Hiab's half-year financial report January–June 2025: Strong performance in the first half
HIAB CORPORATION, HALF-YEAR FINANCIAL REPORT JANUARY–JUNE 2025, 23 JULY 2025 AT 8:00 AM (EEST)
Hiab's half-year financial report January–June 2025: Strong performance in the first half
Key takeaways from the quarter
- Orders received in Q2 increased from the comparison period to EUR 377 (348) million
- Comparable operating profit margin in Q2 improved to 15.0 (14.5) percent due to strong execution on commercial and supply chain actions
- Elevated market uncertainty due to the increased trade tensions continued
- Outlook for 2025 specified: Hiab estimates its continuing operations' comparable operating profit margin in 2025 to be above 13.5 percent (2024: 13.2 percent)
- Closing of the sale of MacGregor is expected on 31 July
Unless otherwise stated, the financial information in this report concerns Hiab's continuing operations. This half-year report is unaudited.
April–June 2025 in brief: Orders received increased
- Orders received increased by 8 percent and totalled EUR 377 (348) million. The organic increase in constant currencies was 10 percent.
- Order book amounted to EUR 556 (31 Dec 2024: 648) million at the end of the period.
- Sales decreased by 7 percent and totalled EUR 402 (433) million. The organic decrease in constant currencies was 5 percent.
- Equipment sales represented 71 (73) and Services sales represented 29 (27) percent of consolidated sales.
- Eco portfolio sales1 increased by 23 percent and totalled EUR 155 (126) million, representing 38 (29) percent of consolidated sales.
- EBITA was EUR 61 (64) million, representing 15.2 (14.7) percent of sales.
- Operating profit was EUR 60 (63) million, representing 15.0 (14.5) percent of sales.
- Comparable operating profit decreased by 4 percent and amounted to EUR 60 (63) million, representing 15.0 (14.5) percent of sales.
- Profit for the period amounted to EUR 44 (46) million.
- Basic earnings per share was EUR 0.67 (0.72).
- Cash flow from operations before finance items and taxes totalled EUR 56 (89) million.2
January–June 2025 in brief: Operating profit increased
- Orders received increased by 3 percent and totalled EUR 755 (734) million. The organic increase in constant currencies was 3 percent.
- Order book amounted to EUR 556 (31 Dec 2024: 648) million at the end of the period.
- Sales decreased by 4 percent and totalled EUR 814 (847) million. The organic decrease in constant currencies was 4 percent.
- Equipment sales represented 71 (73) and Services sales represented 29 (27) percent of consolidated sales.
- Eco portfolio sales1 increased by 24 percent and totalled EUR 297 (240) million representing 37 (28) percent of consolidated sales.
- EBITA was EUR 127 (126) million, representing 15.7 (14.8) percent of sales.
- Operating profit was EUR 126 (124) million, representing 15.5 (14.7) percent of sales.
- Comparable operating profit increased by 1 percent and amounted to EUR 126 (124) million, representing 15.5 (14.7) percent of sales.
- Profit for the period amounted to EUR 90 (88) million.
- Basic earnings per share was EUR 1.39 (1.37).
- Cash flow from operations before finance items and taxes totalled EUR 183 (263) million.2
Outlook for 2025 specified
Hiab estimates its continuing operations' comparable operating profit margin in 2025 to be above 13.5 percent (2024: 13.2 percent).
In its outlook initially published on 12 February 2025, Hiab estimated continuing operations' comparable operating profit margin in 2025 to be above 12.0 percent.
Hiab updated its reporting structure
Due to the signed agreement to sell the MacGregor business area, with closing expected on 31 July 2025, MacGregor has been reported as part of discontinued operations since the fourth quarter of 2024 onwards.
