The Manitowoc Company Reports Fourth-Quarter and Full-Year 2025 Financial Results; Provides Full-Year 2026 Guidance

MILWAUKEE--( BUSINESS WIRE)--The Manitowoc Company, Inc. (NYSE: MTW) (the “Company” or “Manitowoc”) today reported fourth-quarter net income of $7.0 million, or $0.19 per diluted share. Fourth-quarter adjusted net income (1) was $9.5 million or $0.26 per diluted share.

Orders in the fourth quarter were $803.4 million, a 55.8% increase from the prior year, resulting in backlog of $793.5 million.

Net sales in the fourth quarter were $677.1 million, an increase of 13.6% from the prior year. Non-new machine sales were $190.9 million, an increase of 14.0% year-over-year. Adjusted EBITDA (1) was $39.6 million, an increase of 13.5% from the prior year.

Full-year 2025 net sales increased 2.9% year-over-year to $2,240.9 million. Non-new machine sales were $690.5 million, an increase of 9.8% year-over-year. Adjusted net income (1) for the year was $11.6 million or $0.32 per diluted share, a decrease of $3.1 million or $0.09 per diluted share from the prior year.

“I am really proud of the team’s strong finish to a challenging year. We ended the fourth quarter with orders in excess of $800 million, $40 million in adjusted EBITDA, and free cash flow of $78 million. For the year, our adjusted EBITDA was $122 million, in line with our expectations. In addition, we continued to execute our CRANES+50 strategy, ending the year with over $690 million in non-new machine sales,” said Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc.

Ravenscroft added, “Looking to 2026, while we expect more of the same conditions in the U.S. market, our optimism in Europe continues to grow. We started 2026 with $794 million in backlog, which is up 22% versus a year ago. In addition, we implemented a restructuring plan in January to streamline our organization, which we expect to save us roughly $10 million. We continue to execute our CRANES+50 strategy and are planning to add new locations in Chile, Mexico, France, and Portugal. I am confident that our ongoing lean transformation and continued focus on our CRANES+50 strategy further strengthen Manitowoc’s ability to navigate the crane cycle.”

Our full-year 2026 guidance is as follows:

Investor Conference Call

The Manitowoc Company will host a conference call for security analysts and institutional investors to discuss its fourth-quarter and full-year 2025 earnings results on Tuesday, February 10, 2026, at 10:00 a.m. ET (9:00 a.m. CT). Shareholders and prospective investors are encouraged to submit questions in advance to ion.warner@manitowoc.com. A live audio webcast of the call, along with the related presentation, will be available via webcast on the Manitowoc website at http://ir.manitowoc.com 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, Inc. ("Manitowoc" or the "Company") was founded in 1902, and is headquartered in Milwaukee, Wisconsin, United States. Manitowoc through its wholly-owned subsidiaries provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services. For more information, visit www.manitowoc.com.

Footnote

(1)Adjusted net income, adjusted diluted net income per share (“Adjusted DEPS”), 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 “Non-GAAP Financial Measures” at the end of this press release.

Forward-looking Statements

This press release includes “forward-looking statements” 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 “intends,” “expects,” “anticipates,” “targets,” “estimates,” 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:

Manitowoc undertakes no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws. 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, 2025 and 2024.

THE MANITOWOC COMPANY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share and share amounts)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net sales

677.1

596.0

2,240.9

2,178.0

Cost of sales

563.8

500.8

1,836.2

1,803.0

Gross profit

113.3

95.2

404.7

375.0

Operating costs and expenses:

Engineering, selling, and administrative expenses

89.2

77.1

342.9

315.7

Amortization of intangible assets

0.8

0.7

3.1

2.9

Restructuring expense

3.1

1.2

4.9

4.6

Total operating costs and expenses

93.1

79.0

350.9

323.2

Operating income

20.2

16.2

53.8

51.8

Other income (expense):

Interest expense

(10.0

)

(9.9

)

(37.7

)

(38.3

)

Amortization of deferred financing fees

(0.4

)

(0.4

)

(1.5

)

(1.4

)

Other income (expense) - net

2.6

3.5

(2.2

)

(0.4

)

Total other expense

(7.8

)

