TRATON SE — Interim / Quarterly Report 2023

Jul 26, 2023

Christian Levin, CEO | Dr. Michael Jackstein, CFO & CHRO 2023 Half-Year Financial Report, Munich, 07-26-2023

Disclaimer

This presentation has been prepared for information purposes only.

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

It contains forward-looking statements and information on the business development of the TRATON GROUP. These statements and information are based on assumptions relating in particular to the TRATON GROUP's business and operations and the development of the economies in the countries in which the TRATON GROUP is active.

The TRATON GROUP has made such forward-looking statements on the basis of the information available to it and assumptions it believes to be reasonable. The forward-looking statements and information may involve risks and uncertainties, and actual results may differ materially from those forecasts. If any of these or other risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such forward-looking statements and information. The TRATON GROUP will not update this presentation, particularly not the forward-looking statements. The presentation is valid on the date of publication only.

Certain financial information and financial data included in this presentation are preliminary, unaudited, and may be subject to revision. Due to their preliminary nature, statements contained in this presentation should not be unduly relied upon, and past events or performance should not be taken as a guarantee or indication of future events or performance. Financial figures might be translated from different currencies, using the exchange rate prevailing at the relevant date or for the relevant period that the relevant financial figures relate to.

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

The percentage figures shown may be subject to rounding differences. Due to different proportions and scaling in graphs, data shown in different graphs are not comparable.

TRATON 2023 Half-Year Financial Report

Christian Levin CEO

Dr. Michael Jackstein CFO and CHRO

TRATON 2023 Half-Year Financial Report

• 1. Key developments & strategy execution
• 2. Review of financial performance
• 3. Full year outlook 2023
• 4. Backup

Robust demand and improved production levels in still uncertain and unpredictable markets

Higher industrial production driven by stabilizing supply chains with regional differences and select disturbances

Overall robust truck demand with high replacement needs, lower transport activity in some markets

.

Continuously high uncertainty and low predictability in weakening global economy

Sustained inflationary pressures and significantly increased interest rate levels

Very strong sales and earnings trajectory

Q2 2023

Incoming orders 56.8k (-17%)

Adj. oper. result €1,038 mn (+€642 mn) Adj. RoS 8.9% (+4.7 pp)

Key milestone reached to establish global captive and integrated TRATON Financial Services business

• Take-over of MAN and VWTB Financial Services activities from VWFS and VW Bank.
• Step-by-step transfers of country operations, existing portfolio remaining with VWFS.
• One common backbone, while customers will benefit from brand-specific front offices.
• Market roll-out and integration expected to be completed by Q2 2025.

Continued execution of strategic roadmap towards electrified transport

• Scania and Northvolt unveil green battery capable to power trucks for 1.5 million km.
• MAN prepares start of series production of long-distance electric truck: already more than 500 pre-orders.
• VWTB started series production of e-Delivery truck.
• Scania and ABB E-mobility undertook first test in development of Megawatt Charging System.

Increasing demand for electrified solutions addressed with broadening product offerings

MAN to supply eTrucks to Duvenbeck and DB Schenker from 2024 onwards

Navistar delivers first International eMV series to Sysco

Scania to supply first regional-haul battery-electric 4x2 tractor units to be used on UK roads

Electric buses in Hamburg: VHH orders MAN Lion's City E

MAN achieves next milestone in the execution of the re-alignment program

• Capacity expansion of Krakow plant successfully completed.
• Production of entire MAN truck portfolio across light, medium and heavy-duty series.
• Ramp-up of production until end of 2023 with daily rate of up to 300 vehicles and cabs, three times previous capacity.
• Around two thirds of all MAN trucks and truck cabs to be assembled in Krakow.

Scania reshaping bus and coach business

• Cessation of production of bodies for Scania bus chassis at the plant in Słupsk, Poland.
• Body production to be gradually ended by Q1 2024.
• Scania continues to offer complete buses and coaches via increased cooperation with bodybuilders and partners.
• Providing customers with competitive and sustainable mobility solutions while securing profitable growth.

TRATON advances in its strategic initiatives to become more sustainable company

• Navistar to set emissions reductions targets for validation by the Science-Based Targets Initiative (SBTi).
• Scania places first green steel order in further step towards decarbonized supply chain.

In summary

TRATON continues to deliver strong top and bottom-line performance in demanding business environment.

Strongly increased unit sales with overall truck demand remaining robust, restrictive order intake continues.

TRATON with continued focus on strategy execution and significant progress along key strategic priorities.

