This report does not constitute a rating action. Following a 7% decline in sales revenue and adjusted return on sales (RoS) of 7.5% in first-half 2025, TRATON operations revised downward its full year guidance: it expects revenue growth of negative 10%-0% versus negative 5% to 5% earlier, and adjusted RoS of 7%-8% versus 8.5%-9.5% earlier. Uncertainty around trade tariffs has weighed on truck demand, especially in North America where orders declined 26% in second-quarter 2025 versus first-quarter 2025. In addition, the Scania brand faces more difficult market conditions in Brazil. This, coupled with investments into Scania?s new production plant in China, led to an adjusted RoS of 9.7% for the brand, well below the company?s target of 12% (announced at
