Manitou revenue dips due to “tightening trade relations”

Manitou reported a -4% drop in revenues in the third quarter of 2025 to €568 million, bringing the cumulative revenue over the nine-month period to €1,842 million, amounting to a -7% overall decrease.

Michel Denis, President & CEO of Manitou, pointed out, “This decrease is smaller than that of our market due to the increase in our market share.

However, he added, “The tightening of trade relations between the United States and the European Union with the increase in customs duties slowed down the activity in the third quarter which shows a 4.3% decline. This decline is concentrated in the North American region, which has also been affected by a weaker economic environment and unfavourable exchange rate effects.”

Manitou’s new MTA-519, launched at the ARA Show 2024.

Despite this, order intake for the quarter is higher than that of the third quarter 2024, representing six months of activity, while the group is implementing plans to mitigate the effects of the increase in customs duties imposed by the US government, which the company said were set to mitigate the impact on revenue.

Denis added, “We are adjusting our outlook with an expected 2025 revenues decline of approximately 4% compared to 2024, and a 2025 recurring operating profit of 5.3% of revenues.”

We also remain fully committed to the group’s transformation through the implementation of the new 2026-2030 “LIFT” strategic roadmap and to consolidate our growth momentum, by capitalizing on our innovation capacity, the complementarity of our Product and Services offers and the commitment of our teams worldwide.”

By division, quarterly revenues in the company’s Product segment stood at €465 million for the third quarter, representing a decrease of -5% compared with the same period in 2024 and -10% over the first nine months of the year. The difference is mainly explained by the wait-and-see attitude of some economic players and by the increase in customs duties on the American market, said the company.

With quarterly revenues of €102 million, the Services & Solutions division (S&S) recorded a -2% decrease in revenues compared with Q3 2024, and a +2% increase over the first 9 months of the year, illustrating a greater resilience, driven by the momentum of spare parts and attachment activities, as well as by the development of service activities and the sale of used machines.