TRATON SE

Investor Presentation • Oct 28, 2022

9M 2022 Interim Statement

Christian Levin, CEO | Annette Danielski, CFO

Munich, 10-28-2022

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.

IHS Markit Data referenced herein are the copyrighted property of IHS Markit Ltd. and its subsidiaries ("IHS Markit"). The IHS Markit Data are from sources considered reliable; however, the accuracy and completeness thereof are not warranted, nor are the opinions and analyses published by IHS Markit representations of fact. The IHS Markit Data speak as of the original publication date thereof and are subject to change without notice. IHS Markit and other trademarks appearing in the IHS Markit Data are the property of IHS Markit or their respective owners.

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.

1. Main developments

• 2. Financials
• 3. Outlook
• 4. Backup

Q3 2022

9M 2022 Interim Statement | Investor Relations 3 10-28-2022

TRATON GROUP Q3 2022 highlights

Navistar presents new global integrated powertrain (CBE)

Exhibition premiere of the near-series prototype of the new MAN eTruck

Scania with first European pilot of fully autonomous vehicles carrying commercial goods on public roads

VWTB begins testing the brand's first autonomous truck

VWTB starts international sales of e-Delivery

Scania announced to decarbonize its supply chain by 2030

Pressures in environment remain high and dynamic

Geopolitical environment

• Ukraine war continuing with spill-over effects on global economic activity
• Key economies entering recession, posing high risks for industrial outlook
• Energy security and gas supply risks remain key area of concern in Europe

Commercial vehicles business climate

• Robust truck demand: High activity, long lead times and strong replacement needs
• Tight used truck market, prices continue on high level
• Truck markets in Europe and North America still below pre-pandemic levels

Supply chain bottlenecks

• Semiconductor shortage gradually easing but risks remain high
• Supply situation in raw materials and pre-products remains tight with recurrent disruptions
• Intensified logistics capacity bottlenecks

Inflationary pressure

• Continued pressure from broad-based increase of procurement prices
• Significant interest rate increases and wage demands
• Surging inflation putting consumers, industrial goods and governments under strong pressure

Key facts Q3 2022

Positive momentum in both incoming orders and unit sales, supported by continued strong demand and high order book

Incoming orders & Unit sales (k units)

• Strong comeback of incoming orders in Q3 2022: MAN T&B catching up, continued restrictive order acceptance especially by Scania V&S.
• Unit sales with positive momentum, backed by improved supply chain and production, while logistics bottlenecks hold back deliveries.
• Long lead times of up to one year with continued high, yet robust order book.
• Market outlook for Q4 2022 and 2023 supported by significant replacement needs, increasing fleet ages and freight demand far ahead of available transport

TRATON GROUP at IAA Transportation 2022: Shaping the transition

Recently introduced new Scania BEV for regional purposes

TRATON's electric vehicles business evolving

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

Common base engine (CBE) entering markets with strong benefits for customers and TRATON GROUP brands

No.1 The world's most sustainable powertrain with a 13L common base engine (CBE)

in the engine of the truck costs

are attributable to the drivetrain

Over 80% 60%

common components

1 Figure based on vehicle validation. 2 Fuel economy comparison based on the first-generation International A26 engine to the new S13 Integrated Powertrain, together with the latest updates to the LT Series truck. Actual results may vary.

• 1. Main developments 2. Financials
• 3. Outlook
• 4. Backup

Q3 2022

9M 2022 Interim Statement | Investor Relations 11 10-28-2022

High level of incoming orders and improved unit sales, backed by gradually improved supply chain

Incoming orders on high level with bookto-bill of 1.2x, yet slightly below very strong prior-year quarter:

Strong comeback of MAN T&B after Q2 2022, continued restrictive order acceptance especially by Scania V&S and robust performance at Navistar and VWTB.

Unit sales picking up strongly, supported by gradual improvement of supply chain shortages and increasing production levels, but held back by logistics bottlenecks.

Strong development of sales revenue in Q3 2022, exceeding €10 billion mark for the first time

• Sales revenue increased by nearly one third due to higher unit sales, favorable price/mix and strong Vehicle Services business.
• Sales revenue in Vehicle Services business with double-digit % growth across all brands, supported by continued strong demand, high utilization and increased fleet ages.

