Hiab Oyj

Q2 2026 orders received were EUR 437 million, up 16% from EUR 377 million a year ago; first-half orders were EUR 839 million versus EUR 755 million. Sales were EUR 403 million, essentially unchanged from EUR 402 million last year. Comparable operating profit was EUR 61 million versus EUR 60 million, with a 15.1% margin versus 15.0%; comparable EBITDA was EUR 62 million or 15.4%, up 2% year over year. For the first half, comparable operating profit was EUR 112 million versus EUR 126 million, with a 14.3% margin versus 15.5%. Comparable operating profit margin guidance for 2026 was specified to exceed 14.5%, which management said would be an all-time high full-year margin for Hiab. Management also said full-year fixed costs are expected to be EUR 20 million lower than 2025, and Labrie’s order book-related purchase price allocation amortization will be reported in items affecting comparability.

Scott Phillips emphasized execution on strategy, innovation, and portfolio expansion. He highlighted new product launches and awards, including MULTILIFT Optima, award wins in Germany, and the rebranding of the defense business, Hiab Defence Logistics. He framed the Labrie acquisition as a major strategic step into North American waste and recycling, saying it should be margin- and growth-accretive, improve diversification, and add synergies on both the sales and cost side. His tone was constructive and confident, while noting that geopolitical and trade tensions still affect customer decision-making.

Mikko Puolakka focused on segment profitability, cash flow, and the guidance upgrade. He said Equipment order intake rose 21% to EUR 310 million, Services sales reached an all-time high of EUR 123 million, and Services posted EUR 32 million of comparable operating profit with a 26.1% margin. He also noted Q2 items affecting comparability of EUR 11 million, year-to-date items of EUR 23 million, cash flow of EUR 25 million, and net cash falling from EUR 219 million in March to EUR 155 million in June, mainly because of the EUR 75 million dividend. On capital structure, he said EUR 900 million of debt was raised for Labrie, average interest-bearing debt cost was 3.4%, and the outlook was raised because of better visibility, a stronger order book, cost savings, and Labrie consolidation.

Analysts pressed on EMEA demand, Germany replacement demand, the U.S. truck market, Services margins, cost savings, and Labrie synergies. Management said EMEA strength was driven mainly by replacement demand, waste and recycling, and special logistics, while construction remained soft; in Germany, they saw green shoots but said it was too early to call it a trend. On the U.S., they said the truck recovery is concentrated in Class 7 and 8 and may take 6 to 12 months to flow through to Hiab, with no comparable recovery yet in smaller chassis. They also said Services margins should not be assumed to be a new normal, cost savings should reach EUR 20 million this year and annualize to roughly double that in 2027, and Labrie synergies are expected in the low double-digit millions of euros.