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Q3/9M 2025 RESULTS

ANALYST / INVESTOR PRESENTATION

Christian Levin, CEO Dr. Michael Jackstein, CFO & CHRO 29/10/2025

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29/10/2025 Q3/9M 2025 Results 2

Investor Relations

AGENDA

1. Key results & highlights
1. Financial performance & outlook
1. Backup

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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 forward-looking statements and information reflect our current views about future events and are based on assumptions relating to the TRATON GROUP's business 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 forward-looking statements and/or any forecasts. This applies in particular, if any of these or other risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect. Any changes in significant parameters relating to these forward-looking statements, especially with regards to 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 will have a corresponding effect on the business development. In addition, there may also be departures from the expected business development if the factors influencing sustainable value enhancement and the risks and opportunities presented develop in a way other than currently expected, or if additional risks and opportunities or other factors emerge that affect the development of the business. TRATON SE does not assume any responsibility for updating forward-looking statements in this presentation.

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.

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KEY RESULTS & HIGHLIGHTS

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CMD 2024 growth levers

International

China

Service & Solutions

TRATON Financial Services

Strategic drivers

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ONGOING UNCERTAINTY, BUT ON TRACK TO DELIVER ON OUR 2025 FINANCIAL OUTLOOK

9M 2025

224,515

-9% YoY

€32.3bn

-8% YoY

6.3%

-2.9pp YoY

€28m

-€-1,316m YoY

€2.07

-€2.05 YoY

202,111

+7% YoY

Q3 2025

Unit sales

71,429

-16% YoY

Sales revenue

€10.4bn

-12% YoY

Adjusted return on sales

6.4%

-3.2pp YoY

Net cash flow TRATON Operations

-€26m

-€1,306m YoY

Earnings per share

€0.65

-€0.80 YoY

Incoming orders

62,512

-3% YoY

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ALSO COMMITTED TO DELIVER ON FUTURE TRANSPORTATION NEEDS

Highlights Q3 2025

Scania inaugurates third global industrial hub in China – the world's largest CV market. Local R&D to support TRATON brands and integrate Chinese innovation into TMS.

MAN introduces first fully electric coach from a European manufacturer at the "Busworld"; production of the first vehicles planned for 2026.

International begins autonomous customer fleet trials in partnership with PlusAI, marking the next step in self-driving freight transport.

Banco TRATON Brasil receives Moody's highest AAA.br rating, further strengthening the financial offerings available to the Volkswagen Truck & Bus dealer network and its customers.

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BEV SALES CONTINUE TO GROW WITH E-TRUCKS RAMPING UP

Unit sales of fully electric vehicles (units)

Q3 25

Q3 24

815

526

9M 25 2,065

9M 24 1,131

Incoming orders of fully electric vehicles (units)

Q3 25

Q3 24

669

658

9M 25 2,143 9M 24

2,364

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EUROPEAN Q3 ORDERS AND UNIT SALES BOTH UP ~20% NOT ENOUGH TO COMPENSATE NA / SA DECREASE

Europe:

― Truck market still weak, but registrations improving; TRATON Q3 truck unit sales up +7% YoY (seasonally down QoQ); bus sales strongly up YoY (flat QoQ); vans also up YoY (flat QoQ)
― Truck order intake up +24% YoY, but at declining quarterly rates – esp. in Germany; lower bus order intake with dampening effect

North America:

― Sharp decline in unit sales, especially in trucks by -64%, amplified by negative base effect due to resolved mirror supply issue in Q3 2024
― Incoming orders continue to suffer from weak truck market; truck orders down -30% with a strong improvement in September; bus order intake also low

South America:

― Unit sales (truck: -9%) and incoming orders (truck: -5%) down YoY, mainly due to Brazil 0

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ALL MARKETS ARE TRENDING DOWNWARDS IN 2025 – 2026 PROSPECTS IN NORTH AMERICA MOST UNCERTAIN

EU27+31 (k units, >6t)

2025e: -12.5% – -7.5% (narrowed from: -15% – -5%)

2025 YTD Sep: -11% | 247

2024: -6% | 365

North America (k units, class 6-82 )

2025e: -15% – -10% (narrowed from: -17.5% – -7.5%) 2025 YTD Sep: Class 6-82 -11% | 281; Class 8 -12% | 200 2024: Class 6-82 -4% | 427; Class 8 -7% | 308

South America (k units, >6t)

2025e: -5% – +5% 2025 YTD Sep: +6% | 131 2024: +11% | 171

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FINANCIAL PERFORMANCE & OUTLOOK

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SERVICE BUSINESS PROVIDES SUPPORT IN DECLINING MARKETS

― Q3 unit sales down by 16%, influenced by:

