Haullote 2025 Annual Report

haulotte.com

haulotte.com

CONTENTS

2025

ANNUAL REPORT

haulotte.com

1

CONTENTS

CONTENTS

THE GROUP

The Group 03

Key figures 04

Our Markets 06

Our Business Activities 07

OUR DIRECTION

Our Vision 09

Our Mission 10

Our Value Chain 11

OUR OFFERING

Our Global Offering 13

Our Solutions & Products Ranges 14

Our innovations 15

Our Services & Digital Solutions 16

Circular Economy & Second Life 17

OUR LANDMARKES

Governance 19

2025 Highlights 20

Our History 22

2025 Annual Report 2

CONTENTS

‌

THE GROUP

Haulotte, a leading player in working at height

Haulotte is a leading global player in people lifting solutions, recognized for its industrial expertise, international presence, and close relationship with professionals working at height.

As the European leader, the Group has been designing, manufacturing, marketing, and supporting a wide range of solutions for more than 40 years, serving the construction, industry, logistics, and maintenance sectors.

Thanks to an integrated model combining innovation, industrial excellence, services, and strong field presence, Haulotte helps its customers secure their operations, optimize their equipment, and sustainably enhance the value of their investments.

This expertise is driven by a constant ambition: to offer solutions that are ever safer, more efficient, and more responsible.

million

2025 Revenue

Employees 6

150

Product Ranges

Countries presence

Subsidiaries

Production Units

3

2025 Annual Report

CONTENTS

‌

KEY FIGURES

SALES EVOLUTION

IN € MILLION

73

14%

SALES BREAKDOWN PER ACTIVITY

IN € MILLION

excluding IAS29 & IFRS16

77

12%

3%

21

2024

85%

536

4%

19

767*

634*

-5%

-12%

2023

2024

2025

512*

2025

* excluding IAS 29 & IFRS 16

82%

420

-22%

SALES BREAKDO W N P ER GE OGRAP HIC AL AREA

IN € MILLION

e x c ludin g IAS29 & IFRS 16

55%

2025

283 M€

21%

109 M€

16%

83 M€

7%

37 M€

44%

2024

279 M€

30%

188 M€

17%

107 M€

9%

60 M€

4

2025 Annual Report

CONTENTS

512

€ MILLION*

-19%

KEY FIGURES

REVENUE

* excluding IAS 29 & IFRS 16

CURRENT OPERATING INCOME

before exchange gains & losses

1

43

60

50

40

30

20

10

0

& GROSS CASHFLOW FROM OPERATIONS IN € MILLION

excluding IAS29 & IFRS16

Gross Cash Flow from Operations

Current Operating income before exchange gain and losses

5

2025 2024

INCOME STATEMENT HIGHLIGHTS IN € MILLION

e x c ludin g IAS29 & IFRS 16

GLOBAL

IN € MILLION 2025 2024

CONSOLIDATED NET RESULT (39) 12

2025 Annual Report

CONTENTS

‌

OUR MARKETS

Haulotte supports a wide variety of customers with an approach tailored to uses, operational constraints, and the specific expectations of each segment.

E QUIP MENT RENT AL

C OM PA NIES

Long-standing partners in the Group's development, rental companies play a central role in the distribution of our solutions and in maintaining proximity to end users.

Their product expertise, in-depth understanding of applications, and local network make them key players in our ecosystem.

INDUS TR Y

The Group's industrial customers operate in a wide range of environments: logistics, manufacturing, maintenance, airports, retail, and infrastructure.

Thanks to the breadth of its offering, Haulotte is able to provide solutions tailored to specific needs and demanding operating conditions.

6

SP E CIALIZED MA CHINES

Haulotte also develops a complementary offering of tailor-made solutions designed to meet specific, high value-added applications.

This activity contributes to the Group's differentiation and its ability to respond with agility to specific needs.

2025 Annual Report

CONTENTS

OUR BUSINESS ACTIVITIES

‌An integrated business model

The Haulotte model is based on the complementarity of three business activities, strengthening product control, market proximity, and understanding of user needs.

DESIGN AND ASSEMB LY

The Group's expertise is built on its ability to design, develop, and assemble solutions adapted to the evolving needs of the market.

Innovation, R&D, engineering, and marketing work in coordination to anticipate customer expectations and offer high value-added products, accessories, and services.

DIS TRIBU TION

The Group relies on an international network structured around its subsidiaries, offices, and distributors to ensure sales, support, and close proximity to its markets.

This organization enables Haulotte to cover more than 150 countries and support customers as closely as possible to their needs.

RENT AL

A complementary part of the business model, rental enables the Group to strengthen its field presence, refine its understanding of usage, and better meet end-user expectations.

It also helps drive the evolution of the offering and services.

7

2025 Annual Report

CONTENTS

‌

OUR VISION

A structuring ambition that guides the Group's transformation and sustainably strengthens its differentiation.

In an environment where customer expectations are evolving rapidly and where requirements for safety, availability, economic performance, and sustainability are increasing, customer experience is more than ever a key differentiating factor.

At Haulotte, this conviction guides our path.

Beyond the quality of our equipment, we believe that the value created for our customers is also measured by our ability to support them over the long term, secure their operations, optimize the performance of their assets, and support the profitability of their investments.

This ambition is part of a Group-wide dynamic already underway: improving service quality, simplifying customer journeys, streamlining interactions, and developing an increasingly reliable, useful, and lasting relationship with all our stakeholders.

By placing listening, proximity, and operational excellence at the heart of our priorities, we affirm a clear direction: making customer experience a lasting lever for value creation, loyalty, and brand preference.

