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TRATON SE — Investor Presentation 2025
Mar 10, 2025
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ANNUAL RESULTS CONFERENCE 2025
Christian Levin, CEO
Dr. Michael Jackstein, CFO & CHRO
10/03/2025
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
AGENDA
- Key results & highlights
- Financial performance
- 2025 outlook
- Backup
Annual Results Conference 2025
10/03/2025
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.
Annual Results Conference-2018
No. 03/2018
Investor Relations
TRATON
KEY RESULTS & HIGHLIGHTS
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
WE DELIVERED WHAT WE PROMISED, AND MANAGED COST AND CASH EFFECTIVELY

FY 2024
334,215
-1% YoY
€47.5bn
+1% YoY
9.2%
+0.6pp YoY
€2,834m
-€760m YoY¹
€5.61
+€0.71 YoY
263,575
-0% YoY

Q4 2024
Unit sales
88,831
+0% YoY
Sales revenue
€12.2bn
-4% YoY
Adjusted return on sales
9.2%
+0.5pp YoY
Net cash flow
TRATON Operations
€1,491m
+€300m YoY
Earnings per share
€1.49
+€0.47 YoY
Incoming orders
73,806
-2% YoY
¹ FY 2023 incl. positive effects from the sale of the Russia activities (€400m) and from the intragroup sale of the Scania Financial Services business to TRATON FS (€499m). Excl. this effects, net cash flow would have increased by €139m
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
OUR BRANDS AND FINANCIAL SERVICES ARE DRIVING OUR VALUE - TOGETHER
Segment highlights Q4 2024





Scania exceeds the 100,000 vehicle sales threshold by capturing market share in Europe and South America; Scania Super as major demand driver (69% penetration of 131 truck sales)
MAN delivers its full electric heavy-duty truck to automotive supplier DRÄXLMAIER Group in October; series production will start in H1
The International LT with the S13 Integrated Powertrain is tested as leader in the on-highway aero category with at least 5% better fuel economy; S13 share increased to ~35% in 2024
VWTB presents several products for a sustainable future at the Fenatran trade show in November, including the biomethane-powered Constellation truck and the hybrid Meteor concept truck
TRATON Financial Services implements MAN financial services businesses in UK/Ireland and completes the roll-out in Germany in Q4; geographic expansion delivered as planned
The International LT with S13 Integrated Powertrain was tested head-to-head using TMC Type IV testing methodology against competitive on-highway aero models with comparable specifications: Freightliner Cascadia AeroX DD15, Kenworth T680 MX13, Volvo VNL760 D13
Annual Results Conference 2025
10/03/2025
ORDERS FOR ELECTRIC VEHICLES ARE ON THE RISE
Incoming orders of fully electric vehicles (units)
FY 24
3,851
FY 23
2,430
Unit sales of fully electric vehicles (units)
FY 24
1,739
FY 23
2,107

Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
PROMISING ORDER INTAKE DEVELOPMENT WITHIN MIXED MARKET DYNAMICS
Europe:
- Robust unit sales, but lower YoY in a declining market
- Q4 truck orders show the highest intake in Europe and Germany since Q1 2023, but too early to declare a turnaround
North America:
- Unit sales rose mainly due to Euro VI truck pre-buy effect in Mexico
- Incoming orders decreased due to reduced transportation activities, customer hesitation and uncertainties about EPA 2027
South America:
- Strong unit sales and incoming order increase due to favorable market environment; Brazil with declining momentum

Incoming orders & Unit sales (k units)

TOGETHER
We advance our brands by facilitating collaboration on many levels, helping them offer their customers sustainable products and tailor-made services. To this end, TRATON establishes new Group functions, enters into strategic partnerships, and provides crucial momentum with cross-brand services.
Annual Results Conference 2015
No 03/2015
10 Investor Relations
TRATON
FINANCIAL PERFORMANCE
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
Q4 SALES FIGURES MARKED BY WEAK EUROPEAN MARKET
— Robust Q4 unit sales, driven by:
— Strong South American market with positive impact on Scania and VWTB
— Higher unit sales at International mainly due to pre-buy effect in Mexico
— ... both offsetting lower unit sales in Europe for MAN and Scania due to weak markets
— Slight Q4 sales revenue decline, impacted by:
— Unfavorable market and product mix
— Continued high customer demand for Vehicle Services business
Unit sales (k units)

FY 24
334.2 (-1%)

FY 24
47.5 (+1%)
Vehicle Services business
Sales revenue (€ bn)
Vehicle Services business
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
STRATEGIC ROS TARGET ACHIEVED …
Increased adj. RoS YoY despite decreased sales revenue per unit, due to:
- Positive volume effect at International; unit sales of new school bus ramped up
- Strong Brazilian business at Scania and VWTB
- ... offsetting weaker sales volumes in Europe / Germany particularly affecting MAN
Adjusted operating result (€ m)

FY 24
4,384 (+9%)
Adjusted return on sales (%)

FY 24
9.2% (+0.6pp)
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
... BY ALL BRANDS AND FINANCIAL SERVICES TOGETHER AS ONE GROUP
| TRATON Operations1 | SCANIA | MAN | INTERNATIONAL | Truck Bus | TRATON FINANCIAL SERVICES | ||
|---|---|---|---|---|---|---|---|
| Q4 24 | Sales revenue (in € m, YoY) | 11,916 (-4%) | 4,995 (-5%) | 3,599 (-14%) | 2,860 (+7%) | 590 (+11%) | 522 (+21%) |
| Adjusted RoS (YoY) | 10.1% (+0.8pp) | 13.4% (+1.1pp) | 6.5% (-1.1pp) | 7.9% (+0.9pp) | 12.0% (+6.1pp) | 10.8% (Return on Equity2) (+2.4pp) | |
| Key drivers Q4 | - Sales revenue down due to weaker European market, partly offset by strong heavy-duty truck business in Brazil - Enhanced pricing power with growing volume of trucks equipped with Scania Super powertrain - Increased Vehicle Services share | - Truck sales revenue down due to weak European markets, particularly in Germany - Bus deliveries delayed due to higher regulatory requirements for vehicle software systems - Margin down with lower capacity utilization, but increased resilience due to realignment program - Continued strong demand for Vehicle Services business | - Sales revenue up due to a pre-buy effect in Mexico - Unit sales of new school bus ramped up - Respective positive impact on RoS - Continued weak Vehicle Services business due to lower transportation activity | - Sales revenue increased driven by market recovery and better product positioning - High margin on the back of increased volumes and effective containment of variable costs | - Increased portfolio volume; implementation of MAN FS in UK/Ireland and roll-out in Germany completed - Higher costs in connection with the ramp-up of TFS activities, and higher funding and risk costs - Strong RoE; previous period negatively influenced by currency effects attributable to Scania Finance Russia |
1 TRATON Operations including consolidation effects
2 Return on equity is calculated as the ratio of earnings before tax to average equity
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
FULL-YEAR EARNINGS PER SHARE INCREASED BY 14%

Adjusted operating result to earnings after tax, FY 24 (€ m, YoY in %)
- Earnings per share at €5.61 in FY 24, up from €4.90 in FY 23.
- Dividend proposal of €1.70 per share¹, equivalent to 30.3% of earnings after tax.
- Dividend yield of 6.1%².

