Haulotte Group - Profitability up, but debt too
Growth slowed in Q3 but remains strong (+23%)Annual targets confirmed: sales up 25-30% and MOC between 3 and 4% (vs.losses in 2022)Improved profitability materialized in H1 (MOC of 3.3%) and should continuein H2However, net debt increased again in H1At a time when the aerial work platform market is at the peak of its cycle, Haulotte is already heavily indebted, with its syndicated loan maturing inmid-2026.Forecasts for 2025-2026 lowered, along with our price targetReduce to Reduce due to excessive debt in the current contextHaulotte Group manufactures and sells machines for use in building/public works and industrial markets. Co. specializes in people and material lifting equipment. It also operates in rental market for this equipment. Co.'s offering includes access equipment, telehandlers, earth moving equipments, system and utility scaffolds, event staging and seating. Its activities can be divided into three segments: the manufacture and sale of lifting equipment, the rental of lifting equipment, and services (spare parts, repairs and financing). Co. operates geographically in Europe, North America, South America and Asia/Pacific.
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