The Manitowoc Company — Third Quarter 2026 Earnings Summary

Financial Performance:

• Third-quarter net sales reached $613.8 million, an increase of 10.9% year-over-year compared to $553.4 million in Q3 2025.
• Net income for the quarter was $11.0 million ($0.30 per diluted share), a 120% increase from $5.0 million ($0.14 per diluted share) in the prior year period.
• Adjusted net income was $11.5 million ($0.31 per diluted share).
• Adjusted EBITDA was $47.4 million, up 39.0% year-over-year from $34.1 million.
• Adjusted EBITDA margin was 7.7% for the quarter, compared to 6.2% in the prior year period.
• Orders totaled $676.4 million, a 37.6% increase year-over-year, resulting in a backlog of $1,110.9 million at quarter-end.
• Non-new machine sales were $174.1 million, a 1.9% decrease year-over-year.
• For the nine months ended September 30, 2026, net sales were $1,703.3 million (up from $1,563.8 million), and net income was $19.2 million (up from $0.2 million).
• Nine-month adjusted EBITDA was $115.9 million, up from $82.1 million in the prior year period.
• Cash and cash equivalents were $64.7 million as of September 30, 2026, down from $77.3 million at December 31, 2025.
• Long-term debt was $461.1 million as of September 30, 2026, compared to $447.1 million at December 31, 2025.
• Free cash flow for the nine months ended September 30, 2026, was negative $29.0 million, compared to negative $93.6 million in the prior year period.
• Adjusted Return on Invested Capital (ROIC) was 8.0% as of September 30, 2026, compared to 4.8% in the prior year period.

Guidance and Future Outlook:

• The Company raised its full-year 2026 adjusted EBITDA guidance to $160–$175 million from a prior range of $150–$170 million.
• The Company raised its full-year 2026 adjusted diluted earnings per share guidance to $0.90–$1.25 from a prior range of $0.80–$1.20.
• Net sales guidance for 2026 remains unchanged at $2.3–$2.4 billion.
• Depreciation and amortization guidance remains unchanged at $60 million.
• Interest expense guidance remains unchanged at $35–$38 million.
• Provision for income tax expense guidance remains unchanged at $17–$24 million, excluding one-time expenses.
• Capital expenditures guidance remains unchanged at $45–$50 million, with $25 million related to the rental fleet.
• Free cash flow guidance remains unchanged at $50–$70 million.
• Management cited robust orders, double-digit sales growth, and significant EBITDA improvement as drivers for the raised guidance.
• Backlog expansion over four consecutive quarters reflects continued strength in crane demand, particularly in the Americas, Middle East, and Asia Pacific.
• Strategic priorities for the remainder of the year include executing against the backlog, improving working-capital efficiency, and growing the aftermarket business through the CRANES+50 strategy.

Business Segments and Product Lines:

• Crane demand remains strong, specifically in the Americas, Middle East, and Asia Pacific regions.
• The Company is executing its CRANES+50 strategy to grow the aftermarket business.
• The Company operates through brands including Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment, supported by MGX Equipment Services.

Market and Competitive Landscape:

• The market is characterized by continued strength in crane demand across key global regions.
• The Company highlighted robust order activity as a key indicator of market conditions.

Risks and Challenges:

• Macroeconomic conditions, including inflation, elevated interest rates, and tariffs, may negatively impact the ability to convert backlog into revenue.
• Trade policy uncertainty, including tariffs and trade agreements, poses risks to operations.
• Geopolitical events, such as conflicts in Ukraine and the Middle East, may lead to market disruptions, volatility in commodity prices, and supply chain issues.
• Changes in customer demand for high-capacity lifting equipment and emerging economies could impact results.
• Risks associated with high debt leverage and the ability to generate cash consistent with stated goals.
• Potential impairment of goodwill and/or intangible assets.
• Supply chain, labor, and logistics constraints may continue to affect operations.
• Foreign currency fluctuation impacts reported results.
• Risks related to data security, technological systems, and manufacturing or design defects.

Management Commentary and Tone:

• Aaron H. Ravenscroft, President and CEO, stated that third-quarter results exceeded expectations.
• Management expressed pride in the team's focus on serving customers and executing strategic priorities.
• The tone was confident, citing strong momentum and good visibility into the fourth quarter and 2027.
• Management emphasized clear priorities for the remainder of the year regarding backlog execution and working-capital efficiency.

Other Key Points:

• The Company will host an investor conference call on Wednesday, November 4, 2026, at 10:00 a.m. ET to discuss results.
• A live audio webcast and presentation will be available on the company's investor relations website.
• Non-GAAP financial measures, including adjusted EBITDA, adjusted net income, and free cash flows, are used by management for internal assessment and investor analysis.
• The Company does not provide GAAP reconciliations for its 2026 guidance due to the uncertainty of restructuring expenses and other non-recurring items.
• Stock-based compensation expense for the nine months ended September 30, 2026, was $5.3 million.
• Restructuring expense for the quarter was $0.4 million, and $2.0 million for the nine-month period.
• One-time costs included $0.3 million in the quarter and $3.1 million in the nine-month period (including $2.5 million related to a legal matter).