# EDGAR Filing Document

**Accession Number:** 0001687221
**File Stem:** 0001104659-25-110436
**Filing Date:** 2025-11
**Character Count:** 35638
**Document Hash:** e16e8420ba07b2981c74d52b2741d63f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-110436.hdr.sgml**: 20251112

**ACCESSION NUMBER**: 0001104659-25-110436

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251112

**DATE AS OF CHANGE**: 20251112

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REV Group, Inc.
- **CENTRAL INDEX KEY:** 0001687221
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 263013415
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37999
- **FILM NUMBER:** 251473442

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SOUTH EXECUTIVE DRIVE
- **CITY:** BROOKFIELD
- **STATE:** WI
- **ZIP:** 53005
- **BUSINESS PHONE:** 414-290-0190

**MAIL ADDRESS:**
- **STREET 1:** 245 SOUTH EXECUTIVE DRIVE
- **CITY:** BROOKFIELD
- **STATE:** WI
- **ZIP:** 53005
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TEREX CORP
- **CENTRAL INDEX KEY:** 0000097216
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL TRUCKS TRACTORS TRAILERS & STACKERS [3537]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 341531521
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 301 MERRITT 7
- **STREET 2:** 4TH FLOOR
- **CITY:** NORWALK
- **STATE:** CT
- **ZIP:** 06851
- **BUSINESS PHONE:** 2032227170

**MAIL ADDRESS:**
- **STREET 1:** 301 MERRITT 7
- **STREET 2:** 4TH FLOOR
- **CITY:** NORWALK
- **STATE:** CT
- **ZIP:** 06851

Filed by: Terex Corporation

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: REV Group, Inc.

Commission File No. 1-37999

Date: November 12, 2025

***The following presentation was made available by Terex Corporation to investors at the Baird Industrial Conference held on November 12, 2025.***

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1 + N o v e m ber 12 , 2025 B a i rd C on f erence