(6.8

)

(41.4

)

(40.1

)

Income from continuing operations before taxes

12.4

9.4

12.4

11.7

Provision (benefit) for taxes on income

5.4

(47.3

)

5.2

(44.1

)

Net income

7.0

56.7

7.2

55.8

Per Share Data

Basic income per common share

0.20

1.61

0.20

1.58

Diluted income per common share

0.19

1.59

0.20

1.56

Weighted average shares outstanding - Basic

35,472,123

35,132,145

35,417,235

35,221,758

Weighted average shares outstanding - Diluted

36,517,950

35,583,662

36,093,160

35,708,782

THE MANITOWOC COMPANY, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except par value and share amounts)

As of

December 31,

As of

December 31,

2025

2024

Assets

Current Assets:

Cash and cash equivalents

77.3

48.0

Accounts receivable, less allowances of $5.8 and $5.9, respectively

281.3

260.3

Inventories — net

683.9

609.4

Other current assets

54.1

41.2

Total current assets

1,096.6

958.9

Property, plant and equipment — net

343.0

346.2

Operating lease right-of-use assets

68.0

59.3

Goodwill

79.6

77.8

Other intangible assets — net

125.1

118.5

Other non-current assets

105.9

99.3

Total assets

1,818.2

1,660.0

Liabilities and Stockholders' Equity

Current Liabilities:

Accounts payable and accrued expenses

401.6

389.4

Customer advances

18.3

18.0

Short-term borrowings and current portion of long-term debt

13.7

13.1

Product warranties

36.2

37.0

Other liabilities

21.8

16.8

Total current liabilities

491.6

474.3

Non-Current Liabilities:

Long-term debt

447.1

377.1

Operating lease liabilities

53.6

47.0

Deferred income taxes

2.3

2.1

Pension obligations

45.3

47.1

Postretirement health and other benefit obligations

3.1

4.7

Long-term deferred revenue

18.8

17.5

Other non-current liabilities

61.2

50.1

Total non-current liabilities

631.4

545.6

Stockholders' Equity:

Preferred stock (authorized 3,500,000 shares of $.01 par value; none outstanding)

—

Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,473,418 and 35,134,245 shares outstanding, respectively)

0.4

Additional paid-in capital

616.7

615.1

Accumulated other comprehensive loss

(65.3

)

(107.6

)

Retained earnings

206.5

199.3

Treasury stock, at cost (5,320,565 and 5,659,738 shares, respectively)

(63.1

)

(67.1

)

Total stockholders' equity

695.2

640.1

Total liabilities and stockholders' equity

1,818.2

1,660.0

THE MANITOWOC COMPANY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Cash Flows from Operating Activities:

Net income

7.0

56.7

7.2

55.8

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation expense

15.5

15.8

59.9

60.0

Amortization of intangible assets

0.8

0.7

3.1

2.9

Stock-based compensation expense

2.7

2.9

9.5

10.9

Amortization of deferred financing fees

0.4

1.5

1.4

Loss on debt extinguishment

—

1.1

(Gain) loss on sale of property, plant and equipment

(0.4

)

0.1

(0.6

)

—

Deferred income tax benefit

(6.2

)

(55.6

)

(6.2

)

(55.6

)

Changes in operating assets and liabilities

Accounts receivable

(1.6

)

3.1

(9.1

)

9.0

Inventories

136.8

124.6

(11.6

)

21.4

Other assets

(11.2

)

(5.8

)

(17.6

)

8.5

Accounts payable

(57.5

)

(38.5

)

21.7

(39.1

)

Accrued expenses and other liabilities

4.8

6.4

(35.6

)

(27.1

)

Net cash provided by operating activities

91.1

110.8

22.2

49.2

Cash Flows from Investing Activities:

Capital expenditures

(12.8

)

(11.3

)

(37.5

)

(45.7

)

Proceeds from sale of fixed assets

0.4

1.1

0.9

4.8

Purchase of assets

—

(12.9

)

—

Other

—

0.5

—

0.5

Net cash used for investing activities

(12.4

)

(9.7

)

(49.5

)

(40.4

)

Cash Flows from Financing Activities:

Payments on revolving credit facility

(60.0

)

