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The Manitowoc Company Reports Second-Quarter 2025 Financial Results

Second-Quarter 2025 Highlights

• Orders of $453.9 million, up 6.0% year-over-year
• Net sales of $539.5 million, down 4.0% year-over-year
• Non-new machine sales of $161.6 million, up 9.7% year-over-year

MILWAUKEE--(BUSINESS WIRE)-- The Manitowoc Company, Inc. (NYSE: MTW) (the 鈥淐ompany鈥� or 鈥淢anitowoc鈥�) today reported second-quarter net income of $1.5 million, or $0.04 per diluted share. Second-quarter adjusted net income⁽¹⁾ was $2.8 million, or $0.08 per diluted share.

Orders in the second quarter were $453.9 million, a 6.0% increase from the prior year, resulting in backlog of $729.3 million.

Net sales in the second quarter were $539.5 million a decrease of 4.0% from the prior year and included non-new machine sales of $161.6 million, an increase of 9.7% year-over-year. Adjusted EBITDA⁽¹⁾ was $26.3 million, a decrease of 26.9% from the prior year.

鈥淒uring the quarter, we achieved a solid 6% year-over-year growth in orders driven by strong performance in our MGX distribution business and continued momentum in the European tower crane market, despite the headwinds from tariffs. Looking at the balance of 2025, although many trade deals have been announced, we expect it will take six months for the crane market in the U.S. to find a new equilibrium. Therefore, we have adjusted our build schedules for the second half of the year and anticipate finishing the year at the lower end of our guidance range,鈥� comments Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.

"While we expect the Great Trade Reset to continue through the balance of 2025, we see green shoots in the market: the general European economy is improving as Germany has announced a massive infrastructure fund and an advantageous depreciation program; the tower crane business in Europe continues to rebound; the Middle East remains active and we have started to see several improvements in Asia Pacific; and, in the U.S., crane rental houses remain busy and dealer inventory is contracting. All of this bodes well for the crane industry once the tariff environment stabilizes," added Ravenscroft.

Investor Conference Call

The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its second-quarter 2025 earnings results on Friday, August 8, 2025, at 10:00 a.m. ET (9:00 a.m. CT). A live audio webcast of the call, along with the related presentation, will be available via webcast on the Manitowoc website at in the "Events & Presentations" section. A replay of the conference call will also be available at the same location on the website.

About The Manitowoc Company, Inc.

The Manitowoc Company was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting products and services. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names.

Footnote

⁽¹⁾Adjusted net income (loss), adjusted diluted net income (loss) per share (鈥淎djusted DEPS鈥�), EBITDA, adjusted EBITDA, adjusted operating income, adjusted return on invested capital ("Adjusted ROIC"), and free cash flows are financial measures that are not in accordance with U.S. GAAP. For definitions and a reconciliation to the most comparable U.S. GAAP numbers, please see the schedule of 鈥淣on-GAAP Financial Measures鈥� at the end of this press release.

Forward-looking Statements

This press release includes 鈥渇orward-looking statements鈥� intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current expectations of the management of the Company and are subject to uncertainty and changes in circumstances. Forward-looking statements include, without limitation, statements typically containing words such as 鈥渋ntends,鈥� 鈥渆xpects,鈥� 鈥渁nticipates,鈥� 鈥渢argets,鈥� 鈥渆stimates,鈥� and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results and developments to differ materially include, among others:

