TRATON SE — Investor Presentation 2026

Apr 29, 2026

Q1 2026

RESULTS

ANALYST / INVESTOR

PRESENTATION

Christian Levin, CEO

Dr. Michael Jackstein, CFO & CHRO

29/04/2026

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QI 2026 Results
29/04/2026
Investor Relations
TRATON

AGENDA

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

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Q1 2026 Results
29/04/2026
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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Q1 2020 Results
24-04-2024
4 Investor Relations
TRATON

KEY RESULTS & HIGHLIGHTS

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Q1 2026 Results
29/04/2026
Investor Relations
TRATON

SLOW START INTO THE YEAR, COMING WITH MORE UNCERTAINTIES, BUT ...

Q1 2026

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

ENCOURAGING DEMAND SIGNALS RAISING BOOK-TO-BILL RATIO TO 1.3

EU27+3:

• Truck order intake almost stable (-1%) in Q1 vs. a strong pre-tariff Q1 25, with encouraging signs overall except in Germany
• Truck unit sales up +14% in Q1 YoY on the back of healthy order activity in previous months

North America:

• Truck order intake nearly doubled (+96%) in Q1 YoY (+70% up QoQ) especially from dealers and fleets ...
• ... not yet reflected in truck unit sales (-24% YoY)

South America:

• Truck order intake up +25% in Q1 YoY (+12% QoQ); boosted by strong agriculture/mining businesses and Move Brazil program, while overall economic challenges persist
• Truck unit sales down -23% in Q1 YoY not yet reflecting recent order momentum

Incoming orders & Unit sales (k units)

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

BRANDS HIGHLY COMMITTED TO DELIVER ON STRATEGIC INITIATIVES FOR LONG-TERM SUCCESS ...

TRATON GROUP and Applied Intuition announced TRATON ONE OS, a unified Software Defined Vehicle platform for improved fleet uptime across TRATON's four global brands.

Scania delivered its first NEXT ERA trucks in China to dealers and customers, who are praising the superior fuel consumption and total cost of ownership.

MAN introduced "MAN2030+" which will drive efficiency gains and enhance competitiveness for the next generation of vehicles based on the TRATON Modular System.

International launched a joint Level 4 autonomous truck pilot with Ryder, deploying a factory-integrated autonomous vehicle into a live freight operation in Texas.

VWTB celebrated its 45th anniversary, marking a journey since 1981 of growth, market leadership and customer-focus – true to its philosophy, “less you don’t want, more you don’t need.”

TRATON Financial Services continued its geographical expansion across brands – marked by successful go-lives in Belgium and Lithuania with further markets in preparation.

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Q1 2026 Results

29/04/2026

... INCLUDING BEV-TRANSFORMATION

Unit sales of fully electric vehicles (units)

Q1 26

857

Q1 25

621

+38% YoY

Incoming orders of fully electric vehicles (units)

Q1 26

1,252

Q1 25

866

+45% YoY

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Q1 2026 Results
29/04/2026
Investor Relations
TRATON

2026 TRUCK MARKET OUTLOOK MAINTAINED

EU27+3¹ (k units, >6t)
2026e: -2.5% – +7.5% (mid-point +2.5%)

2025: 336 k 2026e: 328 -361k
2025: 296 k 2026e: 289 -318 k

North America² (k units, class 6-8)
2026e: -5% – +10% (mid-point +2.5%)

2025: 363 k 2026e: 345 -400k
2025: 259 k 2026e: 246 -284 k

South America (k units, >6t)
2026e: -10% – 0% (mid-point -5%)

2025: 180 k 2026e: 162 -180 k
2025: 132 k 2026e: 119 -132 k

China (k units, >6t)
2026e: -10% – +5% (mid-point -2.5%)

2025: 809 k 2026e: 728 -850 k
2025: 746 k 2026e: 672 -784 k

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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QI 2020 Results
24-04-2024
10 Investor Relations
TRATON