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2025 Annual Report

"

To become the best customer experience company in

the Aerial Work Platforms business

"

CONTENTS

OUR MISSION

"

Taking care of people

"

At the heart of our mission is acting responsibly toward our partners, employees, and society.

Our commitment is based on a simple conviction: a company's sustainable performanceisbuiltontheattentiongiventopeople, thequalityofrelationships, and the impact of its activities.

This mission is embodied every day through three fundamental pillars.

Our Partners

• Supporting our customers and suppliers over the long term through a comprehensive quality approach

• Offering products and services that are ever safer, more reliable, and more sustainable

• Embedding ethics at the heart of our relationships with all stakeholders

  Our Employees

• Developing skills and talent

• Ensuring health, safety, and well-being at work

• Attracting, engaging, and retaining teams

  Society

• Reducing the environmental impact of our activities

• Supporting our customers' energy transition

• Promoting longer product lifespans and the circular economy

2025 Annual Report 10

OUR VALUE CHAIN

‌An integrated value creation model

From design to the second life of equipment, Haulotte deploys a structured model serving performance, sustainability, and customer proximity.

CONTENTS

Each stage of our value chain is designed to provide high-performing, sustainable solutions tailored to our customers' needs. This approach is based on four essential pillars:

This integrated value chain enables the Group to respond to market developments while maximizing the value created for its customers and partners.

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2025 Annual Report

Innovate & Design

Develop solutions that meet requirements for safety, performance, and usability.

Produce & Deliver

Rely on a controlled industrial and logistics organization to guarantee quality, reliability, and responsiveness.

Support & Maintain

Ensure availability, technical support, and operational continuity throughout the equipment lifecycle.

Extend & Enhance

Develop second-life, refurbishment, and circular economy solutions.

CONTENTS

‌

OUR GLOBAL OFFERING

A comprehensive offering serving the equipment lifecycle

Haulotte offers a complete range combining equipment, services, financing solutions, and support throughout the lifecycle of machines.

A complete range of safe and innovative machines designed to meet the diversity of working-at-height applications.

Flexible and tailor-made financing solutions designed to facilitate investment and optimize total cost of ownership.

Drawing on its experience in the construction and industrial sectors, Haulotte structures solutions adapted to customer needs.

From acquisition to maintenance, Haulotte supports its customers throughout the lifecycle of their equipment.

Present on all five continents, the Group relies on a strategically located network of after-sales experts around the world to provide fast and effective local service.

By combining human support and digital tools, Haulotte helps its customers optimize equipment availability and total cost of ownership.

13

2025 Annual Report

CONTENTS

‌

OUR SOLUTIONS & PRODUCT RANGES

OUR SOLUTIONS & PRODUCT RANGES

Haulotte offers a range covering all major working-at-height applications, with solutions adapted to indoor, outdoor, industrial, and rough-terrain environments.

The breadth of the Group's range enables it to meet a wide variety of operational needs by combining safety, accessibility, performance, and ease of use.

Rough Terrain Telescopic booms

from 16 to 43m

Equipment intended for work at height requiring outreach, robustness, and rough-terrain performance.

Trailers mounted booms

from 13 to 19m

Lightweight self-propelled booms

from 13 to 16m

Lightweight, towed or self-propelled aerial work platforms for a variety of applications.

Specific Solutions

Push-Around

from 8 to 14m

Vertical masts with or without jib

from 6 to 10m

Lightweight and versatile equipment for occasional and mobile use.

Compact and maneuverable solutions for indoor environments and work in confined spaces.

Scissor lifts

from 8 to 14m

Rough Terrain Scissor lifts

from 15 to 21m

Rough Terrain Scissor lifts

from 10 to 12m

Platforms designed for tasks requiring stability, load capacity, and operational efficiency.

Articulating booms

from 12 to 16m

Rough Terrain Articulating booms

from 16 to 20m

Nacelles articulées tout-terrain

from 16 to 41m

Solutions offering flexibility of movement and access to complex areas.

A complementary offering designed to meet particular needs or specialized applications.

14

2025 Annual Report

CONTENTS

OUR INNOVATIONS

‌Innovating to strengthen safety, performance, and sustainability

Innovation is a major lever for differentiation, helping to meet users' operational expectations and support market developments. Haulotte continuously develops solutions designed to improve usability, safety, performance, and the energy efficiency of its equipment. This innovation dynamic helps strengthen the value in use of equipment and supports the transformation of the industry.

Haulotte Activ'Shield Bar

Protection system against crushing risks.

Haulotte Activ'Lighting System

Lighting device designed to secure loading and unloading operations.

Haulotte Activ' Screen

On-board diagnostic tool providing real-time access to key operating information.

Haulotte Extra Reach

Solution designed to increase basket load capacity while maintaining performance in use.

Haulotte Stop Emission System

System that reduces pollutant and noise emissions through automatic shutdown during idle periods.

OPERATOR SAFETY PERFORMANCE AND USABILITY USAGE

ENERGY AND IMPACT REDUCTION

15

FASTN

The first active and universal anchorage system for aerial work platforms, designed to enhance operator safety.

Pedestrian Detection Assist

Smart camera designed to detect pedestrians in risk areas.

Haulotte Activ'Energy Management

Device optimizing battery performance and lifespan.

2025 Annual Report

CONTENTS

OUR SERVICES & DIGITAL SOLUTIONS

‌Services designed to support performance

MAINTain

MANAGE

TRAIN

Service contracts

Preventive maintenance solutions, warranty extensions, and regulatory support.

Training

Training programs designed to support team skills development and optimize machine use.

Web portal bringing together all useful services for equipment management and monitoring.

Genuine spare parts

Parts designed to guarantee safety, compatibility, reliability, and residual value of equipment.

Web app designed for field operators, making it easier to access technical and usage information.

