TRATON SE

Investor Presentation • Oct 25, 2023

Christian Levin, CEO | Dr. Michael Jackstein, CFO & CHRO 9M 2023 Interim Statement, Munich, 10-25-2023

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 9M 2023 Interim Statement

Christian Levin CEO

Dr. Michael Jackstein CFO and CHRO

TRATON 9M 2023 Interim Statement

1. Key results & highlights

• 2. Review of financial performance
• 3. Full year outlook 2023
• 4. Backup

Sustained strong earnings performance

Q3 2023

Incoming orders 64.4k (-30%)

Adj. oper. result €955 mn (+€406 mn) Adj. RoS 8.4% (+3.2 pp)

TRATON GROUP highlights

Navistar Financial re-launches retail capabilities

Scania's battery assembly starts operations

VWTB delivers Argentina's first electric truck

First MAN eBus delivered in Africa

Navistar joins UN Global Compact Scania Super: the most fuel-efficient truck in comparison test

Demand normalizing with continued high levels of unit sales

• Incoming orders lower year-on-year compared to high prior-year basis due to a normalization of demand; book-to-bill at 0.8x.
• Order book and lead times further reduced, but still on high levels.
• Unit sales up year-on-year driven by an increasing stabilization of supply chains and higher production levels.

Demand remains at high level, but normalization of demand and active order book management

Q3 23

Q3 23

Incoming orders & Unit sales (k units)

• times still clearly above long-term average. Demand robust in most markets, but dampened by economic uncertainties, Europe: Demand weakening in some markets, economic uncertainties and financing headwinds leading to a more normalized demand situation.
• lower freight activity and financing headwinds. Navistar with limited opening of order books in the US for 2024 so far North America: Continued healthy demand on the back of high replacement needs. Limited opening of order books so far in the US for 2024 due to high order backlog.
• due to high order backlog. VWTB affected by market weakness and emission regulation change in South America: Overall market affected by market weakness. In Brazil, order intake in the heavy-duty truck segment has recovered recently.

TRATON 9M 2023 Interim Statement

• 1. Key results & highlights
• 2. Review of financial performance
• 3. Full year outlook 2023
• 4. Backup

Top-line growth driven by higher new vehicle sales

Sales revenue

(€ bn)

• Sales revenue increased to €11.3 bn, up by 7% compared to high prior-year basis.
• Higher unit sales of new vehicles, a favorable market and product mix and better unit price realization driving top-line growth.
• Vehicle Services business supported by continued high customer demand.

Continued strong underlying earnings and profitability

• Adjusted operating result and margins with strong growth.
• Earnings benefited in particular from
• − higher utilization of production capacity and increased vehicle deliveries resulting in better fixed cost absorption,
• − positive price/mix compensating input cost headwinds,
• − focus on cost management.

9M/Q3 2023 performance and key drivers by brands/segments

						TRATON Financial Services
M	Sales revenue (in € mn, YoY)	12,646 (+18%)	10,643 (+36%)	8,357 (+9%)	1,943 (-15%)	1,158 (+24%)
9	Adj. RoS (YoY)	12.8% (+5.1 pp)	7.1% (+6.1 pp)	6.5% (+2.2 pp)	9.6% (-1.2 pp)	19.1% (-4.3 pp)
3	Sales revenue (in € mn, YoY)	4,027 (+5%)	3,607 (+27%)	2,773 (-7%)	677 (-21%)	421 (+30%)
Q	Adj. RoS (YoY)	11.5% (+3.9 pp)	7.8% (+6.3 pp)	7.3% (+1.4 pp)	10.1% (-1.4 pp)	14.8% (-7.2 pp)
3 Q	Key drivers	+ Production utilization + Vehicle Services + Price realization − Component/raw material prices	+ Volumes/utilization + Price realization + Vehicle Services + Cost efficiency measures − Raw material and energy prices	+ Price realization + Market/customer mix − Component/raw material prices − Vehicle Services − Supply chain disturbances	+ Price realization + Product positioning − Volumes − Component/raw material prices	+ Portfolio growth + Interest income − Higher funding costs − Bad debt allowances

Positive net cash flow development due to strong operating performance despite ongoing working capital headwinds

Net cash flow TRATON Operations

1 Purchase price payment from the sale of the Scania Financial Services companies in Russia amounting to €400 mn. 2 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.

