Core Insights - Custom Truck One Source reported record quarterly revenue of $528 million for Q4 2025, with adjusted EBITDA of $121 million, reflecting an 18% year-over-year increase. Full-year revenue reached $1.944 billion, an 8% increase from 2024, with adjusted EBITDA up 13% [7][8]. Segment Performance - APS (Advanced Power Solutions) generated $37 million in revenue for Q4, maintaining a gross margin of 27%. The full-year gross margin was just under 24%, improving by nearly 120 basis points year-over-year [1]. - TES (Truck and Equipment Sales) reported Q4 equipment sales of $284 million, down 8% year-over-year due to customers advancing capital spending and deferring deliveries. Full-year revenue was $1.1 billion, up 4% and the highest in the segment's history [2]. - ERS (Equipment Rental Solutions) achieved Q4 revenue of $207 million, a 20% increase year-over-year, with full-year revenue growing 17%. Utilization averaged 83.6% in Q4, up approximately 470 basis points from Q4 2024 [3][5]. Financial Performance - The company reported a Q4 net income of approximately $21 million but a full-year GAAP net loss of about $31 million, affected by a prior year gain from a sale-leaseback transaction. Excluding this gain, underlying net income improved due to higher gross profit and lower interest expenses [4]. - The average OEC (Original Equipment Cost) on rent was just under $1.4 billion in Q4, up 14% year-over-year, with management noting historically high levels of utilization and OEC on rent [5][6]. Strategic Initiatives - A strategic partnership with Hiab was highlighted, aimed at broadening the product portfolio and enhancing service capabilities in various markets [10]. - The company is investing in expanding aftermarket service capacity to support TES customers and grow parts and service revenue [11]. Balance Sheet and Cash Flow - The company ended 2025 with net debt of $1.65 billion and net leverage of 4.3x, an improvement from the previous year. Working capital progress was noted, with inventory declining by over $100 million in Q4 [12][13]. - Net rental capital expenditures exceeded $40 million in Q4, with total rental fleet OEC reaching almost $1.64 billion, a record high [14]. 2026 Outlook - Full-year 2026 guidance projects revenue between $2.005 billion and $2.12 billion, with adjusted EBITDA of $410 million to $435 million, indicating year-over-year growth of 3% to 9% in revenue and 7% to 13% in adjusted EBITDA [15]. - The company plans to reduce net investment in the rental fleet to approximately $150 million to $170 million in 2026, down from over $250 million in 2025, while still growing the rental fleet at a mid-single-digit rate [15]. Reporting Changes - Starting with the quarter ending March 31, 2026, the company will shift to two reportable segments: Specialty Equipment Rentals (SER) and Specialty Truck Equipment and Manufacturing (STEM) [16].

Custom Truck One Source 4th Quarter 2025 Investor Presentation March 10, 2026 CONFIDENTIAL DRAFT1 Safe Harbor This presentation includes certain financial measures that have not been prepared in a manner that complies with generally accepted accounting principles in the United States ("GAAP"), including, without limitation, Adjusted Gross Profit, Adjusted Gross Margin, EBITDA and Adjusted EBITDA (collectively, the "non-GAAP financial measures"). These non-GAAP financial measures may exclude items that are s ...

Company Overview - Terex is a diversified industrial manufacturer focusing on aerial work platforms and materials processing equipment, serving construction, infrastructure, and industrial clients globally [5][7] - The company operates a dual-segment model: Aerial Work Platforms (AWP) and Materials Processing (MP), generating income through equipment sales, parts, and customer financing solutions [7] - For the full year 2025, Terex reported sales of $5.4 billion and adjusted EPS of $4.93, with free cash flow of $325 million, representing a 147% conversion [6][8] Recent Developments - Lodge Hill Capital disclosed on February 17, 2026, that it sold its entire position in Terex, liquidating 529,450 shares worth approximately $27.16 million [1][2] - The reported quarter-end value of Terex's position declined by $27.16 million during the fourth quarter [2] Market Performance - As of the latest report, shares of Terex were priced at $67.76, reflecting a 67% increase over the past year, significantly outperforming the S&P 500, which rose about 17% [6] - Management anticipates sales between $7.5 billion and $8.1 billion in 2026, with expected EBITDA of up to $1 billion [8] Strategic Considerations - Terex is undergoing a structural shift due to portfolio changes and the REV merger, which may present both opportunities and execution risks [6] - The company’s integration of REV synergies and backlog conversion could lead to margin expansion, although factors such as tariff exposure, leverage, and industrial cycles remain variables [9]