Beyond equipment, Haulotte develops a service ecosystem aimed at maximizing fleet availability, safety, and operational efficiency.

Customer support is an essential component of the Group's value proposition. It is based on a range of services and digital solutions designed to meet the needs of each business activity.

These services directly help improve customer experience, strengthen operational continuity, and optimize total cost of ownership.

Technical support

A network of experts available remotely, on-site, or in the Group's technical centers.

Y OUR CON N EC TED COM P ANION

Telematics and fleet management solution enabling the monitoring of machine performance, access, and usage.

16

2025 Annual Report

CONTENTS

‌

CIRCULAR ECONOMY & SECOND LIFE

Extending value, supporting new uses

Extending equipment lifespan is both an economic, environmental, and strategic lever to meet changing market expectations.

By developing second-life, used equipment, and refurbishment solutions, Haulotte supports new uses while contributing to a more circular approach to its business.

Refurbishment and modernization solutions designed to significantly extend equipment lifespan and preserve its value.

USED E QUIP MENT

An offering that makes it possible to build or expand a fleet with an optimized level of investment while benefiting from rigorous inspection processes.

An industrial refurbishment approach positioned between the traditional used equipment market and new equipment.

This offering makes it possible to provide certified equipment, guaranteed by the manufacturer, and immediately available at an attractive budget.

This approach contributes to the circular economy, reduces environmental footprint, and optimizes equipment residual value.

17

2025 Annual Report

CONTENTS

GOVERNANCE

‌Governance serving continuity and performance

The Group's governance is based on a streamlined organization that ensures strategic continuity, quality decision-making, and high management standards.

EXECUTIVE MANAGEMENT

Alexandre SAUBOT

C.E.O.

Sébastien MARTINEAU

Executive Vice-President

Patrice MÉTAIRIE

Executive Vice-President

Philippe NOBLET

Executive Vice-President

BOARD OF DIRECTORS

PIERRE SAUBOT - Chairman ALEXANDRE SAUBOT

ELISA SAUBOT

HADRIEN SAUBOT MARION SAUBOT JOSÉ MONFRONT

CLOTILDE CROZIER

BERTRAND BADRÉ

2025 Annual Report

CONTROL AND AUDIT

PricewaterhouseCoopers Audit

Represented by Natacha PELISSON

20 Rue de Garibaldi - 69451 Lyon cedex 06

BM & A

Represented by Alexis THURA

11 Rue de Laborde - 75008 Paris

19

CONTENTS

2025 HIGHLIGHTS

‌The year's key milestones

A year marked by innovation, the international reach of the brand, and the continued transformation of the Group.

JANUARY 2025

FASTN anchoring system for MEWP now available for ordering.

FEBRUARY 2025

Haulotte unveils Advanced Access Management: a new era for fleet and safety management.

MARCH 2025

Haulotte celebrates its 40th anniversary.

JUNE 2025

Haulotte Australia celebrates a double win at HIRE25 in Melbourne. 6th consecutive year for the Supplier of the Year award.

AUGUST 2025

Haulotte launches the next generation of 20m Pulseo range HA20 E and HA20 E PRO.

20

SEPTEMBER 2025

Haulotte unveils the HS21 E and HS21 E PRO: the new 100%

electric rough terrain scissor lift

in the PULSEO range

2025 Annual Report

CONTENTS

OCTOBER 2025

ITALIA_GIS 2025: Haulotte Italia receives a 4th award for FASTN.

OCTOBER 2025

CHINA: the STAR 10 wins the "Star Product of Electric Equipment" award

OCTOBER 2025

USA: Haulotte wins "OEM Safety Innovation" award for MyCompanion at the Working at Height Awards in Nashville

NOVEMBER 2025

SPAIN : Haulotte Ibérica receives the award for best equipment with the HA20 E articulating boom lift

DECEMBRE 2025

USA: Haulotte North America receives silver recognition at the 2025 AEM Advocacy Awards

21

2025 HIGHLIGHTS

2025 Annual Report

‌Pierre Saubot prend le contrôle de

l'ensemble Pinguely-Haulotte auprès de l'entreprise Creusot-Loire

1985

CONTENTS

H46N - 1ère nacelle conçue et commercialisée sous la marque

OUR HISTORY

« Haulotte »

1986

1998

A journey built over time

Introduction en bourse

Le nom du Groupe et le logo changent.

« Pinguely-Haulotte » devient

« Haulotte Group »

2005

2007

For more than 40 years, Haulotte has built its development around the same commitment: innovating sustainably to

Haulotte élargit son offre produits, avec une gamme de chariots

télescopiques nommée HTL

Lancement des gammes RTJ et RTJ

2014

support professionals working at height.

The Group's history is part of a dynamic of growth, innovation, and international expansion, driven by a constant determination to anticipate market developments.

PRO, avec la nacelle articulée 16 m

Haulotte fête ses 30 ans

This journey continues today to fuel the Group's ambition, transformation, and differentiation.

Lancement de la gamme PULSEO GENERATION avec la première nacelle articulée électrique tout-terrain :

HA20LE PRO

2018

2015

Haulotte pose la 1ère pierre de son nouveau siège H3

La gamme PULSEO GENERATION

2019

s'agrandit avec l'arrivée des ciseaux HS15 E et HS18 E

2020

Rapport d'activité20s22502A5nnual Report 22

MANAGEMENT

REPORT

hauIotte.com

HaulotteX¥*.

