Hiab (HIAB) Pre-silent call summary

Executive summary

• Orders and revenues remained stable in Q1, with EMEA and APAC growth offsetting a decline in the U.S. due to trade tensions and tariff uncertainty.

• Order book at end of March was EUR 601 million, representing five months of sales and down 22% year-over-year.

• Orders received remained stable for the tenth consecutive quarter, with LTM orders around EUR 1.5 billion.

• Sales remained at the previous year's level, with a 1% positive currency impact and an increased share of services.

• Positive momentum in defence logistics and gradual construction recovery in EMEA.

Trading performance and revenue trends

• Q1 order intake was EUR 378 million, down 2% year-on-year, with a stable 12-month rolling intake of EUR 1.5 billion.

• Sales in Q1/25 were EUR 411 million, a 1% decrease from Q1/24.

• Americas accounted for 47% of sales, EMEA 47%, and APAC 6% in Q1/25.

• Eco portfolio sales increased in both climate and circular solutions categories.

• Revenues were flat in Q1; services revenue held steady while equipment revenue declined by 1%.

Profitability and margins

• Record-high comparable operating profit margin of 16.0% in Q1/25, up from 14.8% in Q1/24.

• Comparable operating profit rose to EUR 66 million, a 7% increase year-on-year.

• Equipment and services delivered solid profitability: 15.7% and 23.7% respectively.

• Gross profit margin was about 31%; SG&A and factory overheads are relatively fixed in the short term.

• Operative ROCE improved to 29.6% from 28.1% in Q1/24.