Hiab (HIAB) Pre-silent call summary

Executive summary

• Company began standalone operations and rebranded to Hiab with a new trading code HIAB on 1 April 2025.

• Scott Phillips appointed as CEO, with most of the leadership team continuing from previous roles.

• MacGregor separation is progressing as planned, with closing expected by July 1 at the latest.

• Restated segment information published and last AGM of Cargotec held on 26 March 2025.

Trading performance and revenue trends

• Equipment order intake has remained flat since Q4 2022, with order book stabilizing after high COVID-era orders.

• Services revenue grew 2% in 2024, with Q4 up 4% and profitability stable around 22%.

• Demand in Europe has improved, while U.S. customers are delaying decisions due to tariff uncertainties.

• Defense logistics demand is strong, with increased RFQs and stable performance in waste, recycling, and last-mile logistics.

• Services segment delivered over 20% profitability, with strong order book and sales.

Profitability and margins

• 2024 comparable operating profit margin was 13.2%, with 245 MEUR profit.

• Equipment segment's Q4 impacted by one-off costs, mainly from Italian operations streamlining, with improvements expected in H2 2025.

• Long-term target for comparable operating profit is 16% by 2028, adjusted for standalone costs.

• EUR 20 million cost savings program underway, with less than half from Italy; material cost savings continue to protect margins.

• All divisions contributed to profitability.