HIAB CORPORATION | Half-year financial report January–June 2026 | 22 July 2026 08:00:00 EEST
Highlights of the quarter
- Book-to-bill was positive in all geographies for the second consecutive quarter
- Comparable operating profit increased to EUR 61 (60) million with stable sales
- Outlook for 2026 specified: Hiab estimates its comparable operating profit margin in 2026 to be above 14.5 percent (2025: 13.7 percent)
- The USD 1,035 million acquisition of Labrie Environmental Group in the waste and recycling segment was announced on 1 June 2026 and completed on 1 July
Unless otherwise stated, the financial information in this report concerns Hiab's continuing operations. This half-year report is unaudited.
April–June 2026 in brief: Orders received increased and order book continued to grow
- Orders received increased by 16 percent and totalled EUR 437 (377) million. Organically in constant currencies orders increased by 13 percent.
- Order book amounted to EUR 589 (31 Dec 2025: 534) million at the end of the period.
- Sales remained at the comparison periods level and totalled EUR 403 (402) million. The organic decrease in constant currencies was 3 percent.
- Equipment sales represented 70 (71) and Services sales represented 30 (29) percent of sales.
- Eco portfolio sales increased by 17 percent and totalled EUR 181 (155) million, representing 45 (38) percent of sales.
- Comparable EBITA was EUR 62 (61) million, representing 15.4 (15.2) percent of sales.
- Comparable operating profit increased by 1 percent and amounted to EUR 61 (60) million, representing 15.1 (15.0) percent of sales.
- Operating profit was EUR 50 (60) million, representing 12.3 (15.0) percent of sales. Operating profit includes EUR -11 (0) million items affecting comparability.
- Profit for the period amounted to EUR 35 (44) million.
- Basic earnings per share was EUR 0.54 (0.67).
- Cash flow from operations before finance items and taxes totalled EUR 25 (56) million.1
- Operative return on capital employed (operative ROCE, last 12 months) was 25.0 (2025: 30.8) percent.
January–June 2026 in brief: Orders received increased
- Orders received increased by 11 percent and totalled EUR 839 (755) million. Organically in constant currencies orders increased by 10 percent.
- Order book amounted to EUR 589 (31 Dec 2025: 534) million at the end of the period.
- Sales decreased by 3 percent and totalled EUR 786 (814) million. The organic decrease in constant currencies was 4 percent.
- Equipment sales represented 70 (71) and Services sales represented 30 (29) percent of sales.
- Eco portfolio sales increased by 20 percent and totalled EUR 357 (297) million representing 45 (37) percent of sales.
- Comparable EBITA was EUR 115 (127) million, representing 14.6 (15.7) percent of sales.
- Comparable operating profit decreased by 11 percent and amounted to EUR 112 (126) million, representing 14.3 (15.5) percent of sales.
- Operating profit was EUR 90 (126) million, representing 11.4 (15.5) percent of sales.
- Profit for the period amounted to EUR 64 (90) million.
- Basic earnings per share was EUR 1.00 (1.39).
- Cash flow from operations before finance items and taxes totalled EUR 100 (183) million.1
1 Comparison period includes discontinued operations.
Outlook for 2026 specified
Hiab estimates its comparable operating profit margin in 2026 to be above 14.5 percent (2025: 13.7 percent).2
In its outlook specified on 24 April 2026, Hiab estimated its comparable operating profit margin in 2026 to be above 13.5 percent.
