Industrial Trucks & Services segment

Business performance and level of orders

The number of new trucks ordered in the Industrial Trucks & Services segment rose by 7.5 percent to 210.1 thousand in the first nine months of 2026. Warehouse trucks saw a much stronger increase than counterbalance trucks. Order numbers went up by 2.9 percent in the EMEA region and by 20.2 percent in the APAC region. In the Americas region, the number of new orders was much lower than in the prior-year period (down by 10.1 percent).

The value of order intake fell by 1.2 percent to €5,897.5 million in the reporting period (Q1–Q3 2025: €5,970.1 million). This was attributable to the value of order intake in new business, which declined over the course of the year despite the overall rise in order numbers. The reasons for this were twofold. Firstly, the disproportionately strong growth of the APAC region, which eclipsed that of the EMEA and Americas regions, led to a shift in the country mix. Secondly, entry-level trucks made up a higher proportion of the orders for warehouse technology. By contrast, order intake in the service business was slightly higher than in the prior-year period.

The order book of the Industrial Trucks & Services segment amounted to €2,079.5 million as at September 30, 2026 (December 31, 2025: €2,232.4 million*).

* The amount reported for the order book as at December 31, 2025 was adjusted upward by €208.5 million

Revenue

Total revenue in the Industrial Trucks & Services segment fell to €6,034.2 million in the first three quarters of 2026 (Q1–Q3 2025: €6,079.4 million). The decline in the order book for new business resulted in a moderate reduction in revenue compared with the same period of the prior year. Despite a higher number of new trucks being delivered, revenue was adversely affected by an increased proportion of entry-level warehouse technology in the product mix. Overall, the service business recorded a slight increase in revenue, with growth in the aftersales business and in the rental business comfortably offsetting declines in used trucks and other service business. The proportion of the segment’s revenue from external customers accounted for by the service business increased to 52.6 percent in the period under review (Q1–Q3 2025: 51.3 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

At €528.7 million, the adjusted EBIT of the Industrial Trucks & Services segment was marginally lower in the first nine months of 2026 than in the prior-year period (Q1–Q3 2025: €529.5 million). Besides a lower volume of revenue in new business, exchange differences had a negative impact on operating profit. The decline in revenue was partly offset by the higher gross margin in the service business, the increasing impact of cost savings from the efficiency program, and the lower value of employees’ long-term variable remuneration as a result of share price movements. The adjusted EBIT margin stood at 8.8 percent, which was slightly higher than the margin of 8.7 percent in the first three quarters of 2025.

After taking into account non-recurring items and purchase price allocation effects, the segment’s EBIT rose strongly to €528.3 million (Q1–Q3 2025: €384.1 million). In the prior-year period, earnings had been weighed down heavily by non-recurring items in connection with the efficiency program.

The segment’s adjusted EBITDA amounted to €1,255.6 million in the first three quarters of 2026 (Q1–Q3 2025: €1,244.7 million), giving an adjusted EBITDA margin of 20.8 percent (Q1–Q3 2025: 20.5 percent).