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2 T h i s pre s e n ta t i on c o n ta i n s f or w ar d - l o o k i n g s ta t e m e n t s w i th i n th e m e a n i n g o f S e c t i o n 2 1E o f th e S e c uri t i e s E xc h a n g e A c t o f 1 9 3 4 a n d S e c t i o n 2 7A o f th e S e c uri t i e s A c t o f 1 9 3 3 , w h i c h i n v o l v e r i s k s a n d u n c erta i nt i e s . A n y s ta t e m e n t s a b o u t T ere x ' s a n d R E V G r o u p ' s , or the c o m b i n e d c o m p a n y ' s p l a n s , o b j e c t iv e s , e x p e c ta t i o n s , s t r a t eg i e s , b e li e f s , o r f ut u r e p e r f or m a n c e or e v e n t s a n d a n y ot h er s ta t e m e n t s to th e e x te n t th e y are n o t s ta t e m e n t s o f h i s tor i c a l f a c t are f or w ar d - l o o k i n g s ta t e m e n t s . W ord s , p h r a s e s or e x pre s s i o n s s u c h a s " w ill , " " c r e a te s , " " a n t i c i p a te , " " b e li e v e," " c o u l d," " c o n f i d e nt , " " c o n t i n u e," " e s t i m at e , " " e x p e c t," " f ore c a s t," " h o p e , " " i nt e n d , " " li k e l y , " " m a y , " " m i g h t," " o b j e c t iv e," " p l a n , " " p o ss i b l e," " p o te n t i a l , " " pred i c t," " p r o j e c t " , " target , " " t r e n d" an d s i m il ar w ord s , p h r a s e s or e x pre s s i o n s are i nt e n d e d to i d e nt i f y f or w ar d - l o o k i n g s ta t e m e n t s b u t are n o t th e e x c l u s i v e m e a n s o f i d e nt i f y i n g s u c h s ta t e m e n t s . F or w ar d - l o o k i n g s ta t e m e n t s are b a s e d o n i n f or m at i o n a v a i l a b l e a n d a ss u m pt i o n s m a d e at th e t i m e th e s ta t e m e n t s are m a d e. F or w ar d - l o o k i n g s ta t e m e n t s i n v o l v e r i s k s a n d u n c erta i nt i e s t h at c o u l d c a u s e a c tu a l r e s u l t s to d i ff er m at e r i a l l y f r o m t h o s e e x pre s s e d i n or i m p l i e d b y th e f or w ar d - l o o k i n g s ta t e m e n t s . F or w ar d - l o o k i n g s ta t e m e n t s i n th i s c o m m u n i c at i o n i n c l u d e, b u t a r e n ot li m i te d to , s ta t e m e n t s a b o u t th e b e n e f i t s o f th e tran s a c t i o n , i n c l u d i n g r e a l i z at i o n o f s y n e r g i e s , l o w c a p i ta l i nt e n s i t y , at t r a c t iv e l e v erage p o s i t i o n , e ff i c i e n t c o s t b a s e, pred i c ta b ili t y o f e a r n i n g s , f ut u r e f i n a n c i a l a n d o p erat i n g r e s u l t s a n d f r e e c a s h f l o w a n d th e c o m b i n e d c o m p a n y ' s p l a n s , o b j e c t iv e s , e x p e c ta t i o n s a n d i nt e nt i o n s , a n d ot h er s ta t e m e n t s th a t are n o t h i s tor i c a l f a c t s. T h e f o l l o w i n g t r a n s a c t i o n - r e l at e d f a c tor s , a m o n g ot h er s , c o u l d c a u s e a c tu a l r e s u l t s t o d i ff er m at e r i a l l y f r o m th o s e e x pre s s e d i n or i m p l i e d b y f or w ar d - l o o k i n g s ta t e m e n t s : th e o c c ur r e n c e o f a n y e v e n t, c h a n g e, or oth e r c i r c u m s ta n c e th a t c o u l d g i v e r i s e t o t h e r i g h t o f o n e or bot h o f th e p a r t i e s t o t e r m i n a te th e d e f i n i t iv e a g r e e m e n t b e t w e e n T ere x a n d R E V G r o u p; th e p o ss i b i li t y th a t th e tran s a c t i o n d o e s n o t c l o s e w h e n e x p e c te d or at a ll b e c a u s e r e q u i r e d r e g u l at o r y , s h a r e h o l d e r , o r ot h er ap p r o v a l s a n d o th e r c o n d i t i o n s t o c l o s i n g are n o t r e c e i v e d or s at i s f i e d o n a t i m e l y b a s i s or at all ; th e r i s k th a t t h e b e n e f i t s f r o m th e t r a n s a c t i o n m a y n o t b e f u l l y r e a li z e d or m a y ta k e l o n g e r t o r e a li z e th a n e x p e c te d , i n c l u d i n g a s a r e s u l t o f c h a n g e s i n, or p r ob l e m s ari s i n g f r o m , g e n e r a l e c o n o m i c a n d m ar k et c o n d i t i o n s , i nt e r e s t a n d e x c h a n g e r at e s , m o n et a r y p o li c y , t r a d e p o l i c y (i n c l u d i n g tar i ff l e v e l s) , l a w s a n d r e g u l at i o n s a n d t h e i r e n f or c e m e n t , a n d t h e d e gree o f c o m p e t i t i o n i n t h e g e o g r a p h i c a n d b u s i n e ss area s i n w h i c h T ere x a n d R E V Gr o u p o p erate; a n y f a i l ure to pro m pt l y a n d e f f e c t iv e l y i nt e grate th e b u s i n e ss e s o f T ere x a n d R E V G r o u p; th e p o ss i b i li t y th a t th e t r an s a c t i o n m a y b e m ore e x p e n s i v e t o c o m p l et e th a n a n t i c i p a te d , i n c l u d i n g a s a re s u l t o f u n e x p e c te d f a c tor s or e v e n t s ; repu t at i o n a l r i s k a n d p ot e nt i a l a d v er s e rea c t i o n s o f T ere x ' s or RE V Gr o u p ' s c u s to m er s , e m p l o y e e s or oth e r b u s i n e ss p a r tn e r s , i n c l u d i n g th o s e r e s u l t i n g f r o m th e announ c e m en t , penden c y o r c o m p l e t i on o f t h e t r an s a c t i on ; T e r e x ' s i ss uan c e o f add i t i ona l s ha r e s o f i t s c ap i t a l s t o c k i n c onne c t i o n w i t h t h e tra n s a c t i on ; t h e r i s k t h a t T e r e x ' s e x p l o r a t i on o f s trat e g i c op t i on s to e x i t i t s A eri a l s s e g m e n t m a y n o t b e s u c c e s s f u l or tha t a n y t r a n s a c t i o n e n tered i nt o w i th r e s p e c t to T ere x ' s A eri a l s s e g m e n t i s n ot o n f a v orab l e t er m s ; a n d th e d i v er s i o n o f m a n a g e m e n t ' s at t e n t i o n a n d t i m e to th e t r a n s a c t i o n a n d th e e x p l orat i o n o f s t r at e g i c o p t i o n s w i th r e s p e c t to th e T ere x A eri a l s s e g m e n t a n d f r o m o n g o i n g b u s i n e ss ope r at i o n s a n d o p p ortun i t i e s ; a n d th e o u t c o m e o f a n y l e g a l pro c e e d i n g s th a t m a y b e i n s t i tu t e d a g a i n s t R E V G r o u p or T ere x i n c o n n e c t i o n w i th th e t r a n s a c t i o n. A d d i t i o n a l i m p o r ta n t f a c tor s r e l at i n g to T ere x a n d R E V G r o u p th a t c o u l d c a u s e a c tu a l r e s u l t s t o d i ff er m at e r i a l l y f r o m th o s e i n f or w ar d - l o o k i n g s ta t e m e n t s i n c l u d e, b u t a r e n o t l i m i te d t o t h e r i s k s a n d c o n t i n g e n c i e s d e ta i l e d i n T ere x ' s a n d R E V G r o u p ' s r e s p e c t iv e A n n u a l Re p ort s o n F or m 1 0 - K , Q u a r ter l y Rep o r t s o n F or m 1 0 - Q a n d o t h er f ili n g s w i th th e U. S . S e c uri t i e s a n d E xc h a n g e Co mm i ss i o n (th e " SE C "). T h e s e f a c tor s are n o t n e c e s s ari l y a l l o f th e f a c tor s th a t c o u l d c a u s e T ere x ' s , R E V G r o u p ' s or the c o m b i n e d c o m p a n y ' s a c tu a l r e s u l t s , p er f or m a n c e , or a c h i e v e m e n t s to d i ff er m at e r i a l l y f r o m th o s e e x pre s s e d i n or i m p l i e d b y a n y f or w ar d - l o o k i n g s ta t e m e n t s . O th e r u n k n o w n or un p r e d i c ta b l e f a c tor s a l s o c o u l d h a r m T ere x ' s , R E V Gr o u p ' s or th e c o m b i n e d c o m p a n y ' s r e s u l t s . A ll f or w ar d - l o o k i n g s ta t e m e n t s at t r i b u ta b l e to T ere x , R E V Gr o u p, or the c o m b i n e d c o m p a n y , o r p e r s o n s a c t i n g o n T ere x ' s or RE V G r o u p ' s b e h a l f , are e x pre s s l y q u a l i f i e d i n th e i r e n t i r et y b y th e c a u t i o n ar y s ta t e m e n t s s et f orth a b o v e. F or w ar d - l o o k i n g s ta t e m e n t s s p e a k o n l y a s o f th e d a te th e y are m a d e, a n d T ere x a n d R E V Gr o u p d o n o t u n d erta k e or a ss u m e a n y o b li g a t i o n to u p d a te p u b l i c l y a n y o f th e s e s ta t e m e n t s to r e f l e c t a c tu a l r e s u l t s , n e w i n f or m at i o n or f ut u r e e v e n t s , c h a n g e s i n a ss u m pt i o n s , or c h a n g e s i n o th e r f a c tor s a ff e c t i n g f or w ar d - l o o k i n g s ta t e m e n t s , e x c e p t to th e e x te n t r e q u i r e d b y a p p l i c a b l e l a w . I f T ere x or RE V G r o u p u p d a te s o n e or m ore f or w ar d - l o o k i n g s ta t e m e n t s , n o i n f eren c e s h o u l d b e dra w n th a t T ere x or RE V G r o u p w ill m a k e a d d i t i o n a l u p d a te s w i th r e s p e c t to th o s e or oth e r f or w ar d - l o o k i n g s ta t e m e n t s . F urther i n f or m at i o n r e g ard i n g T ere x , R E V G r o u p a n d f a c tor s th a t c o u l d a ff e c t th e f or w ar d - l o o k i n g s ta t e m e n t s c o n ta i n e d h e r e i n c a n b e f o u n d i n T ere x ' s a n d R E V G r o u p ' s r e s p e c t iv e A n n u a l Rep o r t s o n Fo r m 10 - K , Q u a r ter l y Rep o r t s o n Fo r m 1 0 - Q , a n d ot h er f ili n g s w i th th e SE C. Cau t ion a r y St a t e m e nt About Forw a r d - L o oking Sta t em e nts

