TRATON SE — Annual Report 2025

Mar 4, 2026

TRATON

2025

SCANIA

MANI

INTERNATIONAL

MANI

Annual Financial

Statements of TRATON SE

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2025 Annual Financial Statements of TRATON SE
Annual Financial Statements of TRATON SE
Combined Management Report
Further Information

CONTENTS

1 ANNUAL FINANCIAL STATEMENTS OF TRATON SE

• Income Statement 4
• Balance Sheet 5
• Notes to the Annual Financial Statements 6

2 COMBINED MANAGEMENT REPORT

3 FURTHER INFORMATION

• Responsibility Statement 63
• Independent Auditor's Report 64
• Publication Details 72

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ANNUAL FINANCIAL STATEMENTS OF TRATON SE

1

Income Statement 4
Balance Sheet 5
Notes to the Annual Financial Statements 6

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

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ANNUAL FINANCIAL STATEMENTS OF TRATON SE

Income Statement

for the period from January 1 through December 31, 2025

€ thousand	Note	2025	2024
Net investment income/expense	[1]	559,178	380,934
Income from long-term loans	[2]	17,257	26,696
Net interest income/net interest expense	[3]	-235,756	-288,680
Sales revenue	[4]	56,150	46,404
Cost of sales		-49,155	-40,927
Gross profit		6,995	5,477
General and administrative expenses	[5]	-165,705	-157,772
Other operating income	[6]	620,741	439,752
Other operating expenses	[7]	-578,507	-536,787
Income taxes	[8]	-29,048	38,564
Earnings after tax		195,155	-91,816
Net income/loss for the year		195,155	-91,816
Profit carried forward from the previous year		60,287	202,103
Withdrawal from capital reserves		300,000	800,000
Allocation to retained earnings		-9,758	-
Net retained profit		545,684	910,287

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Balance Sheet
as of December 31, 2025

€ thousand	Note	12/31/2025	12/31/2024
Assets
Intangible assets		5,027	1,399
Property, plant, and equipment		1,769	2,068
Financial assets		27,045,984	22,815,985
Fixed assets	[9]	27,052,780	22,819,452
Receivables and other assets	[10]	3,699,344	2,826,301
Bank balances		493,781	458,781
Current assets		4,193,125	3,285,082
Deferred income	[11]	6,595	10,877
		31,252,500	26,115,411
Equity and liabilities
Subscribed capital		500,000	500,000
Common shares		500,000,000	500,000,000
Contingent capital in € thousand		50,000	50,000
Capital reserves		12,195,313	12,495,313
Retained earnings		37,986	28,228
Net retained profit		545,684	910,287
Equity	[12]	13,278,983	13,933,828
Provisions for pensions		1,733	4,098
Tax provisions		76,885	143,959
Other provisions		169,952	242,983
Provisions	[13]	248,569	391,040
Liabilities to banks		2,632,035	2,365,327
Other liabilities		15,092,875	9,424,950
Liabilities	[14]	17,724,910	11,790,277
Deferred income		38	266
		31,252,500	26,115,411

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Notes to the Annual Financial Statements

Basis of Presentation

TRATON SE has its registered office in Munich, Germany, and is entered in the commercial register at Munich Local Court under no. HRB 246068. The Annual Financial Statements of TRATON SE for the fiscal year from January 1 through December 31, 2025, have been prepared in accordance with the provisions of the Handelsgesetzbuch (HGB — German Commercial Code) and the SE Regulation, in conjunction with the Aktiengesetz (AktG — German Stock Corporation Act). The provisions for large stock corporations apply.

To enhance clarity, individual items in the balance sheet and income statement have been combined. These items are disclosed separately in the Notes to the Annual Financial Statements. All figures shown have been rounded so minor discrepancies may arise from addition of these amounts. Comparable prior-year figures are presented in brackets alongside the figures for the fiscal year under review.

The income statement has been prepared using the cost of sales method.

As of the reporting date of December 31, 2025, TRATON SE was an 87.52%-owned direct subsidiary of Volkswagen International Luxemburg S.A. Strassen, Luxembourg (Volkswagen International Luxemburg), which in turn is a wholly owned subsidiary of Volkswagen Finance Luxemburg S.A. Strassen, Luxembourg (Volkswagen Finance Luxemburg). 100% of the shares of Volkswagen Finance Luxemburg are in turn held by Volkswagen Aktiengesellschaft, Wolfsburg (Volkswagen AG). TRATON SE is included in the consolidated financial statements of Volkswagen AG, Wolfsburg (largest basis of consolidation). TRATON SE prepares consolidated financial statements for the smallest basis of consolidation. Both sets of consolidated financial statements are published in the Company Register.

The Schuldscheindarlehen placed by TRATON SE in 2021 amounted to €350 million as of December 31, 2025 (previous year: €350 million). TRATON SE also has bank liabilities of €2,250 million (previous year: €2,000 million), including a new bank loan of €500 million, which was taken out with the European Investment Bank in December 2025.

TRATON SE has access to a revolving credit line at Volkswagen AG of €4,300 million (previous year: €4,300 million), of which €250 million (€943 million) was drawn down. TRATON SE also has an unused confirmed credit line of €4,500 million (previous year: €4,500 million) available as a liquidity reserve, which was agreed with a banking consortium of 23 banks. After exercising both extension options, the revolving credit line has a total term of seven years. The term of the syndicated loan ends on December 16, 2028. The credit line serves general corporate purposes as well as to safeguard the TRATON GROUP's liquidity.

Since March 12, 2021, TRATON SE has had a European Medium Term Notes program (EMTN program), which was updated and increased from €12,000 million to €18,000 million on March 24, 2025. The program enables the TRATON GROUP to raise capital on the debt markets flexibly and efficiently. In addition to TRATON SE, the Company's indirect subsidiary TRATON Finance Luxembourg S.A. Strassen, Luxembourg (TRATON Finance) can also issue bonds under this program. The issuance program is used for general corporate purposes, with the capital raised being used as needed within the TRATON GROUP. The total principal amount of bonds of TRATON Finance outstanding as of December 31, 2025, was €11,610 million (previous year: €10,819 million) under the

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Annual Financial Statements of TRATON SE
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€18,000-million EMTN program, hedged in part by interest rate derivatives. To ensure further diversification, TRATON SE successfully launched an Australian Medium Term Note program (AMTN program) with a volume of AUD 5,000 million (approximately €2,845 million) in 2025. The TRATON GROUP used this step to expand its financing strategy and opened up access to new investor groups in Australia, New Zealand, Japan, Singapore, and Hong Kong. The AMTN program supplements the existing EMTN program. As of December 31, 2025, no bonds had been issued under the new AMTN program.

In September 2023, the TRATON GROUP had launched a commercial paper program (CP program) with a volume of €2,500 million, of which an equivalent of €1,224 million (previous year: €189 million) was used for financing in the TRATON Financial Services segment as of December 31, 2025. In addition to TRATON SE, the Company's indirect subsidiaries TRATON Finance and TRATON Treasury AB, Södertälje, Sweden (TRATON Treasury AB) can also issue commercial paper under the CP program. This gives the TRATON GROUP another way to access this important financing market, complementing its EMTN and new AMTN programs. The CP program is used to finance short-term maturities with terms of up to one year.

In October 2025, the TRATON GROUP also introduced a Group-wide Green Finance Framework to support the financing of battery electric commercial vehicles. The Framework forms the basis for a wide range of green financing instruments, including green bonds, loans, Schuldscheindarlehen, and asset-backed securities. The TRATON GROUP received a second-party opinion on this from S&P Global Ratings. The Framework was rated "Dark Green," the highest possible category.

Accounting Policies

The principal accounting policies used to prepare the Annual Financial Statements, which were essentially unchanged from the previous year, are set out below.

Turnover

Sales revenue primarily comprises revenue from services rendered within the TRATON GROUP.

Intangible assets

Purchased intangible assets are recognized at cost and amortized over their useful life (generally three to five years) on a straight-line basis.

Property, plant, and equipment

Property, plant, and equipment are carried at cost less depreciation and, in some cases, write-downs.

Buildings on third-party land are depreciated on a straight-line basis over their rental term. Movable items of property, plant, and equipment are generally depreciated over 13 years.

Low-value movable assets used by the Company that are subject to wear and tear are recognized immediately as expenses or capitalized and written off in the year of acquisition.

Write-downs are recognized if impairment is expected to be permanent.

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2025 Annual Financial Statements of TRATON SE
Annual Financial Statements of TRATON SE
Combined Management Report
Further Information

Financial assets

Shares in affiliated companies and other equity investments are measured at the lower of cost or their net realizable value.

Loans are recognized at the lower of their nominal amount or present value on the reporting date.

Write-downs are recognized if impairment is expected to be permanent. In accordance with the requirement for write-downs to be reversed, if the reasons for permanent impairment no longer apply, the write-down is reversed, but not beyond cost.

Current assets

Receivables and other assets are carried at their principal amounts. Appropriate loss allowances are recognized for identifiable individual risks.

Bank balances are carried at their nominal amount.

Deferred taxes

Deferred taxes are only recognized if accounting differences result in a surplus of liabilities over assets, after taking into account applicable loss and interest carryforwards, and an overall tax expense is expected in future fiscal years. In this, accounting differences relating to companies in the tax group are included insofar as it is assumed that future tax income and expense will result from the reversal of temporary differences at TRATON SE as the head of the tax group. If deferred tax assets exceed deferred tax liabilities, they are not capitalized due to exercise of the recognition option pursuant to section 274 (1) sentence 2 of the HGB.

Deferred tax assets and liabilities are measured using the applicable corporation tax and trade tax rates for the TRATON tax entity (31.90% (previous year: 31.88%)). If they are noncurrent, deferred tax assets and liabilities are measured at a reduced tax rate of 28.8%, taking into account the reduction in the corporate income tax rate.

Offset of assets and liabilities, and of income and expenses

Assets that are earmarked solely for meeting pension obligations or obligations under partial retirement agreements and that are protected from all other creditors are recognized at fair value. Income and expenses relating to these assets are offset against the expense for the unwinding of interest for the corresponding obligation and recognized in net interest income/net interest expense. These assets are offset against the settlement amount of the underlying obligation. If the fair value of these assets exceeds the amount of liabilities, the excess amount must be recognized as "excess arising from the offset of assets and liabilities." If liabilities exceed assets, the difference is recognized as a provision.

Pensions and other post-employment benefits

Pension obligations are calculated using the projected unit credit method. Under this method, future obligations are measured on the basis of the proportionate benefit entitlements acquired at the balance sheet date and discounted to their present value. Measurement reflects assumptions about the future development of certain parameters, which affect the amount of future benefits. The discount rate for all obligations is the average market interest rate for the past ten years published by the German Bundesbank for a residual maturity of 15 years, in accordance with section 253 (2) of the HGB.

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Pension provisions are reduced by the fair value of the assets used to cover the benefit obligations. See also Offset of assets and liabilities, and of income and expenses.

Tax provisions, other provisions, liabilities

The tax provisions and other provisions relate to uncertain liabilities. Measurement ensures that they take account of all identifiable risks, taking into consideration future price and cost increases. Provisions with a maturity of more than one year are discounted on the basis of their remaining maturity.

Liabilities are recognized at their settlement amount.

Currency translation

Receivables and liabilities denominated in foreign currencies and hedged are measured at the hedged rate if they are accounted for using the net hedge presentation method. If the gross hedge presentation method is used, they are measured at the closing rate on the reporting date. Miscellaneous current foreign currency receivables and liabilities are translated at the average exchange rate on the reporting date. Miscellaneous noncurrent foreign currency receivables and liabilities are translated at the exchange rate on the date of recognition, or, in the case of receivables, at the lower exchange rate applicable on the reporting date, or, in the case of liabilities, the higher exchange rate applicable on the reporting date.

Derivatives and micro hedges

TRATON SE uses derivatives exclusively for hedging purposes. Provided the necessary criteria are met, the derivative is combined with the hedged item as a micro hedge. For certain micro hedges, the offsetting changes in the value of the hedged item and the hedging instrument due to the hedged risk are recognized on the balance sheet (gross presentation method). In other cases, the offsetting changes in the value of the hedged item and the hedging instrument due to the hedged risk are netted. In both cases, any net negative amount resulting from changes in the value of the hedged item and hedging instrument (ineffectiveness) is recognized through a provision for the hedge. By contrast, derivatives that do not form a micro hedge with the hedged item are accounted for using the imparity principle, i.e., provisions are recognized for negative fair values but positive fair values are not recognized.

Income Statement Disclosures

1. Net investment income/expense

€ thousand	2025	2024
Income from profit and loss transfer agreements	568,630	361,466
Income from equity investments	54,351	50,432
of which from affiliated companies	54,351	50,432
Expenses for the absorption of losses	-63,803	-30,964
	559,178	380,934

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The income from profit and loss transfer agreements comprises the earnings of MAN Truck & Bus SE, Munich, (MAN Truck & Bus SE), Scania CV Deutschland Holding GmbH, Koblenz, Scania Finance Deutschland GmbH, Koblenz, Scania Real Estate Deutschland GmbH, Koblenz, MAN GHH Immobilien GmbH, Oberhausen, and TRATON R&D Germany GmbH, Munich.

The income from equity investments primarily contains the pro-rata profit of MAN Brand GmbH & Co. KG, Grünwald.

Expenses for the absorption of losses related mainly to the earnings of MAN Mobility & Finance GmbH, Munich, and of TB Digital Services GmbH, Munich.

2. Income from long-term loans

The interest income from long-term loans was €17,257 thousand (previous year: €26,696 thousand) and included €17,257 thousand (previous year: €26,696 thousand) from affiliated companies. The decline in income from loans is attributable to the corresponding decline in the volume of loans.

3. Net interest income/net interest expense

€ thousand	2025	2024
Miscellaneous interest and similar income	814,217	464,057
of which from affiliated companies	436,136	274,737
Interest and similar expenses	-1,054,820	-756,323
of which due to affiliated companies	-611,680	-432,212
Interest from pension provisions	4,847	3,585
	-235,756	-288,680

The interest income and expenses mainly relate to intragroup receivables, liabilities from financial transactions, and bank interest and commission payments.

The increase in miscellaneous interest and similar income and in interest and similar expenses is mostly due to a rise in interest rate and interest rate/currency hedges entered into for hedged items of TRATON Financial Services that are sensitive to interest rates.

In the year under review, net interest income/expense contained €-1,202 thousand (previous year: €-31 thousand) from the unwinding of discounts on provisions and €2,334 thousand (previous year: €4,383 thousand) from the discounting of provisions.

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4. Sales revenue

€ thousand	2025	2024
Services/cost allocations	56,022	45,491
Rental and leasing	6	863
Other	122	50
	56,150	46,404
By region
Germany	13,893	15,628
Rest of Europe	36,294	18,102
Other regions	5,963	12,674
	56,150	46,404

5. General and administrative expenses

€ thousand	2025	2024
Personnel expenses	64,985	76,275
Depreciation and amortization	832	1,089
Other administrative expenses	99,888	80,408
	165,705	157,772

The decrease in personnel expenses is mainly attributable to higher allocations of personnel expenses to cost of sales due to intragroup service cost transfers. The rise in other administrative expenses was mainly due to higher consultancy expenses in connection with the further realization of the TRATON Way Forward strategy.

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6. Other operating income

Other operating income of €620,741 thousand (previous year: €439,752 thousand) mainly comprises income from foreign currency translation of €455,347 thousand (previous year: €367,687 thousand). Other operating income includes prior-year income of €36,723 thousand resulting from the reversal of provisions for land transfer tax. In the previous year, prior-year income of €1,030 thousand from the reversal of provisions and income from final accounting for legacy issues had been included.

7. Other operating expenses

Other operating expenses of €578,507 thousand (previous year: €536,787 thousand) include expenses that cannot be allocated to functional expenses and other taxes. They relate mainly to expenses from foreign currency translation in an amount of €523,243 thousand (€381,205 thousand). Other operating expenses include prior-period expenses of €1,600 thousand for severance payments to employees who left the company in 2023. In the previous year, this item had included extraordinary expenses of €105,595 thousand in connection with the appeal proceedings.

8. Income taxes

For fiscal year 2025, there is a tax expense of €29,048 thousand (previous year: tax income of €38,564 thousand). In addition to the tax expense of €32,057 thousand for the current period, the item includes nonperiodic trade tax of €2,808 thousand and nonperiodic corporate income tax of €201 thousand. In the previous year, tax income of €38,564 thousand had been dominated by adjustments to tax provisions and foreign income taxes.

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Balance Sheet Disclosures

9. Changes in fixed assets

€ thousand	Cost				Cumulative depreciation, amortization, and write-downs				Net carrying amounts
	As of 01/01/2025	Additions	Disposals	As of 12/31/2025	As of 01/01/2025	Additions	Disposals	As of 12/31/2025	As of 12/31/2025	As of 12/31/2024
Intangible assets
Purchased concessions, industrial and similar rights and assets, and licenses in such rights and assets	17,296	2,300	-	19,596	-16,167	-474	-	-16,641	2,954	1,128
Prepayments	271	2,073	-271	2,073	-	-	-	-	2,073	271
	17,566	4,373	-271	21,668	-16,167	-474	-	-16,641	5,027	1,399
Property, plant, and equipment
Land, land rights, and buildings on third-party land	1,163	-	-	1,163	-265	-116	-	-381	782	898
Operating and office equipment	1,883	58	-28	1,913	-713	-241	28	-926	986	1,169
	3,046	58	-28	3,076	-978	-357	28	-1,307	1,769	2,068
Financial assets
Shares in affiliated companies	22,014,789	4,730,363	-	26,745,152	-	-	-	-	26,745,152	22,014,789
Loans to affiliated companies	801,030	-	-500,198	300,832	-	-	-	-	300,832	801,030
Equity investments	97,451	-	-166	97,285	-97,285	-	-	-97,285	-	166
	22,913,270	4,730,363	-500,364	27,143,269	-97,285	-	-	-97,285	27,045,984	22,815,985
Fixed assets	22,933,882	4,734,794	-500,663	27,168,013	-114,430	-831	28	-115,233	27,052,780	22,819,452

The changes in fixed assets are shown in the statement of changes in fixed assets.

