11.08.2025

Interesting first half for Tadano

Japanese crane and aerial lift manufacturer Tadano has published its first half results, which show higher revenues, but lower profits.

Total revenues for the six months to the end of June were ¥164.8 billion ($1.1 billion) up 16.6 percent on the same period last year thanks mostly to the inclusion of the Manitex business which boosted loader crane and aerial lift sales.

Pre-tax profit for the period declined 37.5 percent to ¥8.1billion ($55.1 million) , the decline was in fact larger this, but one off gains of ¥2.33 billion ($15.8 million) on the sale of assets provided some offset. ‘Ordinary profit’ was 41.3 percent lower at ¥6.4 billion ($43.5 million).
The lower profits were caused by higher material costs, a steep rise in operating expense and the amortisation of Manitex goodwill, as well as to a lesser extent tariff costs and exchange rate losses.

Focusing on the revenues:

Mobile cranes ¥103.1 billion ($698 million) +5.4%
Loader cranes ¥19.3 billion ($130.4 million) +105%
Aerial work platforms ¥14.1 billon ($95.5 million) +39.4%
Other revenues ¥28.3 billion ($191.2 million) +17.5%
Total ¥164.8 billion ($1.1 billion) -+16.6%

Geographic breakdown
Mobile cranes
Japan ¥21.99 billion ($148.8 million) -5.1%
Export ¥81.1 billion ($549 million) +8.7%
Total ¥103.1 billion – ($698 million) +5.4%

Loader cranes
Japan ¥8.93 billion ($60.4 million) +7.4%
Export ¥10.35 billion ($70 million) +863%
Total ¥19.3 billion ($130.4 million) +105%

Aerial work platforms
Japan ¥11.5 billion ($77.7 million) +21.1%
Export ¥2.65 billion ($17.8 million) +301.3%
Total ¥19.3 billion ¥14.1 billon ($95.5 million) +39.4%


Sales by region
Europe ¥22.99 million ($155.5 million) +42.1%
North America ¥62.5 billion ($422.8 million) +32%
Central/South America ¥5.35 billion ($36.2 million) +145.9%
Asia ¥6.45 billion ($43.6 million) – (14.2%)
Middle East ¥9.08 billion ($61.4 million) + 61.4%
Oceania ¥5.28 billion ($35.7 million) – (48.3%)
Other markets ¥880 million ($5.9 million) + 17.1%
Total export ¥112.5 billion ($ 761 million) + 24.2%
Japan ¥52.25 billion ($355 million) +2.9%
Total ¥164.8 billion ($ 1.1 billion) + 16.6%

Full year Forecast
The company has increased its full year sales forecast by 4.4 percent to ¥355 billion ($2.4 billion) while downgrading its Ordinary profit by 30 percent to ¥14 billion ($94.7 million)

Vertikal Comment

This is an interesting result from Tadano thanks to the highly detailed breakdown of revenues that the company provides. It enables us to see much of the impact that the Manitex and Nagano acquisitions have made on the business.

While the top line is positive, it is carrying higher debt, - although low compared to many similar sized western companies- and is facing ongoing costs of integration and a possible overstretch of the senior management team. As we have mentioned in the past there are major differences in its management style in Europe compared to North America. If it can fix this disparity the future is very bright indeed. But at the moment it is still in danger of losing business in some regions to Liebherr, Manitowoc and the big Chinese players, in spite of some fantastic products.

The spirit felt on its stand at Bauma was mixed, but with a great deal of positivity from some quarters – which simply reinforces the above comment.

The second half will tell us more on what to expect.