FINANCIAL PERFORMANCE & OUTLOOK

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

SLOW START BUT RECOVERY IN SIGHT

• Q1 unit sales down by 6%, influenced by:
• Increasing unit sales in EU27+3 (+11% YoY) driven by MAN, but not enough to compensate for ...
• Declining unit sales (-21% YoY) at International / in NA (recent demand inflection not yet reflected)
• Declining unit sales (-23% YoY) in SA driven by Scania and VWTB in Brazil - partly offset by other SA markets
• Q1 sales revenue down by 4%, due to:
• Decline in new vehicles sales, partly compensated by increased Vehicle Services business (especially at Scania) and growing TFS

Unit sales (k units)

Sales revenue (€ bn)

■ Vehicle Services business

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

ADJUSTED Q1 ROS WITHIN THE GUIDANCE RANGE WHILE ADJUSTMENTS SUM UP TO €521M

Decline in Q1 adj. RoS YoY due to:

• Declining unit sales
• Tariff costs (Section 232 + IEEPA)
• Foreign currency headwinds
• Increased R&D activity (coming with higher capitalization)

Positive Q1 effects from:

• Price/mix
• Fixed cost absorption
• China (neutral)

Adjustments Q1:

• Individual e-Mobility projects
• Sale Springfield site
• EU truck case
• Restructuring at International

Adjusted operating result (€ m)

Adjusted return on sales (%)

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

CONTINUED STRONG PERFORMANCE AT MAN CONTRIBUTING POSITIVELY TO TRATON OPERATIONS

		TRATON Operations¹	SCANIA	MAN	INTERNATIONAL	Track Box	TRATON FINANCIAL SERVICES
Q1 26	Sales revenue (in € m, YoY)	9,779 (-5%)	4,203 (-4%)	3,309 (+8%)	1,768 (-19%)	665 (-18%)	598 (+13%)
	Adjusted RoS (YoY)	6.9% (-0.4pp)	11.0% (-0.1pp)	7.2% (+2.9pp)	-4.0% (-5.6pp)	10.2% (-2.8pp)	9.0% (Return on Equity²) (-0.1pp)
Key drivers			– Sales revenue down with stable unit sales in Europe, but sharply lower volumes in Brazil – Currency headwinds – Margin still impacted by China operations – Lower fixed costs – Increased Vehicle Services business	– Sales revenue increased with unit sales substantially up in Europe – Margin up mainly due to volume effect – Ongoing cost management – Ongoing BEV-momentum for e-Trucks – Supportive Vehicle Services business	– Sales revenue down due to sharp decrease in truck unit sales in the US – Vehicle Services business down – Low-capacity utilization leading to lower fixed cost absorption – US tariff impact, mainly S-232 – Lower fixed costs due to restructuring of central functions	– Sales revenue down due to ongoing challenging Brazilian truck market – Currency headwinds – Solid margin on the back of lower fixed costs	– Sales revenue up driven by increased portfolio volume – Stable returns due to higher revenues – Offsetting effects from higher financing, risk and distribution costs in connection with ramp-up of TFS activities

1 TRATON Operations including consolidation effects; brands/segments delta vs. restated previous year "management view"

2 Return on Equity (Q1 26) is calculated as the ratio of earnings before tax to average equity of the Q1 26 period, whereas earnings before tax are extrapolated from the Q1 26 period to the full fiscal year on a straight-line basis

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

NET CASH FLOW ALSO WITH A SLOW START, REFLECTING NORMAL SEASONAL TRENDS

— Net cash flow of TRATON Operations in Q1 2026 characterized by:
- Weak operating performance with a slow start into the year
- Seasonal working capital build-up
- Investing cash flow, mainly influenced by capex €0.3bn and capitalized R&D €0.3bn

— Net debt of TRATON Operations incl. Corporate Items slightly decreased vs. FY 2025 mainly due to:
- Net positive effects from Corporate Items

1 Includes additions of IFRS 16 right of use assets, internal profit transfers, capital contributions, F/X effects and other changes in CI net liquidity/net debt (incl. proceeds from sale of Sinotruk)