• Strong net cash flow in Q3 23 driven by considerably improved operating performance.
• €1.4 bn working capital build-up in 9M 23 mainly due to increased inventories, driven by higher production volumes and tight logistic capacities.
• Working capital build-up of €0.2 bn in Q3 23 less pronounced than in prior quarters.

Net debt position further improved due to strong operating performance

Net financial debt bridge, 9M 2023 (€ mn)

Net debt of TRATON Operations incl. Corporate Items reduced by €1.1 bn vs. year-end 2022 driven by

• • strongly improved operating performance,
• • proceeds from sale of Scania Finance Russia,
• − dividend payout,
• − build-up of working capital.

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.

TRATON 9M 2023 Interim Statement

• 1. Key results & highlights
• 2. Review of financial performance
• 3. Full year outlook 2023
• 4. Backup

Continued solid truck market demand, while economic uncertainties remain

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

Outlook 2023 increased: Backed by strong first nine month, TRATON targeting higher RoS and cash flow ranges

	FY 2022	FY 2023 Outlook 2023 Half-Year Financial Report	FY 2023 Outlook 9M 2023 Interim Statement
Unit sales	305.5 k +12%	+5 to +15%	+5 to +15%
Sales revenue	€40.3 bn +32%	+5 to +15%	+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)	7.5 to 8.5% (incl. PPA, expected to be ~€300 mn)
Net cash flow (TRATON Operations)	€-625 mn	€1,800 to 2,300 mn	€2,300 to 2,800 mn

Key takeaways

• TRATON continues to deliver strong performance across brands and businesses.
• Mastering challenging environment with strong focus on customer needs and market trends.
• Improved net cash flow of TRATON Operations and net debt position in Industrial Business.
• Outlook 2023 raised, targeting towards the upper end of adjusted return on sales range.
• Strategic agenda being vigorously pursued and executed.

TRATON 9M 2023 Interim Statement

• 1. Key results & highlights
• 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	7.5-8.5
TRATON Operations	2022	2023e
Sales revenue (€ million)	39,554	+5-15%
Adjusted RoS (in %)	5.7	8.0-9.0
Net cash flow (€ million)	-625	2,300-2,800
Capex (€ million)	1,298	sharp increase
Primary R&D costs (€ million)	1,892	significant increase
TRATON Financial Services1	2022	2023e
Sales revenue (€ million)	1,294	+10-20%
Adjusted RoS (in %)	23.5	13.0-18.0

1 Including Scania Financial Services and Navistar Financial Services.

TRATON GROUP – Electric vehicles

397 586 709 387 526 744 446 608 649 Q3 21 Q1 23 Q4 21 Q2 22 Q1 22 Q3 22 Q4 22 Q2 23 Q3 23 Incoming orders of fully electric vehicles (units) 169 410 417 424 412 487 258 396 536 Q2 23 Q3 21 Q4 21 Q1 23 Q2 22 Q3 22 Q1 22 Q4 22 Q3 23 Unit sales of fully electric vehicles (units) 9M 23 1,703 9M 23 1,190

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

TRATON GROUP – Sales revenue and adjusted operating result by segment

Sales revenue, Q3 2023 (€ mn)

Adj. operating result, Q3 2023 (€ mn)

