Fourth-Quarter 2021 Earnings Conference Call February 22, 2021 Aaron Ravenscroft– President & Chief Executive Officer David Antoniuk – EVP & Chief Financial Officer Ion Warner – VP Marketing & Investor Relations 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, only speak as of the date on which they are made, an ...

Financial Data and Key Metrics Changes - Orders for Q4 2021 totaled $615 million, with a book-to-bill ratio of 1.24, representing a 21% increase compared to $509 million in the previous year [28] - The ending backlog for 2021 was $1 billion, up 86% year-over-year, marking the highest level in over 10 years [29] - Net sales in Q4 were $498 million, an increase of $68 million or 16% from the previous year [30] - Adjusted EBITDA for Q4 was $34 million, flat year-over-year, with an adjusted EBITDA margin of 6.9%, a decrease of 100 basis points from the prior year [32][33] - Full-year 2021 orders totaled approximately $2.2 billion, up 43% from the prior year, while net sales reached approximately $1.7 billion, a 19% increase [35][36] Business Line Data and Key Metrics Changes - The company invested $15 million in its tower crane rental fleet in Europe, which contributed to increased market share in Germany [11] - Acquisitions contributed $24 million to net sales in Q4, slightly below previous expectations [30] - SG&A costs increased by $24 million, with $14 million attributed to a legal matter with the U.S. Environmental Protection Agency [31] Market Data and Key Metrics Changes - Demand remained strong across all regions except for China, with robust activity noted in Europe and the U.S. [20][68] - The company faced challenges in the China market, which was an exception to the overall positive demand trends [68] Company Strategy and Development Direction - The company aims to increase aftermarket sales by 50% over the next five years through a strategy called Cranes+50, focusing on non-new machine sales [50][51] - The company plans to continue pursuing acquisitions to support its growth initiatives and maintain flexibility in its capital structure amid rising interest rates [48] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing global supply chain and logistical challenges, with expectations for improvement in the second half of 2022 [40] - The company anticipates adjusted net sales for 2022 to be between $2 billion and $2.2 billion, with adjusted EBITDA guidance of approximately $130 million to $160 million [41] Other Important Information - The company completed two acquisitions in North America, enhancing its aftermarket presence in the local mobile cranes market [11] - A formal CFO succession plan was announced, with Dave Antoniuk set to retire and Brian Regan to assume the CFO role [24] Q&A Session Summary Question: Recovery of shipment shortfall in October and November - Management indicated that $75 million of missed shipments were partially recovered in December, with expectations to recover the remainder in January and February [56][57] Question: Backlog details - The majority of the backlog is scheduled to ship in 2022, and all pricing is fixed in the backlog [58] Question: Cranes+50 strategy and M&A - The growth in aftermarket sales will come from both acquisitions and organic growth, with a focus on used business opportunities [64][66] Question: Regional outlook for 2022 - Management noted strong performance across most regions, with the exception of China, and expressed confidence in continued robust demand [68] Question: Margin performance in Q4 - The improved margin performance was attributed to product mix and effective execution in manufacturing [96] Question: New product development and lean thinking - The company has implemented lean thinking in product development processes, emphasizing customer needs and specifications [105]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2021 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 1-11978 The Manitowoc Company, Inc. (Exact name of registrant as specified in its charter) | Wisconsin | 39-0448110 | | --- | --- ...

