05.05.2026

Higher sales but a loss for Genie

Terex has released its first quarter results, with Genie revenues up four percent on the same quarter last year, while last year’s modest operating profit was translated to a loss.

Terex Aerials /Genie

Revenues for the three months to the end of March were $469 million, up four percent on the same quarter last year, regaining a little on last year’s steep downturn. Primarily due, says the company, to positive exchange rate moves.

Order intake for the period was 4.3 percent lower than at this point last year at $620 million, leaving the Order book/backlog almost nine percent higher at $1.1 billion.

Operating profit for the period was converted from $2 million last year to a loss of $7 million this year, according to the company, due to tariffs, unfavourable product mix and pricing.

Full year forecast
The company is anticipating full year revenues of $2.billion, roughly the same as in 2025.

Terex Group
Terex as a whole reported a 41 percent jump in revenues, to $1.73 billion, thanks to the Rev group acquisition, which was completed at the end of last year. While last year’s pre-tax profit of $26 million was converted to a $126 million loss this year due to costs associated with the acquisition and what it refers to as “Price accounting”.

Net debt at the end of March was $2.74 billion, 6.5 percent up on the same point last year.

Chief executive Simon Meester said:"We are off to a good start and executing to plan, including the first 58 days with REV group in our portfolio, now operating as our Speciality Vehicles segment, which made a meaningful contribution in the quarter. Our quarter end backlog of $7.1 billion, supported by strong booking trends in Materials Processing, Aerials, and Terex Utilities, provides solid forward visibility. As a result, we are reiterating our full-year outlook. "We continue to execute our strategy, including the integration of REV. We remain on track to deliver approximately $28 million of synergies in 2026 through the elimination of duplicate overhead and to achieve the full $75 million run-rate within our 24 month target."

Vertikal Comment

This is a lacklustre set of numbers from Genie, you can almost sense that the business is treading water as it waits to see if it will be disposed of when the current ‘Review’ is completed. It is odd given that Genie is now Terex’s largest ‘Segment’, even after pulling Terex Utilities out of the Aerials division and placing it in the Environmental Solutions division.

Don’t expect much change in the second quarter.