Terex Corporation (TEX) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Terex first-quarter 2026 results conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位好，歡迎參加 Terex 2026 年第一季業績電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。

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

現在我很榮幸介紹本次會議主持人：投資人關係副總裁 Derek Everitt。Derek，請開始。

Good morning, and welcome to the Terex first-quarter 2026 earnings conference call. A copy of the press release and presentation slides are posted on our Investor Relations website at investors.terex.com. In addition, the replay and slide presentation will be available on our website. We are joined today by Simon Meester, President and Chief Executive Officer; and Jennifer Kong, Senior Vice President and Chief Financial Officer. Their prepared remarks will be followed by a Q&A.

各位早安，歡迎參加 Terex 2026 年第一季財報電話會議。新聞稿與簡報投影片已發布於我們的投資人關係網站 investors.terex.com。此外，會議重播與投影片簡報也將在我們網站上提供。今天與會者包括總裁暨執行長 Simon Meester，以及資深副總裁暨財務長 Jennifer Kong。兩位的事先準備發言後將進入問答環節。

Please turn to slide 2 of the 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 earnings material and in our reports filed with the SEC.

請翻到簡報第 2 頁，該頁為我們的安全港聲明。今天的電話會議包含前瞻性陳述，可能受到各項風險影響，導致實際結果與明示或暗示內容存在重大差異。這些風險在財報資料以及我們向美國證券交易委員會（SEC）提交的報告中有更詳細的說明。

On this call, we will be discussing non-GAAP financial information, including adjusted figures that we believe are useful in evaluating the company's operating performance. Reconciliations for these non-GAAP measures can be found in the conference call materials.

在本次電話會議中，我們將討論非 GAAP 財務資訊，包括我們認為有助於評估公司營運表現的調整後數據。這些非 GAAP 指標的調節表可在電話會議資料中查閱。

Please turn to slide 3, and I'll hand it over to Simon Meester.

請翻到第 3 頁，接下來交給 Simon Meester。

Thanks, Derek, and good morning. I would like to welcome everyone to our earnings call and appreciate your interest in Terex. We're off to a good start for the year, including our new specialty vehicle segment, which was in the portfolio for two months of the period and already making a meaningful contribution to the group.

謝謝你，Derek，各位早安。我想歡迎各位參加我們的財報電話會議，並感謝大家對 Terex 的關注。今年我們開局良好，包括我們新的特種車輛事業部門，本期僅納入兩個月就已對集團做出顯著貢獻。

We grew sales by 11% on a pro forma basis, including growth in all four segments, led by specialty vehicles, which grew 20% compared to the same period last year. Terex utilities was our fastest-growing business this quarter. The Utilities team is doing an excellent job ramping up production in a very bullish market. And EPS increased 18% year-over-year to $0.98 or 6% improvement with a normalized tax rate.

以備考（pro forma）基礎計算，我們的銷售額成長 11%，四個事業部門皆有成長，其中以特種車輛領軍，較去年同期成長 20%。本季 Terex Utilities 是我們成長最快的業務。Utilities 團隊在非常看多的市場中，正出色地提升產能。此外，每股盈餘（EPS）年增 18% 至 0.98 美元；若以常態化稅率計算，則為 6% 的改善。

Quarter ending backlog increased to $7.1 billion, which includes strong bookings trends, particularly in materials processing, Aerials and Terex utilities, providing good forward visibility and consistent with our expectations for the year. As a result, we are reiterating our full year outlook and with the recent additions to our portfolio, remain laser-focused on execution and integration, which brings me to slide 4.

季末在手訂單（backlog）增加至 71 億美元，反映強勁的接單趨勢，尤其是在物料處理（Materials Processing）、高空作業平台（Aerials）以及 Terex Utilities，提供良好的前瞻能見度，並符合我們對全年表現的預期。因此，我們重申全年展望；同時，隨著近期投資組合新增項目，我們仍將高度聚焦於執行與整合，這也帶我進入第 4 頁。

The REV integration is progressing as planned. We are executing the same playbook we used for the ESG integration, which we completed ahead of schedule and within budget with synergies above target. For the synergies with REV, we are on track to realize approximately $28 million in 2026 by eliminating duplicate overhead and have line of sight to achieving a $75 million run rate within our 24-month target.

REV 的整合正按計畫推進。我們正在執行與 ESG 整合相同的作法；ESG 整合已提前完成、在預算內完成，且協同效益高於目標。就 REV 的協同效益而言，我們預計在 2026 年透過消除重複的間接費用實現約 2,800 萬美元，並且已清楚掌握在 24 個月目標期內達成 7,500 萬美元年化（run rate）的路徑。

With regards to the integration effort, all work streams are at or ahead of schedule. In addition, I'm particularly encouraged by the way the legacy Terex and legacy REV teams are working together, and the two cultures are meshing really well. Last week, the Specialty Vehicles team showcased our 3rd Eye digital solution at the fire & emergency trade show in Indianapolis, and we're very pleased with the level of interest it created.

就整合工作而言，所有工作流（work streams）皆已達到或超前進度。此外，我特別受到鼓舞的是，原 Terex 與原 REV 團隊的合作方式非常良好，兩種企業文化也融合得很順利。上週，特種車輛團隊在印第安納波利斯的消防與緊急應變產業展上展示了我們的 3rd Eye 數位解決方案，我們對其引發的高度關注感到非常滿意。

3rd Eye is an AI-based solution that our Environmental Solutions segment developed for their customers to provide situational awareness around the vehicle and add tangible commercial and operational benefits. It's an integral part of what is now referred to as smart truck technology in the waste collection sector. Our digital team has already developed applications that leverage this technology for utility vehicles, cement mixers and have now added fire and emergency vehicles to their scope.

3rd Eye 是一套以 AI 為基礎的解決方案，由我們的環境解決方案（Environmental Solutions）事業部為客戶開發，用於提供車輛周邊的情境感知，並帶來具體的商業與營運效益。它是目前廢棄物收運領域所稱「智慧卡車技術」的重要組成部分。我們的數位團隊已開發可運用此技術的應用，涵蓋公用事業車輛、水泥攪拌車，並已將消防與緊急應變車輛納入其範圍。

So good progress on the REV integration and the synergies front. We're also pleased with the progress we are making with the strategic review of our Aerials business. We continue to engage with multiple interested parties and are working towards an outcome that maximizes value for our shareholders. We do not have any specific details to share at this time, but we will continue to update you as the process unfolds.

因此，REV 整合與協同效益方面進展良好。我們也對高空作業平台（Aerials）業務的策略檢討進度感到滿意。我們持續與多個有興趣的對象接洽，並朝向能為股東創造最大價值的結果推進。目前沒有可分享的具體細節，但我們將在流程推進過程中持續向各位更新。

Moving to page 5. Over the past two years, we deliberately shifted our portfolio's end market exposure to more US-based, resilient and predictable sectors with attractive growth profiles. As a result, Terex is far less exposed to global macro dynamics and trade policy than in the past. Based on pro forma 2025 results, about 80% of our revenue was generated in North America, of which roughly 85% was manufactured in the United States. Our end markets are more stable and our supply chain is more durable.

接著看第 5 頁。過去兩年，我們有意將投資組合的終端市場曝險轉向更以美國為主、具韌性且可預測、並擁有具吸引力成長輪廓的產業。因此，相較以往，Terex 受到全球總體環境與貿易政策的影響已大幅降低。以備考 2025 年結果計算，我們約 80% 的營收來自北美，其中約 85% 在美國製造。我們的終端市場更穩定，供應鏈也更具耐久性。

Touching briefly on our primary verticals. Demand for fire and emergency vehicles continues to be strong. We are making strategic investments to improve production efficiency and increase capacity in key areas such as ladder trucks, where we are increasing capacity by 35% at our Ocala, Florida plant. And in South Dakota, we're increasing capacity for the pre-engineered S-180 pumpers.

簡要談談我們的主要垂直領域。消防與緊急應變車輛的需求仍然強勁。我們正進行策略性投資，以提升生產效率並在關鍵領域擴充產能，例如在雲梯車方面，我們正於佛羅里達州奧卡拉（Ocala）工廠將產能提高 35%。此外，在南達科他州，我們也在提升預先工程化（pre-engineered）的 S-180 泵浦車（pumper）產能。

Both investments will help to reduce lead times and with the S-180 pumper, provide our customers with a lower cost alternative that we can deliver in about nine months. In waste and recycling, our customers are indicating that 2026 demand will be more skewed towards the second half, including anticipated prebuys ahead of the 2027 EPA changes.

這兩項投資將有助於縮短交期；而對於 S-180 泵浦車，我們也能為客戶提供成本更低的替代方案，並可在約九個月內交付。在廢棄物與回收領域，我們的客戶表示 2026 年需求可能更偏向下半年，包括預期在 2027 年 EPA 變更前的提前採購（prebuys）。

HAL is well positioned to outperform the market again this year due to its product portfolio, production quality and its lead times. We continue to anticipate growth in aftermarket, retrofits and digital sales this year. And of course, the long-term fundamental growth drivers for the segment remain intact. Utilities is poised for strong growth for 2026 and beyond as demand on the US grid continues to increase, particularly from data center expansion and AI use cases.

