TRATON SE

Investor Presentation • Oct 28, 2024

Q3/9M 2024 RESULTS ANALYST / INVESTOR PRESENTATION

AGENDA

1. Key results \& highlights
2. Financial performance \& outlook
3. Backup

DISCLAIMER

This presentation has been prepared for information purposes only.
The presentation 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.

The presentation as well as remarks, comments and explanations in this context contain 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 any forward-looking statements or 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.

Any changes in significant parameters relating to the key markets in which the TRATON GROUP is active, or any significant shifts in exchange rates, market regulation, energy and other commodity prices or the supply with parts relevant to the TRATON GROUP may have a corresponding effect on the business development. In addition, there may also be departures from the expected business development if the assessments of the factors influencing sustainable value enhancement and of risks and opportunities presented develop in a way other than is currently expected, or if additional risks and opportunities or other factors emerge that affect the development of the business.

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. All figures are rounded, so minor discrepancies may arise from addition of those amounts. Due to different proportions and scaling in graphs, data shown in different graphs are not comparable.

KEY RESULTS \& HIGHLIGHTS

STRONG QUARTERLY PERFORMANCE, SUPPORTED BY INTERNATIONAL'S CATCH-UP WHILE CUSTOMERS REMAIN CAUTIOUS

Q3 2024

BRANDS ARE PREPARING FOR THE FUTURE WITH ENHANCED PRODUCTS AND SOLUTIONS OFFERING

Q3 2024 Highlights

Scania showcased at the IAA its versatile range of electric and biofuel heavy trucks, and launched new service portfolio "Service 360"

MAN presented at the IAA the new eTGL for light distribution transport and now offers a complete portfolio of eTrucks from 12 to 42 tons

Navistar announced rebranding to International, aiming at positioning itself even more as a solution provider for customers

VWTB introduced new passenger transport solution with the e-Volksbus, homologation has already started

BEV ORDERS ON THE RISE

Incoming orders of fully electric vehicles (units)

9M 24
2,389

Unit sales of fully electric vehicles (units)

9M 24
1,131
1,190

GROWING UNIT SALES AND STABLE INCOMING ORDERS IN Q3

Europe:

• Weaker truck demand and unit sales, particularly in Germany
• Positive "IAA effect" on orders in September

USA:

• Decreasing demand for Class 8 on-highway trucks; demand for medium and severe trucks remains robust
• International with unit sales catch-up post mirror supply issue

South America:

• Strong unit sales for trucks due to favorable market environment, especially in Brazil
• Restricted order intake to ensure high quality software platform at Scania

Incoming orders \& Unit sales ( k units)

CLEARER PICTURE ON 2024 TRUCK MARKET DEVELOPMENT

EU27+31 (k units, $>6 t$ )

2024e: -10\% - -5\% (narrowed from: -15\% - -5\%) (YTD September -7\% | 278)

North America (k units, class 6-8²)
2024e: -10\% - -5\% (narrowed from: -15\% - -5\%) (YTD September -6\% | 314)

South America (k units, $>6 t$ )
2024e: +5\% - +10\% (narrowed from: 0\% - +10\%) (YTD August +7\% | 107)

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

FINANCIAL PERFORMANCE \& OUTLOOK

SALES REVENUE BENEFITING FROM MIX EFFECTS AND INTERNATIONAL'S CATCH-UP

• Strong unit sales, influenced by:
• Strong South American market, benefiting Scania and VWTB
• Unit sales / sales revenue catch-up at International post mirror supply issue
• More than offsetting lower MAN truck unit sales due to weak European markets
• Sales revenue benefited from:
• Favorable market, price and product mix
• Continued high customer demand for Vehicle Services business

Unit sales ( $k$ units)

9M 24
$245.4(-2 \%)$
$+5 \%$

Sales revenue ( $€$ bn)

9M 24
35.3 (+3\%)

2024 MARGIN PEAK REACHED IN Q3

• Increased sales revenue per truck unit
• International with significant adj. RoS improvement vs. Q2 24 (Q3 24: 10.7\%) post mirror supply issue
• MAN adj. RoS down vs. Q2 24 (Q3 24: 5.6\%) with persistently weak market environment in Europe / Germany; but increased resilience due to realignment program
• Scania and VWTB slightly below Q2 24 levels

Adjusted operating result ( $€ \mathrm{~m}$ )

9M 24

$3,261(+11 \%)$

Adjusted return on sales (\%)

