Årsredovisning 2024

Employees in Brazil are entitled to benefits under defined benefit pension plans funded 
largely by plan assets and have entitlements under healthcare plans funded by provisions.
Furthermore, other countries have pension plans with a low level of benefits or grant 
mandatory post-employment benefits. Some of these benefits are funded by plan assets, 
either in full (the Netherlands) or in part (Belgium, France, India), or are only funded by 
provisions (Austria, Türkiye, Poland, Italy).
The following amounts were recognized in the balance sheet for defined benefit plans:
 
€ million 12/31/2024 12/31/2023
Present value of funded obligations 4,831 4,654
Fair value of plan assets 3,627 3,500
Funded status (net) 1,204 1,154
Present value of unfunded obligations 639 637
Amount not recognized as an asset because of the ceiling in IAS 19 17 20
Net liabilities recognized in the balance sheet 1,859 1,811
of which provisions for pensions and other post-employment 
 benefits 1,909 1,847
of which other receivables 50 36
The following table shows changes in the net defined benefit liability recognized in the 
balance sheet:
 
€ million 2024 2023
Net liabilities recognized in the balance sheet as of 01/01 1,811 1,760
Current service cost 1 84 75
Net interest expense 1 79 87
Actuarial gains (–)/losses (+) arising from changes  
in demographic assumptions –1 10
Actuarial gains (–)/losses (+) arising from changes  
in financial assumptions 55 102
Actuarial gains (–)/losses (+) arising from experience adjustments 58 91
Income/expenses from plan assets not included in interest income –90 –111
Change in amount not recognized as an asset because  
of the ceiling in IAS 19 –4 –18
Employer contributions to plan assets –66 –59
Employee contributions to plan assets 5 17
Pension payments from company assets –87 –106
Past service cost (including plan curtailments) 1 8 6
Gains (–)/losses (+) arising from plan settlements 1 –5 –13
Changes in basis of consolidation 9 –
Other changes –3 –3
Currency translation differences from foreign plans 5 –25
Net liabilities recognized in the balance sheet as of 12/31 1,859 1,811
1  Amounts recognized in the income statement
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The change in the present value of the defined benefit obligation is attributable to the 
following factors:
 
€ million 2024 2023
Present value of obligations as of 01/01 5,291 5,402
Current service cost 84 75
Interest expense 212 236
Actuarial gains (–)/losses (+) arising from changes  
in demographic assumptions –1 10
Actuarial gains (–)/losses (+) arising from changes  
in financial assumptions 55 102
Actuarial gains (–)/losses (+) arising from experience adjustments 58 91
Employee contributions to plan assets 8 20
Pension payments from company assets –87 –106
Pension payments from plan assets –231 –297
Past service cost (including plan curtailments) 8 6
Disposals arising from plan settlements –21 –177
Changes in basis of consolidation 9 –
Other changes 2 –3
Currency translation differences from foreign plans 85 –67
Present value of obligations as of 12/31 5,469 5,291
At the reporting date, €2,188 million (previous year: €2,060 million) of the defined bene-
fit obligation is attributable to the International plans in the USA, €1,577 million (previous 
year: €1,548 million) to the plans of the TRATON Holding and the German MAN Truck & 
Bus companies, and a further €1,001 million (previous year: €988 million) to Scania’s plans 
in Sweden.
At International in the USA, the obligations for about 2,500 participants in the pension 
plan for salaried employees amounting to €179 million were transferred to a qualified 
insurer effective September 13, 2023. In 2023, this had resulted in the disposal of plan 
assets in the amount of €167 million and thus to a plan settlement gain of €12 million, 
which is contained in the personnel expenses of the functions. 
Changes in the relevant actuarial assumptions would have the following effects on the 
defined benefit obligation:
 
12/31/2024 12/31/2023
Present value of defined  
benefit obligation if € million
Change in 
% € million
Change in 
%
Discount rate
is 0.5 percentage 
points higher 5,199 –5.0 5,022 –5.1
 
is 0.5 percentage 
points lower 5,768 5.5 5,588 5.6
Pension trend
is 0.5 percentage 
points higher 5,591 2.2 5,410 2.3
 
is 0.5 percentage 
points lower 5,357 –2.1 5,182 –2.1
Payroll trend
is 0.5 percentage 
points higher 5,530 1.1 5,349 1.1
 
is 0.5 percentage 
points lower 5,413 –1.0 5,238 –1.0
Life expectancy
increases by  
one year 5,666 3.6 5,482 3.6
The sensitivity analyses shown above consider the change in one assumption at a time, 
leaving the other assumptions unchanged versus the original calculation, i.e., any cor -
relation effects between the individual assumptions are ignored. To examine the sensi -
tivity of the present value of the defined benefit obligation to a change in assumed life 
expectancy, the age of the beneficiaries was reduced by one year as part of a comparative 
calculation. The average duration of the defined benefit obligation weighted by the 
present value of the defined benefit obligation (Macaulay duration) is ten years (previous 
year: ten years). 
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The present value of the defined benefit obligation is spread across the members of the 
plan as follows:
 
€ million 12/31/2024 12/31/2023
Active members with entitlements from defined benefits 1,813 1,752
Members who have left the company with vested entitlements 657 638
Pensioners 2,999 2,901
 5,469 5,291
The maturity profile of payments attributable to the defined benefit obligation is pre -
sented in the following table by classifying the present value of the obligations by the 
maturity of the underlying payments:
 
€ million 12/31/2024 12/31/2023
Payments due within the next fiscal year 314 303
Payments due in two to five years 1,314 1,193
Payments due in more than five years 3,841 3,794
 5,469 5,291
Changes in plan assets are shown in the following table:
 
€ million 2024 2023
Fair value of plan assets as of 01/01 3,500 3,678
Interest income from plan assets determined using the discount rate 133 150
Income/expenses from plan assets not included in interest income 90 111
Employer contributions to plan assets 66 59
Employee contributions to plan assets 3 3
Pension payments from plan assets –231 –297
Disposals arising from plan settlements –16 –164
Currency translation differences from foreign plans 80 –41
Other changes 2 –
Fair value of plan assets as of 12/31 3,627 3,500
As of the reporting date, €1,378 million (previous year: €1,369 million) of the fair value of 
plan assets was attributable to the International plans in the USA, €1,438 million (previous 
year: €1,364 million) to the plans of the TRATON Holding and the German MAN Truck & 
Bus companies, and a further €331 million (previous year: €300 million) to Scania’s plans 
in Sweden.
In the next fiscal year, employer contributions to plan assets are expected to amount to 
€123 million (previous year: €123 million).
The investment of plan assets to cover future pension obligations resulted in total com-
prehensive income of €223 million (previous year: €261 million).
Plan assets are invested in the following asset classes:
 
12/31/2024 12/31/2023
€ million
Quoted 
prices  
in active 
markets
No quoted 
prices  
in active 
markets Total
Quoted 
prices  
in active 
markets
No quoted 
prices  
in active 
markets Total
Cash and cash 
equivalents 96 – 96 110 – 110
Equity instruments 175 – 175 151 – 151
Debt instruments 138 4 142 148 4 152
Direct investments 
in real estate – 56 56 – 54 54
Equity funds 1,116 2 1,118 1,011 2 1,013
Bond funds 1,279 82 1,362 1,059 87 1,146
Real estate funds 217 23 240 242 24 266
Other instruments 4 207 211 18 184 202
Other 85 141 227 73 333 406
Fair value of  
plan assets 3,111 516 3,627 2,811 689 3,500
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32. Other provisions
Accounting policies: other provisions
Under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, provisions 
are recognized for a present obligation to a third party arising from a past event 
that is likely to result in an outflow of resources and whose amount can be measured 
reliably. The amount of the provision is determined based on estimates of the 
amount of the loss and the probability of utilization.
Provisions that do not result in an outflow of resources within the year are recog -
nized at the settlement amount discounted at the reporting date. Discounting uses 
market rates of interest. The settlement amount also reflects expected cost 
increases at the reporting date. Provisions are not offset against recourse rights.
Estimates and management’s judgment: recognition and measurement 
of provisions
Recognition and measurement of provisions are based on estimates of the amount 
and probability of future events, and estimates of the discount rate. If possible, 
experience or external appraisals are used in these cases. Warranty claims arising 
from unit sales are determined on the basis of estimated future costs and ex gratia 
arrangements. In addition, assumptions must be made about the nature and extent 
of future guarantee and ex gratia claims. The measurement of restructuring provi-
sions is based on estimates and assumptions regarding the amount of severance 
payments, the effects of onerous contracts, the timeline for the implementation of 
measures, and, consequently, the timing of the expected payments. Litigation and 
other court proceedings lead to complex legal issues and entail numerous uncer -
tainties. The current status of negotiations and estimates by local management 
and TRATON SE’s Executive Board as well as by external lawyers are taken into 
account for the measurement.
 
€ million
Obligations 
arising 
from  
unit sales
Obligations 
to  
employees
Litigation 
and legal 
risks
Restruc -
turing
Miscel-  
laneous  
provisions Total
Balance as of 
01/01/2024 2,074 362 365 68 658 3,527
Currency translation 
differences –12 0 3 0 –29 –37
Utilization –1,226 –84 –41 –43 –246 –1,640
Additions/  
new provisions 1,535 130 208 5 277 2,155
Unwinding of 
 discount/effect  
of change in 
 discount rate 38 5 3 – 0 46
Reversals –113 –12 –27 –3 –62 –217
Balance as of 
12/31/2024 2,297 402 512 27 597 3,835
of which current 1,397 111 160 27 413 2,108
of which  
noncurrent 900 291 352 – 184 1,727
Obligations arising from unit sales contain provisions that cover all risks attributable to 
the sale of vehicles and spare parts. These primarily relate to provisions for warranties and 
statutory or contractual guarantee obligations. They also include provisions for discounts, 
bonuses, and similar allowances incurred after the reporting date, but for which there is 
a legal or constructive obligation attributable to sales revenue before the reporting date. 
Provisions for obligations to employees are recognized for long-service awards, partial 
retirement arrangements, severance payments, and similar obligations, among other 
things.
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As of December 31, 2024, there were provisions for civil lawsuits against Scania Vehicles 
& Services and MAN Truck & Bus in connection with the EU antitrust proceedings. The 
provisions for litigation and legal risks also contain amounts related to a large number of 
legal disputes and official proceedings in which TRATON GROUP companies become 
involved in Germany and internationally in the course of their operating activities. In 
particular, such legal disputes and other proceedings may occur in relation to suppliers, 
dealers, customers, and employees. Refer to Note “38. Litigation/legal proceedings” for 
a discussion of the legal risks.
Miscellaneous provisions relate to a large number of identifiable specific risks and uncertain 
obligations arising from operating activities that are measured at the expected settlement 
amount. Miscellaneous provisions also contain provisions for litigation in connection with 
indirect and other taxes. 
33. Statement of cash flows
Accounting policies: statement of cash flows
The cash and cash equivalents presented in the statement of cash flows correspond 
to the “Cash and cash equivalents” balance sheet item (see Note “26. Cash and 
cash equivalents”). Current account overdraft facilities are not presented as a com-
ponent of cash and cash equivalents in the statement of cash flows, but are reported 
in net cash used in/provided by financing activities if they are used. 
In 2024, net cash provided by/used in operating activities contained interest received of 
€1,484 million (previous year: €1,213 million) and interest paid of €1,510 million (previous 
year: €1,300 million). Net cash provided by/used in operating activities in 2024 also con-
tained dividends received from joint ventures and associates amounting to €159 million 
(previous year: €27 million) and dividends received from other equity investments of 
€1 million (previous year: €4 million). Other noncash income and expenses result primar-
ily from measurement effects relating to financial instruments denominated in foreign 
currencies and fair value changes relating to derivatives. 
We report the acquisition and disposal of subsidiaries in investing activities. Payments 
from the disposal of subsidiaries are reported net of cash and cash equivalents disposed 
at the date of disposal. Payments of €1 million (previous year: €400 million) were offset 
against cash and cash equivalents disposed of €1 million (previous year: €304 million) in 
2024. A further €31 million (previous year: €31 million) was received in the reporting period 
in the context of purchase price adjustments from the disposal of MWM in 2022. When 
subsidiaries are acquired, cash and cash equivalents acquired are deducted from the 
purchase price paid. In the year under review, €4 million (previous year: €5 million) of 
cash and cash equivalents acquired was therefore deducted from the purchase prices 
paid in the total amount of €73 million (previous year: €43 million). In the reporting period, 
this includes a purchase price payment of €58 million, less €4 million in cash and cash 
equivalents received, for the expansion and acquisition of rights to MAN’s financial services 
business. The “Investments to acquire subsidiaries and other businesses” line item had 
contained €271 million in 2023 that was paid into an account at VW Bank under the terms 
of the framework agreement to gradually acquire key aspects of the global MAN and 
VWTB financial services business. For further information on this transaction, see Note 
“6. Acquisitions”. 
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The following reconciliation shows the changes in financial liabilities, classified by changes 
affecting cash flows and noncash changes.
 
