特雷克斯 2024年度报告

OUR INVESTMENT THESIS Terex provides market-leading products andsolutions to the global industrial sector, that striveto maximize customer return on investment. We area globally diversifi ed company with strong valuesand operating discipline aiming to deliver best-in-class fi nancial performance for our shareholders.We believe the company is strongly positioned tobenefi t from the world’s megatrends, enabling usto accelerate our growth for years to come. Market Leading BusinessesAttractive and DiverseEnd MarketsPortfolio SynergiesEngaged Team Membersand Values-based Culture A Stronger Portfolio,Poised for Growth WHY INVEST IN TEREX? Attractive End Markets Dear Shareholders, 2024 was a transformational year for Terexas we completed the largest acquisitionin the company’s history, acquiringEnvironmental Solutions Group (ESG) inOctober, establishing Terex as a leader inthe growing waste and recycling market.Adding ESG reduces our cyclicality, addsa market-leading business to Terex’sportfolio and creates tangible synergiesacross the company while acceleratinglong-term growth. Adding ESG increased the size and scopeof our addressable markets. Approximately25% of our global revenue is from wasteand recycling markets characterized bylow cyclicality and steady growth. Wastecollection is an essential service withlimited exposure to macroeconomicor other industrial cyclical dynamics.Population growth, recycling innovation,collection productivity and replacementdemand is expected to fuel growth forthe foreseeable future. Market Leading Businesses As a diverse, global, industrial company,Terex is well positioned to offer investorsan attractive opportunity to out-performin the industrial markets. It is importantto recognize that Terex is a muchdifferent company than in years past. Thebusinesses that make up our portfoliotoday, including globally renowned brandssuch as Heil, Marathon, Powerscreen, Finlay,Ecotec, CBI, Terex Recycling Systems,Genie and Terex Utilities are leaders intheir respective markets, each focused onproviding the best ROI for our customersthrough our high quality, innovativeproducts and world-class aftermarketparts and support. We generate a growingrevenue stream from our value-enhancingdigital SAAS (software as a service)solutions where we see application andleverage opportunities across the portfolio.The backbone of our portfolio is our globalmanufacturing and sourcing footprint whichgives us scale and flexibility, enabling us tomanage political and economic dynamics. Solid 2024 Financial Results About 20% of our business is related toinfrastructure where significant investmentis being put in place in the United Statesand around the world. Our Aggregatesbusinesses support the early stagesincluding demolition and site preparation.Our Concrete businesses follow to putfoundations and structures in place. Genieis next on scene with a full line of boom,scissor and portable lifts to enable safework at height and our telehandlers arejobsite work horses, moving materialanywhere it is needed. In 2024, we delivered $6.11 adjustedearnings per share1, the second highestfull year EPS in the company’s history,on sales of $5.1 billion. Despite industrychannel adjustments, after years of supplyconstraints, which impacted our twolegacy segments, Materials Processing(MP) and Aerial Work Platforms (AWP)both still delivered double-digit operatingmargins. As planned, ESG was immediatelyfi nancially accretive, contributing$51 million or 22% adjusted EBITDA2on revenue of $228 million in thefourth quarter period following theOctober 8 close. The growing Utilities market representsabout 10% of our revenue. Spending onUtilities will continue to increase to meetgrowing energy demand coming fromAI, digitization and electrification and tostrengthen distribution infrastructure.General construction, which in the pasthad represented the majority of our endmarkets, is now less than a third. When youconsider the housing shortage in NorthAmerican, the re-shoring of manufacturing,and the growth in digitization and datacenters, the longer-term outlook forconstruction is positive.about 10% of our revenue. Spending onUtilities will continue to increase to meetgrowing energy demand coming fromAI, digitization and electrification and tostrengthen distribution infrastructure.General construction, which in the pasthad represented the majority of our endmarkets, is now less than a third. When youconsider the housing shortage in NorthAmerican, the re-shoring of manufacturing,and the growth in digitization and datacenters, the longer-term outlook forconstruction is positive. We funded the ESG acquisition atfavorable rates and terms and maintainedour corporate ratings. Our balance sheetremains solid and our capital structure isfl exible with ample liquidity. We reportedreturn on invested capital of 19.4%3,well above our cost of capital. Returningcapital to shareholders remains a priority.In 2024, Terex returned $92 millio