Terex Corp (TEX) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Terex and REV Group Merger Call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加特雷克斯和REV集團合併電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Derek Everitt, Vice President of Investor Relations. Please go ahead.

現在，我榮幸地向大家介紹主持人，投資者關係副總裁德里克·埃弗里特。請繼續。

Good morning, and thank you for joining us to discuss the planned merger of Terex Corporation and REV Group, and Terex's intention to exit its Aerial Segment. A copy of the related press release and presentation slides are posted at investors.terex.com and investors.revgroup.com. The replay and slide presentation will also be available on those websites. This morning, Terex also announced its third-quarter 2025 earnings. The corresponding presentation and press release are posted at investors.terex.com.

早安，感謝各位參加本次會議，討論特雷克斯公司和REV集團的合併計劃，以及特雷克斯退出其航空業務部門的意圖。相關新聞稿和簡報已發佈在 investors.terex.com 和 investors.revgroup.com 網站上。回放和簡報也將在這些網站上提供。今天上午，特雷克斯公司也公佈了 2025 年第三季財報。相關簡報和新聞稿已發佈在 investors.terex.com 上。

Please turn to slide 2 of the merger presentation, which reflects our Safe Harbor Statement. Today's conference call contains forward-looking statements, which are subject to risks that could cause actual results to be materially different from those expressed or implied. These risks are described in greater detail in the presentation and in our reports filed with the SEC.

請翻到合併簡報的第 2 頁，其中反映了我們的安全港聲明。今天的電話會議包含前瞻性陳述，這些陳述存在風險，可能導致實際結果與明示或暗示的結果有重大差異。這些風險在簡報和我們向美國證券交易委員會提交的報告中進行了更詳細的描述。

In addition, we will be discussing non-GAAP financial information we believe is useful in evaluating operating performance. Reconciliations for these non-GAAP measures can be found in the conference commentary. References to year is same year unless otherwise stated. Terex's fiscal year-end is December 31 and REV's fiscal year-end is October 31. References to the merged company's financial year on a pro forma basis reflect these different fiscal years.

此外，我們還將討論我們認為對評估經營績效有用的非GAAP財務資訊。這些非GAAP指標的調整情況可在會議評論中找到。除非另有說明，文中提及的年份均指同一年份。Terex 的財政年度截止日期為 12 月 31 日，REV 的財政年度截止日期為 10 月 31 日。合併後公司財務年度的參考資料均以備考基準計算，反映了這些不同的財政年度。

On slide 3, we provide additional information and links to related documentation.

在第 3 張投影片中，我們提供了更多資訊和相關文件的連結。

Continuing to slide 4. Today's presenters will be Terex's President and Chief Executive Officer, Simon Meester; and REV Group President and Chief Executive Officer, Mark Skonieczny. Jennifer Kong-Picarello, Terex's Senior Vice President and Chief Financial Officer; and Amy Campbell, Chief Financial Officer of REV Group, will also be participating in the Q&A session that will follow the prepared remarks.

繼續瀏覽第4張幻燈片。今天的演講嘉賓是特雷克斯公司總裁兼執行長西蒙·米斯特；以及 REV 集團總裁兼執行長馬克·斯科涅奇尼。特雷克斯公司高級副總裁兼財務長珍妮佛·孔-皮卡雷洛和REV集團財務長艾米·坎貝爾也將參加在準備好的演講之後舉行的問答環節。

Please turn to slide 5, and I'll turn it over to Simon.

請翻到第5張投影片，然後我把麥克風交給西蒙。

Thanks, Derek. Good morning, everyone, and thank you for joining us today as we launch a transformative new chapter for Terex and REV Group. Before we discuss this exciting new step, I want to take a brief moment to thank the Terex team for another solid quarter. We delivered $1.50 of EPS on sales of $1.4 billion, with a cash conversion of 200% and are maintaining our full year outlook. The team continues to execute really well. We successfully completed the ESG integration, and we're very excited about what's next.

謝謝你，德里克。各位早安，感謝大家今天與我們一起開啟特雷克斯和REV集團變革性的新篇章。在我們討論這項令人興奮的新舉措之前，我想花一點時間感謝特雷克斯團隊又一個季度取得的穩健成績。我們實現了每股收益 1.50 美元，銷售額達 14 億美元，現金轉換率為 200%，並維持全年預期。團隊的表現依然非常出色。我們已成功完成 ESG 整合，並對接下來的工作充滿期待。

Today, we are announcing the merger of two great companies to create a US-centric large-scale specialty equipment manufacturer with iconic leading brands serving highly resilient and growing end markets. The new combined company will be truly transformational in makeup and markets served. With complementary operations, management systems, and channels, we have created the opportunity to unlock significant readily achievable synergies making a combined company stronger and more competitive that we win for our customers, our team members, and our shareholders.

今天，我們宣布兩家優秀公司合併，打造一家以美國為中心的大型專業設備製造商，旗下擁有標誌性領先品牌，服務於具有高度韌性和不斷增長的終端市場。合併後的新公司將在化妝品行業和所服務的市場領域帶來真正的改變。透過互補的營運、管理系統和管道，我們創造了釋放巨大且易於實現的協同效應的機會，使合併後的公司更加強大、更具競爭力，從而為我們的客戶、團隊成員和股東帶來勝利。

We believe the financial profile, growth potential and leverage is highly attractive and will deliver significant value to Terex and REV Group shareholders. In addition to stronger, more predictable earnings and associated free cash flow, the combined company will have a low capital intensity profile, providing a solid foundation for future profit enhancing and growth investments.

我們認為，該公司的財務狀況、成長潛力和槓桿率都極具吸引力，並將為特雷克斯和REV集團的股東帶來巨大的價值。除了更強勁、更可預測的收益和相關的自由現金流外，合併後的公司還將擁有較低的資本密集度，為未來提高利潤和促進成長的投資奠定堅實的基礎。

Let's move to slide 6 to review the transaction in more detail. Terex and REV has entered into a definitive agreement to merge in a stock and cash transaction that will result in Terex shareholders owning 58% and REV shareholders 42% of the combined company. This allows both Terex and REV shareholders to participate in the potential upside of the combined company.

讓我們翻到第 6 張投影片，更詳細地回顧一下這筆交易。特雷克斯和REV已達成最終協議，將以股票加現金的方式合併，合併後特雷克斯股東將持有合併後公司58%的股份，REV股東將持有合併後公司42%的股份。這使得 Terex 和 REV 的股東都能分享合併後公司可能帶來的利益。

REV shareholders will also receive $425 million in cash consideration. The combined company will trade on the New York Stock Exchange under the current tariff stock ticker, TEX, and I will serve as CEO of the combined company, supported by a proven management team that reflects the strengths and capabilities of both organizations.

REV股東還將獲得4.25億美元的現金對價。合併後的公司將在紐約證券交易所按現有關稅股票代碼 TEX 進行交易，我將擔任合併後公司的首席執行官，並由一支經驗豐富的管理團隊提供支持，該團隊體現了兩個組織的優勢和能力。

At closing, the Board will be comprised of 7 directors from Terex and 5 from REV. We expect to complete the merger in the first half of 2026, subject to customary closing conditions. Our teams have developed a detailed plan to deliver at least $75 million in annual synergies contributing to the highly attractive financial profile of the new company.

交易完成後，董事會將由來自 Terex 的 7 名董事和來自 REV 的 5 名董事組成。我們預計 2026 年上半年完成合併，但需滿足慣例成交條件。我們的團隊制定了一項詳細計劃，旨在每年實現至少 7,500 萬美元的協同效應，從而提升新公司極具吸引力的財務狀況。

We're also announcing that we plan to exit our Aerial Segment and are evaluating a potential sale or spinoff. This exit will significantly reduce our exposure to cyclical end markets. Considering the achievement of synergies and the exit of Aerial Segment, the merged company is expected to provide a mid-teens adjusted EBITDA earnings profile in fiscal 2025 on a pro forma basis, near the top end of the specialty equipment peer group.

我們同時宣布，我們計劃退出航空業務部門，並正在評估潛在的出售或分拆方案。此次退出將大幅降低我們對週期性終端市場的風險敞口。考慮到綜效的實現和航空業務部門的退出，合併後的公司預計在 2025 財年按備考基準計算將實現 15% 左右的調整後 EBITDA 收益，接近專業設備同業組的頂端水準。

At closing, the combined company is expected to have a strong balance sheet and liquidity position with approximately 2.5 times leverage on a pro forma basis with the opportunity to deliver further on the exit of the Aerial business.

