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TRATON SE
Investor Presentation • Jul 26, 2024
272_ip_2024-07-26_516bfb37-aabb-40d4-aa45-81d44e27da61.pdf
Investor Presentation
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Q2/H1 2024 RESULTS ANALYST / INVESTOR PRESENTATION
AGENDA
- Key results \& highlights
- Financial performance \& outlook
- 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
[^0]Maturity profile (€ bn) ${ }^{1}$
[^0]: ${ }^{1}$ 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
TRATON INVESTOR RELATIONS TEAM
Ursula Querette
Head of Investor Relations
+4915202152400
[email protected]
Marie Fischhaber
Investor Relations
+4915225600705
[email protected]
Michael Lankes
Annual General Meeting, Events
+498936098328
[email protected]
Thomas Paschen
Analysts and Investors, Consensus, Private Investors
+491709073494
[email protected]
Fabian Schimpf
Analysts and Investors, Consensus, Private Investors
+491727448699
[email protected]
Contact Navistar:
Marvin Kalberlah
US Analysts and US Investors
+16304325179
[email protected]
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
[email protected]
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