TRATON SE — Investor Presentation 2024

Jul 26, 2024

Q2/H1 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.
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.

KEY RESULTS \& HIGHLIGHTS

STRONG Q2 PERFORMANCE DESPITE CAUTIOUS CUSTOMERS AND TRANSITORY SUPPLY ISSUE AT NAVISTAR

Q2 2024

Q2 BRANDS INITIATIVES FOR FURTHER TANGIBLE GROWTH

Highlights

Scania establishes charging solutions company Erinion to help customers' transition to electric transport

MAN introduces the New Power Lion driveline with a new highly efficient D30 engine based on the combined technology expertise of the TRATON GROUP

Navistar surpasses 100 electric vehicle dealers ready to support the sale and service of both International and IC Bus BEVs

VWTB has made further progress in its internationalization strategy with the opening of a vehicle production facility in Argentina

BEV ORDER MOMENTUM ON THE RISE

Incoming orders of fully
electric vehicles (units)

Unit sales of fully electric vehicles (units)

H1 24
H1 23
654

ONGOING SUPPORT FROM ORDER BOOK

• Continued normalization of truck markets in Europe and North America leading to softer order intake levels and declining, still solid unit sales
• Weaker truck markets in Germany and large parts of Eastern Europe
• Decreasing US market resulting from class B on-highway segment; medium and severe truck segments remain solid
• Navistar with transitory negative unit sales effect
• In South America, strong incoming orders and unit sales for heavy-duty trucks due to favorable market environment and market share gains, especially in Brazil

Incoming orders \& Unit sales ( $k$ units)

FINANCIAL PERFORMANCE \& OUTLOOK

SALES REVENUE BENEFITING FROM MIX EFFECTS AND PRICING DESPITE NAVISTAR SUPPLY ISSUE

• Solid unit sales, impacted by:
• Strong South American market, but normalizing markets in Europe and North America
• Ongoing support from order book
• Lower MAN truck sales due to model year change
• Transitory supply issue and delayed ramp-up of new school bus at Navistar
• Sales revenue benefited from:
• Favorable market and product mix
• Good unit price realization
• Continued high customer demand for Vehicle Services business

Unit sales ( $k$ units)

H1 24
$160.1(-5 \%)$
$-5 \%$

Sales revenue ( $€$ bn)

H1 24
23.4 (+2\%)

-1\%

CONTINUED STRONG RETURN ON SALES

• Increased sales revenue per unit
• Improved cost structure at TRATON Operations
• Positive impact from MAN realignment program completed in H2 2023
• Transitory negative effect from supply issue and delayed school-bus ramp-up at Navistar

Adjusted operating result (€ mn)

H1 24
$2,121(+7 \%)$
$-2 \%$

Adjusted return on sales (\%)

H1 24
$9.1 \%(+0.4 \mathrm{pp})$
$-0.1 \mathrm{pp}$

DIFFERENT GROWTH DYNAMICS WITH OFFSETTING EFFECTS IN Q2

	TRATON Operations	SCANIA	(MAN)	MATISTAR	(3) TWA (3)	TRATON FAMMICAL SERVICES
Q2 24	Sales revenue (in $€ \mathrm{~min}, \mathrm{YoY}$ )	$\begin{aligned} & 11,282 \ & (-1 \%) \end{aligned}$	$\begin{aligned} & 4,819 \ & (+8 \%) \end{aligned}$	$\begin{aligned} & 3,553 \ & (-2 \%) \end{aligned}$	$\begin{aligned} & 2,244 \ & (-21 \%) \end{aligned}$	$\begin{aligned} & 786 \ & (+41 \%) \end{aligned}$
	Adjusted RoS (YoY)	$\begin{aligned} & 10.2 \% \ & (+0.4 \mathrm{pp}) \end{aligned}$	$\begin{aligned} & 14.7 \% \ & (+1.1 \mathrm{pp}) \end{aligned}$	$\begin{aligned} & 8.5 \% \ & (+0.8 \mathrm{pp}) \end{aligned}$	$\begin{aligned} & 2.7 \% \ & (-3.4 \mathrm{pp}) \end{aligned}$	$\begin{aligned} & 12.6 \% \ & (+3.3 \mathrm{pp}) \end{aligned}$
Key drivers		- Sales revenue up mainly due to strong heavy-duty truck business in Brazil - Growing volume of trucks equipped with Scania Super powertrain - Excellent margin on the back of high volumes, favorable price / product mix, and lower variable product costs - Continued strong demand for Vehicle Services business	- Truck sales revenue negatively impacted by weak German market and model year change considering new General Safety Regulation ... - ... partly offset by an increase in bus and van sales revenue - Resilient margin due to improved cost structure post-realignment program - Continued strong demand for Vehicle Services business	- Deliveries and hence sales revenue significantly impacted by fire at the plant of a mirror supplier - Unit sales of new school bus still delayed, but ramping up - Continued weak Vehicle Services business due to market situation - Margin down mainly due to significantly lower volumes; despite positive pricing impact	- Increased sales revenue driven by market tailwinds, better product positioning and unit price realization in Brazil - High margin on the back of increased sales revenue and effective containment of variable costs	- Increased portfolio volume; new country rollouts for MAN FS - Higher costs due to integration of activities of MAN FS and VWTB FS; increased funding costs - RoE up strongly; previous Q2 negatively influenced by currency translation effects attributable to Scania Finance Russia