Noncash changes Noncash changes
€ million 01/01/2024
Changes 
affecting 
cash flows
Foreign 
exchange 
differ- 
ences
Changes  
in basis  
of consoli -
dation
Other 
changes 12/31/2024 01/01/2023
Changes 
affecting 
cash flows
Foreign 
exchange 
differ- 
ences
Changes  
in basis  
of consoli -
dation
Other 
changes 12/31/2023
Bonds1 11,682 2,893 75 – 13 14,663 10,236 1,399 47 – – 11,682
Schuldscheindarlehen 700 –350 – – – 350 700 0 – – – 700
Other third-party borrowings 1 8,141 –43 –238 246 –13 8,092 8,986 –823 –42 27 –7 8,141
Lease liabilities 2 1,181 –276 –5 0 272 1,171 1,209 –263 –7 18 223 1,181
Total third-party borrowings 21,704 2,224 –169 246 272 24,277 21,131 314 –2 45 215 21,704
Derivatives in connection with financing activities 3 115 –82 –4 – –52 –23 203 –92 –109 – 112 115
Financial assets and liabilities in financing activities 21,818 2,142 –173 246 219 24,253 21,334 222 –111 45 328 21,818
1  Prior-period amounts adjusted to reflect the current presentation
2  Other changes in lease liabilities largely contain noncash additions to lease liabilities.
3  Other changes in foreign exchange derivatives in connection with financing activities result from changes in fair value.
34.  Significance of financial instruments for net assets, financial position,  
and results of operations 
Recognition, derecognition, and classification of financial instruments 
Accounting policies: recognition, derecognition, and classification of 
financial instruments
Primary financial instruments are accounted for at the settlement date in the case 
of regular way purchases or sales — that is, the date on which the asset is delivered. 
Financial instruments are recognized at the time when TRATON becomes a party 
to the contract. A financial asset is derecognized if the rights to receive cash flows 
have expired or have been transferred, and TRATON has transferred substantially 
all the risks and rewards of ownership, in particular the bad debt and payment date 
risk. A financial liability is derecognized when the obligations specified in the con-
tract are fulfilled or canceled. 
Classification of financial assets depends on the contractual cash flow character -
istics and TRATON’s business model for managing financial assets. Since generally 
all cash flows from primary financial instruments of the TRATON GROUP, with the 
exception of other equity investments, consist exclusively of payments of principal 
and interest on the principal amount outstanding, and since TRATON’s intention is 
to collect these contractual cash flows, financial assets in the form of a debt instru-
ment are exclusively allocated to the “at amortized cost” measurement category. 
If, in individual cases, the cash flows from primary financial instruments do not 
consist exclusively of principal and interest payments on the principal amount out-
standing, these financial assets are assigned to the “at fair value” measurement 
category.
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In the case of derivatives and other equity investments, the cash flows do not 
consist exclusively of payments of principal and interest on the principal amount 
outstanding. They are therefore allocated to the “at fair value” measurement cate-
gory. For further information on derivative financial instruments included in hedge 
accounting, see the “Derivatives and hedge accounting” section in this chapter.
With the exception of derivatives, all financial liabilities are allocated to the “at 
amortized cost” measurement category. 
Investments in associates and joint ventures as well as lease receivables and liabil-
ities are allocated to “no measurement category”. Financial instruments that form 
part of a disposal group continue to be allocated to their original IFRS 9 measure-
ment category.
Reconciliation of balance sheet items to classes of financial instruments
The following table shows the reconciliation of the balance sheet items to the relevant 
classes of financial instruments, broken down by the carrying amount and fair value of 
the financial instruments. For reasons of materiality, the fair value of current balance sheet 
items is generally considered to be their carrying amount.
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Reconciliation of balance sheet items to classes of financial instruments 
Measured at  
fair value
Measured at 
 amortized cost
Derivative 
financial 
instru -
ments 
within 
hedge ac -
counting
Not allo-  
cated to 
any mea- 
surement  
category
Balance 
sheet item 
as of 
12/31/2024
Measured at  
fair value
Measured at 
 amortized cost
Derivative 
financial 
instru -
ments 
within 
hedge ac -
counting
Not allo-  
cated to 
any mea- 
surement  
category
Balance 
sheet item 
as of 
12/31/2023
€ million Note
Through 
other 
compre -
hensive 
income
Through 
profit or 
loss
Carrying 
amount Fair value
Carrying 
amount
Carrying 
amount  
Through 
other 
compre -
hensive 
income
Through 
profit or 
loss
Carrying 
amount Fair value
Carrying 
amount
Carrying 
amount  
Noncurrent assets                
Other equity investments [20] 71 – – – – 68 139 140 – – – – 95 235
Financial services receivables [21] – – 4,814 4,740 – 4,276 9,090 – – 4,327 4,331 – 3,440 7,767
Other financial assets [22] – 294 219 218 3 – 516 – 287 165 165 17 – 469
Current assets                
Trade receivables [25] – – 3,096 3,096 – – 3,096 – – 3,894 3,894 – – 3,894
Financial services receivables [21] – – 4,747 4,747 – 2,146 6,894 – – 3,661 3,661 – 1,893 5,554
Income tax receivables 1  – – 34 34 – – 34 – – 5 5 – – 5
Other financial assets [22] – 119 691 691 15 – 825 – 83 813 813 22 – 918
Marketable securities and 
 investment deposits  – – 46 46 – – 46 – – 53 53 – – 53
Cash and cash equivalents [26] – – 2,542 2,542 – – 2,542 – – 1,730 1,730 – – 1,730
Noncurrent liabilities                
Financial liabilities [28] – – 14,842 14,991 – 917 15,759 – – 13,102 13,045 – 942 14,044
Other financial liabilities [29] – 252 1,599 1,599 119 – 1,970 – 275 1,733 1,687 164 – 2,172
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Reconciliation of balance sheet items to classes of financial instruments 
Measured at  
fair value
Measured at 
 amortized cost
Derivative 
financial 
instru -
ments 
within 
hedge ac -
counting
Not allo-  
cated to 
any mea- 
surement  
category
Balance 
sheet item 
as of 
12/31/2024
Measured at  
fair value
Measured at 
 amortized cost
Derivative 
financial 
instru -
ments 
within 
hedge ac -
counting
Not allo-  
cated to 
any mea- 
surement  
category
Balance 
sheet item 
as of 
12/31/2023
€ million Note
Through 
other 
compre -
hensive 
income
Through 
profit or 
loss
Carrying 
amount Fair value
Carrying 
amount
Carrying 
amount  
Through 
other 
compre -
hensive 
income
Through 
profit or 
loss
Carrying 
amount Fair value
Carrying 
amount
Carrying 
amount  
Current liabilities                
Financial liabilities [28] – – 8,263 8,263 – 254 8,517 – – 7,421 7,421 – 239 7,660
Trade payables  – – 5,349 5,349 – – 5,349 – – 5,791 5,791 – – 5,791
Other financial liabilities [29] – 273 1,809 1,809 38 – 2,121 – 124 1,975 1,975 16 – 2,115
Income tax payables 1  – – 5 5 – – 5 – – 8 8 – – 8
1  Income tax receivables/liabilities as a result of tax allocation to Volkswagen Group companies
The “Financial liabilities” item contains liabilities from bonds with a carrying amount of 
€2,571 million (previous year: €2,147 million) and a fair value of €2,527 million (previous 
year: €2,137 million) that are included in hedge accounting as a fair value hedge. They 
were allocated to the “at amortized cost” measurement category.
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Carrying amount of financial instruments by measurement categories
€ million 12/31/2024 12/31/2023
Assets measured at amortized cost 16,188 14,646
Other equity investments measured at fair value through other 
 comprehensive income 71 140
Assets measured at fair value through profit or loss 413 371
Total financial assets 16,673 15,157
Liabilities measured at amortized cost 31,868 30,030
Liabilities measured at fair value through profit or loss 525 399
Total financial liabilities 32,393 30,429
Financial assets and liabilities measured at fair value 
Accounting policies: financial assets and liabilities measured  
at fair value
As a rule, fair value corresponds to the market or stock exchange price. If no active 
market exists, fair value is determined using observable inputs as far as possible. If 
no observable inputs are available, fair value is determined using valuation tech -
niques.
Measurement and presentation of the fair value of financial instruments are based 
on a fair value hierarchy that reflects the significance of the inputs used for mea-
surement and is categorized as follows:
Level 1 inputs: Level 1 inputs are quoted prices (unadjusted) in active markets for 
identical assets and liabilities.
Level 2 inputs: Level 2 inputs are inputs other than quoted prices included within 
Level 1 that are observable for the asset or liability, either directly or indirectly. The 
fair value of Level 2 financial instruments is determined on the basis of the condi-
tions prevailing at the end of the reporting period, such as interest rates or exchange 
rates, and using recognized models, such as discounted cash flow or option pricing 
models.
Level 3 inputs: Level 3 inputs are inputs for the asset or liability that are not based 
on observable market data (unobservable inputs). The fair value of these assets 
and liabilities is determined on the basis of previous transactions, option pricing 
models, or discounted cash flow models.
The financial instruments that are categorized within fair value Level 2 primarily comprise 
derivative financial instruments. 
The other equity investments measured at fair value are categorized within Level 3 of 
the fair value hierarchy. These equity investments largely comprise shares in unlisted 
companies for which there is no active market. Due to the small carrying amount of these 
investments, a change in unobservable inputs would not result in a significantly lower or 
higher fair value of the instruments. These include shares of TuSimple Holdings Inc., San 
Diego, USA, which were delisted in February 2024. As market prices are no longer available, 
the shares with a value of €13 million were reclassified from Level 1 of the fair value hier-
archy into Level 3. In the current fiscal year, the value change of €–13 million (€–11 million) 
is recognized in other comprehensive income in the “Fair value measurement of other 
equity investments”, with the shares at Level 3 of the fair value hierarchy accounting for 
€–13 million (€0 million).
The “Other financial assets” item includes a receivable relating to contingent consider -
ation from the disposal of MWM. The receivable is measured at fair value through profit 
or loss and categorized within Level 3 of the fair value hierarchy, since it was measured 
using probability and usage assumptions. In addition, the “Other financial assets” item 
also includes receivables from associates arising from convertible loan agreements. The 
receivables are measured at fair value through profit or loss and categorized within Level 3 
of the fair value hierarchy, as assumptions are made regarding the various conversion 
scenarios and their probability of occurrence. The loan was converted into shares in 
December 2024. This transaction was accounted for as a non-cash transaction and had 
no impact on cash and cash equivalents. Any change in the unobservable inputs would 
not result in any significant change in the fair value of any of the instruments. 
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The following table shows changes in other equity investments and other financial assets 
measured at fair value and categorized within Level 3:
Changes in balance sheet items measured at fair value based on Level 3
2024 2023
€ million
Other equity 
investments 
categorized 
within Level 3
Other finan -
cial assets 
categorized 
within Level 3
Other equity 
investments 
categorized 
within Level 3
Other finan -
cial assets 
categorized 
within Level 3
Balance as of 01/01 127 73 110 14
Fair value changes in “Fair value 
measurement of other equity 
 investments” recognized in other 
comprehensive income –88 – 6 –
Fair value changes in  
“Other financial result”  
recognized in profit or loss – 9 – 11
Additions/acquisitions 14 0 11 47
Reclassification from Level 1 13 – – –
Currency translation differences –3 –5 0 1
Changes in basis of consolidation 7 – – –
Sales and settlements – –61 – –
Balance as of 12/31 71 16 127 73
The major part of the fair value changes in “Fair value measurement of other equity invest-
ments” recognized in other comprehensive income relates to the decrease in fair value 
of the other equity investment in Northvolt AB due to the filing for creditor protection 
under US law in November 2024. The decline in fair value was calculated using unobserv-
able inputs and based on the best information available.
Reclassifications between the levels of the fair value hierarchy are accounted for at the 
relevant reporting dates. The reclassification from Level 1 into Level 3 in 2024 relates to 
the investment in TuSimple, for which no market price data is available due to the delist-
ing in February 2024. There were no reclassifications between levels of the fair value 
hierarchy in 2023. 
Net gains and losses on financial instruments measured at fair value 
€ millions 2024 2023
Net gains and losses:   
Financial instruments measured at fair value through profit or loss –410 –9
Net gains and losses on financial assets and liabilities measured at fair value through 
profit or loss mainly comprise derivatives not included in hedge accounting.
Financial assets and liabilities measured at amortized cost 
Accounting policies: financial assets and liabilities measured at 
 amortized cost
As a rule, primary financial assets and liabilities are initially recognized at cost, plus 
or minus transaction costs. Primary financial assets and liabilities are subsequently 
measured at amortized cost. Amortized cost is the amount at which financial assets 
or liabilities are measured at initial recognition, minus any principal repayments, 
plus or minus the cumulative amortization of any difference between the original 
amount and the amount repayable at maturity, amortized using the effective 
interest method. In the case of financial assets, the amount is adjusted for any loss 
allowances.
If fair value is disclosed for financial instruments measured at amortized cost, it is 
calculated by discounting, using a market rate of interest for a similar risk and 
matching maturity.
In all cases, the TRATON GROUP recognizes lifetime expected credit losses ( ECLs) 
for trade receivables and lease receivables (referred to in the following as the “sim-
plified approach”). For trade receivables, expected credit losses are estimated using 
a provision matrix unless there is objective evidence of individual impairment. The 
provision matrix is based on the Group’s historical loss experience, adjusted for 
debtor-specific factors, general economic factors, and an estimate of both current 
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and expected changes in variables as of the reporting date, including the time value 
of money. The provision rates depend on the number of days a receivable is past 
due:
 – Not impaired and not past due: 1.0% of the receivable
 – Up to 30 days past due: 1.5% of the receivable
 – 31 to 90 days past due: 2.0% of the receivable
 – More than 91 days past due: 3.0% of the receivable
For other financial instruments, the TRATON GROUP recognizes lifetime ECLs if there 
has been a significant increase in credit risk since initial recognition (referred to in 
the following as the “general approach”). By contrast, if the credit risk of the finan-
cial instrument has not increased significantly since initial recognition, a loss allow-
ance is measured for that financial instrument at an amount equal to 12-month 
ECLs. To the extent that the internal risk management and control systems do not 
indicate a significant increase in credit risk at an earlier point in time, there is gen-
erally a rebuttable presumption in the TRATON GROUP that a significant increase 
in credit risk has arisen if payments are more than one day past due. 
Financial instruments are allocated to one of four loss stages: 
Stage 1:   financial instruments at initial recognition and whose credit risk has not 
increased significantly
Stage 2:   financial instruments with a significant increase in credit risk since recog-
nition of the instrument, based on expected credit losses over the lifetime 
of the underlying contract
Stage 3:  credit-impaired financial instruments
Stage 4:  purchased or originated credit-impaired financial instruments
Allocation to a stage is reviewed in each reporting period. A financial asset is credit- 
impaired if one or more events have occurred that negatively impact future 
expected cash flows. These events include delayed payment over a certain period, 
the institution of enforcement measures, the threat of insolvency or overindebted-
ness, the application for or opening of bankruptcy proceedings, or the failure of 
reorganization measures. The amount of expected credit losses is based on the 
probability of default, the loss given default, and the exposure at default. The loss 
given default takes into account collateral received and other credit enhancements. 
For financial assets, expected credit losses are calculated as the present value of 
the difference between all contractual cash flows payable to the TRATON GROUP 
under the terms of the contract and all cash flows that the Group expects to receive. 
This difference is discounted using the original effective interest rate (or the credit- 
adjusted effective interest rate for Stage 4 financial instruments). If, based on the 
internal risk management and control systems, there are no grounds for assuming 
that there will be an increase in credit risk at an earlier point in time, there is a 
rebuttable presumption in the TRATON GROUP that default has occurred if pay -
ments are more than 90 days past due. Appropriate groupings are made when 
determining the expected credit losses. The financial asset is always derecognized 
if there are no longer any reasonable expectations that it is collectible.
The loss allowance for the subsequent measurement of Stage 4 financial instru -
ments is measured as the cumulative change in lifetime expected credit loss. These 
instruments are not reclassified from Stage 4.
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The following tables contain an overview of the financial assets and liabilities measured 
at amortized cost by level:
Fair values of financial assets and liabilities measured at amortized cost by level
€ million Level 1 Level 2 Level 3 12/31/2024 Level 1 Level 2 Level 3 12/31/2023
Financial services receivables – – 9,488 9,488 – – 7,992 7,992
Trade receivables – 3,096 – 3,096 – 3,894 – 3,894
Income tax receivables – 34 – 34 – 5 – 5
Other financial assets 0 860 49 909 1 976 0 977
Marketable securities and investment deposits – 46 – 46 – 53 – 53
Cash and cash equivalents 2,542 – – 2,542 1,730 – – 1,730
Fair values of financial assets measured at amortized cost 2,542 4,035 9,537 16,114 1,731 4,928 7,992 14,650
Trade payables – 5,349 – 5,349 – 5,791 – 5,791
Financial liabilities 9,418 13,837 – 23,255 6,075 14,390 – 20,465
Other financial liabilities 18 3,389 0 3,408 19 3,643 0 3,662
Income tax payables – 5 – 5 – 8 – 8
Fair values of financial liabilities measured at amortized cost 9,436 22,581 0 32,017 6,094 23,832 0 29,926
The lease receivables have a carrying amount of €6,423 million (previous year: 
€5,333 million) and a fair value (Level 3 of the fair value hierarchy) of €6,414 million (pre-
vious year: €5,295 million).
Total interest income and expenses from financial instruments measured at amortized cost 
€ million 2024 2023
Interest income 901 707
Interest expenses –1,178 –961
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Net gains and losses on financial instruments measured at amortized cost 
€ million 2024 2023
Net gains and losses:   
Financial assets measured at amortized cost –491 418
Financial liabilities measured at amortized cost –1,989 –980
Net gains and losses on financial assets and liabilities measured at amortized cost com-
prise interest income and expenses measured using the effective interest method under 
IFRS 9, including currency translation effects. In addition, net gains and losses on financial 
assets include impairment losses as well as related reversals.
For further information on credit risk, refer to Note “35. Nature and extent of risks arising 
from financial instruments”.
Derivatives and hedge accounting
Accounting policies: derivatives and hedge accounting
Derivatives are initially recognized and accounted for at each subsequent reporting 
date at their fair value. They are generally recognized at the trade date.
The recognition of gains and losses from fair value measurement depends on the 
designation of the derivative. Derivatives that do not meet the IFRS 9 hedge 
accounting criteria are measured at fair value through profit or loss (also referred 
to in the following as “derivatives or hedging instruments not included in hedge 
accounting”). These gains and losses from measurement and realization are recog-
nized in other operating income/expense (for example, foreign currency derivatives 
for customer orders) or in financial result (for example, foreign currency hedges for 
net liquidity items), depending on the underlying risk. 
A condition for applying hedge accounting is that the hedging relationship 
between the hedged item and the hedging instrument is clearly documented and 
that there is an economic relationship between the hedged item and the hedging 
instrument that is not dominated by the effect of the credit risk. The hedging 
instruments are selected so that they are essentially affected by the same risk as 
the underlying transactions, namely foreign exchange risk or interest rate risk.
In the case of cash flow hedges, gains or losses from the remeasurement of the 
effective designated portion of the derivative are recognized in the cash flow 
hedge reserve in other comprehensive income. If the forward element and the 
cross-currency basis spread are not designated, the resulting gains and losses are 
recognized in the reserve for cost of hedging. The amounts recognized in other 
comprehensive income are reclassified to the income statement as soon as the 
hedged future cash flows are recognized in profit or loss. The reclassification of 
both the cash flow hedge reserve and the reserve for cost of hedging is recognized 
in the item to which the hedged item is allocated. If a cash flow hedge subsequently 
results in the recognition of a nonfinancial asset, the cash flow hedge reserve and 
the reserve for cost of hedging are included in the initial cost of the nonfinancial 
asset; this does not constitute any reclassification adjustment. The ineffective por-
tion of a cash flow hedge is recognized in profit or loss for the period.
When hedging against the risk of changes in the value of balance sheet items (fair 
value hedges), both the hedging instrument and the hedged effective risk portion 
of the underlying transaction are measured at fair value. Changes in the fair value 
of hedging instruments and hedged items are recognized in profit or loss. The 
hedged items in the TRATON GROUP relate to bonds that are measured at amortized 
cost. Changes in amortized cost because of hedging gains and losses are amortized 
at the latest when hedge accounting is discontinued.
For further information on the risk strategy, refer to Note “35. Nature and extent 
of risks arising from financial instruments”.
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The following table contains an overview of the TRATON GROUP’s derivative financial 
instruments, broken down by whether or not they are included in hedge accounting and 
by the hedged risk.
Overview of the TRATON GROUP’s derivative financial instruments
2024 2023
€ million
Derivative 
 financial 
 instruments
Derivative 
 financial 
 instruments 
not included 
in hedge 
 accounting
Derivative 
 financial 
 instruments 
within hedge 
accounting
Of which: 
hedging of 
currency risk 
through 
hedge 
 accounting
Of which: 
hedging of 
 interest rate 
risk through 
hedge 
 accounting
Derivative 
 financial 
 instruments
Derivative 
 financial 
 instruments 
not included 
in hedge 
 accounting
Derivative 
 financial 
 instruments 
within hedge 
accounting
Of which: 
hedging of 
currency risk 
through 
hedge 
 accounting
Of which: 
hedging of 
 interest rate 
risk through 
hedge 
 accounting
Noncurrent assets           
Other financial assets 290 287 3 0 3 244 227 17 15 2
Current assets            
Other financial assets 125 110 15 14 1 93 71 22 22 –
Noncurrent liabilities            
Other financial liabilities 371 252 119 27 92 439 275 164 1 163
Current liabilities           
Other financial liabilities 312 273 38 31 7 140 124 16 16 –
Hedging of currency risk through hedge accounting
The TRATON GROUP partly hedges currency risk arising from order backlog, receivables 
and liabilities, and planned unit sales. Companies that enter into hedging transactions 
choose the hedge ratio for expected sales revenue on the basis of past experience in order 
to avoid ineffectiveness. Nevertheless, ineffectiveness can result from changes in counter-
party credit risk or if the spot component of a forward is not separated from the forward 
element. There are no fair value hedges relating to currency risk.
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The following tables show details of derivatives included in hedge accounting in terms 
of the currency risk: 
Amount, timing, and uncertainty of cash flows
2024 2023
Maturity Maturity
€ million < 1 year 1–5 years > 5 years
Total 
nominal 
amount < 1 year 1–5 years > 5 years
Total 
nominal 
amount
Currency risk         
Currency forwards BRL/USD 178 199 – 377 119 120 – 239
Currency forwards EUR/GBP 232 – – 232 454 – – 454
Currency forwards EUR/CHF 82 5 – 87 135 – – 135
Currency forwards EUR/ZAR 74 – – 74 70 – – 70
Currency forwards EUR/DKK 46 – – 46 72 – – 72
Currency forwards EUR/USD 24 18 – 42 37 1 – 37
Currency forwards EUR/CZK 20 4 – 25 – – – –
Currency forwards EUR/NOK 23 – – 23 31 – – 31
Currency forwards  — other currencies 42 5 – 47 81 – – 81
 722 231 – 953 999 121 – 1,120
Currency risk was hedged by cash flow hedges at the following average hedging exchange 
rates for the major currency pairs: 6.06 BRL/USD; 0.85 EUR/GBP; 0.93 EUR/CHF.
Information on hedging instruments included in hedge accounting
€ million 2024 2023
Currency risk   
Fair value change to determine hedge ineffectiveness –50 11
Nominal value 953 1,120
Information on hedged items included in hedge accounting
€ million 2024 2023
Currency risk   
Fair value change to determine hedge ineffectiveness 50 –11
Reserve for active cash flow hedges –50 11
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Information about the effects of hedge accounting on the statement of comprehensive income
€ million 2024 2023
Currency risk   
Hedging instruments included in hedge accounting   
Unrealized gains and losses on hedging instruments –58 6
Reclassification of realized gains and losses to profit or loss 15 –20
Cost of hedging   
Unrealized gains and losses relating to cost of hedging 1 –3
Reclassification of realized gains and losses to profit or loss –3 7
Reclassified to profit or loss because future cash flows are no longer 
expected to materialize 1 –
Reconciliation of cash flow hedge reserve
€ million 2024 2023
Balance as of 01/01 11 31
Gains or losses from effective hedges –87 9
Reclassification to profit or loss   
because the hedged future cash flows are no longer expected  
to materialize 2 –
due to recognition of hedged item in profit or loss 22 –29
Other changes (foreign exchange effects) 3 0
Balance as of 12/31 –50 11
Reconciliation of the reserve for cost of hedging
€ million 2024 2023
Balance as of 01/01 10 3
Gains or losses from effective hedges 2 –5
Reclassification to profit or loss   
because the hedged future cash flows are no longer expected  
to materialize 1 –
due to recognition of hedged item in profit or loss –5 10
Other changes (foreign exchange effects) –3 1
Balance as of 12/31 5 10
Hedging of interest rate risk through hedge accounting
Of the outstanding total amount of €10,819 million (previous year: €8,330 million) issued 
by TRATON Finance, €2,050 million (previous year: €2,050 million) is included in hedge 
accounting as of December 31, 2024; interest rate swaps are used to hedge against inter-
est rate changes. In addition, the TRATON GROUP entered into interest rate swaps with a 
nominal value of €624 million (previous year: €271 million) to hedge the interest rate risk 
of International Financial’s fixed-rate asset-backed securities debt. The interest rate swaps 
and the hedged items have the same material conditions, which is why an offsetting 
economic relationship can be assumed. Nevertheless, ineffectiveness arises mainly 
because of TRATON’s nondesignated own credit risk, which is reflected in the measure -
ment of the swaps. The hedging relationships are accounted for as a fair value hedge. 
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The following tables show details of the derivatives:
Amount, timing, and uncertainty of cash flows
2024 2023
Maturity Maturity
€ million < 1 year 1–5 years > 5 years Total < 1 year 1–5 years > 5 years Total
Interest rate risk         
Interest rate swaps 42 105 – 147 102 143 8 253
The average rate for interest rate swaps used to hedge interest rate risk in fair value hedges 
was 1.72% (previous year: 0.54%).
Information on hedging instruments included in hedge accounting
€ million 2024 2023
Interest rate risk   
Accumulated fair value change to determine hedge ineffectiveness –101 –168
Nominal amount 2,674 2,321
Information on hedged items included in hedge accounting
€ million 2024 2023
Interest rate risk   
Carrying amount of financial liabilities 2,572 2,147
Accumulated amount of hedge adjustments –98 –172
Accumulated fair value change to determine hedge ineffectiveness 98 172
Ineffectiveness recognized in profit or loss and reported in other 
 financial result –5 –10
Offsetting financial assets and liabilities 
Accounting policies: offsetting financial assets and liabilities
Financial assets and financial liabilities are generally reported at their gross carry -
ing amounts. They are only offset if the TRATON GROUP currently has a legally 
enforceable right to offset the recognized amounts and intends to do so.
The following table presents information about the effects of offsetting on the consoli -
dated balance sheet and the potential financial effects of offsetting in the case of instru-
ments that are subject to a legally enforceable master netting arrangement or a similar 
agreement. With the exception of the offset amounts presented below, the gross amounts 
correspond to the net amounts because they were not offset in the consolidated balance 
sheet.
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Offsetting financial assets and liabilities
Amounts that are not offset in the balance sheet
€ million Gross amount
Gross amount  
offset in the  
balance sheet
Net amount  
presented in the  
balance sheet
Financial  
instruments Collateral pledged
Net amount as of  
12/31
2024       
Financial assets       
Derivative financial instruments 415 – 415 –217 – 198
Trade receivables 3,147 –51 3,096 – – 3,096
Financial liabilities       
Derivative financial instruments 683 – 683 –217 – 465
Financial liabilities 24,277 – 24,277 – –1,124 23,153
Trade payables 5,400 –51 5,349 – – 5,349
2023       
Financial assets       
Derivative financial instruments 337 – 337 –260 – 77
Trade receivables 3,928 –35 3,894 – – 3,894
Financial liabilities       
Derivative financial instruments 579 – 579 –260 – 320
Financial liabilities 21,704 – 21,704 – –957 20,747
Trade payables 5,826 –35 5,791 – – 5,791
The “Financial instruments” column shows the amounts that are subject to a master 
netting arrangement but that have not been offset in the consolidated balance sheet 
because they do not meet the offsetting criteria.
The “Collateral pledged” column contains financial receivables that were pledged as 
collateral for leases. Vehicles were also pledged as collateral in addition to these leases. 
It also contains payments for receivables that were pledged as collateral in order to obtain 
more favorable financing conditions.
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35. Nature and extent of risks arising from financial instruments 
Principles of financial risk management
Due to the TRATON GROUP’s business activities and international focus, its assets, liabil -
ities, and forecast transactions are exposed to credit, liquidity, currency, interest rate, and 
commodity price risk.
The Group’s currency, interest rate, and commodity price risks are hedged with banks on 
the basis of internally defined limits. The TRATON GROUP uses suitable financial instru -
ments such as derivatives to do this. Financial risks from balance sheet items, the order 
backlog, and other projected transactions are hedged. Such risks are not managed cen-
trally, but directly by TRATON SE and each of its brands. The relevant requirements of each 
company are considered since different functional currencies and business environments 
apply.
Counterparty risk is diversified as much as possible and monitored centrally. Liquidity 
risk is minimized by diversifying the sources of funding and ensuring a balanced mix of 
funding with different maturities, currencies, and interest rate agreements.
The TRATON GROUP management is notified regularly about the financial risk position. 
Compliance with the applicable Group policies is reviewed by the internal Audit function.
Credit and default risk
The TRATON GROUP is exposed to credit risk through its business operations and financ-
ing activities. From the Group’s perspective, credit risk entails the risk that a party to a 
financial instrument will fail to meet its contractual obligations and thus cause a financial 
loss for the Group. Credit risk comprises both the direct default risk and the risk of a 
deterioration in credit quality.
The maximum credit risk is reflected in the carrying amount of the financial assets 
recognized in the balance sheet. The TRATON GROUP holds collateral and other credit 
enhancements to further mitigate credit risk. Assets assigned as security, credit insurance, 
and guarantees are used as collateral. The risk from primary financial instruments is addi-
tionally accounted for by recognizing bad debt allowances. 
The financial institutions and investment forms are carefully selected when investing 
cash funds, while a central limit system ensures diversification. Significant investments 
and derivatives are only entered into with national and international prime-rated banks. 
There are no material concentrations of credit risk in the TRATON GROUP.
Credit risk related to credit commitments to customers is managed decentrally, consid -
ering certain limits and using local credit quality assessments. Decisions on major credit 
commitments for the TRATON GROUP are made in subgroup credit committees. The 
maximum exposure to credit risk resulting from financial guarantees issued and irrevo -
cable credit commitments is determined by the amount that the TRATON GROUP would 
have to pay in the event of claims under these guarantees.
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Reconciliation of the loss allowance for financial assets measured at amortized cost 
General approach
€ million
12-month  
expected  
credit losses  
(Stage 1)
Lifetime expected  
credit losses —  
not impaired  
(Stage 2)
Lifetime expected  
credit losses —  
impaired  
(Stage 3)
Purchased  
credit-impaired  
assets  
(Stage 4)
Simplified  
approach Total
Loss allowance as of 01/01/2024 38 11 34 3 179 264
Change 3 6 15 –1 2 25
Loss allowance as of 12/31/2024 40 17 49 1 182 289
Loss allowance as of 01/01/2023 25 11 32 5 143 215
Change 13 0 2 –2 35 49
Loss allowance as of 12/31/2023 38 11 34 3 179 264
Changes in loss allowance for lease receivables
2024 2023
€ million Simplified  approach Simplified  approach
Loss allowance as of 01/01 141 338
Change 88 –197
Loss allowance as of 12/31 229 141
The loss allowance relates mainly to credit risk from trade receivables and financial 
services receivables.
The gross carrying amounts of financial assets measured at amortized cost increased by 
€1,568 million to €16,478 million (previous year: €14,910 million) due in particular to new 
financial services receivables and an increase in cash and cash equivalents.
The TRATON GROUP uses collateral, among other things, to lower credit risk. For financial 
assets with objective indications of impairment at the reporting date, the collateral 
mitigates the risk by €159 million (previous year: €74 million), of which €49 million (pre-
vious year: €– million) is attributable to collateral furnished for the loan to Northvolt.
The carrying amounts of financial assets and the credit risk exposure of financial guaran-
tees and credit commitments by credit risk rating grade are presented in the following. 
Credit risk rating grade 1 consists of financial instruments not exposed to any credit risk. 
Credit risk rating grade 2 consists of financial instruments that are subject to intensive 
credit management. Credit risk rating grade 3 consists of impaired financial instruments.
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Gross carrying amounts of financial assets by rating grade
€ million
12-month 
 expected 
credit losses  
(Stage 1)
Lifetime 
 expected 
credit  
losses —  
not impaired  
(Stage 2)
Lifetime  
expected 
credit  
losses —  
impaired  
(Stage 3)
Purchased  
credit 
impaired  
assets  
(Stage 4)
Simplified 
 approach 12/31/2024
12-month 
 expected 
credit losses  
(Stage 1)
Lifetime 
 expected 
credit  
losses —  
not impaired  
(Stage 2)
Lifetime 
 expected 
credit  
losses — 
 impaired  
(Stage 3)
Purchased  
credit 
impaired  
assets  
(Stage 4)
Simplified  
approach 12/31/2023
Rating grade             
Credit risk  
rating grade 1 11,896 – – 13 9,754 21,663 10,479 – – 7 8,667 19,153
Credit risk  
rating grade 2 0 356 – 49 685 1,091 – 245 – 1 622 868
Credit risk  
rating grade 3 – – 170 2 288 460 – – 104 2 257 363
 11,896 356 170 64 10,727 23,213 10,479 245 104 10 9,546 20,384
In the case of financial guarantee contracts and credit commitments, the bulk of the 
default risk exposure, accounting for €1,381 million (previous year: €1,651 million), relates 
to financial instruments for which the impairment loss is calculated on the basis of the 
expected 12-month credit loss (Stage 1), and is therefore allocated to credit risk rating 
grade 1.
Liquidity risk
Liquidity risk describes the risk that the TRATON GROUP will have difficulty in meeting its 
obligations associated with financial liabilities or that it can only procure liquidity at a 
higher price. To counter the liquidity risk, cash inflows and outflows and due dates are 
continuously monitored and managed. Cash requirements are primarily met by our oper-
ating business and by external financing arrangements. The TRATON GROUP’s solvency 
and liquidity are assured at all times by rolling liquidity planning, a liquidity reserve in 
the form of cash, credit lines with financial institutions and companies of the Volkswagen 
Group, and the issuance of securities on international money and capital markets. Special 
issuance programs and financing lines have been established for companies in the 
TRATON Financial Services segment to cover their funding requirements. There were no 
material concentrations of liquidity risk in the past fiscal year.
Cash and cash equivalents amounted to €2,542 million (previous year: €1,730 million) as 
of December 31, 2024. Cash and cash equivalents in certain countries (e.g., Brazil, China, 
and Poland) in the amount of €834 million (previous year: €792 million) are subject to 
exchange controls and are not available to the Group for cross-border transactions with-
out restriction. Such amounts are used locally to cover the financing needs of the oper -
ating business.
The TRATON GROUP’s credit facilities include customary change-of-control clauses, 
allowing the counterparty to demand early repayment in case of significant changes in 
ownership.
Two loans to a subsidiary of the TRATON GROUP used to develop and construct production 
and assembly facilities in China include a financial covenant each that requires the ratio 
of the subsidiary’s total liabilities to its total assets not to exceed 90%. As of December 31, 
2024, these loans have a term of ten years and a volume of €400 million (previous year: 
€– million), of which €308 million (previous year: €– million) was drawn down as of Decem-
ber 31, 2024. The bank monitors compliance with these financial covenants annually on 
the basis of the audited single-entity financial statements of the subsidiary. As of Decem-
ber 31, 2024, the TRATON GROUP did not breach the financial covenants included in the 
loan agreements.
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The TRATON GROUP also has an unused confirmed syndicated credit line of €4,500 million 
(previous year: €4,500 million) available as a liquidity reserve. As an additional liquidity 
reserve, the TRATON GROUP has revolving credit lines of €4,300 million (previous year: 
€4,300 million) at Volkswagen AG, of which €943 million (previous year: €797 million) 
was drawn down. In addition, the TRATON GROUP has unused unconfirmed credit lines 
from banks amounting to €562 million (previous year: €624 million) in order to enhance 
flexibility in financing decisions.
The following table shows how the cash flows relating to liabilities, derivatives, and finan-
cial guarantees affect the TRATON GROUP’s liquidity position:
 
