Manitowoc Company, Inc. (the) · NYSE:MTW
Manitowoc Company, Inc. (the) — Investor Presentation (May 2025)
27 slides from Manitowoc Company, Inc. (the)'s investor presentation, May 8, 2025
Slide 1: The Manitowoc Company, Inc. May 2025
The Manitowoc Company, Inc. May 2025
Slide 2: Forward-Looking Statements Safe Harbor Statement
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, and are subject to uncertainty and changes in circum
Slide 3: Who We Are - Leading Global Full-Service Crane Provider
Who We Are - Leading Global Full-Service Crane Provider TOP THREE MARKET SHARE POSITION IN EACH CRANE CATEGORY(1) Tower Boom Trucks Crawler Mobile Hydraulic Global Footprint 9 Manufacturing Sites 46 Service Locations 4,800 Employees $169M(3) Original Equipment Cost RPO / Rental Fleet ~$2.2B Net Sale
Slide 4: Why Invest in The Manitowoc Company?
Why Invest in The Manitowoc Company? SUCCESSFULLY EXECUTING BUSINESS TRANSFORMATION 67% Growth in Non-New Machine Sales (2020-2024) Increase mix of higher-margin, recurring revenue to reduce impact of economic cycles Improving margin and return profiles Crane demand is poised for recovery from multi
Slide 5: Crane replacement demand expected to accelerate
Crane replacement demand expected to accelerate Crane Demand - Aging Fleets Company estimates 2007 - 2008 Peak of the last cycle Aging Fleets Average age of cranes is greater than 15 years(1) relative to historic levels of 7-9 years. Cranes sold during the last peak in 2008 are greater than 15 years
Slide 6: Crane demand expected to accelerate - Secular Tailwinds
Crane demand expected to accelerate Crane Demand - Secular Tailwinds MANITOWOC OPPORTUNITY Power Generation Power Transmission Oil & Gas Residential Construction Mining Infrastructure Energy & Grid Modernization Chip Fabrication “Europe’s housing shortage is expected to worsen, with an estimated 9.6
Slide 7: Crane Demand - EU Tower Crane Business
Crane Demand - EU Tower Crane Business Crane Demand showing signs of early Recovery Pent-up Demand Drivers European housing shortage Aging rental fleet Secular drivers of offshore wind and nuclear power Well-Positioned for Market Recovery Organic growth of services (crane rental and repair/maintenan
Slide 8: Successful Business Transformation
Embrace Kaizen Culture Capacity Rationalization Voice of the Customer Grow Market Share and Presence Successful Business Transformation 2016 2016 - 2020 Implemented Aftermarket Service Growth Strategy 2021 - Beyond FN bottom Strategic Focus on Manufacturing Footprint and Aligning Cost Structure Oppo
Slide 9: The Manitowoc Way - A Culture Built on Continuous Improvement
The Manitowoc Way - A Culture Built on Continuous Improvement ENGAGE EMPLOYEES ON MULTIPLE LEVELS Execute kaizens Increasing safety – reduced RIR(1) from 1.77 in 2016 to 1.19 in 2024 Foster employee development INNOVATE OUR PRODUCT & SERVICE OFFERINGS 40 new or refreshed models launched since Januar
Slide 10: Reduce Impact of Economic Cycles - Focus on Growth of Aftermarket Services
Reduce Impact of Economic Cycles Focus on Growth of Aftermarket Services Increase Margin Mix shift and cost synergies to increase margin Non-New Gross Profit ~35% Increase ROI Returns above the cost of capital Average 15% Adjusted ROIC(1) over the long term Remanufacturing and Used Sales Full-Servic
Slide 11: M&A Strategy
- M&A Strategy Disciplined M&A Strategy Opportunistic acquisitions of crane dealers in North America and Europe Capture retail margin Expand services capabilities Reduce cyclical whipsaw effect of channel inventory Complementary Acquisitions $180M acquisitions of H&E Crane business and Aspen Equipme
