Core Viewpoint - Elliott Investment Management opposes the tender offer from Toyota Motor for Toyota Industries, claiming the offer price is too low and detrimental to minority shareholders [1]. Group 1: Tender Offer Details - Toyota Motor initially offered 16,300 yen per share for Toyota Industries, later increasing the bid to 18,800 yen in January [1]. - The tender offer was set to close on Thursday, with 33.1% of shares tendered two and a half hours before the deadline [1]. - To succeed, the bid requires acceptance from 42.01% of minority shareholders, excluding Toyota Motor's 24.66% stake [1]. Group 2: Market Reaction - Following the announcement of the tender offer extension, Toyota Industries shares surged, reaching a record high of 20,355 yen per share [1].

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 ...

Core Viewpoint - Activist investor Elliott Investment Management claims that the Toyota Group's bid to take Toyota Industries private significantly undervalues the forklift manufacturer by nearly 40% and has proposed a growth plan for the company [1] Group 1: Valuation Concerns - Elliott Investment Management argues that the bid undervalues Toyota Industries by almost 40% [1] Group 2: Proposed Growth Plan - The activist investor has put forward a growth plan aimed at enhancing the value of Toyota Industries [1]

Core Viewpoint - Elliott opposes the revised tender offer (Revised TOB) by Toyota Fudosan at ¥18,800 per share, arguing it significantly undervalues Toyota Industries, with an intrinsic net asset value estimated at over ¥26,000 per share, nearly 40% higher than the Revised TOB price [1][3][10] Group 1: Valuation Analysis - The intrinsic net asset value (NAV) of Toyota Industries is projected to exceed ¥40,000 per share by 2028 through a Standalone Plan, which Elliott believes is a more favorable path than accepting the Revised TOB [1][10][20] - The Original TOB was initially set at ¥16,300 per share, which was also deemed significantly undervalued, with a NAV of ¥20,696 per share at that time [5][9] - Since the Original TOB announcement, the value of Toyota Industries' stakes in publicly traded companies has increased by over 40%, while the Revised TOB only reflects a ¥2,500 increase, failing to capture the full value appreciation [12][15] Group 2: Governance Concerns - Elliott highlights deficiencies in the transaction governance process, stating that the Revised TOB represents a setback for corporate governance reforms in Japan and could dampen investor interest in the market [2][6][27] - The Revised TOB is criticized for lacking true majority-of-minority protection, as only 42% of non-Toyota Group shareholders need to tender their shares, which is below a genuine majority threshold [20][21] - The financial advisors involved in the transaction are affiliated with entities that have conflicts of interest, raising concerns about the fairness of the offer [20][21] Group 3: Standalone Plan - The Standalone Plan for Toyota Industries is presented as a viable alternative to the Revised TOB, focusing on operational improvements, better capital allocation, and governance reforms to enhance shareholder value [19][21][24] - Key elements of the Standalone Plan include ceasing overinvestment in the automotive segment, capturing margin improvement opportunities, and unwinding cross-shareholdings outside the context of any tender offer [21][22] - Elliott believes that rejecting the Revised TOB and pursuing the Standalone Plan will maximize value for all stakeholders, demonstrating the effectiveness of Japan's governance reforms [8][24][27]

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].

Core Viewpoint - Toyota Motor has announced a delay in its tender offer for forklift maker Toyota Industries, now expected to begin in February or later, instead of the previously anticipated early December launch [1] Company Summary - Toyota Motor is planning a tender offer for Toyota Industries, a company specializing in forklift manufacturing [1] - The timeline for this tender offer has been pushed back, indicating potential strategic adjustments or market considerations [1]

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]