1 Including spare parts and workshop services.

Positive momentum in adjusted operating result and profitability

1 Including earnings effects of the purchase price allocation.

9M 2022 Interim Statement | Investor Relations 14 10-28-2022

• Adjusted operating result significantly up y-o-y, benefiting from higher volumes, price/mix compensating strong input cost headwinds.
• Profitability in Q3 2022 still affected by pressures in supply chain and relatively low utilization and fixed cost absorption.
• Operating result impacted by one-time items of €0.6 bn in connection with the war in Ukraine, mainly related to disposal of business activities in Russia.

Q3 2022 performance and key drivers by brand

Sales revenue	3,833	2,847	2,975	853
(in € mn, YoY)	(+24%)	(+9%)	(+77%)	(+42%)
Adj. RoS	7.6%	1.5%	5.9%	11.6%
(YoY)	(-0.1 pp)	(-1.1 pp)	(+3.4 pp)	(+2.4 pp)
Key drivers	+ Vehicle deliveries and sales improved + Growth in vehicle service sales revenue + Price/mix – Material prices – Volumes held back by supply shortages and tight logistic capacities – Higher cost for several projects in production, logistics and R&D	+ Price + Increased margins in used vehicles and in strongly growing vehicle services + Continued benefits from execution of re-alignment & strict cost management – Unit sales slightly below prior-year level – Material and energy prices	+ Unit sales up by 60% + Price + Better fixed cost absorption through higher production utilization – Continued supply shortages of key components – Material prices	+ Price + Exchange rate effects from translation to Group currency – Unit sales slightly below prior-year level, especially in trucks – Material prices

Sales revenue and adjusted operating result by segment

Sales revenue, Q3 2022 (€ mn)

Adj. operating result, Q3 2022 (€ mn)

1 Including earnings effects of the purchase price allocation (PPA). Excluding, adjusted operating result of €634 mn, adjusted return on sales of 6.0% (+1.7 pp). Note: Change calculated YoY, Q3 2022 vs. Q3 2021.

Positive net cash flow despite further build-up of working capital

Net cash flow TRATON Operations, Q3 2022 (€ mn)

• Gross cash flow improved versus prior-year level and Q2 2022 mainly due to increased operating performance.
• Further strong build-up of working capital:
• − Increased inventory levels related to continued supply shortages and capacity bottlenecks.
• − Higher accounts receivables mainly due to increased unit sales volume und sales revenue levels.

Development of net financial debt

Net financial debt development TRATON Operations incl. Corporate Items (€ mn)

1 Of which €937 mn at Scania in connection with EU antitrust proceedings (incl. interest) and Navistar final payments totaling €420 mn in June 2022 following court approval of the "Profit Sharing Settlement Agreement" and "Krzysiak Action Settlement Agreement".

• 1. Main developments
• 2. Financials
• 3. Outlook
• 4. Backup

Q3 2022

9M 2022 Interim Statement | Investor Relations 19 10-28-2022

Truck market outlook – Uncertainties due to high geopolitical and economic risks

1 EU27+3 region (EU27 countries without Malta, plus the United Kingdom, Norway, and Switzerland).

2 Includes estimates from different institutes, companies, and data/information services.

3 US and Canada class 6-8, Mexico class 4-8.

Source: Historical data based on own calculations and estimates.

9M 2022 Interim Statement | Investor Relations 20 10-28-2022

TRATON outlook 2022 confirmed, while geopolitical and economic risks are high

	FY 2021	FY 2022 Outlook 9M 2022 Interim Statment1
Unit sales	271.6 k +43%	substantial increase
Sales revenue	€30.6 bn +36%	very sharp increase
Operating RoS (adjusted)	5.2%	5.0 – 6.0% (incl. PPA, expected to be 320 mn2) ~€300 –
Net cash flow (TRATON Operations)	€938 mn	1,000 mn3 €700 –

1 It remains impossible to predict the effects of the impact of the continuing supply chain bottlenecks, possible energy shortages, and the further course of the war in Ukraine with sufficient certainty. Therefore, the risk remains that as these issues evolve, they may have a negative impact on the TRATON GROUP's business activities. Moreover, negative effects may still arise if the COVID-19 situation were to deteriorate once more, bringing with it further supply chain difficulties. 2 Based on preliminary purchase price allocation.