Dividend per share (€)
1 Proposed dividend per share, subject to approval by the 2025 Annual General Meeting on May 14, 2025
2 Dividend yield based on the year-end closing price of TRATON shares (Xetra trading)
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
NET CASH FLOW AT UPPER END OF GUIDANCE RANGE
— Net cash flow development in 2024 characterized by:
— Strong operating performance, but also ...
— Volatile working capital development mainly due to mirror supply disruptions and software issues
— Increased investing cash flow due to China facility ramp-up, increased BEV and TMS investments.
— Previous year net cash flow positively impacted by one-time effects (€899m); excluding these effects, net cash flow would have increased by €139m.

Net cash flow TRATON Operations (€ m)
1 FY 2023 incl. positive effects from the sale of the Russia activities (€400m) and from the intragroup sale of the Scania Financial Services business to TRATON FS (€499m).
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
SUPPORTING FURTHER NET DEBT REDUCTION
— Net debt picture significantly improved in FY 24.
— Net debt of TRATON Operations incl. Corporate Items decreased by €874m vs. year-end 2023 mainly due to:
— Solid gross cash flow due to strong operating performance
— Working capital build-up of €0.3bn, mainly driven by decreased liabilities of €0.5bn
— Investing cash flow, mainly driven by capex of €1.8bn
— Dividend payout in Q2 24

1 Includes internal profit transfers, capital contributions, F/X effects and other changes in CI net liquidity/net debt
Annual Results Conference 2025
No 03/2025
17 Investor Relations
TRATON
2025 OUTLOOK
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
CAUTIOUS TRUCK CUSTOMERS AMID GEOPOLITICAL AND MACROECONOMIC UNCERTAINTIES
EU27+3¹ (k units, >6t)
2025e: -15% – -5%
(2024 -6% | 365)

North America (k units, class 6-8²)
2025e: -10% – 0%
(2024 -4% | 427)

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
Annual Results Conference 2025
10/03/2025
2025 OUTLOOK – A TALE OF TWO HALVES
| FY 2024 | FY 2025 Outlook | |
|---|---|---|
| TRATON GROUP | ||
| Unit sales (units) | 334,215 | -5 – +5% |
| Sales revenue (€ million) | 47,473 | -5 – +5% |
| Operating return on sales (adjusted) (in %) | 9.2 | 7.5 – 8.5 |
| TRATON Operations | ||
| Sales revenue (€ million) | 46,182 | -5 – +5% |
| Operating return on sales (adjusted) (in %) | 10.3 | 8.5 – 9.5 |
| Net cash flow (€ million) | 2,834 | 2,200 – 2,700 |
| Capex (€ million) | 1,751 | significant increase |
| Primary R&D costs (€ million) | 2,458 | slight decrease |
| TRATON Financial Services | ||
| Return on equity (in %) | 10.8 | 8.0 – 11.0 |
Our 2025 full-year outlook is subject to future geopolitical developments, particularly in the US, and their impact on TRATON GROUP's business.

Annual Results Conference 2025
10/03/2025
KEY TAKEAWAYS
- Delivered solid results, despite challenging markets.
- Hit our strategic 9% RoS target.
- Achieved 14% higher EPS leading to a higher dividend.
- Continued to reduce our industrial debt.
- Increased collaboration initiatives.
- Focus on sustainable growth and profitability – TOGETHER.