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3 Im p o r t an t In f o r ma t io n an d W h e r e t o F in d It In c o n n e c t i o n w i th th e prop o s e d t r a n s a c t i o n , T ere x w ill f il e w i th th e SE C a R e g i s t r at i o n S ta t e m e n t o n Fo r m S - 4 t o r e g i s ter th e s h a r e s o f T ere x c o m m o n s to c k to b e i ss u e d i n c o n n e c t i o n w i th th e tran s a c t i o n . T h e Reg i s t r at i o n S ta t e m e n t w ill i n c l u d e a j o i nt pro x y s ta t e m e n t o f T ere x a n d R E V G r o u p th a t a l s o c o n s t i tu t e s a p r o s p e c tu s o f T e r e x . T h e d e f i n i t iv e j o i nt pro x y s ta t e m e n t/ p r o s p e c tu s w ill b e s e n t t o th e s h a r e h o l d e r s o f e a c h o f T ere x a n d R E V G r o u p. IN VES T O R S A ND SE CURI T Y H O LD E R S A R E UR G E D T O R E A D T H E R E G I S T R A T I O N S T A T E M E N T O N F O RM S - 4 A ND T H E J O IN T P R O X Y S T A T E M E N T / P R O SPE C T U S W H E N T H E Y BE C O M E AVA I L AB L E , AS W E LL AS A N Y O T H E R R E L EVA N T DOCU M E N T S FIL E D W ITH T H E S E C IN CONN E C T ION W ITH T H E T R A N S A C T ION OR IN C O R P O R A T E D B Y R E F E R E NC E IN T O T H E JO IN T P R O X Y S T A T E M E N T / P R O SPE C T U S , BE C A U S E T H E Y C O N T A IN O R W IL L C O N T A I N IM P O R T A N T INF O RM A T I O N R E G A RDIN G T E R E X , R E V G R O U P , T H E C O M B IN E D C O M P A N Y , T H E T R A N S A C T I O N A ND R E L A T E D M A TT E R S. In v e s tor s a n d s e c uri t y h o l d e r s m a y o b ta i n f r e e c o p i e s o f th e s e d o c u m e n t s a n d ot h er do c u m e n t s f il e d w i th th e SE C b y T ere x or R EV G r o u p throu g h th e w e b s i te m a i nt a i n e d b y th e S E C at http: / / w ww . s e c .go v , f r o m T ere x at i t s w e b s i te , www . T ere x . c o m , or f r o m R E V G r o u p at i t s w e b s i te , www . r e v group . c o m (i n f or m at i o n i n c l u d e d o n or a c c e s s i b l e throu g h e i th e r o f T ere x ' s or RE V Gr o u p ' s w e b s i te i s n o t i n c orpo r at e d b y r e f eren c e i nt o th i s c o m m u n i c at i o n). Re f eren c e to y e a r i s to f i sc a l y e a r u n l e s s o t h e r w i s e s ta t e d . T ere x ' s f i sc a l y e a r e n d i s De c e m b e r 3 1 a n d R E V G r o u p ' s f i sc a l y e a r e n d i s O c to b er 3 1 . R e f eren c e s to th e m erged c o m p a n y ' s f i sc a l y e a r o n a pro f or m a b a s i s r e f l e c t th e s e d i ff erent f i sc a l y e a r s. P a r t i c ipants i n t he S oli c itation T ere x , R E V G r o u p, th e i r r e s p e c t iv e d i r e c tor s a n d c erta i n o f th e i r r e s p e c t iv e e x e c ut i v e o ff i c er s m a y b e d e e m e d to b e p a r t i c i p a nt s i n t h e s o l i c i ta t i o n o f pro x i e s i n c o n n e c t i o n w i th th e t r a n s a c t i o n u n d e r th e r u l e s o f th e SE C. In f or m at i o n a b o u t th e i nt e r e s t s o f th e d i r e c tor s a n d e x e c ut i v e o ff i c er s o f T ere x a n d R E V G r o u p a n d ot h er per s o n s w h o m a y b e d e e m e d to b e p a r t i c i p a nt s i n th e s o l i c i ta t i o n o f pro x i e s i n c o n n e c t i o n w i th th e t r a n s a c t i o n a n d a d e sc r i pt i o n o f th e i r d i r e c t a n d i n d i r e c t i nt e r e s t s , b y s e c uri t y h o l d i n g s or ot h er w i s e, w ill b e i n c l u d e d i n th e j o i nt pro x y s ta t e m e n t/ p r o s p e c tu s r e l at e d t o t h e t r a n s a c t i o n , w h i c h w ill b e f il e d w i th th e SE C. In f or m at i o n a b o u t t h e d i r e c tor s a n d e x e c ut i v e o ff i c er s o f T ere x a n d th e i r o w n e r s h i p o f T ere x c o m m o n s to c k c a n b e f o u n d i n th e s e c t i o n s e n t i t l e d " E x e c ut i v e C o m p e n s at i o n P r o g r a m " , " E x e c ut i v e Co m p e n s at i o n P r a c t i c e s" , "E x e c ut i v e C o m p e n s at i o n Co m p o n e nt s " , " D i r e c tor Co m p e n s at i o n " , " E x e c ut i v e Co m p e n s at i o n T a b l e s" , a n d " S e c uri t y O w n e r s h i p o f Ce r ta i n B e n e f i c i a l O w n e r s a n d M a n a g e m e n t" i n c l u d e d i n T ere x ' s d e f i n i t iv e pro x y s ta t e m e n t i n c o n n e c t i o n w i th i t s 2 0 2 5 A n n u a l Me e t i n g o f St o c k h o l d e r s , f il e d w i th th e S E C o n A p r il 1, 2 0 2 5 ; i n t h e F orm 3 a n d Fo r m 4 s ta t e m e n t s o f b e n e f i c i a l o w n e r s h i p a n d s ta t e m e n t s o f c h a n g e s i n b e n e f i c i a l o w n e r s h i p f il e d w i th th e SE C b y T ere x ' s d i r e c tor s a n d e x e c ut i v e o f f i c er s ; a nd i n ot h er d o c u m e n t s s u b s e q u e nt l y f il e d b y T ere x w i th th e SE C. In f or m at i o n a b o u t th e d i r e c tor s a n d e x e c ut i v e o ff i c er s o f R E V G r o u p a n d th e i r o w n e r s h i p o f R E V G r o u p c o m m o n s to c k i s s et f orth i n t h e s e c t i o n s e n t i t l e d " D i r e c tor Co m p e n s at i o n " , " S e c uri t y O w n e r s h i p o f Ce r ta i n B ene f i c i a l O w ne r s and M anage m en t", and " E x e c u t iv e C o m pen s a t i on T ab l e s " i n c l uded i n the de f i n i t iv e p r o x y s t a t e m en t f o r R E V G r oup ' s 2025 A nnua l M ee t i ng o f S t o c k ho l de r s , f il ed w i t h t h e S E C o n J anua r y 1 7 , 2 0 2 5 ; i n t h e Fo r m 3 a n d Fo r m 4 s ta t e m e n t s o f b e n e f i c i a l o w n e r s h i p a n d s ta t e m e n t s o f c h a n g e s i n b e n e f i c i a l o w n e r s h i p f il e d w i th th e SE C b y R E V G r o u p ' s d i r e c tor s a n d e x e c ut i v e o ff i c er s ; a n d i n o th e r d o c u m e n t s s u b s e q u e nt l y f il e d b y R E V G r o u p w i th th e SE C. F r e e c o p i e s o f th e d o c u m e n t s r e f eren c e d i n th i s p a r a g r a p h m a y b e o b t a i n e d a s d e sc r i b e d a b o v e u n d er th e h e a d i n g " I m p o r ta n t In f or m at i o n a n d W h e r e to F i n d It." N o Off e r or S o li c i t ati on T h i s c o m m u n i c at i o n i s n o t a n o f f er to s e l l or the s o l i c i ta t i o n o f a n o f f er to b u y a n y s e c uri t i e s , n or s h a ll th e r e b e a n y s a l e o f s e c uri t i e s i n a n y j uri s d i c t i o n i n w h i c h s u c h o f f er, s o l i c i ta t i o n or s a l e w o u l d b e u n l a w f u l pri o r to r e g i s t r at i o n or q u a l i f i c at i o n u n d e r th e s e c uri t i e s l a w s o f s u c h j uri s d i c t i o n . No o f f er o f s e c uri t i e s s h a ll b e m a d e e x c e pt b y m e a n s o f a p r o s p e c tu s m e e t i n g th e r e q u i r e m e n t s o f S e c t i o n 1 0 o f th e S e c uri t i e s A c t o f 1 9 3 3 , a s a m e n d e d. 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4 St r ong po r tf o li o o f d i v e r s i f i e d s p ecial t y e q u i p m e n t w i t h l ead i n g brands R es i li e n t , l o w c y c li ca l , g r o w ing e n d ma r kets $75 M o f r ea d il y ac h i e v a b l e s y n e r g i es D i ffe r e n t i at e d p r odu cts a n d c h a n n e ls + Exte n s i v e U . S . ma n u fact u ri n g f oo t p ri nt Lo w ca p i ta l i n te n s i t y a n d att r act i v e l e v e r a g e po s i t i on A w i n - w i n combinat i o n f o r a ll stake h o l d e rs Bo l ste r s c o m b i n e d l on g - te r m g r o w t h ou t l ook T erex a nd R EV t o M er g e ― A T ra n sf o r m at i ve N e w C h a p ter

