Industrial Trucks & Services segment
Business performance and level of orders
The number of new trucks ordered in the Industrial Trucks & Services segment rose by 9.7 percent year on year to 135.2 thousand in the first six months of 2025. Within this total, the unit figures for the EMEA region were up significantly. The APAC region recorded a small increase, while the number of new orders in the Americas region rose substantially once again compared with the weak prior-year period.
The value of order intake jumped by 6.9 percent to €4,028.2 million in the half year under review (H1 2024: €3,769.5 million). Both warehouse trucks and counterbalance trucks saw robust growth in new business. In the service business, order intake also went up compared with the prior-year period across all categories.
The Industrial Trucks & Services segment’s order book amounted to €2,051.6 million as at June 30, 2025 (December 31, 2024: €2,246.1 million).
in € million |
Q2 |
Q2 |
Change |
Q1 – Q2 |
Q1 – Q2 |
Change |
||
|---|---|---|---|---|---|---|---|---|
Total revenue |
2,019.5 |
2,153.2 |
–6.2% |
4,135.2 |
4,306.3 |
–4.0% |
||
EBITDA |
410.0 |
460.8 |
–11.0% |
661.1 |
917.5 |
–27.9% |
||
Adjusted EBITDA |
413.2 |
459.2 |
–10.0% |
835.6 |
920.2 |
–9.2% |
||
EBIT |
169.2 |
209.0 |
–19.0% |
182.6 |
446.5 |
–59.1% |
||
Adjusted EBIT |
173.4 |
231.0 |
–24.9% |
358.9 |
470.7 |
–23.7% |
||
|
|
|
|
|
|
|
||
Adjusted EBITDA margin |
20.5% |
21.3% |
– |
20.2% |
21.4% |
– |
||
Adjusted EBIT margin |
8.6% |
10.7% |
– |
8.7% |
10.9% |
– |
||
|
|
|
|
|
|
|
||
Order intake |
2,070.2 |
1,965.5 |
5.3% |
4,028.2 |
3,769.5 |
6.9% |
||
Order book1 |
|
|
|
2,051.6 |
2,246.1 |
–8.7% |
||
|
||||||||
Revenue
Total revenue in the Industrial Trucks & Services segment diminished by 4.0 percent to €4,135.2 million in the first half of 2025 (H1 2024: €4,306.3 million) as a result of the order book volume from new business coming back down to a normal level. With contributions from all service categories, the service business notched up solid growth compared with the first half of 2024. The proportion of the segment’s revenue from external customers accounted for by the service business was significantly higher than in the prior-year period at 50.5 percent (H1 2024: 47.1 percent).
Further details concerning revenue generated from external customers in the Industrial Trucks & Services segment can be found in the table ‘Revenue from third parties by product category’.
Earnings
The adjusted EBIT of the Industrial Trucks & Services segment reduced to €358.9 million in the first half of 2025 (H1 2024: €470.7 million). Consequently, the adjusted EBIT margin fell to 8.7 percent (H1 2024: 10.9 percent). The main reasons behind this drop in earnings and profitability were the decline in revenue and the fall in the gross margin resulting from lower sales prices on orders in 2024. The latter were due to intensifying competition for new business. In addition, higher fixed costs in production, sales, and administration, primarily due to increases in personnel expenses, and higher depreciation and amortization expenses on the back of capital investment, also had an adverse impact on earnings.
After taking into account non-recurring items and purchase price allocation effects, the segment’s EBIT decreased to €182.6 million (H1 2024: €446.5 million). Expenses relating to the efficiency program accounted for €172.9 million of the non-recurring items in the reporting period.
Adjusted EBITDA came to €835.6 million in the first six months of 2025 (H1 2024: €920.2 million), giving an adjusted EBITDA margin of 20.2 percent (H1 2024: 21.4 percent).