Haulotte Group (PIG) Q4 2024 TU earnings summary

Executive summary

• Annual sales reached €634M in 2024, a decrease of 17% year-over-year at constant exchange rates, excluding IAS 29.

• The global aerial work platform market experienced a broad slowdown, impacting all regions except Latin America.

• Fourth quarter revenue was €126M, down 37% compared to Q4 2023, due to a high base effect and cautious rental customer behavior.

Financial highlights

• Equipment sales declined by 20% year-over-year to €536M.

• Rental sales dropped 11% to €21M, while services grew 9% to €77M.

• Total annual revenue fell 17% to €634M compared to €767M in 2023.

• Current operating margin for 2024 is expected to be close to 6.5% of turnover.

Outlook and guidance

• No specific sales target for 2025 due to limited market visibility; guidance will be provided when conditions improve.

• Focus remains on innovation, customer relationships, stock optimization, and expense control.