What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-02 compared with 2025-02-27 · 63 added, 50 removed, 434 unchanged (21% of the section changed)

1 unchanged sentence

and its subsidiaries on a consolidated basis.

The Company is a leader in the design, manufacture and servicing of high quality vegetation management and infrastructure maintenance equipment for governmental, industrial and agricultural use.

The Company’s products include tractor mounted and self-propelled mowers, zero-turn mowers, agricultural implements, tree and branch chippers, forestry/wood recycling equipment, street and parking lot sweepers, leaf and debris collection equipment, truck mounted highway attenuator trucks, vacuum trucks, hydro-excavation equipment, telescopic boom excavators, and snow removal equipment .

The Company emphasizes high quality, cost-effective products for its customers and strives to develop and market innovative products while constantly monitoring and controlling its manufacturing and overhead costs.

The Company has a long-standing strategy of supplementing its internal growth through acquisitions of businesses or product lines that currently complement, command, or have the potential to achieve a meaningful share of their niche markets.

The Company has approximately 3,750 employees and manages a total of 27 plants with business operations in North America, South America, Europe, and Australia.

The Company sells its products primarily through a network of independent dealers and distributors to governmental end-users and related independent contractors, as well as to other commercial customers.

The primary markets for our products are North America, South America, Europe and Australia.

The Company is a leader in the manufacture and sale of high-quality, purpose-built industrial and vegetation management equipment.

We serve end-markets such as infrastructure building and maintenance, industrial construction, public works, land maintenance, agriculture and tree care.

Our products are sold to independent equipment dealers and directly to contractors and municipalities.

Product categories include vocational products (vacuum trucks, street sweepers, roadside safety equipment, excavators, and snow removal equipment) and light machinery (tractor mounted mowing equipment, land maintenance and recycling equipment) as well as related after-market parts and services.

The Company operates two divisions:

the Industrial Equipment Division and the Vegetation Management Division.

Founded in 1969, the Company has approximately 3,800 employees and operates 27 manufacturing facilities in North America, Canada, Europe, Brazil and Australia.

The corporate offices of Alamo Group Inc.

are located in Seguin, Texas.

The predecessor corporation to Alamo Group Inc.

21 unchanged sentences

SMA manufactures and sells principally a line of heavy-duty, tractor-mounted grass and hedge mowing-equipment and associated replacement parts primarily to departments of the French government.

This acquisition, along with the acquisitions of Forges Gorce (" Forges Gorce "), a flail blade manufacturer in France, in 1996 and Rousseau

Holdings S.A.

This acquisition, along with the acquisitions of Forges Gorce (" Forges Gorce "), a flail blade manufacturer in France, in 1996 and Rousseau Holdings S.A.

(“ Rousseau ”), a leading French manufacturer of hedge and verge mowers, in 2004, when combined with McConnel and Bomford, has made the Company one of the largest manufacturers in the European market for the kind of vegetation management equipment sold by the Company.

78 unchanged sentences

(" RPM "), a manufacturer of heavy duty snow removal equipment and associated parts.

RPM primarily sells to governmental agencies, related contractors, airports and

other industrial users.

RPM primarily sells to governmental agencies, related contractors, airports and other industrial users.

This acquisition complemented our existing range of snow removal products with RPM's range of heavy duty snow removal equipment, including their line of mechanical snow blowers.

22 unchanged sentences

and European forestry and tree care markets.

Timberwolf acquired the GreenMech brand and intellectual property in 2025.

GreenMech was based in the U.K.

and sold wood chippers throughout the world.

Timberwolf also acquired GreenMech's subsidiaries in France and Germany as part of the acquisition.

In 2023, the Company acquired 100% of the outstanding equity capital of Royal Truck & Equipment, Inc.

2 unchanged sentences

Royal Truck is based in Shoemakersville, Pennsylvania.

In 2025, the Company acquired 100% of the outstanding equity capital of Ring-O-Matic, Inc.

ROM is a leading provider of industrial vacuum excavation equipment, including high-quality trailer-mounted and custom truck-mounted excavation and vacuum units that perform essential tasks such as hydro excavation, safe digging near and around utility infrastructure, trenching, sewer jetting, storm drain cleaning, and other tasks.

