TRATON SE — Investor Presentation 2025

Jul 25, 2025

Q2/H1 2025 RESULTS

ANALYST / INVESTOR PRESENTATION

Christian Levin, CEO
Dr. Michael Jackstein, CFO & CHRO
25/07/2025

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Q2/H1 2025 Results
25/07/2025
Investor Relations
TRATON

AGENDA

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

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Q2/H1 2025 Results
25/07/2025
Investor Relations
TRATON

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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Q4/10 2025 Results
26/07/2025
4 Investor Relations
TRATON

KEY RESULTS & HIGHLIGHTS

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Q2/H1 2025 Results
25/07/2025
Investor Relations
TRATON

GOOD UNIT SALES AND ORDER DEVELOPMENT – BUT NOT YET GOOD ENOUGH

H1 2025

| 153,086
-4% YoY | €21.9bn
-6% YoY | 6.3%
-2.8pp YoY | €54m
-€10m YoY | €1.42
-€1.25 YoY | 139,599
+11% YoY |
| --- | --- | --- | --- | --- | --- |

Q2 2025

| Unit sales
79,996
+1% YoY | Sales revenue
€11.3bn
-2% YoY | Adjusted return on sales
6.4%
-2.3pp YoY | Net cash flow
TRATON Operations
+€165m
+€539m YoY | Earnings per share
€0.49
+€0.68 YoY | Incoming orders
65,292
+11% YoY |
| --- | --- | --- | --- | --- | --- |

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Q2/H1 2025 Results
25/07/2025
Investor Relations
TRATON

WE CONTINUE OUR LONG-TERM TRANSFORMATION JOURNEY DESPITE THE CHALLENGES AHEAD

Highlights Q2 2025

Scania launched its MCS rapid charging solution, laying the foundation for a more efficient and environmentally friendly future in heavy-duty transport.

MAN started the series production of electric trucks at its Munich facility and has already received around 700 orders for the electric truck.

International introduced the next evolution in their electric vehicle offerings with an all-electric Class 8 regional haul tractor, the eRH series.

Volkswagen Truck & Bus began circulating its e-Volksbus among São Paulo clients.

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Q2/H1 2025 Results

25/07/2025

7 Investor Relations

TRATON

OUR INTERNAL TRANSFORMATION AIMED AT ENHANCED OPERATIONAL EFFICIENCY IS ALSO PROGRESSING

TRATON Financial Services completes rollout of integrated captive structure across 14 markets

TRATON GROUP writes a new chapter in the company's history with the joint Group research and development organization

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Q2/H1 2025 Results

25/07/2025

BEV SALES CONTINUE TO GROW WITH E-TRUCKS RAMPING UP

Unit sales of fully electric vehicles (units)

Q2 25

629

H1 25

1,250

Q2 24

290

H1 24

605

Incoming orders of fully electric vehicles (units)

Q2 25

608

H1 25

1,474

Q2 24

970

H1 24

1,706

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Q2/H1 2025 Results

25/07/2025

Investor Relations

TRATON

SLOWING ORDER ACTIVITY AND UNCERTAINTY IN NORTH AMERICAN MARKET DRAGS BOOK-TO-BILL RATIO DOWN

Europe:

• Truck unit sales development (up QoQ and stable YoY) starting to reflect recent order momentum; bus business up QoQ and YoY
• Sequential upward order intake trend for trucks broken in Q2, but strong YoY increase; still too early to declare a turnaround

North America:

• Continued low unit sales in a weak and declining market (but positive base effect at International due to mirror supply issue in Q2 2024)
• Incoming orders severely suffering from reduced transportation activities, customer hesitation/uncertainty about import tariffs, US economy and EPA 2027 regulations

South America:

• Unit sales and incoming orders down YoY, mainly due to Brazil, despite overall growth in the SA truck market

Incoming orders & Unit sales (k units)

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Q2/H1 2025 Results
25/07/2025
Investor Relations
TRATON

... LEADING US TO LOWER OUR NORTH AMERICAN TRUCK MARKET OUTLOOK

EU27+3¹ (k units, >6t)
2025e: -15% – -5%
(2024: -6% | 365)

