Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $4.93 for the year, consistent with expectations, and EBITDA of $635 million, representing an 11.7% margin [10][15] - Free cash flow improved by 71% to $325 million, achieving a cash conversion rate of 147% [15] - Total net sales for Q4 were $1.3 billion, a 6% year-over-year increase, while full-year net sales grew to $5.4 billion [12][13] Business Line Data and Key Metrics Changes - Environmental Solutions segment sales reached $428 million in Q4, a 14.1% year-over-year growth, with full-year sales increasing by 12.7% [16] - Materials Processing (MP) segment sales were $428 million in Q4, down 2.5% year-over-year, but grew by 2.8% on a like-for-like basis when excluding divested businesses [17] - Aerials segment secured nearly $1 billion in new orders in Q4, up 46% from the prior year, with a positive margin expansion trend [11][18] Market Data and Key Metrics Changes - The company noted strong demand in the Utilities market, with forecasts indicating 8%-15% annual CapEx growth through 2030 [9] - The construction sector is supported by government funding, with a growing pipeline of megaprojects expected to provide tailwinds through at least 2030 [9] - The company has a significant addressable market, collectively spending $200 billion per year on capital equipment across municipalities in the U.S. [9] Company Strategy and Development Direction - The merger with REV Group is seen as a defining milestone, creating a leading specialty equipment manufacturer with a strong manufacturing footprint and technology capabilities [5][6] - The company aims to achieve $75 million in run-rate synergies within two years from the merger, with $37.5 million expected within the next 12 months [7] - A strategic review of the Aerials business is ongoing, with strong inbound interest from potential buyers [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted positive momentum across most segments for 2026 [10][20] - The outlook for 2026 includes expected sales growth of approximately 5% on a pro forma basis, with pro forma EBITDA anticipated to grow by about $100 million [20][21] - The effective tax rate is expected to rise to 21% due to higher U.S. dollar income, with EPS guidance for 2026 set between $4.50 and $5 [21] Other Important Information - The company plans to invest over $118 million in capital expenditures to fuel organic growth, focusing on automation and efficiency improvements [24] - The merger has a modest 3% diluted effect on EPS in 2026 due to an increased number of shares outstanding post-merger [21] Q&A Session Summary Question: What is the pricing outlook for the MP segment? - Management indicated a progressive increase in margins driven by pricing, expecting this trend to continue into 2026 [29] Question: How will tariffs impact the Aerials segment? - Management expects flat revenue and margins in 2026 due to ongoing tariff impacts, with a more favorable pricing-cost dynamic anticipated in the second half of the year [31] Question: What is the plan for the REV integration? - The focus is on maintaining operational momentum and throughput, with a strong backlog in the specialty vehicle segment [40] Question: How is the Environmental Solutions segment performing? - The segment is expected to see continued growth, particularly in Utilities, with a strong backlog and improved margins anticipated [50][51] Question: What is the expected capacity increase in Utilities? - The company plans to expand capacity by 20%-30% over the next two years in the Utilities business to meet rising demand [88]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $4.93 for the year, consistent with expectations, and EBITDA of $635 million, representing an 11.7% margin [10][15] - Free cash flow improved by 71% to $325 million, achieving a cash conversion rate of 147% [15] - Total net sales for Q4 were $1.3 billion, a 6% year-over-year increase, while full-year net sales grew to $5.4 billion [12][13] Business Line Data and Key Metrics Changes - Environmental Solutions segment sales grew 14.1% year-over-year in Q4, driven by utility and refuse trucks, with full-year sales increasing 12.7% [16] - Materials Processing (MP) segment sales decreased by 2.5% in Q4 but increased by 2.8% on a like-for-like basis when excluding divested businesses [17] - Aerials segment saw a 6.9% year-over-year sales growth in Q4, with strong bookings of nearly $1 billion, up 46% from the prior year [18][11] Market Data and Key Metrics Changes - The company noted strong demand in utilities, with industry forecasts predicting 8%-15% annual CapEx growth through 2030 [9] - The construction market is supported by government funding, with a growing pipeline of megaprojects expected to provide tailwinds through at least 2030 [9] - The company has a significant addressable market, collectively spending $200 billion per year on capital equipment across municipalities in the U.S. [9] Company Strategy and Development Direction - The merger with REV Group is seen as a defining milestone, creating a leading specialty equipment manufacturer with premium brands and clear synergies [5][6] - The company aims to achieve $75 million in run-rate synergies within two years, with $37.5 million expected within the next 12 months [7] - A strategic review of the Aerials business is ongoing, with strong inbound interest from potential buyers [8] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's growth trajectory, citing strong bookings and backlog across segments [20] - The outlook for 2026 anticipates sales growth of approximately 5% on a pro forma basis, with EBITDA expected to grow by about $100 million [20] - The company is navigating a complex environment with macroeconomic variables and geopolitical uncertainties, but remains focused on execution and integration [22] Other Important Information - The effective tax rate for 2026 is expected to be higher at 21%, driven by increased USD income [21] - The company plans to invest over $118 million in capital expenditures to fuel organic growth [24] - The merger has a modest 3% diluted effect on EPS in 2026 due to a higher number of shares outstanding post-merger [21] Q&A Session Summary Question: What is the pricing outlook for the MP segment? - Management indicated that pricing improvements are expected to flow through the P&L, with a progressive step-up in margin profile anticipated throughout 2026 [29] Question: How will tariffs impact the Aerials segment? - Management expects more headwinds from tariffs in 2026, translating to about $16 million more in costs, but plans to offset this through productivity and pricing [31] Question: What is the plan for the REV integration? - The focus is on maintaining throughput and operational momentum, with a strong backlog in the specialty vehicle segment [40] Question: How is the Environmental Solutions segment performing? - The segment recorded outstanding performance, with growth expected to continue, particularly in utilities [42] Question: What is the expected capacity increase in the Utilities business? - The company plans to expand capacity by 20%-30% over the next two years, with some capacity coming online in 2026 [88]