Slide 12: Organic Growth Initiatives
Organic Growth Initiatives North America New branch locations Denver, Aiken, Kansas City, Nashville 38%+ increase in Service Techs Grew headcount from 119 to over 160 Europe 24% increase in service techs Grew headcount from 154 to over 190 New service locations Madrid, Meru (Paris), Barnsley Grew or
Slide 13: Investment in Rental Fleet
- Investment in Rental Fleet Current RPO/rental fleet: ~260 cranes(1) Average age of RPO / rental fleet ~32 months(1) High ROIC Investments $113M(2) growth in original equipment costs from 2020 Targeted payback period of 3 to 5 years “Crane only” Rentals Assist rental house customers Does not compet
Slide 14: Blueprint for Revenue Growth - Long-Term Target
Blueprint for Revenue Growth - Long-Term Target Organic Growth New Branches Service Technicians Rental Used Crane Accretive M&A Secular Growth Infrastructure Spending Aspirational Target $3B Total Sales Cyclical Recovery Aging Fleet EU Tower Cranes 2024 $2.2B(1) Total Sales +$370M Non-New Machine Sa
Slide 15: Blueprint for Adjusted EBITDA - Long-Term Target
Blueprint for Adjusted EBITDA - Long-Term Target Mix Shift > Portion of Recurring Non-New Machine Sales Fixed Cost Absorption in EU Tower Crane Business Continuous Improvement Aspirational Target 12% Adjusted EBITDA Operating Leverage 2024 5.9% Adjusted EBITDA(1) For the year-ended December 31, 2024
Slide 16: Blueprint for ROIC - Long-Term Target
Blueprint for ROIC - Long-Term Target Accretive M&A High ROIC Investments RPO / Rental Fleet Service Branches Increasing Profitability Aspirational Target 15% Adj. ROIC(1) Working Capital Management 2024 6.0% Adj. ROIC(1) Adjusted ROIC is defined as adjusted net operating profit after taxes divided
Slide 17: Our Capital Allocation Priorities
Our Capital Allocation Priorities - Investing in our Business Excludes acquisition of the rental assets or inventory of the H&E crane business and Aspen Equipment As of December 31, 2024 Investments Focus on High ROIC, Recurring Revenue Streams <3x Target Net Leverage 2.7x Net Leverage(2) $321M Tota
Slide 18: Why Invest in The Manitowoc Company?
Why Invest in The Manitowoc Company? SUCCESSFULLY EXECUTING BUSINESS TRANSFORMATION 67% Growth in Non-New Machine Sales (2020-2024) Increase mix of higher-margin, recurring revenue to reduce impact of economic cycles Improving margin and return profiles Crane demand is poised for recovery from multi
Slide 19: Thank you for your interest
G@anitowoc: Thank you for your interest 19
Slide 20: Appendix
Appendix
Slide 21: Crane Types and Retail Selling Prices
Crane Types and Retail Selling Prices(1) Rough-terrain (RT) $470K – 1,700K Tower Crane $350K – 2,000K Crawler $950 – 11,000K All-terrain (AT) $1,000 – 3,500K Boom Truck $250 – 800K Truck-mounted (TM) $650K – 1,400K Average retail prices in US market
Slide 22: The Manitowoc Way - Sustainable Business Strategy
The Manitowoc Way - Sustainable Business Strategy Building Communities for Current and Future Generations Updated May 25 Updated June 24 Updated Jan 25
Slide 23: Aspirations
Aspirations Dollars in millions
Slide 24: Appendix - GAAP to Non-GAAP Reconciliation
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
Slide 25: Appendix - GAAP to Non-GAAP Reconciliation
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
Slide 26: Appendix - GAAP to Non-GAAP Reconciliation
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
Slide 27: Additional information
Additional information: Ion Warner – SVP Marketing & Investor Relations O +1 414-760-4805 M +1 717-414-1813 ion.warner@manitowoc.com www.manitowoc.com