2025 Half-Year results

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PRESS RELEASE

2025 Half-Year results

●    H1 25 Net sales of €m 1,275, -9.4% vs. H1 24, -9.1% like for like⁽¹⁾

●    Q2 25 revenues of €m 675, -6.5% vs. Q2 24

●    Q2 25 order intake on equipment of €m 450 vs. €m 86 in Q2 24

●    End of Q2 25 order book⁽²⁾ on equipment at €m 1,045 vs. €m 1,344 in Q2 24

●    Recurring operating income at €m 64.9 (5.1%) vs. €m 127.5 (9.1%) in H1 24

●    Net income at €m 32.7 vs. €m 81.8 in H1 2024

●    EBITDA restated from IFRS 16⁽³⁾ at €m 98.8 (7.7%) vs. €m 159.8 (11.4%) in H1 24

●    Net debt⁽⁴⁾ at €m 299, down €m 71 vs. December 31, 2024, gearing⁽⁴⁾ at 32%, leverage⁽⁴⁾ at 1.49

●    Confirmation of an anticipation of stable 2025 revenue compared to 2024 and a recurring operating profit margin of approximately 5.5% of revenue for 2025. However, the recent U.S. tariff announcement could lead to significant and difficult-to-anticipate market changes.

Ancenis, July 30, 2025

The Board of Directors of Manitou BF, chaired by Jacqueline Himsworth, today approved the group's consolidated financial statements for the first half of 2025.

Our order book represents approximately 6 months of activity, an adapted horizon to the needs of our clients. To date, it allows us to envisage an improvement in performance in the second half of the year.

In this degraded context, the group has strengthened its position in the majority of geographic areas. The anticipated decline in revenue in the first half of the year is particularly noticeable among rental companies.

The financial performance for the half-year was affected by the contraction in activity and an increased pressure on selling prices. Thus, the recurring operating profit stands at 5.1% of revenue, down from the record level reached in the first half of 2024.

The group continues to reduce its inventories and its net debt by 71 million euros. It stands at 299 million euros as of June 30, 2025.

At present, we believe our ability to offset the first-half activity decline in the second half, thereby achieving stable 2025 revenue compared to 2024. The recurring operating profit is expected to be around 5.5%. However, the U.S. tariff announcement may lead to significant market changes that are difficult to anticipate.

We also remain fully committed to the group’s transformation through the implementation of the new 2026-2030 “LIFT” strategic roadmap and to consolidate our growth momentum, by capitalizing on our innovation capacity, the complementarity of our Product and Services offers and the commitment of our teams worldwide.

Thus, as part of its strategy to transition to more sustainable handling solutions, the group is actively pursuing the electrification of its range with the first deliveries of 100% electric telehandlers for the construction market, equipped with electric batteries developed in-house by its subsidiary, easyLi, acquired in 2023.

In addition, in July 2025, the group signed an agreement with its historical partner Hangcha, with a view to creating a joint-venture based in France (Le Mans) dedicated to the manufacturing and distribution of lithium-ion batteries for industrial forklifts."

Revenues evolution

Net sales by division                                                                                                                                                                       

Net sales by geographic region                                                                                                                                                  

Review by division

As of June 2025, the Product division reported revenues of €1,063 million, a decrease of 11.6% compared to the first half of 2024 (-11.3% at constant scope and exchange rate). This evolution is mainly explained by the wait-and-see attitude of certain market players, particularly rental companies, in an uncertain market environment. 

The division's gross profit stood at €165.2 million, decreasing compared to a record first half of 2024. This decline is explained by reduced activity and increased competitive pressure on selling prices.

In this context, the recurring operating profit of the Product division amounted to €55.7 million, representing 5.2% of revenue, compared to €119.3 million one year earlier (9.9% of revenue).

With revenues of €211 million, the Services & Solutions division (S&S) recorded growth of +3.6% over the first six months of the year (+3.9% at constant scope and exchange rates), confirming its resilience in a contrasting environment. This performance was mainly driven by the momentum of the spare parts and accessories activities, as well as the development of the services activities.

The gross profit increased by €1.2 million (+2.2%) compared to the first half of 2024, reaching €54.1 million.

In this context, the division's operating profitability stands at €9.0 million, or 4.3% of revenue, an increase of €0.8 million compared to the first half of 2024 (€8.2 million, or 4.0% of sales).

Glossary

Data as a percentage in parentheses express a percentage of net sales.

Half-year financial statements and Statutory auditors‘ review report available online on the company website (in French). Limited review procedures performed by the auditors.

(1) Like for like, so at constant scope and exchange rates:

- Scope: 

- no company acquired in 2024 and 2025 that could impact the current period published, - no company exited the scope in 2024 and 2025.

- Application of the exchange rate of the previous year on the aggregates of the current year.

(2)  The order book corresponds to machine orders received and not yet delivered, for which the group:

-has not yet provided the promised machines to the customer,

-has not yet received consideration and has not yet been entitled to consideration.

These orders are delivered within less than one year and may be cancelled. 

The order book may vary due to changes in consolidation scope, adjustments, and foreign currency translation effects.