Annual Results Conference 2015
No 03/2015
21 Investor Relations
TRATON
BACKUP
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON OPERATIONS - INCOMING ORDERS
| Incoming orders (units) | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRATON Operations | 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 | 64,353 | 73,806 | 263,575 |
| Trucks | 70,262 | 76,937 | 83,332 | 75,214 | 305,745 | 79,529 | 56,049 | 74,745 | 63,976 | 274,299 | 53,610 | 44,636 | 51,744 | 60,627 | 210,617 | 53,034 | 45,098 | 50,823 | 59,564 | 208,519 |
| Buses | 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 | 8,313 | 7,982 | 32,235 |
| MAN TGE vans | 8,487 | 8,900 | 7,076 | 7,530 | 31,993 | 7,591 | 5,320 | 7,385 | 7,714 | 28,010 | 7,089 | 5,921 | 5,516 | 5,847 | 24,373 | 5,249 | 6,095 | 5,217 | 6,260 | 22,821 |
| Scania Vehicles & Services | 36,944 | 38,493 | 25,023 | 16,338 | 116,798 | 20,988 | 18,225 | 19,337 | 23,521 | 82,071 | 18,918 | 19,780 | 23,083 | 22,299 | 84,080 | 20,171 | 19,234 | 17,008 | 24,599 | 81,012 |
| Trucks | 35,937 | 37,412 | 23,784 | 15,869 | 113,002 | 19,323 | 16,740 | 17,992 | 22,396 | 76,451 | 17,771 | 18,568 | 21,706 | 20,754 | 78,799 | 18,927 | 17,761 | 15,335 | 22,902 | 74,925 |
| Buses | 1,007 | 1,081 | 1,239 | 469 | 3,796 | 1,665 | 1,485 | 1,345 | 1,125 | 5,620 | 1,147 | 1,212 | 1,377 | 1,545 | 5,281 | 1,244 | 1,473 | 1,673 | 1,697 | 6,087 |
| MAN Truck & Bus | 32,070 | 35,344 | 33,216 | 42,901 | 143,531 | 31,676 | 16,059 | 34,121 | 27,861 | 109,717 | 26,094 | 23,423 | 16,321 | 20,945 | 86,783 | 18,682 | 18,112 | 18,064 | 22,250 | 77,108 |
| Trucks | 22,915 | 25,360 | 24,973 | 34,228 | 107,476 | 22,488 | 9,489 | 25,435 | 18,696 | 76,108 | 17,721 | 15,949 | 9,221 | 12,616 | 55,507 | 11,941 | 9,942 | 11,534 | 14,541 | 47,958 |
| Buses | 668 | 1,084 | 1,167 | 1,143 | 4,062 | 1,597 | 1,250 | 1,301 | 1,451 | 5,599 | 1,284 | 1,553 | 1,584 | 2,482 | 6,903 | 1,492 | 2,075 | 1,313 | 1,449 | 6,329 |
| MAN TGE vans | 8,487 | 8,900 | 7,076 | 7,530 | 31,993 | 7,591 | 5,320 | 7,385 | 7,714 | 28,010 | 7,089 | 5,921 | 5,516 | 5,847 | 24,373 | 5,249 | 6,095 | 5,217 | 6,260 | 22,821 |
| International Motors | n/a | n/a | 23,638 | 18,950 | 42,588 | 29,863 | 20,608 | 23,464 | 12,084 | 86,019 | 15,913 | 5,226 | 16,400 | 23,393 | 60,932 | 17,512 | 9,866 | 15,396 | 13,842 | 56,616 |
| Trucks | n/a | n/a | 19,961 | 12,842 | 32,803 | 26,101 | 17,678 | 18,474 | 9,960 | 72,213 | 12,468 | 2,803 | 13,784 | 20,200 | 49,255 | 13,594 | 7,833 | 11,795 | 11,175 | 44,397 |
| Buses | n/a | n/a | 3,677 | 6,108 | 9,785 | 3,762 | 2,930 | 4,990 | 2,124 | 13,806 | 3,445 | 2,423 | 2,616 | 3,193 | 11,677 | 3,918 | 2,033 | 3,601 | 2,667 | 12,219 |
| Volkswagen Truck & Bus | 12,750 | 15,379 | 15,502 | 13,610 | 57,241 | 13,067 | 13,827 | 15,219 | 14,929 | 57,042 | 7,694 | 8,411 | 8,786 | 8,848 | 33,739 | 10,085 | 11,773 | 13,887 | 13,120 | 48,865 |
| Trucks | 11,432 | 14,176 | 14,614 | 12,414 | 52,636 | 11,617 | 12,172 | 12,999 | 12,925 | 49,713 | 5,799 | 7,328 | 7,218 | 7,327 | 27,672 | 8,573 | 9,564 | 12,161 | 10,951 | 41,249 |
| Buses | 1,318 | 1,203 | 888 | 1,196 | 4,605 | 1,450 | 1,655 | 2,220 | 2,004 | 7,329 | 1,895 | 1,083 | 1,568 | 1,521 | 6,067 | 1,512 | 2,209 | 1,726 | 2,169 | 7,616 |
| Consolidation | -22 | -12 | -8 | -141 | -183 | 0 | -100 | -163 | -3 | -266 | -149 | -52 | -237 | -298 | -736 | -16 | -3 | -2 | -5 | -26 |
| TRATON Operations | 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 | 64,353 | 73,806 | 263,575 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| of which all-electric vehicles | n/a | n/a | 397 | 586 | 1,403 | 709 | 387 | 526 | 744 | 2,366 | 446 | 608 | 649 | 727 | 2,430 | 736 | 970 | 658 | 1,487 | 3,851 |
| in % of total | n/a | n/a | 0.4% | 0.6% | 0.4% | 0.7% | 0.6% | 0.6% | 0.9% | 0.7% | 0.7% | 1.1% | 1.0% | 1.0% | 0.9% | 1.1% | 1.6% | 1.0% | 2.0% | 1.5% |
| Trucks | 70,262 | 76,937 | 83,332 | 75,214 | 305,745 | 79,529 | 56,049 | 74,745 | 63,976 | 274,299 | 53,610 | 44,636 | 51,744 | 60,627 | 210,617 | 53,034 | 45,098 | 50,823 | 59,564 | 208,519 |
| of which all-electric vehicles | n/a | n/a | 43 | 165 | 113 | 228 | 111 | 241 | 59 | 661 | 56 | 90 | 348 | 226 | 720 | 165 | 261 | 254 | 521 | 1,201 |
| Buses | 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 | 8,313 | 7,982 | 32,235 |
| of which all-electric vehicles | n/a | n/a | 108 | 73 | 243 | 346 | 176 | 175 | 615 | 1,290 | 324 | 435 | 249 | 460 | 1,468 | 533 | 672 | 382 | 953 | 2,540 |
| MAN TGE vans | 8,487 | 8,900 | 7,076 | 7,530 | 31,993 | 7,591 | 5,320 | 7,385 | 7,714 | 28,010 | 7,089 | 5,921 | 5,516 | 5,847 | 24,373 | 5,249 | 6,095 | 5,217 | 6,260 | 22,821 |
| of which all-electric vehicles | n/a | n/a | 246 | 348 | 1,047 | 135 | 100 | 110 | 70 | 415 | 66 | 83 | 52 | 41 | 242 | 38 | 37 | 22 | 13 | 110 |
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON OPERATIONS – INCOMING ORDERS BY REGION
| Incoming orders (units) | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Trucks | 70,262 | 76,937 | 83,332 | 75,214 | 305,745 | 79,529 | 56,049 | 74,745 | 63,976 | 274,299 | 53,610 | 44,636 | 51,744 | 60,627 | 210,617 | 53,034 | 45,098 | 50,823 | 59,564 | 208,519 |
| EU27+3 | 40,315 | 43,348 | 28,233 | 36,659 | 148,555 | 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 |
| Germany | 9,406 | 9,791 | 8,009 | 11,028 | 38,234 | 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 |
| North America | 415 | 534 | 19,615 | 13,017 | 33,581 | 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 |