This acquisition complemented the Company's existing range of excavation and vacuum products.

Sales and Marketing Strategy

4 unchanged sentences

Fairfield™, R.P.M.

Tech™, Morbark®, Rayco®, Denis Cimaf®, Boxer®, Bush Hog®, Rhino®, RhinoAg®, M&W®, Dixie Chopper®, Herschel®, Schulte®, Fieldquip®, Santa Izabel™, McConnel®, Bomford®, Spearhead™, Twose™, SMA®, Forges Gorce™, Rousseau®, Royal Truck & Equipment™, Timberwolf™, and Wolftrack™ trademarks (some with related designs) as well as other trademarks and trade names.

Tech™, Morbark®, Rayco®, Denis Cimaf®, Boxer®, Bush Hog®, Rhino®, RhinoAg®, Dixie Chopper®, Schulte®, Fieldquip®, Santa Izabel™, McConnel®, Bomford®, Spearhead™, Twose™, SMA®, Forges Gorce™, Rousseau®, Royal Truck & Equipment™, Timberwolf™, Wolftrack™, Ring-O-Matic®, GreenMech®, and Petersen™ trademarks (some with related designs) as well as other trademarks and trade names.

Products and Distribution Channels

2 unchanged sentences

The Vegetation Management Division includes all of the operations of the former Agricultural Division plus the mowing and forestry/tree care operations that were previously part of the former Industrial Division.

The Industrial Equipment Division includes the Company’s vocational truck business and other industrial operations such as excavators, vacuum trucks, street sweepers, snow removal equipment, and the recently acquired Royal Truck business.

We believe the realignment of our two divisions provides greater potential to capture synergies in cross-branding, distribution, product development, supply chain management and logistics.

93 unchanged sentences

A portion of Royal Truck's sales includes truck chassis which are not manufactured by Royal Truck .

ROM manufactures and sells a full line of industrial vacuum excavation machines, vacuum only machines, and car wash pit cleaners.

ROM manufactures and sells trailer mounted and custom truck mounted units.

ROM serves the underground utility construction, water and sewer, municipal, and car wash markets.

ROM primarily sells its products through its independent dealer network.

Replacement Parts

33 unchanged sentences

In addition, the Company, through its subsidiaries, purchases tractors and truck chassis as a number of the Company’s products are mounted and shipped with a tractor or truck chassis.

Tractors and truck chassis are generally available, but during 2023 we experienced delays in receiving truck chassis which caused us to delay shipments of some of our products and created operational inefficiencies in some of our facilities, particularly within our Industrial Equipment Division.

The Company sources its purchased goods from international and domestic suppliers.

33 unchanged sentences

(iv) conflict minerals laws, such as those contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules promulgated by the U.S.

Securities and Exchange Commission ("SEC"), which require specific procedures for the determination and disclosure of the use of certain minerals, known as "conflict minerals," which are mined from the Democratic Republic of the Congo and adjoining countries;

Securities and Exchange Commission ("SEC"),

which require specific procedures for the determination and disclosure of the use of certain minerals, known as "conflict minerals," which are mined from the Democratic Republic of the Congo and adjoining countries;

and (v) supply chain transparency laws and regulations addressing modern slavery and human trafficking.

5 unchanged sentences

The success of our Company depends on the talents and dedication of our people, and we are committed to investing in their success.

Our Senior Vice-President of Corporate Human Resources ("SVP-CHR") is responsible for developing and executing our human resources strategy together with our President and Chief Executive Officer ("CEO") and the other members of the Company's management team.

Our CEO and SVP-CHR regularly update our Board of Directors regarding the status of our human resources strategic initiatives, which include:

Our Vice-President of Global Human Resources ("VP-HR") is responsible for developing and executing our human resources strategy together with our President and Chief Executive Officer ("CEO") and the other members of the Company's management team.

Our CEO and VP-HR regularly update our Board of Directors regarding the status of our human resources strategic initiatives, which include:

Focus on Health and Safety :

21 unchanged sentences

We regularly assess our pay and benefit practices to ensure our people are compensated fairly and competitively.