― European unit sales growth (Q3 +20%) strongly driven by buses; not enough to compensate for …
― Sharp decline in North American unit sales impacted by freight market / tariff uncertainty
- ― Negative base effect due to resolved mirror supply issue in Q3 2024 at International
- ― Negative base effect due to Euro VI introduction in Mexico
― Ongoing decline in Brazilian truck market, impacting Scania and now also VWTB
- ― Partly offset by other SA markets
- ― Partly offset by healthy bus deliveries
― Q3 sales revenue down by 12%, due to:
- ― Decline in new vehicles sales, partly absorbed

9M 25 224,515 (-9%)

Unit sales (k units) Sales revenue (€ bn)

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MARGIN WELL WITHIN NEW GUIDANCE RANGE, BUT ADDITIONAL COST BURDEN EXPECTED IN Q4

― Declining unit sales and mix
― Lower fixed cost absorption
― Foreign currency headwinds
― China project costs
― Higher direct and indirect US tariff costs

Adjusted operating result (€ m) Decreased Q3 adj. RoS YoY due to:

9M 25 2,039 (-37%)

Adjusted return on sales (%)

9M 25 6.3% (-2.9pp)

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R&D COSTS FROM NEW R&D ORGANIZATION ARE DIRECTLY ALLOCATED TO BRANDS

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RESTATEMENT HAS NO EFFECT ON TRATON OPERATIONS MARGIN

― With the completion of the group-wide R&D integration on July 1, 2025, the segment management of the TRATON GROUP has changed.
― Expenses incurred in the new R&D organization are now allocated to the brands/segments based on predefined participation keys ("management view").
― Before, e.g. for the development of the CBE, Scania bore a higher share of R&D costs upfront, subsequently recovered through license fees during use phase.
― One R&D in combination with "management view" comes at the right time, as R&D activities for joint projects such as TMS are ramping up.
― Strategic margin targets presented at our CMD in 2024 remain unchanged.

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SCANIA MARGIN BACK TO DOUBLE-DIGIT IN Q3

		TRATONOperations1
Q325	Sales revenue(in € m, YoY)	9,992(-13%)	4,223(0%)	3,368(+11%)	1,822(-49%)	692(-10%)	535(+10%)
	Adjusted RoS(YoY)	7.4%(-3.3pp)	11.1%(-3.6pp)	4.5%(-0.8pp)	0.8%(-9.5pp)	11.3%(-0.9pp)	9.1%(Return on Equity2)(-1.9pp)
	Key drivers		−Sales revenue flat withincreased unit sales inEurope, but lower volumesin Brazil−Capacity reductionsstarting to support margin−But margin still impactedby currency headwindsand China project costs−Supportive VehicleServices business	−Increased sales revenuedue to high volumes inEurope -esp. buses andvans, but lower (German)truck revenue−Restored EU bus businessafter last year's regulatorysoftware issues−Margin down mainly dueto product/region mix andhigher COGS−Supportive VehicleServices business−Ongoing costmanagement	−Sales revenue sharplydown vs. exceptionallystrong prior-year (Q3/24with resolved mirrorsupply issue)−Esp. weak truck sales−Vehicle Services & Otherbusinesses also down−Tariff costs increasinglytaking effect−Low capacityutilizationand low fixed costabsorption−Margin additionallyimpacted by unfavorableproduct and customer mix	−Sales revenue down dueto challengingBraziliantruck market, partlycompensated by growingother South Americanmarkets−Higher product costs andcurrency headwinds−High margin on the backof effective containmentof variable costs	−Sales revenue up due toincreased portfoliovolume−Higher costs in connectionwith ramp-up of TFSactivities; howeverfollowing plan−Declining returns due tohigher funding and riskcosts as well as increasedmargin pressure

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INCREASING NET DEBT – ALSO TO BE EXPECTED ON FULL-YEAR BASIS

― Net debt of TRATON Operations incl. Corporate Items increased by €1.7bn vs. year-end 2024 mainly due to:
- ― Weak gross cash flow in a challenging market environment
- ― Working capital build-up of €1.3bn, mainly driven by increased inventories of €0.5bn and receivables of €0.3bn
- ― Investing cash flow, mainly driven by capex of €1.0bn and capitalized R&D €0.8bn
- ― Dividend payout and other negative changes in cash flow

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2025 OUTLOOK CONFIRMED – BUT LOWER END FOR ROS AND NET CASH FLOW

	FY 2024Actuals	FY 2025Outlook(since Q2 Results)
TRATON GROUP
Unit sales (units)	334,215	-10 - 0%
Sales revenue (€ million)	47,473	-10 - 0%
Operating return on sales (adjusted) (in %)	9.2	6.0 - 7.0
TRATON Operations
Sales revenue (€ million)	46,182	-10 - 0%
Operating return on sales (adjusted) (in %)	10.3	7.0 - 8.0
Net cash flow (€ million)	2,834	1,000 – 1,500
Capex (€ million)	1,751	significant increase
Primary R&D costs (€ million)	2,458	slight increase
TRATON Financial Services
Return on equity (in %)	10.8	8.0 – 11.0

Additional tariff costs in effect since Q3 and additional/potential Section 232 tariffs – to a certain extent – are still covered by the guidance range. But uncertainty over tariffs persists.

