BUSINESS SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2025

Terex is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. The Company designs, builds, and supports products used in maintenance, manufacturing, energy, waste and recycling, minerals and materials management, construction, and the entertainment industry. Terex provides lifecycle support to its customers through its global parts and services organization, and offers complementary digital solutions, designed to help customers maximize their return on their investment. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. The Company’s products are manufactured in North America, Europe, and Asia Pacific and sold worldwide. Terex engages with customers through all stages of the product life cycle, from initial specification to parts and service support.

The Company identifies its operating segments according to how business activities are managed and evaluated. Effective January 1, 2025, the Company reports its business in the following reportable segments: (i) Aerials, (ii) Materials Processing (“MP”) and (iii) Environmental Solutions (“ES”). The Company’s Environmental Solutions Group (“ESG”) and Utilities operating segments share similar economic characteristics and are aggregated into one reportable segment, ES.

Aerials designs, manufactures, services and markets aerial work platform equipment and telehandlers as well as their related components and replacement parts. Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for purposes within the entertainment industry, and for other commercial operations, as well as in a wide range of infrastructure projects.

MP designs, manufactures, services and markets materials processing and specialty equipment, including crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, rough terrain cranes, tower cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts. Customers use these products in construction, infrastructure and recycling projects, in various quarrying and mining applications, as well as in landscaping and biomass production industries, material handling applications, maintenance applications to lift equipment or material, moving materials and equipment on rugged or uneven terrain, lifting construction material and placing material at point of use.

ES designs, manufactures, services and markets waste, recycling and utility equipment and solutions, including refuse collection bodies, hydraulic cart lifters, automated carry cans, compaction, balers, recycling equipment, digger derricks, insulated aerial devices, self-propelled articulating insulated booms, and cameras with integrated smart technology, as well as related components and replacement parts, and waste hauler software solutions. Customers use these products in the solid waste and recycling industry, and for construction and maintenance of transmission and distribution lines, tree trimming, and foundation drilling applications.

The Company assists customers in their rental, leasing and acquisition of its products through Terex Financial Services (“TFS”). TFS uses its equipment financing experience to facilitate financial products and services to assist customers in the acquisition of the Company’s equipment. TFS is included in Corporate and Other.

Corporate and Other also includes eliminations among the three reportable segments, as well as general and corporate items.

Business segment information is presented below (in millions):


	Three Months Ended September 30, 2025
	Aerials		MP		ES		Total
Net sales	$	537	$	417	$	435	$	1,389
Reconciliation of net sales
Corporate and Other / Eliminations							(2)
Consolidated net sales							1,387

Less: (1)
Cost of goods sold	445		322		340		1,107
Compensation expense	23		26		20		69
Other segment items (2)	24		17		17		58
Segment operating profit	$	45	$	52	$	58	$	155

Reconciliation of operating profit
Corporate and Other / Eliminations							(15)
Consolidated operating profit							$	140

(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.

(2) Other segment items includes corporate management charges, professional services, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development, communication & software, staff amenities, and finance expenses. Individually, each of these categories represents an insignificant amount.


	Nine Months Ended September 30, 2025
	Aerials		MP		ES		Total
Net sales	$	1,594	$	1,253	$	1,264	$	4,111
Reconciliation of net sales
Corporate and Other / Eliminations							(8)
Consolidated net sales							4,103

Less: (1)
Cost of goods sold	1,347		977		982		3,306
Compensation expense	71		77		60		208
Other segment items (2)	83		62		47		192
Segment operating profit	$	93	$	137	$	175	$	405

Reconciliation of operating profit
Corporate and Other / Eliminations							(67)
Consolidated operating profit							$	338


	Three Months Ended September 30, 2024
	Aerials		MP		ES		Total
Net sales	$	619	$	444	$	151	$	1,214
Reconciliation of net sales
Corporate and Other / Eliminations							(2)
Consolidated net sales							1,212

Less: (1)
Cost of goods sold	507		341		120		968
Compensation expense	22		26		6		54
Other segment items (2)	27		21		5		53
Segment operating profit	$	63	$	56	$	20	$	139

Reconciliation of operating profit
Corporate and Other / Eliminations							(17)
Consolidated operating profit							$	122


	Nine Months Ended September 30, 2024
	Aerials		MP		ES		Total
Net sales	$	1,974	$	1,463	$	454	$	3,891
Reconciliation of net sales
Corporate and Other / Eliminations							(5)
Consolidated net sales							3,886

Less: (1)
Cost of goods sold	1,549		1,111		364		3,024
Compensation expense	72		83		18		173
Other segment items (2)	83		64		18		165
Segment operating profit	$	270	$	205	$	54	$	529

Reconciliation of operating profit
Corporate and Other / Eliminations							(56)
Consolidated operating profit							$	473


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024




























Depreciation and amortization



Aerials	$	7	$	6	$	20	$	19
MP	5		5		14		14
ES	24		2		74		5
Corporate	4		2		11		7
Total	$	40	$	15	$	119	$	45
Capital expenditures



Aerials	$	6	$	14	$	36	$	44
MP	4		11		12		31
ES	9		—		23		2
Corporate	5		4		13		11
Total	$	24	$	29	$	84	$	88


	September 30, 2025		December 31, 2024
Identifiable assets


Aerials	$	1,850	$	1,660
MP	2,042		1,885
ES	2,850		2,806
Corporate and Other / Eliminations	(576)		(621)

Total	$	6,166	$	5,730

Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation.

