Årsredovisning 2024

entitled to revoke the appointment of a member of the Executive Board for cause (Arti-
cle 39 (2) of the SE Regulation, section 84 of the AktG).
Amendments to the Company’s Articles of Association are resolved by the Annual General 
Meeting and are governed by Article 59 of the SE Regulation, section 51 of the SEAG, 
sections 179ff. of the AktG, and the Articles of Association. Unless otherwise required by 
law, amendments to the Articles of Association require a majority of two-thirds of the 
valid votes cast or, if at least half of the share capital is represented, a simple majority of 
the valid votes cast (Article 59(1), (2) of the SE Regulation in conjunction with section 51 
of the SEAG, Article 21 (1) of the Articles of Association). If the law prescribes a capital 
majority in addition to a majority of votes for resolutions of the Annual General Meeting, 
a simple majority of the share capital represented at the time the resolution is adopted 
is sufficient, to the extent permitted by law. The majority requirement set out in sec -
tion 103 (1) sentence 2 of the AktG remains unaffected. 
In accordance with Article 13 (4) of the Company’s Articles of Association, the Supervisory 
Board may pass resolutions to amend the Articles of Association that alter only its word-
ing. Additionally, in accordance with Article 5 (3) of the Company’s Articles of Association, 
the Supervisory Board is authorized to amend the wording of Article 5 of the Articles of 
Association following the complete or partial implementation of the capital increase from 
Authorized Capital 2023 or after the expiration of the authorization period, in line with the 
scope of the capital increase.
Powers of the Executive Board, in particular to issue new shares and 
 repurchase shares
The powers of the Executive Board are governed by Article 39 of the SE Regulation in 
conjunction with sections 77ff. of the AktG and Article 9 of the Articles of Association of 
the Company. These provisions require the Executive Board to manage the Company 
independently and to represent the Company both in court and otherwise.
In accordance with Article 5 (3) of the Articles of Association, the Executive Board is autho-
rized to increase the Company’s share capital on one or several occasions by a total of up 
to €200,000,000 by issuing up to 200,000,000 no-par value bearer shares on a cash and/
or noncash basis on or before May 31, 2028, subject to the Supervisory Board’s approval 
(Authorized Capital 2023). The dividend entitlement of new shares can be determined 
contrary to the provisions of section 60 (2) of the AktG. Shareholders must be granted 
preemptive rights unless the Executive Board makes use of one of the following autho -
rizations to disapply preemptive rights, with the consent of the Supervisory Board. The 
new shares may also be underwritten by a credit institution or an entity operating pur -
suant to section 53 (1) sentence 1 of the Kreditwesengesetz (KWG — German Banking Act) 
or section 53b (1) sentence 1 or (7) of the KWG (financial institution) to be designated by 
the Executive Board, or by a consortium of such credit or financial institutions, with the 
obligation to offer them for sale to shareholders of the Company. The Executive Board is 
authorized, with the consent of the Supervisory Board, to disapply shareholders’ preemp-
tive rights in the following cases:
a) To settle fractions resulting from a capital increase
b) To the extent necessary to grant holders or creditors of convertible loan agreements 
or bonds with warrants, as well as convertible profit participation rights, issued by the 
Company and/or its direct or indirect majority investees a preemptive right to new 
shares in the amount to which they would be entitled following the exercise of their 
options or conversion rights or after meeting their exercise of option or conversion 
obligations
c) If the new shares are issued against cash contributions and the issue price of the new 
shares is not materially lower than the quoted market price of existing listed shares of 
the Company at the date when the issue price is finally determined, which should be 
as close as possible to the placement of the shares. However, this authorization to 
disapply preemptive rights applies only to the extent that the notional amount of the 
share capital attributable to the shares issued with preemptive rights disapplied in 
accordance with section 186 (3) sentence 4 of the AktG does not exceed a total of 10% 
of the share capital, meaning neither the share capital existing when this authorization 
takes effect, nor the share capital existing at the date when this authorization is exer-
cised. Shares that (i) are sold or issued, with preemptive rights disapplied, during the 
term of this authorization up to the date of its exercise on the basis of other authori -
zations in direct application, or application with the necessary modifications, of section 
186 (3) sentence 4 of the AktG, or (ii) shares that were issued or will be issued, with 
preemptive rights disapplied, to settle bonds or profit participation rights with con -
version or exercise rights or obligations will be counted toward this limit, to the extent 
that the bonds or profit participation rights were issued during the term of this autho-
rization up to the date of its exercise, in application, with the necessary modifications, 
of section 186 (3) sentence 4 of the AktG. 
d) To the extent that the capital increase is implemented to grant shares against noncash 
contributions, in particular for the purposes of acquiring companies, parts of companies, 
or investments in companies, or other assets 
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The Executive Board is also authorized to define further details of the capital increase and 
its implementation, with the consent of the Supervisory Board. The Supervisory Board is 
authorized to amend the wording of Article 5 of the Articles of Association following the 
complete or partial implementation of the capital increase from Authorized Capital 2023 
or after the expiration of the authorization period, in line with the scope of the capital 
increase.
Additionally, under Article 5 (4) of the Company’s Articles of Association, the Company’s 
share capital may also be increased by up to €50,000,000 on a contingent basis through 
the issue of up to 50,000,000 bearer shares (no-par value shares) (Contingent Capital 
2023). The sole purpose of Contingent Capital 2023 is to issue new shares to the holders/
creditors of bonds which are issued by the Company or by other companies in which the 
Company directly or indirectly holds a majority interest up to May 31, 2028, in accordance 
with a resolution passed by the shareholders under item 10.2 of the agenda for the meet-
ing of June 1, 2023, in the event that conversion and/or option rights are exercised or 
conversion or option exercise obligations are settled or the Company makes use of its 
right to grant shares in the Company, either in full or in part, in lieu of payment of the 
respective cash amount. The shares are issued at the conversion or option price to be 
determined in accordance with the aforementioned resolution. The contingent capital 
increase will only be implemented to the extent that conversion rights or options are 
exercised or conversion or option exercise obligations are settled, or the Company exer -
cises its right to grant shares of the Company, either in full or in part, in lieu of payment 
of the cash amount due, and to the extent that other instruments are not used to settle 
the conversion rights or options. 
The new shares carry dividend rights from the beginning of the fiscal year in which they 
are issued. To the extent permitted by law, the Executive Board may, with the consent of 
the Supervisory Board, determine the dividend rights in derogation of the above and of 
section 60 (2) of the AktG, including for a fiscal year that has already closed. The Executive 
Board is authorized to define further details of the implementation of the contingent 
capital increase, with the consent of the Supervisory Board.
In addition, by virtue of the resolution of the Annual General Meeting on June 1, 2023, the 
Executive Board may, in the period up to May 31, 2028, acquire treasury shares up to a 
total of 10% of the share capital existing at the time of the resolution or, if this value is 
lower, of the share capital existing at the time this authorization is exercised. The acquired 
shares, together with other treasury shares held by TRATON SE or attributable to it in 
accordance with sections 71a ff. of the AktG, may at no time account for more than 10% 
of the share capital. The treasury shares acquired on the basis of the authorization resolved 
by the Annual General Meeting on June 1, 2023, or an earlier authorization may be used 
for any permissible purpose, in particular the purposes specified in the authorization of 
the Annual General Meeting, with the approval of the Supervisory Board and with pre -
emptive rights disapplied. In addition, treasury shares may be acquired through the use 
of derivatives in the period up to May 31, 2028, on the basis of the further authorization 
resolved at the Annual General Meeting on June 1, 2023. Acquisitions of shares using 
derivatives are limited to a maximum of 5% of the share capital existing at the time of the 
resolution by the Annual General Meeting or, if this value is lower, at the time the autho-
rization is exercised. The acquired shares also count toward the aforementioned 10% limit 
of the authorization to acquire treasury shares resolved by the Annual General Meeting. 
For the relevant details of the authorization to acquire treasury shares, please refer to the 
resolutions proposed by the Executive Board and Supervisory Board on agenda items 11 
and 12 of our Annual General Meeting on June 1, 2023, that were published in the Bundes-
anzeiger (the Federal Gazette) on April 17, 2023.
Material agreements of TRATON SE that are subject to a change of control as a 
result of a takeover bid
As of December 31, 2024, TRATON SE had taken out bilateral loan agreements in the 
amount of €2.0 billion. The agreements grant the lenders in question the right to termi-
nate the contract in line with standard market practice in the event of a change of control. 
A change of control is considered to have occurred if Volkswagen AG no longer holds 
more than 50% of the shares or voting rights in TRATON SE, either directly or indirectly. A 
syndicated multi-currency revolving credit facility agreement with a banking consortium 
with a credit line of €4.5 billion and Schuldscheindarlehen agreements with a total volume 
of €350 million are also in place. Both of these grant the lenders the right to terminate 
the agreements in the event that Volkswagen AG ceases to be a controlling company of 
TRATON SE within the meaning of section 17 of the Aktiengesetz (AktG — German Stock 
Corporation Act).
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Under the EMTN program, TRATON Finance Luxembourg S.A. has issued bonds in various 
currencies, including euro, Swedish kronor, sterling, and Swiss francs, since 2021. As of 
December 31, 2024, the volume of bonds outstanding under the EMTN program totaled 
a nominal amount equivalent to approximately €10.8 billion. All bonds are guaranteed 
by TRATON SE. In the event of a change of control (defined as obtaining any form of direct 
or indirect legal or beneficial ownership or any form of direct or indirect legal or beneficial 
power of disposition (as described in section 34 of the Wertpapierhandelsgesetz  
(WpHG — German Securities Trading Act) for a total of more than 50% of the shares of 
TRATON SE that carry voting rights) and the subsequent deterioration of TRATON SE’s 
credit rating within 120 days of the change of control taking effect, creditors of the bonds 
outstanding under the EMTN program have the right to demand that TRATON Finance 
Luxembourg S.A. buy them back. More detailed information on the bonds and their terms 
can be found on the Company’s website at https://ir.traton.com/en/bonds/.
In addition, there is a revolving credit facility agreement, among others, in the overall 
amount of €4.0 billion in place with Volkswagen AG. Although the agreement does not 
contain a contractual provision for the event of a change of control over TRATON SE, 
Volkswagen AG is authorized to terminate the revolving credit facility agreement at any 
time and without cause. In the event that Volkswagen AG ceases to be a direct or indirect 
controlling company of TRATON SE, it cannot be ruled out that Volkswagen AG exercises 
this termination right. Moreover, there are further agreements in place, in particular guar-
anteed credit lines with banks. While these also do not contain a contractual provision 
for the event of a change of control over TRATON SE, it cannot be ruled out that the con-
tractual party in question terminates the agreement in due form and/or requests addi -
tional collateral in the event of a change of control.
In addition, there is a brand license agreement with Volkswagen AG as licensor and 
TRATON SE as licensee that features for a standard termination right in the event that 
TRATON SE is no longer majority-owned by the Volkswagen Group. In the event that the 
agreement is terminated, TRATON GROUP would no longer be able to produce and dis -
tribute under the VW brand on the basis of this brand license agreement.
Other takeover-related disclosures, in particular compensation agreements 
of the Company
Employees who hold shares in TRATON SE exercise the rights associated with these shares 
in the same way as other shareholders in accordance with the statutory provisions and 
the provisions of the Articles of Association. The Company has not entered into any com-
pensation agreements with members of the Executive Board or employees in the event 
of a takeover bid. 
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CONSOLIDATED  
FINANCIAL  
STATEMENTS
as of December 31, 2024
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. Basis of preparation 114
2. Basis of consolidation 116
3. Effects of climate change 117
4. Estimates and management’s judgment 118
5. Segment reporting 119
6. Acquisitions 123
7. Noncurrent assets and disposal groups  
held for sale 124
8. Sales revenue 125
9. Functional expenses 127
10. Other operating income and expenses 128
11. Net interest income/net interest expense 129
12. Other financial result 129
13. Income taxes 129
14. Earnings per share 132
15. Goodwill and impairment losses  
on assets 133
16. Intangible assets 135
17.  Property, plant, and equipment,  
right-of-use assets under IFRS 16,  
and lease liabilities 137
18. Assets leased out 140
19. Equity-method investments 142
20. Other equity investments 144
21. Financial services receivables 145
22. Other financial assets 147
23. Other receivables 148
24. Inventories 148
25. Trade receivables  148
26. Cash and cash equivalents 149
27. Equity 149
28. Financial liabilities 151
29. Other financial liabilities 152
30. Other liabilities 153
31. Provisions for pensions and other  
post-employment benefits 153
32. Other provisions 160
33. Statement of cash flows 161
34.  Significance of financial instruments  
for net assets, financial position,  
and results of operations  162
35. Nature and extent of risks arising  
from financial instruments  176
36. Capital management 181
37. Contingent liabilities and commitments 182
38. Litigation/legal proceedings 183
39. Other financial obligations 185
40. Related party disclosures  186
41. Benefits based on performance shares 
(share-based payment) 188
42.  Remuneration of the Executive Board  
and the Supervisory Board in  accordance  
with section 314 of the HGB 190
43. Fees paid to the auditor of the  
consolidated financial statements 190
44. German Corporate Governance Code 190
45. Events after December 31, 2024 190
46. Members of the Executive Board and  
their appointments 191
47. Members of the Supervisory Board and  
their appointments 192
48. Supervisory Board Committees 195
49. List of shareholdings 196
3
Chicago, USA

===== SIDA 106 =====

CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024
Income Statement
of the TRATON GROUP for the period from January 1 to December 31
 
TRATON GROUP
€ million Note 2024 2023
Sales revenue [8] 47,473 46,872
Cost of sales [9] –37,373 –37,632
Gross profit  10,100 9,240
Distribution expenses [9] –3,813 –3,604
Administrative expenses [9] –1,710 –1,518
Net impairment losses on financial assets [34/35] –132 –89
Other operating income [10] 1,678 1,712
Other operating expenses [10] –1,915 –1,978
Operating result  4,209 3,763
Share of earnings of equity-method investments [19] 238 124
Interest income [11] 387 341
Interest expense [11] –878 –888
Other financial result [12] –387 –89
Financial result  –639 –511
Earnings before tax  3,569 3,253
Income taxes [13] –766 –802
current  –978 –890
deferred  212 89
Earnings after tax  2,803 2,451
of which attributable to shareholders of TRATON SE  2,804 2,451
of which attributable to noncontrolling interests  –1 0
Earnings per share in € (diluted/basic) [14] 5.61 4.90
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Statement of Comprehensive Income
of the TRATON GROUP for the period from January 1 to December 31
 
€ million Note 2024 2023
Earnings after tax  2,803 2,451
Pension plan remeasurements recognized in other comprehensive income    
Pension plan remeasurements recognized in other comprehensive income, before tax [31] 32 –95
Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income  –12 22
Pension plan remeasurements recognized in other comprehensive income, net of tax  20 –72
Fair value measurement of other equity investments    
Fair value measurement of other equity investments, before tax [34] –132 19
Deferred taxes relating to the fair value measurement of other equity investments  18 –6
Fair value measurement of other equity investments, net of tax  –114 13
Share of other comprehensive income of equity-method investments that will not be reclassified subsequently to profit or loss, net of tax [19] 1 3
Items that will not be reclassified subsequently to profit or loss  –92 –56
Currency translation differences    
Unrealized currency translation gains/losses  –388 –15
Transferred to profit or loss  0 102
Currency translation differences, before tax  –388 87
Deferred taxes relating to currency translation differences  1 –3
Currency translation differences, net of tax  –387 84
Cash flow hedges    
Fair value changes recognized in other comprehensive income [34] –84 9
Transferred to profit or loss [34] 24 –29
Cash flow hedges, before tax  –60 –20
Deferred taxes relating to cash flow hedges  21 6
Cash flow hedges, net of tax  –40 –14
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€ million Note 2024 2023
Cost of hedging    
Cost of hedging recognized in other comprehensive income [34] –1 –4
Transferred to profit or loss [34] –3 10
Cost of hedging, before tax  –4 6
Deferred taxes relating to cost of hedging  2 –2
Cost of hedging, net of tax  –3 4
Share of other comprehensive income of equity-method investments that will be reclassified subsequently to profit or loss, net of tax [19] 6 –3
Items that will be reclassified subsequently to profit or loss  –424 70
Other comprehensive income, before tax  –545 –4
Deferred taxes relating to other comprehensive income  29 18
Other comprehensive income, net of tax  –516 14
Total comprehensive income  2,288 2,465
of which attributable to shareholders of TRATON SE  2,288 2,465
of which attributable to noncontrolling interests  –1 0
 
108
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Balance Sheet 
Assets of the TRATON GROUP as of December 31, 2024, and December 31, 2023
 
TRATON GROUP
€ million Note 12/31/2024 12/31/2023
Noncurrent assets    
Goodwill [15] 6,154 6,083
Intangible assets [16] 7,389 7,114
Property, plant, and equipment [17] 9,646 8,964
Assets leased out [18] 5,168 5,658
Equity-method investments [19] 1,641 1,482
Other equity investments [20] 139 235
Noncurrent income tax receivables  130 109
Deferred tax assets [13] 2,604 2,366
Noncurrent financial services receivables [21] 9,090 7,767
Other noncurrent financial assets [22] 516 469
Other noncurrent receivables [23] 266 350
  42,744 40,598
Current assets    
Inventories [24] 7,532 7,447
Trade receivables [25] 3,096 3,894
Current income tax receivables  293 172
Current financial services receivables [21] 6,894 5,554
Other current financial assets [22] 825 918
Other current receivables [23] 1,576 1,334
Marketable securities and investment deposits  46 53
Cash and cash equivalents [26] 2,542 1,730
  22,804 21,101
Total assets  65,547 61,699
109
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Equity and liabilities of the TRATON GROUP as of December 31, 2024, and December 31, 2023
 