1 Including earnings effects of the purchase price allocation (PPA). Excluding, adjusted operating result of €1,027 mn, adjusted return on sales of 9.1% (+3.1 pp). Note: Change calculated YoY, Q3 2023 vs. Q3 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	Q3 23
TRATON GROUP	6 544 ,	076 7 ,	8 049 ,	8 950 ,	30 620 ,	8 525 ,	9 457 ,	10 563 ,	789 11 ,	40 335 ,	186 11 ,	669 11 ,	321 11 ,
TRATON Operations	6 437 ,	6 965 ,	7 900 ,	8 800 ,	30 103 ,	8 363 ,	9 271 ,	10 361 ,	11 559 ,	39 554 ,	10 940 ,	11 395 ,	11 018 ,
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 ,	4 027 ,
Truck MAN & 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 ,	3 607 ,
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 ,	2 773 ,
Volkswagen Truck & Bus	466	555	602	490	2 113 ,	690	755	853	654	2 952 ,	709	556	677
Financial Services TRATON	205	214	264	281	964	297	311	324	361	1 294 ,	352	385	421
Corporate Items	-98	-102	-115	-132	-447	-135	-125	-122	-131	-513	-107	-110	-117
TRATON GROUP	6 544 ,	076 7 ,	8 049 ,	8 950 ,	30 620 ,	8 525 ,	9 457 ,	10 563 ,	789 11 ,	40 335 ,	186 11 ,	669 11 ,	321 11 ,
TRATON Operations	6 437 ,	6 965 ,	7 900 ,	8 800 ,	30 103 ,	8 363 ,	9 271 ,	10 361 ,	11 559 ,	39 554 ,	10 940 ,	11 395 ,	11 018 ,
vehicles New	4 061 ,	4 572 ,	4 815 ,	5 581 ,	19 029 ,	5 053 ,	5 795 ,	6 826 ,	7 868 ,	25 542 ,	7 262 ,	7 715 ,	7 544 ,
business1 Vehicle Services	298 1 ,	291 1 ,	884 1 ,	919 1 ,	6 392 ,	2 038 ,	2 088 ,	2 199 ,	2 198 ,	8 522 ,	2 232 ,	2 160 ,	2 134 ,
Other	1 079 ,	1 103 ,	1 202 ,	1 300 ,	4 683 ,	1 273 ,	1 388 ,	1 335 ,	1 494 ,	5 490 ,	1 446 ,	1 520 ,	1 341 ,
TRATON Financial Services	205	214	264	281	964	297	311	324	361	1 294 ,	352	385	421
Corporate Items	-98	-102	-115	-132	-447	-135	-125	-122	-131	-513	-107	-110	-117

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

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

												Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23
155	301				355	306	-52				966	895
151	294				424	373	444
409	451	238	-196	903	229	272	210	465	1,175	554	532	442
-290	-203	57	-11	-447	55	-59	-38	39	-4	197	280	242
n/a	n/a	42	-1	41	76	81	176	168	502	172	172	202
33	45	55	39	171	65	84	99	61	309	65	52	69
51	49	79	81	259	41	41			80	-20	76	62
-47	-43	-286	-168	-543	-110	-107	-128	-144	-489	-134	-148	-123
												Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23
2.4	4.2	2.3	-2.8	1.3	4.2	3.2	-0.5	8.1	3.9	7.5	8.3	7.9
2.3	4.2	5.0	-1.8	2.2	5.1	4.0	4.3	6.3	5.0	9.0	9.1	8.7
12.0	12.1	7.7	-5.3	6.5	7.2	7.4	5.5	10.0	7.7	13.3	12.0	11.0
-11.0	-7.3	2.2	-0.4	-4.1	2.1	-2.4	-1.3	1.1	0.0	5.8	7.7	6.7
n/a	n/a	2.5	0.0	1.2	3.7	3.1	5.9	5.9	4.8	6.3	6.0	7.3
7.0	8.0	9.2	7.9	8.1	9.5	11.1	11.6	9.3	10.5	9.2	9.4	10.1
TRATON Financial Services					186 -248 393 393 -161 677				-368 366		955 1,564 834	733 1,973 987 1,038 955

Adj. operating result (€ mn) Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23
TRATON GROUP	516	612	195		277 1,599 402		396	549			724 2,071 935 1,038 955
TRATON Operations	512	605	402		364 1,883 441		428	606			782 2,257 987 1,110 1,016
Scania Vehicles & Services	409	451	238	314	1,412	243	291	292	489	1,315	554	604	464
MAN Truck & Bus	71	108	66	4	249	57	-23	42	64	139	197	280	280
Navistar Sales & Services	n/a	n/a	42	-1	41	76	81	176	168	502	172	172	202
Volkswagen Truck & Bus	33	45	55	39	171	65	84	99	61	309	65	52	69
TRATON Financial Services	51	49	79	81	259	71	75	71	86	303	82	76	62
Corporate Items	-47	-43	-286	-168	-543	-110	-107	-128	-144	-489	-134	-148	-123
Adj. return on sales (%)											Q1 21 Q2 21 Q3 21 Q4 21 FY 21 Q1 22 Q2 22 Q3 22 Q4 22 FY 22 Q1 23 Q2 23 Q3 23
TRATON 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	8.4
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	9.2
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	11.5
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	7.8
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	7.3
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	10.1

