Traton SE (8TRA) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.778 Hello and welcome to Trayton's 2025 Annual Results presentation. 00:00:05.778 -- 00:00:10.022 My name is Ursula Caret and I am Head of Investor Relations. 00:00:10.022 -- 00:00:15.028 This morning, we have published our 2025 Annual Report together with 00:00:15.028 -- 00:00:17.609 our investor presentation. 00:00:17.771 -- 00:00:23.317 In the next roughly 45 minutes, we will dive deeper into the key financials 00:00:23.317 -- 00:00:25.951 included in that presentation. 00:00:25.951 -- 00:00:31.260 We will also discuss the main drivers of our 2025 performance 00:00:31.260 -- 00:00:34.927 and share how we are positioning ourselves towards 2026. 00:00:34.927 -- 00:00:36.927 Therefore, 00:00:36.991 -- 00:00:42.120 our CEO Christian Levin and our CFO and CHRO Dr. 00:00:42.120 -- 00:00:46.367 Michael Jagstein are here with me on the stage. 00:00:46.367 -- 00:00:48.852 Welcome, Christian and Michael. 00:00:48.852 -- 00:00:50.639 Thank you. 00:00:50.639 -- 00:00:56.308 Christian, as a global commercial vehicle manufacturer, we are on a transformation 00:00:56.308 -- 00:01:01.115 journey where we constantly adjust to changing market conditions. 00:01:01.115 -- 00:01:05.902 2025 was especially challenging in that sense. 00:01:05.902 -- 00:01:11.351 We had to deal not only with declining truck markets, but also frequently changing 00:01:11.351 -- 00:01:13.167 influence factors. 00:01:13.167 -- 00:01:17.551 and especially from second quarter onwards. 00:01:17.551 -- 00:01:22.797 Starting from tariff uncertainty, this led to quite a lot of customer hesitation, which 00:01:22.797 -- 00:01:27.501 as a consequence marked our 2025 financial figures. 00:01:27.501 -- 00:01:32.567 Despite the headwinds, some of our figures came down in better than exp...