Alamo Group (NYSE: ALG) 2025 results show mixed division trends, dividend hike

Rhea-AI Filing Summary

Alamo Group Inc. reported slightly lower results for 2025 as strength in industrial equipment was offset by weakness in vegetation markets. Full-year net sales were $1,603.7 million versus $1,628.5 million in 2024, with diluted EPS of $8.59 compared to $9.63. Adjusted diluted EPS was $9.37, down from $10.12, and adjusted EBITDA was $216.9 million, or 13.5% of net sales.

The Industrial Equipment Division grew, with 2025 net sales of $949.7 million, up 12.6%, and adjusted EBITDA margin of 16.6%. The Vegetation Management Division declined, with net sales of $654.1 million, down 16.7%, and adjusted EBITDA margin of 9.1% as tree care, recycling, agriculture and municipal mowing markets remained soft.

Fourth-quarter net sales were $373.7 million, down 3.0%, and diluted EPS was $1.28 versus $2.33. Operating cash flow for 2025 was $177.5 million, year-end cash was $309.7 million against total debt of $205.7 million. The company closed the acquisition of Petersen Industries in January 2026 and increased its quarterly dividend from $0.30 to $0.34 per share.

Insights

Industrial and machinery equity analyst

Alamo posts resilient cash flow and industrial growth, but vegetation markets weigh on 2025 results.

Alamo Group delivered essentially flat full-year revenue at $1,603.7 million, with diluted EPS easing to $8.59. The key story is mix: the Industrial Equipment Division grew net sales 12.6% to $949.7 million and lifted adjusted EBITDA margins to 16.6%.

The Vegetation Management Division was a clear drag, with 2025 net sales down 16.7% to $654.1 million and adjusted EBITDA margin falling to 9.1%. Management links this to weak demand in tree care, recycling, agriculture and municipal mowing amid low housing activity, low crop prices, higher rates and tariff-related pressures.

Despite softer earnings, cash generation was strong: operating cash flow reached $177.5 million, cash ended at $309.7 million versus total debt of $205.7 million. The dividend increase from $0.30 to $0.34 per share and the Petersen Industries acquisition suggest confidence in the balance sheet and in expanding the industrial portfolio. Future disclosures in company filings may provide more detail on integration progress and vegetation market recovery.

FALSE000089707700008970772026-03-022026-03-02

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 2, 2026

Alamo Group Inc.

(Exact name of registrant as specified in its charter)

 

State of Delaware			0-21220			74-1621248
(State or other jurisdiction of incorporation)			(Commission File No.)			(IRS Employer Identification No.)

  

1627 E. Walnut, Seguin, Texas						78155
(Address of Registrant’s principal executive offices)						(Zip Code)

 

			(830) 379-1480
Registrant's telephone number, including area code:
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, par value $.10 per share			ALG			New York Stock Exchange

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of

the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of

1934 (§240.12b-2 of this chapter).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. ☐

Item 2.02    Results of Operations and Financial Condition

On March 2, 2026, Alamo Group Inc. issued a press release announcing, among other things, financial results for the fourth quarter and year ended December 31, 2025.  A copy of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K. The foregoing description is qualified by reference to such exhibit.

The information furnished in this report, including the exhibit, shall not be deemed to be incorporated by reference into any of Alamo Group filings with the SEC under the Securities Act of 1933, except as shall be expressly set forth by specific reference in any such filing, and shall not be deemed to be "filed" with the SEC under the Securities Exchange Act of 1934.

Item 9.01    Financial Statements and Exhibits

Exhibit 99.1 - Press Release dated March 2, 2026.

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 hereunto duly authorized.