2024 2023
Maturity overview
Remaining  
contractual maturities
Remaining  
contractual maturities
€ million 2025 2026–2029 > 2029 2024 2025–2028 > 2028
Financial liabilities 1 9,435 15,375 2,351 8,014 12,170 2,662
Trade payables 1 5,349 – – 5,780 11 1
Other financial 
 liabilities1, 2 1,812 1,619 66 1,973 1,558 102
Derivatives 8,757 6,430 1,459 5,203 3,726 1,950
Financial guarantees 508 – – 734 – –
 25,860 23,424 3,875 21,704 17,464 4,715
1  The amounts were calculated as follows: 
– If there is no agreement on contractual maturity, the liability refers to the earliest possible maturity date.
– In the case of variable interest rate agreements, interest reflects the conditions as of the reporting date.
– It is assumed that the cash outflows will not occur earlier than shown.
2  The undiscounted maximum cash outflows from buyback obligations are recognized as a financial liability.
Derivatives comprise both cash outflows from derivatives with negative fair values and 
cash outflows from derivatives with positive fair values for which gross settlement has 
been agreed. Derivatives entered into through offsetting transactions are also accounted 
for as cash outflows. The cash outflows from derivatives for which gross settlement has 
been agreed are matched by cash inflows that are not disclosed in the maturity analysis. 
If these cash inflows had also been recognized, the cash outflows presented would be 
significantly lower. This also applies in particular if hedges have been closed out through 
offsetting transactions.
The cash outflows from irrevocable credit commitments are presented in Note “39. Other 
financial obligations”, classified by contractual maturities.
In addition, individual companies of the TRATON GROUP use supplier finance arrange -
ments in which a supplier sells its existing trade receivables to a bank or third-party pro-
vider. The arrangements are subject to the following terms and conditions: 
 – Traditional supplier finance arrangements (single source of financing)
The supplier sends the invoice to the TRATON GROUP company after the goods have 
been delivered. The invoice is approved for payment by TRATON and the supplier offers 
the approved invoice for purchase to the designated bank. The bank accepts the offer, 
buys the invoice, and immediately pays a discounted invoice amount to the supplier. 
TRATON pays the full invoice amount to the bank when it is due.
 – Platform-based supplier finance arrangements (multi-bank approach)
The supplier sends the invoice to the TRATON GROUP company after the goods have 
been delivered. The invoice is approved for payment by TRATON. The supplier approves 
the invoices on the platform for early payment. One of the banks/third-party providers 
on the platform accepts the offer, buys the invoice, and immediately pays a discounted 
invoice amount to the supplier. TRATON pays the full invoice amount to the bank/
third-party provider when it is due.
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These continue to be presented in the balance sheet under trade payables because they 
meet the definition of a trade payable, and the contractual terms (e.g., payment terms) 
do not change or do not change materially. Collateral is not pledged in this context. Cor-
respondingly, the cash outflow is reported in net cash provided by/used in operating 
activities. As of December 31, 2024, trade payables include €421 million (€559 million) 
attributable to supplier finance arrangements, for which the suppliers already received 
payments of €416 million. These do not result in any material liquidity risks or risks from 
risk concentrations, and there were no noncash transfers of trade payables to financial 
liabilities in the reporting period.
Currency risk
Currency risk describes the risk of negative effects on earnings, cash flow, and balance 
sheet items due to exchange rate movements. The TRATON GROUP’s currency risk is a 
result of its investments, financing measures, and operating activities. Currency forwards, 
currency options, currency swaps, and cross-currency swaps are used to mitigate risks to 
future cash flows. 
The inclusion of subsidiaries or other affiliated Group companies in countries outside the 
eurozone in the consolidated financial statements represents a risk as a result of currency 
translation. As a general rule, TRATON does not use derivatives to hedge these translation 
risks.
Assets in the TRATON Financial Services segment should generally be funded by liabilities 
in the same currency. 
Hedging transactions entered into as part of foreign currency risk management were 
mainly in Brazilian reais, British pounds sterling, Swedish kronor, and US dollars.
There are no material concentrations of currency risk in the TRATON GROUP.
The primary and derivative financial instruments at the end of the reporting period were 
measured in a hypothetical scenario as part of a sensitivity analysis. The effects of a 10% 
increase/decrease in an exchange rate were as follows:
 
