As expected, the Traton Group got off to a slow start to 2025, yet expects an improved business performance in the second half of the year due to a renewed increase in incoming orders. On the back of this, the full-year outlook is maintained. As previously reported, unit sales declined by 10% to 73,100 vehicles (3M 2024: 81,100) in the first quarter of 2025. Sales revenue also decreased by 10% to €10.6 billion (3M 2024: 11.8 billion). With a share of 21% (3M 2024: 19%) of total sales revenue, the Vehicle Services business made a considerable contribution to business performance. Incoming orders rose by 12% to 74,300 vehicles (3M 2024: 66,400) in the first quarter. The book-to-bill ratio, or the ratio from incoming orders to unit sales, was 1.0 (0.8).
At €646 million (3M 2024: €1,106 million), adjusted operating result was significantly below the prior-year period. This means that adjusted operating return on sales decreased by 3.3 percentage points to 6.1% (3M 2024: 9.4%).
Christian Levin, CEO of the Traton Group: “Against the backdrop of a continued unfavorable economic and political situation, the Traton Group delivered a solid performance in the first quarter. As expected, we saw declines in unit sales, sales revenue, and operating profit. Despite a significant level of uncertainty, looking ahead, I am cautiously optimistic. Incoming orders are rising again, up by 12% in the first quarter year-on-year, and by a remarkable 56% in Europe. The demand for battery electric vehicles is also gaining pace: we managed to double unit sales in the first quarter. Our brands have the right products to deliver on our purpose of “Transforming Transportation Together. For a sustainable world.”
Performance of the Traton Group brands
Scania Vehicles & Services achieved an adjusted operating return on sales of 10.5% (3M 2024: 14.3%) in the first quarter. With customers generally remaining cautious, lower unit sales in the truck business led to a volume-related decline in sales revenue. Moreover, Scania’s profitability was impacted by higher exchange rate effects.
As expected, the weakening market environment in Europe also affected the business activities of MAN Truck & Bus. The adjusted operating return on sales decreased to 4.6% (3M 2024: 7.9%). The lower sales revenue could only be partly offset by reducing fixed costs.
TRATON’s North American brand International achieved an adjusted operating return on sales of 2.3% (3M 2024: 5.0%) in the first quarter. Due to cautious buyers in an uncertain economic environment truck unit sales saw a significant decline; unit sales of buses increased, however. The decline in sales revenue was partly offset by a favorable product mix.
Volkswagen Truck & Bus increased its adjusted operating return on sales by 2.1 percentage points to 13.1% (3M 2024: 11.0%) in the reporting period. Increased truck sales can be mainly attributed to a positive market development in Brazil in the first quarter. Exchange rate effects had a negative impact on the rise in revenue.
Dr. Michael Jackstein, CFO and CHRO of the Traton Group: “Once again, in the first quarter, we benefited from our cross-brand collaboration and strong international presence. Nonetheless, given the uncertainty on the market, it would be premature to call out a fundamental turnaround in Europe despite a positive order momentum in the first quarter. We are closely monitoring current geopolitical developments. However, we remain confident for the second half of the year and maintain our full-year outlook for 2025. We continue to expect a range of ‒5% to +5% for unit sales and sales revenue of the Traton Group. The Traton Group’s adjusted operating return on sales is forecast between 7.5% and 8.5%. Our outlook continues to be subject to geopolitical developments, particularly in the US, and their impact on the business of the Traton Group.”
The Traton Group’s financial key performance indicators:
| 3M 2025 | 3M 2024 | Change | |
|---|---|---|---|
| Traton Group | |||
| Incoming orders | 74,307 | 66,434 | 12% |
| of which trucks | 58,891 | 53,034 | 11% |
| of which buses | 7,754 | 8,151 | -5% |
| of which MAN TGE vans | 7,662 | 5,249 | 46% |
| Unit sales | 73,090 | 81,148 | -10% |
| of which trucks | 57,566 | 68,772 | -16% |
| of which buses | 8,328 | 5,032 | 66% |
| of which MAN TGE vans | 7,196 | 7,344 | -2% |
| Sales revenue (€ million) | 10,606 | 11,798 | -10% |
| Operating result (€ million) | 651 | 1,057 | -406 |
| Operating result (adjusted) (€ million) | 646 | 1,106 | -461 |
| Operating return on sales (adjusted) (in %) | 6.1 | 9.4 | -3.3 pp |
| 3M 2025 | 3M 2024 | Change | |
|---|---|---|---|
| TRATON Operations | |||
| Sales revenue (€ million) | 10,325 | 11,477 | -10% |
| Operating result (€ million) | 762 | 1,139 | -377 |
| Operating result (adjusted) (€ million) | 756 | 1,188 | -432 |
| Operating return on sales (adjusted) (in %) | 7.3 | 10.4 | -3.0 pp |
| Net cash flow (€ million) | -111 | 438 | -549 |
| TRATON Operations | |||
| Sales revenue (€ million) | 530 | 453 | 17% |
| Earnings before tax (€ million) | 47 | 63 | -16 |
| Operating result (adjusted) (€ million) | 46 | 63 | -17 |
| Operating return on sales (adjusted) (in %) | 8.7 | 13.9 | -5.2 pp |
SOURCE: Traton Group
