What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-02-13 compared with 2025-02-07 · 101 added, 104 removed, 287 unchanged (42% of the section changed)

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We engage with customers through all stages of the product life cycle, from initial specification to parts and service support.

We report our business in the following segments:

(i) Materials Processing (“MP”), (ii) Aerial Work Platforms (“AWP”) and (iii) Environmental Solutions Group (“ESG”).

We identify our operating segments according to how business activities are managed and evaluated.

We report our business in the following reportable segments:

(i) Environmental Solutions (“ES”), (ii) Material Processing (“MP”) and (iii) Aerials.

Our Environmental Solutions Group (“ESG”) and Utilities operating segments share similar economic characteristics and are aggregated into one reportable segment, ES.

Further information about our industry and reportable segments appears in Part II, Item 7.

– “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Note B – “Business Segment Information” in the Notes to Consolidated Financial Statements.

ENVIRONMENTAL SOLUTIONS

Our ES segment 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, 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.

We market our ES products principally under the following brand names:

Heil®, Marathon®, 3rd Eye®, Soft-Pak®, Connected Collections®, Parts Central®, Curotto-Can®, Bayne Thinline®, and Terex® brand names.

ES has the following significant manufacturing operations:

• Refuse collection bodies, hydraulic cart lifters and automated carry cans are manufactured in Fort Payne, Alabama;

• Compaction, balers and recycling equipment are manufactured in Vernon, Alabama;

• Utility products are manufactured in Watertown and Huron, South Dakota, Changzhou, China, Waukesha, Wisconsin and Birmingham, Alabama.

We have a parts distribution center and various warehouses located in Fort Payne, Alabama and Southaven, Mississippi.

We also provide service and support for utility products in the U.S.

through a network of service branches and field service operations.

MATERIALS PROCESSING

Our MP segment 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.

Our MP segment designs, manufactures, services and markets materials processing and specialty equipment, including crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry 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.

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• Mobile crushers are manufactured in Omagh, Northern Ireland;

• Mobile screens, washing systems and recycling systems are manufactured in Dungannon, Northern Ireland;

• Mobile crushers, mobile screens, base crushers, base screens, modular and wheeled crushing and screening plants, track conveyors, washing systems, rough terrain cranes and pick and carry cranes are manufactured in Hosur, India;

• Mobile screens, portable crushing and screening plants, washing systems and recycling systems are manufactured in Dungannon, Northern Ireland;

• Mobile crushers, mobile screens, base crushers, base screens, modular and wheeled crushing and screening plants, track conveyors, washing systems and pick and carry cranes are manufactured in Hosur, India;

• Static crushers, screens and telescopic conveyors are manufactured in Subang Jaya, Malaysia;

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• Wood processing, biomass and recycling equipment systems are manufactured in Newton, New Hampshire;

• Material handlers are manufactured in Bad Schönborn, Germany and Changzhou, China;

• Material handlers are manufactured in Bad Schönborn, Germany and Hosur, India;

• Concrete pavers are manufactured in Canton, South Dakota;

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• Volumetric concrete mixers are manufactured in Olds, Alberta, Canada;

• Pick and carry cranes are manufactured in Brisbane, Australia;

• Rough terrain cranes are manufactured in Crespellano, Italy;

• Tower cranes are manufactured in Fontanafredda, Italy;

• Mobile crushers, including crushing chambers, mobile screens and material handlers are manufactured in Jiading, China;

• Pick and carry cranes are manufactured in Brisbane, Australia and Hosur, India;

• Mobile and static trommel screens are manufactured in Monaghan, Ireland;

• Bulk material handling conveyors are manufactured in Mount Vernon, Missouri.

We have North American distribution centers in Louisville, Kentucky and Southaven, Mississippi, service centers in Australia, Thailand, Turkey, Malaysia and a parts distribution center in Northern Ireland.

AERIAL WORK PLATFORMS

Our AWP segment designs, manufactures, services and markets aerial work platform equipment, utility equipment and telehandlers.

Products include portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, scissor lifts, utility equipment (including digger derricks and insulated aerial devices) and telehandlers, as well as their related components and replacement parts.

We have a North American distribution center in Louisville, Kentucky, service centers in Australia, Thailand, Turkey, Malaysia and a parts distribution center in Northern Ireland.