12/31/2024 12/31/2023
Equity
Earnings for  
the period Equity
Earnings for  
the period
€ million +10% –10% +10% –10% +10% –10% +10% –10%
Currency pair         
EUR/SEK – – –644 639 – – – 221 221
EUR/BRL – – 174 –174 – – – 181 181
EUR/USD 2 –3 –52 34 2 – 3 – 2 3
SEK/USD – – 39 –39 – – 22 – 22
EUR/GBP 14 –17 10 –13 28 – 34 26 – 32
CNY/SEK – – –22 22 – – – 7 7
USD/BRL 3 –3 –7 12 3 – 3 8 – 8
EUR/PLN – – –13 13 – – – 2 2
Interest rate risk
Interest rate risk describes the risk of negative effects from movements in interest rates. 
Financial instruments that are sensitive to movements in interest rates are exposed to 
interest rate risk in the form of fair value risk or cash flow risk. Fair value risk is calculated 
using the sensitivity of the carrying amount of a recognized financial instrument to 
changes in market interest rates. Cash flow risk describes the exposure to variability in 
future interest payments in response to interest rate movements. Interest rate swaps and 
cross-currency swaps are used to implement the risk management strategy.
The TRATON GROUP is exposed to interest rate risk from interest rate-sensitive assets and 
liabilities. Intragroup financing arrangements are mainly funded at matching maturities. 
Departures from the Group’s standards are subject to centrally defined limits and are 
monitored continuously.
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Interest rate risk within the meaning of IFRS 7 is calculated for the companies using 
sensitivity analyses. Any earnings effects attributable to interest rate sensitivity would be 
recognized exclusively in earnings for the period. The Group’s activities in the TRATON 
Financial Services segment are managed to largely match assets and liabilities in order 
to minimize interest rate mismatches. Appropriate risk methodologies are applied. There 
are no material concentrations of interest rate risk in the TRATON GROUP.
If market interest rates had been 100 basis points (bps) higher as of December 31, 2024, 
earnings after tax would have been €20 million lower (previous year: €51 million lower). 
If market interest rates had been 100 bps lower as of December 31, 2024, earnings after 
tax would have been €19 million higher (previous year: €51 million higher). 
Commodity price risk
The TRATON GROUP is primarily exposed to commodity price risk from fluctuations in the 
price and availability of commodities. Commodity price risks are captured centrally at 
regular intervals for MAN Truck & Bus and International Motors and hedged externally 
based on defined risk limits, provided there are liquid markets. This approach also con -
siders whether changes in commodity prices will be reflected in higher selling prices for 
the products. The Group enters into cash-settled commodity futures to mitigate these 
risks. There were no material concentrations of risk in the past fiscal year. 
Cash-settled commodity futures had been entered into at the balance sheet date to hedge 
commodity price risks relating to purchase contracts with a fair value of €–2 million (pre-
vious year: €1 million). Hedge accounting is not used at present. 
The maximum remaining maturity of hedges of future transactions at the end of fiscal 
year 2024 was 33 months (previous year: 30 months). Reflecting the sensitivity analysis 
of currency risk, a hypothetical 10% increase/decrease in the value of commodity prices 
did not have any significant effect on earnings after tax.
36. Capital management
The TRATON GROUP’s capital management ensures that the goals and strategies can be 
achieved in the interests of its shareholders, employees, and other stakeholders. Man -
agement focuses in particular on the net financial debt/ EBITDA (adjusted) ratio for the 
TRATON Operations business area, including Corporate Items, and on increasing the return 
on equity in the TRATON Financial Services segment. Corporate Items comprises TRATON 
Holding, consolidation effects between the business areas and with TRATON Holding, 
and the effects of purchase price allocation from the acquisition of individual segments. 
The return on investment, which was used up to and including fiscal year 2023 to deter-
mine the minimum return on invested capital in the TRATON Operations business area 
that is required by the capital markets, is no longer used for capital management pur -
poses. 
As a general rule, the capital structure of the TRATON Operations business area including 
Corporate Items should correspond to an implied solid investment-grade classification. 
The net financial debt/EBITDA (adjusted) ratio is a key performance indicator in this con-
text. If justified by extraordinary financing requirements or special market circumstances, 
this target can be temporarily relaxed subject to certain conditions. TRATON SE has been 
awarded external credit ratings by Moody’s and Standard & Poor’s (S&P) since June 2020. 
Moody’s is currently awarding a long-term rating of Baa2 (positive outlook), and S&P’s 
rating is BBB (stable outlook). Both ratings are investment-grade. 
The net financial debt to EBITDA (adjusted) ratio is calculated by dividing net liquidity/
net financial debt by EBITDA (adjusted) for the past twelve months and is determined for 
the TRATON Operations business area, including Corporate Items (see “Report on Eco -
nomic Position — 5. Financial Position — Net Liquidity/Net Financial Debt” in the Com-
bined Management Report). 
Net liquidity or net financial debt is calculated as gross liquidity, meaning cash and cash 
equivalents, marketable securities, investment deposits, and loans to affiliated companies 
(incl. restricted cash), less third-party borrowings (noncurrent and current financial liabil-
ities). It reflects cash and cash equivalents, marketable securities, investment deposits, 
and loans to affiliated companies not financed by third-party borrowings. The net financial 
debt to EBITDA (adjusted) ratio for the TRATON Operations business area including Cor -
porate Items includes the total net liquidity/net financial debt of the TRATON Operations 
business area and Corporate Items. 
EBITDA (earnings before interest, taxes, depreciation, and amortization) (adjusted) reflects 
operating performance before interest, taxes, depreciation, and amortization, after 
accounting for the use of resources. Since depreciation and amortization may depend 
on the chosen accounting policies, the carrying amounts, the capital structure, and the 
way in which an asset was acquired, EBITDA (adjusted) is used as a key performance 
indicator for peer group comparisons, in particular. Adjustments to operating result are 
also taken into account in determining EBITDA (adjusted). The EBITDA (adjusted) for the 
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TRATON Operations business area including Corporate Items is used to calculate the net 
financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area including 
Corporate Items. 
The return on equity in the TRATON Financial Services segment is calculated as the ratio 
of earnings before tax to average equity. Average equity is calculated from the equity at 
the beginning and the end of the reporting period. 
An additional goal is to satisfy the capital requirements of the banking regulator. To do 
so, a planning procedure integrated into internal reporting has been put in place, allow-
ing the required equity to be continuously determined on the basis of actual and expected 
business performance. The external minimum capital requirements applicable to certain 
companies in the TRATON Financial Services segment were met. 
The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area 
including Corporate Items as well as the return on equity in the TRATON Financial Services 
segment are shown in the following table:
 
