Terex Corporation · NYSE:TEX
Terex — Q3 2025 Earnings Presentation
30 slides from Terex's earnings presentation, Oct 30, 2025
Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation October 30, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements 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)
Slide 3: Q3 2025 Financial Highlights and FY Outlook
Q3 2025 Financial Highlights and FY Outlook $1.4B 12.1% 13.4% 200% $1.50 Sales Adj. Operating Adj. EBITDA Free Cash Flow Adj. EPS* Margin* Margin* Conversion* Maintaining 2025 FY EPS Outlook of $4.70 - $5.10 *Refer to the appendix for GAAP to non-GAAP reconciliation. 3
Slide 4: Made in the USA for the USA
Made in the USA for the USA ~75% of Terex products sold in America are made in America* Tariff Assumptions Q2-2025 Outlook (July 31, 2025) • IEEPA / Reciprocal: China 30%, EU 15%, UK 10% • Section 232 steel at 50% with limited scope • USMCA qualified goods remain exempt • Demand not further impacted
Slide 5: Market Strength in Waste & Recycling, Utilities and Infrastructure
Market Strength in Waste & Recycling, Utilities and Infrastructure $4 Billion addressable equipment market1 characterized by steady growth, low cyclicality Electrification, transmission and distribution investments continue to ramp up Significant IIJA & public spending continues to flow Mega project
Slide 6: Q3 Financial Performance
Q3 Financial Performance USD Millions, except Earnings per Share Q3 20251 Q3 20242 Q3 2025 Net Sales Bridge Q3 2024 $1,212 Net Sales $ 1,387 $ 1,212 Legacy, FX-Neutral Change (121) (10.0)% FX Impact 22 1.8% Operating Profit* 168 127 ESG Change 274 Q3 2025 $1,387 14.4% % Margin* 12.1% 10.5% Q3 2025 F
Slide 7: Aerials Financial Highlights
Aerials Financial Highlights Q3 2025 Q3 2024 Sales 537 619 % Change vs 2024 (13.2)% % FX Neutral Change vs 2024 (15.0)% Operating Margin* 9.2% 10.5% • Q3 sales in line with expectations primarily driven by replacement demand • Margin impacted by lower volume, unfavorable customer mix and tariff head
Slide 8: MP Financial Highlights
MP Financial Highlights Q3 2025 Q3 2024 Sales 417 444 % Change vs 2024 (6.1)% % FX Neutral Change vs 2024 (8.6)% Operating Margin* 12.4% 13.3% • Sales and margin performance consistent with expectations • Aggregates grew in North America, Europe and India, offset by declines Concrete and Cranes • Ye
Slide 9: ES Financial Highlights
ES Financial Highlights Q3 2025* Q3 20241 Sales 435 383 % Change vs 2024 13.6% Operating Margin 18.3% 16.7% • Continued strong execution in ESG and Terex Utilities • Growth in Refuse Collection Vehicles (RCVs), Utility Vehicles, Parts & Services, and Digital • Synergies and ESG financial performance
Slide 10: Segment Bookings
Segment Bookings Material Processing Aerials Net Bookings Book-to-Bill Ratio Net Bookings Book-to-Bill Ratio 147% 153% 128% 144% 89% 89% 94% 95% 78% 66% 69% 58% 49% 73% 41% 25% 51% 14% $357 $435 $464 $344 $258 $388 $489 $426 $394 $297 $758 $451 $182 $664 $648 $310 $219 $83 Q3'23 Q4'23 Q1'24 Q2'24 Q3
Slide 11: Maintaining 2025 FY EPS Outlook of $4.70 - $5.10
Maintaining 2025 FY EPS Outlook of $4.70 - $5.10 Terex Outlook5,6,7,9 Segment Sales Outlook Sales Mix USD Millions, except Earnings per Share Net Sales8 $5,300 - $5,500 Aerials Segment Operating Margin1,2 ~12% (LDD) EBITDA1 ~$640 Materials Processing EPS1,3 $4.70 - $5.10 (HSD) Free Cash Flow1,4 $300
Slide 12: Continue to Return Value to Shareholders and Invest in Capex to Support Future Growth
Continue to Return Value to Shareholders and Invest in Capex to Support Future Growth $24M Capital Expenditures to support future growth $12M Dividends Paid, ~1.3% dividend yield $183M Share Repurchase Authorization available for future use Investing to expand ESG Heil Refuse Collection Vehicle capa
Slide 13: Appendix
TEREX. Appendix EXECUTE . INNOVATE . GROW TEREX.