TRATON 2023 Half-Year Financial Report

• 1. Key developments & strategy execution
• 2. Review of financial performance
• 3. Full year outlook 2023
• 4. Backup

Continued restrictive order intake management, while production and unit sales increase strongly

• Incoming orders lower YoY with book-to-bill at 0.7x.
• Order book and lead times further reduced, but still on high level and with 2023 production covered.
• Unit sales up YoY, driven by improved supply chains and increased production levels.

Order intake held back by active order book management, US book being not yet open for 2024 and Brazil weakness

30 0 20 40 10 50 Q2 20 Q2 19 Q2 21 Q2 22 Q2 23 0 10 40 20 30 50 Q2 19 Q2 20 Q2 21 Q2 22 50 0 30 10 20 40 Q2 22 Q2 19 Q2 20 Q2 21 Q2 23 40 0 30 10 20 50 Q2 20 Q2 21 Q2 19 Q2 22 Scania Vehicles & Services Navistar Sales & Services Volkswagen Truck & Bus MAN Truck & Bus

Incoming orders & Unit sales (k units)

07-26-2023 2023 Half-Year Financial Report | Investor Relations

• Scania and MAN still with very long lead times - demand in Europe robust but dampened by economic uncertainty, lower freight activity and financing headwinds.
• Navistar order books in US for 2024 not yet fully open, production for 2023 nearly sold out.
• VWTB affected by market weakness and emission regulation change in Brazil, but recently improved from lower base.

Substantial top-line growth due to higher new vehicle sales and increased Vehicle Services revenue

Sales revenue

(€ bn)

• Sales revenue increased to €11.7 bn in Q2, up by 23% compared to low prior-year basis.
• Strong volume growth, favorable market and product mix, better unit price realization and continued growth in Vehicle Services business driving topline performance.
• Vehicle Services business key to Group success with €2.2 bn in sales revenue.

Continued strong underlying earnings and margin growth

• Adjusted operating result and profitability more than doubled compared to prior year.
• Earnings benefited in particular from
  • − higher volumes and production capacity utilization resulting in better fixed cost absorption,
  • − positive price/mix compensating input cost headwinds,
  • − focus on cost management.

H1/Q2 2023 performance and key drivers by brands/segments

						TRATON Financial Services
1	Sales revenue (in € mn, YoY)	8,619 (+26%)	7,036 (+41%)	5,585 (+20%)	1,265 (-12%)	737 (+21%)
H	Adj. RoS (YoY)	13.4% (+5.6 pp)	6.8% (+6.1 pp)	6.2% (+2.8 pp)	9.3% (-1.1 pp)	21.5% (-2.6 pp)
	Sales revenue (in € mn, YoY)	4,447 (+22%)	3,631 (+50%)	2,847 (+10%)	556 (-26%)	385 (+24%)
	Adj. RoS (YoY)	13.6% (+5.6 pp)	7.7% (+8.6 pp)	6.0% (+2.9 pp)	9.4% (-1.8 pp)	19.8% (-4.3 pp)
2 Q	Key drivers	+ Volumes/utilization + Vehicle Services + Market/product mix + Price realization − Component/raw material prices	+ Volumes/utilization + Price realization + Vehicle Services + Cost efficiency measures − Raw material and energy prices	+ Volumes/utilization + Price realization + Market/customer mix − Component/raw material prices − Vehicle Services − Continued supply chain challenges	+ Price realization + Product positioning − Volumes − Component/raw material prices	+ Portfolio growth + Interest income − Higher funding costs

Improved net cash flow despite working capital headwinds, supported by one-time effects

Net cash flow TRATON Operations

1 €937 mn at Scania in connection with EU antitrust proceedings (incl. interest) and Navistar final payments totaling €420 mn following court approval of the "Profit Sharing Settlement Agreement" and "Krzysiak Action Settlement Agreement". 2 Purchase price payment from the sale of the Scania Financial Services companies in Russia amounting to €400 mn. 3 Positive effect of €499 mn from the intragroup sale of the Scania Financial Services business to TRATON Financial Services. This transaction had no impact on net cash flow in the TRATON GROUP.

• Positive net cash flow in particular driven by strongly improved operating performance.
• Positive underlying development supported by one-time cash effects.
• €1.2 bn working capital build-up in H1 23 mainly due to increased inventories, driven by higher production volumes and tight logistic capacities.

