MAN Truck & Bus reports stable 2025 results and rising EV sales

MAN Truck & Bus reported stable 2025 financial results with €14.1B revenue and growing electric truck and bus sales despite weak European truck demand.

MAN Truck & Bus closed the 2025 fiscal year with stable results despite continued weakness in the European truck market. The company has now delivered robust performance for the third consecutive year, maintaining profitability while increasing sales thanks to a more diversified business structure.

Revenue rose to €14.1 billion, up 3% compared with the previous year. Vehicle sales reached around 101,600 units, an increase of about 6%. At the same time, incoming orders grew significantly by roughly 30%, approaching the 100,000-unit mark. Adjusted operating profit remained largely stable at €904 million, while the operating margin stood at 6.4%.

Weak demand for trucks in Europe remains a defining feature of the market. In 2025, sales of MAN trucks stayed almost unchanged at about 63,000 vehicles, slightly below the level recorded in 2024.

Other segments, however, helped offset this weakness. Bus sales showed particularly strong growth, rising nearly 49% to more than 7,000 vehicles. MAN’s TGE vans also continued to expand, reaching around 31,000 units, an increase of about 13% year on year.

Electromobility is becoming an increasingly important driver of the company’s development. In 2025, sales of fully electric trucks and buses increased by 168% to 1,970 vehicles. More than 1,300 electric city buses were delivered, marking a new record for MAN.

The transition toward electric transport is gradually becoming a central pillar of the company’s strategy. Series production of electric trucks has already begun at the Munich plant, where battery-electric and diesel trucks are assembled on the same production line. MAN expects electric models to account for a significant share of new truck sales in Europe by the end of the decade.

The electric product range is set to expand further. The company plans to introduce the MAN eTGL, a 12-ton electric truck designed for urban distribution transport. The vehicle is expected to offer a driving range of about 235 kilometers and support fast charging.

The electrification strategy also extends to long-distance passenger transport. In 2026, MAN intends to begin production of the electric Lion’s Coach E, a battery-electric touring coach that is expected to mark an important step toward zero-emission long-distance travel.

At the same time, MAN continues to invest in conventional powertrain technology. The company is preparing to launch a new heavy-duty tractor designed for trailer combinations weighing up to 250 tonnes, highlighting its position as a full-range supplier in the commercial vehicle sector.

Company executives attribute the stable performance partly to the long-term transformation program MAN2030+, which includes investments in production facilities and technological development, particularly in electric mobility.

Looking ahead, MAN expects a modest recovery in demand for trucks in the European market during 2026, while buses and vans are likely to maintain solid demand. The company also anticipates further growth in electric mobility, particularly if charging infrastructure and regulatory conditions continue to improve.

Overall, the results underline how MAN’s resilience increasingly depends on a balanced portfolio. While the truck market remains volatile, growth in buses, services and electric mobility is helping the company maintain stable performance.