Hiab updates name and reporting segments

Following the decision made at the Annual General Meeting on 26 March 2025, the company name will change from Cargotec Corporation to Hiab Corporation, effective 1 April 2025.

An IFRS 8 assessment was conducted for the newly independent Hiab Corporation. Based on this evaluation, and as previously announced on 7 January 2025, Hiab has established two reporting segments—Equipment and Services—effective 1 January 2025. Reporting under these segments will commence with the January – March 2025 interim report.

The Equipment segment includes new equipment such as loader cranes, forestry and recycling cranes, truck-mounted forklifts, demountables, and tail lifts.

The Services segment encompasses spare parts, maintenance, accessories, installations, digital services, and refurbished equipment.

Additionally, Hiab will provide operating profit details related to Group administration, which reflects the costs associated with Cargotec’s former continuing operations, as well as certain administrative and support function expenses previously recorded under the former Hiab business area.

According to a statement, Hiab is publishing reclassified financial information for its reportable segments and Group administration covering all quarters of 2024 and the full year 2024 to facilitate comparison. Introducing new reporting segments and financial reclassification does not affect the company’s 2025 outlook.

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