| USA/Canada | 7 | 0 | 15,599 | 8,139 | 23,745 | 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 |
| Mexico | 408 | 534 | 4,016 | 4,878 | 9,836 | 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 |
| South America | 15,106 | 22,391 | 23,890 | 14,575 | 75,962 | 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 |
| Brazil | 12,022 | 18,786 | 19,981 | 10,945 | 61,734 | 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 |
| Other regions | 14,426 | 10,664 | 11,594 | 10,963 | 47,647 | 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 |
| Bus | 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 | 8,313 | 7,982 | 32,235 |
| EU27+3 | 967 | 1,440 | 1,228 | 1,185 | 4,820 | 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 |
| Germany | 314 | 447 | 408 | 397 | 1,566 | 351 | 467 | 390 | 444 | 1,652 | 245 | 496 | 505 | 404 | 1,650 | 322 | 478 | 387 | 298 | 1,485 |
| North America | 182 | 179 | 3,926 | 6,371 | 10,658 | 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 |
| USA/Canada | 0 | 0 | 3,488 | 5,668 | 9,156 | 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 |
| Mexico | 182 | 179 | 438 | 703 | 1,502 | 761 | 538 | 474 | 453 | 2,226 | 1,113 | 685 | 679 | 1,230 | 3,707 | 650 | 756 | 680 | 838 | 2,924 |
| South America | 1,486 | 1,114 | 881 | 1,014 | 4,495 | 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 |
| Brazil | 1,241 | 887 | 568 | 768 | 3,464 | 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 |
| Other regions | 358 | 634 | 928 | 344 | 2,264 | 805 | 702 | 705 | 488 | 2,700 | 511 | 678 | 634 | 1,009 | 2,832 | 653 | 711 | 603 | 866 | 2,833 |
| MAN TGE vans | 8,487 | 8,900 | 7,076 | 7,530 | 31,993 | 7,591 | 5,320 | 7,385 | 7,714 | 28,010 | 7,089 | 5,921 | 5,516 | 5,847 | 24,373 | 5,249 | 6,095 | 5,217 | 6,260 | 22,821 |
| EU27+3 | 8,365 | 8,713 | 6,818 | 7,404 | 31,300 | 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 |
| Germany | 2,970 | 2,215 | 1,773 | 2,692 | 9,650 | 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 |
| Other regions | 122 | 187 | 258 | 120 | 687 | 21 | 58 | 226 | 186 | 491 | 125 | 18 | 101 | 159 | 403 | 138 | 62 | 69 | 152 | 421 |
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON OPERATIONS - UNIT SALES
| Unit sales (units) | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRATON Operations | 60,315 | 66,135 | 68,972 | 76,186 | 271,608 | 67,767 | 69,527 | 79,849 | 88,342 | 305,485 | 84,587 | 83,527 | 81,361 | 88,708 | 338,183 | 81,148 | 78,962 | 85,274 | 88,831 | 334,215 |
| Trucks | 51,318 | 57,347 | 58,151 | 63,733 | 230,549 | 57,575 | 57,540 | 66,602 | 72,583 | 254,300 | 70,208 | 69,635 | 67,235 | 74,212 | 281,290 | 68,772 | 63,600 | 72,861 | 72,897 | 278,130 |
| Buses | 3,093 | 3,410 | 6,083 | 6,271 | 18,857 | 5,929 | 6,965 | 7,795 | 8,912 | 29,601 | 7,618 | 7,230 | 7,654 | 7,764 | 30,266 | 5,032 | 7,988 | 7,823 | 7,570 | 28,413 |
| MAN TGE vans | 5,904 | 5,378 | 4,738 | 6,182 | 22,202 | 4,263 | 5,022 | 5,452 | 6,847 | 21,584 | 6,761 | 6,662 | 6,472 | 6,732 | 26,627 | 7,344 | 7,374 | 4,590 | 8,364 | 27,672 |
| Scania Vehicles & Services | 23,033 | 26,196 | 18,006 | 23,131 | 90,366 | 16,645 | 20,189 | 21,550 | 26,848 | 85,232 | 22,626 | 23,824 | 21,293 | 28,984 | 96,727 | 26,496 | 25,802 | 21,757 | 28,014 | 102,069 |
| Trucks | 22,023 | 25,249 | 16,733 | 21,925 | 85,930 | 15,900 | 18,901 | 20,362 | 25,075 | 80,238 | 21,611 | 22,562 | 20,110 | 27,369 | 91,652 | 25,388 | 24,333 | 20,313 | 26,409 | 96,443 |
| Buses | 1,010 | 947 | 1,273 | 1,206 | 4,436 | 745 | 1,288 | 1,188 | 1,773 | 4,994 | 1,015 | 1,262 | 1,183 | 1,615 | 5,075 | 1,108 | 1,469 | 1,444 | 1,605 | 5,626 |
| MAN Truck & Bus | 23,363 | 23,954 | 21,305 | 25,046 | 93,668 | 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 |
| Trucks | 16,686 | 17,535 | 15,444 | 17,172 | 66,837 | 14,355 | 9,517 | 14,416 | 19,835 | 58,123 | 19,655 | 20,768 | 20,295 | 22,985 | 83,703 | 15,188 | 16,492 | 14,595 | 17,380 | 63,655 |
| Buses | 773 | 1,041 | 1,123 | 1,692 | 4,629 | 707 | 994 | 1,136 | 1,969 | 4,806 | 917 | 1,410 | 1,304 | 2,072 | 5,703 | 1,498 | 1,456 | 678 | 1,078 | 4,710 |
| MAN TGE vans | 5,904 | 5,378 | 4,738 | 6,182 | 22,202 | 4,263 | 5,022 | 5,452 | 6,847 | 21,584 | 6,761 | 6,662 | 6,472 | 6,732 | 26,627 | 7,344 | 7,374 | 4,590 | 8,364 | 27,672 |
| International Motors | 0 | 0 | 14,074 | 16,231 | 30,305 | 17,070 | 20,263 | 22,575 | 21,984 | 81,892 | 22,548 | 23,243 | 22,385 | 20,714 | 88,890 | 19,280 | 16,032 | 31,460 | 23,790 | 90,562 |
| Trucks | 0 | 0 | 11,261 | 13,852 | 25,113 | 14,216 | 17,176 | 19,222 | 18,459 | 69,073 | 19,246 | 19,595 | 18,873 | 17,818 | 75,532 | 18,674 | 13,143 | 27,281 | 20,202 | 79,300 |
| Buses | 0 | 0 | 2,813 | 2,379 | 5,192 | 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 |
| Volkswagen Truck & Bus | 13,989 | 16,022 | 15,597 | 11,797 | 57,405 | 14,732 | 13,691 | 14,817 | 10,896 | 54,136 | 12,148 | 7,933 | 9,671 | 7,451 | 37,203 | 11,539 | 11,853 | 12,350 | 10,104 | 45,846 |
| Trucks | 12,679 | 14,599 | 14,715 | 10,801 | 52,794 | 13,109 | 12,025 | 12,691 | 9,249 | 47,074 | 9,764 | 6,983 | 7,964 | 6,242 | 30,953 | 9,707 | 9,679 | 10,828 | 8,804 | 39,018 |
| Buses | 1,310 | 1,423 | 882 | 996 | 4,611 | 1,623 | 1,666 | 2,126 | 1,647 | 7,062 | 2,384 | 950 | 1,707 | 1,209 | 6,250 | 1,832 | 2,174 | 1,522 | 1,300 | 6,828 |
| Consolidation | -70 | -37 | -10 | -19 | -136 | -5 | -149 | -97 | -37 | -288 | -68 | -313 | -59 | -230 | -670 | -197 | -47 | -156 | 101 | -299 |