HAL 憑藉其產品組合、生產品質與交期，今年也有良好條件再次跑贏市場。我們仍預期今年售後市場、改裝（retrofits）與數位化銷售將成長。當然，該事業部門的長期基本面成長驅動因素仍然完好。Utilities 在 2026 年及之後有望強勁成長，因為美國電網需求持續增加，尤其來自資料中心擴張與 AI 應用情境。

Industry forecasts call for 8% to 15% annual CapEx growth through 2030, and we're making good progress with our phased investment to bring 30% more capacity online by the end of next year. And finally, in construction, we see robust infrastructure activity supported by government funding. The pipeline of mega projects provides a tailwind through 2030.

產業預測指出，至 2030 年每年資本支出（CapEx）將成長 8% 至 15%；我們正按階段性投資計畫穩步推進，目標在明年年底前新增 30% 產能。最後，在建築領域，我們看到在政府資金支持下，基礎建設活動強勁。大型專案（mega projects）管線將在 2030 年前提供順風。

MP continues to grow its business in India, and we are starting to see improvements in Europe and Australia, although oil prices can potentially hamper some of that growth given the more vulnerable state both of those markets are currently in. In summary, in the past two years, we have built a highly resilient portfolio of businesses that enable us to navigate short-term macro and market-specific dynamics and deliver on our financial objectives predictably and consistently going forward.

MP 持續在印度擴大業務，我們也開始看到歐洲與澳洲的改善；不過，考量這兩個市場目前相對脆弱的狀態，油價可能會在一定程度上抑制部分成長。總結而言，過去兩年我們打造了高度具韌性的事業組合，使我們能因應短期總體與各市場特定的變動，並在未來以可預測且一致的方式達成我們的財務目標。

And with that, I'll turn it over to Jen.

接下來我把時間交給 Jen。

Thank you, Simon, and good morning, everyone. Let's look at our Q1 results on slide 6. Our operational performance was in line with our expectations. We grew sales to $1.7 billion, an increase of $505 million or 41% compared with the prior year on a reported basis. The growth was due to the merger with REV that closed on February 2 and growth in each of our legacy segments.

謝謝你，Simon，各位早安。讓我們看第 6 頁的第一季（Q1）結果。我們的營運表現符合預期。銷售額成長至 17 億美元，以公告（reported）基礎計算，較去年增加 5.05 億美元或 41%。成長主要來自於 2 月 2 日完成的 REV 併購，以及我們各個既有事業部門的成長。

On a pro forma basis, we grew 10.8%, led by strong growth in specialty vehicles, material processing and Terex Utilities. Excluding the impact of the merger and the sale of our Crane and (technical difficulty) businesses, organic revenue increased 8.1% with increased sales across all legacy segments. Q1 EBITA margin was 9.9%, down 50 basis points versus the prior year, primarily driven by tariffs, which were not in effect in the prior year period, partially offset by improved performance in MP and SV.

以備考基礎計算，我們成長 10.8%，主要由特種車輛、物料處理以及 Terex Utilities 的強勁成長帶動。排除併購影響以及我們出售 Crane 與（技術問題）業務的影響後，有機營收成長 8.1%，各既有事業部門的銷售均增加。第一季 EBITA 利潤率為 9.9%，較去年下降 50 個基點，主要受關稅影響（去年同期尚未生效），部分被 MP 與 SV 表現改善所抵銷。

Interest and other expenses of $44 million was $1 million lower than Q1 last year. And the first-quarter effective tax rate was 11%, driven by favorable onetime tax attributes. EPS for the quarter was $0.98, which included approximately $0.10 of onetime tax benefit when the Q1 tax rate is compared to our 2026 full year expected tax rate of 21%.

利息及其他費用為 4,400 萬美元，較去年第一季少 100 萬美元。第一季有效稅率為 11%，主要受一次性有利稅務屬性帶動。本季每股盈餘（EPS）為 0.98 美元，其中約 0.10 美元來自一次性稅務利益（將第一季稅率與我們 2026 年全年預期稅率 21% 相比）。

Our operational EPS improvement was $0.05 compared to last year despite the tariff headwinds. Notably, our current Q1 EPS is based on 96.1 million shares outstanding, up from $66.9 million in the first-quarter of 2025. Free cash outflow in the quarter was $57 million, consistent with Q1 last year. Terex's historical cash generation is seasonally weighted towards the back half of the year with first-quarter cash outflows reversing as volume increases and working capital unwinds through the remaining of the year.

儘管關稅逆風，我們的營運性每股盈餘（EPS）較去年改善了0.05美元。值得注意的是，我們目前第一季EPS係以9,610萬股流通在外股數為基礎，較2025年第一季的6,690萬股增加。本季自由現金流出為5,700萬美元，與去年第一季一致。Terex歷來的現金創造具有季節性，偏重於下半年；隨著銷量增加且營運資金在今年剩餘期間回轉，第一季的現金流出通常會反轉。

Importantly, our newer businesses, particularly specialty vehicles, have a more favorable working capital profile with significantly less seasonality. As a result, our Q1 net working capital as a percentage of sales improved to 16.7% compared to 26% in the same period last year. We also reduced our net leverage ratio to 2.4x and remain disciplined with our capital structure, focused on maximizing value for our shareholders.

重要的是，我們較新的業務，尤其是特種車輛，具備更有利的營運資金結構，季節性明顯較低。因此，我們第一季淨營運資金占銷售額比率改善至16.7%，相較去年同期為26%。我們也將淨槓桿比率降至2.4倍，並持續嚴守資本結構紀律，專注於為股東創造最大價值。

Please turn to slide 7 to review our segment results, starting with Environmental Solutions. As expected, sales growth of 3.3% in ES was driven by Terex Utilities as they begin to ramp up to meet strong demand for bucket trucks, digger derricks and products and services. Q1 EBITDA margin of 18% was lower than the prior year due to a higher mix of utilities volume, where margins continue to improve, coupled with lower ESG volume, partially offset by higher synergy realization.

請翻到第7頁檢視我們的分部業績，先從環境解決方案（Environmental Solutions）開始。如預期，ES銷售成長3.3%主要由Terex Utilities帶動，因其開始加速產能以滿足對斗臂車（bucket trucks）、挖掘起重桿車（digger derricks）以及產品與服務的強勁需求。第一季EBITDA利潤率為18%，較去年下降，原因是公用事業（utilities）業務量占比提高（其利潤率仍在改善），加上ESG業務量較低；部分被更高的協同效益實現所抵銷。

Turning to slide 8. MP had a very good first-quarter, growing bookings and sales and expanding operating margin. Sales of $419 million were 18.3% higher than prior year on a pro forma basis or 12% higher, excluding the impact of foreign exchange rates. Growth in aggregates was the primary driver as sales grew in every region. The handling and environmental verticals also grew in the quarter.

接著看第8頁。MP第一季表現非常出色，訂單與銷售成長，且營業利潤率擴張。以備考（pro forma）基礎計，銷售額4.19億美元較去年成長18.3%；若排除匯率影響，則成長12%。骨材（aggregates）成長是主要驅動因素，各區域銷售皆成長。本季物料處理（handling）與環境（environmental）垂直領域亦有成長。

MP EBITDA margin continued to improve, reaching 15% in the quarter as higher volume, efficiency improvements and pricing actions drove the 310 basis point increase over the prior year. The margin actions and increasing bookings and backlog sets MP up well for the balance of 2026. Moving to slide 9. Our new specialty vehicle segment got off to a great start, generating $436 million of revenue in February and March, representing growth of 20% compared with the same period last year.

MP EBITDA利潤率持續改善，本季達15%；較去年提升310個基點，主要由更高的銷量、效率改善與定價措施所帶動。利潤率改善措施以及訂單與在手訂單（backlog）的增加，使MP在2026年剩餘期間具備良好態勢。接著看第9頁。我們新的特種車輛分部開局亮眼，2月與3月合計創造4.36億美元營收，較去年同期成長20%。

The growth was a combination of price realization and higher unit deliveries across all product lines, partially due to weather-related delivery timing. EBITDA margin increased by 160 basis points to 14.2%, driven by higher throughput, price realization and improved operational efficiency. Turning to page 10. ARRIS had another strong bookings quarter with 132% book-to-bill, generating a $1 billion backlog, giving us forward visibility as we head into the annual selling season.

成長來自價格實現與各產品線交付台數增加的綜合效果，部分亦受天候因素影響交付時點。EBITDA利潤率提升160個基點至14.2%，主要由更高的產出、價格實現與營運效率提升所驅動。翻到第10頁。ARRIS本季再度繳出強勁訂單表現，出貨比（book-to-bill）達132%，在手訂單達10億美元，讓我們在進入年度銷售旺季之際具備前瞻能見度。

Sales in the quarter were $469 million, up 4.2% year-over-year, largely due to positive foreign exchange rates. As expected, Aerials EBITDA was breakeven because Q1 is typically a seasonally low volume quarter and due to tariffs, which the business did not incur this time last year. In addition, the business faced some temporary unfavorable mix but expects favorable price/cost dynamics for the remaining of the year.

