Manitou (MTU) Q2 2025 earnings summary

Executive summary

• Launched the 2030 “LIFT” strategic roadmap, focusing on innovation, sustainability, and targeting over €3.8 billion in revenue and recurring operating income above 7.5% by 2030, effective January 2026.

• Introduced new electric and hydrogen-powered telehandlers, expanding the sustainable product range and delivering first 100% electric models for construction.

• Acquired Sitia's robotics activity and formed a lithium-ion battery joint venture with Hangcha in France to strengthen innovation and electrification.

• Order intake surged 277% to €1,024m, especially strong in Q1, but order backlog declined 22% to €1,045m.

• Awarded for vehicle technology innovation, notably for the retrofitted telehandler reducing emissions.

Financial highlights

• H1 2025 net sales of €1,275m, down 9.4% year-over-year; Q2 2025 revenue at €675m, down 6.5% year-over-year.

• Recurring operating income at €64.9m (5.1% margin), down from €127.5m (9.1%) in H1 2024.

• Net income at €32.7m, a significant decrease from €81.8m in H1 2024.

• EBITDA (restated from IFRS 16) at €98.8m (7.7% margin), down from €159.8m (11.4%) in H1 2024.

• Net debt at €299m, down €71m from December 2024; gearing at 32%, leverage at 1.49.

Outlook and guidance

• 2025 revenue expected to remain stable compared to 2024, with a recurring operating profit margin of about 5.5%.

• Strategic plan targets by 2030: revenue >€3.8 billion, recurring operating income >7.5%, recurring EBITDA >10%, 28% of machines electric, €600 million investment over 5 years.

• Recent U.S. tariff announcement introduces significant market uncertainty and potential volatility.

• Anticipates improved performance in H2 2025, supported by a six-month order book and increased order intake.