3 The forecast does not include expenses at Scania Vehicles & Services in connection with the EU antitrust proceedings.

9M 2022 Interim Statement | Investor Relations 21 10-28-2022

Q3 2022 – Key takeaways

• TRATON delivers robust financial performance and continues stringent execution of strategic agenda.
• High level of incoming orders, improved unit sales and strongly increased sales revenues, backed by gradually improved supply chain.
• Positive momentum in adjusted operating result and profitability, still held back by supply constraints and relatively low production utilization.
• Positive cash flow despite further working capital build-up, net debt stable at high level.

• 2022 outlook confirmed high risks and uncertainties.

• 1. Main developments

• 2. Financials
• 3. Outlook
• 4. Backup

Q3 2022

9M 2022 Interim Statement | Investor Relations 23 10-28-2022

TRATON GROUP – Outlook

TRATON GROUP	2021	2022e1
Unit sales (units)	271,608	substantial increase
Sales revenue (€ million)	30,620	very sharp increase
Adjusted RoS (in %)	5.2	5.0-6.0
TRATON Operations	2021	2022e1
Sales revenue (€ million)	30,103	very sharp increase
Adjusted RoS (in %)	6.3	5.5-6.5
Net cash flow (€ million)2	938	700-1,000
Capex (€ million)	1,125	substantial increase
Primary R&D costs (€ million)	1,462	sharp increase
TRATON Financial Services	2021	2022e1
Sales revenue (€ million)	964	sharp increase
Adjusted RoS (in %)	26.9	20.0-25.0

1 It remains impossible to predict the effects of the impact of the continuing supply chain bottlenecks, possible energy shortages, and the further course of the war in Ukraine with sufficient certainty. Therefore, the risk remains that as these issues evolve, they may have a negative impact on the TRATON GROUP's business activities. Moreover, negative effects may still arise if the COVID-19 situation were to deteriorate once more, bringing with it further supply chain difficulties. 2 The forecast does not include expenses at Scania Vehicles & Services in connection with the EU antitrust proceedings

TRATON GROUP – Sales revenue

Sales (€ mn) revenue	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22
Group	6 544 ,	7 076 ,	8 049 ,	8 950 ,	30 620 ,	8 525 ,	9 457 ,	10 563 ,
Operations TRATON	6 437 ,	6 965 ,	7 900 ,	8 800 ,	30 103 ,	8 363 ,	9 271 ,	10 361 ,
Scania Vehicles & Services	3 420 ,	3 735 ,	3 096 ,	3 676 ,	13 927 ,	3 180 ,	3 659 ,	3 833 ,
Truck MAN & Bus	2 645 ,	2 763 ,	2 610 ,	2 916 ,	10 934 ,	2 548 ,	2 425 ,	2 847 ,
Navistar Sales & Services	n/a	n/a	681 1 ,	876 1 ,	3 557 ,	2 068 ,	2 597 ,	2 975 ,
Volkswagen Truck & Bus	466	555	602	490	2 113 ,	690	755	853
Financial Services	205	214	264	281	964	297	311	324
Corporate Items	-98	-102	-115	-132	-447	-135	-125	-122
Group	6 544 ,	7 076 ,	8 049 ,	8 950 ,	30 620 ,	8 525 ,	9 457 ,	10 563 ,
Operations TRATON	6 437 ,	6 965 ,	7 900 ,	8 800 ,	30 103 ,	8 363 ,	9 271 ,	10 361 ,
New vehicles	4 061 ,	4 572 ,	4 815 ,	5 581 ,	19 029 ,	5 053 ,	5 795 ,	6 826 ,
business1 Vehicle Services	1 298 ,	1 291 ,	1 884 ,	1 919 ,	6 392 ,	2 038 ,	2 088 ,	2 199 ,
Other	1 079 ,	1 103 ,	1 202 ,	1 300 ,	683 4 ,	1 273 ,	1 388 ,	1 335 ,
Financial Services	205	214	264	281	964	297	311	324
Corporate Items	-98	-102	-115	-132	-447	-135	-125	-122

