Europe drives Manitou half year growth

Manitou has reported revenue and profit growth in the first half of 2025, leading to an upgraded forecast for the year, despite geopolitical challenges and revenue falls in North America and LAPAM regions. 

Revenue was up 12% in the first half of Manitou Group’s 2026 financial year, standing at €1,428 million. The first quarter was outpaced by the second quarter which recorded a revenue growth of 15.6%.

(Image: Manitou).

In what the group’s new president and CEO Sylvain Blaise described as a “complex global environment”, Europe established itself as the primary growth driver in the half year, up 16.6% on the same period in 2015, mainly thanks to the rental and agricultural sectors.

Blaise added, “Despite headwinds in North America due to tariffs and a LAPAM region impacted by Asian competition and geopolitical tensions in the Middle East, our fundamentals remain strong.”

The financial performance for this half-year demonstrates the group’s ability to rebuild its margins, said Blaise. Recurring operating income reached €87 million (6.1% of revenue), up by €22 million compared to the first half of 2025. “This improvement, driven by robust purchasing performance and optimized industrial efficiency, was achieved despite price pressures and the impact of tariffs.”

The order book was also up with the second quarter standing at €1,092 million compared to the same period in 2025, which added Blaise, “provides approximately six months of visibility for machine sales.”

New segment breakdowns 

As from 1 January this year segment reporting is aligned with the group’s new organisational structure - that being its three geographic areas Europe, North America and LAPAM.

Sylvain Blaise. (Image: Manitou).

In Europe, as well as rental and agricultural, growth was driven by market share gains in telehandlers. At the same time, rigorous fixed cost control made it possible to sustain strategic research and development investments, said the company, confirming the group’s ambition to accelerate innovation, particularly through its new electric ranges, part of the energy transition Lift 2030 strategy.

Furthermore, the creation of the HM Battery Solutions joint venture with Hangcha in Le Mans strengthens our lithium-ion battery supply chain.

Revenue was down in North America, by 8.3% to €240 million, impacted by the combined effect of tariffs, a market slowdown, and a highly competitive environment. Profitability, meanwhile, was penalised by shrinking volumes, price pressures, and the direct burden of trade barriers, added the company.

The LAPAM region reported a decline in activity, impacted by an intense competitive environment and delivery delays linked to geopolitical instability in the Middle East. Revenue dropped 8.8% to €154 million. “The drop in recurring operating income resulted mechanically from lower volumes, while the margin rate was affected by a sharp increase in freight costs and persistent price pressure.”

Group guidance 

Manitou’s Pruning grapple.

Across the group net debt dropped in the period to €186 million, down €26 million from 31 December 2025. This, combined with overall revenue and income growth, has led the group to upgrade its full-year 2026 guidance, with revenue growth now forecasted to be between 6.5% and 8.0% - up from the previous 5% forecast. Recurring operating margin is expected to be between 5.3% and 5.6%, compared to the initial guidance of 5.0%.

However, the company pointed out, “These outlooks, which factor in proactive management of raw material price pressures, remain subject to an uncertain macroeconomic and geopolitical environment.”