Challenging 2024 for Manitou

Manitou’s sales fell by 7.5% in its full 2024 financial year, with the company citing tough geographical markets and an uncertain political environment.

The group ultimately achieved a record EBITDA of €262 million, representing 9.9% of net sales, despite a drop in operating profit from €211.6 million to €199 million.

Michel Denis, President and CEO, said, the group closed its fiscal year in line with its forecasts. “The group dynamically and reactively adjusted its organization to adapt to the competitive, economic, and geopolitical context of the second half of the year, marked by a decline in activity compared to 2023.”

Manitou’s new MTA-519, launched at the ARA Show 2024.

The Product division reported a 9.1% decrease to €2,247 million in its 2024 financial year, compared to 2023 following a slowdown in demand to due to a deterioration in its markets and difficult geopolitical environment during 2024.

However, profit rose by 4.2% to €393.8 million thanks to the company’s new pricing policy introduced in 2023, better raw material prices and investment to improve production efficiency.

The company said it readjusted the organization in light of the challenges while laying the groundwork for long-term growth, which included the expansion of its Yankton plant in the US and the start of construction of a new welding plant for aerial platforms in France.

Activity support 

R&D expenses increased during the period by €3.2 million, reflecting the increase in resources aimed at the group’s low-carbon initiatives, while overhead costs also increased by 12.1%, or €18.5 million.

This was due to price increases, investment of resources to support commercial activity in a tough economic environment, and resources to support the division in its challenges. Therefore, recurring operating profit in the Product division decreased by €2.5 million to €181.1 million, compared to 2023.

In keeping with its New Horizons 2025 roadmap, the group said continued its investment plan with the completion of the expansion of the American plant in Yankton, the strengthening of its mechanical welding activities, the deployment of its CSR roadmap, as well as significant digital investments.

The Services & Solutions division reported €409 million net sales, increasing by 2.6%, driven by its used, rental, and service activities. Gross profit for the division decreased by €3.6 million compared to 2023 and stands at €106.3 million.

2025 outlook

Across the group net debt decreased compared to 2023, reaching €370 million. Denis added, “Considering the competitive pressure and market momentum, we anticipate stable revenue for 2025 and a recurring operating profit of around 5.5% of net sales. This outlook is consistent with the less robust activity observed in the second half of 2024 and could evolve, particularly due to uncertainties related to geopolitical events.”