Manitou ‘resilient’ in 2025, uncertain for 2026

Manitou has shown resilience in its 2025 full year results, said CEO Michel Denis, in what has been a “generally declining and uncertain market.” But the company is unable to provide a forecast for 2026 due to the current conflict in the Middle East.

With revenue of €2,564 million, Denis added that the group had limited its annual decline to 3.4% thanks to an increase in market share across all geographies.

(Image: Manitou).

Order intake reached €2,181 million by the end of the year - more than double the previous year, driven particularly by major rental companies and the Europe zone. The company’s order book now stands at €1,121 million, which said the company provided it with providing it with “robust visibility for the next two quarters”.

Recurring operating income stood at 5.6% of revenue. This decrease compared to the previous year primarily reflects lower volumes, intensified pricing competition, said the company, and the year-end impact of US customs duties.

However, these pressures were mitigated by improved industrial efficiency and strict management of fixed costs, said Manitou.

On the financial front, proactive inventory management led to a significant reduction in the group’s net debt to €212 million, bringing the net debt-to-equity ratio (gearing) to below 22%.

“This strengthened balance sheet structure is a major asset in supporting our future ambitions. The group enters 2026 with determination, driven by the rollout of its new LIFT strategic roadmap toward 2030,” said Denis. “The plan provides the framework for a profound transformation of the organization”.

However, Denis added, “Given the conflict that has just broken out and its potential consequences, the communication of the 2026 guidance is deferred.”

Outcomes by division 

The Product division reported revenue of €2,144 million, down 4.6% compared to 2024.

Manitou’s Pruning grapple was announced at ConExpo last week.

Despite a recovery in the fourth quarter, overall activity was hampered by a wait-and-see attitude from certain key accounts, notably large rental companies, said the company, and, more specifically, by increased customs duties in the US, coupled with unfavourable foreign exchange effects.

While the decline in activity affected most product ranges, particularly aerial platforms, the skid and track loader lines delivered a positive performance. Geographically, the group successfully increased its market share across all regions, including the Americas, where the market contraction was most significant.

Consequently, the Product division’s recurring operating income amounted to €111 million, or 5.9% of revenue, compared to €177 million in 2024.

The Services & Solutions saw revenues of €420 million, up 2.8% over the year. The performance was driven by the vitality of the spare parts and attachments activities, as well as the continuous development of service offerings and used equipment sales, said Manitou.

Geographically, this growth was mainly led by Southern Europe, APAM (Asia, Pacific, Africa, Middle East), and Americas regions, offsetting a slight decline in Northern Europe.