Slide 14: Q3 YOY Sales by Geography
Q3 YOY Sales by Geography North America Western Europe Asia-Pacific Rest of World Actual Legacy* Actual FX-Adj. Actual FX-Adj. Actual FX-Adj. 23% (11)% 3% (3%) (8%) (9%) (11%) (15%) *Legacy excludes ESG 5% 6% 9% 11% North America Western Europe 14% Q3 2025 16% Q3 2024 Asia / Pacific Rest of World 67
Slide 15: YTD Q3 YOY Sales by Geography
YTD Q3 YOY Sales by Geography North America Western Europe Asia-Pacific Rest of World Actual Legacy* Actual FX-Adj. Actual FX-Adj. Actual FX-Adj. 19% (13%) (18%) (20%) (21%) (20%) (20%) (21%) *Legacy excludes ESG 5% 7% 8% 11% North America Western Europe 14% Q3 2025 Q3 2024 Asia / Pacific 18% 64% Re
Slide 16: Backlog Trend
Backlog Trend 4,534 4,423 4,549 4,300 4,447 4,159 3,688 943 3,815 3,861 951 1,138 1,151 3,594 1,127 3,213 1,181 804 1,329 1,256 2,898 2,651 730 1,295 1,265 1,162 1,216 2,583 2,286 1,174 2,291 1,213 1,074 2,185 650 1,047 767 1,224 2,094 608 890 712 1,146 1,801 1,559 1,062 1,160 1,072 926 1,141 498 71
Slide 17: Glossary
Glossary 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 meas
Slide 18: GAAP to Non-GAAP Reconciliation: Q3 2025
GAAP to Non-GAAP Reconciliation: Q3 2025 Q3 2025 Q3 2025 Restructuring Deal Purchase Price Equity Security Adjusted (non- GAAP and Other Related Accounting Related Tax GAAP) Net Sales $1,387 — — — — — $1,387 Gross Profit 282 3 — 20 — — 305 % of Sales 20.3% 22.0% SG&A (142) 2 3 — — — (137) % of Sales
Slide 19: GAAP to Non-GAAP Reconciliation: Q3 2024
GAAP to Non-GAAP Reconciliation: Q3 2024 Accelerated Q3 2024 Q3 2024 Vesting / Deal Adjusted GAAP Severance Related (non-GAAP) Net Sales $1,212 — — $1,212 Gross Profit 245 4 — 249 % of Sales 20.2% 20.5% SG&A (123) 1 — (122) % of Sales (10.1%) (10.1%) Operating Profit $122 5 — $127 Operating Margin 1
Slide 20: GAAP to Non-GAAP Reconciliation: YTD Q3 2025
GAAP to Non-GAAP Reconciliation: YTD Q3 2025 YTD YTD Purchase Equity Q3 2025 Q3 2025 Restructuring Deal Price Litigation Security Adjusted (non- GAAP and Other1 Related Accounting Related Related Tax GAAP) Net Sales $4,103 — — — — — — $4,103 Gross Profit 803 11 — 61 — — — 875 % of Sales 19.6% 21.3%
Slide 21: GAAP to Non-GAAP Reconciliation: YTD Q3 2024
GAAP to Non-GAAP Reconciliation: YTD Q3 2024 YTD YTD Accelerated Q3 2024 Q3 2024 Vesting / Deal Mark-to- Adjusted GAAP Severance Related Market (non-GAAP) Net Sales $3,886 — — — $3,886 Gross Profit 871 5 — — 876 % of Sales 22.4% 22.5% SG&A (398) 6 — — (392) % of Sales (10.2%) (10.1%) Operating Profi
Slide 22: Segment Operating Profit and Adjusted Operating Profit: Q3 2025 and 2024
Segment Operating Profit and Adjusted Operating Profit: Q3 2025 and 2024 Three Months Ended September 30, 2025 2024 Aerials MP ES1 Aerials MP ES2 Operating Profit $ 45 $ 52 $ 58 $ 63 $ 56 $ 20 Restructuring and Other 5 (1) 1 2 3 — Purchase Price Accounting — — 20 — — — Adjusted Operating Profit $ 50
Slide 23: Segment Operating Profit and Adjusted Operating Profit: YTD Q3 2025 and 2024
Segment Operating Profit and Adjusted Operating Profit: YTD Q3 2025 and 2024 Nine Months Ended September 30, 2025 2024 Aerials MP ES1 Aerials MP ES2 Operating Profit $ 93 $ 137 $ 175 $ 270 $ 205 $ 54 Restructuring and Other 9 10 1 3 4 — Purchase Price Accounting — — 62 — — — Litigation Related 10 —
Slide 24: Free Cash Flow
Free Cash Flow The Company calculates non-GAAP measures of free cash flow and free cash flow conversion. The Company defines free cash flow as Net cash provided by (used in) operating activities less Capital expenditures, net of proceeds from sale of capital assets and free cash flow conversion as f
Slide 25: EBITDA
EBITDA 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
Slide 26: EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA Three Months Ended September 30, 2025 2024 Net income (loss) $ 65 $ 88 Interest & Other (Income) Expense 46 23 Provision for (benefit from) income taxes 29 11 Operating profit 140 122 Depreciation 18 14 Amortization 22 1 Non-Cash Interest Costs (2) (1) EBITDA $ 178 $ 136 R
Slide 27: ROIC
ROIC ROIC and other Non-GAAP Measures (as calculated below) assist in showing how effectively we utilize capital invested in our operations. ROIC is determined by dividing the sum of NOPAT for each of the previous four quarters by the average of Debt less Cash and cash equivalents plus Stockholders’
Slide 28: ROIC Continued
ROIC Continued Amounts described below are reported in millions of U.S. dollars, except for the effective tax rate. Amounts are as of and for the three months ended for the periods referenced in the tables below. Sep '25 Jun '25 Mar '25 Dec '24 Sep '24 Annualized effective tax rate as adjusted1 15.6
Slide 29: ROIC Continued
ROIC Continued 09/30/25 06/30/25 03/31/25 12/31/24 Reconciliation of operating profit: Operating profit as reported $ 140 $ 129 $ 69 $ 53 Adjustments: Restructuring and Other 5 12 6 4 Purchase price accounting 20 20 21 38 Deal related 3 3 5 2 Litigation related — — 10 — Operating profit as adjusted
Slide 30: ROIC Continued
ROIC Continued Nine Months Ended September 30, 2025 Income (loss) before income (Provision for) benefit from taxes income taxes Income tax rate Reconciliation of annualized effective tax rate: As reported $ 209 $ (51) 24.5% Effect of Adjustments: Restructuring and Other 22 (5) Purchase price account