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Terex
Annual Report 2024

TEX · NYSE Industrials
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Industry Agricultural - Machinery
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FY2024 Annual Report · Terex
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2 0 2 4  A N N U A L  R E P O R T
E X E C U T E  4 I N N O V A T E  4 G R O W

OUR INVESTMENT THESIS
Terex provides market-leading products and 
solutions to the global industrial sector, that strive 
to maximize customer return on investment. We are 
a globally diversifi ed company with strong values 
and operating discipline aiming to deliver best-in-
class fi nancial performance for our shareholders. 
We believe the company is strongly positioned to 
benefi t from the world’s megatrends, enabling us 
to accelerate our growth for years to come.
NYSE: TEX
  Market Leading Businesses
  Attractive and Diverse 
       End Markets
  Portfolio Synergies 
  Engaged Team Members 
       and Values-based Culture
   




1
2024 Terex Annual Report  
Dear Shareholders,
2024 was a transformational year for Terex 
as we completed the largest acquisition 
in the company’s history, acquiring 
Environmental Solutions Group (ESG) in 
October, establishing Terex as a leader in 
the growing waste and recycling market. 
Adding ESG reduces our cyclicality, adds 
a market-leading business to Terex’s 
portfolio and creates tangible synergies 
across the company while accelerating 
long-term growth.       
Solid 2024 Financial Results
In 2024, we delivered $6.11 adjusted 
earnings per share1, the second highest 
full year EPS in the company’s history, 
on sales of $5.1 billion.  Despite industry 
channel adjustments, after years of supply 
constraints, which impacted our two 
legacy segments, Materials Processing 
(MP) and Aerial Work Platforms (AWP) 
both still delivered double-digit operating 
margins. As planned, ESG was immediately 
fi nancially accretive, contributing 
$51 million or 22% adjusted EBITDA2
on revenue of $228 million in the 
fourth quarter period following the 
October 8 close.  
We funded the ESG acquisition at 
favorable rates and terms and maintained 
our corporate ratings. Our balance sheet 
remains solid and our capital structure is 
fl exible with ample liquidity. We reported 
return on invested capital of 19.4%3, 
well above our cost of capital. Returning 
capital to shareholders remains a priority. 
In 2024, Terex returned $92 million to 
shareholders through share repurchases 
and dividends.
Terex is in a strong fi nancial position to 
continue investing in our business and 
executing our strategic initiatives, while 
returning capital to shareholders.
A Stronger Portfolio, 
Poised for Growth   
FROM THE PRESIDENT & CEO
WHY INVEST IN TEREX?
Market Leading Businesses
As a diverse, global, industrial company, 
Terex is well positioned to off er investors 
an attractive opportunity to out-perform 
in the industrial markets. It is important 
to recognize that Terex is a much 
diff erent company than in years past. The 
businesses that make up our portfolio 
today, including globally renowned brands 
such as Heil, Marathon, Powerscreen, Finlay, 
Ecotec, CBI, Terex Recycling Systems, 
Genie and Terex Utilities are leaders in 
their respective markets, each focused on 
providing the best ROI for our customers 
through our high quality, innovative 
products and world-class aftermarket 
parts and support. We generate a growing 
revenue stream from our value-enhancing 
digital SAAS (software as a service) 
solutions where we see application and 
leverage opportunities across the portfolio. 
The backbone of our portfolio is our global 
manufacturing and sourcing footprint which 
gives us scale and fl exibility, enabling us to 
manage political and economic dynamics. 
Attractive End Markets
Adding ESG increased the size and scope 
of our addressable markets. Approximately 
25% of our global revenue is from waste 
and recycling markets characterized by 
low cyclicality and steady growth. Waste 
collection is an essential service with 
limited exposure to macroeconomic 
or other industrial cyclical dynamics. 
Population growth, recycling innovation, 
collection productivity and replacement 
demand is expected to fuel growth for 
the foreseeable future.  
About 20% of our business is related to 
infrastructure where signifi cant investment 
is being put in place in the United States 
and around the world. Our Aggregates 
businesses support the early stages 
including demolition and site preparation. 
Our Concrete businesses follow to put 
foundations and structures in place. Genie 
is next on scene with a full line of boom, 
scissor and portable lifts to enable safe 
work at height and our telehandlers are 
jobsite work horses, moving material 
anywhere it is needed.  
The growing Utilities market represents 
about 10% of our revenue. Spending on 
Utilities will continue to increase to meet 
growing energy demand coming from 
AI, digitization and electrifi cation and to 
strengthen distribution infrastructure. 
General construction, which in the past 
had represented the majority of our end 
markets, is now less than a third. When you 
consider the housing shortage in North 
American, the re-shoring of manufacturing, 
and the growth in digitization and data 
centers, the longer-term outlook for 
construction is positive.
Our equipment is also used in   
       commercial and industrial 
    applications, including electric 
 Genie scissors in data centers 
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2024 Terex Annual Report
2
highest ROI products to its global 
customers. Genie is well positioned to 
continue to gain share in North America, 
Europe and other key markets.  
In total, Terex has a $40B addressable 
market with significant organic growth 
potential.    
 