9M 24
$9.3 \%(+0.7 \mathrm{pp})$

DIFFERENT GROWTH DYNAMICS ACROSS BRANDS

	TRATON Operations ${ }^{1}$		(MAN)	(i) INTERNATIONAL		TRATON FINANCIAL SERVICES
Q3	Sales revenue (in $€ \mathrm{~m}, \mathrm{Yo} Y$ )	11,507 $(+4 \%)$	3,064 $(-15 \%)$	3,582 $(+29 \%)$	769 $(+14 \%)$	488 $(+16 \%)$
	Adjusted RoS (YoY)	10.7\% $(+1.5 \mathrm{pp})$	14.0\% $(+2.5 \mathrm{pp})$	5.6\% $(-2.2 \mathrm{pp})$	10.7\% $(+3.4 \mathrm{pp})$	12.2\% $(+2.1 \mathrm{pp})$
Key drivers		- Sales revenue up due to strong heavy-duty truck business in Brazil, more than offsetting European decline - Growing volume of trucks equipped with Scania Super powertrain - Strong margin on the back of higher volumes, favorable price/product mix - Continued strong demand for Vehicle Services business	- Truck sales revenue negatively impacted by weak European markets, particularly in Germany - Bus deliveries delayed due to higher regulatory requirements for vehicle software systems - Margin down with lower volumes and lower capacity utilization, but increased resilience due to realignment program - Short-time work in large parts of German plants extended - Continued strong demand for Vehicle Services business	- Sales revenue significantly up after unit sales catchup post mirror supply issue - Respective positive impact on RoS - Unit sales of new school bus ramping up - Continued weak Vehicle Services business due to lower transportation activity	- Sales revenue increase driven by market tailwinds, better product positioning and unit price realization in Brazil - High margin on the back of increased volumes and effective containment of variable costs	- Increased portfolio volume; go-live of MAN FS in Germany, Austria and South Korea - Higher costs in connection with the ramp-up of TFS activities, and higher funding and risk costs - Strong RoE; previous period negatively influenced by currency translation effects attributable to Scania Finance Russia

1 TRATON Operations including consolidation effects
2 Return on Equity (9M 24) is calculated as the ratio of earnings before tax to average equity of the 9M 24 period, whereas earnings before tax are extrapolated from the 9M 24 period to the full fiscal year on a straight-line basis

STEERING TOWARDS NET DEBT REDUCTION AT THE END OF 2024

• Net debt picture significantly improved vs. H1 24.
• Net debt of TRATON Operations (TO) incl. Corporate Items (CI) increased by $€ 304 \mathrm{~m}$ vs. year-end 2023 mainly due to:
• Working capital build-up of $€ 1.3$ bn, mainly driven by increased inventories of €1.1bn; International's semi-finished inventories from mirror supply issue cleared
• Investing cash flow, mainly driven by capex of $€ 1.0$ bn
• Dividend payout in Q2 24
• Almost completely compensated by gross cash flow due to strong operating performance

Net liquidity/net debt bridge, 9M 24 (€ m)
Net liquidity/net debt Corporate Items (CI)
Net liquidity/net debt TRATON Operations (TO)
Net debt increase by $€ 304 \mathrm{~m}$

1 Includes internal profit transfers, capital contributions, F/X effects and other changes in CI net liquidity/net debt

2024 OUTLOOK FOR TRATON GROUP CONFIRMED

FY 2023
FY 2024 Outlook

TRATON GROUP

Unit sales (units) 338,183
Sales revenue (€ million)
Operating return on sales (adjusted) (in \%)
$8.6^{1}$
$-5-+10 \%$
$-5-+10 \%$
$8.0-9.0^{1}$

TRATON Operations

Sales revenue (€ million)
Operating return on sales (adjusted) (in \%)
Net cash flow (€ million)
Capex (€ million)
Primary R\&D costs (€ million)

45,736
9.3
$3,594^{2}$
1,516
2,170
$-5-+10 \%$
$9.0-10.0$
$2,300-2,800$
sharp increase
moderate increase

TRATON Financial Services

Return on equity (in \%)
8.4
$7.0-10.0$

1 including earnings effects from purchase price allocation in FY 23 of $€ 290 \mathrm{~m}$, in FY 24 expected to be $-\$ 300 \mathrm{~m}$
2 including effects from the sale of the Russia activities and the adjustment of the ownership structure of the financial services business amounting to $€ 899 \mathrm{~m}$

