TEX · Terex Corporation

Terex Corporation delivered first quarter 2026 results in line with expectations, highlighted by net sales of $1.7 billion, a 41.1% reported increase and 11% pro forma growth year over year, fueled by contributions from the newly integrated Specialty Vehicles segment (former REV Group, first 58 days) and gains across all segments: Environmental Solutions up 3.3%, Materials Processing up 9.7% (18.3% pro forma), Specialty Vehicles up 20% pro forma, and Aerials up 4.2%. Adjusted EBITDA reached $173 million at 9.9% margin, improving from $128 million or 10.4% last year, driven by higher volumes, pricing, and efficiencies, though tempered by new tariffs, unfavorable mix in Aerials and ES, and product mix shifts. GAAP results showed a loss from continuing operations of $93 million or ($0.97) per share due to significant non-cash and merger-related charges, contrasting with prior year profit; adjusted figures showed $94 million income and $0.98 EPS, up from $0.83. CEO Simon Meester noted strong execution including REV integration, with $7.1 billion backlog (up sequentially, 109% book-to-bill) supporting visibility from robust bookings in Materials Processing, Aerials, and Utilities. CFO Jennifer Kong-Picarello highlighted operational EPS improvement of $0.05, working capital efficiency at 16.7% (down 930 bps YoY), and Q1 adjusted EPS including $0.10 tax favorability versus full-year 21% rate, on 96.1 million shares (up from 66.9 million). The company reaffirmed its full-year 2026 outlook with pro forma sales growth of ~5% to $7.5-8.1 billion, EBITDA up ~12% or $100 million to $930 million-$1 billion (12.4% midpoint margin), and EPS $4.50-$5.00, incorporating 11 months of SV impact, $28 million synergies (on track for $75 million run-rate in 24 months), current tariff rates, ~$190 million interest, and 111 million average shares. Segment outlooks indicate mid-to-high single-digit growth. Free cash outflow was $57 million, liquidity stood at $1.0 billion, capex $26 million, and $19 million returned via dividends with $183 million buyback capacity. A conference call and slides are set for May 1, 2026, at 8:30 a.m. ET.