...October 29, 2024 TRATON SE will keep its S&P Global Ratings-adjusted EBITDA margins at about the same levels as 2023 despite worsening market conditions. The full effect of MAN realignment program coupled with strict policies on pricing will support a stabilization of TRATON's S&P Global Ratings-adjusted EBITDA margin at 9.5%-10.5% in 2024, from 10.2% in 2023 and 6.9% in 2022. We expect flattish sales in 2024 at 42 billion-43 billion, with price mix offsetting lower volumes. Revenue visibility for 2025 has eroded as growth in new orders is slowing down, or even contracting in markets such as Germany. Trucks orders in Europe declined by 19% in the first nine months 2024 to 52,618 units. Overall, we expect modest growth in revenue in 2025, supported by some possible pre-buy ahead of the 2027 Environmental Protection Agency in the U.S. (historically accounting for 20%-25% of the group's unit sales). For 2024, we anticipate that cash generation at TRATON will stay positive but will not exceed...