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Q1 2026 Results

29/04/2026

2026 OUTLOOK MAINTAINED, BUT MORE UNCERTAINTIES

| | FY 2025
Actuals | FY 2026
Outlook |
| --- | --- | --- |
| TRATON GROUP | | |
| Unit sales (units) | 305,486 | -5 to +7% |
| Sales revenue (€ million) | 44,052 | -5 to +7% |
| Operating return on sales (adjusted) (in %) | 6.3 | 5.3 to 7.3 |
| TRATON Operations | | |
| Sales revenue (€ million) | 42,536 | -5 to +7% |
| Operating return on sales (adjusted) (in %) | 7.3 | 6.1 to 8.1 |
| Net cash flow (€ million) | 1,643 | 900 to 1,700 |
| TRATON Financial Services | | |
| Return on equity (in %) | 8.0 | 8.0 to 11.0 |

The outlook is based on the tariff situation prevailing at the end of 2025 (IEEPA, Steel/Aluminum, S-232). The outlook is subject to geopolitical risks particularly unexpected impacts of US trade policy and effects of the current Iran war.

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Q1 2020 Results
2:00 PM, 2020
Investor Relations
TRATON

BACKUP

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

RESTATEMENT FROM LEGAL VIEW TO MANAGEMENT VIEW

• With the completion of the group-wide R&D integration on July 1, 2025, the segment management of the TRATON GROUP has changed.
• Since Q3 2025, expenses incurred in the new R&D organization are 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. This past logic is called "legal view", in the below diagrams.
• 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.

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

TRATON OPERATIONS – INCOMING ORDERS

Incoming orders (units)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
TRATON Operations	66,434	58,982	64,353	73,806	263,575	74,307	65,292	62,512	79,214	281,325	87,775	11%	18%
Trucks	53,034	45,098	50,823	59,564	208,519	58,891	52,500	50,426	62,426	224,243	71,100	14%	21%
Buses	8,151	7,789	8,313	7,982	32,235	7,754	6,253	5,772	8,153	27,932	8,067	-1%	4%
MAN TGE vans	5,249	6,095	5,217	6,260	22,821	7,662	6,539	6,314	8,635	29,150	8,608	0%	12%
Scania Vehicles & Services	20,171	19,234	17,008	24,599	81,012	24,762	20,393	20,492	26,704	92,351	27,318	2%	10%
Trucks	18,927	17,761	15,335	22,902	74,925	23,142	18,772	19,275	24,973	86,162	26,161	5%	13%
Buses	1,244	1,473	1,673	1,697	6,087	1,620	1,621	1,217	1,731	6,189	1,157	-33%	-29%
MAN Truck & Bus	18,682	18,112	18,064	22,250	77,108	27,978	24,507	20,130	27,346	99,961	27,851	2%	0%
Trucks	11,941	9,942	11,534	14,541	47,958	18,294	16,751	12,640	17,144	64,829	17,586	3%	-4%
Buses	1,492	2,075	1,313	1,449	6,329	2,022	1,217	1,176	1,567	5,982	1,657	6%	-18%
MAN TGE vans	5,249	6,095	5,217	6,260	22,821	7,662	6,539	6,314	8,635	29,150	8,608	0%	12%
International Motors	17,512	9,866	15,396	13,842	56,616	12,285	8,952	10,674	14,266	46,177	22,235	56%	81%
Trucks	13,594	7,833	11,795	11,175	44,397	9,691	7,416	8,760	10,880	36,747	18,859	73%	95%
Buses	3,918	2,033	3,601	2,667	12,219	2,594	1,536	1,914	3,386	9,430	3,376	0%	30%
Volkswagen Truck & Bus	10,085	11,773	13,887	13,120	48,865	9,363	11,461	11,240	10,924	42,988	10,390	-5%	11%
Trucks	8,573	9,564	12,161	10,951	41,249	7,845	9,568	9,751	9,436	36,600	8,494	-10%	8%
Buses	1,512	2,209	1,726	2,169	7,616	1,518	1,893	1,489	1,488	6,388	1,896	27%	25%
Consolidation	-16	-3	-2	-5	-26	-81	-21	-24	-26	-152	-19	27%	77%
TRATON Operations	66,434	58,982	64,353	73,806	263,575	74,307	65,292	62,512	79,214	281,325	87,775	11%	18%
of which all-electric vehicles	736	970	658	1,487	3,851	866	608	669	680	2,823	1,252	84%	45%
in % of total	1.1%	1.6%	1.0%	2.0%	1.5%	1.2%	0.9%	1.1%	0.9%	1.0%	1.4%	66%	22%
Trucks	53,034	45,098	50,823	59,564	208,519	58,891	52,500	50,426	62,426	224,243	71,100	14%	21%
of which all-electric vehicles	165	261	254	521	1,201	466	203	309	500	1,478	480	-4%	3%
Buses	8,151	7,789	8,313	7,982	32,235	7,754	6,253	5,772	8,153	27,932	8,067	-1%	4%
of which all-electric vehicles	533	672	382	953	2,540	399	393	357	175	1,324	772	>100%	93%
MAN TGE vans	5,249	6,095	5,217	6,260	22,821	7,662	6,539	6,314	8,635	29,150	8,608	0%	12%
of which all-electric vehicles	38	37	22	13	110	1	12	3	5	21	0	-100%	-100%

