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===== SIDA 1 =====

TOGETHER
2024
Annual Report

===== SIDA 2 =====

Scania, MAN, International, and Volkswagen Truck & Bus — the four 
TRATON GROUP brands have their own unique history and individual 
strengths. Together, they are key drivers for the transformation of 
the transportation industry.
Our global positioning gives the Group stability and a solid foundation 
for the future. 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 momen-
tum with cross-brand services.
Together – decarbonizing transportation can only be achieved by joining 
forces. This applies equally to our strong brands and service entities as 
well as to all players along the value chain.
Copenhagen, Denmark:  
Efficient, gas-powered city buses 
like this MAN bus play a major 
role in making public transport 
environmentally friendly. TOGETHER

===== SIDA 3 =====

263,575
47,473
9.2%
TRATON GROUP 
2024
AT A GLANCE
2024 2023 Change 
Trucks and buses (units)
Incoming orders 263,575 264,798 0%
Unit sales 334,215 338,183 –1%
 of which trucks 278,130 281,290 –1%
 of which buses 28,413 30,266 –6%
 of which MAN TGE vans 27,672 26,627 4%
BEV unit sales ratio (excluding MAN TGE vans, in %) 0.5 0.6 –0.1 pp
TRATON GROUP
Sales revenue (€ million) 47,473 46,872 1%
Operating result (adjusted) (€ million) 4,384 4,034 350
Operating return on sales (adjusted) (in %) 9.2 8.6 0.6 pp
Earnings per share (€) 5.61 4.90 0.71
Active workforce 1 105,541 103,621 1,920
TRATON Operations
Sales revenue (€ million) 46,182 45,736 1%
Operating result (adjusted) (€ million) 4,776 4,272 504
Operating return on sales (adjusted) (in %) 10.3 9.3 1.0 pp
Primary R&D costs (€ million) 2,458 2,170 13%
Capex (€ million) 1,751 1,516 16%
Net cash flow (€ million) 2,834 3,594 –760
TRATON Financial Services
Sales revenue (€ million) 1,932 1,589 22%
Earnings before tax (€ million) 212 171 41
Equity (€ million)1 2,052 1,884 168
Return on equity (in %) 10.8 8.4 2.4 pp
1  As of December 31
Key figures Incoming orders  
(units) 
Sales revenue 
(€ million)
Operating return on sales
(adjusted)
3
Further InformationConsolidated Financial Statements Sustainability StatementResponsibility Statement and  
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===== SIDA 4 =====

4
12
25
Södertälje,  
SwedenMunich,  
GermanyLisle, Illinois,
USA
São Paulo,  
Brazil
Scania 
Scania is a proud leader in premium 
transport solutions, specializing 
in heavy-duty trucks and offering an 
array of tailored services and appli-
cations. Renowned for its ingenious 
engineering, Scania empowers busi-
nesses and customers to progress 
through strong and trusted collabo-
ration and a firm commitment to 
guiding them through the shift to 
fossil-free transportation. With a 
global footprint, Scania serves markets 
across Europe, North and South 
America, Asia, Africa, and Oceania.
MAN 
MAN is a strong German heritage 
brand, operating internationally 
across Europe, Asia, the Middle East, 
Africa, and South America. MAN’s 
strength lies in its extensive range  
of transport solutions, from light 
commercial options to durable con-
struction vehicles and heavy-duty 
trucks. What truly sets MAN apart is 
its unwavering commitment to its 
customers, constantly striving to 
optimize their businesses and adapt 
to the dynamic changes in their 
requirements.
International 
International’s roots in North America 
date back to the 1800s, when its 
predecessors pioneered mechanized 
harvesting. Today, International 
offers comprehensive mobility solu-
tions for North and South America. 
Among its key strengths are its vast 
dealer network, its deep industry 
expertise and its exceptionally strong 
and loyal customer relationships. 
Formerly known as Navistar, 
 International is now moving into 
its next chapter under the new 
 overarching brand.
Volkswagen Truck & Bus  
Volkswagen Truck & Bus stands for 
unparalleled value-for-money 
solutions. Its core competence is 
vehicles that are robust, reliable, 
and efficient – tailored to meet the 
unique conditions of emerging 
growth markets and the specialized 
applications required there. Its 
strong presence in South America, 
Mexico, Africa, and Asia underlines 
its adaptability and commitment 
to meeting the specific needs 
of its customers in these dynamic 
regions.
THE TRATON GROUP 
AND ITS BRANDS
More than the sum of its parts: 
four brands, each with its 
own history and strengths, 
become one Group and 
 transform the transportation 
industry together.
Global commercial  
vehicle brands
Countries1
Production sites
1  Number of countries where the TRATON GROUP has  
production and assembly sites. In addition, our brands Scania, 
MAN, International, and Volkswagen Truck & Bus also have 
regional product centers, assembly sites, sales offices,  
and research & development facilities in many countries 
around the world.
4
Further InformationConsolidated Financial Statements Sustainability StatementResponsibility Statement and  
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===== SIDA 5 =====

TRATON Financial Services makes 
 significant progress in its mission to 
establish itself as a global captive and 
integrated financial service provider. 
Five years after its stock market debut in 
2019, TRATON advances from the SDAX to the 
MDAX, which tracks the performance of the 
50 largest companies after the DAX stocks on 
the regulated market of the Frankfurt Stock 
Exchange.
Sales revenue of  
TRATON  Financial Services
€ 1.9 bn
Scania starts sales of autonomous mining 
trucks, opening up for safer, more efficient and 
more sustainable mining operations. The first 
market is Australia, start of operation is scheduled 
from 2026.
Autonomous  
driving
MDAX
ROUTE 2024
Distance covered and milestones reached: 
The TRATON GROUP achieved numerous 
highlights throughout 2024 – here are just 
a few.
International is back
Navistar becomes International: The brand returns 
to its roots and takes on the company name 
yet again to emphasize its focus on reliability and 
innovation.
e-Volksbus
Volkswagen Truck & Bus is taking the next 
step towards e-mobility in Brazil to transform 
the transportation industry in South America 
with the new e-Volksbus.
Order inquiries and orders
Big demand for e Truck> 2,000
MAN is starting to deliver its fully electric heavy-duty trucks. 
Together with the e TGL, MAN now offers a complete portfolio  
of electric trucks from 12 to 50 tons.
Watch the full video 
5
Further InformationConsolidated Financial Statements Sustainability StatementResponsibility Statement and  
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===== SIDA 6 =====

VOICES OF  
THE BOARD
With a clear vision for the future, TRATON is strengthening 
the execution of its strategy. As a Group of four strong brands 
with a broad international positioning, TRATON is excellently 
placed to continue growing sustainably.
“We were merely a collection 
of brands who agreed that  
we needed to collaborate, but 
today I am really proud to  
say that we have started to 
transform into a real Group,  
the TRATON GROUP.” 
Christian Levin, Chairman of the Executive Board 
and Chief Executive Officer of TRATON SE,  
Chief Executive Officer of Scania
Learn more
Watch the full video 
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Independent Auditor’s Reports
Combined Management ReportTo Our Shareholders
6

===== SIDA 7 =====

OPPORTUNITY  
MARKETS
The TRATON GROUP is one of the world leaders 
in manufacturing commercial vehicles. Creating 
a strategy for future growth, two markets 
have been singled out that have potential for 
strengthened focus: North America and Asia. 
These markets are unique profit pools, especially 
with regard to innovations in industry-led 
 technologies and the gradual shift to a solutions-
oriented approach.
Selected TRATON GROUP sites:
USA
Huntsville, Lisle,  
San Antonio
China
Rugao
“Charging infrastructure is 
make or break for the success 
of electric trucks.” 
TAKING CHARGE 
As heavy-duty commercial vehicles have 
distinct charging needs, the TRATON GROUP 
is working on establishing inno vative and 
customized solutions. Accounting for the 
diversity of the charging needs, the brands of 
the TRATON GROUP therefore entered 
into selected partnerships, benefitting from 
the respective industry-specific expertise.
Andreas Kammel, Vice President Alternative 
Drivetrains at the TRATON GROUP
Learn moreLearn more
Further InformationConsolidated Financial Statements Sustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management ReportTo Our Shareholders
7

===== SIDA 8 =====

THE FUTURE IS  
A CIRCLE
With its significant resource footprint,  
the transport industry is standing at the 
crossroads of challenge and change.  
To decouple resource use from business 
growth, the Group focuses on scaling 
up circular services. As circular practices 
are increasingly integrated at TRATON,  
businesses can further thrive without a 
corresponding rise in environmental harm.
“Every component  
we remanufacture, every 
material we reuse, is  
a step toward a system 
where nothing goes  
to waste, and everything 
serves a purpose.” 
Karol Gobczyński,  
Head of Climate and Circularity at the TRATON GROUP
Technologies for level 4  
autonomous driving:
SMART TRUCKS, 
SMARTER  
TRANSPORTATION 
Autonomous driving is an essential element of TRATON’s 
strategy. Self-driving trucks address challenges like driver 
shortage, environmental impact, or road safety. The TRATON 
brand Scania has already started selling autonomous mining 
trucks, operations are set to begin in late 2025. The next step 
is hub-to-hub automation. For this, TRATON is developing 
autonomous solutions together with the partner company Plus.
Radar
Stereo and mono cameras
LiDAR sensors
RTK GNSS positioning and 
real-time navigation
V2X communication
Learn more
Watch the full video 
Learn more
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Independent Auditor’s Reports
Combined Management ReportTo Our Shareholders
8

===== SIDA 9 =====

67 1,900
STRATEGIC  
PILLAR
“Our job is to support the 
brands with solutions that 
align with their strategies 
and their customers’ 
expectations.”
Johan Haeggman,  
CEO of TRATON Financial Services 
The transformation of the automotive industry 
 further increases the importance of captive financing. 
Financial services are key to meet evolving 
 customer demands. TRATON Financial Services, 
the TRATON GROUP’s captive financial services 
 provider, empowers the brands to offer customer-
centered and integrated solutions, enabling the 
right amount of flexibility to successfully master 
various challenges.
Countries with  
TRATON Financial Services  
commercial presence
Employees at TRATON  
Financial Services  
(as of December 2024) 
WAYS OUT  
OF THE  
FOSSIL  
FUEL ERA
To become CO2-neutral by 2050, the TRATON GROUP will  
primarily use battery-powered drive systems. The process is 
ready for use today and will ultimately become the technology 
of choice for most applications in the transport sector.  
Nonetheless, no discussion would be complete without  
investigating other potential technologies and their strengths 
and weaknesses, including fuel cells or biodiesel.
Learn more
Learn more
Further InformationConsolidated Financial Statements Sustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management ReportTo Our Shareholders
9

===== SIDA 10 =====

TOGETHER
Discover the online version of our 
Annual Report with all texts in  
full length, as well as videos and  
further information.
Learn more

===== SIDA 11 =====

CONTENTS
TO OUR  
 SHAREHOLDERS
To Our Shareholders  14
Executive Board 17
Report of the Supervisory Board 18
TRATON on the Capital Markets 24
TRATON Way Forward 28
Highlights 2024 30
RESPONSIBILITY  
STATEMENT AND  
INDEPENDENT  
AUDITOR’S REPORTS
Responsibility Statement  214
Independent Auditor’s Report  215
Assurance report of the Independent 
German Public  Auditor on a Limited 
Assurance Engagement  224
SUSTAINABILITY  
STATEMENT
1. General information  228
2. Environmental 250
3. Social 269
4. Business conduct 287
5. Annex 298
FURTHER  
INFORMATION
Remuneration Report  307
Independent Auditor’s Report  331
Financial Calendar  332
Glossary  333
Five-Year Overview 335
Publication Details 337
COMBINED  
MANAGEMENT  
REPORT
Key Information about the  
TRATON GROUP 34
Report on Economic Position  40
TRATON SE (German GAAP) 61
Report on Expected Developments, 
Opportunities, and Risks 64
Nonfinancial Group Statement  80
Supplemental Information on  
Fiscal Year 2024 91
CONSOLIDATED  
FINANCIAL  
STATEMENTS
Income Statement  106
Statement of Comprehensive Income  107
Balance Sheet 109
Statement of Changes in Equity 111
Statement of Cash Flows 113
Notes to the Consolidated Financial 
Statements  114
1 2 3
4 5 6

===== SIDA 12 =====

This report contains certain forward-looking statements for fiscal year 2025 that are based on present assumptions and forecasts by the Company’s management. 
A range of known and unknown risks, uncertainties, and other factors may result in the actual results, financial position, development, or performance of the 
TRATON GROUP differing materially from the estimates given here. Such factors include those that TRATON has described in published reports. These reports are 
available on our website at www.traton.com. The Company does not assume any obligation to update such forward-looking statements or to adapt them to future 
events or developments.
All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Comparable prior-year figures are presented in brackets in the text 
alongside the figures for the fiscal year under review.
12
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Independent Auditor’s Reports
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===== SIDA 13 =====

To Our Shareholders 14
Executive Board 17
Report of the Supervisory Board 18
TRATON on the Capital Markets 24
TRATON Way Forward 28
Highlights 2024 30
TO OUR  
 SHAREHOLDERS 1
Munich, Germany

===== SIDA 14 =====

TO OUR SHAREHOLDERS
Dear shareholders,
We look back on a year full of significant milestones and crucial groundwork. In 2024, we 
at the TRATON GROUP made great strides on our way toward becoming a stronger, more 
efficient Group. Focusing on the introduction of our TRATON Modular System was pivotal 
in this regard. At the same time, we are systematically driving the merger of significant 
sections of our brands’ research & development departments into a cross-brand organi-
zation. This will lead to considerably more effective cooperation. Naturally, the brands 
will focus entirely on optimizing the value propositions for all our customers, in each 
application, in every corner of the world and leveraging the strengths of each brand’s 
individual identities in full. This is fundamental for our Group’s future success and that of 
our customers. We are thus laying the foundation to enable us to continue to meet the 
different needs of our customers. 
The rapid advancement of a common Research & Development and the continued, prom-
ising progress of the TRATON Modular System are essential for our growth and the lead-
ing role we play in the transformation to sustainable transport. In late November 2024, 
the Supervisory Board reinforced this approach by appointing Niklas Klingenberg, Head 
of TRATON GROUP R&D, to the Executive Board as of January 1, 2025, thereby making 
Research & Development an Executive Board function. It is important to me personally 
that we maintain the necessary continuity and strong teamwork in our Executive Board 
as we move forward together. I am therefore delighted that the contracts of two Board 
members, Mathias Carlbaum and Alexander Vlaskamp, have been extended by five years 
ahead of schedule. The contract of Mathias Carlbaum, Chief Executive Officer and 
 President of TRATON brand International (formerly Navistar), as a member of TRATON’s 
Executive Board now runs until September 2029. Alexander Vlaskamp’s contract as a 
member of TRATON’s Executive Board and Chief Executive Officer of MAN Truck & Bus 
runs until November 2029. The other Executive Board members are Dr. Michael Jackstein, 
responsible for Finance and Business Development as well as Human Resources,  Catharina 
Modahl Nilsson, Head of Group Product Management, Antonio Roberto Cortes as Chief 
Executive Officer of our successful Latin American brand Volkswagen Truck & Bus (VWTB), 
and myself as Chief Executive Officer of both Scania and TRATON. 
Our fully experienced TRATON team is perfectly positioned to drive the transformation to 
sustainable transportation. Closer, even more finely tuned collaboration will be a crucial 
factor in achieving our medium-term profitability targets. In many cases, this will eliminate 
duplicate work and reduce the costs of integrating shared backbone and technology with 
different performance steps in our brands’ portfolios, giving us a tremendous competitive 
edge. At our Capital Markets Day in October 2024, we explained in detail how we intend 
to implement our strategy successfully and continue to create value for our shareholders. 
We have also set ambitious goals. The TRATON GROUP’s adjusted operating return on 
sales is expected to be between 9% and 11% in 2029. Moreover, we aim to increase the 
Group’s sales revenue by 20% to 40% during the period 2024 to 2029 and fully repay the 
net financial debt of the industrial business (TRATON Operations business area) including 
Corporate Items.
In doing so, we never lose sight of our most important ambition, driver, and purpose: 
“Transforming Transportation Together. For a sustainable world”. As a result, our brands 
invariably succeed in making impressive progress with their products and services. 2024 
was full of sensational advances, from vehicles in numerous applications to the ramp-up 
of the charging infrastructure and key customer services to facilitate the shift toward the 
electrification of commercial vehicles. Scania now offers battery electric vehicles for vir -
tually all applications. In line with the brands’ electrification roadmap, Scania’s commit -
ment is to be able to electrify most transport operations by 2025. MAN unveiled its eTGL, 
designed for urban deliveries, taking its portfolio of battery electric vehicles from twelve 
to 42 tons. International’s North American customers are also showing increased interest 
in battery electric vehicles. International has already announced deliveries of the first 
TO OUR 
SHAREHOLDERS
14
Further InformationConsolidated Financial Statements Sustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management ReportTo Our Shareholders

