Hiab (HIAB) investor relations material

Executive summary

• Order intake has remained stable for 11 consecutive quarters, with a rolling 12-month intake of €1.5 billion, and Q2/25 orders rose 8% year-on-year, supported by large U.S. key account orders.

• The MacGregor divestment was completed, adding €225 million in cash and enabling a €100 million dividend distribution.

• Comparable operating profit margin improved to 15% in Q2/25, driven by commercial and supply chain actions, with operative ROCE reaching 30.4%.

• Service revenues, especially from recurring contracts, are growing and underpin long-term ambitions.

• Eco portfolio sales grew 23% in Q2/25, with increased circular solutions and stable climate solutions.

Trading performance and revenue trends

• Q2 sales were €402 million; H1 sales reached €840 million, down 4% year-on-year due to order book consumption and currency headwinds.

• EMEA and Americas sales declined by 4% and 3% respectively in H1, with APAC down 10%; Americas saw the most pronounced decline.

• U.S. order intake in Q2 was boosted by large orders, but underlying demand remains cautious due to trade tensions and tariffs.

• Seasonality remains typical in Europe, with Q3 usually being the weakest quarter.

• Sales decline was offset by robust replacement demand and positive momentum in defense logistics.

Profitability and margins

• Comparable operating profit held steady at €60 million in Q2 (15%) and €126 million in H1 (15.5%), supported by supply chain actions.

• Operative ROCE increased to 30.4%, reflecting better profitability and an asset-light model.

• Service margins remain strong, driven by recurring services, with no significant margin changes expected.

• Tariff surcharges (10%-20%) are fully passed to customers, with minimal margin impact.

• Commercial and supply chain actions credited for improved margins and profitability.