Hiab strengthens quarterly profitability following major acquisition
Hiab Corporation reported a significant improvement in comparable operating profitability during the third quarter of 2026, supported by higher sales, cost savings and the contribution of its recently acquired Environmental Vehicle Solutions (EVS) business.
The Finland-based manufacturer of on-road load-handling equipment recorded quarterly sales of €481 million, an increase of 39% compared with €346 million in the corresponding period of 2025. Comparable operating profit rose by 73% to €68.5 million, while the comparable operating profit margin improved to 14.2% from 11.4%.
Orders received increased by 26% to €441 million, although organic orders declined by 4% in constant currencies. The company’s order book reached €873 million at the end of September, compared with €534 million at the end of 2025.
The results reflect the impact of Hiab’s acquisition of EVS, which was completed on 1 July, alongside organic sales growth and continued efforts to improve operational efficiency.
EVS acquisition supports sales and earnings growth
The integration of Environmental Vehicle Solutions made a substantial contribution to Hiab’s third-quarter performance. EVS generated €103 million in sales and received €87 million in orders during the period, while its comparable EBITA margin was in the high teens.
Excluding the effects of acquisitions and currency movements, Hiab’s sales increased organically by 5%. The company attributed its stronger comparable operating profitability to organic and acquisition-driven revenue growth, together with fixed cost savings.
Equipment sales increased to €347 million from €230 million a year earlier, while services sales rose to €134 million from €116 million. Comparable operating profit in the equipment segment reached €43.7 million, compared with €20.2 million in the previous year, while the services segment reported €32.8 million, up from €27.3 million.
Comparable EBITA for the group increased to €74.7 million from €40.4 million, with the corresponding margin improving to 15.5% from 11.7%.
However, reported operating profit increased more moderately, reaching €53.8 million compared with €39.6 million in the third quarter of 2025. The latest figure included €15 million in items affecting comparability, while quarterly net profit remained broadly unchanged at €29.1 million.
Regional demand remains mixed
Hiab reported continued growth in orders received across Europe, the Middle East and Africa, while orders in the Asia-Pacific region also exceeded the previous year’s level.
In the Americas, acquisition-related contributions supported overall order growth, although organic demand remained negative amid subdued market conditions and variations in key customer ordering activity.
The company also recorded a 16% increase in services orders to €130 million, supported by the consolidation of EVS and recurring activities such as maintenance and spare parts.
During the quarter, sales from Hiab’s eco portfolio increased by 15% to €161 million, representing 33% of total sales. The company continued developing its services offering, including the renewed ProCare lifecycle agreements portfolio announced in September.
The updated ProCare offering combines maintenance, connectivity and digital services with solutions focused on equipment availability. A phased global rollout is scheduled to begin in the fourth quarter of 2026.
Full-year profitability outlook maintained
For the first nine months of 2026, Hiab reported sales of €1.27 billion, up 9% year-on-year, while comparable operating profit increased to €181 million from €166 million.
Despite the improvement in comparable operating profit, reported operating profit for the nine-month period declined to €143.7 million from €165.6 million. Net profit also decreased to €93.6 million from €118.5 million.
Cash flow from operations before finance items and taxes reached €97.8 million in the third quarter, compared with €69 million a year earlier. At the end of September, interest-bearing net debt stood at €704 million following the completion of the EVS acquisition.
Hiab maintained its full-year 2026 outlook, expecting its comparable operating profit margin to exceed 14.5%, compared with 13.7% in 2025.
The company is also targeting annualised procurement and commercial synergies exceeding €12 million from the EVS acquisition from 2029.
The results underline the contribution of the newly acquired business to Hiab’s financial performance, while organic order trends and regional market conditions remain important factors for the company’s operations during the remainder of the year.
