MAN Truck & Bus achieved what it described as a “robust result” in the first nine months of 2025 despite challenging conditions. Revenue was almost unchanged at €9.9 billion (-1%), while total sales volumes increased by 4% to 71,672 vehicles.
However, demand for heavy trucks remained subdued:
- Truck sales declined by 5% to 44,047 units (from 46,275 the previous year).
- Bus deliveries rose sharply by 35%, and van sales increased by 18%.
Order intake grew by 32% to around 72,615 vehicles—albeit “from a low base,” according to the company. Adjusted operating profit reached €557 million, down from €712 million a year earlier, corresponding to an operating margin of 5.6% (previously 7.1%).
CFO Inka Koljonen commented:
“Our results underscore the resilience that our company has now built—especially given the ongoing challenging market environment in trucks. The hoped-for sustainable recovery of our core markets, particularly in Germany, has so far failed to materialise, and we see no significant improvement in the medium term.”
Strong growth in electromobility
In the field of electromobility, MAN recorded a 184% increase in sales of electric trucks and buses, with 1,090 fully electric vehicles sold. The launch of the fully electric MAN eCoach in September 2025 further expanded its zero-emission portfolio.
Scania: Higher orders, weaker deliveries
Scania reported a 3% decline in revenue to SEK 46.9 billion (approx. €3.99 billion) for Q3 2025. Adjusted operating profit fell by 26% to SEK 5.2 billion (approx. €442 million), resulting in an adjusted operating margin of 11.1%, compared to 14.7% (SEK 7.1 billion / €604 million) a year earlier.
The company cited several contributing factors:
- Lower delivery volumes
- Unfavourable market and currency effects
- Costs associated with establishing a new industrial hub in China
Truck deliveries decreased by 1% to 21,545 units in the third quarter, while order intake rose by 20% to 20,492 vehicles, including 133 zero-emission units.
Deliveries dropped notably in Brazil due to high interest rates, inflation, and tariffs, while sales increased in Europe and Asia. Scania’s European market share remained steady at 17.9%.
CEO Christian Levin said:
“Our increasing orders show that we maintain the trust of our customers while we prepare the company for long-term growth.”
Product developments
One of Scania’s key product highlights in the quarter was the launch of the new 11-litre Super diesel engine. Positioned between the existing 9- and 13-litre variants, it delivers up to 7% greater fuel efficiency compared with the smaller model and is designed for weight-optimised transport applications.
Comparison: MAN vs Scania (Heavy-duty segment)
| Metric | MAN (9M 2025) | Scania (Q3 2025) |
|---|---|---|
| Truck sales | 44,047 units | 21,545 units |
| Change from previous year | -5 % | -1 % |
| Order intake | 72,615 units | 20,492 units |
| Change from previous year | +32 % | +20 % |
Both manufacturers are seeing a similar trend: falling deliveries in the heavy-duty segment but strong growth in new orders—an indication of either the early stages of market recovery or a strategic shift in customer purchasing patterns.