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TRATON OPERATIONS – INCOMING ORDERS

	Incoming(units)orders	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 Q4 24 FY 24				Q1 25		Q2 25 Q3 25	Q3 QoQ Q3 YoY
	TRATON Operations											95,594 68,619 91,978 78,392 334,583 68,470 56,788 64,353 75,187 264,798 66,434 58,982 64,353 73,806 263,575 74,307 65,292 62,512								-4%	-3%
	Trucks											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 59,564 208,519 58,891 52,500 50,426								-4%	-1%
	Buses	8,474	7,250	9,848		6,702 32,274	7,771	6,231	7,093		8,713 29,808	8,151	7,789	8,313		7,982 32,235	7,754	6,253	5,772	-8%	-31%
	MAN TGE vans	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		6,260 22,821	7,662	6,539	6,314	-3%	21%
	ScaniaVehicles& Services											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 24,599 81,012 24,762 20,393 20,492								0%	20%
	Trucks		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 22,902 74,925 23,142 18,772 19,275			3%	26%
	Buses	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	1,697	6,087	1,620	1,621	1,217	-25%	-27%
	MAN Truck& Bus						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 22,250 77,108 27,978 24,507 20,130			-18%	11%
	Trucks	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			14,541 47,958 18,294		16,751 12,640	-25%	10%
	Buses	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	1,449	6,329	2,022	1,217	1,176	-3%	-10%
	MAN TGE vans	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		6,260 22,821	7,662	6,539	6,314	-3%	21%
	InternationalMotors		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 13,842 56,616 12,285		8,952 10,674	19%	-31%
	Trucks		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		11,175 44,397	9,691	7,416	8,760	18%	-26%
	Buses	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		2,667 12,219	2,594	1,536	1,914	25%	-47%
	VolkswagenTruck& Bus		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 13,120 48,865					9,363	11,461	11,240	-2%	-19%
	Trucks	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		10,951 41,249	7,845	9,568	9,751	2%	-20%
	Buses	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	2,169	7,616	1,518	1,893	1,489	-21%	-14%
	Consolidation	0	-100	-163	- 3	-266	-149	-52	-237	-298	-736	-16	- 3	- 2	- 5	-26	-81	-21	-24		-14% (>100%)

	TRATON Operations											95,594 68,619 91,978 78,392 334,583 68,470 56,788 64,353 75,187 264,798 66,434 58,982 64,353 73,806 263,575 74,307 65,292 62,512								-4%	-3%
of	whichall-electricvehicles	709	387	526	744	2,366	446	608	649	727	2,430	736	970	658	1,487	3,851	866	608	669	10%	2%
	in% oftotal	0.7%	0.6%	0.6%	0.9%	0.7%	0.7%	1.1%	1.0%	1.0%	0.9%	1.1%	1.6%	1.0%	2.0%	1.5%	1.2%	0.9%	1.1%	15%	5%
	Trucks											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 59,564 208,519 58,891 52,500 50,426								-4%	-1%
	ofwhichall-electricvehicles	228	111	241	59	661	56	9 0	348	226	720	165	261	254	521	1,201	466	203	309	52%	22%
	Buses	8,474	7,250	9,848		6,702 32,274	7,771	6,231	7,093		8,713 29,808	8,151	7,789	8,313		7,982 32,235	7,754	6,253	5,772	-8%	-31%
	ofwhichall-electricvehicles	346	176	175	615	1,290	324	435	249	460	1,468	533	672	382	953	2,540	399	393	357	-9%	-7%
	MAN TGE vans	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		6,260 22,821	7,662	6,539	6,314	-3%	21%
	ofwhichall-electricvehicles	135	100	110	70	415	6 6	83	52	41	242	38	37	22	1 3	110	1	1 2	3	-75%	-86%