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5 A ct i on s Und e r taken 5 J ul y 2024 A nno u n c e d $2 B ac qui s ition o f ES G, a mar k et l e ading, stro n g gro w t h , r e s i l i e n t t o p - l i n e p e rform e r t h roug h t h e c y c l e w ith robust m a rgins (co m p le ted Oc t . 2024) F o c us i ng on core bus i nes s es that r e duce c y clic al i t y and del i v e r c on s is tent gro w th, s tronger marg i n s and pred ic tab l e returns T erex ' s Pu r po sef u l S trate g i c T ra n sf o r m at i on t o C reate a M o re R es ili e n t C o m p a n y 1 . R epor t ed F Y ' 2 4 , e x cl ud i n g ES G . 2 . RE V G roup A d j. EB I T DA pre s e n t ed ne t o f e s t i m a t ed s h ar e - ba s e d c o m pen s a t i o n e x pen s e o f ~ $12 . 5M 3 . I n clu d e s $75 mm o f r u n - r a t e s y ne r g ies . 4 . Re f lec t s 2025 fi gu r e s f o r T e r e x e x clu d in g A e r ials, and 2027 t a r ge t f o r R E V G r oup . I n clu d e s $75 M o f r u n - r a t e s y ne r g ies. O c t o b e r 2025 A nno u n c e d m e rg e r w ith RE V Group, a n o n - c y clic a l, h i g h - g ro w t h and h i g h l y c o m p leme n t a r y bu sin e ss A nno u n c e d r e v i e w o f s trat e gi c a lt e rn a ti v es f o r A e ri a l s s e gm e n t t o m a x im i z e s h a r e hold e r v a lue Co m p le t i o n o f m e r g e r w it h RE V Gr o up no t c ond itio n a l on ou tc o m e o f t h e str a t e g ic re v ie w S e p t e mb e r 2025 A nno u n c e d ex it o f T o w e r a nd R o ugh T e rr a in Cran e s , c on ti nu i n g p la n t o tr a n sitio n f r o m lo w - m ar g in, ca p ital in ten si v e bu sin e ss e s (co m p le ted No v . 2025) T e r e x P rior t o S trat e gi c A c tions (2 0 2 4 A) 1 T ere x (excl. A eria l s) + RE V 2 Re v e nue $4.9B $5 .8B A d j . E BIT D A $590M $815M % M a rgin 12% 14 % 3 T e r e x C y c l i c a l i ty T e r e x + RE V 2027 A d j . E BIT D A M a rgi n 4 >15% Fu r t h e r P o te n t i a l f o r Lon g - T e r m M a r gin A cc r et i on