The additions to intangible assets relate to software licenses.

Additions to shares in affiliated companies relate to capital measures at TRATON International S.A., Strassen, Luxembourg (TRATON International S.A.).

The disposals in loans result primarily from the repayment of a loan of €500,000 thousand of TRATON Treasury AB.

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1. Receivables and other assets

€ thousand	12/31/2025	12/31/2024
Receivables from affiliated companies	3,521,656	2,758,139
of which trade receivables	11,095	10,185
of which due in more than one year	65,204	60,136
Other assets	177,681	68,155
of which due in more than one year	74,066	32,271
	3,699,344	2,826,301

Receivables from affiliated companies mainly comprise receivables from loans and financial transactions. The increase is mainly the result of intragroup financing. Both noncurrent and current other assets went up, primarily as a result of the increase in the portfolio of derivative financial instruments. In addition, there was a rise in claims to tax refunds.

1. Deferred income

This item contains a debt discount of €2,007 thousand (previous year: €5,537 thousand).

1. Equity

Subscribed capital (share capital)

The subscribed capital (share capital) of TRATON SE amounts to €500,000,000 and is composed of 500,000,000 no-par value bearer shares with a notional value of €1.00 each.

All shares are fully paid up and have the same dividend rights. Under Article 6 (2) sentence 1 of the Articles of Association, shareholders may not claim delivery of physical share certificates.

Authorized capital

In accordance with Article 5 (3) of the Articles of Association, the Executive Board is authorized to increase the Company's share capital on one or several occasions by a total of up to €200,000,000 by issuing up to 200,000,000 no-par value bearer shares on a cash and/or noncash basis on or before May 31, 2028, subject to the Supervisory Board's approval (Authorized Capital 2023). The dividend entitlement of new shares can be determined contrary to the provisions of section 60 (2) of the AktG.

Shareholders must be granted preemptive rights unless the Executive Board makes use of one of the following authorizations to disapply preemptive rights, with the consent of the Supervisory Board. The new shares may also be underwritten by a credit institution or an entity operating pursuant to section 53 (1) sentence 1 of the Kreditwesengesetz (KWG — German Banking Act) or section 53b (1) sentence 1 or (7) of the KWG (financial institution) to be designated by

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the Executive Board, or by a consortium of such credit or financial institutions, with the obligation to offer them for sale to shareholders of the Company. The Executive Board is authorized, with the consent of the Supervisory Board, to disapply shareholders' preemptive rights in the following cases:

• To settle fractions resulting from a capital increase
• To the extent necessary to grant holders or creditors of convertible loan agreements or bonds with warrants, as well as convertible profit participation rights, issued by the Company and/or its direct or indirect majority investees a preemptive right to new shares in the amount to which they would be entitled following the exercise of their options or conversion rights or after meeting their exercise of option or conversion obligations
• If the new shares are issued against cash contributions and the issue price of the new shares is not materially lower than the quoted market price of existing listed shares of the Company at the date when the issue price is finally determined, which should be as close as possible to the placement of the shares. However, this authorization to disapply preemptive rights applies only to the extent that the notional amount of the share capital attributable to the shares issued with preemptive rights disapplied in accordance with section 186 (3) sentence 4 of the AktG does not exceed a total of $10\%$ of the share capital, meaning neither the share capital existing when this authorization takes effect, nor the share capital existing at the date when this authorization is exercised. Shares that (i) are sold or issued, with preemptive rights disapplied, during the term of this authorization up to the date of its exercise on the basis of other authorizations in direct application, or application with the necessary modifications, of section 186 (3) sentence 4 of the AktG, or (ii) shares that were issued or will be issued, with preemptive rights disapplied, to settle bonds or profit participation rights with conversion or exercise rights or obligations will be counted toward this limit, to the extent that the bonds or profit participation rights were issued during the term of this authorization up to the date of its exercise, in application, with the necessary modifications, of section 186 (3) sentence 4 of the AktG.
• To the extent that the capital increase is implemented to grant shares against noncash contributions, in particular for the purposes of acquiring companies, parts of companies, or investments in companies, or other assets

The Executive Board is also authorized to define further details of the capital increase and its implementation, with the consent of the Supervisory Board. The Supervisory Board is authorized to amend the wording of Article 5 of the Articles of Association following the complete or partial implementation of the capital increase from Authorized Capital 2023 or after the expiration of the authorization period, in line with the scope of the capital increase.

Contingent capital

Additionally, under Article 5 (4) of the Company's Articles of Association, the Company's share capital may also be increased by up to €50,000,000 on a contingent basis through the issue of up to 50,000,000 bearer shares (no-par value shares) (Contingent Capital 2023). The sole purpose of Contingent Capital 2023 is to issue new shares to the holders/creditors of bonds which are issued by the Company or by other companies in which the Company directly or indirectly holds a majority interest up to May 31, 2028, in accordance with a resolution passed by the shareholders under item 10.2 of the agenda for the meeting of June 1, 2023, in the event that conversion and/or option rights are exercised or conversion or option exercise obligations are settled or the Company makes use of its right to grant shares in the Company, either in full or in part, in lieu of payment of the respective cash amount. The shares are issued at the conversion or option price to be determined in accordance with the aforementioned resolution. The contingent capital increase will only be implemented to the extent that conversion rights or options are exercised or conversion or option exercise obligations are settled, or the Company exercises its right to grant shares of the Company, either in full or in part, in lieu of payment of the cash amount due, and to the extent that other instruments are not used to settle the conversion rights or options.

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The new shares carry dividend rights from the beginning of the fiscal year in which they are issued. To the extent permitted by law, the Executive Board may, with the consent of the Supervisory Board, determine the dividend rights in derogation of the above and of section 60 (2) of the AktG, including for a fiscal year that has already closed.

The Executive Board is authorized to define further details of the implementation of the contingent capital increase, with the consent of the Supervisory Board.

Capital reserves

TRATON SE's capital reserves of €12,195,313 thousand (previous year: €12,495,313 thousand) constitute the contributions by Volkswagen AG, Wolfsburg, to TRATON SE, in particular from the contribution of MAN SE, Munich, and Scania AB, Södertälje, Sweden. €300,000 thousand (previous year: €800,000 thousand) was withdrawn from the capital reserves during the year under review.

The entire capital reserves of €12,195,313 thousand are distributable capital reserves within the meaning of section 272 (2) no. 4 of the Handelsgesetzbuch (HGB — German Commercial Code).

Retained earnings

Revenue reserves include legal reserves of €37,986 thousand.

Net retained profit

The net retained profit changed as follows in the fiscal year:

€ thousand	12/31/2025
Opening balance as of 01/01/2025	910,287
Dividend payout	-850,000
Net profit for the year	195,155
Withdrawal from the free capital reserves	300,000
Allocation to legal reserves	-9,758
Closing balance as of 12/31/2025	545,684

The Executive Board and Supervisory Board of TRATON SE will propose the payout of a dividend from net retained profit of €0.93 (previous year: €1.70) per dividend-bearing share to the shareholders at the Annual General Meeting for fiscal year 2025 and that the remaining amount be carried forward to new account. This proposal corresponds to a total payout of €465 million (previous year: €850 million).

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Amounts excluded from distribution

The difference of €15,437 thousand (previous year: €11,381 thousand) between the acquisition cost and fair value of assets measured at fair value serving solely to meet pension and partial retirement obligations is subject to restrictions on distribution. As in the previous year, the difference between the provision for pension obligations based on the corresponding average market interest rate in the past ten fiscal years and the past seven fiscal years has not resulted in any amount subject to restrictions on distribution. This amount is offset by free capital reserves.

13. Provisions

a) Provisions for pensions

Occupational pension provision mainly comprises defined benefit pension commitments.

TRATON SE grants its employees in Germany occupational pension benefits, including disability and death cover, for the period after the end of their active service based on the works agreements "TRATON occupational pension provision (BV TAV)" and "TRATON capital account plan (BV KKP)," which applies for senior management and Executive Board members.

Employees receive employer contributions linked to their remuneration and also have the option — subsidized by the employer — to make additional pension savings through deferred compensation. The employer- and employee-funded contributions plus returns on capital market investments allow staff to accumulate plan assets during their active employment that are paid out as a lump sum or in installments on retirement, or that can be annuitized in certain cases. The risk of the investments is gradually reduced as employees get older (life cycle concept). The performance of the plan assets is based on the return on capital investments. Since the fair values of the offset assets were primarily derived directly from observable values, no measurement assumptions have been used as a basis.

The pension assets of TRATON SE are managed by MAN Pension Trust e.V., Munich. These assets are irrevocably protected from recourse by TRATON SE and may only be used to fund current pension benefit payments or to settle claims by employees in the event of insolvency.

Effective September 30, 2025, TRATON SE transferred benefit obligations in the benefits phase that were previously treated as direct commitments from MAN Pension Trust e.V. to WTW Pensionsfonds AG against a one-time payment. Under German GAAP, the settlement amount of these indirect obligations is not fully funded by the attributable pension assets. TRATON SE recognized a provision of €890 thousand for the unfunded portion.

The following measurement parameters were used:

	12/31/2025	12/31/2024
Actuarial interest rate	2.06%	1.90%
Actuarial interest rate (average market rate in seven fiscal years)	2.22%	1.96%
Pension trend	2.00%	2.00%
Salary trend	3.00%	3.20%

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The percentage used to calculate the salary trend takes into account increases attributable to career development as an addition to regular salary increases.

A company-specific staff turnover probability rate is used to reflect termination of employment contracts before entitlement to claim benefits.

As of December 31, 2025, the mortality tables for the biometric parameters were converted to the 2018 G mortality tables published by Dr. Klaus Heubeck. In the previous year, the mod. 2017 mortality tables published by Dr. Klaus Heubeck were used.

Change in pension obligations

€ thousand
Value of obligations as of 01/01/2025	-72,294
Interest allocation	-1,110
Allocation from personnel expenses	-6,111
Payments/employee contributions	4,123
Staff turnover	948
Fund transfer	3,869
Value of pension obligations as of 12/31/2025	-70,575
Change in pension assets
Pension assets as of 01/01/2025	68,196
Income realized from pension assets	1,954
Other changes	-4,421
Gains/losses from fair value measurement	4,003
Fair value of pension assets as of 12/31/2025	69,732
Purchase cost of pension assets as of 12/31/2025	54,366
Provision from transfer to WTW Pensionsfonds AG	-890
Provisions for pensions	-1,733

The impact on profit or loss resulting from fund assets in the amount of €5,957 thousand has been combined with the interest allocations of €1,110 thousand in accordance with section 246 (2) sentence 2 of the HGB. The resulting amount of €4,847 thousand is contained in net interest income/expense in the "Interest from pension provisions" item.

The difference between the provision for pension obligations based on the corresponding average market interest rate in the past ten fiscal years and the past seven fiscal years is €-172 thousand (previous year: €106 thousand).

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b) Tax provisions

As of December 31, 2025, tax provisions amounted to €76,885 thousand (previous year: €143,959 thousand).

c) Other provisions

Other provisions were mainly recognized for the judicial award proceedings, expected losses on derivatives, obligations under public law, obligations for Executive Board remuneration, and for other individual risks. The decline is mainly attributable to the reversal of a provision of €36,655 thousand for obligations under public law and the adjustment of the provision for expected losses from derivative financial instruments from €50,037 thousand to €21,592 thousand.

As of December 31, 2025, derivatives with positive fair values of €40,424 thousand (previous year: €5,296 thousand) and negative fair values of €2,854 thousand (previous year: €6,395 thousand) were recognized in other assets and other provisions due to use of the gross hedge presentation method.

The partial retirement liabilities of €3,152 thousand (previous year: €2,542 thousand) were offset against partial retirement credits of €1,627 thousand (previous year: €1,279 thousand). The purchase cost of the partial retirement credits was €1,550 thousand (previous year: €1,250 thousand). The fair value of the partial retirement credits offset was determined on the basis of market prices. Fair value measurement resulted in a loss of €53 thousand (previous year: €32 thousand). €54 thousand (previous year: €43 thousand) was netted with the expenses of €37 thousand (previous year: €18 thousand) and reported in other interest and similar income.

14. Liabilities

€ thousand	12/31/2025 total	of which < 1 year	of which 1-5 years	of which > 5 years	12/31/2024 total	of which < 1 year	of which 1-5 years	of which > 5 years
Liabilities to banks	2,632,035	1,932,035	700,000	-	2,365,327	365,327	2,000,000	-
Trade payables	35,289	35,289	-	-	28,861	28,861	-	-
Liabilities to affiliated companies	14,945,080	9,233,080	4,962,000	750,000	9,319,937	7,619,937	950,000	750,000
of which trade receivables	5,899	5,899	-	-	10,059	10,059	-	-
Liabilities to long-term investees and investors	16,524	16,524	-	-	16,460	16,460	-	-
Other liabilities	95,982	95,982	-	-	59,692	59,692	-	-
of which from taxes	9,982	9,982	-	-	6,724	6,724	-	-
Other liabilities	15,092,875	9,380,875	4,962,000	750,000	9,424,950	7,724,950	950,000	750,000
	17,724,910	11,312,910	5,662,000	750,000	11,790,277	8,090,277	2,950,000	750,000

The liabilities to banks are unsecured.

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The liabilities to affiliated companies mainly comprise loan liabilities and liabilities relating to the central financing of the TRATON GROUP. The €5,624 million increase is attributable to intragroup refinancing. In this context, liabilities to TRATON Finance Luxembourg S.A., Strassen, Luxembourg, increased by €2,220 million, those to TRATON Sweden AB, Södertälje, Sweden, by €1,741 million and those to Scania CV AB, Södertälje, Sweden, by €933 million.

The liabilities to long-term investees and investors are financial liabilities.

Other Annual Financial Statement Disclosures

1. Contingent Liabilities and Commitments

€ thousand	12/31/2025	12/31/2024
Contingent liabilities under guarantees	13,260,770	11,014,934
	13,260,770	11,014,934

Contingent liabilities under guarantees consist primarily of guarantees of TRATON SE for financial market liabilities of TRATON Finance Luxembourg S.A., Strassen, Luxembourg, (EMTN program and commercial paper program) and of other companies of the TRATON GROUP in the amount of €13,175 million as of December 31, 2025 (€11,006 million). The increase of €2,169 million is mainly the result of new drawings. Other guarantees provide collateral for customs, tax, and contractual obligations of companies of the TRATON GROUP in an amount of €81 million (€1 million) and contractual obligations of a former TRATON subsidiary in an amount of €5 million (€7 million).

The contingent liabilities under guarantees to third parties exclusively provide collateral for liabilities of affiliated companies. Since it is probable that the affiliated companies concerned will be able to settle the obligations underlying the contingent liabilities, we do not expect the guarantees to be utilized.

TRATON SE is liable for the pension liabilities it transferred to WTW Pensionsfonds AG, Wiesbaden, in the event of nonperformance. Under German GAAP, the settlement amount of these indirect obligations is not fully funded by the attributable pension assets. However, the assets available at WTW Pensionfonds AG, Wiesbaden, meet the statutory minimum asset requirement. Therefore, under Article 28 (2) of the Einführungsgesetz zum Handelsgesetzbuch (EGHGB — Introductory Act to the German Commercial Code), the risk of utilization is deemed to be low at €12.9 million (previous year: €13.2 million).

TRATON SE recognizes contingent liabilities of €35 million (previous year: €35 million) for the provision of security for third-party liabilities comprising possible expenses in connection with its business activities in fiscal year 2025. TRATON SE does not currently expect these to have a material adverse effect on its assets, financial position, or results of operations because it is probable that the underlying liabilities of the affiliates concerned can be settled in full so we do not expect the security to be utilized.