Net debt position improved in particular due to strong operating performance

Net financial debt bridge, 6M 2023 (€ mn)

1 Including proceeds from sale of Scania Finance Russia (€400 mn in Q1 2023) and from intragroup sale of Scania Financial Services business to TRATON Financial Services (€499 mn in Q2 2023).

2 No impact on net financial debt position of TRATON Operations incl. Corporate Items from intragroup sale of Scania Financial Services.

• Net debt of TRATON Operations incl. Corporate Items reduced by €0.6 bn vs. year-end 2022 driven by
  • • strongly improved operating performance,
  • • proceeds from sale of Scania Finance Russia,
  • − dividend payout (€350 mn),
  • − further build-up of working capital.

TRATON 2023 Half-Year Financial Report

• 1. Key developments & strategy execution
• 2. Review of financial performance
• 3. Full year outlook 2023
• 4. Backup

Key truck markets continue to be supportive, while economic uncertainties remain

1 EU27+3 region (EU27 countries without Malta, plus the United Kingdom, Norway, and Switzerland). 2 US and Canada class 6-8, Mexico class 4-8.

Outlook 2023 confirmed: Backed by strong first half year, TRATON targeting high end of RoS and cash flow ranges

	FY 2022	FY 2023 Outlook
Unit sales	305.5 k +12%	+5 to +15%
Sales revenue	€40.3 bn +32%	+5 to +15%
Operating RoS (adjusted)	5.1% (incl. PPA of €317 mn)	7.0 to 8.0% (incl. PPA, expected to be ~€300 mn)
Net cash flow (TRATON Operations)	€-625 mn	2,300 mn1 €1,800 to

1 Incl. positive effect of €499 mn related to the intragroup sale of Scania Financial Services to TRATON Financial Services; neutral on TRATON GROUP level.

Key takeaways

• TRATON continues to deliver strong performance across brands and businesses.
• Mastering demanding environment with strong focus on customer needs and market trends, while vigorously driving strategic agenda.
• Strong momentum in underlying earnings and margins, in particular driven by Scania performance and key progress of MAN.
• Improved net cash flow of TRATON Operations and net debt position in Industrial Business.
• Positive 2023 outlook confirmed, targeting high end of return and cash flow ranges.

TRATON 2023 Half-Year Financial Report

• 1. Key developments & strategy execution
• 2. Review of financial performance
• 3. Full year outlook 2023
• 4. Backup

TRATON GROUP – Outlook

TRATON GROUP	2022	2023e
Unit sales (units)	305,485	+5-15%
Sales revenue (€ million)	40,335	+5-15%
Adjusted RoS (in %)	5.1	7.0-8.0
TRATON Operations	2022	2023e
Sales revenue (€ million)	39,554	+5-15%
Adjusted RoS (in %)	5.7	7.5-8.5
Net cash flow (€ million)	-625	1,800-2,3001
Capex (€ million)	1,298	very sharp increase
Primary R&D costs (€ million)	1,892	significant increase
TRATON Financial Services2	2022	2023e
Sales revenue (€ million)	1,294	+10-20%
Adjusted RoS (in %)	23.5	13.0-18.0%

1 Incl. positive effect of €499 mn related to the intragroup sale of Scania Financial Services to TRATON Financial Services; neutral on TRATON GROUP level. 2 Including Scania Financial Services and Navistar Financial Services.

TRATON GROUP – Electric vehicles

Incoming orders of fully electric vehicles (units)

Unit sales of fully electric vehicles (units)

All TRATON brands with BEV products across major applications/weight classes

TRATON GROUP – Sales revenue and adjusted operating result by segment

Sales revenue, Q2 2023 (€ mn)

Adj. operating result, Q2 2023 (€ mn)

Adj. RoS (∆ YoY)

1 Including earnings effects of the purchase price allocation (PPA). Excluding, adjusted operating result of €1,111 mn, adjusted return on sales of 9.5% (+4.6 pp). Note: Change calculated YoY, Q2 2023 vs. Q2 2022.

