Industrial Trucks & Services segment
Business performance and level of orders
The number of new trucks ordered in the Industrial Trucks & Services segment rose by 4.8 percent to 141.7 thousand in the first six months of 2026, bolstered by an increase in warehouse truck orders. The number of orders for counterbalance trucks was at the same level as in the prior-year period. Order numbers went up by 3.8 percent in the EMEA region and by 12.7 percent in the APAC region. In the Americas region, however, the number of new orders was much lower than in the prior-year period (down by 20.3 percent).
The value of order intake edged down by 1.1 percent to €3,982.5 million in the first half of 2026 (H1 2025: €4,028.2 million). Orders for new trucks declined moderately, with the momentum generated by a strong first quarter diminishing over the remainder of the half-year reporting period. The pattern of demand in the first quarter was attributable to orders being brought forward ahead of the price rises that had been announced. Moreover, changes in the product mix led to a reduction in the value of order intake in the first half of 2026. Order intake in the service business, by contrast, held steady year on year.
The order book of the Industrial Trucks & Services segment amounted to €2,136.5 million as at June 30, 2026 (December 31, 2025: €2,232.4 million*).
in € million |
Q2 |
Q2 |
Change |
Q1 – Q2 |
Q1 – Q2 |
Change |
||||
|---|---|---|---|---|---|---|---|---|---|---|
Total revenue |
2,067.7 |
2,019.5 |
2.4% |
4,079.2 |
4,135.2 |
−1.4% |
||||
EBITDA |
432.0 |
410.0 |
5.4% |
844.7 |
661.1 |
27.8% |
||||
Adjusted EBITDA |
424.1 |
413.2 |
2.6% |
843.0 |
835.6 |
0.9% |
||||
EBIT |
188.0 |
169.2 |
11.1% |
363.4 |
182.6 |
99.0% |
||||
Adjusted EBIT |
182.7 |
173.4 |
5.4% |
365.6 |
358.9 |
1.9% |
||||
|
|
|
|
|
|
|
||||
Adjusted EBITDA margin |
20.5% |
20.5% |
– |
20.7% |
20.2% |
– |
||||
Adjusted EBIT margin |
8.8% |
8.6% |
– |
9.0% |
8.7% |
– |
||||
|
|
|
|
|
|
|
||||
Order intake |
1,941.4 |
2,070.2 |
−6.2% |
3,982.5 |
4,028.2 |
−1.1% |
||||
|
|
|
2,136.5 |
2,232.4 |
−4.3% |
|||||
|
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Revenue
Total revenue in the Industrial Trucks & Services segment was 1.4 percent lower at €4,079.2 million in the first half of 2026 (H1 2025: €4,135.2 million). The decline in the order book for new business in the previous year resulted in a noticeable reduction in revenue in the first few months of the current year; some of this fall in revenue had been recouped again by mid-2026 thanks to the good level of order intake in the first quarter. In this context, revenue was adversely affected in the reporting period – despite a higher number of new trucks being delivered – by a change in the product mix that led to an increased proportion of entry-level warehouse trucks. Revenue from the service business was almost at the level of the prior-year period. The proportion of the segment’s revenue from external customers accounted for by the service business increased to 51.6 percent in the half-year reporting period (H1 2025: 50.5 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 rose to €365.6 million in the first six months of 2026 (H1 2025: €358.9 million). The decline in revenue was offset, in particular, by the higher gross margin in new business and 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. As a result, the adjusted EBIT margin improved to 9.0 percent (H1 2025: 8.7 percent).
After taking into account non-recurring items and purchase price allocation effects, the segment’s EBIT rose strongly to €363.4 million (H1 2025: €182.6 million). In the prior-year period, earnings had been weighed down heavily by non-recurring items in connection with the efficiency program.
Adjusted EBITDA came to €843.0 million in the first six months of 2026 (H1 2025: €835.6 million), giving an adjusted EBITDA margin of 20.7 percent (H1 2025: 20.2 percent).
* The amount reported for the order book as at December 31, 2025 was adjusted upward by €208.5 million