Core Insights - Terex (TEX) reported revenue of $1.49 billion for the quarter ended June 2025, marking a year-over-year increase of 7.6% [1] - The earnings per share (EPS) for the same period was $1.49, down from $2.16 a year ago [1] - The reported revenue exceeded the Zacks Consensus Estimate of $1.45 billion, resulting in a surprise of +2.23% [1] - The company also delivered an EPS surprise of +3.47%, with the consensus EPS estimate being $1.44 [1] Financial Performance Metrics - Net sales for ESG were $430 million, surpassing the average estimate of $407.79 million based on five analysts [4] - Net sales for Aerial Work Platforms (AWP) were $607 million, below the average estimate of $624.11 million, representing a year-over-year decline of -31.2% [4] - Net sales for Materials Processing & Mining (MP) were $454 million, exceeding the average estimate of $428.9 million, with a year-over-year change of -9% [4] - Net sales for Corporate and Other / Eliminations were -$4 million, compared to the average estimate of -$0.71 million, reflecting a year-over-year change of -407.7% [4] - Income from Operations for AWP was $46 million, below the average estimate of $64.71 million [4] - Income from Operations for ESG was $61 million, compared to the average estimate of $68.19 million [4] - Income from Operations for Corporate and Other / Eliminations was -$27 million, compared to the average estimate of -$19.51 million [4] - Income from Operations for MP was $49 million, versus the average estimate of $51.86 million [4] Stock Performance - Terex shares returned -0.3% over the past month, while the Zacks S&P 500 composite increased by +2.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $1.49 on sales of $1.5 billion, with an operating margin of 11% [6][23] - Free cash flow reached $78 million, a significant increase compared to the previous year, representing a cash conversion of 108% [7][26] - The effective tax rate for the second quarter was 18.3%, about 170 basis points better than planned [25] Business Line Data and Key Metrics Changes - Aerials segment sales were $607 million, with an operating margin improvement of 500 basis points sequentially, but about 200 basis points lower than expected due to customer mix [26][27] - Materials Processing (MP) sales were $434 million, 9% lower than last year, with an operating margin of 12.7%, showing a sequential improvement from 10% in Q1 [27][29] - Environmental Solutions (ES) generated $430 million in sales, with a 12.9% year-over-year growth and a 19.1% operating margin, reflecting strong operational execution [30] Market Data and Key Metrics Changes - Waste and recycling now represents approximately 30% of global revenue, characterized by low cyclicality and steady growth [16] - The company noted a two-speed profile in U.S. construction, with strength in large projects and infrastructure, while local private projects remain soft [17] - European markets are experiencing a weak economic environment in the near term, but there are encouraging signs for infrastructure and industrial spending growth in the medium to long term [17] Company Strategy and Development Direction - The company is focused on leveraging synergies across its portfolio, particularly following the ESG acquisition, and is ahead of initial synergy targets [19][21] - The company plans to maintain its full-year EPS outlook of $4.7 to $5.1, expecting stronger performance in Environmental Solutions in the second half [7][35] - The company is also looking to invest in organic growth while returning capital to shareholders, with a new $150 million share buyback program announced [32] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by high interest rates and tariff-related uncertainties impacting capital decisions [15] - The company expects to see a significant increase in free cash flow compared to 2024, anticipating between $300 million and $350 million in 2025 [35] - Management expressed confidence in the company's ability to navigate the current dynamic environment and deliver long-term value to shareholders [38] Other Important Information - The company is experiencing direct and indirect tariff-related inflation on materials, estimating a net impact of approximately €0.50 for the full year [13] - The company has a strong liquidity position