Market uncertainty dampens Manitou results

Manitou has posted a 9.4% revenue drop in the first half year of 2025, citing a continuation of tough market conditions, but adds that orders are up.

Net sales for the half year stood at €1.275 billion, while second quarter sales saw lesser falls of 6.5%.

However, second quarter order intake was up at €450 million compared to €86 million in the same quarter in 2024.

Michel Denis, President and CEO of Manitou, said, “In a degraded environment, activity in the first half of 2025 shows a decline compared to a particularly dynamic first half of 2024, in line with our expectations.

“However, the volume of order intakes is increasing, as well as our market shares, reflecting the commitment of our teams to expand our offer and better meet the needs of our customers. This momentum is particularly visible in Europe, driven by a decrease in interest rates and inflation.”

“To date, it allows us to envisage an improvement in performance in the second half of the year.”

Results by division 

In the six months to June, the Product division saw revenues of €1,063 million, a decrease of 11.6% compared to the first half of 2024. This was mainly caused by the “wait-and-see attitude of certain market players”, said the company, particularly rental companies, due to the uncertain market conditions.

The division’s gross profit stood at €165.2 million, also representing a decrease on the record first half of 2024, reflecting reduced sales and increasingly competitive equipment sales prices.

In this context, the recurring operating profit of the Product division amounted to €55.7 million, representing 5.2% of revenue, compared to €119.3 million one year earlier.

With revenues of €211 million, the Services & Solutions division (S&S) recorded growth of +3.6% over the first six months of the year. It was mainly driven by spare parts and accessories activity, as well as the development of the company’s service provision. The gross profit increased by €1.2 million (+2.2%) compared to the first half of 2024, reaching €54.1 million.

Forecasts for the year 

Denis commented, “In this downgraded context, the group has strengthened its position in the majority of geographic areas. The anticipated decline in revenue in the first half of the year is particularly noticeable among rental companies.

Denis added, “The financial performance for the half-year was affected by the contraction in activity and an increased pressure on selling prices. Thus, the recurring operating profit stands at 5.1% of revenue, down from the record level reached in the first half of 2024.”

The group has continued to reduce its net debt, said Denis, by €71 million, bringing it down to €299 million as of 30 June, adding that the outlook for the year was stable.

“At present, we believe our ability to offset the first-half activity decline in the second half, thereby achieving stable 2025 revenue compared to 2024. The recurring operating profit is expected to be around 5.5%. However, the US tariff announcement may lead to significant market changes that are difficult to anticipate.”

Denis also highlighted the company’s focus on electrification. “As part of its strategy to transition to more sustainable handling solutions, the group is actively pursuing the electrification of its range with the first deliveries of 100% electric telehandlers for the construction market, equipped with electric batteries developed in-house by its subsidiary easyLi, acquired in 2023.”

In addition, the group signed an agreement with longstanding partner Hangcha to create a joint-venture based in Le Mans, France dedicated to manufacturing and distributing lithium-ion batteries for industrial vehicles.

Manitou and Hangsha announce lithium battery JV New partnership will include a new dedicated site in France