Our Aerials segment designs, manufactures, services and markets aerial work platform equipment and telehandlers as well as their related components and replacement parts.

Products include portable material lifts, portable aerial work platforms, trailer-mounted articulating booms, self-propelled articulating and telescopic booms, scissor lifts and telehandlers, as well as their related components and replacement parts.

Aerial work platform equipment positions workers and materials easily and quickly to elevated work areas, enhancing safety and productivity at height.

Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for purposes within the entertainment industry, for construction and maintenance of transmission and distribution lines, tree trimming, certain construction and foundation drilling applications, and for other commercial operations, as well as in a wide range of infrastructure projects.

We market aerial work platform products principally under the Terex ® and Genie ® brand names.

AWP has the following significant manufacturing operations:

We market aerial products principally under the Genie ® brand name.

Aerials has the following significant manufacturing operations:

• Aerial work platform equipment is manufactured in Redmond and Moses Lake, Washington, Umbertide, Italy, Changzhou, China, Monterrey, Mexico and Sanand, India;

• Utility products are manufactured in Watertown and Huron, South Dakota and Changzhou, China;

• Telehandlers are manufactured in Umbertide, Italy and Monterrey, Mexico.

We have a parts and logistics center located in North Bend, Washington for our AWP products.

We have a parts and logistics center located in North Bend, Washington for our Aerials products.

Additionally, we have a parts distribution center in Southaven, Mississippi.

Our European, Asian Pacific and Latin American parts and logistics operations are conducted through a combination of outsourced facilities and Terex managed operations.

We also provide service and support for aerial and utility products in the U.S.

through a network of service branches and field service operations.

ENVIRONMENTAL SOLUTIONS GROUP

Our ESG segment designs, manufactures, services and markets waste and recycling equipment and solutions, including refuse collection bodies, hydraulic cart lifters, automated carry cans, compaction, balers and recycling equipment, 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.

We market our ESG products principally under the following brand names:

Heil ® , Marathon ® , 3rd Eye ® , Soft-Pak ® , Connected Collections ® , Parts Central ® , Curotto-Can ® and Bayne Thinline ® .

ESG has the following significant manufacturing operations:

• Refuse collection bodies, hydraulic cart lifters and automated carry cans are manufactured in Fort Payne, Alabama;

• Compaction, balers and recycling equipment are manufactured in Vernon, Alabama.

We have a parts distribution center and various warehouses located in Fort Payne, Alabama.

We also provide service and support for aerial products through a network of service branches and field service operations.

We may assist customers in their rental, leasing and acquisition of our 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 our equipment.

TFS uses its equipment financing expertise to facilitate financial products and services to assist customers in the procurement of Terex equipment.

On a global basis, TFS facilitates financing transactions directly between (i) end-user customers, distributors and rental companies and (ii) third-party financial institutions, providing recourse in certain circumstances.

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These secondary market sales channels may also be used for re-marketing any equipment which is returned at end of lease or is repossessed in the case of a customer default.

If equipment is received, TFS uses the resale channel which maximizes proceeds and/or mitigates risk for Terex and our funding partners.

If equipment is received, TFS uses the resale channel which maximizes proceeds and mitigates risk for Terex and our funding partners.

On February 2, 2026, we completed the merger with REV in accordance with the terms of the Agreement and Plan of Merger (the “REV Transaction”).

REV serves a diversified customer base, primarily in the U.S.

and their products are sold to municipalities, government agencies, private contractors, consumers, and industrial and commercial end users.

REV provides customized vehicle solutions for applications, including essential needs for public services (ambulances and fire apparatus), commercial infrastructure (terminal trucks and industrial sweepers) and consumer leisure (motorized recreational vehicles).

For more information regarding the REV business see their Annual Report on Form 10-K filed on December 10, 2025.

See Note M – “Subsequent Event” in the Notes to Consolidated Financial Statements for further information regarding the transaction.

The operating results of REV will be reported as part of the Company beginning on February 2, 2026, and as such, references to the Company in this annual report, including but not limited to the Company’s historical financial condition, results of operations and cash flows, does not include REV, unless otherwise noted.

BUSINESS STRATEGY

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The “Execute” theme involves expectations related to core operating processes and accountabilities.

