Haulotte Group (PIG) Q4 2025 TU earnings summary

Executive summary

• Annual sales reached €512M in 2025, a decrease of 18% compared to 2024 at constant exchange rates, excluding IAS29.

• The global aerial work platform market continued to decline, hitting its lowest level since the Covid-19 pandemic, mainly due to a significant downturn in China.

• Fourth quarter 2025 revenue was €128M, up 6% year-over-year, driven by a more dynamic European market.

Financial highlights

• Equipment sales fell 22% to €420M, rental sales dropped 12% to €19M, and services declined 5% to €73M compared to 2024.

• Total annual revenue decreased 19% to €512M from €634M in 2024.

• Over the full year, equipment sales decreased by 20%, rental activity by 8%, and services by 4%.

Outlook and guidance

• Current operating income for 2025 is expected to be slightly negative.

• Sales growth is anticipated in 2026, contingent on recovery in the North American market.