TRATON SE — Investor Presentation 2023

Mar 7, 2023

Christian Levin, CEO | Annette Danielski, CFO

Annual Results Conference, Munich, 03-07-2023

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.

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.

TRATON Annual Results Conference 2023

1. Key results & achievements

• 2. Financial results
• 3. Strategic focus areas 2023: Deliver
• 4. Outlook
• 5. Backup

03-07-2023 Annual Results Conference 2023 | Investor Relations

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Robust performance in a challenging environment FY 2022

Adj. operating result €2.1 bn (+€0.5 bn) Adj. RoS 5.1% (-0.1 pp)

Business environment 2022

Severe, yet gradually improving bottlenecks in global supply chains

Robust truck markets defying high economic uncertainty

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War in Ukraine hitting vulnerable economic post-COVID-19 recovery

Significant inflationary pressures and resolute action of central banks

Continued strong customer demand – restrictive order intake management

Incoming orders & Unit sales (k units)

TRATON GROUP portfolio of battery electric vehicles further expanded in 2022

• New MAN eTruck for long-haul heavy-duty transport, to be produced from 2024.
• Scania expands portfolio, introducing battery electric trucks for regional haulage.
• TRATON driving sustainable mobility with more electric bus solutions and unit sales.
• 1,740 fully electric vehicles sold in 2022 – incoming orders advance to 2,366.

Charging future road transport: Milence starts operations

• Milence high-performance charging infrastructure JV launched operations.
• Organization ramped up, experienced management team in place.
• Roll-out of Europe's first large-scale public charging network for heavy-duty trucks and coaches.

Scania decarbonizing its supply chain by 2030

• Already an industry frontrunner, Scania takes its sustainability journey to the next level.
• Elimination of largest carbon emissions sources from most common production materials and batteries.
• 2030 target: 100% green batteries, green steel, green aluminum and green cast iron in production.

Key steps taken in Group-wide implementation of the TRATON Modular System

• Highly competitive Scania Super launched based on Common Base Engine (CBE).
• Full production ramp-up to be completed at Scania in H1 23.
• Key Group-wide development and major step to go common.
• Cross-brand Product Management and global Group R&D set up.

TRATON actively shaping the transport and logistics ecosystem of the future

• VWTB with first sale of self-driving truck used by harvesters in fields and sugarcane crops.
• Scania and Rio Tinto launched new trials on autonomous mining trucks.
• Scania and HAVI start pilot of autonomous trucks carrying goods on public roads.
• MAN start practical drives with autonomous trucks at a container depot.

In summary

TRATON with robust performance in a highly challenging business environment.

Record levels in unit sales and sales revenue with continued strong customer demand and high order book.

Significant progress along strategic priorities.

Disposal of business activities in Russia completed.

TRATON Annual Results Conference 2023

• 1. Key results & achievements
• 2. Financial results
• 3. Strategic focus areas 2023: Deliver
• 4. Outlook
• 5. Backup

Strongly improved unit sales and very high order book

• Incoming orders on high level with bookto-bill of 1.1x in FY 22: order acceptance still restrictive, tightly managing supply chain and input costs.
• High order backlog covering vast majority of 2023 production.
• Unit sales picking up with strong quarterly trend, supported by increasing production levels due to gradual improvement of supply chain.

Substantial top-line growth supported by all brands

• Sales revenue increased by nearly one third to more than €40 bn for the first time.
• Dynamic quarterly revenue trend due to higher unit sales, favorable price/mix and strong Vehicle Services business across all brands.
• Vehicle Services with double-digit percentage growth, supported by high utilization of customer vehicles and increased fleet ages.