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6 2028 a n d B e y ond Gro w t h and indu s t r y - lea d in g Adj . EBI TD A m ar g in pr o f ile s up p ort e d by R EV G r oup p e r f o r ma n ce a n d ou t l oo k T r ackin g a h ea d o f F Y ' 27 ta r g et s 3 C urren t re c ord ba c k log o f $4 . 2B , w hi c h s uppor ts 30 – 50 bps A d j . EB I T D A ($ MM) $145 $225 $310 F Y ' 24 F Y ' 2 5 G u i da n ce F Y ' 2 7 T a r get 1 1 – 1.5 yea rs R EV ' s P erf o r m a n ce a nd M o m e n t u m Suppo rt R obu st G r ow t h Ou t l ook S ou r c e : Co m pan y w eb sit e , p r e s en t a ti on s, fil i ng s a nd m anage m en t t a r ge ts No te : F iscal y ea r end s 10 / 3 1 . 1 . R E V G r oup A d j. EB I T D A f ig u r e s e x clu d e s st o c k - ba s ed c o m pen s a ti on , c on sist en t w it h ho w R E V G r oup r epo r ts . 2 . M id p o in t o f A d j. EB I T D A g u id a n c e o f $22 0 - 230 M p r o vid e d du r in g R E V ' s t h i rd qua r t e r ana l y st c a l l o n 9 / 3 / 2 5 . 3 . P r o vid e d du r in g R E V ' s inv e st o r p r e s en t a ti on on 12 / 1 1 / 2 4 4 . Co m pound annua l g r o w t h r a t e (C A GR) is ba s ed on $2 . 2 2 b i l l i on p r o f o r m a fisc a l 2024 ne t s a l e s r e fl e cti ng t h e d ives t it u r e o f Coll i n s a nd E N C i n f iscal 2024 t h a t gene r a t e d $163 . 6 m i l l i on o f ne t s a les in fisc a l 2024 . A ss u m e s m i d - c y cle R V . 5 . C A GR b a s ed on $145 . 2 M p r o f o r m a A d j. E B I T D A fo r fisc a l 2024 , r e fl e cti ng t h e d ives t it u r e o f Coll i n s and E N C (w h ich r ep r e s en t e d $17 . 6 M o f A d j. EB I T D A i n f iscal 2024) and $310 M A d j. EB I T D A ta r ge t in fisc a l 2027. 2 – 2 . 5 years o f s pe c ial t y v ehi c le s ales nor m ali z ed ba c k log of annual m argin e x pans i on f or s pe c ial t y v ehi c le s s ales S a l e s C A G R 4 6% – 8% (2 0 2 4 – 2 0 2 7) A d j . E BIT D A m a rgin 10 % – 12% (2 0 27) A d j . E BIT D A C A G R 5 29% (2 0 24 – 202 7) 5 2 3

