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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Hiab
Hiab (HIAB) investor relations material
Hiab Pre-silent call summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Pre-silent call summary13 Jan, 2026
Executive summary
Order intake for Q3 was EUR 351 million, down 3% year-on-year, with the last 12 months' intake at EUR 1.5 billion, showing flat trends overall; orders remained stable for the 12th consecutive quarter, with a slight decrease due to slow US customer decisions, partially offset by defense and wind segment orders.
Sales in Q3/25 were EUR 346 million, down 11% year-on-year, mainly in the Americas due to a lower order book and reduced H1 order intake, while APAC sales increased and EMEA saw a slight decline.
Comparable operating profit decreased, primarily from lower US equipment sales, but operative ROCE improved due to effective working capital management.
A EUR 20 million cost savings program was announced to protect profitability if market softness continues, targeting savings for 2026.
The acquisition of ING Cranes in Brazil was completed, expanding the heavy loader crane portfolio in South America.
Trading performance and revenue trends
Orders received in Q3/25 were EUR 351 million, down 3% from Q3/24, with LTM orders stable at around EUR 1.5 billion over two years.
Sales in Q3/25 were EUR 346 million, down 11% year-on-year, with a 2 percentage point negative currency impact.
Share of services increased to 34% in Q3/25, with growth driven by recurring services like spare parts and maintenance, aligned with strategic focus on connected fleet and higher capture rates.
Eco portfolio sales grew by 23%, driven by circular and climate solutions.
Strong replacement demand in EMEA and Americas, with large U.S. customers renewing fleets, but smaller U.S. customers remain cautious.
Profitability and margins
Comparable operating profit in Q3 was negatively impacted by lower U.S. equipment sales, reducing profit by about EUR 20 million; margin decreased to 12.2% in Q3/25 from 13.4% in Q3/24.
Gross profit margin declined by 80 basis points, mainly due to lower U.S. utilization, but SG&A costs were reduced year-on-year.
Operative ROCE improved, reaching 29.8% due to successful working capital management.
Cost savings program aims for EUR 20 million lower fixed costs by end of 2026 compared to 2025.
Elaborate on the EUR 20M cost reduction plan
Mitigation strategy for Americas' sales decline
Expected synergies from ING Cranes acquisition?
How do U.S. tariffs affect smaller customer orders?
Are EUR 20M savings structural or market-dependent?
What sustains service growth despite equipment decline?
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Next Hiab earnings date
Q4 202512 Feb, 2026
Hiab
Next Hiab earnings date
Q4 202512 Feb, 2026
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