Manitou (MTU) Q4 2025 TU earnings summary

Executive summary

• Q4 2025 revenue reached €721m, up 10.0% year-over-year, with strong growth in Europe offsetting declines in the Americas and APAM.

• Full-year 2025 revenue totaled €2,564m, down 3.5% from 2024, but slightly above the latest estimates due to Q4 momentum.

• Q4 2025 order intake hit €726m, up 36.5% from Q4 2024, and the order book at year-end stood at €1,121m, representing about six months of activity.

• A new strategic roadmap, LIFT 2030, was launched, shifting to a customer-centric model and reorganizing into three geographic areas.

• Growth was primarily driven by Europe, while North America faced challenges from customs duties and exchange rates.

Financial highlights

• Q4 2025 revenues grew 10.0% year-over-year, with like-for-like growth at 12.1%.

• Q4 2025 Product division revenue rose 10.8% to €615m; S&S division up 5.6% to €107m.

• Full-year 2025 sales declined 3.5% year-over-year, with product division down 4.6% to €2,143m and S&S up 2.8% to €420m.

• Recurring operating profit is anticipated at 5.5% of revenues, an improvement over previous guidance.

• Americas and APAM regions saw revenue declines, while Europe posted strong growth.

Outlook and guidance

• 2026 revenue is expected to grow by approximately 4% compared to 2025, assuming stable macroeconomic and geopolitical conditions.

• Growth will be supported by higher volumes in Europe and price adjustments in North America to offset customs duties.