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16. Litigation/legal proceedings

MAN and Scania/EU antitrust proceedings

In July 2016, the European Commission reached settlements (the "Settlement Decision") with MAN and four other European truck manufacturers (excluding Scania) finding collusive arrangements on pricing and the timing and the passing on of costs for emission technologies for medium- and heavy-duty trucks from January 17, 1997, to January 18, 2011 (for MAN: until September 20, 2010). MAN was granted immunity from fines since it had revealed these practices to the European Commission in September 2010. Scania decided not to apply for leniency and not to settle this antitrust case and, by decision of the European Commission dated September 27, 2017 (the "Scania Decision"), received a fine in the amount of approximately €880.5 million. Scania appealed the Scania Decision to the General Court of the European Union and asked for full annulment. On February 2, 2022, the General Court rendered its judgment, whereby Scania's appeal was dismissed in its entirety and the amount of fines set by the European Commission upheld. On April 8, 2022, Scania appealed against the judgment of the General Court of the European Union from February 2, 2022, to the European Court of Justice. The €880.5 million fine plus interest from the EU antitrust proceedings was paid on April 12, 2022, to avoid additional interest penalties. On February 1, 2024, the European Court of Justice decided to dismiss Scania's appeal. Following the Settlement Decision, a significant number of direct and indirect truck customers in various jurisdictions have initiated or joined lawsuits against MAN and/or Scania. With the merger of MAN SE with TRATON SE taking effect, TRATON SE has — in most jurisdictions — automatically assumed the procedural role of MAN SE as legal successor in the respective proceedings (and is insofar covered by "MAN companies"). Even if such claims may have expired under the respective applicable local laws, it cannot be excluded that further lawsuits will be filed. The claims against MAN companies differ significantly in scope; while some truck customers only bought or leased a single truck, other cases concern a multitude of trucks. Furthermore, some truck customer damages claims have been combined in class actions or through claim aggregators to which the truck customers assigned their respective damages claims.

Direct and indirect customers in various jurisdictions have initiated or joined lawsuits against Scania. Further, Scania has received a number of third-party notices from other defendant commercial vehicle manufacturers. As is the case for MAN, the claims against Scania differ significantly in scope as some customers only bought or leased one truck while others operate a whole fleet of commercial vehicles. Furthermore, some customer damages claims in other jurisdictions have been combined in class actions or through claim aggregators.

MAN and Scania take the view that there are well-founded arguments against such claims and take appropriate steps to defend themselves. However, it cannot be excluded that these claims result in substantial liabilities for MAN and/or Scania including significant costs for their defense, which may have a material adverse effect on MAN's and/or Scania's financial results, cash flows and financial positions. Given the inherently complex nature of these claims and the different stages of the proceedings (with a number of cases still in a rather early stage), it is not possible to make a reliable estimate of the total liability that may arise from these claims. MAN and Scania are continuously monitoring the development and re-assesses the respective risks on a regular basis.

TRATON recognized a negative impact on its operating result in the amount of €173 million (€162 million) for cases in which, as a result of a reassessment of the risks, a final and unappealable ruling under which MAN or Scania would have to pay damages is more likely than unlikely at present.

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2025 Annual Financial Statements of TRATON SE
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VW Truck & Bus Ltda.

In the tax proceedings between Volkswagen Truck & Bus Industria e Comércio de Veículos Ltda. (VW Truck & Bus Ltda.), formerly MAN Latin America Industria e Comércio de Veículos Ltda. (MAN Latin America), and the Brazilian tax authorities, the Brazilian tax authorities took a different view of the tax implications of the acquisition structure chosen by MAN SE (now merged with TRATON SE) for the acquisition of VW Truck & Bus Ltda. in 2009. The tax proceedings have been divided into two auditing periods, covering the years 2009-2011 (Phase 1) and 2012-2014 (Phase 2). In December 2017, an adverse last instance judgment was rendered by the Brazilian Administrative Court (Phase 1), which was negative for VW Truck & Bus Ltda. VW Truck & Bus Ltda. appealed this judgment before a regular judicial court in 2018. This lawsuit was dismissed in 2019, and an appeal was filed against the dismissal. The appeal was then rejected in June 2023, and a petition for review was filed in July 2023. In the tax proceeding related to Phase 2, a partial success was achieved that partly reduced the penalties. An appeal against this decision was filed, which was rejected in September 2023, thus concluding the Administrative Court proceedings. As a result of a new law regarding the handling of casting vote decisions in September 2023, VW Truck & Bus Ltda. filed an objection to the determinations in October 2023. In May 2024, the amendment to the law already resulted in a significant reduction of the penalties in phase 2, and in November 2024, the complete repeal of the phase 2 penalties was finally achieved. In May 2025, the Brazilian Office of the Attorney General of the National Treasury reviewed Phase 1 of the proceedings. As a result of this review, the amount in dispute was reduced due to the partial removal of penalties, the associated interest, and the related legal costs.

Due to the potential range of penalties plus interest that could apply under Brazilian law, the estimated size of the risk in the event that the tax authorities are able to prevail overall with their view is uncertain. As a result of the partial success in Phase 1, the risk has been reduced from approximately BRL 3,068 million (€477 million; conversion as at December 31, 2024) to around BRL 2,353 million (€366 million; conversion as at December 31, 2025) for the total contested period from 2009 onwards. Several insurers have issued bank guarantees for the benefit of VW Truck & Bus Ltda. as is customary in connection with such tax proceedings.

MAN SE merger squeeze-out

The merger of MAN SE with TRATON SE was entered in the commercial register of MAN SE and TRATON SE on August 31, 2021. With this, MAN SE ceased to exist as an independent legal entity, and all rights and obligations were transferred to TRATON SE. MAN SE shares were delisted at the same time.

Cash compensation in the amount of €70.68 per common and preferred share was paid out to MAN SE noncontrolling shareholders on September 3, 2021. This marked the conclusion of the MAN SE merger squeeze-out. The appropriateness of the cash compensation will be reviewed by a court-appointed auditor as part of the judicial award proceedings initiated by affected noncontrolling interest shareholders as applicants.

By way of a ruling dated December 20, 2024, which is not yet final, the Regional Court of Munich I increased the cash compensation to €79.71 per common and preferred share. Various applicants as well as TRATON SE appealed against this ruling in January 2025. The appeal proceedings are currently pending in the second instance at the Bavarian Higher Regional Court. As of December 31, 2025, a provision of €104 million (€103 million) was recognized for this transaction under other provisions.

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2025 Annual Financial Statements of TRATON SE
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17. Other financial obligations

Other financial obligations mainly comprise rental and lease agreements and purchase commitments. The future payments — up to the end of the minimum term of these agreements — are due as follows:

€ thousand	12/31/2025	12/31/2024
Due within one year	25,584	19,697
Due in more than one and up to five years	48,010	38,109
Due after more than five years	5,289	8,911
	78,883	66,717
of which due to affiliated companies	13,104	2,667

18. Other income statement disclosures

Cost of materials

€ thousand	2025	2024
Expenses for purchased services	28,165	33,668
	28,165	33,668

General and administrative expenses contain the following personnel expenses:

€ thousand	2025	2024
Wages and salaries	70,195	71,317
Social security contributions, retirement benefit expenses	15,780	12,217
	85,975	83,534

Retirement benefit expenses were €7,031 thousand (previous year: €5,640 thousand).

During the year, there were an average of 416 (previous year: 345) employees employed exclusively in administration.

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19. Deferred taxes

The tax rate used to measure deferred taxes is 31.90%.

Deferred tax liabilities relating to measurement differences between the commercial and tax accounts are offset against deferred tax assets relating to the measurement differences. Deferred tax assets remaining after this offset are not capitalized due to exercise of the recognition option pursuant to section 274 (1) sentence 2 of the HGB. The remaining deductible temporary differences, for which no deferred tax assets are recognized, in application of the above recognition option, mainly comprise loss carryforwards and measurement differences relating to provisions for pensions and other noncurrent provisions.

The introduction of Global Minimum Taxation (Pillar 2) has not led to any material costs for the TRATON GROUP. The TRATON GROUP has applied the exemption from the recognition and disclosure of deferred taxes in connection with Pillar 2 income taxes.

20. Derivatives and micro hedges

The companies in the TRATON GROUP hedge their interest rate, foreign currency, and commodity risks on an arm's length basis via the central Group Treasury unit at TRATON SE or the central Group Treasury unit at TRATON Treasury AB, Södertälje, Sweden (Scania CV AB).

TRATON SE's risks positions are hedged externally with banks. TRATON SE currently enters into currency forwards, currency options, interest rate swaps, cross-currency swaps, and commodity futures transactions with cash settlement. Exceptions from this process are TRATON Finance Luxembourg S.A., Strassen, Luxembourg, and TRATON SWEDEN AB, Södertälje, Sweden, which enter into external interest rate and currency hedges in connection with risks resulting from external financing transactions, which are passed on internally. Some companies of International Motors LLC, Lisle, Illinois, USA enter into their own external currency options and commodity futures. However, the majority of these hedging transactions are undertaken through TRATON SE. As of December 31, 2025, International had commodity derivatives amounting to USD 14 million and FX derivatives amounting to USD 123 million in its portfolio. Of these derivatives, only the commodity derivatives of USD 10 million were entered into separately with external parties without being passed on by TRATON SE. The maximum term of the commodity derivatives is year-end 2026. The maximum term of the FX derivatives is June 2027. Apart from those, International had no external interest rate swaps, but it does have three internal interest rate swaps with TRATON SE, which run up to January 2033.

In addition, the portfolio contains a large number of currency forwards, currency options, interest rate swaps and cross-currency swaps of Scania CV AB, Södertälje, Sweden (Scania CV AB). TRATON SE also enters into external transactions in the name of Scania CV AB.

The fair value of each currency forward and commodity future is calculated on the basis of the exchange rate applicable as of the reporting date, which is obtained from recognized providers of market data, compared with the agreed forward exchange rate or commodity futures price and the discount rate for the remaining term of the derivatives. The fair value of the interest rate swaps and cross-currency swaps is determined by discounting the expected future cash flows over the remaining term of the swap using current market interest rates and the interest structure curve.

TRATON SE uses micro hedges, where an individual hedged item is allocated to a hedging instrument, or portfolio hedges. In portfolio hedges, several transactions are grouped, for example, in annual maturity bands per currency. The individual currency and maturity combinations and the interest rate and maturity bands therefore comprise exposure to similar risks. Hedging of the foreign currency portfolio of TRATON SE is close to 100%. Similarly, items of

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TRATON SE that are sensitive to interest rates are hedged on a case-by-case basis using external interest rate swaps. As of December 31, 2025, the hedged items that were sensitive to interest rates comprised one fixed-interest external loan in euros, which is hedged through interest rate swaps. The external loan in the amount of €1,000 million was hedged using five interest rate swaps. Moreover, there are three internal interest rate swaps with International that are hedged by back-to-back external interest rate swaps as well as a loan at Volkswagen AG, Wolfsburg, that has been hedged by an external interest rate swap.

Changes in the fair value of the hedging instruments are offset by offsetting movements in the fair value of the hedged items. The opposing fluctuations in value essentially cancel each other out by the end of the term of the hedge because the risks correlate due to the correlation between the parameters. The hedging instruments have terms of up to three years. The effectiveness of each portfolio hedge is determined retrospectively during its term on the basis of the change in the fair values of the hedged items and the hedging instruments (dollar offset method). For each micro hedge, the amounts, currency units, and settlement dates of the hedged item and the hedging instrument are compared (critical term match). If they are basically identical, the hedge is assumed to be effective. Effectiveness is determined when preparing the Annual Financial Statements.

For micro hedges where internal accounts at TRATON are hedged against currency risk, all changes in the fair value of the hedged item and hedging instrument are recognized in the financial statements (gross hedge presentation method). Where internal derivatives are hedged, they are recognized using the net hedge presentation method. If the hedge is effective and the net fair value is negative, a provision is established for the hedge. In principle, both methods can be used for hedges of foreign currency money market transactions, but only one method is used for each transaction.

As of December 31, 2025, there was a provision of €21,592 thousand (previous year: €50,037 thousand) for micro hedges. Further, there was no ineffectiveness due to the use of micro hedges.

As of December 31, 2025, derivatives with positive fair values of €40,424 thousand (previous year: €5,296 thousand) and negative fair values of €2,854 thousand (previous year: €6,395 thousand) were recognized in other assets and other provisions due to use of the gross hedge presentation method.

For currency option contracts concluded with affiliated companies and passed through to banks, option premiums of €4,678 thousand (previous year: €4,873 thousand) were capitalized as other assets and option premiums of €4,678 thousand (previous year: €4,873 thousand) were expensed as other liabilities.

The following table shows the risk exposure resulting from transactions in foreign currencies. These were hedged through derivatives entered into with banks.

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Hedged items

€ million	12/31/2025	12/31/2024
Assets	1,061	851
Liabilities	2,965	780
Forecast transactions^{1}	2,380	1,990

1 Of which assets of €1,818 million, liabilities of €561 million (assets of €1,620 million, liabilities of €369 million) as of December 31, 2025

On the reporting date, hedging transactions were as follows:

€ million	12/31/2025		12/31/2024
Intragroup hedging transactions
Nominal amount
Purchase of foreign currency	1,790		1,574
Sale of foreign currency	484		317
Currency options	122		136
Commodity futures	94		94
Interest rate swaps	9,371		4,300
Cross-currency swaps	3,287		1,797
Fair value (FV)	Pos. FV	Neg. FV	Pos. FV	Neg. FV
Currency forwards	16	-14	13	-13
Currency options	0	0	5	0
Commodity futures	3	-16	3	-3
Interest rate swaps	11	-16	20	-29
Cross-currency swaps	10	-127	14	-56

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€ million	12/31/2025		12/31/2024
Hedging transactions with external counterparties
Nominal amount
Purchase of foreign currency	3,439		913
Sale of foreign currency	2,034		2,241
Currency options	122		136
Commodity futures	94		94
Interest rate swaps	10,621		5,551
Cross-currency swaps	3,575		1,797
Fair value (FV)	Pos. FV	Neg. FV	Pos. FV	Neg. FV
Currency forwards	54	-17	18	-18
Currency options	0	0	0	-5
Commodity futures	16	-3	3	-3
Interest rate swaps	21	-11	44	-20
Cross-currency swaps	127	-10	56	-14

There were no stand-alone derivatives either on December 31, 2025, or in the previous year.

1. Auditor's fees

€ thousand	2025	2024
Audit services	1,800	1,766
Other assurance services	187	280
Other benefits	334	334
	2,321	2,379

Audit services comprise the auditing of the consolidated financial statements, the auditing of the single-entity financial statements of TRATON SE and the audit review of the consolidated interim financial statements as well as support for the enforcement proceedings. Other assurance services primarily included fees for assurance services for capital measures and for the EU Taxonomy disclosures. The fees for the audit of the sustainability report are reported in other benefits.

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22. Related party disclosures

Liabilities to the current members of the Executive Board and Supervisory Board comprise outstanding balances for the remuneration of the Supervisory Board, for the fair values of performance shares granted to members of the Executive Board, and for variable remuneration in the amount of €12,632 thousand (previous year: €15,081 thousand). Of this amount, €3,749 thousand (previous year: €3,099 thousand) will be reimbursed by MAN Truck & Bus SE, Munich. Disclosures on pension provisions for members of the Executive Board can be found in Note (23) Remuneration of the Executive Board and Supervisory Board.

The following expenses were recorded for remuneration and benefits granted to the members of the Executive Board and Supervisory Board of TRATON SE in connection with their membership of these boards:

€ thousand	2025	2024
Amounts due in the short term	8,923	11,086
Amounts based on performance shares	4,991	5,622
Post-employment benefits	1,306	1,068
Termination benefits	-	-
Total1	15,220	17,776

1 Pro-rata reimbursement of fixed (excluding fringe benefits) and variable remuneration components by MAN Truck & Bus SE: amounts due in the short term €1,021 thousand (previous year: €1,659 thousand); amounts based on performance shares €1,387 thousand (previous year: €1,279 thousand). Pro-rata reimbursement of fixed remuneration components (excluding fringe benefits) to International until September 30, 2024: amounts due in the short term €- thousand (previous year: €128 thousand).

The employee representatives on the Supervisory Board who are employed by TRATON SE also receive their regular salaries as specified in their employment contracts. If they are members of German works councils, this is based on the provisions of the Betriebsverfassungsgesetz (BetrVG — German Works Council Constitution Act).

Benefits based on performance shares include the expenses for the performance shares granted to Executive Board members under the remuneration system in place.

Post-employment benefits relate to additions to pension provisions and — depending on the social security system — contributions to the Swedish pension system for current members of the Executive Board.

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23. Remuneration of the Executive Board and Supervisory Board

The total remuneration granted to the members of the Executive Board amounted to €8,954 thousand (previous year: €11,057 thousand). Of this amount, €1,768 thousand (€2,333 thousand) will be reimbursed by MAN Truck & Bus SE, Munich.

Five Executive Board members are members of executive boards, or perform functions as senior managers, at foreign subsidiaries of TRATON SE in addition to their membership of the Executive Board of TRATON SE: Mr. Levin at Scania CV AB, Södertälje, Sweden (Scania CV AB); Mr. Cortes at Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda., São Paulo, Brazil (Volkswagen Truck & Bus); Mr. Carlbaum at International Motors LLC, Lisle, Illinois, USA (International); Ms. Modahl Nilsson and Mr. Niklas Klingenberg at TRATON AB, Södertälje, Sweden (TRATON AB). Mr. Levin's remuneration has been divided between TRATON SE and Scania CV AB based on areas of responsibility. Mr. Cortes receives 20% of his fixed (without fringe benefits) and variable remuneration components from TRATON SE and the remaining 80% from Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda. Until September 30, 2024, Mr. Carlbaum received 100% of his remuneration from Scania CV AB and International on the basis of a secondment agreement between him and these two companies. TRATON SE bears 20% of the expenses for fixed remuneration (excluding fringe benefits) and variable remuneration through intragroup cross-charging. The secondment ended on October 1, 2024, and since then Mr. Carlbaum has been employed directly by International in addition to his employment contract with TRATON SE. Since October 1, 2024, Mr. Carlbaum has received 20% of his fixed (without fringe benefits) and variable remuneration components from TRATON SE and the remaining 80% from International. Ms. Modahl Nilsson and Mr. Klingenberg receive 20% of their fixed (without fringe benefits) and variable remuneration components from TRATON SE and the remaining 80% from TRATON AB.