===== SIDA 15 =====

International eMV Series vehicle. Volkswagen Truck & Bus presented the new generation 
of the e-Delivery at Fenatran 2024, the International Road Cargo Transport Show. The new 
e-Delivery now offers more torque and greater connectivity. Our brands continue to 
expand their portfolio of vehicles powered by renewables, thereby meeting the needs of 
our different customers even better. This strong performance fills me with pride and 
confidence for our joint future. 
However, the commitment of the TRATON brands to sustainable transport is by no means 
limited to our product portfolio. We are also working tirelessly on new services to make 
the transition from diesel to battery as smooth and efficient as possible. In 2024, Scania 
founded Erinion, a company that will allow us to offer very attractive depot and destina-
tion charging options in the future. Erinion will facilitate the ramp-up by establishing 
40,000 charging points at customer depots by 2030. In 2024, MAN also laid the crucial 
groundwork for developing the charging infrastructure. A cooperation was launched with 
energy company E. ON to set up charging stations at 170 MAN service sites throughout 
Europe. In addition to this cooperation, audiences at soccer matches and music concerts 
in Munich’s Allianz Arena will soon also see that the TRATON GROUP and our brands have 
adopted a holistic approach regarding the transition to sustainable transport. A charging 
park at the Allianz Arena, planned by MAN, was greenlit in 2024. In the future, up to 
500 electric trucks and buses a day will be able to charge their batteries with the rapid 
megawatt charging standard, MCS, directly at the nearby Autobahn interchange. Inter -
national has joined forces with its competitors as part of the PACT coalition to accelerate 
the development of the essential charging infrastructure for commercial vehicles. All our 
brands are working on creative solutions to pave the way for sustainable transport. This 
enables us as a Group to make green transport even more attractive to our customers.
At the TRATON GROUP, when it comes to building the public charging network, we are 
not just active in the Milence joint venture, which set up the first charging stations at 
central hubs in 2024; TRATON Charging Solutions also plays a key role. By simplifying 
access to charging stations as much as possible, this service entity — now on the market 
for a year — makes it easier for our customers to switch to battery electric commercial 
vehicles. The company provides charging services like Scania Charging Access and MAN 
Charge&Go. Currently comprising roughly 150 charging stations for commercial vehicles, 
the network has over 400 charging points throughout Europe. These smart initiatives all 
contribute to our common goal: making the transport sector part of the solution to fight 
climate change.
Transforming transportation is a Herculean task, but our brands and our entire Group are 
working at full speed to make it a reality. Nonetheless, this task cannot be shouldered by 
vehicle manufacturers alone. We need to partner with and obtain the support of politics, 
suppliers, transport buyers, network providers, and energy suppliers. Moreover, this calls 
for urgent action, with all parties working hand in hand to achieve the goal of sustainable 
transport in full. There is no doubt in my mind that we will succeed — for the benefit of 
all future generations.
We at TRATON firmly believe that battery electric is the technology of the future. Until our 
preferred market conditions are in place, we will offer our customers attractive alternatives. 
Thanks to our diverse product portfolio, we are fully prepared as, for instance, MAN showed 
at the IAA when presenting the MAN hTGX — a hydrogen truck that won the Truck Inno-
vation Award 2025. This is a major achievement! However, it is also necessary to make 
diesel drives more fuel-efficient, emitting fewer emissions. Now that Scania and Inter -
national’s customers are already reaping the benefits of its energy-effectiveness, MAN is 
also introducing the Group-wide, 13-liter Common Base Engine (CBE) platform. Even more 
logistics companies will benefit from the efficiency of this impressive platform. At the 
same time, it is a shining example of how Group collaboration makes us powerful.
Biofuels will play a part in reducing CO2 too. VWTB has started testing trucks fueled by 
biomethane, thereby saving up to 90% CO2. A truly remarkable feat. Moreover, VWTB fills 
the vehicles rolling off the production line in Brazil to one tenth with renewable HVO  diesel. 
Scania also presented its engines that can run on biomethane, such as the Scania Super 
460 R with its 13-liter engine, which won the highly coveted German Green Truck Award 
2024, for the seventh time in the last eight contests.
15
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===== SIDA 16 =====

Our Group’s strong key financial performance indicators in 2024 are a sign of TRATON’s 
continued progress, despite the many challenges. The TRATON GROUP’s unit sales reached 
a total of 334,200 vehicles in 2024, virtually on a par with 2023. We lifted our revenue by 
1% to €47.5 billion. Adjusted operating result came in at around €4.4 billion, plus 9% year-
on-year. We reported an adjusted operating return on sales of 9.2%, slightly above the 
forecast range of 8.0% to 9.0%. This formidable achievement would not have been  possible 
without the enormous commitment of every one of our 107,000 employees around the 
world. This performance fills me with pride, and I would like to thank all TRATONians for 
their valuable contribution.
As our shareholders, our performance benefited you in two ways. In June 2024, we paid 
out a dividend of €1.50 per share for fiscal year 2023, more than twice last year’s figure of 
€0.70. Along with the extremely positive share price performance, this led to a total 
 shareholder return of 38% in 2024, based on the Xetra listing. The excellent share price 
performance also propelled TRATON from the German SDax stock index to the Mdax on 
June 24, 2024. We want our shareholders to participate in the TRATON GROUP’s growing 
 success. Therefore, we are proposing to the Annual General Meeting 2025 that a dividend 
of €1.70 be paid out per share for this fiscal year.
A challenging year lies ahead. Customers are noticeably cautious as to what economic 
developments are expected in 2025. Our wide regional footprint, which we are extending 
by opening our China factory, our vital Vehicle Services business, and our financial services 
will give us stability in 2025 and beyond. TRATON Financial Services continues to forge 
ahead, becoming a global, captive, and integrated financial services entity. Optimizing 
the TRATON GROUP’s financial services business helps us make our earnings more  resilient 
to the ups and downs of the commercial vehicle markets. We are getting better and 
better at positioning TRATON successfully for every market phase.
Once again in 2025, we will remain focused and keep a close eye on our costs. I am more 
confident than ever before that we can succeed, even in a market environment that will 
certainly be challenging. For fiscal year 2025, we expect unit sales and revenue in the 
range of –5% to +5%. We are forecasting an adjusted operating return on sales of between 
7.5% and 8.5% for the TRATON GROUP. 
I am delighted with the impressive development of our Group in 2024. Together with our 
worldwide team, I look forward to reaping the fruits of our hard work in the years ahead. 
Our international presence, our strong product portfolio, our continuous improvement, 
and our focus on the needs of our customers will continue to be the basis for creating 
value for our shareholders.
I trust that we can continue to count on your support as our shareholders.
Kind regards 
Christian Levin 
CEO of TRATON SE
16
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===== SIDA 17 =====

EXECUTIVE 
BOARD
EXECUTIVE 
BOARD
ANTONIO ROBERTO CORTES
Member of the Executive Board 
of TRATON SE, Chief Executive Officer 
of Volkswagen Truck & Bus
ALEXANDER VLASKAMP
Member of the Executive Board 
of TRATON SE, Chief Executive Officer 
of MAN 
MATHIAS CARLBAUM
Member of the Executive Board 
of TRATON SE, Chief Executive Officer 
and President of International 
CHRISTIAN LEVIN
Chairman of the Executive Board and 
Chief Executive Officer of TRATON SE, 
Chief Executive Officer of Scania 
DR. MICHAEL JACKSTEIN
Member of the Executive Board 
of TRATON SE, responsible for Finance, 
 Business Development, and Human 
Resources
CATHARINA MODAHL NILSSON
Member of the Executive Board 
of TRATON SE, responsible for Product 
 Management in the TRATON GROUP
NIKLAS KLINGENBERG
Member of the Executive Board 
of TRATON SE, responsible for 
Research & Development in the 
TRATON GROUP
17
Further InformationConsolidated Financial Statements Sustainability StatementResponsibility Statement and  
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Combined Management ReportTo Our Shareholders

===== SIDA 18 =====

Report of the Supervisory Board
Dear readers,
The Company’s Supervisory Board addressed the Company’s position and performance 
regularly and in detail in fiscal year 2024. In accordance with the recommendations of 
the German Corporate Governance Code (the Code), the statutory requirements, the  Articles 
of Association, and the Rules of Procedure, we regularly advised the Executive Board in 
its management of the Company and monitored its activities. We were involved in an 
advisory capacity in all matters and decisions of major importance for the TRATON GROUP. 
We also regularly discussed strategic matters with the Executive Board. 
The Executive Board provided us with regular, comprehensive, and timely information, 
in both written and oral form, on the business performance, especially business in China, 
the progress of the Group R&D carve-out project, and on relevant business events, 
 corporate planning, and deviations in the course of business from forecasts as well as 
their causes. The Executive Board also reported to the Supervisory Board, especially on 
the TRATON GROUP’s strategy and the implementation status of strategic projects, the 
TRATON GROUP’s risk position and risk management, as well as compliance issues. The 
documents and information required as a basis for making decisions were available to 
the members of the Supervisory Board at all times at the meetings and during the 
preparation of the resolutions to be adopted. We also received a detailed report on the 
current business situation from the Executive Board on defined dates. The Supervisory 
Board also met regularly without the Executive Board. During regular talks with the Chief 
 Executive Officer outside the Supervisory Board meetings, I also discussed matters 
and issues relevant to the Company, such as the business performance, planning and 
strategic projects, the risk position, risk management, and compliance.
The Supervisory Board held nine meetings in fiscal year 2024. Five of these meetings 
were in-person, four were video meetings. In addition, the Supervisory Board visited the 
IAA Transportation trade fair in Hannover in September to view the Group’s latest models 
and those of its competitors. We adopted resolutions on specific, especially urgent  matters 
in writing.
 1 The attendance rate of members at Supervisory Board meetings (calculated for all meet-
ings in the fiscal year and for all Supervisory Board members in office) was 93.89% in 
fiscal year 2024. The individualized attendance of the members of the Supervisory Board 
at the meetings of the Supervisory Board and its committees is shown in the following 
overview:
 
Supervisory 
Board 
Presiding 
Committee
Audit 
 Committee
Nomination 
Committee
  No.  %  No.  %  No.  %  No.  % 
Mr. Pötsch  9/9 100 7/7 100   1/1 100 
Mr. Kerner 1 9/9 100 7/7 100     
Ms. Andersson  8/9 89       
Mr. Bechstädt  9/9 100   4/4 100   
Ms. Carlquist  9/9 100       
Ms. Cavallo  5/9 56       
Dr. Döss  6/9 67       
Mr. Kilian  8/9 89 6/7 86   1/1 100 
Dr. Kirchmann  8/9 89       
Dr. Kuhn-Piëch  9/9 100   4/4 100   
Ms. Lorentzon  9/9 100   3/4 75   
Mr. Luthin  9/9 100       
Mr. Lyngsie 2 9/9 100 7/7 100     
Ms. Macpherson 8/9 89   4/4 100   
Dr. Dr. Porsche  9/9 100 7/7 100   1/1 100 
Dr. Schmid  9/9 100       
Ms. Schnur  9/9 100 6/7 86 4/4 100   
Mr. Sedlmaier  9/9 100       
Mr. Wansch  9/9 100       
Mr. Witter  9/9 100   4/4 100   
1 Deputy Chairman of the Supervisory Board since June 13, 2024
2 Deputy Chairman of the Supervisory Board until June 12, 2024
  
1 In accordance with section 171 (2) of the Aktiengesetz (AktG ― German Stock Corporation Act)
Report of the Supervisory 
Board
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===== SIDA 19 =====

Committee activities
To discharge its duties, the Supervisory Board has formed the Presiding Committee and 
the Audit Committee, on each of which shareholders and employees are represented 
equally with three representatives each. The Nomination Committee, which consists 
solely of shareholder representatives, was also formed. The main role of the committees 
is to prepare Supervisory Board resolutions. In some cases, the Supervisory Board’s 
 decision-making powers or tasks are transferred to committees. The task of the Nomination 
Committee is to identify suitable candidates for Supervisory Board positions and to propose 
suitable persons to the Supervisory Board for its proposals for election to be submitted 
to the Annual General Meeting. It takes account of the targets defined by the Supervisory 
Board for its composition and the diversity concept applied to the composition of the 
Supervisory Board. In addition, care is taken to ensure that the skills and expertise profile 
for the entire body is met. In this function, the shareholder representatives on the 
 Presiding Committee form the Nomination Committee.
Mr. Frank Witter was Chairman of the Audit Committee. I chaired the Presiding Committee 
in my capacity as Chairman of the Supervisory Board. At the Supervisory Board meetings, 
the Chairman of the Audit Committee and I provided regular reports on the work of the 
committees. 
The names of the members of the committees as of the end of 2024 can be found in the 
list in Note “48. Supervisory Board Committees”.
The Presiding Committee of the Supervisory Board held seven meetings in the year under 
review. One of these meetings was in-person, six were video meetings. At its meetings, 
the Presiding Committee meticulously prepared the resolutions of the Supervisory Board, 
gathered information about ESG-related performance reviews and new features of the 
remuneration system for the Executive Board, discussed changes to Supervisory Board 
remuneration, discussed planned loans by Scania to Northvolt, and addressed the 
 planning round, which contains the cornerstones of the medium and long-term financial 
planning, and the investment program. In addition, secondary activities of members of 
the Executive Board were approved, the extension of the Executive Board mandates of 
Mr. Carlbaum and Mr. Vlaskamp was discussed, the further details of the realignment of 
the Group’s research & development activities were discussed and their significant 
 progress was monitored and reviewed. Finally, the recommendation for a production 
setup in the EU regarding e-propulsion was discussed. In addition, we discussed the 
appointment of Niklas Klingenberg to the TRATON GROUP’s Executive Board as Chief 
Technology Officer with responsibility for Research & Development as of January 1, 2025, 
and adopted a corresponding resolution. 
The Nomination Committee met once in the year under review. This was a video meeting. 
This meeting developed the proposals for the election of shareholder representatives to 
the Supervisory Board by the Annual General Meeting.
The Audit Committee held a total of four meetings in the year under review. One meeting 
was an in-person meeting and three were video meetings. It dealt in detail with finan -
cial reporting issues, the 2023 Annual Financial Statements of TRATON SE and the 
TRATON GROUP, and the audit reports submitted by the auditor, EY GmbH & Co. KG 
Wirtschaftsprüfungsgesellschaft, Munich (EY). It also addressed the requirements of the 
Corporate Social Responsibility Directive and the TRATON Group policy on export controls, 
as well as corresponding measures and sanctions. The engagement of EY for non-audit 
services by Scania was discussed and approved. 
The committee discussed the quarterly reports and the half-year financial report with the 
Executive Board prior to their publication. EY reviewed the TRATON GROUP’s Half-Year 
Financial Report for the period ended June 30, 2024. The review did not lead to any objec-
tions. The committee discussed the findings of the review with the auditors in detail.
The Audit Committee additionally discussed the engagement of the auditor to audit the 
annual financial statements. The committee regularly addressed the business perfor -
mance in the TRATON GROUP, the internal control system, risk management and the risk 
management system, and the TRATON GROUP’s impending and pending litigation, 
among other issues. The Audit Committee also addressed compliance and internal audit 
issues, such as the TRATON GROUP’s internal audit system and the audit plans for the 
TRATON GROUP’s Corporate Audit function, as well as the implementation status. The 
head of Corporate Audit of the TRATON GROUP and the Chief Compliance Officer of the 
TRATON GROUP reported to the committee in person on a regular basis. Progress in 
sustainability reporting and the area of export control (including the effects on the 
Group R&D carve-out project) were also reported on regularly. The Audit Committee 
regularly consulted with the auditors without the Executive Board. 
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===== SIDA 20 =====

The members of the Supervisory Board are responsible for obtaining the education and 
training necessary for them to perform their duties, for example with regard to changes 
in the legal environment. They are supported by the Company if necessary. In addition, 
topics relating to the Company are regularly discussed in depth at Supervisory Board 
meetings. On the one hand, this related to the BEV strategy together with the battery and 
cell strategy. On the other, further regulatory developments and requirements regarding 
sustainability reporting, as well as a deep dive into the Future Powertrain program, more 
in-depth information on software and software-defined vehicles, and anti-corruption 
issues in the context of sustainability reporting were relevant topics. Newly appointed 
members of the Supervisory Board are additionally given the opportunity to receive a 
detailed introduction to the specific issues concerning the Supervisory Board of 
TRATON SE.
Issues addressed by the Supervisory Board
Topics discussed regularly by the Supervisory Board included trends with respect to 
orders, sales revenue, earnings, and employment within the TRATON GROUP. We also 
regularly addressed key strategic matters and projects, as well as programs for the future 
at subsidiaries of TRATON SE. The Supervisory Board also met regularly without the 
 Executive Board to discuss specific topics. In general, the shareholder and employee 
representatives met for separate preliminary discussions before each of the Supervisory 
Board meetings.
The following additional information relates to the Supervisory Board meetings held 
in 2024:
Supervisory Board meeting on February 21, 2024
At this meeting, following detailed examination and discussion, we approved the Annual 
Financial Statements for TRATON SE and the Consolidated Financial Statements with the 
Combined Management Report, including the Nonfinancial Group Statement, for 
TRATON SE and the TRATON GROUP for fiscal year 2023 prepared by the Executive Board. 
The Supervisory Board also prepared the remuneration report for fiscal year 2023. In 
addition, the Supervisory Board examined the report on relationships with affiliated com-
panies (Dependent Company Report). On completion of our examination, we raised no 
objections to the Dependent Company Report. Additionally, the Supervisory Board 
resolved to issue the audit engagement letter for the 2024 Annual and Consolidated 
Financial Statements and to engage the auditors to review the TRATON GROUP’s Half-Year 
Financial Report for the period ended June 30, 2024, and the remuneration report for 
fiscal year 2024. Other items on the agenda included changes to Supervisory Board 
 remuneration, defining targets for the remuneration of the Executive Board, reviewing 
the appropriateness of the Executive Board’s remuneration, and extending the Executive 
Board mandates of Mr. Vlaskamp and Mr. Carlbaum. In addition, a decision was made 
regarding the appointment of the member of the Executive Board of MAN Truck & Bus 
SE responsible for Human Resources. We also addressed the Corporate Governance 
 Statement and the agenda for the 2024 Annual General Meeting. Finally, we discussed 
the status and benefits of the Group R&D carve-out project and the corresponding target 
image, and adopted a corresponding resolution. 
Supervisory Board meeting on February 27, 2024
This meeting dealt with filling the position of Group General Counsel of TRATON SE and 
the corresponding resolution. 
Supervisory Board meeting on April 19, 2024
The main focus of this meeting on April 19, 2024, was on a range of Executive Board and 
Supervisory Board matters. For example, changes to the remuneration system for the 
members of the Executive Board, which were also submitted to the 2024 Annual General 
Meeting, were discussed. The background to this was the discontinuation of the 
 Stimmungsbarometer as the basis for the opinion index. The new gender index was 
 therefore used for the “Social” subtarget. In addition, the Executive Board appointment 
“CTO/Brand Identity Development” at Scania and the appointment of the Head of Group 
R&D Powertrain in the management of TRATON AB were approved. 
Supervisory Board meeting on June 12, 2024
At this meeting we discussed in particular a proposal on the topic of “E-Propulsion Units 
– CMP/DMP & Recommendation for Production Setup EU” and adopted a corresponding 
resolution. We also discussed the amendment of the Rules of Procedure for the Executive 
Board and the amendment of the Executive Board employment contracts, and approved 
an Executive Board appointment at International Motors for the Commercial Operation 
area. Finally, we dealt with the acquisition of an Austrian MAN company by Scania  Österreich 
Holding GmbH as part of the expansion of the financial services business. 
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===== SIDA 21 =====

