Manitou Bf Sa · EURONEXT:MTU
Manitou Bf Sa — Manitou Group — H1 2026 Earnings Presentation
41 slides from Manitou Bf Sa's earnings presentation, Jul 30, 2026
Slide 1: Earnings H1 2026
Earnings H1 2026 Sylvain Blaise, President & CEO Céline Brard, CFO 1
Slide 2: Manitou Group presentation
MANITOU GROUP PRESENTATION A worldwide reference in handling, aerial work platform and earthmoving, Manitou Group designs, produces, distributes and provides equipment and services for the construction, agriculture and industrial sectors. The Group's mission is to improve working conditions, safety
Slide 3: Governance evolution: succession and transformation
01 Governance evolution: succession and transformation
Slide 4: Tribute to Mr. Marcel Braud and Mrs. Jacqueline Himsworth
TRIBUTE TO MR. MARCEL BRAUD AND MRS. JACQUELINE HIMSWORTH Marcel Braud Jacqueline Himsworth 1933 – 2026 1943 - 2026 H1 4 2026
Slide 5: A board of directors focused on continuity
A BOARD OF DIRECTORS FOCUSED ON CONTINUITY A balanced representation Marcel-Claude Braud - Chairman of the Board of Directors Christopher Himsworth - Board member Émilie Braud - Board member Virginie Himsworth - New Board member Sébastien Braud - Board member Dominique Himsworth - Board member Micka
Slide 6: A new Chief Executive Officer to pursue the ambition
ENRICHMENT OF THE EXECUTIVE COMMITTEE A new Chief Executive Officer to pursue the ambition “The ambitions of the LIFT 2030 strategic plan already offer strong prospects for growth, transformation, and innovation, which are particularly unifying for the entire group. My immediate priority will be to bu
Slide 7: LIFT 2030 ambitions
02 LIFT 2030 ambitions
Slide 8: Strategy LIFT 2030: a customer-centric organization
STRATEGY LIFT 2030: A CUSTOMER-CENTRIC ORGANIZATION Leadership on material handling & people elevation markets Transformation of Innovation Manitou Group to meet with sustainability and customer-driven mindset major challenges: Focus being more customer-oriented, on customer experience more agile, m
Slide 9: H1 2026 highlights: LIFT 2030 strategic alignment
03 H1 2026 highlights: LIFT 2030 strategic alignment H1 2026
Slide 10: Market environment and external factors
MARKET ENVIRONMENT AND EXTERNAL FACTORS An external environment marked by several pressure factors Customs duties Complex Good resilience of and unfavorable geopolitical the European exchange rate context, in market supported effects, requiring particular by the Rental and adjustments in the Middle
Slide 11: First deliveries of 100% electric telehandlers
H1 2026 HIGHLIGHTS Leadership Innovation Client focus Transfo. First deliveries in Europe of 100% electric telehandlers MT 1440 e and 1840 e 15,000th machine produced at Greater Noida (India) H1 11 2026
Slide 12: Launch of 5 new high-capacity models for Europe
H1 2026 HIGHLIGHTS Leadership Innovation Client focus Transfo. Launch of 5 new high-capacity models for Europe GEHL V360 GEHL TH 5-19 e 3 wheel loader models: Manitou MTA 519 e V325, V335 and V360 2 track loader models: VT335 and VT360 Launch of the first 100% electric fixed telehandlers in North Amer
Slide 13: Inauguration of Manitou Center Talavera and Indonesia subsidiary
H1 2026 HIGHLIGHTS Leadership Innovation Client focus Transfo. Inauguration of the Manitou Center Talavera (Spain) Inauguration of the subsidiary "PT Manitou Indonesia Perkasa" (Jakarta, Indonesia) H1 13 2026
Slide 14: HM Battery Solutions joint venture and Sustainability Linked Loan
H1 2026 HIGHLIGHTS Leadership Innovation Client focus Transfo. Inauguration of the HM Battery Solutions joint venture in Le Mans Amendment to the € 535m (design, assembly and distribution of lithium-ion batteries) Sustainability Linked Loan (alignment of extra-financial performance indicators with th