本季銷售額為4.69億美元，年增4.2%，主要受惠於有利的匯率。如預期，Aerials EBITDA為損益兩平，因第一季通常為季節性低量季度，且受關稅影響（去年同期該業務未承擔此項成本）。此外，該業務亦面臨一些暫時性的不利產品組合，但預期今年剩餘期間價格／成本動態將轉為有利。

Turning to bookings on slide 11. Before going into each segment, for Terex overall, Q1 pro forma bookings of $2.1 billion represented 109% book-to-bill ratio and led to modestly higher backlog on a sequential and year-over-year basis. In environmental solutions, Q1 bookings were $347 million, slightly lower than prior quarters due to the timing of several large utilities bookings that were recorded in Q4.

接著看第11頁的訂單。在進入各分部之前，就Terex整體而言，第一季備考訂單為21億美元，出貨比為109%，使在手訂單在季比與年比基礎上均小幅增加。在環境解決方案方面，第一季訂單為3.47億美元，較前幾季略低，原因是數筆大型公用事業訂單的入帳時點落在第四季。

We expect bookings level in utilities to remain strong, and our focus remains on ramping up throughput to meet demand. On the ESG side, we expect orders to be more heavily weighted to the second half of the year, including additional orders for delivery in advance of the new 2027 EPA regulations. MP bookings of $623 million reflects 38% year-over-year growth on a pro forma basis.

我們預期公用事業的訂單水準將維持強勁，並持續聚焦提升產出以滿足需求。在ESG方面，我們預期訂單將更偏重於下半年，包括為因應2027年新版EPA法規而提前交付的額外訂單。MP訂單為6.23億美元，以備考基礎計年增38%。

While aggregates was the main driver, bookings also increased in concrete, material handling and environmental. MP ended the quarter with $594 million in backlog, up $205 million or 53% versus the prior year, setting it up for strong performance through 2026. SP bookings came in at $501 million. As you can see on the chart, orders can be lumpy in the segment, but overall, the backlog remains elevated, and the team is focusing on bringing lead times down with calculated investments.

除骨材為主要驅動因素外，混凝土、物料處理與環境領域的訂單亦增加。MP本季結束時在手訂單為5.94億美元，較去年增加2.05億美元或53%，使其在2026年具備強勁表現基礎。SP訂單為5.01億美元。如圖表所示，該分部訂單可能呈現波動，但整體在手訂單仍維持高檔，團隊正透過審慎投資以縮短交期。

Finally, Aerials bookings of $620 million in Q1, combined with $971 million in Q4 is 21% higher than the same six months period a year ago. While growth was strongest in North America, we also saw modest growth in EMEA, providing good visibility for the balance of 2026. Now turn to slide 12 for our 2026 outlook. We are operating in a complex environment with many macroeconomic variables and geopolitical uncertainties, and results could change negatively or positively.

最後，Aerials第一季訂單為6.20億美元，結合第四季的9.71億美元，較一年前同一六個月期間高出21%。雖然成長以北美最為強勁，我們在EMEA也看到溫和成長，為2026年剩餘期間提供良好能見度。現在請翻到第12頁，查看我們對2026年的展望。我們正處於複雜環境中，存在多項總體經濟變數與地緣政治不確定性，結果可能向下或向上變動。

The outlook we are providing today reflects our current portfolio and does not account for any cost to achieve the synergies, purchase accounting adjustments nor other nonrecurring items. Our first-quarter performance, booking trends and backlog of $7.1 billion supports reconfirming the full year 2026 outlook that we provided in February.

我們今天提供的展望反映目前的投資組合，未納入達成協同效益的成本、購買會計調整或其他非經常性項目。我們第一季表現、訂單趨勢以及71億美元的在手訂單，支持我們重申2月所提供的2026全年展望。

Overall, we continue to expect 2026 sales to grow approximately 5% on a pro forma basis to $7.5 billion to $8.1 billion. We further expect pro forma EBITDA to grow by approximately $100 million or 12% year-over-year to between $930 million and $1 billion or 12.4% EBITDA margin at the midpoint. Included in our EBITDA outlook is approximately $28 million of synergies that we are well on our way to realizing.

整體而言，我們仍預期2026年銷售額以備考基礎計約成長5%，達75億至81億美元。我們進一步預期備考EBITDA年增約1億美元或12%，達9.30億至10億美元；以中點計EBITDA利潤率為12.4%。我們的EBITDA展望包含約2,800萬美元的協同效益，目前正穩步實現中。

This is in line with our goal to achieve $75 million of run rate synergies within two years of closing the merger. We continue to anticipate interest and other expenses to be approximately $190 million, consistent with pro forma 2025 based on average debt outstanding of about $2.7 billion. The effective tax rate for the full year is still expected to be 21%.

這與我們的目標一致：在併購完成後兩年內達成7,500萬美元的年化（run rate）協同效益。我們仍預期利息及其他費用約為1.90億美元，與以約27億美元平均在外債務為基礎的備考2025年一致。全年有效稅率仍預期為21%。

We expect 2026 EPS between $4.50 and $5. Please note, the share count for quarters two through four will be approximately 115 million. For modeling purposes, approximately 25% of our full year EPS is anticipated in the second quarter as we expect profitability in Aerials and environmental solutions to improve in the second half.

我們預期2026年EPS介於4.50至5.00美元。請注意，第二至第四季的股數將約為1.15億股。就建模而言，我們預期全年EPS約25%將在第二季實現，因我們預期Aerials與環境解決方案的獲利能力將在下半年改善。

We expect 2026 free cash conversion of between 80% and 90% of our net income. Our net leverage is expected to improve over the course of the year. Looking at our segments, we expect environmental solutions to grow mid-single digits in 2026, led by utilities, where we continue to ramp up production to meet strong demand.

我們預期2026年自由現金轉換率為淨利的80%至90%。我們的淨槓桿預期將在全年過程中改善。就各分部而言，我們預期環境解決方案在2026年將呈現中個位數成長，主要由公用事業帶動；我們持續提升產能以滿足強勁需求。

We expect margin to improve in the second half due to higher volume, including digital and aftermarket, productivity improvements and improved customer mix. We do not foresee a material impact from the recent tariff changes on ES performance. Turning to MP. The strong start to the year and growth in bookings and backlog gives us confidence in our high single-digit pro forma growth outlook for the segment, largely driven by aggregates.

我們預期利潤率將在下半年改善，原因包括更高的銷量（包含數位與售後市場）、生產力提升以及客戶組合改善。我們不預期近期關稅變動會對ES表現造成重大影響。接著看MP。年初的強勁開局以及訂單與在手訂單的成長，使我們對該分部備考高個位數成長展望更具信心，主要由骨材帶動。

We also expect margins to improve through 2026 due to higher volume, productivity and favorable price cost. It's important to understand that mobile crushing and screening equipment, the primary products in the aggregate vertical that we import from the UK are not subject to 232 tariffs. Our new specialty vehicles segment got off to a great start and with roughly two years of backlog provides very good visibility for the balance of the year.

我們也預期利潤率將在2026年持續改善，受惠於更高的銷量、生產力提升以及有利的價格／成本關係。需要理解的是，我們自英國進口、屬於骨材垂直領域主要產品的移動式破碎與篩分設備，不適用232條款關稅。我們新的特種車輛分部開局亮眼，且約有兩年的在手訂單，為今年剩餘期間提供非常好的能見度。

We continue to expect sales growth of high single digits from an 11th-month pro forma prior year total of $2.2 billion. We also continue to expect meaningful margin improvement compared to the prior year EBITDA margin of approximately 12.5% due to higher throughput, price realization and ongoing operational improvements.

我們仍預期銷售額將自備考前一年11個月合計22億美元的基礎上，實現高個位數成長。我們也仍預期相較前一年約12.5%的EBITDA利潤率將有顯著改善，主要由更高的產出、價格實現與持續的營運改善所帶動。

From a modeling perspective, we expect run rate revenue and margins in Q2 and Q3 to be similar to Q1 with a modest seasonal step down in Q4 due to fewer working days. We do not foresee a material impact from recent tariff changes on ASV performance. Finally, in Aerials, we continue to anticipate 2026 sales and margin to be similar to 2025.

從建模的角度來看，我們預期第二季與第三季的常態化營收與利潤率將與第一季相近；而第四季因工作天數較少，將出現溫和的季節性下滑。我們不預期近期關稅變動會對 ASV 的表現造成重大影響。最後，在 Aerials 業務方面，我們仍預期 2026 年的銷售與利潤率將與 2025 年相近。

We have good visibility with over $1 billion in backlog following back-to-back quarters with strong bookings. Margins are expected to improve sequentially in the second and third quarters with higher volume, price realization, favorable customer mix and disciplined cost management. Even with a higher impact of tariffs versus last year, we expect Aerials to be largely price/cost neutral for the full year.

在連續兩季強勁接單之後，我們的在手訂單（backlog）超過 10 億美元，因此能見度良好。隨著出貨量提升、價格落實、較有利的客戶組合以及嚴謹的成本管理，預期第二季與第三季的利潤率將逐季改善。即使相較去年關稅影響更高，我們仍預期 Aerials 全年大致可達到價格／成本中性。

With Q1 behind us, healthy backlog and fleet utilization, we expect the business to have bottomed and start its path to cyclical recovery. In summary, given that we are only 1 quarter into the year and there are macro variables that we do not control, we believe it is prudent to hold our 2026 outlook at this point in time. We will obviously refine our outlook as the year unfolds.