Our compensation programs vary by country and region, and may include annual bonus and incentive plans, profit sharing, stock-based compensation awards, company-sponsored retirement savings plans with employee matching opportunities (or similar local retirement benefits), healthcare and insurance benefits, dependent care and flexible savings accounts, paid time off such as vacation and holidays, sick pay, disability pay and family leave, flexible work schedules, wellness and employee assistance programs for mental health, self-improvement, legal and financial services, service anniversary awards, tuition assistance and dependent college scholarships, and discounts on products and services.

pay, disability pay and family leave, flexible work schedules, wellness and employee assistance programs for mental health, self-improvement, legal and financial services, service anniversary awards, tuition assistance and dependent college scholarships, and discounts on products and services.

Labor Agreements:

1 unchanged sentence

In the U.S., the Company has a collective bargaining agreement at its Gradall plant which covers 240 employees and will expire on April 22, 2029.

In Canada, the Tenco bargaining agreement covers 130 employees and expires on December 31, 2025;

RPM has an agreement covering 2 employees which expires on February 1, 2025;

In Canada, the Tenco bargaining agreement covers 130 employees and expired on December 31, 2025;

RPM has an agreement covering 2 employees which expired on February 1, 2025;

and Everest has a collective bargaining agreement covering 83 employees which expires on November 30, 2029.

The expired agreements are currently being renegotiated.

In the Company’s European locations, all employees are covered by the European Works Council agreements.

23 unchanged sentences

Forward-looking statements involve risks and uncertainties.

These uncertainties include factors that affect all businesses operating in a global market, as well as matters specific to the Company and the markets we serve.

These uncertainties include factors that affect all

businesses operating in a global market, as well as matters specific to the Company and the markets we serve.

Certain particular risks and uncertainties that continually face us include the following:

32 unchanged sentences

Actual results could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described above and under “Risk Factors,” as well as others not now anticipated.

The foregoing statements are not exclusive and further information concerning us and our businesses, including factors that could potentially materially affect our financial results, may emerge from time to time.

The foregoing statements are not

exclusive and further information concerning us and our businesses, including factors that could potentially materially affect our financial results, may emerge from time to time.

It is not possible for management to predict all risk factors or to assess the impact of such risk factors on the Company’s businesses.

Any forward-looking statements made by or on behalf of the Company speak only to the date they are made and we do not undertake to

update forward-looking statements to reflect the impact of circumstances or events that arise after the forward-looking statements were made.

Any forward-looking statements made by or on behalf of the Company speak only to the date they are made and we do not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the forward-looking statements were made.

Information About our Executive Officers

1 unchanged sentence

Name Age Position

Leonard 65 President and Chief Executive Officer

Kamps 48 Executive Vice President and Chief Financial Officer

Hureau 58 President and Chief Executive Officer

Kamps 49 Executive Vice President and Chief Financial Officer and Treasurer

Rizzuti 56 Executive Vice President, Corporate Development and Investor Relations and Secretary

Malone 64 Executive Vice President, Chief Sustainability Officer

Raborn 60 Executive Vice President, Alamo Vegetation Management Division

Thomas 61 Executive Vice President, Alamo Industrial Equipment Division

Pollock 66 Senior Vice President, Corporate Human Resources

Srinivasan 62 Vice President, Global Human Resources

Sullivan 56 Vice President, Internal Audit

Leonard was appointed President and Chief Executive Officer of the Company in May of 2021.

Leonard was also appointed as a director of the Company in June of 2021.

Leonard joined the Company in 2011, and served as Executive Vice President of the Company's former Industrial Division from 2011 to 2021.

Leonard previously was Senior Vice President of Metso Minerals Industries Inc., a supplier of technology and services for mining, construction, power generation, automation, recycling, and pulp and paper industries.

On December 20, 2024, Mr.

Leonard notified the Board of his intention to retire as President and CEO by mid-year and upon the appointment of his successor.

Leonard's intention to retire as President and CEO is due to personal reasons and is not the result of any disagreement with the Company.