The remuneration of the members of the Executive Board is based on the remuneration system revised by the Supervisory Board effective January 1, 2024 ("Remuneration System") with a long-term incentive (LTI) in the form of share-based payment, which features a performance share plan with a forward-looking four-year term. The remuneration applies to all members of the Executive Board. The previous three-year term ended as of December 31, 2025. At the time the LTI is granted, the annual target amount under the LTI is converted into virtual performance shares on the basis of the initial reference price of TRATON SE shares. These performance shares are allocated to the individual member of the Executive Board as a pure calculation value. At the end of the three- or four-year performance period, a final number of virtual performance shares is determined, based on the degree to which the earnings per share (EPS) performance criterion of the TRATON GROUP has been met. A cash settlement is made at the beginning of the fiscal year following the last fiscal year of the performance period. The payment amount corresponds to the number of specified performance shares multiplied by the closing reference price at the end of the three- or four-year performance period, plus a dividend equivalent for the relevant term. The payment amount from the performance share plan is limited to 250% of the target amount.

For 2025, the Executive Board members were allocated a total of 142,710 performance shares (previous year: 192,949 performance shares). Their fair value on the grant date was €2,784 thousand (previous year: €3,016 thousand). Under German GAAP, this amount is included in remuneration. The carrying amount of the obligation as of December 31, 2025, was €11,457 thousand (previous year: €8,489 thousand). The remuneration expense of €5,077 thousand (previous year: €5,622 thousand) was recognized in personnel expenses. These amounts do not constitute remuneration within the meaning of German GAAP. The intrinsic value was €4,261 thousand (previous year: €2,108 thousand) and corresponds to the amount that the Executive Board members would have received if they had left the Executive Board as of December 31, 2025. Only the vested performance shares earned as of reporting date are included in this calculation.

Provisions for pensions for former members of the Executive Board and their surviving dependents amounted to €11,026 thousand (€11,181 thousand).

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2025 Annual Financial Statements of TRATON SE

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三

The total remuneration granted to the members of the Supervisory Board amounted to €2,421 thousand (previous year: €2,389 thousand).

The members of the Executive Board in fiscal year 2025 are listed under Members of the Executive Board and their Appointments.

The members of the Supervisory Board in fiscal year 2025 are listed under Members of the Supervisory Board and their Appointments.

24. Notifications of investments in TRATON SE in accordance with section 33 of the Wertpapierhandelsgesetz (WpHG — German Securities Trading Act)

The disclosures below, which are required pursuant to section 160 (1) no. 8 of the AktG, on investments of which the company was notified pursuant to section 33 (1) or (2) of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act) have been taken from the latest notifications by the respective notifiers:

a) The notifiers (1st) Dr. Wolfgang Porsche, born May 10, 1943, (2nd) Dr. Dr. Christian Porsche, born March 21, 1974, (3rd) Dipl.-Design. Stephanie Porsche-Schröder, born February 11, 1978, (4th) Ferdinand Rudolf Wolfgang Porsche, born April 14, 1993, (5th) Felix Alexander Porsche, born February 15, 1996, (6th) Gerhard Anton Porsche, born June 5, 1938, (7th) Dr. Ferdinand Oliver Porsche, born March 13, 1961, (8th) Mag. Mark Philipp Porsche, born September 17, 1977, (9th) Kai Alexander Porsche, born December 14, 1964, (10th) Dr. Geraldine Porsche, born July 22, 1980, (11th) Peter Daniell Porsche, born September 17, 1973, (12th) Diana Porsche, born March 3, 1996, (13th) Andreas Johann Kiesling, BA, MA, born August 29, 1989, and (14th) Hubertus Josef Kiesling, Bsc, born September 23, 1992, (collectively "notifiers") notified us on April 4, 2025, by way of a voluntary Group notification pursuant to sections 33ff. of the WpHG as the threshold of a subsidiary was reached that, on April 4, 2025, their share of the voting rights of TRATON SE, Munich, was 87.52% of the voting rights (corresponding to 437,623,725 voting rights). All of these voting rights are attributable to the notifiers pursuant to section 34 of the WpHG. The name of the shareholder with 3% or more of the voting rights is: VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.

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Complete chain of subsidiaries, starting with the highest-level controlling person or the highest-level controlling entity:

Company	Voting rights in %, if 3% or higher	Instruments in %, if 5% or higher	Total in %, if 5% or higher
Notifiers 1 through 14	%	%	%
Ferdinand Porsche Familien-Privatstiftung	%	%	%
Ferdinand Porsche Familien-Holding GmbH	%	%	%
Ferdinand Alexander Porsche Zweite GmbH	%	%	%
Ferdinand Alexander Porsche GmbH	%	%	%
Familie Porsche Beteiligung GmbH	%	%	%
Porsche Automobil Holding SE	%	%	%
VOLKSWAGEN AKTIENGESELLSCHAFT	%	%	%
VOLKSWAGEN FINANCE LUXEMBURG S.A.	%	%	%
VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.	87.52%	%	87.52%
-	%	%	%
Dr. Wolfgang Porsche, Dr. Dr. Christian Porsche, Dipl.-Design. Stephanie Porsche-Schröder, Ferdinand Rudolf Wolfgang Porsche, Felix Alexander Porsche	%	%	%
Familie WP Holding GmbH	%	%	%
Ferdinand Porsche Familien-Holding GmbH	%	%	%
Ferdinand Alexander Zweite Porsche GmbH	%	%	%
Ferdinand Alexander Porsche GmbH	%	%	%
Familie Porsche Beteiligung GmbH	%	%	%
Porsche Automobil Holding SE	%	%	%
VOLKSWAGEN AKTIENGESELLSCHAFT	%	%	%
VOLKSWAGEN FINANCE LUXEMBURG S.A.	%	%	%
VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.	87.52%	%	87.52%

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b) Dr. Hans Michel Piëch, born on January 10, 1940, notified us on September 5, 2024, by way of a voluntary Group notification pursuant to sections 33ff. of the WpHG as the threshold was reached only at the level of subsidiaries that, on September 2, 2024, his share of the voting rights of TRATON SE, Munich, was 89.72% of the voting rights (corresponding to 448,623,725 voting rights). All of these voting rights are attributable to Dr. Hans Michel Piëch pursuant to section 34 of the WpHG. The name of the shareholder with 3% or more of the voting rights is: VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.

Complete chain of subsidiaries, starting with the highest-level controlling person or the highest-level controlling entity:

Company	Voting rights in %, if 3% or higher	Instruments in %, if 5% or higher	Total in %, if 5% or higher
Dr. Hans Michel Piëch	%	%	%
Dr. Hans Michel Piëch GmbH	%	%	%
HMP Vermögensverwaltung GmbH	%	%	%
Porsche Automobil Holding SE	%	%	%
VOLKSWAGEN AKTIENGESELLSCHAFT	%	%	%
VOLKSWAGEN FINANCE LUXEMBURG S.A.	%	%	%
VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.	89.72%	%	89.72%

c) Porsche Piech Holding GmbH, Salzburg, Austria, notified us on September 5, 2024, by way of a voluntary Group notification pursuant to sections 33ff. of the WpHG as the threshold of a subsidiary was reached that, on September 2, 2024, its share of the voting rights of TRATON SE, Munich, was 89.72% of the voting rights (corresponding to 448,623,725 voting rights). All of these voting rights are attributable to Porsche Piech Holding GmbH pursuant to section 34 of the WpHG. The name of the shareholder with 3% or more of the voting rights is: VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.

Complete chain of subsidiaries, starting with the highest-level controlling person or the highest-level controlling entity:

Company	Voting rights in %, if 3% or higher	Instruments in %, if 5% or higher	Total in %, if 5% or higher
Porsche Piech Holding GmbH	%	%	%
Porsche Gesellschaft m.b.H.	%	%	%
Porsche Gesellschaft mit beschränkter Haftung	%	%	%
Porsche Automobil Holding SE	%	%	%
VOLKSWAGEN AKTIENGESELLSCHAFT	%	%	%
VOLKSWAGEN FINANCE LUXEMBURG S.A.	%	%	%
VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.	89.72%	%	89.72%

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Combined Management Report

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d) Mag. Josef Ahorner, born on March 26, 1960, notified us on September 5, 2024, by way of a voluntary Group notification pursuant to sections 33ff. of the WpHG as the threshold of a subsidiary was reached that, on September 2, 2024, his share of the voting rights of TRATON SE, Munich, was $89.72\%$ of the voting rights (corresponding to 448,623,725 voting rights). All of these voting rights are attributable to Mag. Josef Ahorner pursuant to section 34 of the WpHG. The name of the shareholder with $3\%$ or more of the voting rights is: VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.

Complete chain of subsidiaries, starting with the highest-level controlling person or the highest-level controlling entity:

Company	Voting rights in %, if 3% or higher	Instruments in %, if 5% or higher	Total in %, if 5% or higher
Mag. Josef Ahorner	%	%	%
Ahorner Holding GmbH	%	%	%
Ahorner GmbH	%	%	%
Porsche Automobil Holding SE	%	%	%
VOLKSWAGEN AKTIENGESELLSCHAFT	%	%	%
VOLKSWAGEN FINANCE LUXEMBURG S.A.	%	%	%
VOLKSWAGEN INTERNATIONAL LUXEMBURG S.A.	89.72%	%	89.72%

The Company has not received any other notifications pursuant to section 33ff. of the WpHG after the reporting date.

25. Declaration of Conformity

The Executive Board and Supervisory Board of TRATON SE issued their annual Declaration of Conformity in December 2025 in accordance with section 161 of the Aktiengesetz (AktG — German Stock Corporation Act), which is reproduced in the Corporate Governance Statement as a separate part of the Combined Management Report and published on TRATON SE's website at https://ir.traton.com/websites/traton/English/5000/corporate-governance.. Furthermore, TRATON has published a statement regarding departures by TRATON's corporate governance system from the Swedish Corporate Governance Code. This is also available at https://ir.traton.com/websites/traton/English/5000/corporate-governance..

26. Report on post-balance sheet date events

In January 2026, the TRATON GROUP issued several bonds in euros and Swedish kronor with a total volume equivalent to €1,075 million under TRATON's €18,000 million EMTN program.

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Further Information

Members of the Supervisory Board and their appointments

Hans Dieter Pötsch

Wolfsburg, born in 1951
Chairman of the Executive Board of Porsche Automobil Holding SE
Chairman of the Supervisory Board of Volkswagen AG
Chairman of the Supervisory Board

1 Bertelsmann Management SE
Bertelsmann SE & Co. KGaA
Wolfsburg AG

2 AUDI AG
2, 5 Dr. Ing. h.c. F. Porsche AG
Volkswagen AG (Chairman)
4 Autostadt GmbH
Porsche Austria Gesellschaft m.b.H., Austria (Chairman)
Porsche Holding Gesellschaft m.b.H., Austria (Chairman)
Porsche Retail GmbH, Austria (Chairman)
VfL Wolfsburg-Fußball GmbH (Deputy Chairman)

Jürgen Kerner*

Berlin, born in 1969
Second Chair of IG Metall

1, 5 Siemens AG
Siemens Energy AG
Thyssenkrupp AG (Deputy Chairman)
2 MAN Truck & Bus SE (Deputy Chairman)

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Annual Financial Statements of TRATON SE
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Ödgård Andersson

Gothenburg, Sweden, born in 1972
Chairwoman of the Executive Board of Zenseact AB, Sweden

3 Stiftelsen Chalmers Tekniska Högskola, Sweden (since May 6, 2025)

Dr. Arno Antlitz (since September 26, 2025)

Braunschweig, born in 1970
Member of the Board of Management of Volkswagen AG (Finance and Operations)

2, 5 Dr. Ing. h.c. F. Porsche AG
2 PowerCo SE
Volkswagen Financial Services AG (Chairman)
4 Porsche Austria Gesellschaft m.b.H., Austria (Deputy Chairman)
Porsche Holding Gesellschaft m.b.H., Österreich (Deputy Chairman)
Porsche Retail GmbH, Austria (Deputy Chairman)
Volkswagen (China) Investment Co., Ltd., China
Volkswagen Group of America, Inc. (USA) (until December 9, 2025)

Torsten Bechstädt*

Helmstedt, born in 1973
Head of Supervisory Board matters of the Chair of the Group Works Council of Volkswagen AG

2 Volkswagen Financial Services Overseas AG

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Mari Carlquist*

Södertälje, Sweden, born in 1969
Representative of PTK (Privattjänstemannakartellen, Confederation of Labor Unions in Sweden) at Scania

4 Scania AB, Sweden
Scania CV AB, Sweden
TRATON Financial Services AB, Sweden

Daniela Cavallo*

Wolfsburg, born in 1975
Chairwoman of the General and Group Works Councils of Volkswagen AG

1 Wolfsburg AG
2, 5 Volkswagen AG
2 PowerCo SE (Deputy Chairwoman)
3 Brose Sitech Sp. z o.o., Poland
4 Autostadt GmbH
Porsche Holding Gesellschaft m.b.H., Austria
SEAT, S.A., Spain
Skoda Auto a.s., Czech Republic
VfL Wolfsburg-Fußball GmbH
Volkswagen Group Services GmbH

Dr. Manfred Döss

Wolfsburg, born in 1958
Member of the Executive Board of Porsche Automobil Holding SE (Legal Affairs and Compliance)
Member of the Board of Management of Volkswagen AG (Integrity and Legal Affairs)

2 AUDI AG (Chairman)
PowerCo SE (since August 7, 2025)
3 Grizzlys Wolfsburg GmbH

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37 2025 Annual Financial Statements of TRATON SE

Dirk Fuhrig (since January 1, 2026)

Arnsberg, born in 1970
Chairman of the Joint Works Council of MAN Truck & Bus Deutschland GmbH

2 MAN Truck & Bus SE
MAN Truck & Bus Deutschland GmbH (Deputy Chairman)

Gunnar Kilian (until July 16, 2025)

Lehre, born in 1975
Member of the Board of Management of Volkswagen AG (HR and Trucks)

1 Wolfsburg AG (Deputy Chairman)
2 AUDI AG
Everlence SE (formerly: MAN Energy Solutions SE) (Chairman)
MAN Truck & Bus SE
PowerCo SE
Volkswagen Group Services GmbH
3 FAW-Volkswagen Automotive Co., Ltd., China
4 Autostadt GmbH (Chairman)
Scania AB, Sweden
Scania CV AB, Sweden
VfL Wolfsburg-Fußball GmbH
Volkswagen (China) Investment Co., Ltd., China (since February 1, 2025)
Volkswagen Immobilien GmbH (Chairman)

Dr. Albert X. Kirchmann

Lindau, Bodolz, born in 1956
Independent industrial consultant

1 Stremler AG
2 MAN Truck & Bus SE
3,5 Sumida Corporation, Japan

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Dr. Julia Kuhn-Piëch
Salzburg, Austria, born in 1981
Real estate manager

2 AUDI AG
MAN Truck & Bus SE
4 Scania AB, Sweden
Scania CV AB, Sweden

Lisa Lorentzon* (until June 30, 2025)
Huddinge, Sweden, born in 1982
Chair of the Labor Unions for Graduate Employees at Scania

4 Scania AB, Sweden
Scania CV AB, Sweden
TRATON Financial Services AB, Sweden

Bo Luthin*
Södertälje, Sweden, born in 1967
Head of Occupational Health and Safety at Scania Södertälje and Coordinator for IF Metall (labor union in Sweden)

Michael Lyngsie*
Gnesta, Sweden, born in 1977
Chair of IF Metall (labor union in Sweden) at Scania

4 Scania AB, Sweden
Scania CV AB, Sweden

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Combined Management Report
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Nina Macpherson

Stocksund, Sweden, born in 1958
Member of the Board of Directors of Scania AB and Scania CV AB

3 M&K Industrials AB, Sweden (Deputy Member)
3, 5 Netel Holding AB, Sweden
Scandinavian Enviro Systems AB, Sweden (until June 10, 2025)
4 Scania AB, Sweden
Scania CV AB, Sweden

Dr. Dr. Christian Porsche

Salzburg, Austria, born in 1974
Specialist in Neurology

2 MAN Truck & Bus SE
4 Scania AB, Sweden
Scania CV AB, Sweden

Dr. Wolf-Michael Schmid

Helmstedt, born in 1947
Businessman (Managing Director of the Schmid Group)

1 BRW Finanz AG (Chairman)

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Karina Schnur*

Reichertshofen, born in 1977
Chairwoman of the SE Works Council and Chairwoman of the Group Works Council of TRATON SE
Chairwoman of the SE Works Council and the General and Group Works Council of MAN Truck & Bus SE
Chairwoman of the Works Council of MAN Truck & Bus SE, Munich
Chairwoman of the General Works Council of TRATON R&D Germany GmbH

2 MAN Truck & Bus SE
2,5 Volkswagen AG
3 Rheinmetall MAN Military Vehicles GmbH

Josef Sedlmaier* (until December 31, 2025)

Weichs, born in 1964
Chairman of the Works Council of TRATON SE

Markus Wansch*

Schwabach, born in 1971
Deputy Chairman of the Group Works Council of TRATON SE and Chairman of the Works Council of MAN Truck & Bus SE, Nuremberg plant