(46.7

)

(75.0

)

(20.0

)

Proceeds from revolving credit facility

27.5

—

134.7

40.7

Payments on long-term debt

—

(300.0

)

Proceeds from long-term debt

—

300.0

(18.2

)

(25.6

)

(14.7

)

—

Proceeds from other debt

(10.8

)

—

15.6

6.6

Debt issuance costs

—

(1.2

)

—

(7.4

)

Common stock repurchases

—

(5.7

)

Other financing activities

(1.2

)

(0.8

)

(5.8

)

(7.5

)

Net cash provided by (used for) financing activities

(41.1

)

(74.3

)

54.8

6.7

Effect of exchange rate changes on cash and cash equivalents

—

(1.7

)

1.8

(1.9

)

Net increase in cash and cash equivalents

37.6

25.1

29.3

13.6

Cash and cash equivalents at beginning of period

39.7

22.9

48.0

34.4

Cash and cash equivalents at end of period

77.3

48.0

77.3

48.0

Non-GAAP Financial Measures

Adjusted net income, 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 and Adjusted DEPS

The Company defines adjusted net income as net income plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net income 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 and diluted net income per share to adjusted net income and Adjusted DEPS for the three months and year ended December 31, 2025 and 2024 are summarized as follows. All dollar amounts are in millions, except per share data and share amounts.

Three Months Ended

December 31,

2025

2024

As reported

Adjustments

Adjusted

As reported

Adjustments

Adjusted

Gross profit

113.3

—

113.3

95.2

—

95.2

Engineering, selling and administrative expenses (1)

(89.2

)

—

(89.2

)

(77.1

)

1.0

(76.1

)

Amortization of intangible assets

(0.8

)

—

(0.8

)

(0.7

)

—

(0.7

)

Restructuring expense (2)

(3.1

)

3.1

—

(1.2

)

1.2

—

Operating income

20.2

3.1

23.3

16.2

2.2

18.4

Interest expense

(10.0

)

—

(10.0

)

(9.9

)

—

(9.9

)

Amortization of deferred financing fees

(0.4

)

—

(0.4

)

(0.4

)

—

(0.4

)

Other income - net

2.6

—

2.6

3.5

—

3.5

Income before income taxes

12.4

3.1

15.5

9.4

2.2

11.6

(Provision) benefit for income taxes (3)

(5.4

)

(0.6

)

(6.0

)

47.3

(55.2

)

(7.9

)

Net income

7.0

2.5

9.5

56.7

(53.0

)

3.7

Diluted weighted average common shares outstanding

36,517,950

35,583,662

Diluted net income per share

0.19

0.26

1.59

0.10

The adjustment in 2024 represents $1.0 million of costs associated with a legal matter with the U.S. Environmental Protection Agency ("EPA").

The adjustments in 2025 and 2024 represent the addback of restructuring expense.

The adjustment in 2025 represents the net income tax impact of item (2). The adjustment in 2024 represents the net income tax impacts of items (1) and (2) and the removal of a $55.1 million benefit from the release of a valuation allowance.

Year Ended

December 31,

2025

2024

As reported

Adjustments

Adjusted

As reported

Adjustments

Adjusted

Gross profit

404.7

—

404.7

375.0

—

375.0

Engineering, selling and administrative expenses (1)

(342.9

)

—

(342.9

)

(315.7

)

9.1

(306.6

)

Amortization of intangible assets

(3.1

)

—

(3.1

)

(2.9

)

—

(2.9

)

Restructuring expense (2)

(4.9

)

4.9

—

(4.6

)

4.6

—

Operating income

53.8

4.9

58.7

51.8

13.7

65.5

Interest expense

(37.7

)

—

(37.7

)

(38.3

)

—

(38.3

)

Amortization of deferred financing fees

(1.5

)

—

(1.5

)

(1.4

)

—

(1.4

)

Other (expense) income - net (3)

(2.2

)

0.6

(1.6

)

(0.4

)

1.1

0.7

Income before income taxes

12.4

5.5

17.9

11.7

14.8

26.5

(Provision) benefit for income taxes (4)

(5.2

)

(1.1

)

(6.3

)

44.1

(55.9

)

(11.8

)

Net income

7.2

4.4

11.6

55.8

(41.1

)

14.7

Diluted weighted average common shares outstanding

36,093,160

35,708,782

Diluted net income per share

0.20

0.32

1.56

0.41

(1)

The adjustment in 2024 represents $8.9 million of costs associated with a legal matter with the EPA and $0.2 million of one-time costs.