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

TRATON OPERATIONS – INCOMING ORDERS BY REGION

Incoming orders (units)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
Trucks	53,034	45,098	50,823	59,564	208,519	58,891	52,500	50,426	62,426	224,243	71,100	14%	21%
EU27+3	18,123	16,454	18,041	25,373	77,991	29,347	23,722	22,282	30,683	106,034	29,008	-5%	-1%
Germany	5,091	3,963	5,125	5,966	20,145	7,980	6,321	5,349	6,842	26,492	7,035	3%	-12%
North America	14,727	8,471	12,633	12,362	48,193	9,584	7,632	8,800	11,082	37,098	18,814	70%	96%
USA/Canada	12,233	5,374	11,156	10,167	38,930	8,017	5,928	7,526	9,015	30,486	17,203	91%	>100%
Mexico	2,494	3,097	1,477	2,195	9,263	1,567	1,704	1,274	2,067	6,612	1,611	-22%	3%
South America	13,627	15,030	15,149	15,280	59,086	11,994	13,767	14,414	13,400	53,575	14,966	12%	25%
Brazil	11,828	13,004	12,439	11,881	49,152	8,747	10,141	10,484	10,675	40,047	11,639	9%	33%
Other regions	6,557	5,143	5,000	6,549	23,249	7,966	7,379	4,930	7,261	27,536	8,312	14%	4%
Bus	8,151	7,789	8,313	7,982	32,235	7,754	6,253	5,772	8,153	27,932	8,067	-1%	4%
EU27+3	1,663	2,132	1,371	1,388	6,554	1,982	1,308	1,289	1,814	6,393	1,764	-3%	-11%
Germany	322	478	387	298	1,485	395	373	331	511	1,610	425	-17%	8%
North America	4,198	2,428	4,187	3,468	14,281	2,803	1,647	2,026	3,735	10,211	3,700	-1%	32%
USA/Canada	3,548	1,672	3,507	2,630	11,357	2,574	1,536	1,829	3,219	9,158	3,027	-6%	18%
Mexico	650	756	680	838	2,924	229	111	197	516	1,053	673	30%	>100%
South America	1,637	2,518	2,152	2,260	8,567	1,976	2,492	1,747	1,898	8,113	2,019	6%	2%
Brazil	1,310	2,025	1,759	1,701	6,795	1,396	1,941	1,417	1,420	6,174	1,711	20%	23%
Other regions	653	711	603	866	2,833	993	806	710	706	3,215	584	-17%	-41%
MAN TGE vans	5,249	6,095	5,217	6,260	22,821	7,662	6,539	6,314	8,635	29,150	8,608	0%	12%
EU27+3	5,111	6,033	5,148	6,108	22,400	7,544	6,320	6,114	8,412	28,390	8,280	-2%	10%
Germany	1,327	1,652	1,771	2,123	6,873	2,373	1,963	2,164	2,880	9,380	2,590	-10%	9%
Other regions	138	62	69	152	421	118	219	200	223	760	328	47%	>100%