| TRATON Operations | 60,315 | 66,135 | 68,972 | 76,186 | 271,608 | 67,767 | 69,527 | 79,849 | 88,342 | 305,485 | 84,587 | 83,527 | 81,361 | 88,708 | 338,183 | 81,148 | 78,962 | 85,274 | 88,831 | 334,215 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| of which all-electric vehicles | n/a | n/a | 169 | 410 | 1,076 | 417 | 424 | 412 | 487 | 1,740 | 258 | 396 | 536 | 917 | 2,107 | 315 | 290 | 526 | 608 | 1,739 |
| in % of total | n/a | n/a | 0.2% | 0.5% | 0.4% | 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% |
| Trucks | 51,318 | 57,347 | 58,151 | 63,733 | 230,549 | 57,575 | 57,540 | 66,602 | 72,583 | 254,300 | 70,208 | 69,635 | 67,235 | 74,212 | 281,290 | 68,772 | 63,600 | 72,861 | 72,897 | 278,130 |
| of which all-electric vehicle | n/a | n/a | 11 | 73 | 97 | 132 | 76 | 195 | 202 | 605 | 91 | 97 | 49 | 144 | 381 | 130 | 69 | 107 | 124 | 430 |
| Buses | 3,093 | 3,410 | 6,083 | 6,271 | 18,857 | 5,929 | 6,965 | 7,795 | 8,912 | 29,601 | 7,618 | 7,230 | 7,654 | 7,764 | 30,266 | 5,032 | 7,988 | 7,823 | 7,570 | 28,413 |
| of which all-electric vehicle | n/a | n/a | 26 | 93 | 153 | 72 | 145 | 104 | 128 | 449 | 76 | 218 | 415 | 702 | 1,411 | 158 | 201 | 371 | 460 | 1,190 |
| MAN TGE vans | 5,904 | 5,378 | 4,738 | 6,182 | 22,202 | 4,263 | 5,022 | 5,452 | 6,847 | 21,584 | 6,761 | 6,662 | 6,472 | 6,732 | 26,627 | 7,344 | 7,374 | 4,590 | 8,364 | 27,672 |
| of which all-electric vehicle | n/a | n/a | 132 | 244 | 826 | 213 | 203 | 113 | 157 | 686 | 91 | 81 | 72 | 71 | 315 | 27 | 20 | 48 | 24 | 119 |
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON OPERATIONS – UNIT SALES BY REGION
| Unit sales (units) | 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 | 6,095 | 5,217 | Q4 24 | FY 24 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Truck | 51,318 | 57,347 | 58,151 | 63,733 | 230,549 | 57,575 | 57,540 | 66,602 | 72,583 | 254,300 | 70,208 | 69,635 | 67,235 | 74,212 | 281,290 | 68,772 | 63,600 | 72,861 | 72,897 | 278,130 |
| EU27+3 | 24,169 | 24,824 | 17,812 | 25,214 | 92,019 | 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 |
| Germany | 6,587 | 5,995 | 5,010 | 6,450 | 24,042 | 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 |
| North America | 297 | 447 | 11,460 | 14,040 | 26,244 | 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 |
| USA/Canada | 4 | 0 | 9,715 | 11,934 | 21,653 | 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 |
| Mexico | 293 | 447 | 1,745 | 2,106 | 4,591 | 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 |
| South America | 16,956 | 19,871 | 19,824 | 16,304 | 72,955 | 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 |
| Brazil | 14,489 | 17,434 | 16,838 | 12,810 | 61,571 | 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 |
| Other regions | 9,896 | 12,205 | 9,055 | 8,175 | 39,331 | 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 |
| Bus | 3,093 | 3,410 | 6,083 | 6,271 | 18,857 | 5,929 | 6,965 | 7,795 | 8,912 | 29,601 | 7,618 | 7,230 | 7,654 | 7,764 | 30,266 | 5,032 | 7,988 | 7,823 | 7,570 | 28,413 |
| EU27+3 | 757 | 1,255 | 1,440 | 1,999 | 5,451 | 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 |
| Germany | 337 | 327 | 356 | 748 | 1,768 | 206 | 230 | 261 | 565 | 1,262 | 315 | 428 | 273 | 707 | 1,723 | 370 | 332 | 92 | 101 | 895 |
| North America | 189 | 182 | 2,998 | 2,685 | 6,054 | 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 |
| USA/Canada | 0 | 0 | 2,655 | 2,186 | 4,841 | 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 |
| Mexico | 189 | 182 | 343 | 499 | 1,213 | 400 | 354 | 652 | 668 | 2,074 | 761 | 983 | 810 | 597 | 3,151 | 835 | 775 | 804 | 749 | 3,163 |
| South America | 1,461 | 1,412 | 1,072 | 867 | 4,812 | 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 |
| Brazil | 1,057 | 1,215 | 590 | 572 | 3,434 | 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 |
| Other regions | 686 | 561 | 573 | 720 | 2,540 | 491 | 487 | 621 | 1,094 | 2,693 | 568 | 567 | 662 | 764 | 2,561 | 639 | 805 | 541 | 743 | 2,728 |
| MAN TGE vans | 5,904 | 5,378 | 4,738 | 6,182 | 22,202 | 4,263 | 5,022 | 5,452 | 6,847 | 21,584 | 6,761 | 6,662 | 6,472 | 6,732 | 26,627 | 7,344 | 7,374 | 4,590 | 8,364 | 27,672 |
| EU27+3 | 5,806 | 5,282 | 4,616 | 5,830 | 21,534 | 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 |
| Germany | 1,541 | 1,597 | 1,524 | 1,658 | 6,320 | 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 |
| Other regions | 98 | 95 | 122 | 346 | 661 | 72 | 19 | 36 | 33 | 160 | 91 | 148 | 307 | 192 | 738 | 61 | 177 | 85 | 110 | 433 |
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON GROUP – SALES REVENUE
| Sales revenue (€ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRATON GROUP | 6,544 | 7,076 | 8,049 | 8,950 | 30,620 | 8,525 | 9,457 | 10,563 | 11,789 | 40,335 | 11,186 | 11,669 | 11,321 | 12,697 | 46,872 | 11,798 | 11,589 | 11,866 | 12,220 | 47,473 |
| TRATON Operations | 6,437 | 6,965 | 7,900 | 8,800 | 30,103 | 8,363 | 9,271 | 10,361 | 11,559 | 39,554 | 10,940 | 11,395 | 11,018 | 12,384 | 45,736 | 11,477 | 11,282 | 11,507 | 11,916 | 46,182 |
| Scania Vehicles & Services | 3,420 | 3,735 | 3,096 | 3,676 | 13,927 | 3,180 | 3,659 | 3,833 | 4,645 | 15,316 | 4,172 | 4,447 | 4,027 | 5,232 | 17,878 | 4,879 | 4,819 | 4,213 | 4,995 | 18,907 |
| MAN Truck & Bus | 2,645 | 2,763 | 2,610 | 2,916 | 10,934 | 2,548 | 2,425 | 2,847 | 3,511 | 11,331 | 3,404 | 3,631 | 3,607 | 4,169 | 14,811 | 3,516 | 3,553 | 3,064 | 3,599 | 13,732 |
