Traton Q2 2026: Cruising (Market-Perform)

研报英文原文证据摘录

Traton Q2 2026: Cruising (Market-Perform)

24 July 2026

Harry Martin, CFA

+44 20 7676 8965

European Automobiles & Components harry.martin@bernsteinsg.com

Steve Pereira Fernandes, CFATraton SE

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Market-Perform Stephen Reitman

+44 20 7762 5535

Price Target stephen.reitman@bernsteinsg.com

8TRA.GR 36.00 EUR Gali Salvatorelli Naraghi

+44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

Specialist Sales

James Brady

+44 20 7762 5272Traton Q2 2026: Cruising (Market-Perform) james.brady@bernsteinsg.com

A well delivered quarter. Traton enters H2 2026 in good shape. While much of the Q2 Close Date 22 Jul 2026

performance was known, FY guidance narrowed to the top of prior ranges implies consensus

8TRA.GR Close Price (EUR) 36.32

upgrades. Order intake (94k units, +44% YoY) hit its highest level for a single quarter since

Price Target (EUR) 36.00

2022, and is defying even internal expectations. It is clear the cycle is helping, but we also

Upside/(Downside) (1)%

see evidence of share gains across the business. In Europe ex-Germany, Traton saw +32%

52-Week Range 40.80/25.78

YoY order growth vs Volvo Europe +15% (Paccar and Daimler Truck still yet to report). In the

EDME 1,586.63

US International Motors order intake was sequentially +15% vs Q1 (Volvo sequentially flat).

FYE Dec

These imply volume outperformance to start in H2 and perhaps into 2027.

Div Yield 2.3%

FY guide narrowed - why not upgraded at high end? As well as good underlying trading, Market Cap (EUR) (M) 20,110

Traton’s Q2 was flattered by a ~€120m non-repeating US tariff impact (backdated higher EV (EUR) (M) 23,808

US content accrual assumptions plus IEEPA refund), a 50bps benefit to H1 margin. With H1 Performance YTD 1M 6M 12M