Core Viewpoint - Alta Equipment Group Inc. will report its financial results for Q4 and full year 2025 on February 26, 2026, after U.S. market close, followed by a conference call to discuss the results [1][2]. Group 1: Financial Reporting - The financial results will cover the fourth quarter and full year ended December 31, 2025 [1]. - A press release and supplementary presentation slides will be available on the company's investor website prior to the conference call [1]. Group 2: Conference Call Details - The conference call is scheduled for February 26, 2026, at 5:00 p.m. Eastern Time [2]. - Live call access will be available via specific phone numbers and a webcast link [2]. Group 3: Company Overview - Alta Equipment Group operates one of the largest integrated equipment dealership platforms in North America, with over 80 locations across various states and Canadian provinces [3]. - The company specializes in selling, renting, and providing parts and service support for a wide range of specialized equipment [3].

Forward-Looking Statements Fourth-Quarter and Full-Year 2025 Earnings Conference Call February 10, 2026 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 subject to uncertainty and changes in circumstances. The Company undertakes no obligation to update or revise forward-looking stat ...

Core Insights - Alta Equipment Group Inc. has entered into a Cooperation Agreement with Mill Road Capital, allowing Mill Road to appoint a non-voting observer to its Board of Directors [1][3] - Deven Petito has been appointed as the initial Board observer by Mill Road, bringing experience from his previous roles in private equity and investment banking [2] - The agreement reflects a commitment to enhancing long-term value for all shareholders, as stated by both the CEO of Alta and Mr. Petito [3] Company Overview - Alta Equipment Group Inc. is a leading provider of premium material handling, construction, and environmental processing equipment, operating one of the largest integrated equipment dealership platforms in North America [4] - The company has a branch network of over 80 locations across various states in the U.S. and Canadian provinces, offering a wide range of specialized equipment and services [4] - Alta has been in operation for 41 years, providing a comprehensive product portfolio to meet customer equipment needs [4]

Financial Performance - Net sales for the third quarter of 2025 were $553 million[14] - Non-new machine sales reached $177 million, up 5% year-over-year[14] - Adjusted EBITDA for the third quarter of 2025 was $34 million, representing a 6.2% adjusted EBITDA margin, up 120 bps year-over-year[14] - The company achieved a new trailing twelve-month (TTM) non-new machine sales record of $667 million[15] - Net income for the third quarter of 2025 was $5 million, compared to a loss of $7 million in the same period of 2024[54] - Adjusted EBITDA for the third quarter of 2025 was $34.1 million, compared to $26.2 million in the same period of 2024[56] Market Conditions and Strategy - The overall market environment is positive, but tariffs are creating near-term uncertainty in the U S[22, 23] - The company is focused on driving net leverage under 30x[29] - The company is driving value creation by servicing customers through initiatives like the CRANES+50 program[39] - The company is also driving value creation with new aftermarket products[49]

Sany Heavy (600031.SS) Earnings Review Summary Company Overview - **Company**: Sany Heavy Industry Co., Ltd. (600031.SS) - **Market Cap**: Rmb186.6 billion / $26.2 billion - **Industry**: Construction Machinery Key Financial Results - **3Q25 Net Profit**: Rmb1.92 billion (+48% year-over-year) [1][20] - **Topline Revenue**: Rmb21.32 billion (+10% year-over-year), which was 3% below expectations [2][20] - **Gross Profit Margin (GPM)**: 28.2% (+0.6 percentage points year-over-year) [20] - **EBIT Margin**: 10.8% (+2.0 percentage points year-over-year) [20] - **Net Profit Margin (NPM)**: 9.0% (+2.3 percentage points year-over-year) [20] - **Free Cash Flow**: Rmb3.59 billion (+5% year-over-year) [20] Sales Performance - **Domestic Sales Growth**: +10% year-over-year, lower than industry average of 20%+ [2][20] - **Excavator Sales**: Shift towards smaller-sized excavators, with small-sized units growing +26% year-over-year, while medium and large units saw lower growth [2][20] - **Overseas Sales Growth**: Sustained at approximately +10% year-over-year, with notable growth in Africa (+53%), Europe (+27%), and South America (+32%) [20][21] Management Insights - **Domestic Demand**: Management expressed optimism about recovery in non-excavator demand and expects solid growth in cranes driven by wind power and electrification [20][21] - **Mining Equipment Outlook**: Anticipated strong sales growth over the next three years, supported by an expanding after-market business [20][23] - **Order Management**: Sany proactively turned down approximately 1,000 units of orders from channels redirecting excavators to overseas markets [20] Future Guidance - **Overseas Sales Target**: Management aims for +15% year-over-year growth in overseas sales over the next three years [20][23] - **Mining Equipment Sales Projection**: Expected to reach Rmb3.5 billion in 2026 and Rmb6 billion by 2028 [20][23] Risks and Considerations - **Market Conditions**: Potential fluctuations in construction activities both domestically and globally could impact performance [27] - **Raw Material Prices**: Changes in steel prices may affect gross profit margins [27] - **Currency Fluctuations**: Variations in the RMB against foreign currencies could influence overseas business profitability [27] Valuation and Rating - **Current Rating**: Neutral - **12-Month Price Target**: Rmb22.00, implying a P/E of 21.0x for 2025E [1][26] - **EPS Growth**: Projected CAGR of +21% from 2025E to 2027E [26] Conclusion Sany Heavy's recent performance reflects a mixed outlook with strong overseas growth and a cautious domestic market. Management's focus on expanding market share and improving operational efficiency positions the company for potential growth, albeit with inherent risks related to market dynamics and external factors.

