Hiab’s financial statements review 2025: Comparable operating profit margin continued to improve in 2025
HIAB CORPORATION, FINANCIAL STATEMENTS REVIEW 2025, 12 FEBRUARY 2026 AT 8:00 AM (EET)
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 | 40.3 | 39.3 | 3% | 202.2 | 213.4 | -5% |
| Profit for the period | 32.6 | 27.1 | 20% | 151.2 | 155.0 | -2% |
| Basic earnings per share, EUR | 0.51 | 0.42 | 20% | 2.34 | 2.40 | -2% |
| Operative return on capital employed (operative ROCE) (%), last 12 months** | 30.8% | 28.2% | 30.8% | 28.2% | ||
| Personnel, end of period | 4,053 | 4,234 | -4% | 4,053 | 4,234 | -4% |
*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 | Q4/25 | Q4/24 | Change | 2025 | 2024 | Change |
| Cash flow from operations before finance items and taxes | 55.9 | 171.7 | -67% | 307.5 | 582.3 | -47% |
| Interest-bearing net debt, end of period | -209 | -186 | -12% | -209 | -186 | -12% |
| Gearing, % | -20.7% | -18.1% | -20.7% | -18.1% | ||
| Interest-bearing net debt / EBITDA* | -0.7 | -0.5 | -0.7 | -0.5 | ||
| Return on capital employed (ROCE), last 12 months, % | 17.8% | 7.1% | 17.8% | 7.1% |
*Last 12 months’ EBITDA
Hiab’s President and CEO Scott Phillips: New chapter as a standalone company started, full year profitability continued to improve despite lower sales
The year 2025 was a historic one for Hiab. After more than 80 years of pioneering, Hiab became a standalone stock listed company. The year was also characterised by increased trade tensions, which negatively impacted our operating environment. Hence, our orders received remained at the previous two years’ level and sales declined, especially in the Americas. Despite that, we continued to improve our comparable operating profit margin and produced strong cash flow.
Hiab became a standalone company
Hiab’s entry to Nasdaq Helsinki on 1 April followed Cargotec’s Annual General Meeting’s resolution on 26 March to change Cargotec’s name to Hiab. With the company transformation and the name change, the shareholders of former Cargotec showed their belief in Hiab’s future growth. The final milestone in the transformation was completed on 31 July, when we successfully closed the sale of MacGregor.
Orders received remained at previous two years’ level, gradual recovery in EMEA offset by trough in the US
There was optimism in the market in the beginning of the year 2025 and our orders received were encouragingly strong in January. However, the sentiment changed quickly in the coming months, with the intensified trade tensions having a clear impact especially in the Americas. The delivery equipment market in the US is currently in a trough. On the other hand, the equipment markets in EMEA and APAC are gradually recovering.
For the full year, orders received amounted to EUR 1,481 (1,509) million remaining at the same level as in the previous two years. Orders received declined by 14 percent in the Americas offset by 8 percent and 10 percent growth in EMEA and in APAC, respectively. In the fourth quarter, orders received decreased by 9 percent and amounted to EUR 375 (414) million. Our order book amounted to EUR 534 (648) million at the end of the year.
Record high comparable operating profit margin despite decline is sales
Our sales declined by 6 percent to EUR 1,556 (1,647) million from the previous year. Sales declined especially in the US delivery equipment business, where lower order intake started to impact our delivery volumes from the third quarter onwards. Our full year comparable operating profit amounted to EUR 213 (217) million. Despite the lower sales, we were able to improve our comparable operating profit margin to 13.7 (13.2) percent thanks to higher gross profit margin and lower fixed costs. Sales in the fourth quarter amounted to EUR 396 (412) million and comparable operating profit EUR 47 (41) million representing 11.9 (9.9) percent of sales.
Services had a record year with continued growth and improved profitability. Services’ comparable operating profit amounted to EUR 109 (99) million. The business’s results were driven by recurring services like spare parts and maintenance.
We were also able to improve our operative ROCE to 30.8 (28.2) 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 308 million in 2025.