€ million 2024 2023
TRATON Operations including Corporate Items   
Net liquidity/net financial debt 4,903 5,777
EBITDA (adjusted) 5,974 5,522
Net financial debt/EBITDA (adjusted) ratio –0.8 –1.0
TRATON Financial Services   
Earnings before tax 212 171
Average equity 1,968 2,030
Return on equity before tax (in %) 10.8 8.4
37. Contingent liabilities and commitments
Accounting policies: contingent liabilities and commitments
If the criteria for recognizing a provision are not met, but the outflow of financial 
resources is not improbable, or if the provision amount cannot be measured reliably, 
such obligations are disclosed in the form of the note shown below. Contingent 
liabilities are only recognized as a provision once the obligations are more certain, 
i.e., the outflow of financial resources has become probable, and their amount can 
be reliably estimated.
Contingent liabilities and commitments
€ million 12/31/2024 12/31/2023
Liabilities under buyback guarantees 2,639 2,926
Contingent liabilities under guarantees 547 777
Other contingent liabilities 1,431 1,133
 4,618 4,835
Customer liabilities to financial services companies of the Volkswagen Group, to joint 
ventures, and, to a small extent, to third parties are covered by standard industry buyback 
guarantees under which TRATON is obliged to buy back vehicles from the financial ser -
vices company in the event of default. Liabilities under buyback guarantees at the end 
of the fiscal year amounted to €2,478 million (previous year: €2,781 million) owed to 
financing companies of the Volkswagen Group, €155 million (previous year: €134 million) 
owed to joint ventures, and €6 million (previous year: €11 million) owed to third parties. 
The year-on-year decline in buyback guarantees is due to the acquisition of key aspects 
of the global financial services business of Volkswagen Financial Services for MAN and 
VWTB by the TRATON Financial Services segment. The obligations under buyback guar -
antees correspond to the maximum expenses that may arise from obligations of this type. 
However, experience shows that the majority of these guarantees expire without being 
drawn upon.
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As of December 31, 2024, contingent liabilities under guarantees include financial guar -
antees of €515 million (previous year: €742 million). These are mostly default guarantees 
by International in favor of banks.
The guarantees in favor of or for related party entities were insignificant at year-end.
Other contingent liabilities mainly contain contingent liabilities for potential tax risks, 
which primarily concern Volkswagen Truck & Bus. For further information, refer to Note 
“38. Litigation/legal proceedings”.
38. Litigation/legal proceedings
MAN and Scania/EU antitrust proceedings 
In July 2016, the European Commission reached settlements (the “Settlement Decision”) 
with MAN and four other European truck manufacturers (excluding Scania) finding col -
lusive arrangements on pricing and the timing and the passing on of costs for emission 
technologies for medium- and heavy-duty trucks from January 17, 1997, to January 18, 2011 
(for MAN: until September 20, 2010). MAN was granted immunity from fines since it had 
revealed these practices to the European Commission in September 2010. Scania decided 
not to apply for leniency and not to settle this antitrust case and, by decision of the Euro-
pean Commission dated September 27, 2017 (the “Scania Decision”), received a fine in the 
amount of approximately €880.5 million. Scania appealed the Scania Decision to the 
General Court of the European Union and asked for full annulment. On February 2, 2022, 
the General Court rendered its judgment, whereby Scania’s appeal was dismissed in its 
entirety and the amount of fines set by the European Commission upheld. On April 8, 
2022, Scania appealed against the judgment of the General Court of the European Union 
from February 2, 2022, to the European Court of Justice. The €880.5 million fine plus 
interest from the EU antitrust proceedings was paid on April 12, 2022, to avoid additional 
interest penalties. On February 1, 2024, the European Court of Justice decided to dismiss 
Scania’s appeal. 
Following the Settlement Decision, a significant number of (direct and indirect) truck 
customers in various jurisdictions have initiated or joined lawsuits against MAN and/or 
Scania. With the merger of MAN SE with TRATON SE taking effect, TRATON SE has — in 
most jurisdictions — automatically assumed the procedural role of MAN SE as legal suc-
cessor in the respective proceedings (and is insofar covered by “MAN companies”). Even 
if such claims may have expired under the respective applicable local laws, it cannot be 
excluded that further lawsuits will be filed. The claims against MAN companies differ 
significantly in scope; while some truck customers only bought or leased a single truck, 
other cases concern a multitude of trucks. Furthermore, some truck customer damages 
claims have been combined in class actions or through claim aggregators to which the 
truck customers assigned their respective damages claims. 
MAN takes the view that there are well-founded arguments against such claims and takes 
appropriate steps to defend itself. 
However, it cannot be excluded that these claims result in substantial liabilities for MAN 
including significant costs for their defense, which may have a material adverse effect on 
MAN’s financial results, cash flows and financial positions. Given the inherently complex 
nature of these claims and the different stages of the proceedings (with a number of 
cases still in a rather early stage), it is not possible to make a reliable estimate of the total 
liability that may arise from these claims. MAN is continuously monitoring the develop -
ment and re-assesses the respective risks on a regular basis.
Direct and indirect customers in various jurisdictions have initiated or joined lawsuits 
against Scania. Further, Scania has received a number of third-party notices from other 
defendant commercial vehicle manufacturers. As is the case for MAN, the claims against 
Scania differ significantly in scope as some customers only bought or leased one truck 
while others operate a whole fleet of commercial vehicles. Furthermore, some customer 
damages claims in other jurisdictions have been combined in class actions or through 
claim aggregators. The exact number of commercial vehicles involved is, however, 
unknown. 
As of December 31, 2024, no provisions were recognized for the majority of these cases 
as it is not assumed as of the reporting date that there will be a final and unappealable 
court ruling awarding damages. TRATON recognized a negative impact on its operating 
result in the amount of €162 million (previous year: €89 million) for cases in which, as a 
result of a reassessment of the risks, a final and unappealable ruling under which MAN or 
Scania would have to pay damages is more likely than unlikely at present. In accordance 
with IAS 37 “Provisions, Contingent Liabilities and Contingent Assets” (paragraph 92), no 
further information is disclosed so as not to prejudice TRATON’s position.
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VW Truck & Bus Ltda.
In the tax proceedings between Volkswagen Truck & Bus Indústria e Comércio de Veícu-
los Ltda. (VW Truck & Bus Ltda.), formerly MAN Latin America Indústria e Comércio de 
Veículos Ltda. ( MAN Latin America), and the Brazilian tax authorities, the Brazilian tax 
authorities took a different view of the tax implications of the acquisition structure chosen 
by MAN SE (now merged with TRATON SE) for the acquisition of VW Truck & Bus Ltda. in 
2009. The tax proceedings have been divided into two auditing periods, covering the 
years 2009–2011 (Phase 1) and 2012–2014 (Phase 2). In December 2017, an adverse last 
instance judgment was rendered by the Brazilian Administrative Court (Phase 1), which 
was negative for VW Truck & Bus Ltda. VW Truck & Bus Ltda. appealed this judgment 
before a regular judicial court in 2018. This lawsuit was dismissed in 2019, and an appeal 
was filed against the dismissal. The appeal was then rejected in June 2023, and a petition 
for review was filed in July 2023. In the tax proceeding related to Phase 2, a partial success 
was achieved that partly reduced the penalties. An appeal against this decision was filed, 
which was rejected in September 2023, thus concluding the Administrative Court pro -
ceedings. As a result of a new law regarding the handling of casting vote decisions in 
September 2023, VW Truck & Bus Ltda. filed an objection to the determinations in October 
2023. In May 2024, the amendment to the law already resulted in a significant reduction 
of the penalties in phase 2, and in November 2024, the complete repeal of the phase 2 
penalties was finally achieved. 
Due to the potential range of penalties plus interest which could apply under Brazilian 
law, the estimated size of the risk in the event that the tax authorities are able to prevail 
overall with their view is uncertain. This could result in a risk of about BRL 3,068 million 
(equivalent to €477 million as of December 31, 2024) for the contested period from 2009 
onward. This assessment is based on the accumulated accounts at the reporting date for 
the claimed tax liability including the potential penalty surcharges, as well as accumulated 
interest, but excluding any future interest and without discounting any cash flows. Several 
insurers have issued bank guarantees for the benefit of VW Truck & Bus Ltda. as is cus -
tomary in connection with such tax proceedings.
Update on the MAN SE merger squeeze-out
The merger of MAN SE with TRATON SE was entered in the commercial register of MAN SE 
and TRATON SE on August 31, 2021. With this, MAN SE ceased to exist as an independent 
legal entity, and all rights and obligations were transferred to TRATON SE. MAN SE shares 
were delisted at the same time.
Cash compensation in the amount of €70.68 per common and preferred share was paid 
out to MAN SE noncontrolling shareholders on September 3, 2021. This marked the 
conclusion of the MAN SE merger squeeze-out. The appropriateness of the cash compen-
sation will be reviewed by a court-appointed auditor as part of the judicial award proceed-
ings initiated by affected noncontrolling interest shareholders as applicants. 
By way of a ruling dated December 20, 2024, which is not yet final, the Regional Court of 
Munich I increased the cash compensation to €79.71 per common and preferred share. 
Various applicants as well as TRATON SE appealed against this ruling in January 2025. An 
expense of €98 million was recognized in other financial result and interest expense in 
fiscal year 2024 for the transaction.
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39. Other financial obligations
 