with $1.2 billion available, and plans to deleverage in the second half of the year [31] Q&A Session Summary Question: What is driving the strong ES margins? - Management attributed the strong ES margins to operational efficiencies, improved execution in utilities, and favorable customer and product mix [42][43] Question: What drove the $20 million adjustment in EBITDA guidance? - The adjustment was driven by stronger outlook in ES, offset by unfavorable mix in Aerials and higher tariffs [50][51] Question: How do you view the margin outlook for Aerials in the second half? - Margins are expected to decline in the second half due to tariffs, lower sequential volume, and unfavorable customer mix [58] Question: What is the outlook for replacement demand? - Normal discussions on replacement demand are ongoing, with some signs of fleets aging in certain segments [71] Question: How are tariffs impacting the cost profile? - The company does not expect material impact from steel inflation due to hedging and local sourcing [108] Question: What is the outlook for digital revenue streams? - The company is expanding its Third Eye technology and exploring additional digital revenue opportunities [121]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $1.49 on sales of $1.5 billion, with an operating margin of 11% [5][20] - Free cash flow reached $78 million, a significant increase from the previous year, representing a cash conversion of 108% [6][23] - The effective tax rate for the quarter was 18.3%, about 170 basis points better than planned due to favorable discrete items [21][22] - EBITDA was $182 million, up 12.2% of sales [22] Business Line Data and Key Metrics Changes - Aerials segment sales were $607 million, with an operating margin improvement of 500 basis points sequentially, but about 200 basis points lower than expected due to customer mix [23][24] - Materials Processing (MP) sales were $434 million, down 9% year-over-year, with an operating margin of 12.7%, showing a sequential improvement from 10% in Q1 [24][25] - Environmental Solutions (ES) generated $430 million in sales, with a 12.9% year-over-year growth and a 19.1% operating margin, reflecting strong performance [26] Market Data and Key Metrics Changes - Waste and recycling now represents approximately 30% of global revenue, characterized by low cyclicality and steady growth [14] - Utilities account for about 10% of revenue, with growth driven by the need to expand the power grid [14] - General construction has decreased to less than one-third of total markets, with strength in large projects and infrastructure, while local private projects remain soft [15] Company Strategy and Development Direction - The company is focused on leveraging synergies across its portfolio, particularly following the ESG acquisition, and is ahead of initial synergy targets [16][19] - The company plans to maintain its full-year EPS outlook of $4.7 to $5.1, expecting stronger performance in Environmental Solutions in the second half [6][30] - The company is exploring digital revenue streams, particularly through the Third Eye platform, which enhances operational efficiency and safety [17][120] Management's Comments on Operating Environment and Future Outlook - Management noted that macroeconomic factors, including high interest rates and tariff-related uncertainties, continue to impact capital decisions [13][15] - The company expects a significant increase in free cash flow compared to 2024, anticipating between $300 million and $350 million in 2025 [31] - Management expressed confidence in the resilience of its diversified end markets, particularly in waste and recycling, utilities, and infrastructure [14][15] Other Important Information - The company ended the second quarter with $1.2 billion in liquidity and plans to deleverage in the second half of the year [27] - A new $150 million share buyback program was authorized, with $33 million remaining from the previous authorization [28] Q&A Session Summary Question: What is driving the strong ES margins? - Management attributed the strong ES margins to operational efficiencies, better execution in utilities, and favorable customer and product mix, although the favorable mix is not expected to recur in the second half [39][40][42] Question: What drove the $20 million