2024 results

PRESS RELEASE

2024 annual results

●     FY’24 net sales of €m 2,656, -7.5% vs. FY’23, -8.0% like for like⁽¹⁾

●     Recurring operating profit at €m 199.0 (7.5%) vs. €m 211.6 (7.4%) in 2023

●     EBITDA restated from IFRS 16⁽²⁾ at €m 262.0 (9.9%) vs. €m 259.7 (9.0%) in 2023

●     Net income attributable to the parent company at €m 121.9 vs. €m 143.4 in 2023

●     Net debt⁽³⁾ at €m 370.4, gearing⁽³⁾ at 38%, leverage⁽³⁾ at 1.4

●     Dividend payment proposition at €1.25 per share

●     Expectation of a stable revenue in 2025 compared with 2024

●     Expectation of recurring operating profit for 2025 at 5.5% of revenues, in step with 2024 second half year results without geopolitical and evolution of customs duties impacts

Ancenis, March 5, 2025 - The Board of Directors of Manitou BF, chaired by Jacqueline Himsworth, today approved the group's consolidated financial statements for 2024.

Michel Denis, President & Chief Executive Officer, stated: "The group closes the fiscal year with a financial performance in line with its forecasts, with a recurring operating profit at 7.5% of net sales, increasing in comparison to 2023. This performance is the result of all the industrial, commercial, and financial actions carried out throughout the year, despite a 7.5% decrease in revenue and significant disparities across sites and geographic areas.

Indeed, the group dynamically and reactively adjusted its organization to adapt to the competitive, economic, and geopolitical context of the second half year, marked by a decline in activity volume compared to 2023. The group ultimately achieved a record EBITDA restated from IFRS 16 of €262 million, representing 9.9% of net sales and reflecting the group’s strong performance over the year.

In parallel, in keeping with its New Horizons 2025 roadmap, the group continued its investment plan with the completion of the expansion of the American plant in Yankton, the strengthening of its mechanical welding activities, the deployment of its CSR roadmap, as well as significant digital investments.

Finally, the group’s net debt decreased compared to 2023, reaching €370 million.

Considering the competitive pressure and market momentum, we anticipate stable revenue for 2025 and a recurring operating profit of around 5.5% of net sales. This outlook is consistent with the less robust activity observed in the second half of 2024 and could evolve, particularly due to uncertainties related to geopolitical events.”

Percentage data in parentheses expresses a percentage of revenue.

Audit procedures performed by the auditors.

Business review by division

The Product division reported revenues of €2,247 million, decreasing by 9.1% in comparison to 2023 (-9,7% at constant exchange rate and scope), which had been a record year. It was impacted by the demand slowdown in a deteriorated political and geopolitical context in the second half of 2024. The division dynamically adjusted its organization to the current context while maintaining its groundwork to support the group's long-term growth (inauguration of the expansion of the Yankton plant in the United States, launch of the construction in France of a new welding plant for aerial work platforms). The division's gross profit stood at €393.8 million, increasing by 4.2% compared to 2023. This variation is explained, despite the decline in activity, by a 2.2-point improvement in the margin rate. The margin recovery is due to the pricing policy implemented in 2023, limited increase in raw material prices, and an industrial efficiency improvement thanks to investment programs. R&D expenses increased by €3.2 million, reflecting the increase in resources to pursue innovation programs, particularly to achieve the group's low-carbon trajectory objectives. Overhead costs also increased by 12.1% (+€18.5 million). This is due to price increase, reinforcement of resources to support commercial activity in a deteriorated economic environment, and the need for resources to support the division in its challenges. Thus, the recurring operating profit of the Product division decreased by €2.5 million (-1.3%) to reach €181.1 million (8.1% of net sales) compared to €183.6 million in 2023 (7.4% of net sales).

The Services & Solutions division reported €409 million net sales, increasing by 2.6% (+2.4% at constant exchange rate and scope). The division is driven by its used, rental, and service activities and confirms its resilience in a context of activities decline. The gross profit decreased by €3.6 million (-3.3%) compared to 2023 and stands at €106.3 million. This evolution is mainly explained by a 1.6-point decrease in the margin rate over the period, impacted by pressure on spare parts sale prices and an increase in depreciation charges following the rise in rental fleet impairments. Administrative, sales, marketing, and service expenses rose by 8.4% (+€6.9 million), impacted by the increase in resources to support commercial activity and the continued reinforcement of organization to develop service activities. Thus, the division's profitability reached €17.9 million (4.4% of net sales), decreasing by €10.1 million compared to 2023 (€28.0 million, or 7.0% of net sales).

Dividend proposed at the next Shareholders’ meeting

The Board of directors has decided to propose to the Annual general shareholders’ meeting, to be held on June 12, 2025, the payment of a dividend of €1.25 per share.

Glossary

(1) Like for like, so at constant scope and exchange rate:

  - Scope:

- for the company GI.ERRE S.R.L acquired in March 2023, restatement from January 1 of the current year to the anniversary date of its acquisition,

- for the companies acquired in 2024 (COME S.R.L and Metal Work S.R.L in January 2024), restatement from the date of their acquisition to December 31, 2024,

- no company exited the scope in 2023 and 2024.

  - Application of the exchange rate of the previous year on the aggregates of the current year.

(2) EBITDA restated from IFRS 16: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impact.

(3) Net debt, gearing and leverage: excluding lease commitments IFRS 16.