TRATON GROUP – Sales revenue

Sales (€ mn) revenue	Q1 21	Q2 21	Q3 21	Q4 21	21 FY	Q1 22	Q2 22	Q3 22	Q4 22	22 FY	Q1 23	Q2 23
Group	6 544 ,	7 076 ,	8 049 ,	8 950 ,	30 620 ,	8 525 ,	9 457 ,	10 563 ,	11 789 ,	40 335 ,	11 186 ,	11 669 ,
TRATON Operations	6 437 ,	6 965 ,	900 7 ,	8 800 ,	30 103 ,	8 363 ,	9 271 ,	10 361 ,	559 11 ,	39 554 ,	10 940 ,	395 11 ,
Vehicles Scania & Services	3 420 ,	3 735 ,	3 096 ,	3 676 ,	13 927 ,	3 180 ,	3 659 ,	3 833 ,	4 645 ,	15 316 ,	4 172 ,	4 447 ,
MAN Truck & Bus	2 645 ,	2 763 ,	2 610 ,	2 916 ,	10 934 ,	2 548 ,	2 425 ,	2 847 ,	3 511 ,	11 331 ,	3 404 ,	3 631 ,
Sales & Services Navistar	n/a	n/a	681 1 ,	876 1 ,	3 557 ,	2 068 ,	2 597 ,	2 975 ,	2 861 ,	10 501 ,	2 738 ,	2 847 ,
Volkswagen Truck & Bus	466	555	602	490	2 113 ,	690	755	853	654	2 952 ,	709	556
Financial Services	205	214	264	281	964	297	311	324	361	1 294 ,	352	385
Corporate Items	-98	-102	-115	-132	-447	-135	-125	-122	-131	-513	-107	-110
Group	6 544 ,	7 076 ,	8 049 ,	8 950 ,	30 620 ,	8 525 ,	9 457 ,	10 563 ,	11 789 ,	40 335 ,	11 186 ,	11 669 ,
TRATON Operations	6 437 ,	6 965 ,	900 7 ,	8 800 ,	30 103 ,	8 363 ,	9 271 ,	10 361 ,	559 11 ,	39 554 ,	10 940 ,	395 11 ,
vehicles New	4 061 ,	4 572 ,	815 4 ,	581 5 ,	19 029 ,	5 053 ,	5 795 ,	826 6 ,	868 7 ,	25 542 ,	7 261 ,	7 715 ,
business1 Vehicle Services	1 298 ,	1 291 ,	1 884 ,	1 919 ,	6 392 ,	2 038 ,	2 088 ,	2 199 ,	2 198 ,	8 522 ,	2 232 ,	2 160 ,
Other	1 079 ,	1 103 ,	1 202 ,	1 300 ,	683 4 ,	1 273 ,	1 388 ,	1 335 ,	1 494 ,	490 5 ,	1 447 ,	1 520 ,
Financial Services	205	214	264	281	964	297	311	324	361	1 294 ,	352	385
Corporate Items	-98	-102	-115	-132	-447	-135	-125	-122	-131	-513	-107	-110

TRATON GROUP – (Adjusted) operating result and (adjusted) return on sales

Operating result (€ mn)	01 21	Q2 21	Q3 21	04 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22	01 23	Q2 23
Group	155	301	186	-248	393	355	306	-52	વેરૂડ	1,564	834	966
TRATON Operations	151	294	393	-161	677	474	373	444	733	1,973	987	1,038
Scania Vehicles & Services	409	451	238	-196	903	229	272	210	465	1,175	554	532
MAN Truck & Bus	-290	-203	57	-11	-447	55	-59	-38	39	-4	197	280
Navistar Sales & Services	n/a	n/a	42	-1	41	76	81	176	168	502	172	172
Volkswagen Truck & Bus	33	45	55	39	171	65	84	gg	61	309	ર્ણ રહ્યું	52
Financial Services	51	49	79	81	259	41	41	-368	366	80	-20	76
Corporate Items	-47	-43	-286	-168	-543	-110	-107	-128	-144	-489	-134	-148
Return on sales (%)	Q1 21	Q2 21	Q3 21	Q4 21	FV 21	Q1 22	Q2 22	Q3 22	Q4 22	FV 22	Q1 23	Q2 23
Group	2.4	4.2	2.3	-2.8	1.3	4.2	3.2	-0.5	8.1	3.9	7.5	8.3
TRATON Operations	2.3	4.2	5.0	-1.8	2.2	5.1	4.0	4.3	6.3	5.0	9.0	9.1
Scania Vehicles & Services	12.0	12.1	7.7	-5.3	6.5	7.2	7.4	5.5	10.0	7.7	13.3	12.0
MAN Truck & Bus	-11.0	-7.3	2.2	-0.4	-4.1	2.1	-2.4	-1.3	1.1	0.0	5.8	7.7
Navistar Sales & Services	n/a	n/a	2.5	0.0	1.2	3.7	3.1	5.9	5.9	4.8	6.3	6.0
Volkswagen Truck & Bus	7.0	8.0	9.2	7.9	8.1	9.5	11.1	11.6	9.3	10.5	9.2	9.4
Financial Services	24.6	23.1	79.8	28.8	26.9	13.8	13.0	-113.5	101.4	6.2	-5.6	19.8

