TRATON: Still aiming for a stronger H2

研报英文原文证据摘录

TRATON: Still aiming for a stronger H2

Equity Research

European Autos & Auto Parts

27 July 2026

TRATON

Still aiming for a stronger H2

The updated 2026 guide is welcome, but already largely

reflected in both consensus/BARC expectations. Increasing

input cost and still elevated R&D remains the main risks to 8TRA.DE/8TRA GR EQUAL WEIGHT Unchanged

H2. We reiterate our EW rating/€40 PT and still prefer DTG as European Autos & Auto NEGATIVE

our preferred way to invest in the truck upcycle. Parts Unchanged

Price Target EUR 40.00

Unchanged

No major surprises around its updated 2026 guide

Price (24-Jul-26) EUR 39.60Although welcome, this 2026 guide upgrade – narrowed up towards the upper-end of its initial

Potential Upside/Downside +1.0%targets – was already fully reflected in the 2026 BBG median consensus (see Figure 1). It was also Source: Bloomberg, Barclays Research

the case when we published our latest EU truck sector review (7 July 2026). At the time, BBG

median consensus expectations (us included) were already positioned in the upper-end of its

Market Cap (EUR mn) 19800former wide units sales, sale revenues and adj. op margin ranges for both TRATON Operations

Shares Outstanding (mn) 500.00and TRATON Group.

Free Float (%) 12.50

Importantly, management had already signalled a constructive stance, repeatedly indicating at 52 Wk Avg Daily Volume (mn) 0.2

both FY-25 ad Q1-26 stages that its aim was to deliver at least 2025 KPI levels this year, Dividend Yield (%) 2.35

effectively corresponding to the midpoint of the original guidance ranges. Following an 8.0% Return on Equity TTM (%) 9.68

adj. op. margin at TRATON Operations (7.5%e excl. S-232 recovery accounting change / IEEPA Current BVPS (EUR) 38.41