TRATON GROUP
€ million Note 12/31/2024 12/31/2023
Equity [27]   
Subscribed capital  500 500
Capital reserves  12,495 13,295
Retained earnings  8,135 5,464
Accumulated other comprehensive income  –3,293 –2,777
Equity attributable to shareholders of TRATON SE  17,838 16,482
Noncontrolling interests  6 6
  17,844 16,488
Noncurrent liabilities    
Noncurrent financial liabilities [28] 15,759 14,044
Provisions for pensions and other post-employment benefits [31] 1,909 1,847
Deferred tax liabilities [13] 672 681
Noncurrent income tax provisions  136 264
Other noncurrent provisions [32] 1,727 1,534
Other noncurrent financial liabilities [29] 1,970 2,172
Other noncurrent liabilities [30] 2,271 2,299
  24,444 22,842
Current liabilities    
Current financial liabilities [28] 8,517 7,660
Trade payables  5,349 5,791
Current income tax payables  304 226
Current income tax provisions  107 16
Other current provisions [32] 2,108 1,993
Other current financial liabilities [29] 2,121 2,115
Other current liabilities [30] 4,753 4,567
  23,260 22,369
Total equity and liabilities  65,547 61,699
110
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Statement of Changes in Equity  1
of the TRATON GROUP for the period from January 1 to December 31
 
Accumulated other comprehensive income
Items that will be reclassified subsequently to profit or loss
€ million Subscribed capital Capital reserves Retained earnings Currency  translation Cash flow hedges
Equity-method 
 investments
Balance as of 01/01/2023 500 13,695 2,964 –2,180 23 8
Earnings after tax – – 2,451 – – –
Other comprehensive income, net of tax – – – 84 –10 –3
Total comprehensive income – – 2,451 84 –10 –3
Dividend payout – – –350 – – –
Release of distributable capital reserves – –400 400 – – –
Other changes – – – 0 – 0
Balance as of 12/31/2023 500 13,295 5,464 –2,096 13 5
Balance as of 01/01/2024 500 13,295 5,464 –2,096 13 5
Earnings after tax – – 2,804 – – –
Other comprehensive income, net of tax – – – –387 –42 6
Total comprehensive income – – 2,804 –387 –42 6
Dividend payout – – –750 – – –
Release of distributable capital reserves – –800 800 – – –
Effect from business combinations under common control 2 – – –164 – – –
Other changes – – –20 1 0 0
Balance as of 12/31/2024 500 12,495 8,135 –2,482 –29 11
1  See Note “27. Equity” for more information
2  See Note “6. Acquisitions” for more information
111
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Accumulated other comprehensive income
Items that will not be reclassified subsequently to profit or loss
€ million
Remeasurements of 
pension plans
Equity-method 
 investments
Other equity 
 investments
Equity attributable 
to shareholders of 
TRATON SE
Noncontrolling 
 interests Total
Balance as of 01/01/2023 –90 –6 –547 14,368 6 14,374
Earnings after tax – – – 2,451 0 2,451
Other comprehensive income, net of tax –72 3 13 14 0 14
Total comprehensive income –72 3 13 2,465 0 2,465
Dividend payout – – – –350 – –350
Release of distributable capital reserves – – – – – –
Other changes – – – 0 0 0
Balance as of 12/31/2023 –162 –3 –534 16,482 6 16,488
Balance as of 01/01/2024 –162 –3 –534 16,482 6 16,488
Earnings after tax – – – 2,804 –1 2,803
Other comprehensive income, net of tax 20 1 –114 –516 0 –516
Total comprehensive income 20 1 –114 2,288 –1 2,288
Dividend payout – – – –750 0 –750
Release of distributable capital reserves – – – – – –
Effect from business combinations under common control 2 – – – –164 – –164
Other changes  0 0 –20 1 –20
Balance as of 12/31/2024 –142 –1 –648 17,838 6 17,844
1  See Note “27. Equity” for more information
2  See Note “6. Acquisitions” for more information
112
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Statement of Cash Flows  1 
of the TRATON GROUP for the period from January 1 to December 31
 
TRATON GROUP
€ million 2024 2023
Cash and cash equivalents as of 01/01  
(reported in the balance sheet) 1,730 1,439
Cash and cash equivalents reported separately at the beginning  
of the year (assets held for sale) – 304
Cash and cash equivalents as of 01/01 1,730 1,743
Gross cash flow   
Earnings before tax 3,569 3,253
Income taxes paid –1,068 –904
Depreciation and amortization of, and impairment losses on, 
 intangible assets, property, plant, and equipment, and investment 
property  2 1,434 1,362
Amortization of, and impairment losses on, capitalized  
development costs  2 530 423
Impairment losses on equity investments  2 1 2
Depreciation of and impairment losses on products leased out  2 1,012 1,078
Change in pension obligations 7 6
Earnings on disposal of noncurrent assets and equity investments –4 91
Share of earnings of equity-method investments –79 –97
Other noncash income/expense 252 52
Change in working capital   
Change in inventories –214 –885
Change in receivables (excluding financial services) 401 –534
Change in liabilities (excluding financial liabilities) –375 714
Change in provisions 345 255
Change in products leased out –518 –584
Change in financial services receivables –2,953 –1,647
Net cash provided by in operating activities 2,340 2,583
Investments in intangible assets (excluding capitalized development 
costs), in property, plant, and equipment and in investment property –1,763 –1,522
Additions to capitalized development costs –978 –687
 
TRATON GROUP
€ million 2024 2023
Investments to acquire subsidiaries and other businesses –69 –309
Investments to acquire other investees –74 –74
Proceeds from the disposal of subsidiaries 31 128
Proceeds from the disposal of other investees 10 –
Proceeds from the disposal of intangible assets, property, plant,  
and equipment, and investment property 61 79
Change in marketable securities and investment deposits 39 18
Change in loans –69 0
Net cash used in investing activities –2,811 –2,368
Dividend payouts –750 –350
Proceeds from the issuance of bonds 5,448 3,757
Repayment of bonds –2,555 –2,358
Repayment of the Schuldscheindarlehen –350 –
Loans extended by Volkswagen companies  3 1,309 669
Loan repayment to Volkswagen companies  4 –428 –1,720
Change in miscellaneous financial liabilities –1,006 137
Repayment of lease liabilities –276 –263
Net cash provided by/used in financing activities 1,392 –128
Effect of exchange rate changes on cash and cash equivalents –109 –100
Change in cash and cash equivalents 812 –13
Cash and cash equivalents as of 12/31 2,542 1,730
1  See Note “33. Statement of cash flows” for more information
2  Net of impairment reversals
3  Volkswagen AG, Volkswagen International Finance, Volkswagen Group of America Finance
4   Volkswagen AG, Volkswagen Financial Services AG, Volkswagen Group of America Finance,  
Volkswagen International Luxemburg
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Notes to the Consolidated Financial Statements
1. Basis of preparation
Information about the Company and basis of reporting
TRATON SE, Munich, Germany (“the Company,” “ TRATON”) is the parent company of the 
TRATON GROUP. TRATON is a European stock corporation (Societas Europaea) whose 
registered office is in Munich, Germany. It is registered in the commercial register of the 
Munich Local Court under the register number HRB 246068, under the address Hanauer 
Strasse 26, 80992 Munich.
With its Scania, MAN, International (formerly: Navistar), and Volkswagen Truck & Bus 
(VWTB) brands, the TRATON GROUP is one of the world’s leading manufacturers of com-
mercial vehicles. The Group’s portfolio consists of trucks, buses, and light-duty commer-
cial vehicles, as well as the sale of spare parts and customer services. The TRATON GROUP 
also offers a broad range of financial services to its commercial vehicle customers.
As of the reporting date of December 31, 2024, TRATON SE was an 89.72%-owned  
direct subsidiary of Volkswagen International Luxemburg S.A., Strassen, Luxembourg 
(Volkswagen International Luxemburg), which in turn is a wholly owned subsidiary of 
Volkswagen Finance Luxemburg S.A., Strassen, Luxembourg (Volkswagen Finance 
 Luxemburg). All of the shares of Volkswagen Finance Luxemburg are held in turn by 
Volkswagen Aktiengesellschaft, Wolfsburg (Volkswagen AG).  In two steps, over the course 
of the year, Volkswagen Finance Luxemburg transferred its 89.72% interest in the share 
capital of TRATON SE to Volkswagen International Luxemburg S.A. The financial state -
ments of Volkswagen International Luxemburg are published in the Luxembourg Trade 
and Company Register. TRATON SE and its subsidiaries are included in the consolidated 
financial statements of Volkswagen AG, which are published in the company register. 
The accompanying Consolidated Financial Statements of TRATON SE for the fiscal year 
ended December 31, 2024, were prepared in accordance with section 315e (1) of the 
 Handelsgesetzbuch (HGB — German Commercial Code) and in compliance with the Inter-
national Financial Reporting Standards ( IFRSs), as adopted in the European Union. 
The fiscal year corresponds to the calendar year. 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.
The accompanying Consolidated Financial Statements were audited by EY GmbH & Co. 
KG Wirtschaftsprüfungsgesellschaft, Munich (EY). The Consolidated Financial Statements 
were prepared on February 12, 2025, and approved for submission to the Supervisory 
Board by means of an Executive Board resolution. The period in which adjusting events 
after the reporting period are recognized ended on that date.
Accounting policies
With the exception of certain items, such as financial instruments measured at fair value 
through profit or loss or provisions for pensions and other post-employment benefits, 
items are measured in the TRATON GROUP on the basis of the historical cost convention. 
The significant accounting policies for the individual items in the financial statements 
are explained at the beginning of the relevant sections in the notes.
New accounting pronouncements applied
TRATON has applied all accounting pronouncements adopted by the EU and required to 
be applied for periods beginning on or after January 1, 2024. The changes in accounting 
pronouncements do not materially affect the TRATON GROUP’s net assets, financial posi-
tion, or results of operations. 
Amendments to IAS 1 Presentation of Financial Statements, which revise the classification 
of liabilities as current or noncurrent, are to be applied from January 1, 2024. This affects 
in particular liabilities whose maturity date is tied to certain financial covenants. The 
deciding factor for classification is whether there is a contractual option at the reporting 
date to defer settlement for at least 12 months. The amendments also introduce additional 
disclosure requirements for noncurrent liabilities with covenants. These disclosures are 
meant to enable investors to assess the risk that a liability classified as noncurrent could 
become repayable within 12 months. For further information, refer to Note “35. Nature 
and extent of risks arising from financial instruments”.
In addition, amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instru-
ments: Disclosures have been effective since January 1, 2024, requiring additional disclo-
sures on supplier finance arrangements. These amendments are designed to increase 
the transparency of the supply chain financing business and its impact on an entity’s 
liabilities, cash flows, and liquidity risk. In this first reporting period in 2024, no disclosures 
on previous years need to be made or restated. Nor was such information required to be 
included in the interim reports during the year, with the result that it is being provided 
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to the required extent for the first time as of December 31, 2024. For further information, 
refer to Note “35. Nature and extent of risks arising from financial instruments”.
The TRATON GROUP also takes into account the amendments to IFRS 16 Leases that 
clarify how seller-lessee should carry out the subsequent valuation of sale-and-leaseback 
transactions that are accounted for as a sale in accordance with IFRS 15. These amend-
ments are not relevant for the TRATON GROUP’s consolidated financial statements.
New or amended IFRSs not applied
In its 2024 Consolidated Financial Statements, TRATON did not apply the accounting 
pronouncements that have already been adopted by the IASB, but were not yet required 
to be applied for the fiscal year.
The IASB published amendments to IFRS 7 Financial Instruments:  Disclosures and  
IFRS 9 Financial Instruments on May 30, 2024, that are effective for the first time starting 
on January 1, 2026. The amendments relate to the derecognition of financial liabilities 
settled by electronic transfer and the classification of financial instruments. The amend-
ments also require additional disclosures on other equity investments that are recognized 
at fair value through other comprehensive income (without recycling) and on financial 
instruments with contractual terms that could change the timing or amount of the con-
tractual cash flows (e.g., ESG targets). The effects of the amendments are currently being 
analyzed, but are not expected to be material. 
The IASB published the new standard IFRS 18 Presentation and Disclosure in Financial 
Statements on April 9, 2024. The new standard replaces IAS 1 and is effective for fiscal 
years beginning on or after January 1, 2027. IFRS 18 amends the structure of the income 
statement by introducing new categories and requiring clearly defined subtotals. IFRS 18 
will expand the notes in the future to include information on management-defined 
performance measures ( MPMs) and corresponding reconciliations of individual MPMs 
to the most directly comparable IFRS subtotals. In addition, IFRS 18 introduces new 
principle-based aggregation and disaggregation requirements for presenting information 
in the primary financial statements and in the notes to provide users of financial state -
ments with relevant and comparable information. In the statement of cash flows, IFRS 18 
eliminates options regarding the presentation of dividends and interest received and 
paid. The initial application of IFRS 18 in fiscal year 2027 is expected to have an impact, 
the specific extent of which is currently being analyzed. There are no plans for early adop-
tion at this time.
The other financial reporting standards issued by the IASB but not yet effective are not 
expected to materially affect the TRATON GROUP’s consolidated financial statements.
Prior-period information
To improve comparability, certain prior-period information was adjusted to reflect the 
current presentation. Additionally, certain prior-period data was revised. If material, the 
details of such information are contained in the relevant sections.
Currency translation
The consolidated financial statements have been prepared in the presentation currency 
euros (€), TRATON SE’s functional currency. The financial statements of subsidiaries and 
associates from countries outside the eurozone are translated into euros in line with the 
functional currency concept. For the subsidiaries, the functional currency is based on 
their primary economic environment and almost always corresponds to the relevant 
national currency. For individual subsidiaries, the functional currency differs from the 
local currency and is the euro or US dollar, among others.
Foreign currency transactions in the single-entity financial statements of TRATON SE and 
the subsidiaries included in the basis of consolidation are translated at the exchange 
rates prevailing at the transaction dates. Foreign currency monetary items are recognized 
at the closing date in the balance sheet. The resulting currency translation differences 
are recognized in operating result or in financial result, in accordance with their substance.
Financial statements of foreign entities are translated from their functional currency into 
euros using the modified closing rate method, under which balance sheet items (with 
the exception of equity) are translated at the closing rate, and income statement items 
are translated at weighted average exchange rates for the year. With the exception of 
income and expenses recognized in equity, equity is translated at historical exchange 
rates. The resulting currency translation differences are recognized as a separate item in 
equity until the disposal of the subsidiary.
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TRATON uses exchange rates provided by an external market data provider for all currency 
translation. All exchange rates are based on the corresponding euro exchange rates, from 
which all non-euro exchange rate combinations are derived. For an overview of the 
exchange rates on which currency translation was based and which had a material impact 
on the consolidated financial statements, see the “Report on Economic Position — 
2. Exchange rates” section of the Combined Management Report.
2. Basis of consolidation
Accounting policies: basis of consolidation
In addition to TRATON SE, the consolidated financial statements comprise all sig -
nificant subsidiaries, including structured entities, that are controlled directly or 
indirectly by TRATON SE. The consolidated structured entities largely serve to 
implement asset-backed securities transactions to refinance the financial services 
business and to securitize receivables.
Material entities whose financial and operating policies TRATON SE can significantly 
influence indirectly or directly (associates), or over which TRATON SE shares control 
indirectly or directly (joint ventures), are measured using the equity method. Joint 
ventures also include entities in which the TRATON GROUP holds a majority of the 
voting rights, but whose shareholder agreements stipulate that important decisions 
may only be resolved unanimously. 
Subsidiaries whose business activities have been suspended or whose business 
volume is minimal and that are insignificant individually and in the aggregate for 
the presentation of a true and fair view of the TRATON GROUP’s net assets, financial 
position, and results of operations are not consolidated. They are generally recog-
nized at cost, net of any impairment losses required to be recognized, plus any 
reversals of impairment losses required to be recognized. The same applies to insig-
nificant associates and joint ventures.
All other investees are financial investments.
The changes in the basis of consolidation relating to subsidiaries primarily involve the 
acquisition of MAN Financial Services GesmbH, Eugendorf, Austria. See Note “6. Acqui -
sitions” for more information.
The list of the TRATON GROUP’s shareholdings within the meaning of section 313 (2)  
of the Handelsgesetzbuch  (HGB — German Commercial Code) is presented in Note  
“49. List of shareholdings”.
The following affiliated German companies included in the consolidated financial state-
ments of TRATON SE have met the criteria set out in section 264 (3) of the HGB or section 
264b of the HGB and have as far as possible exercised the option not to publish annual 
financial statements: 
 – MAN Grundstücksgesellschaft mbH & Co. Epsilon KG, Munich
 – MAN Truck & Bus SE, Munich
 – MAN Truck & Bus Deutschland GmbH, Munich
 – TORINU Verwaltung GmbH & Co. Beta KG, Pullach i. Isartal 
 – TARONA Verwaltung GmbH & Co. Alpha KG, Pullach i. Isartal 
 – M A N Verwaltungs-Gesellschaft mbH, Munich
 – MAN Service und Support GmbH, Munich
 – KOSIGA GmbH & Co. KG, Pullach i. Isartal
 – MAN GHH Immobilien GmbH, Oberhausen
 – TB Digital Services GmbH, Munich
 – MAN Marken GmbH, Munich
 – MAN Brand GmbH & Co. KG, Grünwald
 – Scania CV Deutschland Holding GmbH, Koblenz
 – SCANIA DEUTSCHLAND GmbH, Koblenz
 – SCANIA Vertrieb und Service GmbH, Koblenz
 – SCANIA Real Estate Deutschland GmbH, Koblenz 
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3. Effects of climate change
In light of climate change and the associated tightening of emissions regulations, the 
commercial vehicle industry is continuing its transition to electric mobility. The Executive 
Board gives additional emphasis to this transition with the Company’s TRATON Way For-
ward strategy. Circularity will play a key role alongside the focus area of decarbonization. 
The electrification of our product portfolio is the primary contributor to decarbonization. 
Increasing resource efficiency — particularly by extending life cycles and recycling raw 
materials — will play an important role for the circular economy.
The financial effect of the transition to a circular economy is currently reflected above all 
in the sale of new and remanufactured genuine parts (see Note “8. Sales revenue”), which 
means longer life cycles for our vehicles. In terms of decarbonization, the potential impact 
of future regulatory requirements in connection with electric mobility plays a particularly 
crucial role, especially in the five-year planning and hence in the derivation of future cash 
flows for impairment tests. In mid of 2024, for example, the European Union set new 
ambitious targets for manufacturers of heavy-duty commercial vehicles like the TRATON 
GROUP to reduce CO2 emissions in Europe in the course of this and the next decade in 
the new Regulation ( EU) 2024/1610 ( CO2 regulation). The existing target set for 2025 of 
reducing CO2 emissions from heavy-duty commercial vehicles with more than 16 tons by 
15% was confirmed. However, the EU increased the reduction target from 30% to 45% by 
2030 and set it to 65% by 2035 and 90% by 2040 for these vehicles, based on a benchmark 
from the period from July 2019 to June 2020. In addition, these targets will be extended 
to other commercial vehicle sub-groups. This concerns medium and heavy commercial 
vehicles > 5t, including interurban buses and coaches, although some special vehicles 
will continue to be exempt. To stimulate faster deployment of zero-emission city buses, 
the EU has further decided that all new city buses must be zero-emission starting in 2035, 
with an interim target of 90% in 2030. If these emissions targets are not met, there are to 
be penalties of €4,250 for every gram of CO2 emitted per ton-kilometer (tkm) that exceeds 
the limits starting in 2025. The new Euro 7 emissions standards to limit harmful pollutants 
such as nitrous oxide ( NOx) or particulate matter from vehicle exhaust gases have been 
agreed in the EU and the law was published in May 2024. The final text is still very chal -
lenging in terms of both limit values and testing methods. Many technical details remain 
to be set in so-called secondary legislation. In addition to the regulatory requirements in 
Europe, TRATON is also being impacted by tighter emissions regulations in North America 
and China.
We have set ourselves the target of around half of our annual new 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 sup-
portive regulatory environment, being in place. The BEV unit sales ratio (excluding 
MAN TGE vans) across all regions was still 0.5% (previous year: 0.6%) in 2024. However, 
TRATON is preparing to ramp up production by focusing its development activities on 
battery electric vehicles. TRATON is also safeguarding supplies of bought-in components 
for battery electric vehicles through long-term orders.
We are contributing to the expansion of the charging infrastructure in particular through 
Commercial Vehicle Charging Europe B.V, Amsterdam, Netherlands (Milence) a joint 
venture with Daimler Truck and Volvo Group. TRATON had committed an investment 
volume of €167 million for Milence when it was established in 2021. €38 million (previous 
year: €39 million) was invested in Milence in this context in the reporting period (see Note 
“39. Other financial obligations”).
It is technically challenging and costly to adapt commercial vehicles to new emissions 
standards. Investments in electric mobility of more than €2,100 million are planned for 
the years from 2025 to 2029. The focus here is on rolling out BEV vehicles. These 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. The restructuring of the product portfolio continues to 
involve capital expenditures on production facilities. No impact on the useful lives of 
capitalized development costs or items of property, plant, and equipment was identified 
in light of the observation period of regulatory requirements and as a result of the par -
allel production of battery electric vehicles and vehicles with combustion engines in the 
next few years. Liabilities resulting from emission limits being exceeded do not currently 
play a major role. However, the increased development activity in the field of electric 
mobility resulted in a corresponding increase in capitalized (intangible assets) and non-
capitalized (cost of sales) development costs. There are also long-term purchase obliga-
tions to procure batteries (see Note “39. Other financial obligations” and Note 
“40. Related party disclosures”).
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4. Estimates and management’s judgment
Preparation of consolidated financial statements in accordance with IFRSs requires 
assumptions to be made with regard to certain items that affect the carrying amounts in 
the balance sheet or income statement and the related other disclosures. All estimates 
and assumptions represent the best of management’s knowledge and belief in order to 
convey a true and fair view of the Group’s net assets, financial position, and results of 
operations. TRATON applies parameters that were available when the consolidated finan-
cial statements were prepared. Nevertheless, actual developments may differ significantly 
from expected developments due to uncertainties over which the Group does not have 
complete control. This may result in the carrying amounts of the assets and liabilities 
concerned having to be adjusted accordingly in subsequent periods. Estimates and man-
agement’s judgment relate primarily to the following matters: 
 
