The forklift specialist (+0.24%) reported first-quarter 2026 revenue of EUR 648 million, up 8% year-on-year and 10.2% on a like-for-like basis, confirming solid commercial momentum at the beginning of the fiscal year.
'This reflects strong momentum in European markets (+13%), particularly for telehandlers and rental companies. Conversely, the North American and LATAM regions are under pressure (-14% and -13% respectively)', notes Oddo BHF, which maintains an outperform rating on the stock.
The broker added: 'The balance sheet is healthy, profits are comfortable, and the group is in a market-share-gain dynamic'.
During the period, machine order intake also rose, reaching EUR 631 million compared to EUR 574 million a year earlier, representing a 9.9% increase.
On the back of this strong start to the year, the group now anticipates revenue growth of approximately 5% for the full 2026 fiscal year.
Manitou also forecasts recurring operating income of around 5% of revenue, reflecting an expected profitability that remains broadly stable.
Manitou BF specializes in the manufacturing and marketing of handling, lifting and earthmoving equipment for the construction (63% of net sales), agriculture (26%) and industry (11%) markets. Net sales break down by family of products and services as follows:
- handling and lifting equipment (83.6%): rough-terrain handling equipment (fixed and rotating telehandlers, rough-terrain forklifts and on-board trucks), aerial work platforms, industrial and semi-industrial forklifts, truck-mounted forklifts, rough-terrain forklift trucks, warehousing equipment, skid-steers and track loaders, articulated loaders and backhoe loaders;
- services (16.4%): sale of spare parts and accessories, provision of financing solutions, fleet management, provision of connected machines, extended warranties and maintenance contracts, training services and sale of second-hand equipment.
At the end of 2025, the group had 10 manufacturing sites worldwide.
Net sales are distributed geographically as follows: Southern Europe (36.1%), Northern Europe (34.2%), Americas (19.6%) and Asia/Pacific/Africa/Middle East (10.1%).
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