This article first appeared on GuruFocus .
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Unit Sales:Increased by 4% in Q2 to almost 83,000 units; first-half unit sales down 1% year-over-year.
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Sales Revenue:Increased by 4% in Q2 to EUR11.8 billion; flat year-over-year for the first half.
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Adjusted Return on Sales (ROS):Improved to 8.1% in Q2; 7.0% for the first half.
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Order Intake:Increased by 44% year-over-year in Q2; 30% improvement for the first half.
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BEV Deliveries:Increased by 67% year-over-year in Q2 to 1,050 vehicles; 53% increase for the first half.
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Net Cash Flow:Negative EUR269 million for the first half.
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Adjusted ROS by Segment:Scania at 11.6%, MAN at 6.7%, International at 5.6%, Volkswagen Truck & Bus at 10.9%, Trayton Financial Services ROE at 8.7%.
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Net Debt:Increased by EUR351 million compared to year-end 2025.
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2026 Outlook:Unit sales and sales revenue expected to grow between 0% and 7%; adjusted ROS guidance range raised to 6.3%-7.3%.
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Release Date: July 23, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Traton SE ( TRATF ) reported a 4% increase in Q2 unit sales, reaching nearly 83,000 units, with improvements in Europe and South America.
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Sales revenues increased by 4% to EUR11.8 billion in Q2, aligning with the unit sales growth.
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The company achieved an adjusted return on sales of 8.1% in Q2, surpassing expectations due to U.S. tariff refunds and operational improvements.
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Order intake showed a strong increase of 44% year-over-year in Q2, indicating a recovery in the truck cycle.
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Traton SE ( TRATF ) is actively investing in electrification and digitalization, with initiatives like the EUR70 million investment in Scania's European BEV capacity and the launch of the new 16-tonne MAN eTGM.
Negative Points
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North America lagged in deliveries despite improved order intake, reflecting a delay in order conversion.
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The geopolitical uncertainty and tariffs continue to pose risks to the company's operations.
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R&D expenses are increasing, particularly in e-mobility and the Traton modular system, which could pressure margins.
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The German home market for MAN is underperforming, impacting overall sales growth.
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High interest rates in Brazil are affecting customer investment decisions, despite government incentive programs.
Q & A Highlights
Q: Can you reflect on the strong order intake and whether it's driven by market share gains or product improvements? Also, how do you see truck pricing evolving in the second half given raw material inflation? A: Christian Levin, CEO: We're not seeing significant market share gains overall, with some exceptions. In Europe, Scania has lost some market share due to a focus on maintaining pricing. In Brazil, Volkswagen Truck and Bus maintains strong market share, while Scania has lost some. In the US, we have slightly lost market share. We are not compromising on pricing positions. Regarding truck pricing, MAN increased prices in June due to higher input costs. We are leveraging our strong product offering for pricing, and there may be pricing opportunities in the second half if order intake remains strong.
Q: Daimler Truck announced a tariff deal with the U.S. Department of Commerce. Can you update us on your discussions and the potential impact of EPA 27 regulations? A: Michael Jackstein, CFO: We are still in talks with the U.S. administration regarding tariffs, but cannot provide further details at this time. Christian Levin, CEO: Regarding EPA 27, the proposal allows compliance through penalties, but it doesn't change our position. We are well-prepared with our engine platform, which was designed with EPA 27 in mind, and we have optionality to continue with the current platform if financially viable.
Q: Can you clarify the impact of tariffs on your financials and your confidence in achieving profitability without successful negotiations? A: Michael Jackstein, CFO: We have booked receivables based on USMCA compliance, assuming roughly 50% U.S. content. The tariff-related catch-up effect was around EUR 120 million. We are confident that the second half will be better than the first, driven by strong order intake and cost focus, indicating we should be above break-even.
Q: How does the Scania margin look without the China impact, and what is the outlook for R&D spending? A: Christian Levin, CEO: Underutilization in China will weigh on results until production normalizes. We aim for 10,000 units this year. R&D costs are high due to investments in electrification and digitalization, but we aim to manage costs effectively. Michael Jackstein, CFO: R&D spending is significant but necessary for transformation. We focus on cost work to offset R&D expenses.
Q: Orders in North America are strong, but freight volumes haven't improved. Does this concern you, and are you seeing changes in customer behavior? A: Christian Levin, CEO: The U.S. economy's underlying performance is concerning, with transport volumes not matching GDP growth. The recovery is driven by replacement needs and structural market changes, with larger fleets being more active. Long-term, real GDP growth in key sectors is crucial for sustained demand.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