BACKUP

TRATON OPERATIONS - INCOMING ORDERS

Incoming orders (units)	Q120	Q2 20	Q3 20	Q4 20	FY 20	Q121	Q2 21	Q3 21	Q4 21	FY 21	Q122	Q2 22	Q3 22	Q4 22	FY 22	Q123	Q2 23	Q3 23	Q4 23	FY 23	Q124	Q2 24	Q3 24
TBATON 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	64,353	75,187	264,798	68,434	58,982	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	22,299	84,080	20,171	19,234	17,008
Trucks	18,058	13,369	25,478	32,003	88,908	35,937	37,412	23,784	15,869	113,002	19,323	16,740	17,992	22,396	76,451	17,771	18,568	21,706	20,754	78,799	18,927	17,761	15,335
Buses	2,613	233	456	730	4,032	1,007	1,081	1,239	469	3,796	1,665	1,485	1,345	1,125	5,620	1,147	1,212	1,377	1,545	5,281	1,244	1,473	1,673
MAM Truck \& 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	20,945	86,783	18,682	18,112	18,064
Trucks	17,887	8,926	15,693	18,356	60,862	22,915	25,360	24,973	34,228	107,476	22,488	9,489	25,435	18,696	76,108	17,721	15,949	9,221	12,616	55,507	11,941	9,942	11,534
Buses	1,662	1,280	820	1,059	4,821	668	1,084	1,167	1,143	4,062	1,597	1,250	1,301	1,451	5,599	1,284	1,553	1,584	2,482	6,903	1,492	2,075	1,313
MAM 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	5,847	24,373	5,249	6,095	5,317
International Motors	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	23,393	60,932	17,512	9,866	15,396
Trucks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	19,961	12,842	32,803	26,101	17,678	18,474	9,960	72,213	12,468	2,803	13,784	20,200	49,255	13,594	7,833	11,795
Buses	n/a	n/a	n/a	n/a	n/a	n/a	3,677	6,108	9,785	3,762	2,930	4,990	2,124	13,806	3,445	2,423	2,616	3,193	11,677	3,918	2,033	3,601
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	8,848	33,739	10,085	11,773	13,887
Trucks	8,206	4,627	9,178	10,952	32,963	11,432	14,176	14,614	12,414	52,636	11,617	12,172	12,999	12,925	49,713	5,799	7,328	7,218	7,327	27,672	8,573	9,564	12,161
Buses	1,311	1,031	1,934	1,566	5,842	1,318	1,203	888	1,196	4,605	1,450	1,655	2,220	2,004	7,329	1,895	1,083	1,568	1,521	6,067	1,512	2,209	1,726
Consolidation	$-125$	$-84$	$-97$	$-109$	$-415$	$-22$	$-12$	$-8$	$-141$	$-183$	0	$-100$	$-163$	$-3$	$-266$	$-149$	$-52$	$-237$	$-298$	$-736$	$-16$	$-3$	$-2$
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	64,353	75,187	264,798	68,434	58,982	64,353
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	397	586	1,403	709	387	526	744	2,366	446	608	649	727	2,430	736	970	683
in 5 of total	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.4\%	0.6\%	0.4\%	0.7\%	0.6\%	0.6\%	0.9\%	0.7\%	0.7\%	1.1\%	1.0\%	1.0\%	0.9\%	1.1\%	1.6\%	1.1\%
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	60,627	210,617	53,034	45,098	50,823
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	43	165	113	228	111	241	59	661	56	90	348	226	720	165	261	279
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	8,713	29,808	8,131	7,789	8,313
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	108	73	243	346	176	175	615	1,290	324	435	249	460	1,468	533	672	382
MAM 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	5,847	24,373	5,249	6,095	5,217
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	246	348	1,047	135	100	110	70	415	66	83	52	41	242	38	37	22

