Hiab (HIAB) Pre-silent call summary

Executive summary

• Sale of MacGregor to Triton for €480 million agreed, with closing expected by July 1, 2025, pending regulatory approvals.

• Company name to change to Hiab effective April 1, 2025, with Scott Phillips becoming CEO.

• Board evaluating an extra dividend for 2025, payable after MacGregor sale.

• MacGregor will be reported as discontinued operations from Q4 2024, with total separation costs estimated at €25 million.

• Standalone Hiab to start with a strong balance sheet, supporting organic and inorganic growth.

Trading performance and revenue trends

• Q3 order intake reached EUR 361 million, up 16% year-on-year, driven by key U.S. and defense orders.

• Americas, especially North America, showed strong order activity, while Europe, particularly Germany, remained weak.

• Order book normalized to about five months of sales, with excess COVID-era backlog largely delivered.

• Year-on-year sales declined 12% as high order backlog was consumed.

• Sales and order book declined by 8% and 29% respectively, reflecting market uncertainty and delayed decisions.

Profitability and margins

• Comparable operating profit margin improved by 60 basis points in Q3 despite lower sales.

• Margin protection attributed to strong sourcing, procurement, and successful commercial actions.

• Standalone Hiab's comparable operating profit margin for Jan–Sep was 15.9%, with €197 million profit.

• Hiab's comparable operating profit margin for 2024 is estimated to be above 14%.

• EUR 20 million cost savings program implemented to support 2025 profitability.