Positive earnings trajectory throughout 2022

• Adjusted operating result significantly up YoY, benefiting from higher volumes, price/mix compensating strong input cost headwinds.
• Profitability recovering in second half-year, yet still held back by selective supply chain disruptions as well as relatively low utilization

Q4 2022 performance and key drivers by brands/segments

					Financial Services
Sales revenue	4,645	3,511	2,861	654	361
(in € mn, YoY)	(+26%)	(+20%)	(+53%)	(+33%)	(+28%)
Adj. RoS	10.5%	1.8%	5.9%	9.3%	23.7%
(YoY)	(+2.0 pp)	(+1.7 pp)	(+5.9 pp)	(+1.4 pp)	(-5.1 pp)
Key drivers	+ Strong unit sales + Growth in Vehicle Services business + Exchange rate effects + Price/mix – Material prices – Headwinds from selective supply disruptions/tight logistic capacities	+ Price + Unit sales + Growth in Vehicle Services business – Higher cost for material and energy	+ Unit sales improved + Price + Higher production utilization – Continued supply chain challenges – Material prices	+ Price + Exchange rate effects – Lower unit sales (preparation of new regulation) – Material prices	+ Portfolio growth + Exchange rate effects – Higher funding costs – Provisions for bad debt

Earnings per share substantially increased

Adjusted operating result to earnings after tax, FY 2022

(€ mn, change vs prior-year)

• EPS at €2.28, up from €0.91 in 2021.
• Adjustments mainly related to sale of activities in Russia.
• Dividend proposal2 of €0.70 per share, equivalent to 30.7% of earnings after tax.

1 Income tax rate. 2 Proposed dividend per share, subject to approval by the 2023 Annual General Meeting on June 1, 2023. 3 Attributable to shareholders.

Strong net cash flow in final quarter 2022, yet with only small reversal of working capital

Net cash flow TRATON Operations (€ mn)

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". These payments negatively impacted cash tied up in working capital by a total of €1.4 bn in the change in provisions. 2 Total change in working capital excluding change in provisions of €1.4 bn due to payments related to legal proceedings/court approvals at Scania and Navistar.

• Positive net cash flow trend towards year-end 2022 mainly due to improved operating performance.
• Lower than anticipated effect from release of working capital in Q4 22 due to continued supply chain headwinds and logistics shortages.
• €1.4 bn2 working capital build-up in FY 22: Continued focus on working capital improvement and supply chain management.

Net debt position increased due to working capital and cut-off date effects

Net financial debt bridge, FY 2022 (€ mn)

Purchase price of €0.4 bn received for sale of Scania FS Russia following closing in Jan 2023.

1 Incl. payment of €937 mn at Scania in connection with EU antitrust proceedings and Navistar final payments totaling €420 mn following court approval of the "Profit Sharing Settlement Agreement" and "Krzysiak Action Settlement Agreement". These payments negatively impacted cash tied up in working capital in the change in provisions.

TRATON Annual Results Conference 2023

• 1. Key results & achievements
• 2. Financial results
• 3. Strategic focus areas 2023: Deliver
• 4. Outlook
• 5. Backup

TRATON Way Forward

Full focus and commitment on execution along strategic framework

TRATON continues path to decarbonization with tangible steps in product, supplies and infrastructure

• First Scania 40-ton regionalhaulage eTruck deliveries to customers.
• Scania with start of production at battery assembly plant in Södertälje/Sweden.
• Construction of large series battery pack plant at MAN in Nuremberg/Germany.
• Charging JV Milence to take first charge points operational.

MAN re-alignment on track with significant benefits from structural measures materializing throughout 2023

• Full P&L benefit from sale of Steyr/Austria plant from June.
• Shift of production capacity to Krakow to be completed in Q4: 2/3 of MAN truck assembly in best-cost countries.
• Personnel measures on track.
• Reacting flexibly to changes in environment: Measures for profitability improvement in bus business initiated.

TRATON Financial Services to go live in 2023

• Preparations for launch of TRATON FS nearly completed, most regulatory approvals received and decisions taken.
• Successful global Scania FS operation will be building the foundation and backbone of TRATON FS.
• Expansion of captive FS offering for Navistar from Q4 2023.
• Intention to also operate FS for MAN and VWTB in future.

Roll-out of TRATON Modular System continues with particular focus on Navistar

• First deliveries of new International S13 Integrated Powertrain in H2 2023.
• New powertrain, based on CBE, combined with updated aerodynamics package.
• Offering up to 15% improved fuel efficiency1 and enhanced uptime and services.
• Expansion and technological upgrade of Huntsville/Alabama site.

1 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.