第一季已過，憑藉健康的在手訂單與車隊使用率，我們預期業務已觸底，並開始邁向景氣循環復甦。總結而言，鑑於我們今年才進入第 1 季，且仍存在我們無法控制的總體變數，我們認為此時維持 2026 年展望不變是審慎之舉。我們也會隨著年度推進，持續修正與完善我們的展望。

Please turn to slide 14, and I'll turn it back to Simon.

請翻到第 14 頁投影片，接下來我把時間交還給 Simon。

Thanks, Jen. We delivered a solid start to 2026 with strength in Materials Processing and Utilities and a strong initial contribution from our new Specialty Vehicles segment. Integration execution is progressing as planned, and we are on track to deliver our synergy commitments. Our portfolio is more resilient and predictable with greater North America exposure and less sensitive to macro volatility and tariff changes than in prior years.

謝謝，Jen。2026 年我們以穩健的表現開局，Materials Processing 與 Utilities 展現強勁動能，而新成立的 Specialty Vehicles 事業部也帶來了強而有力的初期貢獻。整合執行正按計畫推進，我們也正朝著達成協同效益承諾的目標前進。相較以往，我們的投資組合因北美曝險更高而更具韌性與可預測性，對總體波動與關稅變動的敏感度也更低。

Our teams are focused on disciplined execution against our strategy and our annual plan as we build on the progress that we've made to date. And with that, I would like to open it up for questions. Operator?

我們的團隊正專注於依照策略與年度計畫進行嚴謹執行，並在既有進展的基礎上持續推進。接下來，我想開放提問。接線員？

(Operator Instructions) Angel Castillo, Morgan Stanley.

（接線員指示）Angel Castillo，摩根士丹利。

Just wanted to start, I guess, you delivered a very solid Q1 here in EPS. You had very strong bookings and improving margins in all the segments. And yet, I guess, you chose to hold the full year guidance constant. So Jennifer, I know that you kind of qualified it as prudent, but curious, I guess, is this primarily a function of macro tariff uncertainty or just more about conservatism?

我想先從這裡開始，你們第一季在 EPS 方面交出非常亮眼的成績，接單非常強勁，而且各事業部的利潤率都在改善。但你們仍選擇維持全年指引不變。所以 Jennifer，我知道你把這形容為審慎，但我想了解，這主要是因為總體與關稅的不確定性，還是更多出於保守考量？

And then curious if you could add to the extent that there is conservatism in the guide, I guess, where are you seeing most areas of kind of uncertainty within the business? Or where do you see the most kind of room for upside risk in terms of the segments or the products?

另外，如果指引中確實包含一些保守因素，你們認為業務中哪些面向的不確定性最大？或就各事業部／產品而言，你們覺得哪裡最有上行風險的空間？

Angel, thanks for the question. Yes, the short answer is, as Jen said in her prepared remarks, that it's much more about discipline and timing than any change in how we feel about the fundamentals of the business. We're very pleased with how the year started. Q1 execution is strong, bookings and backlog improved, and we are seeing good momentum across the board.

Angel，謝謝你的提問。是的，簡短回答是：如 Jen 在事先準備的發言中所說，這更多是關於紀律與時點，而不是我們對業務基本面看法的改變。我們對今年的開局非常滿意。第一季執行力強，接單與在手訂單都有改善，我們也看到各方面都有良好動能。

That said, we're only one quarter into the year. We're operating in an environment that still has a fair amount of uncertainty around macro conditions and tariffs. And so we believe that at this point, it's most prudent to confirm the outlook that we set in February, which already contemplated solid growth and margin expansion and synergy realization.

不過，我們今年才走過一季。我們所處的環境在總體狀況與關稅方面仍有相當程度的不確定性。因此，我們認為此時最審慎的作法，是確認我們在 2 月所提出的展望；該展望已納入穩健成長、利潤率擴張以及協同效益實現。

And we feel like it reflects our confidence in delivering those commitments while also basically allowing us to see a bit more conversion and volume flow through the system. Importantly, I think, is nothing that we've seen year-to-date has changed our confidence in the underlying trajectory of the business. And as the year progresses, we'll gain additional visibility, and we'll continue to evaluate the outlook based on how we execute and how things evolve at the macro level. But for now, we think reaffirming is the right and responsible approach.

我們認為這反映了我們對達成這些承諾的信心，同時也讓我們能再觀察更多訂單轉換與出貨量在系統中的流動。重要的是，截至目前我們所看到的一切，都沒有改變我們對業務基本走勢的信心。隨著年度推進，我們將獲得更多能見度，並會根據執行情況以及總體層面的變化持續評估展望。但就目前而言，我們認為重申指引是正確且負責任的做法。

That's totally fair. And I guess as a follow-up to that, Simon, I was hoping you could unpack the backlog and bookings trends a little bit more. I guess, first, just curious how orders have progressed through your segments in March and April. I think you just noted that there's maybe -- we haven't seen anything change so far, but just a little bit more color on that.

這完全合理。那我接著追問一下，Simon，我希望你能更進一步拆解在手訂單與接單趨勢。首先，我想了解 3 月與 4 月各事業部的訂單進展如何。你剛提到目前沒有看到任何變化，但希望能多給一些細節。

And also if you could expand on the MP bookings and backlog, I think that's the strongest we've seen in a couple of years here. So just can you talk about what you're seeing in terms of demand there and whether that was maybe more of a onetime step-up or if it's just kind of a continuation that you anticipate in terms of demand?

另外也請你談談 MP 的接單與在手訂單。我認為這是我們這兩年來看到最強的一次。你能否說明你們看到的需求狀況？這是否比較像一次性的跳升，還是你們預期需求會延續的趨勢？

No. I mean we're very encouraged by the bookings in MP. We think there's strong momentum. MPs, as you know, is mostly a dealer model. We see fleets at a healthy level. We see utilization at a healthy level. We see RPOs coming back in, which were being a little delayed in the last couple of quarters, but we are seeing the RPOs picking back up.

不。我們對 MP 的接單非常振奮，認為動能很強。如你所知，MP 主要是經銷商模式。我們看到車隊規模維持在健康水準、使用率也在健康水準。我們也看到 RPO（租賃採購選擇權）回流；過去幾季 RPO 有些延後，但現在我們看到 RPO 正在回升。

So we're very pleased with the momentum that we see building in MP, and we expect that to carry forward in the remainder of the year. Pleased with the bookings in aerials. We've got now 6 of the 9 months covered. And with some of that price cost coming our way for the remainder of the quarters, we feel good about where that's going.

因此，我們對 MP 動能的累積感到非常滿意，並預期這股動能將延續到今年剩餘時間。我們也對 Aerials 的接單感到滿意；目前 9 個月中已有 6 個月被覆蓋。而且隨著剩餘季度將有部分價格／成本利多逐步反映，我們對後續走勢感到樂觀。

And then on ES, very strong Environmental Solutions, very strong bookings, continued bookings in utilities, although when the slide that we shows a little bit of a dip in Q1, that's mostly because we had bookings that we thought would drop in Q1 dropped in Q4 with Terex Utilities, so they were a bit lumpy. And secondly, we see the center of gravity for ESG bookings more in the second half tied to new product introductions, fleet replacements and potential prebuys.

接著談 ES，Environmental Solutions 接單非常強勁，Utilities 的接單也持續強勁；雖然投影片顯示第一季似乎略有下滑，但主要是因為我們原本預期會在第一季落單的訂單，實際上在第四季就由 Terex Utilities 落單了，因此呈現較不平滑的波動。第二點是，我們看到 ESG 接單的重心更偏向下半年，與新產品導入、車隊汰換以及可能的提前採購（prebuys）相關。

So that explains a little bit the booking pattern in ES. And then last, SV continues to be moving strong on bookings, although as lead times gradually and slowly start to improve, we expect bookings to start to come down at some point because as you can see from our appendix in the earnings deck, our backlog basically in that business has been going up consistently for the last three years.

因此，這也解釋了 ES 的接單型態。最後，SV 的接單仍持續強勁；不過，隨著交期逐步且緩慢改善，我們預期某個時間點接單會開始下降，因為如你從我們財報簡報的附錄所見，該業務的在手訂單在過去三年基本上持續上升。

And as an industry, we've been very focused on bringing that down, hence, the investments that I spoke about in my prepared remarks. So we should be seeing bookings come down at some point in SV and see us working that backlog down. So I think bookings, strong story this quarter and particularly encouraged with some of our -- like MP and aerials that we see some early cycle signs here.

而就整個產業而言，我們一直非常專注於把在手訂單降下來，這也是我在事先準備的發言中提到投資的原因。因此，我們應該會在某個時間點看到 SV 的接單下降，並看到我們逐步消化在手訂單。所以我認為本季接單是一個強勁的故事，尤其我們對 MP 與 Aerials 等業務看到一些早期循環訊號而特別受到鼓舞。

We see some independents picking up in Aerials, which is typically a sign for us that there might be some early cycle momentum building here that we're encouraged by for the year.

我們也看到 Aerials 的獨立業者開始回補，這通常對我們而言是一個訊號，代表可能有早期循環動能正在形成，這也讓我們對今年感到鼓舞。

Kyle Menges, Citigroup.

Kyle Menges，花旗集團。

Great. I was hoping if you could just talk about any changes to how you're thinking about margins across the segments for the year and tariff impacts. I think you said in the press release fairly negligible, but are tariffs at least somewhat of an incremental headwinds weighing on the guide?

