Haulotte Group (PIG) H2 2024 earnings summary

Executive summary

• 2024 revenue declined 17% to €634 million amid a global market slowdown, with North America becoming the leading market.

• Net income rose to €12 million (1.9% of revenue), a significant improvement from 2023, despite adverse FX and higher debt costs.

• Services revenue reached a record €77 million, and operating income increased by €7 million to €38 million.

• Gross margin improved to €161 million (25.4% of sales), up from €146 million (19.0%) in 2023, driven by better pricing and lower component costs.

• Consolidated net result reached €15 million (2.4% of sales), aided by hyperinflation accounting.

Financial highlights

• Equipment sales fell 20% to €536 million; rental sales dropped 11% to €21 million; services grew 8% to €77 million.

• Europe sales declined 22%, North America down 11%, Asia-Pacific down 22%, while Latin America was flat.

• Current operating income (excl. FX) rose to €43 million (6.7% of sales) from €31 million (4.0%).

• Net debt reduced by €40 million to €200 million, driven by improved free cash flow and lower working capital needs.

• Fixed costs grew 1.4% to €118 million; DSO increased to 65 days; WCR rose to 142 days of revenue.

Outlook and guidance

• The global aerial work platform market is expected to remain slow in 2025, with a particularly weak first half and high inventory levels.

• No sales or margin guidance for 2025 due to market uncertainty and lack of visibility; focus remains on innovation, debt reduction, cost control, and inventory optimization.