These core operating processes are being developed into the newly created Terex Operating System, as we migrate towards an integrated operating company.

These core operating processes are developed into the Terex Operating System, as we migrate towards an integrated operating company.

We expect our businesses to deploy processes that meet local needs while delivering a level of performance and predictability that is consistent with effective operations.

These expectations are fulfilled differently by the various Terex businesses, but the core principles are the same as outlined in the Terex Operating System.

The Terex Operating System is being designed to ensure strict process discipline, continuous improvement, and automation is deployed wherever Terex-wide standardization can add value, while still allowing our businesses the flexibility to modify for their individual market needs.

The Terex Operating System is designed to ensure strict process discipline, continuous improvement, and automation is deployed wherever Terex-wide standardization can add value, while still allowing our businesses the flexibility to modify for their individual market needs.

The “Innovate” theme focuses on purposeful development of step-change improvements in Terex offerings and in the efficiency with which these offerings are executed and supported.

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new category and geographic development).

We also see a role for further growth via inorganic investments.

Our most recent acquisition of the ESG from Dover Corporation demonstrates our commitment to adding attractive businesses in non-cyclical markets with a keen focus on the waste management, recycling, and circular economy segments.

We also continue to see a role for further growth via inorganic investments.

Our 2024 acquisition of ESG from Dover Corporation along with the completion of the REV Transaction on February 2, 2026 demonstrate our commitment to adding attractive businesses with complementary, leading brands in attractive, low cyclical, highly resilient and growing end markets.

We continue to build and actively pursue our inorganic investment pipeline, with an eye towards adding new dimensions to the Company portfolio and applying our skills as a manager of specialized machinery businesses in new and complementary domains.

Our capital allocation approach remains an important part of our overall strategy, including maintenance of an optimal capital structure (2.5x net leverage target through the cycle), growth investments, restructuring investments and efficient return of capital to stockholders via dividends and share repurchases.

Capital allocation remains an important part of our overall strategy, including maintaining a balanced approach to net leverage, growth investments, restructuring investments and efficient return of capital to stockholders via dividends and share repurchases.

Successful pursuit of the “Execute, Innovate, Grow” strategy will shape the direction of our Company over the coming years.

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We balance the independence of our businesses with the benefits of total Company scale, which is central to how we manage our Company.

ENVIRONMENTAL SOLUTIONS

REFUSE COLLECTION BODIES AND EQUIPMENT.

We manufacture refuse collection bodies, including front-end loaders, automated front loaders, automated side loaders, and rear end loaders.

We also manufacture automated carry cans that mount to front loaders, and other cart tippers, carry cans and lifting systems.

The refuse collection bodies, carry cans and cart tipper equipment are used to support the collection of residential refuse and commercial containers.

The lift systems are also used in industrial plants, hospitals, shopping centers, food processing plants and universities.

COMPACTION, BALERS AND RECYCLING EQUIPMENT.

We manufacture a range of compactors including stationary, self-contained, front load and rear load, apartment/high-rise, transfer system, stationary and self-contained auger in addition to compactor containers, pre-crushers cart-dumpers, two-ram balers, heavy-duty vertical balers, auto-tie balers, manual-tie balers, conveyors and material recovery facility systems.

This equipment is used for on-site processing and compaction of trash and recyclable materials, and is used in a wide array of recycling applications from apartment complexes to factories and department stores.

DIGITAL SOLUTIONS.

Our digital solutions consist of advanced mobile and facility vision technology, along with integrated back office systems.

3rd Eye offers heavy-duty truck cameras that can provide 360° of visibility, and integration with smart technology and live monitoring, to provide solutions that improve safety, productivity, sustainability and profitability.

3rd Eye innovations offer driver education and development, positive service verification, route and facility contamination detection, vehicle health and maintenance, and vehicle/asset tracking and compliance.

3rd Eye camera and technology solutions can be utilized across a wide array of fleets including refuse, construction, utilities and emergency response fleets.

3rd Eye also offers connected compactors and balers.

Soft-Pak provides back-office, route management, and customer relations software solutions to the waste and recycling industry.

Combined with its in-cab tablet-based applications, Soft-Pak provides refuse fleets with comprehensive, customer-facing solutions and information.

UTILITY EQUIPMENT.

