Slides
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haulotte.com 19th March 2025 2024 Annual Results Outlook
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haulotte.com Index I. Impact of standards IAS 29 & IFRS 16 (*) II. 2024 Full year: Sales and Results III. Recent activity and outlook (*) IAS 29: hyperinflation in Argentina and Turkey, IFRS 16: standard on lease
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haulotte.com Impact of standards IAS 29 & IFRS 16 (*) (Period from 01.01.2024 to 31.12.2024) (*) IAS 29: hyperinflation in Argentina and Turkey, IFRS 16: standard on leases I.
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haulotte.com in € Millions Var. 2024 2023 2024 2023 Var. Net sales (119) 6 (8) - - (133) +18 2 (4) 1 1 +12 7% 4% 7% 4% +14 6 (0) 1 1 +7 7% 4% 6% 4% +18 3 1 (0) (0) +16 3% 0% 3% 0% +15 3 2 (0) (0) +13 2% 0% 2% 0% 634 767 640 759 1 (0) 12 (1) 43 31 16 31 38 Current Operating Income excl. FX gains & losses 46 15 19 27 45 0 32 Operating Income Income before tax Excluding IAS 29 & excluding IFRS 16 A-B-C 2024 2023 A B C Global IAS 29 IFRS 16 2024 2023 Consolidated Net Income Global income statement IAS 29 : hyperinflation in Argentina and Turkey IFRS 16 : standard on leases
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haulotte.com 2024 Full year: Sales and Results II. (Period from 01.01.24 to 31.12.24)
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haulotte.com Main Facts 2024 After a historic year in 2023, signs of a slowdown in the global aerial work platform market, first observed in Europe since the second half of 2023, have spread to all regions of the world throughout 2024. The North American market has regained its position as the world's leading market. The Chinese market has experienced a sharp decline compared to the previous year. The level of the European market is difficult to assess due to the massive imports of aerial work platforms produced in China, in anticipation of the additional tariffs imposed by the European Union. The improvement in raw material purchasing index and the normalization of the supply chain for components were confirmed in 2024. The rise of Chinese manufacturers (electrification, range expansion, increased international presence) continues, with significant effects in Europe.
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haulotte.com 35% 4% ASIA – PACIFIC NORTH AMERICA Source: AEM statistics, December 2024 Market weight (2024 / 2023) Market trends 30% 18% 49% 3% EUROPE LATIN AMERICA = FAITS MARQUANTS 2024 21% 40% Main Facts 2024 Global aerial work platform market
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haulotte.com January 2024 February 2024 March 2024 April 2024 Haulotte completes the PULSEO GENERATION range with the arrival of the HA16 E and HA16 E PRO, 16m articulated electric all-terrain aerial work platforms. PRODUCTS Haulotte extends Manufacturer's Warranty on its electric scissors to 5 years. PRODUCTS Haulotte unveils the new generation of its iconic HA20 RTJ. PRODUCTS FASTN, the universal anchoring system for aerial work platforms, voted « Jury Favorite" at the « Grands Prix Matériel 2024 » ceremony. INNOVATION Main Facts 2024
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haulotte.com June 2024 Haulotte Australia named Supplier of the Year in the Access category for the 5th time in a row, and Best New Product for FASTN, the Group's latest innovation. EVENTS June 2024 Haulotte launches MyCompanion, a brand-new digital product designed to enhance user experience and safety. SERVICES July 2024 Haulotte continues to improve its ECOVADIS score with +10 Points vs last year. ESG April 2024 Haulotte Group joins the Community of Sustainable Equipment Actors to accelerate the environmental transition in the construction sector. GROUP Main Facts 2024
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haulotte.com September 2024 October 2024 October 2024 November 2024 January 2025 Haulotte & Equans are testing site decarbonization in real- life conditions. Haulotte's new all-terrain electric scissor lift HS18 E MAX: The new addition to the HS E family with full-height drive. Haulotte Ibérica wins 2024 Digital Movicarga Award for MyHaulotte interface. INNOVATION FASTN: A new award at the Working at Height 2024_USA. The European Commission imposes definitive anti- dumping duties on imports of AWP produced in China (tax ranging from 20.6% to 54.9%). Product INNOVATION INNOVATION INNOVATION Main Facts 2024
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haulotte.com Main Facts 2024 2024 revenue is down by -17% to €634 million (at constant exchange rates, excluding IAS29) in a slowed global aerial work platform market. North America now represents 30% of the Group's activity. Services revenue continues to grow, reaching a record level of €77 million. The decline in the cost of component continued throughout 2024. A current operating result of +€43 million (excluding exchange gains and losses) representing +6.7% of revenue, up by +€12 million compared to 2023, driven by the passing on increases in cost prices to sales and improvement in component prices. The Group's net result (excluding IFRS16 and IAS 29) stands at €12 million, or +1.9% of revenue, a significant growth compared to 2023, negatively impacted by a still unfavourable exchange rate environment (-€7 million) but improving compared to 2023 (-€18 million), along with a €2 million increase in cost of debt compared to 2023. The Group's net debt (excluding guarantees and IFRS 16) has decreased by -€40 million to €200 million, with the Group showing a significant improvement in its free cash flow, driven by a higher gross self-financing margin and a reduction in working capital requirements.
