Manitou (MTU) H2 2024 earnings summary

Executive summary

• FY 2024 net sales reached €2,656m, down 7.5% year-over-year, reflecting a demand slowdown and geopolitical headwinds.

• Recurring operating income was €199.0m (7.5% of sales), down from €211.6m in 2023, but margin slightly improved.

• Net income attributable to the parent company was €121.9m, a 15% decrease from 2023.

• EBITDA (restated from IFRS 16) hit a record €262.0m (9.9% of sales), up from €259.7m (9.0%) in 2023.

• Dividend payment proposed at €1.25 per share.

Financial highlights

• Gross profit margin improved to 18.8% from 17.0%, with gross profit at €500.1m (+2.6% year-over-year).

• Net debt (restated from IFRS 16) stood at €370m, with gearing at 38% and leverage at 1.4.

• Cash flow from operating activities was €85.1m, down from €256.3m in 2023.

• Investments totaled €142.5m, up from €125.5m in 2023.

• Shareholder equity rose 9% to €975.8m.

Outlook and guidance

• Revenue in 2025 expected to remain stable compared to 2024.

• Recurring operating profit margin for 2025 anticipated at 5.5% of revenues, in line with H2 2024, subject to geopolitical and customs duty developments.