Supervisory Board meeting on June 13, 2024
This meeting was the constituent Supervisory Board meeting following the 2024 Annual 
General Meeting, at which the shareholder representatives on the Supervisory Board 
were re-elected as proposed. The employee representatives were re-elected in separate 
elections in accordance with the SE Participation Agreement. Both the Chair of the Super-
visory Board and his deputy were elected at the meeting. Furthermore, the members of 
the Presiding Committee and the Audit Committee, as well as the corresponding chairs 
and deputy chairs, were elected. 
Supervisory Board meeting on September 18, 2024
At this meeting we looked in detail at the progress of the Future Powertrain project, which 
was initially presented in 2023. In addition, we were informed in detail about the current 
topics of software, software-defined vehicles, and the autonomous strategy. We also 
received detailed information on the planning round and the investment program and 
adopted a corresponding resolution. Finally, we dealt with the Sustainability Reporting 
Directive, the corresponding requirements and actions, and the current status of 
 implementation in the TRATON GROUP, and adopted a resolution on the name change 
from “Navistar” to “International.”
Supervisory Board meeting on October 16, 2024
The subject of this meeting was a secured loan of up to USD 100 million that Scania CV AB 
planned to provide to Northvolt to sustain its operations. 
Supervisory Board meeting on November 15, 2024
The topic of this meeting was debtor-in-possession ( DIP) financing by Scania CV AB for 
Northvolt in US Chapter 11 proceedings to ensure the continuation of operations and to 
allow Northvolt to attract further investors. 
Supervisory Board meeting on November 22, 2024
At this meeting, among other things, we discussed and resolved the appointment of Niklas 
Klingenberg as member of the Executive Board responsible for Research & Development 
as of January 1, 2025, and amended the list of responsibilities accordingly. We also approved 
the appointment of a successor to the CFO positions at Scania CV AB and International 
Motors, LLC. Additionally, we received detailed information on the BEV strategy, including 
the battery and cell strategy, and discussed it at length. We also approved a volume 
increase for TRATON’s European Medium Term Note program ( EMTN program). We also 
adopted the Declaration of Conformity with the German Corporate Governance Code 
and took note of the Executive Board’s decision with regard to the execution of the 
2025 Annual General Meeting. Finally, we received an update on the status of the EU truck 
litigation relating to MAN Truck & Bus SE and Scania CV AB. 
Resolutions adopted in writing
In addition to the topics mentioned above, we approved the amended agenda and the 
correspondingly amended invitation to the 2024 Annual General Meeting of TRATON SE 
by resolutions adopted in writing and approved the proposed resolutions, among other 
things. In addition, a resolution was adopted to divide the TRATON R&D division EE/ 
Software/Autonomous into the two areas EE Platform and EE Applications, and to appoint 
the relevant area heads.
Conflicts of interest
No conflicts of interest involving members of the Supervisory Board within the meaning 
of recommendation E.1 of the German Corporate Governance Code were reported in the 
year under review.
In April 2024, the Executive Board and Supervisory Board issued a Declaration of Confor-
mity during the year due to the change in Executive Board remuneration. Implementation 
of the GCGC recommendations and suggestions was also on the agenda of the Supervisory 
Board meeting on November 22, 2024. We discussed the requirements in detail and, 
together with the Executive Board, issued the annual declaration on the GCGC recom-
mendations in accordance with section 161 of the Aktiengesetz (AktG — German Stock 
Corporation Act). The declarations are permanently available on TRATON SE’s website at 
https://ir.traton.com/en/corporate-governance. The departures from the recommen -
dations of the German Corporate Governance Code are described in detail and substantiated 
in the Declarations of Compliance.
Further information on corporate governance at TRATON is available in the “Supplemental 
Information on Fiscal Year 2024” section of this Annual Report under “Corporate 
 Governance”. 
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Changes to the composition of the Supervisory Board and the Executive Board
The terms of office of all members of the Supervisory Board ended with the conclusion 
of TRATON SE’s Annual General Meeting on June 13, 2024. The Annual General Meeting 
re-elected the ten shareholder representatives on the Supervisory Board for a full term 
of office. The ten employee representatives on the Supervisory Board had previously 
been re-elected for a full term of office in an election process in accordance with the 
SE  Participation Agreement.
Audit of the Annual and Consolidated Financial Statements and of the 
 Dependent Company Report
The Annual General Meeting of TRATON SE elected EY (EY GmbH & Co. KG Wirtschafts-
prüfergesellschaft, Munich) as the auditor of the Annual Financial Statements and the 
Consolidated Financial Statements for fiscal year 2024 on June 13, 2024. The Supervisory 
Board issued the concrete audit engagement letter to EY in line with the Audit Committee’s 
recommendations and specified the areas of emphasis of the audit.
The auditor issued unqualified auditor reports on the 2024 Annual Financial Statements 
of TRATON SE and TRATON’s 2024 Consolidated Financial Statements, together with the 
Combined Management Report. In addition, the auditor audited the remuneration report 
for fiscal year 2024 prepared jointly by the Executive Board and the Supervisory Board in 
accordance with section 162 of the Aktiengesetz (AktG — German Stock Corporation Act).
In addition, the auditor assessed the internal control system and the risk management 
system and concluded that the Executive Board had taken the measures required by 
section 91 (2) of the AktG to identify at an early stage any risks that could endanger the 
Company’s continued existence.
The Executive Board of TRATON SE prepared a report on relationships with affiliated 
 companies (Dependent Company Report) in accordance with section 312 of the AktG for 
fiscal year 2024. The auditor audited the Dependent Company Report and issued the 
following opinion:
“Based on our audit performed in accordance with professional standards and our 
 professional judgment, we confirm that:
1. The factual statements contained in the report are correct.
2. The consideration paid by the Company for the legal transactions stated in the report 
was not excessive or any disadvantages were offset.
3. There are no circumstances that would support a materially different assessment of 
the actions or omissions stated in the report from that of the Executive Board.”
The Supervisory Board concurred with the result of the audit of the Dependent Company 
Report by the auditor.
The members of the Audit Committee and the members of the Supervisory Board received 
the documents relating to the Annual Financial Statements, including the Dependent 
Company Report, and the audit reports prepared by the auditor in good time for the 
meetings of these committees that dealt with the 2024 Annual Financial Statements.
At Audit Committee meetings, the auditors reported in detail on the key findings of their 
audits and were available to provide additional information.
Based on the audit reports by the auditor and its discussion with them as well as its own 
findings, the Audit Committee prepared the Supervisory Board’s examination of the 
 Consolidated Financial Statements and the Annual Financial Statements of TRATON SE, 
as well as the Combined Management Report (including the Nonfinancial Group State -
ment) and the Dependent Company Report, and reported on them in the Supervisory 
Board meeting on March 3, 2025.
We examined these documents in depth in the knowledge of, and taking into account, 
the report by the Audit Committee and the auditor’s report, and in our discussions with 
them. We came to the conclusion that there were no objections to the Annual Financial 
Statements and Consolidated Financial Statements prepared by the Executive Board for 
fiscal year 2024, and that the assessments by the Executive Board of the position of the 
Company and the Group presented in the Combined Management Report correspond 
to those of the Supervisory Board.
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In our meeting on March 3, 2025, we concurred with the results of the audit by the  auditor 
in line with the Audit Committee’s recommendation and our own examination and 
approved the Annual Financial Statements prepared by the Executive Board and the 
Consolidated Financial Statements. The Annual Financial Statements are thus adopted.
We examined the Executive Board’s proposal on the appropriation of net earnings after 
considering in particular the interests of the Company and its shareholders and concurred 
with the proposal.
On completion of our examination, we raise no objections to the declaration by the 
 Executive Board at the end of the Dependent Company Report.
We would like to thank the Executive Board, the Works Council, the management, all 
employees of TRATON SE, and the employees of its affiliated companies for their work in 
2024, and extend our special appreciation to them. 2024 was another year that brought 
many challenges, some of them considerable, that had to be overcome. With their great 
personal dedication and high level of motivation, they all made a decisive contribution 
to the TRATON GROUP’s successful performance in fiscal year 2024.
Munich, March 3, 2025
On behalf of the Supervisory Board,
Hans Dieter Pötsch 
Chairman of the Supervisory Board
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TRATON on the Capital Markets
Open dialog with the capital markets in fiscal year 2024 
TRATON has continued its open, transparent dialog with the capital markets in fiscal year 
2024. In doing so, the Investor Relations department ensured that institutional and retail 
investors and analysts were informed promptly about current topics, business performance, 
and the TRATON GROUP’s strategic focus. TRATON held an analyst/investor conference 
or video call each quarter when it published its financial results. In addition, we held 
continuous discussions with institutional investors and analysts at roadshows and  investor 
conferences in Europe and North America — both virtually and in person. 
TRATON GROUP held its Capital Markets Day in Munich on October 1, 2024. The event 
kicked off with a tour of the truck production facility in Munich. Following this, TRATON’s 
Executive Board provided information about the Group’s and brands’ future strategic 
focus and presented an outlook on the expected market developments and business 
performance over the next five years. The four-hour event was attended in person by 
around 50 institutional investors and analysts, and followed virtually by a further approx-
imately 530 people. 
TRATON SE held a purely virtual Annual General Meeting for shareholders and their rep -
resentatives in Munich on June 13, 2024, which was followed online by around 260 people.
Positive equity market performance in 2024 
The performance of the international financial markets was mixed in the reporting year, 
but positive overall. Due to the different economic momentum, among other things, the 
European equity markets were unable to keep pace with the extremely positive perfor -
mance of the US equity markets. The lower inflation risks and the resulting interest rate 
cuts by the leading central banks, the Fed (USA) and the ECB (Europe), pushed up prices. 
The generally buoyant mood on the equity markets remained largely unaffected by the 
uncertain geopolitical environment, the election of Donald Trump as US President, China’s 
fiscal policy stimuli, the collapse of the French and German governments, the ongoing 
conflict in Ukraine, and the widening of the conflicts in the Middle East.
The performance of the German equity market in the reporting period was very mixed. 
At 20,522 points, the German Dax benchmark index reached a new all-time high on 
December 13, 2024, and closed the trading year at 19,909 points, an increase of 18.8%. The 
MDax, which comprises the 50 most important companies in Germany below the Dax 
and where TRATON has been listed since June 24, 2024, closed the year down 5.7% on the 
previous year-end. Compared with German large caps, many small and mid caps have a 
significantly higher exposure to the domestic market, which was dominated by weak 
economic forecasts. The Stoxx Europe 600 Industrial Goods & Services (SXNP) index, whose 
members are the largest listed European companies in the industrial goods and services 
sector, including TRATON, rose by 13.8% in 2024.
TRATON share price sees significant increase
At the beginning of 2024, TRATON SE shares initially followed the slight general downward 
trend on the equity markets, but were able to offset the losses within the first month of 
trading and subsequently recovered. The positive reception given to the 2023 full-year 
figures and an outlook for 2024 that exceeded analysts’ expectations led to TRATON shares 
performing significantly better than the relevant indices, particularly at the end of the 
first quarter and the beginning of the second quarter. Despite positive half-year results, 
TRATON shares experienced a brief, significant decline in August amid a challenging 
macroeconomic environment, with signs of growth slowing in Europe and China. After 
that, TRATON’s shares largely followed the volatile albeit positive trends in the markets. 
Overall, TRATON shares recorded a significantly positive performance in 2024.
TRATON shares were priced at €27.95 and SEK 319.00 on December 31, 2024. This resulted 
in price increases of 31.1% and 34.9% compared with the end of 2023. Including the 
 dividend of €1.50 distributed for 2023, the total return to our shareholders was 38.1% 
and 42.1%, respectively. 
As of the end of 2024, 21 financial analysts rated TRATON shares, of which 13 issued a positive 
recommendation (“buy” or “overweight”). Eight analysts rated the shares as “  neutral.” 
  
TRATON on the Capital Markets
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===== SIDA 25 =====

TRATON share price performance in 2024 compared with selected indices  
since January 1, 2024 (indexed; January 1, 2024 = 100%)
180
170
160
150
140
130
120
110
100
90
80
01.24 05.24 09.2403.24 07.24 11.2402.24 06.24 10.2404.24 08.24 12.24
 TRATON (Xetra)
 Dax
  Stoxx Europe 600 Industrial Goods & Services
 TRATON (Nasdaq Stockholm)
 MDax
  
Indicators for TRATON shares
 2024 2023
Earnings per share in € (diluted/basic) 5.61 4.90
Price-earnings ratio (PE ratio)  1  5.0 4.3
Dividend per share (in €)  2 1.70 1.50
Dividend yield (in %)  3 6.1 7.0
Payout ratio (in %) 30 31
Xetra (in €)   
Year-end closing price 27.95 21.32
Annual average price 29.28 18.69
Annual high 35.45 21.86
Annual low 20.46 14.44
Nasdaq Stockholm (in SEK)   
Year-end closing price 319.00 236.40
Annual average price 335.08 214.82
Annual high 407.00 241.40
Annual low 230.00 160.80
Number of shares (million)  4 500 500
Market capitalization (€ billion)  4 14.0 10.7
1 Year-end closing Xetra price in relation to earnings per share
2 2024: proposed dividend, subject to approval by the 2025 Annual General Meeting 
3 Dividend per share based on the year-end closing price of TRATON shares (Xetra trading)
4 As of December 31
  
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Basic data for TRATON shares
Class No-par value common bearer shares
ISIN DE000TRAT0N7
WKN (German Securities Identification Number) TRAT0N
Stock exchange  Frankfurt Stock Exchange  
Nasdaq Stockholm
Segment  
 
Regulated Market (Prime Standard)  
of the Frankfurt Stock Exchange 
Large Cap Segment of Nasdaq Stockholm
Bloomberg ticker symbol 8TRA GY/8TRA SS
Reuters ticker symbol 8TRA.DE/8TRA.ST
Index membership (selection)  MDax (Deutsche Börse)  
OMX Stockholm All Share Index
Number of shares 500,000,000
Free float 10.28%
Shareholder structure with unchanged free float
The largest single shareholder of TRATON SE is Volkswagen International Luxemburg S.A., 
Strassen, Luxembourg, a Volkswagen Group company, which holds 89.72% of the share 
capital. At the end of 2024, the free float calculated in accordance with the criteria used 
by Deutsche Börse stood at 10.28%. This comprises both institutional and retail investors, 
including from Sweden, Germany, the United Kingdom, and the USA. 
Resilient market environment for corporate bonds
Despite geopolitical tensions, the corporate bond market was generally constructive and 
receptive to large issuance volumes in 2024. The initial interest rate cuts by the central 
banks and expectations of further easing played a role here. Despite the uncertainties, 
the bond markets remained resilient and were able to absorb a relatively high level of 
issuance activity, especially in the third quarter. The US presidential election led to issues 
being brought forward from the fourth quarter. Overall, 2024 offered a sufficient number 
of time windows for placements in the bond market.
TRATON’s ratings
TRATON SE has had long-term issuer ratings from Moody’s Investors Service (Moody’s) 
and S&P Global Ratings (S&P) since June 17, 2020. Since September 12, 2023, TRATON SE 
has also had short-term ratings from both rating agencies.
Ratings (as of December 31, 2024)
 
Long-term 
rating Outlook
Short-term 
rating
Standard & Poor’s BBB stable A-2
Moody’s Baa2 positive P-2
Capital raised under the European Medium Term Notes program 
Since March 12, 2021, TRATON has had a European Medium Term Notes program ( EMTN 
program), which was updated on March 19, 2024. The €12.0-billion program enables 
TRATON to raise capital on the debt markets flexibly and efficiently. In addition to 
TRATON SE, the Company’s indirect subsidiary TRATON Finance Luxembourg S.A.,  Strassen, 
Luxembourg (TRATON Finance) can also issue bonds under the program. The issuance 
program is used for general corporate purposes, with the capital raised being used as 
needed within the TRATON GROUP.
Issuances under the EMTN program with maturities of more than two years are generally 
conducted via public placements, while private placements are primarily used for matu-
rities of between one and two years. In 2024, TRATON issued public bonds in Swedish 
kronor, sterling, and Swiss francs for the first time to further diversify its investor base. The 
bonds were issued by TRATON Finance and are listed on the Regulated Market of the 
Luxembourg Stock Exchange.
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Financing under the Commercial Paper program 
The €2.5 billion commercial paper program (CP program) launched in 2023 was regularly 
used in fiscal year 2024 for short-term refinancing with maturities of up to one year. This 
means that TRATON has successfully established itself in this important financing market 
to complement the EMTN program. The issuers under the CP program are TRATON SE and 
its indirect subsidiaries TRATON Finance and TRATON Treasury AB. Through the CP program, 
TRATON can issue bonds in various currencies, and the funds raised are intended for 
general corporate purposes.
Outstanding bonds of TRATON Finance Luxembourg S.A.
Million  EUR SEK GBP CHF
Outstanding bonds 12/31/2023 8,100 2,550 – –
 Issuances 2,050 10,000 450 500
 Repayments –1,500 – – –
Outstanding bonds 12/31/2024 8,650 12,550 450 500
In addition, Scania CV AB, Södertälje, Sweden (Scania CV AB), an indirect subsidiary of 
TRATON SE, continued to have bonds outstanding under its €5 billion bond issuance 
program in 2024.
Outstanding bonds of Scania CV AB
Million  EUR SEK NOK
Outstanding bonds 12/31/2023 500 17,825 2,450
 Issuances – – –
 Repayments – –6,600 –1,350
Outstanding bonds 12/31/2024 500 11,225 1,100
Further information about TRATON shares, outstanding bonds, and TRATON’s ratings, as well 
as financial news, financial reports, presentations, and information about the Annual General 
Meeting can be found on our Investor Relations website at https://ir.traton.com/en/.
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TRATON Way Forward
Ongoing climate change, the growing importance of sustainability, decarbonization, and 
digital transformation pose complex challenges for TRATON, yet also present a large num-
ber of opportunities. The TRATON GROUP’s strategy, the TRATON Way Forward, is based 
on a long-term vision that describes how TRATON will manage this environment and 
hence the resulting changes expected in the transportation and logistics industry. As 
part of this strategy, TRATON has set itself the overarching goal of acting sustainably and 
responsibly at all times. 
The TRATON Way Forward consists of three pillars, together with an additional focus on 
the systematic implementation and execution of the strategy. The elements are: 
(1) Responsible Company; (2) Value Creation; (3) TRATON Accelerated!; and (4) Strategy 
Execution.
  