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Q1 2026 Results

29/04/2026

20

Investor Relations

TRATON

TRATON OPERATIONS – UNIT SALES

Unit sales (units)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
TRATON Operations	81,148	78,962	85,274	88,831	334,215	73,090	79,996	71,429	80,971	305,486	68,604	-15%	-6%
Trucks	68,772	63,600	72,861	72,897	278,130	57,566	63,742	54,929	63,546	239,783	53,535	-16%	-7%
Buses	5,032	7,988	7,823	7,570	28,413	8,328	8,390	8,833	8,808	34,359	7,514	-15%	-10%
MAN TGE vans	7,344	7,374	4,590	8,364	27,672	7,196	7,864	7,667	8,617	31,344	7,555	-12%	5%
Scania Vehicles & Services	26,496	25,802	21,757	28,014	102,069	22,244	24,602	21,545	25,682	94,073	20,978	-18%	-6%
Trucks	25,388	24,333	20,313	26,409	96,443	20,663	23,057	19,768	24,100	87,588	19,484	-19%	-6%
Buses	1,108	1,469	1,444	1,605	5,626	1,581	1,545	1,777	1,582	6,485	1,494	-6%	-6%
MAN Truck & Bus	24,030	25,322	19,863	26,822	96,037	20,613	26,421	24,638	29,970	101,642	23,600	-21%	14%
Trucks	15,188	16,492	14,595	17,380	63,655	12,036	16,707	15,304	19,249	63,296	14,583	-24%	21%
Buses	1,498	1,456	678	1,078	4,710	1,381	1,850	1,667	2,104	7,002	1,462	-31%	6%
MAN TGE vans	7,344	7,374	4,590	8,364	27,672	7,196	7,864	7,667	8,617	31,344	7,555	-12%	5%
International Motors	19,280	16,032	31,460	23,790	90,562	16,889	17,621	13,442	15,780	63,732	13,326	-16%	-21%
Trucks	18,674	13,143	27,281	20,202	79,300	13,702	14,628	9,753	12,029	50,112	10,413	-13%	-24%
Buses	606	2,889	4,179	3,588	11,262	3,187	2,993	3,689	3,751	13,620	2,913	-22%	-9%
Volkswagen Truck & Bus	11,539	11,853	12,350	10,104	45,846	13,410	11,369	11,883	9,509	46,171	10,787	13%	-20%
Trucks	9,707	9,679	10,828	8,804	39,018	11,231	9,355	10,157	8,119	38,862	9,122	12%	-19%
Buses	1,832	2,174	1,522	1,300	6,828	2,179	2,014	1,726	1,390	7,309	1,665	20%	-24%
Consolidation	-197	-47	-156	101	-299	-66	-17	-79	30	-132	-87	(>100%)	-32%
TRATON Operations	81,148	78,962	85,274	88,831	334,215	73,090	79,996	71,429	80,971	305,486	68,604	-15%	-6%
of which all-electric vehicles	315	290	526	608	1,739	621	629	815	1,161	3,226	857	-26%	38%
in % of total	0.4%	0.4%	0.6%	0.7%	0.5%	0.8%	0.8%	1.1%	1.4%	1.1%	1.2%	-13%	47%
Trucks	68,772	63,600	72,861	72,897	278,130	57,566	63,742	54,929	63,546	239,783	53,535	-16%	-7%
of which all-electric vehicles	130	69	107	124	430	259	141	262	619	1,281	456	-26%	76%
Buses	5,032	7,988	7,823	7,570	28,413	8,328	8,390	8,833	8,808	34,359	7,514	-15%	-10%
of which all-electric vehicles	158	201	371	460	1,190	359	479	549	536	1,923	401	-25%	12%
MAN TGE vans	7,344	7,374	4,590	8,364	27,672	7,196	7,864	7,667	8,617	31,344	7,555	-12%	5%
of which all-electric vehicles	27	20	48	24	119	3	9	4	6	22	0	-100%	-100%