Our utility products include digger derricks and insulated aerial devices.

These products are used by electric utilities, tree care companies, telecommunications and cable companies, and the related construction industries, as well as by government organizations.

• Digger derricks are insulated products used to dig holes, hoist and set utility poles, as well as lift transformers and other materials at job sites near energized power lines.

• Insulated aerial devices are used to elevate workers and material to work areas at the top of utility poles near energized transmission and distribution lines and for trimming trees near energized electrical lines, as well as for miscellaneous purposes such as sign maintenance.

We offer a range of services for ES products consisting of inspections, installations, preventative maintenance, general repairs, reconditioning, refurbishment and spare parts, as well as training services.

Our services are provided on our own products and on third-party products and related equipment.

MATERIALS PROCESSING

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SPECIALTY EQUIPMENT.

We manufacture material handlers, cranes, concrete mixer trucks, volumetric concrete mixers, concrete pavers and robotics waste sorting equipment.

We manufacture material handlers, pick and carry cranes, concrete mixer trucks, volumetric concrete mixers, concrete pavers and robotics waste sorting equipment.

• Material handlers are designed for handling logs, scrap, recycling and other bulky materials with clamshell, magnet or grapple attachments.

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They combine highway road speed with all-terrain capability.

• Rough terrain cranes move materials and equipment on rugged or uneven terrain and are often located on a single construction or work site for long periods.

Rough terrain cranes cannot be driven on highways (other than in Italy) and accordingly must be transported by truck to the work site.

• Tower cranes are often used in urban areas where space is constrained and in long-term or high-rise building sites.

Tower cranes lift construction material and place the material at the point of use.

We produce self-erecting, hammerhead, flat top and luffing jib tower cranes.

• Concrete mixer trucks are machines with a large revolving drum in which cement is mixed with other materials to make concrete.

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• Our concrete pavers are used to finish bridges, canals, concrete streets, highways and airport surfaces.

AERIAL WORK PLATFORMS

AERIAL WORK PLATFORMS.

Aerial work platform equipment positions workers and materials easily and quickly to elevated work areas, enhancing safety and productivity at height.

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trailer-mounted articulating booms;

self-propelled articulating and self-propelled telescopic booms;

self-propelled articulating booms;

self-propelled telescopic booms;

and scissor lifts.

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• Scissor lifts are used in indoor and outdoor applications in a variety of construction, industrial, institutional and commercial settings.

UTILITY EQUIPMENT.

Our utility products include digger derricks, insulated aerial devices and self-propelled articulating insulated booms.

These products are used by electric utilities, tree care companies, telecommunications and cable companies, and the related construction industries, as well as by government organizations.

• Digger derricks are insulated products used to dig holes, hoist and set utility poles, as well as lift transformers and other materials at job sites near energized power lines.

• Self-propelled articulating insulated booms are used for substation work and other applications where electrical hazards exist but use of a bucket truck is prohibitive.

TELEHANDLERS.

Telehandlers are used to move and place materials on residential and commercial construction sites and in the energy and infrastructure industries.

We offer a range of services for aerial and utility products consisting of inspections, preventative maintenance, general repairs, reconditioning, refurbishment, modernization and spare parts, as well as consultancy and training services.

Our services are provided on our own products and on third-party products and related equipment.

ENVIRONMENTAL SOLUTIONS GROUP

REFUSE COLLECTION BODIES AND EQUIPMENT.

We manufacture refuse collection bodies, including front-end loaders, automated front loaders, automated side loaders, and rear end loaders.

We also manufacture automated carry cans that mount to front loaders, and other cart tippers, carry cans and lifting systems.

The refuse collection bodies, carry cans and cart tipper equipment are used to support the collection of residential refuse and commercial containers.

The lift systems are also used in industrial plants, hospitals, shopping centers, food processing plants and universities.

COMPACTION, BALERS AND RECYCLING EQUIPMENT.

We manufacture a range of stationary compactors, self-contained compactors, front load and rear load compactors, apartment and high-rise compactors, transfer system compactors, stationary auger compactors, self-contained auger compactors, compactor containers, pre-crushers cart-dumpers, two-ram balers, heavy-duty vertical balers, auto-tie balers, manual-tie balers, conveyors and material recovery facility systems.