Accounting matter Note Assumptions/Sources of estimation uncertainty
Income taxes 13
Measurement of tax provisions: uncertainty 
 resulting from possible changes in tax legislation, 
jurisdiction, and how these are interpreted by the 
financial authorities
Goodwill 15
Recoverability of cash-generating units:  
estimates of expected cash flows and discount rate
Intangible assets 16
Amortization of intangible assets:  
estimates of useful lives
Property, plant, and 
 equipment 17
Depreciation of property, plant, and equipment: 
estimates of useful lives
Leases 17, 18, 21
TRATON as lessee — measurement of right-of-use 
assets: estimates of contractual term in the event 
of extension and termination  
 
TRATON as lessor — measurement of assets  
leased out/financial services receivables: 
 estimates of residual value at the end of 
 contractual term
Financial services receivables 21 Measurement: estimates of expected credit losses
Provision for pensions and 
other post-employment 
 benefits 31 Measurement: estimates of actuarial assumptions
Other provisions 32
Recognition and measurement of provisions: 
 estimates of the amount and probability  
of occurrence of the obligation as well as of the 
discount rate
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5. Segment reporting
Accounting policies: segment reporting
The TRATON GROUP’s production and marketing activities are divided into the 
 Scania Vehicles & Services, MAN Truck & Bus, International Motors (formerly:  Navistar 
Sales & Services), and Volkswagen Truck & Bus segments. The classification corre-
sponds to the internal organizational and reporting structure. In order to make 
decisions about the allocation of resources and the assessment of performance, 
the results of the units are regularly reviewed by the Executive Board of TRATON SE 
in its role as chief operating decision maker. As an additional reference, we include 
the TRATON Operations business area in the reporting, which corresponds to the 
consolidated value of the four vehicle segments allocated to it.
The TRATON GROUP offers financing solutions for the purchase of commercial 
vehicles in the TRATON Financial Services segment.
The Reconciliation column shows the activities and services of TRATON Holding 
(TRATON SE and other investees not allocated to segments), consolidation between 
the segments and with TRATON Holding, and the earnings effects of purchase price 
allocations in the event of the acquisition of an individual segment.
In the TRATON GROUP, segment result is calculated on the basis of 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 mate-
rial impact on the TRATON GROUP’s earnings.
Segment financial information is generally presented in accordance with the dis-
closure and measurement policies applied in the preparation of the consolidated 
financial statements. As a departure from IFRS 16 Leases, subleasing of buyback 
vehicles in the Financial Services segment is always accounted for as an operating 
lease. 
Sales revenue between the segments is transacted on an arm’s length basis. Depre-
ciation, amortization, and impairment losses relate to intangible assets, property, 
plant, and equipment, and assets leased out allocated to the individual divisions. 
They also include the depreciation of and impairment losses on right-of-use assets 
under IFRS 16. Investments in intangible assets, property, plant, and equipment, 
and investment property are reported exclusive of additions to right-of-use assets 
under IFRS 16.
Allocation of sales revenue to the regions follows the destination principle. Sales 
revenue from hedging transactions is allocated to “Other regions.”
The four vehicle segments develop, produce, and distribute trucks and buses, and offer 
related services and spare parts. 
With its Scania brand, Scania Vehicles & Services is a leader in premium transport solu-
tions, specializing in heavy-duty trucks and offering an array of tailored services and appli-
cations. With a global footprint, Scania serves markets across Europe, North and South 
America, Asia, Africa, and Oceania.
With the MAN brand, MAN Truck & Bus offers an extensive range of transport solutions, 
from light commercial options to durable construction vehicles and heavy-duty trucks. 
MAN is a strong German heritage brand, operating internationally across Europe, Asia, 
the Middle East, Africa, and South America.
With the International brand, International Motors offers comprehensive mobility solu-
tions for North and South America through its vast dealer network.
Volkswagen Truck & Bus solutions focus on value for money — efficient, robust, and 
reliable vehicles tailored to meet the unique conditions of emerging growth markets and 
the specialized applications required there. Volkswagen Truck & Bus has a strong presence 
in South America, Mexico, Africa and Asia.
With its own financial brands, the TRATON Financial Services segment 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. Until the end of 2023, 
Volkswagen Financial Services AG and Volkswagen Financial Services Overseas AG, both 
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located in Braunschweig, and their subsidiaries (Volkswagen Financial Services), provided 
similar financing solutions outside the TRATON GROUP for customers of MAN and 
Volkswagen Truck & Bus. At present, key aspects of this financing business are being 
integrated into the TRATON GROUP, for which a framework agreement for the gradual 
acquisition of these aspects had been entered into (see Note “6. Acquisitions”) in 2023. 
As a result of the integration, financing solutions from the TRATON Financial Services seg-
ment will also be successively offered to customers of MAN and Volkswagen Truck & Bus.
2024 Reporting segments
€ million
Scania 
Vehicles & 
Services
MAN 
Truck & Bus
International 
Motors1
Volkswagen  
Truck & Bus
TRATON 
Financial  
Services
Total  
segments Reconciliation
TRATON 
GROUP
of which 
TRATON 
Operations
Total sales revenue 18,907 13,732 11,116 2,918 1,932 48,605 –1,133 47,473 46,182
Intragroup sales revenue –513 –626 –32 –3 –170 –1,343 1,343  –674
External sales revenue 18,394 13,106 11,084 2,916 1,762 47,262 210 47,473 45,508
Cost of sales –14,693 –10,630 –9,287 –2,352 –1,315 –38,277 904 –37,373 –36,499
Depreciation and amortization –1,058 –1,150 –376 –74 –440 –3,098 128 –2,970 –2,658
Impairment losses –14 0 –3 –1 –3 –20 0 –20 –17
Operating result (adjusted) 2,666 985 791 349 205 4,995 –611 4,384 4,776
Financial result –284 –91 –301 –102 7 –769 130 –639 –777
of which share of earnings of equity-method 
 investments –6 61   2 57 180 238 56
Investments 2 1,487 631 571 92 68 2,848 36 2,884 2,780
Equity-method investments 172 216 0 0 6 394 1,247 1,641 387
1  The International Motors segment corresponds to the segment previously reported as “Navistar Sales & Services”.
2   The aggregate addition to noncurrent assets (including right-of-use assets under IFRS 16) amounting to €3,187 million was distributed as follows in fiscal year 2024:  
Scania Vehicles & Services: €1,654 million; MAN Truck & Bus: €726 million; International Motors: €604 million; Volkswagen Truck & Bus: €95 million; TRATON Financial Services: €72 million, reconciliation: €36 million.
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2023 Reporting segments
€ million
Scania 
Vehicles & 
Services
MAN 
Truck & Bus
International 
Motors1
Volkswagen  
Truck & Bus
TRATON 
Financial  
Services
Total  
segments Reconciliation
TRATON 
GROUP
of which 
TRATON 
Operations
Total sales revenue 17,878 14,811 11,042 2,477 1,589 47,797 –924 46,872 45,736
Intragroup sales revenue –471 –270 16 –7 –139 –871 871 – –313
External sales revenue 17,407 14,541 11,059 2,469 1,450 46,926 –54 46,872 45,423
Cost of sales 2 –14,256 –11,729 –9,325 –2,042 –1,060 –38,412 780 –37,632 –36,900
Depreciation and amortization –1,047 –1,083 –286 –81 –397 –2,895 85 –2,810 –2,496
Impairment losses –55 – – –2 –2 –58 – –58 –57
Operating result (adjusted) 2,266 1,075 734 217 269 4,561 –527 4,034 4,272
Financial result 934 –28 –113 –167 3 630 –1,140 –511 626
of which share of earnings of equity-method 
 investments 1 39 – – 1 41 84 124 40
Investments 3 1,127 564 488 91 415 2,685 –93 2,592 2,270
Equity-method investments 112 174 – – 4 290 1,192 1,482 286
1  The International Motors segment corresponds to the segment previously reported as “Navistar Sales & Services”.
2  From fiscal year 2024, the cost of sales is shown separately. The previous year has been adjusted accordingly.
3   The aggregate addition to noncurrent assets (including right-of-use assets under IFRS 16) amounting to €2,867 million was distributed as follows in fiscal year 2023:  
Scania Vehicles & Services: €1,239 million; MAN Truck & Bus: €637 million; International Motors: €570 million; Volkswagen Truck & Bus: €94 million; TRATON Financial Services: €420 million, reconciliation: €–93 million.
The reconciliation of the segment amounts to the corresponding Group amounts is shown 
in the following tables:
Reconciliation to the TRATON GROUP’s sales revenue
€ million 2024 2023
Total sales revenue, total segments 48,605 47,797
External sales revenue of the TRATON Holding 27 15
Effects from purchase price allocation not allocated to the segments –6 –11
Consolidation –1,154 –929
Sales revenue of the TRATON GROUP 47,473 46,872
Reconciliation to the TRATON GROUP’s cost of sales
€ million 2024 2023
Total cost of sales, total segments 38,277 38,412
Cost of sales, TRATON Holding 25 19
Effects from purchase price allocation not allocated to the segments 21 24
Consolidation –950 –824
Cost of sales, TRATON GROUP 37,373 37,632
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Reconciliation to the TRATON GROUP’s earnings before tax
€ million 2024 2023
Operating result (adjusted), total segments 4,995 4,561
Adjustments in connection with the war in Ukraine – –102
Adjustments related to legal proceedings and related measures –162 –89
Adjustments related to restructurings –14 –80
Operating result of the TRATON Holding –157 –135
Earnings effects from purchase price allocation not allocated  
to the segments –280 –290
Consolidation –174 –102
Operating result of the TRATON GROUP 4,209 3,763
Financial result –639 –511
Earnings before tax of the TRATON GROUP 3,569 3,253
Segment reporting by regions 
€ million Germany
EU27+3 
(excluding  
Germany) USA
North America  
(excluding  
USA) Brazil
South America  
(excluding 
 Brazil) Other regions Total
2024         
Noncurrent assets (excluding financial instruments,   
equity investments, and deferred taxes) as of 12/31/2024 4,883 12,535 7,734 847 1,549 244 1,186 28,980
Sales revenue 5,647 17,557 8,831 3,274 5,571 1,413 5,181 47,473
2023         
Noncurrent assets (excluding financial instruments,   
equity investments, and deferred taxes) as of 12/31/2023 5,006 12,420 7,266 809 1,805 170 801 28,278
Sales revenue 5,995 18,035 9,578 2,435 4,173 1,333 5,323 46,872
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6. Acquisitions
Accounting policies: business combinations
Business combinations are accounted for using the acquisition method of account-
ing. In the course of initial consolidation, assets and liabilities are recognized at 
their acquisition-date fair values. The carrying amounts are adjusted in the subse-
quent periods. Goodwill arises if the consideration paid for the acquisition exceeds 
the fair value of the identified assets less liabilities. If the economic consideration 
paid for the acquisition is less than the identified net assets, the difference is rec -
ognized in profit or loss in the year of acquisition. Unless otherwise stated, the share 
of equity directly attributable to noncontrolling interests at the acquisition date is 
measured at the fair value of the net assets (excluding goodwill) attributable to 
such noncontrolling interests. Any difference arising due to the acquisition of addi-
tional shares of a subsidiary that has already been consolidated is charged directly 
to equity.
Business combinations involving entities under common control are accounted 
for using the book-value method of accounting. In applying the book-value method 
of accounting, the assets acquired and liabilities assumed are carried at the existing 
Group carrying amounts from the perspective of Volkswagen AG at the acquisition 
date. Any difference between the consideration and the acquired net assets at their 
carrying amounts at the acquisition date is recognized in equity. 
On July 12, 2023, companies of the TRATON GROUP and companies of the Volkswagen 
Group signed a framework agreement on the acquisition of key aspects of the global 
financial services business of MAN and Volkswagen Truck & Bus (VWTB) with the aim of 
expanding the TRATON Financial Services segment into a global captive financial services 
unit. The TRATON Financial Services segment gradually acquires the rights to the future 
financial services business for MAN and VWTB customers in 14 countries that was most 
recently managed by Volkswagen Financial Services. The existing portfolio will remain 
with Volkswagen Financial Services. The transfer of these activities is expected to be 
completed by mid-fiscal year 2025. On July 19, 2023, TRATON Financial Services AB, 
Södertälje, Sweden, paid €275 million into an account at Volkswagen Bank GmbH, 
Braunschweig (VW Bank) for the acquisition, which was reported in net cash provided 
by/used in investing activities in 2023. Effective August 1, 2023, 50% of the shares in the 
joint venture MAN Financial Services (SA) (RF) (Pty) Ltd., Johannesburg, South Africa, were 
acquired for a purchase price of €4 million. The rights to MAN’s future financial services 
business were acquired in several countries in fiscal year 2024, primarily in Germany 
effective June 1, 2024, in South Korea effective July 1, 2024, and in the United Kingdom 
effective November 1, 2024. Additionally, in Austria, 100% of the shares of MAN Financial 
Services GesmbH, Eugendorf, Austria were acquired as of July 1, 2024. 
Also effective November 1, 2024, and in the context of the expansion of its financial services 
business, the TRATON GROUP acquired the business operations of EURO-Leasing GmbH, 
Sittensen, in France (EURO-Leasing France). 
The consideration transferred in these transactions amounts to €254 million and breaks 
down as follows:
 
€ million
Transferred 
Consideration
Germany 100
United Kingdom 48
Austria 30
South Korea 24
EURO-Leasing France 21
Other countries 31
Total consideration 254
An amount of €199 million was used for this from the account at VW Bank and a further 
€58 million was settled with cash and cash equivalents. Accordingly, there was a net cash 
outflow of €54 million after the acquisition of the Austrian company’s cash and cash 
equivalents of €4 million. The transferred consideration takes into account minor, subse-
quent purchase price adjustments that were recognized in other financial assets and 
other financial liabilities and which will be settled in 2025. In November, consideration of 
€32 million was paid in advance from the account at VW Bank to acquire the rights in 
Brazil, which is planned for 2025.
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Transfer of the business operations and shares in Austria is accounted for as a business 
combination under common control using the book-value method. The following mate-
rial assets and liabilities were acquired at their carrying amounts at the acquisition date:
 
€ million
Amortized 
carrying 
amounts on 
the acquisi -
tion date
Noncurrent financial services receivables 124
Current financial services receivables 73
Other assets 11
Total assets 208
Noncurrent financial liabilities 161
Current financial liabilities 85
Other liabilities 21
Total liabilities 267
In addition, liabilities of €101 million that existed in the TRATON GROUP prior to the 
transaction were settled as a result of the acquisition. These mainly relate to buy-back 
transactions and are attributable to other financial liabilities and other liabilities. The 
assets acquired and liabilities assumed relate primarily to the acquisition in Austria and, 
to a small extent, to the acquisitions in the other countries. 
The difference between the consideration transferred and the acquired net assets at their 
carrying amounts acquired at the acquisition dates amounts to €213 million and is rec -
ognized in equity, net of deferred taxes of €49 million, as “Effect from business combina-
tions under common control” under retained earnings. The transfers in the remaining 
countries had not yet been completed as of the reporting date.
7. Noncurrent assets and disposal groups held for sale
Accounting policies: noncurrent assets and disposal groups held for sale
Noncurrent assets held for sale include both individual noncurrent assets and 
groups of assets, together with liabilities directly associated with those assets (dis-
posal groups), if their carrying amounts will be recovered principally through a sale 
transaction rather than through continuing use. They are measured at the lower of 
their carrying amount and fair value less costs to sell and are no longer depreciated 
or amortized. Amounts of accumulated other comprehensive income allocated to 
the disposal group attributable to items that will be reclassified subsequently to 
profit or loss and primarily relate to currency translation differences, cash flow 
hedges, or cost of hedging, are only recognized in profit or loss upon disposal.
 