Sales Performance - Americas net sales increased 26.5% for Q3 2021 to $190.6 million from $150.7 million in Q3 2020, driven by higher crane shipments [105]. - EURAF net sales decreased 3.0% for Q3 2021 to $150.0 million from $154.7 million in Q3 2020, primarily due to supply chain constraints [109]. - MEAP net sales increased 27.3% for Q3 2021 to $63.9 million from $50.2 million in Q3 2020, attributed to higher crane shipments [113]. - For the nine months ended September 30, 2021, Americas net sales increased 13.0% to $516.0 million from $456.5 million in the same period of 2020 [107]. - EURAF net sales increased 17.5% for the nine months ended September 30, 2021 to $485.3 million from $413.1 million in the same period of 2020 [111]. - MEAP net sales increased 54.1% for the nine months ended September 30, 2021 to $221.1 million from $143.5 million in the same period of 2020 [115]. - Net sales for the three months ended September 30, 2021 increased 13.8% to $404.5 million from $355.6 million in the same period in 2020 [121]. - Net sales for the nine months ended September 30, 2021 increased 20.7% to $1,222.4 million from $1,013.1 million for the same period in 2020 [122]. Operating Income and Loss - Americas operating income increased 104.0% for Q3 2021 to $15.3 million from $7.5 million in Q3 2020, due to increased volume and favorable mix [106]. - EURAF operating loss decreased to $(5.4) million for Q3 2021 from income of $7.3 million in Q3 2020, impacted by higher costs [110]. - MEAP operating income decreased 16.7% for Q3 2021 to $6.5 million from $7.8 million in Q3 2020, primarily due to increased costs [114]. Orders and Backlog - Orders for the three months ended September 30, 2021 increased 37.3% to $535.2 million from $389.9 million for the same period in 2020 [118]. - Orders for the nine months ended September 30, 2021 increased 54.2% to $1,546.0 million from $1,002.8 million for the same period in 2020 [119]. - Total backlog as of September 30, 2021 was $890.6 million, a 91.6% increase from $464.8 million as of September 30, 2020 [120]. Profit and Expenses - Gross profit for the three months ended September 30, 2021 was $69.0 million, an increase of $3.9 million compared to $65.1 million for the same period in 2020 [123]. - Gross profit for the nine months ended September 30, 2021 was $227.8 million, an increase of $51.1 million compared to $176.7 million for the same period in 2020 [125]. - Engineering, selling and administrative expenses increased 20.6% to $59.7 million for the three months ended September 30, 2021 compared to $49.5 million for the same period in 2020 [127]. Cash Flow and Liquidity - Cash flows provided by operating activities for the nine months ended September 30, 2021 were $68.1 million, driven by net income and a net decrease in working capital [136]. - The Company's liquidity position as of September 30, 2021 was $388.9 million, sufficient to meet expected working capital and operational needs in the subsequent twelve months [141]. - The maximum availability under the ABL Revolving Credit Facility is $275.0 million, with a term of five years [143]. - As of September 30, 2021, total debt is $408.3 million, an increase from $310.9 million as of December 31, 2020 [145]. - Long-term debt as of September 30, 2021 is $399.9 million, up from $300.4 million as of December 31, 2020 [145]. - The Company has access to non-committed overdraft facilities totaling $43.0 million as of September 30, 2021 [144]. EBITDA and Income - Adjusted EBITDA for the three months ended September 30, 2021 is $20.0 million, compared to $24.8 million for the same period in 2020 [146]. - The adjusted EBITDA margin percentage for the three months ended September 30, 2021 is 4.9%, down from 7.0% in 2020 [146]. - Free cash flows for the three months ended September 30, 2021 is $11.5 million, a decrease from $20.5 million in 2020 [147]. - Net income for the three months ended September 30, 2021 is a loss of $0.2 million, an improvement from a loss of $0.4 million in 2020 [146]. Challenges - The company continues to face supply chain disruptions and cost pressures due to the COVID-19 pandemic, impacting its ability to meet customer demand [101]. - The Company believes it will comply with covenants under the ABL Revolving Credit Facility and 2026 Notes during the subsequent twelve months [145].