2 MAN Truck & Bus SE

Christina Widén (since July 1, 2025)

Södertälje, Sweden, born in 1965
Chair of the Labor Unions for Graduate Employees at Scania and TRATON
Chairwoman of the Board of Directors of Scania Resultatsbonusstiftelse & TRATON Resultatsbonusstiftelse

3 Scania Pensionsstiftelse

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Frank Witter

Braunschweig, born in 1959
Former member of the Board of Management of Volkswagen AG
Member of the Supervisory Board

1,5 Deutsche Bank AG
3,5 CGI Inc., Canada (until January 28, 2026)

• Elected by the workforce

As of December 31, 2025, unless stated otherwise or date of joining or date of departure

1. Membership of statutory German supervisory boards
2. Membership of statutory German supervisory boards, Volkswagen AG Group appointments
3. Membership of comparable German or foreign governing bodies
4. Membership of comparable German or foreign governing bodies, Volkswagen AG Group appointments
5. Listed company

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Supervisory Board Committees

(As of December 31, 2025)

Presiding Committee

Hans Dieter Pötsch (Chairman)
Jürgen Kerner (Deputy Chairman)
Michael Lyngsie
Dr. Dr. Christian Porsche
Karina Schnur

Audit Committee

Frank Witter (Chairman)
Torsten Bechstädt (Deputy Chairman)
Dr. Julia Kuhn-Piëch
Nina Macpherson
Karina Schnur
Christina Widén

Nomination Committee

Hans Dieter Pötsch
Dr. Dr. Christian Porsche

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Members of the Executive Board and their appointments

Christian Levin

Lidingö, Sweden, born in 1967
Chairman of the Executive Board and Chief Executive Officer of TRATON SE
President and Chief Executive Officer Scania AB/Scania CV AB

2 MAN Truck & Bus SE (Chairman)
3 Vattenfall AB, Sweden
4 Navistar International Corporation, USA
Scania Growth Capital AB, Sweden
Scania Growth Capital II AB, Sweden
TRATON AB, Sweden (Chairman)
TRATON Financial Services AB, Sweden (Chairman)
Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda., Brazil (Chairman)

Mathias Carlbaum

Hinsdale, USA, born in 1972
Member of the Executive Board of TRATON SE
Chief Executive Officer and President of Navistar International Corporation/International Motors, LLC

4 TRATON Financial Services AB, Sweden

Antonio Roberto Cortes

São Paulo-Indianópolis, Brazil, born in 1955
Member of the Executive Board of TRATON SE
Chief Executive Officer of Volkswagen Truck & Bus

4 TRATON Financial Services AB, Sweden

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Dr. Michael Jackstein

Braunschweig, born in 1977
Member of the Executive Board of TRATON SE, responsible for Finance, Business Development, and Human Resources

2 MAN Truck & Bus SE
4 Navistar International Corporation, USA
Scania AB, Sweden (Chairman)
Scania CV AB, Sweden (Chairman)
TRATON AB, Sweden
TRATON Financial Services AB, Sweden
TRATON Sweden AB, Sweden (Chairman)
TRATON US, LLC, USA
Volkswagen Middle East QFZ LLC, Qatar
Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda., Brazil

Niklas Klingenberg

Bromma, Sweden, born in 1975
Member of the Executive Board of TRATON SE, responsible for Group Research & Development
Managing Director and Head of Group R&D of TRATON AB

3 Cummins Scania XPI Manufacturing Södertälje AB, Sweden

Catharina Modahl Nilsson

Stockholm, Sweden, born in 1963
Member of the Executive Board of TRATON SE, responsible for Group Product Management

3 Chalmers Tekniska Högskola Aktiebolag (Chalmers University of Technology AB), Sweden
Knightec Group AB, Sweden
Modahlen Group AB, Sweden
EXRX Group AS, Norway (since June 17, 2025)

4 TRATON AB, Sweden

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Annual Financial Statements of TRATON SE

Combined Management Report
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Alexander Vlaskamp

Munich, born in 1971
Member of the Executive Board of TRATON SE
Chief Executive Officer of MAN Truck & Bus SE

2 MAN Truck & Bus Deutschland GmbH (Chairman)
3 Rheinmetall MAN Military Vehicles GmbH
4 TRATON Financial Services AB, Sweden

As of December 31, 2025, unless otherwise stated

1 Membership of statutory German supervisory boards
2 Membership of statutory German supervisory boards, Volkswagen AG Group appointments
3 Membership of comparable German or foreign governing bodies
4 Membership of comparable German or foreign governing bodies, Volkswagen AG Group appointments

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Annual Financial Statements of TRATON SE

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Further Information

List of Shareholdings
List of shareholdings of TRATON SE pursuant to section 285 (11) of the HGB

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
I. PARENT COMPANY
TRATON SE, Munich
II. SUBSIDIARIES
A. Consolidated companies
1. Germany
Erinion GmbH, Düsseldorf	EUR	100.00	-	-	1)	2024
KOSIGA GmbH & Co. KG, Pullach i. Isartal	EUR	94.00	40,522	913		2024
LOTS Germany GmbH, Koblenz	EUR	100.00	19	-6		2024
M A N Verwaltungs-Gesellschaft mbH, Munich	EUR	100.00	1,039	-	2)	2025
MAN Brand GmbH & Co. KG, Grünwald	EUR	100.00	25	50,241		2024
MAN Finance & Mobility Services GmbH, Munich	EUR	100.00	111,360	-		2024
MAN GHH Immobilien GmbH, Oberhausen	EUR	100.00	44,668	-	2)	2025
MAN Grundstücksgesellschaft mbH & Co. Epsilon KG, Munich	EUR	100.00	6,262	59		2024
MAN Marken GmbH, Munich	EUR	100.00	27	-	2)	2025
MAN Service und Support GmbH, Munich	EUR	100.00	25	1,756	2)	2025
MAN Truck & Bus Deutschland GmbH, Munich	EUR	100.00	130,934	-	2)	2025
MAN Truck & Bus SE, Munich	EUR	100.00	564,841	-	2)	2025
Navistar Europe GmbH, Nuremberg	EUR	100.00	560	247		2024
Scania CV Deutschland Holding GmbH, Koblenz	EUR	100.00	66,295	-	2)	2025
SCANIA DEUTSCHLAND GmbH, Koblenz	EUR	100.00	36,625	-	2)	2025
Scania Finance Deutschland GmbH, Koblenz	EUR	100.00	62,913	-	2)	2025
SCANIA Real Estate Deutschland GmbH, Koblenz	EUR	100.00	15,183	-	2)	2025
Scania Versicherungsvermittlung GmbH, Koblenz	EUR	100.00	1,793	255		2024
SCANIA Vertrieb und Service GmbH, Koblenz	EUR	100.00	9,463	-	2)	2025
TARONA Verwaltung GmbH & Co. Alpha KG, Pullach i. Isartal	EUR	100.00	10,574	3,557		2024
TB Digital Services GmbH, Munich	EUR	100.00	25	-	2)	2025
TORINU Verwaltung GmbH & Co. Beta KG, Pullach i. Isartal	EUR	100.00	19,666	855		2024
TRATON R&D Germany GmbH, Munich	EUR	100.00	20	5		2024

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Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
2. Other countries
AB Dure, Södertälje	SEK	10.7997	100.00	1,440	–	3j	2024
AB Folkvagn, Södertälje	SEK	10.7997	100.00	100	–	3j	2024
AB Scania-Vabis, Södertälje	SEK	10.7997	100.00	100	–	3j	2024
Ainax AB, Södertälje	SEK	10.7997	100.00	120	–	3j	2024
Banco Traton Brasil S.A., São Paulo	BRL	6.4350	100.00	372,631	1,263	1j	2024
Blue Diamond Parts LLC, Lisle, Illinois	USD	1.1748	100.00	65,051	8,212		2024
Bucida Sp. Z o.o., Nadarzyn	PLN	4.2193	100.00	–	–	4j	2025
Cheshire 3 Holdings Limited, Milton Keynes	GBP	0.8731	100.00	–	–	4j	2025
Codema Comercial e Importadora Ltda., Guarulhos	BRL	6.4350	99.98	347,958	166,886		2024
Erinion AG, Kloten	CHF	0.9309	100.00	–	–	1j, 5j	2025
Erinion AS, Oslo	NOK	11.8169	100.00	–	–	1j	2024
Erinion B.V., Amsterdam	EUR		100.00	–	–	1j	2024
Erinion BV, Gent	EUR		100.00	–	–	1j, 5j	2025
Erinion Ltd, Milton Keynes	GBP	0.8731	100.00	–	–	1j	2024
Erinion S.A.S., Lyon	EUR		100.00	–	–	1j	2024
Fastighetsaktiebolaget Hjulnavet, Södertälje	SEK	10.7997	100.00	54,911	–967	6j	2024
Ferruform AB, Luleå	SEK	10.7997	100.00	63,142	–6,002		2024
Griffin Automotive Ltd., Road Town	TWD	36.7850	100.00	366,740	333,292		2024
Griffin Lux S.à r.l., Luxembourg	EUR		–	–	–	7j, 11j	2024
Harbour Assurance Company of Bermuda Ltd., Hamilton	USD	1.1748	100.00	13,360	1,799		2024
Haydock Commercial Vehicles Limited, Milton Keynes	GBP	0.8731	100.00	–	–	4j	2025
HTD I Oskarshamn AB, Oskarshamn	SEK	10.7997	100.00	452	–101		2024
IC Bus LLC, Lisle, Illinois	USD	1.1748	100.00	1,279,136	141,498		2024
IC Bus of Oklahoma, LLC, Tulsa, Oklahoma	USD	1.1748	100.00	–	–	8j, 3j	2023
International DealCor Operations, Ltd., George Town	USD	1.1748	100.00	41,373	–		2024
International Engine Intellectual Property Company, LLC, Lisle, Illinois	USD	1.1748	100.00	493,683	–27		2024
International Motors Canada, ULC, Hannon, Ontario	CAD	1.6100	100.00	23,809	50,268		2024
International Motors Mexico CV, S. de R.L. de C.V., Mexico City	MXN	21.1008	100.00	16,833,061	5,467,775		2024
International Motors, LLC, Lisle, Illinois	USD	1.1748	100.00	–10,516,377	1,313		2024
International of Mexico Holding Corporation LLC, Lisle, Illinois	USD	1.1748	100.00	722,354	40,791		2024
International Parts Distribution S. de R.L. de C.V., Mexico City	MXN	21.1008	100.00	504,636	464,991		2024

---

2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

\leftrightarrow Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
International Transport Engineering LLC, Wilmington, Delaware	USD	1.1748	100.00	-	-	9)
International Truck and Engine Corporation Cayman Islands Holding Company, George Town	USD	1.1748	100.00	-83,336	63		2024
International Truck Intellectual Property Company, LLC, Lisle, Illinois	USD	1.1748	100.00	1,027,330	14,381		2024
International Truck Leasing Corp., Lisle, Illinois	USD	1.1748	100.00	7,921	1,167		2024
Italscania S.p.A., Trento	EUR		100.00	102	58		2024
Laxã Speciávehicles AB, Laxã	SEK	10.7997	100.00	154	4		2024
LOTS Chile S.p.A., Santiago de Chile	CLP	1,057.7150	100.00	-7,946	5,439,655		2024
LOTS Group AB, Södertälje	SEK	10.7997	100.00	268	286		2024
LOTS Latin América Logística de Transportes Ltda., São Bernardo do Campo	BRL	6.4350	100.00	48,975	-77,337		2024
Lots Logistics (Guangxi) Co. Ltd., Beihai	CNY	8.2249	100.00	4,780	-	3)	2023
LOTS SPV USA LLC, Wilmington, Delaware	USD	1.1748	70.00	-1,267	-3,654		2024
LOTS Ventures Canada Inc., Vancouver, British Columbia	CAD	1.6100	80.00	-6,176	-12,215		2024
LOTS Ventures USA Inc., Wilmington, Delaware	USD	1.1748	100.00	9,138	-		2024
Mälardalens Tekniska Gymnasium AB, Södertälje	SEK	10.7997	80.00	28,091	-2,590		2024
MAN Automotive (South Africa) (Pty) Ltd., Johannesburg	ZAR	19.4404	100.00	1,245,474	105,685	6)	2024
MAN Bus Sp. Z o.o., Starachowice	PLN	4.2193	100.00	1,106,132	65,555		2024
MAN Components s.r.o., Bánovce nad Bebravou	EUR		100.00	17,469	2,526		2024
MAN Engines & Components Inc., Pompano Beach, Florida	USD	1.1748	100.00	61,859	13,216		2024
MAN Finance and Holding S.A., Strassen	EUR		100.00	3,841,780	-155,172		2024
MAN Financial Services GesmbH, Eugendorf	EUR		100.00	12,527	1,333		2024
MAN Financial Services Polska Sp.z o.o, Wolica	PLN	4.2193	100.00	35,447	-12,279	1)	2024
MAN Financial Services UK Limited, Swindon	GBP	0.8731	100.00	-	-	1)	2023
MAN Kamion és Busz Kereskedelmi Kft., Dunaharaszti	HUF	384.7200	100.00	8,939,977	772,951		2024
MAN Kamyon ve Otobüs Ticaret A.S., Ankara	TRY	50.4574	100.00	1,565,302	202,790		2024
MAN Nutzfahrzeuge Immobilien GmbH, Vienna	EUR		100.00	42,580	4,773		2024
MAN Servicios Financieros Hispania S.A., Madrid	EUR		100.00	24	-3	1)	2024
MAN Shared Services Center Sp. Z o.o., Poznan	PLN	4.2193	100.00	18,011	1,850		2024
MAN Truck & Bus (Korea) Ltd., Yongin	KRW	1,695.3050	100.00	26,945,293	3,481,440		2024
MAN Truck & Bus (M) Sdn. Bhd., Rawang	MYR	4.7672	100.00	57,016	1,087		2024
MAN Truck & Bus Czech Republic s.r.o., Cestlice	CZK	24.1990	100.00	1,609,948	126,461		2024
MAN Truck & Bus Danmark A/S, Greve	DKK	7.4689	100.00	206,107	32,153		2024
MAN Truck & Bus France S.A.S., Evry	EUR		100.00	116,571	14,736		2024

---

2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

\leftrightarrow Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
MAN Truck & Bus Iberia S.A., Coslada	EUR		100.00	143,672	4,682		2024
MAN Truck & Bus Italia S.p.A., Verona	EUR		100.00	53,974	9,380		2024
MAN Truck & Bus Middle East FZE, Dubai	AED	4.3144	100.00	59,375	3,533		2024
MAN Truck & Bus N.V., Kobbegem	EUR		100.00	43,630	6,718		2024
MAN Truck & Bus Norge A/S, Lorenskog	NOK	11.8169	100.00	240,784	48,587		2024
MAN Truck & Bus Polska Sp. Z o.o., Nadarzyn	PLN	4.2193	100.00	26,945,293	3,481,440		2024
MAN Truck & Bus Portugal S.U. Lda., Lisbon	EUR		100.00	12,178	1,973		2024
MAN Truck & Bus Schweiz AG, Otelfingen	CHF	0.9309	100.00	39,054	6,262		2024
MAN Truck & Bus Slovakia s.r.o., Bratislava	EUR		100.00	16,735	1,292		2024
MAN Truck & Bus Slovenija d.o.o., Ljubljana	EUR		100.00	17,628	1,656		2024
MAN Truck & Bus Trading (China) Co., Ltd., Beijing	CNY	8.2249	100.00	93,647	7,186		2024
MAN Truck & Bus UK Ltd., Swindon	GBP	0.8731	100.00	141,284	6,352		2024
MAN Truck & Bus Vertrieb Österreich GmbH, Vienna	EUR		100.00	294,887	17,276		2024
MAN Trucks Sp. Z o.o., Niepolomice	PLN	4.2193	100.00	1,991,756	271,433		2024
MAN Türkiye A.S., Ankara	TRY	50.4574	99.99	9,874,360	1,570,227		2024
MW-Hallen Restaurang AB, Södertälje	SEK	10.7997	100.00	2,025	57		2024
N.W.S. S.r.l., in liquidation, Trento	EUR		52.50	-	-	10)	2023
Navistar (Shanghai) Trading Co., Ltd., Shanghai	CNY	8.2249	100.00	3,804	266		2024
Navistar Aftermarket Products, Inc., Lisle, Illinois	USD	1.1748	100.00	38,488	-129		2024
Navistar Big Bore Diesels, LLC, Huntsville, Alabama	USD	1.1748	100.00	-105,875	-5,952		2024
Navistar Comercial S.A. de C.V., Mexico City	MXN	21.1008	100.00	488,733	31,769		2024
Navistar Diesel of Alabama, LLC, Lisle, Illinois	USD	1.1748	100.00	77,678	-		2024
Navistar Financial Corporation, Lisle, Illinois	USD	1.1748	100.00	205,249	-310		2024
Navistar Financial Dealer Note Master Owner Trust II, Wilmington, Delaware	USD	1.1748	-	-	-	7)	2024
Navistar Financial Retail Receivables Corporation, Lisle, Illinois	USD	1.1748	100.00	-	-	1)	2024
Navistar Financial Securities Corp., Lisle, Illinois	USD	1.1748	100.00	106,344	24,087		2024
Navistar Hong Kong Holding Company Ltd., Hong Kong	HKD	9.1446	100.00	515	-10		2024
Navistar International B.V., Amsterdam	USD	1.1748	100.00	318,517	-246,061		2024
Navistar International Corporation, Lisle, Illinois	USD	1.1748	100.00	7,117,289	-20,075		2024
Navistar International Employee Leasing Company, Lisle, Illinois	USD	1.1748	100.00	12,661	1,205		2024
Navistar International Mexico, S. de R.L. de C.V., Escobedo	MXN	21.1008	100.00	17,553,287	5,973,929		2024
Navistar International Pvt. Ltd., Pune	INR	105.5645	100.00	21,141	11,825	8)	2024
Navistar International Southern Africa (Pty) Ltd., Johannesburg	ZAR	19.4404	100.00	-56,472	2,913	3)	2023