North America (k units, class 6-8²)
2025e: -17.5% – -7.5%
(2024: class 6-8² -4% | 427 / class 8 -7% | 308)

South America (k units, >6t)
2025e: -5% – +5%
(2024: +12% | 172)

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

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Q2/10 2025 Results
2/24/11 2025
11 Investor Relations
TRATON

FINANCIAL PERFORMANCE & OUTLOOK

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Q2/H1 2025 Results
25/07/2025
Investor Relations
TRATON

EUROPE AT REPLACEMENT LEVELS, NORTH AMERICA BELOW – NO STRUCTURAL GROWTH YET

— Q2 unit sales up by 1%, driven by:
- European order momentum from last two quarters starting to translate into truck unit sales, especially at MAN
- North American truck market negatively influenced by US trade politics
- Positive base effect due to mirror supply issue in Q2 2024 at International
- Negative base effect due to Euro VI introduction in Mexico
- Declining momentum in the Brazilian truck market, impacting Scania and VWTB, partly offset by other South American markets
- Overall, bus deliveries on solid levels

— Q2 sales revenue down by 2%, impacted by:
- Decline in new vehicles due to unfavorable price-/mix-effects

Unit sales (k units)
H1 25
153,086 (-4%)

Sales revenue (€ bn)
H1 25
21.9 (-6%)
■ Vehicle Services business

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Q2/H1 2025 Results
25/07/2025
Investor Relations
TRATON

NOT ENOUGH VOLUME TO FILL PRODUCTION, BUT HEALTHY LEVELS FOR MAN

Decreased Q2 adj. RoS YoY due to:
- Declining sales revenue
- Lower fixed cost absorption
- Foreign currency headwinds
- China project costs

Adjusted operating result (€ m)

H1 25
1,371 (-35%)

Adjusted return on sales (%)

H1 25
6.3% (-2.8pp)

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Q2/H1 2025 Results

25/07/2025

Investor Relations

TRATON

FULL FOCUS ON SOLVING SCANIA'S TEMPORARY MARGIN ISSUES

		TRATON Operations1	SCANIA	MAN	INTERNATIONAL	Track Bus	TRATON FINANCIAL SERVICES
Q2 25	Sales revenue (in € m, YoY)	10,868 (-4%)	4,550 (-6%)	3,557 (+0%)	2,205 (-2%)	684 (-13%)	532 (+14%)
	Adjusted RoS (YoY)	7.6% (-2.6pp)	9.0% (-5.7pp)	7.9% (-0.6pp)	3.3% (+0.6pp)	12.9% (+0.3pp)	8.4% (Return on Equity2) (-3.5pp)
Key drivers			– Sales revenue down due to lower volumes especially in the heavy-duty truck business in Brazil
– Margin additionally impacted by currency headwinds and China project costs
– Production capacity reduced to manage cost
– Vehicle Services business remains solid	– Stable sales revenue
– Bus business recovering after regulatory software issues
– Margin slightly down due to product mix; ongoing cost management process
– Increased resilience due to realignment program	– Sales revenue slightly down mainly due to lower Vehicle Services /Other businesses
– Truck sales revenue up compared to prior-year (Q2/24 had a mirror supply issue)
– Margin down in a weak truck market; low capacity utilization and low fixed cost absorption
– Margin additionally impacted by unfavorable product mix	– Sales revenue down due to challenging Brazilian truck market, partly compensated by growing other South American markets
– Higher product costs and currency headwinds
– High margin on the back of effective containment of variable costs	– Sales revenue up due to increased portfolio volume
– Higher costs in connection with ramp-up of TFS activities; however following plan
– Declining returns due to higher funding and risk costs as well as increased competitive pressure

1 TRATON Operations including consolidation effects
2 Return on Equity (6M 25) is calculated as the ratio of earnings before tax to average equity of the 6M 25 period, whereas earnings before tax are extrapolated from the 6M 25 period to the full fiscal year on a straight-line basis

