Manitou : 2023 Universal registration document

2023 UNIVERSAL REGISTRATION DOCUMENT

INCLUDING THE ANNUAL FINANCIAL REPORT

This universal registration document was submitted on April 18, 2024 to the AMF in its capacity as competent authority pursuant to Regulation (EU) no. 2017/1129, without prior approval in accordance with Article 9 of said regulation.

The universal registration document may be used for the purposes of offering financial securities to the public or admitting financial securities for trading on a regulated market, if it is accompanied by an offering notice and, as applicable, a summary and all amendments made to the universal registration document. The whole set of documents is then approved by the AMF in accordance with Regulation (EU) no. 2017/1129.

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CONTENTS

UNIVERSAL REGISTRATION DOCUMENT 2023

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EDITORIAL

MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

After three years marked by major health, logistical, and geopolitical crises, 2023 stands out for its exceptional performance at all levels, offering excellent prospects for the future.

We have continued to vote in favor of the very substantial investment plan proposed by the Executive Committee to support the group's growth, accelerate our low-carbon trajectory, and promote digitalization. In particular, this has meant major expansion of our production facilities at all our sites in France and abroad, and new solutions that are ever more efficient, environmentally friendly, and safe.

Two majority shareholdings in the mechanical welding and laser cutting sectors have been approved for 2023, to enable us to serve our customers even better and gain new skills. These development and transformation initiatives have not only been approved but also encouraged by the Board of Directors. We continue to closely monitor the group's CSR objectives, in particular with the Board's CSR Committee, in order to strive for even greater responsibility and ethics.

In 2023, on behalf of our Board of Directors, I would like to underline the constant efforts of the Chief Executive Officer, the Executive Committee, and the 5,500 women and men of Manitou Group, who have worked tirelessly to meet strong demand, and who have stayed the course

despite a complicated environment. This has enabled the company to forge ahead in this fast-changing world. And the results are here: a record year on all levels, whether in terms of sales, profitability, production volume, number of solutions sold, or recruitment.

In addition, in the interests of governance stability, all directors' terms of office were renewed for four years at the Annual General Meeting. I am therefore honored to continue my commitment as Chairman of the Board of Directors, to pursue our long-term policy and to support Manitou Group with the expertise acquired by the directors.

Despite environmental, societal, human, and digital challenges, our company's family footprint enables us to make long-term decisions. We plan ahead and give ourselves all the means necessary to develop appropriate responses. It is by continuing to adopt this strategic vision that we will be able to anticipate future challenges while laying the foundations for sustainable growth.

Finally, I would like to thank all the members of the Board of Directors for their commitment, both on the Board and on the various committees. And in 2024, the 40th anniversary of Manitou BF's IPO, I would like to thank all our shareholders for their trust, and assure them of my full dedication.

Jacqueline Himsworth

Chairman of the Board of Directors

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MESSAGE FROM THE PRESIDENT & CHIEF EXECUTIVE OFFICER

A record year

The year 2023 was marked by steady growth across all our geographical regions, achieving record sales of €2.9 billion, up 22% over 2022, with production ramp-ups at all our sites.

This performance stems from the efforts made by all our teams to better serve our customers, and from the commercial success achieved by our worldwide dealer network, which continues to promote our machines and services. These successes have been achieved against a backdrop of persistent challenges, including global inflation, multiple supply chain disruptions in various industrial sectors, major geopolitical tensions, and climate change.

Our success with customers, tight control of production costs, and adaptation of our sales policy have enabled us to significantly improve our profitability in 2023. The group's efforts have been rewarded, demonstrating our resilience and ability to overcome obstacles.

Investments for sustainable growth

We continued to invest in 2023 to consolidate and structure our growth:

• 7,500 m² expansion to our compact loader production site in Madison (USA);
• acquisition of COME S.R.L, specialized in the production of mechanically welded parts, and Metal Work S.R.L, an expert in laser cutting, in order to integrate two upstream stages in the assembly of machines produced at our Castelfranco (Italy) plant;
• launch of construction of a new plant in Candé (France) dedicated to mechanical welding;
• introduction of new automated facilities at our spare parts logistics center in Ancenis (France);
• new spare parts logistics center in Greater Noida (India).

Finally, to strengthen the group's liquidity and support our growth, we have taken out an additional credit line of €160 million, underlining our determination to ensure financial stability.

New solutions for our customers

Our product and service development has been significant, with:

• the complete renewal of our range of compact wheel loaders and tracked loaders based on common platforms;
• the presentation of a new range of heavy-duty telehandlers;
• the introduction of electric platforms and telehandlers dedicated to the North American market;
• a preview of the very first 100% electric agricultural telehandler;
• the launch of a new range of scissor platforms;
• the introduction of a QR code on our machines to facilitate access to information on maintenance, handling, and safety.

