Manitou (MTU) Q4 2025 earnings summary

Executive summary

• Net sales for FY 2025 reached €2,564m, down 3.5% year-over-year and 2.3% like-for-like, reflecting a slowdown in business activity and intense competition.

• Order intake on equipment surged 106.5% to €2,181m, with the order book at year-end at €1,121m, up 3.4% from 2024.

• Recurring operating income declined to €143m (5.6% of sales) from €199m (7.5%) in 2024, impacted by lower volumes, price pressure, and US import duties.

• Net income group share fell to €68m from €122m in 2024.

• Net debt decreased 42.7% to €212m, with gearing at 21.8% and leverage at 1.0.

Financial highlights

• EBITDA (restated from IFRS 16) was €200m (7.8% of sales), down from €262m (9.9%) in 2024, with non-recurring items weighing on results.

• Gross profit declined 9.6% to €452m, with gross margin at 17.6% versus 18.8% in 2024.

• Dividend payment proposed at €0.75 per share.

• Working capital reduced by 22.4% to €687m, reflecting inventory and receivables management.

• Free cash flow improved to €187m from €114m in 2024.

Outlook and guidance

• Guidance for 2026 is suspended due to international geopolitical uncertainties and a newly broken-out conflict.

• The new “LIFT” strategic roadmap targets revenue exceeding €3.8bn, recurring operating income above 7.5% of revenue, and electric machines representing 28% of units sold by 2030.