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Q1 2026 Results

29/04/2026

21 Investor Relations

TRATON

TRATON OPERATIONS – UNIT SALES BY REGION

Unit sales (units)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
Trucks	68,772	63,600	72,861	72,897	278,130	57,566	63,742	54,929	63,546	239,783	53,535	-16%	-7%
EU27+3	27,878	26,795	22,231	27,617	104,521	22,068	27,125	23,795	30,882	103,870	25,058	-19%	14%
Germany	6,624	7,247	5,965	7,068	26,904	5,343	7,088	6,020	8,365	26,816	5,772	-31%	8%
North America	19,246	13,943	27,863	21,146	82,198	14,115	14,854	9,977	11,991	50,937	10,663	-11%	-24%
USA/Canada	15,945	11,299	22,771	16,339	66,354	12,489	13,236	8,290	9,764	43,779	8,898	-9%	-29%
Mexico	3,301	2,644	5,092	4,807	15,844	1,626	1,618	1,687	2,227	7,158	1,765	-21%	9%
South America	14,488	15,930	16,251	15,588	62,257	15,646	14,197	14,796	13,128	57,767	12,079	-8%	-23%
Brazil	12,387	14,093	13,662	12,158	52,300	13,066	10,751	10,466	9,788	44,071	9,674	-1%	-26%
Other regions	7,160	6,932	6,516	8,546	29,154	5,737	7,566	6,361	7,545	27,209	5,735	-24%	0%
Bus	5,032	7,988	7,823	7,570	28,413	8,328	8,390	8,833	8,808	34,359	7,514	-15%	-10%
EU27+3	1,427	1,515	766	1,204	4,912	1,517	1,803	1,766	2,035	7,121	1,513	-26%	0%
Germany	370	332	92	101	895	213	461	435	580	1,689	356	-39%	67%
North America	986	3,493	4,538	3,857	12,874	3,654	3,383	4,051	4,092	15,180	3,323	-19%	-9%
USA/Canada	151	2,718	3,734	3,108	9,711	3,186	2,987	3,689	3,744	13,606	2,787	-26%	-13%
Mexico	835	775	804	749	3,163	468	396	362	348	1,574	536	54%	15%
South America	1,980	2,175	1,978	1,766	7,899	2,519	2,387	2,313	1,703	8,922	1,897	11%	-25%
Brazil	1,602	1,886	1,649	1,109	6,246	2,079	1,883	1,737	1,162	6,861	1,527	31%	-27%
Other regions	639	805	541	743	2,728	638	817	703	978	3,136	781	-20%	22%
MAN TGE vans	7,344	7,374	4,590	8,364	27,672	7,196	7,864	7,667	8,617	31,344	7,555	-12%	5%
EU27+3	7,283	7,197	4,505	8,254	27,239	7,080	7,690	7,451	8,351	30,572	7,370	-12%	4%
Germany	2,262	2,361	1,474	2,272	8,369	2,406	2,671	2,573	2,902	10,552	2,245	-23%	-7%
Other regions	61	177	85	110	433	116	174	216	266	772	185	-30%	59%

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Q1 2026 Results
29/04/2026
22 Investor Relations
TRATON

TRATON GROUP – SALES REVENUE

Sales revenue (€ m)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
TRATON GROUP	11,798	11,589	11,866	12,220	47,473	10,606	11,300	10,416	11,729	44,052	10,231	-13%	-4%
TRATON Operations	11,477	11,282	11,507	11,916	46,182	10,325	10,868	9,992	11,351	42,536	9,779	-14%	-5%
Scania Vehicles & Services	4,879	4,819	4,213	4,995	18,907	4,361	4,550	4,223	4,812	17,945	4,203	-13%	-4%
MAN Truck & Bus	3,516	3,536	3,037	3,563	13,652	3,078	3,538	3,368	4,111	14,095	3,309	-20%	8%
International Motors	2,430	2,244	3,582	2,860	11,116	2,173	2,205	1,822	1,969	8,169	1,768	-10%	-19%
Volkswagen Truck & Bus	773	786	769	590	2,918	814	684	692	578	2,768	665	15%	-18%
TRATON Financial Services	453	468	488	522	1,932	530	532	535	590	2,188	598	1%	13%
Corporate items	-132	-161	-129	-219	-642	-249	-101	-111	-212	-672	-145	31%	42%
TRATON GROUP	11,798	11,589	11,866	12,220	47,473	10,606	11,300	10,416	11,729	44,052	10,231	-13%	-4%
TRATON Operations	11,477	11,282	11,507	11,916	46,182	10,325	10,868	9,992	11,351	42,536	9,779	-14%	-5%
New vehicles	7,926	7,777	8,133	8,366	32,202	6,903	7,534	6,606	7,898	28,941	6,295	-20%	-9%
Vehicle Services business¹	2,221	2,154	2,175	2,201	8,751	2,248	2,122	2,186	2,186	8,742	2,269	4%	1%
Other	1,330	1,352	1,199	1,349	5,230	1,174	1,212	1,200	1,267	4,853	1,214	-4%	3%
TRATON Financial Services	453	468	488	522	1,932	530	532	535	590	2,188	598	1%	13%
Corporate items	-132	-161	-129	-219	-642	-249	-101	-111	-212	-672	-145	31%	42%