2024 2023
€ million
Due 
2025
Due 
2026–2029 Due from 2030
Total 
12/31/2024
Due 
2024
Due 
2025–2028 Due from 2029
Total 
12/31/2023
Purchase order commitments for         
property, plant, and equipment 495 286 – 782 590 344 0 934
intangible assets 25 29 – 55 21 24 1 46
Obligations from         
irrevocable credit and lease commitments to customers 823 53 4 879 824 91 8 923
long-term rental and lease contracts 46 39 6 91 40 29 5 73
Miscellaneous financial obligations  1 114 57 – 170 57 161 0 219
1  Prior-year amount adjusted
In addition to the other financial obligations shown, there were long-term purchase obli-
gations from battery procurement contracts between TRATON GROUP companies and 
Northvolt Group companies amounting to approximately €7,974 million (previous year: 
€7,218 million).
On December 15, 2021, the TRATON GROUP signed the contract to establish the Milence 
charging infrastructure joint venture together with Daimler Truck and the Volvo Group 
and undertook to invest a total amount of up to €167 million in this joint venture. In 2024, 
€38 million (previous year: €39 million) was paid into Milence’s equity. The obligation 
amounts to €85 million (previous year: €123 million) as of December 31, 2024. 
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40. Related party disclosures 
Accounting policies: related party disclosures
Related parties from the TRATON GROUP’s perspective as of December 31, 2024, 
were:
 – Volkswagen International Luxemburg as direct parent of TRATON SE
 – Volkswagen AG and its subsidiaries, together with its significant investees outside 
the TRATON GROUP
 – Porsche Automobil Holding SE, Stuttgart (Porsche Stuttgart), which has signifi-
cant influence on the Volkswagen Group’s operating policy decisions within the 
meaning of IAS 28 Investments in Associates and Joint Ventures, together with 
its affiliated companies and related parties
 – The state of Lower Saxony and its related majority-owned interests
 – Other individuals or entities that can be influenced by the TRATON GROUP or 
that can influence the TRATON GROUP, such as:
• Members of TRATON SE’s Executive and Supervisory Boards
• Members of the Board of Management and Supervisory Board of Volkswagen 
International Luxemburg
• Members of the Board of Management and Supervisory Board of Volkswagen 
Finance Luxemburg
• Members of the Board of Management and Supervisory Board of Volkswagen AG
• Associates and joint ventures
• Unconsolidated subsidiaries
Some members of the Executive and Supervisory Boards of the TRATON GROUP 
are members of supervisory and executive boards or shareholders of other com -
panies with which the TRATON GROUP has relations in the normal course of business.
On December 31, 2024, Volkswagen International Luxemburg S.A., an indirect subsidiary 
of Volkswagen AG, held 89.72% (previous year: Volkswagen Finance Luxemburg S.A. 
89.72%) of TRATON SE’s share capital. Additionally, Mr. Levin held 3,600 (previous year: 
3,600) shares of TRATON SE on December 31, 2024.
The following tables present the amounts of supplies and services transacted, as well as 
outstanding receivables and obligations, between consolidated companies of the TRATON 
GROUP and its related parties, including Volkswagen AG. There were no significant trans-
actions with Porsche Stuttgart, Volkswagen International Luxemburg, or the state of Lower 
Saxony in any of the reported periods presented.
Related parties
Sales and  
services rendered
Purchases and  
services received
€ million 2024 2023 2024 2023
Volkswagen AG 19 23 296 273
Other subsidiaries and equity 
 investments of Volkswagen AG that 
are not part of the TRATON GROUP 1,690 2,032 1,297 1,118
Unconsolidated subsidiaries 9 26 12 11
Associates and their  
majority-owned interests 216 226 89 239
Joint ventures and their 
 majority-owned interests 83 95 40 44
 
