create a more standardized vehicle around some of these new engines. I don't know if it's the X10. Just curious if any implications on the ability to actually deliver on those, on the kind of standardization. Separately, just as we think about any potential penalties or implications of cost of those engines, does that have any material impact on your financials, or is that just all a pass-through, and any ability to kind of get that across? You cut out at the beginning of your question. I assume you're talking about SV? I'm talking just generally about the EPA 2027, the engine implications there particularly your SV standardization of equipment. As I said earlier, we think that that's all kind of pushed out a little bit. It's not canceled. We still very much think, it's confirmed by multiple sources, that the engine switchover will take place in 2027. It will be probably more of a phased approach. Some engines, to your point, like the X10 or some of the other engines might go sooner or later. It really depends on what engine platform. We knew that this was coming for quite some time, I need to give the legacy REV team a lot of credit that they started designing on where the puck was going. As those engines are being introduced, it will actually allow us to further optimize our bill of material and our designs and our commonality. That will be an efficiency gain for us. I think that was the first part of your question. Jen, you take it. Angel, from a financial standpoint, there's no material impact to Terex, as what Simon mentioned. As those benefits will be in 2027 when the EPA regulation gets affected. You're right, that the cost is passed through from OEM, we don't bear them. In ES, if and when that EPA gets affected, there's some potential benefit again with regards to suppliers having additional flexibility. No impact from a financial standpoint for Aerials and MP on this EPA regulations, just because they are largely off the proposals on ongoing. Hopefully that helps. Your next question is from the line of Tim Thein at Raymond James. Your line is now open. Please go ahead. Thank you. Good morning. The first question is just on the MP segment. If we think about the margin progression for the year, I believe the expectation coming into the year was to have sequential margin improvement as we go through the year. Obviously, you've got a bit of a bump here in the Q2. If we exclude the 180 basis points benefit that you called out, is that still a reasonable assumption, or are there some factors that may have pulled some of the performance into the Q2? Just how are we thinking about the shape for the balance of the year, is the spirit of the question. Hey, good morning, Tim. We're very pleased with the MP, I would call it not just Q2, but first half of the year performance. As you rightfully said, our Q2 year-over-year margin expansion for MP was 450 basis points. Excluding the one-timer, it's still a very strong 270 basis points year-over-year improvement, better than Q1 as well. That's driven by two factors, mainly on the favorable mix and also in geography mix as well and price cost discipline. As we look into the second half of the year, that would say a normalized EBITDA of that 17%, excluding the Q2 one-timers. I would only see potentially a little bit of marginal step down just because we have seen an uptake in the material handling orders, like what Simon mentioned, and that's from a margin perspective, a little bit lower. Overall, still a very healthy margin expansion. We expect that the full year from an incremental perspective without the one-timers for MP to be above our normalized incremental margin. It's mainly just been a very strong year for MP in terms of execution. They're really executing in a very disciplined manner on price cost, and that's really helping the segment, benefiting from the uptick that they're seeing in bookings. Okay. Makes sense. I get it, Simon, you want to keep the comments tight, but just on the review of Aerials, just as investors think about the potential timing of a potential movement on that. Any sense for, is this a 2026 event in terms of an announcement or eventually it slips into next year? I'm sure there are a number of factors at play here, but just any sense for the timeline that folks should be thinking about? Thank you. Yeah, no, I appreciate the question, Tim. There is no predetermined timeline. We're focused on making the right decision and properly go through this review. As I said in my prepared remarks, we're pleased with the progress we're making. We have interest from multiple parties, and we're just laser-focused on working towards what is the best outcome for our shareholders. Your next question comes from the line of David Raso at Evercore ISI. Your line is now open. Please go ahead. Hi. Just a quick clarification on the EPS cadence. Is the thought there sort of just flat sequentially 2Q,3Q and then that step down in 4Q? Just want to make sure I understand the