¹ Including genuine parts and workshop services

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Q1 2026 Results

29/04/2026

23 Investor Relations

TRATON

TRATON GROUP – OPERATING RESULT & RETURN ON SALES

Operating result (€ m)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
TRATON GROUP	1,057	1,008	1,038	1,106	4,209	651	607	465	703	2,426	60	-91%	-91%
TRATON Operations	1,139	1,142	1,130	1,189	4,601	762	706	538	740	2,745	153	-79%	-80%
Scania Vehicles & Services	699	732	552	710	2,692	491	437	409	521	1,858	345	-34%	-30%
MAN Truck & Bus	244	287	124	197	853	131	163	135	321	751	47	-85%	-64%
International Motors	109	43	368	205	724	35	47	-113	-111	-143	-283	(>100%)	(>100%)
Volkswagen Truck & Bus	84	99	93	70	346	106	87	78	51	323	68	31%	-36%
TRATON Financial Services	63	46	49	47	205	46	39	58	23	167	52	>100%	12%
Corporate Items	-145	-180	-142	-130	-597	-156	-138	-132	-60	-486	-145	(>100%)	8%
Return on sales (%)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
TRATON GROUP	9.0	8.7	8.7	9.1	8.9	6.1	5.4	4.5	6.0	5.5	0.6	-5.4pp	-5.6pp
TRATON Operations	9.9	10.1	9.8	10.0	10.0	7.4	6.5	5.4	6.5	6.5	1.6	-5.0pp	-5.8pp
Scania Vehicles & Services	14.3	15.2	13.1	14.2	14.2	11.3	9.6	9.7	10.8	10.4	8.2	-2.6pp	-3.1pp
MAN Truck & Bus	6.9	8.1	4.1	5.5	6.2	4.2	4.6	4.0	7.8	5.3	1.4	-6.4pp	-2.8pp
International Motors	4.5	1.9	10.3	7.2	6.5	1.6	2.1	-6.2	-5.7	-1.8	-16.0	-10.4pp	-17.6pp
Volkswagen Truck & Bus	10.9	12.6	12.1	11.8	11.9	13.0	12.8	11.3	8.9	11.7	10.2	1.2pp	-2.8pp
TRATON Financial Services	13.9	9.7	10.1	9.0	10.6	8.7	7.3	10.9	3.9	7.6	8.7	4.8pp	-0.0pp