| International Motors | n/a | n/a | 1,681 | 1,876 | 3,557 | 2,068 | 2,597 | 2,975 | 2,861 | 10,501 | 2,738 | 2,847 | 2,773 | 2,685 | 11,042 | 2,430 | 2,244 | 3,582 | 2,860 | 11,116 |
| Volkswagen Truck & Bus | 466 | 555 | 602 | 490 | 2,113 | 690 | 755 | 853 | 654 | 2,952 | 709 | 556 | 677 | 534 | 2,477 | 773 | 786 | 769 | 590 | 2,918 |
| TRATON Financial Services | 205 | 214 | 264 | 281 | 964 | 297 | 311 | 324 | 361 | 1,294 | 352 | 385 | 421 | 431 | 1,589 | 453 | 468 | 488 | 522 | 1,932 |
| Corporate Items | -98 | -102 | -115 | -132 | -447 | -135 | -125 | -122 | -131 | -513 | -107 | -110 | -117 | -119 | -453 | -132 | -161 | -129 | -219 | -642 |
| TRATON GROUP | 6,544 | 7,076 | 8,049 | 8,950 | 30,620 | 8,525 | 9,457 | 10,563 | 11,789 | 40,335 | 11,186 | 11,669 | 11,321 | 12,697 | 46,872 | 11,798 | 11,589 | 11,866 | 12,220 | 47,473 |
| TRATON Operations | 6,437 | 6,965 | 7,900 | 8,800 | 30,103 | 8,363 | 9,271 | 10,361 | 11,559 | 39,554 | 10,940 | 11,395 | 11,018 | 12,384 | 45,736 | 11,477 | 11,282 | 11,507 | 11,916 | 46,182 |
| 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 | 7,777 | 8,133 | 8,366 | 32,202 |
| Vehicle Services business¹ | 1,298 | 1,291 | 1,884 | 1,919 | 6,392 | 2,038 | 2,088 | 2,199 | 2,198 | 8,522 | 2,232 | 2,160 | 2,134 | 2,168 | 8,693 | 2,221 | 2,154 | 2,175 | 2,201 | 8,751 |
| 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 | 1,352 | 1,199 | 1,349 | 5,230 |
| TRATON Financial Services | 205 | 214 | 264 | 281 | 964 | 297 | 311 | 324 | 361 | 1,294 | 352 | 385 | 421 | 431 | 1,589 | 453 | 468 | 488 | 522 | 1,932 |
| Corporate Items | -98 | -102 | -115 | -132 | -447 | -135 | -125 | -122 | -131 | -513 | -107 | -110 | -117 | -119 | -453 | -132 | -161 | -129 | -219 | -642 |
¹ Including genuine parts and workshop services
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON GROUP – OPERATING RESULT & RETURN ON SALES
| Operating result (€ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRATON GROUP | 155 | 301 | 186 | -248 | 393 | 355 | 306 | -52 | 955 | 1,564 | 834 | 966 | 895 | 1,068 | 3,763 | 1,057 | 1,008 | 1,038 | 1,106 | 4,209 |
| TRATON Operations | 151 | 294 | 393 | -161 | 677 | 424 | 373 | 444 | 733 | 1,973 | 987 | 1,038 | 955 | 1,123 | 4,103 | 1,139 | 1,142 | 1,130 | 1,189 | 4,601 |
| Scania Vehicles & Services | 409 | 451 | 238 | -196 | 903 | 229 | 272 | 210 | 465 | 1,175 | 554 | 532 | 442 | 636 | 2,164 | 672 | 699 | 525 | 661 | 2,557 |
| MAN Truck & Bus | -290 | -203 | 57 | -11 | -447 | 55 | -59 | -38 | 39 | -4 | 197 | 280 | 242 | 289 | 1,007 | 257 | 302 | 135 | 224 | 918 |
| International Motors | n/a | n/a | 42 | -1 | 41 | 76 | 81 | 176 | 168 | 502 | 172 | 172 | 202 | 188 | 734 | 122 | 60 | 383 | 227 | 791 |
| Volkswagen Truck & Bus | 33 | 45 | 55 | 39 | 171 | 65 | 84 | 99 | 61 | 309 | 65 | 52 | 69 | 31 | 217 | 85 | 99 | 94 | 71 | 349 |
| TRATON Financial Services | 51 | 49 | 79 | 81 | 259 | 41 | 41 | -368 | 366 | 80 | -20 | 76 | 62 | 49 | 168 | 63 | 46 | 49 | 47 | 205 |
| Corporate Items | -47 | -43 | -286 | -168 | -543 | -110 | -107 | -128 | -144 | -489 | -134 | -148 | -123 | -103 | -508 | -145 | -180 | -142 | -130 | -597 |
| Return on sales (%) | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 | Q2 22 | Q3 22 | Q4 22 | FY 22 | Q1 23 | Q2 23 | Q3 23 | Q4 23 | FY 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | FY 24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TRATON GROUP | 2.4 | 4.2 | 2.3 | -2.8 | 1.3 | 4.2 | 3.2 | -0.5 | 8.1 | 3.9 | 7.5 | 8.3 | 7.9 | 8.4 | 8.0 | 9.0 | 8.7 | 8.7 | 9.1 | 8.9 |
| TRATON Operations | 2.3 | 4.2 | 5.0 | -1.8 | 2.2 | 5.1 | 4.0 | 4.3 | 6.3 | 5.0 | 9.0 | 9.1 | 8.7 | 9.1 | 9.0 | 9.9 | 10.1 | 9.8 | 10.0 | 10.0 |
| Scania Vehicles & Services | 12.0 | 12.1 | 7.7 | -5.3 | 6.5 | 7.2 | 7.4 | 5.5 | 10.0 | 7.7 | 13.3 | 12.0 | 11.0 | 12.2 | 12.1 | 13.8 | 14.5 | 12.5 | 13.2 | 13.5 |
| MAN Truck & Bus | -11.0 | -7.3 | 2.2 | -0.4 | -4.1 | 2.1 | -2.4 | -1.3 | 1.1 | 0.0 | 5.8 | 7.7 | 6.7 | 6.9 | 6.8 | 7.3 | 8.5 | 4.4 | 6.2 | 6.7 |
| International Motors | n/a | n/a | 2.5 | 0.0 | 1.2 | 3.7 | 3.1 | 5.9 | 5.9 | 4.8 | 6.3 | 6.0 | 7.3 | 7.0 | 6.6 | 5.0 | 2.7 | 10.7 | 7.9 | 7.1 |
| Volkswagen Truck & Bus | 7.0 | 8.0 | 9.2 | 7.9 | 8.1 | 9.5 | 11.1 | 11.6 | 9.3 | 10.5 | 9.2 | 9.4 | 10.1 | 5.9 | 8.8 | 11.0 | 12.6 | 12.2 | 12.0 | 12.0 |
| TRATON Financial Services | 24.6 | 23.1 | 29.8 | 28.8 | 26.9 | 13.8 | 13.0 | -113.5 | 101.4 | 6.2 | -5.6 | 19.8 | 14.8 | 11.3 | 10.6 | 13.9 | 9.7 | 10.1 | 9.0 | 10.6 |
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON GROUP - ADJUSTED OPERATING RESULT & ADJUSTED RETURN ON SALES
| Adj. operating result (€ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| TRATON GROUP | 516 | 612 | 195 | 277 | 1,599 | 402 | 396 | 549 | 724 | 2,071 | 935 | 1,038 | 955 | 1,105 | 4,034 | 1,106 | 1,015 | 1,140 | 1,123 | 4,384 |
| TRATON Operations | 512 | 605 | 402 | 364 | 1,883 | 441 | 428 | 606 | 782 | 2,257 | 987 | 1,110 | 1,016 | 1,160 | 4,272 | 1,188 | 1,149 | 1,233 | 1,206 | 4,776 |
| Scania Vehicles & Services | 409 | 451 | 238 | 314 | 1,412 | 243 | 291 | 292 | 489 | 1,315 | 554 | 604 | 464 | 644 | 2,266 | 700 | 706 | 592 | 668 | 2,666 |
| MAN Truck & Bus | 71 | 108 | 66 | 4 | 249 | 57 | -23 | 42 | 64 | 139 | 197 | 280 | 280 | 318 | 1,075 | 278 | 302 | 170 | 234 | 985 |
| International Motors | n/a | n/a | 42 | -1 | 41 | 76 | 81 | 176 | 168 | 502 | 172 | 172 | 202 | 188 | 734 | 122 | 60 | 383 | 227 | 791 |
| Volkswagen Truck & Bus | 33 | 45 | 55 | 39 | 171 | 65 | 84 | 99 | 61 | 309 | 65 | 52 | 69 | 31 | 217 | 85 | 99 | 94 | 71 | 349 |