 

March 2, 2026			By:/s/ Edward T. Rizzuti
			Edward T. Rizzuti,
			EVP, Corporate Development & Investor Relations & Secretary

EXHIBIT INDEX

 

Exhibit No.			Description
99.1			Press release
104			Cover Page Interactive Data File - Inline XBRL for the cover page of this Current Report on Form 8-K

			For:			Alamo Group Inc.
			Contact:			Edward Rizzuti
						EVP Corporate Development & Investor Relations
						830-372-9600
									Financial Relations Board
									Joe Calabrese
						212-827-3772

ALAMO GROUP ANNOUNCES FINANCIAL RESULTS

FOR THE FOURTH QUARTER AND YEAR END 2025

SEGUIN, Texas, March 2, 2026 -- Alamo Group Inc. (NYSE: ALG) today reported results for the fourth quarter and fiscal year ended December 31, 2025.

Highlights:

Fourth Quarter Results:

•Net sales of $373.7 million compared to $385.3 million in the fourth quarter of 2024

•Fully diluted EPS was $1.28 per share and adjusted fully diluted EPS was $1.70 per share

•Adjusted EBITDA of $44.8 million was 12.0% of net sales

•Continued optimizing our manufacturing footprint to reduce fixed cost and streamline operations

•Entered into a definitive agreement to acquire Petersen Industries, a leader in grapple equipment serving bulky waste end market; the transaction successfully closed in January 2026

Full Year Results:

•Net sales of $1,603.7 million compared to $1,628.5 million in 2024

•Fully diluted EPS was $8.59 per share and adjusted fully diluted EPS was $9.37 per share

•Adjusted EBITDA of $216.9 million was 13.5% of net sales

•Operating cash flow was $177.5 million, resulting in a 171% conversion of net income to cash

•Total debt was $205.7 million and cash was $309.7 million, or $103.9 million in excess of debt

ALAMO GROUP ANNOUNCES 2025 FOURTH QUARTER AND YEAR END RESULTS PAGE 2

Robert Hureau, Alamo Group's President, and Chief Executive Officer commented, “Fiscal year 2025 was a year of transition as we position our Company for long term growth and success. Over the past few months, we’ve taken several decisive steps to strengthen our foundation including restructuring certain manufacturing facilities, reshaping the organizational structure, sharpening our commercial and operational priorities, accelerating our M&A engine and setting a clear vision for the future. Despite the challenges in the quarter, I’m excited about where we are taking our company and the success that lies ahead.”

Fourth Quarter Results

Net sales for the fourth quarter of 2025 were $373.7 million, a decrease of 3.0% compared to $385.3 million for the fourth quarter of 2024. Net income per fully diluted share for the fourth quarter of 2025 was $1.28 compared to $2.33 for the fourth quarter of 2024. Adjusted net income per fully diluted share for the fourth quarter of 2025 was $1.70 compared to $2.39 for the fourth quarter of 2024. Adjusted EBITDA for the fourth quarter of 2025 was $44.8 million, or 12.0% of net sales, compared to $51.8 million, or 13.4% of net sales, for the fourth quarter of 2024.

Net sales for the fourth quarter of 2025 in the Industrial Equipment Division were $234.9 million, an increase of 4.2% compared to $225.5 million for the fourth quarter of 2024. Adjusted EBITDA of the fourth quarter of 2025 in the Industrial Equipment Division was $41.5 million, or 17.7%, compared to $35.5 million, or 15.7%, for the fourth quarter of 2024.

Net sales for the fourth quarter of 2025 in the Vegetation Management Division were $138.7 million, a decrease of 13.2%, compared to $159.8 million for the fourth quarter of 2024. Adjusted EBITDA for the fourth quarter of 2025 in the Vegetation Management Division was $3.2 million, or 2.3%, compared to $16.3 million, or 10.2%, for the fourth quarter of 2024.

Mr. Hureau commented, “The fourth quarter reflected mixed performance for the Company. Our Industrial Equipment Division delivered stellar results while our Vegetation Management Division continued to experience headwinds. The Vegetation Management Division continued to face weak end-market demand, particularly in tree care and recycling, agriculture and municipal mowing. Each of these markets was impacted by low housing demand, low crop prices, elevated interest rates, and further amplified by tariff-driven costs and uncertainty. Amid these end market dynamics, we intensified our focus on cost discipline and continued to improve manufacturing throughput, particularly in those facilities that underwent consolidation earlier in the year. These actions are showing significant progress.”

