Hiab's interim report January–March 2026: Organic orders received increased by 7 percent
HIAB CORPORATION | Interim Report January–March 2026 | 24 April 2026 08:00:00 EEST
Highlights of the quarter
- Book-to-bill was positive in all geographies
- Sales impacted by last 3 quarters order decline in the US
- Comparable operating profit margin increased sequentially to 13.5 percent
- Strong cash generation continued, cash flow from operations before finance items and taxes totalled EUR 75 (127) million
- New operating model implemented on 1 April
- Outlook for 2026 specified: Hiab estimates its comparable operating profit margin in 2026 to be above 13.5 percent (2025: 13.7 percent)
Unless otherwise stated, the financial information in this report concerns Hiab's continuing operations. This interim report is unaudited.
January–March 2026 in brief: Order book increased from the end of 2025
- Orders received increased by 6 percent and totalled EUR 402 (378) million. Organically in constant currencies orders increased by 7 percent.
- Order book amounted to EUR 562 (31 Dec 2025: 534) million at the end of the period.
- Sales decreased by 7 percent and totalled EUR 383 (411) million. The organic decrease in constant currencies was 6 percent.
- Equipment sales represented 70 (71) and Services sales represented 30 (29) percent of sales.
- Eco portfolio sales increased by 23 percent and totalled EUR 176 (142) million, representing 46 (35) percent of sales.
- EBITA was EUR 41 (67) million, representing 10.8 (16.2) percent of sales. EBITA includes EUR -11 (0) million items affecting comparability.
- Operating profit was EUR 40 (66) million, representing 10.5 (16.0) percent of sales. Operating profit includes EUR -11 (0) million items affecting comparability.
- Comparable operating profit decreased by 22 percent and amounted to EUR 52 (66) million, representing 13.5 (16.0) percent of sales.
- Profit for the period amounted to EUR 30 (46) million.
- Basic earnings per share was EUR 0.46 (0.72).
- Cash flow from operations before finance items and taxes totalled EUR 75 (127) million.1
- Operative return on capital employed (operative ROCE, last 12 months) was 27.0 (2025: 30.8) percent.
1 Comparison period includes discontinued operations.
Outlook for 2026 specified
Hiab estimates its comparable operating profit margin in 2026 to be above 13.5 percent (2025: 13.7 percent).
In its outlook initially published on 12 February 2026, Hiab estimated its comparable operating profit margin in 2026 to be above 13.0 percent.
Hiab's key figures
| MEUR | Q1/26 | Q1/25 | Change | 2025 |
| Orders received | 402 | 378 | 6% | 1,481 |
| Services orders, % of orders | 30% | 32% | 32% | |
| Order book, end of period | 562 | 601 | -6% | 534 |
| Sales | 383 | 411 | -7% | 1,556 |
| Services sales, % of sales | 30% | 29% | 30% | |
| Eco portfolio sales | 176 | 142 | 23% | 572 |
| Eco portfolio sales, % of sales | 46% | 35% | 37% | |
| EBITA | 41.4 | 66.5 | -38% | 210.7 |
| EBITA, % | 10.8% | 16.2% | 13.5% | |
| Operating profit | 40.2 | 65.7 | -39% | 207.6 |
| Operating profit, % | 10.5% | 16.0% | 13.3% | |
| Comparable operating profit | 51.5 | 65.7 | -22% | 212.9 |
| Comparable operating profit, % | 13.5% | 16.0% | 13.7% | |
| Profit before taxes | 40.2 | 64.1 | -37% | 202.2 |
| Profit for the period | 29.7 | 46.0 | -35% | 151.2 |
| Basic earnings per share, EUR | 0.46 | 0.72 | -36% | 2.34 |
| Operative return on capital employed (operative ROCE) (%), last 12 months | 27.0% | 29.6% | 30.8% | |
| Personnel, end of period | 3,906 | 4,150 | -6% | 4,053 |
Hiab's key figures
The key figures presented below include continuing operations and discontinued operations until the end of 2025.
| MEUR | Q1/26 | Q1/25 | Change | 2025 |
| Cash flow from operations before finance items and taxes | 75.1 | 126.7 | -41% | 307.5 |
| Interest-bearing net debt, end of period | -219 | -261 | 16% | -209 |
| Gearing, % | -22.6% | -25.7% | -20.7% | |
| Interest-bearing net debt / EBITDA* | -0.9 | -0.8 | -0.7 | |
| Return on capital employed (ROCE), last 12 months, % | 16.0% | 4.9% | 17.8% |
*Last 12 months’ EBITDA
Hiab's President and CEO Scott Phillips: Organic orders received increased by 7 percent with positive book-to-bill in all three regions
The first quarter represented a good start to the year for Hiab. We reached positive book-to-bill as our quarterly orders received exceeded EUR 400 million for the first time since 2024. Comparable operating profit margin increased sequentially to 13.5 percent and we continued to deliver strong cash flow. In the beginning of April, we implemented a new operating model which is driving scalability and customer focus.
