Manitou Group Reports 7.9% Revenue Decline in First Nine Months

Michel Denis, President & Chief Executive Officer of Manitou Group, announced that the company’s activity for the first nine months of the year declined by 7.9% compared to the same period in the previous financial year. “However, this decrease is smaller than that of our market due to the increase in our market share,” he said.

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 3rd 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 unfavorable exchange rate effects.

Despite this context, order intake for the quarter is higher than that of the 3rd quarter 2024. The momentum is good in Europe, but with a slowdown in North America. Our order book represents approximately 6 months of activity, a horizon suited to our clients’ needs. It confirms the strength of the group’s fundamentals.

The group is currently implementing several actions to mitigate the effects of the increase in customs duties. However, we anticipate that these measures will have an impact on the group’s activity by the end of this year and 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.”

With quarterly revenues of €465 million, the Product division recorded a decrease of -5% compared with Q3 2024 and -10% over the first 9 months of the year (-9% at constant scope and exchange rates). This change is mainly explained by the wait-and-see attitude of some economic players and by the increase in customs duties on the American market.

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 (+3% at constant scope and exchange rates), 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.