---

2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

\leftrightarrow

Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Navistar Leasing Company, Lisle, Illinois	USD	1.1748	-	-	-	7)	2024
Navistar Leasing Services Corp., Lisle, Illinois	USD	1.1748	100.00	37,689	-2,444		2024
Navistar San Antonio Manufacturing LLC, Lisle, Illinois	USD	1.1748	100.00	-236,299	-53,110		2024
NC2 Global LLC, Lisle, Illinois	USD	1.1748	100.00	142,917	1,286		2024
NC2 Luxembourg S.a.r.l., Luxembourg	USD	1.1748	100.00	-128,007	-862	8)	2024
Norsk Scania AS, Oslo	NOK	11.8169	100.00	313,221	758,427		2024
Norsk Scania Eiendom AS, Oslo	NOK	11.8169	100.00	123,103	12,432		2024
OCC Technologies, LLC, Lisle, Illinois	USD	1.1748	100.00	4,003	5,513		2024
Parts and Service Ventures, Inc., Lisle, Illinois	USD	1.1748	100.00	1,104	-		2024
Power Vehicle Co. Ltd., Bangkok	THB	37.1397	49.00	32,210	27,878		2024
PT Scania Parts Indonesia, Balikpapan	IDR	19,588.9550	100.00	307	-90		2024
Qingdao Sinoform Auto Parts Co., Ltd, Qingdao	CNY	8.2249	74.00	132,054	-6,406	1)	2024
Reliable Vehicles Ltd., Milton Keynes	GBP	0.8731	100.00	2,500	-	3)	2024
Sågverket 6 AB, Södertälje	SEK	10.7997	100.00	125	-1,603		2024
Scan Siam Service Co. Ltd., Bangkok	THB	37.1397	49.00	44,608	38,263		2024
Scania (Hong Kong) Ltd., Hong Kong	HKD	9.1446	100.00	20,731	-9,540		2024
Scania (Malaysia) Sdn. Bhd., Shah Alam	MYR	4.7672	100.00	63,083	16,574		2024
Scania AB, Södertälje	SEK	10.7997	100.00	30,615,571	20,735,654		2024
Scania Administradora de Consórcios Ltda., Cotia	BRL	6.4350	100.00	324,343	80,985		2024
Scania Americas S.A., Montevideo	USD	1.1748	100.00	-	1,723		2024
Scania Argentina S.A., Buenos Aires	ARS	1,705.1497	100.00	357,910,939	-85,966,080		2024
Scania Australia Pty. Ltd., Melbourne	AUD	1.7572	100.00	91,656	34,624		2024
Scania Banco S.A., São Bernardo do Campo	BRL	6.4350	100.00	1,332,120	69,524	11)	2024
Scania Belgium N.V., Neder-Over-Heembeek	EUR		100.00	2,931	16,557		2024
Scania BH d.o.o., Sarajevo	BAM	1.9558	100.00	4,167	1,129		2024
Scania Botswana (Pty) Ltd., Gaborone	BWP	15.4247	100.00	45,282	26,538		2024
Scania Bulgaria EOOD, Sofia	BGN	1.9560	100.00	25	16		2024
Scania Bus & Coach UK Ltd., Milton Keynes	GBP	0.8731	100.00	1,029	-	3)	2024
Scania Bus Financing AB, Södertälje	SEK	10.7997	100.00	98	-2		2024
Scania Central Asia LLP, Almaty	KZT	595.6250	100.00	2,357,660	560,279		2024
Scania Chile S.A., Santiago de Chile	CLP	1,057.7150	100.00	12,747,188	1,481,632		2024
Scania China Holding AB, Södertälje	SEK	10.7997	100.00	125	-		2024
Scania Colombia S.A.S., Bogotá	COP	4,429.3000	100.00	81,258,982	-69,086,192		2024

---

2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

<→ Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Scania Comercial, S.A. de C.V., Querétaro	MXN	21.1008	100.00	576,011	-124,071		2024
Scania Commercial Vehicles India Pvt. Ltd., Bengaluru	INR	105.5645	100.00	2,582,176	-344,192		2024
Scania Commercial Vehicles Renting S.A., San Fernando de Henares	EUR		100.00	69,554	8,621		2024
Scania Corretora de Seguros Ltda., São Bernardo do Campo	BRL	6.4350	100.00	5,590	6,049		2024
Scania Cote D'Ivoire SA, Abidjan	XOF	655.9570	100.00	-	-	1)	2024
Scania Credit (Malaysia) Sdn. Bhd., Shah Alam	MYR	4.7672	100.00	15,447	5,001		2024
Scania Credit AB, Södertälje	EUR		100.00	11,366	-2,040		2024
Scania Credit Argentina S.A.U., Buenos Aires	ARS	1,705.1497	100.00	3,143,849	1,442,278		2023
Scania Credit Hrvatska d.o.o., Lucko (Zagreb)	EUR		100.00	4,137	103		2024
Scania Credit Romania IFN S.A., Ciorogârla	RON	5.0974	100.00	67,110	1,728		2024
Scania Credit Singapore Pte. Ltd., Singapore	SGD	1.5101	100.00	448	21		2024
Scania Credit Solutions (T) Ltd., Dar es Salaam	TZS	2,889.8850	100.00	22,481,755	-1,612,691		2024
Scania Credit Solutions Pty Ltd., Johannesburg	ZAR	19.4404	100.00	-57,469	-48,318		2024
Scania Credit Taiwan Ltd., New Taipei City	TWD	36.7850	100.00	28,261	6,307		2024
Scania Crna Gora d.o.o., Danilovgrad	EUR		100.00	316	3		2024
Scania CV AB, Södertälje	SEK	10,7997	100.00	66,707,560	17,022,138		2024
Scania Czech Republic s.r.o., Prague	CZK	24.1990	100.00	1,174,638	764,680		2024
Scania Danmark A/S, Ishoj	DKK	7.4689	100.00	424,238	187,492		2024
Scania Danmark Ejendom ApS, Ishoj	DKK	7.4689	100.00	109,973	-1,302		2024
Scania DCS AB, Stockholm	SEK	10.7997	100.00	63	-2		2024
Scania del Perú S.A., Lima	PEN	3.9512	100.00	72,052	43,693		2024
Scania Delivery Center AB, Södertälje	SEK	10.7997	100.00	152,728	5,844		2024
Scania East Africa Ltd., Nairobi	KES	151.5450	100.00	-682,485	234,910		2024
Scania Eesti AS, Tallinn	EUR		100.00	18	7		2024
Scania Finance Australia Pty. Ltd., Melbourne	AUD	1.7572	100.00	27,358	463		2024
Scania Finance Belgium N.V., Neder-Over-Heembeek	EUR		100.00	22,330	1,271		2024
Scania Finance Bulgaria EOOD, Sofia	BGN	1.9560	100.00	22,650	4,154		2022
Scania Finance Chile S.A., Santiago de Chile	CLP	1,057.7150	100.00	41,709	7,362	12)	2024
Scania Finance Colombia S.A.S., Bogotá	COP	4,429.3000	100.00	36,471,976	6,033,261		2024
Scania Finance Great Britain Ltd., London	GBP	0.8731	100.00	147,197	6,002		2024
Scania Finance Luxembourg S.A., Munsbach	EUR		100.00	5,570	156		2022
Scania Finance Magyarország Zrt., Biatorbágy	HUF	384.7200	100.00	3,440,282	40,790		2024
Scania Finance Maroc S.A., Casablanca	MAD	10.7107	100.00	-	-	1)	2023

---

2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

\leftrightarrow Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Scania Finance Mexico, S.A. de C.V. SOFOM, E.N.R., El Marqués	MXN	21.1008	100.00	215,697	27,057		2023
Scania Finance Nederland B.V., Breda	EUR		100.00	46,923	3,540	12)	2023
Scania Finance New Zealand Ltd., Auckland	NZD	2.0363	100.00	6,442	446		2024
Scania Finance Polska Sp. Z o.o., Nadarzyn	PLN	4.2193	100.00	367,237	34,512		2024
Scania Finance Schweiz AG, Kloten	CHF	0.9309	100.00	7,928	-1,047		2024
Scania Finance Slovak Republic s.r.o., Senec	EUR		100.00	13	-		2024
Scania Finance Southern Africa (Pty) Ltd., Johannesburg	ZAR	19.4404	100.00	1,202,035	118,479		2024
Scania Financial Leasing (China) Co., Ltd., Shanghai	CNY	8.2249	100.00	152,784	1,294		2024
Scania France S.A.S., Angers	EUR		100.00	97	69		2024
Scania Global Knowledge Centre Sp.z.o., Warsaw	PLN	4.2193	100.00	-	-	4)	2025
Scania Great Britain Ltd., Milton Keynes	GBP	0.8731	100.00	132,711	78,740		2024
Scania Griffin Sales & Services AB, Södertälje	SEK	10.7997	100.00	100	-	3)	2024
Scania Growth Capital AB, Södertälje	SEK	10.7997	90.10	129	-270		2024
Scania Growth Capital II AB, Södertälje	SEK	10.7997	90.10	764	-148		2024
Scania Hispania S.A., San Fernando de Henares	EUR		100.00	51,278	41,847		2024
Scania Holding France S.A.S., Angers	EUR		100.00	137,938	78,031		2024
Scania Holding Inc., Columbus, Indiana	USD	1.1748	100.00	-4,779	-3,801		2024
Scania Hrvatska d.o.o., Lucko (Zagreb)	EUR		100.00	8,000	2,806		2024
Scania Hungaria Kft., Biatorbágy	HUF	384.7200	100.00	6,735,125	5,372,147		2024
Scania Industrial Battery Systems AB, Södertälje	SEK	10.7997	100.00	-	-	4)	2025
Scania Industrial Maintenance AB, Södertälje	SEK	10.7997	100.00	27,830	786		2024
Scania Insurance Nederland B.V., Middelharnis	EUR		100.00	3,836	471	11)	2023
Scania Insurance Polska Sp. z o.o., Nadarzyn	PLN	4.2193	100.00	2,979	2,895		2024
Scania Invest AB, Södertälje	SEK	10.7997	100.00	111,676	839	1)	2024
Scania Investimentos Imobiliários S.A., Vialonga	EUR		100.00	-	-		2024
Scania IT France S.A.S., Angers	EUR		100.00	-	-		2024
Scania IT Nederland B.V., Zwolle	EUR		100.00	-	-		2024
Scania Italia Retail S.p.A., Trento	EUR		100.00	19,689	3,942	6)	2024
Scania Japan Ltd., Tokyo	JPY	183.9750	100.00	-209,791	187,675		2024
Scania Korea Group Ltd., Seoul	KRW	1,695.3050	100.00	74,459,050	46,074,288		2024
Scania Latin America Ltda., São Bernardo do Campo	BRL	6.4350	100.00	5,633,772	3,240,080		2024
Scania Latvia SIA, Riga	EUR		100.00	14,100	7,507		2024
Scania Leasing BH d.o.o., Sarajevo	BAM	1.9558	100.00	3,192	125		2024

---

2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

<→ Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Scania Leasing d.o.o., Ljubljana	EUR		100.00	9,198	39		2024
Scania Leasing Österreich GmbH, Brunn am Gebirge	EUR		100.00	16	1		2024
Scania Leasing RS d.o.o., Krnješevci	RSD	117.3000	100.00	316,785	84,610		2024
Scania Lizing Kft., Biatorbágy	HUF	384.7200	100.00	531,096	-101,451		2024
Scania Locacao Ltda., São Bernardo do Campo	BRL	6.4350	100.00	11,139	1,320		2024
Scania Logistics Netherlands B.V., Zwolle	EUR		100.00	6,936	2,891		2024
Scania Luxembourg S.A., Munsbach	EUR		100.00	-	841		2019
Scania Makedonija d.o.o.e.l., Ilinden	MKD	61.5750	100.00	20,504	6,891		2024
Scania Manufacturing (Thailand) Co., Ltd., in liquidation, Bangkok	THB	37.1397	100.00	105,289	-	10	2024
Scania Maroc S.A., Casablanca	MAD	10.7107	100.00	132,261	63,082		2024
Scania Middle East FZE, Dubai	AED	4.3144	100.00	35,319	25,732		2024
Scania Moçambique, S.A., Beira	MZN	75.0700	100.00	-4,500	-7,109	10	2024
Scania Namibia (Pty) Ltd., Windhoek	NAD	19.4407	100.00	48,065	22,367		2024
Scania Nederland B.V., Breda	EUR		100.00	101,864	49,229		2024
Scania New Zealand Ltd., Wellington	NZD	2.0363	100.00	50,705	7,656		2024
Scania Omni AB, Södertälje	SEK	10.7997	100.00	2,400	-	3	2024
Scania Österreich Ges.m.b.H., Brunn am Gebirge	EUR		100.00	32	28		2024
Scania Overseas AB, Södertälje	SEK	10.7997	100.00	67,327	-4,307		2024
Scania Parts Center (Jiangsu) Co., Ltd, Rugao	CNY	8.2249	100.00	-	-	1,5	2025
Scania Polska S.A., Nadarzyn	PLN	4.2193	100.00	361,350	246,891		2024
Scania Portugal, Unipessoal Lda., Vialonga	EUR		100.00	18	10		2024
Scania Production (China) Co., Ltd., Rugao	CNY	8.2249	100.00	941,143	22,177		2024
Scania Production Angers S.A.S., Angers	EUR		100.00	29,053	3,683		2024
Scania Production Meppel B.V., Meppel	EUR		100.00	34,059	3,270		2024
Scania Production Slupsk S.A., Slupsk	PLN	4.2193	100.00	63,225	5,757		2024
Scania Production Zwolle B.V., Zwolle	EUR		100.00	59,004	9,445		2024
Scania Properties Ltd., Milton Keynes	GBP	0.8731	100.00	501	-	3	2024
Scania Real Estate (UK) Ltd., Milton Keynes	GBP	0.8731	100.00	9,757	311		2024
Scania Real Estate Belgium N.V., Neder-Over-Heembeek	EUR		100.00	2,727	552		2024
Scania Real Estate Bulgaria EOOD, Sofia	BGN	1.9560	100.00	-	-		2024
Scania Real Estate Czech Republic s.r.o., Prague	CZK	24.1990	100.00	140,378	19,950		2024
Scania Real Estate Finland Oy, Helsinki	EUR		100.00	20,595	1,656	6	2024
Scania Real Estate France S.A.S., Angers	EUR		100.00	6	-96		2024

---

2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

\leftrightarrow Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Scania Real Estate Hispania S.L., San Fernando de Henares	EUR		100.00	1,824	137		2024
Scania Real Estate Holding Luxembourg S.àr.l., Munsbach	EUR		100.00	5,724	-13		2023
Scania Real Estate Hungaria Kft., Biatorbágy	HUF	384.7200	100.00	1,103,534	140,537		2024
Scania Real Estate Kenya Ltd., Nairobi	KES	151.5450	100.00	-52,259	391,218		2024
Scania Real Estate New Zealand Limited, Auckland	NZD	2.0363	100.00	-	-	1)	2023
Scania Real Estate Österreich GmbH, Brunn am Gebirge	EUR		100.00	10	1		2024
Scania Real Estate Polska Sp. z o.o., Nadarzyn	PLN	4.2193	100.00	164,177	12,449		2024
Scania Real Estate Romania S.R.L., Ciorogârla	RON	5.0974	100.00	11,735	1,729		2024
Scania Real Estate Schweiz AG, Kloten	CHF	0.9309	100.00	6,258	1,768		2024
Scania Real Estate Services AB, Södertälje	SEK	10.7997	100.00	1,235,869	23,039		2024
Scania Real Estate Slovakia s.r.o., Senec	EUR		100.00	12,216	741		2024
Scania Real Estate The Netherlands B.V., Breda	EUR		100.00	8,118	1,033		2024
Scania Rent Romania S.R.L., Ciorogârla	RON	5.0974	100.00	22,297	4,775		2024
Scania Research & Development (Jiangsu) Co., Ltd., Rugao	CNY	8.2249	100.00	3,922	-6,078	1)	2024
Scania Romania S.R.L., Ciorogârla	RON	5.0974	100.00	98,962	48,399		2024
Scania Sales (China) Co., Ltd., Beijing	CNY	8.2249	100.00	114,300	-1,254		2024
Scania Sales and Service (Guangzhou) Co., Ltd., in liquidation, Guangzhou	CNY	8.2249	100.00	-52,647	-5,178	10)	2024
Scania Sales and Services AB, Södertälje	SEK	10.7997	100.00	19,957,943	4,767,625		2024
Scania Schweiz AG, Kloten	CHF	0.9309	100.00	41,038	37,118		2024
Scania Senegal S.U.A.R.L., Dakar	XOF	655.9570	100.00	89,404	6,107		2024
Scania Services del Perú S.A., Lima	PEN	3.9512	100.00	115,857	26,727		2024
Scania Servicii Asigurari S.R.L., Ciorogârla	RON	5.0974	100.00	2,209	-159		2024
Scania Servicios, S.A. de C.V., El Marqués	MXN	21.1008	100.00	91	-37		2024
Scania Siam Co. Ltd., Bangkok	THB	37.1397	99.99	485,587	8,489		2024
Scania Siam Leasing Co. Ltd., Bangkok	THB	37.1397	100.00	477,896	273		2024
Scania Singapore Pte. Ltd., Singapore	SGD	1.5101	100.00	9,626	5,144		2024
Scania Slovakia s.r.o., Senec	EUR		100.00	27,533	6,724		2024
Scania Slovenija d.o.o., Ljubljana	EUR		100.00	11,039	6,108		2024
Scania South Africa (Pty) Ltd., Aeroton	ZAR	19.4404	100.00	993,653	519,438		2024
Scania Srbija d.o.o., Krnješevci	RSD	117.3000	100.00	794,059	392,132		2024
Scania Sumistradora de Flota Tres SpA, Santiago de Chile	CLP	1,057.7150	100.00	-	-	11)	2024
Scania Sumistradora de Flota Uno SpA, Santiago de Chile	CLP	1,057.7150	100.00	-	-	11)	2024
Scania Suomi Oy, Helsinki	EUR		100.00	34	20		2024