TRATON OPERATIONS - UNIT SALES

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	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
TBATON Operations	45,990	31,748	49,922	62,520	190,080	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	88,708	338,183	81,148	78,962	85,274
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	21,293	28,984	96,727	26,496	25,802	21,757
Trucks	16,605	11,050	15,788	23,456	66,899	22,023	25,249	16,733	21,925	85,930	15,900	18,901	20,362	25,075	80,238	21,611	22,562	20,110	27,369	91,652	25,388	24,333	20,313
Buses	1,579	1,203	1,510	894	3,186	1,010	947	1,273	1,206	4,436	745	1,288	1,188	1,773	4,994	1,015	1,262	1,183	1,615	5,075	1,108	1,469	1,444
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	84,313	27,333	28,840	28,071	31,789	116,033	24,030	25,322	19,863
Trucks	13,632	9,544	15,598	19,924	58,698	16,686	17,535	15,444	17,172	66,837	14,355	9,517	14,416	19,835	58,123	19,655	20,768	20,295	22,985	83,703	15,188	16,492	14,595
Buses	1,106	1,025	1,246	1,963	5,340	773	1,041	1,123	1,692	4,629	707	994	1,136	1,969	4,806	917	1,410	1,304	2,072	5,703	1,498	1,456	678
MAN TGE varis	3,428	2,927	5,037	6,243	17,635	5,904	5,378	4,738	6,382	22,202	4,263	5,022	5,452	6,847	21,584	6,761	6,662	6,472	6,732	26,627	7,344	7,374	4,590
International Motors	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	20,714	88,890	19,280	16,032	31,460
Trucks	n/a	n/a	n/a	n/a	n/a	n/a	n/a	11,261	13,852	25,113	14,216	17,176	19,222	18,459	69,073	19,246	19,595	18,873	17,818	75,532	18,674	13,143	27,281
Buses	n/a	n/a	n/a	n/a	n/a	n/a	n/a	2,813	2,379	5,192	2,854	3,587	3,553	3,525	12,819	3,302	3,648	3,512	2,896	13,358	606	2,889	4,179
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	7,461	37,203	11,539	11,853	12,350
Trucks	8,505	5,035	9,021	8,681	31,242	12,679	14,599	14,715	10,801	52,794	13,109	12,025	12,691	9,249	47,074	9,764	6,983	7,964	6,242	30,953	9,707	9,679	10,828
Buses	1,355	992	1,864	1,521	5,732	1,310	1,423	882	996	4,611	1,623	1,666	2,126	1,647	7,062	2,384	950	1,707	1,209	6,250	1,832	2,174	1,522
Consolidation	$-220$	$-28$	$-142$	$-162$	$-552$	$-70$	$-37$	$-10$	$-19$	$-136$	$-5$	$-149$	$-97$	$-37$	$-288$	$-68$	$-313$	$-59$	$-230$	$-670$	$-197$	$-47$	$-156$
TRATON Operations	45,990	31,748	49,922	62,520	190,080	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	88,708	338,183	81,148	78,962	85,274
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	169	410	1,076	417	424	412	487	1,740	258	396	536	917	2,107	315	290	526
in \% of total	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.2\%	0.5\%	0.4\%	0.6\%	0.6\%	0.5\%	0.6\%	0.3\%	0.5\%	0.7\%	1.0\%	0.6\%	0.4\%	0.4\%	0.6\%
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	74,212	281,290	68,772	63,600	72,861
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	11	73	97	132	76	195	202	605	91	97	49	144	381	130	69	107
Buses	4,030	3,219	4,591	4,334	16,774	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	7,764	30,266	5,032	7,988	7,823
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	26	93	153	72	145	104	128	449	76	218	415	702	1,411	158	201	371
MAN TGE varis	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	6,732	26,627	7,344	7,374	4,590
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	132	244	826	213	203	113	157	686	91	81	72	71	315	27	20	48

TRATON GROUP - SALES REVENUE

Sales revenue (K m)	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	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
TRATON 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	11,321	12,697	46,872	11,798	11,589	11,866
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	12,384	45,736	11,477	11,282	11,507
Scania Vehicles \& 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	5,232	17,878	4,879	4,819	4,213
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	3,607	4,169	14,811	3,516	3,553	3,064
International Motors	n/a	n/a	1,681	1,876	3,557	2,068	2,597	2,975	2,861	10,501	2,738	2,847	2,773	2,685	11,042	2,430	2,244	3,582
Volkswagen Truck \& Bus	466	555	602	490	2,113	690	755	853	654	2,952	709	556	677	534	2,477	773	786	769
TRATON Financial Services	205	214	264	281	964	297	311	324	361	1,294	352	385	421	431	1,589	453	468	488
Corporate Items	$-98$	$-102$	$-115$	$-132$	$-447$	$-135$	$-125$	$-122$	$-131$	$-513$	$-107$	$-110$	$-117$	$-119$	$-453$	$-132$	$-161$	$-129$
TRATON 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	11,321	12,697	46,872	11,798	11,589	11,866
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	12,384	45,736	11,477	11,282	11,507
New vehicles	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	8,691	31,186	7,926	7,754	8,133
Vehicle Services business ${ }^{1}$	1,298	1,291	1,884	1,919	6,392	2,038	2,088	2,199	2,198	8,522	2,232	2,160	2,134	2,168	8,693	2,221	2,154	2,175
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	1,525	5,856	1,330	1,375	1,199
TRATON Financial Services	205	214	264	281	964	297	311	324	361	1,294	352	385	421	431	1,589	453	468	488
Corporate Items	$-98$	$-102$	$-115$	$-132$	$-447$	$-135$	$-125$	$-122$	$-131$	$-513$	$-107$	$-110$	$-117$	$-119$	$-453$	$-132$	$-161$	$-129$