Receivables from
Liabilities  
(including obligations) to
€ million 12/31/2024 12/31/2023 12/31/2024 12/31/2023
Volkswagen AG 11 10 1,046 971
Other subsidiaries and equity  
investments of Volkswagen AG that 
are not part of the TRATON GROUP 718 813 10,955 9,575
Unconsolidated subsidiaries 13 41 44 46
Associates and their  
majority-owned interests 12 51 7 17
Joint ventures and their 
 majority-owned interests 8 3 85 123
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Supplies and services rendered to other subsidiaries and investees of Volkswagen AG 
that are not part of the TRATON GROUP mainly relate to the sales financing business of 
MAN Truck & Bus, in which customer finance for vehicles is provided by Volkswagen Finan-
cial Services. Supplies and services received from other subsidiaries and investees of 
Volkswagen AG that are not part of the TRATON GROUP relate mainly to unfinished goods 
and products.
On July 12, 2023, companies of the TRATON GROUP and companies of the Volkswagen 
Group signed a framework agreement on the gradual acquisition of key aspects of the 
global MAN and VWTB financial services business. TRATON Financial Services AB, Söder-
tälje, Sweden, paid €275 million into an account at VW Bank for the acquisition on July 19, 
2023. The associated restricted cash decreased accordingly with the acquisitions in fiscal 
year 2024, amounting to €41 million (previous year: €271 million) as of December 31, 2024, 
and is recognized as a receivable from other subsidiaries and equity investments of 
Volkswagen AG that are not part of the TRATON GROUP. The rights to MAN’s future finan-
cial services business were acquired in several countries in fiscal year 2024, mainly in 
Germany, South Korea, and the United Kingdom. Additionally, in Austria, 100% of the 
shares of MAN Financial Services GesmbH, Eugendorf, Austria, were acquired. TRATON 
GROUP also acquired the business operations of EURO-Leasing France. The other transfers 
in the remaining countries had not yet been completed as of the reporting date. See Note 
“6. Acquisitions” for more information.
Liabilities to Volkswagen AG include loans granted by Volkswagen AG in the amount of 
€750 million (previous year: €500 million) resulting from a €4,000 million (previous year: 
€4,000 million) credit line. The credit facility is subject to market interest rates. In addition, 
a further €193 million was borrowed from Volkswagen AG in 2024 under a €300 million 
credit line. In the previous year, a credit line in the amount of €297 million was borrowed 
from Volkswagen AG. Furthermore, as of December 31, 2024, Scania has a secured loan 
of €49 million to Northvolt, which was granted under a USD 100 million framework and 
is listed as a receivable from other subsidiaries and equity investments of Volkswagen 
AG that are not part of the TRATON GROUP.
The increase in liabilities (including obligations) to other subsidiaries and equity invest -
ments of Volkswagen AG that are not part of the TRATON GROUP is attributable to long-
term purchase obligations under battery procurement contracts between TRATON GROUP 
companies and Northvolt Group companies in the amount of €7,974 million (previous 
year: €7,218 million). Among other things, this category includes loan liabilities of 
€478 million (previous year: €359 million) to Volkswagen Group of America Finance as 
well as the loan of €691 million (previous year: €– million) taken out with Volkswagen 
International Finance at standard market terms. In addition, the acquisition of MAN FS 
Austria by the TRATON Financial Services segment resulted in the assumption of a loan 
from Volkswagen Financial Services AG amounting to €201 million (previous year:  
€– million). There are also other liabilities to Volkswagen Financial Services companies. 
The TRATON GROUP signed the agreement to establish the Milence charging infrastruc-
ture joint venture together with Daimler Truck and the Volvo Group on December 15, 2021. 
As a result, the TRATON GROUP made a capital contribution of €38 million (previous year: 
€39 million) as of December 31, 2024. The outstanding obligation as of year-end 2024 is 
€85 million (previous year: €123 million).
The sale of receivables to subsidiaries of Volkswagen AG that are not part of the TRATON 
GROUP amounted to €1,016 million (previous year: €1,361 million) in fiscal year 2024. See 
Note “25. Trade receivables” for more information. This relates to the volume of receiv -
ables that were transferred and derecognized in each reporting period. Customer liabil -
ities to Volkswagen Financial Services are covered by standard industry buyback guar -
antees, see Note “37. Contingent liabilities and commitments”.
The remuneration system for the Executive Board comprises fixed and variable compo -
nents. The variable remuneration consists of a performance-related profit bonus with a 
one-year assessment period and a long-term incentive (LTI) in the form of a performance 
share plan with a forward-looking four-year term (share-based payment). The remunera-
tion system applies to all members of the Executive Board with new or extended employ-
ment contracts from the date of the 2024 Annual General Meeting. For the members of 
the Executive Board who were already in office prior to December 16, 2020, the remuner-
ation system shall apply until their contract is renewed and with the proviso that the 
performance share plan will continue to have a performance period of three years. This 
no longer applied to any active members of the Executive Board in fiscal year 2024. A 
performance share plan with a four-year performance period has been in place for 
Mr. Levin and Mr. Cortes since fiscal year 2024.
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Liabilities to the current members of the Executive Board and Supervisory Board comprise 
outstanding balances for the remuneration of the Supervisory Board, for the fair values 
of performance shares granted to members of the Executive Board, and for variable remu-
neration in the amount of €26 million (previous year: €15 million). The pension provisions 
for the members of the Executive Board in office amounted to €3 million (previous year: 
€2 million) as of December 31, 2024.
The following expenses were recognized in fiscal year 2024 for the benefits and remuner-
ation granted to members of the Executive and Supervisory Boards of TRATON SE in the 
course of their activities as members of governing bodies.
 
