Manitou (MTU) Q2 2025 earnings summary

Executive summary

• Launched the 2030 “LIFT” strategic roadmap, focusing on innovation and sustainability, effective January 2026.

• Introduced new electric and hydrogen-powered telehandlers, expanding the sustainable product range.

• Acquired Sitia's robotics activity and formed a battery joint venture with Hangcha to strengthen innovation and electrification.

• Awarded for vehicle technology innovation, notably for the retrofitted telehandler reducing emissions.

• Announced organizational shift to three geographic zones effective January 2026.

Financial highlights

• H1 2025 net sales of €1,275m, down 9.4% year-over-year; Q2 2025 revenue at €675m, down 6.5% year-over-year.

• Recurring operating income at €64.9m (5.1% margin), down from €127.5m (9.1%) in H1 2024; net income at €32.7m, down from €81.8m.

• EBITDA (restated from IFRS 16) at €98.8m (7.7% margin), down from €159.8m (11.4%) in H1 2024.

• Net debt at €299m, down €71m from December 2024; gearing at 32%, leverage at 1.49.

• Gross margin declined to 17.2% from 19.6% year-over-year.

Outlook and guidance

• 2025 revenue expected to remain stable compared to 2024, with a recurring operating profit margin of about 5.5%.

• Recent U.S. tariff announcement introduces significant market uncertainty and potential volatility.

• Anticipates improved performance in H2 2025, supported by a six-month order book and increased order intake.