Manitou (MTU) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue reached €1,428m, up 12.0% year-over-year, with Q2 2026 revenue up 15.6% versus Q2 2025, reflecting strong sales momentum, especially in Europe driven by rental and agriculture sectors.

• Recurring operating income rose to €87m (6.1% of revenue), up from €65m (5.1%) in H1 2025, with net income increasing 56.8% to €51m.

• Order intake for Q2 2026 was €550m, and the order book stood at €1,092m, providing about six months of sales visibility.

• The group continued its energy transition strategy, launching electric telehandlers and forming a lithium-ion battery joint venture.

Financial highlights

• EBITDA (restated from IFRS 16) was €123m (8.6% of revenue), up 24.9% year-over-year.

• Net debt decreased to €186m, down €26m from December 31, 2025, with gearing at 19% and leverage at 0.8.

• Working capital requirement improved to 24.6% of revenue from 26.8% a year earlier.

• Operating income for H1 2026 was €86m, up 35.4% year-over-year.

Outlook and guidance

• Upgraded 2026 guidance: revenue growth expected between +6.5% and +8.0% (previously +5%), and recurring operating margin between 5.3% and 5.6% (previously 5.0%).

• Guidance incorporates proactive management of raw material price pressures but remains subject to macroeconomic and geopolitical uncertainties.