Correction: Hiab’s interim report January–September 2025: Profitability affected by lower sales in the US
HIAB CORPORATION, INTERIM REPORT JANUARY–SEPTEMBER 2025, 24 OCTOBER 2025 AT 8:50 AM (EEST)
Correction: Hiab’s interim report January–September 2025: Profitability affected by lower sales in the US
Hiab Corporation corrects its stock exchange release published on 24 October 2025 at 8:00 AM, which concerned its Hiab’s interim report January–September 2025. The original stock exchange release did not contain the full interim report as an attachment.
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% | 13.2% | ||
| Profit before taxes | 38.7 | 51.3 | -24% | 161.8 | 174.1 | -7% | 213.4 |
| Profit for the period | 29.0 | 39.8 | -27% | 118.5 | 127.8 | -7% | 155.0 |
| Basic earnings per share, EUR | 0.45 | 0.62 | -27% | 1.84 | 1.98 | -7% | 2.40 |
| Operative return on capital employed (operative ROCE) (%), last 12 months** | 29.8% | 27.1% | 29.8% | 27.1% | 28.2% | ||
| Personnel, end of period | 4,097 | 4,234 | -3% | 4,097 | 4,234 | -3% | 4,234 |
*Hiab’s eco portfolio criteria has been revised. The comparison periods have not been restated.
**Comparative information for operative return on capital employed has been restated to include continuing operations Group administration costs.
Hiab’s key figures
The key figures presented below include continuing operations and discontinued operations in all presented periods.
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Cash flow from operations before finance items and taxes | 69.0 | 147.6 | -53% | 251.6 | 410.5 | -39% | 582.3 |
| Interest-bearing net debt, end of period | -308 | -64 | < -100% | -308 | -64 | < -100% | -186 |
| Gearing, % | -31.5% | -5.3% | -31.5% | -5.3% | -18.1% | ||
| Interest-bearing net debt / EBITDA* | -1.0 | -0.1 | -1.0 | -0.1 | -0.5 | ||
| Return on capital employed (ROCE), last 12 months, % | 3.3% | 18.9% | 3.3% | 18.9% | 7.1% |
*Last 12 months’ EBITDA
Hiab’s President and CEO Scott Phillips: Profitability affected by lower sales in the US
In the third quarter, our business was negatively impacted by the elevated market uncertainty caused by the increased trade tensions. The impacts were particularly visible in the US market, where both our orders and sales decreased. Hence, our comparable operating profit margin decreased to 11.4 percent. On a positive note, we improved our operative ROCE compared to the same period last year to 29.8 percent and continued to produce strong cash flow. We also closed the sale of MacGregor during the quarter.
Orders received remained stable in an uncertain market environment
Our orders received decreased slightly and amounted to EUR 351 (361) million. The order intake was reflecting the continued slow decision making of our US based customers. Orders received grew in EMEA, partly driven by the defence logistics business and a sizeable order from the wind energy segment. Orders received also increased in APAC. Due to the continued sluggish development of orders received, our order book decreased to EUR 557 (31. Dec 2024: 648) million.
Sales impacted by US tariff related demand softness
The order book development was visible in our sales which declined by 11 percent to EUR 346 (388) million. Especially the lower order intake in the US equipment business during the first half of the year impacted our sales. This had an approximately EUR 20 million impact on Q3 comparable operating profit. Consequently, our comparable operating profit decreased to EUR 40 (52) million representing 11.4 (13.4) percent of sales. Part of the negative impacts were mitigated by lower SG&A costs. Additionally, our Services business continued to grow, representing 34 (29) percent of the sales in the quarter. We were also able to improve our operative ROCE to 29.8 (27.1) percent with successful working capital management. Cash generation continued to be strong and our cash flow from operations before finance items and taxes amounted to EUR 69 million.
We target further efficiency improvements to address the market situation
We are operating in an attractive market with great long-term growth prospects. Our target is to grow above seven percent per annum over the cycle. However, as seen in the order book development, the industry currently faces headwinds which we address by initiating planning of a programme targeting to reach an approximately EUR 20 million lower cost level in 2026 compared to 2025. At the same time, we continue to invest in growth and prioritise our strategic focus areas in key segments, North America, Services, business excellence and M&A.
The sale of MacGregor was closed resulting in a very strong balance sheet position
The sale of MacGregor was closed on 31 July and the business has successfully been carved out from our operations. Hence, at the end of the third quarter, our net cash position stood at EUR 308 million providing us a solid foundation for inorganic and organic growth investments. In addition, on 29 September, Hiab’s Board of Directors decided on an additional dividend payment of EUR 101 million according to the authorisation granted by the company’s AGM on 26 March conditional to closing of the sale of MacGregor.