Operating result & return on sales Adjusted operating result & adjusted return on sales

Adj. operating result (€ mn)	Q1 21	Q2 21	Q3 21	Q4 21	FV 21	Q1 22	Q2 22	Q3 22	Q4 22	FV 22	Q1 23	Q2 23
Group	516	612	195	277	1,599	402	396	549	724	2,071	935	1,038
TRATON Operations	512	605	402	364	1,883	441	428	606	782	2,257	987	1,110
Scania Vehicles & Services	409	451	238	314	1,412	243	291	292	489	1,315	554	604
MAN Truck & Bus	71	108	66	4	249	57	-23	42	64	139	197	280
Navistar Sales & Services	n/a	n/a	42	-1	41	76	81	176	168	502	172	172
Volkswagen Truck & Bus	33	45	55	39	171	65	84	99	61	309	65	52
Financial Services	51	49	79	81	259	71	75	71	86	303	82	76
Corporate Items	-47	-43	-286	-168	-543	-110	-107	-128	-144	-489	-134	-148
Adj. return on sales (%)	Q1 21	Q2 21	03 21	04 21	FV 21	Q1 22	Q2 22	Q3 22	Q4 22	FV 22	Q1 23	Q2 23
Group	7.9	8.6	2.4	3.1	5.2	4.7	4.2	5.2	6.1	5.1	8.4	8.9
TRATON Operations	8.0	8.7	5.1	4.1	6.3	5.3	4.6	5.8	6.8	5.7	9.0	9.7
Scania Vehicles & Services	12.0	12.1	7.7	8.5	10.1	7.6	8.0	7.6	10.5	8.6	13.3	13.6
MAN Truck & Bus	2.7	3.9	2.5	0.1	2.3	2.2	-0.9	1.5	1.8	1.2	5.8	7.7
Navistar Sales & Services	n/a	n/a	2.5	0.0	1.2	3.7	3.1	5.9	5.9	4.8	6.3	6.0
Volkswagen Truck & Bus	7.0	8.0	9.2	7.9	8.1	9.5	11.1	11.6	9.3	10.5	9.2	9.4
Financial Services	24.6	23.1	79.8	28.8	26.9	74.0	24.1	22.0	23.7	23.5	23.3	19.8

TRATON GROUP – Adjustments

TRATON GROUP – Adjustments
Adjustments (€ mn)	FY 20	Q 1 21	Q 2 21	Q 3 21	Q 4 21	FY 21	Q 1 22	Q 2 22	Q 3 22	Q 4 22	FY 22	Q 1 23	Q 2 23
Operating result	81	155	301	186	-248	393	355	306	-52	955	1,564	834	966
Scania V&S
Expenses in connection with the EU antitrust proceedings					510	510		17			17
Expenses in connection with the realignment of production facilities	54
Impairment losses on property, plant, and equipment and on inventories, receivables, and other assets, as well as other expenses in connection with the sale of the Russian distribution companies							14	2	82	24	123
Expenses in connection with the realignment of the bus business													72
MAN T&B
Release of restructuring provisions
Expenses in relation to India market exit
Expenses incurred in connection with restructuring measures for the repositioning		362	311	9	15	696	1	6	-2	8	13
Impairment losses on property, plant, and equipment and on inventories, receivables, and other assets, as well as other expenses in connection with the sale of the Russian distribution companies							2	30	82	16	130
VWTB
Recognition and release of restructuring provisions
TRATON FS
Bad debt allowances on receivables in connection with the disposal of Scania Finance Russia							30	35	440	-280	224
Expenses related to the sale of Scania Finance Russia from reclassification of accumulated other comprehensive income from currency translation												102
Operating result (adjusted)	135	516	612	195	277	1,599	402	396	549	724	2,071	935	1,038

