Q4 2023 Revenues

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 PRESS RELEASE

 Q4 2023 Revenues

●     Q4 23 revenues of €814m, +11% vs. Q4 22

●     Cumulative 12-month sales of €2,871m, +22% vs. 12-month sales 22, +23% like for like ⁽¹⁾              

●     Q4 23 order intake on equipment of €269m vs. €485m in Q4 22

●     End of Q4 23 order book ⁽²⁾             on equipment at €2,275m  vs. €3,521m in Q4 22

●     Expectation of recurring operating profit for 2023 raised to more than 7% of revenues

●     Expectation of stable revenue in 2024 compared with 2023

 Ancenis,  January  25,  2024  -  Michel  Denis,  President  &  Chief  Executive  Officer,  stated  "The  Group  ended  the  year  2023  with  sales  growth  of  22%,  reaching  an  all-time  record  of  €2,871m.  All  our  markets  and  geographies  recorded  a  positive  dynamic.  We  are  noticing  a  steady  improvement  in  the  fluidity  of  our  supply  chain  and  a  gradual  return  to  the operating practices we had before the COVID and inflation crises.

 For  2024,  we  expect  the  market  downturn  that  we  are  experiencing  in  Europe  to  be  offset  by  the  dynamic  of  the  North  American  market,  by  the  additional  production  capacity  recently  commissioned  on  lines  of  business  that  were  previously saturated and by the expansion of our product ranges."

 All  the  action  plans  implemented  to  improve  the  company's  profitability,  combined  with  better  fluidity  in  the  supply  chain, have raised our expectation for 2023 recurring operating profit to more than 7% of revenues.  For 2024, these dynamics enable us to anticipate stable revenue compared with 2023.

 Net sales by division                                                                                                                                                                    

 Net sales by region                                                                                                                                                                      

 Review by division

 With  quarterly  revenues  of  €712  million,  the  Product  Division  recorded  growth  of  +13%  compared  with  Q4  2022,  and  +25%  over  the  first  12  months  of  the  year  (+27%  at  constant  scope  and  exchange  rate).  The  division's  order  book  now  mainly  includes  variable-price  orders  for  delivery  beyond  six  months,  with  the  possibility  of  cancellation  by the customer.

 The  fluidity  improvement  of  the  supply  chain,  the  extension  of  the  Madison  (South  Dakota)  plant  completed  at  the  end of 2023, and the ambitious plan to launch new products will provide opportunities for resilience in 2024.

 With  quarterly  revenues  of  €102m,  the  Services  &  Solutions  Division  (S&S)  recorded  a  1%  increase  in  revenue  compared  with  Q4  2022  and  a  +2%  increase  over  the  first  12  months  of  the  year  (+3%  at  constant  scope  and  exchange rate). The division is continuing to structure its activities on its key offers.

 Glossary :

 (1) Like for like, so at constant scope and exchange rates :

- Scope :

- for the company Lifttek acquired in May 2022, restatement from January 1 of the current year to the anniversary date of its acquisition ;

- for the companies acquired in 2023 (easyLi in January 2023 and GI.ERRE SRL in March 2023), restatement from the date of their acquisition to

 December  31, 2023 ;

- no company exited the scope in 2022 and 2023.

- Application of the exchange rate of the previous year on the aggregates of the current year.

(2)         The order book corresponds to machine orders received and not yet delivered, for which the group :

-

- has not yet received consideration and has not yet been entitled to consideration.

 These orders are delivered within less than one year (excluding exceptional periods as experienced by the Group since 2021) and may be cancelled.  The order book may vary due to changes in consolidation scope, adjustments, and foreign currency translation effects.

 In order to limit the effects of inflation, the group has integrated in H1 2022 mechanisms for adjusting its sales prices at the time of delivery. These mechanisms  will influence the valuation of the orderbook on equipment, which is booked and valued at the price on the day the order is placed.

 The Group has also introduced in 2022 a new policy of gradually opening the order intake horizons for dealers in order to limit the effects of anticipation without an  end market customer.

 ISIN code: FR0000038606

 Indices: CAC ALL SHARES, CAC ALL-TRADABLE, CAC INDUSTRIALS, CAC MID & SMALL, CAC SMALL,  EN FAMILY BUSINESS

                                                        FORTHCOMING EVENT                                    March 6, 2024 (after market closing)

 2023 Results

 Company information is available at www.manitou-group.com

 Shareholder information: communication.financiere @ manitou-group.com

 As  a  world  reference  in  the  handling,  aerial  work  platform  and  earth  moving  sectors,  Manitou  Group’s  mission  is  to  improve  working  conditions,  safety  and  performance  around  the  world,  while  protecting  people  and  their  environment.  Through  its  flagship  brands  –  Manitou  and  Gehl  –  the  group  designs,  produces,  distributes  and  services  equipment  for  construction,  agriculture  and  industry.  By  placing  innovation  at  the  heart  of  its  development,  Manitou  Group  constantly  seeks  to  bring  value  to  all  its  stakeholders.  Through  the  expertise  of  its  network  of  900  dealers,  the  group  works  more  closely  with  its  customers  every  day.  Staying  true  to  its  roots,  Manitou  Group  is  headquartered  in  France.  It  achieved  a  2023 turnover of €2.9 billion and brings together 5,500 talented people worldwide, all driven by a shared passion.