TRATON Way Forward
Responsible
Company
The TRATON GROUP is optimizing its cost basis, 
accelerating growth in the US, and enforcing 
operations in China while maintaining focus on 
customer needs for each brand.
All four elements of the TRATON Way Forward are interconnected, making it 
possible for the TRATON GROUP to pave the way toward a sustainable future.
Value
Creation
The TRATON GROUP and its portfolio brands 
are committed to becoming more sustainable, 
focusing on a number of areas, including 
decarbonization and battery electric vehicles.
We have a clear roadmap for our electrified, 
connected, and automated commercial vehicles. 
We are developing new business models and 
strengthening partnerships. 
TRATON 
Accelerated!
Executing this strategy is critical for the Group ’s 
success. Progress is already being made with the new 
Group functions for R&D and by coordinating 
purchasing, production, logistics, and building the 
TRATON Modular System.
Strategy 
Execution
28
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===== SIDA 29 =====

(1) Responsible Company
The TRATON GROUP intends to become even more responsible as a company in every 
respect. Decarbonization, circularity, and human rights play a key role in this endeavor 
and are a top priority for us. Together with our brands, we are working hard on our purpose 
of continuing to transform transportation in a sustainable way. Our objective is to  generate 
the greatest possible benefit for our customers and society as a whole across the entire 
life cycle of our products. The TRATON GROUP has a strong focus on achieving its environ-
mental objectives and strengthening sustainable conduct toward people: employees, 
customers, suppliers, and strategic partners. Being responsible has the highest priority 
and influences everything we do.
As part of our strategy, we have set ourselves the target of around half of our annual new 
vehicle sales in the relevant regions (EU27+3 region, USA, and Canada) to be zero-emission 
vehicles by 2030. This target is subject to the conditions needed to achieve it, such as the 
expansion of the corresponding charging infrastructure and the various grid connections, 
as well as a supportive regulatory environment, being in place. It will also allow us to make 
a significant contribution to the decarbonization of the global transportation sector. One 
example of our stronger sense of responsibility is the establishment of the Milence 
charging joint venture together with Daimler Truck and the Volvo Group. The joint invest-
ment of €500 million to build at least 1,700 public charging points for heavy-duty trucks 
and coaches by 2027 is a key factor for the expansion of electric mobility. The first site 
started operating in Venlo on December 7, 2023. Additional sites in Belgium, Germany, 
France, and Sweden followed in 2024. Milence plans to have over 70 sites operating by 
the end of 2025.
Responsible Company also includes a corporate culture that focuses on people and 
 diversity. Our understanding of the term goes beyond the popular notion of diversity. The 
TRATON GROUP will strengthen its actions to consciously bring together and secure the 
inclusion of people with different experiences, educational backgrounds, and personal -
ities. To be able to act responsibly, the Company also continues to focus increasingly on 
ethical principles in corporate governance.
(2) Value Creation
For TRATON, customers are the focus of value creation, which is why it is the second pillar 
of TRATON’s strategy. TRATON can only be successful as a company and build a foundation 
for creating value for all TRATON GROUP stakeholders in the long term if it can sustainably 
create value for its customers and enhance their business success. Unlocking additional 
revenue streams and developing important markets are key elements of this strategy. 
The TRATON GROUP has defined ambitious medium-term business performance targets 
and communicated them at its 2024 Capital Markets Day in Munich. Adjusted operating 
return on sales is expected to be between 9 and 11% in 2029. Over the period from 2024 
to 2029, the TRATON GROUP’s sales revenue is projected to grow between 20 and 40%. 
During this period, TRATON also aims to completely eliminate net debt in the TRATON 
Operations business area, including Corporate Items. Making all TRATON brands even 
stronger is another objective. Each brand has a clearly defined, brand-specific strategic 
target return and works to deliver on it.
TRATON’s entry into the North American market in 2021 strengthened its global footprint 
by giving it access to the world’s largest profit pool in the commercial vehicle industry. 
International (formerly: Navistar) plays a key role in this regard and will be led to new 
strengths as part of our strategy. The measures for doing this range from using the pow-
erful component and technology setup within the TRATON GROUP and expanding the 
financial services business, all the way to even more effectively leveraging International’s 
dealer and service network, which is one of the largest independent networks in the North 
American market. The development and launch of the new International S13 Powertrain 
on the basis of the Group-wide 13-liter Common Base Engine (CBE) diesel engine is a key 
milestone. In 2024, a large number of customers took delivery of their vehicles with the 
new energy-efficient powertrain.
As part of our global expansion, we will additionally strengthen our footprint in Asia by 
also establishing an industrial presence in China. China is the world’s largest commercial 
vehicle market. Chinese fleet customers are increasingly looking to higher-end vehicles, 
expecting more and more in terms of efficiency and safety. TRATON meets this demand 
by making appropriate investments in this region. In addition to providing additional 
production capacity in Asia, the presence in China also allows TRATON to capitalize on 
technological innovations in the Chinese market.
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===== SIDA 30 =====

(3) TRATON Accelerated!
The third element of the TRATON strategy is particularly forward-looking. In a world shaped 
by electrification, autonomous driving, and connectivity, TRATON will create more added 
value for customers in the future through new business models, solutions, and partner -
ships. To do this, the Company intends to create new business models and partnerships. 
The TRATON GROUP is accordingly expanding its perspective on business potential 
beyond pure transportation. What matters here is developing the right capabilities and 
partnerships in order to be able to help shape the transformation of the industry. For 
example, Scania launched the first series production solution for autonomous driving in 
confined areas in 2024. Mining company REGROUP ordered eleven Scania vehicles that 
will start operating in an Australian mine at the end of 2025. Another example is the 
establishment of Scania’s Erinion subsidiary, which will plan, implement, and, if the  customer 
wishes, operate brand-neutral depot charging solutions for customers.
(4) Strategy Execution 
The fourth element is focused on executing the strategy. TRATON has set out the strategic 
framework for the coming years with the TRATON Way Forward. The task now is to imple-
ment this strategy systematically. One example is to concentrate development capabilities 
and hence strengthen the overall competitiveness by developing a TRATON Modular 
System and through closer organizational integration. We laid the cornerstone by estab-
lishing new Group functions (Group Industrial Functions) for research & development and 
by coordinating purchasing, production, and logistics across the whole Group.
All four elements of the TRATON Way Forward are interconnected. Together, they form the 
strategy that makes it possible for the TRATON GROUP to create an even more responsible 
company, add value, and pave the way toward a sustainable future.
  
Highlights 2024
The TRATON GROUP made progress in 2024 on the forward-looking topics of sustainable 
transportation and autonomous driving, celebrated being uplisted to the German MDax 
stock market index, and resolutely implemented its TRATON Way Forward strategy, which 
charts a course for the Company’s future success. 
TRATON’s Supervisory Board made key decisions to ensure continuity at top executive 
level as the Company implements its corporate strategy further. The contracts of the two 
TRATON Executive Board members Mathias Carlbaum and Alexander Vlaskamp were 
extended by five years each, ahead of schedule. This means that Mathias Carlbaum’s 
contract as a member of the TRATON GROUP’s Executive Board will now run until Sep -
tember 2029. Mathias Carlbaum is Chief Executive Officer and, at the same time, President 
of TRATON’s International brand (formerly: Navistar). The contract of Alexander Vlaskamp, 
who is a member of the TRATON GROUP’s Executive Board and Chief Executive Officer of 
MAN Truck & Bus, will run until November 2029. In addition, a decision was taken at the 
end of November 2024 to expand TRATON’s Executive Board to include a seventh member 
as of January 1, 2025. Niklas Klingenberg will become a member of the Executive Board 
of TRATON SE, responsible for Research & Development. This move reflects the growing 
importance of the Group-wide research & development organization. Niklas Klingenberg 
has been heading this area since November 1, 2023.
The TRATON GROUP communicated its ambitious new medium-term business perfor -
mance targets at its 2024 Capital Markets Day in Munich. Adjusted operating return on 
sales is expected to be between 9 and 11% in 2029. Over the period from 2024 to 2029, the 
TRATON GROUP’s sales revenue is projected to grow between 20 and 40%. During this 
period, TRATON also aims to completely eliminate net debt in the TRATON Operations 
business area including Corporate Items. 
At the virtual Annual General Meeting of TRATON SE on June 13, 2024, Chief Executive 
Officer and Chairman of the Executive Board Christian Levin described the Company’s 
progress in implementing its corporate strategy in detail in his speech to the shareholders. 
TRATON’s shareholders benefited from the Group’s good performance in fiscal year 2023. 
At the Annual General Meeting, they voted in favor of a dividend of €1.50 per share — more 
than double the dividend of €0.70 per share for fiscal year 2022. 
Highlights 2024
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===== SIDA 31 =====

Even though market conditions continued to normalize, the TRATON GROUP increased 
its sales revenue by 1% to €47.5 billion in 2024. Adjusted operating result grew by 
€358  million or 9% to €4.4 billion and adjusted operating return on sales rose by 0.6 per-
centage points to 9.2%. Unit sales fell by 1% to 334,200 vehicles, whereas incoming orders 
remained virtually on a level with the comparative period, at 263,600 vehicles.
The TRATON GROUP also saw successful bond market performance in 2024. The Company 
further diversified its funding sources at the end of May 2024, with its debut bonds in the 
Swiss market amounting to CHF 500 million. The bond issuance in Swiss francs marks 
TRATON’s third public bond debut in a currency other than the euro since the European 
Medium Term Notes program was launched in 2021. In the first quarter of 2024, TRATON 
successfully placed debut sterling bonds on the UK bond market and Swedish krona 
bonds on the Swedish bond market. All non-euro transactions were well received by 
investors. 
After the TRATON share price had already performed well in 2023, it continued to rise in 
2024. This paved the way for TRATON SE to be uplisted from the SDax to the MDax, which 
took place on June 24, 2024. The MDax tracks the performance of the 50 largest compa-
nies below the Dax shares on the Regulated Market of the Frankfurt Stock Exchange. 
The decisive factor for the Company’s inclusion in this stock market index was its free 
float market capitalization. TRATON SE celebrated the fifth anniversary of its initial public 
 offering on June 28, 2024, just four days after its inclusion in the MDax.
In 2024, the TRATON Financial Services segment concluded a dynamic 12 months in which 
the company focused on rolling out customer-centric financial solutions in the global 
markets. The TRATON Financial Services segment already provides tailored financial solu-
tions for Scania, MAN, and International customers and is also actively driving forward the 
integration process for Volkswagen Truck & Bus in several countries.
TRATON Charging Solutions celebrated its first year on the market in 2024. The company 
provides charging services such as Scania Charging Access and MAN Charge&Go. TRATON 
Charging Solutions is thereby simplifying access to the charging infrastructure. The 
 network currently includes around 150 charging stations for commercial vehicles, with 
more than 400 charging points throughout Europe.
TRATON rolled out new corporate values across the entire organization in 2024. These 
values define the framework for how the Group conducts business. They are based on 
the firm conviction that the Company’s performance is closely linked to the way all 
employees and managers, as well as the Executive Board, act, think, and make decisions. 
That is why the TRATON GROUP has committed itself to five corporate values: Customer 
First, Respect, Team Spirit, Responsibility, and Elimination of Waste. These values under-
score our intention: “Transforming Transportation Together. For a sustainable world”.
The TRATON GROUP brands reported numerous strategy and product highlights in 2024:
Scania
Scania reached important milestones on the road to sustainable transportation in 2024. 
Erinion, a company specialized in charging solutions for battery electric commercial vehi-
cles in depots of private and semi-public customers, as well as destination charging, was 
established in June. Erinion will support the ramp-up of electric mobility with 40,000 
charging points on customer premises. This demonstrates that Scania is systematically 
contributing to the TRATON GROUP’s purpose: “Transforming Transportation Together. 
For a sustainable world”. 
Scania is also making good on this aspiration with the expansion of its range of battery 
electric models, which were on show at the IAA Transportation trade fair in Hannover in 
September 2024. Scania now offers battery electric vehicles for virtually all applications, 
including heavy-duty e-trucks for use in mining or for transporting timber. 
Scania also made considerable progress in the pioneering field of autonomous driving 
in 2024. Scania launched a commercial pilot project for highway trips between logistics 
hubs and is using technology from Plus for driverless transit. As well as with Scania, Plus 
also works with MAN and International. Sales of autonomous trucks for use in mines were 
also launched. Mining company REGROUP ordered eleven Scania vehicles. They will start 
operating in an Australian mine at the end of 2025. Scania has reached an agreement 
with Australian mining company Fortescue to jointly develop and validate a fully inte -
grated solution for autonomous road trains.
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===== SIDA 32 =====

MAN 
MAN already registered especially large interest in its battery electric heavy-duty eTruck 
in 2024. We received around 2,800 orders and order requests by the end of 2024. The 
largest single order to date for 100 vehicles comes from Jacky Perrenot, a leading freight 
forwarder in France. The first MAN eTruck was handed over to automotive supplier 
 DRÄXLMAIER Group, which will use it to transport zero-emission batteries for the Porsche 
Macan Electric to the Porsche plant in Leipzig. The MAN eTGL for urban delivery operations 
was also showcased at the IAA Transportation 2024. This means that MAN’s portfolio of 
battery electric vehicles ranges from 12 to 42t.
MAN also recorded significant progress in developing its charging infrastructure in 2024. 
MAN launched a collaboration with energy company E. ON to develop charging stations 
at 170 MAN service locations in Europe. 2024 also saw the green light for a charging park 
at the Allianz Arena soccer stadium in Munich. In the future, up to 500 electric trucks and 
buses will be able to charge their batteries here at the nearby motorway hub daily using 
the MCS fast megawatt charging standard. 
MAN will achieve further fuel savings in heavy-duty diesel trucks in the future by intro -
ducing the new Power Lion powertrain with the highly efficient D30 engine. It is based 
on the Group-wide Common Base Engine ( CBE) platform, which is already part of the 
Scania and International portfolios.
International
Navistar, TRATON’s US subsidiary, rebranded as International Motors on October 1, 2024. 
This marks a return to the International brand’s historic roots. In future, International aims 
to increase its market share in North America by focusing to a much greater extent on 
solutions for trucks and buses. International’s comprehensive solution portfolio also 
includes services such as spare parts, maintenance, financing, connectivity, and charging 
solutions. In addition, the efficient S13 powertrain, which is based on TRATON’s Group-wide 
13-liter engine, offers growth potential in the market.
In 2024, together with its competitors Daimler Truck North America and Volvo Group 
North America, International (when it was still called Navistar) launched a coalition to 
drive forward the development of charging infrastructure for medium- and heavy-duty 
zero-emission commercial vehicles in the USA through industry-wide collaboration. 
 Membership of the Powering America’s Commercial Transportation ( PACT) coalition is 
also open to other market participants interested in accelerating the ramp-up of 
zero-emission commercial vehicles and the infrastructure they need.
Like Scania and MAN, International is also working with technology company Plus to 
introduce autonomous driving between transportation hubs. As part of this partnership, 
International brand trucks equipped with SuperDrive technology will be deployed in Texas. 
A safety driver is on board for each of the Level 4 journeys. 
Volkswagen Truck & Bus
Volkswagen Truck & Bus ( VWTB) is also making progress with the electrification of its 
product range. After the brand had already sparked great interest among customers with 
its battery electric e-Delivery distribution truck, production of the first e-Volksbus models 
began in the second half of 2024. These have been deployed since the beginning of 2025. 
The e-Volksbus uses some of the technology and parts of the e-Delivery and is therefore 
optimally suited to the operating conditions in Brazil and in VWTB’s other markets.
In addition to purely battery electric models, VWTB is focusing on other alternative drives 
to ensure that the transportation of the future is sustainable. At the largest exhibition of 
commercial vehicles in South America, Fenatran, the VW Meteor Hybrid made its debut 
as a concept truck in November 2024. This has an electric auxiliary axle in addition to the 
diesel engine. Depending on the topography of the location, this is expected to achieve 
fuel savings of up to 10% compared with a conventional diesel model. VWTB predicts a 
substantial 90% reduction in carbon emissions for a new Constellation 26.280 truck pow-
ered by biomethane, which was also presented at Fenatran. A full tank will give the truck 
a range of 300 kilometers.
VWTB also made further progress in expanding its global footprint. A vehicle production 
plant was opened in Córdoba in collaboration with Volkswagen Group Argentina. Five 
vehicle models are being produced there on an assembly line. VWTB aims to use local 
production to accelerate unit sales in the Argentinian market.
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===== SIDA 33 =====

COMBINED  
MANAGEMENT  
REPORT
of TRATON SE, Munich, Germany,  
for the period from January 1 to December 31, 2024
Key Information about the TRATON GROUP 34
1. Business activities and organization 34
2. Research & development 36
3. Financial management 37
Report on Economic Position 40
1. Macroeconomic environment 40
2. Exchange rates 41
3. Market environment 41
4. Results of operations 42
5. Financial position 48
6. Net assets 58
7.  Target achievement in 2024 and  
summary of economic position 60
TRATON SE (German GAAP) 61
1. Course of business 61
2. Results of operations 62
3. Assets and financial position 63
4. Opportunities and Risks 64
5. Report on expected developments 64
Report on Expected Developments, 
Opportunities, and Risks 64
1. Report on expected developments 64
2.  Report on opportunities and risks  
(contains the report required by   
section 289 (4) of the HGB) 66
Nonfinancial Group Statement  80
Supplemental Information on  
Fiscal Year 2024 91
1. Corporate Governance Statement 91
2. Dependent Company Report 100
3.  Takeover-related disclosures in  
accordance with sections 289a  
and 315a of the HGB 100
2
Stockholm, Sweden