He further added, “Regarding the Industrial Equipment Division, we performed quite well in terms of net sales growth, adjusted EBITDA margins, and solid bookings. The Excavator and Vacuum Truck,

ALAMO GROUP ANNOUNCES 2025 FOURTH QUARTER AND YEAR END RESULTS PAGE 3

and Sweepers and Safety businesses delivered double-digit growth in net orders and net sales. Snow performed quite well also. The Division delivered impressive adjusted operating income of 14.9%, benefiting from strong net sales and favorable mix.

In addition, total Company cash flows were also strong enabling investment in the business and positioning us well to take advantage of a growing pipeline of acquisition targets."

Full Year Results

Net sales for the full year 2025 were $1,603.7 million, a decrease of 1.5% compared to $1,628.5 million for the full year 2024. Net income per fully diluted share for the full year 2025 was $8.59 compared to $9.63 for the full year 2024. Adjusted net income per fully diluted share for the full year 2025 was $9.37 compared to $10.12 for the full year 2024. Adjusted EBITDA for the full year 2025 was $216.9 million, or 13.5% of net sales, compared to $228.4 million, or 14.0% of net sales, for the full year 2024.

Net sales for the full year 2025 in the Industrial Equipment Division were $949.7 million, an increase of 12.6% compared to $843.3 million for the full year 2024. Adjusted EBITDA for the full year 2025 in the Industrial Equipment Division was $157.5 million, or 16.6%, compared to $136.1 million, or 16.1%, for the full year 2024.

Net sales for the full year 2025 in the Vegetation Management Division were $654.1 million, a decrease of 16.7% compared to $785.2 million for the full year 2024. Adjusted EBITDA for the full year 2025 in the Vegetation Management Division was $59.4 million, or 9.1%, compared to $92.3 million, or 11.8%, for the full year 2024.

Operating cash flow for the full year was $177.5 million. At December 31, 2025, total debt was $205.7 million and total cash was $309.7 million. Reflecting the resilience of the Company's business and continued confidence in its future, the Company increased its quarterly dividend from $0.30 to $0.34 per share. This 13.3% increase in the dividend per share highlights the Company's strong financial position and commitment to delivering shareholder value.

Mr. Hureau commented, “Our strong cash generation and solid balance sheet create tremendous opportunity for us to invest in the business and advance our long-term strategy. The acquisition of Petersen Industries is a great example of how we’re positioning the Company for growth. We look forward to discussing our results and priorities in more detail during our upcoming earnings conference call.”

ALAMO GROUP ANNOUNCES 2025 FOURTH QUARTER AND YEAR END RESULTS PAGE 4

Earnings Conference Call

The Company will host a conference call to discuss fourth quarter and year end 2025 financial results on Tuesday, March 3, 2026 at 10:00 a.m. ET. Hosting the call will be members of senior management.

Individuals wishing to participate in the conference call should dial 1-833-816-1163 (domestic) or 1-412-317-1898 (international). For interested individuals unable to join the call, a replay will be available until Tuesday, March 10, 2026 by dialing 1-855-669-9658 (domestic) or 1-412-317-0088 (internationally), passcode 4809758.

The live broadcast of Alamo Group Inc.’s quarterly conference call will be available online at the Company's website, www.alamo-group.com (under “Investor Relations/Events & and Presentations”) on Tuesday, March 3, 2026, beginning at 10:00 a.m. ET. The online replay will follow shortly after the call ends and will be archived on the Company’s website for 60 days.