Disposals completed in the previous year
Negative accumulated other comprehensive income of €102 million relating to currency 
translation effects had been reclassified to other operating expenses in fiscal year 2023 
for the sale of 100% of the interest in Scania Finance LLC, Scania Insurance LLC, and Scania 
Leasing LLC, all with registered offices in the Russian Federation (collectively “Scania 
Finance Russia”), to companies in the Volkswagen Group for a sale price of €400 million 
to companies in the Volkswagen Group, which was completed in fiscal year 2023. The sale 
resulted in a net inflow of cash amounting to €96 million in 2023, which was reported in 
the “Proceeds from the disposal of subsidiaries” item in the statement of cash flows. For 
further information about the disposal, refer to the TRATON GROUP’s Consolidated Finan-
cial Statements as of December 31, 2023.
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8. Sales revenue
Accounting policies: sales revenue
As a rule, sales revenue is only recognized after performance of the work, i.e., on 
delivery to and acceptance by the customer, or when the customer has obtained 
control over the goods or services. In the case of long-term contracts for services 
and service guarantees, sales revenue is recognized on a straight-line basis over 
the term of the contract or, if services are not rendered on a straight-line basis, 
based on the expected expense trend using the cost-to-cost method. In the case 
of prepayments received for these services, the allocated transaction price is rec -
ognized as a prepayments received on customer contracts at the date of the orig-
inal sale transaction and recognized as sales revenue over the period of the service. 
If payments are made for contracts for services to satisfy the performance obliga-
tions, the sales revenue recognized corresponds to the payments.
If a contract contains multiple performance obligations, the transaction price is 
allocated to the relevant performance obligations. In the case of contracts in which 
service elements are insignificant compared with the sales revenue from the sale 
of the vehicle, the residual approach is used to allocate the transaction price. This 
does not result in any material differences compared with sales revenue based on 
relative standalone selling prices. In other cases, the transaction price is allocated 
based on the relative standalone selling prices.
Furthermore, certain parts are repurchased at a later date for reconditioning at 
TRATON. These result in the recognition of a right-of-return obligation to the cus -
tomer, which is calculated using the expected value method, and of a receivable 
under “Other receivables” for the underlying part. Sales revenue is not recognized 
in this case.
A range of measures such as residual value guarantees are offered to third-party 
finance providers and end customers in order to support sales. Residual value guar-
antees result in a refund liability and are normally calculated on the basis of the 
most likely amount.
Discounts, customer rebates, and other sales allowances reduce the transaction 
price. Variable consideration is only included in the transaction price to the extent 
that it is extremely probable that a subsequent reversal of the sales revenue can 
be ruled out.
TRATON uses the practical expedient of accounting for a financing component only 
if it is material and if a period of more than one year is expected between the 
transfer of the product or service to the customer and the customer payment. No 
financing components are accounted for because of the application of this practi-
cal expedient.
If the TRATON GROUP retains control in addition to the risks and rewards, vehicles 
sold with a buyback obligation are accounted for as operating leases. The sale price 
obtained on sale of the vehicle is recognized ratably in profit or loss over the term 
of the lease, net of the present value of the buyback price. Sales transactions for 
which a buyback obligation is not agreed from the outset, with the customer alone 
deciding whether to sell the vehicle back at a pre-arranged price, are also accounted 
for as operating leases. Based on contractual arrangements and our experience 
with such sales, we assume that customers will always make use of their put option. 
By contrast, if the significant risks and rewards are transferred to the lessee, the 
transaction is accounted for as a finance lease. The vehicle is derecognized from 
the TRATON GROUP’s assets leased out and recognized in cost of sales. Additionally, 
a receivable is recognized in the amount of the net investment in the lease, which 
results in sales revenue being recognized in the amount of the discounted lease 
payments. Further information on accounting for operating leases is contained in 
Note “18. Assets leased out”. Further information on accounting for finance leases 
can be found in Note “21. Financial services receivables”. 
Income from customer or dealer finance is recognized over the term of the agree-
ment using the effective interest rate method and reported in sales revenue. When 
interest-free or low-interest vehicle finance is awarded, sales revenue is reduced 
by the interest savings granted.
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Structure of sales revenue
Reporting period from January 1 to December 31, 2024
2024 2023
€ million
 
Scania Vehicles  
      & Services
 
 
MAN Truck & Bus  
 
International Motors  
 
Volkswagen Truck & Bus 
 
TRATON Financial  
      Services
 
 
Reconciliation  Total  of which TRATON 
      Operations
 
 
Scania Vehicles  
      & Services
 
 
MAN Truck & Bus  
 
International Motors  
 
Volkswagen Truck & Bus 
 
TRATON Financial  
      Services
 
 
Reconciliation  Total  of which TRATON  
      Operations
 
New vehicles 12,883 8,383 8,263 2,698 – –76 32,151 32,202 11,672 9,527 7,859 2,258 – –30 31,286 31,224
Vehicle Services Business 3,839 2,902 1,860 179 – –32 8,747 8,751 3,701 2,808 2,045 165 – –28 8,691 8,693
thereof genuine parts 2,770 2,033 1,860 161 – –31 6,793 6,795 2,703 1,984 2,045 148 – –27 6,853 6,854
thereof workshop services 1,069 868 – 18 – –1 1,954 1,955 998 824 – 17 – –1 1,838 1,839
Other sales revenue 2,185 2,447 994 42 1,932 –1,025 6,574 5,230 2,505 2,476 1,138 53 1,589 –865 6,896 5,819
thereof used vehicles and third-party 
products 911 707 638 1 30 –9 2,277 2,256 1,051 682 823 3 25 –1 2,583 2,560
thereof engines, powertrains, and 
parts deliveries 441 787 – – – –300 929 929 447 835 – – – –272 1,010 1,010
thereof rental and leasing business 603 784 42 – 503 –402 1,529 1,428 678 842 55 – 473 –364 1,684 1,575
thereof interest and similar income 0 – 0 – 1,399 –168 1,231 0 0 – – – 1,092 –137 956 0
thereof other sales revenue 230 170 314 41 – –146 608 617 328 117 260 50 – –92 664 674
 18,907 13,732 11,116 2,918 1,932 –1,133 47,473 46,182 17,878 14,811 11,042 2,477 1,589 –924 46,872 45,736
Information about the Group’s performance obligations
The Group’s performance obligations primarily comprise sales of trucks, heavy-duty 
special-purpose vehicles, buses, light commercial vehicles, and related spare parts, as 
well as the provision of repair and maintenance services. In addition to standard statutory 
warranties, the TRATON GROUP also offers service guarantees. 
In line with standard business practice, payment terms are 30 days, although a payment 
term of up to 140 days is granted in certain markets. Customers can decide to purchase 
a vehicle by means of financing solutions from the TRATON Financial Services segment 
or Volkswagen Financial Services. If a third party outside the TRATON GROUP is used, 
TRATON normally receives the payment from that party shortly after the customer has 
received the vehicle. 
Other sales revenue includes revenue from product-related royalties. The reconciliation 
contains the TRATON Holding, the effects of purchase price allocations in the event of the 
acquisition of an individual segment, and the consolidation adjustments between the 
reporting segments and the TRATON Holding. 
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Sales revenue recognized in the reporting period that was included in prepayments 
received on customer contracts at the beginning of the reporting period (see Note 
“30. Other liabilities”) amounted to €1,339 million (previous year: €1,338 million). Sales 
revenue includes €14 million (previous year: €22 million) relating to the satisfaction of 
performance obligations in previous years.
Order backlog
€ million 2024 2023
Expected timing of revenue recognition   
Within one year 15,671 21,517
1 to 5 years 2,559 2,382
More than 5 years 229 216
 18,459 24,115
The order backlog under IFRS 15 Revenue from Contracts with Customers resulting in 
revenue recognition within one year relates primarily to the delivery of vehicles. Revenue 
recognition expected after more than one year relates primarily to long-term service 
agreements and extended warranties. Due to a decline in truck orders in North America 
and the EU27+3 region, the order backlog decreased compared to the previous year.
9. Functional expenses
Accounting policies: operating expenses
Operating expenses are recognized when the underlying products or services are 
used. Costs of advertising and other distribution expenses are recognized as 
incurred.
The production cost incurred to generate sales revenue and the purchase costs of 
merchandise are recognized in cost of sales. This item also includes the cost of 
additions to warranty provisions for statutory or contractual guarantee obligations 
that are recognized when products are sold. Cost of sales includes nonstaff over -
heads and personnel costs, as well as depreciation and amortization applicable to 
production. Research & development costs not eligible for capitalization and amor-
tization of capitalized development costs are also reported in cost of sales.
Corresponding to the presentation of interest and commission income in sales 
revenue, interest and commission expenses attributable to the financial services 
business are presented in cost of sales.
Distribution expenses relate primarily to nonstaff overheads and personnel 
expenses, as well as depreciation and amortization applicable to distribution. 
Administrative expenses primarily contain nonstaff overheads and personnel 
expenses, as well as depreciation and amortization applicable to administration.
Cost of sales
Cost of sales of €37,373 million (previous year: €37,632 million) was incurred in the fiscal 
year ended December 31, 2024. This includes expenses of €1,315 million (previous year: 
€1,060 million) attributable to the TRATON Financial Services segment.
Research & development costs contained in cost of sales are broken down as follows:
 
€ million 2024 2023
Primary R&D costs 2,471 2,184
of which capitalized development costs 978 687
Capitalization ratio (in %) 40% 31%
Amortization of, and impairment losses on, capitalized  
development costs 530 423
Research & development costs recognized in the income statement 2,022 1,921
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Human Resources
The personnel expenses contained in the functional expenses rose by €503 million year-
on-year. This is due primarily to the increase in the number of employees and higher 
wages and salaries. 
Personnel expenses
€ million 2024 2023
Wages and salaries 5,924 5,555
Social security, post-employment, and other benefit costs 1,569 1,435
Personnel expenses 7,493 6,990
Post-employment benefit costs amounted to €361 million (previous year: €312 million). 
Average annual number of employees
 2024 2023
Performance-related wage-earners 49,321 49,036
Salaried staff 56,558 53,584
Total number of employees 105,879 102,620
of which in the passive phase of partial retirement 797 661
Vocational trainees 3,216 3,054
Total workforce 109,095 105,674
The increase is primarily attributable to the higher number of employees at Scania and 
International.
10. Other operating income and expenses
 