W LET'S DARE TOGETHER

SUMMARY

MANAGEMENT

REPORT

ANNUAL FINANCIAL REPORT FISCAL YEAR ENDED 31 DECEMBER 2024

‌GENERAL COMMENTS

Definitions

In this annual financial report, except where otherwise indicated:

• The terms "Company" or "HAULOTTE GROUP" refer to HAULOTTE GROUP, a French public limited company (Société Anonyme) with capital of €4,078,265.62 whose registered office is located on rue Emile Zola, 42420 Lorette, France, registered in the Saint-Etienne Trade and Companies Register under No. 332 822 485.

• The term "Group" refers to the Company and all companies consolidated by the latter.

Forward-looking statements

This annual financial report also includes forward-looking information about the Group's objectives and development priorities. These forward-looking statements are sometimes identified by the use of the future or conditional tense or forward-looking terminology, including the terms "believes," "estimates," "anticipates," "expects," "intends," "may," "will" or "should" or variations thereof or other comparable terminology. It should be noted that these objectives and development forecasts do not represent historical data and as such should not be interpreted as providing assurance that the facts and data presented will occur, that the assumptions will be confirmed and the objectives reached. They represent objectives that by nature might not be achieved, and the information presented in this annual financial report may prove to be erroneous without the Group being subject, in any manner whatsoever, to an obligation to update these statements, subject to applicable regulations, particularly the AMF (Autorité des Marchés Financiers) General Regulations.

2

HAULOTTE.COM | 2025 MANAGEMENT REPORT

‌RESPONSIBILITY FOR THE ENGLISH VERSION OF ANNUAL FINANCIAL REPORT

Person making the responsibility statement

In accordance with article L.451-1-2 of the French monetary and financial code, we inform you that the person responsible for the annual financial report is Mr. Alexandre Saubot, Deputy Chief Executive Officer of Haulotte Group.

Responsibility statement Lorette, 30 April 2026

"I certify, to the best of my knowledge, in my capacity as Deputy Chief Executive Officer, that the annual financial statements and the consolidated financial tatements of Haulotte Group SA for the financial year ended December 31, 2025 have been prepared in accordance with the applicable accounting standards and give a true and fair view of the assets and liabilities, financial position, and profit or loss of the issuer and of all entities included in the consolidation.

I also certify that the management report gives a fair presentation of the development of the business, the results, and the financial position of the Company and of all entities included in the consolidation, as well as a description of the principal risks and uncertainties to which they are exposed.

Lastly, I certify that the sustainability-related information included in the annual report has been prepared in accordance with the applicable legal and regulatory provisions."

3

Alexandre Saubot Deputy CEO

CONTENTS

4

5

‌PART 1: ECONOMIC INFORMATION‌

1. - REVIEW OF OPERATIONS AND RESULTS FOR THE YEAR UNDER REVIEW

   Haulotte Group is one of the major players in the self-propelled aerial work platform market, operating as a generalist manufacturer with a presence across the main product families (telescopic, articulated, scissor and vertical mast lifts) and as a seller on all five continents.

   The downturn in the global aerial work platform market, which began in the second half of 2023, continued throughout 2025. The market reached its lowest level since the outbreak of the Covid-19 pandemic in 2020, primarily impacted by a further sharp decline in the Chinese market. Against this backdrop of an uncertain market environment, Haulotte reported annual revenue of €511 million in 2025, down -20% compared to 2024 (or down -18% excluding the effects of IAS 29 and IFRS 16 and at constant exchange rates).

   In Europe, strong commercial performance at year-end enabled the Group to record slight growth of +2% (or +2% excluding IAS 29 and IFRS 16 and at constant exchange rates), driven by higher volumes of new equipment sales.

   In the Asia-Pacific region, where activity remained subdued across the vast majority of markets, Haulotte recorded a decline in revenue of -25% compared to 2024 (or -19% excluding IAS 29 and IFRS 16 and at constant exchange rates).

   In North America, no tangible signs of a recovery in activity have yet been observed. Across all businesses, sales in the region declined sharply by -42% compared to the prior year (or -40% excluding IAS 29 and IFRS 16 and at constant exchange rates).

   In Latin America, the downward trend observed since the beginning of the year across nearly all markets continued. As a result, the Group recorded a decline in sales of -43% (or -35% excluding IAS 29 and IFRS 16 and at constant exchange rates).

   Over the year as a whole, equipment sales declined by -22%, rental activity by -20%, and service activity by -6% (or respectively -20%, -8% and -4% excluding IAS 29 and IFRS 16 and at constant exchange rates).

   In addition, on December 16, Haulotte entered into a new syndicated credit facility agreement with its banking partners in an amount of €130 million, identical to the previous facility, thereby securing its primary source of financing for the years ahead.

   The financial year ended December 31, 2025, submitted for approval to the ordinary general meeting of shareholders, is the forty-first financial year since the Company's incorporation.

   6

2. ‌- PROGRESS MADE OR DIFFICULTIES ENCOUNTERED

   The downturn in the global aerial work platform market continued throughout 2025, reaching its lowest level since the outbreak of the Covid-19 pandemic in 2020.

   Despite a decline over the financial year, the North American market remains the world's largest, driven mainly by major infrastructure and "mega-projects" (data centers, artificial intelligence, semiconductors, etc.).

   The Chinese market experienced another very sharp decline, characterized by excess capacity among Chinese rental companies, lower utilization rates, and strong downward pressure on rental prices.

   Following a year in 2024 marked by massive imports of aerial work platforms manufactured in China, in anticipation of the introduction of customs duties, the European market-although down in 2025-was the only market to show a rebound toward the end of the year.

   The effects of the introduction of customs duties in Europe on machines imported from China, and more broadly in the United States, remain difficult to assess.

   Meanwhile, the presence of Chinese manufacturers (electrification, expansion of product ranges, deployment of distribution networks and industrial footprints) continues across the vast majority of geographic regions.