TRATON GROUP - OPERATING RESULT \& RETURN ON SALES

Operating result ( K m )	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	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
TRATON GROUP	155	301	186	$-248$	393	355	306	$-52$	955	1,564	834	966	895	1,068	3,763	1,057	1,008	1,038
TRATON Operations	151	294	393	$-161$	677	424	373	444	733	1,973	987	1,038	955	1,123	4,103	1,139	1,142	1,130
Scania Vehicles \& Services	409	451	238	$-196$	903	229	272	210	465	1,175	554	532	442	636	2,164	672	699	525
MAN Truck \& Bus	$-290$	$-203$	57	$-11$	$-447$	55	$-59$	$-38$	39	$-4$	197	280	242	289	1,007	257	302	135
International Motors	n/a	n/a	42	$-1$	41	76	81	176	168	502	172	172	202	188	734	122	60	383
Volkswagen Truck \& Bus	33	45	55	39	171	65	84	99	61	309	65	52	69	31	217	85	99	94
TRATON Financial Services	51	49	79	81	259	41	41	$-368$	366	80	$-20$	76	62	49	168	63	46	49
Corporate Items	$-47$	$-43$	$-286$	$-168$	$-543$	$-110$	$-107$	$-128$	$-144$	$-489$	$-134$	$-148$	$-123$	$-103$	$-508$	$-145$	$-180$	$-142$
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	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
TRATON 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	7.9	8.4	8.0	9.0	8.7	8.7
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	8.7	9.1	9.0	9.9	10.1	9.8
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	11.0	12.2	12.1	13.8	14.5	12.5
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	6.7	6.9	6.8	7.3	8.5	4.4
International Motors	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	6.6	5.0	2.7	10.7
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	5.9	8.8	11.0	12.6	12.2
TRATON Financial Services	24.6	23.1	29.8	28.8	26.9	13.8	13.0	$-113.5$	101.4	6.2	$-5.6$	19.8	14.8	11.3	10.6	13.9	9.7	10.1

TRATON GROUP - ADJUSTED OPERATING RESULT \& ADJUSTED RETURN ON SALES

Adj. operating result ( K m )	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	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
TRATON GROUP	516	612	195	277	1,599	402	396	549	724	2,071	935	1,038	955	1,105	4,034	1,106	1,015	1,140
TRATON Operations	512	605	402	364	1,883	441	428	606	782	2,257	987	1,110	1,016	1,160	4,272	1,188	1,149	1,233
Scania Vehicles \& Services	409	451	238	314	1,412	243	291	292	489	1,315	554	604	464	644	2,266	700	706	592
MAN Truck \& Bus	71	108	66	4	249	57	$-23$	42	64	139	197	280	280	318	1,075	278	302	170
International Motors	n/a	n/a	42	$-1$	41	76	81	176	168	502	172	172	202	188	734	122	60	383
Volkswagen Truck \& Bus	33	45	55	39	171	65	84	99	61	309	65	52	69	31	217	85	99	94
TRATON Financial Services	51	49	79	81	259	71	75	71	86	303	82	76	62	49	269	63	46	49
Corporate items	$-47$	$-43$	$-286$	$-168$	$-543$	$-110$	$-107$	$-128$	$-144$	$-489$	$-134$	$-148$	$-123$	$-103$	$-508$	$-145$	$-180$	$-142$
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	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
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	8.7	8.6	9.4	8.8	9.6
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	9.4	9.3	10.4	10.2	10.7
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	11.5	12.3	12.7	14.3	14.7	14.0
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	7.6	7.3	7.9	8.5	5.6
International Motors	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	6.6	5.0	2.7	10.7
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	5.9	8.8	11.0	12.6	12.2
TRATON Financial Services	24.6	23.1	29.8	28.8	26.9	24.0	24.1	22.0	23.7	23.5	23.3	19.8	14.8	11.3	17.0	13.9	9.7	10.1

