Manitou enjoys Europe rebound but hit by US tariffs

Manitou reported a recovery in its final quarter of 2025 helped by orders from major European rental companies, but reported a big decline in North America related to tariffs.

Sales at its Product division – which represents sales of its machines – were up 10.8% in the final quarter compared to Q4 in 2024, with sales in Northern Europe 32.4% higher and in Southern Europe by 16.5%

In contrast, revenues in North America were 20.4% down in the quarter, the results of “increased customs duties, an uncertain economic environment, and unfavourable exchange rate effects.”

Manitou telehanmdlers sold to UK rental company Ardent Hire. (Image: Manitou).

It expects overall revenue growth of 4% in 2026, supported mainly by increased in volumes in Europe and by an adjustment to its prices in North America to partially offset increased customs duties.

Sales for the full year were down 3.5% to €2.56 billion, around 2% lower in Europe to €1.80 billion and down 10.7% to €504 million in the Americas. Revenues for Asia Pacific, Africa and the Middle east were flat at €257 million.

It said the strong final quarter allowed it to forecast a “recurring” operating profit margin of 5.5% of sales, an improvement over its previous guidance of 5.3%.

Michel Denis, president & CEO, said; “In the fourth quarter, the group revenues reached €721 million, an increase of 10.0% compared to the fourth quarter of 2024. This performance marks the strongest quarter of the fiscal year.

“This momentum is primarily driven by the Europe region and highlights the work of our industrial and sales teams. It contrasts, however, with the North America region, which remains penalized by increased customs duties, an uncertain economic environment, and unfavorable exchange rate effects.”

He said order intake in the quarter was €726 million, ther highest since the second quarter of 2022. The order backlog now stands at around €1.1 billion, which compares to the peak levels of €3.6 billion in mid-2022.

“This growth is shared across all our geographical areas, driven notably by Europe and business with major rental companies”, said Denis, “Our order book remains stable and represents approximately 6 months of activity, an horizon perfectly suited to our customers’ needs that confirms the strength of the group’s fundamentals.”

He said manitou was demonstrating resilience “in a globally bearish market”.