Implementing new steering philosophy to support roll-out of TRATON Modular System

• Establishment of Truck Board reflecting Group responsibilities for Product Management, R&D, Procurement and Production.
• New steering structure to strengthen collaboration, coordination and governance crucial for roll-out of TRATON Modular System.
• Intersection between brands and industrial operations lays foundation for sustainable value creation and synergies.

Shared values across the TRATON GROUP supporting collaboration and execution

• One shared purpose: Transforming Transportation Together. For a sustainable world.
• Updated five shared values help us to create the desired results and ultimately achieve our goals.
• All employees to adopt and live the values within and across the brands.

TRATON Annual Results Conference 2023

• 1. Key results & achievements
• 2. Financial results
• 3. Strategic focus areas 2023: Deliver

4. Outlook

5. Backup

Main themes in 2023

Global economic output expected to grow at slow pace; continued inflationary pressures and high interest rates drag.

Resilient truck market based on high replacement demand and above-average fleet ages.

Supply chains continue to gradually ease, while selected bottlenecks and lack of logistics capacity further affect deliveries.

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Continued input cost inflation, but with slowing dynamics and more driven by wages rather than raw materials.

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

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

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Source: Historical data based on own calculations and estimates.

Annual Results Conference 2023 | Investor Relations 31 03-07-2023

Outlook 2023: TRATON striving to achieve significant performance improvement

	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)	6.0 to 7.0% (incl. PPA, expected to be ~€300 mn)
Net cash flow (TRATON Operations)	€-625 mn	€1,300 to 1,800 mn

Key takeaways

• TRATON shows resilience and achieves robust financial performance in a highly challenging market environment.
• Positive sales and earnings trajectory with gradually improving supply chain and production.
• Key steps taken along TRATON Way Forward strategic agenda and full focus on continued execution throughout 2023.
• 2023 outlook: TRATON aims to significantly improve performance and to deliver towards its strategic ambitions.

TRATON Annual Results Conference 2023

• 1. Key results & achievements
• 2. Financial results
• 3. Strategic focus areas 2023: Deliver
• 4. Outlook
• 5. 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	6.0-7.0
TRATON Operations	2022	2023e
Sales revenue (€ million)	39,554	+5-15%
Adjusted RoS (in %)	5.7	6.5-7.5
Net cash flow (€ million)	-625	1,300-1,800
Capex (€ million)	1,298	very 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	10.0-15.0%

1 Including Scania Financial Services and Navistar Financial Services.

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03-07-2023 Annual Results Conference 2023 | Investor Relations 35

TRATON GROUP – Electric vehicles

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

TRATON GROUP – Sales revenue and adjusted operating result by segment

Adj. RoS (∆ YoY)

Sales revenue, Q4 2022 (€ mn)

Adj. operating result, Q4 2022 (€ mn)

1 Including earnings effects of the purchase price allocation (PPA). Excluding, adjusted operating result of €814 mn, adjusted return on sales of 6.9% (+2.4 pp). Note: Change calculated YoY, Q4 2022 vs. Q4 2021.

TRATON GROUP – Stringent capital allocation

FY 2022

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Primary R&D TRATON Operations	Capex TRATON Operations	Dividend per share for 20221
€1.9 bn	€1.3 bn	€0.70
Primary R&D costs up by 29%, largely due to Navistar consolidation.	Investments primarily in new products, incl. CBE, facility expansions and electrification.	Increased dividend proposed to AGM, equivalent to 31% payout ratio.
Continued shift towards future technologies and growth. R&D ratio at 4.8% (-0.1 pp).	Capex ratio reduced by -0.5 pp to 3.3%.	Dividend policy of 30 to 40% of earnings after tax confirmed.