• macroeconomic conditions, including inflation, elevated interest rates, and tariffs, as well as prior supply chain, labor and logistics constraints, have had, and may continue to have, a negative impact on Manitowoc鈥檚 ability to convert backlog into revenue which could, and has, impacted its financial condition, cash flows, and results of operations (including future uncertain impacts);
• actions of competitors;
• changes in economic or industry conditions generally or in the markets served by Manitowoc, including tariffs;
• geopolitical events, including the ongoing conflicts in Ukraine and in the Middle East, tariffs, other political and economic conditions and risks and other geographic factors, have had and may continue to lead to market disruptions, including volatility in commodity prices (including oil and gas), raw material and component costs, energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets;
• changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment including changes in government approval and funding of projects;
• the ability to convert backlog, orders and order activity into sales and the timing of those sales;
• adverse changes to trade policy, including export duties, tariffs, import controls and trade barriers (including quotas);
• the ability to focus on customers, new technologies and innovation;
• uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;
• failure to comply with regulatory requirements related to the products and aftermarket services the Company sells;
• the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc鈥檚 long-term initiatives;
• the ability of Manitowoc's customers to receive financing;
• risks associated with high debt leverage;
• impairment of goodwill and/or intangible assets;
• changes in revenues, margins and costs;
• the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;
• the ability to generate cash and manage working capital consistent with Manitowoc鈥檚 stated goals;
• work stoppages, labor negotiations, labor rates and labor costs;
• the Company鈥檚 ability to attract and retain qualified personnel;
• changes in the capital and financial markets;
• the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures or other significant transactions;
• issues associated with the availability and viability of suppliers;
• the ability to significantly improve profitability;
• realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those enhancements, savings, synergies and options;
• the replacement cycle of technologically obsolete products;
• foreign currency fluctuation and its impact on reported results;
• risks associated with data security and technological systems and protections;
• the ability to direct resources to those areas that will deliver the highest returns;
• risks associated with manufacturing or design defects;
• natural disasters, other weather events, pandemics and other public health crises disrupting commerce in one or more regions of the world;
• issues relating to the ability to timely and effectively execute on manufacturing strategies, general efficiencies and capacity utilization of the Company鈥檚 facilities;
• the ability to focus and capitalize on product and service quality and reliability;
• issues associated with the quality of materials, components and products sourced from third parties and the ability to successfully resolve those issues;
• changes in laws throughout the world, including governmental regulations on climate change;
• the inability to defend against potential infringement claims on intellectual property rights;
• the ability to sell products and services through distributors and other third parties;
• issues affecting the effective tax rate for the year;
• acts of terrorism; and
• other risks and factors detailed in Manitowoc's 2024 Annual Report on Form 10-K, as such may be amended or supplemented in Manitowoc鈥檚 subsequently filed Quarterly Reports on Form 10-Q and its other filings with the United States Securities and Exchange Commission.

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements only speak as of the date on which they are made. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Non-GAAP Financial Measures

Adjusted net income (loss), Adjusted DEPS, EBITDA, adjusted EBITDA, adjusted operating income, Adjusted ROIC, and free cash flows are financial measures that are not in accordance with U.S. GAAP. Manitowoc believes these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations. Manitowoc believes excluding specified items provides a more meaningful comparison to the corresponding reporting periods and internal budgets and forecasts, assists investors in performing analysis that is consistent with financial models developed by investors and research analysts, provides management with a more relevant measure of operating performance, and is more useful in assessing management performance.

Adjusted Net Income (Loss) and Adjusted DEPS

The Company defines adjusted net income (loss) as net income (loss) plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net income (loss) divided by diluted weighted average shares outstanding. Diluted weighted average common shares outstanding are adjusted for the effect of dilutive stock awards when there is net income on an adjusted basis, as applicable. The reconciliation of net income (loss) and diluted net income (loss) per share to adjusted net income (loss) and Adjusted DEPS for the three and six months ended June 30, 2025 and 2024 are summarized as follows. All dollar amounts are in millions, except per share data and share amounts.

Adjusted ROIC

The Company defines Adjusted ROIC as adjusted net operating profit after tax (鈥淎djusted NOPAT鈥�) for the trailing twelve-months ended divided by the five-quarter average of invested capital. Adjusted NOPAT is calculated for each quarter by taking operating income plus the addback of amortization of intangible assets and the addback or subtraction of restructuring expenses, other non-recurring items - net, and provision for income taxes, which is determined using a 15% tax rate. Invested capital is defined as net total assets less cash and cash equivalents and income tax assets - net plus short-term and long-term debt. Income taxes are defined as income tax payables/receivables, net deferred tax assets/liabilities, and uncertain tax positions.

The Company鈥檚 Adjusted ROIC as of June 30, 2025 was 4.2%. Below is the calculation of Adjusted ROIC as of June 30, 2025.

Free Cash Flows

The Company defines free cash flows as net cash provided by (used for) operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash provided by (used for) operating activities to free cash flows for the three and six months ended June 30, 2025 and 2024 are summarized as follows. All dollar amounts are in millions.

EBITDA and Adjusted EBITDA

The Company defines EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring expense, other (income) expense - net, and other non-recurring items - net. The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 and trailing twelve months are summarized as follows. All dollar amounts are in millions.

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Ion Warner

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Source: The Manitowoc Company, Inc.