31.07.2025

Sales down, orders up at Manitou

French telehandler and aerial work platform manufacturer Manitou, has published its first half result showing lower revenues and profit, but a strong pick up in order intake.

Year to Date
Total revenues for the six months until the end of June were €1.27 billion 9.4 percent below the same point last year. Order intake however showed a strong pick up in the second quarter, boosting the backlog/ order book by more 28 percent to €1.34 billion.
Operating profit however slumped almost 50 percent to €63.2, while net profit dropped 60 percent to €32.7 million. Net debt was cut by 23.1 percent to €326.5.

Sales by division
New equipment sales €1.06 billion (-11.6%)
Parts and services €211 million +3.6%
Total Revenues €1.27 billion (-9.4%)

Sales by region
Southern Europe €444 million (-10.7%)
Northern Europe €431 million (-16.3%)
The Americas €272 million +1.4%
Asia Pacific &ME/A €128 million +0.9%
Total Revenues €1.275 billion (-9.4.4%)

Second Quarter

Sales by Division
New equipment sales €573 million (-7.5%)
Parts and services €101million +0.2%
Total Revenues €675 million (-6.5%)

sales by region
Southern Europe €235 million (-9.36%)
Northern Europe €224 million (-11.2%)
The Americas €148 million +3.1%
Asia Pacific &ME/A €68 million +1.7%
Total Revenues €671 million (-6.5%)

Order intake in the quarter was €450 million compared to €86 million this time last year, leaving the order book at the end of the quarter up 28% since the start of the year.

Chief executive Michel Denis 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.”

“Our order book represents approximately six months of activity, an adapted horizon to the needs of our clients. To date, it allows us to envisage an improvement in performance in the second half of the year. In this degraded 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. 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 continues to reduce its inventories and its net debt by 71 million euros. It stood at 299 million euros as of the end of June. 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 U.S. tariff announcement may lead to significant market changes that are difficult to anticipate. As part of our 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 batteries developed inhouse by its subsidiary easyLi, acquired in 2023.”

“In addition, in July we signed an agreement with its historical partner Hangcha, with a view to creating a joint venture based in France (Le Mans) dedicated to the manufacturing and distribution of lithium-ion batteries for industrial vehicles.”

Vertikal Comment

This is not an unexpected result from Manitou, but it is encouraging to see such a strong pick up in order intake over the past three months, similar to that reported by other companies. Manitou, and others, are facing strong new competition at the same time as a technology shift takes place, with both aerial lifts and now telehandlers as the markets appear to be entering one of their periodic seismic shifts.

History shows us that at times like this being ‘fleet of foot’, innovative and adaptable, while investing in people, marketing and production will win the day. Manitou’s ownership profile and relatively low debt could provide a very strong suite of cards for the company, it just needs to play them well – which can be harder than it seems.