Manitou Group Reports 7% Revenue Decline in 2024, Expects Stability in 2025

Michel Denis, President & CEO of Manitou Group, stated that the company’s 2024 revenues declined by 7% compared to 2023, aligning with expectations. The drop was most pronounced in Northern Europe, particularly Germany and the Nordic countries. Q4 2024 activity fell compared to the record-breaking Q4 2023, creating an unfavorable base effect.
However, for the second consecutive quarter, order intake for equipment reached levels not seen since Q3 2022, signaling a gradual market recovery. While Northern Europe still faces high dealer inventory levels, North America showed a rebound in Q4, remaining a strong market for the group. Manitou expects its newly implemented industrial resources and product launches in North America to drive growth in 2025.
The Product division reported Q4 revenue of €556 million, down 22% year-on-year and 9% for the full year, as the company adjusted activities to align with market demand. The Services & Solutions division showed greater resilience, with Q4 revenue of €101 million, a marginal 1% decline year-on-year but a 3% increase over 12 months.
Barring economic or geopolitical disruptions, Manitou anticipates stable revenue in 2025.