---

2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

<→ Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Scania Sverige AB, Södertälje	SEK	10.7997	100.00	90	-29		2024
Scania Sverige Bussar AB, Södertälje	SEK	10.7997	100.00	42,966	-	3j	2024
Scania Tanzania Ltd., Dar es Salaam	TZS	2,889.8850	100.00	14,990,000	6,059,370		2024
Scania Thailand Co. Ltd., Bangkok	THB	37.1397	99.99	4,400	53,193		2024
Scania Transportlaboratorium AB, Södertälje	SEK	10.7997	100.00	3,398	186		2024
Scania Treasury AB, Södertälje	SEK	10.7997	100.00	53,625	1,564		2024
Scania Trucks & Buses AB, Södertälje	SEK	10.7997	100.00	8,655	2,510		2024
Scania USA Inc., San Antonio, Texas	USD	1.1748	100.00	11,432	2,990		2024
Scania West Africa Ltd., Accra	GHS	12.3349	100.00	-9,381	-5,925		2022
Scania-Kringlan AB, Södertälje	SEK	10.7997	100.00	6,000	-	3j	2024
Scanlink Ltd., Milton Keynes	GBP	0.8731	100.00	1,956	-	3j	2023
Scantruck Ltd., Milton Keynes	GBP	0.8731	100.00	1,671	-	3j	2024
Shanghai Tedatong Heavy Duty Truck Sales Co., Ltd, Shanghai	CNY	8.2249	100.00	-2,417	-2,417	1j	2024
Sinopress Wuxi Auto Parts Co., Ltd, Wuxi	CNY	8.2249	100.00	-	-	1j	2024
SLA Treasury Spain S.L., Barcelona	BRL	6.4350	100.00	16,328,339	4,290,613		2024
Södertälje Bilkredit AB, Södertälje	SEK	10.7997	100.00	100	-	3j	2024
Southway Scania Ltd., Milton Keynes	GBP	0.8731	100.00	1,170	-	3j	2024
SST Sustainable Transport Solutions India Pvt. Ltd., Nagpur	INR	105.5645	99.99	24,027	-602		2024
Tachy Experts S.A.S., Angers	EUR		100.00	481	127		2024
TFS Brasil Holding Ltda., São Paulo	BRL	6.4350	100.00	233,673	-463		2023
TFS Holding Austria GmbH, Brunn am Gebirge	EUR		100.00	46,020	-13		2024
TFS Services Brasil Ltda, São Paulo	BRL	6.4350	100.00	-	-	1j	2024
TOV MAN Truck & Bus Ukraine, Kyiv	UAH	49.6877	100.00	895,636	343,955		2024
TOV Scania Credit Ukraine, Kyiv	UAH	49.6877	100.00	570,637	143,874		2024
TOV Scania Ukraine, Kyiv	EUR		100.00	594	306		2024
TOV Scania Ukraine Real Estate, Kyiv	UAH	49.6877	100.00	32,654	-370	6j	2024
Transproteccion Agente de Seguros S.A. de C.V., Mexico City	MXN	21.1008	100.00	155,130	43,646		2024
TRATON AB, Södertälje	SEK	10.7997	100.00	-395,560	-203,014		2024
TRATON Finance Luxembourg S.A., Strassen	EUR		100.00	1,323,997	169,428		2024
TRATON Financial Services Aktiebolag, Södertälje	SEK	10.7997	100.00	8,469,926	14,850		2024
TRATON Financial Services Czech Republic spol. s r.o., Prague	CZK	24.1990	100.00	532,951	123,264		2024
Traton Financial Services France S.A.S., Angers	EUR		100.00	69,806	4,311		2024
TRATON Financial Services Holding Mexico S de RL de CV, Herndon, Virginia	USD	1.1748	100.00	20,087	-		2024

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

<→ Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
TRATON Financial Services Iberica EFC SAU, San Fernando de Henares	EUR		100.00	52,710	1,097		2024
Traton Financial Services Ireland Ltd., Dublin	EUR		100.00	13,921	697		2024
Traton Financial Services Italy S.p.A., Milan	EUR		100.00	66,142	5,201		2024
Traton Financial Services Korea Co., Ltd., Chung-Ang	KRW	1,695.3050	100.00	94,843,587	5,426,684		2024
TRATON Financial Services Mexico S.A. de C.V., SOFOM, E.R., Mexico City	MXN	21.1008	100.00	5,208,798	922,999		2024
TRATON Finans AB, Södertälje	SEK	10.7997	100.00	3,055,666	223,777		2024
TRATON International S.A., Strassen	EUR		100.00	22,778,634	95,745		2024
Traton Mobility Services France S.A.S., Angers	EUR		100.00	7,131	628		2024
Traton Mobility Services Portugal S.A., Vialonga	EUR		100.00	9,495	313		2024
TRATON R&D US, LLC, Lisle, Illinois	USD	1.1748	100.00	-	-	1)	2024
TRATON Sweden AB, Södertälje	EUR		100.00	16,585,112	517,861		2024
TRATON Treasury AB, Södertälje	SEK	10.7997	100.00	25	-252		2024
TRATON US, LLC, Pompano Beach, Florida	EUR		100.00	1,363,543	-57,313		2024
Truckeast Holdings Limited, Milton Keynes	GBP	0.8731	100.00	-	-	4)	2025
TruckEast Limited, Milton Keynes	GBP	0.8731	100.00	-	-	4)	2025
Trucknology Italy SPV S.r.l, Conegliano	EUR		-	-	-	7)	2025
UAB Scania Lietuva, Vilnius	EUR		100.00	17,033	8,410		2024
Union Trucks Ltd., Milton Keynes	GBP	0.8731	100.00	573	-	3)	2024
Vabis Bilverkstad AB, Södertälje	SEK	10.7997	100.00	101	-	3)	2024
Vabis Försäkringsaktiebolag, Södertälje	SEK	10.7997	100.00	135,680	7,001	8)	2024
Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda., São Paulo	BRL	6.4350	100.00	3,772,407	-1,203,195		2024
Volkswagen Truck & Bus México S.A. de C.V., El Marqués	MXN	21.1008	100.00	568,222	-82,347		2024
Westrucks Ltd., Milton Keynes	GBP	0.8731	100.00	336	-	3)	2024
B. Unconsolidated companies
1. Germany
LoadFox Transport Solutions GmbH, Munich	EUR		100.00	296	-	2)	2025
MAN Brand Management GmbH, Grünwald	EUR		100.00	25	-	2)	2025
MAN Catering & Personal Services GmbH, Munich	EUR		100.00	25	-	2)	2025
MAN Grundstücksgesellschaft mbH & Co. Gamma KG, Munich	EUR		100.00	1,540	84		2024
MAN HR Services GmbH, Munich	EUR		100.00	1,550		2)	2025
MAN-Unterstützungskasse GmbH, Munich	EUR		100.00	337	-5		2024

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

\leftrightarrow Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Ortan Verwaltung GmbH & Co. Objekt Karlsfeld KG, Pullach i. Isartal	EUR		100.00	1,598	676		2024
TRATON Beteiligungsverwaltungs GmbH, Munich	EUR		100.00	25	-	2)	2025
TRATON Group Management GmbH, Munich	EUR		100.00	25	-	2)	2024
Unterstützungseinrichtung VGW GmbH, Munich	EUR		100.00	63	12		2024
2. Other countries
Bellwether Forest Products, LLC, Camden, South Carolina	USD	1.1748	100.00	-	-	11)	2024
ERF Ltd., Swindon	GBP	0.8731	100.00	-	-	3)	2024
European Circularity Group AB, Stockholm	SEK	10.7997	100.00	-	-	1), 5)	2025
HRVS Group Ltd., in liquidation, Belper	GBP	0.8731	100.00	-	-	3), 10)	2024
International Motors SLP, S. de R.L. de C.V., San Luis Potosí	MXN	21.1008	100.00	-	-	1), 5)	2025
Lauken S.A., Montevideo	UYU	45.9975	100.00	-	-	3), 10)	2023
MAN Financial Services Administrators (S.A.) (Pty) Ltd., in liquidation, Isando	ZAR	19.4404	100.00	-	-	3), 10)	2024
MAN Truck & Bus Asia Pacific Co. Ltd., in liquidation, Bangkok	THB	37.1397	99.99	14,000	-110	10)	2024
MAN Truck & Bus India Pvt. Ltd., Pune	INR	105.5645	99.99	1,353,950	540,130		2024
MAN Truck and Bus Hong Kong Ltd., Hong Kong	HKD	9.1446	100.00	8,500	16		2024
OOO MAN Truck & Bus Production RUS, in liquidation, St. Petersburg	RUB	93.6394	100.00	282,364	-69,597	3), 10)	2024
Rio Soluções Digitais Ltda., São Paulo	BRL	6.4350	100.00	3	1		2024
Scania de Venezuela S.A., Valencia	VES	353.5929	100.00	41,705,381	-11,493,143		2024
Scania-MAN Administration ApS, Copenhagen	DKK	7.4689	100.00	838	530		2024
TRATON Charging Solutions AB, Södertälje	EUR		100.00	1,293	42		2024
TRATON R&D BRAZIL LTDA., São Paulo	BRL	6.4350	100.00	-	-	1), 5)	2025
Volkswagen Caminhões e Ônibus Comércio e Serviços Ltda., Limeira	BRL	6.4350	100.00	20,187	-989		2024
III. JOINT VENTURES
A. Equity-accounted companies
1. Germany
2. Other countries
Commercial Vehicle Charging Europe B.V, Amsterdam	EUR		33.33	165,126	-53,740		2024
Cummins-Scania XPI Manufacturing, LLC, Columbus, Indiana	USD	1.1748	50.00	-164,272	2,258		2024
MAN Financial Services (SA) (RF) (Pty) Ltd., Johannesburg	ZAR	19.4404	50.00	409,967	67,080	13)	2024

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

\leftrightarrow Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Oppland Tungblservice A/S, Fagernes	NOK	11.8169	50.00	5,701	2,495		2024
Tynset Diesel A/S, Tynset	NOK	11.8169	50.00	7,473	420		2024
B. Companies accounted for at cost
1. Germany
HINO & TRATON Global Procurement GmbH, in liquidation, Munich	EUR		51.00	498	11	10j	2023
2. Other countries
AMEXCI AB, Karlskoga	SEK	10.7997	13.56	285,493	-39,798		2024
IV. ASSOCIATES
A. Equity-accounted associates
1. Germany
bex technologies GmbH, Stuttgart	EUR		46.24	1,914	-4,454		2024
Rheinmetall MAN Military Vehicles GmbH, Munich	EUR		49.00	204	167		2024
Scantinel Photonics GmbH, Ulm	EUR		49.19	22,423	8,700		2024
sennder Technologies GmbH, Berlin	EUR		16.92	340,242	-76,240		2024
vialytics GmbH, Stuttgart	EUR		20.56	55	-7,307		2024
2. Other countries
BITS DATA i Södertälje AB, Södertälje	SEK	10.7997	33.00	13,363	-4,869		2024
ScaValencia, S.A., Ribarroja del Turia	EUR		26.00	16,036	2,739		2024
Sinotruk (Hong Kong) Ltd., Hong Kong	CNY	8.2249	25.24	49,152,400	-6,688,275	12j, 13j	2024
UZ Truck and Bus Motors, LLC, Samarkand	UZS	14,102.1800	32.89	327,265	25,745		2024
B. Associates accounted for at cost
1. Germany
Juna Technologies GmbH, Berlin	EUR		49.00	4,156	-1,798	1j	2024
2. Other countries
Corebon AB, Arlöv	SEK	10.7997	35.50	83,210	-7,007		2024
Innokraft AB, Sundsvall	SEK	10.7997	46.00	432	-7		2024
Magnum Power Products, LLC, Franklin, Indiana	USD	1.1748	30.00	43,874	129		2024
Maudlin International Parts and Services of Palm Bay, LLC, Lisle, Illinois	USD	1.1748	49.00	2	-68		2023
Parcely Limited, London	GBP	0.8731	33.40	1,011	-596		2024

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

←→ Q

Name and domicile of the company	Currency	Exchange rate (1 euro =) 12/31/2025	Equity interest in %	Equity in thousands Local currency	Equity in thousands Local currency	Footnote	Year
Roboyo Group Limited, London	GBP	0.8731	13.05	30,558	-30,098		2023
SIB Solutions AB, Lund	SEK	10.7997	20.70	12,785	-43,280		2024
Södertälje Science Park AB, Södertälje	SEK	10.7997	25.00	416	-4,145		2024
V. EQUITY INVESTMENTS
1. Germany
Black Semiconductor GmbH, Aachen	EUR		5.48	22,724	-4,947		2024
Car2Car Communication Consortium GbR, Braunschweig	EUR		7.40	712	45		2024
Cycle Mobility Holding GmbH, Berlin	EUR		17.65	-	-		2023
FFK Fahrzeugservice Förtsch GmbH Kronach, Kronach	EUR		30.00	1,540	163		2024
Grundstücksgesellschaft Schlossplatz 1 mbH & Co. KG, Berlin	EUR		8.16	1,187	828		2024
Pionix GmbH, Bad Schönborn	EUR		16.94	-	-	4)	2025
Roland Holding GmbH, Munich	EUR		22.83	-15,375	4,011		2024
Verwaltungsgesellschaft Wasseralfingen mbH, Aalen	EUR		50.00	14,939	-438		2024
2. Other countries
Combient AB, Stockholm	SEK	10.7997	4.65	523,739	398,307		2024
CreateAI Holdings Inc., San Diego, California	USD	1.1748	7.41	372	-354		2024
Doral Tech SI, Limited Partnership, Ramat-Gan	ILS	3.7461	100.00	-	-		2024
Lindholmen Science Park Aktiebolag, Gothenburg	SEK	10.7997	8.98	11,424	-9,109		2024
Maghreb Truck Industry S.p.A., Sidi M'Hamed	DZD	152.2101	10.00	128,318	-1,618		2024
Neutreeno Limited, Cambridge	GBP		2.23	8,113	-23,135		2024
Northvolt AB, Stockholm	SEK	10.7997	0.94	32,754,748	-4,348,756	3)	2024
Nyobolt Ltd, Cambridge	GBP	0.8731	0.39	-	-	4)	2025
OneH2, Inc., Hickory, North Carolina	USD	1.1748	5.13	83,772	337		2023
Shenzhen Haylion Technologies Co. Ltd., Shenzhen	CNY	8.2249	2.00	69,052	3,030		2024
SI Orion Limited Partnership, Jerusalem	ILS	3.7461	100.00	-	-	1)	2024
Stegra AB, Stockholm	SEK	10.7997	2.02	17,713,957	-1,913,390	12)	2024
TII Fund Enabler 1 AB, Stockholm	SEK	10.7997	23.59	-	-	1), 4)	2025

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2025 Annual Financial Statements of TRATON SE
←→ Q

Annual Financial Statements of TRATON SE

Combined Management Report
Further Information

1. Short fiscal year
2. Profit and loss transfer agreement
3. Currently not trading
4. Newly acquired company
5. Newly established company/spin-off
6. Transformation in accordance with §1 Transformation Act (UmwG)
7. Structured company in accordance with IFRS 10 and IFRS 12
8. Different fiscal year
9. Newly acquired company/newly established company/spin-off in the previous year
10. In liquidation
11. Figures included in the consolidated financial statements of the parent company
12. Consolidated financial statements
13. Figures in accordance with IFRS

The Executive Board

Munich, February 11, 2026

Christian Levin
Dr. Michael Jackstein
Catharina Modahl Nilsson
Niklas Klingenberg

Alexander Vlaskamp
Mathias Carlbaum
Antonio Roberto Cortes

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2

COMBINED MANAGEMENT REPORT

The management report for TRATON SE and the management report for the Group have been combined in accordance with section 315 (5) of the Handelsgesetzbuch (HGB — German Commercial Code) in conjunction with section 298 (2) of the HGB and published in TRATON's 2025 Annual Report.