adjustment in EBITDA guidance? - The adjustment was driven by stronger performance in ES, offset by unfavorable mix in Aerials and higher tariffs [47][49] Question: How do you view the margin outlook for Aerials? - Management expects Aerials' operating margin to be mid-single digits in Q3, driven by tariffs and unfavorable customer mix [55][56] Question: What is the impact of tariffs on the cost profile? - The company does not expect material impact from steel inflation due to hedging and local sourcing, but tariffs are included in the $0.50 guidance for the year [106][108] Question: How is the company addressing customer caution in the market? - Management noted that larger customers are maintaining their cadence for negotiations, while smaller customers remain cautious due to economic uncertainty [64][94]

Company Performance - Terex reported quarterly earnings of $1.49 per share, exceeding the Zacks Consensus Estimate of $1.44 per share, but down from $2.16 per share a year ago, representing an earnings surprise of +3.47% [1] - The company posted revenues of $1.49 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.23% and up from $1.38 billion year-over-year [2] - Over the last four quarters, Terex has consistently surpassed consensus EPS estimates and revenue estimates [2] Future Outlook - The sustainability of Terex's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $1.43 on revenues of $1.4 billion, and for the current fiscal year, it is $4.72 on revenues of $5.37 billion [7] - The estimate revisions trend for Terex was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Manufacturing - Construction and Mining industry, to which Terex belongs, is currently in the top 39% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Terex's performance [5]

Q2 2025 Earnings Conference Call July 31, 2025 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) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in our Annual Report on F ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) [Q2 2025 Performance Highlights](index=1&type=section&id=Q2%202025%20Performance%20Highlights) Terex reported **Q2 2025 sales of $1.5 billion**, up **7.6%** year-over-year, with adjusted EPS at **$1.49** Q2 2025 Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1.5B | $1.38B | +7.6% | | Operating Profit (GAAP) | $129M | $193M | -33.2% | | Operating Margin (GAAP) | 8.7% | 14.0% | -530 bps | | Adjusted Operating Profit | $164M | $195M | -15.9% | | Adjusted Operating Margin | 11.0% | 14.1% | -310 bps | | EPS (GAAP) | $1.09 | $2.08 | -47.6% | | Adjusted EPS | $1.49 | $2.16 | -31.0% | - Bookings of **$1.1 billion** grew **19%** year-over-year on a pro forma basis, with a book-to-bill ratio of **73%**, consistent with seasonal patterns[6](index=6&type=chunk) - Excluding the contribution from the new Environmental Solutions Group (ESG), legacy revenue declined by **12%** year-over-year, driven by channel adjustments and backlog conversion timing[6](index=6&type=chunk) - The Board of Directors authorized a new **$150 million** share repurchase program, signaling confidence in the company's long-term strategy[5](index=5&type=chunk)[11](index=11&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Management highlighted strong ES performance offsetting Aerials headwinds, while maintaining the full-year EPS outlook - CEO Simon Meester emphasized that the Environmental Solutions segment's strong sales and margin performance more than offset headwinds in Aerials[3](index=3&type=chunk) - CFO Jennifer Kong-Picarello highlighted strong free cash flow generation of **$78 million**, achieving a **108%** cash conversion rate in Q2[12](index=12&type=chunk)[13](index=13&type=chunk) - The healthy backlog and **19%** year-over-year pro forma booking growth support the sales outlook for the second half of the year[13](index=13&type=chunk) - The company is maintaining its full-year EPS outlook of **$4.70 to $5.10**, assuming tariffs remain broadly at current rates[13](index=13&type=chunk) [Business Segment Review](index=2&type=section&id=Business%20Segment%20Review) [Aerials Segment](index=2&type=section&id=Aerials) Aerials segment **net sales declined 17.1% to $607 million**, with operating margin at **7.6%**, impacted by reduced rental capex Aerials Segment Q2 