TRATON GROUP - ADJUSTMENTS

TRATON OPERATIONS - CASH AND LIQUIDITY

TRATON Operations ( $\mathbf{0} \mathbf{~ m )}$	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	Q4 23	FY 23	Q1 24	Q2 24	Q3 24
Cross cash flow	863	901	974	370	3,107	1,067	862	1,036	1,207	4,171	1,300	1,570	1,354	1,323	5,546	1,423	1,452	1,398
Change in working capital	152	$-405$	$-1,172$	1,088	$-336$	$-502$	$-2,033$	$-532$	220	$-2,847$	$-589$	$-623$	$-236$	711	$-737$	$-561$	$-1,258$	496
Net cash provided by/used in operating activities	1,015	496	$-198$	1,459	2,771	565	$-1,171$	504	1,427	1,325	711	947	1,117	2,033	4,809	862	193	1,894
Net cash flow provided by/used in investing activities attributable to operating activities	$-262$	$-308$	$-590$	$-673$	$-1,833$	$-426$	$-363$	$-443$	$-718$	$-1,950$	25	71	$-468$	$-842$	$-1,214$	$-424$	$-567$	$-615$
Net cash flow	753	188	$-788$	786	938	139	$-1,534$	61	709	$-625$	737	1,018	649	1,191	3,594	438	$-374$	1,279

| Net liquidity/net financial debt ( $\mathbf{0} \mathbf{~ m )}$ | $3 / 31 / 21$ | $6 / 30 / 21$ | $9 / 30 / 21$ | $12 / 31 / 21$ | $3 / 31 / 22$ | $6 / 30 / 22$ | $9 / 30 / 22$ | $12 / 31 / 22$ | $3 / 31 / 23$ | $6 / 30 / 23$ | $9 / 30 / 23$ | $12 / 31 / 23$ | $3 / 31 / 24$ | $6 / 30 / 24$ | $9 / 30 / 24$ |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| TRATON Operations | 1,854 | 1,504 | $-2,337$ | $-1,694$ | $-1,513$ | $-2,931$ | $-3,285$ | $-3,563$ | $-2,635$ | $-2,101$ | $-1,687$ | $-677$ | $-985$ | $-2,438$ | $-1,114$ |
| TRATON Operations incl. Corporate Items | n/a | n/a | n/a | $-6,103$ | $-5,896$ | $-7,331$ | $-7,407$ | $-7,735$ | $-7,194$ | $-7,087$ | $-6,650$ | $-5,777$ | $-5,481$ | $-6,956$ | $-6,081$ |

TRATON GROUP - DEBT MATURITY PROFILE

Major financings

• €350m Schuldschein outstanding (tranches of 5 y and 7 y )
• Total of €11.3bn (equivalent) TFL Bonds outstanding (tranches of 1.75 y to 12y)
• €4.5bn syndicated RCF undrawn

Debt overview (€ bn)

TRATON financial debt	23.8
thereof CI/OP	8.5
thereof FS	15.3
Leasing (IFRS 16)	1.1

TRATON financial debt (incl. leasing)

1 Excluding €1.2bn of IFRS 16 financial liabilities.
2 SSD = Schuldscheindarlehen.
Note: OP = TRATON Operations, FS = TRATON Financial Services,
CI = Corporate Items, TFL = TRATON Finance Luxembourg

Maturity profile (€ bn) ${ }^{1}$

IR CONTACT AND UPCOMING EVENTS

Contacts

Ursula Querette
Head of Investor Relations
+49 15202152400
ursula.querette@traton.com

Thomas Paschen

Investor Relations
+49 1709073494
thomas.paschen@traton.com

TRATON SE

Investor Relations
Hanauer Strasse 26
80992 München
www.traton.com
investor.relations@traton.com
LinkedIn | Instagram

Marie Fischhaber
Investor Relations
+49 15225600705
marie.fischhaber@traton.com

Marvin Kalberlah

US Investor Relations
+16304325179
marvin.kalberlah@navistar.com

Events

10/29-30/2024
$11 / 12-13 / 2024$
$11 / 26 / 2024$
$11 / 27 / 2024$
$11 / 28 / 2024$
$12 / 03 / 2024$

Roadshow Deutsche Bank | London + virtual
Roadshow Citi | New York + Chicago
Eigenkapitalforum Deutsche Börse | Frankfurt
Premium Review Bernstein | Paris
Roadshow LBBW | Stuttgart
European Industrials Conference
Goldman Sachs | London
German Investment Seminar Commerzbank \&
Addo BHF | New York
O4/FL 2024 Results