Core Viewpoint - Alta Equipment Group Inc. will report its financial results for the third quarter of 2025 on November 6, 2025, after U.S. market close, followed by a conference call and webcast to discuss the results [1]. Group 1: Financial Reporting - The financial results for the third quarter ended September 30, 2025, will be announced after the market closes on November 6, 2025 [1]. - A conference call and webcast will take place on the same day at 5:00 p.m. Eastern Time to discuss the financial results and answer questions [1][2]. Group 2: Company Overview - Alta Equipment Group Inc. is a leading provider of premium material handling, construction, and environmental processing equipment, operating one of the largest integrated equipment dealership platforms in North America [3]. - The company has a branch network of over 80 locations across various states in the U.S. and Canadian provinces, offering a wide range of specialized equipment and services [3].

Summary of Key Points from the Conference Call on China Construction Machinery Industry Overview - The conference call focused on the **China construction machinery industry**, with insights from **Ms. Yu**, a construction machinery expert from Construction Machinery Magazine - A **replacement-driven domestic upcycle** is expected to peak in **2027/28** [1][4][8] Core Insights - **Domestic Recovery Cycle**: The domestic recovery cycle is anticipated to last until **2028**, driven primarily by replacement demand [4][8] - **Overseas Demand**: Positive outlook on overseas demand, supported by a rate-cut cycle, urbanization in emerging markets, and market share gains of Chinese OEMs [4][12] - **Trends in Machinery**: The industry is shifting towards **electric, intelligent, and unmanned machinery** [1][8][14] - **Preferred Company**: **Sany Heavy Industry Co., Ltd.** is favored due to its strong domestic presence and successful globalization efforts [4][8] Sales Performance - **Excavator Sales**: In September 2025, domestic excavator sales increased by **10% YoY**, while exports grew by **5-10%** [9][13] - **Sales by Type**: - Small excavators saw a **29.3% YoY** increase - Large excavators experienced a **93.7% YoY** increase in exports, driven by overseas mining and infrastructure projects [9][10] Future Projections - **Sales Forecast for 2026**: - Domestic excavator sales are projected to grow by **10%** - Exports expected to grow by **5-10%** [13] - **Peak Sales Estimates**: Domestic excavator sales are expected to peak at **220-240k units** in 2027, primarily due to replacement demand [10][11] Competitive Landscape - **Strategic Differentiation**: Competition among leading Chinese OEMs is evolving towards strategic differentiation, with Sany leading in globalization and electrification [12][14] - **Market Challenges**: Chinese brands face challenges in developed markets due to strong local brand dominance and high capital expenditure requirements [12] Electrification and Innovation - **Electrification Trends**: Electrification is most advanced in wheel loaders, with expected market penetration of **30-40%** in the next 2-3 years [15] - **Opportunities in Intelligent Machinery**: Intelligent and unmanned machinery present significant opportunities for Chinese OEMs, particularly in mining [15] Risks and Considerations - **Upside Risks**: Stronger-than-expected infrastructure activities and overseas penetration could enhance growth [18] - **Downside Risks**: Weaker sales performance in overseas markets and intensified competition could pose challenges [18] Valuation Methodology - **Sany Valuation**: A target multiple of **23x** is applied to the 2026 EPS estimate for Sany, consistent with its historical P/E during previous upcycles [16] This summary encapsulates the key insights and projections regarding the China construction machinery industry, highlighting the expected growth driven by replacement demand and the strategic positioning of leading companies like Sany.