Slide 15: H1 2026 financial results
04 H1 2026 financial results
Slide 16: Solid activity in H1 2026
SOLID ACTIVITY IN H1 2026 H1 Q2 Q2 end Q2 revenue revenue machines order intake order book(1) 2026 €1,428m 780m € 550m € €1,092m vs. 2025 +12.0% +15.6% +22.2% +4.5% (1) see appendix for term definition H1 16 2026
Slide 17: 8th consecutive quarter of increase in machine order intake
8th CONSECUTIVE QUARTER OF INCREASE IN MACHINE ORDER INTAKE AND STABILIZATION OF THE ORDER BOOK (€m)1 6 months of orders in the backlog Change in order intake Order book Order intake +xx% (vs. N-1) H1 17 2026
Slide 18: Acceleration of revenue growth in Q2 2026 driven by Europe
ACCELERATION OF REVENUE GROWTH* IN Q2 2026 DRIVEN BY EUROPE Revenue in current data, % change in constant data excluding exchange rate effects +13.0% EUROPE +20.7% +10.2% GROUP +16.2% NORTH -4.6% AMERICA -0.1% -11.2% LAPAM -6.7% *M€ H1 18 2026
Slide 19: Breakdown of revenue evolution
BREAKDOWN OF REVENUE EVOLUTION (€m) +15.2% +13.3% +12.0% -1.8% -1.4% • Positive volume dynamics • Pricing impacted by the customer mix and a competitive environment • Unfavorable exchange rates H1 19 2026
Slide 20: Profitability improvement in H1 2026
PROFITABILITY IMPROVEMENT IN H1 2026 EBITDA restated for IFRS 16(1) Recurring operating profit H1 2026 123m € 8.6% (2) 87m € 6.1% (2) vs. H1 2025 +24.9% +0.9 pts +33.4% +1.0 pts (1) EBITDA restated for IFRS 16 : operating profit before depreciation, amortization, and impairment charges, restated in ac
Slide 21: Evolution of recurring operating profit
EVOLUTION OF RECURRING OPERATING PROFIT (€m) • Positive impact of volumes • • Purchasing performance and better industrial efficiency • Significant impact of customs duties in the North American zone • Continuation of R&D and innovation programs • Control of direct production costs and administrative a
Slide 22: Performance by region
PERFORMANCE BY REGION Segmentation aligned with strategic goals and the operational organization Operational performance Europe Strong increase in revenue and profitability linked to an increase in market share driven by high volumes of telehandlers and catching up on aerial work platform deliveries
Slide 23: Transition to net income
TRANSITION TO NET INCOME (€m) • Financial result improved by €4m vs H1 2025 • Group tax rate down • Net income up 56% vs H1 2025 H1 23 2026
Slide 24: Balance sheet at end June 2026: key indicators
BALANCE SHEET AT END JUNE 2026: KEY INDICATORS WCR Net financial debt (1) Gearing(1) Leverage(1) 06/26 669m€ 186m € 19% 0.8 vs. 12/25 -2.2 points (2) -12.2% -3.0 points -0.3 point (1) Net debt, gearing, and leverage excluding IFRS 16 lease obligations S H1 (2) Change in working capital as a percentag
Slide 25: Investments
INVESTMENTS (M€) • Continuous effort in R&D and innovation investments, particularly in the electrification of ranges and digitalization • Renewal of industrial investments (excluding buildings) • Strengthening of the rental fleet H1 25 2026
Slide 26: 2026 outlook
05 2026 outlook
Slide 27: A contrasted H2 context
A CONTRASTED H2 CONTEXT Activity secured by a good order book Increase in material costs e.g., steel prices (Nymex) +30% over one year ● Solid order book (6 months as of June 30) ● Uncertainties in certain zones linked to the geopolitical context Implementation of actions to compensate for these ext
Slide 28: 2026 financial objectives
2026 FINANCIAL OBJECTIVES Improvement of the guidance despite the increase in material costs in H2 • Revenue growth of 6.5% to 8% compared to 2025 ○ previous guidance: 5% compared to 2025 • Recurring operating profit higher, between 5.3% and 5.6% of revenue ○ previous guidance: a ROP around 5% of rev