DIGITAL SOLUTIONS.

Our digital solutions consist of advanced mobile and facility vision technology, along with integrated back office systems.

3rd Eye camera and technology solutions can be utilized across a wide array of fleets including refuse, construction, utilities and emergency response fleets.

3rd Eye also offers connected compactors and balers.

Soft-Pak provides back-office, route management, and customer relations software solutions to the waste and recycling industry.

Combined with its in-cab tablet-based applications, Soft-Pak provides refuse fleets with comprehensive, customer-facing solutions and information.

We offer a range of services for ESG products consisting of inspections, installations, preventative maintenance, general repairs, reconditioning, refurbishment and spare parts, as well as training services.

We offer a range of services for aerial products consisting of inspections, preventative maintenance, general repairs, reconditioning, refurbishment, modernization and spare parts, as well as consultancy and training services.

Our services are provided on our own products and on third-party products and related equipment.

Our backlog as of December 31, 2025 and 2024 was as follows (in millions):

MP $ 320 $ 767

AWP 1,451 2,644

ES $ 1,055 $ 1,160

Aerials 906 811

Total $ 2,352 $ 2,291

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Because many variables can cause changes in backlog and these changes may or may not be of any significance, we consequently view backlog as an important, but not necessarily determinative, indicator of future results.

Our overall backlog at December 31, 2024 decreased $1,120 million from backlog amounts at December 31, 2023, driven by improved customer deliveries, a return to historical ordering patterns and market weakness in Europe, partially offset by backlog from our newly acquired business, ESG.

MP backlog at December 31, 2024 decreased approximately 58% from backlog amounts at December 31, 2023.

The decrease from 2023 was driven primarily by improved customer deliveries and a return to historical ordering patterns across our MP businesses as lead times decreased.

AWP backlog at December 31, 2024 decreased approximately 45% from backlog amounts at December 31, 2023.

The decrease from 2023 was primarily driven by improved customer deliveries, a return to historical ordering patterns and lower bookings outside of North America.

ESG had backlog of $520 million at December 31, 2024.

Our overall backlog at December 31, 2025 increased $61 million from backlog amounts at December 31, 2024, due to increased order activity in Aerials and MP, partially offset by a return to historical pre-covid ordering patterns in ES.

ES backlog at December 31, 2025 decreased approximately 9% from backlog amount at December 31, 2024.

The decrease from 2024 was primarily driven by a return to historical pre-covid ordering patterns with more available chassis.

MP backlog at December 31, 2025 increased approximately 22% from backlog amounts at December 31, 2024.

The increase from 2024 was driven primarily by higher order activity within our aggregates business due to replacement demand.

Aerials backlog at December 31, 2025 increased approximately 12% from backlog amounts at December 31, 2024.

The increase from 2024 was primarily driven by the timing of certain orders received in December 2025 driven by strength in megaprojects.

ENVIRONMENTAL SOLUTIONS

We distribute our ESG products to customers through several channels including a network of independent distributors, direct sales and rental companies.

Our utility products are distributed to the utility and municipal markets and contractors in North America principally through a network of rental companies, independent distributors and a direct sales model.

Outside of North America, independent distributors sell our utility equipment directly to customers.

MATERIALS PROCESSING

We distribute our MP products to customers through several channels including a global network of independent distributors, direct sales and rental companies.

AERIAL WORK PLATFORMS

Our aerial work platform and telehandler products are distributed principally through a global network of rental companies and independent distributors.

Outside of North America, independent distributors sell our utility equipment directly to customers.

ENVIRONMENTAL SOLUTIONS GROUP

We distribute our ESG products to customers through several channels including a network of independent distributors, direct sales and rental companies.