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haulotte.com Sales breakdown by activity
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haulotte.com Var. Var. at constant exchange rate Europe 279 359 - 22% 44% 47% - 23% North America 188 212 - 11% 30% 27% - 11% Latin America 60 60 + 1% 9% 8% + 1% Asia - Pacific 107 137 - 22% 17% 18% - 21% Total 634 767 - 17% - 17% in € Millions (excluding IAS 29 & excluding IFRS 16) 20232024 Sales breakdown by zone of activity
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haulotte.com in € Millions (excluding IAS 29 & excluding IFRS 16) Var. Net Sales (133) +12 6,7% 4,0% +7 6,1% 4,0% +16 2,5% 0,0% +13 1,9% -0,2% (0) 31 31 767 20232024 (1) Current operating income excl. FX gains & losses Consolidated Net Income 16 38 12 Operating Income Income before tax 43 634 Current operating income (excluding FX gains and losses) at 6.7% of Net Sales
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haulotte.com in € Millions (excluding IAS 29 & excluding IFRS 16) 31 M€ Change in gross margin 15 M€ Fixed costs -1 M€ Bad debts -2 M€ Exchange gains and losses 0 M€ Other non recurring items -5 M€ 38 M€ 2023 Operating income 2024 Operating income Operating income of €38 million, up by + €7 million vs 2023
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haulotte.com in € Millions (excluding IAS 29 & excluding IFRS 16) 146 M€ Impact of volume and mix on new machines sales -15 M€ Impact of price and FX on new machines sales 18 M€ Margin on 2nd hand machines sales 0 M€ Impact of manufacturing performance -6 M€ Impact of raw materials 16 M€ Margin on Service & Rental activity 3 M€ Inventory provision, warranty & others -1 M€ 161 M€ 2023 Gross Margin 2024 Gross Margin Gross margin increases by + €15 million compared to 2023 at €146 million Gross margin rate stands at 25.4% compared to 19.0% last year.
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haulotte.com in € Millions (excluding IAS 29 & excluding IFRS 16) 2024 2023 Var. Commercial costs 37 38 (1) SG & A 65 64 +1 R & D 15 14 +1 Total (excl. depreciations) 117 116 +1 Bad debt provisions 1 (1) +2 Total fixed costs 118 115 +3 Fixed costs growth of 1 .4% (excluding bad debt provisions, at constant exchange rate) Positive forex impact of +€1 million excluding bad debt provisions.
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haulotte.com in € Millions (excluding IAS 29 & excluding IFRS 16) 31.12.2024 31.12.2023 Change in inventories 4 (11) Change in trade receivables (47) 4 Change in trade payables 24 24 Change in other receivables and payables 2 (4) Change in operating WC (17) 13 Other changes (FX effect…) (2) (16) Working capital* 250 269 Change in operating working capital * Including non-current other assets and other liabilities The WCR increased from 127 to 142 days of revenue in December 2024. The DSO stands at 65 days of revenue at the end of December 2024, compared to 62 days at the 2023 closing.
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haulotte.com in € Millions (excluding IAS 29 & excluding IFRS 16) 31.12.2024 31.12.2023 Gross cash flows from continuing operations 48 34 Change in operating working capital 17 (13) Change in receivables from financing activities 2 12 Cash flows from investment activities (11) (8) Cash flows from financing activities (39) 2 Net change in cash and cash equivalents 17 27 Cash flow statement
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haulotte.com in € Millions (excluding IFRS 16) 31.12.2024 31.12.2023 31.12.2022 31.12.2021 Long term debt 200 65 150 70 Short term debt 53 237 156 131 Total financial debts 253 302 306 201 Cash 35 41 38 33 Net debt 218 260 268 168 Of which guarantees 18 20 22 27 Net debt excl. Guarantees 200 240 246 141 Net debt (excluding guarantees and IFRS 16) decreases by -€4 0 million at €200 million
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haulotte.com in € Millions (Excluding IAS 29 & excluding IFRS 16) 2024 2023 2022 2021 Financed sales 36 53 62 67 Equipment sales 536 672 524 423 % of equipment sales 7% 8% 12% 16% Receivables on financed sales 38 41 57 71 Weight of financed sales down to 7% of machine sales
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haulotte.com Financing and Group cash reserves Syndicated loan: As of December 31st, 2024, of the existing €130 million syndicated credit facility, maturing on July 17th, 2026, €100 million is utilised. The banking ratios are respected as of December 31, 2024. State Guaranteed Loan: With an initial amount of €96 million, it was obtained from all the lenders of the syndicated loan as well as BPI France in June 2022, matures in June 2028. It is amortizable quarterly since September 2024 €12 million have been reimbursed during the second semester of 2024.