   In this context, Haulotte reported current operating income (before foreign exchange gains and losses) of

   €-5 million, corresponding to a current operating margin of -0.9% of revenue, down by €-50 million compared to 2024. This decline reflects adverse mix and volume effects as well as pressure on selling prices, despite efforts that enabled reductions in variable production costs and the Group's fixed costs.

   The Group's net income amounted to €-38 million, representing -7.4% of revenue, a sharp decline compared to 2024, mainly attributable to financial expenses, the weakening of numerous currencies against the euro, and an adjustment of deferred taxes linked to the current situation.

   7

   The Group's net debt (excluding guarantees and IFRS 16) amounted to €183 million, down by €-17 million over the period, driven by very strong free cash flow generation in the second half of the year (+€37 million), primarily resulting from a reduction in inventories.

3. ‌- PRESENTATION OF PARENT COMPANY FINANCIAL STATEMENTS AND SIGNIFICANT ACCOUNTING POLICIES - RESULTS OF OPERATIONS THE COMPANY

   1. Presentation of parent company financial statements

      The statutory financial statements of HAULOTTE GROUP SA for the financial year ended December 31, 2025 are summarized in the table below (amounts in thousands of euros):

      RESULTS € thousands	FY 2025	FY 2024	CHANGE (%)
      REVENUE	166 532	245 057	(32%)
      OPERATING PROFIT	(33 028)	(15 891)	108%
      NET FINANCIAL INCOME	22 267	28 336	(21%)
      EXTRAORDINARY PROFIT	(159)	68	(335%)
      NET PROFIT (LOSS)	(7 493)	14 391	(152%)

      Please refer to the notes to the annual financial statements for all additional explanations.

   2. Changes in the presentation of the annual accounts or methods of valuation, applied in prior years

      As from the 2025 financial year, the Company has applied the new French General Chart of Accounts ("Plan Comptable Général - PCG 2025") as defined by ANC Regulation No. 2022-06, which is mandatory for all financial years beginning on or after January 1, 2025.

      The changes introduced by this new regulation, as well as the applicable accounting principles, are presented in the accounting methods and principles set out in Note 2 to the notes to the statutory financial statements.

   3. Analysis of parent company results

      The downturn in the global aerial work platform market, which began in the second half of 2023, continued throughout 2025. The market reached its lowest level since the outbreak of the Covid-19 pandemic in 2020, mainly impacted by a further sharp decline in the Chinese market. Against this backdrop of an uncertain market environment, Haulotte Group SA reported revenue of €167 million, down by €79 million, representing a decrease of -32% compared with 2024.

      Over the year, Haulotte Group SA's operating result remained negative and amounted to €-33 million in 2025, compared with €-16 million in 2024.

      Net financial income of €+22 million is mainly attributable to dividend distributions received from certain Group subsidiaries during the 2025 financial year.

      As a result of these factors, the 2025 financial year ended with a net loss of €-7.5 million.

      In accordance with the provisions of Article R.225-102 of the French Commercial Code, this report includes, in the appendix, a table presenting the Company's results for each of the last five financial years.

      8

4. ‌- COMPREHENSIVE ANALYSIS OF THE COMPANY'S REVENUE, EARNINGS AND FINANCIAL POSITION, AND PARTICULARLY DEBT WITH RESPECT TO THE VOLUME AND COMPLEXITY OF BUSINESS ACTIVITY

   ‌Please refer to paragraphs 1, 2 and 3 above and 6.2 and 7 below.

5. - ANALYSIS OF KEY INDICATORS OF A FINANCIAL AND NON-FINANCIAL NATURE RELATING TO THE COMPANY'S SPECIFIC BUSINESS, AND IN PARTICULAR INFORMATION RELATING TO ENVIRONMENTAL

   AND STAFF ISSUES

   ‌Please refer to paragraphs 1, 2 and 3 above, and to Section 5 below of this report (Appendix 6 - Sustainability Statement).

6. - KEY RISKS AND UNCERTAINTIES - THE COMPANY'S EXPOSURE TO RISKS CONCERNING PRICE, CREDIT, LIQUIDITY AND CAPITAL RESOURCES -INFORMATION ON MARKET RISKS

   In accordance with the provisions of article L.225-100-1 of the French Commercial Code, a description of key risks and uncertainties facing the Company is presented below.

   1. Key risks and uncertainties

      As the Company relies on a large number of components in its production process, the main risk lies in its ability to secure supplies from its suppliers. The diversification of suppliers, which has been extensively pursued for several years, must continue in order to avoid supply disruptions. Monitoring of the financial situation of the most sensitive suppliers has been implemented for several financial years, and specific measures have been taken to ensure the continuous adaptation of the industrial model to market demand.

      The second significant risk is market risk. Although the easing of tensions in component supply chains is now a reality, continued vigilance remains necessary in a global economic and political environment that continues to show signs of uncertainty. The highlights presented in the consolidated notes provide a more detailed description of the 2025 business environment.

      9

      The third significant risk relates to the sensitivity of sales to credit restrictions in financial markets. HAULOTTE GROUP offers its customers financing solutions through financial institutions or, for a non-material portion of its sales, through direct financing, while maintaining a reasonable level of risk.

   2. Exposure of consolidated entities to price, credit, liquidity, foreign exchange, interest rate and cash flow risks

      1. Credit and liquidity risks

         Please refer to Note 13 to the Company's statutory financial statements.

         On December 16, 2025, a new syndicated credit facility was entered into for an amount of €130 million, identical to the previous facility, enabling the Group to secure its main source of financing. The maturity of this facility is three years, with an extension option of up to five years.