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 | Q2/25 | Q2/24 | Change | Q1–Q2/25 | Q1–Q2/24 | Change | 2024 |
| Orders received | 377 | 348 | 8% | 755 | 734 | 3% | 1,509 |
| Services orders, % of orders | 32% | 32% | 32% | 30% | 30% | ||
| Order book, end of period | 556 | 676 | -18% | 556 | 676 | -18% | 648 |
| Sales | 402 | 433 | -7% | 814 | 847 | -4% | 1,647 |
| Services sales, % of sales | 29% | 27% | 29% | 27% | 28% | ||
| Eco portfolio sales* | 155 | 126 | 23% | 297 | 240 | 24% | 476 |
| Eco portfolio sales, % of sales* | 38% | 29% | 37% | 28% | 29% | ||
| EBITA | 61.0 | 63.6 | -4% | 127.5 | 125.7 | 1% | 220.2 |
| EBITA, % | 15.2% | 14.7% | 15.7% | 14.8% | 13.4% | ||
| Operating profit | 60.2 | 62.8 | -4% | 125.9 | 124.1 | 1% | 217.1 |
| Operating profit, % | 15.0% | 14.5% | 15.5% | 14.7% | 13.2% | ||
| Comparable operating profit | 60.2 | 62.8 | -4% | 125.9 | 124.1 | 1% | 217.1 |
| Comparable operating profit, % | 15.0% | 14.5% | 15.5% | 14.7% | 13.2% | ||
| Profit before taxes | 59.0 | 62.7 | -6% | 123.1 | 122.8 | 0% | 213.4 |
| Profit for the period | 43.5 | 46.2 | -6% | 89.5 | 88.1 | 2% | 155.0 |
| Basic earnings per share, EUR | 0.67 | 0.72 | -6% | 1.39 | 1.37 | 2% | 2.40 |
| Operative return on capital employed (operative ROCE) (%), last 12 months** | 30.4% | 27.1% | 30.4% | 27.1% | 28.2% | ||
| Personnel, end of period | 4,092 | 4,241 | -4% | 4,092 | 4,241 | -4% | 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
Among the below presented key figures, all include both continuing and discontinued operations.
| MEUR | Q2/25 | Q2/24 | Change | Q1–Q2/25 | Q1–Q2/24 | Change | 2024 |
| Cash flow from operations before finance items and taxes | 55.9 | 89.0 | -37% | 182.6 | 262.9 | -31% | 582.3 |
| Interest-bearing net debt, end of period | -228 | 18 | < -100% | -228 | 18 | < -100% | -186 |
| Gearing, % | -21.9% | 1.5% | -21.9% | 1.5% | -18.1% | ||
| Interest-bearing net debt / EBITDA* | -0.7 | 0.0 | -0.7 | 0.0 | -0.5 | ||
| Return on capital employed (ROCE), last 12 months, % | 4.3% | 23.7% | 4.3% | 23.7% | 7.1% |
*Last 12 months’ EBITDA
Hiab’s President and CEO Scott Phillips: First quarter as standalone Hiab, strong performance in the first half of the year
The second quarter of 2025, the first one as standalone Hiab, demonstrated our resilience with orders received holding steady for the eleventh consecutive quarter. Despite a decline in sales, we successfully maintained our excellent profitability, resulting in a strong performance in the first half of 2025, a testament to our effective commercial and supply chain actions. Supported by the good profitability and net working capital management, our financial position remained solid ahead of the expected closing of the sale of MacGregor at the end of July. Looking ahead, we have specified our full-year outlook on the back of our strong performance and increased visibility for the second half of the year. However, we still see continued elevated market uncertainty resulting from increased trade tensions for the second half of the year. Our performance is also on track to achieve our long-term financial targets.
Orders received remained stable for the eleventh quarter in a row, growth in the Americas explained by timing of key account orders
Our orders received amounted to EUR 377 (Q2/24: 348) million in the second quarter, a stable level for the eleventh quarter in a row. Delayed decision making by our customers continued in the Americas but orders received improved by EUR 21 million from last year, explained by the timing of large key account orders. Orders from EMEA and APAC also grew from the previous year’s level. Reports indicate global growth prospects facing headwinds, primarily due to increased trade tensions and heightened global policy uncertainty. However, replacement demand has been robust and our defence logistics business continues to show strong positive momentum.
Internal actions continued to drive improved margins despite a decline in sales
Our sales were 7 percent below the comparison period’s level as a result of a lower order book and amounted to EUR 402 (433) million. Despite the decline in sales, our comparable operating profit margin reached 15.0 (14.5) percent of sales. Similar to the first quarter of 2025, the improved profitability was driven by continued strong execution of our commercial and supply chain action plans, aimed towards improving our gross profit margin. In absolute terms, the comparable operating profit decreased to EUR 60 (63) million. The Equipment segment’s comparable operating profit margin decreased by 130 basis points to 13.9 (15.2) percent while the Services segment improved by 330 basis points to a record-high 25.0 (21.7) percent.