ISIN code: FR0000038606

Indices: CAC ALL SHARES, CAC ALL-TRADABLE, CAC INDUSTRIALS, CAC MID & SMALL, CAC SMALL,

EN FAMILY BUSINESS

                      Company information is available at www.manitou-group.com

Shareholder information: communication.financiere@manitou-group.com  

As a world reference in the handling, aerial work platform and earth moving sectors, Manitou Group’s mission is to improve working conditions, safety and performance around the world, while protecting people and their environment. Through its flagship brands – Manitou and Gehl – the group designs, produces, distributes and services equipment for construction, agriculture and industry. By placing innovation at the heart of its development, Manitou Group constantly seeks to bring value to all its stakeholders. Through the expertise of its network of 800 dealers, the group works more closely with its customers every day. Staying true to its roots, Manitou Group is headquartered in France. It achieved a 2024 turnover of €2.7 billion and brings together 6,000 talented people worldwide, all driven by a shared passion.

FINANCIAL EXTRACT 2024

CONSOLIDATED INCOME STATEMENT

EARNINGS PER SHARE (IN EUROS)

OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSES & COMPREHENSIVE INCOME

ASSETS

EQUITY & LIABILITIES

CHANGES IN CONSOLIDATED SHAREHOLDERS’ EQUITY

CHANGE IN SCOPE

• COME et Metal Work

In January 2024, Manitou group acquired a 75% equity stake in COME S.R.L and Metal Work S.R.L, companies based in Emilia Romagna (Italy). Crossed call and put options have been agreed with minority shareholders for the remaining 25% stake. The group takes into consideration these options to determine the 100% ownership interest as of December 31, 2024. A discounted debt of €6,5 million related to this shareholder agreement has been reported.

The acquisition of these two historical partners will support the growth of Manitou Group by integrating the production of strategic components.

COME and Metal Work will also continue to develop the business with all their customers.

COME S.R.L specializes in the production of mechanically welded parts. It generated revenue of €60 million in 2023 and employs 238 people.

Metal Work S.R.L specializes in laser cutting and folding. It achieved a turnover of €29 million in 2023 and employs 66 people.

• DEZZO

In October 2024, Manitou group achieved the assets acquisition of its South African distributor, Dezzo Equipment, specializing in the sale of Manitou equipment and services since 2008. The company has 28 employees and reported a turnover of €8 million in 2023. This investment will enable the group to sustain its operations and strengthen customer service in the region.

• Manitou PS

Following the acquisition of the remaining minority interests in January 2024, Manitou Group now holds 100% of the share capital of Manitou PS (United Kingdom), which itself holds 100% of the share capital of Mawsley Machinery. The impact of this transaction on the group's financial statements is not significant.

No disposals took place during the period.

Since April 2024, Manitou Manutencion Espana SL, established in 2023 under the name Manitou Group NewCo Spain, has been operating the Manitou Center activities in Spain.

SIGNATURE OF AN ADDITIONAL CREDIT LINE OF €160 MILLION

In January 2024, Manitou Group set up a second Revolving Credit Facility (RCF) line of €160 million within the 2022 financing contract. This line has a maturity of 5 years, which was extended by one year at the end of 2024, bringing its expiration to January, 2030.

This additional financing line strengthens the group's financial structure, enabling it to pursue its development and finance its investment projects.

INFORMATION ON OPERATING SEGMENTS

CONSOLIDATED INCOME STATEMENT BY DIVISION

The information on operating segments is communicated on the basis of the group operational organization, with two divisions:

• the Product division includes all French, Italian, American, and Indian production sites dedicated in particular to telehandlers, industrial masted forklift trucks and all-terrain trucks, truck-mounted forklifts, aerial work platforms, compact wheel loaders, compact track loaders, and articulated compact loaders, backhoe loaders and telescopic loaders. Its mission is to optimize the development and production of Manitou, Gehl, and Mustang by Manitou brand name products.
• the S&S (Services & Solutions) division includes service activities to support sales (financing approaches, warranty contracts, maintenance and full service contracts, fleet management, etc.), after-sales services (spare parts, technical training, warranty contract management, used equipment management, etc.) and services to end users (geolocation, user training, advice, etc.). The aim of this division is to create service offers to meet the expectations of each of our customers in our value chain and increase the resilience of group sales.

These two divisions design and assemble the products and services that are distributed by the sales and marketing organization to dealers and the group’s major accounts in 140 countries.

The spare parts and accessories distribution business, which is integrated within the Services & Solutions division, benefits from services provided by the Product division (R&D, qualification of parts, qualification of suppliers), the already existing basis of sold units, as well as the brand name recognition built by those divisions.

In order to compensate for all of these benefits, the group’s divisional reporting includes fees from the Services & Solutions division to the Product division. This fee is calculated based on comparable indicators of external independent spare parts distributors for which the median operating income over a five year period amounted to 3.90% in Europe and the US, the main regions in which the S&S division operates. That fee is included in the line item «Cost of goods and services sold» of each division, which therefore includes the charges related to goods and services sold plus or minus the interdivision fees.

Assets, cash flows or even liabilities are not allocated to the individual divisions, as the operating segment information used by the group’s management does not incorporate those various item.

NET SALES BY DIVISION AND GEOGRAPHICAL REGION

* Asia, Pacific, Africa, Middle East

POST-CLOSING EVENTS

To the company’s knowledge, there were no significant post-closing events at the date of approval of the consolidated financial statements for the year ended on December 31, 2024 by the Board of Directors on March 5, 2025.

LIST OF SUBSIDIARIES AND AFFILIATES

FC: Full Consolidation

EM: Equity Method

* Holdings and companies without activity

The address of Manitou BF’s headquarters is 430, rue de l’Aubinière, 44158 Ancenis, France.