Nonetheless, the Group’s sales revenue declined by 8% to €32.3 billion (9M 2024: €35.3 billion), primarily due to lower truck unit sales in Brazil and North America. The Vehicle Services business remained stable, with its share of total sales revenue increasing slightly to 20% (9M 2024: 19%). Sales revenue in the TRATON Financial Services segment increased by 13%, benefiting from the further increased portfolio volume. Adjusted operating result of the TRATON GROUP was €1.2 billion lower at €2.0 billion (9M 2024: €3.3 billion) and adjusted operating return on sales fell to 6.3% (9M 2024: 9.3%). The major factor behind this was the decline in sales revenue combined with the lower capacity utilization in the production of heavy-duty trucks. Moreover, currency effects, expenses in connection with the build-up of the new plant in China, and higher material costs due to tariffs all weighed on the operating result and the operating return on sales.
At 202,100 vehicles (9M 2024: 189,800), incoming orders were up 7% year-on-year. This was mainly driven by a strong replacement demand from truck customers in the EU27+3 region. In North America, customers remained cautious amidst ongoing uncertainty regarding the US tariff policy and its potential impact on the US economy. This led to a noticeable drop in the demand for trucks. In Brazil, incoming orders for trucks also decreased against the backdrop of increasingly challenging economic conditions. Incoming orders for buses declined significantly in the first nine months of 2025, particularly in North America. By contrast, demand for the MAN TGE van rose by almost a quarter in the wake of the model change.
As already reported, unit sales of the TRATON GROUP declined by 9% to 224,500 (9M 2024: 245,400) vehicles in the first nine months of the year. As incoming orders were lower than unit sales, the book-to-bill ratio amounted to 0.9 (9M 2024: 0.8).
Performance of the TRATON GROUP brands
Scania Vehicles & Services achieved an adjusted operating return on sales of 10.6% (9M 2024: 15.0%) in the first nine months of 2025. The year-on-year decline was attributable to the lower sales revenue due to lower unit sales, negative currency effects, and higher expenses in connection with the build-up of the new plant in China.
MAN Truck & Bus recorded an adjusted operating return of 5.6% (9M 2024: 7.1%) over the nine months of 2025, maintaining sales revenue at almost the same level as the previous year. The decline resulted primarily from a changed product and regional mix as well as higher production costs.
At International Motors, the adjusted operating result fell to 1.6% (9M 2024: 6.3%). Lower sales revenue due to decreased unit sales could only be partially offset by savings in product and fixed costs.
Volkswagen Truck & Bus (VWTB) improved its adjusted operating return on sales by 0.5 percentage points to 12.4% (9M 2024: 11.9%), despite a decline in sales revenue.
Christian Levin, CEO of the TRATON GROUP: “The market environment in which we operate as the TRATON GROUP remains challenging, particularly in North America and Brazil. In Europe, too, a robust turn-around in demand is still not in sight. We therefore have to succeed without tailwinds from the markets. Speed is crucial, especially when it comes to innovation. That’s why – with China Speed – we have just opened Scania’s third industrial hub in Rugao, China, developed from the outset according to the principles of the TRATON Modular System, which forms the backbone of our product strategy. It gives us the flexibility to offer a wide product portfolio and tailor vehicle features to customer requirements. We can now supply our customers in the world’s largest truck market with significantly faster delivery times and help drive their business success with customized vehicles.”
Dr. Michael Jackstein, CFO and CHRO of the TRATON GROUP: “In these economically challenging times, we are increasingly focusing on cost discipline. We are staying on track with our investments regardless. Especially the TRATON Modular System will significantly strengthen our competitiveness in the future. We will also continue to invest in future topics like battery electric vehicles and autonomous driving. The fact that our brands achieved a respectable overall result under sometimes difficult conditions in the first nine months of 2025 is something we consider quite an achievement. We thus remain confident in our financial guidance for full-year 2025.”
For 2025, the TRATON GROUP continues to expect a range of ‒ 10% to + 0% for unit sales and sales revenue. Adjusted operating return on sales is forecast at the lower end of the guidance range of 6% to 7%. Net cash flow of TRATON Operations is also expected to come in at the lower end of the range of €1.0 billion to €1.5 billion. The guidance continues to be subject to macroeconomic and geopolitical developments. In addition, the impact of US trade policy remains uncertain.
The TRATON GROUP’s financial key performance indicators:
9M 2025 | 9M 2024 | Change | |
TRATON GROUP | |||
Incoming orders | 202,111 | 189,769 | 7% |
of which trucks | 161,817 | 148,955 | 9% |
of which buses | 19,779 | 24,253 | ‒18% |
of which MAN TGE vans | 20,515 | 16,561 | 24% |
Unit sales | 224,515 | 245,384 | ‒9% |
of which trucks | 176,237 | 205,233 | ‒14% |
of which buses | 25,551 | 20,843 | 23% |
of which MAN TGE vans | 22,727 | 19,308 | 18% |
Sales revenue (€ million) | 32,322 | 35,253 | ‒8% |
Operating result (€ million) | 1,723 | 3,103 | ‒1,380 |
Operating result (adjusted) (€ million) | 2,039 | 3,261 | ‒1,222 |
Operating return on sales (adjusted) (in %) | 6.3 | 9.3 | ‒2.9 pp |
9M 2025 | 9M 2024 | Change | ||
TRATON Operations | ||||
Sales revenue (€ million) | 31,186 | 34,266 | ‒9% | |
Operating result (€ million) | 2,005 | 3,412 | ‒1,407 | |
Operating result (adjusted) (€ million) | 2,321 | 3,570 | ‒1,249 | |
Operating return on sales (adjusted) (in %) | 7.4 | 10.4 | ‒3.0 pp | |
Net cash flow (€ million) | 28 | 1,344 | ‒1,316 | |
TRATON Financial Services | ||||
Sales revenue (€ million) | 1,597 | 1,409 | 13% | |
Operating result (€ million) | 144 | 156 | ‒12 | |
Operating result (adjusted) (€ million) | 144 | 156 | ‒12 | |
Return on equity (in %) | 9.1 | 10.9 | ‒1.9 pp | |
Webcast for the press and analysts
A webcast to discuss the TRATON GROUP’s results in the first nine months of 2025 will take place at 10:00 a.m. on October 29 with the TRATON GROUP’s CEO Christian Levin and its CFO and CHRO Dr. Michael Jackstein. The webcast will be in English. The presentation will be followed by a Q&A for analysts and then a second round of questions from journalists.
The event will be streamed here: https://ir.traton.com/en/financial-dates-events/
A recording of the webcast will be available after the event.