Hiab's interim report January–September 2025: Profitability affected by lower sales in the US
Highlights of the quarter
Orders received decreased slightly from the comparison period to EUR 351 (361) million
Comparable operating profit margin decreased to 11.4 (13.4) percent due to lower sales in the US
Elevated market uncertainty due to increased trade tensions continued
Services sales increased by 4 percent to EUR 116 (112) million
Sale of MacGregor was closed on 31 July
Unless otherwise stated, the financial information in this report concerns Hiab's continuing operations. This interim report is unaudited.
July–September 2025 in brief: Share of Services increased to 34 percent
Orders received decreased by 3 percent and totalled EUR 351 (361) million. Organically in constant currencies orders received remained at the comparison period's level.
Order book amounted to EUR 557 (31 Dec 2024: 648) million at the end of the period.
Sales decreased by 11 percent and totalled EUR 346 (388) million. The organic decrease in constant currencies was 8 percent.
Equipment sales represented 66 (71) and Services sales represented 34 (29) percent of consolidated sales.
Eco portfolio sales1 increased by 23 percent and totalled EUR 140 (114) million, representing 40 (29) percent of consolidated sales.
EBITA was EUR 40 (53) million, representing 11.7 (13.6) percent of sales.
Operating profit was EUR 40 (52) million, representing 11.4 (13.4) percent of sales.
Comparable operating profit decreased by 24 percent and amounted to EUR 40 (52) million, representing 11.4 (13.4) percent of sales.
Profit for the period amounted to EUR 29 (40) million.
Basic earnings per share was EUR 0.45 (0.62).
Cash flow from operations before finance items and taxes totalled EUR 69 (148) million.2
January–September 2025 in brief: Orders received increased slightly
Orders received increased by 1 percent and totalled EUR 1,106 (1,095) million. The organic increase in constant currencies was 2 percent.
Order book amounted to EUR 557 (31 Dec 2024: 648) million at the end of the period.
Sales decreased by 6 percent and totalled EUR 1,160 (1,235) million. The organic decrease in constant currencies was 5 percent.
Equipment sales represented 70 (72) and Services sales represented 30 (28) percent of consolidated sales.
Eco portfolio sales1 increased by 23 percent and totalled EUR 437 (354) million representing 38 (29) percent of consolidated sales.
EBITA was EUR 168 (178) million, representing 14.5 (14.4) percent of sales.
Operating profit was EUR 166 (176) million, representing 14.3 (14.3) percent of sales.
Comparable operating profit decreased by 6 percent and amounted to EUR 166 (176) million, representing 14.3 (14.3) percent of sales.
Profit for the period amounted to EUR 119 (128) million.
Basic earnings per share was EUR 1.84 (1.98).
Cash flow from operations before finance items and taxes totalled EUR 252 (411) million.2
Outlook for 2025 unchanged
Hiab estimates its continuing operations' comparable operating profit margin in 2025 to be above 13.5 percent (2024: 13.2 percent).
Hiab updated its reporting structure
Hiab closed the sale of Cargotec's former MacGregor business at the end of July 2025. MacGregor has been reported as part of discontinued operations since the fourth quarter of 2024 onwards due to signing of a sales agreement in November 2024.
To provide a basis for comparison, Hiab published its reclassified financial information of continuing operations for all quarters of 2023 and the first three quarters of 2024 separately, as well as for the full year 2023 on 7 January 2025.
As of 1 January 2025, Hiab has two reporting segments, Equipment and Services. Reporting of the new segments commenced in the January–March 2025 interim report. Hiab published its reclassified financial information of reportable segments and Group administration for all quarters of 2024, as well as for the full year 2024 on 28 March 2025.
The Equipment reporting segment comprises of new equipment: loader cranes, forestry and recycling cranes, truck mounted forklifts, demountables and tail lifts.
The Services reporting segment comprises of spare parts, maintenance, accessories, installations, digital services and refurbished equipment.
Additionally, Hiab reports operating profit information related to its Group administration. This reflects former Cargotec's continuing operations administration and support functions' costs and certain administration and support functions' costs previously booked in the former Hiab business area.
The reclassified financial information is unaudited.
Hiab's key figures
MEUR
Q3/25
Q3/24
Change
Q1–Q3/25
Q1–Q3/24
Change
2024
Orders received
351
361
-3%
1,106
1,095
1%
1,509
Services orders, % of orders
32%
30%
32%
30%
30%
Order book, end of period
557
636
-12%
557
636
-12%
648
Sales
346
388
-11%
1,160
1,235
-6%
1,647
Services sales, % of sales
34%
29%
30%
28%
28%
Eco portfolio sales*
140
114
23%
437
354
23%
476
Eco portfolio sales, % of sales*
40%
29%
38%
29%
29%
EBITA
40.4
52.8
-23%
167.9
178.4
-6%
220.2
EBITA, %
11.7%
13.6%
14.5%
14.4%
13.4%
Operating profit
39.6
52.0
-24%
165.6
176.1
-6%
217.1
Operating profit, %
11.4%
13.4%
14.3%
14.3%
13.2%
Comparable operating profit
39.6
52.0
-24%
165.6
176.1
-6%
217.1
Comparable operating profit, %
11.4%
13.4%
14.3%
14.3%
