Traton SE (8TRA) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello and welcome to Trayton's 2025 Annual Results presentation. My name is Ursula Caret and I am Head of Investor Relations. This morning, we have published our 2025 Annual Report together with our investor presentation. In the next roughly 45 minutes, we will dive deeper into the key financials included in that presentation. We will also discuss the main drivers of our 2025 performance and share how we are positioning ourselves towards 2026. Therefore, our CEO Christian Levin and our CFO and CHRO Dr. Michael Jagstein are here with me on the stage. Welcome, Christian and Michael. Thank you. Christian, as a global commercial vehicle manufacturer, we are on a transformation journey where we constantly adjust to changing market conditions. 2025 was especially challenging in that sense. We had to deal not only with declining truck markets, but also frequently changing influence factors. and especially from second quarter onwards. Starting from tariff uncertainty, this led to quite a lot of customer hesitation, which as a consequence marked our 2025 financial figures. Despite the headwinds, some of our figures came down in better than expected, which was why we had to release the ad hoc at the end of January. So unit sales fell by 9% to 305,000 units in 25, But revenues held up a bit better, thanks especially to vehicle services and financial services, ending up 7 percent minus to a total of 44.1 billion euros. Our declining volumes plus negative currency effects and tariff costs were the main reasons for a lower adjusted return on sales, coming in at 6.3 percent in comparison to 9.2 last year. Consequently, our earnings per share also declined significantly. Our trade on operations net cash flow also declined significantly, down 1.2 billion euros to a total of 1.6 billi...