Terex Corporation · NYSE:TEX
Terex — Q4 2025 Earnings Presentation
30 slides from Terex's earnings presentation, Feb 11, 2026
Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 Earnings Conference Call February 11, 2026
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: Terex completes merger with REV Group to create a leading specialty equipment manufacturer
Terex completes merger with REV Group to create a leading specialty equipment manufacturer - Shifting focus to integration and execution 3
Slide 4: End Markets Growing at Mid to High Single Digits
End Markets Growing at Mid to High Single Digits Note: End market breakdown may not sum to 100% due to exclusion of “Other” which includes Industrial and Commercial / Leisure end markets. 1. Represents share of Terex and REV Group combined 2025E sales, excluding Terex’s Aerials business. 2. Sep 2025
Slide 5: FY 2025 Financial Highlights
FY 2025 Financial Highlights $5.4B 10.4% 11.7% 147% $4.93 Sales Adj. Operating Adj. EBITDA Free Cash Adj. EPS* Margin* Margin* Flow Conversion* *Presented as Adjusted (non-GAAP financial measure). Refer to the appendix for definitions and/or reconciliations. 5
Slide 6: Q4 Financial Performance
Q4 Financial Performance USD Millions, except Earnings per Share Q4 2025 Q4 2024 Q4 2025 Net Sales Bridge $1,241 Net Sales $ 1,318 $ 1,241 Q4 2024 Legacy, FX-Neutral Change 39 3.1% Operating Profit* 123 97 FX Impact 15 1.2% ESG Partial Quarter 23 % Margin* 9.3% 7.8% $1,318 6.2% Q4 2025 EBITDA* 141 1
Slide 7: Full Year Financial Performance
Full Year Financial Performance USD Millions, except Earnings per Share FY 2025 FY 2024 FY 2025 Net Sales Bridge Net Sales $ 5,421 $ 5,127 FY 2024 $5,127 Legacy, FX-Neutral Change (573) (11.2)% Operating Profit* 566 582 FX Impact 33 0.6% ESG Partial Year 834 % Margin* 10.4% 11.3% $5,421 5.7% FY 2025
Slide 8: ES Financial Highlights
ES Financial Highlights Sales Operating Margin* EBITDA* 2025 20241 2025 20241 2025 20241 FY 1,691 1,500 18.8% 16.6% 334 269 12.7% YoY 220 bps 24.2% YoY Q4 428 375 18.5% 17.6% 83 70 14.1% YoY 90 bps 18.6% YoY • Excellent performance all year driving growth and margin improvement • Synergy execution a
Slide 9: MP Financial Highlights
MP Financial Highlights Sales Operating Margin* EBITDA* 2025 2024 2025 2024 2025 2024 FY 1,681 1,902 12.3% 13.6% 226 276 (11.6)% YoY (130) bps (18.1)% YoY (12.5)% FX Neutral Q4 428 439 13.7% 10.9% 64 52 (2.5)% YoY 280 bps 23.1% YoY (3.8)% FX Neutral • Q4 sales growth of 2.8% excluding divested crane
Slide 10: Aerials Financial Highlights
Aerials Financial Highlights Sales Operating Margin* EBITDA* 2025 2024 2025 2024 2025 2024 FY 2,060 2,410 6.0% 11.4% 150 300 (14.5)% YoY (540) bps (50.0)% YoY (15.1)% FX Neutral Q4 466 436 2.6% 0.6% 19 8 6.9% YoY 200 bps 138% YoY 5.1% FX Neutral • Tariffs impacted margins as mitigation efforts conti
Slide 11: Segment Bookings
Segment Bookings Environmental Solutions* Material Processing Net Bookings Book-to-Bill Ratio Net Bookings Book-to-Bill Ratio 128% 112% 105% 107% 89% 89% 94% 95% 102% 97% 89% 90% 78% 79% 78% 82% 69% 58% $274 $321 $388 $298 $392 $384 $353 $389 $456 $435 $464 $344 $258 $388 $489 $426 $394 $481 Q4'23 Q
Slide 12: 2026 Outlook
2026 Outlook Segment Sales Outlook Sales Mix Terex Outlook4,5,6,7,8 Environmental Solutions Net Sales3 $7.5B - $8.1B MSD EBITDA1 $930M - $1B Materials Processing HSD EPS1,2 $4.50 - $5.00 Specialty Vehicles (REV) FCF Conversion1 80% - 90% HSD Note: Legacy Terex 2026 EPS outlook would have been $4.80
Slide 13: 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 $118M Capital Expenditures to support future growth $98M Returned to Shareholders through dividends and share buy-backs $183M Share Repurchase Authorization available for future use Investing to expand ESG Heil Ref
Slide 14: Positioned to Deliver Long-Term Value
Positioned to Deliver Long-Term Value 14
Slide 15: Appendix
Appendix TEREX. 15
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 2,352 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 1,055 1,160 1,072 926
Slide 17: Q4 Sales by Geography (2025 vs. 2024)
