HIAB CORPORATION | Stock Exchange Release | 23 October 2026 08:00:00 EEST
Highlights of the quarter
- Orders received continued to grow in EMEA, while acquisitions boosted orders received in the Americas
- Comparable operating profit increased to EUR 69 (40) million corresponding to 14.2 (11.4) percent of sales
- Comparable EBITA margin was 15.5 (11.7) percent
- Cash flow from operations before finance items and taxes totalled EUR 98 (69) million [1]
- Outlook for 2026 unchanged
- Acquisition of Environmental Vehicle Solutions was completed on 1 July
Unless otherwise stated, the financial information in this report concerns Hiab's continuing operations. This interim report is unaudited.
July-September 2026 in brief: Acquisition of Environmental Vehicle Solutions had significant impact on key figures
- Orders received increased by 26 percent and totalled EUR 441 (351) million. Organically in constant currencies orders decreased by 4 percent.
- Order book amounted to EUR 873 (31 Dec 2025: 534) million at the end of the period.
- Sales increased by 39 percent and totalled EUR 481 (346) million. The organic increase in constant currencies was 5 percent.
- Equipment sales represented 72 (66) and Services sales represented 28 (34) percent of sales.
- Eco portfolio sales increased by 15 percent and totalled EUR 161 (140) million, representing 33 (40) percent of sales.
- Comparable EBITA was EUR 75 (40) million, representing 15.5 (11.7) percent of sales.
- Comparable operating profit increased by 73 percent and amounted to EUR 69 (40) million, representing 14.2 (11.4) percent of sales.
- Operating profit was EUR 54 (40) million, representing 11.2 (11.4) percent of sales. Operating profit includes EUR -15 (0) million items affecting comparability.
- Profit for the period amounted to EUR 29 (29) million.
- Basic earnings per share was EUR 0.45 (0.45).
- Cash flow from operations before finance items and taxes totalled EUR 98 (69) million. [2]
- Operative return on capital employed (operative ROCE, last 12 months) was 20.2 (2025: 30.8) percent.
January-September 2026 in brief: Orders received increased
- Orders received increased by 16 percent and totalled EUR 1,280 (1,106) million. Organically in constant currencies orders increased by 5 percent.
- Order book amounted to EUR 873 (31 Dec 2025: 534) million at the end of the period.
- Sales increased by 9 percent and totalled EUR 1,267 (1,160) million. The organic decrease in constant currencies was 2 percent.
- Equipment sales represented 71 (70) and Services sales represented 29 (30) percent of sales.
- Eco portfolio sales increased by 19 percent and totalled EUR 518 (437) million representing 41 (38) percent of sales.
- Comparable EBITA was EUR 189 (168) million, representing 14.9 (14.5) percent of sales.
- Comparable operating profit increased by 9 percent and amounted to EUR 181 (166) million, representing 14.3 (14.3) percent of sales.
- Operating profit was EUR 144 (166) million, representing 11.3 (14.3) percent of sales. Operating profit includes EUR -37 (0) million items affecting comparability.
- Profit for the period amounted to EUR 94 (119) million.
- Basic earnings per share was EUR 1.45 (1.84).
- Cash flow from operations before finance items and taxes totalled EUR 198 (252) million. [2]
Outlook for 2026 unchanged
Hiab estimates its comparable operating profit margin in 2026 to be above 14.5 percent (2025: 13.7 percent). [3]
Hiab's key figures
| MEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change | 2025 |
| Orders received | 441 | 351 | 26% | 1,280 | 1,106 | 16% | 1,481 |
| Services orders, % of orders | 29% | 32% | 29% | 32% | 32% | ||
| Order book, end of period | 873 | 557 | 57% | 873 | 557 | 57% | 534 |
| Sales | 481 | 346 | 39% | 1,267 | 1,160 | 9% | 1,556 |
| Services sales, % of sales | 28% | 34% | 29% | 30% | 30% | ||
| Eco portfolio sales | 161 | 140 | 15% | 518 | 437 | 19% | 572 |
| Eco portfolio sales, % of sales | 33% | 40% | 41% | 38% | 37% | ||
| Comparable EBITA | 74.7 | 40.4 | 85% | 189.5 | 167.9 | 13% | 215.9 |
| Comparable EBITA, % | 15.5% | 11.7% | 14.9% | 14.5% | 13.9% | ||
| Operating profit | 53.8 | 39.6 | 36% | 143.7 | 165.6 | -13% | 207.6 |
| Operating profit, % | 11.2% | 11.4% | 11.3% | 14.3% | 13.3% | ||
| Comparable operating profit | 68.5 | 39.6 | 73% | 181.0 | 165.6 | 9% | 212.9 |
| Comparable operating profit, % | 14.2% | 11.4% | 14.3% | 14.3% | 13.7% | ||
| Profit before taxes | 45.4 | 38.7 | 17% | 134.1 | 161.8 | -17% | 202.2 |
| Profit for the period | 29.1 | 29.0 | -% | 93.6 | 118.5 | -21% | 151.2 |
| Basic earnings per share, EUR | 0.45 | 0.45 | 1% | 1.45 | 1.84 | -21% | 2.34 |
| Operative return on capital employed (operative ROCE) (%), last 12 months | 20.2% | 29.8% | 20.2% | 29.8% | 30.8% | ||
| Personnel, end of period | 5,156 | 4,097 | 26% | 5,156 | 4,097 | 26% | 4,053 |
Hiab's key figures
The key figures presented below include continuing operations and discontinued operations until the end of 2025.
| MEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change | 2025 |
| Cash flow from operations before finance items and taxes | 97.8 | 69.0 | 42% | 197.6 | 251.6 | -21% | 307.5 |
| Interest-bearing net debt, end of period | 704 | -308 | > 100% | 704 | -308 | > 100% | -209 |
| Gearing, % | 67.2% | -31.5% | 67.2% | -31.5% | -20.7% | ||
| Interest-bearing net debt / EBITDA* | 2.9 | -1.0 | 2.9 | -1.0 | -0.7 | ||
| Return on capital employed (ROCE), last 12 months, % | 11.7% | 3.3% | 11.7% | 3.3% | 17.8% |
*Last 12 months' EBITDA
Hiab's President and CEO Scott Phillips: Strong growth in comparable operating profit in the third quarter through executing our strategy
The third quarter of 2026 marked the beginning of a new chapter for Hiab. The acquisition of Environmental Vehicle Solutions ("EVS") was closed on 1 July, and its results have now been consolidated into Hiab. Rigorous execution of our strategy, supported by the perfectly aligned acquisition, enabled us to deliver another strong quarter while navigating a mixed market environment.
EVS contributed significantly to Hiab's financial performance in the quarter, further upside expected from commercial and procurement synergies
EVS has now been part of Hiab for slightly more than 100 days and we are currently executing the integration of the business at full speed. The work has been progressing according to our plan, with focus on protecting business execution as well as preserving and connecting cultures. We estimate to reach above EUR 12 million of procurement and commercial synergies at run rate from 2029. EVS orders increased sequentially and amounted to EUR 87 million in the third quarter. EVS sales in the quarter amounted to EUR 103 million and its comparable EBITA margin was at high teens.
Mixed market environment, acquisitions supported order growth
Gradual recovery continued in EMEA. On the other hand, uncertainty of the global growth outlook is elevated and impacted by increased yields, interest rates and fuel prices making the market environment mixed. Our orders received in the third quarter increased by 26 percent and amounted to EUR 441 (351) million. Orders continued to grow in EMEA and exceeded the comparison period in APAC as well. Order growth in the Americas was driven by acquisitions, while the negative organic development in the region was a reflection of key account order activity in the quarter in a continued subdued market environment. Services orders continued to grow, increasing by 16 percent to EUR 130 (112) million driven by the consolidation of EVS and recurring services.
Sales grew organically by five percent. Comparable operating profit margin increased to 14.2 (11.4) percent
Our sales grew organically in constant currencies by 5 percent in the third quarter. Further supported by acquisitions, our sales grew by 39 percent and amounted to EUR 481 (346) million. Services sales increased by 15 percent to EUR 134 (116) million, driven by the consolidation of EVS and recurring services like spare parts and maintenance. Comparable operating profit increased by 73 percent to EUR 69 (40) million, representing 14.2 (11.4) percent of sales, driven by organic and inorganic sales growth alongside fixed cost savings. Comparable EBITA increased to EUR 75 (40) million corresponding to 15.5 (11.7) percent of sales.
Balance sheet remains healthy after the completion of the EVS acquisition
Our balance sheet remained at a healthy level after the completion of the EVS acquisition. At the end of the period, our net debt amounted to EUR 704 million and our gearing to 67 percent. The strong cash generation of Hiab, boosted by EVS, will support gradual deleveraging. In the third quarter, our cash flow from operations before finance items and taxes was again strong, totalling EUR 98 (69) million.