(3)  EBITDA restated from IFRS 16: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impact (on 6 months)

(4)  Net debt, gearing and leverage: excluding lease commitments IFRS 16

ISIN code: FR0000038606

Indices: CAC ALL SHARES, CAC ALL-TRADABLE, CAC INDUSTRIALS, CAC MID & SMALL, CAC SMALL,

EN FAMILY BUSINESS

                                                       FORTHCOMING EVENT:                                          October 29, 2025 

Q3 2025 Sales revenues

Company information is available at www.manitou-group.com 

Shareholder information: communication.financiere@manitou-group.com    

As a world reference in the handling, aerial work platform and earth moving sectors, Manitou Group’s mission is to improve working conditions, safety and performance around the world, while protecting people and their environment. Through its flagship brands – Manitou and Gehl – the group designs, produces, distributes and services equipment for construction, agriculture and industry. By placing innovation at the heart of its development, Manitou Group constantly seeks to bring value to all its stakeholders. Through the expertise of its network of 800 dealers, the group works more closely with its customers every day. Staying true to its roots, with its headquarters located in France, Manitou Group turned over €2.7 billion in 2024. It unites 6,000 talents worldwide with passion as their common driver.

FINANCIAL EXTRACT JUNE 30, 2025

1.STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED INCOME STATEMENT

EARNINGS PER SHARE (IN EUROS)

OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSES & COMPREHENSIVE INCOME

ASSETS

EQUITY & LIABILITIES

3.CONSOLIDATED SHAREHOLDERS’ EQUITY

Cash flow from investing activities                                                                                                          -136,208              -71,042               -55,100

ACQUISITIONS AND ADDITIONAL EQUITY INVESTMENT

MN-LIFTTEK OY

OTHER OPERATION

SITIA

The group has finalized the acquisition of Sitia's robotics business for €0.8 million. A team of 7 employees with expertise in robot development will join the R&D teams at Manitou Group. This acquisition also includes the intellectual property of Sitia's robotics business unit.

This transaction constitutes a purchase of individual assets, analyzed outside the scope of IFRS 3.                                                          

INFORMATION ON OPERATING SEGMENTS

CONSOLIDATED INCOME STATEMENT BY DIVISION

In accordance with IFRS 8, the information by operating segment is prepared on the basis of operating reports submitted to group management. This information is prepared in accordance with the IFRS applicable to consolidated financial statements.

The group is organised around two operating divisions: 

§   the Product division includes all French, Italian, American, and Indian production sites dedicated in particular to telehandlers, industrial masted forklift trucks and all-terrain trucks, truck-mounted forklifts, aerial work platforms, compact wheel loaders, compact track loaders, and articulated compact loaders, backhoe loaders and telescopic loaders. Its mission is to optimize the development and production of Manitou, Gehl, and Mustang by Manitou brand name products;

§   the S&S (Services & Solutions) division includes service activities to support sales (financing approaches, warranty contracts, maintenance and full service contracts, fleet management, etc.), after-sales services (spare parts, technical training, warranty contract management, used equipment management, etc.) and services to end users (geolocation, user training, advice, etc.). The aim of this division is to create service offers to meet the expectations of each of our customers in our value chain and increase the resilience of group sales. 

These two divisions design and assemble the products and services that are distributed by the sales and marketing organization to dealers and the Group’s major accounts in 140 countries. 

In April 2025, Manitou Group, announced a new strategic roadmap “LIFT” to consolidate its global leadership and provide its customers with distinctive solutions, by engaging its employees and partners in innovation, focusing on solutions with a positive societal and environmental impact.

It operates in an unprecedentedly volatile geopolitical and economic environment, which requires the group to continue to adapt constantly in order to consolidate its leadership position and offer its customers increasingly sustainable and efficient solutions.

Based on 4 pillars (leading on material handling and people elevation markets, innovating with sustainability mindset, focusing on customer experience and transforming ourselves for tomorrow).

To achieve these objectives and better respond to customer needs and market requirements, the group will evolve its current organization with two divisions (Product division and Services & Solutions) towards an organization divided into three geographical areas: North America, Europe, and LAPAM (Latin America, Asia-Pacific, Africa, and the Middle East).

Each zone will manage its own operational and financial performance. This new organization will be operational on January 1st, 2026.

NET SALES BY DIVISION AND GEOGRAPHICAL REGION

* Asia, Pacific, Africa, Middle East

POST-CLOSING EVENTS

ANNOUNCEMENT OF AN AGREEMENT FOR THE CREATION OF A JOINT VENTURE SPECIALIZING IN LITHIUM-ION BATTERY MANUFACTURING

On July 18, 2025, Manitou Group signed an agreement with its long-standing partner, the Chinese group Hangcha, to create a joint venture based in Le Mans, France. This new entity will specialize in the manufacturing and distribution of lithium-ion batteries for industrial vehicles. Manitou Group will hold a minority stake in this new company, which will operate independently. Subject to the approval of European competition authorities, this joint venture aims to support the replacement of lead-acid batteries with more sustainable lithium-ion solutions, directly supporting the Group's "LIFT" strategic roadmap, which is focused on the electrification of its ranges.

LIST OF SUBSIDIARIES AND AFFILIATES

        Production companies                                                                                                                                                                                         

        Associates companies                                                                                                                                                                                          

FC: Full Consolidation

EM: Equity Method

*Holdings and companies without activity