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Q2/H1 2025 Results
25/07/2025
Investor Relations
TRATON

CASH FLOW TREND REVERSAL EXPECTED IN H2

— Net debt of TRATON Operations incl. Corporate Items increased by €1.2bn vs. year-end 2024 mainly due to:
— Weak gross cash flow in a challenging market environment
— Working capital build-up of €0.7bn, mainly driven by increased inventories of €0.8bn
— Investing cash flow, mainly driven by capex of €0.7bn and capitalized R&D €0.5bn
— Dividend payout and other negative changes in cash flow

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

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Q2/H1 2025 Results

25/07/2025

2025 OUTLOOK ADJUSTED

| | FY 2024
Actuals | FY 2025
Outlook “Old” | FY 2025
Outlook “New”
(since Q2 Results) |
| --- | --- | --- | --- |
| TRATON GROUP | | | |
| Unit sales (units) | 334,215 | -5 – +5% | -10 – 0% |
| Sales revenue (€ million) | 47,473 | -5 – +5% | -10 – 0% |
| Operating return on sales (adjusted) (in %) | 9.2 | 7.5 – 8.5 | 6.0 – 7.0 |
| TRATON Operations | | | |
| Sales revenue (€ million) | 46,182 | -5 – +5% | -10 – 0% |
| Operating return on sales (adjusted) (in %) | 10.3 | 8.5 – 9.5 | 7.0 – 8.0 |
| Net cash flow (€ million) | 2,834 | 2,200 – 2,700 | 1,000 – 1,500 |
| Capex (€ million) | 1,751 | significant increase | significant increase |
| Primary R&D costs (€ million) | 2,458 | slight decrease | slight increase |
| TRATON Financial Services | | | |
| Return on equity (in %) | 10.8 | 8.0 – 11.0 | 8.0 – 11.0 |

The adjusted outlook assumes that International's tariff situation and USMCA compliance from end of H1 2025 will remain unchanged in H2 2025. It therefore does not factor in any effects of possible additional US tariffs or adjustments to the USMCA.

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Q2/10 2025 Results
2/2 0/0 2025
17 Investor Relations
TRATION

BACKUP

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Q2/H1 2025 Results

25/07/2025

Investor Relations

TRATON

TRATON OPERATIONS – INCOMING ORDERS

Incoming orders (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	Q2 QoQ	Q2 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	-14%	11%
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	-12%	16%
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	-24%	-20%
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	-17%	7%
Scania Vehicles & 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	-21%	6%
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	-23%	6%
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	0%	10%
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	-14%	35%
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	-9%	68%
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	-66%	-41%
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	-17%	7%
International Motors	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	-37%	-9%
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	-31%	-5%
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	-69%	-24%
Volkswagen Truck & 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	18%	-3%
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	18%	0%
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	20%	-14%
Consolidation	0	-100	-163	-3	-266	-149	-52	-237	-298	-736	-16	-3	-2	-5	-26	-81	-21	>100%	(>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	-14%	11%
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
of which all-electric vehicles	709	387	526	744	2,366	446	608	649	727	2,430	736	970	658	1,487	3,851	866	608	-42%	-37%
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%	1.0%	2.0%	1.5%	1.2%	0.9%	-25%	-43%
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	-12%	16%
of which all-electric vehicles	228	111	241	59	661	56	90	348	226	720	165*	261	254	521	1,201	466	203	(>100%)	-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	-24%	-20%
of which all-electric vehicles	346	176	175	615	1,290	324	435	249	460	1,468	533*	672	382	953	2,540	399	393	-2%	-42%
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	-17%	7%
of which all-electric vehicles	135	100	110	70	415	66	83	52	41	242	38	37	22	13	110	1	12	92%	-68%