Outlook for 2025 unchanged, journey towards 2028 targets progressing well
We don’t make changes to our 2025 outlook and estimate continuing operations’ comparable operating profit margin in 2025 to be above 13.5 (2024: 13.2) percent, setting the floor level for our 2025 profitability. We continue to be confident in our ability to reach our 2028 financial targets. The last twelve months’ comparable operating profit margin increased compared to previous year’s level and was 13.1 (12.7) percent, showing progress towards the target of 16 percent. Our Board of Directors also approved Hiab’s new ambitious climate targets that we now send to SBTi for validation.
Reporting segments’ key figures
Orders received
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Equipment | 239 | 252 | -5% | 753 | 764 | -1% | 1,059 |
| Services | 112 | 109 | 3% | 353 | 331 | 7% | 450 |
| Total | 351 | 361 | -3% | 1,106 | 1,095 | 1% | 1,509 |
Order book
| MEUR | 30 Sep 2025 | 31 Dec 2024 | Change |
| Equipment | 500 | 590 | -15% |
| Services | 57 | 58 | -1% |
| Total | 557 | 648 | -14% |
Sales
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Equipment | 230 | 276 | -17% | 808 | 891 | -9% | 1,185 |
| Services | 116 | 112 | 4% | 352 | 344 | 2% | 462 |
| Total | 346 | 388 | -11% | 1,160 | 1,235 | -6% | 1,647 |
Operating profit
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Equipment | 20.2 | 39.1 | -48% | 105.8 | 130.6 | -19% | 155.4 |
| Services | 27.3 | 22.0 | 24% | 84.7 | 73.9 | 15% | 99.5 |
| Group administration | -7.9 | -9.1 | 13% | -25.0 | -28.4 | 12% | -37.7 |
| Total | 39.6 | 52.0 | -24% | 165.6 | 176.1 | -6% | 217.1 |
Comparable operating profit
| MEUR | Q3/25 | Q3/24 | Change | Q1–Q3/25 | Q1–Q3/24 | Change | 2024 |
| Equipment | 20.2 | 39.1 | -48% | 105.8 | 130.6 | -19% | 155.4 |
| Services | 27.3 | 22.0 | 24% | 84.7 | 73.9 | 15% | 99.5 |
| Group administration | -7.9 | -9.1 | 13% | -25.0 | -28.4 | 12% | -37.7 |
| Total | 39.6 | 52.0 | -24% | 165.6 | 176.1 | -6% | 217.1 |
Comparable operating profit, %
| MEUR | Q3/25 | Q3/24 | Q1–Q3/25 | Q1–Q3/24 | 2024 |
| Equipment | 8.8% | 14.2% | 13.1% | 14.7% | 13.1% |
| Services | 23.5% | 19.7% | 24.1% | 21.5% | 21.5% |
| Total | 11.4% | 13.4% | 14.3% | 14.3% | 13.2% |
Telephone conference for analysts, investors and media
A live international telephone conference for analysts, investors and media will be arranged on the publishing day at 10:00 a.m. EEST. The event will be held in English. The report will be presented by President and CEO Scott Phillips and CFO Mikko Puolakka. The presentation material will be available at www.hiabgroup.com by the latest 9:30 a.m. EEST.
To ask questions during the conference, please register via the following link: https://events.inderes.com/hiab/q3-2025/dial-in. After the registration, the conference phone numbers and a conference ID to access the conference will be provided.
The event can also be viewed as a live webcast at https://hiab.events.inderes.com/q3-2025. A link to the recording of the event will be published on Hiab’s website later during the day.
Please note that by dialling into the conference call, the participant agrees that personal information such as name and company name will be collected.
For further information, please contact:
Mikko Puolakka, CFO, tel. +358 20 777 4000
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670
Hiab (Nasdaq Helsinki: HIAB) is a leading provider of smart and sustainable on road load-handling solutions, committed to delivering the best customer experience every day with the most engaged people and partners. Globally, Hiab is represented on every continent through its extensive network of 3,000 own and partner sales and service locations, enabling delivery to over 100 countries. The company’s continuing operations sales in 2024 totalled approximately EUR 1.6 billion and it employs over 4,000 people. www.hiabgroup.com
1 Hiab’s eco portfolio criteria has been revised. The comparison periods have not been restated.
2 Includes discontinued operations.
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