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Here are 1-3 brief analogies for Twin Disc (TWIN):

• Caterpillar for heavy-duty power transmission components.
• A specialized ZF for marine and industrial transmissions.

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• Marine Transmissions: Gearboxes that transmit power from an engine to the propeller in marine vessels.
• Marine Control Systems: Electronic systems, including joysticks and throttles, used for precise maneuvering of marine propulsion.
• Surface Drives: Advanced propulsion systems designed to enhance speed and efficiency in high-performance marine vessels.
• Power Take-Offs (PTOs): Devices that divert mechanical power from an engine to operate auxiliary equipment in industrial and off-highway applications.
• Industrial Clutches: Mechanical devices used to engage and disengage power transmission in various industrial machinery.
• Off-Highway Transmissions: Heavy-duty transmissions designed for demanding applications in construction, mining, and other off-highway vehicles.
• Torque Converters: Fluid couplings that transfer and multiply rotational power from an engine to a driven load.

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Major Customers of Twin Disc (TWIN)

• Marine Industry: Customers include manufacturers of commercial vessels (e.g., fishing boats, tugboats, offshore supply vessels, ferries), governmental and defense vessels (e.g., patrol boats, military craft), and recreational yachts and pleasure craft.
• Off-Highway and Industrial Markets: These customers include companies that manufacture or utilize heavy equipment for:
  • Oil & Gas: Equipment used in drilling, well servicing (e.g., fracking pumps), and production.
  • Mining: Heavy machinery such as haul trucks, excavators, and other specialized mining vehicles.
  • Construction: Large equipment like cranes, bulldozers, and excavators.
  • Government & Defense: Various military and specialized government vehicles and equipment.
  • Agriculture: Certain types of heavy-duty agricultural machinery.
  • General Industrial Applications: Power generation systems, material handling equipment, and other industrial machinery.

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John H. Batten, Chief Executive Officer

Mr. Batten was elected Chief Executive Officer of Twin Disc, Inc., effective November 1, 2013. He joined the company in 1996 as an Applications Engineer and has held various positions including Commercial Manager – Marine; Vice President and General Manager, Marine Products; Executive Vice President; and President and Chief Operations Officer. He became a director of the company in 2002. Mr. Batten earned a BA in History from Yale University and a BS in Mechanical Engineering from the University of Colorado-Boulder, and completed the Advanced Management Program of the Harvard Business School in 2004. He is also a member of the Board of Directors at Charter Manufacturing and Walker Forge. The Batten family has a historical connection to Twin Disc, with P. H. Batten, his grandfather, being a co-founder and early president of the company.

Jeffrey S. Knutson, Vice President - Finance, CFO, Treasurer and Secretary

Mr. Knutson is responsible for the financial leadership of Twin Disc, including developing financial strategy, overseeing the capital structure, financial reporting, and investor relations. He was elected Chief Financial Officer and Treasurer effective June 22, 2015, in addition to his roles as Vice President of Finance and Secretary. Mr. Knutson joined Twin Disc in February 2005 as the Controller of its North American manufacturing operation and became Corporate Controller in October 2005. Prior to joining Twin Disc, he was employed by Tower Automotive - Milwaukee Division as Controller and held various financial positions at several divisions of Invensys, Bucyrus International, and PricewaterhouseCoopers. Mr. Knutson holds a Bachelor of Business Administration degree from the University of Wisconsin - Whitewater and is a Certified Public Accountant.

Tim Batten, Executive Vice President

Mr. Batten serves as Executive Vice President at Twin Disc.

Michael B. Gee, Vice President, Corporate Engineering

Mr. Gee holds the position of Vice President, Corporate Engineering at Twin Disc.

Mark Sandercock, Vice President, Operations & Supply Chain

Mr. Sandercock is the Vice President, Operations & Supply Chain for Twin Disc.

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1. Cyclicality of End Markets and Global Economic Conditions: Twin Disc operates in various industrial and marine sectors, including oil and gas, commercial and pleasure marine, defense, and industrial markets. These markets are inherently cyclical and highly sensitive to global economic conditions, interest rate fluctuations, and geopolitical stability. Downturns in these sectors can significantly impact demand for Twin Disc's power transmission equipment, leading to reduced sales and profitability. The company has experienced softness in certain segments, such as Asian oil and gas markets, and faces uncertainties related to trade policies and slowing global economies.
2. Debt Levels and Cash Flow Management: Recent strategic acquisitions, such as Katsa Oy and Kobelt, have led to an increase in Twin Disc's total debt and net debt. The company's ability to service this debt and generate sufficient cash flow to manage its financial obligations is a critical risk. Margin pressures from commodity inflation and shifts in product mix, coupled with the ability to effectively implement price increases, further influence cash flow and profitability.
3. International Operations and Supply Chain Vulnerabilities: A substantial portion of Twin Disc's sales and operations are international, exposing the company to risks such as foreign currency fluctuations, political and economic instability in different regions, and varying legal and regulatory standards. Additionally, the company faces supply chain risks, including potential raw material shortages (e.g., steel), rising commodity costs, and uncertainties arising from trade policies like tariffs, all of which can adversely affect production schedules and profitability.