1 Proposed dividend per share, subject to approval by the 2023 Annual General Meeting on June 1, 2023.

TRATON GROUP – Sales revenue

Sales revenue (€ mn)	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Group	6,544	7,076	8,049	8,950	30,620	8,525	9,457	10,563	11,789	40,335
TRATON Operations	6,437	6,965	7,900	8,800	30,103	8,363	9,271	10,361	11,559	39,554
Scania Vehicles & Services	3,420	3,735	3,096	3,676	13,927	3,180	3,659	3,833	4,645	15,316
MAN Truck & Bus	2,645	2,763	2,610	2,916	10,934	2,548	2,425	2,847	3,511	11,331
Navistar Sales & Services	n/a	n/a	1,681	1,876	3,557	2,068	2,597	2,975	2,861	10,501
Volkswagen Truck & Bus	466	555	602	490	2,113	690	755	853	654	2,952
Financial Services	205	214	264	281	964	297	311	324	361	1,294
Corporate Items	-98	-102	-115	-132	-447	-135	-125	-122	-131	-513
Group	6,544	7,076	8,049	8,950	30,620	8,525	9,457	10,563	11,789	40,335
TRATON Operations	6,437	6,965	7,900	8,800	30,103	8,363	9,271	10,361	11,559	39,554
New vehicles	4,061	4,572	4,815	5,581	19,029	5,053	5,795	6,826	7,868	25,542
Vehicle Services business1	1,298	1,291	1,884	1,919	6,392	2,038	2,088	2,199	2,197	8,522
Other	1,079	1,103	1,202	1,300	4,683	1,273	1,388	1,335	1,494	5,490
Financial Services	205	214	264	281	964	297	311	324	361	1,294
Corporate Items	-98	-102	-115	-132	-447	-135	-125	-122	-131	-513

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	Q4 22	FY 22
Group	155	301	186	-248	393	355	306	-52	955	1,564
TRATON Operations	151	294	393	-161	677	424	373	444	733	1,973
Scania Vehicles & Services	409	451	238	-196	903	229	272	210	465	1,175
MAN Truck & Bus	-290	-203	57	-11	-447	55	-59	-38	39	-4
Navistar Sales & Services	n/a	n/a	42	-1	41	76	81	176	168	502
Volkswagen Truck & Bus	33	45	55	39	171	65	84	99	61	309
Financial Services	51	49	79	81	259	41	41	-368	366	80
Corporate Items	-47	-43	-286	-168	-543	-110	-107	-128	-144	-489
Return on sales (%)	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Group	2.4	4.2	2.3	-2.8	1.3	4.2	3.2	-0.5	8.1	3.9
TRATON Operations	2.3	4.2	5.0	-1.8	2.2	5.1	4.0	4.3	6.3	5.0
Scania Vehicles & Services	12.0	12.1	7.7	-5.3	6.5	7.2	7.4	5.5	10.0	7.7
MAN Truck & Bus	-11.0	-7.3	2.2	-0.4	-4.1	2.1	-2.4	-1.3	1.1	0.0

Navistar Sales & Services n/a n/a 2.5 0.0 1.2 3.7 3.1 5.9 5.9 4.8 Volkswagen Truck & Bus 7.0 8.0 9.2 7.9 8.1 9.5 11.1 11.6 9.3 10.5 Financial Services 24.6 23.1 29.8 28.8 26.9 13.8 13.0 -113.5 101.4 6.2

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	Q4 22	FY 22
Group	516	612	195	277	1,599	402	396	549	724	2,071
TRATON Operations	512	605	402	364	1,883	441	428	606	782	2,257
Scania Vehicles & Services	409	451	238	314	1,412	243	291	292	489	1,315
MAN Truck & Bus	71	108	66	4	249	57	-23	42	64	139
Navistar Sales & Services	n/a	n/a	42	-1	41	76	81	176	168	502
Volkswagen Truck & Bus	33	45	55	39	171	65	84	99	61	309
Financial Services	51	49	79	81	259	71	75	71	86	303
Corporate Items	-47	-43	-286	-168	-543	-110	-107	-128	-144	-489
Adj. return on sales (%)	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Group	7.9	8.6	2.4	3.1	5.2	4.7	4.2	5.2	6.1	5.1
TRATON Operations	8.0	8.7	5.1	4.1	6.3	5.3	4.6	5.8	6.8	5.7
Scania Vehicles & Services	12.0	12.1	7.7	8.5	10.1	7.6	8.0	7.6	10.5	8.6
MAN Truck & Bus	2.7	3.9	2.5	0.1	2.3	2.2	-0.9	1.5	1.8	1.2
Navistar Sales & Services	n/a	n/a	2.5	0.0	1.2	3.7	3.1	5.9	5.9	4.8
Volkswagen Truck & Bus	7.0	8.0	9.2	7.9	8.1	9.5	11.1	11.6	9.3	10.5
Financial Services	24.6	23.1	29.8	28.8	26.9	24.0	24.1	22.0	23.7	23.5