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $4.93 for the full year, consistent with expectations, and a fourth-quarter EPS of $1.12, which is $0.35 higher than the previous year [10][12] - Total net sales for Q4 were $1.3 billion, a 6% year-over-year increase, while full-year net sales grew 6% to $5.4 billion [12][13] - The operating margin for Q4 was 9.3%, up 150 basis points from the prior year, and the full-year operating margin was 10.4%, down 90 basis points from 2024 [12][13] - Free cash flow for the full year improved by 71% to $325 million, representing a cash conversion rate of 147% [14] Business Line Data and Key Metrics Changes - Environmental Solutions segment sales grew 14.1% year-over-year in Q4, with full-year sales increasing 12.7% [15][16] - Materials Processing (MP) segment sales for Q4 were $428 million, down 2.5% year-over-year, but increased by 2.8% on a like-for-like basis when excluding divested businesses [17] - Aerials segment sales grew 6.9% year-over-year in Q4, with operating margins of 2.6%, which is 200 basis points better than the prior year [18] Market Data and Key Metrics Changes - The company serves a diverse addressable market with stable growth profiles, particularly in utilities, waste, and recycling sectors, with municipalities spending $200 billion annually on capital equipment [9] - Utilities are expected to see strong growth from 2026 onward, with industry forecasts predicting 8%-15% annual CapEx growth through 2030 [9] Company Strategy and Development Direction - The merger with REV Group is seen as a defining milestone, creating a leading specialty equipment manufacturer with significant synergies expected [4][5] - The company aims to achieve $75 million in run-rate synergies within two years from the merger, with $37.5 million expected within the next 12 months [6] - A strategic review of the Aerials business is ongoing, with strong inbound interest from potential buyers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate macroeconomic challenges and highlighted positive momentum across most segments for 2026 [10][20] - The outlook for 2026 includes expected sales growth of approximately 5% on a pro forma basis, with EBITDA projected to grow by about $100 million [20][21] - The effective tax rate is anticipated to rise to 21% due to higher USD income, and EPS is expected to be between $4.50 and $5 for 2026 [21] Other Important Information - The company plans to invest over $118 million in capital expenditures to fuel organic growth, focusing on automation and efficiency improvements [24] - The company returned $98 million to shareholders through dividends and share buybacks in the previous year [24] Q&A Session Summary Question: What is the pricing outlook for the MP segment? - Management indicated that pricing improvements are expected to continue flowing through the P&L, with a progressive step-up in margin profile anticipated throughout 2026 [27][28] Question: How will tariffs impact the Aerials segment? - Management expects flat revenue and margin profiles for Aerials in 2026, with tariff impacts being more pronounced compared to 2025 [29][30] Question: What is the plan for the REV integration? - The focus is on maintaining throughput and operational momentum, with strong bookings and a two-year backlog in the specialty vehicle segment [38][39] Question: How is the Environmental Solutions segment performing? - The segment is expected to see mid-single-digit growth, with utilities driving demand, while ESG is anticipated to remain flat [96][97] Question: What is the capacity expansion plan for Environmental Solutions? - The company is expanding capacity in the utilities business by 20%-30% over the next two years, with some capacity coming online in 2026 [86][88]