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	Q 3 23
Operating result	81	155	301	186	-248	393	355	306	-52	955	1,564	834	966	895
Scania V&S
with the proceedings Expenses in connection EU antitrust					510	510		17			17
Expenses in connection with the realignment of production facilities	54
Impairment losses plant, and equipment and on inventories, on property, receivables, and other as well as other expenses in connection assets, with the sale of the distribution Russian companies							14	2	82	24	123
Expenses in connection with the realignment of the bus business													72	1
for for civil lawsuits with truck Expenses provisions in connection EU cases in individual countries														20
MAN T&B
Release of restructuring provisions
relation India market Expenses in to exit
Expenses incurred in connection with restructuring measures for the repositioning		362	311	9	15	696	1	6	-2	8	13
Impairment losses plant, and equipment and on inventories, on property, receivables, and other as well as other assets, expenses in connection with the sale of the Russian distribution companies							2	30	82	16	130
for for Expenses provisions civil lawsuits in connection with EU truck cases individual in countries														39
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
related the sale of Scania from reclassification Expenses to Finance Russia 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	955

TRATON Operations – Incoming orders and unit sales

Incoming orders (units)	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	Q4 22	22 FY	Q1 23	Q2 23	Q3 23
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	64,353
Scania Vehicles & 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	23,083
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	16,321
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	16,400
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	8,786
Consolidation	-125	-84	-97	-109	-415	-22	-12	-8	-141	-183	0	-100	-163	-3	-266	-149	-52	-237
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	64,353
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	51,744
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	7,093
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	5,516
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	Q3 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	81,361
Vehicles Scania & 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	21,293
MAN Truck & 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	28,071
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	22,385
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	9,671
Consolidation	-220	-28	-142	-162	-552	-70	-37	-10	-19	-136	-5	-149	-97	-37	-288	-68	-313	-59
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	81,361

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	67,235
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	7,654
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	6,472

TRATON Operations – Incoming orders and unit sales by brands

Units	+/- Q3 2023 Q3 2022			Q3 2023	Q3 2022	+/-	Q3 2023	Q3 2022	+/-	Q3 2023	Q3 2022	+/-
Incoming orders	23 083 ,	19 337 ,	19%	16 321 ,	34 121 ,	-52%	16 400 ,	23 464 ,	-30%	8 786 ,	15 219 ,	-42%
Trucks	21 706 ,	17 992 ,	21%	9 221 ,	25 435 ,	-64%	13 784 ,	18 474 ,	-25%	7 218 ,	12 999 ,	-44%
Buses	1 377 ,	1 345 ,	2%	1 584 ,	1 301 ,	22%	2 616 ,	4 990 ,	-48%	1 568 ,	2 220 ,	-29%
MAN TGE vans	-	-	-	5 516 ,	7 385 ,	-25%	-	-	-	-	-	-
Unit sales	21 293 ,	21 550 ,	-1%	28 071 ,	21 004 ,	34%	22 385 ,	22 575 ,	-1%	9 671 ,	817 14 ,	-35%
Trucks	20 110 ,	20 362 ,	-1%	20 295 ,	14 416 ,	41%	18 873 ,	19 222 ,	-2%	7 964 ,	12 691 ,	-37%
Buses	183 1 ,	188 1 ,	0%	304 1 ,	136 1 ,	15%	3 512 ,	3 353 ,	5%	707 1 ,	2 126 ,	-20%
MAN TGE vans	-	-	-	6 472 ,	5 452 ,	19%	-	-	-	-	-	-

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	Q3 23
TRATON Operations	753	188	-788	786	938	139	-1,534	6 1	709	-625	737	1,018	649

Net liquidity/net financial debt

liquidity/net financial debt (€ mn) Net	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	9/30/23
Operations TRATON	1,854	1,504	-2,337	-1,694	-1,513	-2,931	-3,285	-3,563	-2,635	-2,101	-1,687
TRATON Operations incl. Corporate Items	n/a	n/a	n/a	-6,103	-5,896	-7,331	-7,407	-7,735	-7,194	-7,087	-6,650

Scania Vehicles & Services – Key figures

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

Q3

Q1

Q1 22

Q2 22

Q3 22

Q2

21.6

26.8 22.6 23.8 21.3

Q3 23

Q4 23

Q2 23

Q1 23

-1%

16.6 20.2

Q2 22

Q3 22

Q4 22

Q1 22

Q4

21.0 23.1 18.2 19.3 23.5 18.9 19.8

Q3

Q2

Q2 23

Q3 23

Q4 23

Q1

+19%

Q1 23

Q4 22

MAN Truck & Bus – Key figures

Q4 23 Q2 23 Q3 23 Q1 22 Q2 22 Q4 22 Q3 22 Q1 23 23.4 16.3 31.7 16.1 34.1 27.9 26.1 -52% 1.64 1.03 1.62 0.97 0.95 0.81 0.58 Q3 22 Q4 23 Q1 22 Q2 22 Q2 23 Q4 22 Q1 23 Q3 23 -104 bp Q3 22 Q3 23 Q2 23 15.5 Q1 23 Q2 22 Q1 22 Q4 22 Q4 23 19.3 21.0 28.7 27.3 28.8 28.1 +34% 2,548 2,425 2,847 3,511 3,404 3,631 3,607 Q3 22 Q1 22 Q2 22 Q2 23 Q4 23 Q4 22 Q3 23 Q1 23 +27% 57 -23 42 64 197 280 280 Q3 23 Q1 22 Q2 23 Q2 22 Q3 22 Q4 22 Q1 23 Q4 23 €+239 mn 2.2 -0.9 1.5 1.8 5.8 7.7 7.8 Q1 23 Q1 22 Q3 22 Q2 22 Q2 23 Q4 22 Q3 23 Q4 23 +6.3 pp Incoming orders (k units) Unit sales (k units) Book-to-bill (ratio in units) Sales revenue (€ mn) Adjusted operating result (€ mn) Adjusted return on sales (%)

Navistar Sales & Services – Key figures

76 81

Q2 22

Q3 22

Q1 22

176 168 172 172

Q4 22

Q1 23

Q2 23

202

Q3 23

Q4 23

Volkswagen Truck & Bus – Key figures

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

Q1 22

65

Q1 22

Q2 22

84

Q2 22

Q3 22

99

Q3 22

8.8 Q1 22 Q3 22 Q2 22 7.7 15.2 Q4 22 Q2 23 Q1 23 Q4 23 Q3 23 13.1 13.8 14.9 8.4 -42%

Sales revenue (€ mn) Adjusted perating result (€ mn) Return on sales (%)

Q4 22

Q4 22

12.1 14.7 13.7 14.8 10.9 7.9 9.7

Q2 23

Q1 23

^{61 65 52}

€-30 mn

Q1 23

Q2 23

-35%

Q3 23

69

Q3 23

Q4 23

Q4 23

TRATON GROUP – Bonds outstanding

TRATON with well-tested access to the debt capital markets €7.4 bn in bonds outstanding per September 30, 2023