CONTINUED FOCUS ON CASH GENERATION AND NET DEBT REDUCTION

• Net debt of TRATON Operations (TO) incl. Corporate Items (CI) increased vs. year-end 2023 mainly due to:
• Working capital build-up of $€ 1.8 \mathrm{bn}$, mainly driven by increased inventories of $€ 1.5 \mathrm{bn}$
• Investing cash flow (mainly capex of $€ 0.7 \mathrm{bn}$ )
• Dividend payout
• Partly compensated by gross cash flow due to strong operating performance

Net liquidity/net debt bridge, H1 24 (€ mn)
Net liquidity/net debt Corporate Items (CI)
Net liquidity/net debt TRATON Operations (TO)
Net debt increase by $€ 1,179 \mathrm{mn}$

2024 OUTLOOK FOR TRATON GROUP CONFIRMED

FY 2023
FY 2024 Outlook

TRATON GROUP

Unit sales ( $€$ million)
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 $€ 290 \mathrm{mn}$, in FY 24 expected to be $=€ 300 \mathrm{mn}$.
2 including effects from the sale of the Russia activities and the adjustment of the ownership structure of the financial services business amounting to $€ 899 \mathrm{mn}$.

... WITH UNCHANGED TRUCK MARKET FORECAST

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.

TRATON JOINS THE MDAX AND CELEBRATES ITS 5TH ANNIVERSARY ON THE STOCK MARKET

BACKUP

TRATON OPERATIONS - INCOMING ORDERS

Incoming orders (units)	Q1 20	Q2 20	Q3 20	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22	Q1 23	Q2 23	Q3 23	Q4 23	FY 23	Q1 24	Q2 24
TRATON Operations	54,161	33,270	58,002	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	66,434	58,982
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
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
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
MAN Truck \& Bus	24,098	14,094	21,553	25,776	84,921	32,070	35,344	33,216	42,901	143,531	31,676	16,059	34,121	27,861	109,777	26,094	23,423	16,321	20,945	86,783	18,692	18,112
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	23,435	18,696	76,108	17,721	15,949	9,221	12,616	55,507	11,941	9,942
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
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	5,847	24,373	5,249	6,095
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	23,393	60,932	17,012	9,866
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
Buses	n/a	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
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
Trucks	8,206	4,627	9,178	10,952	32,963	11,432	14,176	14,614	12,414	62,636	11,617	12,172	12,999	12,925	49,713	5,799	7,328	7,218	7,327	27,672	8,573	9,564
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
Consolidation	$-125$	$-84$	$-97$	$-109$	$-415$	$-22$	$-12$	$-8$	$-141$	$-183$	0	$-100$	$-163$	$-3$	$-266$	$-149$	$-52$	$-237$	$-298$	$-736$	$-16$	$-3$
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	66,434	58,982
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
in \% of total											0.7\%	0.6\%	0.6\%	0.9\%	0.7\%	0.7\%	1.1\%	1.0\%	1.0\%	0.9\%	1.1\%	1.6\%
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	210,677	53,034	45,098
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	639	56	90	348	226	720	165	261
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	8,151	7,789
of which all-electric vehicles	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	108	73	243	346	176	175	615	1,312	324	435	249	460	1,468	533
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	5,847	24,373	5,249	6,095
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

TRATON OPERATIONS - UNIT SALES

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	Q1 23	Q2 23	Q3 23	Q4 23	FY 23	Q1 24	Q2 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
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
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
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
Navistar Sales \& Services	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
Volkswagen Truck \& Bus	466	555	602	490	2,113	690	755	853	654	2,952	709	556	677	534	2,477	773	786
TRATON Financial Services	205	214	264	281	964	297	311	324	361	1,294	352	385	421	431	1,589	453	468
Corporate Items	$-98$	$-102$	$-115$	$-132$	$-447$	$-135$	$-125$	$-122$	$-131$	$-513$	$-107$	$-110$	$-117$	$-119$	$-453$	$-132$	$-161$
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
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
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
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
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
TRATON Financial Services	205	214	264	281	964	297	311	324	361	1,294	352	385	421	431	1,589	453	468
Corporate Items	$-98$	$-102$	$-115$	$-132$	$-447$	$-135$	$-125$	$-122$	$-131$	$-513$	$-107$	$-110$	$-117$	$-119$	$-453$	$-132$	$-161$

