Fourth Quarter and Full Year 2025 Investor Presentation © 2023 United Rentals, Inc. All rights reserved. I 1 Introductory information Unless otherwise specified, the information in this presentation, including forward-looking statements, is as of our most recent earnings call held on January 29, 2026. We make no commitment to update any such information contained in this presentation. Certain statements in this presentation are forward-looking statements within the meaning of Section 21E of the Securities E ...

Activist investor Elliott Investment Management on Sunday said the Toyota Group's bid to take Toyota Industries private undervalues the forklift maker by almost 40% and proposed a growth plan that it ... ...

In the letter, Elliott outlined its opposition to the revised tender offer by Toyota Fudosan Co., Ltd. at ¥18,800 per share (the "Revised TOB"), which Elliott believes very significantly undervalues Toyota Industries. Elliott's analysis showed the Company's intrinsic net asset value to be more than ¥26,000 per share as of January 16, 2026 – almost 40% above the Revised TOB price – and that the Standalone Plan for Toyota Industries offers a clear path to a valuation of more than ¥40,000 per share by 2028. Th ...

Core Viewpoint - Elliott Investment Management has rejected Toyota's increased bid to privatize Toyota Industries, urging other shareholders to oppose the offer and seek a better price [1][2]. Group 1: Bid Details - Toyota raised its offer to ¥18,800 per share ($118.50), reflecting a 15% increase from the previous bid [1]. - Despite the increase, Toyota Industries' stock rose to ¥19,255, indicating investor demand for a higher premium [1]. - Elliott claims the new offer still undervalues Toyota Industries, asserting the company is worth over ¥25,000 per share [2]. Group 2: Shareholder Reactions - Elliott has stated it will not tender its shares under the current terms and will encourage other shareholders to reject the tender offer [2]. - Hugh Sloane from Sloane Robinson, a UK-based fund, supports the valuation of ¥25,000 per share, criticizing Toyota's acquisition strategy as undervalued [3]. Group 3: Tender Offer Process - The tender offer commenced on Thursday and will continue until February 12, with potential implications for future corporate buyouts in Japan [3]. - The offering was initially scheduled for December but was delayed due to antitrust regulatory approvals [4]. Group 4: Historical Context - The initial take-private bid by Toyota was valued at approximately ¥4.7 trillion, representing an 11% discount to its market capitalization [5]. - Critics have called for greater transparency regarding the deal, which could enhance the founding family's influence over Toyota [5].

Core Insights - AmeraMex International, Inc. has secured equipment orders totaling approximately $622,000, highlighting its commitment to providing versatile, high-performance solutions across various industries [1][2]. Equipment Orders - The company has received orders for six LiuGong forklifts and three Taylor container handlers, indicating strong demand for its forklift lineup [2]. - The orders include two Taylor TECSP-157/8 Empty Container Handlers, designed for intermodal and port operations, which offer exceptional stacking and handling capabilities [2]. - Additionally, one Taylor TYRR-550 ROW Forklift has been ordered, which is engineered for Right-of-Way and narrow aisle operations, making it suitable for utility, pipeline, and infrastructure projects [4]. Key Features of Equipment - The Taylor TECSP-157/8 Empty Container Handlers have a lift capacity of up to 157,000 pounds and can stack containers up to seven or eight high, depending on container height [6]. - The Taylor TYRR-550 ROW Forklift has a lift capacity of approximately 55,000 pounds and is optimized for high-volume container yards and terminal environments [6]. - LiuGong forklifts, with lift capacities ranging from 5,000 to 16,000 pounds, are noted for their durability and operator comfort across various industrial applications [8]. Application Versatility - LiuGong's lineup includes a range of equipment such as manual pallet jacks, electric stackers, sit-down riders, rough terrain forklifts, and reach stackers, making them adaptable for diverse operational needs [10]. - The forklifts offer various power options, including electric and internal combustion, catering to both indoor and outdoor tasks [11]. - Safety features include LED lighting, backup alarms, and high-visibility designs, enhancing operational safety [11]. Company Overview - AmeraMex International specializes in selling, leasing, and renting electric and diesel-powered heavy equipment across multiple industries, including construction, logistics, mining, and lumber [14]. - The company has over 40 years of experience in heavy equipment sales and service, positioning it as a reliable provider in the market [14].