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7 P r o Fo r m a T erex End M arkets G r ow i ng at M i d t o H i gh S i ng l e D i g i ts No te : E nd m a r k e t b r ea k do w n m a y no t s u m t o 100 % due t o e x clusi on o f " O the r" w h ich incl ude s I ndu st r ial and Co m m e r cial / Le isu r e end m a r k e ts. 1 . Re p r e s en ts s ha r e o f T e r e x and R E V G r oup c o m b in e d 2025 E s a les , e x clu d in g T e r e x 's A e r ials b u sin e ss. 2 . S ep 2 025 K a isse r Res e a r c h and A na l y sis Re p o r t f o r S pe cialit y V eh ic l e s. 3 . U. S . B u r eau o f E c ono m ic A na l y sis, P e r s ona l Cu r r en t T a x Rec e ip t s: S t a t e and Lo c a l G o v e r n m en t : P r ope r t y T a x e s 4 . ES G lo n g - t e r m g r o w t h f r o m J u l y 2024 inv e st o r p r e s en t a ti on . 5 . A ug 2 025 No r t h A m e r ica n E lec t r ic T r an s m iss i on M a r k e t F o r e c a st Re p o r t . 6 . 23 A – 27 E C A GR fo r in f r a st r u ct u r e st a r ts pe r Do d ge A na l y tics a s o f S ep t e m be r 2025 . 7 . A m e r ica n S o cie t y o f E ng in e e r s. 8 . www .c e n s u s. g o v , f r ed .s t lo u isf ed . o r g , www . u s go v e r n m e n t s pe n d in g . c om ✓   B a ck ed b y m un ic i p a l t a x r e c e ip t s and f ed e ral sti m u lus (2 0 0 0 - 2 024 C AGR 4 . 4 % 3) ✓   La r g e ins ta l l ed ba s e w it h c o n sist en t and m and a t e d r e p l a c e m en t c y cle ✓   U r ban s p ra w l and popu l a ti o n g ro w t h t a i l w in ds ✓   T e c hn o l o g y up g ra d es 6 - 10 % 2 Gro w th ✓   E ss en ti a l s e r v ice w it h s t ro n g pe r f o r m an c e t h ro u g h c y cles ✓   Co n tr a cts an c ho re d b y m u lt i - y ea r f o rec a sts and lo n g - t e r m c o mm it m e n ts ✓   I n cre a s e d f o c u s on up g ra d e s t o dr i v e sa f e t y , pro d uc t i v it y and e f f ic i e n cy 5 % 4 Gro w th 8 - 15 % 5 Gro w th ✓   Un d e rpi n n e d b y s e c u lar t a i l w in ds ✓   I n cre a s e d p o w e r c on s u m p ti on s uppo rts A I and da t a c en t e rs in f ras t ruc t u r e bu i l do ut ✓   Re n e w ed f o c u s on g r i d resil i en cy ✓   Re p laci ng a g in g in f ras t ruc t u re ~ 3 0 % ~ 3 0 % ~ 10% % of ' 2 5 E re v e n u e 1 ✓   S u st a in e d and g ro w in g pub l i c s e ct o r in v e st m ent ✓   S i g n i f ica n t f und i n g a v a i l ab le ✓   $9 . 1 T an ticip a t e d U. S . in f ras t ruc t u r e in v e st m en t re q u i r ed b y 2 03 3 7 In f rastruct u re 5 % 6 Gro w th ~ 2 0% U . S . m un i c i p a l i t i e s s p e n d ~ $200 B / y ea r on ca p i ta l e q u i p me n t . 8 A dd i ti o nal g r o w th in afterm a r k e t and digital Emergenc y V ehicles W aste & Rec y cling Utili t ies

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8 2025 E 2 S ales G r o w t h A d j . E B I T DA M argin A d j . E B I T DA M argin G r o w th R e v e n u e C o n t r i b u t i on E n v ironm e n t a l S olutions 13% 19% 20 0 b p s ~1.7B M a ter ia l s P ro cess ing (9) % 13% – 50 b p s ~1.7B RE V Grou p 1 9% 9% 2 80 bp s ~2.4B P r o F orma 3% 14 % 1 280 bps E sta b li s h i ng a S ta b l e a nd P r o f i ta b l e Sp ec i a l t y V e h i c l e Po rtf o li o W e l l - Po s i t i on e d f o r A cce l erate d G r o w t h a nd V a l u e C reat i on Uni t es leadin g market p o siti o ns across segme n ts Re v A M P T M E l e c t r i c ASL F r o n t L o a d e r w i th Cu r ot t o - Ca n® F r o n t/Re a r L o a d Co m p a c tors S e l f - c o n ta i n e d Co m p a c tors D i g g er De r r i c ks A g g r e g at e s E n v i r o n m e n tal Con c r ete M a ter i a l Han d li ng P u m p e r / T a n k er A m b u l a n c e A e r i al C a b a n d Cha s s is Digita l S ol u tions B u c k et T r u c ks ~$1. 7B ~$1. 7B ~$2. 4B 1 . R E V G r oup fi gu r e s a r e ne t o f st o c k - ba s ed c o m pen s a ti on t o be l i k e - f o r - l i k e w it h T e r e x . F ig u r e s f o r 2024 a r e p r o f o r m a ad jus te d f o r T e r e x 's a c qu is i ti on o f ES G and R E V G r oup 's d ives t it u r e o f Coll i n s and E N C . F iscal 2025 fi gu r e s a r e m id p o in t o f m anage m en t gu id a n ce . 14 % is incl u sive o f $75 M o f r u n - r a t e s y ne r g ies . 2 . S a les G r o w t h and A d j. EB I T D A M a r g in g r o w t h ba s ed on fisc a l 2025 vs. fisc a l 2 024.

