Discusses REVG Merger at Baird Conference

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Baird Conference

November 12, 2025

Important Information and Where to Find It

In connection with the proposed transaction, Terex will file with the SEC a Registration Statement on Form S-4 to register the shares of Terex common stock to be issued in connection with the transaction. The Registration Statement will include a joint proxy statement of Terex and REV Group that also constitutes a prospectus of Terex. The definitive joint proxy statement/prospectus will be sent to the shareholders of each of Terex and REV Group.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND THE JOINT PROXY STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION REGARDING TEREX, REV GROUP, THE COMBINED COMPANY, THE TRANSACTION AND RELATED MATTERS.

Investors and security holders may obtain free copies of these documents and other documents filed with the SEC by Terex or REV Group through the website maintained by the SEC at https://http://www.sec.gov, from Terex at its website, https://www.Terex.com, or from REV Group at its website, https://www.revgroup.com (information included on or accessible through either of Terex's or REV Group's website is not incorporated by reference into this communication).

Reference to year is to fiscal year unless otherwise stated. Terex's fiscal year end is December 31 and REV Group's fiscal year end is October 31. References to the merged company's fiscal year on a pro

forma basis reflect these different fiscal years.

Participants in the Solicitation

Terex, REV Group, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies in connection with the transaction under the rules of the SEC. Information about the interests of the directors and executive officers of Terex and REV Group and other persons who may be deemed to be participants in the solicitation of proxies in connection with the transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the joint proxy statement/prospectus related to the transaction, which will be filed with the SEC. Information about the directors and executive officers of Terex and their ownership of Terex common stock can be found in the sections entitled "Executive Compensation Program", "Executive Compensation Practices", "Executive Compensation Components", "Director Compensation", "Executive Compensation Tables", and "Security Ownership of Certain Beneficial Owners and

Management" included in Terex's definitive proxy statement in connection with its 2025 Annual Meeting of Stockholders, filed with the SEC on April 1, 2025; in the Form 3 and Form 4 statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by Terex's directors and executive officers; and in other documents subsequently filed by Terex with the SEC. Information about the directors and executive officers of REV Group and their ownership of REV Group common stock is set forth in the sections entitled "Director Compensation", "Security Ownership of Certain Beneficial Owners and Management", and "Executive Compensation Tables" included in the definitive proxy statement for REV Group's 2025 Annual Meeting of Stockholders, filed with the SEC on January 17, 2025; in the Form 3 and Form 4 statements of beneficial ownership and statements of changes in beneficial ownership filed with the SEC by REV Group's directors and executive officers; and in other documents subsequently filed by REV Group with the SEC. Free copies of the documents referenced in this paragraph may be obtained as described above under the heading "Important Information and Where to Find It."

No Offer or Solicitation

This communication is not an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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Strong portfolio of diversified specialty equipment with leading brands

Bolsters combined long-term growth outlook

Resilient, low cyclical, growing end markets

Differentiated products and channels

$75M of readily achievable synergies

Extensive U.S. manufacturing footprint

Low capital intensity and attractive leverage position

A win-win combination for all stakeholders

Focusing on core businesses that reduce cyclicality and deliver

consistent growth, stronger margins and predictable returns

Terex

Actions Undertaken

July 2024 Announced $2B acquisition of ESG, a market leading, strong growth, resilient top-line performer through the cycle with

robust margins

(completed Oct. 2024)

Terex

Prior to Strategic Actions

(2024A)1

(excl. Aerials) + REV2

Further Potential for Long-Term Margin Accretion

September 2025 Announced exit of Tower and Rough Terrain Cranes,

Revenue $4.9B $5.8B

Adj. EBITDA $590M $815M

% Margin 12% 14%3 Terex

Cyclicality

Terex + REV 2027 Adj. EBITDA Margin4

continuing plan to transition from low-margin, capital intensive businesses (completed Nov. 2025)

October 2025 Announced merger with REV Group, a non-cyclical, high-growth and highly complementary business

Announced review of strategic alternatives for Aerials segment to maximize shareholder value

Completion of merger with REV Group not conditional on outcome

of the strategic review

1. Reported FY'24, excluding ESG. 2. REV Group Adj. EBITDA presented net of estimated share-based compensation expense of ~ $12.5M

3. Includes $75mm of run-rate synergies. 5

4. Reflects 2025 figures for Terex excluding Aerials, and 2027 target for REV Group. Includes $75M of run-rate synergies.

