Hiab (HIAB) Q4 2024 earnings summary

Executive summary

• Achieved all 2024 strategic priorities, including strong business performance, Kalmar demerger, and signing agreement to sell MacGregor for EUR 480 million; Hiab to become a standalone company and rebrand in April 2025.

• Hiab delivered record-high full-year comparable operating profit margin despite an 8% sales decline, with order intake up 3% year-over-year.

• MacGregor sale closing expected by July 1, 2025; Hiab's transformation includes new leadership and company name effective April 2025.

Financial highlights

• Orders received increased by 3% year-over-year to EUR 1,509 million; order book declined 19% to EUR 648 million.

• Sales decreased by 8% year-over-year to EUR 1,647 million; service sales reached an all-time high, growing 2% to EUR 462 million and representing 28–29% of total sales.

• Comparable operating profit margin improved to 13.2% (2023: 12.3%), with Hiab achieving a record 14.9% margin.

• Profit for the period was EUR 155 million; basic EPS increased to EUR 2.40 (2023: EUR 2.35).

• Operating cash flow for the year was EUR 582 million, supported by reduced net working capital.

Outlook and guidance

• 2025 comparable operating profit margin for continuing operations is guided above 12%, with 2024 margin at 13.2%.

• Hiab targets by 2028: annual sales growth >7%, comparable operating profit margin 16%, and ROCE >25%.

• Dividend proposal of EUR 2.77 per B share, with EUR 1.57 conditional on MacGregor divestment.