RESEARCH, DEVELOPMENT AND ENGINEERING

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BUSINESS SEGMENT PRODUCTS PRIMARY COMPETITORS

Environmental Solutions

Refuse Collection Bodies

Labrie, Federal Signal (New Way), Oshkosh (McNeilus)

Compactors and Balers

Cram-A-Lot, Komar, Wastebuilt

On Board Vehicle Technology

AMCS, Geotab, Ltyx, Routeware, Samsara

Utilities Equipment

Altec, Dur-A-Lift, Elliot Equipment, Palfinger, Posi+ and Time Manufacturing

Materials Processing Crushing & Screening Equipment Astec Industries, Deere (Kleeman), Keestrack, Metso, Portafill, Rubble Master and Sandvik

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Pick and Carry Cranes Ace, Escorts, Humma and TIDD

Rough Terrain Cranes

Kato, Liebherr, Link-Belt, Manitowoc (Grove), Sany, Tadano-Faun, XCMG and Zoomlion

Tower Cranes Comansa, Jaso, Liebherr, Manitowoc (Potain), Wolffkran, XCMG and Zoomlion

Robotic Waste Sorting Technology AMP Robotics, Max-Al, Steinert, Tomra and Waste Robotics

Tree Care and Vegetation Management Equipment

Albach Primtech, Bandit, Fecon, Jenz, Ufkes, Vermeer

Aerial Work Platforms Portable Material Lifts and Portable Aerial Work Platforms Dingli, Haulotte and Oshkosh (JLG)

Albach, Bandit, Fecon, Jenz, Ufkes, Vermeer

Portable Material Lifts and Portable Aerial Work Platforms Dingli, Haulotte and Oshkosh (JLG)

Dingli, Haulotte, JCB, Linamar (Skyjack), Manitou, MEC, Oshkosh (JLG), Sinoboom, XCMG and Zoomlion

Scissor Lifts Dingli, Haulotte, JCB, LGMG, Linamar (Skyjack), MEC, Oshkosh (JLG), Sinoboom, XCMG and Zoomlion

Utility Equipment Altec, Dur-A-Lift, Elliot Equipment, Palfinger, Posi+ and Time Manufacturing

Telehandlers JCB, Linamar (Skyjack), Manitou (Gehl), Merlo and Oshkosh (JLG)

Environmental Solutions Group

Refuse Collection Bodies

Labrie, New Way, Oshkosh (McNeilus)

Compactors and Balers

Cram-A-Lot, Komar, Wastebuilt

On Board Vehicle Technology

AMCS, Geotab, Ltyx, Routeware, Samsara

MAJOR CUSTOMERS

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In 2025, our largest customer accounted for less than 6% of our consolidated net sales and our top ten customers in the aggregate accounted for less than 28% of our consolidated net sales.

A material portion of AWP and ESG net sales are to national rental companies.

A material portion of Aerials and ES net sales are to national rental companies.

PATENTS, LICENSES AND TRADEMARKS

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We were the first to market with an all-electric utility bucket truck, reducing emissions and noise as well as supporting our customers electrification and sustainability goals.

Many Genie ® lift models offer all-electric

or fuel-electric hybrid options that deliver quiet, emission-free performance, which is necessary for indoor working environments, as well as city centers with noise and emission restrictions.

Many Genie® lift models offer all-electric or

fuel-electric hybrid options that deliver quiet, emission-free performance, which is necessary for indoor working environments, as well as city centers with noise and emission restrictions.

We offer crushers and screens that can operate from electrical power supply lines to help reduce the use of fuel.

Hybrid solutions are also available on select utility aerial devices, cranes, and mixer trucks that use battery power to perform certain equipment functions without the engine running.

Hybrid solutions are also available on select utility aerial devices and mixer trucks that use battery power to perform certain equipment functions without the engine running.

We have taken a lead on many of these developments within the industries we serve, and we will continue to evolve our approach to alternative, environmentally friendly equipment power as technical capabilities advance, solution economics improve, and customer demand for these solutions continues to increase.

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In 2025, 87% of team members participated in our company-wide global engagement survey.

Safety remained the highest rated survey category and we received positive net promoter scores.

Safety remained the highest rated survey category and we received positive net promoter and engagement scores.

We have a robust talent review process in which we assess talent strengths and opportunity areas, matching our team members’ career aspirations with the needs of the business.

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We maintain a website at www.terex.com.

We make available on our website under “Investor Relations” – “Financial Reporting”, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we electronically file or furnish such material with the SEC.

We make available on our website under “Investor Relations” – “Financials”, free of charge, our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports as soon as reasonably practicable after we electronically file or furnish such material with the SEC.

References to our website in this report are provided as a convenience, and the information on our website is not, and shall not be deemed to be a part of this report or incorporated into any other filings we make with the SEC.

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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