New operating model driving scalability and customer focus, continued focus on strategy execution
We announced our plan to evolve our operating model in January. After intense planning, the new operating model came into force on 1 April. The new operating model is simpler, more scalable and designed to grow with us. The first quarter also represents the inaugural reporting period for the newly acquired ING Cranes within the Hiab portfolio. Furthermore, we continued to strengthen our US distribution network with the addition of significant new dealers, as announced in February. These partnerships allow us to broaden our reach into key regions and capture new opportunities, especially when the dealers have been fully onboarded.
Orders received increased to EUR 402 million but uncertainty in the market environment persists
Our orders received increased to EUR 402 (378) million, driven by growth in EMEA as well as inorganic growth in the Americas. Orders received in the US, especially in our shortest cycle delivery equipment business, remained at a low level compared to 2024. Our order book increased from the end of 2025 by EUR 28 million and amounted to EUR 562 million. It’s encouraging to see the positive development in the orders received as we did not book any very large orders in the quarter. However, the market environment remained volatile and uncertain due to trade and geopolitical tensions.
Comparable operating profit was supported by lower SG&A and indirect costs, full year outlook unchanged
We started the quarter with a lower order book than a year ago as a result of sluggish order intake of delivery equipment in the US last year. Hence, our sales declined to EUR 383 (411) million. The decline was partly offset by continued growth in lifting equipment driven by EMEA and the ING Cranes acquisition. Measured in constant currencies, also Services sales increased by 5 percent driven by recurring services. Due to lower sales, our comparable operating profit decreased to EUR 52 (66) million or 13.5 (16.0) percent of sales. Our SG&A and indirect costs were EUR 4 million lower supporting comparable operating profit. After a good start to the year, we specify our full year outlook: We estimate that our comparable operating profit in 2026 would be above 13.5 (2025: 13.7) percent.
Strong cash generation and balance sheet support our growth ambitions
Our cash conversion was again above 100 percent and cash flow from operations before taxes and finance items amounted EUR 75 million. The balance sheet remained strong: net cash amounted EUR 219 (261) million and gearing was -23 (-26) percent, giving us a great foundation to execute our organic and inorganic growth strategy.
Reporting segments’ key figures
Orders received
| MEUR | Q1/26 | Q1/25 | Change | 2025 |
| Equipment | 284 | 258 | 10% | 1,010 |
| Services | 119 | 120 | -1% | 470 |
| Total | 402 | 378 | 6% | 1,481 |
Order book
| MEUR | 31 Mar 2026 | 31 Dec 2025 | Change |
| Equipment | 501 | 476 | 5% |
| Services | 61 | 58 | 4% |
| Total | 562 | 534 | 5% |
Sales
| MEUR | Q1/26 | Q1/25 | Change | 2025 |
| Equipment | 266 | 294 | -9% | 1,088 |
| Services | 117 | 118 | -1% | 469 |
| Total | 383 | 411 | -7% | 1,556 |
Comparable operating profit
| MEUR | Q1/26 | Q1/25 | Change | 2025 |
| Equipment | 32.2 | 46.2 | -30% | 140.1 |
| Services | 27.6 | 27.8 | -1% | 108.9 |
| Group administration | -8.3 | -8.3 | 0% | -36.1 |
| Total | 51.5 | 65.7 | -22% | 212.9 |
Comparable operating profit, %
| MEUR | Q1/26 | Q1/25 | 2025 |
| Equipment | 12.1% | 15.7% | 12.9% |
| Services | 23.6% | 23.7% | 23.2% |
| Total | 13.5% | 16.0% | 13.7% |
Telephone conference for analysts, investors and media
A live international telephone conference for analysts, investors and media will be arranged on the publishing day at 10:00 a.m. EEST. The event will be held in English. The report will be presented by President and CEO Scott Phillips and CFO Mikko Puolakka. The presentation material will be available at www.hiabgroup.com by the latest 9:30 a.m. EEST.
To ask questions during the conference, please register via the following link: https://events.inderes.com/hiab/q1-2026/dial-in. After the registration, the conference phone numbers and a conference ID to access the conference will be provided.
The event can also be viewed as a live webcast at https://hiab.events.inderes.com/q1-2026. A link to the recording of the event will be published on Hiab’s website later during the day.
Please note that by dialling into the conference call, the participant agrees that personal information such as name and company name will be collected.
For further information, please contact:
Mikko Puolakka, CFO, tel. +358 20 777 4000
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670