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FURTHER INFORMATION

3

Responsibility Statement 63
Independent Auditor's Report 64
Publication Details 72

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2025 Annual Financial Statements of TRATON SE
Annual Financial Statements of TRATON SE
Combined Management Report
Further Information

FURTHER INFORMATION

Responsibility Statement

To the best of our knowledge, and in accordance with the applicable reporting principles, the annual financial statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of TRATON SE, and the combined management report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the material opportunities and risks associated with the expected development of the Company.

Munich, February 11, 2026

TRATON SE

The Executive Board

Christian Levin   Dr. Michael Jackstein   Catharina Modahl Nilsson   Niklas Klingenberg

Alexander Vlaskamp   Mathias Carlbaum   Antonio Roberto Cortes

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

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Independent Auditor's Report

To TRATON SE

Report on the audit of the annual financial statements and of the combined management report

Opinions

We have audited the annual financial statements of TRATON SE, Munich, which comprise the income statement for the fiscal year from January 1 to December 31, 2025 and the balance sheet as at December 31, 2025, and notes to the financial statements, including the recognition and measurement policies presented therein. In addition, we have audited the management report of TRATON SE, which is combined with the group management report ("combined management report"), for the fiscal year from January 1 to December 31, 2025. In accordance with the German legal requirements, we have not audited the content of the parts of the combined management report listed in the appendix to the auditor's report and the company information stated therein that is provided outside the annual report and is referenced in the combined management report.

In our opinion, on the basis of the knowledge obtained in the audit,

• the accompanying annual financial statements comply, in all material respects, with the requirements of German commercial law applicable to business corporations and give a true and fair view of the assets, liabilities and financial position of the Company as at December 31, 2025 and of its financial performance for the fiscal year from January 1 to December 31, 2025 in compliance with German legally required accounting principles, and
• the accompanying combined management report as a whole provides an appropriate view of the Company's position. In all material respects, this combined management report is consistent with the annual financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. We do not express an opinion on the parts of the combined management report listed in the appendix to the auditor's report.

Pursuant to Sec. 322 (3) Sentence 1 HGB ["Handelsgesetzbuch": German Commercial Code], we declare that our audit has not led to any reservations relating to the legal compliance of the annual financial statements and of the combined management report.

Basis for the opinions

We conducted our audit of the annual financial statements and of the combined management report in accordance with Sec. 317 HGB and the EU Audit Regulation (No 537/2014, referred to subsequently as "EU Audit Regulation") and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements and principles are further described in the "Auditor's responsibilities for the audit of the annual financial statements and of the combined management report" section of our auditor's report. We are independent of the Company in accordance with the requirements of European law and German commercial and professional law as well as the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), as applicable to audits of financial statements of public interest entities. We have also fulfilled our other German professional responsibilities in accordance with these requirements and the IESBA Code. In addition, in accordance

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

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with Art. 10 (2) f) of the EU Audit Regulation, we declare that we have not provided non-audit services prohibited under Art. 5 (1) of the EU Audit Regulation. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions on the annual financial statements and on the combined management report.

Key audit matters in the audit of the annual financial statements

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the annual financial statements for the fiscal year from January 1 to December 31, 2025. These matters were addressed in the context of our audit of the annual financial statements as a whole, and in forming our opinion thereon; we do not provide a separate opinion on these matters.

Below, we describe what we consider to be the key audit matters:

Recoverability of shares in affiliated companies

Reasons why the matter was determined to be a key audit matter:

To assess the recoverability of shares in affiliated companies, each year the Company tests on the basis of the affiliated companies' budgets and forecasts whether there are any indications that a recognized share in an affiliated company could be permanently impaired. The result of the impairment testing of the shares in affiliated companies is highly dependent on the executive directors' estimate of future cash flows and which discount rates they use.

In addition, the executive directors have scope for judgment in determining the discount rates used and the long-term growth rates assumed.

In view of the foregoing, the materiality of the shares in affiliated companies in relation to total assets, the complexity of their valuation and the judgment exercised during valuation, the impairment testing of the shares in affiliated companies was a key audit matter.

Auditor's response:

During our audit, we involved internal valuation specialists to test among other things the methods used to test impairment. In particular, we assessed the procedures for identifying indications of impairment likely to be permanent affecting recognized shares in affiliated companies. In this context, we assessed whether the procedures are suitable for providing objective evidence of a lower net realizable value following prolonged impairment and whether these procedures were consistent with those used in the prior year. We also checked the arithmetical accuracy of the valuation models used.

We analyzed the planning process established in the TRATON Group, which includes the affiliated companies, and tested the operating effectiveness of the controls implemented in the planning process. As a starting point, we compared the TRATON Group's five-year operational plan prepared by the executive directors and acknowledged by the Supervisory Board with the forecast figures in the underlying impairment tests.

We discussed the key planning assumptions for affiliated companies selected on the basis of risk and materiality aspects with the executive directors and compared them with past earnings and cash inflows to assess the planning accuracy.

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Annual Financial Statements of TRATON SE

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We based plausibility testing of the inputs for the impairment tests among other things on a comparison with general and industry-specific market expectations underlying the expected cash inflows. We discussed the significant assumptions with the responsible employees. In doing so, we considered in particular inflation expectations and increases in the cost of materials and personnel expenses.

Furthermore, we discussed and assessed the planning assumptions regarding the effects of climate change and the associated expansion of electromobility, particularly the existing uncertainties related to the estimation of market shares for electric vehicles and margins as well as long-term growth rates used for the planning. In particular, we analyzed the effect of geopolitical uncertainties on planning. With respect to the rollforward from the medium-term plan to the long-term forecast, we assessed the plausibility of the assumed growth rates by comparing them with observable data.

To assess the discount rates and growth rates applied, we analyzed the inputs used to determine them on the basis of publicly available information as well as assistance from internal experts and obtained an understanding of the methods used.

We also assessed the sensitivity analyses performed by the executive directors in order to estimate any potential impairment risk associated with a reasonably possible change in one of the significant assumptions used in the valuation.

As part of our audit of intragroup reorganizations, we examined the underlying contractual documents and assessed the propriety of accounting according to German commercial law on the basis of the principles applicable to exchange transactions and non-cash contributions. Furthermore, we assessed the proper accounting treatment of the transactions in the annual financial statements of TRATON SE, including the disclosures in the notes.

Our procedures did not lead to any reservations relating to the assessment of the recoverability of shares in affiliated companies.

Reference to related disclosures:

With regard to the recognition and measurement policies applied for shares in affiliated companies, refer to the disclosures on financial assets in the "Accounting Policies" section and note 9 of the "Balance Sheet Disclosures" section of the notes to the financial statements.

Other information

The executive directors and the Supervisory Board are responsible for the declaration pursuant to Sec. 161 AktG ["Aktiengesetz": German Stock Corporation Act] on the German Corporate Governance Code, which is part of the Corporate Governance Statement. In all other respects, the executive directors are responsible for the other information. The other information comprises the parts of the annual report listed in the appendix.

Our opinions on the annual financial statements and on the combined management report do not cover the other information, and consequently we do not express an opinion or any other form of assurance conclusion thereon.

In connection with our audit, our responsibility is to read the other information and, in so doing, to consider whether the other information

• is materially inconsistent with the annual financial statements, with the combined management report or our knowledge obtained in the audit, or
• otherwise appears to be materially misstated.

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

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Responsibilities of the executive directors and the Supervisory Board for the annual financial statements and the combined management report

The executive directors are responsible for the preparation of the annual financial statements that comply, in all material respects, with the requirements of German commercial law applicable to business corporations, and that the annual financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in compliance with German legally required accounting principles. In addition, the executive directors are responsible for such internal control as they, in accordance with German legally required accounting principles, have determined necessary to enable the preparation of annual financial statements that are free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and misappropriation of assets) or error.

In preparing the annual financial statements, the executive directors are responsible for assessing the Company's ability to continue as a going concern. They also have the responsibility for disclosing, as applicable, matters related to going concern. In addition, they are responsible for financial reporting based on the going concern basis of accounting, provided no actual or legal circumstances conflict therewith.

Furthermore, the executive directors are responsible for the preparation of the combined management report that, as a whole, provides an appropriate view of the Company's position and is, in all material respects, consistent with the annual financial statements, complies with German legal requirements and appropriately presents the opportunities and risks of future development. In addition, the executive directors are responsible for such arrangements and measures (systems) as they have considered necessary to enable the preparation of a management report that is in accordance with the applicable German legal requirements, and to be able to provide sufficient appropriate evidence for the assertions in the combined management report.

The Supervisory Board is responsible for overseeing the Company's financial reporting process for the preparation of the annual financial statements and of the combined management report.

Auditor's responsibilities for the audit of the annual financial statements and of the combined management report

Our objectives are to obtain reasonable assurance about whether the annual financial statements as a whole are free from material misstatement, whether due to fraud or error, and whether the combined management report as a whole provides an appropriate view of the Company's position and, in all material respects, is consistent with the annual financial statements and the knowledge obtained in the audit, complies with the German legal requirements and appropriately presents the opportunities and risks of future development, as well as to issue an auditor's report that includes our opinions on the annual financial statements and on the combined management report.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Sec. 317 HGB and the EU Audit Regulation and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual financial statements and this combined management report.

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

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We exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the annual financial statements and of the combined management report, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions. The risk of not detecting a material misstatement resulting from fraud is higher than the risk of not detecting a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit of the annual financial statements and of arrangements and measures relevant to the audit of the combined management report in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control and of such arrangements and measures.
• Evaluate the appropriateness of accounting policies used by the executive directors and the reasonableness of estimates made by the executive directors and related disclosures.
• Conclude on the appropriateness of the executive directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in the auditor's report to the related disclosures in the annual financial statements and in the combined management report or, if such disclosures are inadequate, to modify our respective opinions. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to be able to continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual financial statements, including the disclosures, and whether the annual financial statements present the underlying transactions and events in a manner that the annual financial statements give a true and fair view of the assets, liabilities, financial position and financial performance of the Company in compliance with German legally required accounting principles.
• Evaluate the consistency of the combined management report with the annual financial statements, its conformity with [German] law, and the view of the Company's position it provides.
• Perform audit procedures on the prospective information presented by the executive directors in the combined management report. On the basis of sufficient appropriate audit evidence we evaluate, in particular, the significant assumptions used by the executive directors as a basis for the prospective information, and evaluate the proper derivation of the prospective information from these assumptions. We do not express a separate opinion on the prospective information and on the assumptions used as a basis. There is a substantial unavoidable risk that future events will differ materially from the prospective information.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with the relevant independence requirements, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where applicable, the related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the annual financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.

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2025 Annual Financial Statements of TRATON SE
Annual Financial Statements of TRATON SE
Combined Management Report
Further Information

Other legal and regulatory requirements

Report on the assurance on the electronic rendering of the annual financial statements and the combined management report prepared for publication purposes in accordance with Sec. 317 (3a) HGB

Opinion

We have performed assurance work in accordance with Sec. 317 (3a) HGB to obtain reasonable assurance about whether the rendering of the annual financial statements and the combined management report (hereinafter the "ESEF documents") contained in the file TRATON_SE_JA_ZLB_ESEF-2025-12-31.zip and prepared for publication purposes complies in all material respects with the requirements of Sec. 328 (1) HGB for the electronic reporting format ("ESEF format"). In accordance with German legal requirements, this assurance work extends only to the conversion of the information contained in the annual financial statements and the combined management report into the ESEF format and therefore relates neither to the information contained within these renderings nor to any other information contained in the file identified above.

In our opinion, the rendering of the annual financial statements and the combined management report contained in the file identified above and prepared for publication purposes complies in all material respects with the requirements of Sec. 328 (1) HGB for the electronic reporting format. Beyond this assurance opinion and our audit opinions on the accompanying annual financial statements and the accompanying combined management report for the fiscal year from January 1 to December 31, 2025 contained in the "Report on the audit of the annual financial statements and of the combined management report" above, we do not express any assurance opinion on the information contained within these renderings or on the other information contained in the file identified above.

Basis for the opinion

We conducted our assurance work on the rendering of the annual financial statements and the combined management report contained in the file identified above in accordance with Sec. 317 (3a) HGB and the IDW Assurance Standard: Assurance on the Electronic Rendering of Financial Statements and Management Reports Prepared for Publication Purposes in Accordance with Sec. 317 (3a) HGB (IDW AsS 410 (06.2022)) and the International Standard on Assurance Engagements 3000 (Revised). Our responsibility in accordance therewith is further described in the "Auditor's responsibilities for the assurance work on the ESEF documents" section. Our audit firm applies the IDW Standard on Quality Management 1: Requirements for Quality Management in the Audit Firm (IDW QMS 1 (09.2022)).

Responsibilities of the executive directors and the Supervisory Board for the ESEF documents

The executive directors of the Company are responsible for the preparation of the ESEF documents including the electronic rendering of the annual financial statements and the combined management report in accordance with Sec. 328 (1) Sentence 4 No. 1 HGB.

In addition, the executive directors of the Company are responsible for such internal control as they have determined necessary to enable the preparation of ESEF documents that are free from material intentional or unintentional non-compliance with the requirements of Sec. 328 (1) HGB for the electronic reporting format.

The Supervisory Board is responsible for overseeing the process for preparing the ESEF documents as part of the financial reporting process.

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2025 Annual Financial Statements of TRATON SE

Annual Financial Statements of TRATON SE

Combined Management Report

Further Information

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三

Auditor's responsibilities for the assurance work on the ESEF documents

Our objective is to obtain reasonable assurance about whether the ESEF documents are free from material intentional or unintentional non-compliance with the requirements of Sec. 328 (1) HGB. We exercise professional judgment and maintain professional skepticism throughout the assurance work. We also:

• Identify and assess the risks of material intentional or unintentional non-compliance with the requirements of Sec. 328 (1) HGB, design and perform assurance procedures responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our assurance opinion.
• Obtain an understanding of internal control relevant to the assurance on the ESEF documents in order to design assurance procedures that are appropriate in the circumstances, but not for the purpose of expressing an assurance opinion on the effectiveness of these controls.
• Evaluate the technical validity of the ESEF documents, i.e., whether the file containing the ESEF documents meets the requirements of Commission Delegated Regulation (EU) 2019/815, in the version in force at the date of the financial statements, on the technical specification for this file.
• Evaluate whether the ESEF documents enable an XHTML rendering with content equivalent to the audited annual financial statements and to the audited combined management report.

Further information pursuant to Art. 10 of the EU Audit Regulation

We were elected as auditor by the Annual General Meeting on May 14, 2025. We were engaged by the Supervisory Board on July 21, 2025. We have been the auditor of TRATON SE without interruption since fiscal year 2020.

We declare that the opinions expressed in this auditor's report are consistent with the additional report to the Audit Committee pursuant to Art. 11 of the EU Audit Regulation (long-form audit report).

Other matter – use of the auditor's report

Our auditor's report must always be read together with the audited annual financial statements and the audited combined management report as well as the assured ESEF documents. The annual financial statements and the combined management report converted to the ESEF format – including the versions to be published in the Unternehmensregister [German Company Register] – are merely electronic renderings of the audited annual financial statements and the audited combined management report and do not take their place. In particular, the ESEF report and our assurance opinion contained therein are to be used solely together with the assured ESEF documents made available in electronic form.

German Public Auditor responsible for the engagement

The German Public Auditor responsible for the engagement is Steffen Maurer.

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2025 Annual Financial Statements of TRATON SE
Annual Financial Statements of TRATON SE
Combined Management Report
Further Information

Appendix to the auditor's report:

1. Parts of the combined management report whose content is unaudited

We have not audited the content of the following parts of the combined management report:

• The Corporate Governance Statement contained in the section “Supplemental Information on Fiscal Year” of the combined management report
• The Nonfinancial Group Statement contained in the combined management report
• Furthermore, we have not audited the content of the following disclosures extraneous to management reports. Disclosures extraneous to management reports are such disclosures that are not required pursuant to Secs. 289, 289a HGB or Secs. 289b to 289f HGB.
• The section “Appropriateness and effectiveness of risk management” contained in the section “Report on Expected Developments, Opportunities, and Risks, in subsection “2. Report on opportunities and risks” of the combined management report.

2. Further other information

The other information also comprises other parts that are published together with the annual financial statements, of which we obtained a copy prior to issuing this auditor’s report, in particular the section:

• Responsibility Statement

but not the annual financial statements, not the management report disclosures whose content is audited and not our auditor’s report thereon.

3. Company information outside the annual report referenced in the combined management report

The combined management report contains cross-references to webpages of the Company and the Group. We have not audited the content of the information to which these cross-references refer.”

Munich, February 17, 2026

EY GmbH & Co. KG

Wirtschaftsprüfungsgesellschaft

Dr. Janze
Wirtschaftsprüfer
[German Public Auditor]

Maurer
Wirtschaftsprüfer
[German Public Auditor]

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2025 Annual Financial Statements of TRATON SE
Annual Financial Statements of TRATON SE
Combined Management Report
Further Information

Publication Details

| Published by:
TRATON SE
Hanauer Str. 26
80992 Munich,
Germany
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©2026 TRATON SE and
3st kommunikation GmbH

This is a translation of the German original.
In the event of discrepancies between the
German language version and any
translation thereof, the German version will
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