交易完成後，合併後的公司預計將擁有強勁的資產負債表和流動性狀況，按備考基準計算槓桿率約為 2.5 倍，並且有機會在退出 Aerial 業務後進一步實現盈利。

Turning to slide 7, and I'll hand it over to Mark.

翻到第7張投影片，我把它交給馬克。

Thanks, Simon, and good morning, everyone. Speaking on behalf of the REV Team, I'm excited about joining forces with Terex and embarking on the next chapter of our transformation, becoming an even stronger company with new opportunities to leverage our combined scale and operating systems to drive product innovation and even greater efficiency. Both our teams have done a lot to transform our businesses over the past several years. We have taken steps to strengthen our respective portfolios by acquiring highly regarded businesses, and making them even better while driving greater focus by divesting businesses that do align with our strategic direction, our financial thresholds.

謝謝你，西蒙，大家早安。我謹代表 REV 團隊發言，很高興能與 Terex 攜手合作，開啟我們轉型的下一個篇章，成為一家更強大的公司，並擁有新的機遇，利用我們合併後的規模和營運系統來推動產品創新和提高效率。過去幾年，我們兩個團隊都為業務轉型做出了巨大貢獻。我們已採取措施加強各自的投資組合，收購備受推崇的企業，並使其變得更好，同時透過剝離與我們的策略方向和財務門檻不符的業務，集中精力發展。

Over the past few years, the REV team has deployed its operating system to drive broad-based improvements within the business. We executed simplification and process flow improvements across our manufacturing footprint, work diligently to improve safety and invested in onboarding and training for our employees. Our sourcing team fortified the supply chain for multi-sourcing initiatives that lowered costs and made material flow more dependable and less exposed to market disruptions. And we are now in the early stages of product simplification and commonization that we believe are the next steps in maximizing our operational potential.

過去幾年，REV 團隊部署了其作業系統，以推動業務的全面改進。我們在整個生產基地實施了簡化流程和改進生產流程，努力提高安全性，並投資於員工入職和培訓。我們的採購團隊加強了多源採購計畫的供應鏈，降低了成本，使物料流動更加可靠，減少了市場波動的影響。我們現在正處於產品簡化和通用化的早期階段，我們相信這是最大限度地發揮我們營運潛力的下一步。

I am proud of the hard work and improvements delivered by our team over the past three years and believe the company has reached a level of performance that provides a foundation for even greater momentum. Combining with Terex is a unique opportunity that we believe will create meaningful value for our shareholders.

我為我們團隊過去三年來的辛勤工作和取得的進步感到自豪，並相信公司已經達到了一定的業績水平，為更大的發展勢頭奠定了基礎。與特雷克斯合併是一個獨特的機遇，我們相信這將為我們的股東創造有意義的價值。

I agree, Mark. The tariffs went through a similar rationalization exercise in recent years. And when Terex acquired ESG last year, we took a significant step to strengthen our portfolio, improve our margin profile with higher and more predictable earnings and associated cash flow. The recently announced divestiture of our Italian crane business that we expect to close very soon was another step in that direction. And clearly, merging with REV and exiting the Aerial segment will take our performance to another level.

我同意，馬克。近年來，關稅也經歷了類似的合理化調整。去年 Terex 收購 ESG 時，我們邁出了重要一步，加強了我們的投資組合，透過更高、更可預測的收益和相關現金流改善了我們的利潤率狀況。我們最近宣布剝離義大利起重機業務，預計很快就會完成，這是朝著這個方向邁出的又一步。顯然，與 REV 合併並退出空中交通領域將使我們的業績提升到一個新的水平。

All that said, we are still in the early innings of our strategic transformation with significant synergies to deliver and growth opportunities across each of our end market verticals to continue to create shareholder value beyond this merger.

儘管如此，我們仍處於策略轉型初期，但我們在每個終端市場垂直領域都擁有顯著的綜效和成長機會，能夠在此次合併後繼續為股東創造價值。

Let's turn to slide 8. We are merging two strong companies to produce a combination that will clearly be created in the sum of the parts. After completing the Aerial's exit and adding $75 million in synergy value, the pro forma company is expected to deliver EBITDA margins of about 14% with a cash conversion of approximately 85%. At $5.8 billion in revenue, we will have meaningful scale with a strong balance sheet, well positioned to continue to invest and create additional value for our shareholders.

讓我們翻到第 8 張投影片。我們正在將兩家實力雄厚的公司合併，以打造一家實力遠超其前者的全新企業。在完成 Aerial 的退出並增加 7,500 萬美元的協同效應價值後，預計這家備考公司將實現約 14% 的 EBITDA 利潤率和約 85% 的現金轉換率。當公司營收達到 58 億美元時，我們將擁有可觀的規模和強勁的資產負債表，從而能夠繼續投資並為股東創造更多價值。

Moving to page 9. The combined company will be US-centric competing in a diverse and balanced set of attractive end markets. Approximately 85% of the combined revenue will be generated in North America with the vast majority from products that are made in our combined US manufacturing network.

翻到第9頁。合併後的公司將以美國為中心，在多元化且均衡的多個具有吸引力的終端市場中競爭。合併後的收入約 85% 將來自北美，其中絕大部分來自我們在美國聯合製造網路中生產的產品。

The portfolio will be well balanced with about 40% of sales related to specialty vehicles with the remainder split between environmental solutions and materials processing. Each business has a demonstrated track record of delivering resilient and predictable operating results to a large degree because of the resilient end markets they serve.

該產品組合將保持均衡，其中約 40% 的銷售額來自特種車輛，其餘部分則分配給環保解決方案和材料加工。每個企業都已證明其能夠提供穩定且可預測的經營業績，這在很大程度上是因為它們所服務的終端市場具有很強的韌性。

From a Tirex perspective, the pro forma end market profile will be less cyclical than ever before in our history. And by design, with nearly 60% of revenue associated with emergency vehicles and waste collection, the significant share of our volume is tied to essential services that are not subject to economic ebbs and flows like other markets.

從 Tirex 的角度來看，預計終端市場狀況的周期性將比我們歷史上任何時候都要小。出於設計考慮，我們近 60% 的收入與緊急車輛和垃圾收集有關，因此我們業務量的很大一部分都與基本服務相關，而這些服務不像其他市場那樣容易受到經濟波動的影響。

On the utility side, we expect accelerated growth for years ahead stemming from AI, data centers, and the need to significantly upgrade the US power grid. We also continue to see growth for infrastructure spending in the United States, Europe and around the world, which will benefit our materials processing business.

在公用事業方面，我們預計未來幾年將出現加速成長，這主要得益於人工智慧、資料中心以及美國電網大幅升級的需求。我們也看到美國、歐洲和世界各地的基礎設施支出持續成長，這將有利於我們的材料加工業務。

Turning to slide 10, and you will see a snapshot of some of our great products and brands. We are a leading player in each of these markets. As I mentioned earlier, with combined pro forma sales of $5.8 billion, the total addressable end market for our products provide significant opportunity for additional penetration and growth. Terex utilities manufacturers, bucket trucks, bigger drecks and related products that enable Lineman to work safely on life electrical transmission and distribution lines across North America, a key advantage to maximize great uptime with emerging opportunity overseas.

翻到第 10 張投影片，您將看到我們一些優秀產品和品牌的概覽。我們在這些市場中均處於領先地位。正如我之前提到的，我們的產品合併後的預估銷售額為 58 億美元，這意味著我們產品的潛在終端市場規模龐大，為進一步滲透和成長提供了巨大的機會。Terex 是一家公用事業製造商，生產高空作業車、大型吊車及相關產品，使線路工人能夠在北美各地的輸配電線路上安全作業，這是最大限度地提高正常運行時間的關鍵優勢，並能抓住海外新興機會。

As a leading player in this space, we are increasing capacity and throughput within our current manufacturing footprint as we see share gain opportunities in this expanding market.

作為該領域的領導者，我們看到在這個不斷擴大的市場中獲得份額的機會，因此我們正在現有生產基地內提高產能和產量。

Our ESG business is a leader in refuse collection vehicles, compactors and related digital products. The HAL brand is regarded as a technology leader with a full range of automated side loaders, front loaders, and multiple digital products.

我們的 ESG 業務在垃圾收集車、壓實機及相關數位產品領域處於領先地位。HAL品牌被視為技術領導者，擁有全系列自動化側裝式裝載機、前裝式裝載機和多種數位產品。

Our 3rd Eye digital platform is a meaningful and growing revenue stream on the ref side, of environmental solutions with extension opportunities across every vertical. In the center, you will see examples of our extensive materials processing product range. Our Powerscreen and Finlay brands are global leaders in mobile crushing and screening within the broad aggregate industry and relatively new brands such as Ecotec are leveraging core NP technology to expand into environmental and other adjacent markets.