Hureau joined the Company in September of 2025 when he was appointed President and Chief Executive Officer.

Hureau was also appointed as a director of the Company in September 2025.

From April 2019 to March 2025, Mr.

Hureau served as Chief Executive Officer and as a director of American Trailer World (“ATW”), an industrial manufacturer and retailer of trailers, truck equipment and after-market parts.

Hureau served as Chairman of the Board of ATW from March 2025 to February 2026.

From January 2018 to April 2019, he served as ATW’s EVP and Chief Financial Officer.

From September 2014 to January 2018, Mr.

Hureau served as the EVP and Chief Financial Officer for Pharmaceutical Product Development (“PPD”), a global clinical research organization.

From April 2013 to September 2014, Mr.

Hureau served as the EVP and Chief Financial Officer of Acelity, a global medical technology company focused on advanced wound care and regenerative medicine.

From February 2007 to April 2013, Mr.

Hureau held several executive level positions at Sensata Technologies, including SVP and Chief Financial Officer from 2011 to April 2013.

Sensata Technologies is a publicly traded, global industrial manufacturer of sensors and controls.

Kamps was appointed Executive Vice President and Chief Financial Officer of the Company in May of 2024 after being appointed Executive Vice President and Treasurer in March of 2024.

2 unchanged sentences

Prior to her role with Americas Styrenics, Ms.

Kamps served in various accounting management capacities with several Siemens companies and with United Technologies.

Kamps served in various finance and accounting management capacities with several Siemens companies and with United Technologies.

Rizzuti was appointed Vice President, General Counsel of Alamo Group Inc.

3 unchanged sentences

Rizzuti served as Vice President, General Counsel and Secretary for Erickson Incorporated, a publicly traded aircraft manufacturing and operating company based in Portland, Oregon.

Malone was appointed Executive Vice President, Chief Sustainability Officer in July of 2021.

Malone joined the Company in 2007 and served as Executive Vice President, Chief Financial Officer from 2007 to 2021.

Prior to joining the Company, Mr.

Malone held the position of Executive Vice President, Chief Financial Officer & Corporate Secretary at Igloo Products Corporation, a manufacturer of insulated consumer goods, from 2002 to January 2007.

Malone was Vice President and Chief Financial Officer of The York Group, Inc.

from 2000 to 2002, and held various financial positions from 1987 to 2000 with Cooper Industries, Inc.

and its various subsidiaries.

Raborn was appointed Executive Vice President of the Company's Vegetation Management Division in July of 2021.

Raborn joined the Company in 2015 and served as Executive Vice-President of the Company's former Agricultural Division from 2015 to 2021.

Raborn joined the Company in 2015 and served as Executive Vice-President of the Company's

former Agricultural Division from 2015 to 2021.

Prior to joining the Company, Mr.

7 unchanged sentences

Thomas began with Navistar International in 1999, and held various roles including Director of Engineering, Director of Blue Diamond Truck LLC, and Director of Program Management for Navistar Defense, before being appointed President.

Thomas held roles with General Dynamics Land Systems Divisioin and General Motors Truck Group prior to joining Navistar.

Pollock was appointed Senior Vice President, Corporate Human Resources of Alamo Group Inc.

in April of 2024, and previously served as Vice President, Human Resources of Alamo Group since May of 2018.

Pollock joined Alamo Group in June of 2013 as Vice President of Human Resources for U.S.

Prior to joining the Company, Ms.

Pollock was Vice President of Human Resources with CPS Energy in San Antonio, Texas and Vice President of Strategic Initiatives for Coca-Cola Enterprises, Inc.

Thomas held roles with General Dynamics Land Systems Division and General Motors Truck Group prior to joining Navistar.

Srinivasan was appointed Vice President of Global Human Resources of Alamo Group Inc.

in November of 2024.

Prior to his appointment, Mr.

Srinivasan was Vice President of Human Resources at AdeptAg since 2022.

Srinivasan has also previously held several senior human resources roles at industrial companies, including Astec Industries, Lindsay Corporation, Trimble, and Volkswagen Group.

Sullivan was appointed Vice President, Internal Audit of Alamo Group Inc.

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business