Manitou (MTU) Q4 2024 TU earnings summary

Executive summary

• Q4 2024 revenues reached €657m, a 19% decrease compared to Q4 2023, with full-year sales at €2,657m, down 7% year-over-year.

• Q4 2024 order intake on equipment rebounded to €532m, nearly doubling from €269m in Q4 2023, indicating market recovery.

• The order book at the end of Q4 2024 stood at €1,083m, down from €2,275m at the end of Q4 2023.

• Northern Europe saw the sharpest decline, especially in Germany and the Nordics, while North America showed signs of recovery.

• Results landed in line with guidance, with a continued recovery in order intake.

Financial highlights

• Q4 2024 revenue by region: South Europe €238m, North Europe €193m, Americas €155m, APAM €71m.

• Q4 2024 total revenue declined 19% year-over-year; Americas saw a 3% increase, while North Europe dropped 36%.

• Full-year 2024 revenue: South Europe €942m, North Europe €894m, Americas €565m, APAM €256m.

• Product Division Q4 revenues fell 22% year-over-year to €556m; full-year down 9% to €2,248m.

• Services & Solutions Division Q4 revenues were €101m, nearly flat year-over-year; full-year up 3% to €409m.

Outlook and guidance

• Revenue for 2025 is expected to remain stable compared to 2024, barring major economic or geopolitical disruptions.

• Recurring operating profit for 2024 expected above 7% of revenues.