About Alamo Group

Alamo Group is a leader in the manufacture and sale of high-quality, purpose-built industrial and vegetation management equipment. We serve end-markets such as infrastructure building and maintenance, industrial construction, public works, land maintenance, agriculture and tree care. Our products are sold to independent equipment dealers and directly to contractors and municipalities. Product categories include vocational products (vacuum trucks, street sweepers, roadside safety equipment, excavators, and snow removal equipment) and light machinery (tractor mounted mowing equipment, land maintenance and recycling equipment) as well as related after-market parts and services. The Company operates two divisions: the Industrial Equipment Division and the Vegetation Management Division. Founded in 1969, the Company has approximately 3,800 employees and operates 27 manufacturing facilities in North America, Canada, Europe, Brazil and Australia. The corporate offices of Alamo Group Inc. are located in Seguin, Texas.

ALAMO GROUP ANNOUNCES 2025 FOURTH QUARTER AND YEAR END RESULTS PAGE 5

Forward Looking Statements

This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from forecasted results. Among those factors which could cause actual results to differ materially are the following: adverse economic conditions which could lead to a reduction in overall market demand, supply chain disruptions, labor constraints, increasing costs due to inflation, disease outbreaks, geopolitical risks, including tariffs, trade wars, and the effects of the war in the Ukraine and the Middle East, competition, weather, seasonality, currency-related issues, and other risk factors listed from time to time in the Company’s SEC reports. The Company does not undertake any obligation to update the information contained herein, which speaks only as of this date.

(Tables Follow)

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PAGE 6

Alamo Group Inc. and Subsidiaries 

Condensed Consolidated Statements of Income

(in thousands, except per share amounts)

(Unaudited)

			Three Months Ended												Year Ended
			12/31/2025						12/31/2024						12/31/2025						12/31/2024
Net sales:
Vegetation Management			$	138,746					$	159,802					$	654,053					$	785,199
Industrial Equipment			234,904						225,521						949,662						843,314
Total Net Sales			373,650						385,323						1,603,715						1,628,513
Cost of Sales			288,649						293,535						1,205,898						1,216,025
Gross Margin			85,001						91,788						397,817						412,488
			22.7		%				23.8		%				24.8		%				25.3		%
Selling, general and administration expense			58,260						53,295						229,657						231,453
Amortization Expense			4,210						4,052						16,547						16,227
Income from Operations			22,531						34,441						151,613						164,808
			6.0		%				8.9		%				9.5		%				10.1		%
Interest Expense			(4,102)						(3,473)						(14,877)						(20,548)
Interest Income			1,614						760						5,569						2,637
Other Income (expense)			1,263						2,730						(2,793)						2,731
Income before income taxes			21,306						34,458						139,512						149,628
Provision for income taxes			5,794						6,377						35,711						33,698
Net Income			$	15,512					$	28,081					$	103,801					$	115,930
Net Income per common share:
Basic			$	1.29					$	2.35					$	8.64					$	9.69
Diluted			$	1.28					$	2.33					$	8.59					$	9.63
Average common shares:
Basic			12,033						11,979						12,018						11,968
Diluted			12,082						12,043						12,077						12,037

PAGE 7

Alamo Group Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

(Unaudited)

			December 31, 2025									December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents						$	309,659								$	197,274
Accounts receivable, net						276,866									305,561
Inventories						383,252									343,363
Other current assets						28,316									11,297
Total current assets						998,093									857,495
Rental equipment, net						61,102									52,942
Property, plant and equipment						165,977									158,332
Goodwill						214,611									203,027
Intangible assets						144,932									151,360
Other non-current assets						21,901									27,123
Total assets						$	1,606,616								$	1,450,279
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable						$	125,130								$	84,505
Income taxes payable						2,332									13,259
Accrued liabilities						75,905									77,537
Current maturities of long-term debt and finance lease obligations						15,000									15,008
Total current liabilities						218,367									190,309
Long-term debt, net of current maturities						190,748									205,473
Long term tax payable						470									626
Other long-term liabilities						24,113									24,619
Deferred income taxes						24,215									10,998
Total liabilities						457,913									432,025
Total stockholders’ equity						1,148,703									1,018,254
Total liabilities and stockholders’ equity						$	1,606,616								$	1,450,279