Geographic net sales information is presented below (in millions):


	Three Months Ended September 30, 2025
	Aerials		MP		ES		Corporate and Other / Eliminations		Total
Net sales by region
North America	$	387	$	179	$	430	$	—	$	996
Western Europe	92		105		—		—		197
Asia-Pacific	28		90		2		—		120
Rest of World (1)	30		43		3		(2)		74
Total (2)	$	537	$	417	$	435	$	(2)	$	1,387

(1) Includes intercompany sales and eliminations.

(2) Total sales for all segments in the aggregate include $929 million for the three months ended September 30, 2025 attributable to the U.S., the Company’s country of domicile.


	Nine Months Ended September 30, 2025
	Aerials		MP		ES		Corporate and Other / Eliminations		Total
Net sales by region
North America	$	1,176	$	551	$	1,252	$	2	$	2,981
Western Europe	246		328		—		—		574
Asia-Pacific	82		246		4		—		332
Rest of World (1)	90		128		8		(10)		216
Total (2)	$	1,594	$	1,253	$	1,264	$	(8)	$	4,103

(1) Includes intercompany sales and eliminations.

(2) Total sales for all segments in the aggregate include $2,737 million for the nine months ended September 30, 2025 attributable to the U.S., the Company’s country of domicile.


	Three Months Ended September 30, 2024
	Aerials		MP		ES		Corporate and Other / Eliminations		Total
Net sales by region
North America	$	454	$	204	$	148	$	3	$	809
Western Europe	83		108		—		—		191
Asia-Pacific	42		87		1		—		130
Rest of World (1)	40		45		2		(5)		82
Total (2)	$	619	$	444	$	151	$	(2)	$	1,212

(1) Includes intercompany sales and eliminations.

(2) Total sales for all segments in the aggregate include $748 million for the three months ended September 30, 2024 attributable to the U.S., the Company’s country of domicile.


	Nine Months Ended September 30, 2024
	Aerials		MP		ES		Corporate and Other / Eliminations		Total
Net sales by region
North America	$	1,364	$	682	$	445	$	6	$	2,497
Western Europe	340		360		—		—		700
Asia-Pacific	134		278		5		1		418
Rest of World (1)	136		143		4		(12)		271
Total (2)	$	1,974	$	1,463	$	454	$	(5)	$	3,886

(1) Includes intercompany sales and eliminations.

(2) Total sales for all segments in the aggregate include $2,291 million for the nine months ended September 30, 2024 attributable to the U.S., the Company’s country of domicile.

The Company attributes sales to unaffiliated customers in different geographical areas based on the location of the customer.

Product type net sales information is presented below (in millions):


	Three Months Ended September 30, 2025
	Aerials		MP		ES		Corporate and Other / Eliminations		Total
Net sales by product type
Aerial Work Platforms	$	441	$	—	$	—	$	1	$	442
Materials Processing Equipment	—		278		—		—		278
Specialty Equipment	—		139		—		—		139
Utility Equipment	—		—		159		—		159
ESG Equipment	—		—		250		—		250
Other (1)	96		—		26		(3)		119


Total	$	537	$	417	$	435	$	(2)	$	1,387

(1) Includes other product types, intercompany sales and eliminations.


	Nine Months Ended September 30, 2025
	Aerials		MP		ES		Corporate and Other / Eliminations		Total
Net sales by product type
Aerial Work Platforms	$	1,327	$	—	$	—	$	1	$	1,328
Materials Processing Equipment	—		796		—		—		796
Specialty Equipment	—		456		—		—		456
Utility Equipment	—		—		448		—		448
ESG Equipment	—		—		740		—		740
Other (1)	267		1		76		(9)		335


Total	$	1,594	$	1,253	$	1,264	$	(8)	$	4,103

(1) Includes other product types, intercompany sales and eliminations.


	Three Months Ended September 30, 2024
	Aerials		MP		ES		Corporate and Other / Eliminations		Total
Net sales by product type
Aerial Work Platforms	$	506	$	—	$	—	$	—	$	506

Materials Processing Equipment	—		273		—		—		273
Specialty Equipment	—		171		—		—		171
Utility Equipment	—		—		149		—		149

Other (1)	113		—		2		(2)		113


Total	$	619	$	444	$	151	$	(2)	$	1,212

(1) Includes other product types, intercompany sales and eliminations.


	Nine Months Ended September 30, 2024
	Aerials		MP		ES		Corporate and Other / Eliminations		Total
Net sales by product type
Aerial Work Platforms	$	1,673	$	—	$	—	$	1	1,674
Materials Processing Equipment	—		961		—		—		961
Specialty Equipment	—		502		—		—		502
Utility Equipment	—		—		451		—		451

Other (1)	301		—		3		(6)		298


Total	$	1,974	$	1,463	$	454	$	(5)	$	3,886

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

TEREX CORP 10-Q