Toyota Motor said on Monday that its tender offer for forklift maker Toyota Industries is now likely to begin in February or later, pushing back a previously expected early December launch. ...

Kion Group Q3 2025 Conference Call Summary Company Overview - **Company**: Kion Group (OTCPK: KIGR.Y) - **Date of Call**: October 02, 2025 Key Points Industry and Market Trends - The ITS segment has shown consistent year-on-year momentum, with Q3 2025 expected to reflect typical seasonal patterns, indicating a sequential decline in orders by mid-teens percentage [2][6] - Year-over-year growth in order intake is anticipated, particularly in EMEA and APAC regions, despite a sequential decline due to seasonal factors [2][6] - The overall business environment in Germany is characterized as a cautious recovery, with geopolitical factors influencing market expectations [20][22] Order Intake and Revenue Developments - Order intake in units for Q3 2025 is expected to decrease sequentially, but year-over-year growth may be higher due to a low base from the previous year [2][6] - Revenue in the ITS segment is projected to be marginally below the prior year level, influenced by the exhaustion of a high order backlog from 2024 [3][6] - The SCS segment has seen a recovery in order intake, with expectations of revenue growth due to improved order intake from previous quarters [5][6] Financial Performance - The book-to-bill ratio for the ITS segment is expected to be slightly below one, indicating a decline in the order book compared to the previous year [3][6] - Adjusted EBIT margins are anticipated to decline year-over-year due to increased expenses from long-term incentive programs and lower factory utilization [3][7][8] - Free cash flow is expected to be solidly positive but lower than the prior year due to additional pension funding [10][11] Cost and Pricing Dynamics - The impact of the higher KION share price has led to increased expenses for long-term incentive programs, affecting overall financial performance [4][8] - The pricing dynamics in the forklift market are expected to be influenced by the Producer Price Index (PPI) in Germany, with a cautious outlook on pricing stability [43][45] Future Outlook - The company is still evaluating the impact of Section 232 tariffs on imports to the U.S., with a more detailed update expected in the next report [33][34] - Expectations for the German government’s investment boost are tempered, with a recognition that benefits will take time to materialize [40][42] Additional Notes - Non-recurring expenses related to an efficiency program were recorded in the first half of 2025, with further updates expected in the Q3 report [8][9] - The company is cautious about extrapolating current order intake growth into future quarters, emphasizing the need for a complete view of September's performance before making definitive statements [5][30] This summary encapsulates the key insights from Kion Group's Q3 2025 conference call, highlighting the company's performance, market conditions, and future expectations.

Company Performance & Financials - United Rentals reported $3943 billion in total revenue for Q2 2025, a 45% year-over-year increase[166] - The company's adjusted EBITDA for Q2 2025 was $1810 billion, with a margin of 459%[166] - United Rentals' fleet productivity for Q2 2025 was 33%[161] - The company's year-to-date free cash flow reached $1201 billion, excluding merger and restructuring payments[166] - United Rentals anticipates total revenue between $158 billion and $161 billion for 2025[171] Specialty Business & Digitalization - Specialty revenue represented approximately 33% of United Rentals' total revenue in 2024[63] - United Rentals' digital marketplace saw a 22% year-over-year increase in revenue[66] - 76% of United Rentals' revenue is influenced by digital channels, up from 70% in 2023[69] Sustainability & Governance - United Rentals aims to reduce greenhouse gas (GHG) emissions intensity by 35% by 2030, compared to a 2018 baseline[188] - As of the end of 2024, 91% of North American locations had completed lighting retrofits, working towards an aspirational goal of 95% by 2025[188]