Financial Data and Key Metrics Changes - Third quarter orders totaled $535 million, an increase of $145 million, or 37%, compared to the same period last year [20] - Net sales in the third quarter were $405 million, an increase of $49 million or 14% from a year ago, despite being negatively impacted by approximately 16% due to supply chain issues [22] - Adjusted EBITDA for the third quarter was $20 million, a decrease of approximately $5 million year-over-year, with an adjusted EBITDA margin of 4.9%, down 210 basis points from the prior year [23][24] - GAAP diluted net loss per share was $0.01, while adjusted diluted earnings per share were $0.06, declining by $0.04 from the prior year [25] Business Line Data and Key Metrics Changes - The acquisition of Aspen Equipment and the H&E crane business was finalized for approximately $180 million, with an all-in EBITDA multiple of roughly six times [12] - The backlog increased to $891 million, a 92% increase over the prior year, with over 50% scheduled to ship within the year [21] Market Data and Key Metrics Changes - North America dealer inventory levels are in line with current demand, while Europe is seeing recovery in all-terrain products and elevated levels in the tower crane business [14] - In Asia, while China is softening, other markets like South Korea and Australia remain strong, although a moderate slowdown in orders was noted in September and October [15] Company Strategy and Development Direction - The company is focused on integrating recent acquisitions and maintaining a disciplined approach to its North American aftermarket strategy through organic and inorganic growth opportunities [37] - The European tower crane rental fleet strategy has progressed, doubling the size of the rental fleet and maintaining high asset utilization rates [32] - The company aims to transition from a low-margin crane manufacturer to a customer-driven company focused on aftermarket services [39] Management's Comments on Operating Environment and Future Outlook - Management expressed pride in the team's execution during the quarter despite financial results not reflecting overall progress due to supply chain and inflationary challenges [19] - Concerns were raised about ongoing supply chain issues, transportation, inflation, and labor constraints impacting future performance [30] - The company remains optimistic about the North American market, citing positive sentiment regarding infrastructure programs and stable oil prices [70] Other Important Information - The company generated $18 million of cash from operating activities in the quarter, compared to $28 million in the prior year, with a cash balance of $222 million at the end of the quarter [25][26] - Full-year guidance was updated to reflect revenue of approximately $1.725 to $1.775 billion and adjusted EBITDA of approximately $100 million to $110 million [27] Q&A Session Summary Question: Can you provide details on the cadence of your pricing actions this year? - Management indicated that commodity pricing has flattened out, and price increases have been implemented three to four times over the last six months, with current orders being matched with locked-in costs [42] Question: How does the M&A pipeline look today? - Management feels positive about the M&A pipeline but is focused on integrating recent acquisitions before pursuing new ones [44] Question: Can you discuss the pricing mechanisms and potential margin expansion? - Management noted that while steel prices have started to roll over, it is too early to determine how sticky the price increases will be [49] Question: What is the cadence of orders and outlook for North America? - Management observed that order intake was strong ahead of price increases, but September and October saw lighter orders, with a need to monitor the situation in the coming months [63]

Financial Data and Key Metrics Changes - The second quarter orders totaled $537 million, an increase of $299 million or 126% compared to the same period last year [19] - Net sales in the second quarter were $464 million, an increase of $135 million or 41% year-over-year [21] - Adjusted EBITDA for the second quarter was $41 million, an increase of $33 million year-over-year, with an adjusted EBITDA margin improving to 8.8%, up 638 basis points from the prior year [23] - GAAP diluted earnings per share in the quarter was $0.50, while adjusted diluted earnings per share improved by $1.07 from the prior year to $0.60 [25] Business Line Data and Key Metrics Changes - All reportable segments reported increases in sales, driven by higher customer demand [21] - The parts and service business was up 10% year-over-year on a year-to-date basis [91] Market Data and Key Metrics Changes - The backlog as of June 30 was $736 million, an increase of 71% over the prior year, with over 85% scheduled to ship within the year [20] - The tower crane business in Europe is experiencing strong demand, while the recovery of the European mobile crane market is lagging [16] - In Asia, strong demand continues, although there has been a slowdown in China during the summer months [16] Company Strategy and Development Direction - The company is committed to four strategic growth initiatives: growing the tower crane rental and aftermarket business in Europe, building out the China and Belton road tower crane business, accelerating new product development in all terrains, and expanding aftermarket activities in North America [32] - The recent acquisition of H&E's crane business is seen as a key part of the growth strategy, providing a strong service network and opportunities for growth in service, parts, and new product sales [33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the crane market, despite challenges from supply chain disruptions and inflationary pressures [35] - The company anticipates that the second half of the year will be impacted by rising input costs, but remains focused on executing its growth strategy [36] - There is a belief that 2022 could return to a more normalized pricing and cost environment, although uncertainty remains [42] Other Important Information - The company has reinstated its 2021 full-year guidance, excluding