Group 1: Company Performance - Terex (TEX) shares increased by 7.1% to close at $63.17, with trading volume significantly higher than usual [1] - The company has completed its merger with REV Group, forming a leading specialty equipment manufacturer with a diversified portfolio [2] - Terex is expected to generate $75 million in run-rate synergies by 2028, with 50% of this expected to be realized within the next 12 months [2] Group 2: Earnings Expectations - Terex is projected to report quarterly earnings of $1.12 per share, reflecting a year-over-year increase of 45.5%, with revenues anticipated at $1.33 billion, up 6.9% from the previous year [3] - The consensus EPS estimate for Terex has been revised 0.8% lower over the last 30 days, indicating a negative trend in earnings estimate revisions [4] Group 3: Industry Context - Terex is part of the Zacks Manufacturing - Construction and Mining industry, which includes Hyster-Yale (HY), another stock in the same sector that closed 2.7% higher at $34.81 [5] - Hyster-Yale's consensus EPS estimate has remained unchanged at -$1.2, representing a significant decline of 181.6% from the previous year [6]

Core Viewpoint - The merger between Terex Corporation and REV Group creates a leading specialty equipment manufacturer with a diversified portfolio and strong growth prospects [1][2]. Group 1: Merger Details - The merger is described as a defining moment for Terex, creating a large-scale leader in specialty equipment with a highly synergistic portfolio [2]. - The combined company is expected to unlock significant synergies totaling $75 million in run-rate value by 2028, with approximately 50% of these synergies to be realized within the next twelve months [2]. - REV stock has ceased trading and is no longer listed on the New York Stock Exchange, with the combined entity now trading as Terex Corporation [3]. Group 2: Company Profile - Terex Corporation is a global leader in specialized equipment solutions, serving essential sectors such as emergency services, waste and recycling, utilities, and construction [5]. - The company designs and manufactures advanced specialty vehicles, including fire, ambulance, and recreational vehicles, as well as waste collection vehicles and equipment for the electric utility industry [6]. - Terex has a strong manufacturing presence in the United States and operations across Europe, India, and Asia Pacific, combining global reach with local expertise [7].

Summary of Terex Corporation's Extraordinary General Meeting Company Overview - **Company**: Terex Corporation (NYSE:TEX) - **Event**: Extraordinary General Meeting held on January 28, 2026 Key Points Discussed Merger Proposal - The primary agenda was to approve the issuance of shares of Terex common stock to REV Group stockholders as part of the proposed merger between Terex and REV Group [3] - The board of directors unanimously recommended that stockholders vote in favor of this proposal [3] - The proposal required a majority of votes cast for approval, which was achieved as indicated by the preliminary report [3] Voting Process - A quorum was established for the meeting, with sufficient shares represented to conduct business [2] - Stockholders unable to attend in person were able to vote by proxy, and those attending online had the option to change their votes during the meeting [2] Meeting Conclusion - The final vote tabulation will be included in Terex's current report on Form 8-K, which will be filed with the SEC within four business days [4] - The meeting concluded without further business, and attendees were informed that a company representative would follow up on any submitted questions [4][5] Additional Important Information - The merger is described as a transformational transaction for Terex, indicating significant strategic implications for the company [1] - Acknowledgment of the hard work and dedication of team members and the support from customers and stockholders was emphasized by the Non-Executive Chairman [1]

