Traton SE proposed slashing its 2025 dividend by 45% to €0.93 per share after reporting a sharp earnings decline driven by North American operations collapse. Volkswagen's truckmaker saw EPS fall to €3.09 from €5.61, with group sales revenue dropping 7% to €44.1 billion as U.S. tariff costs pressured results.

The North American brand International suffered the steepest damage, with revenue plunging 26% to €8.2 billion and unit sales declining 30% to 63,700 vehicles. The adjusted operating margin collapsed to just 0.1% from 6.5%. MAN Truck & Bus emerged as a bright spot, with incoming orders surging 30% to 100,000 vehicles.

Traton forecast 2026 unit sales and revenue between a 5% decline and 7% growth, projecting an adjusted operating margin of 5.3% to 7.3%. CFO Michael Jackstein warned tariff headwinds would weigh on the full fiscal year, with first-quarter results expected to come below the range as mitigation measures are implemented gradually.