Haulotte Group (PIG) Trading Update summary

Annual performance highlights

• 2024 annual sales reached €634M, a 17% decrease from 2023 at constant exchange rates.

• Equipment sales dropped 20%, rental sales fell 11%, while services grew 9% to €77M.

• Fourth quarter turnover was €126M, down 37% year-on-year, impacted by market slowdown and cautious rental customers.

• Europe saw a 23% sales decline, Asia-Pacific 21%, and North America 11%; Latin America remained stable.

Market context and operational focus

• Global aerial work platform market slowdown spread from Europe to all regions in 2024.

• European tariffs on Chinese equipment became definitive in January 2025, influencing rental company behavior.

• Haulotte focused on restoring gross margin and managing operating expenses to support profitability.

Outlook and strategic initiatives

• Operating margin for 2024 expected near 6.5% of turnover, excluding FX gains/losses.

• No specific 2025 sales target due to limited market visibility; guidance will be updated when possible.

• Continued emphasis on innovation, customer relationships, stock optimization, and cost control.