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $607M | $732M | -17.1% | | Operating Profit | $46M | $115M | -60.0% | | Operating Margin | 7.6% | 15.7% | -810 bps | | Adjusted Operating Profit | $49M | $115M | -57.4% | | Adjusted Operating Margin | 8.0% | 15.7% | -770 bps | - The sales decline was driven by rental customers deploying less capex and focusing on replacement requirements Sales to independent rental customers were down proportionately more than to national customers[12](index=12&type=chunk) [Materials Processing (MP) Segment](index=2&type=section&id=Materials%20Processing) MP segment **net sales declined 9.0% to $454 million**, with operating margin at **10.8%**, due to lower channel and end-market demand Materials Processing Segment Q2 Performance | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $454M | $499M | -9.0% | | Operating Profit | $49M | $77M | -36.4% | | Operating Margin | 10.8% | 15.4% | -460 bps | | Adjusted Operating Profit | $58M | $78M | -25.6% | | Adjusted Operating Margin | 12.7% | 15.6% | -290 bps | - The sales decline was attributed to lower channel requirements and end-market demand across most product lines and geographies[12](index=12&type=chunk) [Environmental Solutions (ES) Segment](index=2&type=section&id=Environmental%20Solutions) ES segment delivered strong results with **net sales of $430 million**, up **12.9%** pro forma, and an adjusted operating margin of **19.1%** Environmental Solutions Segment Q2 Performance | Metric | Q2 2025 | Q2 2024 (Pro Forma) | Change | | :--- | :--- | :--- | :--- | | Net Sales | $430M | $381M (Est.) | +12.9% | | Operating Profit | $61M | $19M | +221.1% | | Operating Margin | 14.2% | 12.5% | +170 bps | | Adjusted Operating Profit | $82M | N/A | N/A | | Adjusted Operating Margin | 19.1% | 16.8% (Est.) | +230 bps | - Growth was driven by strong delivery of refuse collection vehicles (RCVs) and strong book-to-bill installs in Terex Utilities[12](index=12&type=chunk) [Financial Position and Capital Allocation](index=2&type=section&id=Financial%20Position%20and%20Capital%20Allocation) [Liquidity and Cash Flow](index=2&type=section&id=Strong%20Liquidity) Terex maintained **$1.2 billion** in liquidity and generated **$78 million** in free cash flow, achieving a **108%** cash conversion rate - Total liquidity was **$1.2 billion** as of June 30, 2025[12](index=12&type=chunk) Q2 Cash Flow Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Free Cash Flow | $78M | $43M | | Cash Conversion Rate | 108% | 30% | [Capital Allocation](index=2&type=section&id=Capital%20Allocation) Company deployed **$24 million** in capex, returned **$75 million** to shareholders, and authorized a new **$150 million** share repurchase program - A new share repurchase program of up to **$150 million** was authorized by the Board of Directors[11](index=11&type=chunk) - Year-to-date through June 30, 2025, Terex returned **$75 million** to shareholders via dividends and buybacks[12](index=12&type=chunk) - The company repurchased **1.4 million** shares at an average price of **$38.74** per share[12](index=12&type=chunk) [Full-Year 2025 Outlook](index=3&type=section&id=Full-Year%202025%20Outlook) [Full-Year 2025 Guidance](index=3&type=section&id=Full-Year%202025%20Guidance) Terex maintained its full-year 2025 guidance, projecting **net sales between $5.3 billion and $5.5 billion** and adjusted EPS of **$4.70 to $5.10** Full-Year 2025 Financial Outlook | Metric | 2025 Outlook | | :--- | :--- | | Net Sales | $5,300M - $5,500M | | Segment Operating Margin (Adjusted) | ~12% | | EBITDA (Adjusted) | ~$640M | | EPS (Adjusted) | $4.70 - $5.10 | | Free Cash Flow | $300M - $350M | | FCF Conversion | >120% | 2025 Segment Net Sales Outlook vs. 2024 Baseline | Segment | 2024 Baseline | 2025 Outlook | | :--- | :--- | :--- | | Aerials | $2,410M | Down low double-digits (LDD) | | Materials Processing | $1,902M | Down high single-digits (HSD) | | Environmental Solutions | $1,500M | Up low double-digits (LDD) | [Financial Statements](index=6&type=section&id=Financial%20Statements) [Condensed Consolidated Statement of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) Q2 2025 net sales increased to **$1.487 billion**, but operating profit declined to **$129 million**, resulting in diluted EPS of **$1.09** Q2 Statement of Operations (in millions, except