Manitou Group — Earnings Release 2021

Apr 27, 2021

Manitou Group: Q1 2021 Sales Revenues

• Q1'21 revenues of $€471m, +12%$ vs. Q1'20, +15% like for like*
• Record Q1'21 order intake on equipment of €815m vs. €400m in Q1'20
• Record order book on equipment at the end of Q1'21 at €1,344 million vs. €648 million in Q1'20
• Confirmation of an anticipated increase in revenues in 2021 of more than 15% compared to 2020
• Confirmation of an anticipated increase in recurring operating profit of around 40 basis points in 2021

Ancenis, April 27, 2021 - Michel Denis, President and Chief Executive Officer, stated: "Activity in the first quarter

confirms and expands the rebound that we have seen at the end of 2020. All markets and sectors of activity have experienced extremely sustained growth.

On the strength of this momentum, the group has set an all-time record for order intake, which reached $\epsilon$ 815 million in the quarter. As a direct consequence of this recovery, our order backlog jumped to €1,344 million, an unprecedented high level.

From an operational point of view, we are organizing the adaptation of our production line speeds, taking into account the time required to accelerate our entire supply chain and the need to recruit and train additional manpower. The situation is made more complex by tensions over the availability of certain components.

This context has created an inflationary trend in raw materials and specific components, which has led us to pass on these increases immediately to our tariffs. Given the depth of our order book, these rises of prices will only have their first effects at the end of the year.

We remain fully focused on the upturn. Our acceleration is still limited by an ecosystem that cannot take off any faster. We are confirming our business and earnings expectations for the year, while remaining very vigilant about the delays that could result from the lack of availability of some components or a further deterioration in the health situation."

Revenues by division

$\mid$ in millions of euros	3 months at end of March
	2020	2021	Var %
Product Division	347	388	12%
S&S Division	74	83	12%
Total	421	471	12%

Revenues by sales areas

in millions of euros	3 months at end of March
	2020	2021	Var %
Southern Europe	152	149	$-2%$
Northern Europe	152	193	27%
Americas	79	87	10%
APAM	38	42	9%
Total	421	471	12%

* Like for like, at constant scope and exchange rate:

there is no acquisition nor exit in 2020 and in 2021

application of the prior year's exchange rate

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