| TRATON Financial Services | 51 | 49 | 79 | 81 | 259 | 71 | 75 | 71 | 86 | 303 | 82 | 76 | 62 | 49 | 269 | 63 | 46 | 49 | 47 | 205 |
| Corporate Items | -47 | -43 | -286 | -168 | -543 | -110 | -107 | -128 | -144 | -489 | -134 | -148 | -123 | -103 | -508 | -145 | -180 | -142 | -130 | -597 |
| Adj. return on sales (%) | Q1 21 | Q2 21 | Q3 21 | Q4 21 | FY 21 | Q1 22 | Q2 22 | Q3 22 | Q4 22 | FY 22 | Q1 23 | Q2 23 | Q3 23 | Q4 23 | FY 23 | Q1 24 | Q2 24 | Q3 24 | Q4 24 | FY 24 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TRATON GROUP | 7.9 | 8.6 | 2.4 | 3.1 | 5.2 | 4.7 | 4.2 | 5.2 | 6.1 | 5.1 | 8.4 | 8.9 | 8.4 | 8.7 | 8.6 | 9.4 | 8.8 | 9.6 | 9.2 | 9.2 |
| TRATON Operations | 8.0 | 8.7 | 5.1 | 4.1 | 6.3 | 5.3 | 4.6 | 5.8 | 6.8 | 5.7 | 9.0 | 9.7 | 9.2 | 9.4 | 9.3 | 10.4 | 10.2 | 10.7 | 10.1 | 10.3 |
| Scania Vehicles & Services | 12.0 | 12.1 | 7.7 | 8.5 | 10.1 | 7.6 | 8.0 | 7.6 | 10.5 | 8.6 | 13.3 | 13.6 | 11.5 | 12.3 | 12.7 | 14.3 | 14.7 | 14.0 | 13.4 | 14.1 |
| MAN Truck & Bus | 2.7 | 3.9 | 2.5 | 0.1 | 2.3 | 2.2 | -0.9 | 1.5 | 1.8 | 1.2 | 5.8 | 7.7 | 7.8 | 7.6 | 7.3 | 7.9 | 8.5 | 5.6 | 6.5 | 7.2 |
| International Motors | n/a | n/a | 2.5 | 0.0 | 1.2 | 3.7 | 3.1 | 5.9 | 5.9 | 4.8 | 6.3 | 6.0 | 7.3 | 7.0 | 6.6 | 5.0 | 2.7 | 10.7 | 7.9 | 7.1 |
| Volkswagen Truck & Bus | 7.0 | 8.0 | 9.2 | 7.9 | 8.1 | 9.5 | 11.1 | 11.6 | 9.3 | 10.5 | 9.2 | 9.4 | 10.1 | 5.9 | 8.8 | 11.0 | 12.6 | 12.2 | 12.0 | 12.0 |
| TRATON Financial Services | 24.6 | 23.1 | 29.8 | 28.8 | 26.9 | 24.0 | 24.1 | 22.0 | 23.7 | 23.5 | 23.3 | 19.8 | 14.8 | 11.3 | 17.0 | 13.9 | 9.7 | 10.1 | 9.0 | 10.6 |
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON GROUP - ADJUSTMENTS
| Adjustments (€ 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating result | 155 | 301 | 186 | -248 | 393 | 355 | 306 | -52 | 955 | 1,564 | 834 | 966 | 895 | 1,068 | 3,763 | 1,057 | 1,008 | 1,038 | 1,106 | 4,209 |
| Scania V&S | ||||||||||||||||||||
| Expenses in connection with the EU antitrust proceedings | 510 | 510 | 17 | 17 | ||||||||||||||||
| Impairment losses on property, plant, and equipment and on inventories, receivables, and other assets, as well as other expenses in connection with the sale of the Russian distribution companies | 14 | 2 | 82 | 24 | 123 | |||||||||||||||
| Expenses in connection with the realignment of the bus business | 72 | 1 | 7 | 80 | 7 | 7 | ||||||||||||||
| Expenses for provisions for civil lawsuits in connection with EU truck cases in individual countries | 20 | 2 | 22 | 28 | 67 | 7 | 101 | |||||||||||||
| MAN T&B | ||||||||||||||||||||
| Expenses in connection with an internal reorganization at MAN | 6 | 6 | ||||||||||||||||||
| Expenses incurred in connection with restructuring measures for the repositioning | 362 | 311 | 9 | 15 | 696 | 1 | 6 | -2 | 8 | 13 | ||||||||||
| Impairment losses on property, plant, and equipment and on inventories, receivables, and other assets, as well as other expenses in connection with the sale of the Russian distribution companies | 2 | 30 | 82 | 16 | 130 | |||||||||||||||
| Expenses for provisions for civil lawsuits in connection with EU truck cases in individual countries | 39 | 29 | 67 | 21 | 36 | 3 | 60 | |||||||||||||
| TRATON FS | ||||||||||||||||||||
| Bad debt allowances on receivables in connection with the disposal of Scania Finance Russia | 30 | 35 | 440 | -280 | 224 | |||||||||||||||
| Expenses related to the sale of Scania Finance Russia from reclassification of accumulated other comprehensive income from currency translation | 102 | 102 | ||||||||||||||||||
| Operating result (adjusted) | 516 | 612 | 195 | 277 | 1,599 | 402 | 396 | 549 | 724 | 2,071 | 935 | 1,038 | 955 | 1,105 | 4,034 | 1,106 | 1,015 | 1,140 | 1,123 | 4,384 |
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross cash flow | 863 | 901 | 974 | 370 | 3,107 | 1,067 | 862 | 1,036 | 1,207 | 4,171 | 1,300 | 1,570 | 1,354 | 1,323 | 5,546 | 1,423 | 1,452 | 1,398 | 1,536 | 5,809 |
| Change in working capital | 152 | -405 | -1,172 | 1,088 | -336 | -502 | -2,033 | -532 | 220 | -2,847 | -589 | -623 | -236 | 711 | -737 | -561 | -1,258 | 496 | 1,012 | -311 |
| Net cash provided by/used in operating activities | 1,015 | 496 | -198 | 1,459 | 2,771 | 565 | -1,171 | 504 | 1,427 | 1,325 | 711 | 947 | 1,117 | 2,033 | 4,809 | 862 | 193 | 1,894 | 2,548 | 5,498 |
| Net cash flow provided by/used in investing activities attributable to operating activities | -262 | -308 | -590 | -673 | -1,833 | -426 | -363 | -443 | -718 | -1,950 | 25 | 71 | -468 | -842 | -1,214 | -424 | -567 | -615 | -1,058 | -2,663 |
| Net cash flow | 753 | 188 | -788 | 786 | 938 | 139 | -1,534 | 61 | 709 | -625 | 737 | 1,018 | 649 | 1,191 | 3,594 | 438 | -374 | 1,279 | 1,491 | 2,834 |
| Net liquidity/net financial debt (€ 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 | ||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ||||
| 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 | ||||
| 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 |
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRATON GROUP – DEBT MATURITY PROFILE (AS OF 31 DECEMBER 2024)
Major financings
- Total of €10.8bn (equivalent) TFL²
- Bonds outstanding
- (tranches of 1.75y to 12y)
- €4.5bn syndicated RCF undrawn
- €350m Schuldschein outstanding
- (tranches of 5y and 7y)
Debt overview (€ bn)¹
| TRATON financial debt | 23.1 |
|---|---|
| thereof CI/OP | 7.8 |
| thereof FS | 15.3 |
| Leasing (IFRS 16) | 1.2 |
| TRATON financial debt (incl. leasing) | 24.3 |

