Manitou Increases Worldwide Revenue 9.9 Percent in Fourth Quarter of 2025
Manitou posted total revenue of €721 million in the fourth quarter of 2025 compared to €656 million in the fourth quarter of 2024, a 9.9-percent increase. Southern Europe topped the volume at €276 million for the fourth quarter compared to €237 million in the year-ago quarter, a 16.5-percent year-over-year increase. Sales to North Europe jumped from €193 million in Q424 to €256 million in the recently concluded quarter, a32.6-percent leap.
Sales in the Americas division declined from €155 million in Q424 to €123 million, a 20.4-percent dip. Asia Pacific declined 6.9 percent to €66 million.
For the full-year period, worldwide revenue dropped 3.5 percent from €2,656 million to €2.564 million. Southern Europe declined 1.6 percent, North Europe 1.6 percent; the Americas 10.7 percent, and Asia Pacific was flat, declining 0.4 percent.
The CEO’s View
"In the fourth quarter, the group revenues reached €721 million, an increase of 10.0 percent, compared to the fourth quarter of 2024,” said Michel Denis, Manitou president and CEO. “This performance marks the strongest quarter of the fiscal year. This momentum is primarily driven by the Europe region and highlights the work of our industrial and sales teams. It contrasts, however, with the North America region, which remains penalized by increased customs duties, an uncertain economic environment, and unfavorable exchange rate effects.”
“During the same period, commercial activity remained very positive, with order intake reaching €726 million — a level not seen since 2022. This growth is shared across all our geographical areas, driven notably by Europe and business with major rental companies. Our order book remains stable and represents approximately six months of activity, an horizon perfectly suited to our customers' needs that confirms the strength of the group's fundamentals.
“Revenues for the full year 2025 totaled €2,564 million, representing a limited annual decline of 3.5 percent. In a globally bearish market, the group is demonstrating its resilience and strengthening its positions through increased market share across all geographies. In the face of customs challenges, the group is actively deploying mitigation measures. The strong performance of the fourth quarter of 2025 allows us to project a recurring operating income at 5.5 percent of sales, an improvement over the previous guidance (5.3 percent).
“We also remain fully committed to the group’s transformation through the implementation of the new 2026-2030 'LIFT' strategic roadmap. We aim to consolidate our growth momentum by capitalizing on our innovation capacity, the complementarity of our Product and Service offerings, and the commitment of our teams worldwide. This strategy is supported by a new operational structure organized around three geographical zones, backed by global and corporate functions, as well as a new organization of our Executive committee. By capitalizing on the strength of our order book and the impetus of our new governance, we anticipate revenue growth of approximately 4 percent compared to 2025, subject to a stable macroeconomic and geopolitical context. This momentum will be primarily supported by an increase in volumes in Europe and by an adjustment of our price lists in North America, aimed at partially offsetting the impact of increased customs duties.”
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.