2026 Half Year results with financial extract

PRESS RELEASE

2026 Half Year results
Positive sales momentum and improved operating profitability

• H1 2026 revenue of €1,428m, +12.0% vs. H1 2025, +13.4% like for like¹
• Q2 2026 revenue of €780m, +15.6% vs. Q2 2025
• Q2 2026 machine order intake of €550m vs. €450m in Q2 2025
• Q2 2026 order book² on equipment at €1,092m vs. €1,045m in Q2 2025
• Recurring operating income at €87m (6.1%) vs.€65m (5.1%) in H1 25
• Net income at €51m vs. €33m in H1 25
• EBITDA restated from IFRS 16³ at €123m (8.6%) vs. €99m (7.7%) in H1 25
• Net debt⁴ at €186m, down €26m vs December 31, 2025, gearing⁴ at 19%, leverage⁴ at 0.8
• Upgraded guidance with expected 2026 revenue growth of +6.5% to +8.0% compared to 2025, and a 2026 recurring operating margin between 5.3% and 5.6% of revenue.

Ancenis, July 30, 2026,

The Board of Directors of Manitou BF met today under the chairmanship of Marcel-Claude Braud and approved the consolidated financial statements for the first half of 2026.

Sylvain Blaise, President & CEO, stated: “Our business activity in the first half of 2026 demonstrates remarkable momentum, with revenue up +12.0%. This acceleration was confirmed in the second quarter with robust growth of +15.6%. In a complex global environment, Europe established itself as our primary growth driver (+16.6%), driven by the rental and agricultural sectors. Despite headwinds in North America due to tariffs and a LAPAM region impacted by Asian competition and geopolitical tensions in the Middle East, our fundamentals remain strong.”

Our order book of €1,092 million provides approximately six months of visibility for machine sales.

The financial performance for this half-year demonstrates our ability to rebuild our margins. Recurring operating income reached €87 million (6.1% of revenue), up by €22 million compared to the first half of 2025. This improvement, driven by robust purchasing performance and optimized industrial efficiency, was achieved despite price pressures and the impact of tariffs.

As part of the energy transition (“LIFT 2030” strategy), the group is continuing to electrify its ranges with initial deliveries of electric telehandlers (MT 1440 e and MT 1840 e). Furthermore, the creation of the HM Battery Solutions joint venture with Hangcha in Le Mans strengthens our lithium-ion battery supply chain.

Driven by first-half momentum and a robust order book, the group is upgrading its full-year 2026 guidance. It now expects revenue growth between +6.5% and +8.0% (up from +5% previously) and a recurring operating margin between 5.3% and 5.6% (compared to initial guidance of 5.0%). These outlooks, which factor in proactive management of raw material price pressures, remain subject to an uncertain macroeconomic and geopolitical environment.

Key figures

Profitability by geographical areas

Effective January 1, 2026, segment reporting has been aligned with the group’s new organizational structure. The group’s reportable segments now correspond to the following three operational geographic areas:

• Europe
• North America
• LAPAM

Segment data for the first half of 2025 has been restated to reflect this new organization.

Europe

As the primary driver of the group’s performance, the Europe region delivered robust growth, fueled by strong momentum in the rental and agricultural sectors, as well as market share gains in telehandlers. This notable improvement in operational profitability stems from higher volumes, combined with optimized industrial efficiency and solid purchasing performance. At the same time, rigorous fixed cost control made it possible to sustain strategic Research & Development investments, confirming the group’s ambition to accelerate innovation, particularly through its new electric ranges key to the success of its decarbonization strategy.

North America

Revenue was down, impacted by the combined effect of tariffs, a market slowdown, and a highly competitive environment. Profitability, meanwhile, was penalized by shrinking volumes, price pressures, and the direct burden of trade barriers.

LAPAM

The LAPAM region reported a decline in activity, impacted by an intense competitive environment and delivery delays linked to geopolitical instability in the Middle East. This overall picture remains mixed, however, supported by solid growth in LATAM. The drop in recurring operating income resulted mechanically from lower volumes, while the margin rate was affected by a sharp increase in freight costs and persistent price pressure.

Recent Major Events

Governance

On June 22, 2026, Mr. Marcel-Claude Braud was appointed Chairman of the Board of Directors until the end of his current term as Director, through the 2027 Annual General Meeting called to approve the financial statements for the 2026 fiscal year.