TRATON GROUP - OPERATING RESULT \& 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	Q1 23	Q2 23	Q3 23	Q4 23	FY 23	Q1 24	Q2 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
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
Scania Vehicles \& Services	409	451	238	$-196$	903	229	272	210	465	1,175	554	532	442	636	2,164	672	699
MAN Truck \& Bus	$-290$	$-203$	57	$-11$	$-447$	55	$-59$	$-38$	39	$-4$	197	280	242	289	1,007	257	302
Navistar Sales \& Services	n/a	n/a	42	$-1$	41	76	81	176	168	502	172	172	202	188	734	122	60
Volkswagen Truck \& Bus	33	45	55	39	171	65	84	99	61	309	65	52	69	31	217	85	99
TRATON Financial Services	51	49	79	81	259	41	41	$-368$	366	80	$-20$	76	62	49	168	63	46
Corporate Items	$-47$	$-43$	$-286$	$-168$	$-543$	$-110$	$-107$	$-128$	$-144$	$-489$	$-134$	$-148$	$-123$	$-103$	$-508$	$-145$	$-180$
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
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
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
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
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
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	7.0	6.6	5.0	2.7
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
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

TRATON GROUP - 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	Q1 23	Q2 23	Q3 23	Q4 23	FY 23	Q1 24	Q2 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
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
Scania Vehicles \& Services	409	451	238	314	1,412	243	291	292	489	1,315	554	604	464	644	2,266	700	706
MAN Truck \& Bus	71	108	66	4	249	57	$-23$	42	64	139	197	280	280	318	1,075	278	302
Navistar Sales \& Services	n/a	n/a	42	$-1$	41	76	81	176	168	502	172	172	202	188	734	122	60
Volkswagen Truck \& Bus	33	45	55	39	171	65	84	99	61	309	65	52	69	31	217	85	99
TRATON Financial Services	51	49	79	81	259	71	75	71	86	303	82	76	62	49	269	63	46
Corporate Items	$-47$	$-43$	$-286$	$-168$	$-543$	$-110$	$-107$	$-128$	$-144$	$-489$	$-134$	$-148$	$-123$	$-103$	$-508$	$-145$	$-180$
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
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
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
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
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
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	7.0	6.6	5.0	2.7
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
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

TRATON GROUP - ADJUSTMENTS

TRATON OPERATIONS - CASH AND LIQUIDITY

TRATON Operations ( $\mathbf{1} \mathbf{~ m n}$ )	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
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
Change in working capital	152	$-405$	$-1,172$	1,088	$-336$	$-502$	$-2,033$	$-532$	220	$-2,847$	$-589$	$-623$	$-236$	711	$-737$	$-561$	$-1,258$
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
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	$-468$	$-842$	$-1,214$	$-424$	$-567$
Net cash flow	753	188	$-788$	786	938	139	$-1,534$	61	709	$-625$	737	1,018	649	1,191	3,594	438	$-374$

| Net liquidity/net financial debt ( $\mathbf{1} \mathbf{m n}$ ) | 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 |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| TRATON Operations | 1,854 | 1,504 | $-2,337$ | $-1,694$ | $-1,513$ | $-2,931$ | $-3,285$ | $-3,563$ | $-2,635$ | $-2,101$ | $-1,687$ | $-617$ | $-985$ | $-2,438$ |
| TRATON Operations incl. Corporate Items | n/a | n/a | n/a | $-6,103$ | $-5,896$ | $-7,331$ | $-7,407$ | $-7,735$ | $-7,194$ | $-7,087$ | $-6,650$ | $-5,777$ | $-5,481$ | $-6,956$ |

TRATON GROUP - DEBT MATURITY PROFILE

Major financings

• €350 mn Schuldschein outstanding (tranches of 5 y and 7 y )
• Total of $€ 10.3$ bn (equivalent) TFL Bonds outstanding (tranches of 1.75 y to 12y)
• €4.5 bn syndicated RCF undrawn

Debt overview (€ bn)

TRATON financial debt	22.7
thereof $\mathrm{Cl} / \mathrm{OP}$	8.8
thereof FS	13.9
Leasing (IFRS 16)	1.1

TRATON financial debt (incl. leasing)
23.8
${ }^{1}$ Excluding $€ 1.2$ bn of IFRS 16 financial liabilities.
${ }^{2}$ SSD $<$ Schuldscheindarlehen.
Note: OP = TRATON Operations, FS = TRATON Financial Services,
$\mathrm{Cl}=$ Corporate Items, TFL = TRATON Finance Luxembourg

Maturity profile (€ bn) ${ }^{1}$

TRATON INVESTOR RELATIONS TEAM

Ursula Querette
Head of Investor Relations
+4915202152400
ursula.querette@traton.com

Marie Fischhaber
Investor Relations
+4915225600705
marie.fischhaber@traton.com

Michael Lankes
Annual General Meeting, Events
+498936098328
michael.lankes@traton.com

Thomas Paschen
Analysts and Investors, Consensus, Private Investors
+491709073494
thomas.paschen@traton.com

Fabian Schimpf
Analysts and Investors, Consensus, Private Investors
+491727448699
fabian.schimpf@traton.com

Contact Navistar:

Marvin Kalberlah
US Analysts and US Investors
+16304325179
marvin.kalberlah@navistar.com

UPCOMING EVENTS

-10/01/2024 TRATON Capital Markets Day
-10/28/2024 9M 2024 Interim Statement

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