Quick Take: Traton Q2 profit beat - 3 thoughts

研报英文原文证据摘录

Quick Take: Traton Q2 profit beat - 3 thoughts

14 July 2026

Harry Martin, CFA

+44 20 7676 8965

European Automobiles & Components harry.martin@bernsteinsg.com

Traton SE Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Market-Perform Stephen Reitman

Price Target +44 20 7762 5535

stephen.reitman@bernsteinsg.com

8TRA.GR 36.00 EUR

Gali Salvatorelli Naraghi

+44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

Overnight Traton issued a short ad hoc statement outlining its Q2 EBIT will be ahead of market

Close Date 13 Jul 2026

expectations. The primary reason for this is the change in US tariff accounting policy which the

8TRA.GR Close Price (EUR) 33.64

market was first informed about at a briefing on July 6th (Traton Q2 2026 Briefing: Will post Price Target (EUR) 36.00

a beat on changed U.S. tariff accounting, underlying looks in-line with expectations). While Upside/(Downside) 7%

the disclosure also puts the beat primarily down to this accounting dynamic, the implied non- 52-Week Range 37.34/25.78

US business also beat consensus handsomely in Q2 which is an incremental positive. Finally, EDME 1,592.89

as per the German securities code, Traton would also be required to disclose if its full year FYE Dec

view differed meaningfully from outstanding guidance (as well as Q2 trading) - so the fact it Div Yield 2.7%

hasn’t issued an update here suggests that raw material/other headwinds may be expected to Market Cap (EUR) (M) 16,820

reverse the Q2 strength in the balance of the year. EV (EUR) (M) 20,829

1) Q2 Group EBIT ~€200m (25% beat) above consensus, International Motors (US) Performance YTD 1M 6M 12M

Absolute (%) 10.3 (1.5) 9.6 12.9accounts for €136m. As per our write up of the July 6th call linked above, the change in US