Nors profit falls 26% as group expands in Canada

Portuguese industrial and heavy vehicles group Nors said its 2025 net profit fell 26.3% to €50.5 million, while consolidated sales dropped 8.3% to €1.396 billion. The Porto-based group said the results reflected the cyclical nature of its businesses and a macroeconomic backdrop marked by lower commodity prices and a slowdown after a period of strong expansion.

EBITDA fell 18.1% to €140.5 million. Nors said it still delivered a strong operating performance, citing market share gains across most geographies and segments and keeping operational efficiency as a priority as it prepares for what it sees as a new growth cycle.

The group also said it completed two smaller acquisitions in Canada in 2025, with a combined investment of close to €15 million, both in construction equipment. The deals covered Westcon Equipment in Manitoba, which represents Volvo Construction Equipment and Sennebogen, and contracts linked to the Manitowoc, Grove and National Cranes brands in British Columbia and Yukon, which Nors described as an important step in its ambition to build a national position in cranes.

Canada was the only one of Nors’s main markets to post sales growth last year, rising 17.3% to €446.2 million and accounting for 32% of group revenue. Brazil remained the largest contributor, at 36.7% of sales, but revenue there fell 19.8% to €512 million, with about 80% of that decline attributed to the Trucks & Buses business in São Paulo. Nors said high interest rates, weaker market liquidity and sharp falls in commodity prices weighed on its Brazilian operations.

Nors ended 2025 with net debt of €364.2 million, down 16%, while its net debt-to-EBITDA ratio edged up to 2.6 times because of the lower EBITDA. The group, controlled by the Jervell and Jensen families, said it remains alert to acquisition opportunities that can strengthen its position in segments and markets where it already has a significant presence.

Originally published at Eco.pt