TRATON SE

Investor Presentation • Jul 1, 2025

Q2 2025 PRE-CLOSE CALL ANALYST / INVESTOR PRESENTATION

DISCLAIMER

This presentation has been prepared for information purposes only.

The presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction. Neither this presentation, nor any part of it, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contractual commitment or investment decision in relation to the securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction, nor does it constitute a recommendation regarding any such securities.

The presentation as well as remarks, comments and explanations in this context contain forward-looking statements and information on the business development of the TRATON GROUP. These forward-looking statements and information reflect our current views about future events and are based on assumptions relating to the TRATON GROUP's business and the development of the economies in the countries in which the TRATON GROUP is active.

The TRATON GROUP has made such forward-looking statements on the basis of the information available to it and assumptions it believes to be reasonable. The forward-looking statements and information may involve risks and uncertainties, and actual results may differ materially from those forward-looking statements and/or any forecasts. This applies in particular, if any of these or other risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect. Any changes in significant parameters relating to these forward-looking statements, especially with regards to key markets in which the TRATON GROUP is active, or any significant shifts in exchange rates, market regulation, energy and other commodity prices or the supply with parts relevant to the TRATON GROUP will have a corresponding effect on the business development. In addition, there may also be departures from the expected business development if the factors influencing sustainable value enhancement and the risks and opportunities presented develop in a way other than currently expected, or if additional risks and opportunities or other factors emerge that affect the development of the business. TRATON SE does not assume any responsibility for updating forward-looking statements in this presentation.

All statements with regard to markets or market position(s) of TRATON SE or any affiliated company or any of its competitors are estimates based on data available to the TRATON GROUP.

The percentage figures shown may be subject to rounding differences. All figures are rounded, so minor discrepancies may arise from addition of those amounts. Due to different proportions and scaling in graphs, data shown in different graphs are not comparable.

MARKET OUTLOOK & RECENT TRADING

Market outlook (as published on 10 March 2025 and 28 April 2025)

Recent trading

• ― Strong order intake in Q4 2024 and Q1 2025 mainly driven by replacement demand.
• ― Monthly sequential upward trend broken in March/April 2025, May stable vs. April.
• ― On a YoY basis, the order intake continues to grow significantly.
• ― US customers remain in wait-and-see mode due to ongoing tariff and economic uncertainties.
• ― Lowest order intake in North America in April so far in 2025 according to ACT (confirmed by International).
• ― Market decline could even go beyond the -10%.
• ― Brazilian truck market confronted with increased dealer stock, high interest rates and inflation.
• ― Mixed picture: Scania with weaker order momentum than VWTB.

VARIOUS TOPICS

US tariffs

• ― Production in North America meets the current USMCA requirements for trucks and busses.
• ― All units sold in US are USMCA compliant.
• ― Less than 1% of imported parts from China.
• ― No formal plans to change our production setup.
• ― Majority of deliveries through May not impacted by tariff-related cost increases.
• ― Still evaluating potential impact of tier 2/3 suppliers and tariff cost-related pass throughs.
• ― Based on current tariff regulations, orders placed for production in June and July include a surcharge. This covers all incremental supplier and raw material tariff-related costs so far.
• ― We keep revaluating potential future pricing measures.

China plant

• ― Construction is progressing well; aim to open plant in October 2025.
• ― Estimated volume in 2025 up to 1k units, 2026 up to 10k units.
• ― In previous setup in 2024, generated ~0.5% of unit sales in China.
• ― Total investment ~2 billion Euro of capex and R&D, approximately half already spent until end of 2024.
• ― Most of remaining ~1 billion Euro expected to be invested in 2025, until start of production. About 50% planned to be directly expensed.

BRAND DEVELOPMENTS

• ― Planned production capacity tuned down further due to trend reversal in order intake in Europe in March and declining momentum in Brazil.
• ― Q2 2025 margin continues to be negatively impacted by lower unit sales, strong SEK, expenses for China production build-up.

• ― Short-time work ended in Q2 following encouraging order intake development, and increased Cracow production quota.
• ― RoS expected to improve in Q2 over Q1; anticipate higher RoS in H2 vs. H1.
• ― Bus also developing well.

Scania MAN International VWTB

• ― Order intake remains low in Q2 due to reduced transport activities, uncertainties around tariffs and no EPA 2027 pre-buy.
• ― Closed 2nd shift in Mexico.
• ― Anticipating lower truck unit sales, lower fixed cost absorption and negative margin impact.

• ― Less affected by weakening Brazilian and Mexican markets than Scania.
• ― With less focus on heavy trucks VWTB's development is more in line with our market outlook.

2025 OUTLOOK

AS PUBLISHED ON 10 MARCH 2025 AND 28 APRIL 2025

	FY 2024	FY 2025 Outlook
TRATON GROUP
Unit sales (units)	334,215	-5 ‒ +5%
Sales revenue (€ million)	47,473	-5 ‒ +5%
Operating return on sales (adjusted) (in %)	9.2	7.5 ‒ 8.5
TRATON Operations
Sales revenue (€ million)	46,182	-5 ‒ +5%
Operating return on sales (adjusted) (in %)	10.3	8.5 ‒ 9.5
Net cash flow (€ million)	2,834	2,200 ‒ 2,700
Capex (€ million)	1,751	significant increase
Primary R&D costs (€ million)	2,458	slight decrease
TRATON Financial Services
Return on equity (in %)	10.8	8.0 ‒ 11.0

Our 2025 full-year outlook is subject to future geopolitical developments, particularly in the US, and their impact on TRATON GROUP's business.

• ―Following increased order intake in Europe, higher unit sales and sales revenue expected in Q2 over Q1.
• ―Still foresee stronger H2 performance than H1.
• ―Poor US market and spill-over effects on Europe add uncertainty.
• ―China build-up costs and negative currency effects additionally affecting group margins and cash flow of TRATON Operations.
• ―Outlook does not include direct or indirect impacts of US import tariffs.

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IR CONTACT AND EVENTS

Contacts		Events
Ursula Querette Head of Investor Relations	Thomas Paschen Investor Relations	09/07/2025	Q2 Unit Sales Figures
+49 152 021 52 400 ursula.querette@traton.com	+49 170 907 34 94 thomas.paschen@traton.com	25/07/2025	2025 Half-Year Financial Report, End of Quiet Period
Matthias Maucher Investor Relations	Marie Fischhaber	25/07/2025	Morgan Stanley Post Q2 Investor Calls
+49 170 381 60 25 matthias.maucher@traton.com	Investor Relations +49 152 256 00 705 marie.fischhaber@traton.com	21/08/2025	SEB Nordic Large Cap Seminar Stockholm