These launches are already proving a great success with our customers. In parallel with an electric offer that is being structured, we are continuing to make headway on the reduction of our emissions stepping up our R&D approach to hydrogen.

Accelerating our CSR commitments

We are pursuing our commitment on all pillars of our CSR roadmap.

We have entered into an exclusive partnership with one of our customers to develop electrification kits for used thermal telehandlers. We have signed up to the FRET 21 charter, to further integrate the impact of transport into our strategy. We continue to make progress on our low- carbon trajectory, validated by the Science-Based Targets initiative in 2022. We successfully integrated easyLi, a company we acquired at the end of 2022 specializing in the design and production of lithium-ion batteries, which will now allow us to accelerate our energy transition and our commitment to developing eco-responsible solutions.

Finally, the organization of the third edition of our "On the way up" program symbolized our determination to be transparent about the progress of this CSR roadmap.

A return to stability for 2024

For 2024, we anticipate a slowdown in business in Europe, which will be offset by the positive momentum of the North American market and the expansion of our product range. Our industrial investments have also enabled us to anticipate an increase in our output thanks to several startups on production lines that were previously saturated. In view of these factors, and despite a still uncertain global environment, we anticipate stable business for 2024.

Faced with environmental, societal, human, and digital challenges, we are actively preparing to ensure sustainable growth and develop appropriate responses. We therefore approach 2024 with caution and optimism, capitalizing on the positive momentum of 2023, the fruit of collective efforts and shared records. We are building on this positive momentum to continue to grow, prosper, transform, and "set the world in motion."

Michel Denis

President & Chief Executive Officer

UNIVERSAL REGISTRATION DOCUMENT 2023

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MANITOU GROUP

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GROUP PROFILE	8
HISTORY AND HIGHLIGHTS	10
PRESENTATION OF ACTIVITIES AND MARKETS	13
STRATEGY AND BUSINESS MODEL	19
SIMPLIFIED ORGANIZATIONAL CHART	22

UNIVERSAL REGISTRATION DOCUMENT 2023

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GROUP PROFILE

AN INTERNATIONAL GROUP

		2023 KEY FIGURES*
34COMPANIES
10PRODUCTION SITES		€2,871
2MAIN BRANDS		m
		of net revenue

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82%

5,500

employees 7.4%

worldwide

€259.7

m**

of sales outside of France

in recurring operating income

EBITDA

€126 in investments

m

€389 net debt

m

64%	of capital held by the
founding families

• As of December 31, 2023.
• Excluding lease commitment.

UNIVERSAL REGISTRATION DOCUMENT 2023

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HISTORY AND HIGHLIGHTS

GROUP HISTORY

1945

Creation of the Ets BRAUD Mécanique Générale by Andrée Braud, a construction and public works company.

1958

Creation of the first rough-terrain forklift based on the idea of Marcel Braud.

	1953
	Association Braud
	et Faucheux.
	1995
	Launch of the first
	truck-mounted forklifts.
2008	1993
Acquisition of the American	∙ Launch of the first MRT rotating
Gehl Company, specialized	telehandlers and aerial work
in agricultural equipment	platforms.
since 1859.	∙ Acquisition of Loc Manutention.

SIGNIFICANT EVENTS IN 2023

JANUARY

Joining the Convention des Entreprises pour le Climat (CEC Ouest). Inauguration of new production lines in India dedicated to scissor platforms and telehandlers. Finalization of the acquisition of the French company easyLi, which specializes

in the design and production of lithium-ion batteries.

2010

Launch of Gehl and Mustang articulated loaders.

Deployment of the electric platform range on the North American market.

ATJ 46+ e electric platform

FEBRUARY

SE 0808 scissor platform

APRIL

Signature of an exclusive partnership with rental company Kiloutou for the first

retrofit project,

a structural circular economy project.

MARCH	MT1440 Retrofit

Complete renewal of the compact skid steer and track loaders ranges.

Finalization of the acquisition of the Italian company GI.ERRE, specialized in the service and maintenance of Manitou machines.

Launch of a new organization for the production and distribution of attachments in Italy.

JULY

Broadcast of the third edition of the annual "On the way up" program, dedicated to the group's sustainability issues and those of its stakeholders.

SEPTEMBER

Inauguration of factory expansion and 50th anniversary of production site in Madison, South Dakota, USA. Inauguration of a new logistics center in Greater Noida, India.

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