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Manitou (MTU) investor relations material
Manitou Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Net sales for FY 2025 reached €2,564m, down 3.5% year-over-year and 2.3% like-for-like, reflecting a slowdown in business activity and intense competition.
Order intake on equipment surged 106.5% to €2,181m, with the order book at year-end at €1,121m, up 3.4% from 2024.
Recurring operating income declined to €143m (5.6% of sales) from €199m (7.5%) in 2024, impacted by lower volumes, price pressure, and US import duties.
Net income group share fell to €68m from €122m in 2024.
Net debt decreased 42.7% to €212m, with gearing at 21.8% and leverage at 1.0.
Financial highlights
EBITDA (restated from IFRS 16) was €200m (7.8% of sales), down from €262m (9.9%) in 2024, with non-recurring items weighing on results.
Gross profit declined 9.6% to €452m, with gross margin at 17.6% versus 18.8% in 2024.
Dividend payment proposed at €0.75 per share.
Working capital reduced by 22.4% to €687m, reflecting inventory and receivables management.
Free cash flow improved to €187m from €114m in 2024.
Outlook and guidance
Guidance for 2026 is suspended due to international geopolitical uncertainties and a newly broken-out conflict.
The new “LIFT” strategic roadmap targets revenue exceeding €3.8bn, recurring operating income above 7.5% of revenue, and electric machines representing 28% of units sold by 2030.
- Q4 2025 revenue up 10% year-over-year; 2026 revenue expected to grow by 4%.MTU
Q4 2025 TU29 Jan 2026 - Q3 2025 revenues dropped 4% year-over-year, but order intake jumped 70% amid market share gains.MTU
Q3 2025 TU29 Oct 2025 - Revenue and profit declined, but order intake and electrification initiatives gained momentum.MTU
Q2 202530 Jul 2025 - Q3 2024 revenues dropped 10%, but order intake rebounded and profit margins remain strong.MTU
Q3 2024 TU13 Jun 2025 - Profitability rose sharply in H1 2024 despite flat sales and a steep drop in order intake.MTU
H1 202413 Jun 2025 - Q1 2025 revenues fell 12% but order intake jumped 209%, supporting a stable 2025 outlook.MTU
Q1 2025 TU6 Jun 2025 - Order intake nearly doubled despite a 19% revenue drop in Q4 2024.MTU
Q4 2024 TU6 Jun 2025 - 2024 saw lower sales but record EBITDA and improved margins, with stable 2025 outlook.MTU
H2 20245 Jun 2025
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