Strong growth in comparable operating profit in the third quarter through executing our strategy
Hiab's interim report January-September 2026
Q3/26 Interim report
Highlights of Q3/26− Orders received continued to grow in EMEA, while acquisitions boosted orders received in the Americas
− Comparable operating profit increased to EUR 69 (40) million corresponding
to 14.2 (11.4) percent of sales
− Comparable EBITA margin was 15.5 (11.7) percent
− Cash flow* was strong at EUR 98 (69) million
− Outlook for 2026 unchanged
− Environmental Vehicle Solutions ("EVS") acquisition completed
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*Cash from operations excluding finance items and taxes, comparison period includes discontinued operations
Q3/26 Interim report
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(the "Company" or "Hiab") or any person on behalf of the Company, and any question-and-answer session that follows the oral presentation (collectively, the "Information"). In accessing the Information, you agree to be bound by the following terms and conditions.
This presentation does not constitute an offer of or an invitation by or on behalf of Hiab, or any other person, to purchase any securities.
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Q3/26 Interim report
ContentsGroup level development CEO Scott Phillips
Reporting segments CFO Mikko Puolakka
Financials and Outlook CFO Mikko Puolakka
Key takeaways CEO Scott Phillips
Q&A Scott Phillips & Mikko Puolakka
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Q3/26 Interim report
1. Group level development5
We continue to shape the essential industries with pioneering innovationsHIPERFORM MOFFETT
Next-generation ProCare™ agreements
Hiab announced the next generation of its ProCare™ lifecycle services portfolio, designed to help fleet owners keep equipment working, control lifecycle costs and get more value from every asset. The renewed ProCare portfolio combines proven maintenance expertise with smart connectivity, data-driven insights and digital services in one integrated lifecycle solution with three different agreement levels.
New M8 MOFFETTs to North America
Hiab brought two high-capacity truck-mounted forklifts, the MOFFETT M8 65.3P NX2 and M8
65.4P NX2, to the US and Canadian markets, which boost lifting capacity by nearly 20 percent, moving from 2,500 kg to almost 3,000 kg. Featuring patented single-side offloading technology, enhanced safety and connectivity, the new models enable faster deliveries, improved fleet productivity and lower TCO..
Leach introduced a new smaller tailgate
Hiab introduced a smaller 3.0 yd³ tailgate option for the Leach™ 2R-III. The new option delivers high-density packing of up to 600 kg/m³ with a 17-second cycle time. The lighter weight and shorter rear overhang improve weight distribution and payload capacity on a smaller chassis, helping operators work more efficiently while enabling a wider reach for Leach in the market.
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Orders received and order book grew significantly in Q3/26 supported by acquisitions Orders received and order bookMEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 Change |
Orders received | 441 | 351 | 26% | 1,280 | 1,106 16% |
Orders received, organic* | -4% | 5% | |||
Order book | 873 | 557 | 57% | ||
MEUR
87 MEUR orders from Environmental Vehicle Solutions (EVS) orders and 14 MEUR orders from ING Cranes had a 30 percentage point positive impact in Q3
Currencies did not have a significant impact on orders received
No orders above EUR 10 million in Q3
Order book increased due to inclusion of acquired EVS business
Orders received Order book
Orders received, LTM (RHS)
7
*in constant currencies excluding structural changes
Orders received grew in EMEA and in APAC, negative organic development in the Americas was a reflection of key account orders in a subdued market Orders received by geographical area, Q3/26MEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change |
EMEA | 201 | 195 | 3% | 627 | 587 | 7% |
AMER | 214 | 132 | 62% | 571 | 435 | 31% |
APAC | 26 | 24 | 8% | 82 | 84 | -3% |
MEUR
APAC 6 (7) %
EMEA 46 (56) %
Operating environmentGradual market recovery continued in EMEA
Sequential improvement in refuse collection vehicle orders
Elevated uncertainty of the global growth outlook and slow customer decision making
Increase in yields, interest rates and fuel prices
Americas 48 (38) %
8
Sales grew organically by 5 percent in the quarter SalesMEUR | Q3/26 | Q3/25 Change | Q1-Q3/26 | Q1-Q3/25 Change |
