Industrial Trucks & Services segment
Business performance and level of orders
The number of new trucks ordered in the Industrial Trucks & Services segment rose by 11.3 percent to 72.6 thousand in the first three months of 2026, with robust growth in both counterbalance trucks and warehouse trucks. Unit figures in the EMEA region were up significantly (14.1 percent). The APAC region also recorded a strong increase (10.9 percent). In the Americas region, the number of new orders was much lower than in the prior-year period (down by 12.6 percent).
The value of order intake in the reporting period grew by 4.2 percent to €2,041.1 million (Q1 2025: €1,958.0 million). New business, in particular, picked up substantially toward the end of the first quarter. This development includes the impact of new orders being brought forward ahead of the list price increases announced for April 2026. The increases are aimed at countering rising costs due to the war in Iran. Order intake in the service business, by contrast, was down slightly compared with the prior-year period.
The Industrial Trucks & Services segment’s order book amounted to €2,249.1 million as at March 31, 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
in € million |
Q1 |
Q1 |
Change |
||||
|---|---|---|---|---|---|---|---|
Total revenue |
2,011.5 |
2,115.6 |
−4.9% |
||||
EBITDA |
412.7 |
251.2 |
64.3% |
||||
Adjusted EBITDA |
418.9 |
422.4 |
−0.8% |
||||
EBIT |
175.4 |
13.4 |
> 100.0% |
||||
Adjusted EBIT |
182.9 |
185.5 |
−1.4% |
||||
|
|
|
|
||||
Adjusted EBITDA margin |
20.8% |
20.0% |
– |
||||
Adjusted EBIT margin |
9.1% |
8.8% |
– |
||||
|
|
|
|
||||
Order intake |
2,041.1 |
1,958.0 |
4.2% |
||||
2,249.1 |
2,232.4 |
0.7% |
|||||
|
|||||||
Revenue
Total revenue in the Industrial Trucks & Services segment decreased by 4.9 percent to €2,011.5 million in the first three months of 2026 (Q1 2025: €2,115.6 million). Revenue from new business was noticeably lower as a result of the declining order book in the previous year. The service business as a whole recorded a slight year-on-year decrease in revenue due to the reduction in used trucks business. The proportion of the segment’s revenue from external customers accounted for by the service business increased to 51.7 percent in the reporting period (Q1 2025: 49.7 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 declined slightly to €182.9 million in the reporting quarter (Q1 2025: €185.5 million). The decline in revenue was largely offset by the increasing impact of cost savings from the efficiency program and the lower value of long-term variable remuneration as a result of share price movements. As a result, the adjusted EBIT margin improved to 9.1 percent (Q1 2025: 8.8 percent).
After taking into account non-recurring items and purchase price allocation effects, the segment’s EBIT of €175.4 million was far higher than in the prior-year period (Q1 2025: €13.4 million), which had been significantly impacted by expenses resulting from the efficiency program.
The segment’s adjusted EBITDA came to €418.9 million in the first three months of 2026 (Q1 2025: €422.4 million), giving an adjusted EBITDA margin of 20.8 percent (Q1 2025: 20.0 percent).