Hiab (HIAB) Pre-silent call summary

Executive summary

• Order intake grew 7% year-on-year in Q1 on a reported and organic basis, with ING Cranes contributing to Americas growth and currency headwinds offsetting gains.

• Sales declined 7% in Q1 due to a lower starting order book and currency impacts, partially offset by growth in EMEA, APAC, and the ING Cranes acquisition.

• The Labrie acquisition was announced, expected to close in Q3 2026, with strong financials and strategic fit for North American growth.

• Cost savings program on track to deliver €20 million lower costs in 2026 versus 2025, mainly visible in H2 2026.

• A significant MOFFETT order worth EUR 37 million was secured in the US, with deliveries starting in Q4 2026.

Trading performance and revenue trends

• Orders received in Q1/26 totaled EUR 402 million, up 6% from Q1/25, with organic growth at 7%.

• Sales in Q1/26 were EUR 383 million, down 7% from Q1/25, impacted by a lower order book and negative currency effects.

• Eco portfolio sales increased 23%, now representing 46% of Q1 sales, with growth in climate and circular solutions.

• Share of services increased to 30% of sales, with recurring services driving growth despite currency headwinds.

• Asia Pacific sales rose 7% year-on-year to €26 million.

Profitability and margins

• Labrie reported a 23% EBITDA margin and 17% operating profit margin over the last 12 months as of March 2026.

• Labrie acquisition expected to be margin- and growth-accretive, with synergies in sales and procurement anticipated in low double-digit millions.

• Outlook for 2026 estimates a comparable operating profit margin above 13.5%, slightly down from 13.7% in 2025.

• Service business share increased, with recurring services driving growth.