MAN posts 43% increase in orders in first half 2025; overall sales decline but bus sales grow 9%

MAN Truck & Bus reported its financial and operational results for the first half of 2025, showing a significant increase in order intake, despite a decline in overall sales and revenue (although bus sales grew 9%)..

The company recorded approximately 52,500 new vehicle orders in H1 2025, a 43% increase compared to the same period last year. This growth reflects rising demand amid ongoing market challenges. Vehicle deliveries in the first six months totaled about 47,030 units, 5% lower than in H1 2024. Quarterly sales showed improvement, with the second quarter delivering approximately 26,420 vehicles—28% more than the 20,610 units sold in Q1 2025.

MAN results half 2025, buses are growing

Within these figures, bus sales declined had declined by about 8% in Q1 compared to the previous year, with 1,381 units sold versus 1,492 in Q1 2024, but the bus segment a rebound in Q2: in the first half of the year 2,954 buses were sold, +9% on the same period of 2024.

Sales revenue in the first half of 2025 was €6.7 billion, down 6% from €7.1 billion in the same period last year. Adjusted operating profit reached €426 million, with €143 million generated in Q1 and €283 million in Q2. The adjusted operating margin improved from 4.6% in Q1 to 7.9% in Q2, resulting in a half-year margin of 6.4%, compared to 8.2% in H1 2024.

Sales of electric trucks, buses, and vans increased sharply, with around 800 units sold in H1 2025—a 238% rise compared to the first half of 2024. MAN’s flagship electric models, including the MAN eTruck, which began series production in June, contributed to this growth. MAN has been leading the European market for electric city buses and was the fastest-growing manufacturer of heavy-duty electric trucks in Europe, having received over 700 orders for these models to date.

MAN CEO Alexander Vlaskamp states: “Demand for our vehicles is now picking up significantly again. Order growth is encouraging, even if it is still at a low level overall. Our core market, Germany, is currently at a level comparable to that during the coronavirus crisis. Despite significantly lower volumes at present, MAN is once again demonstrating its greatly improved resilience. I am proud of what we have achieved here in recent years!” 

MAN CFO Inka Koljonen: “In view of the intensified competitive situation and ongoing market weakness, we will continue to optimize our cost structure and cash flow with the aim of sustainably increasing our resilience. We are cautiously optimistic that the positive trend in earnings and order intake will continue in the second half of the year. Nevertheless, we must make ourselves even more resilient for the future.”