PAGE 8

Alamo Group Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

			Year Ended December 31,
			2025						2024
Operating Activities
Net income			$	103,801					$	115,930
Adjustment to reconcile net income to net cash provided by operating activities:
Provision for doubtful accounts			129						1,718
Depreciation - Property, plant and equipment			27,084						26,865
Depreciation - Rental equipment			11,740						9,992
Amortization of intangibles			16,547						16,227
Amortization of debt issuance			703						703
Stock-based compensation expense			9,938						9,141
Provision for deferred income tax expense (benefit)			10,583						(3,607)
Gain on sale of property, plant and equipment			(2,564)						(639)
Changes in operating assets and liabilities:
Accounts receivable			40,618						47,012
Inventories			(28,135)						26,494
Rental equipment			(19,741)						(23,830)
Prepaid expenses and other assets			6,823						(2,608)
Trade accounts payable and accrued liabilities			30,243						(15,673)
Income taxes payable			(27,375)						1,000
Long-term tax payable			(156)						(2,007)
Other long-term liabilities, net			(2,695)						3,060
Net cash provided by operating activities			177,543						209,778
Investing Activities
Acquisitions, net of cash acquired			(18,283)						—
Purchase of property, plant and equipment			(30,627)						(24,993)
Proceeds from sale of property, plant and equipment			4,480						3,045
Purchase of patents			(1,763)						(233)
Net cash used in investing activities			(46,193)						(22,181)
Financing Activities
Borrowings on bank revolving credit facility			50,000						195,000
Repayments on bank revolving credit facility			(50,000)						(195,000)
Principal payments on long-term debt and finance leases			(15,007)						(15,069)
Contingent consideration payment from acquisition			—						(4,402)
Dividends paid			(14,415)						(12,442)
Proceeds from exercise of stock options			1,650						1,912
Common stock repurchased			(3,022)						(1,972)
Net cash used in financing activities			(30,794)						(31,973)
Effect of exchange rate changes on cash and cash equivalents			11,829						(10,269)
Net change in cash and cash equivalents			112,385						145,355
Cash and cash equivalents at beginning of the year			197,274						51,919
Cash and cash equivalents at end of the period			$	309,659					$	197,274
Cash paid during the period for:
Interest			$	14,735					$	20,787
Income taxes			52,932						40,426

PAGE 9

Alamo Group Inc.

Non-GAAP Financial Measures Reconciliation

From time to time, Alamo Group Inc. may disclose certain “Non-GAAP financial measures” in the course of its earnings releases, earnings conference calls, financial presentations and otherwise. For these purposes, “GAAP” refers to generally accepted accounting principles in the United States. The Securities and Exchange Commission (SEC) defines a “non-GAAP financial measure” as a numerical measure of historical or future financial performance, financial position, or cash flows that is subject to adjustments that effectively exclude or include amounts from the most directly comparable measure calculated and presented in accordance with GAAP. Non-GAAP financial measures disclosed by Alamo Group are provided as additional information to investors in order to provide them with greater transparency about, or an alternative method for assessing, our financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other companies. Whenever we refer to a non-GAAP financial measure, we will also generally present the most directly comparable financial measure calculated and presented in accordance with GAAP, along with a reconciliation of the differences between the non-GAAP financial measure we reference and such comparable GAAP financial measure.

Attachment 1 discloses non-GAAP measures such as Adjusted Operating Income, Adjusted Net Income and Adjusted Fully Diluted EPS, related to certain items that the management believes are not indicative of underlying performance. Adjusted Operating Income accounts for these impacts on a pre-tax basis and Adjusted Net Income and Adjusted Fully Diluted EPS are calculated on a after-tax basis. Management believes isolating certain items from the core operating performance improves comparability across periods, and reflects how management plans and assesses the business.

Attachment 2 shows reconciliation of Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") and Adjusted EBITDA.

Attachment 3 reflects Division performance inclusive of non-GAAP financial measures such as Backlog, Adjusted Operating Income, Earnings Before Interest, Tax, Depreciation and Amortization ("EBITDA") and Adjusted EBITDA.