2 Comparable operating profit excludes PPA amortization related to Labrie Environmental Group’s order book.
Hiab's key figures
| MEUR | Q2/26 | Q2/25 | Change | Q1–Q2/26 | Q1–Q2/25 | Change | 2025 |
| Orders received | 437 | 377 | 16% | 839 | 755 | 11% | 1,481 |
| Services orders, % of orders | 29% | 32% | 29% | 32% | 32% | ||
| Order book, end of period | 589 | 556 | 6% | 589 | 556 | 6% | 534 |
| Sales | 403 | 402 | —% | 786 | 814 | -3% | 1,556 |
| Services sales, % of sales | 30% | 29% | 30% | 29% | 30% | ||
| Eco portfolio sales | 181 | 155 | 17% | 357 | 297 | 20% | 572 |
| Eco portfolio sales, % of sales | 45% | 38% | 45% | 37% | 37% | ||
| Comparable EBITA | 62.2 | 61.0 | 2% | 114.8 | 127.5 | -10% | 215.9 |
| Comparable EBITA, % | 15.4% | 15.2% | 14.6% | 15.7% | 13.9% | ||
| Operating profit | 49.6 | 60.2 | -18% | 89.9 | 125.9 | -29% | 207.6 |
| Operating profit, % | 12.3% | 15.0% | 11.4% | 15.5% | 13.3% | ||
| Comparable operating profit | 61.0 | 60.2 | 1% | 112.5 | 125.9 | -11% | 212.9 |
| Comparable operating profit, % | 15.1% | 15.0% | 14.3% | 15.5% | 13.7% | ||
| Profit before taxes | 48.5 | 59.0 | -18% | 88.7 | 123.1 | -28% | 202.2 |
| Profit for the period | 34.7 | 43.5 | -20% | 64.4 | 89.5 | -28% | 151.2 |
| Basic earnings per share, EUR | 0.54 | 0.67 | -20% | 1.00 | 1.39 | -28% | 2.34 |
| Operative return on capital employed (operative ROCE) (%), last 12 months | 25.0% | 30.4% | 25.0% | 30.4% | 30.8% | ||
| Personnel, end of period | 4,049 | 4,092 | -1% | 4,049 | 4,092 | -1% | 4,053 |
Hiab's key figures
The key figures presented below include continuing operations and discontinued operations until the end of 2025.
| MEUR | Q2/26 | Q2/25 | Change | Q1–Q2/26 | Q1–Q2/25 | Change | 2025 |
| Cash flow from operations before finance items and taxes | 24.6 | 55.9 | -56% | 99.8 | 182.6 | -45% | 307.5 |
| Interest-bearing net debt, end of period | -155 | -228 | 32% | -155 | -228 | 32% | -209 |
| Gearing, % | -15.3% | -21.9% | -15.3% | -21.9% | -20.7% | ||
| Interest-bearing net debt / EBITDA* | -0.7 | -0.7 | -0.7 | -0.7 | -0.7 | ||
| Return on capital employed (ROCE), last 12 months, % | 10.4% | 4.4% | 10.4% | 4.4% | 17.8% |
*Last 12 months’ EBITDA
Hiab's President and CEO Scott Phillips: Good performance in the first half of the year and a milestone acquisition of Labrie Environmental Group puts Hiab in a strong position to deliver record high profitability in 2026
Hiab continued to perform well in the second quarter. We had a positive book-to-bill for the second consecutive quarter in all geographies while our sales were at the comparison period’s level and comparable operating profit increased slightly. Another significant milestone in our growth journey was the acquisition of Labrie Environmental Group, which was announced in June and completed on 1 July. With the greater visibility of the increased order book, combined with cost savings and the closing of the acquisition, we specify our full year profitability outlook to above 14.5 percent.
Acquisition of Labrie significantly strengthens our position in waste & recycling
The acquisition of Labrie, at an enterprise value of USD 1,035 million, provides us access to the growing North American refuse collection vehicle market. The deal is perfectly aligned with our strategy of profitable growth communicated in 2024. Labrie is a market leader with a strong track record in an attractive and growing market in one of our four focus segments, waste and recycling. The acquisition also supports our ambitions to grow in North America and increase our services sales.
The transaction was closed on 1 July 2026. Hence, Labrie will be included in our financial reporting in the third quarter and we expect this transaction to deliver significant value for all stakeholders. Our evolved operating model, implemented in the beginning of April, facilitates the integration of Labrie into the group, forming a fourth business area, Environmental Vehicle Solutions, within Hiab.
Our orders received reached the highest level in four years
Our orders received in the second quarter increased by 16 percent and amounted to EUR 437 (377) million, which is the highest level in four years. The growth was supported by a couple of larger orders, MOFFETT truck mounted forklifts in the US, HIAB loader cranes in France and HIAB loader cranes and MULTILIFT hooklifts in Defence Logistics, as well as the ING Cranes acquisition. Hence, we saw double digit growth in orders received in both Lifting Equipment and Delivery Equipment businesses and geographically in EMEA and in the Americas. Services orders continued steady growth increasing by 5 percent to EUR 127 (121) million. Our order book increased due to positive book-to-bill across all geographies for the second consecutive quarter.