===== SIDA 34 =====

Key Information about the  
TRATON GROUP
COMBINED MANAGEMENT 
REPORT OF TRATON SE, MUNICH, 
GERMANY, FOR THE PERIOD FROM 
JANUARY 1 TO DECEMBER 31, 2024
All figures shown are rounded, so minor discrepancies may arise from addition of these 
amounts. Comparable prior-year figures are presented in brackets alongside the figures 
for the fiscal year under review.
Key Information about the TRATON GROUP
1. Business activities and organization
With its four brands Scania, MAN, International (formerly: Navistar), and Volkswagen Truck 
& Bus, the TRATON GROUP is one of the world’s leading manufacturers of commercial 
vehicles. The portfolio consists of trucks, buses, and light-duty commercial vehicles, as 
well as the sale of spare parts and customer services. In addition, the TRATON GROUP 
offers a broad range of financial services to its customers.
Navistar was officially rebranded as International and the brand strategy realigned on 
October 1, 2024. The rebranding was developed in collaboration with dealers, customers, 
and employees. The aim is to stimulate growth in the American market and enhance the 
customer experience. The North American commercial vehicle manufacturer increasingly 
offers end-to-end solutions including trucks, buses, spare parts, maintenance, financing, 
connectivity, and charging solutions.
The TRATON GROUP’s activities are divided into the industrial business (TRATON Operations) 
and financial services (TRATON Financial Services) business areas. The TRATON Operations 
business area consists of the four segments Scania Vehicles & Services (brand name: Scania), 
MAN Truck & Bus (brand name: MAN), International Motors (brand name: International; 
formerly: Navistar Sales & Services), and Volkswagen Truck & Bus (brand name: Volkswagen 
Truck & Bus — VWTB). 
The four brands of the TRATON GROUP are clearly positioned: 
Scania is a proud leader in premium transport solutions, specializing in heavy-duty trucks 
and offering an array of tailored services and applications. Scania empowers business 
partners and customers to progress through strong and trusted collaboration and a firm 
commitment to guiding them through the shift to fossil-free transportation. With a global 
footprint, Scania serves markets across Europe, North and South America, Asia, Africa, 
and Oceania.
MAN is a strong German heritage brand, operating internationally across Europe, Asia, 
the Middle East, Africa, and South America. MAN’s strength lies in its extensive range of 
transport solutions, from light commercial options to durable construction vehicles and 
heavy-duty trucks. What truly sets MAN apart is its unwavering commitment to its cus -
tomers, constantly striving to optimize their businesses and adapt to the dynamic changes 
in their requirements.
International’s roots in North America date back to the 1800s, when its predecessors 
pioneered mechanized harvesting. Today, International offers comprehensive mobility 
solutions for North and South America. Among its key strengths are its vast dealer network, 
its deep industry expertise and its exceptionally strong and loyal customer relationships. 
Formerly known as Navistar, International is now moving into its next chapter under the 
new overarching brand.
Volkswagen Truck & Bus (VWTB) stands for unparalleled value-for-money solutions. Its 
core competence is vehicles that are robust, reliable, and efficient – tailored to meet the 
unique conditions of emerging growth markets and the specialized applications required 
there. Its strong presence in South America, Mexico, Africa, and Asia underlines its adapt-
ability and commitment to meeting the specific needs of its customers in these dynamic 
regions.
The primary production sites of Scania (nine locations) and MAN (nine locations) are in 
Europe. The original plants are in Södertälje, Sweden, and Munich, Germany. International 
(five sites) produces vehicles in the United States and Mexico. Scania and VWTB trucks 
and buses are also manufactured in Brazil (two sites). Scania is expanding its presence in 
China and is currently constructing a production facility in Rugao.
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===== SIDA 35 =====

The TRATON Financial Services segment is building on Scania’s successful Financial 
 Services business, which has more than 35 years of experience and a global presence in 
over 60 countries. The TRATON Financial Services segment aims to create sustainable 
added value for the TRATON GROUP and its brands by providing financial capacity, risk 
management, and world-class services. With its own financial brands, the company offers 
financing, leasing, insurance, and modular solutions in 67 countries worldwide, and 
 supports vehicle sales in close cooperation with all brands of the TRATON GROUP. TRATON 
took the next steps on its journey to expand the TRATON Financial Services segment into 
a global captive financial services entity: TRATON Financial Services acquired rights to 
future MAN Financial Services business in several European countries and began opera-
tions in 2024. Today, the TRATON Financial Services segment focuses on an expansionary 
brand strategy and a diversified financing strategy that targets efficient, sustainable 
growth. In the long term, its priorities are to expand BEV financing, optimize the operating 
model, and create business models such as TaaS (Transportation as a Service).
In 2024, the Group Industrial Functions were further refined to coordinate product 
 management, research & development, procurement, production, and logistics in a matrix 
structure with the TRATON brands. The goal is to drive forward the TRATON Modular 
 System by establishing a Group-wide R&D organization. The Group is working together 
to develop sustainable and connected transportation solutions. Over the next few years, 
substantial funds will be invested in research & development and capital expenditures to 
shape the transformation to a sustainable transportation industry. 
The Company is led by an experienced Executive Board team that comprises the Group 
functions Chief Executive Officer ( CEO), Chief Financial Officer ( CFO), and Chief Human 
Resources Officer ( CHRO), as well as another Executive Board member responsible for 
TRATON Group Product Management, plus the CEOs of Scania, MAN, International, and  
VWTB. Since January 1, 2025, additional Executive Board member Niklas Klingenberg has 
been driving forward the Group’s research & development activities. In his role as Execu-
tive Board member responsible for Group Research & Development, Niklas  Klingenberg 
is increasingly playing a key role in building a Group-wide Research & Development 
 organization.
The Executive Board manages the company and steers the strategic direction of the 
TRATON GROUP. This board currently consists of seven members. In addition to the Exec-
utive Board members, two other members for the areas of purchasing and production 
and logistics form part of the extended management body, the Truck Board. The central 
functions of these areas are distributed across selected locations of the TRATON GROUP 
brands, in particular Munich, Södertälje, Lisle (Illinois), and São Paulo.
TRATON GROUP
TRATON Operations
Scania  
Vehicles & 
Services
MAN  
Truck & Bus
International 
Motors
Volkswagen 
Truck & Bus
TRATON 
Financial 
Services
Corporate 
Items
Within the organizational structure and financial reporting,
 – TRATON Holding (consisting of TRATON SE and its investees not allocated to specific 
segments), 
 – consolidation effects between the business areas, 
 – and the effects of purchase price allocation from the acquisition of individual segments 
are summarized under Corporate Items.
At the end of 2024, the Group employed a total of 105,541 (103,621) people worldwide.
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===== SIDA 36 =====

2. Research & development
The TRATON GROUP aims to drive forward the transition to sustainable transportation 
with its investments in research & development. The TRATON Modular System will play 
an important role here. It will also be a catalyst for commercial success because it supports 
efficiency and global scalability. This strategic approach ensures versatile, efficient solu-
tions and enables the TRATON brands to deploy competitive innovative technologies. The 
heart of this approach is the development of modular components with universal appli-
cability across brands and applications. This approach streamlines development and 
signals a significant advance on the road to sustainable transportation solutions.
In February 2024, the Executive and Supervisory Boards of TRATON SE decided to 
strengthen Group-wide research & development as well as brand-specific development. 
To do this, considerable parts of the research & development departments of the individ-
ual brands are being merged into a cross-brand organization. This new structure will drive 
forward the development of the TRATON Modular System with the aim of delivering 
 sustainable, efficient, and connected transportation solutions to the market.
TRATON stands ready to play a leading role in guiding the industry toward a more sus -
tainable and electrified future, and will sustain this role in the long term. 
For this purpose, the TRATON GROUP not only focuses systematically on innovation, but 
also on harmonizing product modules to secure different performance steps. In addition, 
the Company is making substantial investments in forward-looking key areas, such as 
electrification and autonomous driving. In this context, investments in electric mobility 
of more than €2.1 billion are planned for the years from 2025 to 2029. The focus here is 
on developing BEV vehicles. This includes the development of the necessary components, 
vehicle integration, and batteries. By contrast, development expenditures on the further 
development of combustion engine technology will be scaled back.
Scania’s research & development priorities in 2024 were on electric mobility, compliance 
with future emissions legislation, and other legal requirements, such as the new EU General 
Safety Regulation ( GSR). Development of the TRATON Modular System is also being 
strengthened. Scania also invested in the establishment of a research & development 
department in China. In the future, vehicles will be offered that are specifically tailored 
to Chinese market conditions and customer requirements. 
MAN’s research & development activities in 2024 focused on the introduction of the new 
model generation (model year 2024) and preparations for the integration of the D30 
powertrain, which is based on the Group-wide 13-liter Common Base Engine diesel engine. 
In addition, MAN concentrated on truck electrification and work on the TRATON Modular 
System, and continued research & development activities on the integration and type 
approval of battery technology in production-ready battery electric vehicles. 
International’s research & development expenditures in 2024 were primarily focused on 
investments in electrification and in the next generation of the E/E architecture, as well 
as on work on the TRATON Modular System.
In South America, VWTB invested primarily in projects in 2024 that had legal requirements 
enter into force in the reporting period. Additionally, VWTB implemented both invest -
ments in electric mobility and compliance with legal emission requirements.
The progress made by the TRATON brands in megatrends such as autonomous driving is 
also attracting the attention of industry experts. In April 2024, for example, MAN completed 
the first successful journey by an automated truck on the A9 highway in Germany. Further 
hub-to-hub projects will follow, starting in 2025, which will then be implemented in typ-
ical customer applications. This underscores the high level of commitment to innova -
tion — from the initial idea, through corresponding investments in transformative projects, 
down to implementation. The core topics here are autonomous transportation and road 
safety.
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===== SIDA 37 =====

Research & development in figures, TRATON operations
€ million 2024 2023 Change
Primary R&D costs, TRATON Operations 2,458 2,170 288
of which capitalized development costs 978 687 291
Capitalization ratio (in %) 39.8 31.7 8.1 pp
Amortization of, and impairment losses on, 
 capitalized development costs 530 423 106
Research & development costs recognized in the 
 income statement 2,010 1,906 104
Sales revenue, TRATON Operations 46,182 45,736 446
Primary R&D costs, TRATON Operations 2,458 2,170 288
R&D ratio (in %) 5.3 4.7 0.6 pp
R&D employees (as of 12/31) 1 12,527 12,010 517
1 Prior-year period adjusted.
3. Financial management
Internal management process within the TRATON GROUP
The TRATON GROUP is included in the Volkswagen Group’s internal management process. 
The starting point for the TRATON GROUP’s internal management is medium-term plan-
ning, which is prepared once per year over a period of five years. The core of the planning 
includes the long-term unit sales plan, the product program, and the capacity and utili-
zation planning for the individual sites. The TRATON GROUP’s financial medium-term 
planning comprises the income statement, cash flow and balance sheet planning, 
 profitability and liquidity, as well as investments.
The first year of the medium-term planning period is then fixed and a budget drawn up for 
the individual months at the level of the operating cost centers. The budget is reviewed 
each month to establish the degree to which the targets have been met. Important  control 
tools are target/actual comparisons, prior-year comparisons, variance analyses, and, if 
necessary, action plans to ensure budgetary targets are met. For the relevant current fiscal 
year, detailed revolving forecasts for the full year are made based on the reporting in Feb-
ruary, May, August, and October. These take into account current risks and  opportunities. 
The focus of intra-year internal management is on measures for quickly adapting oper -
ating activities. At the same time, the current forecast serves as an ongoing, potential 
corrective to the medium-term and budget planning that follow on from it.
Most important key performance indicators of the TRATON GROUP
The following most important key financial and nonfinancial performance indicators were 
defined for the TRATON GROUP and the TRATON Operations and TRATON Financial  Services 
business areas during fiscal year 2024:
 
2024 2023
 
TRATON 
GROUP
TRATON 
Operations
TRATON 
Financial 
Services
TRATON 
GROUP
TRATON 
Operations
TRATON 
Financial 
Services
Sales x x – x x –
Sales revenue x x – x x –
Operating return on 
sales (adjusted) x x – x x –
Net cashflow – x – – x –
Primary R&D costs – x – – x –
Capex – x – – x –
Return on equity – – x – – –
Return on investment 
(ROI) – – – – x –
Following an adjustment of the TRATON GROUP’s financial management in the first half 
of 2024, return on investment (ROI) is no longer used for the internal management in the 
TRATON Operations business area and is therefore no longer one of the most important 
financial KPIs starting in fiscal year 2024.  
For the TRATON Financial Services segment, return on equity, which was previously 
reported as an additional performance indicator, will become one of the most important 
performance indicators within the meaning of German Accounting Standard No. 20 from 
fiscal year 2024. This is a standard industry indicator for measuring the return on capital 
of financial services units.
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Unit sales
Unit sales represent the number of vehicles sold by Scania, MAN, International, and VWTB. 
They reflect the demand for our products and are decisive for the development of sales 
revenue. 
Sales revenue
Sales revenue reflects our market performance in financial terms. For the segments within 
the TRATON Operations business area, it is based in particular on unit sales of new and 
used vehicles and on sales of spare parts and customer services. Sales revenue is also 
generated by the rental and leasing business and by interest from the financial services 
business in the TRATON Financial Services segment. 
Operating return on sales (adjusted) 
Operating return on sales (adjusted) is the ratio of operating result (adjusted) to sales 
revenue and expresses the economic performance of our business activities after 
 accounting for the use of resources. Operating return on sales (adjusted) measures the 
TRATON GROUP’s profitability.
Adjustments are made in order to ensure the greatest possible transparency of our 
 business performance. The adjustments to operating result concern certain items in the 
financial statements that, in the opinion of the Executive Board, can be presented sepa-
rately to enable a more appropriate assessment of financial performance. They include, 
in particular, costs of restructurings and structural measures as well as one-time events 
with a material impact on the TRATON GROUP’s earnings. 
Net cash flow
Net cash flow in the TRATON Operations business area comprises net cash provided by/
used in operating activities and net cash provided by/used in investing activities attrib -
utable to operating activities and indicates the excess funds from operating activities in 
the reporting period.
Primary R&D costs 
Primary research & development costs in the TRATON Operations business area contain 
both capitalized development costs and research & development costs not eligible for 
capitalization. They represent expenditures ranging from blue skies research down to the 
market-ready development of our products and services. 
Capital expenditures 
Capital expenditures in the TRATON Operations business area represent the TRATON 
GROUP’s investments in the future. They consist of the cash investments in property, plant, 
and equipment and in intangible assets (excluding capitalized development costs) that 
are reported in the statement of cash flows.
Return on equity 
For the TRATON Financial Services business area, return on equity describes the profit -
ability of the capital employed. It is calculated as the ratio of earnings before tax to average 
equity. Average equity is calculated from the equity at the beginning and the end of the 
reporting period. If calculated during the year, earnings before tax for the period in question 
are extrapolated to the full fiscal year on a straight-line basis. 
Additional key performance indicators of the TRATON GROUP
In addition to the most important key performance indicators, the following additional 
performance indicators are defined for the TRATON GROUP or for the individual business 
areas or segments:  
Capitalization ratio 
The capitalization ratio is defined as the ratio of capitalized development costs to primary 
research & development costs. It indicates which proportion of primary research & develop-
ment costs is required to be capitalized.
Incoming orders 
Incoming orders are defined as legally effective, binding orders. 
BEV unit sales ratio
The ratio of the number of battery electric vehicles and fuel cell electric vehicles to the 
total number of vehicles sold, excluding the MAN TGE model.
Book-to-bill ratio
The ratio of incoming orders to unit sales.
Gross margin
The gross margin is calculated as the percentage ratio of gross profit to sales revenue for 
the period in question.
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EBITDA (adjusted) 
EBITDA (earnings before interest, taxes, depreciation, and amortization) reflects operating 
performance before interest, taxes, depreciation, and amortization, after accounting for 
the use of resources. Since depreciation and amortization may depend on the chosen 
accounting policies, the carrying amounts, the capital structure, and the way in which an 
asset was acquired, EBITDA (adjusted) is used as a key performance indicator for peer 
group comparisons, in particular. Adjustments to operating result are also taken into 
account in determining EBITDA (adjusted). EBITDA (adjusted) is calculated for the TRATON 
Operations business area including Corporate Items, as it is taken into account for the 
calculation of the net financial debt / EBITDA (adjusted) ratio for the TRATON Operations 
business area including Corporate Items. 
Equity ratio 
The equity ratio indicates the ratio of total equity to total capital. For the TRATON Opera-
tions and TRATON Financial Services business areas, it is calculated from the perspective 
of the business area in question.
R&D ratio
Ratio of primary R&D costs to sales revenue. 
Return on investment (ROI) 
Return on investment represents the return on invested capital for a particular period. It 
is determined by calculating the ratio of operating result after tax to annual average 
invested capital. If the return on investment exceeds the cost of capital demanded by the 
market, added value is generated. Return on investment is calculated based on operating 
result after tax. In addition to operating result in the TRATON Operations business area, 
the calculation also includes operating result of the TRATON Holding, consolidation effects 
between the TRATON Operations business area and the TRATON Holding, and earnings 
effects from the purchase price allocations with regard to the TRATON Operations business 
area. An overall average tax rate of 30% is applied. Invested capital is calculated as total 
recognized operating assets (intangible assets, property, plant, and equipment, assets 
leased out, inventories, and receivables) less noninterest-bearing liabilities (trade payables 
and prepayments received on customer contracts). Average invested capital is derived 
from the balance at the beginning and the end of the reporting period. Since the concept 
only comprises our operating activities, assets relating to investments in subsidiaries and 
associates and the investment of cash funds are not included when calculating invested 
capital. Interest charged on these assets is reported in financial result. The calculation is 
only performed on an annual basis.
Net liquidity/net financial debt
Net liquidity or net financial debt is calculated as gross liquidity, meaning cash and cash 
equivalents, marketable securities, investment deposits, and loans to affiliated companies 
(incl. restricted cash), less third-party borrowings (noncurrent and current financial liabil-
ities). It reflects cash and cash equivalents, marketable securities, investment deposits, 
and loans to affiliated companies not financed by third-party borrowings.
Net financial debt/EBITDA (adjusted) ratio
The net financial debt to EBITDA (adjusted) ratio is calculated by dividing net liquidity/
net financial debt by EBITDA (adjusted) for the past twelve months and is determined for 
the TRATON Operations business area, including Corporate Items. 
Operating result (adjusted) 
Operating result (adjusted) is calculated to ensure the greatest possible transparency 
of our business performance by making adjustments to our operating result. These 
adjustments concern certain items in the financial statements that, in the opinion of the 
 Executive Board, can be presented separately to enable a more appropriate assessment 
of financial performance. They include, in particular, costs of restructurings and structural 
measures as well as one-time events with a material impact on the TRATON GROUP’s 
earnings. 
Capex ratio
The capex ratio indicates the ratio of capital expenditures to sales revenue and is calculated 
for the TRATON Operations business area.
  