很好。我想請你們談談今年各事業部利潤率的看法是否有任何改變，以及關稅的影響。我記得你們在新聞稿中說影響相當有限，但關稅是否至少在某種程度上構成額外的逆風，並對指引造成壓力？

Right. This is Jen. So maybe I'll start with AP first. Given the great performance in Q1, we expect a further step-up in our margin profile in Q2 and Q3, driven by the higher volume support of our backlog and the higher bookings and also favorable mix and price cost favorability in that segment. So we expect that to go up further.

好的。我是 Jen。那我先從 AP 開始。鑑於第一季表現非常出色，我們預期第二季與第三季的利潤率結構將進一步上升，主要由更高的出貨量（由在手訂單支撐）、更高的接單，以及該事業部較有利的產品／客戶組合與價格／成本利多所帶動。因此我們預期利潤率會再往上。

Now on ES, we expect that Q2 to be very similar than Q1. Our Q2 margin profile, our volumes continue to be driven by utilities. And then we expect a meaningful step-up in our margin profile in the second half of the year for ES versus first half of the year, driven by ESG book-to-bill that Simon actually referenced in his prepared remarks.

至於 ES，我們預期第二季將與第一季非常相近。第二季的利潤率結構與出貨量仍主要由 Utilities 帶動。接著，我們預期 ES 在下半年相較上半年，利潤率結構將有顯著提升，主要由 Simon 在事先準備的發言中提到的 ESG 訂單出貨比（book-to-bill）所驅動。

We expect higher-margin digital and aftermarket to drop through into second half of the year. And then finally, utilities continue to drive throughput at both of our Waukesha and Birmingham installed facilities continues to ramp up. So ending with maybe SV, on our SV margin, we expect, like I mentioned in the prepared remarks, the Q2 and Q3 run rate to be very similar to our Q1 and then a marginal step down in Q4 due to lower -- less working days and due to customer inspection.

我們預期較高毛利的數位化與售後市場業務將在下半年反映到獲利中。此外，Utilities 仍持續推動我們位於 Waukesha 與 Birmingham 的既有廠房產能利用率提升，並持續爬坡。最後談到 SV，我們對 SV 的利潤率預期如我在事先準備的發言中所提，第二季與第三季的常態水準將與第一季非常相近，而第四季會因工作天數較少以及客戶驗收檢查而出現小幅下滑。

Now in terms of the -- as segment, we do expect that Q2, we expect a natural step-up driven by our seasonal demand at 25% incremental. We then expect Q3 a further step-up driven by favorable customer mix. favorable capitalized variances and cost actions. And then Q4, which is a natural step down driven by seasonal lower demand, partially offset by realization of additional cost actions.

就該部門而言，我們確實預期第二季（Q2）會有一個自然的上升，主要由季節性需求帶動，增量利潤率約為25%。接著我們預期第三季（Q3）會再進一步上升，受惠於較有利的客戶組合、有利的資本化差異以及成本行動。然後第四季（Q4）則會自然回落，因季節性需求較低所致，但會部分被額外成本行動的實現所抵銷。

So again, for Aerials, Q1 was price/cost unfavorable. For the rest of the year is price/cost favorable, which leads to a full year price cost neutral.

所以再重申一次，就 Aerials 而言，第一季（Q1）是價格/成本不利；今年剩餘期間則是價格/成本有利，最終使全年價格/成本大致持平。

Got it. And I'm just curious your confidence level in Aerials being price/cost favorable for the rest of the year with maybe some incremental tariff impacts. Curious if there's any ability to get additional price or getting some help perhaps from a higher mix of independents? Would just love to hear that.

了解。我只是好奇，在可能還有一些額外關稅影響的情況下，你們對 Aerials 在今年剩餘期間能維持價格/成本有利的信心程度如何？也想了解是否有能力再取得額外漲價，或是是否可能因獨立客戶占比提高而得到一些幫助？很想聽聽你們的看法。

And Carl, I forgot to address your question on the tariff piece. From a sequential standpoint, I don't see additional headwind on our tariff. The reason why I mentioned that in the press release, it's negligible in the tariff is because the change in the 232 calculation is largely offset by the IEEPA going away. So for us, for the Aerials business, we do have six months of backlog already in our backlog and we can see what is the margin profile of those backlog.

另外，Carl，我剛剛忘了回應你關於關稅的問題。從環比的角度來看，我不認為我們的關稅會出現額外逆風。我之所以在新聞稿中提到關稅影響可忽略，是因為 232 計算方式的變動，基本上被 IEEPA 的取消所大幅抵銷。對我們來說，在 Aerials 業務方面，我們的在手訂單（backlog）已經有六個月的量，我們也能看到這些在手訂單的毛利結構。

We can see a favorable mix in our customer mix and also in that is in our backlog and also the pipeline as well. So we are very comfortable with the price cost favorability for the rest of the year.

我們也能看到客戶組合呈現有利的趨勢，這不僅反映在在手訂單中，也反映在商機管道（pipeline）裡。因此，我們對今年剩餘期間價格/成本有利的判斷非常有把握。

Yes. So good forward visibility on price cost and mix, that's basically is what's giving us the confidence of the step-up in margin scenarios.

是的。所以，對價格/成本與組合有很好的前瞻能見度，基本上就是讓我們對毛利率情境逐步上升有信心的原因。

Mig Dobre, Baird.

Mig Dobre，Baird。

I guess great to hear that tariffs are not having much of an impact. But I'm curious as to how you're managing inflation more broadly, right? I mean we're seeing it in material costs. We're seeing it in energy, freight components. So where are you today versus maybe where you were back when you initially issued this guidance from an overall cost standpoint?

我想很高興聽到關稅影響不大。但我更好奇的是，你們更廣泛地如何管理通膨？我們看到原材料成本上升，也看到能源、運輸等成本項目上升。就整體成本面而言，與你們最初發布這份指引時相比，你們目前的狀況如何？

And what are you doing to be able to maintain positive price cost like you talked about earlier? Is this a function of additional pricing adjustments on your end? Or is there something else in there how you're operating this year that we should be aware of?

另外，為了維持你們先前提到的正向價格/成本，你們正在做些什麼？這主要是你們端進一步調價的結果嗎？還是今年在營運方式上還有其他我們需要注意的因素？

This is Jen. So in terms of our cost inflation, any of our CPI index changes, it usually has a three to six months lag due to the hedging program that we do have, the vendor contracts that we are locked in for 3 to 12 months ahead of time. The commodity inflation is really baked into our current outlook. What we see in terms of the only risk from a cost inflation standpoint, it's higher inbound freight costs that we might have to incur for some of our international routes.

我是 Jen。就成本通膨而言，任何 CPI 指數的變動，通常會因我們的避險計畫以及我們與供應商簽訂、提前 3 到 12 個月鎖定的合約，而有 3 到 6 個月的滯後。大宗商品通膨其實已經反映在我們目前的展望中。從成本通膨角度來看，我們看到的唯一風險是：部分國際航線可能需要承擔更高的進口（入境）運費成本。

From a mitigation standpoint, as you know, our SV segment already baked in 6% to 8% of value-added price in our backlog, which covers the CPI inflation based on delivery lead times. The SV segment also has commercial chassis that's on a pass-through pricing mechanism so that it doesn't really impact us at all. And MP and ESG is more of a book-to-bill business right now given the normalization, which means that if we cannot mitigate the cost ourselves, we have the ability to flow down them as a surcharge.

在緩解措施方面，如你所知，我們的 SV 部門已在在手訂單中納入 6% 到 8% 的增值型價格（value-added price），依交付前置期可涵蓋 CPI 通膨。SV 部門也有商用底盤（commercial chassis）採用轉嫁式定價機制，因此基本上不會對我們造成影響。而 MP 與 ESG 目前在正常化後更偏向「接單即出貨」（book-to-bill）的業務型態，這代表若我們無法自行消化成本，也有能力以附加費（surcharge）的方式向下轉嫁。

Our 2026 guidance already conservatively accounts for the known energy and commodity headwinds. And with North America now representing more than 80% of our revenue, where energy inflation is more moderate and end market fundamentals remain robust, I feel that we're well positioned to manage the energy price validity in 2026 without any material downside risk to our current outlook.

我們的 2026 年指引已保守地納入已知的能源與大宗商品逆風。此外，北美目前占我們營收超過 80%，該地區能源通膨較為溫和，且終端市場基本面仍然強勁。我認為我們已具備良好條件，在 2026 年管理能源價格波動，而不會對我們目前展望帶來任何重大的下行風險。

All right. Understood. My follow-up in Materials Processing, very good order performance there. I'm wondering if this is a function of dealers finally starting to restock. If that's the case, I'm wondering relative to history, where do you think this process is? How many more innings do we have in terms of dealer restock? And how do you separate that from actual end-user demand at this point and how that's developed?

好的，了解。我接著問一下 Materials Processing。你們那邊的訂單表現非常好。我想知道這是否是經銷商終於開始補庫存所致？如果是的話，相較於歷史水準，你認為這個補庫存的進程目前走到哪裡了？就經銷商補庫存而言，還剩下多少「局數」？另外，在目前這個時間點，你們如何把補庫存與實際終端用戶需求區分開來，以及終端需求的發展情況？

Yes. Great question. It's a little bit of both. It's definitely end user demand is picking up as well, particularly in the United States. We've had the tailwind of mega projects for quite some time. But now data centers, we actually see more spend actually landing in terms of infrastructure and road and bridge building, if you will. And all those are mobile crusher applications.