(2)

The adjustments in 2025 and 2024 represent the addback of restructuring expense.

(3)

The adjustment in 2025 represents $0.6 million of interest related to the settlement of a legal matter with the EPA. The adjustment in 2024 represents $1.1 million of non-cash losses associated with the refinancing of the Company’s 2026 Notes.

(4)

The adjustment in 2025 represents the net income tax impact of item (2). The adjustment in 2024 represents the net income tax impacts of items (1), (2), and (3) and the removal of a $55.1 million benefit from the release of a valuation allowance.

Adjusted ROIC

The Company defines Adjusted ROIC as adjusted net operating profit after tax (“Adjusted NOPAT”) 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 assets - net are defined as net income tax payables/receivables, net deferred tax assets/liabilities, and uncertain tax positions.

The Company’s Adjusted ROIC as of December 31, 2025 was 5.3%. Below is the calculation of Adjusted ROIC as of December 31, 2025 and 2024.

Year Ended

December 31, 2025

Year Ended

December 31, 2024

Operating income

53.8

51.8

Amortization of intangible assets

3.1

2.9

Restructuring expense

4.9

4.6

Other non-recurring items - net

—

9.1

Adjusted operating income

61.8

68.4

Provision for income taxes

(9.3

)

(10.3

)

Adjusted NOPAT

52.5

58.1

5-Quarter Average

Total assets

1,805.3

1,734.4

Total liabilities

(1,135.1

)

(1,126.5

)

Net total assets

670.2

607.9

Cash and cash equivalents

(47.9

)

(35.0

)

Short-term borrowings and current portion of long-term debt

15.1

26.2

Long-term debt

429.1

388.3

Income tax assets - net

(67.0

)

(17.5

)

Invested capital

999.5

969.9

Adjusted ROIC

5.3

6.0

Free Cash Flows

The Company defines free cash flows as net cash provided by operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash provided by operating activities to free cash flows for the three months and year ended December 31, 2025 and 2024 are summarized as follows. All dollar amounts are in millions.

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net cash used for operating activities

91.1

110.8

22.2

49.2

Capital expenditures

(12.8

)

(11.3

)

(37.5

)

(45.7

)

Free cash flows

78.3

99.5

(15.3

)

3.5

EBITDA and Adjusted EBITDA

The Company defines EBITDA as net income 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 to EBITDA, and further to adjusted EBITDA for the three months and year ended December 31, 2025 and 2024, are summarized as follows. All dollar amounts are in millions.

Three Months Ended

December 31,

Year Ended

December 31,

2025

2024

2025

2024

Net income

7.0

56.7

7.2

55.8

Interest expense and amortization of deferred financing fees

10.4

10.3

39.2

39.7

Provision (benefit) for income taxes

5.4

(47.3

)

5.2

(44.1

)

Depreciation expense

15.5

15.8

59.9

60.0

Amortization of intangible assets

0.8

0.7

3.1

2.9

EBITDA

39.1

36.2

114.6

114.3

Restructuring expense

3.1

1.2

4.9

4.6

Other non-recurring items - net (1)

—

1.0

—

9.1

Other (income) expense - net (2)

(2.6

)

(3.5

)

2.2

0.4

Adjusted EBITDA

39.6

34.9

121.7

128.4

Adjusted EBITDA margin percentage

5.8

5.9

5.4

5.9

Other non-recurring items - net for the three months ended December 31, 2024 relate to $1.0 million of costs associated with a legal matter with the EPA. Other non-recurring items - net for the year ended December 31, 2024 relate to $8.9 million of costs associated with a legal matter with the EPA and $0.2 million of one-time costs.

Other (income) expense - net includes net foreign currency (gains) losses, other components of net periodic pension costs, and other items in the three months and years ended December 31, 2025 and 2024.