1 Including spare parts and workshop services.

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

Operating result (€ mn)	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22
Group	155	301	186	-248	393	355	306	-52
TRATON Operations	151	294	393	-161	677	424	373	444
Scania Vehicles & Services	409	451	238	-196	903	229	272	210
MAN Truck & Bus	-290	-203	57	-11	-447	55	-59	-38
Navistar Sales & Services	n/a	n/a	42	-1	41	76	81	176
Volkswagen Truck & Bus	33	45	55	39	171	65	84	99
Financial Services	51	49	79	81	259	41	41	-368
Corporate Items	-47	-43	-286	-168	-543	-110	-107	-128

Return on sales (%)	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22
Group	2.4	4.2	2.3	-2.8	1.3	4.2	3.2	-0.5
TRATON Operations	2.3	4.2	5.0	-1.8	2.2	5.1	4.0	4.3
Scania Vehicles & Services	12.0	12.1	7.7	-5.3	6.5	7.2	7.4	5.5
MAN Truck & Bus	-11.0	-7.3	2.2	-0.4	-4.1	2.1	-2.4	-1.3
Navistar Sales & Services	n/a	n/a	2.5	0.0	1.2	3.7	3.1	5.9
Volkswagen Truck & Bus	7.0	8.0	9.2	7.9	8.1	9.5	11.1	11.6
Financial Services	24.6	23.1	29.8	28.8	26.9	13.8	13.0	-113.5

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

Adj. operating result (€ mn)	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22
Group	516	612	195	277	1,599	402	396	549
Operations TRATON	512	605	402	364	1,883	441	428	606
Scania Vehicles & Services	409	451	238	314	1,412	243	291	292
MAN Truck & Bus	71	108	66	4	249	57	-23	42
Navistar Sales & Services	n/a	n/a	42	-1	41	76	81	176
Volkswagen Truck & Bus	33	45	55	39	171	65	84	99
Financial Services	51	49	79	81	259	71	75	71
Corporate Items	-47	-43	-286	-168	-543	-110	-107	-128
Adj. return on sales (%)	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22
Group	7.9	8.6	2.4	3.1	5.2	4.7	4.2	5.2
TRATON Operations	8.0	8.7	5.1	4.1	6.3	5.3	4.6	5.8
Scania Vehicles & Services	12.0	12.1	7.7	8.5	10.1	7.6	8.0	7.6

MAN Truck & Bus 2.7 3.9 2.5 0.1 2.3 2.2 -0.9 1.5 Navistar Sales & Services n/a n/a 2.5 0.0 1.2 3.7 3.1 5.9 Volkswagen Truck & Bus 7.0 8.0 9.2 7.9 8.1 9.5 11.1 11.6 Financial Services 24.6 23.1 29.8 28.8 26.9 24.0 24.1 22.0

TRATON GROUP – Adjustments

Adjustments (€ mn)	FY 19	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
Operating result	1,884	81	155	301	186	-248	393	355	306	-52
Scania V&S
with the proceedings Expenses in connection EU antitrust						510	510		17
with the realignment of production facilities Expenses in connection		54
Loss allowances , write-downs and provisions in connection with the Ukraine in war								14	2	82
MAN T&B
of Release restructuring provisions
in relation India market exit Expenses to
incurred with for the Expenses in connection restructuring measures repositioning			362	311	9	15	696	1	6	-2
Loss allowances , write-downs and provisions in connection with the Ukraine in war								2	30	82
VWTB
and release of Recognition restructuring provisions	-13
TRATON FS
losses financial with the Net impairment in connection assets on in Ukraine war								30	35	440
Operating result (adjusted)	1,871	135	516	612	195	277	1,599	402	396	549

