Hiab earnings for the third quarter of 2026 showed sales rising 39% to EUR 481 million, driven largely by acquisitions, while organic sales grew 5%. Results released on October 23 showed comparable operating profit increasing 73% to EUR 69 million. The company maintained its full-year margin outlook, although organic orders declined.
Key Takeaways
- EVS contributed EUR 103 million in quarterly sales following completion of the acquisition on July 1.
- Comparable operating margin rose to 14.2%, but net profit and basic earnings per share were broadly unchanged.
- Organic orders fell 4%, while management retained guidance for a full-year comparable operating margin above 14.5%.
Table of Contents
- Hiab earnings separate acquisition growth from underlying demand
- Higher operating margins do not lift bottom-line profit
- Cash generation supports the enlarged balance sheet
- Unchanged guidance puts fourth-quarter execution in focus
- Conclusion
Hiab earnings separate acquisition growth from underlying demand
Hiab’s January–September 2026 interim results show how the Environmental Vehicle Solutions acquisition changed the group’s scale. EVS contributed EUR 103 million of third-quarter sales, while the acquired ING cranes business added EUR 13 million. Together, acquisitions contributed 35 percentage points to sales growth.
Organic sales growth of 5% in constant currencies marked the first positive quarter in three years. However, incoming orders told a more cautious story: total orders rose 26% to EUR 441 million, but fell 4% organically in constant currencies. The contrast means the reported order increase did not represent a broad-based recovery in underlying demand.
Chief Executive Scott Phillips described a mixed market, with gradual recovery continuing in EMEA and acquisitions driving order growth in the Americas. He said the absence of large key-account orders compared with the prior year contributed to weaker organic order activity in the Americas.
| Item | Details |
|---|---|
| Nine-month sales | EUR 1,267 million, up 9%; down 2% organically in constant currencies. |
| Nine-month orders | EUR 1,280 million, up 16%; up 5% organically in constant currencies. |
| Nine-month comparable operating profit | EUR 181 million, up 9%. |
| Nine-month profit for the period | EUR 94 million, down from EUR 119 million. |
| September-end order book | EUR 873 million, compared with EUR 534 million at December 31, 2025. |
Higher operating margins do not lift bottom-line profit
Comparable operating margin increased to 14.2% from 11.4%, supported by organic and acquired sales growth alongside fixed-cost savings. Comparable EBITA rose 85% to EUR 75 million, representing a 15.5% margin. EBITA and comparable operating profit are separate measures and should not be confused with EBITDA.
Reported operating profit rose 36% to EUR 54 million after EUR 15 million of items affecting comparability. Profit for the period nevertheless remained approximately EUR 29 million, and basic earnings per share stayed at EUR 0.45. The strong improvement in adjusted operating performance therefore did not translate into higher bottom-line earnings.
Equipment sales reached EUR 347 million, with comparable operating margin improving to 12.6% from 8.8%. Services sales increased 15% to EUR 134 million, and the segment’s comparable operating margin rose to 24.6% from 23.5%. Services accounted for a smaller share of group revenue because the acquired businesses have a lower services mix.
Cash generation supports the enlarged balance sheet
Cash flow from operations before finance items and taxes reached EUR 98 million, compared with EUR 69 million a year earlier. Management said reductions in inventory and receivables supported cash generation.
At September 30, net debt stood at EUR 704 million and gearing was approximately 67% following the EVS acquisition. Phillips said cash generation would support gradual deleveraging. The acquisition also increased the capital base: operative return on capital employed over the preceding 12 months fell to 20.2% from 29.8%.
Unchanged guidance puts fourth-quarter execution in focus
Hiab maintained its forecast for a 2026 comparable operating profit margin above 14.5%, compared with 13.7% in 2025. The nine-month margin was 14.3%, leaving the fourth quarter important to meeting the annual target.
Phillips said orders booked earlier in the year should convert into fourth-quarter sales, supporting operating leverage. Management also said the EUR 20 million cost-saving program remained on track. These are expectations rather than completed results.
EVS integration remains another focus. Hiab expects procurement and commercial synergies to exceed EUR 12 million at an annual run rate from 2029. Chief Financial Officer Mikko Puolakka said planned stocktakes and associated production stoppages reduced EVS volumes and profitability in the third quarter, without quantifying the impact.
Conclusion
Hiab earnings show stronger operating profitability and a larger business after the EVS acquisition, but underlying orders remain uneven. Fourth-quarter delivery of the order backlog, cost savings and EVS integration will be central to achieving the unchanged full-year margin target.
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