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Report on Economic Position Report on Economic Position
1. Macroeconomic environment
Developments in the global economy
The global economy continued to grow in 2024, albeit at a somewhat slower pace than 
in the previous year. This trend was observed in both the advanced and emerging econ-
omies. Inflation rates, which were still relatively high in some countries despite declining 
in many others, coupled with the restrictive monetary policy of some central banks, con-
tinued to curb economic development in many places. Some of the leading central banks 
began to gradually lower their key interest rates from their comparatively high levels from 
around the midpoint of the reporting period.
Europe
The Western European economy recorded positive growth overall in the reporting period, 
somewhat above the previous year’s level. Developments varied in the individual countries 
of Northern and Southern Europe. With inflation rates on the decline, the European  Central 
Bank cut its key interest rates in three steps starting in June 2024.
Economic growth  
GDP change (in %)
 Global economy   USA   Western Europe   Germany   China
10
8
6
4
2
0
– 2
– 4
– 6
– 8
2020 2021 2022 2023 2024
The economies of Central and Eastern Europe as a whole grew at a somewhat higher pace 
in 2024 than in the prior-year comparative period.
Germany
German gross domestic product fell somewhat in 2024, continuing a similar trend seen 
in the previous year. Compared with 2023, the seasonally adjusted unemployment rate 
rose on average over the year as a whole. After reaching historically high levels at the end 
of 2022, monthly inflation rates fell since then roughly in line with the eurozone average.
North America
US gross domestic product grew at a slower rate in the reporting period than in the 
 previous year. The US Federal Reserve initially maintained its restrictive monetary policy 
due to the comparatively high inflation rates and the strained labor market. The first cut 
in key lending rates in September was followed by two further interest rate cuts by the 
end of the reporting period. Canada’s economic growth slowed somewhat compared 
with the previous year, while Mexico experienced a more pronounced downturn.
South America
Economic output in Brazil grew at a somewhat faster pace, while growth in Argentina 
slowed more sharply than in the previous year.
Asia/Pacific
In global terms, Chinese economic output continued to grow at a high rate, albeit somewhat 
more slowly than in the previous year. 
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2. Exchange rates
TRATON’s primary foreign currencies in 2024
Average rate for the year Year-end closing rate
 2024 2023 2024 2023
BRL/EUR 5.8262 5.4031 6.4314 5.3750
GBP/EUR 0.8467 0.8700 0.8302 0.8691
USD/EUR 1.0820 1.0817 1.0410 1.1077
SEK/EUR 11.4329 11.4716 11.4501 11.0874
MXN/EUR 19.8219 19.1958 21.5892 18.7689
In 2024, the euro remained virtually unchanged against the US dollar on average over the 
year, after being comparatively weak in the previous year due to the high level of uncertainty 
about global economic development. The euro lost ground slightly against sterling on 
average over the year and remained almost unchanged on average over the year against 
the Swedish krona. On average, Brazilian reais and Mexican pesos were weaker against 
the euro than in 2023.
3. Market environment
The most important truck markets (> 6t) for the TRATON GROUP are the EU27+3 region 
(European Union, the United Kingdom, Norway, Switzerland), the North America region 
(the USA, Canada, and Mexico), and South America. Türkiye and South Africa are no 
longer considered to be among the most important truck markets. In North America, the 
truck market is divided into weight Classes ranging from 1 through 8. The market relevant 
for International is the Class 6–8 segment. This corresponds approximately to weight 
class > 9t. 
In 2024, the most important truck markets (> 6t) for the TRATON GROUP reported a slight 
decline overall. After the high market level in Europe and North America in 2023 largely 
covered the pent-up demand from the Covid years, there was a return to normal in the 
reporting period. Demand therefore declined in 2024.
New truck registrations in the EU27+3 region were down moderately on the previous 
year’s level in fiscal year 2024. The weakness in the construction industry and certain 
industrial sectors has led to noticeable customer caution. A decline was recorded in vir -
tually all the countries in the region, although it varied from market to market. In Western 
Europe, the countries United Kingdom and Italy only experienced a slight decline, while 
the truck market in Germany weakened noticeably. Some EU countries in Eastern Europe 
even experienced a strong to very strong market decline compared with the previous 
year’s level.
Despite the robust economic trend, new truck registrations in North America were 
 moderately lower than in the strong previous year. By contrast, the South American market 
gained significant ground in 2024 following a decline in the previous year that was caused 
by regulatory changes. 
The Company’s most important bus markets are the EU27+3 region, North America, and 
South America. These markets mainly recorded slight growth compared with the previous 
year. New bus registrations in the EU27+3 region in 2024 overall slightly exceeded 
the  previous year’s level, albeit to varying degrees in the individual countries. The North 
 American market declined slightly compared with the previous year. However, this was 
attributable more to bottlenecks in supply chains and production than a lack of demand. 
The South American market grew slightly.
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4. Results of operations
Incoming orders and unit sales
Incoming orders and unit sales by country, TRATON Operations
Incoming orders Unit sales
Units 2024 2023 Change 2024 2023 Change
Total 263,575 264,798 0% 334,215 338,183 –1%
of which all-electric vehicles 3,851 2,430 58% 1,739 2,107 –17%
BEV unit sales ratio (excluding MAN TGE vans, in %) – – – 0.5 0.6 –0.1 pp
Trucks 208,519 210,617 –1% 278,130 281,290 –1%
EU27+3 77,991 82,559 –6% 104,521 123,516 –15%
of which in Germany 20,145 19,056 6% 26,904 33,073 –19%
North America 48,193 53,213 –9% 82,198 78,288 5%
of which in the USA/Canada 38,930 42,357 –8% 66,354 66,961 –1%
of which in Mexico 9,263 10,856 –15% 15,844 11,327 40%
South America 59,086 47,221 25% 62,257 46,083 35%
of which in Brazil 49,152 40,460 21% 52,300 36,671 43%
Other regions 23,249 27,624 –16% 29,154 33,403 –13%
Buses 32,235 29,808 8% 28,413 30,266 –6%
EU27+3 6,554 6,736 –3% 4,912 6,306 –22%
of which in Germany 1,485 1,650 10% 895 1,723 –48%
North America 14,281 13,975 2% 12,874 15,152 –15%
of which in the USA/Canada 11,357 10,268 11% 9,711 12,001 –19%
of which in Mexico 2,924 3,707 –21% 3,163 3,151 0%
South America 8,567 6,265 37% 7,899 6,247 26%
of which in Brazil 6,795 4,829 41% 6,246 4,907 27%
Other regions 2,833 2,832 0% 2,728 2,561 7%
MAN TGE vans 22,821 24,373 –6% 27,672 26,627 4%
EU27+3 22,400 23,970 –7% 27,239 25,889 5%
of which in Germany 6,873 7,849 –12% 8,369 8,914 –6%
Other regions 421 403 4% 433 738 –41%
  
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The TRATON GROUP’s incoming orders in the reporting period were on a level with the 
previous year. Incoming orders for trucks were down slightly year-on-year. The sharpest 
decline in incoming orders for trucks was recorded in North America and the EU27+3 
region. In North America, the number of incoming orders for trucks was noticeably lower 
than in the previous year, primarily because of weak demand for heavy-duty trucks. In the 
EU27+3 region, customers remaining cautious on the back of weakness in individual indus-
trial sectors and in the construction business was the primary negative factor. By contrast, 
there was a strong increase in incoming orders in South America. In Brazil in particular, 
the favorable economic development fueled demand, whereas the previous year’s per -
formance in the Brazilian market was materially negatively impacted by the new emis -
sions regulations that had come into force. MAN TGE vans recorded a moderate decline 
in incoming orders and a high order backlog due to the upcoming model year change in 
2025. By contrast, incoming orders for buses increased noticeably. The primary driver of 
this was the orders won for school buses in South America. Incoming orders for buses 
were up slightly year-on-year. The very sharp decline in incoming orders in Mexico due 
to a change of engine supplier and restrictive order acceptance was offset by a significant 
increase in incoming orders in the USA and Canada. By contrast, restrictive order accep-
tance in the EU27+3 region in connection with stricter regulatory requirements for vehicle 
software systems led to a slight decline in incoming orders. 
The TRATON GROUP recorded a slight year-on-year decline in unit sales in the reporting 
period, although the downward trend in the first half of 2024 was mitigated by the posi-
tive trend in the second half of the year. The year-on-year decline in truck unit sales was 
minor. In the EU27+3 region, we observed that customers remained cautious, which led 
to a substantial decline in unit sales, especially in Germany. In North America, truck unit 
sales were moderately higher than in the prior-year period due to pull-forward effects in 
Mexico, primarily in connection with the introduction of a new emissions standard. Unit 
sales in the USA were down significantly against the backdrop of reduced transportation 
activities. Very strong unit sales growth was posted in South America, due primarily to 
the positive economic development in Brazil. The TRATON GROUP’s unit sales of buses 
recorded a moderate decline compared with the previous year’s level. This was due to the 
slower ramp-up of the new school bus model at International in North America in the first 
half of the year. Tighter regulatory requirements for vehicle software systems in the EU27+3 
region led to delays in unit sales of buses in the second half of 2024. By contrast, unit sales 
of buses increased in South America. 
The book-to-bill ratio in the reporting period was unchanged at 0.8 (previous year: 0.8).
430 (previous year: 381) all-electric trucks, 1,190 (previous year: 1,411) all-electric buses, and 
119 (previous year: 315) MAN eTGE models were sold in the reporting period. Additionally, 
58 (previous year: 118) hybrid trucks and 274 (previous year: 284) hybrid buses were sold.
Sales revenue
Sales revenue by product group
€ million 2024 2023 Change
TRATON GROUP 47,473 46,872 1%
TRATON Operations 46,182 45,736 1%
New Vehicles 32,202 31,224 3%
Vehicle Services business  1 8,751 8,693 1%
Others 5,230 5,819 –10%
TRATON Financial Services 1,932 1,589 22%
Corporate Items –642 –453 –
1 Including genuine parts and workshop services
Despite a slight decrease in unit sales, the TRATON GROUP increased its sales revenue by 
€600 million in the reporting period. This growth is attributable in particular to a positive 
market and product mix and to better unit price enforcement in the TRATON Operations 
business area. By contrast, the development in used and third-party vehicles led to a 
significant decline in other sales revenue. Sales revenue in the TRATON Financial Services 
segment increased by €343 million compared with the prior-year period. This was 
 primarily due to a rise in portfolio volume.
  
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Profit and loss
Condensed income statement of the TRATON GROUP
TRATON  
GROUP
TRATON 
 Operations
TRATON  
Financial  Services
Corporate  
Items
€ million 2024 2023 2024 2023 2024 2023 2024 2023
Sales revenue 47,473 46,872 46,182 45,736 1,932 1,589 –642 –453
Cost of sales –37,373 –37,632 –36,499 –36,900 –1,315 –1,060 440 328
Gross profit 10,100 9,240 9,684 8,836 617 529 –202 –125
Distribution expenses –3,813 –3,604 –3,320 –3,175 –243 –182 –249 –246
Administrative 
 expenses –1,710 –1,518 –1,478 –1,334 –47 –40 –184 –144
Other operating result –368 –355 –285 –223 –122 –139 38 8
Operating result 4,209 3,763 4,601 4,103 205 168 –597 –508
Operating result 
( adjusted) 4,384 4,034 4,776 4,272 205 269 –597 –508
Operating return on 
sales (adjusted) (in %) 9.2 8.6 10.3 9.3 10.6 17.0 – –
Financial result –639 –511 –777 626 7 3 130 –1,140
Earnings before tax 3,569 3,253 3,824 4,730 212 171 –467 –1,649
Income taxes –766 –802 –732 –1,019 –57 –91 23 308
Earnings after tax 2,803 2,451 3,092 3,710 155 81 –444 –1,340
Operating result
The TRATON GROUP’s gross profit improved by €859 million (or 9%) in fiscal year 2024 
compared with the previous year. This increase is attributable primarily to continued good 
price management combined with an improved cost structure in the TRATON Operations 
business area. Higher research & development expenses had an offsetting effect. Gross 
margin increased by 1.6 percentage points to 21.3% (previous year: 19.7%) in the TRATON 
GROUP and by 1.6 percentage points to 21.0% (previous year: 19.3%) in the TRATON  Operations 
business area. 
In the reporting year, the TRATON GROUP’s distribution expenses were up €209 million or 
6% and administrative expenses were up €192 million or 13% year-on-year. In both cases, 
the increase was primarily due to inflation-related cost increases, for example in  personnel 
costs. The ratio of distribution and administrative expenses to sales revenue rose by 
0.7 percentage points to 11.6% (previous year: 10.9%).
Other operating result declined slightly by €13 million compared with the previous year. 
In the TRATON Operations business area, expenses attributable to civil lawsuits against 
Scania and MAN in connection with the EU truck cases in individual countries, in partic -
ular, had a negative impact. The TRATON Financial Services segment was impacted by 
higher expenses from bad debt allowances on receivables. By contrast, the primary positive 
effect was the discontinuation of charges in the TRATON Financial Services segment in 
the amount of €102 million in connection with the sale of Scania Finance Russia in the 
prior-year period. 
Due to the effects described above, in particular because of the improvement in gross 
profit, the TRATON GROUP’s operating result in fiscal year 2024 increased by €446 million 
or 12% compared with the previous year.
Adjustments to operating result
 
Adjustments (€ million) 2024 2023
Scania Vehicles & Services 109 102
of which legal proceedings and related measures 101 22
of which restructuring measures 7 80
MAN Truck & Bus 66 67
of which legal proceedings and related measures 60 67
of which restructuring measures 6 –
TRATON Operations 175 169
TRATON Financial Services – 102
TRATON GROUP 175 271
Adjustments in the TRATON Operations business area in fiscal year 2024 amounted to 
€175 million (previous year: €169 million). They include expenses of €162 million (previous 
year: €89 million) in connection with civil lawsuits against Scania and MAN as a result of 
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the EU truck cases. These were recognized in the course of the updated reassessment of 
risks. The adjustments also contained €7 million (previous year: €80 million) in connection 
with the realignment of the Scania bus business. In addition, the adjustments contain 
expenses of €6 million (previous year: €0 million) in connection with an internal reorga-
nization at MAN. In the TRATON Financial Services segment, adjustments in the previous 
year in connection with the sale of Scania Finance Russia had amounted to €102 million. 
The TRATON GROUP’s operating result (adjusted) therefore rose by €350 million or 
9% year-on-year. The TRATON GROUP improved its operating return on sales (adjusted) 
by 0.6 percentage points to 9.2% (previous year: 8.6%) compared to the previous year. In 
the TRATON Operations business area, operating return on sales (adjusted) increased 
by 1.0 percentage points to 10.3% (previous year: 9.3%).
Financial result
The TRATON GROUP’s financial result declined by €129 million or 25% in 2024 compared 
with the previous year. Currency translation effects on net financial debt were the main 
driver of the decline, due above all to the devaluation of the Brazilian real versus the euro. 
By contrast, the higher earnings of the equity-method investment in Sinotruk (Hong Kong) 
Limited, Hong Kong, China (Sinotruk) had a positive effect. In the TRATON Operations 
business area, an effect of €971 million from the adjustment of the ownership structure 
of the financial services business had a positive impact in the previous year, although this 
was eliminated at the level of the TRATON GROUP.
Taxes
Income taxes declined by €36 million in 2024. The tax rate was thus slightly below the 
previous year’s level, at 21% (previous year: 25%), mainly due mainly to the positive effects 
of tax-exempt income. The previous year income taxes had been marked in particular by 
positive effects from the recognition of loss carryforwards from previous years.
Earnings after tax
Earnings after tax increased to €2.8 billion (previous year: €2.5 billion) in the year under 
review. This resulted in earnings per share of €5.61 (previous year: €4.90). Calculation of 
earnings per share was based on an average of 500 million shares.
Segments of the TRATON GROUP
Scania Vehicles & Services 
 
 2024 2023 Change
Incoming orders (units) 81,012 84,080 –4%
Sales (units) 102,069 96,727 6%
of which trucks 96,443 91,652 5%
of which buses 5,626 5,075 11%
Book-to-bill ratio 0.79 0.87 –0.08
Sales revenue (€ million) 18,907 17,878 6%
New Vehicles 12,883 11,672 10%
Vehicle Services business  1 3,839 3,700 4%
Others 2,185 2,505 –13%
Operating result (adjusted) (€ million) 2,666 2,266 400
Operating return on sales (adjusted) (in %) 14.1 12.7 1.4 pp
1 Including genuine parts and workshop services
Scania Vehicles & Services recorded a moderate decline in incoming orders for trucks 
compared with the comparative period. Among other things, this was due to restrictive 
order acceptance in South America in order to meet quality requirements when rolling 
out a new software generation. By contrast, incoming orders in the EU27+3 region were 
slightly higher than in the comparative period. This was primarily attributable to pull-  
forward effects due to price adjustments for fiscal year 2025 already communicated. 
Incoming orders for buses increased substantially. Unit sales rose moderately overall, 
driven by the solid order backlog, stable supply chains, and a steady production volume. 
Sales revenue also grew moderately year-on-year. This growth was mainly attributable 
to the very strong increase in the New Vehicles business in South America. In addition 
to the volume-related increase in sales revenue, operating result (adjusted) was lifted by 
a positive price and product mix and by lower product costs. Negative effects due to 
increased personnel costs and costs in connection with the expansion of production 
capacities had an adverse effect on operating result (adjusted). 
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MAN Truck & Bus 
 
 2024 2023 Change
Incoming orders (units) 77,108 86,783 –11%
Sales (units) 96,037 116,033 –17%
of which trucks 63,655 83,703 –24%
of which buses 4,710 5,703 –17%
of which MAN TGE vans 27,672 26,627 4%
Book-to-bill ratio 0.80 0.75 0.05
Sales revenue (€ million) 13,732 14,811 –7%
New Vehicles 8,383 9,527 –12%
Vehicle Services business  1 2,902 2,808 3%
Others 2,447 2,476 –1%
Operating result (adjusted) (€ million) 985 1,075 –90
Operating return on sales (adjusted) (in %) 7.2 7.3 –0.1 pp
1 Including genuine parts and workshop services
MAN Truck & Bus recorded a significant decline in incoming orders in the reporting period 
compared with the previous year. This was due in particular to weaker demand for trucks 
in the EU27+3 region. The substantial year-on-year decline in unit sales is mainly attributable 
to the weak truck market environment in Germany and catch-up effects in the compar -
ative period. In the case of unit sales of buses, tighter regulatory requirements resulting 
from the new EU General Safety Regulation ( GSR) in the EU27+3 region led to delays in 
deliveries, particularly in the second half of 2024. The decline in unit sales was only partially 
offset by an improved product mix for trucks and MAN TGE and an optimized cost structure 
resulting from the realignment program completed at the end of 2023, which meant that 
operating result (adjusted) and operating return on sales (adjusted) were below the level 
in the comparative period.
  