TRATON Operations – Incoming orders and unit sales

Incoming orders (units)	Q1 19	Q2 19	Q3 19	Q4 19	19 FY	Q1 20	Q2 20	Q3 20	Q4 20	20 FY	Q1 21	Q2 21	Q3 21	Q4 21	21 FY	Q1 22	Q2 22	Q3 22
Operations TRATON	64,357	56,134	49,217	57,532	227,240	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
Vehicles Scania & Services	26,703	22,086	17,792	22,158	88,739	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
MAN Truck & Bus	29,866	25,012	20,834	24,940	100,652	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
Navistar Sales & Services	n/a	n/a	n/a	n/a	n/a	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
Volkswagen Truck & Bus	8,917	10,445	11,091	10,650	41,103	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
Consolidation	-1,129	-1,409	-500	-216	-3,254	-125	-84	-97	-109	-415	-22	-12	-8	-141	-183	0	-100	-163
TRATON Operations	64,357	56,134	49,217	57,532	227,240	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
Trucks	55,150	46,329	40,679	48,816	190,974	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
Buses	5,379	5,904	5,140	4,609	21,032	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
TGE MAN vans	3,828	3,901	3,398	4,107	15,234	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
Unit sales (units)	Q1 19	Q2 19	Q3 19	Q4 19	FY 19	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
TRATON Operations	57,163	66,173	55,755	63,128	242,219	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
Scania Vehicles & Services	23,576	27,948	23,196	24,737	99,457	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
Truck & MAN Bus	24,972	29,056	22,482	28,377	104,887	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
Sales Navistar & Services	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	14,074	16,231	30,305	17,070	20,263	22,566
Volkswagen Truck & Bus	9,842	10,542	11,167	10,340	41,891	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
Consolidation	-1,227	-1,373	-1,090	-326	-4,016	-220	-28	-142	-162	-552	-70	-37	-10	-19	-136	-5	-149	-88
TRATON Operations	57,163	66,173	55,755	63,128	242,219	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
Trucks	49,831	56,015	47,359	52,730	205,935	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
Buses	4,210	6,014	5,551	5,721	21,496	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
MAN TGE vans	3,122	4,144	2,845	4,677	14,788	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

TRATON Operations – Incoming orders and unit sales by brands

Units	Q3 2022	Q3 2021	+/-	Q3 2022	Q3 2021	+/-	Q3 2022	Q3 2021	+/-	Q3 2022	Q3 2021	+/-
Incoming orders	19 337 ,	25 023 ,	-23%	34 121 ,	33 216 ,	3%	23 464 ,	23 638 ,	-1%	219 15 ,	502 15 ,	-2%
Trucks	17 992 ,	23 784 ,	-24%	25 435 ,	24 973 ,	2%	18 474 ,	19 961 ,	-7%	12 999 ,	14 614 ,	-11%
Buses	1 345 ,	1 239 ,	9%	1 301 ,	1 167 ,	11%	4 990 ,	3 677 ,	36%	2 220 ,	888	150%
MAN TGE vans	-	-	-	7 385 ,	7 076 ,	4%	-	-	-	-	-	-
Unit sales	21 550 ,	18 006 ,	20%	21 004 ,	21 305 ,	-1%	22 575 ,	14 074 ,	60%	14 817 ,	15 597 ,	-5%
Trucks	20 362 ,	16 733 ,	22%	416 14 ,	15 444 ,	-7%	19 222 ,	261 11 ,	71%	12 691 ,	14 715 ,	-14%
Buses	1 188 ,	1 273 ,	-7%	1 136 ,	1 123 ,	1%	3 353 ,	2 813 ,	19%	2 126 ,	882	141%
TGE MAN vans	-	-	-	452 5 ,	738 4 ,	15%	-	-	-	-	-	-

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
TRATON Operations	753	188	-788	786	938	139	534 -1 ,	6 1

Net liquidity/net financial debt

Net liquidity/net financial debt (€ mn)	3/31/21	6/30/21	9/30/21	12/31/21	3/31/22	6/30/22	9/30/22
TRATON Operations	1,854	1,504	-2,337	-1,694	-1,513	-2,931	-3,285
TRATON Operations incl. Corporate Items	n/a	n/a	n/a	-6,103	-5,897	-7,331	-7,407