the impact of the pending acquisition of H&E Equipment Services [28] - The company generated $9 million of cash from operating activities in the quarter, with a total liquidity of $454 million as of June 30 [26] Q&A Session Summary Question: Did supplier constraints limit production in the quarter? - Management indicated it was a combination of supply chain disruptions and pricing issues, with some disruptions affecting crane shipments [40][41] Question: Are price increases sufficient to cover known inflation? - Management expressed hope for normalization in 2022 but acknowledged ongoing challenges with rising costs [42] Question: What is the capacity utilization for cranes in the field by region? - Utilization in the U.S. is improving, while Europe shows strong demand for tower cranes but is more muted for all terrains [60] Question: What are the expectations for the oil and gas market? - Management noted that oil prices are slowly increasing, which could positively impact demand for cranes in that sector [115]

Sales Performance - Americas net sales increased 23.9% to $185.3 million for the three months ended June 30, 2021, compared to $149.6 million for the same period in 2020[103] - EURAF net sales increased 33.4% to $180.8 million for the three months ended June 30, 2021, compared to $135.5 million for the same period in 2020, with a favorable impact of approximately $15.0 million from foreign currency exchange rates[107] - MEAP net sales increased 125.7% to $97.5 million for the three months ended June 30, 2021, compared to $43.2 million for the same period in 2020, with a favorable impact of approximately $6.2 million from foreign currency exchange rates[111] - For the six months ended June 30, 2021, Americas net sales increased 6.4% to $325.4 million from $305.8 million for the same period in 2020[105] - EURAF net sales increased 29.8% to $335.3 million for the six months ended June 30, 2021, compared to $258.4 million for the same period in 2020, with a favorable impact of approximately $26.8 million from foreign currency exchange rates[109] - MEAP net sales increased 68.5% to $157.2 million for the six months ended June 30, 2021, compared to $93.3 million for the same period in 2020, with a favorable impact of approximately $9.9 million from foreign currency exchange rates[113] - Net sales for the three months ended June 30, 2021 increased 41.2% to $463.6 million from $328.3 million in the same period in 2020, driven by higher crane shipments[120] Operating Income - Americas operating income increased 356.3% to $21.9 million for the three months ended June 30, 2021, compared to $4.8 million for the same period in 2020[104] - EURAF operating income improved to $5.7 million for the three months ended June 30, 2021, from a loss of $4.4 million for the same period in 2020, with a favorable impact of approximately $1.7 million from foreign currency exchange rates[108] - MEAP operating income increased 48.5% to $9.8 million for the three months ended June 30, 2021, compared to $6.6 million for the same period in 2020[112] - The company reported an adjusted operating income of $30.9 million for the three months ended June 30, 2021, compared to a loss of $1.4 million in the same period of 2020[148] Orders and Backlog - Orders for the three months ended June 30, 2021 increased 125.8% to $537.2 million from $237.9 million for the same period in 2020, primarily due to higher global demand[117] - Total backlog as of June 30, 2021 was $736.1 million, a 71.0% increase from $430.5 million on June 30, 2020, with favorable impacts from foreign currency exchange rates[119] Profitability and Cash Flow - Gross profit for the three months ended June 30, 2021 was $90.4 million, an increase of 86.8% compared to $48.4 million for the same period in 2020, primarily due to increased net sales[122] - Adjusted EBITDA for the three months ended June 30, 2021, was $40.7 million, up from $7.8 million in the same period of 2020, reflecting a significant improvement in operational performance[148] - Free cash flows for the three months ended June 30, 2021, were $1.5 million, a recovery from a negative $24.6 million in the same period of 2020[148] - The adjusted EBITDA margin percentage for the three months ended June 30, 2021, was 8.8%, compared to 2.4% in the same period of 2020, indicating improved profitability[148] Expenses and Tax - Engineering, selling and administrative expenses increased 28.0% to $63.6 million for the three months ended June 30, 2021 compared to $49.7 million for the same period in 2020[126] - Provision for income taxes for the three months ended June 30, 2021 was $4.0 million, significantly higher than $0.7 million for the same period in 2020[132] - Other income (expense) - net was $2.8 million during the three months ended June 30, 2021, compared to $(2.9) million for the same period in 2020[130] Debt and Liquidity - As of June 30, 2021, total debt amounted to $303.7 million, a decrease from $310.9 million as of December 31, 2020[146] - Long-term debt remained stable at $300.0 million as of June 30, 2021, compared to $300.4 million as of December 31, 2020[146] - The company's total liquidity as of June 30, 2021 was $454.1 million, an increase from $411.7 million as of December 31, 2020[142] - The company has access to a total of $45.0 million in U.S. dollar availability from six non-committed overdraft facilities as of June 30, 2021[145] - The company expects to comply with its debt covenants over the next twelve months based on current plans and outlook[146] Cybersecurity Incident - The company experienced delays and disruptions due to a cybersecurity incident in June 2021, which impacted business operations during the quarter[100] Capital Expenditures - Capital expenditures for the six months ended June 30, 2021, were $15.4 million, compared to $8.0 million in the same period of 2020[148]

First-Quarter 2021 Earnings Conference Call May 6, 2021 Aaron Ravenscroft– President & Chief Executive Officer David Antoniuk – EVP & Chief Financial Officer Ion Warner – VP Marketing & Investor Relations 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, only speak as of the date on which they are made, and are s ...