International Motors
 
 2024 2023 Change
Incoming orders (units) 56,616 60,932 –7%
Sales (units) 90,562 88,890 2%
of which trucks 79,300 75,532 5%
of which buses 11,262 13,358 –16%
Book-to-bill ratio 0.63 0.69 –0.06
Sales revenue (€ million) 11,116 11,042 1%
New Vehicles 8,263 7,859 5%
Vehicle Services business  1 1,860 2,045 –9%
Others 994 1,138 –13%
Operating result (adjusted) (€ million) 791 734 57
Operating return on sales (adjusted) (in %) 7.1 6.6 0.5 pp
1 Including genuine parts 
International Motors recorded a noticeable decrease in incoming orders compared to the 
previous year, mainly due to a lower demand caused by the ongoing freight recession in 
the USA and the lower demand for heavy-duty trucks. Unit sales were up slightly year-on-
year. While truck unit sales recorded a moderate increase, bus unit sales recorded sub -
stantially below the comparison period. This was primarily the result of the delayed 
ramp-up of sales of the new school bus model in the first half of 2024.
Sales revenue was slightly higher than in the comparative period. The decline in the 
vehicle service business caused by lower transportation activity in the USA was offset by 
improved price realization, which resulted in a year-on-year increase in operating profit 
(adjusted) and operating return on sales (adjusted).
  
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Volkswagen Truck & Bus 
 
 2024 2023 Change
Incoming orders (units) 48,865 33,739 45%
Sales (units) 45,846 37,203 23%
of which trucks 39,018 30,953 26%
of which buses 6,828 6,250 9%
Book-to-bill ratio 1.07 0.91 0.16
Sales revenue (€ million) 2,918 2,477 18%
New Vehicles 2,698 2,258 19%
Vehicle Services business  1 179 165 8%
Others 42 53 –21%
Operating result (adjusted) (€ million) 349 217 132
Operating return on sales (adjusted) (in %) 12.0 8.8 3.2 pp
1 Including genuine parts and workshop services
Volkswagen Truck & Bus recorded a very strong rise in incoming orders in 2024. In the 
fiscal year, demand returned to normal levels compared with the comparative period, 
which was negatively impacted by pull-forward effects in connection with the introduc-
tion of the P-8 emissions standard in Brazil. Unit sales rose sharply in the reporting period. 
This was primarily attributable to lower truck and bus unit sales in the comparative period 
due to the introduction of a new emissions standard, as well as an improved economic 
situation in the reporting period. The volume-related increase in sales revenue and pos-
itive currency effects more than offset higher product and fixed costs, resulting in an 
increase in operating profit (adjusted) and operating return on sales (adjusted) compared 
with the comparative period.
  
TRATON Financial Services
 
 2024 2023 Change
Sales revenue (€ million) 1,932 1,589 22%
Earnings before tax (€ million) 212 171 41
Equity (€ million)  1 2,052 1,884 168
Return on equity (in %) 10.8 8.4 2.4 pp
1 As of December 31
In 2024, TRATON Financial Services recorded a strong increase in sales revenue, which is 
mainly attributable to an increased portfolio volume. In addition, activities of MAN Financial 
Services were launched in several new markets and the captive financial services business 
of International Financial (formerly Navistar Financial Services) was further expanded. In 
2024, earnings before tax was negatively influenced by higher costs in connection with 
the expansion of the financial services business as well as increased funding and risk 
costs, which could not be offset by a higher portfolio volume.
Nonetheless, earnings before tax substantially exceeded the level of previous year. Earn-
ings before tax in the comparative period had been impacted by negative accumulated 
other comprehensive income of €102 million from currency translation effects attributable 
to Scania Finance Russia, which were reclassified to the income statement upon disposal. 
This resulted in an increase in the return on equity.
The TRATON Financial Services segment acquired key aspects of the global financial ser-
vices business of Volkswagen Financial Services AG and Volkswagen Financial Services 
Overseas AG in fiscal year 2024, both located in Braunschweig, as well as their subsidiaries 
(Volkswagen Financial Services) for MAN. Among other things, this included the rights to 
MAN’s future financial services business in Germany, the United Kingdom, South Korea, 
and other European countries. Additionally, in Austria, 100% of the shares of MAN Financial 
Services GesmbH, Eugendorf, Austria were acquired. The business operations of 
EURO-Leasing GmbH, Sittensen, in France were also acquired. The consideration trans -
ferred amounted to €254 million. The difference between the considerations paid and the 
carrying amounts of the net assets as of the acquisition dates, amounting to €164  million 
net of deferred taxes, was deducted from equity. €229 million was also  contributed to 
TRATON Financial Services AB as an internal Group transaction in 2024. 
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5. Financial position
Principles and goals of financial management
Financial management contributes to the value of the TRATON GROUP by optimizing the 
outcome of all financing measures, liquidity and capital structure, and also by managing 
risks. 
All external and internal financial transactions are solely generated to fulfill financing 
needs or to limit risks from an actual underlying business transaction and therefore do 
not serve any speculative purpose. Strong dependencies on particular financial partners 
are systematically avoided. All financial transactions are concluded under standard  market 
conditions. 
Financial management has the duty to manage all financial transactions and financial 
risks in the TRATON GROUP with a focus on achieving the following objectives:
 – Ensuring the solvency of all Group companies at all times as well as the financing of 
all Group business activities
 – Limiting of market price risks (from interest rates, foreign currencies/exchange rates, 
commodity prices) and default risk of financial counterparties
 – Optimization of costs from funding activities and returns on financial investments
 – Safeguarding the settlement of financial and payment transactions as well as pooling 
of Group liquidity
Financing strategy 
Our goal is to finance ongoing investment requirements of the TRATON Operations busi-
ness area including Corporate Items from operating cash flow. For this reason, the TRATON 
Operations business area, including Corporate Items, should not report any net financial 
debt in a normal business environment. Depending on the gearing ratio and the liquidity 
position, other capital spending projects, such as acquisitions, should be financed by a 
balanced mixture of equity and debt. The composition can be adapted to reflect the 
relevant capital market environment. TRATON’s goal is to reduce net financial debt in the 
TRATON Operations business area, including Corporate Items, to zero by 2029 at the latest. 
In the TRATON Financial Services business area, we ensure that leased or financed assets 
are financed at matching maturities. 
As a general rule, the capital structure of the TRATON Operations business area including 
Corporate Items should correspond to an implied solid investment-grade classification. 
The net financial debt/EBITDA (adjusted) ratio is a key performance indicator in this con-
text. If justified by extraordinary financing requirements or special market circumstances, 
this target can be temporarily relaxed subject to certain conditions. TRATON SE has been 
awarded external credit ratings by Moody’s and Standard & Poor’s (S&P) since June 2020. 
Moody’s is currently awarding a long-term rating of Baa2 (positive outlook), and S&P’s 
rating is BBB (stable outlook). Both ratings are investment-grade. 
Financing mix
Financial liabilities are intended to comprise a balanced mix of capital market financing, 
bank liabilities, the asset-backed securities (ABS) portfolios of the TRATON Financial Ser-
vices segment, and other financing sources. No single source of financing should exceed 
60% of the total financing volume. We intend to use a wide range of financing instruments 
for current financial liabilities in particular.
Liquidity
The TRATON GROUP strives to maintain adequate available liquidity from net cash flow 
in the TRATON Operations business area. In addition to TRATON’s access to the debt mar-
ket, liquidity is supplemented by the syndicated revolving credit line and by credit lines 
from Volkswagen AG and banks, among others, to cover liquidity requirements at all times.
Maturity profile 
The TRATON GROUP generally aims to achieve a balanced maturity profile for its liabilities 
so that it can cover amounts that fall due during the year from net cash flow to the great-
est extent possible. To reduce funding risk in the TRATON Financial Services business area, 
the maturity profile should not be considerably shorter than the portfolio of underlying 
customer contracts.
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Dividends policy 
The TRATON GROUP intends to pay a dividend of 30 to 40% of its annual consolidated 
earnings after tax. The resolution to pay out a dividend for a particular fiscal year is adopted 
by the Annual General Meeting in the following year. The dividend is paid once a year. The 
proposal by the Executive Board and Supervisory Board concerning the amount of the 
dividend generally considers business performance and other influencing factors.
Risk management
TRATON operates an appropriate risk management system, including financial instru -
ments such as derivatives, to cover the Group’s financial risks, for example exchange rate 
risks or commodity price risks. Order book and other probable future sales and purchase 
contracts are partly hedged within defined limits. Commodity price risks are also partly 
hedged, while counterparty risks are closely monitored. Management of foreign currency, 
interest rate, and commodity exposure is at the discretion of each brand. The relevant 
requirements of each company are considered since different functional currencies and 
business environments apply. The Group’s activities in the TRATON Financial Services 
business area are managed to largely match assets and liabilities in order to minimize 
interest rate mismatches using appropriate methods to manage risks.
Financing in 2024
Gross financial liabilities amounted to €24.3 billion (previous year: €21.7 billion) as of 
December 31, 2024. €15.3 billion (previous year: €13.4 billion) of this amount was attrib -
utable to capital market instruments, €5.4 billion (previous year: €5.9 billion) to bank 
funding, €2.4 billion (previous year: €1.2 billion) to Volkswagen Group loans, and €1.2  billion 
(previous year: €1.2 billion) to lease liabilities.
 
Financial liabilities  
of the TRATON GROUP 
as of 12/31/2024  
€ billion
Carrying 
amount
Nominal 
value       
 Total Total
Due 
2025
Due 
2026
Due 
2027
Due 
2028
Due 
2029
Due 2030 
or later
Bonds 14.7 14.8 4.9 3.5 1.3 1.0 2.2 1.8
of which for the financial 
services business  10.9 3.8 3.3 1.3 0.5 1.0 1.0
Commercial paper 0.2 0.2 0.2 – – – – –
of which for the financial 
services business  0.2 0.2 – – – – –
Liabilities to banks 5.4 5.4 2.0 2.4 0.5 0.2 0.1 0.2
of which for the financial 
services business  2.5 1.3 0.5 0.4 0.2 0.1 –
Schuldscheindarlehen 0.4 0.4 – 0.3 – 0.1 – –
of which for the financial 
services business  – – – – – – –
Volkswagen Group liabilities 2.4 2.4 0.9 0.6 0.6 0.3 – –
of which for the financial 
services business  1.5 0.7 0.6 0.2 – – –
Total financial liabilities 
(excluding lease liabilities) 23.1 23.2 7.9 6.8 2.5 1.7 2.3 2.0
of which for the financial 
services business  15.1 6.0 4.4 1.9 0.7 1.1 1.0
Lease liabilities  1 1.2 1.2       
Total financial liabilities 24.3 24.4       
of which for the financial 
services business  15.1       
1  The maturity structure of the lease liabilities (IFRS 16 Leases) is as follows:  
< 1 year: €254 million; 1–5 years: €698 million; > 5 years: €219 million.
  
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Financial liabilities  
of the TRATON GROUP 
as of 12/31/2023  
€ billion
Carrying 
amount
Nominal 
value       
 Total Total
Due 
2024
Due 
2025
Due 
2026
Due 
2027
Due 
2028
Due 2029 
or later
Bonds 1 11.7 11.9 2.7 4.9 1.7 0.1 0.5 2.0
of which for the financial 
services business  7.9 2.6 3.7 1.5 0.1 – –
Commercial paper 1.0 1.0 1.0 – – – – –
of which for the financial 
services business  1.0 1.0 – – – – –
Liabilities to banks 5.9 5.9 2.8 0.5 2.0 0.3 0.1 0.2
of which for the financial 
services business  2.3 1.0 0.5 0.4 0.3 0.1 –
Schuldscheindarlehen 0.7 0.7 0.4 – 0.3 – – –
of which for the financial 
services business  – – – – – – –
Volkswagen Group liabilities 1.2 1.2 0.7 0.5 – – – –
of which for the financial 
services business  0.9 0.4 0.5 – – – –
Total financial liabilities 
(excluding lease liabilities 
and miscellaneous financial 
liabilities) 20.5 20.7 7.6 5.9 4.0 0.4 0.6 2.2
of which for the financial 
services business  12.1 5.0 4.7 1.9 0.4 0.1 –
Lease liabilities  2 1.2 1.2       
Total financial liabilities 21.7 21.9       
of which for the financial 
services business  12.1       
1 Prior-year period adjusted (total carrying amount). 
2  The maturity structure of the lease liabilities (IFRS 16 Leases) is as follows: < 1 year: €239 million; 1–5 years: 
€666 million; > 5 years: €275 million.
  
Financing of the TRATON GROUP 
The total principal amount of bonds as of December 31, 2024, was €10.8 billion (previous 
year: €8.3 billion), which were issued under the €12.0 billion European Medium Term 
Notes program (EMTN program) by TRATON Finance Luxembourg S.A., Strassen, Luxem-
bourg (TRATON Finance). Of this total, a principal amount of approximately €7.3 billion 
(previous year: €4.8 billion) was used for financial services transactions. During the course 
of 2024, bonds with a principal amount of €2.1 billion were issued in euros, €873 million 
were issued in Swedish kronor, €542 million in British pounds sterling, and €531 million 
in Swiss francs. The bonds issued under the EMTN program are hedged in part by interest 
rate derivatives. In addition, Scania maintains a €5.0 billion (previous year: €5.0 billion) 
EMTN program, of which a total principal amount of €1.6 billion (previous year: €2.3 billion) 
has been drawn down as of year-end 2024. There are TRATON Financial Services bonds of 
€1.0 billion (previous year: €456 million) and International bonds of €624 million (previous 
year: €542 million) from asset-backed securities transactions. The bonds for financial 
services transactions increased by approximately €3.0 billion. 
In September 2023, TRATON launched a commercial paper program ( CP program) with 
a volume of €2.5 billion, €189 million (previous year: €999 million) of which have been 
used for financing in the TRATON Financial Services segment as of December 31, 2024. 
TRATON has opened up another financing market with the CP program, which complements 
the existing €12.0 billion TRATON Finance EMTN program. It is used to finance short-term 
maturities with terms of up to one year. The short-term P-2 credit rating assigned by 
Moody’s and the A-2 rating assigned by S&P correspond to TRATON SE’s long-term invest-
ment-grade ratings. Two Scania commercial paper programs in Swedish kronor and euros 
with a total value of €2.4 billion were discontinued in 2024. TRATON SE’s CP program 
covers the short-term financing requirements of the TRATON Financial Services segment. 
As of December 31, 2024, drawdowns under the program decreased by €810 million.
The TRATON GROUP also has bank liabilities of €5.4 billion (previous year: €5.9 billion). 
TRATON SE repaid bank liabilities of €1.1 billion over the course of 2024. In addition, 
TRATON SE extended loan liabilities of €600 million and borrowed a further €150 million. 
The TRATON GROUP also has €562 million (previous year: €624 million) in unused uncon-
firmed credit lines from banks at its disposal in order to enhance flexibility in financing 
decisions.
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The Schuldscheindarlehen placed by TRATON SE in 2021 were drawn down to €350 million 
(previous year: €700 million) as of December 31, 2024. 
The TRATON GROUP has access to revolving credit lines of €4.3 billion (previous year: 
€4.3 billion) from Volkswagen AG, of which €943 million (previous year: €797 million) 
was drawn down, as well as the loan of €95 million (previous year: €359 million) from 
Volkswagen Group of America Finance, LLC to Navistar Financial Corporation. In addition, 
International Motors received a three-year loan of €383 million from Volkswagen Group 
of America Finance, LLC. Moreover, Volkswagen International Finance N.V., Amsterdam, 
Netherlands, extended a two-year loan of €500 million and a three-year loan of €191  million. 
The TRATON GROUP also has an unused confirmed credit line of €4.5 billion (previous 
year: €4.5 billion) available as a liquidity reserve. TRATON SE entered into this syndicated 
loan on July 28, 2020, and increased it from the original €3.8 billion to €4.5 billion on 
December 15, 2021. The revolving credit line had a term of five years and was extended 
twice for one year each following agreement after the banking consortium consisting of 
23 banks approved both extension requests. The term of the syndicated loan ends on 
December 16, 2028. The credit line serves general corporate purposes as well as to safe -
guard the TRATON GROUP’s liquidity.
The broad range of funding contracts entail interest rates in keeping with market condi-
tions, which differ according to the respective financial instrument, maturity, currency, 
funding purpose, volume, and region. 
  
