Terex Corporation a global leader in specialized equipment, serving essential sectors such as emergency services, waste and recycling, utilities, and construction, announced its results for the first quarter 2026.

CEO Commentary
“We are off to a good start and executing to plan, including the first 58 days with REV Group in our portfolio, now operating as our Specialty Vehicles (SV) segment, which made a meaningful contribution in the quarter. Our quarter-end backlog of $7.1 billion, supported by strong booking trends in Materials Processing, Aerials, and Terex Utilities, provides solid forward visibility. As a result, we are reiterating our full-year outlook,” said Simon Meester, Terex President and Chief Executive Officer. “We continue to execute our strategy, including the integration of REV. We remain on track to deliver approximately $28 million of synergies in 2026 through the elimination of duplicate overhead and to achieve the full $75 million run-rate within our 24 month target.”

First Quarter Operational and Financial Highlights

• Backlog increased sequentially to $7.1 billion.  Bookings of $2.1 billion were down 1.1% year over year on a pro forma basis driven by timing of orders in ES and SV and reflects a book-to-bill of 109%.  Proforma bookings up 14% on a rolling six month basis.
• Net sales of $1.7 billion were 41.1% higher than the first quarter of 2025.  Proforma net sales grew by 11% year over year including growth in every segment.
• EBITDA was ($7) million, or (0.4%) of net sales, compared to $106 million, or 8.7% of net sales in the prior year.  Adjusted¹ EBITDA was $173 million, or 9.9% of net sales for the first quarter of 2026, compared to $128 million, or 10.4% of net sales in the prior year. The year-over-year change was primarily due to the accretive addition of Specialty Vehicles, higher sales volumes in MP and operational improvement initiatives, partially offset by tariffs, which were not in effect in the prior year period, and unfavorable mix within Aerials, and product mix in ES.
• Income from continuing operations was ($93) million, or ($0.97) per share, compared to $21 million, or $0.31 per share, in the first quarter of 2025.  Adjusted¹ income from continuing operations was $94 million, or $0.98 per share for the first quarter of 2026, compared to $55 million, or $0.83 per share, in the first quarter of 2025.

Business Segment Review

Environmental Solutions

• Net sales of $412 million were up 3.3% compared to the first quarter of 2025, driven by strong throughput and delivery of utilities products, partially offset by lower shipments of refuse collection vehicles.
• EBITDA was $73 million, or 17.7% of net sales, compared to $80 million, or 20.1% of net sales in the prior year.  Adjusted¹ EBITDA was $74 million or 18.0% of net sales for the first quarter of 2026, compared to $81 million, or 20.3% of net sales in the prior year. The change was primarily due to unfavorable product mix, partially offset by higher sales volume and synergy realization.

Materials Processing

• Net sales of $419 million were up 9.7% or $37 million year over year, primarily due to higher shipment volumes across most product lines and geographies and positive effects of foreign exchange rates. On a pro forma¹³ basis, net sales were up 18.3% year over year, driven by growth in Aggregates, Material Handling and Recycling, partially offset by lower sales in Concrete. 
• EBITDA was $68 million, or 16.2% of net sales, compared to $41 million, or 10.8% of net sales in the prior year.  Adjusted¹ EBITDA was $63 million, or 15.0% of net sales for the first quarter of 2026, compared to $43 million, or 11.2% of net sales in the prior year. The improvement was primarily due to higher sales volume, price realization and efficiency improvement.

Specialty Vehicles

• Net sales of $436 million were up 20% year over year on a pro forma¹³ basis, driven by growth in all product lines, partially due to weather-related delivery timing.
• EBITDA was ($53) million, or (12.2%) of net sales due to merger-related non-recurring items more than offsetting operational improvements.  Adjusted¹ EBITDA was $62 million, or 14.2% of net sales for the first quarter of 2026, compared to $46 million, or 12.6% of net sales on a pro forma¹³ basis in the prior year. The improvement was primarily due to increased throughput, price realization and improved operational efficiency.

Aerials

• Net sales of $469 million were up 4.2% or $19 million year over year, primarily due to positive effects of foreign exchange rates.
• EBITDA and Adjusted¹ EBITDA were breakeven, or 0.1% of net sales, for the first quarter of 2026, compared to EBITDA of $8 million, or 1.8% of net sales, and Adjusted¹ EBITDA of $20 million, or 4.4% of net sales in the prior year. The change in Adjusted EBITDA was primarily due to tariffs, which the business did not incur this time last year. In addition, the business also faced some temporary unfavorable mix and timing of price realization.

Balance Sheet and Liquidity

• Free cash outflow⁷ of $57 million, similar to the prior year period.
• As of March 31, 2026, liquidity (cash and availability under our revolving line of credit) was $1.0 billion.
• During the first quarter of 2026, Terex deployed $26 million in capital expenditures and investments to support future business growth and operational improvements.
• Through March 31, 2026, Terex returned $19 million to shareholders through dividends and has approximately $183 million available for repurchase under our share repurchase programs.

CFO Commentary
“Our overall first quarter operational financial results were consistent with our expectations.  Adjusted EPS for the quarter of $0.98 which included approximately $0.10 of tax favorability when the Q1 rate is compared to our 2026 full year expected tax rate of 21%.   Our operational EPS improvement was $0.05 compared to last year.  Notably our current Q1 EPS is based on 96.1 million diluted weighted average shares outstanding, up from 66.9 million diluted weighted average shares outstanding in the first quarter of 2025,” commented Jennifer Kong-Picarello, Senior Vice President and Chief Financial Officer.  “I was also pleased with our net working capital efficiency improvement in the quarter which decreased to 16.7%, down 930 basis points compared with the prior year largely due to the addition of Specialty Vehicles.  Looking ahead, we are confirming our full year outlook, which includes the impact of the recent change in 232 tariffs which is expected to be negligible as the vast majority of our US sales are manufactured in the US.”