Hiab (HIAB) Q4 2025 earnings summary

Executive summary

• Comparable operating profit margin reached a record 13.7% in 2025, despite a 6% sales decline, supported by higher gross margin and lower fixed costs.

• Orders received remained stable at approximately EUR 1.48 billion, with EMEA and APAC growth offsetting declines in the Americas.

• Services business achieved record results, with recurring revenues, ProCare contracts, and connected units growing strongly.

• Strong cash generation and a robust balance sheet supported both organic and inorganic growth, including the acquisition of ING Cranes in Brazil.

• Strategic focus on cost savings, organizational streamlining, and expanding dealer network, especially in North America.

Financial highlights

• Full-year sales declined 6% year-over-year to EUR 1.556 billion; Q4 sales down 4% year-over-year.

• Comparable operating profit was EUR 213 million (down 2%), with a margin of 13.7%.

• Net profit for the year was EUR 151 million; basic EPS EUR 2.34.

• Cash flow from operations reached EUR 308 million for the year.

• Operative ROCE improved to 30.8% (from 28.2%).

Outlook and guidance

• 2026 comparable operating profit margin expected to exceed 13%, with EUR 20 million cost savings planned.

• Gradual recovery anticipated in EMEA and APAC; U.S. demand expected to remain stable but subdued.

• System development to improve cost efficiency will increase group admin costs by EUR 5 million in 2026.