Attachment 4 shows the net change in our total debt net of cash and discloses a non-GAAP financial presentation related to the impact of currency translation on net sales by division.

PAGE 10

Attachment 1

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands, except per share numbers)

(Unaudited)

Non-GAAP Financial Measures
						Three Months Ended												Year Ended
						December 31,												December 31,
						2025						2024						2025						2024
Operating Income						$	22,531					$	34,441					$	151,613					$	164,808
CEO Transition(1)						—						—						2,310						—
Acquisition and Integration Expenses(2)						1,647						—						3,274						—
Restructuring Expenses(3)						7,323						1,002						9,262						4,228
Gradall Strike(4)						—						—						—						3,556
Adjusted Operating Income						$	31,501					$	35,443					$	166,459					$	172,592
Adjusted Operating Income % net sales						8.4		%				9.2		%				10.4		%				10.6		%
Net Income						$	15,512					$	28,081					$	103,801					$	115,930
CEO Transition(1), net of tax benefit $— and $591, respectively						—						—						1,719						—
Acquisition and Integration Expenses(2), net of tax benefit $422 and $838, respectively						1,225						—						2,436						—
Restructuring Expenses(3), net of tax benefit $1,318 and $226, $1,815, and $952, respectively						3,832						776						5,274						3,276
Gradall Strike(4), net of tax benefit $ — and $851, respectively						—						—						—						2,705
Adjusted Net Income						$	20,569					$	28,857					$	113,230					$	121,911
Fully Diluted EPS						$	1.28					$	2.33					$	8.59					$	9.63
CEO Transition(1)						—						—						0.14						—
Acquisition and Integration Expenses(2)						0.10						—						0.20						—
Restructuring Expenses(3)						0.32						0.06						0.44						0.27
Gradall Strike(4)						—						—						—						0.22
Adjusted Fully Diluted EPS						$	1.70					$	2.39					$	9.37					$	10.12

Notes:

1.CEO Transition includes accelerated stock compensation, recruiting expenses, sign-on bonus, and moving expenses.

2.Acquisition and integration expenses include advisory fees for both unsuccessful and successful deals.

3.Restructuring expenses include severance cost, relocation and set up cost, reduction in the realizable value of inventory as a result of strategic brand review, offset by gain on sale of Gibson City, Illinois facility.

4.Gradall strike represents lost profitability during the 5-week labor strike in Q2, 2024.

PAGE 11

Attachment 2

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

EBITDA
						Three Months Ended December 31,												Twelve Months Ended    December 31,
						2025						2024						2025						2024
Net Income						$	15,512					$	28,081					$	103,801					$	115,930
Interest, net						2,488						2,713						9,308						17,911
Provision for income taxes						5,794						6,377						35,711						33,698
Depreciation						9,961						9,573						38,824						36,857
Amortization						4,210						4,052						16,547						16,227
EBITDA						$	37,965					$	50,796					$	204,191					$	220,623
EBITDA % net sales						10.2		%				13.2		%				12.7		%				13.5		%
Adjustments:
CEO Transition(1)						$	—					$	—					$	2,310					$	—
Acquisition and Integration Expenses(2)						1,647						—						3,274						—
Restructuring Expenses(3)						5,150						1,002						7,089						4,228
Gradall Strike(4)						—						—						—						3,556
Adjusted EBITDA						$	44,762					$	51,798					$	216,864					$	228,407
Adjusted EBITDA % net sales						12.0		%				13.4		%				13.5		%				14.0		%

Notes:

1.CEO Transition includes accelerated stock compensation, recruiting expenses, sign-on bonus, and moving expenses.

2.Acquisition and integration expenses include advisory fees for both unsuccessful and successful deals.

3.Restructuring expenses include severance cost, relocation and set up cost, reduction in the realizable value of inventory as a result of strategic brand review, offset by gain on sale of Gibson City, Illinois facility.

4.Gradall strike represents lost profitability during the 5-week labor strike in Q2, 2024.