Sales | 481 | 346 39% | 1,267 | 1,160 9% |
Sales, organic* | 5% | -2% | ||
Share of Services, % | 28% | 34% | 29% | 30% |
MEUR
103 MEUR sales from EVS and 13 MEUR sales from ING Cranes had a 35 percentage point positive impact in Q3
Currencies had a negative 1 percentage point impact in Q3
Share of Services decreased to 28 percent due to smaller service portion in the acquired EVS business
Sales
Sales, LTM (RHS)
9
*in constant currencies, excluding structural changes
Sales in the Americas almost doubled in Q3 driven by acquisitions Sales by geographical area, Q3/26MEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change |
EMEA | 187 | 178 | 5% | 606 | 573 | 6% |
AMER | 268 | 140 | 92% | 584 | 508 | 15% |
APAC | 26 | 29 | -9% | 77 | 79 | -2% |
Eco portfolio sales | 161 | 140 | 15% | 518 | 437 | 19% |
Eco portfolio sales, %* | 33% | 40% | 41% | 38% | ||
MEUR
EMEA 39 (51) %
APAC 5 (8) %
Americas sales increased organically and was further boosted by acquisitions
Sales in EMEA increased
Sales declined in APAC
Eco portfolio sales increased in climate and in circular solutions, share of sales adjusted for EVS was 43% in Q3
Americas 56 (40) %
* Environmental Vehicle Solutions is not included in the Eco portfolio, as life cycle assessments for its 10
solutions are not in place yet
Significant improvement in comparable operating profit and EBITA Comparable operating profitMEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change |
Comparable EBITA | 75 | 40 | 85% | 189 | 168 | 13% |
Comparable EBITA, % | 15.5% | 11.7% | 14.9% | 14.5% | ||
Comparable operating profit | 69 | 40 | 73% | 181 | 166 | 9% |
Comparable operating profit, % | 14.2% | 11.4% | 14.3% | 14.3% | ||
Operative ROCE, LTM | 20.2% | 29.8% | ||||
MEUR
Comparable operating profit increased driven by higher sales and fixed cost savings
EVS boosted Hiab's comparable EBITA to 15.5 percent
EVS comparable EBITA was at high teens in the quarter
Operative ROCE decreased mainly due to higher operative fixed assets stemming from the EVS acquisition
Comparable operating profit
Comparable operating profit, % (RHS)
Comparable operating profit, % LTM (RHS)
11
Operative ROCE defined as (Operating profit / Operative capital employed)
Environmental Vehicle Solutions is a perfect fit to our strategy and supports our profitable growth targetsSuccessful first quarter
Integration progressing
according to plan
Focus on protecting business execution &
preserving and connecting cultures
Financial performance enhancing Hiab's results
Further upside potential
Orders received: 87 MEUR Sales: 103 MEUR
Market with
attractive growth prospects
~3-4% average market growth 2026e-2030e
Comparable EBITA: High teens
Commercial and procurement
synergies
>12 MEUR, 2029 run rate on EBIT level
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Q3/26 Interim report
On track to deliver on our 2028 financial targets
2028
financial targets
Progress, Q3/26
Sales CAGR1
>7%Rolling 10-year average3
5%Comparable Operating Profit
16%LTM
13.7%
ROCE2
>25%LTM
20.2%
1 Over the cycle, LTM 10 year average
2 Defined as (Operating Profit / Operative Capital Employed)
3 Includes inorganic growth
= development from the previous quarter 13
Q3/26 Interim report
2. Reporting segments14
Order growth was driven by acquisitions, sales and comparable operating profit growth were supported by all business areas Equipment, Orders received, Order book & SalesMEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change |
Orders received | 311 | 239 | 30% | 904 | 753 | 20% |
Order book | 810 | 500 | 62% | |||
Sales | 347 | 230 | 51% | 894 | 808 | 11% |
Comparable operating profit | 44 | 20 | 116% | 114 | 106 | 8% |
Comparable operating profit, % | 12.6% | 8.8% | 12.8% | 13.1% | ||
MEUR
Orders received Order book
Sales
Orders received grew in Lifting Equipment and decreased in Delivery Equipment in Q3
Order book grew due to inclusion of EVS, no change organically
Sales grew in both Lifting and Delivery Equipment in Q3
Comparable operating profit increased due to organic and inorganic growth in sales as well as fixed cost savings
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Inorganic and organic growth drove comparable operating profit improvement combined with fixed cost savingsEquipment, Comparable operating profit bridge*
MEUR
Driven by
impact of EVS operations, offset by volume growth
Equipment, Comparable operating profitMEUR
Comparable operating profit
Comparable operating profit, % (RHS)
Comparable operating profit, % LTM (RHS)