2024 2023
€ million
Other 
 operating 
income
Other 
 operating 
expenses
Net in-
come (+)/
net 
 expense (–)
Other 
 operating 
income
Other 
 operating 
expenses
Net in-
come (+)/
net 
 expense (–)
Effects from exchange rate 
movements 1,225 –1,151 73 1,268 –1,318 –51
Income from reversal of 
provisions and accruals 60 – 60 100 – 100
Effects from derivatives  
not included in hedge 
 accounting 61 –154 –93 100 –93 7
Rental and lease income 17 – 17 19 – 19
Effects from disposal of 
noncurrent assets 28 –11 17 25 –10 15
Expenses for litigation  
and legal risks – –308 –308 – –230 –230
Miscellaneous income  
and expenses 287 –290 –3 200 –326 –126
 1,678 –1,915 –237 1,712 –1,978 –266
Foreign exchange gains mainly comprise gains from exchange rate movements between 
the dates of recognition and payment of receivables and liabilities denominated in foreign 
currencies, as well as exchange rate gains resulting from measurement at the closing 
rate. Exchange rate losses from these items are included in other operating expenses.
The effects of changes in exchange rates largely canceled each other out within other 
operating income and expense.
Litigation and legal risks include expenses of €162 million (previous year: €89 million) 
attributable to civil lawsuits against Scania Vehicles & Services and MAN Truck & Bus in 
connection with the EU truck cases in individual countries.
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Gains or losses from derivatives not included in hedge accounting are primarily comprised 
of exchange rate gains or losses from the fair value measurement of foreign currency 
derivatives not included in hedge accounting. 
Miscellaneous income includes claims for damages amounting to €100 million (€54 million), 
particularly warranty costs from external suppliers.
In the previous year, miscellaneous expenses included €102 million in connection with 
the disposal of Scania Finance Russia (see Note “7. Noncurrent assets and disposal 
groups held for sale“). 
11. Net interest income/net interest expense
Reporting period from January 1 to December 31
€ million 2024 2023
Interest and similar income 387 341
Interest and similar expenses –666 –703
Interest expenses for lease liabilities –44 –42
Net interest on the net liability for pensions and other  
post-employment benefits –80 –87
Unwinding of discount and effect of change in discount rate  
on liabilities and other provisions –87 –55
 –490 –546
Interest income for the current fiscal year includes interest income from tax refunds, which 
accounts for a significant proportion of the increase.
The decline in interest and similar expenses is primarily attributable to the decrease in 
general interest rates, which exceeds the increase in interest and similar expenses due 
to the higher financing volume.
Interest income and expenses contain realized income and expenses from interest rate 
derivatives on net liquidity positions.
12. Other financial result
Reporting period from January 1 to December 31
€ million 2024 2023
Other income from equity investments 2 4
Other expenses from equity investments –1 –2
Income and expenses from profit and loss transfer agreements 2 2
Realized income and expenses from loan receivables and payables in 
foreign currency 356 –85
Income and expenses from remeasurement of primary financial in -
struments –524 –86
Income and expenses from changes in the fair value of derivatives 
not included in hedge accounting –120 89
Income and expenses from changes in the fair value of derivatives in -
cluded in hedge accounting –5 –10
Expenses related to arbitration proceedings for the MAN SE merger 
squeeze-out –96 –
 –387 –89
The fair value changes from derivatives not included in hedge accounting offset the 
currency translation effects of realization and measurement on net financial debt. There 
was a residual expense in fiscal year 2024 that is mainly due to the appreciation of the 
euro against the Brazilian real. In the previous year, the residual expense was primarily 
attributable to the devaluation of Argentinian currency.
13. Income taxes
Accounting policies: income taxes
Tax provisions contain obligations under current taxes. A liability is recognized for 
other provisions resulting from supplementary tax payments that are due in this 
context.
Deferred tax assets for tax loss carryforwards are usually measured on the basis of 
future taxable income over a planning period of five fiscal years. Deferred tax assets 
that are unlikely to be realized within a clearly predictable period are reduced by 
valuation allowances.
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The exception introduced in May 2023 by the amendments to IAS 12 and applied 
for the first time in fiscal year 2023 means that deferred taxes in connection with 
income taxes resulting from enacted or announced tax law provisions to implement 
the Model Rules on Global Minimum Taxation (Pillar 2) published by the OECD are 
neither recognized nor reported in the TRATON GROUP.
Estimates and management’s judgment: income taxes
TRATON SE and its subsidiaries operate all over the world and are continuously 
audited by the local financial authorities. Changes in tax legislation, jurisdiction, 
and how these are interpreted by the financial authorities in the different countries 
may result in tax payments that differ from the estimates made in these financial 
statements. The measurement of the tax provision is based on the most probable 
estimate that this risk materializes. Depending on the individual case, whether 
tax-related uncertainties are recognized individually or as part of a group at TRATON 
depends on which presentation is better suited to forecasting whether the tax-  
related risk materializes. In the case of contracts entailing cross-border goods and 
services supplied within the Group, determining the price of the individual products 
and services is particularly complex because no market prices are available for the 
Company’s own products in many cases or because using the market prices of 
similar products entails a degree of uncertainty due to lack of comparability. In 
these cases, the products and services are priced using recognized standard valu-
ation methods, including for tax purposes.
Components of tax income and expense
€ million 2024 2023
Current tax expense (+)/income (–), Germany –65 54
Current tax expense (+)/income (–), outside Germany 1,043 836
Current income taxes 978 890
of which prior-period expense (+)/income (–) –97 –15
Deferred tax expense (+)/income (–), Germany 121 210
Deferred tax expense (+)/income (–), outside Germany –333 –298
Deferred tax expense (+)/income (–) –212 –89
The statutory corporate income tax rate in Germany for the 2024 assessment period was 
15%. Including trade tax and the solidarity surcharge, this produces an aggregate tax rate 
of 31.9% (previous year: 31.9%). 
The measurement of deferred taxes in the German consolidated tax group as of Decem-
ber 31, 2024, was based on a tax rate of 31.9% (previous year: 31.9%). 
The local income tax rates applied to foreign companies vary between 0 and 45% (0 and 
46%). In cases of split tax rates, the tax rate applicable to undistributed profits was 
applied. The deferred tax expense/income resulting from changes in tax rates amounted 
to €7 million (previous year: €–4 million) at Group level in 2024.
The realization of tax loss carryforwards from previous years reduced current income taxes 
in 2024 by €165 million (previous year: €363 million).
The actual income tax expense in the reporting period decreased by €1 million (previous 
year: €35 million) due to the utilization of previously unrecognized tax losses and tax 
credits from previous periods. Previously unrecognized tax losses and tax credits con -
tributed to a €29 million (previous year: €164 million) reduction in deferred tax expense 
in 2024.
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Deferred taxes are recognized for interest carryforwards to the extent that it is probable 
that the interest carryforward can be used in the future. Unused interest carryforwards 
amount to €718 million (previous year: €574 million). Interest carryforwards of €528 million 
(previous year: €409 million) can be used for an indefinite period, while €191 million (pre-
vious year: €165 million) must be used within the next ten years. 
Tax loss carryforwards
€ million 12/31/2024 12/31/2023
Available for an indefinite period 1,622 1,789
Limit on utilization within the next 10 years 1,347 666
Limit on utilization between 11 and 20 years 1,119 1,885
Total currently unused tax loss carryforwards 4,088 4,341
Indefinite tax loss carryforwards 237 291
Expire within the next 10 years 128 95
Expire between 11 and 20 years 252 196
Total unusable tax loss carryforwards 617 581
Write-downs of deferred tax assets
€ million 12/31/2024 12/31/2023
Deferred tax expense resulting from the write-down  
of a deferred tax asset 8 22
Deferred tax income resulting from the reversal  
of a write-down of a deferred tax asset –2 –45
Tax credits granted by various countries amounted to €177 million (previous year: 
€155 million) as of December 31, 2024.
Nonrecognition of deferred tax assets
€ million 12/31/2024 12/31/2023
for deductible temporary differences – –
for tax credits that would expire in the next 20 years 84 103
for tax credits that will not expire 0 0
No deferred taxes were recognized for the retained earnings of €39,494 million (previous 
year: €37,228 million) at foreign subsidiaries because these profits are largely expected 
to be reinvested in the operations of the companies concerned. As a general rule, distri-
bution would lead to additional income tax expense.
For companies that incurred a loss in the current or prior period, the TRATON GROUP 
recognized deferred tax assets as of December 31, 2024, that exceeded the deferred tax 
liabilities by €284 million (previous year: €527 million). Of this amount, €275 million is 
attributable to companies in the TRATON SE consolidated tax group, and the amounts 
mainly include deductible temporary differences and loss carryforwards. In Germany, 
recognition is based on the availability of sufficient taxable profits in the following fiscal 
years, among other things. These are substantiated by the business plans. 
The overall analysis concludes that the companies in question will generate sufficient 
taxable income that can be used to offset the previously unused tax losses and deductible 
temporary differences.
In fiscal year 2024, total deferred taxes of €–40 million (previous year: €–11 million) were 
recognized directly in other comprehensive income. Changes in deferred taxes classified 
by balance sheet item are presented in the statement of comprehensive income.
Global minimum taxation
The introduction of the global minimum tax (Pillar 2) does not result in any substantial 
burdens for the TRATON GROUP. The current tax expense in connection with Pillar 2 
income taxes amounts to €2 million. 
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Deferred taxes classified by balance sheet item
The following recognized deferred tax assets and liabilities were attributable to recogni-
tion and measurement differences in the individual balance sheet items and to tax loss 
carryforwards:
Deferred tax assets and liabilities
Deferred tax assets Deferred tax liabilities
€ million 2024 2023 2024 2023
Intangible assets 213 139 1,731 1,682
Property, plant, and equipment, 
and assets leased out 109 102 1,570 1,697
Noncurrent financial assets 2 1 10 6
Inventories 61 53 77 55
Receivables and other assets  
(including financial services 
 receivables) 324 313 415 271
Pensions and other  
post-employment benefits 542 521 2 –
Liabilities and other provisions 3,204 2,573 554 153
Loss allowances on deferred tax 
assets from temporary differences – –2 – –
Temporary differences, net of loss 
 allowances 4,456 3,700 4,358 3,864
Tax loss/interest carryforwards,  
net of loss allowances 1,084 1,118 – –
Tax credits, net of loss allowances 92 53 – –
Value before consolidation  
and offset 5,633 4,871 4,358 3,864
of which attributable to  
noncurrent assets and liabilities 4,271 3,822 3,846 3,540
Offset –3,781 –3,300 –3,781 –3,300
Consolidation 752 796 94 116
Amount recognized 2,604 2,366 672 681
Reconciliation of expected to effective income tax expense
€ million 2024 2023
Earnings before income tax 3,569 3,253
Expected income tax expense (+)/income (–)  
(tax rate: 31.9%; previous year: 31.9%) 1,138 1,037
Reconciliation:   
Effect of different tax rates outside Germany –239 –143
Proportion of taxation relating to:   
tax-exempt income –285 –93
expenses not deductible for tax purposes 214 255
effects of loss carryforwards and tax credits –84 –233
Prior-period tax expense and tax risks –42 –22
Effect of tax rate changes 7 –4
Other taxation changes 57 5
Effective income tax expense (+)/income (–) 766 802
Effective tax rate (in %) 21 25
14. Earnings per share
Accounting policies: earnings per share
Earnings per share are calculated by dividing consolidated earnings after tax attrib-
utable to TRATON SE shareholders by the average number of shares outstanding. 
The computation of diluted earnings per share is identical to that of basic earnings 
per share because TRATON SE has not issued any financial instruments that could 
result in dilutive effects. Dilution may arise in the future if TRATON SE’s contingent 
capital is exercised.
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€ million 2024 2023
Earnings after tax (attributable to shareholders of TRATON SE) 2,804 2,451
Number of shares outstanding 500,000,000 500,000,000
Earnings per share (€) 5.61 4.90
TRATON SE’s share capital amounts to €500 million and is composed of 500 million 
(previous year: 500 million) no-par value bearer shares.
15. Goodwill and impairment losses on assets
Accounting policies: goodwill and impairment losses on assets
Goodwill from business combinations is tested for impairment at least once a year. 
The goodwill impairment test is usually conducted at segment level on the basis 
of value in use. The same applies to indefinite-lived intangible assets (especially 
brand names) and intangible assets not yet available for use (in particular capital -
ized development costs prior to the start of series production). 
In the case of other intangible assets and property, plant, and equipment, an impair-
ment test is performed if there are indications of impairment at the reporting date.
As a rule, value in use is the present value of the expected future cash flows from 
the asset concerned. If no recoverable amount can be measured for an individual 
asset, the recoverable amount is determined for the smallest identifiable group of 
assets that generate cash flows (cash-generating unit) to which the asset belongs. 
If the recoverable amount is less than the carrying amount, an impairment loss is 
recognized in profit or loss for the period.
Estimates and management’s judgment: recoverability of  
cash-generating units
The impairment testing of nonfinancial assets — especially goodwill, brand names, 
capitalized development costs, other intangible assets, and property, plant, and 
equipment — and equity-method investments, or investments accounted at cost, 
require assumptions to be made about future market trends, the future cash flows 
to be derived on that basis, and the discount rate to be applied. 
To derive cash flows, management inputs its mid-range expectations into the 
planning on the basis of estimates of changes in the development of the economic 
environment, market volume, market share, and cost and price trends. Assumptions 
about macroeconomic trends (currency, interest rate, and commodity price devel-
opments) and historical developments are considered. The planning period is 
generally five years.
The cash flows are derived from the detailed sales and revenue planning for com-
mercial vehicles, profitability (gross margin) projections for products, and trends 
in the service business. They also reflect the transition to electric mobility and the 
associated regulatory timetables (see also Note “3. Effects of climate change”). 
Estimated cash flows after the end of the five-year planning period are based on 
an annual growth rate of 1% (previous year: 1%) per annum, which also reflects the 
switch toward electric mobility. 
Our planning is based on the assumption that global economic output will grow 
overall in 2025 at a similar pace to 2024. The declining inflation in major economic 
regions and the resulting monetary easing should positively impact consumer 
spending. We continue to believe that risks will arise from the growing fragmen -
tation of the global economy, protectionist tendencies, turbulence in the financial 
markets, and structural deficits in individual countries. Growth prospects are also 
being adversely affected by ongoing geopolitical tensions and conflicts; risks arise 
in particular from the Russia-Ukraine conflict, the hostilities in the Middle East, as 
well as uncertainties surrounding the political direction of the USA. We assume that 
both the advanced economies and the emerging markets will show similar momen-
tum to the reporting period on average. We also expect the global economy to 
continue growing at stable rates of change in the period to 2029.
This macroeconomic environment also results in an increased level of uncertainty 
affecting the calculation of values in use. Inflation continued to normalize over the 
course of fiscal year 2024, prompting central banks to cut key interest rates again. 
For fiscal years from 2025, we believe that the increases in material and personnel 
costs will return to levels normally seen in the past, depending on the region. 
Increases in sales revenue were also projected because of the rise in costs. The current 
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geopolitical risks and their impact on the macroeconomic situation could mean 
additional challenges for the development of the commercial vehicle markets. 
In the commercial vehicle markets relevant to the TRATON GROUP, the Executive 
Board is anticipating a slight overall market decline in the period from 2025 to 2029, 
with varying regional trends. We are anticipating a stable commercial vehicle mar-
ket in the EU27+3 region at the level of the previous years, whereas a slight decline 
is expected in North America. Market volatility is likely to occur in the years before 
and after the introduction of new emissions standards in the EU27+3 region and in 
North America. Following noticeable market growth in South America in 2024, we 
are expecting a slight increase in the planning period. More details on expected 
industry developments and the forecast for fiscal year 2025 can be found in the 
“Report on expected developments” in the Combined Management Report.
Based on volume and price effects, we are projecting an increase in sales revenue 
over the planning period. An expansion in electric mobility is also projected in all 
segments in the five-year planning (see also Note “3. Effects of climate change”). 
The costs from the transition to electric mobility were included in the cash flows. 
At Scania Vehicles & Services, increasing unit sales volumes and a higher average 
selling price for electric vehicles, as well as the expansion of the Vehicle Services 
business, will also have a positive impact on projected cash flows. 
At MAN Truck & Bus, the higher unit sales volume, the transition to electric mobility, 
and the realignment program launched in 2021 are positively impacting cash flow.
Another goal is to guide International Motors to new strength. The measures for 
doing this range from using the powerful component and technology setup within 
the TRATON GROUP and expanding the financial services business, all the way to 
further leveraging one of the largest independent dealer and service networks in 
the North American market, to which International Motors already has access. 
We are also expecting Volkswagen Truck & Bus to strengthen its market position 
in Brazil as well as enter new markets by expanding its global footprint. 
Overall, these assumptions led to an expected improvement in operating return 
on sales (adjusted) up to 2029 across all cash-generating units to which goodwill 
is allocated. 
The planning assumptions are adjusted to reflect the current state of knowledge. 
When determining the value in use for the impairment test, the following pretax 
weighted average cost of capital ( WACC) rates are used, modified if necessary to 
reflect country-specific risks:
 
WACC 2024 2023
Scania Vehicles & Services 10.4% 12.1%
MAN Truck & Bus 10.4% 12.1%
International Motors 11.2% 12.6%
Volkswagen Truck & Bus 14.6% 17.5%
The WACC rates are calculated based on the interest rate for risk-free investments, 
the market risk premium, and the cost of debt. Additionally, specific peer group 
information on beta factors and the cost of debt are considered. The composition 
of the peer groups used to determine beta factors is continuously reviewed and 
adjusted if necessary. 
Changes in goodwill
€ million 2024 2023
Cost 
Balance as of 01/01 6,154 6,254
Currency translation differences 71 –102
Additions from business combinations 0 3
Balance as of 12/31 6,225 6,154
Depreciation and amortization  
Balance as of 01/01 70 70
Other changes 0 1
Balance as of 12/31 70 70
Carrying amount as of 12/31 6,154 6,083
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The allocation of goodwill to the segments is shown in the following table:
 
€ million 12/31/2024 12/31/2023
Goodwill by segment   
Scania Vehicles & Services 2,478 2,560
MAN Truck & Bus 222 222
International Motors 3,181 2,989
Volkswagen Truck & Bus 273 312
 6,154 6,083
It was not necessary to charge impairment losses on our goodwill. Goodwill and brand 
names are not impaired even if the growth forecast for the perpetuity or the discount rate 
varies by – /+ 1.0 percentage points. As a result of the transition of the commercial vehicle 
industry to electric mobility and the associated uncertainty, the projected cash flows were 
also tested for sensitivity in light of the changes considered possible, and their recover -
ability was established.
16. Intangible assets
Accounting policies: intangible assets
Purchased intangible assets are recognized at cost. The cost of capitalized devel -
opment projects consists of all direct and overhead costs that are directly attribut-
able to the development process. They are amortized using the straight-line method 
from the start of use (e.g., start of production) over the expected life of the models 
or technologies developed.
The amortization periods for intangible assets are broken down as follows:
 
Expected useful lives  
Software and licenses 3–5 years
Capitalized development costs 3–15 years
Customer relationships 5–20 years
Brand names indefinite
The indefinite useful life of brand names acquired under business combinations 
generally arises from the continued use and maintenance of a brand. Brand names 
from business combinations and intangible assets that are not yet available for use 
(in particular capitalized development costs prior to the start of series production) 
are also tested for impairment at least once a year in accordance with the principles 
of goodwill impairment testing (for further information, refer also to Note “15. Good-
will and impairment losses on assets”). 
Amortization charges and impairment losses in a reporting period are allocated to 
the corresponding functions in the income statement and are included in partic -
ular in cost of sales and distribution expenses.
Estimates and management’s judgment: useful life of intangible assets
Estimates of the useful life of finite-lived intangible assets are based on experience 
and reviewed regularly. Where estimates are modified, the residual useful life is 
adjusted and an impairment loss is recognized, if necessary.
For further information, see Note “15. Goodwill and impairment losses on assets”.
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Changes in intangible assets in the period from January 1 to December 31, 2024
2024 2023
€ million
Brand 
names
Customer  
relationships
Capitalized 
development 
costs
Other  
intangible  
assets Total
Brand 
names
Customer  
relationships
Capitalized 
development 
costs
Other  
intangible  
assets Total
Cost 
Balance as of 01/01 1,705 2,918 6,937 734 12,293 1,732 2,994 6,249 676 11,651
Currency translation differences 15 99 –125 –24 –35 –27 –76 1 2 –101
Additions – 2 978 32 1,012 – – 687 29 717
Transfers – – – 68 68 – – 0 37 37
Disposals – – 0 –9 –9 0 – 0 –10 –10
Balance as of 12/31 1,720 3,020 7,789 801 13,329 1,705 2,918 6,937 734 12,293
Amortization and impairment  
Balance as of 01/01 43 1,101 3,564 471 5,179 41 859 3,138 418 4,456
Currency translation differences –7 5 –68 –17 –87 3 –11 3 3 –2
Additions to cumulative amortization – 252 527 71 850 0 253 393 58 703
Additions to cumulative impairment losses – 1 3 3 6 – – 31 1 32
Reversal of impairments – – – –1 –1 – – – – –
Disposals – – 0 –7 –7 0 – 0 –9 –9
Changes in basis of consolidation – – – 0 0 – – – –1 –1
Balance as of 12/31 36 1,359 4,026 519 5,940 43 1,101 3,564 471 5,179
Carrying amount as of 12/31 1,684 1,661 3,763 281 7,389 1,661 1,817 3,373 263 7,114
Impairment losses on capitalized development costs of €31 million had been recognized 
in cost of sales in the previous year in connection with the realignment of the bus business 
and the discontinuation of body production for Scania bus chassis at the plant in Słupsk, 
Poland. These had been attributable to Scania Vehicles & Services. 
The allocation of the brand names to the segments is shown in the following table:
 
€ million 12/31/2024 12/31/2023
Brand names by segment 1,684 1,661
Scania Vehicles & Services 850 878
International Motors 809 760
TRATON Financial Services 25 24
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17.  Property, plant, and equipment, right-of-use assets under IFRS 16,  
and lease liabilities
Accounting policies: property, plant, and equipment, right-of-use assets 
under IFRS 16, and lease liabilities
Items of property, plant, and equipment are measured at cost and reduced by 
depreciation and, if necessary, impairment losses (for further information, refer also 
to Note “15. Goodwill and impairment losses on assets”).
Items of property, plant, and equipment are depreciated using the straight-line 
method ratably over their estimated useful lives. The useful lives of items of prop -
erty, plant, and equipment are periodically reassessed and adjusted if necessary. 
Depreciation and amortization is based primarily on the following useful lives:
 