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TRATON OPERATIONS – INCOMING ORDERS BY REGION

Incomingorders(units)	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 Q4 24 FY 24					Q1 25 Q2 25	Q3 25	Q3 QoQ Q3 YoY
Trucks																	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 59,564 208,519 58,891 52,500 50,426		-4%	-1%
EU27+3		32,625 19,216				30,131 29,861 111,833 26,339 21,968			16,315 17,937 82,559							18,123 16,454 18,041 25,373 77,991 29,347 23,722		22,282	-6%	24%
Germany	7,979	3,445	10,351		7,875 29,650	6,603	5,937	2,492		4,024 19,056	5,091	3,963	5,125		5,966 20,145	7,980	6,321	5,349	-15%	4%
NorthAmerica		26,288 17,993 17,904 10,679 72,864 13,024						4,026 14,638 21,525			53,213 14,727	8,471			12,633 12,362 48,193	9,584	7,632	8,800	15%	-30%
USA/Canada		22,823 15,681	17,199		7,814 63,517 10,873			2,599 13,232 15,653 42,357 12,233				5,374	11,156		10,167 38,930	8,017	5,928	7,526	27%	-33%
Mexico	3,465	2,312	705	2,865	9,347	2,151	1,427	1,406		5,872 10,856	2,494	3,097	1,477	2,195	9,263	1,567	1,704	1,274	-25%	-14%
SouthAmerica		14,237 13,999 16,957 15,377 60,570						7,265 12,060 14,954 12,942		47,221						13,627 15,030 15,149 15,280 59,086 11,994 13,767		14,414	5%	-5%
Brazil		10,708 10,614 13,146 13,455 47,923				5,571	9,965	13,139			11,785 40,460 11,828 13,004 12,439				11,881 49,152	8,747	10,141	10,484	3%	-16%
Otherregions	6,379	4,841	9,753		8,059 29,032	6,982	6,582	5,837		8,223 27,624	6,557	5,143	5,000		6,549 23,249	7,966	7,379	4,930	-33%	-1%

Bus	8,474		7,250 9,848		6,702 32,274	7,771	6,231	7,093		8,713 29,808	8,151	7,789	8,313		7,982 32,235	7,754	6,253	5,772	-8%	-31%
EU27+3	1,639	1,502	1,336	1,675	6,152	1,306	1,532	1,727	2,171	6,736	1,663	2,132	1,371	1,388	6,554	1,982	1,308	1,289	-1%	-6%
Germany	351	467	390	444	1,652	245	496	505	404	1,650	322	478	387	298	1,485	395	373	331	-11%	-14%
NorthAmerica	4,043	3,152	5,391	2,475	15,061	4,076	2,923	3,037	3,939	13,975	4,198	2,428	4,187		3,468 14,281	2,803	1,647	2,026	23%	-52%
USA/Canada	3,282	2,614	4,917		2,022 12,835	2,963	2,238	2,358		2,709 10,268	3,548	1,672	3,507		2,630 11,357	2,574	1,536	1,829	19%	-48%
Mexico	761	538	474	453	2,226	1,113	685	679	1,230	3,707	650	756	680	838	2,924	229	111	197	77%	-71%
SouthAmerica	1,987	1,894	2,416	2,064	8,361	1,878	1,098	1,695	1,594	6,265	1,637	2,518	2,152	2,260	8,567	1,976	2,492	1,747	-30%	-19%
Brazil	1,141	1,457	1,932	1,897	6,427	1,513	710	1,365	1,241	4,829	1,310	2,025	1,759	1,701	6,795	1,396	1,941	1,417	-27%	-19%
Otherregions	805	702	705	488	2,700	511	678	634	1,009	2,832	653	711	603	866	2,833	993	806	710	-12%	18%

MAN TGE vans	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		6,260 22,821	7,662	6,539	6,314	-3%	21%
EU27+3	7,570	5,262	7,159		7,528 27,519	6,964	5,903	5,415		5,688 23,970	5,111	6,033	5,148		6,108 22,400	7,544	6,320	6,114	-3%	19%
Germany	3,127	2,524	2,615		3,832 12,098	2,673	1,891	1,846	1,439	7,849	1,327	1,652	1,771	2,123	6,873	2,373	1,963	2,164	10%	22%
Otherregions	21	58	226	186	491	125	1 8	101	159	403	138	6 2	6 9	152	421	118	219	200		-9% >100%

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TRATON OPERATIONS – UNIT SALES