framing and then I'll ask my question. Hey, David. Good morning. Yes. Based on our revised guidance and outlook, we have really achieved 48% of our EPS in first half of the year from a quarterly phasing perspective. If you back out the one-time Dutch custom accrual that we have, it's 12.8% of adjusted EBITDA at the Terex level. It's fair to say that maybe Q3, very similar kind of profile, and then with a seasonal step down in Q4. Thank you. When it comes to the guide raise, because we don't have the exact margin guide by segment, when we think of the revenue guide going up $250 million, EBITDA only up $15 million a guide, is that solely a function of the mix? Obviously, Aerials margins below the other businesses, just trying to understand if there are other things that change in your view on margins related to a few months ago. Thank you. Yes. David, you're exactly right. The top line growth that you see there is primarily driven by our Aerials coming up from flat to low double digit, and our highest most profitable segment coming down from mid-single digit to low single digit. That mix change is entirely explaining for that drop through in the margin profile. I would say that even with the revised guide on a year-over-year perspective at a Terex level, we are seeing 22% of incremental margin year-over-year on a pro forma basis when all our three of our four segments are operating at mid to high double digit of EBITDA, while on a year-over-year absorbing close to about significantly higher tariff and also the customs accrual. In total, that number is about $19 million. I would say that that's a very strong performance, 22% incremental full year despite the higher tariffs. In summary, though, nothing changed negatively in your view. It was truly a mix issue that drove a fairly modest EBITDA bump up for the revenue. Is that a fair? Exactly conversation? Exactly. You're right, David. Thank you for that. Thank you. Your next question comes from the line of Kyle Menges at Citigroup. Your line is now open. Please go ahead. Great. Thank you. I wanted to dig into MP a little bit more and specifically international markets, which are more important for the MP segment than others. Just curious what you're seeing in international markets within MP and any impacts from the Iran conflict, maybe just broadly, where would you characterize those markets being at in the cycle? Then assuming North America is your most profitable market, is it fair to say that as international markets rebound, there could be somewhat of an unfavorable mix impact? Hey, Kyle. Thanks for the question. Yeah. Terex obviously has changed quite a bit. 80%+ of our revenues now is in North America. To your point, two businesses that have European or overseas exposure is MP and Aerials. Even within MP, North America is the largest market, followed by Europe and then Asia. The story in MP overseas is Europe started promising in Q1 and then started to cool off a little bit in Q2. It's a little bit of touch and go. Our take on it is that the European economies are just a little bit more sensitive to the current kind of dynamic environment that we're operating in. It's more of an export economy versus the U.S. being more of a consumer economy, an export economy, more sensitive to input costs and rising costs of fuel and inflation and so on. We see a little bit of softening, still growth, but a little bit of softening in Europe. That's baked into the guide that we shared for MP's top line. India and Australia are the other two large markets. Both of those are actually strong. Australia driven by mining activity and India driven by infrastructure investments. We have a big presence with MP in India, as you know. We also have a reasonable presence in Australia. Australia and India are accretive. Europe is a little soft. I would say, in terms of margin impact, it's a little bit of a wash. I wouldn't give it a blanket summary that all overseas markets are dilutive. That's not necessarily the case. That's helpful. On Aerials, now that it's gaining momentum, returning to growth, just curious if that might change at all how you're thinking about the strategic fit of that business at all, and maybe if that's helping demand from potential buyers as well. Not really. This is a strategic review. This has obviously long-term implications, where we're not going to let how one quarter evolves versus another let us guide on how we strategically look at this. Having said that, it's obviously encouraging to see that Aerials is cycling up, and it's definitely a good problem to have. No, it doesn't really impact our long-term strategic view on how we perform one quarter versus the next. Your next question is from the line of Stephen Volkmann from Jefferies. Your line is now open. Please go ahead. Hi. Good morning, guys. I just wanted to circle back to the capacity additions that you're doing in fire, I guess, and utility. I don't know if there's others happening as well, when do we sort of