Financial Analysis

15. Commitments and Contingencies Personal Injury Actions and Other - Product and general liability claims are made against the Company from time to time in the ordinary course of business. The Company is generall y self-insured for claims up to $ 10.0 million per claim ($ 5.0 million per claim prior to April 1, 2024) and a reserve is maintained for the esti mated costs of such claims. At June 30, 2026 and December 31, 2025, the estimated net liabilities for product and general liability claims totaled $ 57.0 million and $ 53.0 million , respectively. There is inherent uncertainty as to the eventual resolution of unsettled claims. Management, however, believes that any losses in excess of established reserves will not have a material effect on the Companys financial condition, results of operations or cash flows. Market Risks - The Company was contingently liable under bid, performance and specialty bonds totaling $ 3.58 billion and $ 3.38 billion at June 30, 2026 and December 31, 2025, respectively. Outstanding letters of credit issued by the Companys banks in favor of third parties totaled $ 26.2 million and $ 40.8 million at June 30, 2026 and December 31, 2025, respectively. Other Matters - The Company is subject to environmental matters and legal proceedings and claims, including patent, antitrust, product liability, warranty and state dealership regulation compliance proceedings that arise in the ordinary course of business. Although the final results of such matters and …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

12. Debt The Company was obligated under the following debt instruments (in millions): June 30, 2026 December 31, 2025 4.600 % Senior notes due May 2028 $ 300.0 $ 300.0 3.100 % Senior notes due March 2030 300.0 300.0 Term loan due March 2027 500.0 500.0 Other long-term debt 3.4 3.8 Total long-term debt 1,103.4 1,103.8 Current maturities of long-term debt ( 500.4 ) ( 0.6 ) Debt issuance costs ( 2.4 ) ( 2.9 ) Total long-term debt, less current maturities (net of debt issuance costs) $ 600.6 $ 1,100.3 Revolving credit facilities $ 1.8 $ Current maturities of long-term debt 500.4 0.6 Total revolving credit facilities and current maturities of long-term debt $ 502.2 $ 0.6 On March 16, 2026, the Company entered into a Fourth Amended and Restated Credit Agreement with various lenders (the Credit Agreement). The Credit Agreement provides for an unsecured revolving credit facility (the Revolving Credit Facility) with a maximum aggregate availability of $ 1.60 billion that matures in March 2031 . At June 30, 2026 , there were no borrowings under the Revolving Credit Facility and specified outstanding letters of credit of $ 15.9 million reduced available capacity under the Revolving Credit Facility to $ 1.58 billion . Under the Credit Agreement, the Company is obligated to pay (i) an unused commitment fee ranging from 0.080 % to 0.200 % per annum of the average daily unused portion of the aggregate revolving credit commitments under the Credit Agreement and (ii) a fee ranging from 0.438 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Consolidated net sales disaggregated by segment and timing of revenue recognition are as follows (in millions): Three Months Ended June 30, 2026 Access Vocational Transport Corporate and Other Total Point in time $ 1,353.7 $ 755.4 $ 33.6 $ 8.9 $ 2,151.6 Over time 20.1 211.4 502.5 29.5 763.5 $ 1,373.8 $ 966.8 $ 536.1 $ 38.4 $ 2,915.1 Three Months Ended June 30, 2025 Access Vocational Transport Corporate and Other Total Point in time $ 1,236.2 $ 725.9 $ 9.1 $ 4.5 $ 1,975.7 Over time 19.8 243.8 470.0 22.8 756.4 $ 1,256.0 $ 969.7 $ 479.1 $ 27.3 $ 2,732.1 Six Months Ended June 30, 2026 Access Vocational Transport Corporate and Other Total Point in time $ 2,278.6 $ 1,384.5 $ 41.5 $ 18.6 $ 3,723.2 Over time 38.6 407.3 1,007.4 56.4 1,509.7 $ 2,317.2 $ 1,791.8 $ 1,048.9 $ 75.0 $ 5,232.9 Six Months Ended June 30, 2025 Access Vocational Transport Corporate and Other Total Point in time $ 2,178.2 $ 1,358.5 $ 23.4 $ 10.1 $ 3,570.2 Over time 34.9 478.0 918.7 43.1 1,474.7 $ 2,213.1 $ 1,836.5 $ 942.1 $ 53.2 $ 5,044.9

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"4. Stock-Based Compensation In May 2024, the Companys shareholders approved the 2024 Incentive Stock and Awards Plan (the 2024 Stock Plan). The 2024 Stock Plan replaced the 2017 Incentive Stock Awards Plan (as amended, the ""2017 Stock Plan""). While no new awards will be granted under the 2017 Stock Plan, awards previously made under that plan that were outstanding as of the approval date of the 2024 Stock Plan will remain outstanding and continue to be governed by the provisions of that plan. At June 30, 2026, the Company had rese rved 2,896,484 shares of Common Stock available for issuance to provide for the issuance of Common Stock under incentive compensation awards and the exercise of outstanding stock options. The Company recognizes stock-based compensation expense over the requisite service period for vesting of an award. Total stock-based compensation expense was $ 12.0 million ( $ 10.3 million net of tax) and $ 11.4 million ( $ 9.8 million net of tax) for the three months ended June 30, 2026 and 2025, respectively, and $ 22.6 million ( $ 19.4 million net of tax) and $ 19.8 million ( $ 17.3 million net of tax) for the six months ended June 30, 2026 and 2025 , respectively."

