10.02.2026

Strong finish for Manitowoc

Manitowoc Crane has reported its full year and fourth quarter results for 2025, which show a definite although modest improvement compared to 2024, but a strong finish to the year.

Full year:
Total revenues for the 12 months increased almost three percent to $2.24 billion, while pre-tax profits were six percent higher at $12.4 million.
Revenues from services, parts and distribution etc…- i.e. non-new machine sales - jumped 9.8 percent to $690.5 million.
The backlog/order book at the end of December was $793.5 million, 22 percent higher than at this point last year, thanks to a very strong surge towards year end.

Fourth Quarter:
Fourth quarter revenues improved 13.6 percent to $677.1 million, while pre-tax profits increased 32 percent to $12.4 million this year – yes, it’s the same as the full year figure, thanks, it seems to year end adjustments reducing the 12 month number from $15.5 million.
Order intake in the quarter rocketed 55.8 percent to $803 million.

2026 Outlook:
The company is forecasting a modest improvement for full year revenues in 2026, to between this year's level or around $2.25 billion and $2.35 billion.

Chief executive Aaron Ravenscroft said: “I am really proud of the team’s strong finish to a challenging year. We ended the fourth quarter with orders in excess of $800 million, $40 million in adjusted EBITDA, and free cash flow of $78 million. In addition, we continued to execute our Cranes+50 strategy, ending the year with over $690 million in non-new machine sales.”

“Looking to 2026, while we expect more of the same conditions in the U.S. market, our optimism in Europe continues to grow. We started 2026 with $794 million in backlog, which is up 22 percent versus a year ago. In addition, we implemented a restructuring plan in January to streamline our organisation, which we expect to save us roughly $10 million. We continue to execute our strategy and are planning to add new locations in Chile, Mexico, France, and Portugal. I am confident that our ongoing lean transformation and continued focus on our Cranes+50 strategy further strengthen Manitowoc’s ability to navigate the crane cycle.”

The company will hold its quarterly conference call and results presentation later today. If we have any further information, we will update this item then.

Vertikal Comment:

Manitowoc is continuing to make progress, with underlying improvements greater than the results might suggest in some areas of the business, in what continues to be a challenging market. It is promising some brave new product launches at Conexpo next month at the top end of its range. If it can maintain the innovation of recent new All Terrain models, it should provide a decent boost in 2027 while perhaps encouraging new customers to take a look at its previous new product introductions.

The company’s MGX distribution and rental operations continue to make progress, for example, yesterday it announced a new distribution deal with Hiab. Expect this part of the business to grow and grow, which will stand it in good stead during future market dips, while improving overall margins and helping sell more new cranes due to the higher investment in after-sales support that the policy provides.

In summary, the company appears to be doing well and should achieve or exceed the top end of its current full year forecasts.