Issuer	TRATON Finance Luxembourg S.A.
Guarantor	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	10 November 2021	May 17, 2022	November 22, 2022	January 18, 2023	May 16, 2023	May 16, 2023	June 13, 2023 (Tap)	June 21, 2023	September 18, 2023	September 29, 2023	September 29, 2023
Maturity	March 24, 2025	March 24, 2029	March 24, 2033	June 14, 2024	10 November 2024 February 17, 2024		November 22, 2025	January 18, 2025	May 16, 2028	September 16, 2025 January 18, 2025			January 21, 2026 September 18, 2025 September 29, 2026 September 29, 2026
Tenor	4 years	8 years	12 years	3 years	3 years	21 months	3 years	2 years	5 years	2 years 2 months	1 year 7 months	2 years 6 months	2 years	3 years	3 years
Amount	€1.0bn	€1.25bn	€750mn	€500mn	€500mn	€500mn	€600mn	€300mn	€500mn	€500mn	€200mn	€300mn	€300mn	SEK1.85bn	SEK700mn
Coupon	0.125%	0.75%	1.25%	0.00%	0.125%	3m EURIBOR +85bps	4.125%	4.125%	4.25%	4.00%	4.125%	3m EURIBOR +100bps	3m EURIBOR +95bps	3m STIBOR +125bps	5.113%
Interest Payment	Annual	Annual	Annual	Annual	Annual	Quarterly	Annual	Annual	Annual	Annual	Annual	Quarterly	Quarterly	Quarterly	Annual
Offering Price	99,547	99,560	99,184	100,099	99,868	100	99,784	99.818	99.938	99.710	99.061	99.632%	99.942%	100.000%	100.000%
Re-offer Yield	0.239%	0.807%	1.324%	-0.033%	0.169%	3M-EURIBOR +85bps	4.203%	4.222%	4.264%	4.141%	4.733%	3m EURIBOR +115bps	3m EURIBOR +98bps	3m STIBOR +125bps	5.113%
	Early Redemption CoC put, 1-month par call, Clean-up call (80%), Tax call, M&A call (101%)	CoC put, 1-month par call, Clean-up call (80%), Tax call, M&A call (101%)	CoC put, 1-month par call, Clean-up call (80%), Tax call, M&A call (101%)	CoC put, 1-month par call, Clean-up call (80%), Tax call	Change of Control Put, Tax Call, 1m Par Call, Clean-up Call (80%)	Tax Call	CoC put, 1-month par call, Clean-up call, Tax call	CoC put, 1-month par call, Clean-up call, Tax call	Tax Call, 1m Par Call, Clean-up call (80%)	Tax Call, 1m Par Call, Clean-up call (80%)	CoC put, 1-month par call, Clean-up call, Tax call	CoC Put, Clean-up Call (80%), Tax Call	CoC Put, Clean-up Call (80%), Tax Call	CoC Put, Clean-up Call (80%), Tax Call	CoC Put, Clean-up Call (80%), Tax Call
WKN	A3KNP8	A3KNP9	A3KNQA	A3KSGM	A3KYMA	A3K5G1	A3LBGG	A3LC4C	A3LHK8	A3LHK7	A3LC4C	A3LKBD	A3LNFJ	A3LNY7	A3LNY8
ISIN	DE000A3KNP88	DE000A3KNP96	DE000A3KNQA0	DE000A3KSGM5	DE000A3KYMA6	DE000A3K5G19	DE000A3LBGG1	DE000A3LC4C3	DE000A3LHK80	DE000A3LHK72	DE000A3LC4C3	DE000A3LKBD0	DE000A3LNFJ2	DE000A3LNY78	DE000A3LNY86

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

Note: As of 09-30-2023

TRATON GROUP – Debt maturity profile

Maturity profile (€ bn) 1	Major financings	Debt overview (€ bn)
	€700 mn Schuldschein •	TRATON financial debt 20.7 thereof CI/OP 8.8 thereof FS 11.9 Leasing (IFRS 16) 1.2
	(tranches of 3y, 5y and 7y)
	• Total of €7.4 bn bonds (tranches of 1.75y to 12y)
	€4.5 bn syndicated RCF • (undrawn)
		TRATON financial debt (incl. leasing)	21.9
8.0

VW Group credit facilities (CI/OP) Bank Loans (CI/OP) SSD (CI)² TRATON Bonds (CI/OP/FS) Bank Loans (FS) Scania&Navistar Bonds (FS) Commercial Paper (FS) ABS (FS)

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

9M 2023 Interim Statement | Investor Relations 10-25-2023

TRATON Investor Relations Team

Thomas Paschen Analysts and Investors, Private Investors

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

Michael Lankes Annual General Meeting, Events

+49 89 360 98 328 michael.lankes@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

LinkedIn | Twitter | YouTube | Instagram

Fabian Schimpf Analysts and Investors, Private Investors

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

Marie Fischhaber Investor Relations

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

Christian Levin, CEO | Dr. Michael Jackstein, CFO & CHRO 9M 2023 Interim Statement, Munich, 10-25-2023