Palfinger (PAL) H2 2025 earnings summary

Executive summary

• Achieved EUR 2.34 billion in revenue for 2025, maintaining global leadership in technology and market share with a resilient, diversified portfolio and presence in key growth markets, supported by 30 production sites and around 12,000 employees.

• Third-best year in company history for both revenue and EBIT, despite volatility in North America and CIS, with strong performance in Latin America, APAC, and Marine segments, and a confident outlook for 2026 and ambitious targets for 2027 and 2030.

• Service business share increased to 17.4% of revenue, with a strategic goal to exceed 20% in coming years.

• Free cash flow reached a record EUR 181.5 million, supporting a proposed dividend of EUR 0.90, the second highest in company history.

• Inclusion in the ATX index following a 30% share price increase and treasury share placement, enhancing visibility and liquidity.

Financial highlights

• Revenue declined slightly by 0.9% year-over-year to EUR 2.339 billion, with EBIT at EUR 174.3 million (-6.1%), and consolidated net result at EUR 96.7 million (-3.3%).

• Record free cash flow of EUR 181.5 million in 2025.

• Equity ratio increased to 43%, gearing ratio at 50%, and net debt reduced by over EUR 200 million to EUR 460 million.

• EBIT margin at 7.5% for 2025, down from 8.6% in 2023; ROCE at 9.5%.

• Dividend proposal of EUR 0.90 per share for 2025.

Outlook and guidance

• Order book provides 4–5 months of visibility into 2026, with expectations for slightly higher revenue and EBIT in H1 2026 compared to the prior year.

• Achieving 2027 targets (EUR 2.7 billion revenue, 10% EBIT margin, >12% ROCE) depends on further recovery in Germany and an upswing in the U.S.

• Ambitious 2030 targets: over EUR 3 billion revenue, 12% EBIT margin, ROCE of 15%, driven by service, EMEA recovery, Aerial Work Platforms, and efficiency optimization.

• Confident full-year outlook for 2026, focusing on swift implementation of Strategy 2030+.