Strong focus on strategy execution continued, ING acquisition complements Hiab’s offering in Brazil
After becoming a standalone company, we can fully focus on executing our profitable growth strategy. We continued to improve our coverage in North America by signing and onboarding new at scale dealers. Essential to service growth, the number of important ProCare contracts increased to over 25,000 at the end of the year representing more than 25 percent growth. We also signed an agreement to acquire ING Cranes, strengthening Hiab’s position in the Brazilian market by complementing our existing ARGOS platform. The transaction was closed in the beginning of 2026.
We are planning to evolve our operating model
After the reporting period in January 2026, we announced our plans to evolve our operating model. The evolution would be a crucial step to drive long-term scalability and customer focus. We would realign our structure of six divisions into three business areas. The planned change would strengthen Hiab’s position as the technological leader in on-road load handling and ensure resilience of the company. With the change, we are shaping Hiab for its next phase of growth. To succeed in a world that is evolving faster than ever, we need an operating model that is simpler, more scalable, and designed to grow with us. The proposed new structure is planned to be effective during the second quarter of 2026, subject to works council negotiations in relevant jurisdictions.
Our outlook is setting a floor for our 2026 comparable operating profit margin
Despite the signs of gradual recovery in Europe, the market environment has remained volatile and uncertain, impacted by trade and geopolitical tensions. Hence, as announced in October, we are planning a programme targeting EUR 20 million lower cost level in 2026 compared to 2025. In financial terms, we estimate that our comparable operating profit margin in 2026 would be above 13.0 (2025: 13.7) percent.
I would like to express my thanks to our shareholders, our people, our partners and our customers for their trust in Hiab and making our historic year a successful one.
Reporting segments’ key figures
Orders received
| MEUR | Q4/25 | Q4/24 | Change | 2025 | 2024 | Change |
| Equipment | 258 | 295 | -13% | 1,010 | 1,059 | -5% |
| Services | 117 | 118 | -1% | 470 | 450 | 5% |
| Total | 375 | 414 | -9% | 1,481 | 1,509 | -2% |
Order book
| MEUR | 31 Dec 2025 | 31 Dec 2024 | Change |
| Equipment | 476 | 590 | -19% |
| Services | 58 | 58 | 2% |
| Total | 534 | 648 | -18% |
Sales
| MEUR | Q4/25 | Q4/24 | Change | 2025 | 2024 | Change |
| Equipment | 280 | 294 | -5% | 1,088 | 1,185 | -8% |
| Services | 116 | 118 | -1% | 469 | 462 | 1% |
| Total | 396 | 412 | -4% | 1,556 | 1,647 | -6% |
Operating profit
| MEUR | Q4/25 | Q4/24 | Change | 2025 | 2024 | Change |
| Equipment | 34.3 | 24.8 | 38% | 140.1 | 155.4 | -10% |
| Services | 24.1 | 25.6 | -6% | 108.9 | 99.5 | 9% |
| Group administration | -16.3 | -9.3 | -75% | -41.3 | -37.7 | -9% |
| Total | 42.1 | 41.0 | 3% | 207.6 | 217.1 | -4% |
Comparable operating profit
| MEUR | Q4/25 | Q4/24 | Change | 2025 | 2024 | Change |
| Equipment | 34.3 | 24.8 | 38% | 140.1 | 155.4 | -10% |
| Services | 24.1 | 25.6 | -6% | 108.9 | 99.5 | 9% |
| Group administration | -11.1 | -9.3 | -19% | -36.1 | -37.7 | 4% |
| Total | 47.3 | 41.0 | 15% | 212.9 | 217.1 | -2% |
Comparable operating profit, %
| MEUR | Q4/25 | Q4/24 | 2025 | 2024 |
| Equipment | 12.2% | 8.4% | 12.9% | 13.1% |
| Services | 20.7% | 21.7% | 23.2% | 21.5% |
| Total | 11.9% | 9.9% | 13.7% | 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. EET. 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. EET.
To ask questions during the conference, please register via the following link: https://events.inderes.com/hiab/q4-2025/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/q4-2025. 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 sales in 2025 totalled approximately EUR 1.6 billion and it employs approximately 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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