我們的 3rd Eye 數位平台是環境解決方案領域中一個意義重大且不斷增長的收入來源，並有機會擴展到各個垂直領域。在中心區域，您將看到我們豐富的材料加工產品系列的實例。我們的 Powerscreen 和 Finlay 品牌是全球行動破碎篩分領域的領導者，在廣泛的骨材產業中佔據領先地位；而像 Ecotec 這樣的相對較新的品牌正在利用核心 NP 技術拓展到環境和其他相關市場。

Examples of our industrial vehicles range include Advance, a market leader in front discharge cement mixers and hooks, material handlers, sold to scrap, recycling and port customers around the world.

我們的工業車輛系列包括 Advance，它是前卸式水泥攪拌機和吊鉤、物料搬運設備的市場領導者，產品銷往世界各地的廢料、回收和港口客戶。

Turning to specialty vehicles. REV has developed an extensive line of fire trucks and ambulances, all under brands such as eOne, Spartan, AAV and wheel coats that are recognized as market leaders in quality and reliability by the first responder community. REV's nationwide customer base is supported by an extensive dealer network to ensure their vehicles are available to execute their life-saving duties. In addition, REV's niche portfolio of motorized recreational vehicles include such leading brands as Fleetwood and Renegade.

轉向特種車輛。REV 開發了一系列消防車和救護車，旗下品牌包括 eOne、Spartan、AAV 和 Wheel Coats，這些品牌在品質和可靠性方面被急救人員公認為市場領導者。REV 的全國客戶群由廣泛的經銷商網路提供支持，以確保他們的車輛能夠隨時執行拯救生命的任務。此外，REV 旗下專注於機動休閒車輛的細分市場還包括 Fleetwood 和 Renegade 等領先品牌。

Turning to slide 11. Common characteristics across many of our end markets include economic cycle resiliency through reliable replacement demand in aftermarket service. Market growth supported by secular tailwinds and the ability to differentiate through quality, technology, and life cycle support. The emergency response fleet with the support of its dealer network serves the nation's first responders from volunteers in small towns to the largest cities that own fleets of hundreds of fire trucks and ambulances and everything in between.

翻到第11張幻燈片。我們許多終端市場的共同特點是，透過售後服務中可靠的更換需求來增強經濟週期韌性。市場成長得益於長期利好因素以及透過品質、技術和生命週期支援實現差異化的能力。在經銷商網路的支持下，緊急應變車隊為全國的緊急應變人員提供服務，從小型城鎮的志工到擁有數百輛消防車和救護車的大城市，以及介於兩者之間的所有人員。

We continue to see demographic trends, including outward suburban expansion that leads to municipalities growing their fleets. REV has done an excellent job of customizing its product offerings to align with the needs of this diverse customer base and vastly different infrastructure requirements. Its end customers have stable budgets, supported by municipal tax receipts and departments that prioritize emergency vehicle replacement and fleet growth to maintain coverage requirements.

我們持續看到人口趨勢，包括郊區向外擴張，這導致市政當局增加車隊規模。REV 在客製化產品以滿足多元化客戶群的需求和截然不同的基礎設施要求方面做得非常出色。其終端客戶擁有穩定的預算，並得到市政稅收的支持，並且各部門優先考慮緊急車輛的更換和車隊擴充，以維持覆蓋範圍的要求。

There are similar dynamics in waste and recycling, where growth is fueled by four main drivers, starting with population and economic growth, more consumption, generating more trash. And second, disciplined vehicle replacement, particularly with the national fleets and large municipalities. Third, accelerated replacement demand driven by innovation leading to lower total cost of collections from products such as automated side loaders that replace manual rear loaders and reduce emissions delivered by our CNG offerings. And finally, growth in digital solutions where we are the clear leader in this space.

廢棄物和回收領域也存在類似的動態，其成長主要由四個驅動因素推動，首先是人口和經濟成長，消費增加，產生更多垃圾。其次，要有條不紊地更換車輛，特別是對於國家車隊和大型市政部門而言。第三，創新推動了加速的更換需求，從而降低了收集總成本，例如自動側裝垃圾車取代了手動後裝式垃圾車，並減少了我們的 CNG 產品帶來的排放。最後，我們在數位化解決方案領域也取得了成長，並且是該領域的絕對領導者。

Within Infrastructure, there are plenty of runway ahead with the allocated government spending with a clear need for more investments ahead. In the US alone, the backlog of mega projects continues to grow providing a tailwind through 2030 at least. Looking abroad, we are seeing infrastructure spending momentum across Europe, while the Middle East and India, where MP already has a strong presence also continues to grow. And finally, the utilities market is also poised for significant net market growth.

在基礎建設領域，政府已撥付資金，未來發展空間充足，顯然需要更多投資。光是在美國，大型計畫的積壓數量就持續成長，至少到 2030 年都將為經濟發展提供有利條件。放眼海外，我們看到歐洲各地的基礎建設支出勢頭強勁，而MP已擁有強大影響力的中東和印度市場也持續成長。最後，公用事業市場也有望實現顯著的淨市場成長。

Demand on the US electrical grid is increasing with the majority of data center-related growth still yet to come. Industry forecasts anticipate public power and independently owned utilities CapEx to grow between 8% and 15% per year through 2030. So with this portfolio leading businesses, we think we're very well positioned for growth for years to come.

美國電網的需求正在不斷增長，而與資料中心相關的增長大部分尚未到來。產業預測預計到 2030 年，公共電力和獨立擁有的公用事業公司的資本支出將以每年 8% 至 15% 的速度成長。因此，憑藉這些領先的業務組合，我們認為我們已為未來幾年的成長做好了充分準備。

Let's turn to page 12, and I'll hand it over to Mark.

我們翻到第12頁，然後我把它交給馬克。

Thanks, Simon. I agree the combined company is well positioned for sustained growth. The investments we have made in our respective operating systems will help ensure we capitalize on those growth opportunities and deliver the synergy value that we have to find here today. Through our operating systems, our companies have provided a framework designed to drive excellence across all aspects of our organization, from operational efficiency and innovation to customer satisfaction and employee development.

謝謝你，西蒙。我同意合併後的公司已做好持續成長的準備。我們在各自的營運系統中進行的投資將有助於確保我們抓住這些成長機會，並實現我們今天在這裡所尋求的協同效應價值。透過我們的營運系統，我們的公司提供了一個框架，旨在推動我們組織各個方面的卓越發展，從營運效率和創新到客戶滿意度和員工發展。

By leveraging a structured set of tools, processes and performance metrics, these programs ensure consistent execution of our strategic priorities, fostering sustainable growth and profitability. They empower teams at all levels to focus on continuous improvement, problem solving and value delivery, creating measurable benefits for customers, employees, shareholders and communities alike.

透過運用一套結構化的工具、流程和績效指標，這些項目確保了我們策略重點的持續執行，從而促進了永續成長和獲利能力。他們賦能各級團隊，使其專注於持續改善、解決問題和創造價值，從而為客戶、員工、股東和社區創造可衡量的利益。

This disciplined approach will align the combined company towards achieving world-class results while reinforcing our commitment to being trusted leaders in the industries we serve while delivering value to our shareholders.

這種嚴謹的方法將使合併後的公司朝著實現世界一流業績的目標邁進，同時鞏固我們作為所服務行業值得信賴的領導者的承諾，並為我們的股東創造價值。

And at Terex, we launched the Terex Operating System, which is very well aligned in its design and purpose with the REV system to accelerate continuous improvement and leverage our growing scale. We also refined the integration excellence playbook component of our operating system as we integrated ESG there at muscle memory from its past and got it back in shape recently, setting us up well to execute this integration. Our organizations also share a performance-based culture. The combined team will be energized and fully capable of capitalizing on the many opportunities that lie ahead.

在特雷克斯，我們推出了特雷克斯作業系統，其設計和目的與 REV 系統非常契合，旨在加速持續改進並利用我們不斷增長的規模。我們也改進了作業系統中的整合式卓越策略手冊組件，因為我們將 ESG 整合到其中，憑藉過去累積的肌肉記憶，最近又使其恢復了正常狀態，這為我們執行此次整合做好了充分準備。我們的組織也都秉持著績效導向的文化。合併後的團隊將充滿活力，完全有能力掌握未來眾多機會。

Let's move to slide 13 to talk more about the $75 million in synergies. Our teams have already started to lay the groundwork for synergy realization. We have a detailed project plan and will hit the ground running the day we close. We expect to achieve about half of the $75 million run rate within the first 12 months as we consolidate corporate activities and eliminate duplication.

