Haulotte: Revenue up 5% in first half, net loss reduced to €10.3m
Haulotte published interim accounts for 2026 marked by revenue of €276.7m and current operating income of €8.5m. Net loss narrows to €10.3m, in a context where bank financing remains tied to compliance with financial ratios by end-2026.
The increase in volumes of platforms sold produces a visible effect on operations, particularly thanks to Europe. Conversely, the tax charge, essentially linked to a tax adjustment in Romania that the group contests, and debt costs keep net income in negative territory.
The group obtained on 30 June 2026 a waiver from the majority of its lenders on one of its two banking ratios. The auditors drew attention to this financing situation.
Revenue up 5%, driven by equipment sales and Europe
In the first half of 2026, consolidated revenue reached €276.7m, compared to €262.3m a year earlier, an increase of 5%. At constant exchange rates and excluding IAS 29 (hyperinflation in Argentina and Turkey), growth reaches 7%, with the second quarter up 18% according to the activity report.
Equipment sales, which represent 84% of activity, stand at €233.6m, compared to €214.0m. Services declined to €34.5m, compared to €37.2m, and rental to €8.5m, compared to €11.1m.
By geographical area, Europe is up 19%. North America shows an increase of 1%, after a second quarter more dynamic than the first. Asia-Pacific declined 13%, which the group attributes to the conflict in the Middle East, and Latin America by 24%.
Current operating income amounts to €8.5m, or 3.1% of revenue, compared to €1.0m and 0.4% in the first half of 2025. Cost of sales moves from 77.5% to 77.3%, while administrative and general expenses fall to €29.1m, compared to €31.6m.
The Romania tax matter weighs €10.3m on the half-year charges
Below the operating income of €7.9m, the cost of net financial debt reaches €6.3m and financial exchange losses €3.4m. The result before tax thus stands at -€1.4m, compared to -€7.2m a year earlier.
The tax charge amounts to €8.9m. It includes €7.8m for a tax adjustment in Romania relating to transfer pricing policy for the years 2014 to 2018, of which €4.3m in principal and €3.5m in interest and penalties, calculated until the decision of the Supreme Court of Cassation and Justice of 17 March 2026. This is added to €2.5m for a risk related to the ongoing tax audit for the years 2019 to 2023.
The group indicates that it contests this decision and is negotiating a debt repayment schedule. In this context, it granted on 2 September 2026 a guarantee of €10m covering the real estate assets of Haulotte Argès.
The group's net income comes to -€10.3m, compared to -€18.7m in the first half of 2025, a result per share of -€0.35 compared to -€0.64. Over the full year 2025, published on 10 March 2026, net loss reached €37.5m for revenue of €510.7m.
Growth of at least 5% targeted for 2026, subject to banking ratios
Net debt excluding guarantees stands at €205m, up €4m over the half-year. Cash reaches €39.4m, compared to €28.8m on 31 December 2025, and cash flow generated by operations amounts to €11.0m, compared to €4.7m a year earlier. The syndicated credit facility of €130m, signed in December 2025, was drawn €90m as of 30 June 2026.
The waiver obtained on 30 June 2026 relates to one of the two ratios, the second being complied with. It applies to the three contracts linked by a cross-default clause. The group expects to comply with these ratios on 31 December 2026, relying in particular on a significant reduction in working capital requirements in the second half, through the decrease in inventories and sales of customer receivables.
Management specifies that compliance with these ratios depends closely on the pace of plan implementation. In case of non-compliance, the three financings would become due, which could call into question the going concern. Given its relationships with lenders, management does not consider that a new waiver request could be rejected.
For the whole of 2026, Haulotte targets sales growth of at least 5%, which would enable it to return to positive current operating margin, close to that of the first half. This target is consistent with the revenue guidance of €536.2m associated with the 2025 accounts published on 10 March 2026.