New ProCare service contract offering illustrates our focus on solving customer needs through digitalisation and innovation
The increasing number of connected units and service contracts are among the key metrics on our service growth journey. We are well on track to reach 90,000 units connected and 50,000 service contracts by 2028. To address our customer needs even better and to accelerate contracts growth, we announced in September a renewed ProCare lifecycle services agreements portfolio, including maintenance, connectivity, digital services and new uptime-focused solutions. This unified offering is designed to simplify fleet management while maximizing equipment uptime. Already the standard level agreement comes with our renewed HiConnect insights platform, providing customers with unique insight on their fleet, while the top tier Premium level also includes for example remote monitoring and wear and tear parts. A phased global rollout of the renewed ProCare service agreements portfolio will begin in Q4 2026.
We keep our outlook unchanged and aim for highest comparable operating profit margin in Hiab's history
We are on track to deliver what we committed to in our strategy presented in 2024. Through rigorous execution within a mixed market environment, we have continued to improve our comparable operating profit margin. Our year-to-date comparable operating profit margin reached 14.3 percent and we are on track to deliver the highest profitability in Hiab's history this year. We keep our outlook for 2026 unchanged. Hence, Hiab estimates its comparable operating profit margin in 2026 to be above 14.5 (2025: 13.7) percent.
Reporting segments' key figures
Orders received
| MEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change | 2025 |
| Equipment | 311 | 239 | 30% | 904 | 753 | 20% | 1,010 |
| Services | 130 | 112 | 16% | 375 | 353 | 6% | 470 |
| Total | 441 | 351 | 26% | 1,280 | 1,106 | 16% | 1,481 |
Order book
| MEUR | 30 Sep 2026 | 31 Dec 2025 | Change |
| Equipment | 810 | 476 | 70% |
| Services | 63 | 58 | 7% |
| Total | 873 | 534 | 63% |
Sales
| MEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change | 2025 |
| Equipment | 347 | 230 | 51% | 894 | 808 | 11% | 1,088 |
| Services | 134 | 116 | 15% | 373 | 352 | 6% | 469 |
| Total | 481 | 346 | 39% | 1,267 | 1,160 | 9% | 1,556 |
Comparable operating profit
| MEUR | Q3/26 | Q3/25 | Change | Q1-Q3/26 | Q1-Q3/25 | Change | 2025 |
| Equipment | 43.7 | 20.2 | > 100% | 114.1 | 105.8 | 8% | 140.1 |
| Services | 32.8 | 27.3 | 20% | 92.5 | 84.7 | 9% | 108.9 |
| Group administration | -8.0 | -7.9 | -2% | -25.6 | -25.0 | -2% | -36.1 |
| Total | 68.5 | 39.6 | 73% | 181.0 | 165.6 | 9% | 212.9 |
Comparable operating profit, %
| MEUR | Q3/26 | Q3/25 | Q1-Q3/26 | Q1-Q3/25 | 2025 |
| Equipment | 12.6% | 8.8% | 12.8% | 13.1% | 12.9% |
| Services | 24.6% | 23.5% | 24.8% | 24.1% | 23.2% |
| Total | 14.2% | 11.4% | 14.3% | 14.3% | 13.7% |
Telephone conference for analysts, investors and media
A live international telephone conference for analysts, investors and media will be arranged on the publishing day at 10:00 a.m. EEST. The event will be held in English. The report will be presented by President and CEO Scott Phillips and CFO Mikko Puolakka. The presentation material will be available at www.hiabgroup.com by the latest 9:30 a.m. EEST.
To ask questions during the conference, please register via the following link: https://events.inderes.com/hiab/q3-2026/dial-in. After the registration, the conference phone numbers and a conference ID to access the conference will be provided.
The event can also be viewed as a live webcast at https://hiab.events.inderes.com/q3-2026. A link to the recording of the event will be published on Hiab's website later during the day.
Please note that by dialling into the conference call, the participant agrees that personal information such as name and company name will be collected.
For further information, please contact:
Mikko Puolakka, CFO, tel. +358 20 777 4000
Aki Vesikallio, Vice President, Investor Relations, tel. +358 40 729 1670
Hiab (Nasdaq Helsinki: HIAB) is a leading provider of smart and sustainable on road load-handling solutions, committed to delivering the best customer experience every day with the most engaged people and partners. Globally, Hiab is represented on every continent through its extensive network of 3,000 own and partner sales and service locations, enabling delivery to over 100 countries. The company's sales in 2025 totalled approximately EUR 1.6 billion and it employs approximately 5,200 people. www.hiabgroup.com
[1] Comparison period includes discontinued operations.
[2] Comparison period includes discontinued operations.
[3] Comparable operating profit excludes PPA amortization related to Environmental Vehicle Solutions' order book.
