12.12.2025

Mixed result from Tadano

Japanese crane and aerial lift manufacturer Tadano has published its third quarter results for the nine months to the end of September. They show higher revenues, but a sharp fall in margins.

Total revenues for the nine months were ¥240.5 billion ($1.55 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.
A new division 'TIS' -Tadano Infrastructure Solutions - the IHI acquisition - came on board in July and made a small contribution to revenues while adding costs.

Pre-tax profit for the period improved 7.75 percent to ¥17.8 billion ($114.5 million), due entirely to a one-off gain of ¥9.91 billion ($63.9 million) on the sale of non-current European and Manitex assets. ‘Ordinary profit’ was 54 percent lower at ¥7.86 billion ($50.6 million).
The lower profit was caused by a steep rise in selling, general and administrative costs, and non-operating expenses, including tariff delays, Manitex acquisition amortisation and acquisition related costs.

The revenues were made up as follows:

Mobile cranes ¥143.3 billion ($923.6 million) -2.8%
Loader cranes ¥28.1 billion ($181.3 million) +101%
Aerial work platforms ¥20.7 billon ($133.3 million) +35%
Other revenues ¥41.5 billion ($267.3 million) +16.1%
TIS revenues ¥6.9 billion ($44.7 million) - NEW
Total ¥240.5 billion ($1.55 billion) +13.1%

Geographic breakdown

Mobile cranes
Japan ¥29.43 billion ($189.6 million) -11.7%
Export ¥113.89 billion ($733.99 million) - 0.2%
Total ¥143.3 billion – ($923.6 million) - 2.8%

Loader cranes
Japan ¥12.97 billion ($85.6 million) +3.1%
Export ¥15.16 billion ($97.7 million) +913%
Total ¥28.13 billion ($181.5 million) +99.9%

Aerial work platforms
Japan ¥16.88 billion ($108.8 million) +16.8%
Export ¥3.8 billion ($24.5 million) +323.3%
Total ¥20.68 billion ($133.3 million) +34.8%

Sales by region

Europe ¥31.5 million ($203 million) + 43.7%
North America ¥88.65 billion ($571.3 million) +16.3%
Central/South America ¥7.84 billion ($50.56 million) +96.9%
Asia ¥9.64 billion ($62.1 million) -19.9%
Middle East ¥11.95 billion ($76.99 million) + 28.6%
Oceania ¥8.78 billion ($56.6 million) – 32.5%
Other markets ¥1.78 billion ($11.5 million) + 41.3%
Total export ¥160.2 billion ($ 1.03 billion) + 24.2%

Japan ¥80.38 billion ($518 million) +7.3%
Total ¥240.5 billion ($ 1.55 billion) + 13.1%


Vertikal Comment

The bottom line here does not look too healthy, at least at first glance, however, it is still early days since the company made a fairly significant and complex acquisition in the form of Manitex with its North American base, Italian subsidiaries and diverse product lines. Which came on the tail of the more straightforward Nagano deal, and the IHI product purchases. All of this while it is still struggling with the repercussions of its 2019 takeover of Demag, and some og the initial integration errors.

There are, though, solid signs that things are beginning to come together now, and the Manitex purchase and integration looks to be a good deal simpler than the Demag one, with its overlapping product lines, production facilities and excess capacity. Earlier this year, the company made some good moves in terms of leadership changes, while correcting some of the less savvy decisions made two or three years ago.

In summary, the underlying trend looks a lot more positive than the bottom line might at first suggest. The managers put in place a few months back need to be left to get on with integrating the businesses and building what can be a world leading crane and aerial lift business.

Holding off on any further acquisitions for a while might also be an idea.