12.11.2025

Positive result for Tadano

Japanese crane and aerial lift manufacturer Tadano has published its third quarter results for the nine months to the end of September, with higher revenues, and a slightly improved bottom line.

Total revenues for the nine months to the end of September were ¥240.5 billion ($1.56 billion), up 13.1 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 increased almost eight percent to ¥17.8 billion ($114.9 million), thanks to ¥10.4 billion ($67.5 million) of one off gains – including the sale of non-current assets and shares in subsidiaries. The Ordinary profit was 54.1 percent lower at ¥7.8 billion ($50.8 million) higher costs in several areas along with higher interest charges etc.

Focusing on the revenues:

Mobile cranes
Japan: ¥29.4 billion ($190.3 million) -11.%
Export: ¥113.9 billion ($736.7 million) -0.2%
Total: ¥143.3 billion ($927 million) -2.8%

Loader cranes
Japan: ¥12.9 billion ($83.9 million) +3.1%
Export: ¥15.2 billion ($98 million) +913%
Total: ¥28.1.billion ($181.9 million) +99.9%

Aerial work platforms
Japan: ¥16.9 billion ($109.2 million) +16.8%
Export: ¥3.8 billion ($ 24.6 million) +323.3%
Total: ¥20.7 billion ($133.8 million) +34.8%

Other revenues ¥41.5 billion ($268.3 million) +15.8%
Static cranes ¥6.9 billion ($44.9 million) - New
Total ¥240.5 billion ($1.56 billion) +13.1%

Geographic breakdown
Sales by region

Europe ¥31.5 million ($203.8 million) +43.7%
North America ¥88.65 billion ($573.5 million) +16.3%
Central/South America ¥7.8 billion ($50.7 million) +96.9%
Asia ¥9.6 billion ($62.4 million) – 19.9%)
Middle East ¥11.9 billion ($77.3 million) + 28.6%
Oceania ¥8.8 billion ($56.8 million) – 32.5%)
Other markets ¥1.8 million ($11.1 million) + 41.3%
Total export ¥160.2 billion ($1.01 billion) + 16.3%

Japan ¥80.4 billion ($519.9 million) +7.3%
Total ¥240.5 billion ($ 1.56 billion) +13.1%

Vertikal Comment

It looks as though the trend Tadano set in the first half has continued through the third quarter, mainly driven by its acquisitions, which have included Nagano, Manitex – which also adds PM, Oil & Steel and Valla to its portfolio. The acquisitions also continue to throw up opportunities for small divestments that have helped its bottom line, although the debt load remains relatively high, at close to $1 billion.

When it comes to management, the company has made some good progress and appears to have not only retained some excellent managers within the acquired companies, but on the surface appears to be giving them the room needed to really get things done, which was not always the case over the past couple of years or so.
It looks as though Tadano might be on the cusp of turning the corner after a challenging few years since the Demag acquisition. Let's see how the fourth quarter goes, but 2026 may well prove to be a positive one for Japan’s leading crane manufacturer.