After a long delay on our part, the following is a full and detailed coverage of Tadano’s numbers for 2025.
Japanese crane and aerial lift manufacturer Tadano has published its full year results for the calendar year 2025, with higher revenues but lower profits.
Total revenues for the 12 months to the end of December were ¥349.5 billion ($2.2 billion) up 19.9 percent on the same period last year, thanks mostly to the inclusion of the Manitex business, which boosted loader crane and aerial lift sales, ands the IHI acquisition now called ‘TIS’ -Tadano Infrastructure Solutions, which contributed to the second half.
Pre-tax profit for the period improved 46.1 percent to ¥22.9 billion ($143.8 million), But- the gain was purely down to a ¥11.57 billion extraordinary gain on asset sales. Without that, the pre-tax profit would have been 26.5 percent lower at ¥11.57 billion ($72.6 million)
The lower underlying profit was caused by lower sales prices in some areas, acquisition related expenditure, tariff costs, higher material costs, a steep rise in operating costs, higher interest costs and higher exchange losses.
Total revenues breakdown
Mobile cranes ¥207.1 billion ($1.3 billion) +3.9%
Loader cranes ¥40.5 billion ($254 million) +101%
Aerial work platforms ¥30.1 billon ($188.2 million) +24%
Other revenues ¥71.9 billion ($ 451.1million) +48%
Total ¥349.5 billion ($2.2 billion) +19.9%
Geographic breakdown by type
Mobile cranes
Japan ¥48 billion ($303.7 million) -4%
Export ¥159.1 billion ($998.3 million) +7%
Total ¥207.1 billion – ($1.3 billion) +3.9%
Loader cranes
Japan ¥17.6 billion ($110.4 million) -0.4%
Export ¥22.9 billion ($143.7 million) +1,600%
Total ¥40.5 billion ($254 million) +101%
Aerial work platforms
Japan ¥24.2 billion ($151.8 million) +6.4%
Export ¥5.9 billion ($37 million) +38%
Total ¥30.1 billion ¥14.1 billion ($95.5 million) +39.4%
Sales by region
Europe ¥41.1 billion ($258.1 million) +42.1%
North America ¥129.9 billion ($814.9 million) +32%
Central/South America ¥11.9 billion ($74.5 million) +145.9%
Asia ¥12.9 billion ($80.9 million) – (14.2%)
Middle East ¥15 billion ($93.9 million) + 61.4%
Oceania ¥10.6 billion ($66.6 million) – (48.3%)
Other markets ¥2.7 million ($179 million) + 17.1%
Total export ¥224.4 billion ($ 761 million) + 24.2%
Japan ¥125.4 billion ($355 million) +2.9%
Total ¥349.5 billion ($ 2.2 billion) + 19.9%
Estimated market size in units
According to the annual results presentation, the overall mobile crane market in which it competes was made up of 15,970 units last year. marginally higher than in 2024. Its breakdown is as follows:
All Terrains – 3,140
Rough Terrains – 4,600
Truck Cranes – 8,230
Full year Forecast
The company is forecasting 2026 revenues in the region of ¥400 billion ($2.51 billion) an increase of 14.5 percent over 2025, while anticipating Ordinary profit to increase by 45.7 percent to ¥22 billion ($138 million). The growth is expected from overseas sales of mobile cranes, loader cranes and aerial lift exports, all growing by more than 20 percent – 36 percent for aerial work platforms! While the domestic market posts modest gains or slight reductions. The latest acquisitions also contribute to the growth.
Geographically, it is expecting North America and Europe to lead the way with 11.6 and 48.3 percent improvements, respectively, offsetting declines in the Middle East and South America.
Vertikal Comment
This is something of a mixed bag. It has taken us an age to get to them, for which we apologise. Tadano provides an absolute mountain of information, a real treasure trove, but it takes time to collate, and we let this one get away.
The results from Tadano do suggest that overall things are looking up, but that there are still plenty of acquisition related challenges to fully deal with, including the recent IHI deal. The company took some positive steps last year to restructure the organisation in order to deal with them, but it will take time and persistence.
The new models and developments are helping, but in Europe, a lot of customers are still to be fully persuaded. In North America, tariffs have had an impact, but the Manitex acquisition has helped, at least in terms of revenues and promises further growth. It is now the company’s largest market, and promises to be more important still in the future. The company is also positive about Europe for this year, but there is much to do.
Observing as an outsider, it seems that future success is largely dependent on having good people, providing them with the tools and then leaving them free to get on with it.
But it was always thus. Or to steal a line from the film Dead Poets Society,“Twas always thus, and always thus will be.”