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Twin Disc, Inc. (symbol: TWIN) operates in several addressable markets for its main products and services, primarily focusing on marine and heavy-duty off-highway power transmission equipment.

Main Products and Addressable Markets:

• Marine Transmissions/Gearboxes: The global marine gearbox market was valued at approximately USD 7.76 billion in 2024 and is projected to reach USD 10.88 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 4.3% from 2024 to 2031. Another estimate for the global marine engine transmissions market placed its value at USD 3.36 billion in 2024, expected to grow to USD 5 billion by 2035 at a CAGR of 3.7%. A broader "Marine Transmission Systems" market was valued at US$34.1 billion in 2024 and is projected to reach US$37.3 billion by 2030.
• Power Take-Offs (PTOs): The global Power Takeoff (PTO) market was valued at approximately USD 1.92 billion in 2021 and is projected to reach USD 4.00 billion by 2033, growing at a CAGR of 6.324%. North America remains the largest market by value, while the Asia-Pacific region is the growth engine. Other estimates suggest a smaller market, with the global Power Take Off (PTO) market size estimated at USD 408.2 million in 2024, with Europe holding over 30% and North America over 40% of the global revenue.
• Industrial Clutches: The global industrial clutches and brakes market was valued at approximately USD 2.05 billion in 2025 and is projected to reach USD 3.46 billion by 2035, with a CAGR of 4.6%. More specifically, the global multi-disc clutches market size was valued at USD 2.1 billion in 2023 and is projected to reach USD 3.6 billion by 2032, growing at a CAGR of 5.8%. Another source indicates the global multi-disc clutch market at approximately USD 5.5 billion in 2025, with a projected CAGR of 5.8% through 2033.
• Hybrid and Electric Propulsion Systems: Twin Disc is actively focusing on hybrid and all-electric propulsion systems, a market that is expected to grow at a 12% CAGR through 2030 globally. A specific dollar value for the total addressable market size was not available in the search results.

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Expected Drivers of Future Revenue Growth for Twin Disc (TWIN)

Over the next 2-3 years, Twin Disc (TWIN) is expected to drive revenue growth through several key initiatives and market trends:

• Strategic Acquisitions and Integration: Twin Disc anticipates revenue growth from the continued integration of strategic acquisitions, such as Kobelt and Katsa. These acquisitions are broadening the company's capabilities, expanding its global reach, and enhancing its market position, particularly in hybrid and electric systems.
• Robust Demand in the Defense Sector: The company is experiencing strong and accelerating demand within its defense segment, evidenced by a significant increase in backlog and multi-year contracts related to NATO and U.S. Navy platforms. This sustained demand is expected to be a substantial contributor to future revenue.
• Growth in Marine and Propulsion Systems: Twin Disc's Marine and Propulsion Systems segment, including Veth products and solutions for the luxury yacht market, is consistently showing strong performance. Record new-unit bookings and increased demand for autonomous-vessel applications, workboats, and government programs are key drivers within this segment.
• Expansion into Hybrid and Electric Solutions: Twin Disc has articulated a strategic mission to become a leading supplier of hybrid and electric solutions across its various end markets. This focus on next-generation power transmission technologies is expected to unlock new revenue streams and market opportunities.
• Recovery and Demand for Higher-Content Solutions in the Industrial Segment: The industrial segment is showing signs of sequential recovery in demand and customer activity. Steady demand for higher-content solutions is reinforcing the product mix and contributing to sales growth in this area.

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Share Repurchases

• Twin Disc did not repurchase any shares in fiscal 2025, with 315,000 shares remaining authorized for repurchase under its existing plan.
• Treasury stock, at cost, decreased from $9,783 thousand (637,778 shares) in fiscal 2024 to $7,402 thousand (482,181 shares) in fiscal 2025.

Share Issuance

• The value of common shares on the balance sheet increased by $471 thousand from $41,798 thousand in fiscal 2024 to $42,269 thousand in fiscal 2025, while the number of issued shares remained constant.
• The value of common shares increased by $77 thousand from $41,721 thousand in fiscal 2022 to $41,798 thousand in fiscal 2023, corresponding to an increase of 62,323 shares.

Outbound Investments

• Fiscal 2025 sales growth was primarily driven by strategic acquisitions, including Kobelt and Katsa.
• The acquisition of Kobelt contributed to an increase in long-term debt by $16.4 million, bringing net debt to $29.5 million in fiscal 2025.
• Twin Disc continued its investment in India during 2023.

Capital Expenditures

• Capital expenditures for fiscal 2025 were $15.2 million, primarily invested in property, plant, and equipment to support growth and operational efficiency.
• For fiscal 2024, anticipated capital expenditures were approximately $9 million - $11 million, with a focus on modern equipment to drive efficiencies, quality improvements, and cost reductions.
• The company anticipates capital expenditures of approximately $17 million to $19 million in fiscal 2026 to support strategic acquisitions and capital investments.