expect those to come online and kind of get up to their normal run rates? I would say 2027 for normal run rates. I would say in Utilities, we still have a little bit of unfavorable absorption because we're ramping up. By the end of the year, in Q4, and certainly going into 2027, we should get into that favorable sweet spot in terms of favorably absorbing the assets that we're putting in place. Similar story for Ocala and Brandon. Mostly coming online in Q4, getting to their run rates in 2027. Okay. That's helpful. Is it conceivable then, sort of by the end of 2027, that we'll be back down to kind of the, I think you mentioned a one-year sort of backlog or lead times for these businesses. Is that possible? Not in Fire, no. We won't be there in just one year. I think that will probably take two years for us to bring the backlog down by a full year will probably take us two years. Yeah, I think that's really only the, I think, a sustainable model is where we take lead times down to about a year in Fire, and that's what we're aiming for. Okay, great. That's all I got. Thank you guys. Thanks, Steve. Your next question is from the line of Steve Barger at KeyBank Capital Markets. Your line is now open. Please go ahead. Thanks. Good morning. As the quarter progressed, I was hearing some more investor concerns about municipal spending. What is the muni-facing sales force telling you about funding and demand visibility for the back half and into next year? Yeah, great question. Good morning. Yeah, we don't see those concerns. We see consistent patterns, just like it has been pretty much for the last 10 years or so. We don't see any concerns, any slowing, just a consistent pattern and cadence in sequential growth. Got it. That's good to hear. Do you track inquiry-to-order conversion rates? Can you tell me just how that's trending across fire trucks and refuse trucks? Yes, we do. We actually track that in all of our businesses, not just in fire trucks. Typically, it's a pretty fixed ratio, and we don't see that ratio going up or down. If anything, it might be a tad up, but I wouldn't call it material. The center of gravity on our focus in fire is really on throughput and making sure that we build the trucks that we have in our backlog. That's really where the center of gravity is for this business. It's very much a supply business, if you will, and the center of gravity naturally moves more to kind of demand focus when you get your lead times back in check. Understood. In the meantime, maybe I missed this, did you talk about trends in standards or semi-custom versus custom booking? I did in my prepared remarks, that we have been introducing the S-180 semi-custom pumper that is being very well received. It's basically a lower lead time, more custom kind of solution for our customers, that seems to be adopting really well. If your first question is kind of tied to the second question, in that particular category, we definitely see an inquiry-to-booking ratio going up. Got it. Appreciate the detail. Thanks. Thank you. Your next question is from the line of Jerry Revich from Wells Fargo. Your line is now open. Please go ahead. Yes. Hi, good morning, everyone. In Environmental Solutions, the margin performance is pretty good this year, considering the moving pieces on the production cut and capacity adds in utilities. I'm wondering if you can talk about, as you think about the business in 2027, can we approach 20% margins as the under absorption normalizes and as you folks get the returns from the utility capacity adds? How are you thinking about the path to the 20% plus margin targets in this line of business? Good morning, Jerry. Thanks for the question. Obviously, a strong performing segment, as we've mentioned earlier on today, is that we see sequential improvement in ESG, we see definitely accelerating demand in Utilities. I also mentioned the second data point that there's been quite some good synergies between the two businesses, ESG has been a great manufacturer of high-mix, low-volume products, that expertise is actually helping Utilities to ramp up. Jerry, you've followed us for a long time, you kind of know where we were with our Utility margins and where we are now. That's really encouraging. Obviously, we're not guiding for 2027. We're not ready yet to guide, but we're very pleased with the sequential progress that we're making in both of those businesses. Simon, are you willing to comment on the 20% plus margin target and how much progress you think you'll make towards that in 2027? I think it's a little premature, Jerry. I would prefer to wait for when we are ready for our guidance for 2027. There are no further questions at this time. We have reached the end of the Q&A session. I will now turn the call back to Simon Meester for closing remarks. All right. Thank you, operator. If you have any additional questions, please follow up with Jen or Drew. Thank you for your interest in Terex. Operator, please disconnect the call.