TRATON Operations – Incoming orders and unit sales

Incoming orders (units)	Q1 20	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22	Q1 23	Q2 23
TRATON Operations	54,161	33,270	58,502	70,318	216,251	81,742	89,204	97,371	91,658	359,975	95,594	68,619	91,978	78,392	334,583	68,470	56,788
Vehicles & Scania Services	20,671	13,602	25,934	32,733	92,940	36,944	38,493	25,023	16,338	116,798	20,988	18,225	19,337	23,521	82,071	18,918	19,780
Truck MAN & Bus	24,098	14,094	21,553	25,176	84,921	32,070	35,344	33,216	42,901	143,531	31,676	16,059	34,121	27,861	109,717	26,094	23,423
Navistar Sales & Services	n/a	n/a	n/a	n/a	n/a	n/a	n/a	23,638	18,950	42,588	29,863	20,608	23,464	12,084	86,019	15,913	5,226
Volkswagen Truck & Bus	9,517	5,658	11,112	12,518	38,805	12,750	15,379	15,502	13,610	57,241	13,067	13,827	15,219	14,929	57,042	7,694	8,411
Consolidation	-125	-84	-97	-109	-415	-22	-12	-8	-141	-183	0	-100	-163	-3	-266	-149	-52
Operations TRATON	54,161	33,270	58,502	70,318	216,251	81,742	89,204	97,371	91,658	359,975	95,594	68,619	91,978	78,392	334,583	68,470	56,788
Trucks	44,054	26,838	50,264	61,246	182,402	70,262	76,937	83,332	75,214	305,745	79,529	56,049	74,745	63,976	274,299	53,610	44,636
Buses	5,558	2,544	3,198	3,311	14,611	2,993	3,367	6,963	8,914	22,237	8,474	7,250	9,848	6,702	32,274	7,771	6,231
MAN TGE vans	4,549	3,888	5,040	5,761	19,238	8,487	8,900	7,076	7,530	31,993	7,591	5,320	7,385	7,714	28,010	7,089	5,921

Unit sales (units)	Q1 20	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22	Q1 23	Q2 23
TRATON Operations	45,990	31,748	49,922	62,520	190,180	60,315	66,135	68,972	76,186	271,608	67,767	69,527	79,849	88,342	305,485	84,587	83,527
Scania Vehicles & Services	18,184	12,253	17,298	24,350	72,085	23,033	26,196	18,006	23,131	90,366	16,645	20,189	21,550	26,848	85,232	22,626	23,824
Truck MAN & Bus	18,166	13,496	21,881	28,130	81,673	23,363	23,954	21,305	25,046	93,668	19,325	15,533	21,004	28,651	84,513	27,333	28,840
Sales Navistar & Services	n/a	n/a	n/a	n/a	n/a	n/a	n/a	14,074	16,231	30,305	17,070	20,263	22,575	21,984	81,892	22,548	23,243
Volkswagen Truck & Bus	9,860	6,027	10,885	10,202	36,974	13,989	16,022	15,597	11,797	57,405	14,732	13,691	14,817	10,896	54,136	12,148	7,933
Consolidation	-220	-28	-142	-162	-552	-70	-37	-10	-19	-136	-5	-149	-97	-37	-288	-68	-313

TRATON Operations	45,990	31,748	49,922	62,520	190,180	60,315	66,135	68,972	76,186	271,608	67,767	69,527	79,849	88,342	305,485	84,587	83,527
Trucks	38,532	25,602	40,294	51,943	156,371	51,318	57,347	58,151	63,733	230,549	57,575	57,540	66,602	72,583	254,300	70,208	69,635
Buses	4,030	3,219	4,591	4,334	16,174	3,093	3,410	6,083	6,271	18,857	5,929	6,965	7,795	8,912	29,601	7,618	7,230
TGE MAN vans	3,428	2,927	5,037	6,243	17,635	5,904	5,378	4,738	6,182	22,202	4,263	5,022	5,452	6,847	21,584	6,761	6,662

TRATON Operations – Incoming orders and unit sales by brands

Units	Q2 2023	Q2 2022	+/-	Q2 2023	Q2 2022	+/-	Q2 2023	Q2 2022	+/-	Q2 2023	Q2 2022	+/-
Incoming orders	19 780 ,	18 225 ,	9%	23 423 ,	16 059 ,	46%	5 226 ,	20 608 ,	-75%	8 411 ,	13 827 ,	-39%
Trucks	18 568 ,	16 740 ,	11%	949 15 ,	9 489 ,	68%	2 803 ,	678 17 ,	-84%	328 7 ,	12 172 ,	-40%
Buses	1 212 ,	1 485 ,	-18%	1 553 ,	1 250 ,	24%	2 423 ,	2 930 ,	-17%	1 083 ,	1 655 ,	-35%
MAN TGE vans	-	-	-	5 921 ,	5 320 ,	11%	-	-	-	-	-	-
Unit sales	23 824 ,	20 189 ,	18%	28 840 ,	15 533 ,	86%	23 243 ,	20 263 ,	15%	7 933 ,	13 691 ,	-42%
Trucks	22 562 ,	18 901 ,	19%	768 20 ,	9 517 ,	118%	19 595 ,	17 176 ,	14%	983 6 ,	12 025 ,	-42%
Buses	1 262 ,	1 288 ,	-2%	1 410 ,	994	42%	3 648 ,	3 087 ,	18%	950	1 666 ,	-43%
MAN TGE vans	-	-	-	6 662 ,	5 022 ,	33%	-	-	-	-	-	-