PAGE 12

Attachment 3

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

Industrial Equipment Division Performance
						Three Months Ended December 31,												Twelve Months Ended    December 31,
						2025						2024						2025						2024
Backlog																		$	400,955					$	481,544
Net Sales						$	234,904					$	225,521					$	949,662					$	843,314
Income from Operations						33,104						27,973						128,645						108,251
Income from Operations % net sales						14.1		%				12.4		%				13.5		%				12.8		%
Adjustments:
CEO Transition(1)						$	—					$	—					$	1,206					$	—
Acquisition and Integration Expenses(2)						913						—						1,762						—
Restructuring Expenses(3)						1,027						—						1,027						—
Gradall Strike(4)						—						—						—						3,556
Adjusted Operating Income						$	35,044					$	27,973					$	132,640					$	111,807
Adjusted Operating Income % of sales						14.9		%				12.4		%				14.0		%				13.3		%
Depreciation						$	5,712					$	5,131					$	22,174					$	19,191
Amortization						1,258						1,127						4,774						4,508
Other income (expense)						(472)						1,249						(2,122)						605
EBITDA						$	39,602					$	35,480					$	153,471					$	132,555
EBITDA % net Sales						16.9		%				15.7		%				16.2		%				15.7		%
Adjustments:
CEO Transition(1)						$	—					$	—					$	1,206					$	—
Acquisition and Integration Expenses(2)						913						—						1,762						—
Restructuring Expenses(3)						1,027						—						1,027						—
Gradall Strike(4)						—						—						—						3,556
Adjusted EBITDA						$	41,542					$	35,480					$	157,466					$	136,111
Adjusted EBITDA % net sales						17.7		%				15.7		%				16.6		%				16.1		%

Notes:

1.CEO Transition includes accelerated stock compensation, recruiting expenses, sign-on bonus, and moving expenses.

2.Acquisition and integration expenses include advisory fees for both unsuccessful and successful deals.

3.Restructuring expenses include severance cost, relocation and set up cost, reduction in the realizable value of inventory as a result of strategic brand review, offset by gain on sale of Gibson City, Illinois facility.

4.Gradall strike represents lost profitability during the 5-week labor strike in Q2, 2024.

PAGE 13

Attachment 3 (continued)

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

Vegetation Management Division Performance
						Three Months Ended December 31,												Twelve Months Ended    December 31,
						2025						2024						2025						2024
Backlog																		$	198,735					$	187,102
Net Sales						$	138,746					$	159,802					$	654,053					$	785,199
Income from Operations						(10,573)						6,468						22,968						56,557
Income from Operations % net sales						(7.6)		%				4.0		%				3.5		%				7.2		%
Adjustments:
CEO Transition(1)						$	—					$	—					$	1,104					$	—
Acquisition and Integration Expenses(2)						734						—						1,512						—
Restructuring Expenses(3)						6,296						1,002						8,235						4,228
Adjusted Operating Income						$	(3,543)					$	7,470					$	33,819					$	60,785
Adjusted Operating Income % of sales						(2.6)		%				4.7		%				5.2		%				7.7		%
Depreciation						$	4,249					$	4,442					$	16,650					$	17,666
Amortization						2,952						2,925						11,773						11,719
Other (income) expense						1,735						1,481						(671)						2,126
EBITDA						$	(1,637)					$	15,316					$	50,720					$	88,068
EBITDA % net Sales						(1.2)		%				9.6		%				7.8		%				11.2		%
Adjustments:
CEO Transition(1)						$	—					$	—					$	1,104					$	—
Acquisition and Integration Expenses(2)						734						—						1,512						—
Restructuring Expenses(3)						4,123						1,002						6,062						4,228
Adjusted EBITDA						$	3,220					$	16,318					$	59,398					$	92,296
Adjusted EBITDA % net sales						2.3		%				10.2		%				9.1		%				11.8		%

Notes:

1.CEO Transition includes accelerated stock compensation, recruiting expenses, sign-on bonus, and moving expenses.

