10-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-11978

The Manitowoc Company, Inc.

(Exact Name of Registrant as Specified in its Charter)

Wisconsin	39-0448110
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification Number)

11270 West Park Place Suite 1000
Milwaukee, Wisconsin	53224
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (414) 760-4600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 Par Value	MTW	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of March 31, 2026, the registrant had 35,909,584 shares of common stock, $.01 par value per share, outstanding.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Operations

For the three months ended March 31, 2026 and 2025

(Unaudited)

(In millions, except per share and share amounts)

	Three Months Ended March 31,
	2026			2025
Net sales	$	494.6		$	470.9
Cost of sales		399.3			381.1
Gross profit		95.3			89.8
Operating costs and expenses:
Engineering, selling and administrative expenses		90.6			82.9
Amortization of intangible assets		0.8			0.8
Restructuring expense		0.8			0.8
Total operating costs and expenses		92.2			84.5
Operating income		3.1			5.3
Other expense:
Interest expense		(8.9	)		(8.7	)
Amortization of deferred financing fees		(0.4	)		(0.4	)
Other expense - net		(3.1	)		(5.0	)
Total other expense		(12.4	)		(14.1	)
Loss before income taxes		(9.3	)		(8.8	)
Benefit for income taxes		(3.3	)		(2.5	)
Net loss	$	(6.0	)	$	(6.3	)
Per Share Data and Share Amounts:
Basic net loss per common share	$	(0.17	)	$	(0.18	)
Diluted net loss per common share	$	(0.17	)	$	(0.18	)
Weighted average shares outstanding - basic and diluted		35,665,590			35,273,783

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

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THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the three months ended March 31, 2026 and 2025

(Unaudited)

(In millions)

	Three Months Ended March 31,
	2026			2025
Net loss	$	(6.0	)	$	(6.3	)
Other comprehensive income (loss),    net of income tax
Unrealized gain (loss) on derivatives, net of    income tax (provision) benefit of $0.3     and $(0.8), respectively		(0.8	)		2.5
Employee pension and postretirement benefit    income (expense), net of income tax provision    of $0.0 and $0.0, respectively		—			(0.4	)
Foreign currency translation adjustments, net of    income tax (provision) benefit of $0.4 and $(2.7), respectively		(1.3	)		15.8
Total other comprehensive income (loss), net of income tax		(2.1	)		17.9
Comprehensive income (loss)	$	(8.1	)	$	11.6

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

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THE MANITOWOC COMPANY, INC.

Condensed Consolidated Balance Sheets

As of March 31, 2026 and December 31, 2025

(Unaudited)

(In millions, except par value and share amounts)

	March 31, 2026			December 31, 2025
Assets
Current Assets:
Cash and cash equivalents	$	78.4		$	77.3
Accounts receivable, less allowances of $5.9 and $5.8, respectively		264.8			281.3
Inventories - net		744.1			683.9
Other current assets		45.4			54.1
Total current assets		1,132.7			1,096.6
Property, plant and equipment — net		334.9			343.0
Operating lease right-of-use assets		66.2			68.0
Goodwill		80.3			79.6
Intangible assets — net		123.1			125.1
Other non-current assets		105.7			105.9
Total assets	$	1,842.9		$	1,818.2
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses	$	450.4		$	401.6
Customer advances		22.0			18.3
Short-term borrowings and current portion of long-term debt		10.8			13.7
Product warranties		35.4			36.2
Other liabilities		21.1			21.8
Total current liabilities		539.7			491.6
Non-Current Liabilities:
Long-term debt		436.6			447.1
Operating lease liabilities		51.9			53.6
Deferred income taxes		3.1			2.3
Pension obligations		44.2			45.3
Postretirement health and other benefit obligations		3.0			3.1
Long-term deferred revenue		19.1			18.8
Other non-current liabilities		59.4			61.2
Total non-current liabilities		617.3			631.4
Commitments and contingencies (Note 17)
Stockholders' Equity:
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding)		—			—
Common stock (75,000,000 shares authorized, 40,793,983 shares issued,     35,909,584 and 35,473,418 shares outstanding, respectively)		0.4			0.4
Additional paid-in capital		610.3			616.7
Accumulated other comprehensive loss		(67.4	)		(65.3	)
Retained earnings		200.5			206.5
Treasury stock, at cost (4,884,399 and 5,320,565 shares, respectively)		(57.9	)		(63.1	)
Total stockholders' equity		685.9			695.2
Total liabilities and stockholders' equity	$	1,842.9		$	1,818.2

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

4

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

For the three months ended March 31, 2026 and 2025

(Unaudited)

(In millions)

	Three Months Ended March 31,
	2026			2025
Cash Flows from Operating Activities:
Net loss	$	(6.0	)	$	(6.3	)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation expense		14.1			14.8
Amortization of intangible assets		0.8			0.8
Stock-based compensation expense		2.8			2.6
Amortization of deferred financing fees		0.4			0.4
(Gain) loss on sale of property, plant and equipment		(0.2	)		0.1
Changes in operating assets and liabilities
Accounts receivable		15.8			(3.6	)
Inventories		(67.6	)		(66.0	)
Other assets		13.7			1.2
Accounts payable		48.9			61.4
Accrued expenses and other liabilities		4.7			7.5
Net cash provided by operating activities		27.4			12.9
Cash Flows from Investing Activities:
Capital expenditures		(8.2	)		(10.8	)
Proceeds from sale of property, plant, and equipment		0.3			0.1
Purchase of assets		—			(12.9	)
Net cash used for investing activities		(7.9	)		(23.6	)
Cash Flows from Financing Activities:
Payments on revolving credit facility		(9.0	)		(15.0	)
Proceeds from revolving credit facility		—			17.9
Proceeds from other debt		—			3.3
Payments on other debt		(3.3	)		—
Other financing activities		(5.2	)		(3.0	)
Net cash (used for) provided by financing activities		(17.5	)		3.2
Effect of exchange rate changes on cash and cash equivalents		(0.9	)		0.9
Net increase (decrease) in cash and cash equivalents		1.1			(6.6	)
Cash and cash equivalents at beginning of period		77.3			48.0
Cash and cash equivalents at end of period	$	78.4		$	41.4
Supplemental Cash Flow Information
Interest paid	$	2.1		$	1.5
Income taxes paid		1.9			2.4
Operating right-of-use assets obtained		2.3			11.0
Finance right-of-use assets obtained		1.4			0.6

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

5

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Equity

For the three months ended March 31, 2026 and 2025

(Unaudited)

(In millions)

	Three Months Ended March 31,
	2026			2025
Common Stock - Par Value
Balance at beginning of period	$	0.4		$	0.4
Balance at end of period	$	0.4		$	0.4
Additional Paid-in Capital
Balance at beginning of period	$	616.7		$	615.1
Stock compensation plans		(6.4	)		(3.8	)
Balance at end of period	$	610.3		$	611.3
Accumulated Other Comprehensive Loss
Balance at beginning of period	$	(65.3	)	$	(107.6	)
Other comprehensive income (loss)		(2.1	)		17.9
Balance at end of period	$	(67.4	)	$	(89.7	)
Retained Earnings
Balance at beginning of period	$	206.5		$	199.3
Net loss		(6.0	)		(6.3	)
Balance at end of period	$	200.5		$	193.0
Treasury Stock
Balance at beginning of period	$	(63.1	)	$	(67.1	)
Stock compensation plans		5.2			3.7
Balance at end of period	$	(57.9	)	$	(63.4	)
Total stockholders' equity	$	685.9		$	651.6

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

6

THE MANITOWOC COMPANY, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

1. Company and Basis of Presentation

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. The information on our website is not part of this or any other report we file with or furnish to the SEC and is not incorporated herein by reference.

The Company has three reportable segments, the Americas segment, the Europe and Africa ("EURAF") segment and the Middle East and Asia Pacific (“MEAP”) segment. The Americas segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 16, “Segments,” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations for the three months ended March 31, 2026 and 2025, the cash flows for the same three month periods, and the financial positions as of March 31, 2026 and December 31, 2025, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The balance sheet as of December 31, 2025 was derived from the audited annual financial statements. The interim results are not necessarily indicative of results for a full year and do not contain all of the information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2025. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

All amounts, except per share data and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated.

2. Recent Accounting Changes and Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 224-40): Disaggregation of Income Statement Expense." The amendments in this ASU require public companies to disclose more information about their expenses in their financial statements. The ASU is effective for annual periods beginning after December 15, 2026 and interim periods with annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.

3. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three months ended March 31, 2026 and 2025.

	Three Months Ended March 31,
	2026			2025
Balance at beginning of period	$	18.3		$	18.0
Cash received in advance of satisfying    performance obligations		42.1			30.3
Revenue recognized		(38.0	)		(23.9	)
Currency translation		(0.4	)		0.5
Balance at end of period	$	22.0		$	24.9

7

The Company recognizes a contract asset for certain remanufacturing, repair, and field service work when service is completed but unbilled as of the end of the period. Contract assets are recorded in other current assets in the Condensed Consolidated Balance Sheets. Contract assets were $10.1 million and $11.7 million as of March 31, 2026 and December 31, 2025, respectively.

4. Fair Value of Financial Instruments

The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) and The Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of March 31, 2026 and December 31, 2025.

	Fair Value as of March 31, 2026
	Level 1		Level 2		Level 3		Total		Recognized Location
Assets:
Deferred Compensation Plan - Program B	$	9.2	$	—	$	—	$	9.2	Other non-current assets
Current Liabilities:
FX Forward Contracts	$	—	$	0.6	$	—	$	0.6	Accounts payable and    accrued expenses

	Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total		Recognized Location
Assets:
FX Forward Contracts	$	—	$	0.6	$	—	$	0.6	Other current assets
Deferred Compensation Plan - Program B		9.5		—		—		9.5	Other non-current assets
Total assets at fair value	$	9.5	$	0.6	$	—	$	10.1
Current Liabilities:
FX Forward Contracts	$	—	$	0.5	$	—	$	0.5	Accounts payable and    accrued expenses

The fair value of the $300.0 million senior secured second lien notes due on October 1, 2031, with an annual coupon rate of 9.25% (the “2031 Notes”), was approximately $313.4 million as of March 31, 2026. Refer to Note 10, “Debt,” for a description of the 2031 Notes and the related carrying value.

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2031 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company's revolving credit facility, approximate fair value, without being discounted as of March 31, 2026, due to the short-term nature of these instruments.

FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 5, “Derivative Financial Instruments,” for additional information.

The Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company’s corresponding future benefit obligations. The plan assets and corresponding obligations for Program B under the Deferred Compensation Plan are classified within Level 1.

8

5. Derivative Financial Instruments

The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks.

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss) (“AOCI”). These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. During the three months ended March 31, 2026, $5.0 million of forecasted transactions were no longer probable of occurring, resulting in a net loss of $0.1 million being recorded to other expense - net in the Condensed Consolidated Statement of Operations. No amounts were recorded related to forecasted transactions no longer being probable during the three months ended March 31, 2025.

The Company had FX Forward Contracts with aggregate notional amounts of $75.7 million and $108.7 million in U.S. dollar equivalent as of March 31, 2026 and December 31, 2025, respectively. The aggregate notional amount outstanding as of March 31, 2026 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. Net unrealized gains (losses), net of income tax, recorded in AOCI were $(0.1) million and $0.7 million as of March 31, 2026 and December 31, 2025, respectively.

The net gains (losses) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three months ended March 31, 2026 and 2025 are summarized as follows:

		Three Months Ended March 31,
	Recognized Location	2026		2025
Designated	Cost of sales	$	—	$	(0.6	)
Non-Designated	Other expense - net	$	1.9	$	1.3

6. Inventories

The components of inventories as of March 31, 2026 and December 31, 2025 are summarized as follows:

	March 31, 2026		December 31, 2025
Raw materials	$	191.5	$	189.2
Work-in-process		167.1		136.7
Finished goods		385.5		358.0
Total inventories	$	744.1	$	683.9

7. Property, Plant, and Equipment

The components of property, plant, and equipment as of March 31, 2026 and December 31, 2025 are summarized as follows:

9

	March 31, 2026			December 31, 2025
Land	$	15.2		$	15.5
Building and improvements		215.3			219.7
Machinery, equipment, and tooling		352.8			357.4
Furniture and fixtures		14.6			14.5
Computer hardware and software		132.2			131.7
Rental cranes		181.9			175.8
Construction in progress		4.4			7.3
Total cost		916.4			921.9
Less accumulated depreciation		(581.5	)		(578.9	)
Property, plant, and equipment — net	$	334.9		$	343.0

Property, plant, and equipment is depreciated over the estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

Additions to property, plant, and equipment included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 were $2.2 million and $1.8 million, respectively.

Assets Held for Sale

During the three months ended March 31, 2026, the Company committed to a plan to sell its Bauxite, Arkansas facility and certain related assets. The Company determined the assets met the criteria for classification as held for sale under Accounting Standards Codification (“ASC”) Topic 360, “Property, Plant, and Equipment,” as the assets are available for immediate sale in their present condition and management has committed to and initiated an active program to locate a buyer.

The assets have been reclassified from property, plant, and equipment to assets held for sale on the Condensed Consolidated Balance Sheets as of March 31, 2026. Depreciation on these assets ceased upon reclassification. The assets were recorded at the lower of their carrying amount or estimated fair value less costs to sell. Assets held for sale consisted of $0.7 million of buildings, $0.5 million of machinery and equipment, and $0.2 million of land and land improvements.

The Company expects to complete the sale of the assets within 12 months of the classification date. These assets are reported within the Americas segment. No assurance can be given that the Company will be able to sell the assets at their estimated fair value or within the expected timeframe.

8. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the three months ended March 31, 2026 are summarized as follows:

	Americas		MEAP		Consolidated
Balance as of December 31, 2025	$	14.4	$	65.2	$	79.6
Foreign currency impact		—		0.7		0.7
Balance as of March 31, 2026	$	14.4	$	65.9	$	80.3

The gross carrying amount, accumulated impairment and net book value of the Company's goodwill balances by reportable segment as of March 31, 2026 and December 31, 2025, are summarized as follows:

	March 31, 2026							December 31, 2025
	Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value		Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value
Americas	$	180.9	$	(166.5	)	$	14.4	$	180.9	$	(166.5	)	$	14.4
EURAF		82.2		(82.2	)		—		82.2		(82.2	)		—
MEAP		65.9		—			65.9		65.2		—			65.2
Total	$	329.0	$	(248.7	)	$	80.3	$	328.3	$	(248.7	)	$	79.6

10

The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the assets. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event during the three months ended March 31, 2026.

The gross carrying amount, accumulated amortization, and net book value of the Company’s other intangible assets other than goodwill as of March 31, 2026 and December 31, 2025, are summarized as follows:

	March 31, 2026							December 31, 2025
	Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value		Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value
Definite lived intangible assets:
Customer relationships	$	27.8	$	(14.8	)	$	13.0	$	28.0	$	(14.6	)	$	13.4
Patents		30.0		(29.7	)		0.3		30.3		(30.0	)		0.3
Noncompetition agreements		4.2		(3.8	)		0.4		4.2		(3.6	)		0.6
Trademarks and tradenames		2.2		(2.0	)		0.2		2.2		(1.9	)		0.3
Total	$	64.2	$	(50.3	)	$	13.9	$	64.7	$	(50.1	)	$	14.6
Indefinite-lived intangible assets:
Trademarks and tradenames	$	94.4	$	—		$	94.4	$	95.5	$	—		$	95.5
Distribution network		14.8		—			14.8		15.0		—			15.0
Total		109.2		—			109.2		110.5		—			110.5
Total other intangible assets	$	173.4	$	(50.3	)	$	123.1	$	175.2	$	(50.1	)	$	125.1

The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event during the three months ended March 31, 2026.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was no triggering event during the three months ended March 31, 2026.

Other intangible assets with definite lives are amortized over their estimated useful lives.

9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2026 and December 31, 2025 are summarized as follows:

	March 31, 2026		December 31, 2025
Trade accounts payable	$	289.7	$	242.3
Employee-related expenses		49.1		51.1
Accrued vacation		29.1		27.0
Miscellaneous accrued expenses		82.5		81.2
Total accounts payable and accrued expenses	$	450.4	$	401.6

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10. Debt

Outstanding debt as of March 31, 2026 and December 31, 2025 is summarized as follows:

	March 31, 2026			December 31, 2025
Borrowings under senior secured asset based revolving    credit facility	$	134.4		$	144.6
Senior secured second lien notes due 2031		300.0			300.0
Other debt		17.2			20.6
Deferred financing costs		(4.2	)		(4.4	)
Total debt		447.4			460.8
Short-term borrowings and current portion of long-term    debt		(10.8	)		(13.7	)
Long-term debt	$	436.6		$	447.1

On March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A. as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2031 Notes and the related guarantees. The ABL Revolving Credit Facility includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility (the “German Borrower”).

On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduced restrictions on the Company’s ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if our senior secured lien notes due April 1, 2026 had not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace the U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”).

On September 18, 2024, the Company further amended the ABL Credit Agreement to (i) increase the aggregate commitment by $50.0 million to a total aggregate commitment of up to $325.0 million, of which $100.0 million is available to the German Borrower, (ii) increase the swingline sublimit by $20.0 million to an aggregate $50.0 million, of which $20.0 million is available to the German Borrower, and (iii) extend the maturity date to September 18, 2029.

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternate Base Rate or Term Benchmark, Applicable Overnight Rate, Central Bank Rate (“CBR”) or RFR rate (each as defined in the ABL Credit Agreement) plus the applicable spread set forth below. The variable interest rate is based upon the average availability as of the most recent determination date as follows:

	Average quarterly availability	Alternative base rate spread	SOFR spread
Category 1	≥ 66% of Aggregate Commitment	0.25%	1.25%
Category 2	< 66% but ≥ 33% of Aggregate Commitment	0.50%	1.50%
Category 3	< 33% of Aggregate Commitment	0.75%	1.75%

As of March 31, 2026 and December 31, 2025, the Company had borrowings on the ABL Revolving Credit Facility of $134.4 million and $144.6 million, respectively. The spreads for Term Benchmark, Applicable Overnight Rate, CBR and RFR spread and Alternative Base Rate borrowings were deemed to be in Category 2 for the period from January 1, 2026 to March 31, 2026. As of March 31, 2026, there was excess availability of $187.2 million, which represents revolver borrowing capacity of $325.0 million less $134.4 million of borrowings outstanding and $3.4 million of U.S. letters of credit outstanding.

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As of March 31, 2026, the Company had other indebtedness outstanding of $17.2 million that had a weighted-average interest rate of approximately 5.2%. This debt includes balances on local credit lines, overdraft facilities, and other financing arrangements.

On September 19, 2024, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank Trust Company, National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount of the 2031 Notes with an annual coupon rate of 9.25%. Interest on the 2031 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2031 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility or that guarantees certain other debt of the Company or a guarantor. The 2031 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. The Company used the net proceeds from this offering, together with cash on hand, to redeem all of its outstanding 9.00% Senior Secured Second Lien Notes due 2026 (“2026 Notes”).

Both the ABL Revolving Credit Facility and the 2031 Notes include customary covenants which include, without limitation, restrictions on the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2031 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2021.

Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement.

As of March 31, 2026, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and the 2031 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

11. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with a maximum availability of €25.0 million and €40.0 million. Transactions under the non-U.S. programs were accounted for as sales in accordance with ASC Topic 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the customer's maximum limit and the Company's maximum availability.

For the three months ended March 31, 2026 and 2025, cash proceeds from the factoring of accounts receivable qualifying as sales were $63.7 million and $52.6 million, respectively.

Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three months ended March 31, 2026 and 2025 were immaterial.

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12. Income Taxes

The Company’s loss before income taxes includes income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates. In addition, tax expense is impacted by losses in jurisdictions where no tax benefit can be realized.

For the three months ended March 31, 2026 and 2025, the Company recorded a benefit for income taxes of $3.3 million and $2.5 million, respectively.

As of March 31, 2026 and December 31, 2025, the Company’s unrecognized tax benefits, excluding interest and penalties, were $16.4 million and $15.7 million, respectively.

13. Net Loss Per Common Share

The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net loss per common share:

	Three Months Ended March 31,
	2026		2025
Basic weighted average common     shares outstanding		35,665,590		35,273,783
Effect of dilutive securities - equity    compensation awards		—		—
Diluted weighted average common    shares outstanding		35,665,590		35,273,783

Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Due to the net loss incurred during the three months ended March 31, 2026 and 2025, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the net diluted loss per share calculations for those periods.

No cash dividends were declared or paid during the three months ended March 31, 2026 and 2025.

14. Equity

Authorized capital consists of 75.0 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued.

As of March 31, 2026, the Company has $29.3 million remaining under an authorization from the Board of Directors to purchase up to $35.0 million of the Company’s common stock at management’s discretion.

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A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended March 31, 2026 and 2025 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2024	$	(1.7	)	$	(7.7	)	$	(98.2	)	$	(107.6	)
Other comprehensive income (loss) before    reclassifications		2.0			(0.4	)		15.8			17.4
Amounts reclassified from accumulated    other comprehensive loss		0.5			—			—			0.5
Net other comprehensive income (loss)		2.5			(0.4	)		15.8			17.9
Balance as of March 31, 2025	$	0.8		$	(8.1	)	$	(82.4	)	$	(89.7	)
Balance as of December 31, 2025	$	0.7		$	(4.1	)	$	(61.9	)	$	(65.3	)
Other comprehensive income (loss) before    reclassifications		(0.8	)		0.1			(1.3	)		(2.0	)
Amounts reclassified from accumulated other    comprehensive loss		—			(0.1	)		—			(0.1	)
Net other comprehensive loss		(0.8	)		—			(1.3	)		(2.1	)
Balance as of March 31, 2026	$	(0.1	)	$	(4.1	)	$	(63.2	)	$	(67.4	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three months ended March 31, 2026 and 2025 are summarized as follows:

	Three Months Ended March 31,
	2026		2025				Recognized Location
Losses on cash flow hedges
FX Forward Contracts	$	—	$	(0.6	)		Cost of sales
Total before income taxes		—		(0.6	)
Benefit from income taxes		—		0.1
Total, net of income taxes	$	—	$	(0.5	)
Amortization of pension and    postretirement items
Actuarial gains	$	0.1	$	—		(a)	Other expense - net
Total before income taxes		0.1		—
Provision for income taxes		—		—
Total, net of income taxes	$	0.1	$	—
Total reclassifications for the period,    net of income taxes	$	0.1	$	(0.5	)

(a)These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 19, “Employee Benefit Plans,” for additional information).

15. Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2026 is included in the Company’s 2025 Annual Report on Form 10-K.

The Company grants certain share-based payment awards that are classified as liabilities in accordance with ASC Topic 718, "Compensation—Stock Compensation." These awards include cash-settled restricted stock units which vest in three annual increments over a three-year period and cash-settled performance share units which vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period.

Liability-classified awards are measured at fair value at each reporting date until settlement. The fair value of these awards is determined using the closing stock price at the end of the reporting period, and is remeasured at each balance sheet date.

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Changes in fair value are recognized as compensation expense in engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations over the requisite service period.

During the year ended December 31, 2025, the Company modified certain 2023 and 2024 restricted stock units and performance share units to settle them in cash in lieu of stock. The performance conditions, if applicable, and vesting schedules remain unchanged for these awards.

As of March 31, 2026, the Company had a liability of $0.8 million recorded in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets related to awards that are expected to settle in cash.

Stock-based compensation expense, including cash-settled liability awards, was $3.3 million and $2.6 million for the three months ended March 31, 2026 and 2025, respectively. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to the retirement, death, or disability provisions of the 2013 Omnibus Incentive Plan or the 2025 Omnibus Incentive Plan, as applicable.

The Company granted no restricted stock units and performance share units to employees or non-employee directors during the three months ended March 31, 2026.

16. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the President and CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region.

The CODM evaluates the performance of the Company's reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region in which the product is sold. Each reportable segment has new and non-new machine sales. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, selling and administrative costs directly attributable to the segment, and engineering costs directly attributable to the segment. Manufacturing variances generated by the manufacturing locations within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The CODM does not evaluate performance of the reportable segments based on total assets.

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The following table shows information by reportable segment for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31, 2026										Three Months Ended March 31, 2025
	Americas		EURAF			MEAP		Total			Americas		EURAF			MEAP		Total
Revenues from external customers	$	268.4	$	167.4		$	58.8	$	494.6		$	259.3	$	145.6		$	66.0	$	470.9
Less: (a)
Cost of sales		217.2		137.6			44.5		399.3			208.3		124.1			48.7		381.1
Engineering, selling, and administration costs		37.2		35.1			6.2		78.5			32.4		32.2			5.9		70.5
Other segment items (b)		1.8		—			—		1.8			0.9		0.6			—		1.5
Segment operating income (loss)		12.2		(5.3	)		8.1		15.0			17.7		(11.3	)		11.4		17.8
Reconciliation of segment operating income (loss)
Interest expense									(8.9	)									(8.7	)
Amortization of deferred financing fees									(0.4	)									(0.4	)
Other expense - net									(3.1	)									(5.0	)
Unallocated amounts:
Other corporate expenses									(11.9	)									(12.5	)
Loss before income taxes								$	(9.3	)								$	(8.8	)
Other Segment Disclosures
Depreciation and amortization (c)		8.8		5.4			0.8		15.0			8.8		5.3			0.7		14.8
Capital expenditures		6.4		1.3			0.5		8.2			5.8		3.6			1.0		10.4

(a)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(b)Other segment items for each reportable segment include:

Americas — amortization expense and restructuring expense.

EURAF — restructuring expense.

(c)The amount of depreciation and amortization disclosed by reportable segment is included within cost of sales or engineering, selling, and administration costs, as applicable.

Net sales by geographic area for the three months ended March 31, 2026 and 2025 are summarized as follows:

	Three Months Ended March 31,
	2026		2025
United States	$	239.3	$	241.2
Europe		150.5		141.5
Other		104.8		88.2
Total net sales	$	494.6	$	470.9

New machine and non-new machine sales for the three months ended March 31, 2026 and 2025 are summarized as follows:

	Three Months Ended March 31,
	2026		2025
New machine sales	$	328.9	$	310.3
Non-new machine sales		165.7		160.6
Total net sales	$	494.6	$	470.9

17. Commitments and Contingencies

The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business which have not been fully resolved. The outcome of any litigation is inherently uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter.

As of March 31, 2026, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these lawsuits are insured with self-insurance retention levels. The Company’s self-insurance retention levels vary by business and have fluctuated over the last 10 years. As of March 31, 2026, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims arising in North America.

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As of March 31, 2026, current and long-term product liability reserves were $1.4 million and $7.3 million, respectively. As of December 31, 2025, current and long-term product liability reserves were $2.0 million and $6.8 million, respectively. Current product liability reserves are included within other liabilities and long-term product liability reserves are included within other non-current liabilities in the Condensed Consolidated Balance Sheets. These amounts are not reduced for insurance recoveries for claims above the Company's self-insured retention level. As of March 31, 2026 and December 31, 2025, the Company had zero estimated insurance recoveries included in other current assets in the Condensed Consolidated Balance Sheets.

