Hiab (HIAB) Pre-silent call summary

Executive summary

• 2025 order intake was flat year-over-year at EUR 1.5 billion, with U.S. delivery equipment orders declining but growth in lifting equipment and services; this marks the third consecutive year of stable orders.

• Order book at end-2025 stood at EUR 534 million, representing 2–5 months of sales depending on product category.

• Sales declined 6% in 2025, mainly due to a lower starting order book and market uncertainty from trade tensions.

• Service sales grew 3% to EUR 469 million, driven by recurring services, despite lower installation services.

• Eco portfolio sales continued to grow, supporting customer energy efficiency and emissions reduction, with a 20% increase in 2025 driven by circular solutions.

Trading performance and revenue trends

• Orders received were unchanged in constant currencies, with regional declines in the U.S. offset by recovery in EMEA and APAC.

• APAC business grew 10% in 2025, mainly in Australia, Japan, and South Korea.

• Sales in H2/25 were 9% lower than H1/25; Americas saw the largest sales decline, while EMEA and APAC showed resilience.

• Service sales growth was robust, especially in spare parts and maintenance, even as installation services fell.

Profitability and margins

• Comparable operating profit for 2025 was EUR 213 million (13.7%), with margins protected by component cost savings, higher service share, and a 100 bps improvement in gross profit margin.

• Operative ROCE reached 30.8%, aided by improved capital efficiency and effective working capital management.

• Tariff impacts were mitigated by surcharges and supply chain changes.

• Full-year and Q4 profitability were impacted by lower U.S. equipment sales.

• EUR 20 million cost savings program launched in late 2024 supported profitability, with a global role reduction of approximately 480 positions planned for 2026.