Financial liabilities of the TRATON GROUP by currency
€ billion 12/31/2024 12/31/2023
EUR 14.4 14.1
SEK 2.8 2.7
USD 1.5 1.2
BRL 0.8 0.6
GBP 1.0 0.4
MXN 0.7 0.4
CHF 0.5 –
ZAR 0.4 0.3
Other currencies 0.8 0.8
Lease liabilities 1.2 1.2
Total financial liabilities 24.3 21.7
The TRATON GROUP’s credit facilities include customary change-of-control clauses, allow-
ing the counterparty to demand early repayment in the event of significant changes in 
ownership. Two loans to a subsidiary of the TRATON GROUP used to develop and construct 
production and assembly facilities in China each include a financial covenant that requires 
the ratio of the subsidiary’s total liabilities to its total assets not to exceed 90%. These 
loans have a term of ten years and a volume of €400 million, of which €308 million (pre-
vious year: €– million) was drawn down as of December 31, 2024.
Liquidity
Cash and cash equivalents amounted to €2.5 billion (previous year: €1.7 billion) as of 
December 31, 2024. Cash and cash equivalents in certain countries (e.g., Brazil, China, and 
Poland) in the amount of €834 million (previous year: €792 million) are subject to 
exchange controls and are not available to the Group for cross-border transactions without 
restriction. Such amounts are used locally to cover the financing needs of the operating 
business.
€120 million (previous year: €333 million) was reported in other financial assets as 
restricted cash as of December 31, 2024. Restricted cash included €41 million (previous 
year: €271 million) for the gradual acquisition of key aspects of the global financial services 
businesses of MAN and VWTB. Miscellaneous restricted cash is mainly used as collateral 
in asset-backed securities transactions.
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The TRATON GROUP’s financial management manages cash pool structures at brand level, 
wherever legally and economically appropriate and feasible. The TRATON segments 
 manage operational cash themselves. Excess cash in the TRATON segments is managed 
at TRATON SE level.
Individual TRATON GROUP companies are also continuing to sell a limited volume of 
current receivables on a revolving basis as part of their receivables management. This 
also involves selling trade receivables to TRATON Financial Services companies. In addi-
tion, certain companies use supplier finance arrangements, in which suppliers, with the 
involvement of a bank or a third-party provider, can decide to receive payment of  individual 
invoices before they are due. The contractual terms (e.g., payment terms) do not change, 
or do not change materially, due to the involvement of the bank or third-party provider. 
Accordingly, the payment obligations are recognized under trade payables and the cash 
outflow is recognized in net cash provided by/used in operating activities.
Equity
Equity ratio
 TRATON GROUP
TRATON 
 Operations
TRATON  
Financial Services Corporate Items
€ million 2024 2023 2024 2023 2024 2023 2024 2023
Equity 17,844 16,488 11,728 10,246 2,052 1,884 4,064 4,358
Total assets 65,547 61,699 42,867 41,446 20,431 17,166 2,249 3,087
Equity ratio (in %) 27.2 26.7 27.4 24.7 10.0 11.0 – –
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Cash flow 
Condensed statement of cash flows of the TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 2024 2023 2024 2023 2024 2023 2024 2023
Cash and cash equivalents as of 01/01 1,730 1,743 4,256 3,155 246 455 –2,772 –1,867
Gross cash flow 5,654 5,266 5,809 5,546 512 566 –666 –846
Change in working capital –3,315 –2,683 –311 –737 –3,585 –2,340 581 394
Net cash provided by/used in operating activities 2,340 2,583 5,498 4,809 –3,073 –1,774 –85 –452
Net cash used in investing activities attributable to operating  activities –2,782 –2,385 –2,663 –1,214 –81 –718 –38 –453
Change in marketable securities, investment deposits, and loans –29 18 1,294 –1,153 –25 –8 –1,299 1,179
Net cash provided by/used in investing activities –2,811 –2,368 –1,369 –2,368 –105 –725 –1,337 725
Net cash provided by/used in financing activities 1,392 –128 –1,579 –1,259 3,337 2,294 –366 –1,163
Effect of exchange rate changes on cash and cash equivalents –109 –100 –91 –81 –11 –4 –7 –15
Change in cash and cash equivalents 812 –13 2,459 1,101 148 –210 –1,795 –905
Cash and cash equivalents as of 12/31 2,542 1,730 6,715 4,256 394 246 –4,567 –2,772
Gross cash flow 5,654 5,266 5,809 5,546 512 566 –666 –846
Change in working capital –3,315 –2,683 –311 –737 –3,585 –2,340 581 394
Net cash used in investing activities attributable to operating  activities –2,782 –2,385 –2,663 –1,214 –81 –718 –38 –453
Net cash flow –442 198 2,834 3,594 –3,154 –2,492 –123 –905
The TRATON GROUP’s net cash provided by/used in operating activities fell by €243 mil-
lion year-on-year to €2.3 billion. This was primarily a result of the higher level of cash tied 
up in working capital, which amounted to €632 million and was due mainly to the 
€1.3 billion increase in financial services receivables resulting from the ongoing expansion 
of the business volume and reflected in the net cash flow in the TRATON Financial Services 
segment. The €671 million lower increase in inventories had an offsetting effect on working 
capital in the TRATON Operations business area. Net cash provided by/used in operating 
activities was also positively affected by the €446 million increase in operating result.
The TRATON GROUP’s net cash used in investing activities attributable to operating activ-
ities rose by €397 million. This was attributable primarily to increased investments in 
intangible assets (excluding capitalized development costs), property, plant, and equip -
ment, and investment property amounting to €241 million, and higher additions of cap-
italized development costs amounting to €291 million. The cash outflow for investments 
in subsidiaries and other equity investments was €240 million lower than in the previous 
year because the TRATON Financial Services segment had made a €275 million payment 
for the gradual acquisition of key aspects of the MAN and VWTB financial services business 
in fiscal year 2023. There was an outflow of €54 million in this context in the reporting 
period. In addition, the disposal of Scania Finance Russia had had a positive effect of 
€96 million in the previous year. This effect was the result of the purchase price payment 
of €400 million in the TRATON Operations business area, less the disposal of the cash of 
Scania Finance Russia of €304 million, which affected the TRATON Financial Services 
business area.
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Net cash flow in the TRATON Operations business area was negatively affected by loss 
absorption from the TRATON Financial Services segment amounting to €12 million, 
whereas in the previous year it had been positively impacted by a dividend payment of 
€130 million. 
In the 2024 reporting period, net cash provided by/used in financing activities in the 
TRATON Operations business area was negatively impacted by dividend and profit and 
loss transfer payments of €1.3 billion to TRATON Holding companies, included in Corporate 
items, whereas loss transfers of €170 million had had a positive effect in the previous year. 
In the previous year, the adjustment of the ownership structure of the financial services 
business had led to a positive effect of €499 million on net cash used in investing activ -
ities and on net cash flow in the TRATON Operations business area. In this context, 
€547 million in dividends paid had a negative impact on the net cash used in financing 
activities in the TRATON Operations business area. These effects were eliminated at the 
TRATON GROUP level.
The TRATON GROUP’s net cash provided by/used in financing activities rose by €1.5 billion 
year-on-year to €1.4 billion in the year under review. In the year under review, it contained 
bond issuances amounting to €5.4 billion (previous year: €3.8 billion), including €4.0 billion 
(previous year: €3.2 billion) issued by TRATON Finance. These were partly offset by repay-
ments in the total amount of €2.6 billion (previous year: €2.4 billion). Of this amount, 
€1.5 billion (previous year: €614 million) was attributable to TRATON Finance within 
 Corporate Items and €692 million (previous year: €1.7 billion) to Scania Vehicles & Services 
in the TRATON Operations business area. The bond issues and repayments related 
 primarily to the European Medium Term Notes programs.
Additionally, long-term loans of €692 million (previous year: €– million) were taken out 
with Volkswagen International Finance N.V., Amsterdam, Netherlands, and loan liabilities 
to Volkswagen Group of America Finance, LLC, Wilmington, USA, grew by €367 million 
(previous year: €371 million). Conversely, short-term loan liabilities to Volkswagen Group 
of America Finance amounting to €278 million (previous year: –) were repaid. A long-term 
loan of €250 million was taken out from Volkswagen AG, whereas €1.2 billion had been 
repaid in the previous year. The short-term credit liabilities to Volkswagen AG decreased 
by €104 million, whereas a loan of €297 million had been taken out in the previous year. 
A loan from Volkswagen International Luxemburg in the amount of €500 million had 
been repaid in full in the previous year.
In addition, the other financial liabilities decreased by €1.0 billion, whereas they had 
increased by €137 million in the previous year, primarily due to the repayment of com -
mercial paper liabilities and the repayment of external loans. In the year under review, 
TRATON SE also repaid a Schuldscheindarlehen of €350 million (previous year: €– million).
Additionally, TRATON SE paid out a dividend of €750 million (previous year: €350 million) 
for fiscal year 2023, more than double the dividend in the previous year.
  
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Net liquidity/net financial debt
Net liquidity/net financial debt of the TRATON GROUP 
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 12/31/2024 12/31/2023 12/31/2024 12/31/2023 12/31/2024 12/31/2023 12/31/2024 12/31/2023
Cash and cash equivalents 2,542 1,730 6,715 4,256 394 246 –4,567 –2,772
Marketable securities, investment deposits, and loans to affiliated companies 201 427 102 1,653 154 331 –54 –1,557
Gross liquidity 2,743 2,157 6,817 5,909 547 576 –4,621 –4,329
Third-party borrowings –24,277 –21,704 –6,901 –6,527 –17,178 –14,347 –197 –830
Net liquidity/net financial debt –21,534 –19,547 –85 –617 –16,631 –13,770 –4,818 –5,159
More detailed information explaining changes in net liquidity can be found in the 
“Cash flow” section. 
The net financial debt in the TRATON Operations business area including Corporate Items 
declined by €874 million to €4.9 billion in the current year. This is primarily attributable 
to the net cash flow of €2.7 billion less the dividend paid of €750 million and exchange 
differences on net financial debt items.
The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area 
including Corporate Items was –0.8 as of December 31, 2024, and hence down on the 
prior-year comparative figure of –1.0 as of December 31, 2023. This is calculated by divid-
ing the net financial debt in the TRATON Operations business area including Corporate 
Items as of the reporting date of €4.9 billion (previous year: €5.8 billion) by the EBITDA 
(adjusted) in the TRATON Operations business area including Corporate Items of €6.0 billion 
(previous year: €5.5 billion).
The following table shows the reconciliation of operating result to EBITDA (adjusted) for 
the TRATON Operations business area including Corporate Items:
EBITDA (adjusted), TRATON Operations including Corporate Items
€ million 2024 2023
Operating result, TRATON Operations 4,601 4,103
Operating result, Corporate Items –597 –508
Operating result, TRATON Operations including Corporate Items 4,004 3,595
Adjustments 175 169
Operating result (adjusted), TRATON Operations including 
Corporate Items 4,179 3,764
plus share of earnings of equity-method investments 236 124
plus other financial result –394 –92
plus depreciation and amortization of, and impairment losses on, 
intangible assets, and property, plant, and equipment, net of 
impairment reversals  1 1,423 1,331
plus amortization of, and impairment losses on, capitalized 
development costs, net of impairment reversals  2 530 393
plus impairment losses on equity investments, net of impairment 
reversals 1 2
EBITDA (adjusted), TRATON Operations including Corporate Items 5,974 5,522
1  Adjusted for depreciation and amortization in the adjustments to operating result amounting to €– million 
(previous year: €22 million)
2  Adjusted for depreciation and amortization in the adjustments to operating result amounting to €– million 
(previous year: €31 million)
  
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Investments
Investments by segment
€ million 2024 2023 Change
TRATON GROUP 2,884 2,592 292
TRATON Operations 2,780 2,270 511
Scania Vehicles & Services 1,487 1,127 360
MAN Truck & Bus 631 564 67
International Motors 571 488 83
Volkswagen Truck & Bus 92 91 1
Reconciliation 0 0 0
TRATON Financial Services 68 415 –348
Corporate Items 36 –93 129
Investments, TRATON Operations 2,780 2,270 511
of which capex 1,751 1,516 235
Capex ratio (in %) 3.8 3.3 0.5 pp
of which capitalized development costs 978 687 291
of which other investees 51 66 –15
The main drivers for the increased investments at Scania Vehicles & Services in 2024 were 
expenditures for the construction of the production site in China to safeguard the planned 
start of production in 2025, among other things.
MAN Truck & Bus increased its investments in electric mobility (battery production in 
Nuremberg, amongst others) and the integration of the Group-wide powertrain into the 
MAN product range in 2024 compared with the previous year. Battery production in 
Nuremberg reached another milestone in November. MAN celebrated the topping-out 
ceremony for the new production building after just one year of construction. Starting in 
April 2025, battery packs will be manufactured in Nuremberg using state-of-the-art 
 production methods on an industrial scale. This will make MAN the first commercial 
 vehicle manufacturer in Germany to have its own series battery production.
The year-on-year increase in investments by International Motors in 2024 is primarily 
attributable to the further development of a driver’s cab for heavy trucks and investments 
in the expansion of the site in Escobedo, Mexico. 
In 2024, VWTB invested primarily in electric mobility and compliance with statutory 
requirements, such as compliance with emissions standards. VWTB also invested in IT 
and the facility structure. 
In the previous year, the TRATON Financial Services segment had invested in the gradual 
acquisition of key aspects of the global MAN and VWTB Financial Services businesses, 
and had paid €275 million into an account of Volkswagen Bank GmbH for this purpose. 
Scania’s financial services business was also integrated legally into the TRATON Financial 
Services business area in 2023. In Corporate Items, there had been offsetting effects from 
the adjustment of the ownership structure of the financial services business in 2023.
On December 15, 2021, the TRATON GROUP signed the contract to establish the Commer-
cial Vehicle Charging Europe B.V, Amsterdam, Netherlands (Milence) charging infra-
structure joint venture together with Daimler Truck and the Volvo Group, and undertook 
to invest a total amount of up to €167 million in this joint venture. €38 million (previous 
year: €39 million) was paid into Milence’s equity in this context in the reporting period. 
The TRATON GROUP’s off-balance sheet commitments
€ million 12/31/2024 12/31/2023 Change
TRATON GROUP    
Contingent liabilities 4,618 4,835 –218
Purchase order commitments for property, plant, 
and equipment, and intangible assets 837 980 –143
Obligations under irrevocable credit commitments 879 923 –44
Off-balance sheet commitments under rental and 
lease contracts 91 73 18
Miscellaneous financial obligations  1 170 219 –48
1 Prior-year amount adjusted
Contingent liabilities included buyback guarantees of €2.6 billion (previous year: 
€2.9   billion) under which TRATON is obliged to buy back vehicles from the financial 
 services company in the event of default.
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They also included guarantees by International of €492 million (previous year: €730 million). 
These are mostly default guarantees in favor of banks.
Miscellaneous financial obligations were impacted by the obligations of the TRATON GROUP 
amounting to €85 million (previous year: €123 million) arising from the agreement signed 
on December 15, 2021, to set up the Milence charging infrastructure joint venture together 
with Daimler Truck and the Volvo Group. 
In addition to the off-balance sheet commitments shown above, there were long-term 
purchase obligations from battery procurement contracts between TRATON GROUP 
 companies and Northvolt Group companies in the amount of €8.0 billion (previous year: 
€7.2 billion).
For information on contingent liabilities, refer to Note “37. Contingent liabilities and 
commitments”. For all other off-balance sheet commitments, refer to Note “39. Other 
financial obligations”.
  
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6. Net assets
Balance sheet analysis
Condensed balance sheet of the TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 12/31/2024 12/31/2023 12/31/2024 12/31/2023 12/31/2024 12/31/2023 12/31/2024 12/31/2023
Goodwill 6,154 6,083 365 367 – – 5,789 5,717
Intangible assets 7,389 7,114 4,898 4,475 20 15 2,471 2,624
Property, plant, and equipment 9,646 8,964 9,256 8,550 18 28 372 386
Assets leased out 5,168 5,658 5,021 5,504 1,057 874 –911 –720
Equity-method investments 1,641 1,482 387 286 6 4 1,247 1,192
Other equity investments 139 235 272 330 24 35 –158 –130
Deferred and current income taxes 3,027 2,647 3,127 2,891 274 183 –374 –427
Financial services receivables 15,984 13,321 0 1 15,986 13,345 –2 –25
Inventories 7,532 7,447 7,529 7,444 3 3 0 –
Trade receivables 3,096 3,894 2,476 3,233 992 839 –372 –179
Other assets 3,183 3,071 2,806 4,057 1,623 1,593 –1,247 –2,580
Marketable securities and investment deposits 46 53 14 53 32 – – –
Cash and cash equivalents 2,542 1,730 6,715 4,256 394 246 –4,567 –2,772
Total assets 65,547 61,699 42,867 41,446 20,431 17,166 2,249 3,087
Equity 17,844 16,488 11,728 10,246 2,052 1,884 4,064 4,358
Financial liabilities 24,277 21,704 6,901 6,527 17,178 14,347 197 830
Provisions for pensions and other post-employment benefits 1,909 1,847 1,878 1,823 18 9 13 15
Deferred and current income taxes 1,219 1,187 948 1,024 150 185 121 –22
Other provisions 3,835 3,527 3,722 3,427 18 13 95 88
Other liabilities 11,114 11,154 12,354 12,637 634 525 –1,874 –2,009
Trade payables 5,349 5,791 5,336 5,762 381 203 –368 –174
Total equity and liabilities 65,547 61,699 42,867 41,446 20,431 17,166 2,249 3,087
  
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As of December 31, 2024, the TRATON GROUP’s total assets increased by approximately 
€3.8 billion compared with December 31, 2023. This was attributable primarily to a 
€2.7 billion rise in financial services receivables, the €812 million growth in cash and cash 
equivalents, and an increase of €682 million in property, plant, and equipment. These 
increases were offset to some extent by the lower trade receivables of €798 million and 
the €490 million decline in assets leased out. On the liabilities side of the balance sheet, 
financial liabilities increased by €2.6 billion and equity increased by €1.4 billion.
The increase in intangible assets and goodwill is mainly attributable to positive effects 
from the translation of financial statements of foreign operations into euros. This reflected 
in particular the positive development of the US dollar against the euro. In addition, the 
increase in intangible assets reflects the higher investments in new developments.
Property, plant, and equipment increased by €682 million due to increased investments, 
especially in China. The €490 million decline in assets leased out is attributable to lower 
buyback agreements at Scania and MAN.
Equity-method investments rose by €158 million. This was attributable primarily to the 
positive earnings contributions from Sinotruk and Rheinmetall MAN Military Vehicles 
GmbH, Munich, (RMMV), but also to further investments in the Milence joint venture and 
the sennder associate.
Other equity investments decreased by €96 million. This reflected in particular the impair-
ment loss of €76 million recognized directly in equity on the investment in Northvolt.
The increase in financial services receivables of €2.7 billion resulted primarily from the 
expansion of the financing business. Inventories increased by €85 million compared with 
December 31, 2023. This is mainly due to higher inventories of work in progress at MAN. 
Trade receivables fell by €798 million. This is primarily due to lower sales revenue and 
higher sales of receivables at MAN.
The €812 million increase in cash and cash equivalents was primarily attributable to 
the significantly improved net cash provided by/used in financing activities (or further 
 information, please refer to the “Cash flow” section).
Other assets declined by €1.3 billion in the TRATON Operations business area. This was 
due primarily to the lower current intragroup receivables from loans at Scania Vehicles 
& Services.
The TRATON GROUP’s total equity increased to €17.8 billion as of December 31, 2024. The 
main driver was the improved total comprehensive income of €2.3 billion. Positive earn-
ings after tax of €2.8 billion were partly offset by negative other comprehensive income 
of €516 million. This reflected in particular the negative effects of translating the financial 
statements of foreign operations and the impairment loss on the investment in Northvolt. 
The acquisition of the MAN Financial Services business reduced equity by €164 million. 
The dividend payout of €750 million reduced equity (see Note “27. Equity”). The equity 
ratio increased slightly year-on-year to 27.2% (previous year: 26.7%). 
Financial liabilities increased by €2.6 billion. This was primarily due to the net issuance 
of further bonds amounting to €2.5 billion under the European Medium Term Notes pro-
gram by TRATON Finance (for further information, please refer to the “Financial position” 
section).
Other provisions increased by €308 million. This was mainly attributable to increased 
provisions for litigation risks and costs, and provisions for warranties. 
Trade payables fell by €443 million. This reflected lower production volumes, in particular 
at MAN, compared with December 2023.
In addition to the assets recognized in the consolidated balance sheet, the TRATON GROUP 
also uses assets that are not eligible for recognition, such as individual brands, internally 
developed patents, and employee expertise. Expenditures on these assets are investments 
in the future that safeguard market success in the coming years. 
  
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