Haulotte Group (PIG) H2 2025 earnings summary

Executive summary

• Revenue declined 18% year-over-year to €512 million amid a global market downturn, with North America remaining the largest market despite a drop, and Europe showing slight recovery late in the year.

• Net income (excluding IAS 29 & IFRS 16) dropped to -€39 million, or -7.6% of sales, a significant decrease from 2024.

• Operating income declined sharply to -€8 million (down €46 million from 2024), mainly due to negative volume, product mix, and pricing pressures.

• Net debt (excluding guarantees and IFRS 16) improved by €17 million to €183 million, supported by strong free cash flow in H2 2025.

• Only the European region saw sales growth (+2%), while North America (-40%), Latin America (-35%), and Asia-Pacific (-19%) all saw significant declines.

Financial highlights

• Equipment sales dropped 20% at constant exchange rates, rental sales fell 8%, and services declined 4%.

• Gross margin decreased by €54 million to €107 million, with the margin rate falling to 20.8% from 25.4% in 2024.

• Fixed costs were reduced by 3% (excluding bad debt provisions), and DSO improved to 54 days from 65 days.

• Free cash flow was strong in H2, driven by a €37 million reduction in inventories.

• Revenue fell by €122 million compared to 2024.

Outlook and guidance

• 2026 sales growth is expected, contingent on North American market recovery, with a return to positive current operating margin anticipated.

• Key 2026 priorities include optimizing working capital, restoring margins, controlling operating expenses, and improving operational efficiency.