Reserves for product-related lawsuits were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

18. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with ASC Topic 842, “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic 842 included in other current and non-current liabilities as of March 31, 2026 and December 31, 2025 was $18.5 million and $18.7 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of March 31, 2026 and December 31, 2025 was $41.2 million and $39.8 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2032. The Company also has various loss guarantees with maximum liabilities of $22.4 million and $24.0 million as of March 31, 2026 and December 31, 2025, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months. In addition, the Company may incur other warranty-related costs outside of its standard warranty period. Costs for other warranty-related work are recorded in the period a loss is probable and can be reasonably estimated.

As of March 31, 2026 and December 31, 2025, the Company had reserves of $43.2 million and $45.0 million, respectively, for warranty and other warranty related work included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that may ultimately be resolved by negotiation, arbitration, and litigation.

Below is a table summarizing the warranty and other warranty related work for the three months ended March 31, 2026 and 2025.

	Three Months Ended March 31,
	2026			2025
Balance at beginning of period	$	45.0		$	45.3
Adjustments for warranties issued in current period		6.2			6.0
Adjustments to pre-existing warranties		2.7			—
Settlements made (in cash or in kind) during    the period		(10.4	)		(6.5	)
Currency translation		(0.3	)		0.8
Balance at end of period	$	43.2		$	45.6

The long-term portion of the warranty liability is recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets.

The Company sells extended warranty contracts, which it accounts for as a service type warranty under ASC Topic 606, “Revenue from Contracts with Customers.” Revenue associated with extended warranty contracts is deferred and amortized on a straight-line basis over the duration of the extended warranty period. As of both March 31, 2026 and December 31, 2025,

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there was $10.6 million and $9.6 million, respectively, of deferred revenue included in both other liabilities and other non-current liabilities in the Condensed Consolidated Balance Sheets.

19. Employee Benefit Plans

The Company provides certain pension, health care, and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the plan is located and the related plan. Eligibility for pension coverage is based on retirement qualifications. Healthcare benefits may be subject to deductibles, co-payments, and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations.

The components of net periodic benefit cost (income) for the three months ended March 31, 2026 and 2025 are summarized as follows:

	Three Months Ended March 31, 2026
							Postretirement
	U.S.			Non-U.S.			Health and
	Pension			Pension			Other
	Plans			Plans			Plans
Service cost - benefits earned during    the period	$	—		$	0.3		$	—
Interest cost of projected benefit obligations		1.1			0.7			—
Expected return on plan assets		(1.2	)		(0.4	)		—
Amortization of actuarial net (gain) loss		0.1			0.1			(0.3	)
Net periodic benefit cost (income)	$	—		$	0.7		$	(0.3	)

	Three Months Ended March 31, 2025
							Postretirement
	U.S.			Non-U.S.			Health and
	Pension			Pension			Other
	Plans			Plans			Plans
Service cost - benefits earned during    the period	$	—		$	0.3		$	—
Interest cost of projected benefit obligations		1.3			0.6			0.1
Expected return on plan assets		(1.1	)		(0.4	)		—
Amortization of actuarial net (gain) loss		0.3			0.1			(0.4	)
Net periodic benefit cost (income)	$	0.5		$	0.6		$	(0.3	)

The components of net periodic benefit cost (income) other than the service cost component are included in other expense - net in the Condensed Consolidated Statements of Operations.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, including the financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations therein, and the interim condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q.

All dollar amounts are in millions throughout the tables included in Management’s Discussion and Analysis of Financial Condition and Results of Operations unless otherwise indicated.

Cautionary Statements Regarding Forward-Looking Information

All of the statements in this Quarterly Report on Form 10-Q, other than historical facts, are forward-looking statements, including, without limitation, the statements made in the “Management's Discussion and Analysis of Financial Condition and Results of Operations.” As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations and beliefs relating to matters that are not historical in nature. The words “could,” “should,” “may,” “feel,” “anticipate,” “aim,” “preliminary,” “expect,” “believe,” “estimate,” “intend,” “intent,” “plan,” “will,” “foresee,” “project,” “forecast,” or the negative thereof or variations thereon, and similar expressions identify forward-looking statements.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for these forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that forward-looking statements are subject to known and unknown risks, uncertainties and other factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. These known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those matters expressed in, anticipated by or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to:

•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’s ability to convert backlog into revenue (the timing of sales) which could impact, and has impacted, its financial condition, cash flows, and results of operations (including future uncertain impacts);

•uncertainty regarding, and adverse changes to, trade policy, including tariffs, reciprocal tariffs, trade agreements, ongoing negotiations on trade agreements with additional trade partners, legal challenges to certain tariffs authorities, updated guidance from regulators, export duties, import controls and trade barriers (including quotas);

•actions of competitors;

•changes in economic or industry conditions generally or in the markets served by Manitowoc;

•geopolitical events, including the ongoing conflicts in Ukraine and in the Middle East, other political and economic conditions and risks and other geographic factors, have led to 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;

•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’s 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;

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•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’s stated goals;

•work stoppages, labor negotiations, labor rates, and labor costs;

•the Company’s 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 and 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 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’s 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 2025 Annual Report on Form 10-K, as such may be amended or supplemented in Manitowoc's subsequently filed Quarterly Reports on Form 10-Q (including this report) and its other filings with the United States Securities and Exchange Commission.

These statements reflect the current views and assumptions of management with respect to future events. Except to the extent required by the federal securities laws, the Company does not undertake, and hereby disclaims, any duty to update these forward-looking statements, even though its situation and circumstances may change in the future. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. The inclusion of any statement in this report does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

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Orders and Backlog

Orders and backlog are not measures defined by GAAP and our methodology for determining orders and backlog may vary from the methodology used by other companies. Management uses orders and backlog for capacity and resource planning. The Company believes this information is useful to investors to provide an indication of future revenues. Backlog represents the dollar value of orders which are expected to be recognized in net sales in the future. Orders are included in backlog when an executed binding contract with a price that has a floor has been received but has not been recognized in net sales.

Orders for the three months ended March 31, 2026 increased 5.8% to $645.7 million from $610.3 million for the same period in 2025. The increase in orders was primarily attributable to higher demand in the Company’s MEAP and EURAF segments. This was partially offset by lower demand in the Company’s Americas segment due to large stocking orders in the three months ended March 31, 2025 that did not reoccur. Orders were favorably impacted by $25.7 million from changes in foreign currency exchange rates.

As of March 31, 2026, total backlog was $939.9 million, an increase of 18.4% from the December 31, 2025 backlog of $793.5 million, and an increase of 17.8% from the March 31, 2025 backlog of $797.8 million. Backlog was unfavorably impacted by $16.0 million from December 31 2025 and was favorably impacted by $20.7 million from March 31, 2025, from changes in foreign currency exchange rates.

Results of Operations For the Three Months Ended March 31, 2026 and 2025:

	Three Months Ended March 31,
	2026			2025			Percentage Change
Net sales	$	494.6		$	470.9			5.0	%
Gross profit		95.3			89.8			6.1	%
Gross profit %		19.3	%		19.1	%
Engineering, selling and    administrative expenses		90.6			82.9			9.3	%
Interest expense		8.9			8.7			2.3	%
Other expense - net		(3.1	)		(5.0	)	*
Benefit for income taxes		(3.3	)		(2.5	)	*

* Measure not meaningful.

Net Sales

Consolidated net sales for the three months ended March 31, 2026 increased 5.0% to $494.6 million from $470.9 million in the same period in 2025. This increase was primarily attributable to $14.4 million of higher new machine sales in the Company's tower product line in the EURAF segment and $5.1 million of higher non-new machine sales. This was partially offset by $7.2 million of lower new machine sales in the MEAP segment. Net sales were favorably impacted by $18.9 million from changes in foreign currency exchange rates.

Gross Profit

Gross profit for the three months ended March 31, 2026 increased 6.1% to $95.3 million as compared to $89.8 million for the same period in 2025. The increase was primarily due to higher revenue partially offset by unfavorable product mix and incremental tariff costs. Gross profit was favorably impacted by $3.4 million from changes in foreign currency exchange rates.

Gross profit percentage for the three months ended March 31, 2026 increased to 19.3% as compared to 19.1% for the same period in 2025.

Engineering, Selling, and Administrative Expenses

Engineering, selling, and administrative expenses for the three months ended March 31, 2026 increased 9.3% to $90.6 million from $82.9 million for the same period in 2025. The increase was primarily due to marketing expenses related to the Conexpo triennial trade show and higher employee costs. Engineering, selling, and administrative expenses were unfavorably impacted by $3.8 million from changes in foreign currency exchange rates.

Interest Expense

Interest expense for the three months ended March 31, 2026 was $8.9 million as compared to $8.7 million for the same period in 2025. Interest expense increased year-over-year primarily due to higher average outstanding balances on the Company's ABL Revolving Credit Facility. See further detail at Note 10, “Debt” to the Condensed Consolidated Financial Statements.

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Other Expense - Net

Other expense - net was $3.1 million during the three months ended March 31, 2026 and $5.0 million for the same period in 2025. Other expense - net during the three months ended March 31, 2026 was primarily composed of $3.3 million of net currency transaction losses and $0.1 million of pension related costs, partially offset by $0.4 million of interest income. Other expense - net during the three months ended March 31, 2025 was primarily composed of $4.9 million of net currency transaction losses and $0.5 million of pension related costs, partially offset by $0.3 million of interest income.

Benefit for Income Taxes

For the three months ended March 31, 2026 and 2025, the Company recorded a benefit for income taxes of $3.3 million and $2.5 million, respectively. In addition, the Company’s effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates and losses in certain jurisdictions where no tax benefit can be realized.

Segment Operating Performance

The Company manages its business primarily on a geographic basis. The Company has three reportable segments: the Americas segment, EURAF segment, and MEAP segment. Further information regarding the Company’s reportable segments can be found in Note 16, “Segments,” to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

	Three Months Ended March 31,
	2026			2025			Dollar Change			Percentage Change
Net Sales
Americas	$	268.4		$	259.3		$	9.1			3.5	%
EURAF		167.4			145.6			21.8			15.0	%
MEAP		58.8			66.0			(7.2	)		(10.9	)%
Segment Operating Income (Loss)
Americas	$	12.2		$	17.7		$	(5.5	)		(31.1	)%
EURAF		(5.3	)		(11.3	)		6.0		*
MEAP		8.1			11.4			(3.3	)		(28.9	)%
*Measure not meaningful

Americas

Americas segment net sales increased 3.5% for the three months ended March 31, 2026 to $268.4 million from $259.3 million for the same period in 2025. The increase was primarily attributable to higher non-new machine sales and price realization, partially offset by lower new crane sales.

Americas segment operating income decreased $5.5 million for the three months ended March 31, 2026 to $12.2 million from $17.7 million for the same period in 2025. The decrease was primarily attributable to unfavorable product mix and incremental tariff costs.

EURAF

EURAF segment net sales increased 15.0% for the three months ended March 31, 2026 to $167.4 million from $145.6 million for the same period in 2025. The increase was primarily attributable to $21.2 million of higher new crane sales, primarily in the Company’s tower crane business. Segment net sales were favorably impacted by $14.6 million from changes in foreign currency exchange rates.

EURAF segment operating loss decreased $6.0 million for the three months ended March 31, 2026 to $5.3 million from $11.3 million for the same period in 2025. The decrease in operating loss was primarily attributable to the higher net sales and favorable product mix, specifically in the towers product line. Segment operating loss was unfavorably impacted by $0.9 million from changes in foreign currency exchange rates.

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MEAP

MEAP segment net sales decreased 10.9% for the three months ended March 31, 2026 to $58.8 million from $66.0 million for the same period in 2025. The decrease was primarily attributable to $7.2 million of lower new machine sales due to lower shipments into the Middle East as a result of the Iran war. MEAP segment net sales were favorably impacted by $3.8 million from changes in foreign currency exchange rates.

MEAP segment operating income decreased $3.3 million for the three months ended March 31, 2026 to $8.1 million from $11.4 million for the same period in 2025. The decrease was primarily due to the lower net sales. MEAP segment operating income was favorably impacted by $0.7 million from changes in foreign currency exchange rates.

Financial Condition

Cash Flows

A summary of cash flows for the three months ended March 31, 2026 and 2025 are as follows:

	Three Months Ended March 31,
	2026			2025			Dollar Change
Net cash provided by operating activities	$	27.4		$	12.9		$	14.5
Net cash used for investing activities		(7.9	)		(23.6	)		15.7
Net cash (used for) provided by financing activities		(17.5	)		3.2			(20.7	)
Cash and cash equivalents		78.4			41.4			37.0

Cash Flows From Operating Activities

Cash flows provided by operating activities of $27.4 million for the three months ended March 31, 2026 increased $14.5 million from $12.9 million for the same period in 2025. The increase in net cash provided by operating activities was primarily driven by $15.0 million of higher cash provided by the net change in operating assets and liabilities.

Cash Flows From Investing Activities

Net cash used for investing activities of $7.9 million for the three months ended March 31, 2026 decreased $15.7 million from $23.6 million for the same period in 2025. The decrease in net cash used for investing activities was primarily due to $12.9 million of cash outflows in the prior year related to the purchase of certain assets and territory from Ring Power Corporation and $2.6 million of lower capital expenditures.

Cash Flows From Financing Activities

Net cash used for financing activities of $17.5 million for the three months ended March 31, 2026 decreased $20.7 million from $3.2 million of cash provided by financing activities for the same period in 2025. The increase in net cash used for financing activities was primarily due to $17.9 million of borrowings in the prior year as compared to $9.0 million of payments in the current year under the ABL Revolving Credit Facility.