Summary of REV Group's Extraordinary General Meeting Company Overview - **Company**: REV Group (NYSE: REVG) - **Event**: 2026 Extraordinary General Meeting - **Date**: January 28, 2026 Key Points Merger Proposal - The primary agenda was the proposed merger between REV Group and Terex, with stockholders voting on the adoption of the merger agreement and the approval of the first merger [3][4] - The Board of Directors unanimously recommended a vote in favor of the merger agreement [3] Compensation Advisory - A proposal was made regarding the approval of compensation for REV Group's named executive officers related to the merger transactions, which was also unanimously recommended by the Board [4] Adjournment Proposal - The third item discussed was the proposal to approve the adjournment or postponement of the meeting if necessary to solicit additional proxies, which received unanimous support from the Board [4] Voting Results - A total of 48,806,145 shares of REV Group common stock were entitled to vote, and a quorum was present [2] - The merger agreement proposal received a majority affirmative vote, thus it was approved [7] - The advisory compensation proposal also received majority support [8] - The adjournment proposal was approved as well, allowing for potential future solicitation of proxies if needed [9] Meeting Conduct - The meeting was conducted in accordance with the agenda and rules of conduct, with stockholders able to submit questions through a web portal [5][6] - No questions were submitted during the meeting [6] Final Reporting - The final voting results will be reported on Form 8-K to the SEC within four business days following the meeting [9] Additional Notes - The meeting emphasized the importance of stockholder engagement in the merger process and the significance of their votes [1]

Core Thesis - Terex Corporation (TEX) presents a bullish investment opportunity driven by strategic acquisitions and a potential merger with REV Group, which could enhance growth and shareholder value [1][5][7] Business Overview - Terex operates three distinct business segments: aerial work platforms in North America, mobile screening and crushing equipment in Ireland, and Heil-branded garbage trucks, which were acquired for $2 billion from Dover in October 2024 [2][3] Historical Context - The company has a history of acquisitions and divestitures, including the significant purchase of Genie's aerial work platform business in 2002, followed by a balance sheet strengthening under CEO John Garrison [3] - Current CEO Simon Meester has continued this trend with the Heil acquisition, which has added revenue but also increased debt [3] Recent Developments - Terex announced a merger with REV Group, involving $425 million in cash and 48 million TEX shares, alongside a planned divestment or spinoff of the Genie business [4] - The rationale for this strategic shift is not fully clear, but the chair, David Sachs, has a significant stake, suggesting confidence in management's direction [4] Financial Performance - In 2025, core business segments showed mixed results, with the aerial work platform and materials segments softening, while the garbage truck division remained strong [3] - TEX's stock price has appreciated by approximately 33.23% since previous bullish coverage, indicating positive market sentiment [6] Investment Outlook - If the merger with REV Group is completed, shareholders could benefit from a combined entity with substantial growth potential and a significant backlog [5] - If the merger does not proceed, existing shareholders would still retain a profitable and diversified business with an attractive valuation, particularly in the aerial work platform unit [5]

Core Viewpoint - REV Exploration Corp. has successfully completed the acquisition of 72 mining claims and associated rights in Ontario and Quebec, enhancing its mineral exploration portfolio [1][2]. Acquisition Details - The acquisition was finalized under a mineral property purchase agreement with a third-party vendor, with REV issuing 500,000 common shares as consideration for the property [2]. - The shares issued are subject to a statutory hold period of four months and one day from the issuance date [2]. - The property is subject to a 1.5% net smelter returns royalty, calculated on the net proceeds from mineral sales after customary deductions [3]. Regulatory and Compliance - The closing of the acquisition is contingent upon customary conditions, including obtaining necessary regulatory approvals and acceptance by the TSX Venture Exchange [4]. Company Overview - REV Exploration Corp. is a mineral exploration company with a focus on gold and battery metal properties in Quebec, including notable projects in the Chibougamau Gold Camp [5]. - The company also has significant exposure to the Natural Hydrogen sector in Alberta and Saskatchewan, holding 100% of several PNG leases along the Alberta-Montana border [5].

Core Viewpoint - The proposed sale of REV Group, Inc. to Terex Corporation is under investigation to assess whether the offered consideration adequately values the company [1]. Group 1: Transaction Details - Shareholders of REV Group will receive $8.71 in cash plus 0.9809 of a share of the combined company for each share they own [1]. Group 2: Legal Investigation - Kahn Swick & Foti, LLC is investigating the adequacy of the proposed transaction and the process leading to it [1]. - The firm is seeking to determine if the consideration undervalues REV Group [1].