是的，這個問題很好。兩者都有一些。終端用戶需求確實也在回升，尤其是在美國。我們受惠於大型專案的順風已經有一段時間了。但現在我們看到資料中心的支出，實際上更多落在基礎建設、道路與橋樑建設等領域。而這些都是移動式破碎機（mobile crusher）的應用場景。

Now obviously, that drives some of the sentiment and that also drives some of the willingness of our dealers to replenish. But we also see RPO conversions picking up, as I think I mentioned earlier on this call. So it's a little bit of both. Fleets are where they need to be. They're not high, they're not low. But basically, most of the bookings in crushing and screening is triggered by RPO conversion.

當然，這會帶動部分市場情緒，也會提升經銷商補貨的意願。但我們也看到 RPO 轉換正在加速，我想我在本次電話會議稍早也提過。因此兩者皆有。車隊規模在合理位置：不高也不低。但基本上，破碎與篩分（crushing and screening）的大多數訂單，都是由 RPO 轉換所觸發。

So if a customer converts a rental into a procured unit, it turns it into a booking from our dealer onto us. So it's a little bit of mix of both of more end-user demand, a little bit better sentiment and then fleets being in the right place.

也就是說，如果客戶把租賃轉為採購設備，就會把經銷商對我們的訂單轉成一筆 booking。所以這是終端需求增加、情緒稍微改善，以及車隊處於合適水位等因素的綜合結果。

Tim Thein, Raymond James.

Tim Thein，Raymond James。

Excellent. Yes. Just first question on the Specialty Vehicle segment with just some -- a bit more time accrued under your belt owning REV. I'm just wondering if there have been any notable takeaways or findings that inform you about just the outlook for the business and kind of the prospect for synergies as you look out. So maybe just kind of an update on REV to start.

很好。第一個問題是關於 Specialty Vehicle 部門。你們收購 REV 後也累積了一些時間，我想了解是否有任何值得注意的觀察或發現，能讓你們對該業務的展望以及未來協同效益的可能性有更多判斷？所以先請你們更新一下 REV 的情況。

Yes. No, I appreciate the question. Obviously, very excited. A lot of good things happening. They had a good start of the year. It's only two months. We actually had a slightly better start to the year than we had originally anticipated because of some of the weather in January, we weren't able to fly customers in -- for the final inspection of their trucks. So some of that kind of revenue that we were anticipating in January actually dropped into February.

是的，謝謝你的提問。我們當然非常興奮，很多好事正在發生。他們今年開局不錯，雖然才兩個月。實際上，年初的表現比我們原先預期稍好一些，因為一月的天氣因素，我們無法安排客戶飛來進行卡車的最終驗收檢查。因此，我們原本預期在一月確認的一部分營收，實際上延後到二月。

That's why they were up a bit more in February, March than I think they will be for the remainder of the year. That's why we're holding their guide to a high single digit, even though they were well into the double digits for the first two months. But yes, I mean, it's obviously a lot of backlog to work through. So the focus needs to stay on production output, quality production output, and that's what the team has been focusing on for the last six, seven quarters, and we want to make sure that we help them maintain that momentum.

這也是為什麼他們在二月、三月的增幅會比我認為今年其餘時間的增幅更高。因此，即便前兩個月已達到雙位數成長，我們仍將他們的指引維持在高個位數成長。總之，顯然還有大量在手訂單需要消化，所以重點必須放在產能輸出、以及高品質的產出；這也是團隊在過去六、七個季度一直專注的方向，我們也希望協助他們維持這股動能。

And that's really where the focus is. But at the same time, we are very inspired and encouraged by the synergies that we're seeing, not just from an overhead standpoint, but also operational synergies, looking at each other's supply chains, and there is a lot there. So we're very encouraged by the synergy pipeline as that is ramping up and that's building out.

這確實是目前的重點。但同時，我們也對正在看到的協同效益感到非常振奮與鼓舞，不僅是管理費用（overhead）層面，也包括營運協同，例如彼此供應鏈的對照與整合，裡面有很多機會。因此，隨著協同效益管道（synergy pipeline）逐步加速並建立起來，我們感到非常正面。

And then as I said in my prepared remarks, we have eight or nine work streams to basically integrate the business, and we're doing really well on all of those work streams. So so far, it's been a great first couple of months, and we're very excited with what that business can bring to our group overall.

另外，如同我在事先準備的發言中提到的，我們有八到九個工作流（work streams）來推動業務整合，而目前在所有工作流上的進展都非常好。到目前為止，這前幾個月的表現很棒，我們也非常期待這項業務能為我們整個集團帶來的貢獻。

Got it. Okay. Probably a bit of a stretch to call this a related follow-up, but so be it. And maybe just to -- I wanted to spend a minute for an update on your stake in Apptronik. There's obviously lots of buzz these days around humanoid robotics, and there's been some speculation of additional funding rounds likely on the horizon, potentially at like a $15 billion or $20 billion implied valuation for that company.

了解。好。這可能有點牽強，算是相關的追問，但就這樣吧。我也想花一點時間請你們更新一下在 Apptronik 的持股。近來人形機器人領域話題很多，也有人推測該公司可能很快會有新一輪募資，估值可能隱含在 150 億或 200 億美元左右。

So I was hoping you can just remind us of your ownership stake? And I guess, secondarily, how, if at all, you're leveraging that technology within your operations?

所以我想請您再提醒我們一下您目前的持股比例？另外，若有的話，您如何在營運中運用那項技術？

Yes. Thanks for the question. Maybe for context, Apptronik is a humanoid manufacturer, and we made an investment in Apptronik several years ago because we believed that humanoids would have application in our business, and we're thinking about warehousing, manufacturing, maybe even job sites. And our stake has certainly nicely appreciated over the last couple of years.

是的，謝謝你的提問。先提供一些背景：Apptronik 是一家人形機器人製造商。我們在幾年前投資 Apptronik，因為我們相信人形機器人在我們的業務中會有應用，我們想到的是倉儲、製造，甚至可能是工地。而我們的持股在過去幾年確實有相當不錯的增值。

But yes, we have an active technology pipeline with Apptronik. And we actually launched our first prototype of a zero gravity arm that was developed by -- codeveloped by Apptronik and Genie at the CONEXPO show a little over a month ago and proudly voted as one of the five best innovations shown at the show by -- I believe it was Construction Weekly.

不過是的，我們與 Apptronik 有一條活躍的技術開發管線。其實我們在一個多月前的 CONEXPO 展會上，推出了第一個零重力手臂原型，這是由 Apptronik 與 Genie 共同開發的，並且很自豪地被——我相信是《Construction Weekly》——評選為展會五大最佳創新之一。

And it's a great -- that's an industry game changer, we think, because it significantly increased safety, and it allows basically one person in the platform to install ceiling panels or dry wall because the zero gravity arm holds it all in place. effortlessly and you can manipulate and operate that arm really with just one finger. So that's a great example of what Apptronik is bringing to our industry.

而且這是一個很棒的——我們認為是產業的遊戲規則改變者，因為它大幅提升安全性，並且基本上讓平台上只需要一個人就能安裝天花板板材或石膏板，因為零重力手臂會把材料穩穩固定住，幾乎不費力；你甚至只用一根手指就能操控與操作那支手臂。所以這就是 Apptronik 為我們產業帶來價值的一個很好的例子。

And the feedback that we received from customers at that show was really encouraging. So those are the kind of things that we're working on with Apptronik, and we're very pleased with that partnership.

而我們在展會上從客戶那裡收到的回饋也非常令人鼓舞。所以這些就是我們與 Apptronik 正在合作推進的事情，我們對這段合作關係非常滿意。

And Tim, this is Jen. If I could just add on, we account for that at the cost perspective. So the valuation that we talk about is not recorded.

Tim，我是 Jen。我補充一下：我們在會計處理上是以成本法來認列。因此我們談到的估值並沒有入帳。

David Raso, Evercore ISI.

David Raso，Evercore ISI。

Specialty Vehicles, I appreciate the January month when you did not own it, there was less shipments and you sort of got the benefit that they shipped later in the quarter when you did own it. But let's just talk about the first-quarter pro forma. It seems like specialty vehicle revenues pro forma, if you'd own it the whole quarter, were about $615 million, $620 million, something like that.

關於特種車輛（Specialty Vehicles），我理解一月你們尚未持有它時，出貨量較少，而你們某種程度上受益於它在季度後段、也就是你們已持有時才出貨。但我們來談談第一季的備考（pro forma）。看起來如果你們整個季度都持有，特種車輛的備考營收大約是 6.15 億到 6.20 億美元左右。

When you say revenue run rate to be similar to the first-quarter, is that sort of the revenue number you're referencing? I just want to follow up on that, just so I get clarification first.

當你們說營收運行率（revenue run rate）會與第一季相近時，你們指的是這個營收數字嗎？我只是想追問確認一下，先把這點釐清。

Yes. It's probably -- you're not far off on that number. It's probably going to step up a little bit in Q2, Q3, but then it's going to come down in Q4 because we have less working days in Q4. But you're not far off, David.