Liquidity and Capital Resources

The Company’s liquidity position as of March 31, 2026 and December 31, 2025 is summarized as follows:

	March 31, 2026			December 31, 2025
Cash and cash equivalents	$	78.4		$	77.3
Revolver borrowing capacity		325.0			325.0
Other debt availability		54.4			47.7
Less: Borrowings on revolver		(134.4	)		(144.6	)
Less: Borrowings on other debt		(4.4	)		(4.3	)
Less: Outstanding letters of credit		(3.4	)		(3.4	)
Total liquidity	$	315.6		$	297.7

The Company believes its liquidity and expected cash flows from operations are sufficient to meet expected working capital, capital expenditure, and other general ongoing operational needs in the subsequent twelve months.

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Cash Sources

The Company has historically relied primarily on cash flows from operations, borrowings under revolving credit facilities and overdraft facilities, issuances of notes, and other forms of debt financing as its sources of cash.

The maximum availability under the Company’s current ABL Revolving Credit Facility is $325.0 million, of which $100.0 million is available to our German subsidiary. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2031 Notes and the related guarantees. The ABL Revolving Credit Facility has a maturity date of September 18, 2029, and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company's German subsidiary that is a borrower under this facility.

In addition to the ABL Revolving Credit Facility, the Company has access to committed and non-committed lines of credit to fund working capital in Europe and China. There are seven facilities, of which five facilities are denominated in Euros totaling €37.0 million and two facilities denominated in Chinese Yuan totaling ¥80.0 million. On April 2, 2026, the Company cancelled its ¥30.0 million Chinese Yuan denominated facility, reducing total liquidity by $4.4 million. Total U.S. dollar availability as of March 31, 2026 for the seven facilities was $54.4 million, with $4.4 million outstanding.

Debt

Outstanding debt as of March 31, 2026 and December 31, 2025 is summarized as follows:

	March 31, 2026			December 31, 2025
Borrowings under senior secured asset based revolving credit facility	$	134.4		$	144.6
Senior secured second lien notes due 2031		300.0			300.0
Other debt		17.2			20.6
Deferred financing costs		(4.2	)		(4.4	)
Total debt		447.4			460.8
Short-term borrowings and current portion    of long-term debt		(10.8	)		(13.7	)
Long-term debt	$	436.6		$	447.1

Both the ABL Revolving Credit Facility and 2031 Notes include customary covenants and events of default. Refer to Note 10, “Debt,” to the Condensed Consolidated Financial Statements for additional discussions of covenants under the ABL Revolving Credit Facility and 2031 Notes. As of March 31, 2026, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2031 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months. From time to time, the Company seeks to opportunistically raise capital in the debt capital markets and bank credit markets.

Non-GAAP Measures

The Company uses EBITDA, adjusted EBITDA, adjusted operating income, adjusted net loss, adjusted diluted net loss per share ("adjusted DEPS"), adjusted return on invested capital ("ROIC") and free cash flows, which are financial measures that are not prepared in accordance with GAAP, as additional metrics to evaluate the Company’s performance. The Company believes these non-GAAP measures provide important supplemental information to readers regarding business trends that can be used in evaluating its results because these financial measures provide a consistent method of comparing financial performance and are commonly used by investors to assess performance. These non-GAAP financial measures should be considered together with, and are not substitutes for, the GAAP financial information provided herein.

Adjusted ROIC

Adjusted ROIC measures how efficiently the Company uses invested capital in its operations. Adjusted ROIC is not a measure defined by GAAP and the Company’s methodology for determining Adjusted ROIC may vary from the methodology used by other companies. Management and the Board of Directors use Adjusted ROIC as a measure to assess operational performance

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and capital allocation. The Company believes this information is useful to investors as it provides a measure of value creation as a percentage of capital invested.

Adjusted ROIC is determined by dividing adjusted net operating profit after tax (“Adjusted NOPAT”) for the trailing twelve-months 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 tax 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 March 31, 2026 was 5.1%. Below is the calculation of Adjusted ROIC as of March 31, 2026 and 2025.

	Trailing Twelve Months Ended March 31, 2026			Trailing Twelve Months Ended March 31, 2025
Operating income	$	51.6		$	41.9
Amortization of intangible assets		3.1			3.0
Restructuring expense		4.9			4.8
Other non-recurring items - net (1)		0.8			9.0
Adjusted operating income		60.4			58.7
Provision for income taxes		(9.1	)		(8.8	)
Adjusted NOPAT	$	51.3		$	49.9
	5-Quarter Average 2026			5-Quarter Average 2025
Total assets	$	1,841.9		$	1,745.8
Total liabilities		(1,162.5	)		(1,128.3	)
Net total assets		679.3			617.5
Cash and cash equivalents		(53.9	)		(36.4	)
Short-term borrowings and current portion of long-term debt		14.7			27.0
Long-term debt		441.0			392.8
Income tax assets - net		(67.1	)		(30.8	)
Invested capital	$	1,013.9		$	970.2
Adjusted ROIC		5.1	%		5.1	%

(1)Other non-recurring items – net for the three months ended March 31, 2026 represents the addback of $0.5 million of costs associated with a legal matter and $0.3 million of other one-time costs. Other non-recurring items – net for the three months ended March 31, 2025 represents $8.9 million of costs associated with a legal matter with the U.S. EPA and $0.1 million of one-time costs.

Adjusted Net Loss and Adjusted DEPS

The Company defines adjusted net loss as net loss plus the addback or subtraction of restructuring and other non-recurring items. Adjusted DEPS is defined as adjusted net 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 loss and diluted net loss per share to adjusted net loss and Adjusted DEPS for the

26

three months ended March 31, 2026 and 2025 are summarized as follows. All dollar amounts are in millions, except per share data and share amounts.

	Three Months Ended March 31,
	2026									2025
	As reported			Adjustments			Adjusted			As reported			Adjustments			Adjusted
Gross profit	$	95.3		$	—		$	95.3		$	89.8		$	—		$	89.8
Engineering, selling and administrative    expenses (1)		(90.6	)		0.8			(89.8	)		(82.9	)		—			(82.9	)
Amortization of intangible assets		(0.8	)		—			(0.8	)		(0.8	)		—			(0.8	)
Restructuring expense (2)		(0.8	)		0.8			—			(0.8	)		0.8			—
Operating income		3.1			1.6			4.7			5.3			0.8			6.1
Interest expense		(8.9	)		—			(8.9	)		(8.7	)		—			(8.7	)
Amortization of deferred financing fees		(0.4	)		—			(0.4	)		(0.4	)		—			(0.4	)
Other expense - net		(3.1	)		—			(3.1	)		(5.0	)		—			(5.0	)
Loss before income taxes		(9.3	)		1.6			(7.7	)		(8.8	)		0.8			(8.0	)
Benefit for income taxes (3)		3.3			(0.2	)		3.1			2.5			(0.2	)		2.3
Net loss	$	(6.0	)	$	1.4		$	(4.6	)	$	(6.3	)	$	0.6		$	(5.7	)
Diluted weighted average common shares outstanding		35,665,590						35,665,590			35,273,783						35,273,783
Diluted net loss per share	$	(0.17	)				$	(0.13	)	$	(0.18	)				$	(0.16	)

(1)The adjustments in 2026 represent the addback of $0.5 million of costs associated with a legal matter and $0.3 million of other one-time costs.

(2)The adjustments in 2026 and 2025 represent the addback of restructuring expense.

(3)The adjustments in 2026 and 2025 represent the net income tax impact of items (1) and (2).

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 expense - net, and certain other non-recurring items.

The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA for the three months ended March 31, 2026 and 2025 and trailing twelve months is summarized as follows.

	Three Months Ended March 31,						Trailing Twelve
	2026			2025			Months
Net income (loss)	$	(6.0	)	$	(6.3	)	$	7.5
Interest expense and amortization of deferred    financing fees		9.3			9.1			39.4
Provision (benefit) for income taxes		(3.3	)		(2.5	)		4.4
Depreciation expense		14.1			14.8			59.2
Amortization of intangible assets		0.8			0.8			3.1
EBITDA		14.9			15.9			113.6
Restructuring expense		0.8			0.8			4.9
Other non-recurring items - net (1)		0.8			—			0.8
Other expense - net (2)		3.1			5.0			0.3
Adjusted EBITDA	$	19.6		$	21.7		$	119.6
Adjusted EBITDA margin percentage		4.0	%		4.6	%		5.5	%

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(1)Other non-recurring items - net for the three months ended March 31, 2026 relate to $0.5 million of costs associated with a legal matter and $0.3 million of other one-time costs.

(2)Other expense - net includes net foreign currency (gains) losses, other components of net periodic pension costs, and other items in the three months ended March 31, 2026, the three months ended March 31, 2025, and the trailing twelve months ended March 31, 2026.

Free Cash Flows

Free cash flows is defined 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 ended March 31, 2026 and 2025 is summarized as follows.

	Three Months Ended March 31,
	2026			2025
Net cash provided by operating activities	$	27.4		$	12.9
Capital expenditures		(8.2	)		(10.8	)
Free cash flows	$	19.2		$	2.1

Critical Accounting Policies

The Company's critical accounting policies have not materially changed since the 2025 Annual Report on Form 10-K was filed. Refer to the Critical Accounting Policies in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Annual Report on Form 10-K for the year ended December 31, 2025 for information about the Company’s policies, methodology and assumptions related to critical accounting policies.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

The Company’s market risk disclosures have not materially changed since the 2025 Annual Report on Form 10-K was filed. The Company’s quantitative and qualitative disclosures about market risk are incorporated by reference from Part II, Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Item 4. Controls and Procedures

Disclosure Controls and Procedures: The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)), as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting: The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). During the period covered by this report, the Company made no changes that have materially affected, or that are reasonably likely to materially affect, its internal control over financial reporting.

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PART II. OTHER INFORMATION

Item 1A. Risk Factors

Other than the update below, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission on February 18, 2026.

Our business is subject to risks related to tariffs and trade policies, and changes in the interpretation, administration, or enforcement of such measures could materially adversely affect us.

Our supply chain in the United States includes imported components and raw materials, including steel and steel derivative products. Changes in U.S. trade policy, including the imposition, modification, or enforcement of tariffs and related trade measures, have increased uncertainty and may continue to result in higher input costs, supply chain disruptions, pricing pressure, reduced demand, and increased volatility in our results of operations.

Significant uncertainty also exists regarding the scope, duration, and administration of existing and potential changes to tariffs, including the outcome of legal and regulatory challenges to certain tariff authorities, the timing, availability, amount and administration of any tariff exclusions or refunds, the potential modification or reinstatement of certain tariffs, the results and potential impacts of any country-specific tariffs, any potential claim by customers for reimbursement of tariffs, and the risk of retaliatory measures by foreign governments. Any resulting incremental tariffs, refunds, credits, pricing concessions, disputes, or related administrative or legal costs could negatively affect our margins and have a material adverse effect on our business, financial condition, cash flows, and results of operations.

We continue to evaluate mitigation strategies, including pricing actions, sourcing adjustments, duty recovery programs, and supply chain optimization; however, there can be no assurance that such measures will be successful or sufficient to offset the impacts of tariffs or related trade actions.

On April 30, 2026, the Company voluntarily submitted a prior disclosure to U.S. Customs and Border Protection (“CBP”) related to potential errors in the methodology used to calculate tariffs on the Company’s imports of steel and steel derivative products between April 29, 2021 and April 29, 2026. The disclosure was made proactively given uncertainty with respect to calculating certain tariffs and with the intent of mitigating potential penalties in the event errors are identified. The Company has paid approximately $18.0 million of Section 232 tariffs. The Company believes it has a strong legal and factual basis for the method of calculation and the amount of tariffs paid. The Company intends to vigorously defend any allegations of noncompliance; however, the ultimate outcome of this matter is uncertain.

In addition, in April 2026, the Company submitted a tariff recovery claim through CBP’s Commercial Accounting Program and Enforcement (“CAPE”) process seeking a refund of tariffs paid pursuant to the International Emergency Economic Powers Act (“IEEPA”). The Company estimates it paid approximately $25.0 million in IEEPA-related tariffs. The amount, timing, and realization of any refund or credit remain uncertain and subject to CBP review.

Based on management’s current assessment, no asset or liability related to these two CBP-related matters was recorded in the Company’s consolidated balance sheet as of March 31, 2026. The final resolution of these matters could result in material incremental tariffs, refunds, credits, legal or administrative costs, or customer claims and could materially adversely affect our business, financial condition, results of operations, or cash flows.

