TEX – HQ Visit Takeaways

Research evidence excerpt

TEX – HQ Visit Takeaways

nvestments in capacity/throughput

Price (May 19, 2026) $55.39 expansion in SV and Utilities, continued growth of aftermarket and digital solutions, and

52-Wk Range $69.51-$41.78 potential additional portfolio actions.

Market Cap ($M) $5,323 Focused on integration and execution, with opportunity for further portfolio actions:

ADTV 944,937 Management remains focused on integration and execution following the REV merger which

Shares Out (M) 96 closed in February 2026. Pro forma Specialty Vehicles (REV) adjusted EBITDA margin was

Short Interest Ratio/% Of Float 4.5% 12.4% in 2025, already exceeding REV’s previously targeted 10–12% adjusted EBITDA

Dividend/Yield $0.68/1.2% margin by 2027. We believe SV margins can structurally improve from current levels as

Enterprise Value ($M) $7,680 management contemplates additional portfolio actions, benefits from more favorably priced

Cash & Equivalents ($M) 392 backlog, targets additional synergy opportunities, and increases higher-margin aftermarket

exposure. TEX continues to drive synergies (~$28M run rate by end of 2026 and ~$75M by Total Debt ($M) 2,749

early 2028) starting with corporate redundancies followed by procurement and operational

efficiencies. Meanwhile, management remains focused on driving increased throughput

8 Page Document through targeted capacity expansion in its fire truck business where lead times remain

extended at three plus years.

Reasons for this report Aerials exit is the biggest near term catalyst: TEX noted it is in active discussions with

multiple interested parties for its Aerials business (Genie) with all options remaining on the

✓ Management Meeting Takeaways table including a spin, sale, or structured sale. We continue to expect an announcement on

Aerials in 2026.