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18. Fair Value Measurement FASB ASC Topic 820, Fair Value Measurements and Disclosures , defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. FASB ASC Topic 820 requires disclosures that categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value, while Level 3 generally requires significant management judgment. The three levels are defined as follows: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: Observable inputs other than quoted prices in active markets for identical assets or liabilities, such as quoted prices for similar assets or liabilities in active markets or quoted prices for identical assets or liabilities in inactive markets. Level 3: Unobservable inputs reflecting managements own assumptions about the inputs used in pricing the asset or liability. The fair values of the Companys financial assets and liabilities were as follows (in millions): Level 1 Level 2 Level 3 Total June 30, 2026 Assets: Rabbi trust (a) $ 10.6 $ $ $ 10.6 Investments in equity securities (b) 2.9 2.9 Foreign currency exchange derivatives (c) 0.5 0.5 Liabilities: Foreign currency exchange derivatives (c) $ $ 1.7 $ $ 1.7 December 31, 2025 Asset …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

"11. Goodwill and Purchased Intangible Assets The following table presents changes in goodwill by segment (in millions): Access Vocational Total Net goodwill at December 31, 2025 $ 1,054.4 $ 393.7 $ 1,448.1 Foreign currency translation ( 9.2 ) ( 0.2 ) ( 9.4 ) Net goodwill at June 30, 2026 $ 1,045.2 $ 393.5 $ 1,438.7 The following table presents details of the Companys goodwill by segment (in millions): June 30, 2026 December 31, 2025 Gross Accumulated Impairment Net Gross Accumulated Impairment Net Access $ 1,977.3 $ ( 932.1 ) $ 1,045.2 $ 1,986.5 $ ( 932.1 ) $ 1,054.4 Vocational 562.9 ( 169.4 ) 393.5 563.1 ( 169.4 ) 393.7 Corporate and other 44.4 ( 44.4 ) 44.4 ( 44.4 ) $ 2,584.6 $ ( 1,145.9 ) $ 1,438.7 $ 2,594.0 $ ( 1,145.9 ) $ 1,448.1 Goodwill and other indefinite-lived intangible assets are not amortized but are assessed for impairment annually or more frequently if potential interim indicators exist that could result in impairment. The Company performs its annual impairment test in the fourth quarter. The Company recorded a goodwill impairment charge of $ 5.7 million for Pratt Miller in the three months ended June 30, 2025. Impairment charges are recorded within ""Intangible asset impairment"" in the Condensed Consolidated Statements of Income. Details of the Companys purchased intangible assets are as follows (in millions): June 30, 2026 December 31, 2025 Gross Accumulated Amortization Net Gross Accumulated Amortization Net Amortizable intangible assets: Customer relation …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

6. Income Taxes The Company recorded income tax expense of $ 37.2 million , or 16.9 % of pre-tax income, for the three months ended June 30, 2026, compared to $ 65.2 million , or 24.1 % of pre-tax income, for the three months ended June 30, 2025. Results for the three months ended June 30, 2026 were impacted by $ 15.7 million of net discrete tax benefits, including a $ 16.7 million benefit related to the expiration of the statute of limitations with respect to uncertain tax position reserves for certain anti-hybrid tax legislation. Results for the three months ended June 30, 2025 were impacted by $ 0.1 million of net discrete tax benefits. The Company recorded income tax expense of $ 47.7 million , or 17.4 % of pre-tax income, for the six months ended June 30, 2026, compared to $ 102.0 million , or 24.2 % of pre-tax income, for the six months ended June 30, 2025. Results for the six months ended June 30, 2026 were impacted by $ 18.6 million of net discrete tax benefits, including the $ 16.7 million benefit from the anti-hybrid tax matter. Results for the six months ended June 30, 2025 were impacted by $ 1.4 million of net discrete tax expense. The Companys liability for gross unrecognized tax benefits, excluding related interest and penalties, was $ 32.9 million and $ 45.5 million as of June 30, 2026 and December 31, 2025, respectively. As of June 30, 2026, net unrecognized tax benefits, excluding interest and penalties, of $ 22.0 million would affect the Companys net income …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