Item 5. Other Information

(c) During the three months ended March 31, 2026, no director or Section 16 officer of the Company adopted a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits

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Exhibit No.	Description	Filed/Furnished Herewith
10.1**	Separation Agreement, dated March 27, 2026, between The Manitowoc Company, Inc. and James S. Cook	X	(1)
10.2**	The Manitowoc Company, Inc. 2025 Omnibus Incentive Plan as Amended and Restated effective as of May 5, 2026 (incorporated by reference to Annex B to the Company’s Definitive Proxy Statement on Schedule 14A filed on March 20, 2026).		(1)
31	Rule 13a - 14(a)/15d - 14(a) Certifications	X	(1)
32.1	Certification of CEO pursuant to 18 U.S.C. Section 1350	X	(2)
32.2	Certification of CFO pursuant to 18 U.S.C. Section 1350	X	(2)
101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE	Inline XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. Inline XBRL Taxonomy Extension Schema Document Inline XBRL Taxonomy Extension Calculation Linkbase Document Inline XBRL Taxonomy Extension Definition Linkbase Document Inline XBRL Taxonomy Extension Labels Linkbase Document Inline XBRL Taxonomy Extension Presentation Linkbase Document	X X X X X X	(1) (1) (1) (1) (1) (1)
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)	X	(1)

(1) Filed Herewith

(2) Furnished Herewith

** Management contract and executive compensation plans and arrangements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 6, 2026	The Manitowoc Company, Inc.
	(Registrant)
	/s/ Aaron H. Ravenscroft
	Aaron H. Ravenscroft
	President and Chief Executive Officer
	(Principal Executive Officer and Director)
	/s/ Brian P. Regan
	Brian P. Regan
	Executive Vice President and Chief Financial Officer (Principal Financial Officer)
	/s/ Ryan M. Palmer
	Ryan M. Palmer
	Vice President, Corporate Controller and Principal Accounting Officer
	(Principal Accounting Officer)

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EX-10.1

SEPARATION AGREEMENT

This Separation Agreement (“Agreement”) is between The Manitowoc Company, Inc. (which in this Agreement is referred to as the “Company” or “Manitowoc”) and James S. Cook (who is referred to as “Employee” or “Cook”).

1.Background. Cook has been employed by Manitowoc pursuant to the Employment Agreement between Cook and Manitowoc that became effective August 2, 2022 (“Employment Agreement”). Cook has decided to voluntarily resign his employment with Manitowoc effective 11:59pm CST on June 19, 2026(the “Separation Date”). Both Cook and Manitowoc desire an amicable separation and to fully and finally compromise and settle any differences that may exist between them on the terms set forth in this Agreement.

2.Compensation Paid. Cook acknowledges, agrees, and represents that Cook has been paid and has received all compensation and/or other amounts due that Cook earned on or before the date Cook signed this Agreement, including but not limited to all wages, salary, bonuses, incentive compensation, accrued vacation, sick and personal day pay. Cook agrees that Manitowoc’s payment and his receipt of all compensation due him on or before the date Cook signed this Agreement is not and has not been conditioned upon his execution of this Agreement.

3.Resignation of Employment and Transition Period. Effective as of March 29, 2026, Cook voluntarily resigned from his position as Manitowoc’s Executive Vice President, Human Resourcesand from all other positions as an executive officer, officer, or director he may hold with Manitowoc or any of its subsidiaries, in order to commence the “Transition Period,” described below. Specifically, the period between March 29, 2026 and the Separation Date shall be referred to as the “Transition Period,” during which period Cook shall perform transitionary tasks at the Company’s request, subject to any approved leaves during the Transition Period. During the Transition Period, the Company will pay Cook consistent with his base salary rate in effect as of March 29, 2026 (the “Base Salary”) in accordance with the Company’s standard payroll cycle, less applicable deductions and withholdings, and will continue to receive all health insurance benefits (medical, dental, vision, prescription) that he received as of March 29, 2026 as well. However, during the Transition Period, Cook shall not be eligible to receive any incentive awards, any bonus opportunity, or any increase in salary or other compensation and shall not receive any further vesting or service credit under Manitowoc’s equity or cash-based incentive programs. For avoidance of doubt, Cook shall receive no more than Cook’s Base Salary and said health insurance benefits during the Transition Period. Cook understands that his employment with Manitowoc will end on the Separation Date, based on his voluntary resignation. If, prior to the Separation Date, the Company terminates Cook for “Cause” (as defined in the Employment Agreement), this Agreement shall be considered null and void and of no effect, and Cook shall not receive the Separation Benefits (as defined below). Cook agrees that the changes in his positions, duties, authority or responsibilities set forth herein, and any other change in Cook’s position, duties, authority, or responsibilities during or after the Transition Period, will not constitute “Good Reason” under the Employment Agreement or otherwise be deemed a breach of any obligation of Manitowoc or a constructive termination of Cook’s employment for purposes of any compensation, severance, or other benefit programs.

4.Separation Benefits. In return for Cook executing this Agreement, it becoming effective (see paragraph 17), and Cook honoring its terms, the Company will provide Cook with the following benefits described in paragraphs 4.a. and 4.b., and if Cook then also executes and

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does not revoke the further release of claims to the Company in the form attached as Exhibit A (the “Further Release”), then the Company will also provide Cook with the benefit described in paragraph 4.c. (together, the “Separation Benefits”).

a.Post-Separation Release from Non-Compete Obligation. Cook acknowledges that paragraph 9.b. of the Employment Agreement contains a specific non-compete obligation that applies to him presently and would continue to apply to him for a twenty-four month period following the Separation Date. The Company is willing to release Cook from this non-compete obligation commencing on the Separation Date, so long as this Agreement becomes effective and Cook continues to honor all of its terms.

b.Post-Separation Release from Non-Solicitation Obligation. Cook acknowledges that paragraph 9.a. of the Employment Agreement contains a specific non-solicitation obligation that applies to him presently and would continue to apply to him for a twenty-four month period following the Separation Date. The Company is willing to release Cook from this non-solicitation obligation commencing on the Separation Date, so long as this Agreement becomes effective and Cook continues to honor all of its terms.

c.Post-Separation COBRA Subsidy. Any health insurance benefits (medical, dental, vision, prescription) that Cook received as of the Separation Date will be continued throughthelast date of the month in which the Separation Date occurs, which is the “Benefits Period.” Provided that Cook (1) timely delivers an executed Further Release, (2) has not revoked the Further Release, and (3) continues to comply with this Agreement, the Company will provide a COBRA subsidy as described in this subparagraph. Cook will be separately notified of COBRA or other benefit continuation rights and any necessary steps to activate such coverage. If Cook wishes to elect continuation coverage, Cook is fully responsible to take all necessary steps for such continuation, including completion of the COBRA application, and Cook is solely responsible for making any such payments. Should Cook timely elect COBRA coverage, the Company agrees that Cook and/or the eligible members of Cook’s family shall pay no more than the rate charged to its employees by the Company at the time of such payments for a three (3) monthperiod immediately following the last date of the Benefits Period (that is, from July 1, 2026 through September 30, 2026), and that the Company shall pay for the employer portion of providing such healthcare coverage during this period. (However, if payment of the employer portion shall result in an excise tax to the Company, the Company shall no longer be responsible for payment of the employer portion, and either Cook and/or the eligible members of his family shall be responsible for all payments required to maintain the COBRA coverage.) Cook understands that Cook will be responsible for the full COBRA premium after September 30, 2026.

5.Acknowledgement. Cook understands that the Separation Benefits described in paragraphs 4.a. and 4.b, above, will not be provided unless Cook accepts this Agreement, it becomes effective (see paragraph 17), and Cook continues to honor its terms; and Cook understands the Separation Benefits described in paragraph 4.c., above, will not be provided unless Cook accepts this Agreement, this Agreement becomes effective, Cook executes the Further Release, the Further Release becomes effective, and Cook continues to honor all the terms within this Agreement and the Further Release.

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6.Release. Cook understands and agrees that Cook’s acceptance of this Agreement means that, except as stated in paragraph 7, Cook is forever waiving and giving up any and all claims Cook may have, whether known or unknown, against Manitowoc, its subsidiaries and related companies, their insurers, their employees and agents for any personal monetary relief for herself, benefits or remedies that are based on any act or failure to act that occurred before Cook signed this Agreement. Cook understands that this release and waiver of claims includes claims relating to Cook’s employment and the separation of employment; any Company policy, practice, contract or agreement, including but not limited to the Employment Agreement; any tort or personal injury; any stock or stock option grant, agreement, or plan; any policies, practices, laws or agreements governing the payment of wages, commissions or other compensation; any laws governing employment discrimination or retaliation including, but not limited to, the Age Discrimination in Employment Act (ADEA), Older Worker Benefits Protection Act, Title VII of the Civil Rights Act, the Employee Retirement Income Security Act, the National Labor Relations Act (NLRA), the Fair Labor Standards Act, the Family and Medical Leave Act, the Americans with Disabilities Act, the Genetic Information Nondiscrimination Act, and any state or local laws, including but not limited to, the Wisconsin Fair Employment Act (WFEA), the Wisconsin Wage Claim and Payment Law, the Wisconsin Business Closing and Mass Layoff Law, the Wisconsin Cessation of Benefits Law, the Wisconsin Family and Medical Leave Law (WFMLL), the Wisconsin Personnel Records Statute, the Wisconsin Employment Peace Act (WEPA), all as amended; any laws or agreements that provide for punitive, exemplary or statutory damages; and any laws or agreements that provide for payment of attorney fees, costs or expenses. COOKUNDERSTANDS THAT THIS AGREEMENT RELEASES ALL CLAIMS BASED ON FACTS OR OMISSIONS OCCURRING ON OR BEFORE THE DATE THAT COOK SIGNS THIS AGREEMENT, EVEN IF COOK DOES NOT, AT THE TIME COOK SIGNS THIS AGREEMENT, KNOW OF THOSE FACTS OR OMISSIONS.

7.Claims Not Waived. Cook understands that this Agreement does not waive any claims that Cook may have: (a) arising from acts or conduct occurring after the date that Cook signs the Agreement; (b) for compensation for illness or injury or medical expenses under any worker's compensation statute; (c) for accrued and vested benefits under any plan currently maintained by the Company that provides for retirement benefits or deferred compensation (however, Cook agrees and acknowledges that the Separation Benefits shall not be considered or included for purposes of any retirement benefit contribution or plan); (d) under any law or any policy or plan currently maintained by the Company that provides health insurance continuation or conversion rights; (e) any claim for breach of this Agreement; or (f) any claim that by law cannot be released or waived.

8.No Disparagement. Cook agrees not to make critical, negative or disparaging remarks about the Company, its products/services, its employees or agents to others. Cook also agrees not to disclose personal or private information about the Company or its employees, agents or clients. To the extent the NLRA applies to Cook, Cook understands that nothing in this paragraph 8 is intended to prohibit Cook from any activity that constitutes a concerted, protected activity under the NLRA, including commenting upon Cook’s terms and conditions of employment, or the end of Cook’s employment; and the obligations in this paragraph shall be interpreted consistent with the NLRA, but only to the extent the NLRA applies to Cook. In addition, nothing in this paragraph (or this Agreement) is intended to prohibit Cook from sharing information relative to any alleged sexual harassment or sexual assault.

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9.Government Cooperation. Nothing in this Agreement prohibits Cook from cooperating with any government agency, including the National Labor Relations Board (NLRB) or the Equal Employment Opportunity Commission (EEOC), or any similar state agency. Further, nothing in this Agreement prohibits Cook from reporting a possible violation of federal, state, or local law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress, or any agency (including but not limited to the NLRB or the EEOC) or Inspector General, or making other disclosures that are protected under any whistleblower provision of federal, state, or local law or regulation. Additionally, Cook understands that Cook does not need the Company’s prior authorization to make any such reports or disclosures, and Cook is not required to notify the Company that Cook made such reports or disclosures. Cook represents and admits that Cook is not aware, as of the date on which Cook executes this Agreement, of any conduct, misconduct, action or proposed action that would, in Cook’s good faith belief, constitute a violation of any obligation(s) owed by the Company that would give rise to a report by Cook such as that described under this paragraph, or by law. Notwithstanding anything to the contrary herein, for the avoidance of doubt, (a) no provision of this Agreement shall be applied or interpreted so as to impede Cook (or any other individual) from reporting possible violations of law to any government agency or entity, including but not limited to the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures under the whistleblower provisions of federal or state law or regulation, and (b) Cook may receive monetary awards in connection with any such disclosures to the Department of Justice, the Securities and Exchange Commission, the Congress or any agency Inspector General or otherwise as a result of participating or cooperating in connection with any whistleblower activity protected by law. The foregoing sentence supersedes any prior agreement or Company policy that provides to the contrary.

10.Confidentiality & Non-Interference Obligations. To the extent Cook has executed an agreement with the Company that restricts his use of confidential information or interference with employees after his employment ends, Cook expressly reaffirms those commitments, and this paragraph (and all subparagraphs) shall supplement those obligations and not replace them unless the prior obligations are unenforceable as a matter of law, in which case just the obligations below on this topic shall apply. Whether Cook has executed a prior agreement that restricts his use of confidential information or interference with employees or not, Cook acknowledges that the Separation Benefits are partly provided in return for Cook’s agreement to the subparagraphs immediately below.

a.Background. Cook acknowledges that during the course of Cook’s employment for Manitowoc, Cook was provided access to and was permitted to use confidential information (as defined in subparagraph 10.b. below) and / or trade secrets, which could be used by Cook in the future to gain an unfair competitive advantage if Cook did not comply with the provisions in this paragraph. Therefore, Cook agrees to the confidentiality and non-interference obligations in subparagraphs 10.b. and 10.c:

b.Confidentiality. Cook agrees to hold in strict confidence and, except as Manitowoc may otherwise authorize in writing, not disclose to any person, entity or organization, any confidential information that Cook received, acquired or reviewed in connection with the performance of Cook’s employment on behalf of Manitowoc. For

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purposes of paragraph 10 (and the subparagraphs), “confidential information” includes Manitowoc’s customer/client information, proprietary supplier information, proprietary product information, proprietary design and construction information, proprietary pricing and profitability information, proprietary sales and marketing strategies and techniques, proprietary research and development information, proprietary prototype information (if any), proprietary efficacy studies (if any), proprietary CAD and other drawings, blue prints or designs, and proprietary business ideas or practices. The restriction on use and disclosure contained in this subparagraph shall not apply to such information that is of general knowledge in the industry through no fault or act of Cook’s own. And the restriction in this subparagraph shall apply for two (2) years from the Separation Date. Finally, the restriction in this subparagraph is not intended to, nor does it, preclude Cook from any competitive employment or solicitation; Cook is merely precluded from using any confidential information in such employment or solicitation or otherwise if not for Manitowoc’s benefit.

c.Non-Interference. Cook agrees that for a period of 12 months after the Separation Date, he shall not, either personally or in conjunction with others (i) solicit, interfere with, or endeavor to cause any Restricted Employee of the Company to leave employment with the Company to work for a Direct Competitor, or (ii) otherwise induce or attempt to induce any Restricted Employee to terminate employment with the Company to work for a Director Competitor. A “Restricted Employee” is an employee of the Company with whom Cook has or has had a managing, reporting, or other close relationship, which relationship Cook could exploit to persuade the Restricted Employee to leave employment with the Company. In addition, Restricted Employees are limited to those Company employees who have special knowledge and/or information (including access to confidential or proprietary information) that could cause the Company damage/harm if they went to work for a Direct Competitor. A “Direct Competitor” has the same definition as used to define this term in the Employment Agreement.

Nothing in this paragraph 10.c. prohibits (x) an employee of the Company who is not a party to this Agreement from becoming employed by another organization or person; (y) Cook from soliciting, hiring or assisting in the solicitation or hiring by a Direct Competitor of any former employee of the Company, provided that Cook did not cause or induce such former employee to leave employment with the Company; or (z) the placement of general advertisements for employees or the consideration or hiring of individuals who respond to such general advertisements, so long as such general advertisements are not specifically directed to Restricted Employees.

d.No Conflict with NLRA Intended. Cook understands that nothing in this paragraph 10, or any of its subparagraphs, is intended to conflict with any requirements under the NLRA or prohibit Cook from engaging in actual protected concerted activity under the NLRA, such as discussing the terms or conditions of Cook’s employment, compensation, or end of employment.

e.Trade Secrets/Defend Trade Secrets Act. Nothing in this Agreement (or any prior agreement on confidentiality to which Cook may be subject) diminishes or limits any protection granted by law to trade secrets or relieves Cook of any duty not to disclose, use, or misappropriate any information that is a trade secret, for as long as such information

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remains a trade secret. Additionally, nothing in this Agreement (or any prior agreement on confidentiality to which Cook may be subject) is intended to discourage Cook from reporting any theft of trade secrets to the appropriate government official pursuant to the Defend Trade Secrets Act of 2016 (“DTSA”) or other applicable state or federal law. Additionally, under the DTSA, a trade secret may be disclosed to report a suspected violation of law and/or in an anti-retaliation lawsuit, as follows:

(i) An individual shall not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret that: (A) is made (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and (2) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

(ii) An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual: (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement (or any prior agreement on confidentiality to which Cook may be subject) shall limit, curtail or diminish the Company’s statutory rights under the DTSA, any applicable state law regarding trade secrets or common law.

11.Non-admission. Cook and the Company both acknowledge and agree that nothing in this Agreement is meant to suggest that the Company has violated any law or contract or that Cook has any claim against the Company.

12.Voluntary Agreement. Cook acknowledges and states that Cook has entered into this Agreement knowingly and voluntarily.

13.Consulting An Attorney. Cook acknowledges that the Company has told Cook that he should consult an attorney of his own choice about this Agreement and every matter that it covers before signing this Agreement.

14.Obligation to Pay Attorney Fees and Costs. Cook understands and agrees that if he violates any of the commitments he has made in this Agreement, the release from Cook’s non-compete and non-solicitation obligations as provided in paragraphs 4.a. and 4.b. above shall no longer be made available to him, and Cook shall once again be subject to the restrictions on competition and solicitation as contained in paragraphs 9.a and 9.b. of his Employment Agreement; and that, except as provided in paragraph 15, Cook will also be responsible for paying the actual attorney fees and costs incurred by the Company in successfully enforcing this Agreement or in successfully defending a claim released by paragraph 6.

Further, the Company understands and agrees that if it violates any of the commitments it has made in this Agreement, the Company will be responsible for paying the actual attorney fees and costs incurred by Cook in successfully enforcing this Agreement or in successfully defending a claim under this Agreement.

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15.Exception to Attorney Fees Obligation. The obligation to pay the Company’s attorney fees and costs does not apply to an action by Cook regarding the validity of this Agreement under the ADEA.

16.Consideration Period. Cook may consider whether to sign and accept this Agreement for a period of twenty-one (21) days from the day Cook received it (“Consideration Period”). If this Agreement is not signed, dated and returned to Jennifer Peterson, Executive Vice President, General Counsel & Secretary at jennifer.peterson@manitowoc.com (“Peterson”), within twenty-two (22) days of Cook’s receipt of it, the Separation Benefits will no longer be available. Cook acknowledges that should Cook sign and return this Agreement before the end of the Consideration Period, Cook is knowingly waiving whatever additional time Cook may have up to the end of the Consideration Period.

17.Effective Date and Revocation. This Agreement shall not be effective until seven (7) days after Cook signs it and timely returns it to Peterson as instructed in paragraph 16 (the “Revocation Period”). During the Revocation period, Cook may revoke his acceptance of this Agreement by delivering to Peterson a written statement stating that Cook wishes to revoke this Agreement. If Cook does not timely revoke this Agreement as instructed, the “Effective Date” of this Agreement is the eighth day after Cook signed it.

18.Counterparts. Cook understands and agrees that this Agreement may be executed by Cook and the Company in counterparts and that facsimile, electronic, Docusign, copy or .pdf signatures shall be considered just as effective as original signatures.

19.Final and Binding Effect. Cook understands that if this Agreement becomes effective it will have a final and binding effect and that by signing and not timely revoking this Agreement, Cook may be giving up legal rights.

20.Future Cooperation. Cook agrees to cooperate with the Company in the future and following the Separation Date, and to provide the Company truthful information, testimony or affidavits requested in connection with any matter that arose during Cook’s employment. This cooperation may be performed at reasonable times and places and in a manner as to not interfere with any other employment Cook may have at the time of request. The Company agrees to reimburse Cook for expenses incurred in providing such cooperation, so long as such expenses are approved in advance by the Company.

21.Future Employment. Cook agrees that as of the Separation Date he will no longer be employed with the Company nor be entitled to employment or reemployment with the Company and Cook agrees not to knowingly seek such employment, on any basis or through an employment agency after the Separation Date. Cook further agrees and acknowledges that should he apply for any position in contradiction of this paragraph, the Company may completely ignore such application and fail to consider it based on this paragraph.

22.Return of Property. Cook acknowledges an obligation and agrees to return all Company property, unless otherwise specified in this paragraph, no later than the Separation Date. This includes, whether in paper or electronic form, all files, memoranda, documents, records, credit cards, keys and key cards, computers, laptops, iPads, personal digital assistants, cellular

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telephones, iPhones, Blackberry devices or similar instruments, other equipment of any sort, badges, vehicles, and any other property of the Company. In addition, Cook agrees to provide all access codes or passwords necessary to gain access to any computer, program or other equipment that belongs to the Company or is maintained by the Company or on Company property. Further, Cook acknowledges an obligation and agrees not to destroy, delete or disable any Company property, including items, files and materials on computers and laptops.

23.Divisibility or Modification by Court. Cook understands that, to the extent permitted by law, the invalidity of any provision of this Agreement shall not be deemed to affect the validity of any other provision. Cook agrees that if any provision of this Agreement is held to be invalid, it shall be, to the extent permitted by law, modified as necessary to be interpreted in a manner most consistent with the present terms of the provision, to give effect to the provision. Finally, if any provision of this Agreement is held to be invalid and not capable of modification by a court, then Cook understands and agrees that such provision shall be considered eliminated, and further that the remaining provisions shall be treated as in full force and effect as if Cook had executed this Agreement after elimination of the invalid provision.

24.Representations. By signing this Agreement, Cook represents that he has read this entire document and understands all of its terms.

25.Exclusive Jurisdiction and Venue. Cook and Manitowoc agree that this Agreement shall be applied and interpreted under the laws of the State of Wisconsin, without regard to conflict of law principles. Any dispute relating to this Agreement shall be brought only in a state or federal court with jurisdiction in Milwaukee, Wisconsin; both Cook and Manitowoc consent to the exclusive jurisdiction and venue of such courts.

26.Complete Agreement. Except as provided in paragraph 10, Cook understands and agrees that this document contains the entire agreement between Cook and the Company relating to Cook’s employment and his separation from employment, that this Agreement supersedes and displaces any prior agreements and discussions relating to such matters, and that Cook may not rely on any such prior agreements or discussions.

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Employee:Signature: Printed Name: James S. Cook	Date Signed:
Company:Signature: Printed Name: Jennifer L. Peterson   Its (title): Executive Vice President, General Counsel & Secretary

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EXHIBIT A

FURTHER RELEASE OF CLAIMS

This Further Release of Claims (“Further Release”) is made by James S. Cook (“Cook”) as of the date of his signature below, in favor of the Manitowoc Company, Inc. (the “Company”), pursuant to the Separation and Release Agreement between Cook and Company provided to Cook for review on March 25 2026 (the “Separation Agreement”). Capitalized terms used in this Further Release shall have the same meaning as described in the Separation Agreement.

1.Consideration for Further Release. In consideration of the Separation Benefits described in paragraph 4.c. of the Separation Agreement, Cook is forever waiving and giving up any and all claims Cook may have from the date on which he first signed the Separation Agreement, whether known or unknown, against Manitowoc, its subsidiaries and related companies, their insurers, their employees and agents for any personal monetary relief for herself, benefits or remedies that are based on any act or failure to act that occurred before Cook signed this Further Release. Cook understands that this further release and waiver of claims includes claims relating to Cook’s employment and the separation of employment; any Company policy, practice, contract or agreement, including but not limited to the Employment Agreement; any stock or stock option grant, agreement, or plan; any tort or personal injury; any policies, practices, laws or agreements governing the payment of wages, commissions or other compensation; any laws governing employment discrimination or retaliation including, but not limited to, the Age Discrimination in Employment Act (ADEA), Older Worker Benefits Protection Act, Title VII of the Civil Rights Act, the Employee Retirement Income Security Act, the National Labor Relations Act (NLRA), the Fair Labor Standards Act, the Family and Medical Leave Act, the Americans with Disabilities Act, the Genetic Information Nondiscrimination Act, and any state or local laws, including but not limited to, the Wisconsin Fair Employment Act (WFEA), the Wisconsin Wage Claim and Payment Law, the Wisconsin Business Closing and Mass Layoff Law, the Wisconsin Cessation of Benefits Law, the Wisconsin Family and Medical Leave Law (WFMLL), the Wisconsin Personnel Records Statute, the Wisconsin Employment Peace Act (WEPA), all as amended; any laws or agreements that provide for punitive, exemplary or statutory damages; and any laws or agreements that provide for payment of attorney fees, costs or expenses (the “Further Released Claims”). COOKUNDERSTANDS THAT THIS FURTHER RELEASE RELEASES ALL CLAIMS BASED ON FACTS OR OMISSIONS OCCURRING ON OR BEFORE THE DATE THAT COOK SIGNS THIS FURTHER RELEASE, EVEN IF COOK DOES NOT, AT THE TIME COOK SIGNS THIS FURTHER RELEASE, KNOW OF THOSE FACTS OR OMISSIONS.This Further Release does not waive any claims described in paragraph 7 of the Separation Agreement. In addition, nothing in this Further Release inhibits Cook’s rights as described in paragraph 9 of the Separation Agreement.

2.Representations, Warranties and Covenants. Cook represents, warrants and covenants as follows:

a.Cook has read this Further Release and the Separation Agreement, and Cook agrees to the conditions and obligations set forth in them. Cook voluntarily executes this Further Release (i) after having been advised to consult with legal counsel, (ii) after having had opportunity to consult with legal counsel, and (iii) without being pressured or influenced by any statement or representation or omission of any person acting on behalf of the Company including, without limitation, the officers, directors, board members, committee members, employees, agents, and attorneys for the Company.

b.Cook has no knowledge of the existence of any lawsuit, charge, or proceeding against

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any released party arising out of or otherwise connected with the claims released in the Separation Agreement or with any Further Released Claims. If any such lawsuit, charge, or proceeding has been filed, Cook immediately will take all actions necessary to withdraw or terminate that lawsuit, charge, or proceeding, unless the requirement for such withdrawal or termination is prohibited by applicable law.

c.Cook has full and complete legal capacity to enter into this Further Release and does so freely and voluntarily.

d.Cook understands that this Further Release covers any claims based on facts or omissions occurring after the date he first signed the Separation Agreement.

e.Cook has had at least twenty-one (21) days in which to consider the terms of this Further Release. Cook may not sign this Further Release before the Separation Date and must sign this Further Release within five (5) days of the Separation Date.

f.Cook has been informed and understands that (i) to the extent that this Further Release waives or releases any claims under the ADEA, Cook may rescind his waiver and release of such ADEA claim within seven (7) calendar days of Cook’s timely execution of this Further Release and (ii) any such rescission must be in writing and e-mailed and hand delivered to Peterson (as defined in the Separation Agreement). If not rescinded as instructed, Cook’s release of the ADEA claim in this Further Release will become effective on the eighth day after Cook signs this Further Release.

g.Cook agrees that the Separation Benefits are in addition to anything of value to which Cook already is entitled, and such consideration is good and sufficient consideration for this Further Release.

Cook signs this Further Release as of the date indicated below with the intent to release all claims which may have arisen from the date on which he first executed the Separation Agreement through the date on which he executes this Further Release and be bound by the terms described herein.