Sales were at the comparison period’s level and increased sequentially. Comparable operating profit margin was 15.1 percent
In the second quarter, our sales amounted to EUR 403 (402) million, matching the comparison period but increasing sequentially. Decrease in Delivery Equipment sales in North America was offset by growth in other regions and continued growth in Lifting Equipment. Services sales increased by 4 percent to EUR 123 (118) million, driven by recurring services like spare parts and maintenance, while non-recurring services decreased. Comparable operating profit increased by 1 percent and amounted to EUR 61 (60) million corresponding to 15.1 (15.0) of sales.
We specify our outlook upwards
After the good performance in the first half of the year, our year-to-date comparable operating profit margin reached 14.3 percent. With the greater visibility of the increased order book, combined with cost savings and the Labrie acquisition, we feel confident to raise our full year comparable operating profit outlook floor from 13.5 percent. Hence, Hiab estimates its comparable operating profit margin in 2026 to be above 14.5 (2025: 13.7) percent.
Balance sheet strength enabled us an attractive financing of the acquisition
At the end of the period, our net cash position was EUR 155 million and our gearing -15 percent. These numbers do not yet reflect the impacts of the acquisition of Labrie, as it was completed after the reporting period. Thanks to our strong financial position, we were able to finance the deal with bank loans and cash at hand and keep our balance sheet at a healthy level. The strong cash generation of both Hiab and Labrie businesses will support gradual deleveraging. In the second quarter, our cash flow from operations before finance items and taxes totalled EUR 25 (56) million impacted by increase in net working capital.
Strong focus on organic growth strategy with multiple new product launches in the quarter
We have also kept our focus on organic growth. In the second quarter, we launched multiple new products, including an all-new MULTILIFT Optima hooklift range, which brings next-generation capabilities to the mid-market segment through several core technological and design enhancements. At Eurosatory 2026, we presented two new groundbreaking solutions for Defence Logistics, HIAB 1622 ATF Loader Crane that combines heavy-duty lifting capacity with a low profile and long outreach and the new HIAB JMIC Top Handler, which is designed for handling JMIC containers, a standard in defence and military logistics.
Reporting segments’ key figures
Orders received
| MEUR | Q2/26 | Q2/25 | Change | Q1–Q2/26 | Q1–Q2/25 | Change | 2025 |
| Equipment | 310 | 256 | 21% | 593 | 514 | 15% | 1,010 |
| Services | 127 | 121 | 5% | 246 | 241 | 2% | 470 |
| Total | 437 | 377 | 16% | 839 | 755 | 11% | 1,481 |
Order book
| MEUR | 30 Jun 2026 | 31 Dec 2025 | Change |
| Equipment | 525 | 476 | 10% |
| Services | 64 | 58 | 9% |
| Total | 589 | 534 | 10% |
Sales
| MEUR | Q2/26 | Q2/25 | Change | Q1–Q2/26 | Q1–Q2/25 | Change | 2025 |
| Equipment | 281 | 284 | -1% | 547 | 578 | -5% | 1,088 |
| Services | 123 | 118 | 4% | 240 | 236 | 2% | 469 |
| Total | 403 | 402 | —% | 786 | 814 | -3% | 1,556 |
Comparable operating profit
| MEUR | Q2/26 | Q2/25 | Change | Q1–Q2/26 | Q1–Q2/25 | Change | 2025 |
| Equipment | 38.2 | 39.4 | -3% | 70.4 | 85.6 | -18% | 140.1 |
| Services | 32.1 | 29.6 | 8% | 59.6 | 57.5 | 4% | 108.9 |
| Group administration | -9.3 | -8.8 | -5% | -17.5 | -17.1 | -3% | -36.1 |
| Total | 61.0 | 60.2 | 1% | 112.5 | 125.9 | -11% | 212.9 |
Comparable operating profit, %
| MEUR | Q2/26 | Q2/25 | Q1–Q2/26 | Q1–Q2/25 | 2025 |
| Equipment | 13.6% | 13.9% | 12.9% | 14.8% | 12.9% |
| Services | 26.1% | 25.0% | 24.9% | 24.3% | 23.2% |
| Total | 15.1% | 15.0% | 14.3% | 15.5% | 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 9:30 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/2026-q2/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/2026-q2. 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
Hiab (Nasdaq Helsinki: HIAB) is a leading provider of smart and sustainable on road load-handling solutions, committed to delivering the best customer experience every day with the most engaged people and partners. Globally, Hiab is represented on every continent through its extensive network of 3,000 own and partner sales and service locations, enabling delivery to over 100 countries. The company's sales in 2025 totalled approximately EUR 1.6 billion and it employs approximately 5,200 people. www.hiabgroup.com