30.01.2026

Strong finish for Manitou

French telehandler and aerial work platform manufacturer Manitou has published its full year revenues for 2025. They show solid pick up with the fourth quarter, the best of the year. The full financial results will follow in a couple of months or so.

Full Year 2025

Sales by division

New equipment sales €2.14 billion -4.6%
Parts and services €420 million +2.8%
Total Revenues €2.56 billion -3.5%

Order intake for the year more than doubled, to €2.18 billion, leaving the year end order book four percent higher at just over €1.12 billion.

Sales by region

Southern Europe €926 million -1.6%
Northern Europe €876 million -2%
The Americas €504 million -10.7%
Asia Pacific &ME/A €257 million +0.4%
Total Revenues €2.56 billion -3.5%

Fourth Quarter

Sales by Division
New equipment sales €615 million +10.8%
Parts and services €107 million +5.6%
Total Revenues €721 million +10%

Sales by region

Southern Europe €276 million +16.5%
Northern Europe €256 million +32.4%
The Americas €123 million -20.4%
Asia Pacific &ME/A €66 million -6.9%
Total Revenues €721 million +10%

Order intake in the quarter increased 36.5 percent to €726 million compared to the same quarter last year.

Chief executive Michel Denis said: "In the fourth quarter, the group revenues reached €721 million, an increase of 10 percent compared to the fourth quarter of 2024. This performance marks the strongest quarter of the fiscal year. This momentum is primarily driven by the Europe region and highlights the work of our industrial and sales teams. It contrasts, however, with the North America region, which remains penalised by increased customs duties, an uncertain economic environment, and unfavourable exchange rate effects.”

"During the same period, commercial activity remained very positive, with order intake reaching €726 million, a level not seen since 2022. This growth is shared across all our geographical areas, driven notably by Europe and business with major rental companies. Our order book remains stable and represents approximately six months of activity, a horizon perfectly suited to our customers' needs that confirms the strength of the group's fundamentals.”

“Revenues for the full year 2025 totalled €2.56 billion, representing a limited annual decline of 3.5 percent. In a globally bearish market, the group is demonstrating its resilience and strengthening its positions through increased market share across all geographies. In the face of customs challenges, the group is actively deploying mitigation measures. The strong performance of the fourth quarter of 2025 allows us to project a recurring operating income at 5.5 percent of sales, an improvement over the previous guidance (5.3 percent).
"We also remain fully committed to the group’s transformation through the implementation of the new 2026-2030 'LIFT' strategic roadmap. We aim to consolidate our growth momentum by capitalising on our innovation capacity, the complementarity of our Product and Service offerings, and the commitment of our teams worldwide. This strategy is supported by a new operational structure organised around three geographical zones, backed by global and corporate functions, as well as a new organisation of our Executive committee.”

“By capitalising on the strength of our order book and the impetus of our new governance, we anticipate revenue growth of approximately 4% compared to 2025, subject to a stable macroeconomic and geopolitical context. This momentum will be primarily supported by an increase in volumes in Europe and by an adjustment of our price lists in North America, aimed at partially offsetting the impact of increased customs duties.”

Vertikal Comment

This is a very good result from Manitou, given that its sales in the USA have been hit so hard. This in spite of the fact that the company manufactures a decent volume of its equipment in the USA, thanks to its acquisition of Gehl in 2008 and the more recent expansion to its two plants in South Dakota, which came on stream in 2023 and 2024. While the trend is very positive, the order book is still well down on 2023, although to be fair, that is due, in part, to the long lead time lag following the Covid pandemic and resulting supply line issues.

Hopefully, the positive trend will gain further traction over the next 12 months.