5. Employee Benefit Plans The components of net periodic pension benefit cost and net periodic post-employment benefit cost were as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Components of net periodic pension benefit income Service cost $ 1.1 $ 1.2 $ 2.3 $ 2.5 Interest cost 4.5 4.4 8.9 8.9 Expected return on plan assets ( 5.6 ) ( 5.4 ) ( 11.2 ) ( 10.8 ) Amortization of prior service cost 0.4 0.4 0.8 0.8 Amortization of net actuarial gain ( 1.5 ) ( 1.4 ) ( 2.9 ) ( 2.8 ) Expenses paid 0.3 0.2 0.6 0.3 Net periodic pension benefit income $ ( 0.8 ) $ ( 0.6 ) $ ( 1.5 ) $ ( 1.1 ) Components of net periodic post-employment benefit cost Service cost $ 0.3 $ 0.3 $ 0.7 $ 0.7 Interest cost 0.6 0.7 1.3 1.3 Amortization of prior service credit ( 0.3 ) ( 0.3 ) ( 0.7 ) ( 0.7 ) Amortization of net actuarial (gain) loss 0.1 ( 0.1 ) 0.1 ( 0.1 ) Net periodic post-employment benefit cost $ 0.7 $ 0.6 $ 1.4 $ 1.2 The components of net periodic benefit cost other than Service cost and Expenses paid are included in Miscellaneous, net in the Condensed Consolidated Statements of Income. …

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3. Revenue Recognition The Company utilizes the cost-to-cost method of percentage-of-completion to recognize revenue on the majority of its performance obligations that are satisfied over time because it best depicts the transfer of control to the customer. Under the cost-to-cost method of percentage-of-completion, the Company measures progress based on the ratio of costs incurred to date to total estimated costs for the performance obligation. The Company recognizes changes in estimated sales or costs and the resulting profit or loss on a cumulative basis. Contract adjustments represent the cumulative effect of the changes on prior periods. If a loss is expected on a performance obligation, the complete estimated loss is recorded in the period in which the loss is identified. There is significant judgment involved in estimating costs, particularly in the Transport segment. The Transport segment considers risks of contract performance such as technical requirements, schedule, duration and key contract dependencies. Contract estimates are subject to change throughout the duration of the contract as additional information becomes available that impacts risks and estimated revenue and costs. In addition, as contract modifications such as new orders are received, the additional units are factored into the overall contract estimate of costs and transaction price. Net contract adjustments impacted the Companys results as follows (in millions, except per share amounts): Three Months …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

19. Business Segment Information The Chief Executive Officer is the Company's Chief Operating Decision Maker. The Chief Operating Decision Maker uses operating income to measure performance of the Company's segments, allocate resources and make operating decisions. Operating income is utilized during the Companys budgeting and forecasting process to assess segment profitability and enable decision making regarding strategic initiatives, capital investments and other resources. The Chief Operating Decision Maker regularly evaluates operating income compared to prior year and forecasted results. The Companys reportable segments, which are organized on the basis of similar products, markets and operating factors, are as follows: Ac cess : This segment consists of the JLG and Jerr-Dan brands. JLG designs and manufactures mobile aerial work platforms and telehandlers and low-level access solutions that are sold worldwide for use in a wide variety of construction, industrial, institutional and general maintenance applications to position workers and materials at elevated heights. JerrDan designs and manufactures towing and recovery vehicles. Access customers include equipment rental companies, construction contractors, home improvement centers and towing companies. Vocational : This segment includes the Pierce, Maxi-Metal, Oshkosh AeroTech, Oshkosh Airport Products, McNeilus, IMT, Oshkosh S-Series and Frontline brands. Pierce and Maxi-Metal design and manufacture commercial and cus …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

2. New Accounting Pronouncements Standards not yet adopted In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which is intended to improve disclosures about a public business entity's expenses and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The Company will be required to adopt ASU 2024-03 for its Annual Report on Form 10-K for the year ended December 31, 2027. The ASU may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of ASU 2024-03 on its consolidated financial statements. In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The Company will be required to adopt ASU 2025-06 in the first quarter of 2028. The ASU may be applied prospectively, retrospectively or using a modified transition approach. The Company is currently evaluating the impact of ASU 2025-06 on its consolidated financial statements. In December 2025, the FASB issu …

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16. Shareholders Equity Changes to the Company's common shares outst anding were as follows (in shares): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Outstanding at beginning of period 62,506,367 64,491,007 62,589,470 64,602,007 Repurchases of Common Stock ( 667,158 ) ( 414,755 ) ( 970,750 ) ( 702,307 ) Exercise of stock options 1,959 10,268 25,104 35,752 Payment of stock-based restricted and performance shares 1,536 5,063 299,411 267,120 Shares tendered for taxes on stock-based compensation ( 211 ) ( 1,429 ) ( 140,480 ) ( 123,845 ) Other 39,738 11,427 Outstanding at end of period 61,842,493 64,090,154 61,842,493 64,090,154 In May 2022, the Board of Directors authorized the Company to repurchase 12,000,000 shares of Common Stock. As of June 30, 2026 , 6,975,119 shares of Comm on Stock remained under this authority. …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing