TRATON SE

Investor Presentation • Oct 6, 2025

Q3 2025 PRE-CLOSE CALL

ANALYST / INVESTOR PRESENTATION

TRATON PRE-CLOSE CALL GUIDELINES

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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.

1. MARKET SITUATION & RECENT TRADING

Market outlook (as published on 25 July 2025)

400 500 EU27+3¹ (k units, >6t) 2025e: -15% – -5% (2024 -6% | 365)

North America (k units, class 6-8² )

2025e: -17.5% – -7.5% (2024: class 6-8² -4% | 427 / class 8-7% | 308 )

South America (k units, >6t)

2025e: -5% – +5% (2024 +12% | 172)

Recent trading

• ― No indications of a trend reversal yet in Q3 after Q2 2025 slowdown in order momentum.
• ― On a YoY basis, the order intake continues to grow significantly.

• ― No concrete impacts of German stimulus and European defense ramp-up yet.

• ― Weak truck market since April amidst ongoing freight recession and tariff-related uncertainty.

• ― Stronger market decline in H2 than in H1 2025 expected.
• ― International opened order book for 2026 in September, some fleets placing orders again.
• ― Brazilian truck market confronted with high dealer inventory, elevated interest rates, inflation, tariffs and tight credit conditions.
• ― Scania and now also VWTB impacted.
• ― Other South American countries (Argentina, Peru, Chile, Colombia) with strong growth.

06/10/2025 Q3 2025 Pre-Close Call 5

Investor Relations

2. VARIOUS KEY TOPICS

US tariffs

• ― Under the current regulation, production in North America is USMCA compliant.
• ― Surcharges on list prices implemented for orders to be produced through November.
• ― These surcharges covered all supplier and raw material cost increases in H1 2025 under tariff conditions applicable at that time.
• ― Tariffs are now increasingly taking effect; in addition, increased tariffs on steel/aluminum and higher tariffs for certain regions apply.
• ― Even pre-Section 232 effects, increasing margin impacts expected at International in H2 2025.

Potential impact of Section 232 announcement

• ― 25% tariff on heavy trucks manufactured outside the US under Section 232 announced, effective 1 October 2025.
• ― Executive order with details of the 232 tariff not yet published; terms and methodology are not yet clear.
• ― Currently unable to estimate the risk for results and cash flow, nor identify possible mitigation measures.

China project

• ― China production facility on track to open this month. Estimated volume in 2025 up to 1k units, 2026 up to 10k units.
• ― Suppling trucks domestically and to export markets across Asia and Oceania (initially ~50% will be exported, over time share will be market-driven).
• ― Around €500 million of planned €1 billion investments in 2025 expected to be directly expensed. Around 1/3 was expensed in H1 2025.

New Management View reporting

• ― Starting with Q3 2025; costs of new R&D organization will be allocated to each brand based on predefined participation keys.
• ― Restatement of 2024 figures will be provided; slightly positive impact on Scania margin to the expense of MAN and International. Group margin not affected.

3. RECENT BRAND DEVELOPMENTS

• ― Q3/Q4 2025 margins continue to be negatively impacted by lower volumes, seasonal effects, strong SEK, expenses for China project.
• ― Positive margin effects from capacity adjustments (not yet fully dropping through) and other cost containment measures.

• ― Despite declining order momentum, no significant capacity measures announced yet.
• ― Q3 2025 margin impacted by lower fixed cost absorption, declining European market and seasonal effects; Q4 anticipated better.
• ― Bus segment developing well.

• ― Challenging H2 2025 in weak market, with seasonally tough Q3 2025 for volumes and margin.
• ― Negative impacts from tariff costs increasingly taking effect; despite margin support measures.
• ― Less optimism for Q4 due to Section 232.

• ― Margin now also hit by volume effects as conditions in Brazilian truck market are worsening.
• ― Production already reduced somewhat.

4. GROUP PERSPECTIVE

2025 Outlook as adjusted on 25 July 2025

	FY 2024 Actuals	FY 2025 Outlook "New" (since Q2 Results)
TRATON GROUP
Unit sales (units)	334,215	-10 ‒ 0%
Sales revenue (€ million)	47,473	-10 ‒ 0%
Operating return on sales (adjusted) (in %)	9.2	6.0 ‒ 7.0
TRATON Operations
Sales revenue (€ million)	46,182	-10 ‒ 0%
Operating return on sales (adjusted) (in %)	10.3	7.0 ‒ 8.0
Net cash flow (€ million)	2,834	1,000 ‒ 1,500
Capex (€ million)	1,751	significant increase
Primary R&D costs (€ million)	2,458	slight increase
TRATON Financial Services
Return on equity (in %)	10.8	8.0 ‒ 11.0

The adjusted outlook assumes that International's tariff situation and USMCA compliance from end of H1 2025 will remain unchanged in H2 2025. It therefore does not factor in any effects of possible additional US tariffs or adjustments to the USMCA.

• ―Lowered full-year guidance does not reflect Section 232 tariff and potential direct / indirect impacts.
• ―Despite reduced guidance (and before Section 232) increasing net cash flow towards year end expected.
• ―However: Due to lowered cash flow guidance, no notable reduction of Industrial net debt expected this year.
• ―Close monitoring of funding strategies to keep net debt zero commitment for Industrial Business by 2029.
• ―Recent changes in US BEV regulation and promotion lead to pause in BEV investment projects.
• ―On track with development of TRATON Modular System.

IR CONTACT AND EVENTS

Contacts Events

Ursula Querette

Head of Investor Relations +49 152 021 52 400 ursula.querette@traton.com

Matthias Maucher

Investor Relations +49 170 381 60 25 matthias.maucher@traton.com

Thomas Paschen

Investor Relations +49 170 907 34 94 thomas.paschen@traton.com

Marie Fischhaber

Investor Relations +49 152 256 00 705 marie.fischhaber@traton.com

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