Manitou: Net Income Dives 44% Despite Record Orders
In 2025, Manitou reported a 3.4% decline in revenue to EUR 2,564 million, but simultaneously increased its order intake to EUR 2,181 million, more than double the previous year. This backlog provides visibility for the next two quarters, yet conceals a deep compression of operational margins, which fell to 5.6% from 7.5% the previous year.
The Paradox of Growth Amid Struggles
The group's paradox centers around a spectacular commercial dynamic and struggling operations. With order intakes reaching EUR 2,181 million, the group more than doubled its commercial commitments compared to 2024, driven particularly by major renters and the European region. This commercial effervescence allowed the machine order book to climb to EUR 1,121 million at the end of 2025, up 3.4%, providing the group with robust visibility for the next two quarters. However, at the same time, Manitou recorded a revenue of EUR 2,564 million, a decrease of 3.4% over the year (-2.3% on a comparable basis). The Products division, the core business, particularly suffered with a decline of 4.6%, affected by the hesitancy of major renters at the start of the year, the increase in American tariffs, and unfavorable exchange rate effects. Only the Services & Solutions division confirmed its resilience with a growth of 2.8% to EUR 420 million.
Hidden Realities Behind Order Accumulation
The accumulation of orders masks a less cheerful reality: the group's profitability is eroding. Current operating income fell by 28.3% to EUR 143 million, representing 5.6% of revenue compared to 7.5% in 2024. The gross margin itself contracted by 1.2 points to 17.6%, a direct consequence of persistent price pressure in a highly competitive environment. In the Products division, the margin rate fell by 1.3 points despite cost reduction efforts: lower raw material costs and improved industrial efficiency were not enough to offset market pricing aggressiveness. The group's net income part felt this impact, plunging 43.9% to EUR 68 million. These pressures were nevertheless 'contained' according to management, thanks to rigorous fixed cost management and improved industrial efficiency. In return, net debt was reduced by 42.7% to EUR 212 million, bringing the gearing down to 21.8% thanks to proactive inventory management.
Facing 2026 with a Major Asset: High Order Book
The group enters 2026 with a major asset: its high order book, which covers the next two quarters according to management. Manitou has strengthened its balance sheet structure and continues to deploy its strategic roadmap 'LIFT' towards 2030, intended to structure a deep transformation of the organization. However, Manitou has chosen to suspend its 2026 guidance 'given the recent outbreak of conflict and its potential consequences', revealing increased caution in the face of geopolitical uncertainties. The group maintains its commitment to shareholders by proposing a dividend of EUR 0.75 per share at the General Meeting on June 11, 2026. The main challenge remains intact: to transform this record order book into profit, in an environment where selling prices remain under pressure and geopolitics adds an additional layer of uncertainty.