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Q2/H1 2025 Results

25/07/2025

Investor Relations

TRATON

TRATON OPERATIONS – INCOMING ORDERS BY REGION

Incoming orders (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	Q2 QoQ	Q2 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	-12%	16%
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	-24%	44%
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	-26%	60%
North America	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	-26%	-10%
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	-35%	10%
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	8%	-45%
South America	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	13%	-8%
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	14%	-22%
Other regions	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	-8%	43%
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	-24%	-20%
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	-52%	-39%
Germany	351	467	390	444	1,652	245	496	505	404	1,650	322	478	387	298	1,485	395	373	-6%	-22%
North America	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	-70%	-32%
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	-68%	-8%
Mexico	761	538	474	453	2,226	1,113	685	679	1,230	3,707	650	756	680	838	2,924	229	111	(>100%)	-85%
South America	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	21%	-1%
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	28%	-4%
Other regions	805	702	705	488	2,700	511	678	634	1,009	2,832	653	711	603	866	2,833	993	806	-23%	13%
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	-17%	7%
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	-19%	5%
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	-21%	19%
Other regions	21	58	226	186	491	125	18	101	159	403	138	62	69	152	421	117	218	46%	>100%

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Q2/H1 2025 Results

25/07/2025

20

Investor Relations

TRATON

TRATON OPERATIONS – UNIT SALES

Unit sales (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	Q2 QoQ	Q2 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	9%	1%
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	10%	0%
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	1%	5%
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	8%	7%
Scania Vehicles & 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	10%	-5%
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	10%	-5%
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	-2%	5%
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	22%	4%
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	28%	1%
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	25%	27%
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	8%	7%
International Motors	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	4%	10%
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	6%	11%
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	-6%	4%
Volkswagen Truck & 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	-18%	-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	-20%	-3%
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	-8%	-7%
Consolidation	-5	-149	-97	-37	-288	-68	-313	-59	-230	-670	-197	-47	-156	101	-299	-66	-17	>100%	64%
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	9%	1%
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
of which all-electric vehicles	417	424	412	487	1,740	258	396	536	917	2,107	315	290	526	608	1,739	621	629	1%	>100%
in % of total	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%	-8%	>100%
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	10%	0%
of which all-electric vehicles	132	76	195	202	605	91	97	49	144	381	130	69	107	124	430	259	141	-84%	>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	1%	5%
of which all-electric vehicles	72	145	104	128	449	76	218	415	702	1,411	158	201	371	460	1,190	359	479	25%	>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	8%	7%
of which all-electric vehicles	213	203	113	157	686	91	81	72	71	315	27	20	48	24	119	3	9	67%	-55%

---

Q2/H1 2025 Results

25/07/2025

21

Investor Relations

TRATON

TRATON OPERATIONS – UNIT SALES BY REGION

Unit sales (units)	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	Q2 QoQ	Q2 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	10%	0%
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	19%	1%
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	25%	-2%
North America	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	5%	7%
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	6%	17%
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	0%	-39%
South America	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	-10%	-11%
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	-22%	-24%
Other regions	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	24%	9%
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	1%	5%
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	16%	19%
Germany	206	230	261	565	1,262	315	428	273	707	1,723	370	332	92	101	895	213	461	54%	39%
North America	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	-8%	-3%
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	-7%	10%
Mexico	400	354	652	668	2,074	761	983	810	597	3,151	835	775	804	749	3,163	468	396	-18%	-49%
South America	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	-6%	10%
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	-10%	0%
Other regions	491	487	621	1,094	2,693	568	567	662	764	2,561	639	805	541	743	2,728	638	817	22%	1%
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	8%	7%
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	8%	7%
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	10%	13%
Other regions	72	19	36	33	160	91	148	307	192	738	61	177	85	110	433	115	174	34%	-2%

