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% |