Haulotte Group (PIG) H1 2025 earnings summary

Executive summary

• Consolidated revenue for H1 2025 fell 27–28% to €262–264 million, mainly due to reduced investment by rental players and a sharp market decline in key regions.

• Net loss ranged from €18.7 million to €21 million, impacted by financial expenses, currency weakness, and deferred tax adjustments.

• Comprehensive loss totaled €41.5 million, driven by significant negative currency translation differences.

• Operating income dropped to €1–3 million (margin 0.4–0.6%), down sharply year-over-year.

• The company showed resilience in Europe, with revenue down only 7% despite broader market challenges.

Financial highlights

• Net sales dropped from €363–364.5 million in H1 2024 to €262–264 million in H1 2025.

• Gross margin decreased to €59 million, with the margin rate at 22.5% versus 24.8–24.9% last year.

• Operating income was €0–3 million, down €29 million from H1 2024.

• Net debt increased by €9 million to €209 million.

• Cash flow from operations was €6 million, with a net cash outflow of €24–24.2 million.

Outlook and guidance

• No significant improvement in current operating income is expected for H2 2025.

• Focus remains on optimizing working capital, controlling expenses, and preparing for a rebound in 2026.

• Market uncertainty persists, with many rental companies already focusing on 2026.