Ancenis, July 28, 2022 – The Board of Directors of Manitou BF, meeting on this day, closed the accounts for the first half-year of 2022. Michel Denis, Chief Executive Officer, said: “Thanks to a strong acceleration of our production and deliveries in the second quarter, the Group closed the half-year with a 9% growth in revenues compared to June 2021. Our supply chain continues to be disrupted by capacity, availability, and shipping problems, which continues to encourage our customers to secure their future supplies by taking orders at a consistently high level, which is reflected in our order book. The sudden acceleration of inflation, particularly for steel, has led to a significant deterioration in margins. The measures put in place to deal with are having an effect, but gradually, given the depth of our order book. In addition, the Services & Solutions division has confirmed its strong development and operational performance. The teams are very committed to adapting to these operational and inflationary constraints while remaining fully mobilized on our major challenges of energy, industrial, digital, and service transformation. For the first half-year, recurring operating income stood at 4.3% of revenues, down sharply from the profitability achieved in June 2021, which was the highest level since 2008. For the 2022 fiscal year, we maintain our expectation of revenue growth more than 20% compared to 2021. This expectation does not include any assumption of restricted access to energy. In addition, the strong uncertainties regarding raw material inflation and, more generally, the economic context do not allow us to anticipate our operating margin level for the 2022 fiscal year currently.”

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