TRATON GROUP – Adjustments

Adjustments (€ mn)	FY 19	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Operating result	1,884	81	155	301	186	-248	393	355	306	-52	955	1,564
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
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	-13
TRATON FS
Bad debt allowances on receivables in connection with the disposal of the Russian Scania Financial Services companies								30	35	440	-280	224
Operating result (adjusted)	1,871	135	516	612	195	277	1,599	402	396	549	724	2,071

TRATON Operations – Incoming orders and unit sales

Incoming orders (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	Q4 22	FY 22
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	78,392	334,583
Scania Vehicles & 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	23,521	82,071
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	27,861	109,717
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	12,084	86,019
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	14,929	57,042
Consolidation	-1,129	-1,409	-500	-216	-3,254	-125	-84	-97	-109	-415	-22	-12	-8	-141	-183	0	-100	-163	-3	-266

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	78,392	334,583
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	63,976	274,299
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	6,702	32,274
MAN TGE 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	7,714	28,010

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	Q4 22	FY 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	88,342	305,485
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	26,848	85,232
MAN Truck & 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	28,651	84,513
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	14,074	16,231	30,305	17,070	20,263	22,575	21,984	81,892
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	10,896	54,136
Consolidation	-1,227	-1,373	-1,090	-326	-4,016	-220	-28	-142	-162	-552	-70	-37	-10	-19	-136	-5	-149	-97	-37	-288
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	88,342	305,485

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	72,583	254,300
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	8,912	29,601
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	6,847	21,584

TRATON Operations – Incoming orders and unit sales by brands

Units	Q4 2022	Q4 2021	+/-	Q4 2022	Q4 2021	+/-	Q4 2022	Q4 2021	+/-	Q4 2022	Q4 2021	+/-
Incoming orders	23,521	16,338	44%	27,861	42,901	-35%	12,084	18,950	-36%	14,929	13,610	10%
Trucks	22,396	15,869	41%	18,696	34,228	-45%	9,960	12,842	-22%	12,925	12,414	4%
Buses	1,125	469	140%	1,451	1,143	27%	2,124	6,108	-65%	2,004	1,196	68%
MAN TGE vans	-	-	-	7,714	7,530	2%	-	-	-	-	-	-
Unit sales	26,848	23,131	16%	28,651	25,046	14%	21,984	16,231	35%	10,896	11,797	-8%
Trucks	25,075	21,925	14%	19,835	17,172	16%	18,459	13,852	33%	9,249	10,801	-14%
Buses	1,773	1,206	47%	1,969	1,692	16%	3,525	2,379	48%	1,647	996	65%
MAN TGE vans	-	-	-	6,847	6,182	11%	-	-	-	-	-	-

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

Net cash flow

.

Net cash flow (€ mn)	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
TRATON Operations	753	188	-788	786	938	139	-1,534	61	709	-625

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	12/31/22
TRATON Operations	1,854	1,504	-2,337	-1,694	-1,513	-2,931	-3,285	-3,563
TRATON Operations incl. Corporate Items	n/a	n/a	n/a	-6,103	-5,897	-7,331	-7,407	-7,735

Scania Vehicles & Services – Key figures

Q3 22 Q4 22 Q1 22 Q2 22 Q1 21 Q2 21 Q3 21 Q4 21 36.9 38.5 25.0 16.3 21.0 18.2 19.3 23.5 +44% 1.60 1.47 1.39 0.71 1.26 0.90 0.90 0.88 Q2 21 Q1 21 Q3 21 Q4 21 Q2 22 Q1 22 Q3 22 Q4 22 +17 bp 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 (%) Q2 21 Q1 21 Q3 22 Q2 22 23.1 Q3 21 Q4 21 Q1 22 Q4 22 18.0 23.0 26.2 16.6 20.2 21.6 26.8 +16% 3,420 3,735 3,096 3,676 3,180 3,659 3,833 4,645 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q4 22 Q2 22 Q3 22 +26% ^{409 451} 238 314 ^{243 291 292} 489 Q1 22 Q1 21 Q2 21 Q3 21 Q4 21 Q2 22 Q3 22 Q4 22 €+176 mn 12.0 12.1 7.7 8.5 7.6 8.0 7.6 10.5 Q3 21 Q2 21 Q1 21 Q3 22 Q1 22 Q4 21 Q2 22 Q4 22 +2.0 pp

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)

.