         The syndicated credit facility signed in December 2025, the State-Guaranteed Loan (PGE) signed in June 2022, and the "club deal" facility signed in July 2021 are not secured by collateral; however, they contain a number of customary covenants that the Group is required to comply with throughout their respective terms. These three facilities are linked by cross-default clauses.

         The financial ratios to be complied with are measured either on a monthly basis, based on management certifications, or on a semi-annual basis, based on the consolidated financial statements as of June 30 and December 31 of each year, using aggregates derived from the financial statements.

         The Group has complied with all of its contractual obligations under each of these facilities for the period ended December 2025, in accordance with the agreements reached with all lenders at the time of the execution of the new syndicated credit facility.

         In an environment currently characterized by limited visibility across all markets, the Group expects to comply with its financial covenants as of June 30, 2026 and December 31, 2026.

         This projection is part of a gradual return to historically observed revenue and margin levels, supported by a pespective of market dynamics, as well as on the continuation of efforts to rationalize working capital requirements (especially inventories) and operating expenses.

      2. Foreign exchange and interest rate risks

         The Company does not have a policy of systematic use of interest rate or foreign exchange hedging instruments. However, transactions are carried out depending on market opportunities.

         ‌These transactions are nevertheless undertaken solely for the purpose of hedging existing assets or liabilities, and not for speculative purposes.

7. - FORSEEABLE CHANGES IN THE COMPANY'S SITUATION AND OUTLOOK

   Despite continued limited visibility and a generally uncertain global environment, Haulotte should be in a position to report growth in sales in 2026, the extent of which will depend largely on the recovery of the North American market. This should enable the Group to return to a positive current operating margin.

   ‌During this period, Haulotte will continue its efforts to optimize working capital requirements, particularly inventories, in order to improve free cash flow, as well as its initiatives to restore margins through cost optimization, optimize operating expenses, defer non-strategic investments, and pursue projects aimed at improving operational efficiency.

8. - IMPORTANT POST-CLOSING EVENTS BETWEEN THE END OF THE FINANCIAL PERIOD AND THE DATE OF THE MANAGEMENT REPORT

   The post-closing events are detailed in Note 3 of the Annexes to the Company accounts.

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9. ‌- ESSENTIAL INTANGIBLE RESOURCES OF THE COMPANY AND THEIR CONTRIBUTION TO VALUE CREATION

   Haulotte Group's business model is based on a strategic combination of tangible and intangible resources, which are at the core of our competitiveness and our ability to innovate in the field of people-lifting equipment. Our intangible assets, in particular, play a fundamental role in differentiating our offering and creating value for the Group. These resources are not only essential to our short-term performance, but also represent key levers for sustainable growth and our ability to adapt to market transformations.

   • Intellectual Property and product innovation

     Intellectual property is at the core of our differentiation strategy. Our patents and inventions are key assets that help us protect our technical innovations in a constantly evolving market. These innovations enhance Haulotte's competitiveness by addressing increasingly demanding requirements, particularly in terms of energy performance and sustainability.

   • Know-how and human capital

     Our teams' know-how is a strategic intangible resource. Our skilled personnel, along with our expertise in engineering, production and after-sales service, form a core part of our business model. Haulotte continues to invest in training and skills development for its employees, while maintaining a strong culture of innovation and agility. We hope this expertise will allow Haulotte to respond quickly and accurately to customer needs and the specific international market demands. We aim to make this expertise a key lever for long-term value creation, driven by the ongoing improvement of our products and services.

   • Information systems and digitalization

     Digital technologies and information systems play a central role in the transformation and efficiency of Haulotte's business model. Beyond management tools, our digital infrastructures are also strategic levers that allow us to reinvent the customer experience and optimize every aspect of our value chain. By managing the data collected and analyzing product performance, we aim to offer tailored solutions to specific customer needs, while anticipating and resolving issues before they arise. This approach not only strengthens our operational efficiency and profitability but also creates a better customer experience. These digital resources are therefore essential for creating sustainable value, enhancing equipment performance and solidifying Haulotte's position as a trusted market player.

   • Reputation and brand image

     As a designer of aerial work solutions, we aim to promote the most valuable aerial-working experiences, synonymous with reliability, quality and high safety standards. This mindset is crucial for maintaining the trust of our customers, particularly in an industry where safety requirements and regulatory compliance are especially strict. The brand's reputation allows us to strengthen our leadership in the aerial equipment market, expand into new markets and maintain long-term strategic partnerships.

   • Business relations and commercial networks

   Haulotte strives to maintain strong and lasting relationships with its suppliers, customers and other stakeholders, both nationally and internationally. These relationships are built on trust, transparency and collaboration, and play a key role in the company's success by establishing an efficient supply chain that contributes to customer satisfaction.

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   These intangible resources, combined with a constant innovation strategy and a commitment to high safety standards, are all fundamental to maintaining the Company's competitiveness in a demanding, highly regulated and constantly evolving sector. They are a key source of value creation for the company and its stakeholders (customers, suppliers, etc.), not only ensuring the sustainability of its operations but also generating new growth opportunities through the development of new products and services.

10. ‌- RESEARCH AND DEVELOPMENT OF THE COMPANY

    The Company's efforts in Research and Development continued throughout the financial year.

    The year 2025 was marked by the continued development of our product offerings, with the launch of new solutions in the aerial work platform market, including:

    • a new 20-meter electric rough-terrain articulated boom, the HA20 E;

    • and a new 21-meter electric rough-terrain scissor lift, the HS21 E & HS21 E PRO,

      designed to better meet evolving customer requirements, particularly in terms of higher load capacities, environmental challenges, and local regulations governing engine emissions.