Financing & Sustainability

In June 2026, the group signed an amendment to its Sustainability-Linked Loan (SLL) facility. This modification aims to align the non-financial performance indicators of this financing with the ambitions of its new LIFT 2030 strategy and its updated CSR roadmap. This ESG-linked Revolving Credit Facility (RCF), amounting to €535 million, matures in July 2029.

Appendix

Revenue by business segment and geographical areas

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Code ISIN : FR0000038606

Indices : CAC ALL SHARES, CAC ALL-TRADABLE, CAC INDUSTRIALS, CAC MID & SMALL, CAC SMALL, EN FAMILY BUSINESS

FORTHCOMING EVENT: October 29, 2026 Q3 2026 Sales revenues

Company information is available at www.manitou-group.com

Shareholder information: communication.financiere@manitou-group.com

A world leader in material handling, people lifting, and earthmoving, Manitou Group’s mission is to improve working conditions, safety, and performance worldwide, while protecting people and their environment. Through its iconic brands—Manitou and Gehl—the Group designs, manufactures, and distributes equipment and services for the construction, agriculture, and industrial sectors. By placing innovation at the core of its development, Manitou Group constantly strives to deliver value to all its stakeholders. Driven by the expertise of its network of 800 dealers, the group stays closer to its customers every day. True to its roots with headquarters located in France, Manitou Group generated revenues of €2.6 billion in 2025 and unites 6,100 talents worldwide, all driven by a shared passion.

2026
FINANCIAL EXTRACT
JUNE 30, 2026
2026

1. STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED INCOME STATEMENT

*The financial statements for the first half of 2025 and full-year 2025 have been reclassified for presentation purposes, as set out in Note 5 of the notes to the financial statements.

EARNINGS PER SHARE (IN EUROS)

OTHER COMPONENTS OF COMPREHENSIVE INCOME AND EXPENSES & COMPREHENSIVE INCOME

2. CONSOLIDATED STATEMENT OF FINANCIAL POSITION

ASSETS

EQUITY & LIABILITIES

3. CONSOLIDATED SHAREHOLDERS’ EQUITY

4. CASH FLOW STATEMENT

5. EXTRACT FROM THE NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AT JUNE 30, 2026

RESTATED FINANCIAL INFORMATION – LIFT 2030

NATURE AND DESCRIPTION OF THE CHANGE IN PRESENTATION

Following the deployment of its new 'LIFT' strategic plan (see note 5.1 of the 2026 half-year report), expense reclassifications were carried out within the group's consolidated income statement. These are directly attributable to the internal reorganization. These reclassifications are immaterial and in no way affect the group's main overall financial aggregates: revenue, operating income, net income, the consolidated balance sheet, and the consolidated cash flow statement remain unchanged.

At the same time, the group updated its segment reporting (see note 5 of the 2026 half-year report).

The reconciliation between the restated financial information and the published financial information as of June 30, 2025, and December 31, 2025, is available below.

RESTATED FINANCIAL INFORMATION FOR THE YEAR ENDED DECEMBER 31, 2025 IN ACCORDANCE WITH IFRS FRAME OF REFERENCE

RESTATED FINANCIAL INFORMATION FOR THE PERIOD ENDED JUNE 30, 2025 IN ACCORDANCE WITH IFRS FRAME OF REFERENCE

ACQUISITIONS AND ADDITIONAL EQUITY INVESTMENT

HM BATTERY SOLUTIONS

Manitou Group and the Hangcha group have decided to join forces by creating an independently operated joint venture, HM Battery Solution, to address the lithium-ion battery market and provide new solutions to customers. The goal of this creation is to help customers replace the lead-acid batteries in their vehicles (forklifts, machinery, etc.) with more sustainable lithium-ion batteries in order to extend their lifespan. New product ranges are also involved, including the Manitou ME LIFT forklifts launched at the end of 2024. This initiative will directly support Manitou Group's "LIFT" strategic roadmap aimed at expanding its electric offering and achieving 28% of units sold by 2030.

CESSION

No cession took place during the period ended June 30, 2026.

OTHER OPERATION

No other operation took place during the period ended June 30, 2026.

INFORMATION ON OPERATING SEGMENTS

CONSOLIDATED INCOME STATEMENT BY GEOGRAPHICAL AREAS

In accordance with IFRS 8 "Operating Segments", the segment information presented below is prepared on the basis of internal reporting used by Executive Management to evaluate performance and allocate resources to the various segments.

Executive Management, comprising Sylvain Blaise (CEO), Céline Brard (CFO), and all members of the Executive Committee (Excom), constitutes the group's "Chief Operating Decision Maker" within the meaning of IFRS 8.