REV Group performance and outlook

Adj. EBITDA ($MM)1

$225

$145

$310

Tracking ahead of FY'27 targets3

Sales CAGR4

(2024 - 2027)

Adj. EBITDA margin

2028 and Beyond

Growth and industry-leading Adj.

EBITDA margin profile supported by

normalized backlog of

for specialty vehicles sales

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FY'24

FY'25 Guidance 2

FY'27 Target 3

(2027)

Current record backlog of $4.2B, which supports

of specialty vehicle sales

Adj. EBITDA CAGR5

(2024 - 2027)

annual margin expansion

6

Source: Company website, presentations, filings and management targets Note: Fiscal year ends 10/31. 1. REV Group Adj. EBITDA figures excludes stock-based compensation, consistent with how REV Group reports. 2. Midpoint of Adj. EBITDA guidance of $220-230M provided during REV's third quarter analyst call on 9/3/25. 3. Provided during REV's investor presentation on 12/11/24 4. Compound annual growth rate (CAGR) is based on $2.22 billion pro forma fiscal 2024 net sales reflecting the divestiture of Collins and ENC in fiscal 2024 that generated $163.6 million of net sales in fiscal 2024. Assumes mid-cycle RV. 5. CAGR based on $145.2M pro forma Adj. EBITDA for fiscal 2024, reflecting the divestiture of Collins and ENC (which represented $17.6M of Adj.

EBITDA in fiscal 2024) and $310M Adj. EBITDA target in fiscal 2027.

Emergency Vehicles

Waste & Recycling

Utilities

Infrastructure

% of '25E revenue1

~30% ~30% ~10%

~20%

6-10%2

Growth

• Backed by municipal tax receipts and federal stimulus (2000-2024 CAGR 4.4%3)

• Large installed base with consistent and mandated replacement cycle

• Urban sprawl and population growth tailwinds

• Technology upgrades

5%4

Growth

• Essential service with strong performance through cycles

• Contracts anchored by multi-year forecasts and long-term commitments

• Increased focus on upgrades to drive safety, productivity and efficiency

  8-15%5

  Growth

  • Underpinned by secular tailwinds

  • Increased power consumption supports AI and data centers infrastructure buildout

  • Renewed focus on grid resiliency

  • Replacing aging infrastructure

    5%6

    Growth

  • Sustained and growing public sector investment

  • Significant funding available

  • $9.1T anticipated U.S. infrastructure investment required by 20337

    U.S. municipalities spend ~$200B / year on capital equipment.8

    Additional growth in aftermarket and digital

    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 Kaisser Research and Analysis Report for Speciality Vehicles. 3. U.S. Bureau of Economic Analysis, Personal Current

    
    
    

    Tax Receipts: State and Local Government: Property Taxes 4. ESG long-term growth from July 2024 investor presentation. 5. Aug 2025 North American Electric Transmission Market Forecast Report. 6. 23A - 27E CAGR for 7

    infrastructure starts per Dodge Analytics as of September 2025. 7. American Society of Engineers. 8. https://www.census.gov, fred.stlouisfed.org, https://www.usgovernmentspending.com

    
    
    

    2025E2
    Sales Growth	Adj. EBITDA Margin	Adj. EBITDA Margin Growth	Revenue Contribution
    13%	19%	200 bps	~~$11.7.7BB
    (9)%	13%	- 50 bps	~~$11..77BB
    9%	9%	280 bps	~~$22..44BB
    3%	14%1	280 bps