讓我們翻到第 13 張投影片，進一步討論 7,500 萬美元的綜效。我們的團隊已經開始為實現協同效應奠定基礎。我們有詳細的專案計劃，交割當天就會立即啟動專案。我們預計在前 12 個月內，隨著公司業務的整合和重複工作的消除，將實現 7,500 萬美元營運目標的一半左右。

Sourcing savings will ramp up starting with simpler categories like MRO, hardware, steel, and more standard material before moving into more customized engineered components. Ultimately, every category will be addressed by the team, resulting in a more resilient and cost-efficient supply base.

採購成本節約將首先從MRO、五金、鋼鐵和更標準的材料等較簡單的類別開始逐步推進，然後再擴展到更客製化的工程組件。最終，團隊將逐一解決所有類別的問題，從而建立一個更具韌性和成本效益的供應鏈基礎。

On the operational side, we will build on the best practice sharing that has been done within both organizations and extend them across the company. The extensive US footprint will provide greater optionality to increase domestic capacity, leveraging our combined capabilities.

在營運方面，我們將以兩個組織內部已進行的最佳實踐分享為基礎，並將其推廣到整個公司。我們在美國廣泛的業務佈局將為提升國內產能提供更大的選擇餘地，從而充分利用我們的綜合能力。

We expect go-to-market synergies over time as we optimize distribution channels and customer relationships, and we see meaningful opportunities to extend our 3rd Eye digital platform in the fire and ambulance verticals in the future building on the technology developing refuse, which we have started to extend into our utilities and concrete businesses.

我們預期隨著我們優化分銷管道和客戶關係，市場協同效應會逐漸顯現。我們看到，未來在消防和救護垂直領域，我們將有機會擴展我們的 3rd Eye 數位平台，該平台基於我們已開始擴展到公用事業和混凝土業務的垃圾處理技術。

The mission-critical status and intense conditions faced by first responders creates a natural use case for enhanced situational awareness for better maneuverability and safety provided by the 3rd Eye digital platform. We have a lot of exciting value creation opportunities and a track record of delivering.

第一線救援人員面臨的任務關鍵性和嚴峻形勢，自然而然地催生了對增強態勢感知能力的迫切需求，而第三眼數位平台則提供了更好的機動性和安全性。我們擁有許多令人興奮的價值創造機會，並且有良好的業績記錄。

Turning to slide 14. With this transaction, we are essentially rebaselining the new company with much more resiliency and predictability in both top and bottom line performance, in different end market mix and an overall enhanced margin profile. As an example, we are significantly reducing our exposure to the cyclical construction markets. We believe that equity markets value resilience, predictable earnings and reward growth, the transformational actions we announced today hit both nodes.

翻到第14張投影片。透過此次交易，我們基本上重新調整了新公司的基準，使其在營收和利潤方面都更具韌性和可預測性，在不同的終端市場組合中，以及整體上提高利潤率。例如，我們正在大幅減少對週期性建築市場的投資。我們相信，股票市場重視韌性、可預測的收益和獎勵成長，而我們今天宣布的變革性舉措恰好滿足了這兩個條件。

The exit of the Aerial segment further enhances that profile by removing cyclicality in the combined business. With pro forma 2025 estimated EBITDA margin of 14%, we are creating a company with greater revenue growth potential and reduce earnings cyclicality that we believe is highly sought after by market participants. Moreover, our combined balance sheet provides optionality to take additional strategic steps over time to grow and further improve this attractive financial profile.

退出空中交通業務板塊進一步增強了這一優勢，消除了合併後業務的周期性波動。預計 2025 年 EBITDA 利潤率為 14%，我們正在打造一家具有更大收入成長潛力並降低獲利週期性的公司，我們相信這正是市場參與者所追求的。此外，我們合併後的資產負債表為我們提供了選擇餘地，可以隨著時間的推移採取額外的策略措施來發展和進一步改善這一具有吸引力的財務狀況。

Let's wrap up our prepared remarks on slide 15. Merging Terex and REV creates a large-scale specialty equipment manufacturer with a highly synergistic portfolio of leading businesses across a diverse set of attractive growing resilient markets. We see a strong fit between our cultures and our management systems.

讓我們在第15張投影片上結束我們準備好的發言。Terex 和 REV 的合併創造了一家大型專業設備製造商，其在多個具有吸引力的、不斷增長且具有韌性的市場中擁有高度協同效應的領先業務組合。我們發現我們的文化和管理體系非常契合。

We have the playbook, the muscle memory, and the team in place to execute our integration plans and unlock at least $75 million in annual synergy value. We will leverage our share capabilities to outperform in our end markets and generate strong earnings and free cash flow. We purposely structured the transaction to result in a strong balance sheet and flexible capital structure to enable future organic and inorganic investments.

我們已經制定了行動方案，建立了肌肉記憶，並組建了團隊來執行我們的整合計劃，每年釋放至少 7500 萬美元的協同效應價值。我們將利用我們的股份優勢，在終端市場取得優異成績，並創造強勁的獲利和自由現金流。我們特意對交易進行了結構化設計，以形成強勁的資產負債表和靈活的資本結構，從而能夠進行未來的有機和非有機投資。

I want to close by thanking the REV and Terex team members for their tireless efforts, getting us to this point. I look forward to the exciting future ahead for our combined companies. And with that, I would like to open it up for questions. Operator?

最後，我要感謝 REV 和 Terex 團隊成員的不懈努力，使我們走到今天這一步。我期待著我們合併後的公司擁有更美好的未來。接下來，我想接受大家的提問。操作員？

(Operator Instructions) Stephen Volkmann, Jefferies.

（操作員說明）Stephen Volkmann，Jefferies。

Great and congratulations. I don't usually say that, but this seems like a lot of work in a big transaction. So best of luck on all that. I guess I'm curious, maybe as a starting point, Simon, you talked about the sort of more stable profile and the cost synergies, which all kind of makes sense. But what are you thinking strategically relative to growth going forward?

太棒了，恭喜！我通常不會這麼說，但這筆大交易的工作量似乎有點大。祝你一切順利。我想問的是，西蒙，或許可以以此為出發點，你談到了更穩定的發展前景和成本綜效，這些都很有道理。但從策略角度來看，您對未來的成長有何規劃？

I know you listed some specific growth things, but there were mostly kind of stuff that I think we already thought Terex had. So how does this kind of jump start growth for you over the next sort off five years or so?

我知道你列舉了一些具體的成長點，但大部分都是我們認為特雷克斯已經擁有的東西。那麼，這種模式將如何幫助你在未來五年左右的時間內快速成長呢？

Yes, Steve, thanks for the question. And yes, thank you. We are obviously very excited announcing the merger this morning. We think it checks all the right boxes. And to your point, it creates a new significantly less cyclical combined portfolio with attractive and growing addressable markets.

是的，史蒂夫，謝謝你的提問。是的，謝謝。今天早上宣布此次合併，我們當然非常興奮。我們認為它完全符合所有要求。正如您所說，它創造了一個新的、週期性顯著降低的綜合投資組合，擁有具有吸引力的、不斷增長的目標市場。

And -- yes, besides the synergies that this brings and the more predictable profile, we do see a lot of growth potential, as I mentioned in our prepared remarks, across all of our verticals. And a lot of that is tied to just urban expansion, population growth, electrical grid upgrades, infrastructure investments, but also more waste than recycling and that's just the addressable markets as they grow.

是的，除了由此帶來的協同效應和更可預測的前景之外，正如我在準備好的發言稿中提到的，我們確實看到了所有垂直領域的巨大成長潛力。而這很大程度上與城市擴張、人口成長、電網升級、基礎設施投資有關，但也與廢棄物多於回收物有關，而這僅僅是隨著市場成長而可觸及的市場。

But then as this group comes together, we also see a lot of opportunities in customers that we both cover in products that we can develop together. I'm thinking about the digital use cases that we referenced in our prepared remarks that we see use cases, for example, in some of the REV applications with our 3rd Eye products. So we see a lot of growth upside in both purely addressable market and in terms of revenue synergies.

但隨著這個團隊的凝聚，我們也看到了雙方共同服務的客戶群在產品開發上的巨大機會。我想到我們在準備好的演講稿中提到的數位用例，例如，我們在一些 REV 應用中使用我們的 3rd Eye 產品時就看到了這些用例。因此，我們看到，無論是在潛在市場規模方面，還是在收入綜效方面，都存在著很大的成長空間。

Okay. Great. And then maybe just a follow-up relative to the AWP sale or spin. That's interesting from a timing perspective because I guess, one might argue that things are sort of bumping along the bottom there. Why not sort of hold on to that until a better business and sell it at some other point?