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Q1 2026 Results

29/04/2026

Investor Relations

TRATON

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

Adj. operating result (€ m)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
TRATON GROUP	1,106	1,015	1,140	1,123	4,384	646	725	668	734	2,773	582	-21%	-10%
TRATON Operations	1,188	1,149	1,233	1,206	4,776	756	824	741	771	3,092	674	-13%	-11%
Scania Vehicles & Services	727	739	618	717	2,801	483	446	468	529	1,926	463	-13%	-4%
MAN Truck & Bus	265	287	160	207	919	133	273	151	347	904	239	-31%	79%
International Motors	109	43	368	205	724	35	47	15	-87	9	-71	18%	(>100%)
Volkswagen Truck & Bus	84	99	93	70	346	106	87	78	51	323	68	31%	-36%
TRATON Financial Services	63	46	49	47	205	46	39	58	23	167	52	>100%	12%
Corporate Items	-145	-180	-142	-130	-597	-156	-138	-132	-60	-486	-145	(>100%)	8%
Adj. return on sales (%)	Q1 24	Q2 24	Q3 24	Q4 24	FY 24	Q1 25	Q2 25	Q3 25	Q4 25	FY 25	Q1 26	Q1 QoQ	Q1 YoY
TRATON GROUP	9.4	8.8	9.6	9.2	9.2	6.1	6.4	6.4	6.3	6.3	5.7	-0.6pp	-0.4pp
TRATON Operations	10.4	10.2	10.7	10.1	10.3	7.3	7.6	7.4	6.8	7.3	6.9	0.1pp	-0.4pp
Scania Vehicles & Services	14.9	15.3	14.7	14.4	14.8	11.1	9.8	11.1	11.0	10.7	11.0	0.0pp	-0.1pp
MAN Truck & Bus	7.5	8.1	5.3	5.8	6.7	4.3	7.7	4.5	8.4	6.4	7.2	-1.2pp	2.9pp
International Motors	4.5	1.9	10.3	7.2	6.5	1.6	2.1	0.8	-4.4	0.1	-4.0	0.4pp	-5.6pp
Volkswagen Truck & Bus	10.9	12.6	12.1	11.8	11.9	13.0	12.8	11.3	8.9	11.7	10.2	1.2pp	-2.8pp
TRATON Financial Services	13.9	9.7	10.1	9.0	10.6	8.7	7.3	10.9	3.9	7.6	8.7	4.8pp	-0.0pp

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Q1 2026 Results
29/04/2026
Investor Relations
TRATON

TRATON OPERATIONS – CASH AND LIQUIDITY

TRATON Operations (€ m)	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	Q4 25	FY 25	Q1 26	Q4 QoQ	Q4 YoY
Gross cash flow	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	1,197	4,267	657	-540	-277
Change in working capital	-589	-623	-236	711	-737	-561	-1,258	496	1,012	-311	-540	-158	-585	1,363	80	-350	-1,713	190
Net cash provided by/used in operating activities	711	947	1,117	2,033	4,809	862	193	1,894	2,548	5,498	395	878	513	2,561	4,347	308	-2,253	-87
Net cash flow provided by/used in investing activities attributable to operating activities	25	71	-468	-842	-1,214	-424	-567	-615	-1,058	-2,663	-506	-713	-539	-946	-2,704	-558	388	-52
Net cash flow	737	1,018	649	1,191	3,594	438	-374	1,279	1,491	2,834	-111	165	-26	1,615	1,643	-250	-1,865	-139
Net liquidity/net financial debt (€ m)	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	31.12.25	31.3.26	vs. 31.12.25
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
TRATON Operations	-2,635	-2,101	-1,687	-617	-985	-2,438	-1,114	-85	182	342	939	2,511	1,821	-691
TRATON Operations incl. Corporate Items	-7,194	-7,087	-6,650	-5,777	-5,481	-6,956	-6,081	-4,903	-5,185	-6,125	-6,595	-5,162	-5,152	10

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Q1 2026 Results

29/04/2026

26 Investor Relations

TRATON

TRATON GROUP – DEBT MATURITY PROFILE (AS OF 31 MARCH 2026)

Major financings

• Total of €12.3bn (equivalent) TFL² Bonds outstanding (tranches of 1y to 12y)
• €4.5bn syndicated RCF undrawn
• €50m Schuldschein outstanding (tranche of 7y)

Debt overview (€ bn)³

TRATON financial debt	25.9
thereof CI/OP	7.5
thereof FS	18.4
Leasing (IFRS 16)	1.3
TRATON financial debt (incl. leasing)	27.2

Maturity profile (€ bn)¹

1 Excluding €1.3bn 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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Q1 2026 Results
29/04/2026
27 Investor Relations
TRATON

IR CONTACT AND EVENTS

Contacts

Ursula Querette

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

Matthias Maucher

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

Thomas Paschen

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

Marie Fischhaber

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

Events

30 Apr 2026	Morgan Stanley Post Q1 2026 Roadshow	London
12 May 2026	UBS Best of Europe Virtual Conference
01 Jun 2026	JPM European Autos Conference	London
16 Jun 2026	2026 Annual General Meeting
24 Jun 2026	Jefferies German & Swiss Conference	Baden-Baden
23 Jul 2026	2026 Half-Year Financial Report
24 Jul 2026	Deutsche Bank Post H1 Roadshow	Virtual