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haulotte.com Evolution of the dividend distribution in € 2017 2018 2019 2020 2021 2022 2023 2024 Net dividend per share 0,22 0,22 0,22 0,00 0,22 0,00 0,00 0,22
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haulotte.com Recent activity and outlook III.
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haulotte.com Market context 2025 A global economic and geopolitical environment that still remains uncertain. The impact of the tariff increases, whether decided or forthcoming, is difficult to assess. The global market for aerial work platforms is expected to continue to slow down across all geographic regions, with a particularly sluggish first half of the year. Significant available stock across all aerial work platform manufacturers at the end of 2024.
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haulotte.com NORTH AMERICA-- EUROPE-- LATIN AMERICA-- ASIA - PACIFIC-- Global trends by zone
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haulotte.com 2025 outlook & challenges In an environment currently lacking visibility across all markets, the Group is not in a position to commit to a sales level or current operating margin for 2025 but will do so as soon as conditions allow. During this period, Haulotte will continue to rely on its capacity for innovation and its customer relationship while maintaining its efforts to optimize inventory level and control operational expenses. The Group's main challenges for 2025: Continue reducing the Group's debt Continue efforts to reduce cost prices Optimize inventory levels according to observed activity
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haulotte.com Appendices
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haulotte.com in € Millions Right-of-use assets Assets Shareholders' equity Non-current lease liabilities Current lease liabilities Liabilities Current operating income excl. FX gains & losses of which rental expenses of which amortization expenses Financial result Consolidated Net Income (26) (1) (27) 15 (0) 15 8 (7) 44 1 45 14 14 6 6 18 18 Impact on Income Statment 1 18 19 (1) (1) 31.12.2024 (excluding IFRS 16) IFRS 16 Impact 31.12.2024 Impact on Balance Sheet 1 18 19 IFRS 16 impact as of December 31, 2024 The majority of lease contracts are operating leases in which the Group is the lessee. The assets under lease are mainly buildings, vehicules and industrial equipment. Among the right-of-use assets, €1.4 million correspond to a land in China for which Haulotte is owner.
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haulotte.com Assets in € Millions 31.12.2024 31.12.2023 Non Currrent Assets 205 203 Goodwill 13 9 Intangible assets 35 36 Property, plant and equipment 90 88 Right-of-use assets (IFRS 16) 20 18 Financial assests 5 5 Deffered tax assets 22 20 Trade receivables from financing activities (> one year) 18 25 Other non current assets 2 3 Current Assets 398 444 Inventory 220 214 Trade receivables 96 145 Trade receivables from financing activities due (< one year) 19 17 Other assets 28 25 Cash and Cash equivalents 35 41 Financial derivative instruments 3 Total Assets 603 648 Balance sheet assets as of December 31, 2024 (including IFRS 16 and IAS29)
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haulotte.com Liabilities and Shareholders' equity in € Millions 31.12.2024 31.12.2023 Shareholders' equity before minority interests 206 186 Minority interests 0 0 Non current liabilities 230 93 Long-term borrowings 200 65 Non-current lease liabilities (IFRS 16) 14 12 Deferred tax liabilities 12 11 Provisions 5 4 Current liabilities 167 370 Trade payables 61 84 Other current liabilities 35 33 Current borrowings 53 237 Current lease liabilities (IFRS 16) 6 5 Provisions 12 11 Liabilities and Shareholders' equity 603 648 Balance sheet liabilities as of December 31, 2024 (including IFRS 16 and IAS29)
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haulotte.com Upcoming events 2025 Quarter 1 Sales: April 29, 2025 Shareholder’s meeting: May 22, 2025
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haulotte.com Stock exchange ID Euronext Paris Compartiment B ISIN FR0000066755 Mnémo PIG Reuters PYHE.PA Bloomberg PIG FP CACS
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haulotte.com Shareholders as of December 31, 2024
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haulotte.com THANK YOU FOR YOUR ATTENTION