    Establishing a Stable and Profitable Specialty Vehicle Portfolio Well-Positioned for Accelerated Growth and Value Creation

    Unites leading market positions across segments

    Front/Rear Load

    Compactors

    Digger

    Derricks

    Bucket

    Trucks

    Self-contained

    Compactors

    
    
    

    Digital Solutions

    
    
    

    Environmental Solutions

    
    
    

    RevAMPTM Electric ASL

    Front Loader with Curotto-Can®

    
    
    
    
    
    

    Materials Processing

    
    
    
    
    
    

    Aggregates

    REV Group1

    Environmental

    Concrete

    Material Handling

    
    
    
    
    
    
    
    
    

    Pumper / Tanker

    Ambulance

    Aerial

    Cab and

    Chassis

    Pro Forma

    
    
    
    
    
    

    1. REV Group figures are net of stock-based compensation to be like-for-like with Terex. Figures for 2024 are pro forma adjusted for Terex's acquisition of ESG and REV Group's divestiture of Collins and ENC. Fiscal 2025 figures are 8

    midpoint of management guidance. 14% is inclusive of $75M of run-rate synergies. 2. Sales Growth and Adj. EBITDA Margin growth based on fiscal 2025 vs. fiscal 2024.

    Accelerate REV Operational Transformation to Lean High-Flow Manufacturing

    Manufacturing Synergy Example

    Leverage Terex's strength and proven results on Digital Manufacturing Execution Systems (MES) and Advanced Supply Planning to achieve higher throughput while improving overall plant efficiency

    
    
    

    Training Quality Output Efficiency

    
    
    

    • Work instructions and training videos directly at the cell

    • Individual team member training status at the cell

~1,100 New Hires

~650 Job Instructions

~250 Training Videos

• Real-time data with closed-loop system for resolution

• Ensures defects are captured early w/ CI to eliminate future issues

  End-of-Line Defects per unit reduced by 80%

• Live status tracking vs target pitch by workstream

• Visual management aid on resource flexing and balance

  Daily trucks / day produced

  increased by 45%

• Enables faster adjustments and decision-making

• Automates manual paper-based work to speed up operations

  Overall plant efficiency improved by 13%

  Terex Connected Operations Demonstrated Results at ESG

  Lean flow design

  CELL-BASED

  MANUFACTURING

  FLOW-BASED

  MANUFACTURING

  Design Commonization

  Digital MES & Analytics

  Integrated Planning (SIOP)

  Automation & Robotics

  Cont. Improvement

  
  
  
  
  
  
  
  
  

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  $75M in Clearly Identified and Executable Synergies

  Complementary cultures and systems enhance business performance and drive value creation

  Corporate

  Overhead

  Procurement

  Operations

  $75M Run-Rate Synergies1,2

  Significant Value Creation

  ~50%

  achieved 12 months

  after closing

  Fully-realized in 2028

  ~20%

Low integration risk: REV businesses to be standalone segment with existing leadership

• • Acquired in 2024

  • Operated as new division which limited integration risk

  • On track to over-deliver against synergy target

    PATRICK CARROLL

    Environmental Solutions

    • Strong command of Terex Operating System

      
      
      

    • Led five acquisitions while leading Materials Processing

    • Strong track record of

      delivering synergies

      KIERAN HEGARTY

      Materials Processing

      
      
      

      MIKE VIRNIG

      Specialty Vehicles

• Will continue to lead Specialty Vehicle as new standalone Terex segment

• Significant integration experience; led Spartan combination for REV Group

• Track record of delivering synergies in

transformative M&A

29 years of industry experience

34 years of industry experience

35 years of industry experience

Source: Management estimates. 1. Cash costs to achieve are one-time and expected to be ~1x run-rate synergies. 2. 95% of the $75M in run-rate synergies are cost synergies. 10