The key indicators reviewed and used internally by the chief operating decision makers to assess the performance of these operating segments are:

• net sales ;
• recurring operating profit ;
• recurring operating margin, which corresponds to the ratio of recurring operating profit to net sales.

ORGANIZATIONAL EVOLUTION – EFFECTIVE JANUARY 1, 2026

On April 28, 2025, Manitou Group launched its "LIFT" strategic plan, designed to reinforce its global leadership and deliver innovative, impactful solutions to its customers. The strategy is based on four pillars:

• leading on material handling and people elevation markets ;
• Innovating with sustainability and a ustomer-driven mindset ;
• Focusing on customer experience ;
• Transforming ourselves for tomorow.

To achieve its ambitions and better meet customer expectations and regional market specificities, the group adopted a new structure, moving from an organization based on two divisions (the Product Division and the Services & Solutions Division) to an organization based on three geographical areas : Europe, LAPAM (Latin America, Asia-Pacific, Africa and the Middle East) and North America.

On January 1, 2026, financial performance monitoring and resource allocation by the Chief Operating Decision-Maker are fully aligned with this regional framework. The group's reportable segments now correspond to the following three operational geographical zones:

• Europe : include all production, marketing, and service activities associated with historical markets on the European continent and adjacent zones. It notably integrates major industrial sites as well as the integrated management of spare parts flows and associated services;
• North America : include all industrial, logistical, and commercial operations located in the United States and Canada, responding to the specificities and local regulatory requirements of the North American market;
• LAPAM zone: covers all industrial, logistical, and commercial operations in developing markets in South America, Africa, Asia, and Oceania. This zone is characterized by its own growth dynamics and dedicated distribution networks.

These three regions design and assemble products and services, which are then distributed to the group's dealers and key accounts spread across 140 countries.

To ensure the comparability of the periods presented, segment information relating to the financial year ended December 31, 2025, and the half-year closing of June 30, 2025, has been restated according to this new organization. The impacts of this transition are detailed in Note 3 of the 2026 half-year report.

To faithfully reflect the economic reality of the new organization, segment financial indicators are monitored as follows:

Revenue and Earnings: each geographical area directly incorporates its external revenue, inter-zone sales, and current operating margin.

Support function costs: global support function costs and central management costs not directly attributable to a specific zone are allocated to segments using analytical allocation keys.

Inter-zone transactions: Cross-flows between the different geographical areas (notably the supply of machines or components produced in one zone and marketed in another) are carried out at market conditions, in compliance with the group's strict internal transfer pricing policy.

To accurately reflect the economic reality of the new organization, the segment financial indicators are established as follows:

Revenue and Income: Each geographic region directly includes its external revenue, inter-segment sales, and recurring operating margin. Transactions between the different geographic regions (in particular, the supply of machines or components manufactured in one region and sold in another) are conducted in accordance with the Group’s internal transfer pricing policy.

Support Function Costs: Costs associated with global support functions and corporate management that are not directly attributable to a specific region are allocated to segments using consistent cost-allocation keys based on each region’s actual resource consumption.

NET SALES BY ACTIVITY AND GEOGRAPHICAL AREAS

NET SALES CONTRIBUTION BY GEOGRAPHICAL AREAS

RECCURING OPERATING PROFIT CONTRIBUTION BY GEOGRAPHICAL AREAS

POST-CLOSING EVENTS

To the company's knowledge, there are no significant post-closing events as of the closing date of the condensed consolidated interim financial statements closed on June 30, 2026 by the Board of Directors meeting on July 30, 2026.

LIST OF SUBSIDIARIES AND AFFILIATES

Parent company
Manitou BF Ancenis, France

FC : Full Consolidation
EM : Equity Method
*Holdings and companies without activity

Glossary :

1. Like for like, so at constant scope and exchange rates:
   - Scope:
   - no company acquired in 2025 and 2026 that could impact the current period published,
   - no company exited the scope in 2025 and 2026.
   - Application of the exchange rate of the previous year on the aggregates of the current year.
2. The order book corresponds to machine orders received and not yet delivered, for which the group:
   -has not yet provided the promised machines to the customer,
   -has not yet received consideration and has not yet been entitled to consideration.
   These orders are delivered within less than one year and may be cancelled.
   The order book may vary due to changes in consolidation scope, adjustments, and foreign currency translation effects.
3. EBITDA restated from IFRS 16: Earnings before interest, taxes, depreciation, and amortization, restated from IFRS 16 impact.
4. Net debt, gearing and leverage: excluding lease commitments IFRS 16.