好的。偉大的。然後或許可以跟進一下 AWP 的出售或轉售情況。從時機角度來看，這很有意思，因為我想，有人可能會認為，那裡的情況正處於低谷。為什麼不先把它留著，等到生意好轉後再賣掉呢？

Yes. Great question. We think that the Aerial's journey is very well documented on how it performs through the cycle. Our Aerial's business has a strong brand, strong team, strong footprint, strong legacy. We are excited about the product portfolio and its pipeline.

是的。問得好。我們認為，Aerial 的發展歷程，以及它在整個週期中的表現，都有非常詳盡的記錄。我們的航拍業務擁有強大的品牌、強大的團隊、強大的影響力、強大的歷史遺產。我們對產品組合及其研發管線感到非常興奮。

And obviously, the level playing field now that we have these two favorable antidumping rulings in both North America and in Europe. And we are convinced that there will be plenty of suitors out there will recognize the through-cycle value that we believe the Aerial's business will bring to their portfolio. So we think that, that is transparent enough.

顯然，現在北美和歐洲都出現了這兩項有利於我們的反傾銷裁決，競爭環境也更公平了。我們確信，市場上會有很多潛在買家認識到我們認為 Aerial 的業務將為他們的投資組合帶來的周期性價值。所以我們認為，這已經夠透明了。

Mig Dobre, Baird.

米格·多布雷，貝爾德。

I guess I also have a question for Mark, and this is a REV Group perspective here. I'm just sort of curious, Mark, to give your thoughts in terms of how this transaction came to be. And how you evaluated value creation from the standpoint of the REV Group shareholders? Your Specialty Vehicles business has done well. And you're clearly on a path to expand margins with a lot more to come as we look at the next couple of years, right?

我想問馬克一個問題，這是 REV Group 的一個觀點。馬克，我只是有點好奇，想聽聽你對這筆交易如何達成的看法。那麼，您如何從REV集團股東的角度評估價值創造呢？您的特種車輛業務發展良好。很明顯，你們正在努力擴大利潤率，而且在未來幾年還會有更大的成長，對嗎？

So that opportunity is still ahead. So as you think about this business now being part of Terex. Why does it make sense to enact this merger at this point? And from a valuation standpoint, I don't know if I'm doing the math correctly, but it looks to me like the transaction implies about 11 times EBITDA on 2026. If that's correct, how did you think about the right valuation framework to apply in this transaction?

所以機會依然存在。所以，想想看，這家公司現在已經成為特雷克斯的一部分了。在這個時候進行這項合併有何意義？從估值角度來看，我不知道我的計算是否正確，但在我看來，這筆交易意味著 2026 年 EBITDA 的約 11 倍。如果情況屬實，您是如何考慮在這筆交易中應用合適的估值框架的？

Yes, sure. So obviously, from how it came about just through the normal course of tanker discussions and the opportunity that was presented was really compelling as we've said in our prepared remarks. But as we also talked about, it's just a natural step in the transformation journey. And I think, Mig, in the past, we've talked about what kind of products that we'd be looking for, what kind of companies we'd be looking for. And obviously, we've stressed something in the refu or utility space was always on our radar.

當然可以。顯然，正如我們在準備好的發言稿中所說，這件事的起因僅僅是正常的油輪討論，而所提出的機會確實非常誘人。但正如我們之前討論過的，這只是轉型過程中的一個自然步驟。米格，我想，過去我們討論過我們要尋找什麼樣的產品，我們要尋找什麼樣的公司。顯然，我們一直強調，垃圾處理或公用事業領域的某些方面始終是我們關注的重點。

When you look at the leading brands that come together in this portfolio, it was just a natural fit for us, especially with the exit of the Aerial's business when you put these two companies together. And from a valuation perspective, when you look at the mix of the consideration, it treats both shareholders very well and it provides the ability to participate in future upside of the company, the combined company, and the $425 million of cash consideration still leaves a strong balance sheet for the new company.

當你看到這個投資組合中匯聚了眾多領先品牌時，你會發現這對我們來說是水到渠成的事情，尤其是在 Aerial 退出市場之後，將這兩家公司合併在一起。從估值角度來看，從對價組合來看，它對雙方股東都非常有利，並且能夠讓股東分享合併後公司的未來收益，而 4.25 億美元的現金對價仍然為新公司留下了強勁的資產負債表。

So if you look at our shareholders specifically, they continue to participate in the upside that you are quoting there. But also get to participate in the synergy realization of $75 million and to participate in the value unlock associated with Aerial exit, which we've included in that -- in the deck. So I think that really was the construct and how we came about it and how I looked at it both from an operational, good tangential products and ultimately, the value creation that it gives our shareholders.

所以，具體來看我們的股東，他們會繼續分享你所說的上漲收益。但同時也能參與實現 7,500 萬美元的協同效應，並參與與空中出口相關的價值釋放，我們已將其納入簡報中。所以我認為這確實是我們的構想，也是我們得出這個構想的方式，以及我從營運角度、良好的衍生產品角度以及最終它為股東創造的價值角度來看待這個問題的方式。

Okay. And then my follow-up, $75 million of synergies, certainly not a bad number, but as a percentage of sales for the combined entity, it doesn't seem like a big hurdle. So I'm kind of curious to what degree this number might prove conservative over time. And we haven't really talked about RV. I know this has been part of the REV portfolio, a smaller business, but perhaps less of a focus? Is RV considered for potential sales divestiture in the near term as well?

好的。然後我的後續分析是，7500萬美元的協同效應，這當然不是一個糟糕的數字，但作為合併實體銷售額的百分比，這似乎不是一個很大的障礙。所以我很好奇，隨著時間的推移，這個數字在多大程度上會顯得保守。我們還沒真正聊過房車。我知道這一直是 REV 投資組合的一部分，雖然業務規模較小，但可能不是重點？RV業務是否也在近期內被考慮出售或剝離？

Yes. Thanks, Mig. So yes, $75 million run rate going into 2028. We think 50% is -- will be achieved within 12 months after closing. We have very similar operating systems, very similar culture. So we do think we will hit the ground running, and we have a good pipeline. We just want to walk before we run. And I think similarly to when we announced the ESG synergies, we just want to make sure that we manage the pipeline accordingly. And then obviously, we're going to try to overdrive the number, but that is the number that we're currently communicating, and we're going to do our best to exceed that expectation.

是的。謝謝，米格。所以，是的，到 2028 年，年均收入將達到 7,500 萬美元。我們認為 50% 的目標將在交易完成後的 12 個月內實現。我們的作業系統非常相似，企業文化也非常相似。所以我們相信我們會迅速進入狀態，而且我們有良好的人才儲備。我們只想先學會走路，然後再學會跑步。我認為，就像我們宣布 ESG 協同效應時一樣，我們只是想確保我們相應地管理專案儲備。很顯然，我們會努力超越這個數字，但這是我們目前公佈的數字，我們會盡最大努力超越這個預期。

And when it comes to the RV business, first and foremost, we're going to focus on the things that we are announcing today, the integration of the two companies, the execution on the synergies and then the Aerial's exit. But going forward, we will continue to assess the effectiveness of our portfolio as both companies have done and will continue to do and just -- and make the right decisions for our shareholders.

至於房車業務，首先，我們將重點放在今天宣布的事情，即兩家公司的整合、協同效應的實施以及 Aerial 的退出。但展望未來，我們將繼續評估我們投資組合的有效性，就像兩家公司過去和將來都會做的那樣，並為我們的股東做出正確的決定。

Jamie Cook, Truist.

Jamie Cook，Truist。

Congratulations on the transaction. I guess my first question, Simon, back to the unlocking of shareholder value. Key to that, obviously, is you guys either selling or spinning the Access business. So I'm just wondering your confidence level in sale versus spin and potential timing because if it's a spin, I guess I'd be probably more concerned with the market would value the Access business. So first that.

恭喜交易成功。西蒙，我想我的第一個問題還是回到釋放股東價值這個主題。顯然，關鍵在於你們要麼出售要麼重組 Access 業務。所以我想知道您對出售還是分拆以及潛在時機的信心程度，因為如果是分拆，我想我會更關心市場對 Access 業務的估值。首先，就是這個。

And then I guess my second question, wondering if you could talk a little more about the opportunity with 3rd Eye. You mentioned it a little in your prepared remarks and whether with the two combined companies, what the aftermarket is as a percent of sales? And is there a bigger aftermarket story here, the ability to grow aftermarket and increase it as a percent of the total to again reduce cyclicality and potentially improve margins further?