EPS) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net sales | $1,487 | $1,382 | | Gross profit | $291 | $329 | | Operating profit | $129 | $193 | | Net income | $72 | $141 | | Diluted EPS | $1.09 | $2.08 | [Condensed Consolidated Balance Sheet](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets were **$6.152 billion**, total liabilities **$4.187 billion**, and stockholders' equity **$1.965 billion** Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total current assets | $2,684 | $2,320 | | Total assets | $6,152 | $5,730 | | Total current liabilities | $1,293 | $1,073 | | Long-term debt | $2,583 | $2,580 | | Total liabilities | $4,187 | $3,898 | | Total stockholders' equity | $1,965 | $1,832 | [Condensed Consolidated Statement of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) Net cash from operating activities for YTD Q2 2025 was **$81 million**, leading to a **$14 million** decrease in cash and equivalents Six-Month Cash Flow Summary (in millions) | Account | YTD Q2 2025 | YTD Q2 2024 | | :--- | :--- | :--- | | Net cash from operating activities | $81 | $33 | | Net cash from investing activities | ($38) | ($52) | | Net cash from financing activities | ($84) | ($23) | | Net change in cash | ($14) | ($52) | | Cash at end of period | $374 | $319 | [Segment Results Disclosure](index=9&type=section&id=Segment%20Results%20Disclosure) Q2 2025 segment sales: Aerials **$607 million** (7.6% margin), MP **$454 million** (10.8% margin), and ES **$430 million** (14.2% margin) Q2 2025 Segment Performance (in millions) | Segment | Net Sales | % of Total | Operating Profit | Operating Margin | | :--- | :--- | :--- | :--- | :--- | | Aerials | $607 | 40.8% | $46 | 7.6% | | MP | $454 | 30.5% | $49 | 10.8% | | ES | $430 | 28.9% | $61 | 14.2% | | **Consolidated** | **$1,487** | **100%** | **$129** | **8.7%** | [Appendix: Non-GAAP Reconciliations](index=10&type=section&id=Appendix%3A%20Non-GAAP%20Reconciliations) [GAAP to Non-GAAP Reconciliation](index=11&type=section&id=GAAP%20to%20Non-GAAP%20Reconciliation) Q2 2025 adjustments of **$35 million** increased operating profit from **$129 million** (GAAP) to **$164 million** (non-GAAP) and EPS to **$1.49** Q2 2025 GAAP to Non-GAAP Reconciliation Summary (in millions) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | Operating Profit | $129 | $35 | $164 | | Operating Margin | 8.7% | | 11.0% | | Net Income | $72 | $26 | $98 | | EPS | $1.09 | $0.40 | $1.49 | [Segment Adjusted Operating Profit Reconciliation](index=13&type=section&id=Segment%20Adjusted%20Operating%20Profit%20Reconciliation) Q2 2025 segment adjustments led to adjusted operating margins of **8.0%** for Aerials, **12.7%** for MP, and **19.1%** for ES Q2 2025 Segment Operating Profit Reconciliation (in millions) | Segment | Operating Profit (GAAP) | Adjustments | Adjusted Operating Profit | | :--- | :--- | :--- | :--- | | Aerials | $46 | $3 | $49 | | MP | $49 | $9 | $58 | | ES | $61 | $21 | $82 | [Return on Invested Capital (ROIC)](index=14&type=section&id=Return%20on%20Invested%20Capital%20%28ROIC%29) Terex reported a Return on Invested Capital (ROIC) of **12.3%** as of June 30, 2025, reflecting effective capital utilization - The company's ROIC was **12.3%** as of June 30, 2025[44](index=44&type=chunk)[46](index=46&type=chunk) - ROIC is calculated using adjusted NOPAT of **$421 million** over the last four quarters and average invested capital of **$3.414 billion** over the last five quarters[46](index=46&type=chunk)

Core Insights - Terex Corporation reported strong financial performance in Q2 2025, driven by the Environmental Solutions segment, which exceeded expectations despite challenges in the Aerials segment [2][5][6] - The company maintains its full-year adjusted EPS outlook of $4.70 to $5.10, reflecting confidence in its growth strategy and operational resilience [8][9] Financial Performance - Net sales for Q2 2025 were $1.5 billion, a 7.6% increase from Q2 2024, with adjusted operating profit at $164 million, or 11.0% of net sales [5][6][29] - Net income was $72 million, or $1.09 per share, compared to $141 million, or $2.08 per share in the same quarter last year [6][22] - The company generated strong free cash flow of $78 million, up from $43 million in the prior year, achieving a cash conversion rate of 108% [6][8] Business Segment