Geographically, performance remains mixed. In Europe, momentum continues to be well-oriented, following the trend seen at the end of 2025, with 8% growth driven by a sharp increase in equipment sales volumes.

Conversely, Asia-Pacific fell by 9% in a market that remains degraded, despite a positive volume effect.

North America reported stable activity compared to the second half of 2025, but a 20% decline year-on-year. Finally, Latin America remains heavily penalized, with a marked 33% drop and no signs of recovery at this stage.

By business segment, equipment sales edged down 2% for the quarter, while rental (-24%) and services (-10%) saw more pronounced declines.

In this context, despite still limited visibility and an uncertain global environment, Haulotte believes it is positioned to deliver revenue growth in 2026. However, the scale of this increase will largely depend on a recovery in the North American market. The group also anticipates a return to a positive current operating margin.

'The message remains one of a beginning market inflection, but without a real recovery at this stage, with the top line still dependent on a restart in North America. The guidance for top-line growth and a positive current operating margin is confirmed, but this Q1 makes the rest of the year challenging', noted Portzamparc, which maintains a 'hold' rating on the stock.