      The Group also continued its developments in the field of safety. Marketed in 2025, the FASTN system enables construction companies to enhance the safety of aerial work platform (MEWP) operators by detecting the proper anchoring of their safety harness. This is the first universal, connected fall-prevention system designed for aerial work platforms. This development was carried out under an intrapreneurship approach.

      Haulotte also unveiled its new Drive Assist solutions. These innovations are designed to reduce risks and strengthen user confidence in complex and realistic operating conditions:

    • Operator Driving Assistance: detects hazardous driving behavior and alerts the operator in real time to help prevent accidents.

    • Pedestrian Detection Assistance: combines an intelligent camera with an alert system to reduce the risk of collisions between the platform and pedestrians.High-visibility platform: improves machine visibility in low-light conditions, thereby reducing the risk of accidental contact with people or objects.Obstacle

    • Detection Assistance: prevents collisions between the machine's upper structure and surrounding obstacles, particularly in areas where operator visibility is limited.

    At the same time, as part of its CSR roadmap, the Company continues to advance its research into optimizing the energy mix applicable to its products, notably through developments related to fuel cell technology.

    In the medium term, R&D efforts aim to accelerate the launch of new machines with a reduced carbon footprint and enhanced digital capabilities.

    Research and development expenses amounted to €16,934 thousand for the 2025 financial year.

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11. ‌- BREAKDOWN OF TRADE PAYABLES AND RECEIVABLES OF THE COMPANY BY MATURITY

    In accordance with the provisions of articles L.441-14, paragraph 1 of the French Commercial Code, an aged trial breakdown of trade receivables and payables is provided below for the financial year ended December 31, 2025.

    Trade payables	Article D.441-6 I.-1 of the French Commercial Code: Invoices received unpaid at the end of the reporting period in arrears
    	0 days	1 to 30 days	31 to 60 days	61 to 90 days	> 90 days	Total

    1. PORTION IN ARREARS

       Number of invoices concerned						289
       Total amount of invoices concerned including VAT		324 747	252 743	58 795	132 504	768 789
       % of total amount of purchases for the period incl. VAT		0.19 %	0.15 %	0.03 %	0.08 %	173 063 983

    2. INVOICES EXCLUDED FROM (A) RELATING TO DISPUTED RECEIVABLES AND SUBSIDIARIES

       Number of supplier invoices paid at the beginning of January	1 849
       Number of disputed supplier invoices	396
       Total number of subsidiary invoices involving a current account-related payables	538
       Number of supplier invoices paid at the beginning of January	6 971 553
       Amount of disputed invoices	854 320
       Amount of subsidiary invoices involving a current account-related payable	3 385 489

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    3. REFERENCE PAYMENT TERMS USED (CONTRACTUAL OR LEGAL TERMS - ARTICLE L.441-10 OR L.441-11 OF THE FRENCH COMMERCIAL CODE)

    Legal terms: 60 Days

    Payment terms used to calculate payment delays

    Accounts Receivable	Article D.441-6 I.-2: Invoices issued and unpaid at the end of the reporting period in arrears
    	0 days	1 to 30 days	31 to 60 days	61 to 90 days	> 90 days	Total

    1. PORTION IN ARREARS

       Number of invoices concerned						138
       Total amount of invoices concerned including VAT		960 886	146 142	44 985	381 514	1 533 528
       % of Revenue for the period excl. VAT		0.58 %	0.09 %	0.03 %	0.23 %	166 532 127

    2. INVOICES EXCLUDED FROM (A) RELATING TO DISPUTED RECEIVABLES AND SUBSIDIARIES

       Number of disputed customer invoices	81
       Total number of subsidiary invoices involving a current account-related receivable	8 090
       Amount of doubtful customer invoices incl. VAT	523 749
       Amount of subsidiary invoices involving a current account-related receivable incl. VAT	65 605 697

    3. REFERENCE PAYMENT TERMS USED (CONTRACTUAL OR LEGAL TERMS - ARTICLE L.441-10 OR L.441-11 OF THE FRENCH COMMERCIAL CODE)

    Legal terms: 60 Days

    Payment terms used to calculate payment delays

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12. ‌- INTERNAL CONTROL AND RISK MANAGEMENT PROCEDURES ADOPTED BY THE COMPANY AND IN PARTICULAR THOSE RELATING TO THE PREPARATION AND PROCESSING OF FINANCIAL AND ACCOUNTING INFORMATION

1. Objectives of the Company in the areas of internal control and risk management procedures

   The internal control procedures in place within the Company are designed to ensure that management actions and the execution of transactions, as well as employee conduct, fall within the framework defined by the strategic guidelines set by the corporate governance bodies, by applicable laws and regulations, and by the Company's internal values, standards and rules. They are also intended to ensure that the accounting, financial and management information communicated to the Company's corporate bodies faithfully reflects the Company's operations and financial position, as well as those of its subsidiaries.

   One of the objectives of internal control is to prevent and manage risks arising from the activities of the Company and its subsidiaries, as well as the risks of errors or fraud, particularly in the accounting and financial areas (operational, financial, compliance or other risks).

   Our risk management framework, the cornerstone of which is the risk mapping process, is based on the coordinated involvement of the Group's central functions and operational entities. It is subject to regular monitoring, including periodic reviews, awareness-raising actions and targeted control measures, ensuring structured reporting to management and the governance bodies. The findings derived from these activities feed into a continuous improvement process aimed at strengthening the effectiveness of existing systems and the management of major risks.

   Like any control system, however, it cannot provide absolute assurance that all risks to which the Group is exposed have been fully eliminated.

2. Summary of procedures in place

   1. General organization for internal control and risk management procedures at the Company level

      Each department, at both headquarters and subsidiary level, is responsible for implementing and monitoring internal control procedures.