Q4 Sales by Geography (2025 vs. 2024) North America Western Europe Asia / Pacific Rest of World Actual Legacy* Actual FX-Adj. Actual FX-Adj. Actual FX-Adj. 8% 7% 8% 3% (9)% (9)% 16% 8% *Legacy excludes ESG 7% 6% 9% 11% North America Western Europe 13% 13% Q4 2025 Q4 2024 Asia / Pacific Rest of World
Slide 18: Full-Year Sales by Geography (2025 vs. 2024)
Full-Year Sales by Geography (2025 vs. 2024) North America Western Europe Asia / Pacific Rest of World Actual Legacy* Actual FX-Adj. Actual FX-Adj. Actual FX-Adj. 16% (9)% (13)% (16)% (18%) (17)% (13)% (15)% *Legacy excludes ESG 6% 6% 8% 11% North America Western Europe 14% FY 2025 17% FY 2024 Asia
Slide 19: 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 20: GAAP to Non-GAAP Reconciliation: Q4 2025
GAAP to Non-GAAP Reconciliation: Q4 2025 Purchase Q4 2025 Restructuring Price Q4 2025 GAAP and Other Deal Related Accounting Divestitures Tax Non-GAAP Net Sales $1,318 — — — — — $1,318 Gross Profit 248 1 — 20 — — 269 % of Sales 18.8% 20.4% SG&A (111) 4 2 — (41) — (146) % of Sales (8.4%) (11.1%) Oper
Slide 21: GAAP to Non-GAAP Reconciliation: Q4 2024
GAAP to Non-GAAP Reconciliation: Q4 2024 Purchase Q4 2024 Restructuring Price Q4 2024 GAAP and Other Deal Related Accounting Tax Non-GAAP Net Sales $1,241 — — — — $1,241 Gross Profit 197 1 — 38 — 236 % of Sales 15.9% 19.0% SG&A (144) 3 2 — — (139) % of Sales (11.6%) (11.2%) Operating Profit $53 4 2
Slide 22: GAAP to Non-GAAP Reconciliation: FY 2025
GAAP to Non-GAAP Reconciliation: FY 2025 Purchase Equity FY 2025 Restructuring Price Litigation Security FY 2025 GAAP and Other1 Deal Related Accounting Related Related Divestitures Tax Non-GAAP Net Sales $5,421 — — — — — — — $5,421 Gross Profit 1,051 12 — 81 — — — — 1,144 % of Sales 19.4% 21.1% SG&
Slide 23: GAAP to Non-GAAP Reconciliation: FY 2024
GAAP to Non-GAAP Reconciliation: FY 2024 Purchase Equity FY 2024 Restructuring Price Security FY 2024 GAAP and Other Deal Related Accounting Related Tax Non-GAAP Net Sales $5,127 — — — — — $5,127 Gross Profit 1,068 6 — 38 — — 1,112 % of Sales 20.8% 21.7% SG&A (542) 10 2 — — — (530) % of Sales (10.6%
Slide 24: Segment Operating Profit and Adjusted Operating Profit: Q4 2025 and 2024
Segment Operating Profit and Adjusted Operating Profit: Q4 2025 and 2024 USD Millions Three Months Ended December 31, 2025 2024 ES MP Aerials ES MP Aerials Operating Profit $ 59 $ 97 $ 10 $ 28 $ 47 $ 1 Restructuring and Other — 3 2 — 1 1 Purchase Price Accounting 20 — — 38 — — Divestitures — (41) —
Slide 25: Segment Operating Profit and Adjusted Operating Profit: FY 2025 and 2024
Segment Operating Profit and Adjusted Operating Profit: FY 2025 and 2024 USD Millions Twelve Months Ended December 31, 2025 2024 ES MP Aerials ES MP Aerials Operating Profit $ 234 $ 234 $ 103 $ 211 1 $ 252 $ 271 Restructuring and Other 1 13 11 — 6 5 Deal Related 1 — — — — — Purchase Price Accounting
Slide 26: 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 27: EBITDA
EBITDA EBITDA is defined as earnings, before interest, other non-operating income (loss), income (loss) attributable to non-controlling USD Millions interest, taxes, depreciation and amortization. The Company calculates this by subtracting the following items from Net income (loss): (Gain) loss on d
Slide 28: EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA Three Months Ended December 31, Twelve Months Ended December 31, USD Millions 2025 2024 2025 2024 Net income (loss) $ 63 $ (2) $ 221 $ 335 Interest & Other (Income) Expense 54 55 183 118 Provision for (benefit from) income taxes 20 — 71 73 Operating profit 137 53 475 526 D
Slide 29: Segment EBITDA and Adjusted EBITDA: Q4 2025 and 2024
Segment EBITDA and Adjusted EBITDA: Q4 2025 and 2024 USD Millions Three Months Ended December 31, 2025 2024 ES MP Aerials ES MP Aerials Operating profit $ 59 $ 97 $ 10 $ 28 $ 47 $ 1 Depreciation 4 4 7 4 3 6 Amortization 20 1 — 18 1 — EBITDA 83 102 17 50 51 7 Restructuring and Other — 3 2 — 1 1 Purch
Slide 30: Segment EBITDA and Adjusted EBITDA: FY 2025 and 2024
Segment EBITDA and Adjusted EBITDA: FY 2025 and 2024 USD Millions Twelve Months Ended December 31, 2025 2024 ES MP Aerials ES MP Aerials Operating profit $ 234 $ 234 $ 103 $ 211 1 $ 252 $ 271 Depreciation 17 18 26 15 1 16 24 Amortization 80 2 — 23 1 2 — 1 EBITDA 331 254 129 249 270 295 Restructuring