* Indicative management estimate 16
** gross profit margin
Orders received, sales and comparable operating profit growth driven by EVS acquisition and recurring services Services, Orders received, Order book & SalesMEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change |
Orders received | 130 | 112 | 16% | 375 | 353 | 6% |
Order book | 63 | 57 | 10% | |||
Sales | 134 | 116 | 15% | 373 | 352 | 6% |
Comparable operating profit | 33 | 27 | 20% | 92 | 85 | 9% |
Comparable operating profit, % | 24.6% | 23.5% | 24.8% | 24.1% | ||
MEUR
Recurring services continued to grow through executing our strategy
Non-recurring service sales decreased from the comparison periods level
EVS acquisition supported growth of orders received, sales and comparable operating profit
Orders received Order book
Sales
17
Comparable operating profit continued to grow in ServicesServices, Comparable operating profit bridge*
MEUR
Driven by
impact of EVS operations, offset by volume growth
Services, Comparable operating profitMEUR
Comparable operating profit
Comparable operating profit, % (RHS)
Comparable operating profit, % LTM (RHS)
* Indicative management estimate 18
** gross profit margin
Q3/26 Interim report
3. Financials and outlook19
Income statementComparable operating profit bridge*
MEUR
Driven by
impact of EVS operations, offset by volume growth
Income statementMEUR | Q3/26 | Q3/25 | Change |
Sales | 481 | 346 | 39% |
Gross profit | 138 | 100 | 38% |
Gross profit, % | 28.7% | 29.0% | |
Comparable EBITA | 75 | 40 | 85% |
Comparable EBITA, % | 15.5% | 11.7% | |
Comparable operating profit | 69 | 40 | 73% |
Operating profit | 54 | 40 | 36% |
Operating profit, % | 11.2% | 11.4% | |
Net financial expenses | -8 | -1 | >100% |
Profit for period before taxes | 45 | 39 | 17% |
Income taxes | -16 | -10 | 67% |
Profit for the period | 29 | 29 | 0% |
Basic earnings per share, EUR | 0.45 | 0.45 1% | |
* Indicative management estimate
** Services and Equipment 20
*** Gross profit margin
Strong cash flow was supported by decrease in inventory and accounts receivables Cash flow from operations before finance items and taxes, Q3/26MEUR
*Cash flow from operations before finance items and taxes 21
Balance sheet remains healthy after the EVS acquisition Net debt and gearing, end of period Maturity profile, 30 September 2026MEUR
Net debt
MEUR
Gearing, % (RHS)
Lease liabilities
Other interest bearing liabilities
Corporate bonds and loans from financial institutions
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Outlook for 2026 unchangedHiab estimates:
Comparable operating profit margin in 2026 to be above 14.5 (2025: 13.7) percent*.
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*comparable operating profit excludes PPA amortization related to Environmental Vehicle Solutions' order book
Key takeaways− Q3 was the first quarter in three years with organic sales growth
− We are on track to deliver what we committed to in our strategy, despite the mixed market environment
− We estimate to reach highest profitability in Hiab's history in 2026
− Integration of EVS progressing according to the plan, synergies estimated at above 12 MEUR
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Q3/26 Interim report
5. Q&A25
Q3/26 Interim report
Appendix26
Q3/26 Interim report
Key financial figuresMEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change |
Orders received | 441 | 351 | 26% | 1,280 | 1,106 | 16% |
Order book | 873 | 557 | 57% | |||
Sales | 481 | 346 | 39% | 1,267 | 1,160 | 9% |
Gross profit, % | 28.7% | 29.0% | 29.1% | 30.6% | ||
Comparable EBITA | 75 | 40 | 85% | 189 | 168 | 13% |
Comparable EBITA, % | 15.5% | 11.7% | 14.9% | 14.5% | ||
Comparable operating profit | 69 | 40 | 73% | 181 | 166 | 9% |
Comparable operating profit, % | 14.2% | 11.4% | 14.3% | 14.3% | ||
Operating profit | 54 | 40 | 36% | 144 | 166 | -13% |
Profit for the period | 29 | 29 | 0% | 94 | 119 | -21% |
Basic earnings per share | 0.45 | 0.45 1% | 1.45 | 1.84 | -21% | |
Operative ROCE, % | 20.2% | 29.8% | ||||
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Continuing operations
Q3/26 Interim report
Key targets to measure success by 2028
Sales CAGR1
>7%Comparable Operating Profit
16%ROCE2
>25%Sustainability
SBTiGearing
<50%Growing Dividend of
30-50% of EPS1 Over the cycle 28
2 Defined as (Operating Profit / Operative Capital Employed)
BUILT TO PERFORM
HIAB • EFFER • ARGOS • ING • LOGLIFT • JONSERED • MULTILIFT • GALFAB • MOFFETT • PRINCETON • WALTCO • DEL • ZEPRO • LABRIE • WITTKE • LEACH • HIPERFORM