Scania Vehicles & Services – Key figures

19.3

Q3 22

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

^{409 451}

Q1 21

Q2 21

238

Q3 21

Q3 21

25.0

Q4 21

Q1 21

36.9 38.5

Q2 21

Q1 22

16.3 21.0 18.2

Q2 22

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

^{243 291 292}

Q2 22

Q3 22

Q4 22

314

Q4 21

Q1 22

€+54 mn

MAN Truck & Bus – Key figures

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

Navistar Sales & Services – Key figures

Volkswagen Truck & Bus – Key figures

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

TRATON GROUP – Bonds outstanding

TRATON with well-tested access to the debt capital markets €5.1 bn in bonds outstanding

Issuer	Finance Luxembourg TRATON S A
Guarantor				(Ticker: TRATON SE	DE) 8TRA Country: ,
Guarantor Ratings				/ stab Baa1 BBB neg.				/ Baa2 stab stab BBB
Issue Ratings				/ Baa1 BBB				/ Baa2 BBB
Sustainability		features from (Prime C+) TRATON SE ESG rating ISS ESG an ,
Format		Unsecured Classical Global Senior Bearer Note , ,
Issue Date	March 24 2021 ,	March 24 2021 ,	March 24 2021 ,	June 14 2021 ,	August 27 2021 ,	November 10 2021	January 21 2022 ,	May 17 2022 ,
Maturity	March 24 2025 ,	March 24 2029 ,	March 24 2033 ,	June 14 2024 ,	August 27 2023 ,	November 10 2024	July 21 2023 ,	February 17 2024 ,
Tenor	4 years	8 years	12 years	3 years	2 years	3 years	1 5 years	months 21
Amount	0bn 25bn €1 €1 €750mn €500mn €300mn €500mn €300mn
Coupon	0 125%	+75bps +70bps 0 75% 1 25% 0 00% 3m EURIBOR 0 125% 3m EURIBOR 3m
Interest Payment	Annual	Annual	Annual	Annual	Quarterly	Annual	Quarterly	Quarterly
Offering Price	99 547 ,	99 560 ,	99 184 ,	100 099 ,	100 876 ,	99 868 ,	100 8228	100
Re-offer Yield	0 239%	0 807%	1324 0000%	-0 033%	+32bps 3M-EURIBOR	0 169%	16bps 3M-EURIBOR +0	+85bps 3M-EURIBOR
Early Redemption	1-month CoC put , call Clean-up call par , (80%) call M&A Tax , , call (101%)	1-month CoC put , call Clean-up call par , (80%) call M&A Tax , , call (101%)	1-month CoC put , call Clean-up call par , (80%) call M&A Tax , , call (101%)	1-month CoC put , call Clean-up call par , (80%) call Tax ,	Call Tax	Change of Control Call Put Tax 1m Par , , Call Clean-up Call , (80%)	Call Tax	Call Tax
WKN	A3KNP8	A3KNP9	A3KNQA	A3KSGM	A3KT6Q	A3KYMA	A3K0PP	A3K5G1
ISIN	DE000A3KNP88 DE000A3KNP96 DE000A3KNQA0 DE000A3KSGM5 DE000A3KT6Q0 DE000A3KYMA6 DE000A3K0PP5 DE000A3K5G19
Denominations/Listing			k €100k €100 +	Regulated market ,	of the Luxembourg Stock	Exchange

TRATON GROUP – Debt maturity profile

1 Excluding €1.3 bn of IFRS 16 financial liabilities.

2 SSD = "Schuldscheindarlehen".

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

Margit Hartmann Annual General Meeting, Events

+49 89 360 98 381 margit.hartmann@traton.com

Marvin Kalberlah Analysts and Investors

+49 162 168 51 87 marvin.kalberlah@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:

Ryan Campbell US-Analysts and US-Investors

+1 331 332 7280 ryan.campbell@navistar.com

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

9M 2022 Interim Statement

Christian Levin, CEO | Annette Danielski, CFO

Munich, 10-28-2022