Haulotte Group (PIG) H1 2025 earnings summary

Executive summary

• Consolidated revenue fell 27% year-over-year to €264 million in H1 2025, mainly due to reduced investment by rental players and a sharp market decline in key regions.

• Net loss was €21 million, representing -8% of sales, driven by financial expenses, currency weakness, and deferred tax adjustments.

• The company showed resilience in Europe, with revenue down only 7% despite broader market challenges.

• Current operating income (excluding FX and special items) was €1 million, down €29 million year-over-year, with a margin of 0.6%.

• Major rental customers adopted a cautious investment approach, significantly impacting sales.

Financial highlights

• Net sales dropped from €363 million in H1 2024 to €264 million in H1 2025.

• Gross margin decreased by €31 million to €59 million, with the margin rate at 22.5% versus 24.8% last year.

• Operating income was €0 million, down €29 million from H1 2024.

• Net debt (excluding guarantees and IFRS 16) increased by €9 million to €209 million.

• Cash flow from operations was €6 million, with a net cash outflow of €24 million.

Outlook and guidance

• No significant improvement in current operating income is expected for H2 2025.

• Focus remains on optimizing working capital, controlling expenses, and preparing for a rebound in 2026.

• Many rental customers are already focusing on 2026, indicating continued market softness.