Useful lives in years
Buildings 10–50 years
Land improvements 5–33 years
Technical equipment and machinery 3–12 years
Other equipment, operating and office equipment, including  
special equipment 3–15 years
The right-of-use assets from contracts in which the TRATON GROUP is a lessee are 
reported under “Property, plant, and equipment” in the balance sheet and gener -
ally depreciated over the term of the lease using the straight-line method.
The lease liability is measured by reference to the outstanding lease payments, 
discounted using the lessee’s incremental borrowing rate. The lease liability is sub-
sequently measured using the effective interest rate method reflecting the lease 
payments made. Interest expenses from unwinding the discount on lease liabilities 
are presented in interest expense in the income statement and in net cash provided 
by/used in operating activities in the statement of cash flows. In addition, the 
TRATON GROUP exercises the options under IFRS 16 not to recognize leases for 
intangible assets and low-value assets, as well as short-term leases, as leases and 
instead to recognize the corresponding lease payments as expenses in the income 
statement.
Estimates and management’s judgment: useful lives of noncurrent assets 
and measurement of right-of-use assets and lease liabilities
Estimates of the useful life of items of property, plant, and equipment are based 
on experience and are reviewed regularly. Where estimates are modified, the resid-
ual useful life is adjusted and an impairment loss is recognized, if necessary. 
Measurement of right-of-use assets from leases and the associated lease liabilities 
is based on a best estimate of the exercise of extension and termination options. 
This estimate is updated in the event of material changes in the operating environ-
ment or the contract.
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Changes in property, plant, and equipment in the period from January 1 to December 31
2024 2023
€ million
Land, 
land rights,  
and buildings,  
including  
buildings on  
third-party  
land
Technical 
equipment  
and 
 machinery
Other 
equipment,  
operating  
and office 
equipment
Payments on 
account 
and assets 
under 
 construction Total
Land, 
land rights,  
and buildings,  
including  
buildings on  
third-party  
land
Technical 
equipment  
and 
 machinery
Other 
equipment,  
operating  
and office 
equipment
Payments on 
account 
and assets 
under 
 construction Total
Cost 
Balance as of 01/01 6,438 4,554 4,570 1,391 16,953 5,936 5,099 3,276 1,311 15,623
Currency translation differences –43 –131 –114 9 –279 –23 2 9 6 –6
Additions 284 175 308 1,265 2,032 268 137 377 984 1,766
Transfers 157 358 180 –763 –68 317 –565 1,108 –897 –37
Disposals –103 –96 –164 –19 –382 –113 –119 –200 –13 –445
Changes in basis of consolidation  1 0 –4 1 0 –3 53 1 –1 0 53
Balance as of 12/31 6,733 4,858 4,781 1,882 18,254 6,438 4,554 4,570 1,391 16,953
Depreciation and impairment  
Balance as of 01/01 2,275 2,551 3,159 4 7,989 2,009 3,180 2,077 4 7,269
Currency translation differences –17 –86 –84 –1 –188 –3 4 11 0 13
Additions to cumulative depreciation 340 366 401 – 1,107 325 329 372 – 1,027
Additions to cumulative impairment losses 2 – 8 1 11 8 10 5 2 25
Transfers 0 4 –4 – 0 –3 –866 868 – 0
Disposals –77 –85 –135 – –296 –60 –106 –173 – –339
Reversals of impairment losses –6 –4 –1 –2 –12 0 –1 – –2 –3
Changes in basis of consolidation  1 0 –4 0 – –3 –1 – –1 – –2
Balance as of 12/31 2,518 2,743 3,345 2 8,608 2,275 2,551 3,159 4 7,989
Carrying amount as of 12/31 4,215 2,115 1,436 1,880 9,646 4,162 2,004 1,411 1,387 8,964
1  Changes in basis of consolidation include additions from business combinations. The prior-year period was adjusted to reflect the current presentation.
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Property, plant, and equipment with a carrying amount of €466 million (previous year: –) 
serves as collateral for loan liabilities.
Additional Impairment losses on property, plant, and equipment amounting to €2 million 
(previous year: €22 million) were recognized in cost of sales in fiscal year 2024 in connec-
tion with the realignment of the bus business and the discontinuation of body production 
for Scania bus chassis at the plant in Słupsk, Poland. These were attributable to Scania 
Vehicles & Services. 
Right-of-use assets from leases reported in property, plant, and equipment changed as 
follows:
 
2024 2023
€ million
Right-of-use assets 
contained in land, land 
rights, and buildings, 
including buildings on 
third-party land
Right-of-use assets 
contained in technical 
equipment and 
 machinery, other 
equipment, operating 
and office equipment
Total right-of-use 
assets
Right-of-use assets 
contained in land, land 
rights, and buildings, 
including buildings on 
third-party land
Right-of-use assets 
contained in technical 
equipment and 
 machinery, other 
equipment, operating 
and office equipment
Total right-of-use 
assets
Cost 
Balance as of 01/01 1,601 305 1,906 1,530 291 1,822
Currency translation differences –5 –2 –8 –11 –2 –14
Changes in basis of consolidation 0 0 1 18 0 18
Additions 205 98 303 165 110 274
Disposals –76 –70 –146 –100 –94 –194
Balance as of 12/31 1,725 331 2,056 1,601 305 1,906
Depreciation and impairment  
Balance as of 01/01 619 145 764 491 147 638
Currency translation differences –2 –1 –4 –4 –1 –6
Changes in basis of consolidation 0 0 1 –1 – –1
Additions to cumulative depreciation 195 89 283 188 85 273
Disposals –62 –64 –126 –55 –86 –141
Balance as of 12/31 750 169 919 619 145 764
Carrying amount as of 12/31 975 162 1,137 982 160 1,142
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On a gross basis (before discounting), the maturity structure of the lease liabilities 
reported in financial liabilities is as follows:
 
€ million 12/31/2024 12/31/2023
Within one year 292 279
In two to five years 821 789
In more than five years 245 311
 1,359 1,380
Overall, there was a cash outflow of €389 million (previous year: €359 million) from lessee 
relationships in the fiscal year, of which €276 million (previous year: €263 million) was 
attributable to the repayment of lease liabilities within net cash used in financing activ -
ities and €113 million (previous year: €96 million) to net cash used in operating activities. 
This includes leasing expenses for low-value assets and short-term leases, expenses for 
variable lease payments not included in the measurement of lease liabilities, and interest 
expenses from unwinding discounted lease liabilities. 
The following table shows an overview of potential future cash outflows that were not 
included in the measurement of lease liabilities:
 
€ million 12/31/2024 12/31/2023
Potential future cash outflows due to   
extension options 682 661
leases not yet commenced (contractual obligation) 10 7
variable lease payments 5 –
18. Assets leased out
Accounting policies: assets leased out
The “Assets leased out” line item reports assets for which the TRATON GROUP is the 
lessor. These include in particular vehicles and real estate marketed in the context 
of short-term rentals or operating leases, as well as vehicles that continue to be 
attributable to the TRATON GROUP as a result of buyback agreements. The under-
lying asset is measured at amortized cost, recognized in the TRATON GROUP’s assets 
leased out, and depreciated to the calculated residual value over the estimated 
useful life using the straight-line method. The useful lives underlying depreciation 
generally correspond to those of items of property, plant, and equipment used by 
the entity. Changes to the calculated residual value are taken into account by adjust-
ing the future depreciation rates. Impairment losses identified as a result of an 
impairment test in accordance with IAS 36 Impairment of Assets are recognized. 
The lease payments received in the period are recognized as income in the income 
statement on a straight-line or other systematic basis. Depreciation and impairment 
losses are included in functional expenses. Further information on accounting for 
operating leases is contained in Note “8. Sales revenue”.
As a general rule, the fair value of investment property is calculated using an income 
capitalization approach based on internal data, using internal calculations, or by 
external experts (Level 3 of the fair value hierarchy).
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Estimates and management’s judgment: recoverability of assets  
leased out
The recoverability of the Group’s assets leased out depends in particular on the 
residual value of vehicles leased out after the end of the lease term, since this con-
stitutes a significant portion of the expected cash flows, as well as on the current 
market situation, which is continuously monitored. Forecasting residual values 
requires management to make assumptions about the future supply of and 
demand for vehicles, as well as vehicle price trends. These assumptions are based 
either on qualified estimates or on information published by expert third parties. 
Where available, qualified estimates are based on external data and also reflect 
additional information available internally, such as values derived from past expe-
rience and current sales data. 
Changes in assets leased out in the period from January 1 to December 31 
2024 2023
€ million
Vehicles 
leased out
Investment  
property
Other assets 
leased out Total
Vehicles 
leased out
Investment  
property
Other assets 
leased out Total
Cost 
Balance as of 01/01 8,405 100 40 8,545 9,139 99 41 9,279
Currency translation differences 20 1 –1 20 –17 0 0 –18
Additions 1,564 0 0 1,565 1,875 1 0 1,877
Disposals –2,293 –5 0 –2,298 –2,592 0 0 –2,593
Balance as of 12/31 7,696 97 39 7,831 8,405 100 40 8,545
Depreciation and impairment  
Balance as of 01/01 2,812 38 36 2,887 3,045 37 36 3,117
Currency translation differences 14 0 –1 14 –9 0 0 –9
Additions to cumulative depreciation 1,011 2 0 1,013 1,078 2 0 1,080
Additions to cumulative impairment losses 3 – – 3 2 – – 2
Disposals –1,248 –3 0 –1,251 –1,301 0 0 –1,301
Reversals of impairment losses –2 – – –2 –2 – – –2
Balance as of 12/31 2,590 38 35 2,663 2,812 38 36 2,887
Carrying amount as of 12/31 5,106 59 4 5,168 5,593 61 4 5,658
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Since new business cannot compensate for expiring contracts, a year-on-year decline was 
recorded in vehicles leased out. This reflects the reduced share of business with buyback 
agreements in total unit sales. 
The “Investment property” item contains land and buildings held for rental or capital 
appreciation with a fair value of €96 million (previous year: €100 million). Lease income 
from investment property amounted to €4 million (previous year: €5 million) in the report-
ing period. 
Additional information on operating leases
The following payments are expected in the years shown from outstanding undiscounted 
lease payments arising from operating leases:  
 
€ million 12/31/2024 12/31/2023
Within one year 449 417
In one to two years 310 269
In two to three years 236 194
In three to four years 150 118
In four to five years 75 72
In more than five years 23 35
Total lease payments 1,243 1,104
Income from operating leases came to €1,550 million (previous year: €1,683 million). 
19. Equity-method investments
Accounting policies: equity-method investments
Equity-method investments include associates and joint ventures. Associates and 
joint ventures are initially measured at cost. In subsequent periods, the TRATON 
GROUP’s share of earnings generated after acquisition is recognized in the income 
statement. Effects from the increase in the share of the equity (for example capital 
increases) of entities in which the TRATON GROUP does not participate, or only has 
a disproportionately low participation, are also recognized in the share of earnings 
of equity-method investments in the income statement. If an additional interest is 
acquired in an investment already accounted for using the equity method, and if 
this does not change the significant influence, the additional interest is measured 
at cost; the interest already held is not remeasured. Other changes in the equity of 
associates and joint ventures, such as currency translation differences, are recog-
nized in other comprehensive income. 
Intercompany profits or losses from transactions by Group companies with asso -
ciates and joint ventures are eliminated ratably in the profit or loss of the Group 
companies. If there are indications that the carrying amount may be impaired, 
equity-method investments are tested for impairment; any impairment loss is rec-
ognized in the income statement (see Note “15. Goodwill and impairment losses 
on assets”). If the reason for impairment ceases to exist at a later date, the impair-
ment loss is reversed to the carrying amount that would have been determined 
had no impairment loss been recognized.
Goodwill arising from the acquisition of an associate or a joint venture is included 
in the carrying amounts of investments in associates or joint ventures.
Sinotruk
The associate, Sinotruk (Hong Kong) Limited, Hong Kong, China (Sinotruk) is one of the 
largest truck manufacturers in the Chinese market. Sinotruk’s principal place of business 
is in Hong Kong, China. Due to the application of the equity method, taking into account 
local capital market regulations relating to the disclosure of financial information for the 
investee, a reporting period that differs from the TRATON GROUP’s fiscal year is used to 
account for Sinotruk. 
The market price of the Sinotruk shares held by TRATON was €1,947 million (previous year: 
€1,222 million) as of December 31, 2024. 
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Summarized financial information for Sinotruk (on a 100% basis and thus not adjusted for 
the equity interest held by TRATON) and a reconciliation to the carrying amounts are 
presented in the following tables:
Statement of Comprehensive Income
€ million 2024¹ 2023¹
Sales revenue 11,893 9,836
Earnings after tax from continuing operations 874 425
Other comprehensive income –4 –2
Total comprehensive income 870 423
Dividend received  2 138 25
1  Amounts shown relate to the period from July 1 of the previous year to June 30 of the year in question.
2  Dividends net of withholding tax 
Balance Sheet
€ million 12/31/2024¹ 12/31/2023¹
Noncurrent assets 4,922 4,072
Current assets 12,144 10,165
Noncurrent liabilities and provisions 174 154
Current liabilities and provisions 10,708 8,414
Net assets 6,183 5,669
Reconciliation of the financial information to the carrying amount 
of the equity-accounted investments   
Net assets 6,183 5,669
Noncontrolling interests 990 920
Net assets attributable to shareholders 5,193 4,749
Interest held by TRATON (in %) 25 25
Net assets attributable to the TRATON GROUP 1,311 1,187
Goodwill, effects of purchase price allocation, currency translation 
differences, and other changes –119 –30
Carrying amount as of 12/31 1,192 1,158
1  Amounts shown relate to the reporting period ended June 30 of the year in question. 
Rheinmetall MAN Military Vehicles GmbH (RMMV) 
The associate, Rheinmetall MAN Military Vehicles GmbH ( RMMV), headquartered in 
Munich, develops, manufactures, and sells logistics wheeled vehicles for military use. The 
TRATON GROUP holds a 49% equity interest, which is reported in the MAN Truck & Bus 
segment. Due to the application of the equity method, taking into account local capital 
market regulations relating to the disclosure of financial information, a reporting period 
that differs from the TRATON GROUP’s fiscal year by three months is used to account for 
this company. 
Summarized financial information for RMMV (on a 100% basis and thus not adjusted for 
the equity interest held by TRATON) and a reconciliation to the carrying amounts are 
presented in the following tables:
Statement of Comprehensive Income
€ million 2024¹ 2023¹
Sales revenue 1,405 918
Earnings after tax from continuing operations 126 78
Other comprehensive income 1 2
Total comprehensive income 127 80
Dividend received 13 –
1  Amounts shown relate to the period from October 1 of the previous year to September 30 of the year in question.
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Balance Sheet
€ million 12/31/2024¹ 12/31/2023¹
Noncurrent assets 134 126
Current assets 856 744
Noncurrent liabilities and provisions 72 70
Current liabilities and provisions 506 474
Net assets 412 326
Reconciliation of the financial information to the carrying amount 
of the equity-accounted investments   
Net assets 412 326
Net assets attributable to shareholders 412 326
Interest held by TRATON (in %) 49 49
Net assets attributable to the TRATON GROUP 202 160
Goodwill 10 10
Carrying amount as of 12/31 212 170
1  Amounts shown relate to the reporting period ended September 30 of the year in question. 
Summarized financial information on individually immaterial associates of the 
TRATON GROUP based on its proportionate interest
The carrying amounts of other associates amounted to €96 million (previous year:  
€42 million) as of December 31, 2024. The following table contains summarized financial 
information on the other associates; the disclosures relate to the Group’s share of the 
associates in all cases:
 
€ million 2024 2023
Earnings after tax from continuing operations –5 –13
Total comprehensive income –5 –13
Summarized financial information on individually immaterial joint ventures of 
the TRATON GROUP based on its proportionate interest
The carrying amounts of the joint ventures were €141 million (previous year: €114 million) 
as of December 31, 2024. The following table contains summarized financial information 
on the joint ventures; the disclosures relate to the Group’s share of the joint ventures in 
all cases:
 
€ million 2024 2023
Earnings after tax from continuing operations –16 –5
Total comprehensive income –16 –5
20. Other equity investments
Accounting policies: other equity investments
Other equity investments include shares in unconsolidated immaterial subsidiaries, 
associates and joint ventures not accounted for using the equity method due to 
insignificance, and financial investments. The TRATON GROUP has exercised the 
option under IFRS 9 Financial Instruments to recognize investments in equity 
instruments that are not held for trading and are measured under IFRS 9 at fair 
value through other comprehensive income (no recycling) because recognition of 
gains and losses on these instruments at fair value through profit or loss would not 
provide any information about the entity’s performance for the TRATON GROUP. 
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The following table contains financial information about other equity investments at fair 
value through other comprehensive income:
 
