PresentationI'm Kyle Menges, U.S. machinery analyst here at Citi. Joined by the Oshkosh team, Matt Field, CFO; and Pat Davidson, IR. I think it would be good just to get some quick overview, just how your portfolio has evolved over time, more balanced now between access, vocational and transport. Maybe that's a good place to start, just a high-level overview of the portfolio and the evolution.Matthew FieldExecutive VP & Chief Financial Officer Yes, thank you for having us today. So really, what Oshkosh for ...

Group 1 - Terex's shares increased by 13% following the release of fourth-quarter earnings, with sales growing by 8% and adjusted earnings per share exceeding analysts' expectations [1] - The standout figure was a 32% growth in bookings for Q4, leading management to project a 12% increase in adjusted EBITDA to $965 million by 2026, with the stock trading at a low EV/EBITDA ratio of 6 [1] - The recent acquisitions of the Environmental Solutions Group (ESG) and REV Group are expected to enhance Terex's business stability by diversifying its revenue sources, with approximately 70% of sales coming from non-discretionary sectors [2] Group 2 - The divestment of Terex's cyclical aerials and cranes business is anticipated to further stabilize revenue, allowing the company to focus on non-discretionary industries [3] - Over the past decade, Terex has increased its dividend from $0.24 to $0.68 while reducing its shares outstanding by 40%, indicating a commitment to returning value to shareholders [3] - Terex is currently trading at 14 times its 2026 earnings guidance, suggesting it is not overpriced in the current market [3]

Fund Performance - The FPA Queens Road Small Cap Value Fund returned 7.46% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - For the first three quarters of 2025, the Fund achieved a return of 13.77%, compared to 9.04% for the index [1] - The Fund's strategy focuses on a diligent, disciplined, and patient process, expecting to outperform in down markets and underperform in speculative markets [1] Company Highlight: REV Group, Inc. - REV Group, Inc. (NYSE:REVG) is a manufacturer of specialty vehicles, primarily focusing on municipal vehicles such as fire trucks and ambulances [3] - The company reported a one-month return of -18.15% but has seen a 57.50% increase in share value over the last 52 weeks, with a closing stock price of $50.32 and a market capitalization of $2.456 billion as of November 21, 2025 [2] - REV Group generated net sales of $644.9 million in Q3 2025, an increase from $579.4 million in Q3 2024 [4] Operational Developments - CEO Mark Skonieczny has implemented significant operational restructuring, divesting from the less profitable bus business and using the proceeds for stock buybacks [3] - The company has reported a significant backlog and pricing growth, particularly in its municipal business, indicating strong demand [3]