Hiab's financial statements review 2025: Comparable operating profit margin continued to improve in 2025
Highlights of 2025
Market environment was characterised by increased trade tensions and uncertainties
Orders received remained at past two years' level and amounted to EUR 1,481 (1,509) million
Record high full year comparable operating profit margin of 13.7 (13.2) percent, despite 6 percent lower sales
Record year in Services
Strong cash generation continued, cash flow from operations before finance items and taxes totalled EUR 308 (582) million
Hiab complemented its portfolio in Brazil with the acquisition of ING Cranes
The figures in this financial statements review are based on Hiab Corporation's audited 2025 financial statements.
Unless otherwise stated, the financial information in this report concerns Hiab's continuing operations.
October–December 2025 in brief: Operating profit increased
Orders received decreased by 9 percent and totalled EUR 375 (414) million. Organically in constant currencies orders decreased by 6 percent.
Order book amounted to EUR 534 (31 Dec 2024: 648) million at the end of the period.
Sales decreased by 4 percent and totalled EUR 396 (412) million, unchanged organically in constant currencies.
Equipment sales represented 71 (71) and Services sales represented 29 (29) percent of sales.
Eco portfolio sales1 increased by 11 percent and totalled EUR 135 (122) million, representing 34 (30) percent of sales.
EBITA was EUR 43 (42) million, representing 10.8 (10.1) percent of sales.
Operating profit was EUR 42 (41) million, representing 10.6 (9.9) percent of sales.
Comparable operating profit increased by 15 percent and amounted to EUR 47 (41) million, representing 11.9 (9.9) percent of sales.
Profit for the period amounted to EUR 33 (27) million.
Basic earnings per share was EUR 0.51 (0.42).
Cash flow from operations before finance items and taxes totalled EUR 56 (172) million.2
January–December 2025 in brief: Orders received unchanged in constant currencies
Orders received decreased by 2 percent and totalled EUR 1,481 (1,509) million, unchanged organically in constant currencies.
Order book amounted to EUR 534 (31 Dec 2024: 648) million at the end of the period.
Sales decreased by 6 percent and totalled EUR 1,556 (1,647) million. The organic decrease in constant currencies was 4 percent.
Equipment sales represented 70 (72) and Services sales represented 30 (28) percent of sales.
Eco portfolio sales1 increased by 20 percent and totalled EUR 572 (476) million representing 37 (29) percent of sales.
EBITA was EUR 211 (220) million, representing 13.5 (13.4) percent of sales.
Operating profit was EUR 208 (217) million, representing 13.3 (13.2) percent of sales.
Comparable operating profit decreased by 2 percent and amounted to EUR 213 (217) million, representing 13.7 (13.2) percent of sales.
Profit for the period amounted to EUR 151 (155) million.
Basic earnings per share was EUR 2.34 (2.40).
Cash flow from operations before finance items and taxes totalled EUR 308 (582) million.2
Outlook for 2026
Hiab estimates its comparable operating profit margin in 2026 to be above 13.0 percent (2025: 13.7 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
Q4/25
Q4/24
Change
2025
2024
Change
Orders received
375
414
-9%
1,481
1,509
-2%
Services orders, % of orders
31%
29%
32%
30%
Order book, end of period
534
648
-18%
534
648
-18%
Sales
396
412
-4%
1,556
1,647
-6%
Services sales, % of sales
29%
29%
30%
28%
Eco portfolio sales*
135
122
11%
572
476
20%
Eco portfolio sales, % of sales*
34%
30%
37%
29%
EBITA
42.8
41.8
2%
210.7
220.2
-4%
EBITA, %
10.8%
10.1%
13.5%
13.4%
Operating profit
42.1
41.0
3%
207.6
217.1
-4%
Operating profit, %
10.6%
9.9%
13.3%
13.2%
Comparable operating profit
47.3
41.0
15%
212.9
217.1
-2%
Comparable operating profit, %
11.9%
9.9%
13.7%
13.2%
Profit before taxes