Unitsales(units)	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 Q4 24 FY 24				Q1 25		Q2 25 Q3 25	Q3 QoQ Q3 YoY
TRATON Operations																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 88,831 334,215 73,090 79,996 71,429			-11%	-16%
Trucks																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 72,897 278,130 57,566 63,742 54,929			-14%	-25%
Buses	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		7,570 28,413	8,328	8,390	8,833	5%	13%
MAN TGE vans	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		8,364 27,672	7,196	7,864	7,667	-3%	67%
ScaniaVehicles& Services																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 28,014 102,069 22,244 24,602 21,545			-12%	-1%
Trucks			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 26,409 96,443 20,663 23,057 19,768			-14%	-3%
Buses	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	1,605	5,626	1,581	1,545	1,777	15%	23%
MAN Truck& Bus																19,325 15,533 21,004 28,651 84,513 27,333 28,840 28,071 31,789 116,033 24,030 25,322 19,863 26,822 96,037 20,613 26,421 24,638			-7%	24%
Trucks	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 17,380 63,655 12,036 16,707 15,304			-8%	5%
Buses	707	994	1,136	1,969	4,806	917	1,410	1,304	2,072	5,703	1,498	1,456	678	1,078	4,710	1,381	1,850	1,667		-10% >100%
MAN TGE vans	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		8,364 27,672	7,196	7,864	7,667	-3%	67%
InternationalMotors											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 23,790 90,562 16,889							17,621 13,442	-24%	-57%
Trucks	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 20,202 79,300 13,702 14,628		9,753	-33%	-64%
Buses	2,854	3,087	3,353	3,525	12,819	3,302	3,648	3,512	2,896	13,358	606	2,889	4,179		3,588 11,262	3,187	2,993	3,689	23%	-12%
VolkswagenTruck& Bus		14,732 13,691				14,817 10,896 54,136 12,148	7,933	9,671								7,451 37,203 11,539 11,853 12,350 10,104 45,846 13,410 11,369 11,883			5%	-4%
Trucks		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		8,804 39,018	11,231	9,355	10,157	9 %	-6%
Buses	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	1,300	6,828	2,179	2,014	1,726	-14%	13%
Consolidation	- 5	-149	-97	-37	-288	-68	-313	-59	-230	-670	-197	-47	-156	101	-299	-66	-17	-79	(>100%)	49%
TRATON Operations																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 88,831 334,215 73,090 79,996 71,429			-11%	-16%
ofwhichall-electricvehicles	417	424	412	487	1,740	258	396	536	917	2,107	315	290	526	608	1,739	621	629	815	30%	55%
in% oftotal	0.6%	0.6%	0.5%	0.6%	0.6%	0.3%	0.5%	0.7%	1.0%	0.6%	0.4%	0.4%	0.6%	0.7%	0.5%	0.8%	0.8%	1.1%	45%	85%
Trucks																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 72,897 278,130 57,566 63,742 54,929			-14%	-25%
ofwhichall-electricvehicles	132	76	195	202	605	9 1	9 7	49	144	381	130	6 9	107	124	430	259	141	262		86% >100%
Buses	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		7,570 28,413	8,328	8,390	8,833	5%	13%
ofwhichall-electricvehicles	72	145	104	128	449	76	218	415	702	1,411	158	201	371	460	1,190	359	479	549	15%	48%
MAN TGE vans	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		8,364 27,672	7,196	7,864	7,667	-3%	67%
ofwhichall-electricvehicles	213	203	113	157	686	9 1	81	72	71	315	27	20	48	24	119	3	9	4	-56%	-92%

{22}------------------------------------------------

TRATON OPERATIONS – UNIT SALES BY REGION

Unit(units)sales	Q1 22		Q2 22 Q3 22 Q4 22		FY 22			Q1 23 Q2 23 Q3 23 Q4 23		FY 23	Q1 24	6,095			5,217 Q4 24 FY 24		Q1 25 Q2 25	Q3 25	Q3 QoQ Q3 YoY
Truck						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 72,897 278,130 57,566 63,742 54,929													-14%	-25%
EU27+3						21,350 18,154 19,674 29,882 89,060 30,364 29,730 27,646 35,776 123,516 27,878 26,795 22,231										27,617 104,521 22,068 27,125 23,795			-12%	7%
Germany	5,436	3,380	4,521	7,944	21,281	8,849	7,729	7,675		8,820 33,073	6,624	7,247	5,965		7,068 26,904	5,343	7,088	6,020	-15%	1 %
NorthAmerica						14,119 17,076 19,265 18,437 68,897 19,842 20,479 19,552						18,415 78,288 19,246 13,943 27,863			21,146 82,198		14,115 14,854	9,977	-33%	-64%
USA/Canada		11,993 14,798 16,926				16,123 59,840 17,032 17,398 16,649 15,882 66,961 15,945 11,299 22,771 16,339 66,354 12,489 13,236												8,290	-37%	-64%
Mexico	2,126	2,278	2,339	2,314	9,057	2,810	3,081	2,903	2,533	11,327	3,301	2,644	5,092		4,807 15,844	1,626	1,618	1,687	4%	-67%
SouthAmerica		15,912 16,437 19,423 16,439			68,211	12,247		9,938 11,958 11,940 46,083 14,488 15,930							16,251 15,588 62,257 15,646		14,197	14,796	4%	-9%
Brazil		13,152 12,586 15,372 12,594 53,704				9,804	7,859	9,414		9,594 36,671		12,387 14,093 13,662			12,158 52,300 13,066		10,751	10,466	-3%	-23%
Otherregions	6,194	5,873	8,240		7,825 28,132	7,755	9,488	8,079		8,081 33,403	7,160	6,932	6,516		8,546 29,154	5,737	7,566	6,361	-16%	-2%