是的。那個數字大概——你估得差不多。第二季、第三季可能會再往上一些，但第四季會下來，因為第四季工作天數較少。不過你估得很接近，David。

I guess the spirit of the question is your ability to bring better throughput to REV Group's factories was a key aspect of maybe the opportunity to really leverage the backlog this year. And just curious why we would not see a step-up. And you can -- I understand if it's first-quarter, we don't want to look out too far and change the guidance. But I'm just curious why we would think there's no throughput increase from that first-quarter run rate because it would imply the rest of the year has very little growth right from a year ago.

我想這個問題的核心是：你們能把 REV Group 工廠的產出效率（throughput）做得更好，是今年真正利用積壓訂單（backlog）的一個關鍵機會。我只是好奇為什麼我們不會看到更明顯的上升。當然我理解如果只是第一季，你們不想看太遠或調整指引。但我想知道為什麼會認為不會從第一季的運行率再提升產出，因為那會暗示今年剩下時間相較去年幾乎沒有成長。

Yes. We are guiding high single digits for the segment. And typically, about 2/3 of that is probably price and 1/3 of that is unit growth. Now we do have -- I mentioned investments coming online, but those mostly will come online in the fourth quarter of the year. So they don't yet have a meaningful impact for 2026. But that -- yes, going from mid-single to high single-digit kind of unit growth, that's really the focus that we have for that business for 2027.

是的。我們對該事業部的指引是高個位數成長。通常其中大約 2/3 來自價格、1/3 來自銷量（單位數）成長。我們確實有——我提到的一些投資會陸續到位，但多數會在本年度第四季才上線，所以對 2026 年的影響還不會很顯著。不過——是的，從中個位數到高個位數的單位成長，這會是我們在 2027 年對那項業務的重點。

Now obviously, there's two years backlog. We think that, that eventually will settle at a one-year kind of backlog level. That's where -- that's what we think is the sustainable level. So that's the trajectory that we're working on, David.

當然，目前有兩年的積壓訂單。我們認為最終會回落到約一年的積壓水位——我們認為那才是可持續的水準。所以這就是我們正在努力的方向，David。

Again, though, sequentially, I was just thinking the backlog seemed to get repriced well, there would be a little more sequential from that first-quarter run rate. I'm just trying to level set everybody just that seems like an area where, especially trying to get that backlog down. I mean, as you said, it's a huge backlog. It's two years of backlog. I appreciate that will be coming down.

不過再說一次，就序列（sequentially）來看，我原本以為積壓訂單的重新定價（repriced）做得不錯，應該會比第一季的運行率有更多的序列提升。我只是想幫大家校準一下預期，因為這看起來是一個可以發力的領域，尤其是要把積壓訂單降下來。正如你所說，積壓訂單非常龐大，是兩年的量。我理解它會逐步下降。

But just trying to understand the factory opportunity, the backlog repriced opportunity just to make sure we understand the revenue. I guess it is what it is. You're saying you think the revenue will be flat sequentially from a pro forma basis. kind of 1Q to 2Q, 3Q? I'm just making sure I understand fully.

但我想更清楚理解工廠端的機會、以及積壓訂單重新定價帶來的機會，確保我們對營收的理解一致。我想就是如此——你是在說，以備考口徑來看，營收從第一季到第二季、第三季大致持平嗎？我只是想確認我完全理解。

Yes. No, I said step up from Q2 to Q1. So -- sorry, Q1 to Q2 will be a step up and then Q3 and then Q4 will be a step down because of working days. So the units built per day is going to continue to step up over the course of the year.

是的。不——我說的是第二季會比第一季上升。所以——抱歉，第一季到第二季會上升，第三季也會上升，然後第四季會因為工作天數而下滑。所以每日產出（每天建造的台數）在全年過程中會持續提升。

Yes. So David, this is Jen. If I could just add on --

是的。David，我是 Jen。我補充一下——

From the earlier comments, Jen, that's why. Okay. The earlier comment was revenue and margins 2Q and 3Q similar to 1Q. And I just wanted to get clarification on that.

從你先前的說法來看，Jen，這就是原因。好的。你先前的說法是第二季與第三季的營收與毛利率會與第一季相近，我只是想釐清這點。

Jamie Cook, Truist Securities.

Jamie Cook，Truist Securities。

Congrats on a good start. Sorry, another question on Specialty. Again, I just want to make sure I understand the margins. You're going to do better than the 12.5% adjusted EBITDA margins for Specialty, Jen. And I think last quarter, you talked about sort of a 30% incremental. I guess, is that still the right way to think about it? And how are you thinking about specialty in terms of like where those margins can go longer term?

恭喜有個好的開局。抱歉，我再問一個關於 Specialty 的問題。我只是想確認我對毛利率的理解：你們的 Specialty 調整後 EBITDA 利潤率會優於 12.5%，Jen。且我記得上季你們提到增量利潤率（incremental）大約 30%。我想問這樣的思考方式是否仍然適用？另外，長期來看，你們怎麼看 Specialty 的利潤率還能提升到什麼水準？

It seems like we should be able to do better than what REV Group talked about in terms of their margin expansion. So where can that actual EBITDA margin number go? And then my second question is on Aerials. I guess, Simon, with aerial markets potentially getting better, I'm just trying to understand how that's impacting like the bidding process in the sense that things are getting better.

看起來我們應該能做得比 REV Group 所談的利潤率擴張更好。所以實際的 EBITDA 利潤率數字可以到哪裡？第二個問題是關於 Aerials。我想問 Simon，若高空作業平台市場可能正在改善，我想了解這會如何影響投標流程，因為市場在變好。

Does that mean more people are interested in it? Or like to what degree would you want to hold off on the sale because markets are getting better, perhaps maybe next year, you can do better than the flat margin you're going to do this year. Just trying to understand how the market is inflecting are impacting the decision on the sale.

這是否代表有更多人對它感興趣？或者在什麼程度上，你們會想延後出售，因為市場在改善，也許明年你們能做到比今年預期的持平利潤率更好。我想了解市場拐點（inflecting）如何影響出售決策。

Yes. Jamie, so in terms of margin profile for EV, maybe if I could just mention, R, they did an Investor Day probably two years ago on committing to a 2027 Investor Day margin profile. In fact, they're right now in 2026, they will be achieving that one year in advance. So I'm very pleased with the performance. With regards to the margin step-up over -- in Q2 and Q3, as you could see in our pro forma for just three months, January to March, the EBITDA margin is 13.1%, 100 basis point improvement versus last year.

是的，Jamie。就 EV 的利潤結構而言，我先提一下：REV 在大約兩年前辦過投資人日，承諾 2027 年投資人日的利潤率目標。事實上，他們現在在 2026 年就會提前一年達成。因此我對其表現非常滿意。至於第二季與第三季的利潤率上升，從我們僅三個月（一月至三月）的備考數據可見，EBITDA 利潤率為 13.1%，較去年提升 100 個基點。

I expect this margin profile to continue to have a step up sequentially more than 100 basis points year-over-year. So every single time that you look at year-over-year, it will be more than this 100% basis point margin improvement throughout the year, even with the step down in the delivery in Q4. Very comfortable with the price in the backlog very comfortable with the throughput that we're seeing.

我預期這個利潤率結構會持續序列上升，且年增幅會超過 100 個基點。也就是說，你每次用年對年來看，全年都會看到超過這 100 個基點的利潤率改善，即便第四季交付量會下滑。我對積壓訂單中的定價非常有信心，也對我們看到的產出效率非常有信心。

And most importantly, what makes this business margin sustainable and keep on improving is on the sourcing that they do have a clawback mechanism with the vendor. There's a lot of centralized sourcing initiatives that have actually already started. And we do expect that, that will improve through until the end of the year as well. At this point in time, the -- what I shared in the margin profile does not include any other synergies outside of corporate. So I'm very comfortable with the margin expansion year-over-year throughout the year, more than Q1 pro forma basis.

而且最重要的是，讓這門業務的利潤率可持續、並持續改善的關鍵在於採購：他們對供應商有一套追溯返還（clawback）機制；也有許多集中採購的倡議其實已經開始。我們也預期這些會一路改善到年底。就目前而言，我分享的利潤率結構尚未包含公司層面以外的任何其他協同效益。因此我對全年年對年的利潤率擴張非常有信心，且會優於第一季備考口徑。

Yes. And I'll take your follow-up, Jamie, on the process, yes, it doesn't really change the process. We've always been very clear that this is a through-cycle discussion, and that's exactly how the discussions with multiple parties have been. It's a long term -- it has a long-term nature. And the fact that I think it's well documented that Aerials is a cyclical business that historically, five, seven years up, two years down, we're now at the end of the second year.

是的。而且我也回應你後續的問題，Jamie，關於流程，是的，這並不會真正改變流程。我們一直非常清楚地表示，這是一個穿越景氣循環（through-cycle）的討論，而這也正是我們與多方進行討論時一貫的方式。這是一個長期的——具有長期性質的討論。而且我想這也有充分的紀錄顯示，Aerials 是一個具週期性的業務，歷史上通常是上行五到七年、下行兩年，而我們現在正處於第二個下行年的尾聲。

The fact that it cycles up a little faster than maybe some anticipate. For us, the first-quarter came in as we expected. The bookings came in as we expected. So it doesn't really change our view on the process and our view on the outlook. But it's obviously a good problem to have to see the early signs of a cycle.

