07.04.2026

Mixed year for Liebherr

Liebherr has published its results for 2025, showing lower sales of mobile and crawler cranes, but substantially higher tower and maritime crane revenues.

Mobile & crawler cranes
The mobile and crawler crane business, based in Ehingen, saw revenues for the full year decline 6.8% to €3.65 billion, following a sharp rise in 2024.

The geographic split in sales was as follows: (xx%) =2024 share

European Union - 40.3% (38.1%)
Non Eu Europe - 8.7% (8.9%)
North America - 28.7% (29.8%)
South & Central America - 3.1% (2.8%)
Africa - 7.3% (7.2%)
Asia & Oceania - 11.9% (13.2%)

Tower cranes
The tower crane business saw revenues jump 28.9% to €406 million, following a sharp fall in 2024.

The geographic breakdown of sales was as follows: (xx%) =2024 share

European Union - 60.6% (55.9%)
Non Eu Europe - 14.3% (15.6%)
North America - 3.3% (6.0%)
South & Central America -7.1% (1.6%)
Africa - 3.4% (7.9%)
Asia & Oceania - 11.3% (13%)

Maritime cranes
The maritime crane division also reported a sharp improvement in sales, up 23.1% to €1.25 billion

The geographic breakdown of sales was as follows: (xx%) =2024 share

European Union - 24.2%
Non-EU Europe - 6.7%
North America -16.5%
South & Central America -8.8%
Africa - 23.4%
Asia & Oceania - 20.5%

In addition, Liebherr produces heavy duty cycle and foundation cranes. The Deep Foundation division achieved sales of €480 million, up 20.3% on last year, but this does include a variety of foundation related equipment.

Group Result

The group as a whole saw revenues increase by just one percent to €14.77 billion, while the pre-tax profit plummeted just over 29 percent to €437 million, due entirely to higher people and other operating costs. As an aside, the combined total of Liebherr’s crane businesses had revenues in the region of €5.7 billion, or roughly 38 percent of its total revenues.

2026 Outlook

Liebherr believes that 2026 will continue to present a challenging economic environment, “with global uncertainties, geopolitical tensions and ever increasing competitive pressures”

Holding company managing director Steffen Günther said: “Numerous product segments are expecting customers to remain cautious when it comes to investments. Even though the group has started the year with a promising volume of orders, we are not anticipating a marked period of growth until 2027. Until then, we will use the time to target our investment in our sites, innovations and sustainable solutions."

"Overall, the Liebherr group benefits from its high level of diversification, its international organisation and its decentralised structure. These factors help to soften the impact of global uncertainties from time to time. Against this backdrop, we are confident of further growth in 2026." An interview with Steffen Günther can be seen below.

Vertikal Comment

What is there one can say about Liebherr? No matter what the economy throws at it, it ploughs on with its long term policies and strategies, and in the end tends to win out, thanks to it being privately owned, with no real debt, while seemingly happy with whatever profit is generated.
As we have said in the past, it is tough for publicly quoted businesses, which tend to be more focused on shorter term growth and return on capital to compete with this mindset. Although some of the Chinese competitors may well come close to matching it, in terms of outlook and time frames?

No matter what you might say or think about Liebherr, it is unquestionably a very impressive business.

The video below is an interview with group managing director Steffen Günther