Slide 29: Second half priorities
SECOND HALF PRIORITIES Continued deployment of the strategic roadmap Prioritization and strategic alignment of initiatives and structuring projects driven by the LIFT 2030 plan. Implementation of the recovery plan for operations in North America Implementation of operational levers aimed at restorin
Slide 30: Conclusion
CONCLUSION Acceleration of sales in the second quarter Strengthening of profitability in the European zone Progress on the 4 pillars of the strategic plan Focus on recovery in North America Upward revision of the 2026 guidance H1 30 2026
Slide 31: Appendix
ANNEXES Appendix H1 31 2026
Slide 32: Evolution of net financial debt
EVOLUTION OF NET FINANCIAL DEBT (€m) Net debt excluding IFRS 16 Financial position Gross debt: 320 of which IFRS 16 debt: 37 Cash and cash equivalents : 97 Net financial debt (excl. IFRS 16): 186 Gearing: 18.5% Leverage: 0.8 EBITDA / CA ratio: 8.6% Net financial debt H1 32 2026
Slide 33: Balance sheet
BLANACE SHEET(€m) 30/06/2026 31/12/2025 Working capital requirements (€m) 669 687 WCR in % of revenue 24.6% 26.8% Inventories in €m 763 742 Inventories in % of revenues 7.1% 4.1% H1 H1 33 2026 2026
Slide 34: Revenue by activity
REVENUE BY ACTIVITY (€m) (in €m) EUROPE NORTH AMERICA LAPAM INTERREGIONAL REVENUE TOTAL H1 2026 H1 2025 Change H1 2026 H1 2025 Change H1 2026 H1 2025 Change H1 2026 H1 2025 Change H1 2026 H1 2025 Change Machines 1,023 861 +18.9% 206 228 -9.9% 122 135 -9.7% 141 161 -12.5% 1,210 1,063 +13.8% Spare Par
Slide 35: Contributive revenue
CONTRIBUTIVE REVENUE EUROPE NORTH AMERICA LAPAM TOTAL (in €m) H1 2026 H1 2025 Change H1 2026 H1 2025 Change H1 2026 H1 2025 Change H1 2026 H1 2025 Change Total revenue 1,197 1,026 +16.6% 240 262 -8.3% 154 169 -8.8% 1,591 1,457 +9.2% Interregional revenue -130 -155 -16.2% -28 -23 +22.0% -5 -5 +15.4%
Slide 36: Results by geographic area
RESULTS BY GEOGRAPHIC AREA June 2026 (‘000 €) Europe North America LAPAM Elim Total Revenue 1,196,701 240,069 154,296 163,133 1,427,933 Cost of goods and services sold -980,579 -227,790 -128,563 -159,898 -1,177,026 Gross margin 216,122 12,279 25,733 3,235 250,907 Research and development -21,985 -4,
Slide 37: Cash flow statement
CASH FLOW STATEMENT (in €m) June 2026 December 2025 June 2025 Net cash flow from operating activities 85 302 144 Cash flow from operations 121 205 96 Tax paid -9 -55 -25 Change in WCR -15 169 81 of which inventories -10 96 76 of which receivables -55 4 3 of which receivables from sales financing (net)
Slide 38: Debt
DEBT €m June26 Dec. 25 June 25 Cash and current financial assets 97 106 64 Bank loans 193 198 237 Bonds and other 70 95 95 Facilities (overdrafts) 2 4 11 Finance leases 2 2 2 Hedging instruments 4 2 2 Other 13 18 17 Total financial liabilities 283 318 364 Net financial debt * 176 203 292 Minority inter
Slide 39: Definitions
DEFINITIONS Like for like, i.e. at constant scope and exchange rates: ● Scope: ○ no company acquired in 2025 and 2026 that could impact the current period published, ○ no company exited the scope in 2025 and 2026. ● Application of the exchange rate of the previous year on the aggregates of the curre
Slide 40: Thank you
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Slide 41: Disclaimer
DISCLAIMER This presentation includes only summary information and does not in any way purport to be comprehensive. None of the Company or any of its affiliates, directors, officers, advisors and employees accepts any obligation, liability, claim or remedy for any loss arising from any use of these pres