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
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
TRANSPARENT COMMUNICATION: 2024 REPORTING

- Discover the online version of our Annual Report with all texts in full length, as well as videos and further information.
- Discover our sustainability statement (guided by ESRS) which is part of our 2024 Annual Report.
- Discover our Corporate Governance website with our 2024 Tax Transparency Report according to the "Global Reporting Initiative (GRI) Standard 207".
Annual Results Conference 2025
10/03/2025
Investor Relations
TRATON
IR CONTACT AND UPCOMING EVENTS
Contacts
Ursula Querette
Head of Investor Relations
+49 152 021 52 400
[email protected]
Thomas Paschen
Investor Relations
+49 170 907 34 94
[email protected]
Matthias Maucher
Investor Relations
+49 170 381 60 25
[email protected]
Marie Fischhaber
Investor Relations
+49 152 256 00 705
[email protected]
TRATON SE
Investor Relations
Hanauer Strasse 26
80992 München
www.traton.com
[email protected]
LinkedIn | Instagram
Events H1/2025
| 10-11/03/2025 | Post Q4/FY 2024 Results Roadshow | Virtual |
|---|---|---|
| 18/03/2025 | BNP Paribas Exane TIME Conference | London |
| 28/04/2025 | Q1 2025 Results | |
| 29-30/04/2025 | Post Q1 2025 Results Roadshow | |
| 14/05/2025 | 2025 Annual General Meeting | |
| 02-03/06/2025 | JPMorgan Automotive Conference | London |
| 05/06/2025 | BNP Paribas Exane CEO Conference | Paris |
| 25/07/2025 | Q2/H1 2025 Results |
SCANIA / (M.A.N) / INTERNATIONAL
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