31.07.2025

Tough first half for Genie

Terex has reported its results for the six months to the end of June, the crane numbers are buried within the Material Processing division and therefore not accessible, while the Genie results are published under Aerials, one of three divisions within the Terex Group.

Genie Results
Year to date
Revenues for the six month to the end of June declined 22 percent compared to the same period last year, to $1.06 billion, while Operating profit plummeted 76 percent to $49 million. Order intake however, increased 13.3 percent to $958 million.
The backlogorder book at the end of June was down 36 percent on this time last year at $714 million.

Second Quarter
In the second quarter revenues came in at $607 million, due to delayed capital expenditure by rental companies in North America for both aerial work platforms and telehandlers. Order intake in the quarter jumped 70 percent to $310 million, compared to $182 million in the same quarter last year.
Operating profit on the other hand dropped 60 percent to $46 million, due an unfavourable customer mix along with the impact of US tariffs.

Full year outlook
Genie is forecasting full year revenues in the range of $2.6 to $2.72 billion,. This would represent a nine to ten percent year on year decline over 2024.

Terex Group results
Terex as a whole saw revenues improve two percent to $2.72 billion, compared to the first half of 2024. Pre-tax profit however dropped 63 percent to $115 million.

Terex chief executive Simon Meester said: "Our overall financial performance demonstrates the power of the evolving Terex portfolio. Our Environmental Solutions segment exceeded our outlook for the second quarter with strong sales and margin performance more than offsetting industry wide headwinds in Aerials where independent rental customers deployed less capex than anticipated. Materials Processing achieved sequential growth and margin improvement in line with our expectations. The addition of ESG and ongoing implementation of our strategy will continue to make Terex a more resilient and predictable performer, well positioned to navigate through this dynamic environment."

Vertikal Comment

This will be a disappointing set of numbers for the Genie team, which has actually been making some really positive changes and introducing some interesting new products. It is good to see order intake rebound and this should help in the second half, but most importantly if it continues on its current trajectory it should be well placed for a more positive year in 2026. Although in these uncertain times that is, of course, hard to predict.