那麼，我的第二個問題是，您能否再多談談與 3rd Eye 的合作機會？您在事先準備好的發言稿中略微提到了這一點，請問兩家公司合併後，售後市場佔銷售額的百分比是多少？這裡是否蘊藏著更大的售後市場故事，即能否發展售後市場並提高其在整體市場中的佔比，從而再次降低週期性波動並有可能進一步提高利潤率？

Yes. Maybe I'll talk about Aerials and then maybe, Mark, you can share a little bit your thoughts on digital in the applications that your business addresses. So on Aerial, yes, as I mentioned earlier, the Aerial's business is a great business. There's a lot of equity in the brands. There's obviously 60 years of history, part of the founders of that industry.

是的。也許我會談談航拍，然後，馬克，也許你可以分享一下你對貴公司業務所涉及的數位化應用的一些看法。所以，關於 Aerial，是的，正如我之前提到的，Aerial 的業務非常成功。這些品牌蘊含著巨大的價值。顯然，這裡有著60年的歷史，也是該產業創始人的一部分。

And it's been a public reporting segment for almost 20-some years or so. So we think it is very well known what the Aerial business does and can do through the cycle. It is a cyclical business, but there are suitors out there that like that kind of profile. So we are not concerned that there won't be any suitors. Quite the opposite, we think there will be quite a few.

而且，這已經是一個公開報道的欄目，已經有近20年的歷史了。所以我們認為，大家對航空業在整個週期中的角色和能力都非常了解。這是一個週期性的行業，但總是會有追求者喜歡這種類型的人才。所以我們不擔心不會有人追求我們。恰恰相反，我們認為會有不少。

So for the simple matter is that it's a very recognized business on how it performs through the cycle. Mark, do you want to take the digital question?

所以簡單來說，這是一個在周期中表現非常出色的企業。馬克，你想回答一下關於數位科技的問題嗎？

Yes. I think, Jamie, I won't address the aftermarket side. But obviously, as I visited the facilities and look at the products, and there's just a plug-and-play replacement for some of the cameras that we use, but also the back-end software capabilities. We are in the beginning stages of looking at telematics and other things that product offers. So it's really an advancement of some of the things that we are doing from an innovation side.

是的。傑米，我想我不會談售後市場方面的事情。但很明顯，當我參觀工廠並查看產品時，我發現我們使用的一些攝影機可以即插即用地進行替換，而且後端軟體功能也得到了改進。我們目前正處於研究車載資訊系統以及該產品提供的其他功能的初期階段。所以，這確實是我們在創新方面所做某些事情的進步。

So it really gives us an upper hand in advancing that. So I would say the aftermarket part of that comes afterwards, obviously, but the initial install will be very favorable to the combined company, which is what we referred to. So I think that we're excited about that and the opportunity and the advancement that this gives us on the innovation side of the -- especially on the municipal-based businesses like we've talked about.

所以這確實讓我們在推進這項工作方面佔據了優勢。所以我認為，售後部分顯然是之後的事情，但最初的安裝對合併後的公司來說將非常有利，這就是我們所指的。所以我認為我們對此感到興奮，也為這給我們帶來的創新機會和進步感到興奮——尤其是在我們之前討論過的市政企業方面。

David Raso, Evercore.

David Raso，Evercore。

I was curious, Simon, the decision to exit Aerial, when was that strategic decision made? Was that something you thought about when you became CEO about two years ago? Was that already on the agenda? Or would you say it was more related to the potential swap here in businesses?

西蒙，我很好奇，退出 Aerial 的決定，這個策略決策是什麼時候做出的？兩年前你擔任CEO的時候，有沒有考慮過這個問題？這原本就在議程上嗎？或者您認為這與企業內部潛在的互換有關？

Yes. We have always had the intent to make our portfolio less cyclical. And the first step, we kind of diluted the cyclical part of our portfolio by means of the ESG integration. And I think that's exactly what happened, and our stock has shown more resiliency as a result of it in the last 12 months. And it's been a very successful integration.

是的。我們一直致力於降低投資組合的周期性。第一步，我們透過 ESG 整合來稀釋投資組合中的週期性部分。我認為事實正是如此，因此在過去 12 個月裡，我們的股票表現出了更強的韌性。而這次整合非常成功。

And then as this deal was -- or this opportunity was presented to us, we just started to analyze and we saw the merit and we saw the clear value that it would bring to our shareholders and that it would be that next step in terms of making the portfolio less cyclical. So no, it's just something that's kind of evolved organically over the last couple of months. And then we felt that it was a really compelling case and hence the reason we pushed forward with it.

然後，當這筆交易——或者說這個機會擺在我們面前時，我們開始分析，我們看到了它的價值，看到了它將為我們的股東帶來的明顯價值，以及它將是使投資組合減少週期性的下一步。不，這只是在過去幾個月自然而然形成的。然後我們覺得這是一個非常有說服力的案例，因此我們決定繼續前進。

Yes. I'm just trying to get a sense of how far along are we already in you understanding who the potential buyers are? Are books out already? Just trying to get a sense of the timing, if it's something you've thought of for a while. And as you discussed, you feel like the earnings over the cycle are well understood enough.

是的。我只是想了解一下，在了解潛在買家方面，我們已經取得了多大進展？書已經出版了嗎？我只是想了解一下時間安排，看看你是否已經考慮這件事一段時間了。正如你所討論的，你覺得人們對週期內的收益情況已經有了足夠的了解。

The timing of the sale, maybe you're a little less sensitive to than others could believe. But just curious, how far along are you in this process knowing who the potential buyers are? And are the books already out?

或許你對促銷時機的敏感度比別人想像的要低一些。我只是好奇，在確定潛在買家方面，你們的流程進行到什麼階段了？這些書已經出版了嗎？

Yes. No, they're not out. But yes, obviously, we talk to a lot of people just as you do. As I said, I think it's -- the business is well understood. And I think it's also, as I mentioned a couple of times, very well documented on how it performs through the cycle.

是的。不，他們還沒出局。是的，很顯然，我們和你們一樣，也會和很多人交談。正如我所說，我認為——這個行業已經被充分理解了。而且我認為，正如我之前幾次提到的，它在整個週期中的表現也有非常詳細的記錄。

And I don't want to get into too much detail on who we're talking to and what's going on. But we're starting the process formally today. And we will -- we feel confident that there will be plenty of suitors that will reach out to us over the next couple of days, weeks.

我不想過多透露我們正在和誰談話以及發生了什麼事。但我們今天正式啟動這個過程。我們一定會——我們相信在接下來的幾天、幾週內會有很多追求者聯繫我們。

Okay. But safe to say this is not ground zero starting the process. It's been something that's been in the works at least in that, okay.

好的。但可以肯定的是，這並非啟動這項進程的起點。至少在這方面，這件事一直在籌備中，好吧。

Tim Thein, Raymond James.

提姆泰恩，雷蒙詹姆斯。

The question I had was on distribution, specifically as it relates to Terex's ESG segment and the Specialty Vehicles group of REV Group. I'm just curious if there is any overlap there. I'm thinking -- I know there's some mix of direct sales as well as what goes through dealers. And so again, I'm just thinking to the extent there's overlap or any potential kind of channel conflict just given that a lot of these specialty dealers will carry multiple lines and multiple brands. And so I'm just thinking if that's any issue that has to be thought through.

我的問題是關於分銷，特別是與 Terex 的 ESG 部門和 REV 集團的特殊車輛部門相關的分銷。我只是好奇這兩者之間是否有重疊之處。我在想——我知道銷售方式既有直接銷售，也有透過經銷商銷售。所以，我再次考慮的是，考慮到許多專業經銷商會銷售多個產品線和多個品牌，是否有重疊或任何潛在的通路衝突。所以我就在想，這是否是一個需要仔細考慮的問題。

Tim, this is Mark. And from our perspective, and we've looked at that there is no overlap across these channels, which sort of is again, the beauty of this transaction, bringing these complementary products together. So there is no overlap that we're aware of that will cause an issue.

提姆，我是馬克。從我們的角度來看，我們已經考察過，這些管道之間沒有任何重疊，這再次體現了此次交易的妙處，即把這些互補的產品結合在一起。因此，據我們所知，目前不存在任何會導致問題的重疊之處。

Got it. Okay. And then just on the -- I apologize if I missed it, but was there a time line in terms of -- for the AWP sale or spin? And then anything you can help us with respect to the tax basis of that business as we think about those two potential options?

