Industrial Trucks & Services segment
Business performance and level of orders
The number of new trucks ordered in the Industrial Trucks & Services segment rose by 10.0 percent to 65.2 thousand in the first three months of 2025. Unit figures in the EMEA region were up significantly compared with the first quarter of 2024. The APAC region recorded a marginal increase, while the number of new orders in the Americas rose substantially compared with the weak prior-year period.
The value of order intake in the reporting quarter grew by a considerable 8.5 percent to €1,958.0 million (Q1 2024: €1,804.0 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 Q1 2024 across all of the main categories.
The value of the Industrial Trucks & Services segment’s order book stood at €2,081.6 million as at March 31, 2025 (December 31, 2024: €2,246.1 million).
in € million |
Q1 |
Q1 |
Change |
||
|---|---|---|---|---|---|
Total revenue |
2,115.6 |
2,153.1 |
–1.7% |
||
EBITDA |
251.2 |
456.8 |
–45.0% |
||
Adjusted EBITDA |
422.4 |
461.0 |
–8.4% |
||
EBIT |
13.4 |
237.5 |
–94.4% |
||
Adjusted EBIT |
185.5 |
239.7 |
–22.6% |
||
|
|
|
|
||
Adjusted EBITDA margin |
20.0% |
21.4% |
– |
||
Adjusted EBIT margin |
8.8% |
11.1% |
– |
||
|
|
|
|
||
Order intake |
1,958.0 |
1,804.0 |
8.5% |
||
Order book1 |
2,081.6 |
2,246.1 |
–7.3% |
||
|
|||||
Revenue
Total revenue in the Industrial Trucks & Services segment diminished by 1.7 percent to €2,115.6 million in the first quarter of 2025 (Q1 2024: €2,153.1 million) as a result of the decrease in order book volume from new business. In contrast, the service business once again recorded solid year-on-year growth, thanks to increases across all categories. The proportion of the segment’s revenue from external customers accounted for by the service business increased to 49.7 percent (Q1 2024: 47.0 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 €185.5 million in the first three months of the current year (Q1 2024: €239.7 million). Consequently, the adjusted EBIT margin fell to 8.8 percent (Q1 2024: 11.1 percent). The main factors driving this drop in earnings and profitability were the decline in revenue and the year-on-year fall in gross margin resulting from lower sales prices in 2024 due to intensifying competition for new business. In addition, higher fixed costs in production, distribution, and administration, primarily due to general 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 €13.4 million (Q1 2024: €237.5 million). Expenses relating to the efficiency program accounted for €170.6 million of the non-recurring items.
Adjusted EBITDA came to €422.4 million in the first three months of 2025 (Q1 2024: €461.0 million), which translates to an adjusted EBITDA margin of 20.0 percent (Q1 2024: 21.4 percent).