Hiab lifts Q3 operating profit 73% to €69 million on EVS deal

Hiab grew its comparable operating profit 73% to €69 million in the third quarter of 2026, up from €40 million a year earlier, with the margin climbing to 14.2% from 11.4% — but roughly a fifth of the improvement traces back to a single acquisition rather than underlying demand.

The Finnish load-handling equipment manufacturer booked sales of €481 million for the quarter, a 39% jump from €346 million in the same period last year. Strip out acquisitions and currency effects, and organic sales growth was a far more modest 5% in constant currencies.

The gap between headline and comparable figures is worth noting. Reported operating profit rose only 36% to €54 million, and net profit stayed broadly flat at €29 million. In other words, the strongest profit number in the release is the one that adjusts away integration and acquisition-related costs.

What did the EVS acquisition deliver?

Hiab completed its purchase of Environmental Vehicle Solutions (EVS) on July 1, 2026, and the acquired business made, in the company's words, a significant contribution to third-quarter performance. The numbers back that claim, though they also frame its limits.

• EVS generated €103 million in sales during the quarter — more than the entire group's 39% year-on-year sales increase in absolute terms.
• The acquired business received €87 million in orders.
• Group orders overall rose 26% to €441 million.
• Organic orders, however, declined 4% in constant currencies, reflecting what Hiab describes as mixed market conditions.

The regional picture sharpens the caution. Hiab reported continued order growth in Europe, the Middle East and Africa. In the Americas, growth came from acquisitions while underlying demand remained subdued — a distinction shippers and equipment buyers tracking fleet investment cycles should not overlook.

The order book tells the clearest story of the acquisition's mechanical effect: €873 million at the end of September, against €534 million at the end of 2025. That 63% build-up in nine months coincides almost exactly with the EVS consolidation.

How does the nine-month picture look?

For the first nine months of 2026, Hiab generated sales of €1.27 billion, up 9% year-on-year. Comparable operating profit rose 9% to €181 million, with the margin holding at 14.3% — essentially flat, which suggests the quarter's margin gain has not yet transformed the full-year trend.

Cash generation improved. Third-quarter cash flow from operations before finance items and taxes reached €98 million, compared with €69 million a year earlier — a 42% increase that outpaced reported profit growth.

On the services side, Hiab introduced an updated ProCare portfolio in September, bundling maintenance, connectivity and remote monitoring solutions for installed equipment. A phased global rollout is scheduled to begin in the fourth quarter. The move extends a recurring-revenue strategy common among equipment makers seeking to smooth cyclical machinery sales; no revenue targets for the portfolio were disclosed.

What happens next?

Hiab maintained its full-year 2026 outlook, guiding for a comparable operating profit margin above 14.5%, up from 13.7% in 2025. The company has held that guidance despite the 4% organic order decline — meaning the forecast rests on acquisition contributions, cost savings and margin execution rather than a demand recovery. If underlying orders in the Americas do not turn by early 2027, the comparable growth story becomes harder to sustain.