Performance - The Aerials segment reported net sales of $607 million, down 17.1% year-over-year, with an operating profit margin of 7.6% [6][29] - Materials Processing segment net sales were $454 million, down 9.0% year-over-year, with an operating profit margin of 10.8% [6][29] - Environmental Solutions segment net sales increased by 12.9% year-over-year to $430 million, with an operating profit margin of 14.2% [6][29] Strategic Initiatives - The Board of Directors authorized a new share repurchase program of up to $150 million, reflecting the company's commitment to returning capital to shareholders [7] - The company continues to focus on long-term organic growth while balancing capital allocation strategies [8] Outlook - For the full year 2025, Terex expects net sales between $5.3 billion and $5.5 billion, with a segment operating margin of approximately 12% [9][10] - The company anticipates a healthy backlog and normal seasonal booking patterns to support its sales outlook for the second half of the year [8]

Company Overview - Terex Corporation is a global industrial equipment manufacturer specializing in materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry [3] - The company designs, builds, and supports products used across various sectors including maintenance, manufacturing, energy, minerals and materials management, construction, waste and recycling, and the entertainment industry [3] - Terex provides lifecycle support through a global parts and services organization and offers digital solutions to maximize customer investment returns [3] Environmental Initiatives - Certain Terex products and solutions are designed to reduce environmental impact, including electric and hybrid offerings that provide quiet and emission-free performance [3] - The company also offers products that support renewable energy and aid in the recovery of useful materials from various types of waste [3] Financial Results Announcement - Terex Corporation will host a conference call to review its second quarter 2025 financial results on July 31, 2025, at 8:30 a.m. Eastern Time [1] - The financial results will be available on the company's investor relations website prior to the call [1]

Core Viewpoint - Terex Corp. (TEX) is given a sell rating due to significant macroeconomic challenges, particularly in its legacy MP and Aerials segments, and the current forward P/E valuation of 9.5x is deemed insufficient [1] Company Analysis - The investment approach emphasizes understanding the core economics of a business, including competitive moat, unit economics, reinvestment opportunities, and management quality, which are crucial for long-term free cash flow generation and shareholder value creation [1] - The focus is on sectors with strong secular tailwinds, indicating a preference for industries that are expected to grow over time [1] Investment Philosophy - The analysis is rooted in fundamental research, aiming to identify businesses with potential for scaling and unlocking significant terminal value [1] - The goal is to provide insights that help investors concentrate on factors that drive long-term equity value [1]

Group 1 - The article discusses the impact of the acquisition of the Environmental Solutions Group by Terex (NYSE: TEX) from Dover (DOV), indicating that this acquisition aimed to create a more diversified business for Terex [1] - It is noted that the timing of the acquisition coincided with a period of softness in Terex's shares, suggesting potential challenges in the market environment following the deal [1] - The investing group "Value In Corporate Events" provides insights and actionable ideas related to major corporate events such as earnings reports, M&A, and IPOs, with a focus on identifying the best investment opportunities [1] Group 2 - The article emphasizes that the coverage includes 10 major events per month, highlighting the group's commitment to finding lucrative investment opportunities in the corporate sector [1] - There is a mention of the group's services being available through a premium subscription, which includes a free trial for potential members [1] - The analyst's disclosure states that there are no current stock or derivative positions in the companies mentioned, indicating an unbiased perspective in the analysis provided [1]