Bus	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		7,570 28,413		8,328 8,390	8,833	5%	13%
EU27+3	852	1,398	1,096	1,690	5,036	1,120	1,627	1,368	2,191	6,306	1,427	1,515	766	1,204	4,912	1,517	1,803	1,766		-2% >100%
Germany	206	230	261	565	1,262	315	428	273	707	1,723	370	332	9 2	101	895	213	461	435		-6% >100%
NorthAmerica	3,082	3,302	3,699	3,848	13,931	3,733	4,138	3,914	3,367	15,152	986	3,493	4,538		3,857 12,874	3,654	3,383	4,051	20%	-11%
USA/Canada	2,682	2,948	3,047	3,180	11,857	2,972	3,155	3,104	2,770	12,001	151	2,718	3,734	3,108	9,711	3,186	2,987	3,689	24%	-1%
Mexico	400	354	652	668	2,074	761	983	810	597	3,151	835	775	804	749	3,163	468	396	362	-9%	-55%
SouthAmerica	1,504	1,778	2,379	2,280	7,941	2,197	898	1,710	1,442	6,247	1,980	2,175	1,978	1,766	7,899	2,519	2,387	2,313	-3%	17%
Brazil	1,294	1,447	1,822	1,363	5,926	1,950	548	1,419	990	4,907	1,602	1,886	1,649	1,109	6,246	2,079	1,883	1,737	-8%	5%
Otherregions	491	487	621	1,094	2,693	568	567	662	764	2,561	639	805	541	743	2,728	638	817	703	-14%	30%

MAN TGE vans	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 8,364 27,672	7,196	7,864	7,667	-3%	67%
EU27+3	4,191	5,003	5,416		6,814 21,424	6,670	6,514	6,165		6,540 25,889	7,283	7,197	4,505		8,254 27,239	7,080	7,690	7,451	-3%	65%
Germany	1,676	2,090	2,342	2,972	9,080	2,513	2,432	1,956	2,013	8,914	2,262	2,361	1,474	2,272	8,369	2,406	2,671	2,573	-4%	75%
Otherregions	72	1 9	36	33	160	9 1	148	307	192	738	6 1	177	85	110	433	116	174	216		24% >100%

{23}------------------------------------------------

TRATON GROUP – SALES REVENUE

					Legal view											Management view
Salesrevenue (€m)	Q122	Q222	Q322	Q422	FY22	Q123	Q223	Q323	Q423	FY23	Q124	Q224	Q324	Q424	FY24	Q125	Q225	Q325	Q3QoQ	Q3YoY
TRATONGROUP	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	12,220	47,473	10,606	11,300	10,416	-8%	-12%
OperationsTRATON	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	11,916	46,182	10,325	10,868	9,992	5%	-4%
ScaniaVehiclesServices&	3180,	3659,	3833,	4645,	15316,	4172,	4447,	4027,	5232,	17878,	4879,	4819,	4213,	4995,	18907,	4361,	4550,	4223,	4%	-6%
Truck&MANBus	2548,	2425,	2847,	3511,	11331,	4043,	6313,	6073,	1694,	81114,	5163,	5363,	0373,	5633,	65213,	0783,	5383,	3683,	13%	0%
InternationalMotors	2068,	2597,	2975,	2861,	10501,	2738,	2847,	2773,	2685,	11042,	2430,	2244,	3582,	2860,	11116,	2173,	2205,	1822,	1%	-2%
VolkswagenTruck&Bus	690	755	853	654	2952,	709	556	677	534	2477,	773	786	769	590	2918,	814	684	692	-19%	-13%
FinancialServicesTRATON	297	311	324	361	1,294	352	385	421	431	1,589	453	468	488	522	1,932	530	532	535	0%	14%
CorporateItems	-135	-125	-122	-131	-513	-107	-110	-117	-119	-453	-132	-161	-129	-219	-642	-249	-101	-111	>100%	37%