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9 • R e a l - t i m e da t a w i t h c l os e d - l oop s y s t e m f o r r e s o l ut i on • E ns u r es d e f ects are ca p t ured e a r l y w / C I t o e l i m i n a t e f utu r e i ssu es • L i v e s t atus t r ac k i n g v s t ar g e t p i t ch b y w or k st r e am • V i su a l m a n a g emen t a i d on r es o urce f l e x i n g a n d b a l a n ce • E n a b l es f aste r a d j ust m e n t s a n d d e c i s i o n - ma k i ng • A uto m ates m a n u a l pape r - based w o r k t o sp e e d u p o p era t i o ns • W ork i nst r ucti o ns a n d t r a i n i n g v i d e os d i r ectl y at t h e c e ll • I n d i v i d u a l t e a m m ember t r a i n i n g s t atus at t h e ce ll T r a ining Qu a l i ty Out p ut E f f i c i e n cy E n d - o f - L i n e De f e cts pe r un it re d u c e d b y 80% ~ 1 , 1 0 0 Ne w Hi r es ~ 650 J ob I n str u cti ons ~ 250 T rai n in g V id e os Dail y t rucks / da y p ro d u c ed incr e a s e d b y 45% O v e ral l p la n t e f f ic i e n c y i m p ro v ed b y 13% T e re x Co n ne ct e d Op e rati o n s Demon s trat e d Re s ults a t ESG Le v e ra g e T e re x ' s str e n g t h and p ro v en res u lts on D i g it a l M anu f a ct u r i ng E x e c u ti on S y st e m s (M ES) and A d v an c ed S upp l y P la n n in g t o a c h ie v e h i g he r t h ro u g hp u t w h i l e i m p ro v in g o v e ral l p la n t e f f ic i e n cy M a nu f ac t u ring S y n e rg y E xa mple L e a n f l o w d e s i gn D es i g n C ommoni z at i on D i gi t a l M E S & A n a l y t i cs I ntegrated P l a n ni n g (S IO P) A utoma t i o n & R o b ot i cs C o n t . I mpro v ement CEL L – B A SED M A N U F A C T U R ING FLO W – B A SED M A NU F A C T U R ING A cce l erat e R EV Op erat i on a l T ra n sf o r m at i on t o L ea n H i g h - F l ow M a nu fact u r i ng

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10 10 $75 M i n C l ear l y I d e n t i f i e d a nd E xec u ta b l e S y n er g i es S i gn i f i c a n t V a l u e C r eat i on $7 5 M R u n - R a t e S y nergie s 1 , 2 ~50% F u l l y - realize d in 20 28 S ou r c e : M anage m en t e sti m a t e s. 1 . Cas h c o sts t o a c h iev e a r e on e - ti m e and e x pe ct e d t o be ~1 x r u n - r a t e s y ne r g ies. 2 . 95 % o f t h e $75 M in r u n - r a t e s y ne r g ies a r e c o st s y ne r g ies. C o m p l e m e n t a r y c u lt u res a n d s y s t e m s e n h a n c e b u si n ess p e rf o rma n ce a n d dri v e v al u e creati on P r o c u r eme n t O p e r at i ons Co r po r at e O v e r h ead ~ 5 0% ~ 2 5% ~ 2 0% L o w in t egrati o n risk: RE V b u sinesses t o be s t an d alo n e segme n t w it h existin g leadership • A c q u i r ed in 2024 • O p e rat e d a s ne w d i v is i on w h ich l i m it ed in te g rati o n r i sk • O n tr a ck to o v e r - de l i v e r a g a ins t s y ne r g y t a r g et P A T R ICK C A R R OLL E n v i r o n m e n t a l S o luti o ns 29 y ea rs o f in d u str y e x pe r i en ce M IK E V IRNIG S pe cialt y V eh ic l es 35 y ea rs o f in d u str y e x pe r i en ce • W i l l c o n ti nu e t o le a d S pe cialt y V eh ic l e a s ne w s tanda l o ne T e re x s e g m ent • S i g n i f ica n t in te g rati o n e x pe r i en c e ; le d S pa rt a n c o m b in a ti o n f o r RE V G ro u p • T rack rec o rd o f de l i v e r i n g s y ne r g ies in tra n s f or m a ti v e M &A KI E R A N H E G A RTY Ma t e r ials P r o c e ssi n g 3 4 y e a rs o f i n d u s t r y e x p e r i e n ce • S tr o n g c o mm a nd o f T e re x O p e rati n g S y st em • Led f i v e a c q u is i ti on s w h i l e le a d in g M a t e r i a ls P roc e ssing • S tr o n g tr a ck r e c o rd o f d e l i v er i n g s y n e r g ies a c hie v ed 12 mon t h s a f t er c lo s ing

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11 11 T erex a nd R EV A cce l era t es Sh are ho l d er V a l u e C reat i on Strategic G ro w t h P r iorities E x p a nd po r t fol io A cce l e r a t e p rofi t a b l e g ro w th Re s i l i e n t e nd m a r k e ts Ne w p ro du c t s , m u l t ipl e c h a nn e ls Lo w ca p i t a l int e n s i ty T ere x + R E V – A eria ls St r on g por t fo l io of bus i n e sses w i th l e a ding b r a nds U n lo c ks $75 M o f ru n - r a t e s y n e rgi e s S ig n i f i c a n t s h a r e ho ld e r v a lu e c r e a t i on Enh a n ce d ex po s u r e to h ig h l y - a t t r ac t i v e e nd m a r ke ts C o m p l e m e n t a r y op e r a t i ng s y s t e m s a nd c u l t u r es

