𝐓𝐑𝐀𝐓𝐎𝐍 𝐕𝐨𝐫𝐥𝐚𝐮𝐟𝐢𝐠𝐞𝐬 𝐐𝟐𝐄𝐫𝐠𝐞𝐛𝐧𝐢𝐬 𝐮𝐛𝐞𝐫𝐭𝐫𝐢𝐟𝐟𝐭 𝐌𝐚𝐫𝐤𝐭𝐞𝐫𝐰𝐚𝐫𝐭𝐮𝐧𝐠𝐞𝐧

📊 𝐄𝐫𝐠𝐞𝐛𝐧𝐢𝐬𝐬𝐞

• Adjusted operating income: €957M (consensus: €763M)

• Adjusted operating margin: 8.1% (consensus: 6.6%)

• International Motors adjusted operating profit: €115M (consensus: -€21M)

• International Motors’ adjusted operating margin: 5.6% (consensus: -1.0%)

• Net cash flow from TRATON Operations: -€18M (consensus: €283M)

⠀

📌 Key Points

• Operating profit and margin are significantly above market expectations

• International Motors benefits from additional customs-related receivables with no impact on cash flow

• Net cash flow remains below expectations due to seasonal business trends

𝐓𝐑𝐀𝐓𝐎𝐍: 𝐕𝐨𝐫𝐥𝐚̈𝐮𝐟𝐢𝐠𝐞𝐬 𝐐𝟐-𝐄𝐫𝐠𝐞𝐛𝐧𝐢𝐬 𝐮̈𝐛𝐞𝐫𝐭𝐫𝐢𝐟𝐟𝐭 𝐌𝐚𝐫𝐤𝐭𝐞𝐫𝐰𝐚𝐫𝐭𝐮𝐧𝐠𝐞𝐧