Financial Data and Key Metrics Changes - The company generated $553 million in revenue for Q3 2025, representing a 5% increase year-over-year [4][14] - Adjusted EBITDA for the quarter was $34 million, up 30% year-over-year, with an adjusted EBITDA margin of 6%, an increase of 120 basis points compared to the previous year [4][15] - Orders totaled $491 million, a 16% increase compared to the same period last year [13][14] - Backlog at the end of the quarter was $667 million, with an expectation that approximately 60% will ship by year-end [14] Business Line Data and Key Metrics Changes - Non-new machine sales reached $177 million, up 5% year-over-year, with a trailing 12-month total of $667 million, marking a record [4][15] - The tower crane business saw a 34% increase in new machine orders year-over-year, marking the fifth consecutive quarter of improvement [8][13] Market Data and Key Metrics Changes - In Europe, housing permits are up, indicating positive trends for the tower crane business, particularly in Germany and France [6][7] - The Middle East market remains strong, with significant projects in Saudi Arabia and the UAE requiring additional cranes [9] - North America experienced a 20% increase in total orders during the third quarter, despite ongoing tariff-related uncertainties [10][11] Company Strategy and Development Direction - The company is focused on its Crane Plus 50 strategy, which aims to enhance margins and create more consistent revenue streams [19][23] - New product launches are planned for 2026, including a Grove 8-axle all-terrain crane expected to generate significant revenue [23] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macroeconomic environment in Europe, with signs of recovery in the construction sector [6][7] - The company is actively managing tariff impacts and believes in fair trade, continuing to defend its position against unfair practices [11][12] Other Important Information - The company achieved a recordable injury rate of 0.83, a 36% decrease from the same period last year, reflecting ongoing safety improvements [6] - The company is facing challenges related to inventory management and working capital, with expectations of modest improvements by year-end [15][18] Q&A Session Summary Question: What are the drivers of the margin improvement? - Management indicated that growth in non-new machine sales and improvements in the tower crane business are key drivers of margin enhancement [28][29] Question: Was the total sales increase mainly driven by the tower cranes? - Management confirmed that the increase in total sales was indeed influenced by the 34% rise in tower crane orders, along with some recovery from previous quarter misses [32]