MacGregor recorded an 82% increase in second-quarter orders as stronger vessel contracting translated into demand for cargo-handling systems, deck machinery, hatch covers, lashing equipment, and service work across its maritime portfolio.
Orders received reached €351.2 million during the quarter, compared with €192.8 million a year earlier. The order book stood at €1.228 billion at the end of June, up 16% year on year and 13% from the end of the first quarter, giving the group substantial visibility into future engineering and production workload.
The increase was led by the Merchant division, where quarterly order intake rose by 193%. MacGregor attributed the change to strong contracting of new vessels, with particularly high demand for systems serving container ships and general cargo vessels and increased activity around pure car and truck carriers.
Orders covered a broad equipment mix. Merchant awards included cranes, container-lashing systems, cargo-access equipment, hatch covers, and deck machinery, while offshore activity included lifting equipment and other systems for specialised vessels. Service demand also remained strong, particularly for maintenance, modification, modernisation, and upgrade projects.
That breadth matters because MacGregor participates in several parts of a vessel’s investment cycle. Newbuild orders create long-duration engineering and manufacturing programmes, while the installed fleet generates recurring demand for spares, inspections, repairs, control upgrades, modernisation, and replacement equipment. The two streams can move differently even when they use much of the same technical base.
Second-quarter sales fell by 4% to €207 million despite the surge in orders. MacGregor linked the decline primarily to customer delivery schedules and business mix, with higher newbuild deliveries expected during the second half, particularly in the fourth quarter. A larger share of service work also came from modernisation projects, which typically take longer to convert into revenue than spare-parts orders.
The divergence between orders and sales is normal for an engineered-equipment supplier but becomes more important when book-to-bill rises sharply. MacGregor reported a quarterly book-to-bill ratio of 170%, meaning orders entered the business considerably faster than sales were recognised. That creates opportunity, but it also increases the execution burden carried by engineering, procurement, manufacturing, logistics, shipyard integration, and commissioning teams.
Profitability improved while sales dipped. Adjusted EBITDA rose 14% to €34.6 million, giving a margin of 16.7%, while adjusted EBIT increased 25% to €31.9 million and the adjusted EBIT margin reached 15.4%. MacGregor attributed the improvement to disciplined project execution, active cost management, and continued implementation of its Full Ahead strategy.
Across the first half, orders increased by 30% to €603.5 million. Merchant orders reached €358.8 million, up 42%, service orders rose 11% to €194.9 million, and offshore orders increased 37% to €49.7 million. Sales for the six months edged 1% higher to €437.6 million.
The vessel mix behind those figures will influence factory and supplier loading. Heavy-lift cranes, container-lashing systems, hatch covers, RoRo access equipment, and offshore cranes use different mechanical, hydraulic, electrical, automation, and structural packages. A strong order book therefore does not translate into one homogeneous production queue; individual programmes compete for different specialist resources.
Electric cargo-handling equipment is also becoming a larger part of the engineering mix. MacGregor has been extending electric-drive technology across its crane portfolio, reducing hydraulic systems in applications where variable-frequency drives can provide precise control, lower energy use, and simpler maintenance. Those systems add power electronics, software, and condition-monitoring requirements to equipment historically dominated by heavy mechanical engineering.
Services provide another buffer against the cyclical nature of new ship contracting. An ageing fleet creates demand for inspection and repair, while efficiency and regulatory requirements can justify control upgrades, electrification, structural modifications, and other retrofit work before an owner is ready to replace a vessel. Modernisation projects are slower to convert than routine parts orders, but they can be technically substantial and support long-term customer relationships.
MacGregor became a standalone business under Triton ownership after the acquisition from Hiab was completed in July 2025. Its current reporting period therefore arrives with a new ownership structure and a large backlog that must be delivered against shipyard schedules extending several years ahead.
The market outlook remains supportive, but the order book shifts attention from sales activity to industrial execution. At €1.228 billion, the backlog is large enough that manufacturing capacity, suppliers, engineering resources, and project discipline matter as much as the next contract announcement. The useful measure over the coming quarters will be how quickly MacGregor converts record order intake into delivered, commissioned, and profitable equipment.