      These internal control procedures are under the responsibility of the Group Finance Department and the Group Corporate Secretariat, which are responsible for drafting and promoting them and for ensuring their consistency and proper functioning. A core set of written internal procedures is available on the Company's intranet.

   2. Presentation of Summary Information on the Internal Control and Risk Management Procedures Implemented by the Company

Internal control within the Group:

The Group's internal control is placed under the responsibility of the Executive Committee (COMEX).

It extends to all Group subsidiaries and concerns the entire organization (administrative, accounting and financial, functional and operational processes).

Main missions include:

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• Ensuring that risks are controlled and managed

• Implementing internal procedures and contributing to improvement thereof

• Implementing a continuous improvement approach

Finance Division:

The Finance Division draws up written procedures covering the main subjects and financial flows within the Group. These procedures are disseminated to all financial contacts at the head office and subsidiaries, and updated on a regular basis.

The Finance Division includes the following departments:

• Management Control Department:

  This department includes two units :

  • an industrial management control unit represented at each production site, and by a dedicated team at headquarters for R&D, purchasing and quality functions,

  • a management control unit for distribution subsidiaries, spearheaded from the head office, ensuring financial oversight for the Group's different distribution and service subsidiaries in coordination with the regional financial controllers.

    In addition, the regional financial controller acts as an intermediary between the Group and the controller for each subsidiary in its region. This division ensures management control for the support and equipment rental business functions.

    These teams contribute to implementing the internal control procedures by:

  • ensuring the security of assets, particularly through inventory procedures,

  • ensuring and assisting in the dissemination of the Group's accounting and management rules,

  • ensuring that expenditures are incurred in accordance with the budget set out at the beginning of each period and within the framework of the rules for incurring expenses and delegations of authority defined by the Group.

• Haulotte Financial Services:

  This department is responsible for the following activities:

  • cash management,

  • management of banking relations and bank balancing transactions, management of multi-currency cash positions,

  • credit management

  • the implementation of financing solutions for the benefit of customers.

    Missions include:

  • ensuring that the principles set out for managing customer credit risk are properly applied, and controlling the exposure of the Group's main customers. To this end, it monitors accounts receivable developments for all subsidiaries, controls the levels of outstanding balances and reconciles the cash budget with outstanding trade receivables of subsidiaries,

  • organizing collection, monitoring outstanding financing amounts and consolidating all Group financial commitments.

• Consolidation and Reporting Department :

  This department is responsible for producing the consolidated annual and interim financial accounts and the corresponding financial communications as well as monthly reporting.

  This department assists the local financial managers in applying financial reporting procedures in accordance with IFRS. It also conducts a number of visits to the subsidiaries to ensure these procedures are applied.

• Group Accounting Department:

  This department is responsible for accounting for Haulotte Group SA. It is also responsible for coordinating and managing the transfer pricing policy at the Group level.

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• Information Systems department:

  To face the new challenges of digital technology, Haulotte's IT department has been engaged, since 2019, in a modernization process for its IS.

  At the request of the business lines, the IT department develops IT solutions to meet operational needs. To do this, it follows its own project management process to ensure the quality and integrity of the developments made. Once the solutions have been implemented, the IT Department maintains the solutions in place, by providing the support requested by users and upgrades related to new needs.

  New digital evolutions in companies, and the importance of the stakes resulting from it since a few years, lead the group's ISD to emphasize two well identified components:

  • the company's DATA generated by the whole of the systems (its generation, its quality, its storage, its safety);

  • and the cyber resilience of our organization (capacity to recover from a cyber attack, implementation of a business continuity process and resumption of activity, crisis management cell).

  General Secretariat:

• Group Legal Department

  The Group Legal Department operates at many levels within the company and assists the various departments in managing their projects, in terms of partnership development (drafting and analysing contracts, drawing up standard documents, etc.), advising operational staff (R&D, intellectual property, sales departments, etc.), managing disputes and monitoring the legal status of the Group's companies.

  The Legal Department which positions itself as a real business partner within the company, participates in several internal working groups, including:

  • "Safety Committees": held on a regular basis (every two months, or whenever necessary), these meetings bring together all parties concerned by effective management of technical and legal monitoring initiatives regarding incidents and accidents known to the Group and involving one of our products.

  • "Intellectual Property (IP) Committees", which regularly bring together the General Secretariat, the Marketing Department and the Group Intellectual Property Manager. These periodic meetings provide a mechanism for monitoring filings and intellectual property disputes for the Group as a whole. They also serve as a means to notify different participants of the existence of prior rights.

    Several internal communications actions are implemented by the Legal Department in collaboration with the Finance and Communications teams and the IT Services department, in order to inform and alert employees about the risks of fraud for social engineering and how to combat the latter. In this regard, the Legal Department is the formal contact point for the Authorities in the event of fraud or attempted fraud (Police, ISDG, etc.).

    More broadly, the Legal Department collaborates with all departments concerned with legal matters and provides its support to all divisions within the Company.

    Lastly, the Legal Department regularly participates in meetings organized by Middlenext, providing a forum for exchange and discussion of legislative and regulatory developments concerning listed companies and new obligations to be met by the Company. It also participates in working meetings organized by the trade associations of its industry sector (FIM, EVOLIS).

• Human Resources Department

The Human Resources Department has a central support service (recruitment, training, wages and personnel administration). Furthermore, a Human Resources Manager is present on each of our sites and works closely with the director of the establishment on all HR issues, including occupational health and safety.

A QSE policy, applied in all Group entities, sets out Management's various commitments in terms of occupational health and safety.

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A safety committee, led by the Europe HRD, meets regularly throughout the year to discuss the various safety indicators (number of accidents, frequency and severity) and best practice in terms of prevention.