Looking Ahead 
Our diverse portfolio of market leading 
businesses will benefit from global mega-
trends including high levels of infrastructure 
investments, digitalization, power grid 
upgrades, on-shoring and recycling. 
We expect the U.S. economy to remain 
strong and the business environment to 
continue to improve, while Europe is likely to 
stabilize. The industry channel adjustments 
that impacted MP and Aerials in 2024, we 
believe are largely behind us, allowing those 
businesses to return to their traditional 
seasonal patterns in 2025 supported by a 
healthy backlog. On top of that, we expect 
the positive momentum in Environmental 
Solutions to continue through the year.
We will continue to work to improve 
through-cycle financial performance as 
we integrate ESG, refine our structure and 
realize synergies across the company.  
We have a tremendous global team that is 
highly engaged and committed to executing 
our strategy and delivering value to our 
customers and shareholders. We have 
made great strides together, and we will 
continue to grow our company together.
 
 
Simon Meester 
President and Chief Executive Officer
and booms on set in the growing 
entertainment market. It is also important 
to recognize that over two-thirds of our 
revenue base is in North America. We are a 
more US-centric company than in the past.
Portfolio Synergies 
The value-enhancing thread that we 
continue to weave is capturing the 
growing synergies across our portfolio. 
For example, technology investments 
that Genie is making in robotics will 
be leveraged by ESG, Utilities and 
Materials Processing (MP). ESG’s digital 
products, like Third Eye, have application 
opportunities in MP and Utilities, just one  
of many examples of commercial upside.  
We also have more traditional synergy 
opportunities across our global supply 
chain, manufacturing footprint and 
operating system. For example, the 
Heil refuse collection truck business 
that was part of the ESG acquisition is 
regarded among best-in-class at building 
a vocational body on a heavy duty truck 
chassis. Our Utilities business does 
fundamentally the same thing, building 
bucket trucks and digger derricks on 
chassis and will benefit from the significant 
productivity gains made at Heil over the 
past several years. With backlog stretching 
into 2026, unlocking capacity at Terex 
Utilities will enable more growth for that 
business.   
Key Strategic Priorities
We continue to implement our Execute, 
Innovate and Grow strategy, and will 
continue to drive more progress in 2025 
and the years to come.  
An execution priority is to deploy our Terex 
Operating System (TOS), which is our 
common framework for driving excellence 
across our company. Simply put, TOS 
enables us to deliver compounding 
results through continuous improvement. 
While the specific transformational 
initiatives vary, the overall aim of TOS is 
focused on three critical areas: increasing 
predictability and accountability across our 
company, accelerating profitable growth, 
and continuously improving efficiency.
When it comes to Innovation, we have a 
very exciting new product development 
pipeline focused on maximizing return on 
investment for our customers. A great 
example is Heil’s RevAMP eASL, the 
industry’s first all-electric refuse collection 
body. Our customers are excited about its 
fuel savings, productivity improvements 
and its contribution to their sustainability 
and contamination reduction objectives. 
We also continue to invest in robotics, 
automation, and digitizing workstreams to 
make our operations more efficient and 
more flexible. 
Turning to growth, completing the 
ESG acquisition was a significant step 
forward. We fully expect organic growth 
in that business to continue in line with 
its demonstrated performance over the 
past decade. On the Utilities front, we are 
unlocking growth potential by improving 
productivity and expanding capacity, as 
the long-term demand outlook continues 
to expand. Starting in 2025, ESG and 
Utilities will be combined to create our  
new Environmental Solutions (ES) segment 
which will be led by the executive team 
that charted ESG’s impressive growth over 
the past 15 years. I am excited about the 
growth and profitability enhancements 
ahead for our new ES segment. 
Our Materials Processing business 
has been a consistent performer 
demonstrating growth and solid double-
digit margins throughout the cycle. MP 
continues to leverage its operational and 
commercial capabilities to gain share 
in new attractive market segments like 
vegetation management and mobile 
crushing and screening in India. I am 
pleased by the market share gains 
the Genie team continues to achieve 
by implementing its Quality by Design 
strategy focused on providing the  
1  Adjusted earnings per share is a non-GAAP financial measure. Fiscal 2024 GAAP diluted earnings per share was $4.96, and, as adjusted, $6.11. Fiscal 2024 GAAP diluted 
earnings per share included accelerated vesting/severance of $0.17, deal related of $0.33, purchase price accounting of $0.43, mark-to-market of $0.10, and tax of $0.12.
2  ESG’s adjusted EBITDA is a non-GAAP financial measure. In the fourth quarter period following the October 8 close, ESG’s GAAP income (loss) from operations of  
$12 million included depreciation of $1 million, amortization of $18 million, and purchase price accounting of $20 million. Adjusted EBITDA was $51 million.
3  Return on invested capital is a non-GAAP financial measure. See Item 7 of the Annual Report on Form 10-K for reconciliation of this non-GAAP financial measure.