---

Q2/H1 2025 Results

25/07/2025

22

Investor Relations

TRATON

TRATON GROUP – SALES REVENUE

Sales revenue (€ m)	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	Q2 QoQ	Q2 YoY
TRATON GROUP	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	6%	-2%
TRATON Operations	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	5%	-4%
Scania Vehicles & Services	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	4,995	18,907	4,361	4,550	4%	-6%
MAN Truck & Bus	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	3,599	13,732	3,099	3,557	13%	0%
International Motors	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	2,860	11,116	2,173	2,205	1%	-2%
Volkswagen Truck & Bus	690	755	853	654	2,952	709	556	677	534	2,477	773	786	769	590	2,918	814	684	-19%	-13%
TRATON Financial Services	297	311	324	361	1,294	352	385	421	431	1,589	453	468	488	522	1,932	530	532	0%	14%
Corporate Items	-135	-125	-122	-131	-513	-107	-110	-117	-119	-453	-132	-161	-129	-219	-642	-249	-101	>100%	37%
TRATON GROUP	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	6%	-2%
TRATON Operations	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	5%	-4%
New vehicles	5,053	5,795	6,826	7,868	25,542	7,262	7,715	7,544	8,691	31,186	7,926	7,777	8,133	8,366	32,202	6,903	6,903	0%	-11%
Vehicle Services business¹	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	2,201	8,751	2,248	2,248	0%	4%
Other	1,273	1,388	1,335	1,494	5,490	1,446	1,520	1,341	1,525	5,856	1,330	1,352	1,199	1,349	5,230	1,174	1,174	0%	-13%
TRATON Financial Services	297	311	324	361	1,294	352	385	421	431	1,589	453	468	488	522	1,932	530	532	0%	14%
Corporate Items	-135	-125	-122	-131	-513	-107	-110	-117	-119	-453	-132	-161	-129	-219	-642	-249	-101	>100%	37%

1 Including genuine parts and workshop services

---

Q2/H1 2025 Results

25/07/2025

23 Investor Relations

TRATON

TRATON GROUP – OPERATING RESULT & RETURN ON SALES

Operating result (€ m)	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	Q2 QoQ	Q2 YoY
TRATON GROUP	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	-7%	-40%
TRATON Operations	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	-8%	-38%
Scania Vehicles & Services	229	272	210	465	1,175	554	532	442	636	2,164	672	699	525	661	2,557	466	401	-16%	-43%
MAN Truck & Bus	55	-59	-38	39	-4	197	280	242	289	1,007	257	302	135	224	918	141	173	19%	-43%
International Motors	76	81	176	168	502	172	172	202	188	734	122	60	383	227	791	49	72	32%	22%
Volkswagen Truck & Bus	65	84	99	61	309	65	52	69	31	217	85	99	94	71	349	106	88	-21%	-11%
TRATON Financial Services	41	41	-368	366	80	-20	76	62	49	168	63	46	49	47	205	46	39	-19%	-14%
Corporate Items	-110	-107	-128	-144	-489	-134	-148	-123	-103	-508	-145	-180	-142	-130	-597	-156	-138	14%	24%
Return on sales (%)	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	Q2 QoQ	Q2 YoY
TRATON GROUP	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	(0.8 pp)	(3.3 pp)
TRATON Operations	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	(0.9 pp)	(3.6 pp)
Scania Vehicles & Services	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	13.2	13.5	10.7	8.8	(1.9 pp)	(5.7 pp)
MAN Truck & Bus	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	6.2	6.7	4.5	4.9	0.3 pp	(3.6 pp)
International Motors	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	7.9	7.1	2.3	3.3	1.0 pp	0.6 pp
Volkswagen Truck & Bus	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	12.0	12.0	13.1	12.9	(0.2 pp)	0.3 pp
TRATON Financial Services	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	(1.4 pp)	(2.4 pp)

