Manitou (MTU) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 consolidated revenue reached €648m, an increase of 8.0% year-over-year and 10.2% at constant scope and exchange rates.

• Machine order intake for Q1 2026 was €631m, a 9.9% increase from Q1 2025.

• Order book at the end of Q1 2026 stood at €1,210m, up 3.6% year-over-year.

• Strong performance in Europe, especially with rental companies, drove growth.

• Strategic focus on electrification and a new joint venture for lithium-ion battery production.

Financial highlights

• Revenue growth was primarily driven by volume and price effects (+10.2%), partially offset by negative exchange rate impacts (-2.2%).

• Europe posted strong revenue growth (+12.5%), while North America and LAPAM saw declines of -14.2% and -12.9%, respectively.

• Machines segment revenue grew 10.5% year-over-year, while spare parts and attachments declined by 5.0%.

• Order book at quarter-end reached €1,210m, up 3.6% year-over-year.

• Consolidated revenue rose to €648m in Q1 2026 from €600m in Q1 2025 (+8.0%).

Outlook and guidance

• 2026 revenue is expected to increase by 5% over 2025, with recurring operating profit targeted at around 5% of revenue.

• Achieving targets is subject to macroeconomic uncertainty, geopolitical shifts, and volatile commodity prices.

• Outlook tempered by higher customs duties, raw material price trends, and exchange rate fluctuations.