TRATONGROUP	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	12,220	47,473	10,606	11,300	10,416	6%	-2%
OperationsTRATON	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	11,916	46,182	10,325	10,868	9,992	5%	-4%
vehiclesNew	5053,	5795,	6826,	7868,	25542,	7262,	7715,	7544,	8691,	31186,	7926,	7777,	8133,	8366,	32202,	6903,	7534,	6606,	8%	-3%
business1VehicleServices	2038,	2088,	2199,	2198,	8522,	2232,	2160,	2134,	2168,	8693,	2221,	2154,	2175,	2201,	8751,	2248,	2122,	2186,	-6%	-1%
Other	1273,	1388,	1335,	1494,	5490,	1446,	1520,	1341,	1525,	5856,	1330,	1352,	1199,	1349,	5230,	1174,	1212,	1200,	3%	-10%
FinancialServicesTRATON	297	311	324	361	1,294	352	385	421	431	1,589	453	468	488	522	1,932	530	532	535	0%	14%
CorporateItems	-135	-125	-122	-131	-513	-107	-110	-117	-119	-453	-132	-161	-129	-219	-642	-249	-101	-111	>100%	37%

{24}------------------------------------------------

TRATON GROUP – OPERATING RESULT & RETURN ON SALES

						Legal view											Management view
Operatingresult(€m)	Q122	Q222	Q322	Q422	FY22	Q123	Q223	Q323	Q423	FY23	Q124	Q224	Q324	Q424	FY24	Q125	Q225	Q325	Q3QoQ	Q3YoY
TRATONGROUP	355	306	-52	955	1,564	834	966	895	1,068	3,763	1,057	1,008	1,038	1,106	4,209	651	607	465	-23%	-55%
OperationsTRATON	424	373	444	733	1,973	987	1,038	955	1,123	4,103	1,139	1,142	1,130	1,189	4,601	762	706	538	-24%	-52%
ScaniaVehiclesServices&	229	272	210	465	1175,	554	532	442	636	2164,	699	732	552	710	2692,	491	437	409	-6%	-26%
TruckMAN&Bus	55	-59	-38	39	- 4	197	280	242	289	1007,	244	287	124	197	853	131	163	135	-17%	9%
InternationalMotors	76	81	176	168	502	172	172	202	188	734	109	43	368	205	724	35	47	1-113	(>100%)	(>100%)
VolkswagenTruck&Bus	65	84	99	61	309	65	52	69	31	217	84	99	93	70	346	106	87	78	-11%	-16%
FinancialServicesTRATON	41	41	-368	366	80	-20	76	62	49	168	63	46	49	47	205	46	39	58	50%	19%
CorporateItems	-110	-107	-128	-144	-489	-134	-148	-123	-103	-508	-145	-180	-142	-130	-597	-156	-138	-132	4%	7%

on sales(%)Return	Q122	Q222	Q322	Q422	22FY	Q123	Q223	Q323	Q423	23FY	Q124	Q224	Q324	Q424	24FY	Q125	Q225	Q325	Q3QoQ	Q3YoY
TRATONGROUP	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	9.1	8.9	6.1	5.4	4.5	-0.9pp	-4.3pp
OperationsTRATON	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	10.0	10.0	7.4	6.5	5.4	-1.1pp	-4.4pp
ScaniaVehiclesServices&	72	74	55	100	77	133	120	110	122	121	143	152	131	142	142	113	96	97	01pp	-34pp
TruckMAN&Bus	21	-24	-13	11	00	58	77	67	69	68	69	81	41	55	62	42	46	40	-06pp	-01pp
InternationalMotors	37	31	59	59	48	63	60	73	70	66	45	19	103	72	65	16	21	1-62	-83pp	-165pp
VolkswagenTruck&Bus	95	111	116	93	105	92	94	101	59	88	109	126	121	118	119	130	128	113	-15pp	-09pp
FinancialServicesTRATON	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	9.0	10.6	8.7	7.3	10.9	3.6pp	0.8pp

