30.10.2025

An improving trend for Manitou?

French Telehandler and aerial lift manufacturer Manitou has released its third quarter revenue numbers.

Year to Date

Total revenues for the nine months to the end of September declined eight percent to €1.84 billion. The nine month revenues were broken down as follows:
New equipment sales €1.53 billion -10%
Parts and services €314 million +2%
Total €1.84 billion -8%

Geographic breakdown
Southern Europe €650 million -8%
Northern Europe €620 million -12%
The Americas 381 million -7%
Asia Pacific€191 million +3%
Total1.84 billion -8%

Third quarter
Total revenues for the third quarter declined four percent to €568 million.
Order intake for new equipment improved a whopping 70 percent on the same period last year to €429 million. However, it still left the order book at the end of September, almost nine percent down on where it was this time last year at $1 billion - roughly six months of business.

Third quarter revenues were made up as follows:
New equipment sales €465 million 5%
Parts and services €102 million -2%
Total €568 million -4%

Geographic breakdown
Southern Europe €206 million - flat
Northern Europe €189 million +2%
The Americas 109 million -23%
Asia Pacific €63 million +8%
Total568 million -4%

Full year forecast
The company is now forecasting that full year revenues will come in around four percent below that achieved 2024. Which equates to around €2.55 billion.

Chief executive Michel Denis said: "The activity for the first nine months of the year is down by 7.9% compared to the same period of the previous financial year. However, this decrease is smaller than that of our market due to the increase in our market share."

"The tightening of trade relations between the United States and the European Union with the increase in customs duties slowed down the activity in the 3rd quarter which shows a 4.3% decline. This decline is concentrated in the North American region, which has also been affected by a weaker economic environment and unfavourable exchange rate effects.”

“Despite this context, order intake for the quarter is higher than that of the third quarter 2024. The momentum is good in Europe, but with a slowdown in North America. Our order book represents approximately six months of activity, a horizon suited to our clients’ needs. It confirms the strength of the group’s fundamentals."

"We are currently implementing several actions to mitigate the effects of the increase in customs duties. However, we anticipate that these measures will have an impact on the group’s activity by the end of this year and are adjusting our outlook with an expected 2025 revenues decline of approximately four percent compared to 2024, and a 2025 recurring operating profit of 5.3% of revenues.”

Vertikal Comment

While the numbers are largely negative the trend, especially in Europe is quite positive. The does also have options for dealing with the US market, thanks to steps it took more than a year ago to expand its production in the country.

Compared to some of the third quarter numbers released so for, the Manitou result is encouraging.