___________________________

James S. Cook Date

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EX-31

Exhibit 31

Certification of Principal Executive Officer

I, Aaron H. Ravenscroft, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Manitowoc Company, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2026

/s/ Aaron H. Ravenscroft

Aaron H. Ravenscroft

President and Chief Executive Officer

Certification of Principal Financial Officer

I, Brian P. Regan, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Manitowoc Company, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 6, 2026

/s/ Brian P. Regan

Brian P. Regan

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Manitowoc Company, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Aaron H. Ravenscroft, President and Chief Executive Officer of the Company, certify, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company as of the date and for the periods expressed in the Report.

/s/ Aaron H. Ravenscroft

Aaron H. Ravenscroft

President and Chief Executive Officer

May 6, 2026

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Manitowoc Company, Inc. and will be retained by The Manitowoc Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Manitowoc Company, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2026, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian P. Regan, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company as of the date and for the periods expressed in the Report.

/s/ Brian P. Regan

Brian P. Regan

Executive Vice President and Chief Financial Officer

May 6, 2026

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Manitowoc Company, Inc. and will be retained by The Manitowoc Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information	3 Months Ended
	Mar. 31, 2026 shares
Cover [Abstract]
Entity Registrant Name	The Manitowoc Company, Inc.
Entity Central Index Key	0000061986
Trading Symbol	MTW
Document Type	10-Q
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Shares Outstanding	35,909,584
Document Fiscal Period Focus	Q1
Entity File Number	1-11978
Entity Tax Identification Number	39-0448110
Entity Address, Address Line One	11270 West Park Place
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53224
City Area Code	414
Local Phone Number	760-4600
Entity Incorporation, State or Country Code	WI
Title of 12(b) Security	Common Stock, $.01 Par Value
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net sales		$ 494.6	$ 470.9
Cost of sales	[1]	399.3	381.1
Gross profit		95.3	89.8
Operating costs and expenses:
Engineering, selling and administrative expenses		90.6	82.9
Amortization of intangible assets		0.8	0.8
Restructuring expense		0.8	0.8
Total operating costs and expenses		92.2	84.5
Operating income		3.1	5.3
Other expense:
Interest expense		(8.9)	(8.7)
Amortization of deferred financing fees		(0.4)	(0.4)
Other expense - net		(3.1)	(5.0)
Total other expense		(12.4)	(14.1)
Loss before income taxes		(9.3)	(8.8)
Benefit for income taxes		(3.3)	(2.5)
Net loss		$ (6.0)	$ (6.3)
Per Share Data and Share Amounts:
Basic net loss per common share		$ (0.17)	$ (0.18)
Diluted net loss per common share		$ (0.17)	$ (0.18)
Weighted average shares outstanding - basic		35,665,590	35,273,783
Weighted average shares outstanding - diluted		35,665,590	35,273,783

[1] The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (6.0)	$ (6.3)
Other comprehensive income (loss), net of income tax
Unrealized gain (loss) on derivatives, net of income tax (provision) benefit of $0.3 and $(0.8), respectively	(0.8)	2.5
Employee pension and postretirement benefit income (expense), net of income tax provision of $0.0 and $0.0, respectively	0.0	(0.4)
Foreign currency translation adjustments, net of income tax (provision) benefit of $0.4 and ($2.7), respectively	(1.3)	15.8
Total other comprehensive income (loss), net of income tax	(2.1)	17.9
Comprehensive income (loss)	$ (8.1)	$ 11.6

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Unrealized gain (loss) on derivatives, net of income tax provision (benefit)	$ 0.3	$ (0.8)
Employee pension and postretirement benefit income (expense), net of income tax provision	0.0	0.0
Foreign currency translation adjustments, net of income tax (provision) benefit	$ 0.4	$ (2.7)

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 78.4	$ 77.3
Accounts receivable, less allowances of $5.9 and $5.8, respectively	264.8	281.3
Inventories - net	744.1	683.9
Other current assets	45.4	54.1
Total current assets	1,132.7	1,096.6
Property, plant and equipment - net	334.9	343.0
Operating lease right-of-use assets	66.2	68.0
Goodwill	80.3	79.6
Intangible assets - net	123.1	125.1
Other non-current assets	105.7	105.9
Total assets	1,842.9	1,818.2
Current Liabilities:
Accounts payable and accrued expenses	450.4	401.6
Customer advances	22.0	18.3
Short-term borrowings and current portion of long-term debt	10.8	13.7
Product warranties	35.4	36.2
Other liabilities	21.1	21.8
Total current liabilities	539.7	491.6
Non-Current Liabilities:
Long-term debt	436.6	447.1
Operating lease liabilities	51.9	53.6
Deferred income taxes	3.1	2.3
Pension obligations	44.2	45.3
Postretirement health and other benefit obligations	3.0	3.1
Long-term deferred revenue	19.1	18.8
Other non-current liabilities	59.4	61.2
Total non-current liabilities	617.3	631.4
Commitments and contingencies (Note 17)
Stockholders' Equity:
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding)	0.0	0.0
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,909,584 and 35,473,418 shares outstanding, respectively)	0.4	0.4
Additional paid-in capital	610.3	616.7
Accumulated other comprehensive loss	(67.4)	(65.3)
Retained earnings	200.5	206.5
Treasury stock, at cost (4,884,399 and 5,320,565 shares, respectively)	(57.9)	(63.1)
Total stockholders' equity	685.9	695.2
Total liabilities and stockholders' equity	$ 1,842.9	$ 1,818.2

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Accounts Receivable, allowances (in dollars)	$ 5.9	$ 5.8
Preferred stock authorized (in shares)	3,500,000	3,500,000
Par value of preferred stock per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	40,793,983	40,793,983
Common stock, shares outstanding (in shares)	35,909,584	35,473,418
Treasury Stock, Common, Shares	4,884,399	5,320,565

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash Flows from Operating Activities:
Net Loss	$ (6.0)	$ (6.3)
Adjustments to reconcile net loss to cash provided by operating activities:
Depreciation expense	14.1	14.8
Amortization of intangible assets	0.8	0.8
Stock-based compensation expense	2.8	2.6
Amortization of deferred financing fees	0.4	0.4
(Gain) loss on sale of property, plant and equipment	(0.2)	0.1
Changes in operating assets and liabilities
Accounts receivable	15.8	(3.6)
Inventories	(67.6)	(66.0)
Other assets	13.7	1.2
Accounts payable	48.9	61.4
Accrued expenses and other liabilities	4.7	7.5
Net cash provided by operating activities	27.4	12.9
Cash Flows from Investing Activities:
Capital expenditures	(8.2)	(10.8)
Proceeds from sale of property, plant, and equipment	0.3	0.1
Purchase of assets	0.0	(12.9)
Net cash used for investing activities	(7.9)	(23.6)
Cash Flows from Financing Activities:
Payments on revolving credit facility	(9.0)	(15.0)
Proceeds from revolving credit facility	0.0	17.9
Proceeds from other debt	0.0	3.3
Payments on other debt	(3.3)	0.0
Other financing activities	(5.2)	(3.0)
Net cash (used for) provided by financing activities	(17.5)	3.2
Effect of exchange rate changes on cash and cash equivalents	(0.9)	0.9
Net decrease in cash and cash equivalents	1.1	(6.6)
Cash and cash equivalents at beginning of period	77.3	48.0
Cash and cash equivalents at end of period	78.4	41.4
Supplemental Cash Flow Information
Interest paid	2.1	1.5
Income taxes paid	1.9	2.4
Operating right-of-use assets obtained	2.3	11.0
Finance right-of-use assets obtained	$ 1.4	$ 0.6

XML

Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Balance at beginning of period at Dec. 31, 2024		$ 0.4	$ 615.1	$ (107.6)	$ 199.3	$ (67.1)
Increase (Decrease) in Stockholders' Equity
Stock compensation plans			(3.8)			3.7
Other comprehensive income (loss)				17.9
Net loss	$ (6.3)				(6.3)
Balance at end of period at Mar. 31, 2025	651.6	0.4	611.3	(89.7)	193.0	(63.4)
Balance at beginning of period at Dec. 31, 2025		0.4	616.7	(65.3)	206.5	(63.1)
Increase (Decrease) in Stockholders' Equity
Stock compensation plans			(6.4)			5.2
Other comprehensive income (loss)				(2.1)
Net loss	(6.0)				(6.0)
Balance at end of period at Mar. 31, 2026	$ 685.9	$ 0.4	$ 610.3	$ (67.4)	$ 200.5	$ (57.9)

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (6.0)	$ (6.3)

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

Company and Basis of Presentation

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Company and Basis of Presentation

1. Company and Basis of Presentation

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. The information on our website is not part of this or any other report we file with or furnish to the SEC and is not incorporated herein by reference.

The Company has three reportable segments, the Americas segment, the Europe and Africa ("EURAF") segment and the Middle East and Asia Pacific (“MEAP”) segment. The Americas segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 16, “Segments,” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations for the three months ended March 31, 2026 and 2025, the cash flows for the same three month periods, and the financial positions as of March 31, 2026 and December 31, 2025, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The balance sheet as of December 31, 2025 was derived from the audited annual financial statements. The interim results are not necessarily indicative of results for a full year and do not contain all of the information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2025. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

All amounts, except per share data and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated.

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Recent Accounting Changes and Pronouncements

3 Months Ended

Mar. 31, 2026

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Changes and Pronouncements

2. Recent Accounting Changes and Pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 224-40): Disaggregation of Income Statement Expense." The amendments in this ASU require public companies to disclose more information about their expenses in their financial statements. The ASU is effective for annual periods beginning after December 15, 2026 and interim periods with annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact the adoption of this ASU will have on its consolidated financial statements.

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Net Sales

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Net Sales

3. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three months ended March 31, 2026 and 2025.

	Three Months Ended March 31,
	2026			2025
Balance at beginning of period	$	18.3		$	18.0
Cash received in advance of satisfying    performance obligations		42.1			30.3
Revenue recognized		(38.0	)		(23.9	)
Currency translation		(0.4	)		0.5
Balance at end of period	$	22.0		$	24.9

The Company recognizes a contract asset for certain remanufacturing, repair, and field service work when service is completed but unbilled as of the end of the period. Contract assets are recorded in other current assets in the Condensed Consolidated Balance Sheets. Contract assets were $10.1 million and $11.7 million as of March 31, 2026 and December 31, 2025, respectively.

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Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) and The Manitowoc Company, Inc. Deferred Compensation Plan (the "Deferred Compensation Plan") that were accounted for at fair value as of March 31, 2026 and December 31, 2025.

	Fair Value as of March 31, 2026
	Level 1		Level 2		Level 3		Total		Recognized Location
Assets:
Deferred Compensation Plan - Program B	$	9.2	$	—	$	—	$	9.2	Other non-current assets
Current Liabilities:
FX Forward Contracts	$	—	$	0.6	$	—	$	0.6	Accounts payable and    accrued expenses

	Fair Value as of December 31, 2025
	Level 1		Level 2		Level 3		Total		Recognized Location
Assets:
FX Forward Contracts	$	—	$	0.6	$	—	$	0.6	Other current assets
Deferred Compensation Plan - Program B		9.5		—		—		9.5	Other non-current assets
Total assets at fair value	$	9.5	$	0.6	$	—	$	10.1
Current Liabilities:
FX Forward Contracts	$	—	$	0.5	$	—	$	0.5	Accounts payable and    accrued expenses

The fair value of the $300.0 million senior secured second lien notes due on October 1, 2031, with an annual coupon rate of 9.25% (the “2031 Notes”), was approximately $313.4 million as of March 31, 2026. Refer to Note 10, “Debt,” for a description of the 2031 Notes and the related carrying value.

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2031 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company's revolving credit facility, approximate fair value, without being discounted as of March 31, 2026, due to the short-term nature of these instruments.

FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 5, “Derivative Financial Instruments,” for additional information.

The Deferred Compensation Plan utilizes a rabbi trust to hold assets intended to satisfy the Company’s corresponding future benefit obligations. The plan assets and corresponding obligations for Program B under the Deferred Compensation Plan are classified within Level 1.

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Derivative Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5. Derivative Financial Instruments

The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks.

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss) (“AOCI”). These changes in fair value are reclassified into earnings as a component of cost of sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. During the three months ended March 31, 2026, $5.0 million of forecasted transactions were no longer probable of occurring, resulting in a net loss of $0.1 million being recorded to other expense - net in the Condensed Consolidated Statement of Operations. No amounts were recorded related to forecasted transactions no longer being probable during the three months ended March 31, 2025.

The Company had FX Forward Contracts with aggregate notional amounts of $75.7 million and $108.7 million in U.S. dollar equivalent as of March 31, 2026 and December 31, 2025, respectively. The aggregate notional amount outstanding as of March 31, 2026 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. Net unrealized gains (losses), net of income tax, recorded in AOCI were $(0.1) million and $0.7 million as of March 31, 2026 and December 31, 2025, respectively.

The net gains (losses) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three months ended March 31, 2026 and 2025 are summarized as follows:

		Three Months Ended March 31,
	Recognized Location	2026		2025
Designated	Cost of sales	$	—	$	(0.6	)
Non-Designated	Other expense - net	$	1.9	$	1.3

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Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

6. Inventories

The components of inventories as of March 31, 2026 and December 31, 2025 are summarized as follows:

	March 31, 2026		December 31, 2025
Raw materials	$	191.5	$	189.2
Work-in-process		167.1		136.7
Finished goods		385.5		358.0
Total inventories	$	744.1	$	683.9

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Property, Plant and Equipment

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

7. Property, Plant, and Equipment

The components of property, plant, and equipment as of March 31, 2026 and December 31, 2025 are summarized as follows:

	March 31, 2026			December 31, 2025
Land	$	15.2		$	15.5
Building and improvements		215.3			219.7
Machinery, equipment, and tooling		352.8			357.4
Furniture and fixtures		14.6			14.5
Computer hardware and software		132.2			131.7
Rental cranes		181.9			175.8
Construction in progress		4.4			7.3
Total cost		916.4			921.9
Less accumulated depreciation		(581.5	)		(578.9	)
Property, plant, and equipment — net	$	334.9		$	343.0

Property, plant, and equipment is depreciated over the estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

Additions to property, plant, and equipment included in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 were $2.2 million and $1.8 million, respectively.

