Industrial Trucks & Services segment
Business performance and level of orders
The number of new trucks ordered in the Industrial Trucks & Services segment rose by 11.8 percent to 195.5 thousand in the first nine months of 2025. Unit figures in the EMEA region were up significantly (11.9 percent) compared with the same period of 2024. The APAC region also recorded a tangible increase (7.2 percent). In the Americas region, the number of new orders rose substantially (39.8 percent) compared with the weak prior-year period.
The value of order intake in the first nine months of 2025 grew by 7.3 percent to €5,970.1 million (Q1–Q3 2024: €5,566.3 million). Both warehouse trucks and counterbalance trucks saw robust growth in new business. In the service business, order intake also went up in value compared with the prior-year period across all of the main categories.
The Industrial Trucks & Services segment’s order book amounted to €2,038.9 million as at September 30, 2025 (December 31, 2024: €2,246.1 million).
in € million |
Q3 |
Q3 |
Change |
Q1 – Q3 |
Q1 – Q3 |
Change |
||
|---|---|---|---|---|---|---|---|---|
Total revenue |
1,944.2 |
1,998.7 |
–2.7% |
6,079.4 |
6,305.0 |
–3.6% |
||
EBITDA |
440.8 |
425.6 |
3.6% |
1,101.9 |
1,343.1 |
–18.0% |
||
Adjusted EBITDA |
409.1 |
426.0 |
–4.0% |
1,244.7 |
1,346.2 |
–7.5% |
||
EBIT |
201.4 |
201.7 |
–0.1% |
384.1 |
648.3 |
–40.8% |
||
Adjusted EBIT |
170.6 |
202.3 |
–15.7% |
529.5 |
672.9 |
–21.3% |
||
|
|
|
|
|
|
|
||
Adjusted EBITDA margin |
21.0% |
21.3% |
– |
20.5% |
21.4% |
– |
||
Adjusted EBIT margin |
8.8% |
10.1% |
– |
8.7% |
10.7% |
– |
||
|
|
|
|
|
|
|
||
Order intake |
1,941.9 |
1,796.8 |
8.1% |
5,970.1 |
5,566.3 |
7.3% |
||
Order book1 |
|
|
|
2,038.9 |
2,246.1 |
–9.2% |
||
|
||||||||
Revenue
Total revenue in the Industrial Trucks & Services segment diminished by 3.6 percent to €6,079.4 million in the first nine months of 2025 (Q1–Q3 2024: €6,305.0 million) as a result of the order book volume from new business coming back down to a normal level at the start of the year. The service business as a whole recorded solid year-on-year growth, with all categories contributing. The proportion of the segment’s revenue from external customers accounted for by the service business increased to 51.3 percent (Q1–Q3 2024: 48.0 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
Adjusted EBIT in the Industrial Trucks & Services segment reduced to €529.5 million in the first nine months of the current year (Q1–Q3 2024: €672.9 million). Consequently, the adjusted EBIT margin fell to 8.7 percent (Q1–Q3 2024: 10.7 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, which had been 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 €384.1 million (Q1–Q3 2024: €648.3 million). Non-recurring items predominantly consisted of expenses relating to the efficiency program of €131.4 million.
Adjusted EBITDA came to €1,244.7 million in the first nine months of 2025 (Q1–Q3 2024: €1,346.2 million), giving an adjusted EBITDA margin of 20.5 percent (Q1–Q3 2024: 21.4 percent).