知道了。好的。然後，如果我錯過了什麼，請見諒，但AWP的出售或重組是否有時間表？那麼，在我們考慮這兩種潛在方案時，您能否就該企業的稅務基礎方面提供任何幫助？

Yes, we have not communicated an explicit time line. And yes, we will keep you updated as material developments occur, but nothing else to share on that at this point.

是的，我們還沒有公佈明確的時間表。是的，一旦有實質進展，我們會及時通知您，但目前還沒有其他資訊可以分享。

Michael Shlisky, D.A. Davidson.

邁克爾·施利斯基，D.A.戴維森。

Congratulations. I wanted to circle back to Mig's question and just kind of follow up there. Looking at the 2026 EBITDA for REV Group, Mark, it is looking like around 11 times, but you had some pretty sharp increases in your 2027, 2028 outlook where have much higher than that, 25%, 35% higher by that point, roughly $75 million worth. So I guess, one, I want to make sure that you're not double counting. You're still on track to get that 2027, 2028 EBITDA goal that you've already stated.

恭喜。我想回到 Mig 的問題上，再補充一些內容。Mark，從 REV 集團 2026 年的 EBITDA 來看，大約是 11 倍，但你在 2027 年和 2028 年的展望中做出了相當大幅度的增長，屆時將比這高出 25% 到 35%，大約為 7500 萬美元。所以我想說，第一，我想確認你沒有重複計算。您仍有望實現您已經設定的 2027 年、2028 年 EBITDA 目標。

And then secondly -- and this is all new synergies beyond that. And then secondly, I think the multiple is a lot lower or a bit lower when you consider that most of that number in 2027, 2028 is I don't want to say in the bag, but largely booked because it's a lot of fire trucks. So I'm just curious how you engage in discussions, given what you know about where you think that is going as opposed to where it's been and the trailing EBITDA?

其次——這都是在此基礎上產生的新綜效。其次，我認為考慮到 2027 年、2028 年的大部分訂單（我不想說已經確定，但基本上已經被預訂了，因為有很多消防車）的預訂量，這個倍數會低得多，或者說會低一些。所以我很好奇，鑑於你對公司未來發展方向的了解（而不是對公司過去發展方向的了解）以及過去的 EBITDA 數據，你會如何參與討論？

Yes. Again, I think this transaction allows our shareholders to continue to participate in that as you've seen in our quarterly results and the fact that we've been ahead of the targets for 2027. So from the progression to those targets. So we feel very good about the accomplishments that we've had so far to date with the throughput increases and the margin realization that you're pointing out. So this is not a reflection at all of our ability to hit those.

是的。再次強調，我認為這項交易可以讓我們的股東繼續參與其中，正如你們從我們的季度業績以及我們提前完成 2027 年目標的事實中所看到的那樣。所以，從這些目標的進展來看。因此，對於我們迄今為止在吞吐量提升和利潤實現方面取得的成就，我們感到非常滿意，正如您所指出的那樣。所以這完全不能反映我們擊中目標的能力。

We are very confident in those numbers that those, and they were obviously supported the deal when we looked at valuations for both sides of the shareholder base. So I would say that. And then obviously, the synergies on top, as you pointed out, gives us value creation as well as the ability to participate in the unlock, like I said, to Mig on the Aerial exit on the side of the Terex house. So ultimately, I think all that was taken into consideration when we did the deal.

我們對這些數字非常有信心，當我們檢視雙方股東基礎的估值時，這些數字顯然也支持了這筆交易。所以我會這麼說。然後，正如你所指出的，很明顯，上述的協同效應不僅為我們創造了價值，還使我們能夠參與解鎖，就像我剛才說的，解鎖通往 Terex 房屋側面空中出口的 Mig。所以最終，我認為我們在達成交易時已經考慮到了所有這些因素。

Okay. And then secondly, I wanted to ask the synergy outlook for the combined company. Is that combined with Aerials or without? I guess I'm kind of curious, you'll get some synergies on purchasing steel and so forth post the merger, but are there dyssynergies if and when you spin off the Aerials and you'll have the opposite. We'll have a little bit less scale on buying steel and other components. I guess I just want to know, is it net or is it gross, the current synergy expectation?

好的。其次，我想詢問一下合併後公司的綜效前景。是和天線一起安裝的，還是單獨安裝的？我有點好奇，合併後在購買鋼鐵等方面會有一些綜效，但如果分拆 Aerials 公司，會不會出現相反的綜效呢？我們將減少一些鋼材和其他零件的採購規模。我想知道的是，目前的綜效預期是淨值還是毛值？

This is Jen. That's a net amount. So we have taken into account the dyssynergies.

這是珍。這是淨額。因此，我們已經考慮到了協同失調的問題。

Kyle Menges, Citigroup.

凱爾門格斯，花旗集團。

Congratulations on the deal. I am curious how you're thinking about integration of these two entities over time. It looks like there's some operational cost revenue synergies, especially between the ES segment and REV Group's businesses, but also looks like these two will kind of run as individual segments. So any thoughts there would be helpful.

恭喜達成交易。我很想知道您是如何考慮隨著時間的推移將這兩個實體整合起來的。看起來在營運成本和收入方面存在一些協同效應，尤其是在 ES 部門和 REV 集團的業務之間，但看起來這兩個部門也會作為獨立的部門運作。所以，任何想法都會很有幫助。

Yes. Thanks for the question. Yes, first of all, in terms of integration, the plumbing, so to speak, will follow the same playbook that we used for the ESG integration. And we think we have a strong process there and a strong track record on doing these kind of integrations. And then the way we will complete the segment's makeup, so to speak, is that the REV segment will become a dedicated third segment to the Terex portfolio.

是的。謝謝你的提問。是的，首先，就整合而言，可以說，其基礎架構將遵循我們用於 ESG 整合的相同方案。我們認為我們在這方面擁有完善的流程和良好的業績記錄，能夠有效地進行這類整合。然後，我們完成該業務板塊構成的方式，可以說是，是將 REV 業務板塊打造為 Terex 產品組合中專門的第三個業務板塊。

Got it. And then on synergies, it feels like the bulk of cost and revenue synergy would be between the ES segment and REV Group. So curious what the synergy is between REV Group and Materials Processing and just now how you think Materials Processing, how that segment fits in the portfolio?

知道了。至於綜效，感覺大部分成本和所得綜效將出現在 ES 部門和 REV 集團之間。我很好奇 REV 集團和材料加工之間有哪些協同效應，以及您現在如何看待材料加工，該業務板塊在產品組合中扮演什麼角色？

Yes. The big swings are the -- obviously, the corporate cost synergies because we're merging two public companies. And then there is multiple efficiencies in SG&A and supply chain and logistics. Also in terms of our shared services footprint, there are synergies there and then a big one in terms of manufacturing best practices.

是的。最大的變化顯然是——由於我們正在合併兩家上市公司，企業成本綜效會顯著提高。此外，銷售、管理及行政費用、供應鏈及物流方面也有多項效率提升空間。此外，就我們的共享服務佈局而言，存在協同效應，而且在製造最佳實踐方面也存在很大的協同效應。

And one of the examples I'd like to call out is if you look at what -- how our utilities margins, for example, have improved over the last 12 months just by the virtue of now reporting into the ES segment, you can see that how those manufacturing best practices can really drive margins up. So those are the big swings in terms of synergies between the two companies.

我想舉一個例子，例如，看看我們公用事業部門的利潤率在過去 12 個月裡是如何提高的，僅僅是因為我們現在向 ES 部門匯報，你就可以看出這些最佳製造實踐是如何真正提高利潤率的。以上就是兩家公司在綜效方面的主要變化。

Angel Castillo, Morgan Stanley.

安吉爾‧卡斯蒂略，摩根士丹利。

Congrats on the deal announcement. Simon, just wanted to go back to the point on cyclicality on Aerial, I understand, and I think this has been asked in a number of different ways, but I just wanted to touch on it a little bit more. Just given you don't need the proceeds to kind of deliver to a reasonable range here, why not keep Aerials as a means of kind of maintaining some diversification in terms of kind of end market exposure near term?

