TADANO LTD.
6395・Prime Market・Machinery
Business
Tadano Ltd. was founded in 1948 and is headquartered in Takamatsu City, Kagawa Prefecture, as a comprehensive lifting equipment manufacturer producing construction cranes, aerial work platforms, and related machinery. The company defines its business domain as "anti-gravity, spatial work machinery = Lifting Equipment (LE)" and manufactures and sells Construction Cranes (all-terrain, rough-terrain, crawler, etc.), Truck-Mounted Cranes, Aerial Work Platforms, and Carrier Machinery (bulk handling systems, port cargo-handling cranes, etc.). The group consists of the Company, 54 subsidiaries, and 1 affiliate not accounted for under the equity method, with manufacturing and sales bases in Japan, Europe, the Americas, Oceania, and Asia and the Middle East, among others. In FY2025 (ended March 2025), net sales reached ¥349,477 million, with overseas sales accounting for 64.1% of the total, reflecting a global business foundation. Key customers include companies in construction, infrastructure, shipbuilding, and energy-related industries.
Business Model
The Tadano Group manufactures construction cranes and other products at its own manufacturing facilities in Japan, Europe, and the Americas, adopting a vertically integrated model that sells directly to customers through its network of sales subsidiaries worldwide. In addition to product sales, after-sales service revenue from parts, repairs, used equipment, lifters, etc. (¥66,277 million in FY2025 (ended March 2025), 136.7% year-on-year) supplements earnings. The business alliance with Kobelco Construction Machinery, including contract production of rough terrain cranes and parts commonization, also enhances earnings efficiency. Expanding the product lineup and accelerating regional expansion through M&A are the main pillars of growth.
Company Strengths
The company has manufacturing bases in Japan, Europe, and the Americas, and has built a sales structure covering markets worldwide through 54 consolidated subsidiaries. It offers a broad product range spanning Construction Cranes, Truck-Mounted Cranes, Aerial Work Platforms, and Carrier Machinery, with the overseas sales ratio reaching 64.1% in FY2025 (ended March 2025). The acquisitions of Manitex and TIS have further expanded both product categories and geographic coverage.
The company has executed multiple strategic acquisitions within a short period: the acquisition of the Demag business in 2019, the acquisition of Nagano Industry (now Tadano Utility) in 2024, the full subsidiarization of Manitex International in January 2025, and the acquisition of IHI's transport machinery/carrier systems business (now TIS) in July 2025. These moves have enabled overseas expansion of Truck-Mounted Cranes and Aerial Work Platforms, as well as entry into the fixed (stationary) crane domain.
The company developed the world's first fully electric rough terrain crane, launching it in Japan in 2023 and in North America in 2024. In 2025, it introduced the fully electric Aerial Work Platform AT-121TTE to the Japanese market. New models of self-propelled Aerial Work Platforms for Europe, North America, and Japan have also been launched in succession. R&D expenditure reached ¥10,810 million in FY2025 (ended March 2025), and the company is also advancing next-generation technology development including AI, remote operation, and simulators.
ENVALITH's Perspective
Performance Trend
Revenue expanded approximately 1.9x from ¥186,040 million in FY2021 to ¥349,477 million in FY2025. With the addition of Manitex and TIS acquisition effects, revenue in Q1 of the fiscal year ending December 2026 reached ¥85,845 million (up 6.6% year on year), maintaining an upward trend. On the other hand, operating profit peaked at ¥23,778 million in FY2024 before declining to ¥18,552 million in FY2025, and continued to decline in Q1 of the fiscal year ending December 2026 at ¥4,012 million (down 20.6% year on year). As an external factor, increased U.S. tariff costs directly impacted profitability in the Americas segment, while the Europe segment also continued to post losses. Quarterly net income attributable to owners of the parent fell sharply to ¥1,932 million (down 44.8% year on year). Goodwill amortization also doubled from ¥236 million in the same period of the previous year to ¥484 million, increasing the weight of acquisition-related costs.
Growth Strategy
Accelerating growth from M&A-acquired businesses and strengthening profitability through decarbonization and manufacturing reform
Manitex, which became a wholly owned subsidiary in January 2025, has driven expansion in Americas sales of Truck-Mounted Cranes and Aerial Work Platforms. Net sales to external customers in the Americas for Q1 FY2026 (ending March 2026) were ¥35,555 million (up 9.4% year on year). However, operating profit fell to ¥171 million (down 63.5% year on year) due to increased U.S. tariff costs, making profitability a key challenge.
The Carrier Machinery category was newly established following the completion of the acquisition of the carrier systems business (now TIS) of IHI Transport Machinery Co., Ltd. in July 2025. In Q1 FY2026 (ending March 2026), this segment recorded net sales of ¥3,047 million, contributing to growth in the Japan segment's net sales (up 21.0% year on year). It also contributes to the expansion of specialized products for shipbuilding and infrastructure applications.
Following the closure of the Barasheid plant in Germany, production of small all-terrain cranes has been consolidated in Japan, while the German plant has been specialized for medium and large models. The Europe segment's operating loss narrowed from ¥2,134 million in the same period of the previous year to ¥838 million, but has not yet turned profitable, requiring continued improvement.
The company is advancing the commercialization of decarbonization-oriented products, including the launch of the fully electric aerial work platform AT-121TTE in the Japanese market. Leveraging tightening environmental regulations in Europe and Japan, it aims to differentiate itself from competitors and capture new demand by expanding its lineup of electric products. Net sales of Aerial Work Platforms were solid at ¥7,114 million in Q1 FY2026 (ending March 2026), up 6.9% year on year.
Last updated: July 17, 2026