TRATON Operations – Net cash flow and net liquidity/ net financial debt

Net cash flow

.

cash flow (€ mn) Net	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22	Q1 23	Q2 23
TRATON Operations	753	188	-788	786	938	139	-1 534 ,	6 1	709	-625	737	1 018 ,

Net liquidity/net financial debt

financial Net liquidity/net debt (€ mn)	3/31/21	6/30/21	9/30/21	12/31/21	3/31/22	6/30/22	9/30/22	12/31/22	3/31/23	6/30/23
TRATON Operations	854 1 ,	504 1 ,	-2 337 ,	-1,694	513 -1 ,	-2 931 ,	-3 285 ,	-3 ,563	-2 635 ,	-2 101 ,
Operations incl TRATON Corporate Items	n/a	n/a	n/a	-6 ,103	-5 896 ,	-7 331 ,	-7 407 ,	-7,735	-7 194 ,	-7 087 ,

Scania Vehicles & Services – Key figures

Q4 23

23

Q1 22

Q1 22

Q2 22

^{243 291 292}

Q2 22

Q3 22

20.2

Incoming orders (k units) Unit sales (k units) Book-to-bill (ratio in units)

Q3 22

16.6 21.6 26.8 23.8

.

^{489 554 604} €+313 mn

Q4 22

Q4 22

+18%

22.6

Q1 23

Q3 23

Q3 23

Q4 23

Q2 23

Q1 23

Q4 23

Q2 23

Sales revenue (€ mn) Adjusted operating result (€ mn) Adjusted return on sales (%)

MAN Truck & Bus – Key figures

Navistar Sales & Services – Key figures

Volkswagen Truck & Bus – Key figures

Q3 23

Q2 23

Q4 23

Q4 23

Incoming orders (k units) Unit sales (k units) Book-to-bill (ratio in units)

Q2 22

Q1 22

Q3 22

.

Q1 22

Q2 22

13.1 13.8 15.2 14.9

Q4 22

-39%

Q1 23

7.7 8.4

Sales revenue (€ mn) Operating result (€ mn) Return on sales (%)

Q3 22

Q4 22

10.9

-42%

14.7 13.7 14.8 12.1 7.9

Q2 23

Q3 23

Q4 23

Q1 23

TRATON GROUP – Bonds outstanding

TRATON with well-tested access to the debt capital markets €7.5 bn in bonds outstanding per June 30, 2023

