Manitou (MTU) Q2 2025 earnings summary

Executive summary

• H1 2025 net sales reached €1,275m, down 9.4% year-over-year; Q2 2025 revenue was €675m, down 6.5% from Q2 2024.

• Recurring operating income was €64.9m (5.1% margin), down from €127.5m (9.1%) in H1 2024.

• Net income fell to €32.7m from €81.8m in H1 2024.

• Order intake in Q2 2025 surged to €450m from €86m in Q2 2024; order book at end-Q2 2025 was €1,045m, down from €1,344m.

• Launched the 2030 “LIFT” strategic roadmap, focusing on innovation, electrification, and sustainability, effective January 2026.

Financial highlights

• EBITDA (restated from IFRS 16) was €98.8m (7.7% margin), down from €159.8m (11.4%) in H1 2024.

• Net debt decreased by €71m since December 2024, standing at €299m as of June 30, 2025; gearing at 32%, leverage at 1.49.

• Gross margin declined to 17.2% from 19.6% year-over-year.

• Cash flow from operating activities was €144m, stable year-over-year.

• Shareholders' equity remained stable at €935m.

Outlook and guidance

• 2025 revenue expected to remain stable compared to 2024, with a recurring operating profit margin of about 5.5%.

• U.S. tariff changes could introduce significant, hard-to-predict market shifts.

• Anticipates improved performance in H2 2025, supported by a six-month order book and increased order intake.