Fair value
€ million 12/31/2024 12/31/2023
Stegra AB 1 15 15
OneH2, Inc. 13 12
vialytics GmbH 11 8
Northvolt AB – 78
Other investees 33 27
 71 140
1  formerly H2GS AB
The Swedish company Northvolt AB, Stockholm, Sweden (Northvolt), in which the 
TRATON GROUP is invested, filed for creditor protection under US law in November 2024. 
This had been preceded by reports of financial difficulties at the company. As a result, the 
fair value of the TRATON GROUP’s investment in Northvolt decreased by 100% compared 
to the previous year. For more information on the calculation of the fair value, see Note 
“34. Significance of financial instruments for net assets, financial position, and results 
of operations,” section “Recognition, derecognition, and classification of financial instru-
ments.” 
21. Financial services receivables
Accounting policies: financial services receivables
The TRATON Financial Services segment offers a wide range of financing solutions, 
normally with maturities of between three and five years, in which the vehicles 
serve as collateral. The type of financing solution offered often depends on market 
conditions as well as civil and tax law rules in the country concerned. 
Customer finance receivables primarily comprise loans granted to direct customers. 
These loans are collateralized by the underlying vehicles or other liens. Dealer 
finance receivables mainly include working capital loans to dealers. The loans are 
collateralized by the underlying vehicles or other liens.
Additionally, the TRATON Financial Services segment also acts as lessor in finance 
leases. The resulting finance lease receivables relate to leases of commercial vehi-
cles. The receivables are recognized at the amount of the net investment in the 
lease. The lease payments received in the reporting period subsequently reduce 
the principal and the unearned finance income. Credit risk from lease receivables 
is accounted for in accordance with IFRS 9. Further information on accounting for 
finance leases can be found in Note “8. Sales revenue”.
Some companies in the TRATON GROUP sell revolving current trade receivables as 
well as contractually agreed cash flows from leases. Further sales are agreed in 
specific cases. Asset-backed securities transactions are also carried out in the 
TRATON Financial Services segment, in which future cash flows from financial 
services receivables are assigned to structured entities, which then securitize them. 
If substantially all the risks and rewards of ownership remain with the TRATON 
Financial Services segment, the financial asset is not derecognized. Instead, a finan-
cial liability is recognized in the case of asset-backed securities transactions. In all 
other cases, other financial liabilities are recognized in the amount of the consid -
eration received.
For further information on the recognition and measurement principles applicable 
to financial services receivables and on accounting for credit risk from lease 
receivables, refer to Notes “34. Significance of financial instruments for net assets, 
financial position, and results of operations” and “35. Nature and extent of risks 
arising from financial instruments”.
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Estimates and management’s judgment: measurement of expected  
credit losses
The TRATON GROUP is exposed to risks from contractual payments. In all major 
respects, the Group has the right to recover the vehicles underlying the contracts 
as collateral. The Group has an exposure to loss if the fair value of the collateral does 
not fully cover the risk exposure to the customer and the customer is unable to 
fulfill its contractual payment obligations. If possible, the estimates of this loss 
exposure are derived from past experience, taking into account current market 
data and rating classes, as well as scoring information.
Financial services receivables
Carrying amount Carrying amount
€ million current
non- 
current 12/31/2024 current
non- 
current 12/31/2023
Receivables from the  
financing business       
Customer 
 financing 2,481 4,807 7,288 2,162 4,322 6,484
Dealer financing 2,267 7 2,274 1,498 5 1,504
 4,747 4,814 9,562 3,661 4,327 7,988
Receivables from 
operating leases 23 – 23 23 – 23
Receivables from 
 finance leases 2,123 4,276 6,400 1,870 3,440 5,310
 6,894 9,090 15,984 5,554 7,767 13,321
The increase in customer finance receivables resulted primarily from a significant year-
on-year increase in the sales volume in Brazil on the back of the continued stable eco -
nomic development in Brazil and the expansion of financing business at TRATON Finan-
cial Services for International in 2024. In addition, the TRATON GROUP acquired the rights 
to manage future financial services business for MAN in several countries in the reporting 
year (see Note “6. Acquisitions”), which also contributed to the increase in customer 
finance receivables. The year-on-year increase in dealer finance receivables is mainly due 
to an increase in deliveries in the second half of 2024 at International. 
The increase in finance lease receivables is primarily attributable to the increased port -
folio volume in many markets. In addition, MAN Financial Services commenced operations 
in several new markets, which led to a further increase in finance lease receivables by 
€385 million compared with the previous year. 
Reconciliation of lease payments from finance leases
€ million 12/31/2024 12/31/2023
Undiscounted lease payments 7,400 6,064
Unearned interest income –776 –618
Net investment in the lease 6,623 5,447
Loss allowance for lease receivables –224 –137
Carrying amount 6,400 5,310
Interest income from the net investment in the leases amounted to €401 million (previous 
year: €303 million) and is reported in sales revenue. Finance leases resulted in a disposal 
gain of €544 million (previous year: €445 million) in the fiscal year under review. The 
increase is attributable to a higher volume and improved profitability of finance leases, 
among other things. In addition, MAN Financial Services started operating in several new 
markets during the fiscal year, which also led to an increase. 
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The following payments are expected in the years shown from expected outstanding 
undiscounted lease payments arising from finance leases:
 
€ million 12/31/2024 12/31/2023
Within one year 2,487 2,157
In one to two years 1,842 1,535
In two to three years 1,392 1,124
In three to four years 905 713
In four to five years 531 349
In more than five years 243 186
Total lease payments 7,400 6,064
As of the reporting date, asset-backed securities transactions implemented to refinance 
the TRATON Financial Services segment are included in receivables at a carrying amount 
of €2,418 million (previous year: €1,122 million). The carrying amount of corresponding 
financial liabilities is €1,813 million (previous year: €997 million). The expected payments 
were assigned to structured entities during the transaction, and collateral with a total 
amount of €2,418 million (previous year: €1,122 million) was provided. The asset-backed 
securities transactions did not result in the receivables being derecognized, as the 
TRATON GROUP retains nonpayment and late payment risks. In certain cases, it is also able 
to retransfer receivables from the asset-backed securities structure. The difference between 
the amount of financial services receivables and the associated liabilities is the result of 
different terms and conditions within the structures, including overcollateralization. 
Under certain conditions, parts of the asset-backed securities transactions implemented 
may be repaid early (clean-up call). In cases where receivables from the asset-backed 
securities structure are transferred back to the TRATON Financial Services segment, the 
receivables can be assigned a second time or used as collateral in any other way. The 
claims by bondholders and financing banks are limited to the assigned receivables, and 
the cash inflows arising from these receivables are intended for the settlement of the 
corresponding liability. As of December 31, 2024, the fair value of the assigned receivables 
that continue to be recognized in the balance sheet was €2,418 million (previous year 
€1,122 million). The fair value of the associated liabilities amounted to €1,813 million 
(previous year: €1,000 million) as of that date. The resulting net position is €605 million 
(previous year: €122 million). 
22. Other financial assets
 
€ million 12/31/2024 12/31/2023
Positive fair value of derivatives 415 337
Restricted cash 120 333
Receivables from loans (excluding interest) 182 85
Miscellaneous financial assets 624 633
 1,341 1,387
Other financial assets include positive fair values of derivative financial instruments, 
primarily for hedging interest rate and currency risks. The increase in positive fair values 
in the current year is mainly due to interest rate hedging transactions and, in this context, 
to falling interest rates in the eurozone. Further information on derivatives as a whole can 
be found in Notes “34. Significance of financial instruments for net assets, financial 
position, and results of operations” and “35. Nature and extent of risks arising from 
financial instruments.”
Restricted cash included €41 million (previous year: €271 million) for the gradual acqui -
sition of key aspects of the global financial services business of MAN and VWTB (see Note 
“6. Acquisitions”). Miscellaneous restricted cash is mainly used as collateral in asset-
backed securities transactions.
The increase in receivables from loans was due, among other things, to a loan of €49 million 
granted to Northvolt.
Miscellaneous financial assets include receivables from customers who purchased parts 
from dealers using a credit card program, claims for refunds, receivables from insurance 
management, and warranty credits.
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As of December 31, 2024, other financial assets contained related party receivables of 
€170 million (previous year: €396 million). Of this amount, €84 million (previous year: 
€84 million) is attributable to receivables from loans.
23. Other receivables
 
€ million 12/31/2024 12/31/2023
Recoverable taxes 1,025 1,044
Miscellaneous receivables 818 640
 1,842 1,684
Miscellaneous receivables include prepaid expenses in the amount of €471 million (pre-
vious year: €464 million). Sales with a right of return account for a further €66 million 
(€70 million), mainly from sold vehicles for which TRATON will repurchase certain parts 
at a later date for reconditioning. Moreover, miscellaneous receivables contain assets to 
finance pension obligations in the amount of €50 million (previous year: €36 million). 
As of December 31, 2024, other receivables contained related party balances of €78 million 
(previous year: €24 million).
24. Inventories
Accounting policies: inventories
Inventories are measured at the lower of cost and net realizable value. Production 
cost comprises directly attributable production costs and proportionate fixed and 
variable production overheads. Overheads are allocated on the basis of normal 
capacity of the production facilities. Borrowing costs are not capitalized. Distribu-
tion expenses and general and administrative expenses are not included in pro -
duction cost. As a general principle, similar items of inventories are measured using 
the weighted average method or the FIFO method.
 
€ million 12/31/2024 12/31/2023
Raw materials, consumables, and supplies 1,683 1,731
Work in progress 859 734
Finished goods and purchased merchandise 4,966 4,957
Prepayments 25 24
 7,532 7,447
In the year under review, inventories of €34,111 million (previous year: €34,653 million) 
were recognized in cost of sales at the same time as the sales revenue. Valuation allow -
ances recognized as expenses in the fiscal year under review amounted to €124 million 
(previous year: €115 million). 
25. Trade receivables 
Accounting policies: trade receivables
Trade receivables are initially recognized at the transaction price. 
Some companies in the TRATON GROUP sell revolving current trade receivables; 
for further information, refer to Note “21. Financial services receivables”. For infor-
mation on the sale of receivables to companies in the Volkswagen Group (nonre -
course factoring), refer to Note “40. Related party disclosures”. For further infor -
mation on the measurement principles applicable to trade receivables, refer to 
Note “34. Significance of financial instruments for net assets, financial position, 
and results of operations”.
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Trade receivables 
€ million 12/31/2024 12/31/2023
Trade receivables from   
third parties 2,973 3,635
related parties 123 258
 3,096 3,894
The decrease in trade receivables was primarily attributable to a lower business volume 
and increased factoring activities at MAN Truck & Bus.
26. Cash and cash equivalents
Accounting policies: cash and cash equivalents
Cash and cash equivalents include bank balances and highly liquid financial 
investments of a temporary nature that are exposed to no more than minor risks 
of fluctuation in value. 
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. Cash pool receivables from affiliated 
companies are reported in cash and cash equivalents. 
The TRATON GROUP deposits a portion of its excess cash with Volkswagen AG under 
interest rates in keeping with standard market conditions. Demand deposits are 
reported in cash and cash equivalents. By contrast, deposits classified as invest -
ments are recognized as marketable securities and investment deposits (current) 
or as other financial assets (noncurrent). Correspondingly, loans and short-term 
borrowings from Volkswagen AG are recognized as financial liabilities. Deposits 
with globally positioned banks are also a standard practice.
For further information on the measurement principles, refer to Note “34. Signifi-
cance of financial instruments for net assets, financial position, and results of 
operations”.
Cash and cash equivalents 
€ million 12/31/2024 12/31/2023
Bank balances 2,129 1,441
Checks, bills, and cash 70 34
Cash pool receivables from unconsolidated affiliated companies 1 1
Receivables from affiliated companies of the Volkswagen Group 342 255
 2,542 1,730
27. Equity
Subscribed capital (share capital) 
The subscribed capital (share capital) of TRATON SE amounts to €500,000,000 and is 
composed of 500,000,000 no-par value bearer shares with a notional value of €1.00 each.
All shares are fully paid up and have the same dividend rights. Under Article 6 (2) sentence 
1 of the Articles of Association, shareholders may not claim delivery of physical share 
certificates.
Authorized capital 
In accordance with Article 5 (3) of the Articles of Association, the Executive Board is autho-
rized to increase the Company’s share capital on one or several occasions by a total of up 
to €200,000,000 by issuing up to 200,000,000 no-par value bearer shares on a cash and/
or noncash basis on or before May 31, 2028, subject to the Supervisory Board’s approval 
(Authorized Capital 2023). The dividend entitlement of new shares can be determined 
contrary to the provisions of section 60 (2) of the AktG. 
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Shareholders must be granted preemptive rights unless the Executive Board makes use 
of one of the following authorizations to disapply preemptive rights, with the consent of 
the Supervisory Board. The new shares may also be underwritten by a credit institution 
or an entity operating pursuant to section 53 (1) sentence 1 of the Kreditwesengesetz  
(KWG — German Banking Act) or section 53b (1) sentence 1 or (7) of the KWG (financial 
institution) to be designated by the Executive Board, or by a consortium of such credit or 
financial institutions, with the obligation to offer them for sale to shareholders of the 
Company. The Executive Board is authorized, with the consent of the Supervisory Board, 
to disapply shareholders’ preemptive rights in the following cases:
a) To settle fractions resulting from a capital increase
b) To the extent necessary to grant holders or creditors of convertible loan agreements 
or bonds with warrants, as well as convertible profit participation rights, issued by the 
Company and/or its direct or indirect majority investees a preemptive right to new 
shares in the amount to which they would be entitled following the exercise of their 
options or conversion rights or after meeting their exercise of option or conversion 
obligations
c) If the new shares are issued against cash contributions and the issue price of the new 
shares is not materially lower than the quoted market price of existing listed shares of 
the Company at the date when the issue price is finally determined, which should be 
as close as possible to the placement of the shares. However, this authorization to 
disapply preemptive rights applies only to the extent that the notional amount of the 
share capital attributable to the shares issued with preemptive rights disapplied in 
accordance with section 186 (3) sentence 4 of the AktG does not exceed a total of 10% 
of the share capital, meaning neither the share capital existing when this authorization 
takes effect, nor the share capital existing at the date when this authorization is exer-
cised. Shares that (i) are sold or issued, with preemptive rights disapplied, during the 
term of this authorization up to the date of its exercise on the basis of other authori -
zations in direct application, or application with the necessary modifications, of section 
186 (3) sentence 4 of the AktG, or (ii) shares that were issued or will be issued, with 
preemptive rights disapplied, to settle bonds or profit participation rights with con -
version or exercise rights or obligations will be counted toward this limit, to the extent 
that the bonds or profit participation rights were issued during the term of this autho-
rization up to the date of its exercise, in application, with the necessary modifications, 
of section 186 (3) sentence 4 of the AktG.
d) To the extent that the capital increase is implemented to grant shares against noncash 
contributions, in particular for the purposes of acquiring companies, parts of compa-
nies, or investments in companies, or other assets
The Executive Board is also authorized to define further details of the capital increase and 
its implementation, with the consent of the Supervisory Board. The Supervisory Board is 
authorized to amend the wording of Article 5 of the Articles of Association following the 
complete or partial implementation of the capital increase from Authorized Capital 2023 
or after the expiration of the authorization period, in line with the scope of the capital 
increase.
Contingent capital 
Additionally, under Article 5 (4) of the Company’s Articles of Association, the Company’s 
share capital may also be increased by up to €50,000,000 on a contingent basis through 
the issue of up to 50,000,000 bearer shares (no-par value shares) (Contingent Capital 
2023). The sole purpose of Contingent Capital 2023 is to issue new shares to the holders/
creditors of bonds which are issued by the Company or by other companies in which the 
Company directly or indirectly holds a majority interest up to May 31, 2028, in accordance 
with a resolution passed by the shareholders under item 10.2 of the agenda for the meet-
ing of June 1, 2023, in the event that conversion and/or option rights are exercised or 
conversion or option exercise obligations are settled or the Company makes use of its 
right to grant shares in the Company, either in full or in part, in lieu of payment of the 
respective cash amount. The shares are issued at the conversion or option price to be 
determined in accordance with the aforementioned resolution. The contingent capital 
increase will only be implemented to the extent that conversion rights or options are 
exercised or conversion or option exercise obligations are settled, or the Company exer -
cises its right to grant shares of the Company, either in full or in part, in lieu of payment 
of the cash amount due, and to the extent that other instruments are not used to settle 
the conversion rights or options.
The new shares carry dividend rights from the beginning of the fiscal year in which they 
are issued. To the extent permitted by law, the Executive Board may, with the consent of 
the Supervisory Board, determine the dividend rights in derogation of the above and of 
section 60 (2) of the AktG, including for a fiscal year that has already closed.
The Executive Board is authorized to define further details of the implementation of the 
contingent capital increase, with the consent of the Supervisory Board.
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Capital reserves
TRATON SE’s capital reserves of €12,495 million (previous year: €13,295 million) constitute 
the contributions by Volkswagen AG to TRATON SE, in particular from the contribution of 
MAN SE and Scania AB.
The entire capital reserves of €12,495 million are distributable capital reserves within the 
meaning of section 272 (2) no. 4 of the Handelsgesetzbuch (HGB ― German Commercial 
Code). €800 million (previous year: €400 million) was released in the reporting period 
and transferred to retained earnings.
Retained earnings and accumulated other comprehensive income 
The retained earnings of €8,135 million (previous year: €5,464 million) reported as of 
December 31, 2024, constitute amounts recognized as earnings after tax in prior periods. 
They also contain the difference between the value of MAN SE shares at the date of their 
contribution to TRATON SE and the recognized carrying amount of the corresponding 
assets and liabilities. In addition, the effects of business combinations under common 
control are recognized in retained earnings; for further information, see Note “6. Acqui-
sitions”. TRATON SE paid its shareholders a dividend of €1.50 (previous year: €0.70) per 
share in 2024. This resulted in a total payout of €750 million (previous year: €350 million). 
As of December 31, 2024, the accumulated other comprehensive income of €–3,293 million 
(previous year: €–2,777 million) contains the accumulated amounts of transactions rec -
ognized in other comprehensive income, in particular currency translation differences, 
differences from pension plan remeasurements, and the measurement of equity invest-
ments. Further information can be found in the Statement of comprehensive income.
For fiscal year 2024, TRATON SE’s Executive and Supervisory Boards are proposing to the 
Annual General Meeting to be held on May 14, 2025, to pay a dividend of €1.70 (previous 
year: €1.50) per share. This proposal corresponds to a total payout of €850 million (previ-
ous year: €750 million). 
28. Financial liabilities
The details of noncurrent and current financial liabilities are presented in the following 
table:
 