---

Q2/H1 2025 Results

25/07/2025

24

Investor Relations

TRATON

TRATON GROUP – ADJUSTED OPERATING RESULT & ADJUSTED RETURN ON SALES

Adj. operating result (€ m)	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	Q2 QoQ	Q2 YoY
TRATON GROUP	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	11%	-29%
TRATON Operations	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	8%	-28%
Scania Vehicles & Services	243	291	292	489	1,315	554	604	464	644	2,266	700	706	592	668	2,666	458	409	-12%	-42%
MAN Truck & Bus	57	-23	42	64	139	197	280	280	318	1,075	278	302	170	234	985	143	283	-46%	-7%
International Motors	76	81	176	168	502	172	172	202	188	734	122	60	383	227	791	49	72	32%	22%
Volkswagen Truck & Bus	65	84	99	61	309	65	52	69	31	217	85	99	94	71	349	106	88	-21%	-11%
TRATON Financial Services	71	75	71	86	303	82	76	62	49	269	63	46	49	47	205	46	39	-19%	-14%
Corporate Items	-110	-107	-128	-144	-489	-134	-148	-123	-103	-508	-145	-180	-142	-130	-597	-156	-138	14%	24%
Adj. return on sales (%)	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	Q2 QoQ	Q2 QoQ
TRATON GROUP	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	0.3 pp	(2.3 pp)
TRATON Operations	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	0.3 pp	(2.6 pp)
Scania Vehicles & Services	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	13.4	14.1	10.5	9.0	(1.5 pp)	(5.7 pp)
MAN Truck & Bus	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	6.5	7.2	4.6	7.9	3.3 pp	(0.6 pp)
International Motors	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	7.9	7.1	2.3	3.3	1.0 pp	0.6 pp
Volkswagen Truck & Bus	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	12.0	12.0	13.1	12.9	(0.2 pp)	0.3 pp
TRATON Financial Services	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	(1.4 pp)	(2.4 pp)

---

Q2/H1 2025 Results

25/07/2025

25 Investor Relations

TRATON

TRATON OPERATIONS – CASH AND LIQUIDITY

TRATON Operations (€ m)	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	Q2 QoQ	Q2 YoY
Gross cash flow	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	101	-534
Change in working capital	-502	-2,033	-532	220	-2,847	-589	-623	-236	711	-737	-561	-1,258	496	1,012	-311	-540	-158	382	464
Net cash provided by/used in operating activities	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	483	-69
Net cash flow provided by/used in investing activities attributable to operating activities	-426	-363	-443	-718	-1,950	25	71	-468	-842	-1,214	-424	-567	-615	-1,058	-2,663	-506	-713	-207	-784
Net cash flow	139	-1,534	61	709	-625	737	1,018	649	1,191	3,594	438	-374	1,279	1,491	2,834	-111	165	276	-852
Net liquidity/net financial debt (€ m)	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	vs. 31.12.204
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TRATON Operations	-1,513	-2,931	-3,285	-3,563	-2,635	-2,101	-1,687	-617	-985	-2,438	-1,114	-85	182	342	426
TRATON Operations incl. Corporate Items	-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	-1,222

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Q2/H1 2025 Results

25/07/2025

26 Investor Relations

TRATON

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

Major financings

• Total of €11.3bn (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)¹

TRATON financial debt	24.7
thereof CI/OP	8.1
thereof FS	16.6
Leasing (IFRS 16)	1.1
TRATON financial debt (incl. leasing)	25.9

Maturity profile (€ bn)¹

1 Excluding €1.1bn of IFRS 16 financial liabilities

2 TFL = TRATON Finance Luxembourg

3 CI = Corporate Items, OP = TRATON Operations, FS = TRATON Financial Services

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27 Investor Relations
TRATON

IR CONTACT AND UPCOMING EVENTS

Contacts

Ursula Querette
Head of Investor Relations
+49 152 021 52 400
ursula.querette@traton.com

Thomas Paschen
Investor Relations
+49 170 907 34 94
thomas.paschen@traton.com

Matthias Maucher
Investor Relations
+49 170 381 60 25
matthias.maucher@traton.com

Marie Fischhaber
Investor Relations
+49 152 256 00 705
marie.fischhaber@traton.com

Next Events

25/07/2025 Q2/H1 2025 Results
25/07/2025 Morgan Stanley Post Q2 2025 Results
Investor Calls
21/08/2025 SEB Nordic Large Cap Seminar | Stockholm
04/09/2025 Commerzbank/ODDO BHF Corporate Conference | Frankfurt
24/09/2025 Berenberg/Goldman Sachs German Corporate Conference | Munich
25/09/2025 Baader Investment Conference | Munich
29/10/2025 Q3/9M 2025 Results

TRATON SE

Investor Relations

Hanauer Strasse 26
80992 München

www.traton.com
investor.relations@traton.com
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