Annual Results Conference 2023 | Investor Relations 48 03-07-2023

TRATON GROUP – Bonds outstanding

TRATON with well-tested access to the debt capital markets €5.7 bn in bonds outstanding per 12-31-2022

ssuer	TRATON Finance Luxembourg S.A.
Guarantor						TRATON SE (Ticker: 8TRA, Country: DE)
Guarantor Ratings				Baa2 stable outlook (Moody's) / BBB stable outlook (S&P)
Issue Ratings			Baa2 stable outlook (Moody's) / BBB stable outlook (S&P)
Sustainability
Format			Senior Unsecured, Bearer, Classical Global Note
			2022		2023
lssue Date	March 24, 2021 March 24, 2021 March 24, 2021 August 27, 2021 10 November 2021 January 21, 2022 June 14, 2021								November 22, 2022	January 18, 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
Tenor	4 years	8 years	12 years	3 years	2 years	3 years	1.5 years	21 months	3 years	2 years
Amount	€1.0bn	€1.25bn	€750mn	€500mn	€300mn	€500mn	€300mn	€500mn	€600mn	€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%
Interest Payment	Annual	Annual	Annual	Annual	Quarterly	Annual	Quarterly	Quarterly	Annual	Annual
Offering Price	99,547	99,560	99,184	100,099	100,876	99,868	100.8228	100	99,784	99.818
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%
Early Redemption	call, Clean-up call call (101%)	CoC put, 1-month par CoC put, 1-month par CoC put, 1-month par CoC put, 1-month par call, Clean-up call (80%), Tax call, M&A (80%), Tax call, M&A call (101%)	call, Clean-up call (80%), Tax call, M&A call (101%)	call, Clean-up call (80%), Tax call	Tax Call	Change of Control Put, Tax Call, 1m Par Call, Clean-up Call (80%)	Tax Call	ax Call	CoC put, 1-month par CoC put, 1-month par call, Clean-up call, Tax call	call, Clean-up call, Tax call
WKN	A3KNP8	АЗКNP9	A3KNQA	A3KSGM	A3KT6Q	АЗКУМА	АЗКОРР	A3K5G1	A3LBGG	A3LC4C
SIN	DE000A3KNP88	DE000A3KNP96	DE000A3KNQA0	DE000A3KSGM5	DE000A3KT6Q0	DE000A3KYMA6	DE000A3KOPP5	DE000A3K5G19	DE000A3LBGG1	DE000A3LC4C3
Denominations/Listing	€100 k + €100k, Regulated market of the Luxembourg Stock Exchange

Note: As of 01-31-2023

TRATON GROUP – Debt maturity profile

1 Maturity profile (€ bn)					Major financings		Debt overview (€ bn) 9
				• €700 mn • • undrawn	Schuldschein (tranches of 3y, 5y and 7y) Total of €5.7 bn bonds (tranches of 1.5y to 12y) €4.5 bn syndicated RCF			TRATON financial debt thereof CI/OP thereof FS Leasing (IFRS 16) TRATON financial debt (incl. leasing)		19.9 9.3 10.6 1.2 21.1

1 Excluding €1.2 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

Marie Fischhaber

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

Margit Hartmann Annual General Meeting, Events

+49 160 369 29 84 margit.hartmann@traton.com

.

Michael Lankes Annual General Meeting, Events

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

Thomas Paschen Analysts and Investors, Consensus, Private Investors

+49 170 907 34 94 thomas.paschen@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

Christian Levin, CEO | Annette Danielski, CFO

Annual Results Conference, Munich, 03-07-2023