Manitowoc : First Quarter Earnings Presentation

First-Quarter 2019 Earnings Conference Call

May 10, 2019

Barry Pennypacker - President & Chief Executive Officer Dave Antoniuk - SVP & Chief Financial Officer Ion Warner - VP Marketing & Investor Relations

Forward- Looking Statements

Safe Harbor Statement

Any statements contained in this presentation that are not historical facts are "forward-looking statements." These statements are based on the current expectations of the management of the company, only speak as of the date on which they are made, and are subject to uncertainty and changes in

circumstances.

We undertake no obligation to update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements include, without limitation, statements typically containing words such as "intends," "expects," "anticipates," "targets," "estimates," and words of similar import. By their nature, forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future.

There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. For a list of factors that could cause actual results to differ materially from those discussed or implied, please see the company's periodic filings with the SEC, particularly those disclosed in "Risk Factors" in the company's Form 10-K for the fiscal year ended December 31, 2018. Any "forward-looking statements" in this presentation are intended to qualify for the safe harbor from liability under the Private Securities Litigation Reform Act of 1995.

Non-GAAP Measures

The company uses certain non-GAAP measures in discussing the company's performance. The company believes that these non-GAAP financial measures provide important supplemental information to both management and investors regarding financial and business trends used in assessing its results of operations; however, these measures are not substitutes for GAAP financial measures. The reconciliation of

those measures to the most comparable GAAP measures is detailed in Manitowoc's press release for the

first-quarter of 2019, which is available at www.manitowoc.com, together with this presentation.

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First-quarter 2019 Summary

Financial Summary

Business

Highlights

•Sales up 8% Y/Y

•Adj EBITDA(1)of $29.6M, up 73 percent Y/Y -- Eighth consecutive quarter of Y/Y percentage improvement

•Organic Y/Y shipment increases in Americas and Europe

•Fourth consecutive quarter of positive Adjusted DEPS(1)

•Americas: continued strong demand led by U.S. commercial construction and energy end markets

•EURAF: softening Y/Y demand in residential and commercial end markets

•Recapitalized debt structure-> improved flexibility, lower costs

•$30 million share repurchase plan approved

(1)See appendix for reconciliation of GAAP to non-GAAP measures

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Financial & Other Key Metrics

	Q1 2019	Q1 2018	Y/Y ∆
Net sales	$	418.0	$	386.1	8.3	%
Engineering, selling & admin expenses		59.4		60.4	(1.6)%
Operating income		16.2		1.7	NmN
Non-GAAP adjusted operating		20.8		8.0	159.1	%
income (1)
Net loss		(26.7)		(10.0)	(166.5)%
Non-GAAP adjusted income (loss) (1)		2.7		(4.1)	165.9	%
Adjusted EBITDA (1)		29.6		17.1	73.7	%
CFOA (2)		(267.3)		(168.4)	(58.7)%
Non-GAAP CFOA (1), (2)		(141.0)		(24.4)	NmN
Capital expenditures		4.4		6.4	(31.3)%
Backlog	$	693.6	$	756.6	(8.3)%

(1)See appendix for reconciliation of GAAP tonon-GAAP measures

(2)	Cash Flow from Operating Activities	4

Updated Full-Year 2019 Guidance

Revenue

Approximately $1.900 to $1.975 billion

Adjusted EBITDA

Approximately $130 to $150 million

Depreciation

Approximately $35 to $37 million

Restructuring expense

Approximately $12 to $15 million

Interest expense	Approximately $29 to $33 million, excluding
	debt refinancing costs
Income tax expense	Approximately $12 to $16 million, excluding
	discrete items

Capital expenditures

Approximately $35 million

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bauma 2019: Product Launches

GMK3050-2

GMK3060L

GMK5250XL-1

Hup M 28-22

MDT 809

MRH 125

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bauma 2019

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Appendix

Appendix

$600																																							10.0%
$500																																							8.0%
																																						6.0%
$400
																																								4.0%
$300																																									2.0%
$200																																									0.0%
																																									-2.0%
$100																																									-4.0%
$-																																										-6.0%
	Q1 2016	Q2 2016	Q3 2016	Q4 2016	Q1 2017	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
																		Revenue			Adj EBITDA %

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Appendix

					Adjusted Diluted Earnings Per Share by Quarter																		Non-GAAP CFOA (1)
$0.60																																		$150
$0.40																																		$100
$0.20
																																	$50
$-
																																	$-
$(0.20)
$(0.40)																																		$(50)
$(0.60)
$(0.80)																																		$(100)
$(1.00)																																		$(150)
$(1.20)																																		$(200)
		Q1		Q2		Q3		Q4		Q1		Q2		Q3	Q4	Q1	Q2	Q3	Q4	Q1			Q1		Q2		Q3		Q4		Q1		Q2	Q3		Q4		Q1	Q2	Q3	Q4		Q1
2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018	2019	2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018	2019

								Net Working Capital/ % Sales (T12) (1)
$600																																				35%
$500																																						30%
$400																																						25%
																																						20%
$300
																																						15%
$200																																						10%
$100																																						5%
$-																																							0%
		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1
2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018	2019
										Net Working Capital			NWC/ Sales (T12)

(1)Q1 2019 and forward reflects termination of Manitowoc's accounts receivable securitization program

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Appendix- Adjusted EBITDA Reconciliation

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Appendix- Non-GAAP Financial Measures

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