Financial Data and Key Metrics Changes - First quarter orders totaled $474 million, an increase of 26% compared to $375 million in the same period last year [15] - Net sales in the first quarter were $354 million, an increase of $25 million or 8% from a year ago [17] - Adjusted EBITDA for the first quarter was $21 million, an increase of approximately 29% year-over-year, with an adjusted EBITDA margin improvement to 6% [19] - The company generated $41 million of cash from operating activities in the quarter, compared to a use of $79 million in the prior year [22] - GAAP diluted loss per share was $0.09, while adjusted diluted loss per share improved to $0.06, a $0.12 improvement from the prior year [21] Business Line Data and Key Metrics Changes - Orders improved in all segments, with a backlog of $663 million, up 27% over the prior year [16] - The tower crane business in Europe was particularly strong, driven by tax incentives and follow-on orders from dealers [7][9] - The Americas segment saw a high single-digit increase in orders, but the overall performance was tempered by cautious market signals [11][12] Market Data and Key Metrics Changes - The Middle East and Asia Pacific regions showed encouraging project pipelines and strong bookings [10] - The North American market remains cautious, with major crane rental houses holding back on investments despite positive vaccine news and speculation around infrastructure spending [11] Company Strategy and Development Direction - The company is focused on four strategic initiatives: expanding the European tower crane rental fleet, advancing the Chinese tower crane business, filling product gaps in the all-terrain crane business, and pursuing acquisition opportunities for long-term growth [28][30][31] - The company plans to invest approximately $35 million to $40 million in capital expenditures in 2021, including investments in the European rental fleet [20] Management's Comments on Operating Environment and Future Outlook - The management expressed concerns about ongoing supply chain challenges, including high steel prices and semiconductor chip shortages, which are expected to impact operations [25][26] - The company anticipates a year-over-year contribution margin lower than normal in the second half of 2021 due to these headwinds [27] - Full year 2021 adjusted EBITDA guidance is set at $90 million to $105 million [27] Other Important Information - The company is implementing price increases to mitigate the impact of rising material costs, but there is a lag between raw material lead times and the effective date of these increases [25] - The company has seen a significant increase in orders due to dealers placing orders in advance of price changes [8] Q&A Session Summary Question: Order cadence and European tower crane momentum - Management noted that April was a good month for orders, with some orders coming in advance of price increases [38] Question: Price/cost matching and inflation impact - Management indicated that while they have managed pricing well, prolonged high steel prices will adversely affect price/cost comparisons in the second half of the year [42][43] Question: Operating free cash flow and working capital - Management explained that the positive cash flow in the first quarter was unusual and attributed to higher accounts receivable converting over and managing inventory levels [50] Question: Supply chain conditions and top-line revenue normalization - Management expressed skepticism about supply chain improvements and indicated uncertainty regarding the timeline to return to normalized revenues of $1.9 billion to $2.2 billion [76] Question: Energy side of the business and capacity management - Management stated that the North American market for large RTs is slow, with low utilization, but they are well-positioned without needing additional restructuring [80]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 1-11978 (Exact Name of Registrant as Specified in its Charter) Wisconsin 39-0448110 (State or other jurisdiction (I.R.S. Employer 1 ...