Net cash position expected to be further strengthened as we expect the closing of the sale of MacGregor to occur in the end of July
Supported by good profitability and net working capital management, our cash flow from operations excluding finance items and taxes amounted to EUR 56 million in the second quarter including both continuing and discontinued operations. We continue to operate with a net cash position, which for continuing operations amounted to EUR 78 million at the end of the quarter. Our strong cash flow and balance sheet provide the foundation for targeted growth investments. The balance sheet is expected to be further strengthened, as we expect the closing of the sale of MacGregor to occur on 31 July 2025, as we have now received all necessary regulatory approvals. The expected cash impact of the transaction is estimated at approximately EUR 225 million.
Outlook for 2025 specified, journey towards 2028 targets progressing well
We are happy to be able to specify our outlook for 2025 with increased visibility for the second half of the year. We 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. Following the strong performance in the first half of 2025 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 13.6 (12.6) percent, showing significant progress towards the target of 16 percent.
Reporting segments’ key figures
Orders received
| MEUR | Q2/25 | Q2/24 | Change | Q1–Q2/25 | Q1–Q2/24 | Change | 2024 |
| Equipment | 256 | 237 | 8% | 514 | 512 | 0% | 1,059 |
| Services | 121 | 111 | 9% | 241 | 222 | 8% | 450 |
| Total | 377 | 348 | 8% | 755 | 734 | 3% | 1,509 |
Order book
| MEUR | 30 Jun 2025 | 31 Dec 2024 | Change |
| Equipment | 496 | 590 | -16% |
| Services | 61 | 58 | 5% |
| Total | 556 | 648 | -14% |
Sales
| MEUR | Q2/25 | Q2/24 | Change | Q1–Q2/25 | Q1–Q2/24 | Change | 2024 |
| Equipment | 284 | 317 | -11% | 578 | 615 | -6% | 1,185 |
| Services | 118 | 115 | 3% | 236 | 233 | 1% | 462 |
| Total | 402 | 433 | -7% | 814 | 847 | -4% | 1,647 |
Operating profit
| MEUR | Q2/25 | Q2/24 | Change | Q1–Q2/25 | Q1–Q2/24 | Change | 2024 |
| Equipment | 39.4 | 48.1 | -18% | 85.6 | 91.5 | -7% | 155.4 |
| Services | 29.6 | 25.0 | 18% | 57.5 | 51.9 | 11% | 99.5 |
| Group administration | -8.8 | -10.3 | 14% | -17.1 | -19.3 | 12% | -37.7 |
| Total | 60.2 | 62.8 | -4% | 125.9 | 124.1 | 1% | 217.1 |
Comparable operating profit
| MEUR | Q2/25 | Q2/24 | Change | Q1–Q2/25 | Q1–Q2/24 | Change | 2024 |
| Equipment | 39.4 | 48.1 | -18% | 85.6 | 91.5 | -7% | 155.4 |
| Services | 29.6 | 25.0 | 18% | 57.5 | 51.9 | 11% | 99.5 |
| Group administration | -8.8 | -10.3 | 14% | -17.1 | -19.3 | 12% | -37.7 |
| Total | 60.2 | 62.8 | -4% | 125.9 | 124.1 | 1% | 217.1 |
Comparable operating profit, %
| MEUR | Q2/25 | Q2/24 | Q1–Q2/25 | Q1–Q2/24 | 2024 |
| Equipment | 13.9% | 15.2% | 14.8% | 14.9% | 13.1% |
| Services | 25.0% | 21.7% | 24.3% | 22.3% | 21.5% |
| Total | 15.0% | 14.5% | 15.5% | 14.7% | 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. 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 by the latest 9:30 a.m. EEST.
To ask questions during the conference, please register via the following link:
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 . A 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. 0
Aki Vesikallio, Vice President, Investor Relations, tel. 0
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.
1 Hiab’s eco portfolio criteria has been revised. The comparison periods have not been restated.
2 Includes discontinued operations.
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