事實上，它的上行速度可能比一些人預期的更快一些。對我們而言，第一季的表現符合我們的預期；接單（bookings）也符合我們的預期。因此，這並不會真正改變我們對流程的看法以及對前景的看法。但很顯然，能看到週期提早出現的跡象，這是一個「好問題」。

Tami Zakaria, JPMorgan Chase.

Tami Zakaria，摩根大通（JPMorgan Chase）。

So I heard you say you're expecting some prebuys in high ESG in the back half. I was wondering how does that impact your view about orders and revenue growth potential for that segment in 2027 after you're done with the prebuy-related pickup?

所以我聽到你說，你預期在下半年高 ESG 會有一些提前採購（prebuys）。我想請問，這會如何影響你對該細分市場在 2027 年的訂單與營收成長潛力的看法——在你們完成這波與提前採購相關的拉升之後？

Yes. We don't -- so this business doesn't really cycle, Tami, very strongly. So we're talking -- it's all within the margin, if you will. We don't see a major uptick in terms of prebuys either. In the second half, we think there's some. We actually think that 2027 looks pretty good from a just from a fleet expansion standpoint. And there's -- what I did not mention, I believe, in my prepared remarks is that there's a lot of new technology coming out as well in the second half that we think will drive a lot of momentum for us going into 2027. We're obviously not guiding today for 2027, but we're not concerned that whatever happens in the second half will have a material impact on 2027. There's a lot of momentum there.

是的。我們不——所以這個業務其實不太會出現很強的週期性波動，Tami。所以我們談的是——如果你願意的話，這些都在可接受的幅度之內。我們也不認為提前採購會出現大幅上升。下半年我們認為會有一些。我們其實認為，從車隊擴張的角度來看，2027 年看起來相當不錯。而且——我在事先準備的發言中我想沒有提到的是，下半年也會有很多新技術推出，我們認為這將為我們在邁向 2027 年時帶來很大的動能。我們今天當然不會對 2027 年提供指引，但我們不擔心下半年發生的任何事情會對 2027 年造成實質性的影響。那裡有很多動能。

Understood. That's very helpful. And so related to that, given you're expecting a lot of technology to be introduced in the back half, should we expect stronger price realization as you price for these enhancements?

了解。這非常有幫助。那麼與此相關，鑑於你們預期下半年會導入很多技術，我們是否應該預期，隨著你們為這些強化功能定價，價格實現（price realization）會更強？

Well, I mean, our mantra has always been to be price cost neutral and whatever value or cost we find or add is for the benefit of the shareholder. That's our mantra. And not -- I don't think we should forget that this business is already operating in the high teens, performing really strongly. And part of the reason is because it's -- we're running a very efficient factory in Fort Payne, Alabama, and we're running a very accretive product portfolio that is well accepted by its customer base. because of the benefits that it creates for our customers.

嗯，我的意思是，我們一貫的信條一直是做到價格與成本中性（price cost neutral），而我們找到或增加的任何價值或成本，都是為了股東的利益。這就是我們的信條。而且——我認為我們不應忘記，這項業務目前已經在高十幾%的水準運作，表現非常強勁。部分原因在於——我們在阿拉巴馬州 Fort Payne 經營一座非常高效率的工廠，同時我們的產品組合具有很強的增益性（accretive），並且在客戶群中獲得良好接受，因為它為客戶創造了效益。

So we'll take that same approach. We want to be market-based in terms of our pricing, and we want to continue to create value for our customers. That's what's going to drive that.

所以我們會採取同樣的方法。我們希望在定價上以市場為基礎（market-based），並且希望持續為客戶創造價值。這才是驅動因素。

Jerry Revich, Wells Fargo Securities.

Jerry Revich，富國證券（Wells Fargo Securities）。

Simon, I'm wondering if we could just get your latest thoughts on capital deployment. If you do complete the Ariel divestiture, what are you seeing in terms of the M&A landscape? How likely is it that we'll be looking at stock buyback versus additional opportunities to expand the portfolio? Can you just give us your updated views?

Simon，我想請教你對資本配置（capital deployment）的最新看法。如果你們完成 Ariel 的剝離（divestiture），你們在併購（M&A）環境方面看到了什麼？我們更可能看到股票回購，還是會有更多擴大產品組合的機會？能否請你更新一下你們的看法？

Yes. I appreciate the question, Jerry. I really don't want to get ahead of myself here on this. Our most -- our immediate focus is on integration and execution, deliver on what we've committed to for the year. Really, if you think about it, we've gone through quite some change in the last two years. So making sure that all the work streams get done in terms of the integration and building up our synergy is our primary focus.

是的。謝謝你的問題，Jerry。我真的不想在這件事上超前太多。我們最——我們眼前的重點是整合與執行，交付我們對今年所承諾的內容。坦白說，如果你仔細想想，我們在過去兩年經歷了相當多的變化。因此，確保所有整合相關的工作流都能完成，並建立我們的協同效益（synergy），是我們的首要重點。

And whatever the balance sheet will look like as we move forward, as always, we will look at what is best for our shareholders. And we have -- we like the optionality. The optionality is only growing. It's only getting better for Terex and which means that our opportunity to add value for our shareholders is only going to increase going forward. So we'll deal with it when it comes, but it will be -- the tiebreaker will be whatever is best for our shareholder.

而且，隨著我們往前走，資產負債表會呈現什麼樣貌——一如既往，我們會看什麼對股東最有利。我們——我們喜歡這種選擇性（optionality）。這種選擇性只會增加，只會讓 Terex 的情況變得更好，這也意味著我們為股東創造價值的機會，未來只會持續提升。所以等事情到來時我們再處理，但——最後的決勝因素會是：什麼對股東最好。

Super. And then separately on Specialty, really good operating performance in the quarter, as you shared in the pro forma financials. I wanted to ask from a booking standpoint, can you just talk about what kind of book-to-bill we should be expecting for in 2Q and 3Q? What's the cadence based on the awards pipeline that the team is working towards in that line of business?

很好。另外，關於 Specialty，你們在本季的營運表現非常出色，正如你們在備考（pro forma）財務資料中所分享的。我想從接單角度請教，你能否談談我們在第二季與第三季應該預期什麼樣的出貨比（book-to-bill）？根據該業務線團隊正在推進的得標管線（awards pipeline），其節奏會是如何？

And you said Specialty, didn't you, Jerry?

你說的是 Specialty，對吧，Jerry？

Yes, Simon.

是的，Simon。

Yes. So the bookings are typically lumpy in Specialty Vehicles. So it's kind of touch and go. But if you look -- I can probably give you maybe more of a trend answer. We expect that at some point, the bookings will start to soften just because to David's question earlier, as we continue to ramp up throughput and lead times will start to slowly improve, naturally, bookings become a function of lead time and availability and will have to come down because trucks being put to use is a very -- is a consistent number that just grows at a mid-single-digit CAGR every single year.

是的。所以在 Specialty Vehicles，接單通常是波動較大的（lumpy）。所以有點看情況。但如果你看——我或許可以給你一個更偏趨勢性的回答。我們預期在某個時間點，接單會開始走軟，原因只是回到你先前對 David 的提問：當我們持續提升產出（throughput），交期（lead times）會開始逐步改善；而接單自然會受到交期與供給可得性（availability）的影響，並且必須下降，因為卡車投入使用的數量是一個非常——是一個相對穩定的數字，而且每年都以中個位數的年複合成長率（CAGR）成長。

So the bookings will evolve as a function of how lead times improve. So we expect bookings to slowly come down. And eventually, where supply/demand will meet is we're planning for is around that 1-year lead time. So that's how I see -- I don't know if it will quite pick up this year yet, but certainly next year.

因此，接單會隨著交期改善而演變。所以我們預期接單會慢慢下降。最終供需會在我們規劃的水準相遇，大約是在 1 年的交期左右。所以這就是我對——我不確定今年是否會明顯回升，但明年肯定會。

There are no further questions at this time. I would now like to turn the call back to Simon Meester for closing remarks.

目前沒有其他問題。我現在想把電話交回給 Simon Meester 作結語。

Thank you, operator, and thank you all for the questions. Yes, Terex is off to a good start of the year and the integration of the legacy REV business is progressing as planned. In less than two years, we have effectively merged three businesses into a single much stronger company. And given that we're still early in the year and in light of ongoing geopolitical uncertainty, we believe it's prudent to maintain our full year guidance at this time, and we remain firmly focused on delivering against it.

謝謝主持人，也謝謝各位的提問。是的，Terex 今年開局良好，對既有 REV 業務的整合也正按計畫推進。在不到兩年的時間裡，我們已有效地將三個業務合併為一家更強大的公司。鑑於我們仍在年初，並考量持續的地緣政治不確定性，我們認為此時維持全年指引是審慎之舉，而我們也仍然堅定聚焦於達成該指引。

And I'm particularly proud of the 17,000 Terex team members who make it all possible day in, day out. Thank you for joining us today, and we look forward to speaking with you again next quarter. And with that, operator, please disconnect the call.

我也特別為每天日復一日讓一切成真的 17,000 名 Terex 團隊成員感到自豪。感謝各位今天加入我們，我們期待在下個季度再次與各位交流。那麼，主持人，請切斷本次電話會議。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。