{25}------------------------------------------------

TRATON GROUP – ADJ. OPERATING RESULT & ADJ. RETURN ON SALES

					Legal view												Management view
Adj. operatingresult(€m)	Q122	Q222	Q322	Q422	FY22	Q123	Q223	Q323	Q423	FY23	Q124	Q224	Q324	Q424	FY24	Q125	Q225	Q325	Q3QoQ	Q3YoY
TRATONGROUP	402	396	549	724	2,071	935	1,038	955	1,105	4,034	1,106	1,015	1,140	1,123	4,384	646	725	668	-8%	-41%
OperationsTRATON	441	428	606	782	2,257	987	1,110	1,016	1,160	4,272	1,188	1,149	1,233	1,206	4,776	756	824	741	-10%	-40%
ScaniaVehiclesServices&	243	291	292	489	1315,	554	604	464	644	2266,	727	739	618	717	2801,	483	446	468	5%	-24%
TruckMAN&Bus	57	-23	42	64	139	197	280	280	318	1075,	265	287	160	207	919	133	273	151	-45%	-5%
InternationalMotors	76	81	176	168	502	172	172	202	188	734	109	43	368	205	724	35	47	15	-69%	-96%
VolkswagenTruck&Bus	65	84	99	61	309	65	52	69	31	217	84	99	93	70	346	106	87	78	-11%	-16%
FinancialServicesTRATON	71	75	71	86	303	82	76	62	49	269	63	46	49	47	205	46	39	58	50%	19%
CorporateItems	-110	-107	-128	-144	-489	-134	-148	-123	-103	-508	-145	-180	-142	-130	-597	-156	-138	-132	4%	7%
Adjon sales(%). return	Q122	Q222	Q322	Q422	FY22	Q123	Q223	Q323	Q423	FY23	Q124	Q224	Q324	Q424	FY24	Q125	Q225	Q325	Q3QoQ	Q3QoQ
TRATONGROUP	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	9.2	9.2	6.1	6.4	6.4	-0.0pp	-3.2pp
OperationsTRATON	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	10.1	10.3	7.3	7.6	7.4	-0.2pp	-3.3pp
ScaniaVehiclesServices&	76	80	76	105	86	133	136	115	123	127	149	153	147	144	148	111	98	111	13pp	-36pp
TruckMAN&Bus	22	-09	15	18	12	58	77	78	76	73	75	81	53	58	67	43	77	45	-32pp	-08pp
InternationalMotors	37	31	59	59	48	63	60	73	70	66	45	19	103	72	65	16	21	08	-13pp	-95pp
VolkswagenTruck&Bus	95	111	116	93	105	92	94	101	59	88	109	126	121	118	119	130	128	113	-15pp	-09pp
FinancialServicesTRATON	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	9.0	10.6	8.7	7.3	10.9	3.6pp	0.8pp

{26}------------------------------------------------

TRATON OPERATIONS – CASH AND LIQUIDITY

TRATON Operations(€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 Q4 24 FY 24 Q1 25 Q2 25 Q3 25			Q3 QoQ Q3 YoY
Gross cashflow	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 1,536 5,809			935 1,036 1,099		6 2	-299
Changeinworkingcapital						152 -405 -1,172 1,088 -336 -502 -2,033 -532					220 -2,847 -589 -623 -236	711	-737 -561 -1,258 496 1,012		-311 -540 -158 -585				-427 -1,081
by/usedprovidedinoperatingactivitiesNet cash			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 2,548 5,498	395	878	513		-365 -1,381
by/usedNet cashflowprovidedininvestingactivitiesattributableto operatingactivities						-262 -308 -590 -673 -1,833 -426 -363 -443 -718 -1,950					25				71 -468 -842 -1,214 -424 -567 -615 -1,058 -2,663 -506		-713 -539	173	75
Net cashflow	753		188 -788	786	938		139 -1,534	61		709 -625			737 1,018 649 1,191 3,594 438 -374 1,279 1,491 2,834		-111	165	-26		-191 -1,306

Net liquidity/netfinancialdebt (€ m)					31.3.21 30.6.21 30.9.21 31.12.21 31.3.22 30.6.22 30.9.22 31.12.22 31.3.23 30.6.23 30.9.23 31.12.23 31.3.24 30.6.24 30.9.24 31.12.24 31.3.25 30.6.25 30.9.25															vs. 31.12.204
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	-1,114	-85	182	342	939	1,024
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	-4,903	-5,185	-6,125	-6,595	-1,692

{27}------------------------------------------------

TRATON GROUP – DEBT MATURITY PROFILE (AS OF 30 SEPTEMBER 2025)

Major financings

Total of €11.8bn (equivalent) TFL2 Bonds outstanding (tranches of 1y to 12y)
€4.5bn syndicated RCF undrawn
€350m Schuldschein outstanding (tranches of 5y and 7y)

Debt overview (€ bn)3

(incl. leasing)

thereof FS Leasing (IFRS 16)	17.01.3
	17.0

thereof CI/OP	8.3
TRATON financial debt	25.3

26.6

{28}------------------------------------------------

IR CONTACT AND UPCOMING EVENTS

Contacts		Next Events
Ursula QueretteHead of Investor Relations	Thomas PaschenInvestor Relations	10/29/2025	9M 2025 Interim Statement
+49 152 021 52 400[email protected]	+49 170 907 34 94[email protected]	10/30/2025	Jefferies Post Q3 Investor Call
		10/31/2025	DZ Bank Post Q3 Investor Call(in German)
Matthias MaucherInvestor Relations+49 170 38160 25	Marie FischhaberInvestor Relations+49 152 256 00 705	12/01/2025	Goldman Sachs Industrials & Autos Week London
[email protected]	[email protected]	12/03/2025	Bernstein Premium Review Paris

TRATON SE Investor Relations Hanauer Strasse 26 80992 München