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12 12 App e n d ix 12

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13 13 S ou r c e : F a ct S e t ; m a r k e t da t a a s o f 10 / 2 8 / 2 025 . 1 . E qu it y v a lu e c a lcul a t e d a s e sti m a t e d p r o f o r m a s ha r e s ou ts tand in g m u ltipl i ed b y T e r e x s ha r e p r ice . E n t e r p r ise v a lu e c a lcul a t e d a s p r o f o r m a equ it y v a lu e p lus las t r epo r t e d ne t deb t f i g ure s. 2 . C a lc u l a t ed ba s e d on 67 . 3 M T ere x f u ll y d il ut ed s h are s ou t s t and i n g and 49 . 7 M RE V f u ll y d il ut ed s h are s ou t s t and i n g . 3 . F i g ure repre s e n t s e x pe c t ed ne t deb t ba l a n c e and A d j. EB I T DA a t F Y 2025 E f or P ro F or m a c o m pan y incl ud in g A e r ials and $75 M o f r u n - r a t e s y ne r g ies. 4 . Re f lec t s e sti m a t e d c a s h on ba la n c e s hee t a t 12 / 3 1 / 2 025 , a f te r c a s h c on side r a ti on and f e e s, and r e v o lve r c apa cit y. T ra n sact i o n Su mm ary S h a r e h o l d e r Con si d erat i on L ea d e r s h i p & G o v e r n a n ce P r o Fo r ma I m p act A pp r o v a l s & C l o s i ng T r a n sact i on St r u ct u re • T e re x s ha re h o l d e rs t o o w n 58 % and RE V s ha re h o l d e rs t o o w n 42 % o f t h e c o m b i n e d c o m pa n y , on a f u l l y - d i l u t e d ba si s 2 • RE V s ha re h o l d e rs t o r e c e i v e 0 . 9 80 9 T e re x s h a res and $8 . 7 1 o f c a s h c on sid e rati o n pe r RE V s h a re o w ned (r ep res e n ts t o t a l c a s h co n s i d e r a ti o n o f $4 2 5 M) • T he c o m b in e d c o m pan y w i l l c on ti nu e t o t ra d e on t h e N Y SE u nde r t h e tick e r ' T E X' • S i m on M ee st e r t o s e r v e a s C E O o f t h e c o m b i n e d c o m pa n y • 12 - m e m be r B oa rd w i l l c o m p r i s e 7 d i r e ct o rs f ro m T e re x a nd 5 d i r e ct o rs f ro m REV • T ra n s a cti o n unan i m o u sl y app ro v e d b y B oa rds o f D i rec t o rs o f bo t h c o m pan i e s • E x p e ct e d c l os e in H 1 2 0 2 6 , su b ject t o s a tis f ac t io n o f cust om ar y c l osin g co n ditio n s, includi ng r e g ul a t o r y a p pro v als a n d T ere x and RE V s ha re h o l d e r app ro v al • $75 M o f ru n - rat e s y ne r g ies in 2028 w it h ~5 0 % a c h ie v ed 12 m on t h s a f t e r closi n g • E x pe ct e d ne t le v e ra g e rati o a t clos e o f ~ 2 . 5 x n e t deb t t o P ro F o r ma A d j. EB I T DA , a f t e r s y ne r g ie s 3 • ~ $1 B 4 o f l i q u idit y e x pe ct e d a t clos e , w it h s t ro n g a ss e t ba s e and f a v o ra b l e cre d it st a tistics • S tr a t e g ic m e r g e r o f T e re x C o rp o rati o n (" T e re x ") and RE V Gr o up (" RE V ") in a s to ck and c a s h tr a n s a cti on • Co m b in e d e q u it y v a lu e o f ~ $7 B and en t e rpr i s e v a lu e o f ~ $9 B a t anno u n c e m e n t 1 • A nno u n c e s p la n t o e x it T e re x A e r i a ls s e g m en t , incl ud in g po t e n ti a l s a le o r s p i n - o ff

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14 14 S ou r c e : M anage m en t e sti m a t e s and c o m pan y fil i ng s. N o t e : F in a n cials a r e p r e s en t e d on a fisc a l y ea r - end (F Y E) ba sis. 1 . L T M 3 Q 2 025 fi gu r e s; incl ude s c o r po r a t e c o sts ba s ed on A e r ials c on t r ib u ti on t o t o t a l s a les. 2 . Re f lec t s e sti m a t e d F Y 2025 E A d j. EB I T D A fo r ea c h c o m pan y ; R E V A d j. EB I T D A p r e s en t e d ne t o f e sti m a t e d s ha r e - ba s ed c o m pen s a tio n e x pen s e o f ~$1 2 . 5 M . 3 . M id p o in t o f t h e c on s o l i da t e d 1 0 - 12 % A d j. E B I T D A m a r g in t a r ge t pe r Rev G r oup 's Dec e m be r 11 , 2024 , I n v e st o r P r e s en t a ti on. C o m p e lli ng F i n a n c i a l P r o f il e o f t h e C o m b i n e d C o m p a ny 2025E Sa l es ($ B) 2025E A d j. E B I TD A ($ B) 2 $0.6 $0.2 $0.9 Exc l ud e s s y n e r gi es ($0.1) $0.8 20 2 5E A d j. E B I TD A M a r gin (%) 2 12 % 9 % 1 1 % 3 6 % 1 14% $5.4 $2.4 $7.8 ($2.0) 1 $5.8 (ex . A e ri a l s) A e ri a ls In c lud es $75 M o f ru n - r a te s y n e rgi e s + 14 +