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Shareholder Information
BOARD OF DIRECTORS
David A. Sachs
Non-Executive Chairman of the Board 
of Directors, Terex Corporation 
Partner, Ares Management, LLC
Paula H. J. Cholmondeley
Private Consultant, Strategic Planning
Donald Defosset
Chairman, President and 
Chief Executive Offi  cer (retired), 
Walter Industries, Inc.
Simon A. Meester
President and Chief Executive Offi  cer
Sandie O’Connor
Chief Regulatory Aff airs Offi  cer (retired), 
JP Morgan Chase & Company
Christopher Rossi
President and Chief Executive Offi  cer 
(retired), Kennametal, Inc.
Andra Rush
Chair, President and Chief Executive 
Offi  cer, Rush Group
Seun Salami
Executive Vice President and 
Chief Financial Offi  cer, Nuveen
This Annual Report generally speaks as of December 31, 2024 and excludes discontinued operations. This annual report contains forward-looking information based on current expectations of 
Terex. Because forward-looking statements involve risks and uncertainties, actual results could diff er materially. For a more detailed description of such risks and uncertainties, see the Terex Annual 
Report on Form 10-K, included with this Annual Report, under the headings “Risk Factors” and “Forward-Looking Information.” The forward-looking statements contained herein speak only as of 
the date of this Annual Report. Terex expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained in this Annual Report to refl ect any change in 
its expectations. This Annual Report refers to various non-GAAP (U.S. generally accepted accounting principles) fi nancial measures. The non-GAAP measures may not be comparable to similarly 
titled measures being disclosed by other companies. Terex believes that this information is useful to understanding its operating results and the ongoing performance of its underlying businesses. 
The photographs, products, and service names included in this Annual Report may be trademarks, service marks, or trade names of Terex Corporation and/or its subsidiaries in the USA and other 
countries and all rights are reserved. Terex is a Registered Trademark of Terex Corporation in the USA and many other countries. Copyright 2025 Terex Corporation.
TRANSFER AGENT AND REGISTRAR
Equiniti Trust Company, LLC (“EQ”)
48 Wall Street, Floor 23 
New York, NY 10005
Phone for domestic shareholders: 
800-937-5449
Phone for outside US: 718-921-8124
Email: HelpAST@equiniti.com            
https://equiniti.com/us/ast-access/
Shareholders seeking information 
concerning stock transfers, changes  
of address and lost certifi cates  
should contact the company’s stock  
transfer agent directly.
STOCK INFORMATION
Stock Symbol: TEX 
Stock Exchange: New York Stock Exchange 
The high and low quarterly sales prices
for the past two years of Terex Corporation
are as follows ($):
2024
Q1
Q2
Q3
Q4
High
64.98
65.89
68.08
58.66
Low
52.83
51.65
48.11
44.43
2023
Q1
Q2
Q3
Q4
High
60.85
60.35
65.64
59.84
Low
41.69
41.89
55.12
43.70
ANNUAL REPORTǬFORM 10ǫK
Copies of the Annual Report/Form10-K 
are available by downloading from 
https://investors.terex.com.
ANNUAL MEETING
A virtual Annual Meeting of Shareholders 
will be held at 10 a.m. (Eastern Time) on 
May 14, 2025. 
CORPORATE HEADQUARTERS
Terex Corporation
301 Merritt 7, 4th Floor
Norwalk, CT 06851
Telephone: 203-222-7170
Website: www.terex.com
CORPORATE LEADERSHIP
Simon A. Meester
President and Chief Executive Offi  cer
Jennifer Kong-Picarello
Senior Vice President, 
Chief Financial Offi  cer 
Patrick Carroll
President, Environmental Solutions
R. Mark Cox
Senior Vice President, 
Corporate Development
Amy J. George
Senior Vice President,  
Chief Human Resources Offi  cer
Joshua Gross
President, Aerials
Kieran Hegarty
President, Materials Processing
David Jutcawitz
Senior Vice President,  
Chief Digital Offi  cer
Scott J. Posner
Senior Vice President, 
General Counsel and Secretary
Kevin Trimmer
Senior Vice President, 
Terex Operating System

Terex Corporation  
301 Merritt 7 
4th Floor 
Norwalk, CT 06851 
www.terex.com