TRATON (+) : Swedish industrials trip - corporate contact

研报英文原文证据摘录

TRATON (+) : Swedish industrials trip - corporate contact

EQUITIES

CAPITAL GOODS

TRATON OUTPERFORMPRICE* EUR32.7  TARGET PRICE EUR37 (UPSIDE 13%)

FLASH NOTE

Swedish industrials trip – corporate contact

11 JUNE 2026 Securities Research Report Production time: 21:54* (London time)

Research Analyst & Publishing Entities

Lewis Merrick BNP Paribas London Branch (+44) 203 430 8645 lewis.merrick@uk.bnpparibas.com

What happened?

As part of our Swedish Industrials trip, we had the pleasure of hosting TRATON’s CEO Christian Levin at our offices in

Stockholm today.

BNPP View:

On near term trading, we found the tone to be balanced, with order strength continuing in the US, with Europe also

seeing solid trends. Though we sensed a slight cautioning on near term margins (i.e. 2Q) due to ongoing cost headwinds

and stock buildup continuing at body builders – though the latter should unwind in subsequent quarters. Looking to H2,

we found the tone more optimistic with clear line of sight on the subsequent ramp up of production and operating

leverage this shall bring to the second half.

On longer term debates, management acknowledged they are seeing a “modest prebuy effect” in the US order book,

though think the core underlying demand driver has been improving economics for fleet operators and ageing fleets.

Negotiations continue to take place on tariffs, with little incremental new news shared. On the potential impacts of new

Chinese competition, management gave an honest and transparent assessment – more on this below.

Key takeaways:

- Order intake: Consistent with recent ACT data, management are seeing strong demand in the US, though are

cautious to ramp up production too quick near term due to current margin pressure caused by tariffs. In Europe,