Issuer Guarantor	TRATON Finance Luxembourg S.A. TRATON SE (Ticker: 8TRA, Country: DE)
Sustainability	TRATON SE features an ESG rating from ISS ESG (Prime, C+)
Format	Senior Unsecured, Bearer, Classical Global Note
Guarantor
Ratings	Baa1 stable outlook (Moody's) / BBB stable outlook (S&P)							Baa2 stable outlook (Moody's) / BBB stable outlook (S&P)
Issue Ratings			Baa1 stable outlook (Moody's) / BBB stable outlook (S&P)					Baa2 stable outlook (Moody's) / BBB stable outlook (S&P)
			2021						2022 2023
Issue Date	March 24, 2021	March 24, 2021	March 24, 2021	June 14, 2021	August 27, 2021	10 November 2021	January 21, 2022	May 17, 2022	November 22, 2022	January 18, 2023	May 16, 2023	May 16, 2023	June 13, 2023 (Tap)	June 21, 2023
Maturity	March 24, 2025	March 24, 2029	March 24, 2033	June 14, 2024	August 27, 2023	10 November 2024	July 21, 2023	February 17, 2024	November 22, 2025	January 18, 2025	May 16, 2028	September 16, 2025	January 18, 2025	January 21, 2026
Tenor	4 years	8 years	12 years	3 years	2 years	3 years	1.5 years	21 months	3 years	2 years	5 years	2 years 2 months	1 year 7 months	2 years 6 months
Amount	€1.0bn	€1.25bn	€750mn	€500mn	€300mn	€500mn	€300mn	€500mn	€600mn	€300mn	€500mn	€500mn	€200mn	€300mn
Coupon	0.125%	0.75%	1.25%	0.00%	3m EURIBOR +75bps	0.125%	3m EURIBOR +70bps	3m EURIBOR +85bps	4.125%	4.125%	4.25%	4.00%	4.125%	3m EURIBOR +100bps
Interest
Payment	Annual	Annual	Annual	Annual	Quarterly	Annual	Quarterly	Quarterly	Annual	Annual	Annual	Annual	Annual	Quarterly
Offering Price	99,547	99,560	99,184	100,099	100,876	99,868	100.8228	100	99,784	99.818	99.938	99.710	99.061	99.632%
Re-offer Yield	0.239%	0.807%	1.324%	-0.033%	3M-EURIBOR +32bps	0.169%	3M-EURIBOR +0.16bps	3M-EURIBOR +85bps	4.203%	4.222%	4.264%	4.141%	4.733%	3m EURIBOR +115bps
Early	CoC put, 1-	CoC put, 1-	CoC put, 1-	CoC put, 1-	Tax Call	Change of	Tax Call	Tax Call	CoC put, 1-	CoC put, 1-	Tax Call, 1m Par	Tax Call, 1m Par	CoC put, 1-	CoC Put, Clean
Redemption	month par call,	month par call,	month par call,	month par call,		Control Put, Tax			month par call,	month par call,	Call, Clean-up	Call, Clean-up	month par call,	up Call (80%),
	Clean-up call	Clean-up call	Clean-up call	Clean-up call		Call, 1m Par Call,			Clean-up call,	Clean-up call,	call (80%)	call (80%)	Clean-up call,	Tax Call
	(80%), Tax call,	(80%), Tax call,	(80%), Tax call,	(80%), Tax call		Clean-up Call			Tax call	Tax call			Tax call
	M&A call (101%)	M&A call (101%)	M&A call (101%)			(80%)
WKN	A3KNP8	A3KNP9	A3KNQA	A3KSGM	A3KT6Q	A3KYMA	A3K0PP	A3K5G1	A3LBGG	A3LC4C	A3LHK8	A3LHK7	A3LC4C	A3LKBD
ISIN Denominations	DE000A3KNP88	DE000A3KNP96	DE000A3KNQA0	DE000A3KSGM5	DE000A3KT6Q0	DE000A3KYMA6	DE000A3K0PP5	DE000A3K5G19	DE000A3LBGG1	DE000A3LC4C3	DE000A3LHK80	DE000A3LHK72	DE000A3LC4C3	DE000A3LKBD0

Listing €100 k + €100k, Regulated market of the Luxembourg Stock Exchange

Note: As of 06-30-2023

.

/

TRATON GROUP – Debt maturity profile

1 Maturity profile (€ bn)	Major financings	Debt overview (€ bn)
	• €700m Schuldschein (tranches of 3y, 5y and 7y)	TRATON financial debt 20.4
	Total of €7.5bn Bonds • (tranches of 1.5y to 12y)	thereof CI/OP 9.1 thereof FS 11.3
	• €4.5bn syndicated RCF	Leasing (IFRS 16)	1.2
	(undrawn)	TRATON financial debt (incl. leasing)	21.6
8.0 7.0

1 Excluding €1.2 bn of IFRS 16 financial liabilities. 2 SSD = Schuldscheindarlehen.

.

2023 Half-Year Financial Report | Investor Relations 07-26-2023

TRATON Investor Relations Team

Lars Korinth Head of Investor Relations

+49 152 313 73 138 lars.korinth@traton.com

Thomas Paschen Analysts and Investors, Consensus, Private Investors

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

Marie Fischhaber Annual General Meeting, Events

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

.

Michael Lankes Annual General Meeting, Events

+49 89 360 98 328 michael.lankes@traton.com

Fabian Schimpf Analysts and Investors

+49 172 744 86 99 fabian.schimpf@traton.com

Contact Navistar:

Marvin Kalberlah US Analysts and US Investors

+1 630 432 5179 marvin.kalberlah@navistar.com

TRATON SE Hanauer Strasse 26 80992 Munich Germany www.traton.com

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Christian Levin, CEO | Dr. Michael Jackstein, CFO & CHRO 2023 Half-Year Financial Report, Munich, 07-26-2023