2.Acquisition and integration expenses include advisory fees for both unsuccessful and successful deals.

3.Restructuring expenses include severance cost, relocation and set up cost, reduction in the realizable value of inventory as a result of strategic brand review, offset by gain on sale of Gibson City, Illinois facility.

PAGE 14

Attachment 4

Alamo Group Inc.

Non-GAAP Financial Reconciliation

(in thousands)

(Unaudited)

Consolidated Net Change of Total Debt, Net of Cash
						December 31, 2025						December 31, 2024						Net Change
Current maturities						$	15,000					$	15,008
Long-term debt, net of current						190,748						205,473
Total Debt						$	205,748					$	220,481
Total Cash						309,659						197,274
Total Debt Net of Cash						$	(103,911)					$	23,207					$	127,118

Impact of Currency Translation on Net Sales by Division
			Three Months Ended December 31,																		Change due to currency translation
			2025						2024						% change from 2024						$						%
Vegetation Management			$	138,746					$	159,802					(13.2)		%				$	3,364					2.1		%
Industrial Equipment			234,904						225,521						4.2		%				1,453						0.6		%
Total Net Sales			$	373,650					$	385,323					(3.0)		%				$	4,817					1.3		%
			Twelve Months Ended    December 31,																		Change due to currency translation
			2025						2024						% change from 2024						$						%
Vegetation Management			$	654,053					$	785,199					(16.7)		%				$	3,986					0.5		%
Industrial Equipment			949,662						843,314						12.6		%				(94)						—		%
Total Net Sales			$	1,603,715					$	1,628,513					(1.5)		%				$	3,892					0.2		%

FAQ

How did Alamo Group (ALG) perform financially in full-year 2025?

Alamo Group’s 2025 net sales were $1,603.7 million with diluted EPS of $8.59. Revenue slipped slightly from 2024’s $1,628.5 million and EPS declined from $9.63. Adjusted diluted EPS was $9.37, and adjusted EBITDA reached $216.9 million, or 13.5% of net sales.

What were Alamo Group (ALG)’s fourth quarter 2025 results?

Fourth quarter 2025 net sales were $373.7 million with diluted EPS of $1.28. Sales fell 3.0% from $385.3 million a year earlier, and EPS declined from $2.33. Adjusted diluted EPS was $1.70, while adjusted EBITDA was $44.8 million, or 12.0% of net sales.

How did Alamo Group’s Industrial Equipment Division perform in 2025?

The Industrial Equipment Division grew strongly in 2025. Net sales rose 12.6% to $949.7 million from $843.3 million in 2024. Adjusted EBITDA was $157.5 million, representing a 16.6% margin versus 16.1% the prior year, supported by strong orders and favorable sales mix.

Why did Alamo Group’s Vegetation Management Division weaken in 2025?

Vegetation Management faced softer end-market demand and margin pressure. Net sales declined 16.7% to $654.1 million, and adjusted EBITDA margin fell to 9.1%. Management cited weak tree care, recycling, agriculture and municipal mowing demand, plus low housing, low crop prices, higher interest rates and tariff-related effects.

What is Alamo Group’s cash and debt position at December 31, 2025?

Alamo Group ended 2025 with more cash than debt. Cash and cash equivalents were $309.7 million, while total debt was $205.7 million. Operating cash flow for the year was $177.5 million, highlighting solid cash generation relative to reported net income of $103.8 million.

Did Alamo Group (ALG) change its dividend based on 2025 results?

Yes, Alamo Group increased its quarterly dividend. The dividend per share rose from $0.30 to $0.34, a 13.3% increase. Management highlighted this move as reflecting the company’s financial strength, strong cash generation and ongoing commitment to returning value to shareholders.

What acquisition activity did Alamo Group report around year-end 2025?

Alamo Group agreed to acquire Petersen Industries, a grapple equipment leader. The definitive agreement targeted the bulky waste end market, and the company states the transaction successfully closed in January 2026. Management views this as positioning the company for growth within its industrial equipment portfolio.

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