Traton (8TRA.DE): 2Q26 unit sales beat

研报英文原文证据摘录

Traton (8TRA.DE): 2Q26 unit sales beat

Equity Research

10 July 2026 | 12:43PM BST

Traton’s 2Q26 units sales were +4% yoy (5% above Visible Alpha Consensus Daniela Costa

+44(20)7774-8354 |

Data), driven by strength in Scania and VWTB and to a smaller extent for MAN daniela.costa@gs.com

Goldman Sachs International

whereas International missed expectations. Mechanically, consensus could move

Meihan Yang

upwards LSD on the back of this release. For reference, Daimler reported -1% yoy +44(20)7051-6601 |

unit sales this Wednesday on 8th July (4% below Visible Alpha Consensus Data, see meihan.x.yang@gs.comGoldman Sachs International

here). Despite latest strength in ACT Class 8 orders (2Q +69% yoy), International is Ines Lefranc

seeing 8% yoy decline in 2Q unit sales (vs truck retail sales -9% in May QTD); Traton +44(20)7051-8710ines.lefranc@gs.com|

expects the recovery to become more visible in 2H26. We note in the latest ACT Goldman Sachs International

data, International has seen a flat 3m rolling market share in recent months. Scania

saw main drivers of the 7% yoy increase in unit sales being the launch of NEXT ERA

product line in China and the Move Brazil incentive program in Brazil, and they

continue to increase production in Europe and Brazil. However, we note Traton

mention the ramp-up in China has been slower than expected (still targeting 10k unit

sales for FY2026E) and the government funding of the Move Brazil program may

potentially be exhausted by mid-July vs previous expectations until August. MAN

beat expectations despite Germany remaining weak, but orders in Europe elsewhere

have seen solid momentum, where Traton note MAN’s pricing lift on 1 June to offset

the Iran-related cost headwinds could have led to some pre-buy.