恭喜宣布達成交易。Simon，我想回到 Aerial 的週期性問題上來，我知道，而且我認為這個問題已經被以多種不同的方式問過了，但我只是想再稍微談談這個問題。既然你不需要這筆收益來達到合理的水平，為什麼不保留 Aerials 作為在短期內保持終端市場風險分散的一種手段呢？

And maybe just kind of -- that's just kind of a different way of asking basically, if you don't mind kind of expanding on some of the implications of the intention to sell Aerials on kind of your view of either the near-term upside opportunity associated with the US rate cycle or kind of improvement there and also the longer-term views of the ability of Aerials to kind of achieve mid-teens margins kind of through the cycle, I believe that I think that was kind of the longer-term target.

也許可以這樣問——這其實只是換一種問法——如果您不介意的話，能否詳細談談出售 Aerials 的意圖對您的看法，包括您對美國利率週期近期上漲機會或利率改善的看法，以及您對 Aerials 在整個週期內實現 15% 左右利潤率的長期看法？我認為，這才是更長期的目標。

So if you could just talk about -- are these positives getting pushed out to the right? Any structural changes to kind of how you look at that business would be helpful.

所以，如果您能談談——這些積極因素是否被推向了右側？任何對看待這項業務方式的結構性改變都會有所幫助。

Yes. Thanks for the question. So yes, we're basically -- with this merger, we wanted to rebase line the company. That's what we wanted to do. So with these -- with the REV Group and our Materials Processing segment and our Environmental Solutions segment, we're basically becoming a new company.

是的。謝謝你的提問。所以，是的，我們基本上——透過這次合併，我們希望重新調整公司的基礎。這正是我們想做的事。因此，透過 REV 集團、我們的材料加工部門和我們的環境解決方案部門，我們基本上正在成為一家新公司。

And what we want to pursue is a more predictable, much less cyclical kind of earnings profile. That's what we want to do with the company going forward. And we believe that Aerials is a proven business. It's a strong business. There is a lot of upside coming from the mega projects alone in the United States.

我們想要追求的是一種更可預測、週期性更小的獲利模式。這就是我們未來希望公司發展的方向。我們相信 Aerials 是一家成熟的企業。這是一家實力雄厚的企業。光是美國的巨型計畫就蘊藏著巨大的發展潛力。

And then obviously, we see now Europe starting to invest in infrastructure, public construction as well, which will fuel further demand. We're not going to get into guiding, obviously, for 2026 here on this call today, but we think there is a lot of upside for the Aerials business for years to come. And then combine it with, I think, a well-documented proven track record on how it performs through the cycle, we think it's a very nice business for anyone.

顯然，我們現在看到歐洲開始投資基礎設施和公共建設，這將進一步刺激需求。顯然，我們今天不會在這次電話會議上討論 2026 年的指導方針，但我們認為未來幾年航拍業務有很大的發展空間。再加上它在整個週期中表現良好且有據可查的可靠記錄，我們認為這對任何人來說都是一項非常好的業務。

That's very helpful. And maybe just could you touch on -- I guess, comment on what you kind of perceive would be kind of the fair value for this business given the current demand backdrop and everything you just discussed? And importantly, as it pertains to potentially different avenues to divest. Any concerns over the current geopolitical kind of environment and whether that limits the potential range of interested parties in these assets?

那很有幫助。或許您能稍微談談——我想，鑑於當前的需求背景以及您剛才討論的所有內容，您認為這家企業的合理價值應該是多少？而且更重要的是，它還涉及可能不同的撤資途徑。當前地緣政治環境是否限制了這些資產的潛在潛在買家範圍，是否有任何擔憂？

I guess we're asking -- I'm asking because there's been other construction OEMs who kind of put on pause some intentions to sell assets due to kind of geopolitical challenges, maybe limiting international parties from moving forward. So just curious if you could comment on that.

我想我們之所以問——我之所以問，是因為其他一些建築設備製造商由於地緣政治挑戰而暫停了出售資產的計劃，這可能限制了國際各方推進交易。所以，我只是好奇您是否可以對此發表一下看法。

Yes, I'm not going to comment on any kind of valuation. I think that would be too premature on this call. And in terms of its appeal, I mean, it's one of the -- it's a leading brand in its space. It's a very strong business with a strong brand. We have a level playing field in its addressable market, which means that there is no immediate risk for any kind of dumping activities in North America and Europe.

是的，我不會對任何估值發表評論。我認為現在就打電話還為時過早。就其吸引力而言，我的意思是，它是該領域的領先品牌之一。這是一家實力雄厚、品牌強大的企業。我們擁有公平的競爭環境，這意味著在北美和歐洲不存在任何形式的傾銷活動的風險。

So an attractive end market. And it has a pretty strong US base. So quite honestly, I see it as the exact opposite. I see it as a very interesting asset that could give any owner a meaningful footprint in a very attractive end market and a big part of that being the United States and Europe, which are -- which is probably 90% of it anyway, if not more.

因此，終端市場極具吸引力。而且它在美國擁有相當強大的用戶基礎。坦白說，我的看法恰恰相反。我認為這是一項非常有趣的資產，可以讓任何所有者在極具吸引力的終端市場中獲得有意義的地位，而其中很大一部分市場是美國和歐洲，這兩個市場可能佔到90%，甚至更多。

So I see it completely opposite. I think it's a very attractive asset.

所以我的看法恰恰相反。我認為這是一項非常有吸引力的資產。

Steve Barger, KeyBanc.

史蒂夫·巴格爾，KeyBanc。

And sorry, I didn't have time to look this up, but can you tell me the dollar amount and duration in years of REV Group's backlog and maybe the concentration of it by product category, if you report that?

抱歉，我沒時間查一下，但您能否告訴我 REV Group 的積壓訂單金額和持續時間（以年為單位），以及（如果您有相關報告的話）按產品類別劃分的集中度？

We don't report it by product category, but maybe, Amy, you want to take that. But it's about $4.5 billion all in and 2- to 2.5-year backlog. I don't know if you want to comment on.

我們不按產品類別進行報告，但艾米，也許你想做這件事。但總金額約為 45 億美元，積壓訂單需要 2 到 2.5 年才能完成。我不知道你是否想對此發表評論。

You answered the question pretty well there, Mark. No, that's correct. We have a $4.5 billion backlog. We do break that out, $4.2 billion of that is in what we consider our Specialty Vehicle segment and about $300 million is in our Recreational Vehicle segment. And that 2- to 2.5-year backlog is strictly for those fire trucks and ambulances.

馬克，你回答得相當不錯。沒錯，就是這樣。我們積壓了價值45億美元的訂單。我們確實將這部分細分出來，其中 42 億美元屬於我們的特種車輛細分市場，約 3 億美元屬於我們的休閒車輛細分市場。而這 2 到 2.5 年的積壓訂單完全是指消防車和救護車。

Got it. And there are other fire truck and municipally oriented companies out there that, in some cases, have higher than current margins embedded in backlog due to strong pricing. Is that the case with REV Group as well?

知道了。還有一些消防車和市政車輛公司，由於定價策略強勁，一些公司的積壓訂單中包含的利潤率高於目前的水平。REV集團的情況也是如此嗎？

Yes. We have the same. During the pandemic, we saw backlogs for emerged fire and emergency equipment manufacturers increase across really all brands. And all of the providers of that equipment have been working through those backlogs and continue to work through those backlogs.

是的。我們也有同樣的情況。疫情期間，我們看到新興消防和緊急設備製造商的訂單積壓情況在各個品牌中都有所增加。所有這些設備的供應商一直在努力解決積壓訂單，並將繼續努力解決這些積壓訂單。

That concludes our question-and-answer session. I'd now like to turn the call over back to Mr. Simon Meester for closing remarks.

我們的問答環節到此結束。現在我想把電話轉回給西蒙·米斯特先生，請他作總結發言。

All right. Thank you. So thank you for your questions today. I want to just reemphasize how excited we are by today's announcement. We are merging two great companies, creating a low cyclical portfolio with strong synergies, a better margin profile, a US-centric footprint, leading brands and last but not least, a low capital intense kind of structure.

好的。謝謝。謝謝大家今天提出的問題。我只想再次強調，我們對今天的公告感到多麼興奮。我們正在合併兩家偉大的公司，打造一個週期性低、協同效應強、利潤率更高、以美國為中心的業務佈局、領先品牌，最重要的是，資本密集度低的投資組合。

So we're very excited on how this sets up and the value that it brings to our shareholders. So with that, I want to thank you. If you have any additional questions, please follow up with the respective Investor Relations leads. Operator, please disconnect the call.

因此，我們對這項措施的實施效果以及它為股東帶來的價值感到非常興奮。在此，我要感謝你們。如有其他疑問，請聯絡相應的投資者關係負責人。接線員，請掛斷電話。

This concludes today's session. You may now disconnect.

今天的會議到此結束。您現在可以斷開連線了。