Assets Held for Sale

During the three months ended March 31, 2026, the Company committed to a plan to sell its Bauxite, Arkansas facility and certain related assets. The Company determined the assets met the criteria for classification as held for sale under Accounting Standards Codification (“ASC”) Topic 360, “Property, Plant, and Equipment,” as the assets are available for immediate sale in their present condition and management has committed to and initiated an active program to locate a buyer.

The assets have been reclassified from property, plant, and equipment to assets held for sale on the Condensed Consolidated Balance Sheets as of March 31, 2026. Depreciation on these assets ceased upon reclassification. The assets were recorded at the lower of their carrying amount or estimated fair value less costs to sell. Assets held for sale consisted of $0.7 million of buildings, $0.5 million of machinery and equipment, and $0.2 million of land and land improvements.

The Company expects to complete the sale of the assets within 12 months of the classification date. These assets are reported within the Americas segment. No assurance can be given that the Company will be able to sell the assets at their estimated fair value or within the expected timeframe.

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Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill for the three months ended March 31, 2026 are summarized as follows:

	Americas		MEAP		Consolidated
Balance as of December 31, 2025	$	14.4	$	65.2	$	79.6
Foreign currency impact		—		0.7		0.7
Balance as of March 31, 2026	$	14.4	$	65.9	$	80.3

The gross carrying amount, accumulated impairment and net book value of the Company's goodwill balances by reportable segment as of March 31, 2026 and December 31, 2025, are summarized as follows:

	March 31, 2026							December 31, 2025
	Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value		Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value
Americas	$	180.9	$	(166.5	)	$	14.4	$	180.9	$	(166.5	)	$	14.4
EURAF		82.2		(82.2	)		—		82.2		(82.2	)		—
MEAP		65.9		—			65.9		65.2		—			65.2
Total	$	329.0	$	(248.7	)	$	80.3	$	328.3	$	(248.7	)	$	79.6

The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the assets. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event during the three months ended March 31, 2026.

The gross carrying amount, accumulated amortization, and net book value of the Company’s other intangible assets other than goodwill as of March 31, 2026 and December 31, 2025, are summarized as follows:

	March 31, 2026							December 31, 2025
	Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value		Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value
Definite lived intangible assets:
Customer relationships	$	27.8	$	(14.8	)	$	13.0	$	28.0	$	(14.6	)	$	13.4
Patents		30.0		(29.7	)		0.3		30.3		(30.0	)		0.3
Noncompetition agreements		4.2		(3.8	)		0.4		4.2		(3.6	)		0.6
Trademarks and tradenames		2.2		(2.0	)		0.2		2.2		(1.9	)		0.3
Total	$	64.2	$	(50.3	)	$	13.9	$	64.7	$	(50.1	)	$	14.6
Indefinite-lived intangible assets:
Trademarks and tradenames	$	94.4	$	—		$	94.4	$	95.5	$	—		$	95.5
Distribution network		14.8		—			14.8		15.0		—			15.0
Total		109.2		—			109.2		110.5		—			110.5
Total other intangible assets	$	173.4	$	(50.3	)	$	123.1	$	175.2	$	(50.1	)	$	125.1

The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event during the three months ended March 31, 2026.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was no triggering event during the three months ended March 31, 2026.

Other intangible assets with definite lives are amortized over their estimated useful lives.

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Accounts Payable and Accrued Expenses

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

9. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of March 31, 2026 and December 31, 2025 are summarized as follows:

	March 31, 2026		December 31, 2025
Trade accounts payable	$	289.7	$	242.3
Employee-related expenses		49.1		51.1
Accrued vacation		29.1		27.0
Miscellaneous accrued expenses		82.5		81.2
Total accounts payable and accrued expenses	$	450.4	$	401.6

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Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt

10. Debt

Outstanding debt as of March 31, 2026 and December 31, 2025 is summarized as follows:

	March 31, 2026			December 31, 2025
Borrowings under senior secured asset based revolving    credit facility	$	134.4		$	144.6
Senior secured second lien notes due 2031		300.0			300.0
Other debt		17.2			20.6
Deferred financing costs		(4.2	)		(4.4	)
Total debt		447.4			460.8
Short-term borrowings and current portion of long-term    debt		(10.8	)		(13.7	)
Long-term debt	$	436.6		$	447.1

On March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A. as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2031 Notes and the related guarantees. The ABL Revolving Credit Facility includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility (the “German Borrower”).

On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduced restrictions on the Company’s ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if our senior secured lien notes due April 1, 2026 had not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace the U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”).

On September 18, 2024, the Company further amended the ABL Credit Agreement to (i) increase the aggregate commitment by $50.0 million to a total aggregate commitment of up to $325.0 million, of which $100.0 million is available to the German Borrower, (ii) increase the swingline sublimit by $20.0 million to an aggregate $50.0 million, of which $20.0 million is available to the German Borrower, and (iii) extend the maturity date to September 18, 2029.

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternate Base Rate or Term Benchmark, Applicable Overnight Rate, Central Bank Rate (“CBR”) or RFR rate (each as defined in the ABL Credit Agreement) plus the applicable spread set forth below. The variable interest rate is based upon the average availability as of the most recent determination date as follows:

	Average quarterly availability	Alternative base rate spread	SOFR spread
Category 1	≥ 66% of Aggregate Commitment	0.25%	1.25%
Category 2	< 66% but ≥ 33% of Aggregate Commitment	0.50%	1.50%
Category 3	< 33% of Aggregate Commitment	0.75%	1.75%

As of March 31, 2026 and December 31, 2025, the Company had borrowings on the ABL Revolving Credit Facility of $134.4 million and $144.6 million, respectively. The spreads for Term Benchmark, Applicable Overnight Rate, CBR and RFR spread and Alternative Base Rate borrowings were deemed to be in Category 2 for the period from January 1, 2026 to March 31, 2026. As of March 31, 2026, there was excess availability of $187.2 million, which represents revolver borrowing capacity of $325.0 million less $134.4 million of borrowings outstanding and $3.4 million of U.S. letters of credit outstanding.

As of March 31, 2026, the Company had other indebtedness outstanding of $17.2 million that had a weighted-average interest rate of approximately 5.2%. This debt includes balances on local credit lines, overdraft facilities, and other financing arrangements.

On September 19, 2024, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank Trust Company, National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount of the 2031 Notes with an annual coupon rate of 9.25%. Interest on the 2031 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2031 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility or that guarantees certain other debt of the Company or a guarantor. The 2031 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility. The Company used the net proceeds from this offering, together with cash on hand, to redeem all of its outstanding 9.00% Senior Secured Second Lien Notes due 2026 (“2026 Notes”).

Both the ABL Revolving Credit Facility and the 2031 Notes include customary covenants which include, without limitation, restrictions on the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2031 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2021.

Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement.

As of March 31, 2026, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and the 2031 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

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Accounts Receivable Factoring

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

Accounts Receivable Factoring

11. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with a maximum availability of €25.0 million and €40.0 million. Transactions under the non-U.S. programs were accounted for as sales in accordance with ASC Topic 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the customer's maximum limit and the Company's maximum availability.

For the three months ended March 31, 2026 and 2025, cash proceeds from the factoring of accounts receivable qualifying as sales were $63.7 million and $52.6 million, respectively.

Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three months ended March 31, 2026 and 2025 were immaterial.

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Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

12. Income Taxes

The Company’s loss before income taxes includes income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at different statutory rates. In addition, tax expense is impacted by losses in jurisdictions where no tax benefit can be realized.

For the three months ended March 31, 2026 and 2025, the Company recorded a benefit for income taxes of $3.3 million and $2.5 million, respectively.

As of March 31, 2026 and December 31, 2025, the Company’s unrecognized tax benefits, excluding interest and penalties, were $16.4 million and $15.7 million, respectively.

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Net Loss Per Common Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Common Share

13. Net Loss Per Common Share

The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net loss per common share:

	Three Months Ended March 31,
	2026		2025
Basic weighted average common     shares outstanding		35,665,590		35,273,783
Effect of dilutive securities - equity    compensation awards		—		—
Diluted weighted average common    shares outstanding		35,665,590		35,273,783

Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Due to the net loss incurred during the three months ended March 31, 2026 and 2025, the assumed exercise of all equity instruments was anti-dilutive and, therefore, not included in the net diluted loss per share calculations for those periods.

No cash dividends were declared or paid during the three months ended March 31, 2026 and 2025.

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Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

14. Equity

Authorized capital consists of 75.0 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued.

As of March 31, 2026, the Company has $29.3 million remaining under an authorization from the Board of Directors to purchase up to $35.0 million of the Company’s common stock at management’s discretion.

A reconciliation of the changes in accumulated other comprehensive loss, net of income tax, by component for the three months ended March 31, 2026 and 2025 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2024	$	(1.7	)	$	(7.7	)	$	(98.2	)	$	(107.6	)
Other comprehensive income (loss) before    reclassifications		2.0			(0.4	)		15.8			17.4
Amounts reclassified from accumulated    other comprehensive loss		0.5			—			—			0.5
Net other comprehensive income (loss)		2.5			(0.4	)		15.8			17.9
Balance as of March 31, 2025	$	0.8		$	(8.1	)	$	(82.4	)	$	(89.7	)
Balance as of December 31, 2025	$	0.7		$	(4.1	)	$	(61.9	)	$	(65.3	)
Other comprehensive income (loss) before    reclassifications		(0.8	)		0.1			(1.3	)		(2.0	)
Amounts reclassified from accumulated other    comprehensive loss		—			(0.1	)		—			(0.1	)
Net other comprehensive loss		(0.8	)		—			(1.3	)		(2.1	)
Balance as of March 31, 2026	$	(0.1	)	$	(4.1	)	$	(63.2	)	$	(67.4	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three months ended March 31, 2026 and 2025 are summarized as follows:

	Three Months Ended March 31,
	2026		2025				Recognized Location
Losses on cash flow hedges
FX Forward Contracts	$	—	$	(0.6	)		Cost of sales
Total before income taxes		—		(0.6	)
Benefit from income taxes		—		0.1
Total, net of income taxes	$	—	$	(0.5	)
Amortization of pension and    postretirement items
Actuarial gains	$	0.1	$	—		(a)	Other expense - net
Total before income taxes		0.1		—
Provision for income taxes		—		—
Total, net of income taxes	$	0.1	$	—
Total reclassifications for the period,    net of income taxes	$	0.1	$	(0.5	)

(a)These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 19, “Employee Benefit Plans,” for additional information).

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

15. Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2026 is included in the Company’s 2025 Annual Report on Form 10-K.

The Company grants certain share-based payment awards that are classified as liabilities in accordance with ASC Topic 718, "Compensation—Stock Compensation." These awards include cash-settled restricted stock units which vest in three annual increments over a three-year period and cash-settled performance share units which vest after three years and are earned based on the extent to which performance goals are met over the applicable performance period.

Liability-classified awards are measured at fair value at each reporting date until settlement. The fair value of these awards is determined using the closing stock price at the end of the reporting period, and is remeasured at each balance sheet date.

Changes in fair value are recognized as compensation expense in engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations over the requisite service period.

During the year ended December 31, 2025, the Company modified certain 2023 and 2024 restricted stock units and performance share units to settle them in cash in lieu of stock. The performance conditions, if applicable, and vesting schedules remain unchanged for these awards.

As of March 31, 2026, the Company had a liability of $0.8 million recorded in accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets related to awards that are expected to settle in cash.

Stock-based compensation expense, including cash-settled liability awards, was $3.3 million and $2.6 million for the three months ended March 31, 2026 and 2025, respectively. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to the retirement, death, or disability provisions of the 2013 Omnibus Incentive Plan or the 2025 Omnibus Incentive Plan, as applicable.

The Company granted no restricted stock units and performance share units to employees or non-employee directors during the three months ended March 31, 2026.

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Segments

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segments

16. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the President and CEO, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Americas reporting segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region.

The CODM evaluates the performance of the Company's reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region in which the product is sold. Each reportable segment has new and non-new machine sales. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, selling and administrative costs directly attributable to the segment, and engineering costs directly attributable to the segment. Manufacturing variances generated by the manufacturing locations within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expenses, income taxes and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The CODM does not evaluate performance of the reportable segments based on total assets.

The following table shows information by reportable segment for the three months ended March 31, 2026 and 2025:

	Three Months Ended March 31, 2026									Three Months Ended March 31, 2025
	Americas		EURAF			MEAP		Total		Americas		EURAF			MEAP		Total
Revenues from external customers	$	268.4	$	167.4		$	58.8	$	494.6	$	259.3	$	145.6		$	66.0	$	470.9
Less: (a)
Cost of sales		217.2		137.6			44.5		399.3		208.3		124.1			48.7		381.1
Engineering, selling, and administration costs		37.2		35.1			6.2		78.5		32.4		32.2			5.9		70.5
Other segment items (b)		1.8		—			—		1.8		0.9		0.6			—		1.5
Segment operating income (loss)		12.2		(5.3	)		8.1		15.0		17.7		(11.3	)		11.4		17.8