Miller Industries Inc 2025年度报告

2025 Annual Report Letter to Our Shareholders Dear Fellow Shareholders, 2025 was a year that demonstrated both the resilience of Miller Industries and the strength of ourlong-term strategy. In a dynamic global operating environment, our team remained focused onexecution, disciplined capital allocation, and investments that position the Company for sustainablegrowth. During 2025, we advanced several strategic initiatives that reinforce our leadership position andbroaden our opportunities across our global footprint in our commercial, international, and militarymarkets. A significant milestone in 2025 was the completion of our acquisition of Omars S.p.A., a premierEuropean manufacturer of light-, medium-, and heavy-duty recovery vehicles and car carriers. Thisacquisition meaningfully expands our presence in Europe and enhances our ability to servecustomers across multiple international markets with locally manufactured solutions. In parallel, we continued to invest in our other European operations, including production capabilityexpansions at Jige in France and operational efficiency initiatives at Boniface in the UnitedKingdom. These investments are designed to increase production capacity, improve throughput,and support anticipated demand across both commercial and military programs. During the year, we began work on the expansion of manufacturing capacity at our Ooltewah,Tennessee headquarters, and in March 2026, our Board of Directors approved formal expansionplans for the facility. The expansion is intended to enhance our North American manufacturingfootprint while also supporting European operations and future military production requirements.This expansion is expected to position the new facility for production readiness in late 2027. These expansion activities are due in large part to the meaningful progress Miller Industries madein its military production business during 2025. By year-end, the Company had secured more than$150 million in global military commitments for heavy-duty recovery products, with productionscheduled to begin in 2027, and substantially ramping in 2028 and 2029. These programs representan important growth vector and underscore the reliability, durability, and performance of ourequipment in mission-critical applications. While market conditions and production timing affected our annual results, we remaineddisciplined in managing costs and capital. In line with our long history of returning capital toshareholders, in March 2026, our Board of Directors approved a 5% increase in the quarterlydividend, reflecting confidence in the Company’s financial position, cash generation capabilities,and long-term outlook. During 2025, we paid $15.1 million in total dividends and share repurchasesas part of our commitment to driving shareholder value creation. As we enter 2026, Miller Industries is well positioned for long-term success. Our expanded globalfootprint, growing military commitments, and ongoing production capacity and operationalefficiency investments provide a strong foundation for the future. Throughout all of this, our focusremains unchanged: delivering high-quality products, supporting our customers, investing in ourpeople, and creating long-term value for our shareholders. On behalf of our Board of Directors and the entire Miller Industries team, thank you for yourcontinued confidence and support. Sincerely, William G. Miller IIChief Executive OfficerMiller Industries, Inc. UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☒ For the fiscal year ended December 31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 62-1566286(I.R.S. Employer Identification No.) Tennessee(State or other jurisdiction of incorporation or organization) 8503 Hilltop Drive,Ooltewah, Tennessee 37363(Address of principal executive offices) (zip code)Registrant’s telephone number, including area code:(423) 238-4171Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.☐Yes☒No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.☐Yes☒No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405of this chapter) during the preceding 12 months (or for such shorter p