€ million 12/31/2024 12/31/2023
Bonds1 13,024 10,710
Bonds from asset-backed securities transactions 1 1,639 972
Liabilities to banks 5,441 5,920
Lease liabilities 1,171 1,181
Loans and short-term borrowings from Volkswagen AG 943 797
Loans from Volkswagen International Finance 691 –
Loans and short-term borrowings from Volkswagen Group  
of America Finance 478 359
Schuldscheindarlehen 350 700
Commercial paper program 1 246 1,014
Loans from Volkswagen Financial Services AG 201 –
Loans and miscellaneous liabilities 93 50
 24,277 21,704
1  Prior-period amounts adjusted to reflect the current presentation
Financial liabilities from bonds mainly relate to European Medium Term Notes (EMTNs).
TRATON has a €12,000 million European Medium Term Notes program ( EMTN program) 
in place. TRATON Finance Luxembourg S.A., Strassen, Luxembourg ( TRATON Finance) is 
using the issuance program to raise capital for general corporate purposes, and the cap-
ital raised will be used as needed within the TRATON GROUP. Under the program, TRATON 
Finance issued bonds totaling €3,973 million (previous year: €3,235 million) in 2024 and 
made repayments of €1,499 million (previous year: €614 million). Liabilities with a carrying 
amount of €10,686 million (previous year: €8,131 million) were reported under this EMTN 
program as of December 31, 2024. These were partly hedged using interest rate derivatives.
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Scania has a €5,000 million EMTN program in place. Liabilities with a carrying amount of 
€1,574 million (previous year: €2,326 million) were reported under this program as of 
December 31, 2024. In contrast to issuances of €134 million in the previous year, no bonds 
were issued and €692 million (previous year: €1,658 million) was repaid in the reporting 
period.
TRATON had launched a €2,500 million commercial paper program on September 12, 2023, 
of which liabilities with a carrying amount of €188 million (previous year: €990 million) 
were disclosed as of the reporting date. These were therefore repaid in the amount of 
€801 million in the reporting period, whereas €990 million had been issued in the previ-
ous year.
A long-term loan of €691 million (previous year: €– million) was taken out from Volkswagen 
International Finance N.V., Amsterdam, Netherlands, in the reporting period. Financial 
liabilities to Volkswagen Group of America Finance, LLC, Herndon, Virginia, USA (Volkswagen 
Group of America Finance) increased due to a long-term loan of €383 million (previous 
year: €– million) and, conversely, a short-term credit line was partially repaid in the amount 
of €263 million, whereas €359 million had been drawn down in the previous year. In 
addition, a long-term loan of €250 million was taken out from Volkswagen AG, whereas 
€1,220 million was repaid in the previous year and, conversely, current financial liabilities 
to Volkswagen AG decreased by €104 million, whereas they had increased by €297 million 
in the previous year.
The acquisition of key aspects of MAN’s financial services business included the assump-
tion by the TRATON Financial Services segment of a loan from Volkswagen Financial 
Services AG with a volume of €201 million (previous year: €– million) as of December 31, 
2024.
TRATON SE repaid liabilities from Schuldscheindarlehen  in the amount of €350 million 
(previous year: €– million).
For information on the measurement principles, refer to Note “34. Significance of finan-
cial instruments for net assets, financial position, and results of operations”. The item 
“Bonds from asset-backed securities transactions” includes both new and existing ABS 
bond transactions. In addition to the bonds, ABS liabilities are also included in the line 
item “Liabilities to banks.” For information on the derecognition of financial assets, refer 
to Note “21. Financial services receivables”.
29. Other financial liabilities
 
€ million 12/31/2024 12/31/2023
Liabilities from buyback obligations 2,168 2,672
Negative fair value of derivatives 683 579
Interest rate liabilities 252 172
Liabilities of arbitration proceedings on the MAN SE merger  
squeeze-out 98 –
Factoring liabilities 64 86
Security deposits/financial services 54 43
Miscellaneous financial liabilities 772 735
 4,091 4,288
The liabilities from buyback obligations originate from sales of commercial vehicles 
accounted for as operating leases because of a buyback agreement. For further informa-
tion on the accounting policies, see Note “18. Assets leased out”.
Other financial liabilities include negative fair values of derivative financial instruments 
for hedging interest rate and currency risks. These instruments, which are mainly used 
to hedge currency risk in customer orders and net liquidity, are matched by offsetting 
gains and losses of the underlyings. Further information on derivatives as a whole can be 
found in Notes “34. Significance of financial instruments for net assets, financial posi-
tion, and results of operations” and “35. Nature and extent of risks arising from financial 
instruments”. 
In some cases, the contractual rights to cash flows from leases are transferred to an exter-
nal bank. The carrying amount of the lease assets that have been transferred but not 
derecognized was €50 million (previous year: €83 million) as of the reporting date. The 
assets did not qualify for derecognition due to a general recourse clause. The correspond-
ing other financial liability had a carrying amount of €64 million (previous year: €86 million) 
as of the reporting date. The difference between the amount of assets and liabilities is 
mainly the result of the asset capturing only the portion currently resulting from oper -
ating leases, whereas the liability includes the discounted present value of all future cash 
flows that have been transferred. As of the reporting date, the fair value of the transferred 
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but not derecognized assets amounted to €50 million (previous year: €80 million), the 
fair value of the corresponding liability amounted to €64 million (previous year:  
€85 million), and the net position thus equaled €–14 million (previous year: €–5 million). 
For information on the accounting policies in connection with derecognition of financial 
assets, refer to Note “21. Financial services receivables”. 
Miscellaneous financial liabilities contain deferrals for outstanding supplier invoices, 
among other items.
30. Other liabilities
 
€ million 12/31/2024 12/31/2023
Contract liabilities 2,569 2,195
Deferred purchase price payments for assets leased out 2,021 2,250
Payroll liabilities 1,188 1,107
Miscellaneous tax payables 512 587
Liabilities related to social security contributions 342 325
Miscellaneous other liabilities 391 401
 7,024 6,866
Deferred purchase price payments for assets leased out relate to liabilities from buyback 
transactions.
The following table explains the change in contract liabilities in the reporting period:
 
€ million 2024 2023
Contract liabilities as of 01/01 2,195 1,985
Additions and disposals 377 214
Currency translation adjustments –3 –4
Contract liabilities as of 12/31 2,569 2,195
31. Provisions for pensions and other post-employment benefits
Accounting policies: provisions for pensions and other  
post-employment benefits
Obligations for post-employment benefits under defined benefit plans are deter -
mined by independent actuaries using the projected unit credit method in accor-
dance with IAS 19 Employee Benefits. Under this method, the future obligations 
(“defined benefit obligation”) are measured on the basis of the proportionate ben-
efit entitlements acquired as of the balance-sheet date, discounted to their present 
value, and reduced by the fair value of the plan assets available to cover the pension 
obligations. Measurement takes into account both the pensions and vested bene-
fits known at the balance sheet date and actuarial assumptions for discount rates, 
salary and pension trends, staff turnover rates, life expectancy, and increases in 
healthcare costs, which are calculated for the Group companies depending on their 
economic environment.
The service cost, which represents the entitlements of active employees accruing 
in the fiscal year in accordance with the plan, is reported in functional expenses. 
Net interest income and expenses are reported in interest expense and calculated 
by multiplying the net asset or liability by the discount rate.
Remeasurements of the net asset or liability comprise actuarial gains and losses 
resulting from differences between the actuarial assumptions made and what has 
actually occurred, and changes in actuarial assumptions, as well as the return on 
plan assets, excluding amounts included in net interest income or expenses. 
Remeasurements are recognized in other comprehensive income, net of deferred 
taxes, in the period in which they arise. The remeasurements from pension plans 
recognized in other comprehensive income also include the relevant currency 
translation differences.
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Estimates and management’s judgment: provisions for pensions and 
other post-employment benefits
Measurement of the pension provisions was based on the following actuarial 
assumptions:
 
Germany USA Sweden Other countries
In % 2024 2023 2024 2023 2024 2023 2024 2023
Discount rate  
as of 12/31 3.4 3.3 5.5 5.0 3.5 3.3 5.2 4.8
Payroll trend 3.2 3.2 0.5 0.5 2.5 2.3 1.8 1.5
Pension trend 2.0 2.2 – – 1.8 1.5 0.8 0.8
Staff turnover rate 2.5 2.5 3.5 3.7 4.8 4.8 3.1 2.8
These amounts are averages that were weighted using the present value of the 
defined benefit obligation. With regard to life expectancy, the most recent mortal-
ity tables in each country are used. For Germany, the 2005 G mortality tables devel-
oped by Professor Klaus Heubeck were adapted, most recently in 2017, to MAN- 
specific experience for the MAN Truck & Bus companies and the TRATON Holding, 
and thus describe mortality in the TRATON GROUP better than the RT2018G mor-
tality tables. For the US retirement plans, the mortality rates from standard mortality 
tables published by the Society of Actuaries are used and adjusted for plan expe -
rience if necessary. A study is conducted every five years to determine the best 
estimate of current mortality levels. In Sweden, the DUS2023 standard mortality 
tables are applied. As a general principle, the discount rates are defined to reflect 
the yields on highly-rated ( AA) corporate bonds with matching maturities and 
currencies. The payroll trends cover expected wage and salary trends, which also 
include increases due to career development. The pension trends either reflect the 
contractually defined guaranteed pension adjustments or are based on the rules 
for pension adjustments in force in each country. The staff turnover rates are based 
on past experience and future expectations. 
Depending on the situation in specific countries, the TRATON GROUP grants its employees 
pension benefits in the form of defined benefit or defined contribution pension plans.
Defined contribution plans in the TRATON GROUP
Under defined contribution plans, contributions are paid to public or private pension 
providers on the basis of legislative or contractual requirements. There are no benefit 
obligations over and above the payment of contributions. Current contribution payments 
are recognized as an expense in the period in which they are incurred; in the TRATON GROUP, 
they amounted to a total of €451 million (previous year: €407 million) in 2024. €127 million 
(previous year: €119 million) was paid for contributions to the statutory pension insurance 
system in Germany. Additionally, these primarily relate to defined contribution pension 
plans in Sweden and the USA and to defined benefit multi-employer pension plans that 
are accounted for as defined contribution pension plans.
Multi-employer plans in the TRATON GROUP
In the TRATON GROUP, there are multi-employer pension plans in the United Kingdom, 
Sweden, and the Netherlands (see the “Scania’s plans in Sweden” and “Plans in other 
countries” sections). The majority of these plans are defined benefit plans. A small pro -
portion of these multi-employer pension plans are accounted for as defined contribution 
plans because the TRATON GROUP is unable to obtain the information required to account 
for them as defined benefit plans. Under the terms of the multi-employer plans, the 
TRATON GROUP only has a very limited liability for the obligations of the other employers. 
Defined benefit plans in the TRATON GROUP 
Most of the pension entitlements in the TRATON GROUP are classified as defined benefit 
plans under IAS 19, which are funded by external plan assets to a considerable extent.
Due to their similarity to pensions, the obligations in particular of the US, Canadian, and 
Brazilian Group companies for their employees’ post-retirement healthcare benefits are 
also reported in provisions for pensions and other post-employment benefits. The 
expected long-term trend in healthcare costs is taken into account for these post-  
employment benefits. The associated present value of the obligation amounted to 
€535 million (previous year: €377 million) as of December 31, 2024. The increase is mainly 
due to a rise in forecast costs related to the OPEB plans in the USA on account of higher 
insurance premiums resulting from a forecast of lower government funding.
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The significant pension plans are described in the following.
Scania’s plans in Sweden
Scania’s employees in Sweden are covered through post-employment benefit plans that 
offer benefits in the form of retirement pensions, early retirement pensions, surviving 
dependents’ pensions, and severance payments.
Employees born before 1979 are covered by the joint defined benefit ITP2 pension plan, 
which is funded by recognized provisions and, since 2019, also partly by plan assets, and 
is secured by credit insurance taken out with Försäkringsbolaget PRI Pensionsgaranti, a 
mutual insurance company that also administers the plan. External funding of plan assets 
uses a foundation (Pensionsstiftelsen). The fair value of plan assets was €331 million (pre-
vious year: €300 million) as of December 31, 2024. Another part of ITP2 is secured by 
contributions to Alecta, a pensions insurer, and is accounted for as a defined contribution 
plan (see the “Multi-employer plans in the TRATON GROUP” section).
In addition to these obligations, there is also a defined benefit obligation for employees 
entitled to early retirement who have reached the age of 62 and were employed by the 
company for 30 years, or who have reached the age of 63 and were employed by the 
company for 25 years, as well as for a limited number of former executives.
For obligations that are funded entirely by recognized provisions, the company bears the 
risks associated with lifelong pension benefits.
International’s plans in the USA
International offers employees in the USA a range of defined benefit pension plans that 
provide retirement benefits in the form of life annuities. The benefits of the pension plan 
for salaried employees are generally based on salary and length of service, while benefits 
under the two pension plans for wage-earning staff are generally based on a negotiated 
amount for each year of service. 
The pension plans for wage-earning staff and salaried employees have been closed to 
new entrants since 2008 and 1996, respectively, and, with the exception of one of the 
plans for wage-earning staff, are also closed to the accrual of further benefit entitlements.
Effective September 13, 2023, the obligations for around 2,500 participants were trans -
ferred to a qualified insurer. 
These plans are funded pension plans subject to the US Employee Retirement Income 
Security Act ( ERISA) and are eligible for tax benefits as qualified pension plans under 
US law. Under internal guidelines, the minimum required contribution pursuant to ERISA 
and the Internal Revenue Code is funded in each case, and additional discretionary con-
tributions are paid in from time to time.
The pension plans are exposed to interest rate, market, and longevity risks, which are 
regularly monitored and assessed.
The plan assets are invested as part of a diversified strategy by experienced fund man -
agers in equities, real estate, hedge funds, credit products, and assets in order to hedge 
liabilities, and diversified by an external investment advisor to avoid concentrations in 
type, sector, issuer, market, or country. Each pension plan has an investment policy that, 
among other things, defines strategic asset allocation depending on the funding level. 
As the funding level increases, investments are reallocated to asset classes that reduce 
interest rate risk at the expense of higher-yielding asset classes that are also more volatile. 
No derivative products are currently used to hedge longevity or interest rate risk.
For executives, US law provides for nonqualified defined benefit plans that are not subject 
to the ERISA and provide retirement benefits in the form of a life annuity, a lump sum, or 
installments. These are financed solely by provisions.
In addition, other post-employment benefits ( OPEBs) in the form of medical benefits, 
prescription drugs, and life insurance, some of which are funded, are provided to a closed 
group of participants for life in the USA.
The funded plan benefits in place at the time of the acquisition of International resulted 
from a 1993 Settlement Agreement between International, International’s employees, 
pensioners, and collective bargaining organizations, and stipulated cost sharing between 
the company and the participants in the form of premiums, copayments, and deductibles. 
As part of this agreement, plan assets (a “Base Program Trust”) were established to fund 
part of the healthcare and life insurance obligations. International was required to make 
annual contributions. In addition, the cost of the benefits was shared between Interna -
tional, the beneficiaries, and the plan assets.
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Effective January 1, 2022, the funded OPEB plan was adjusted with regard to the contri-
butions that participants are required to pay for pensioner healthcare under the terms of 
the plan. This saw pensioner contributions being reduced by the government subsidies 
from the employer group waiver plan agreement. In June 2022, the competent court 
approved the final agreement to adjust the plan. 
TRATON Holding and MAN’s plans in Germany
Once their active working life is over, the German companies of MAN Truck & Bus and the 
TRATON Holding grant their employees in Germany benefits provided by an occupational 
pension system that constitutes one of the key elements of their remuneration policy. 
Occupational pensions provide additional retirement benefits as well as risk protection 
in the event of invalidity or death. 
Under the current pension plans, all active employees receive employer contributions 
that are tied to their remuneration and can also make additional provisions through 
deferred compensation  — which is employer-subsidized for staff subject to collective 
bargaining agreements. The employer- and employee-funded contributions plus returns 
on capital market investments allow staff to accumulate plan assets during their active 
employment that are paid out as a lump sum or in installments on retirement, or that 
can be annuitized in certain cases. The risk of the investments is gradually reduced as 
employees get older (life cycle concept). The performance of the plan assets is based on 
the return on capital investments. The total amount of contributions paid in for the 
employee is paid out as a minimum when the employee retires.
Former employees, pensioners, or employees with vested benefits who have left also have 
benefit entitlements from discontinued pension plans, which are designed to provide 
lifelong pension payments. These commitments are exposed to the standard longevity 
and inflation risks, which are regularly monitored and assessed.
German pension assets are managed by MAN Pension Trust e.V. and WTW Pensions -
fonds AG. These assets are irrevocably protected from recourse by the Group companies 
and may only be used to fund current pension benefit payments or to settle claims by 
employees in the event of insolvency. Proper management and utilization of the trust 
assets is supervised by independent trustees. Additionally, WTW Pensionsfonds AG is 
regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin — German 
Federal Financial Supervisory Authority).
The pension assets are invested by professional investment managers in accordance with 
investment rules laid down by TRATON SE’s Investment Committee. Strategic allocation 
of the pension assets is based on regular asset/liability management studies.
The acquisition of securities issued by Volkswagen Group companies and investments 
in owner-occupied real estate are generally not permitted.
Plans in other countries
Employees in the United Kingdom, Switzerland, Canada, and Brazil receive pension ben-
efits under defined benefit funded pension and healthcare plans.
The pension plans granting lifelong pensions in the United Kingdom have been closed 
to new entrants, and existing members cannot acquire additional entitlements. Trustee 
boards, which have appointed professional administrators and advisors, are responsible 
for administering the pension plans, including investing the assets. Regular asset/liabil-
ity management studies form the basis of investment and risk management. The invest-
ment risk at MAN Truck & Bus is being gradually reduced as part of a defined derisking 
strategy as funding ratios improve.
Employees in Switzerland accrue entitlements through employer and employee contri-
butions to multi-employer (MAN Truck & Bus) or occupational (Scania) pension providers 
that are converted into a lifelong pension at retirement at the terms in force at that time. 
The pension institutions are managed conservatively on the basis of standards imposed 
by the government. If the plan assets are insufficient to meet the pension entitlements 
because of adverse market developments, the member employers and their employees 
may be required to make “stabilization contributions.”
In Canada, there are two registered and funded defined benefit pension plans, one for 
wage-earning staff and one for salaried employees, as well as an Other Post-Employment 
Benefits (OPEB) plan. The pension plans provide lifetime annuities and are closed to new 
entrants. The pension plan for salaried employees (the defined benefit component) is 
also closed for the acquisition of additional entitlements. The Canadian OPEB plan pro-
vides health, dental, and life insurance benefits to eligible pensioners. 
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