TRATON (8TRA) investor relations material

Executive summary

• Q2 2026 unit sales rose 4% year-over-year to nearly 83,000 units, with incoming orders up 44% and a book-to-bill ratio of 1.2, signaling robust demand across regions.

• Sales revenue for Q2 2026 reached €11.8 billion, up 4% year-over-year, driven by increased new vehicle sales and growth in Vehicle Services and Financial Services.

• BEV deliveries surged 67% year-over-year in Q2, with H1 BEV sales up 53% and incoming BEV orders up 47%.

• Adjusted operating result rose 12% to €1.5 billion, with adjusted return on sales at 8.1% in Q2 and 7.0% for H1.

• Significant growth in incoming orders was driven by the US Class 8 market and Brazil's "Move Brasil" program, with strong BEV sales ratio improvement.

Financial highlights

• Q2 sales revenue: €11.8 billion, up 4% year-over-year; H1 sales revenue flat year-over-year.

• Adjusted operating result for H1 2026: €1,539 million (+12%); Q2 adjusted ROAS: 8.1%; H1 adjusted ROAS: 7.0%.

• Net cash flow from operations: -€269 million in H1, reflecting working capital buildup, capex, R&D, and tariff cash burden.

• Earnings per share for Q2 2026 was €1.42, up €0.92 year-over-year.

• Financial result improved by €627 million, mainly from Sinotruk share sale and higher net interest income.

Outlook and guidance

• Full-year 2026 unit sales and sales revenue expected to grow 0%-7%, with adjusted ROAS guidance narrowed to 6.3%-7.3%.

• Net cash flow expected between €900–1,700 million; return on equity for Financial Services: 8.0–11.0%.

• Q3 expected to be seasonally weaker; Q4 anticipated to be strong due to high order backlog.

• Outlook remains contingent on geopolitical risks, especially US tariffs and Middle East conflict.