€ million 2024 2023
Short-term benefits 18 15
Benefits based on performance shares 10 9
Post-employment benefits 3 2
Termination benefits – 11
 31 38
The employee representatives on the Supervisory Board who are employed by TRATON SE 
or other TRATON GROUP companies also receive their regular salaries as specified in their 
employment contracts. If they are members of German works councils, this is based on 
the provisions of the Betriebsverfassungsgesetz (BetrVG — German Works Council Con-
stitution Act).
Post-employment benefits relate to additions to pension provisions, expenses for defined 
contribution pension plans, and — depending on the social security system — contribu-
tions to the Swedish pension system for current members of the Executive Board.
In the previous year, the termination benefits had related to payments to Ms. Danielski 
and Mr. Osterloh in connection with their early departure from the Executive Board.
41. Benefits based on performance shares (share-based payment)
Accounting policies: share-based payment
The share-based payment for the Executive Board and senior management consists 
of performance shares. Share-based payment obligations are accounted for as 
cash-settled plans under IFRS 2 Share-based Payment. For these plans, obligations 
are measured at fair value during the term of the plan using a recognized option 
pricing model. The total remuneration expense to be recognized corresponds to 
the actual payout and is recognized over the vesting period.
The remuneration system for the Executive Board comprises fixed and variable compo -
nents. The variable remuneration consists of a performance-related profit bonus with a 
one-year assessment period and a long-term incentive (LTI) in the form of a performance 
share plan with a forward-looking four-year performance period (share-based payment). 
The remuneration system applies to all members of the Executive Board with new or 
extended employment contracts from the date of the 2024 Annual General Meeting. For 
the members of the Executive Board who were already in office prior to December 16, 
2020, the remuneration system shall apply until their contract is renewed and with the 
proviso that the performance share plan will continue to have a performance period of 
three years. This no longer applied to any active members of the Executive Board in fiscal 
year 2024. A performance share plan with a four-year performance period has been in 
place for Mr. Levin and Mr. Cortes since fiscal year 2024.
At the beginning of fiscal year 2022, the group of beneficiaries offered a performance 
share plan was expanded to include members of the brand Executive Boards who are not 
members of the Executive Board of TRATON SE under stock corporation law and, in 2023, 
to include members of International’s management who are entitled to LTIs. The perfor-
mance share plan for brand Executive Board members and members of International’s 
management largely works in the same way as the performance share plan that applies 
to the members of the Executive Board of TRATON SE. The performance period is four 
years for the brand Executive Board members and three or four years for the members 
of International’s management. 
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At the time the LTI is granted, the annual target amount under the LTI is converted into 
virtual performance shares on the basis of the initial reference price of TRATON SE shares. 
These performance shares are allocated to the individual beneficiary as a pure calculation 
value. At the end of the three- or four-year performance period, a final number of virtual 
performance shares is determined, based on the degree to which the earnings per share 
(EPS) performance criterion of the TRATON GROUP has been met. A cash settlement is 
made at the beginning of the fiscal year following the last fiscal year of the performance 
period; the issuance of shares of the Company is excluded. The payment amount corre -
sponds to the number of specified performance shares multiplied by the closing reference 
price at the end of the three- or four-year performance period, plus a dividend equivalent 
for the relevant term. The payment amount under the performance share plan is limited 
to 250% of the target amount for the Executive Board of TRATON SE under stock corpo-
ration law and 200% of the target amount for the brand Executive Board members.
If the employment contract begins or ends during a year, the target amount is reduced 
pro rata temporis. At International, the performance shares lapse without replacement 
or compensation if the employment relationship ends before the end of the performance 
period.
Executive Board of TRATON SE, brand Executive Boards,  
and members of management at International
€ million 2024 2023
Total expense for the period 38 33
Total carrying amount of the obligation 78 45
Intrinsic value of the liabilities 14 5
Fair value at the time the shares were granted 26 22
Number of performance shares granted 4,073,618 3,141,926
of which number of shares granted in the reporting period 1,421,587 2,031,474
The increase in the liability and expenses compared with the prior-year figures is attrib -
utable to the expansion of the performance share plan, which was offered to members 
of management at International starting in 2023, and to the clearly positive performance 
of the TRATON share price.
Members of management and employees of the TRATON GROUP not covered 
by collective bargaining agreements (excluding International)
Since fiscal year 2022, members of management and employees of the TRATON GROUP 
not covered by collective bargaining agreements have received a retrospective long-term 
bonus whose performance period covers the fiscal year and the three preceding fiscal 
years. The length of the performance period will be increased gradually starting in fiscal 
year 2022. It only covers the fiscal year in question for fiscal year 2022, two years for fiscal 
year 2023, three years for fiscal year 2024, and four years for the first time starting in fiscal 
year 2025. Payment depends on the TRATON GROUP’s average EPS performance and 
TRATON’s share price performance (including dividends) over the performance period, 
and is limited to 200% of the target amount.
The payment amount for all beneficiaries is determined by multiplying the target amount 
by the degree of EPS target achievement and the ratio between the closing reference 
price at the end of the period, plus a dividend equivalent, and the opening reference price.
As of December 31, 2024, the total carrying amount of the obligation, which corresponded 
to the intrinsic value of the liabilities, amounted to €33 million (previous year: €24 million). 
A total expense of €34 million (previous year: €24 million) was recognized for these awards 
in the reporting period.
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42.  Remuneration of the Executive Board and the Supervisory Board in 
 accordance with section 314 of the HGB
The total remuneration granted to the members of the Executive Board amounted to 
€20 million (previous year: €17 million).
Under the performance share plan, the members of the Executive Board were awarded 
a total of 352,597 (previous year: 409,869) performance shares for fiscal year 2024, whose 
value at the award date amounted to €6 million (previous year: €5 million).
In fiscal year 2024, a total of €– million (previous year: €1 million) of the advances paid to 
the members of the Executive Board for the 2020–2022 tranche of the Performance Share 
Plan was offset against claims of the relevant Executive Board member against the Com-
pany, or repayment was requested. In addition, a loan extended to a member of the Exec-
utive Board in 2021 was outstanding in the amount of €3 million (previous year: €3 million) 
as of December 31, 2024. 
Former members of the Executive Board and their surviving dependents were paid 
€– million (previous year: €7 million) in fiscal year 2024. There were pension provisions of 
€12 million (previous year: €12 million) for this group of persons.
The total remuneration granted to the members of the Supervisory Board amounted to 
€3 million (previous year: €2 million).
43. Fees paid to the auditor of the consolidated financial statements
Of the total fees of €5 million (previous year: €4 million) charged in the year under review 
for the work performed by the auditor of the consolidated financial statements, EY GmbH 
& Co. KG Wirtschaftsprüfungsgesellschaft in Germany, €4 million (previous year: €3 million) 
related to audit services. These comprised the audits of TRATON SE’s consolidated finan-
cial statements and of the annual financial statements of the German Group companies 
as well as intraperiod reviews of the interim financial statements of TRATON SE and the 
German Group companies. €1 million (previous year: €1 million) related to other assurance 
services or other services.
44. German Corporate Governance Code
The Executive Board and Supervisory Board of TRATON SE issued their annual Declaration 
of Conformity in December 2024 in accordance with section 161 of the Aktiengesetz  
(AktG — German Stock Corporation Act), which is reproduced in the Corporate Gover -
nance Statement as a separate part of the Combined Management Report and published 
on TRATON SE’s website at https://ir.traton.com/corporate-governance. Furthermore, 
TRATON has published a statement regarding departures by TRATON’s corporate gover-
nance system from the Swedish Corporate Governance Code. This is also available at 
https://ir.traton.com/corporate-governance.
45. Events after December 31, 2024
Niklas Klingenberg has been a new member of the Executive Board responsible for 
Research & Development since January 1, 2025. He will continue to drive forward research 
& development in the Group.
In January 2025, the TRATON GROUP issued several bonds in euros and Swedish kronor 
with a total equivalent to €1,635 million under TRATON’s €12,000 million EMTN program.
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46. Members of the Executive Board and their appointments
Christian Levin
Lidingö, Sweden
Chairman of the Executive Board and Chief Executive Officer of TRATON SE
Chief Executive Officer of Scania AB/Scania CV AB
2  MAN Truck & Bus SE (Chairman)
3  Vattenfall AB, Sweden (since April 29, 2024)
4  Navistar International Corporation, USA
 Scania Growth Capital AB, Sweden
 Scania Growth Capital II AB, Sweden
 TRATON Financial Services AB, Sweden (Chairman) 
 Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda., Brazil (Chairman)
Mathias Carlbaum
Hinsdale, USA
Member of the Executive Board of TRATON SE
Chief Executive Officer and President of Navistar International Corporations/ 
International Motors, LLC
4  TRATON Financial Services AB, Sweden 
Antonio Roberto Cortes
São Paulo-Indianópolis, Brazil
Member of the Executive Board of TRATON SE
Chief Executive Officer of Volkswagen Truck & Bus
4  TRATON Financial Services AB, Sweden
Dr. Michael Jackstein
Braunschweig
Member of the Executive Board of TRATON SE,
responsible for Finance, Business Development, and Human Resources
2  MAN Truck & Bus SE
4  Navistar International Corporation, USA
 Scania AB, Sweden (Chairman) 
 Scania CV AB, Sweden (Chairman) 
 TRATON Financial Services AB, Sweden 
 TRATON Sweden AB, Sweden (Chairman) 
 TRATON AB, Sweden 
 TRATON US, LLC, USA (since May 21, 2024)
 Volkswagen Middle East QFZ LLC, Qatar
 Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda., Brazil
Niklas Klingenberg (since January 1, 2025)
Bromma, Sweden
Member of the Executive Board of TRATON SE,
responsible for Research & Development in the TRATON GROUP
Head of Group R&D at TRATON AB
3  Cummins Scania XPI Manufacturing Södertälje AB, Sweden
Catharina Modahl Nilsson 
Stockholm, Sweden
Member of the Executive Board of TRATON SE, 
responsible for Product Management in the TRATON GROUP
3  Chalmers University of Technology AB, Sweden
 Knightec AB, Sweden
 Knightec Group AB, Sweden (since December 12, 2024)
 Modahlen Group AB, Sweden
 Semcon AB, Sweden (until November 20, 2024)
4  TRATON AB, Sweden
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Alexander Vlaskamp
Munich
Member of the Executive Board of TRATON SE
Chief Executive Officer of MAN Truck & Bus SE
2  MAN Truck & Bus Deutschland GmbH (Chairman)
3  Sinotruk (Hong Kong) Ltd., China (until August 21, 2024)
 Rheinmetall MAN Military Vehicles GmbH 
4  TRATON Financial Services AB, Sweden
As of December 31, 2024, unless otherwise stated
1  Membership of statutory German supervisory boards
2   Membership of statutory German supervisory boards,  
Volkswagen AG Group appointments
3  Membership of comparable German or foreign governing bodies
4   Membership of comparable German or foreign governing bodies,  
Volkswagen AG Group appointments
47. Members of the Supervisory Board and their appointments
Hans Dieter Pötsch
Wolfsburg
Chairman of the Executive Board of Porsche Automobil Holding SE 
Chairman of the Supervisory Board of Volkswagen AG 
Chairman of the Supervisory Board
1  Bertelsmann Management SE 
 Bertelsmann SE & Co. KGaA 
 Wolfsburg AG 
2 AUDI AG 
2, 5  Dr. Ing. h.c. F. Porsche AG 
 Volkswagen AG (Chairman) 
4  Autostadt GmbH 
 Porsche Austria Gesellschaft m.b.H., Austria (Chairman) 
 Porsche Holding Gesellschaft m.b.H., Austria (Chairman) 
 Porsche Retail GmbH, Austria (Chairman) 
 VfL Wolfsburg-Fußball GmbH (Deputy Chairman) 
Michael Lyngsie*
Gnesta, Sweden
Chair of IF Metall (labor union in Sweden) at Scania
4  Scania AB, Sweden 
 Scania CV AB, Sweden 
Ödgärd Andersson
Gothenburg, Sweden
Chairwoman of the Executive Board of Zenseact AB, Sweden
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Torsten Bechstädt*
Helmstedt
Head of Supervisory Board matters of the Chair of the Group Works Council  
of Volkswagen AG 
2  Volkswagen Financial Services Overseas AG (since July 1, 2024)
Mari Carlquist*
Södertälje, Sweden
Representative of PTK (Privattjänstemannakartellen, Confederation of Labor Unions  
in Sweden) at Scania 
4  Scania AB, Sweden 
 Scania CV AB, Sweden 
 TRATON Financial Services AB, Sweden 
Daniela Cavallo*
Wolfsburg
Chairwoman of the General and Group Works Councils of Volkswagen AG 
1  Wolfsburg AG
2, 5  Volkswagen AG 
2  PowerCo SE (Deputy Chairwoman) 
 Volkswagen Financial Services AG (Deputy Chairwoman) (until June 30, 2024)
3 Brose Sitech Sp. z o.o., Poland
4 Autostadt GmbH 
 Porsche Holding Gesellschaft m.b.H., Austria 
 SEAT, S.A., Spain 
 Skoda Auto a.s., Czech Republic 
 VfL Wolfsburg-Fußball GmbH
 Volkswagen Group Services GmbH 
Dr. Manfred Döss
Wolfsburg
Member of the Executive Board of Porsche Automobil Holding SE  
(Legal Affairs and Compliance)
Member of the Board of Management of Volkswagen AG (Integrity and Legal Affairs)
2  AUDI AG (Chairman) 
3  Grizzlys Wolfsburg GmbH 
 
Jürgen Kerner*
Frankfurt
Second Chair of IG Metall 
1 Airbus GmbH 
1, 5  Siemens AG 
 Siemens Energy AG 
 Thyssenkrupp AG (Deputy Chairman) 
2  MAN Truck & Bus SE (Deputy Chairman) 
 
Gunnar Kilian
Lehre
Member of the Board of Management of Volkswagen AG (HR and Trucks)
1  Wolfsburg AG (Deputy Chairman)
2  AUDI AG 
 MAN Energy Solutions SE (Chairman) 
 MAN Truck & Bus SE 
 PowerCo SE 
 Volkswagen Group Services GmbH (Chairman) 
3  FAW-Volkswagen Automotive Co., Ltd., China
4  Autostadt GmbH (Chairman) 
 Scania AB, Sweden 
 Scania CV AB, Sweden 
 VfL Wolfsburg-Fußball GmbH 
 Volkswagen (China) Investment Co., Ltd., China (from February 1, 2025)
 Volkswagen Immobilien GmbH (Chairman) 
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Dr. Albert X. Kirchmann
Lindau, Bodolz
Independent industrial consultant
1  Stremler AG (Deputy Chairman) 
2  MAN Truck & Bus SE 
3, 5  Sumida Corporation, Japan (since April 1, 2024) 
Dr. Julia Kuhn-Piëch
Salzburg, Austria
Real estate manager 
2  AUDI AG 
  MAN Truck & Bus SE 
4  Scania AB, Sweden 
 Scania CV AB, Sweden 
Lisa Lorentzon*
Huddinge, Sweden
Chair of the Labor Unions for Graduate Employees at Scania 
4  Scania AB, Sweden 
 Scania CV AB, Sweden 
 TRATON Financial Services AB, Sweden 
Bo Luthin*
Södertälje, Sweden
Head of Occupational Health and Safety at Scania Södertälje and  
Coordinator for IF Metall (labor union in Sweden)
 
Nina Macpherson
Stocksund, Sweden
Member of the Board of Directors of Scania AB and Scania CV AB
3  M&K Industrials AB, Sweden (Deputy Member) 
 Netel Holding AB, Sweden 
 Scandinavian Enviro Systems AB, Sweden 
4  Scania AB, Sweden 
 Scania CV AB, Sweden 
Dr. Dr. Christian Porsche
Salzburg, Austria
Specialist in Neurology 
2  MAN Truck & Bus SE 
4  Scania AB, Sweden 
 Scania CV AB, Sweden 
Dr. Wolf-Michael Schmid
Helmstedt
Businessman (Managing Director of the Schmid Group) 
1  BRW Finanz AG (Chairman)
 
Karina Schnur*
Reichertshofen
Chairwoman of the SE Works Council and  
Chairwoman of the Group Works Council of TRATON SE
Chairwoman of the SE Works Council and the  
General and Group Works Council of MAN Truck & Bus SE
Chairwoman of the Works Council of MAN Truck & Bus SE, Munich
2 MAN Truck & Bus SE 
2, 5  Volkswagen AG 
3 Rheinmetall MAN Military Vehicles GmbH 
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Josef Sedlmaier*
Weichs
Chairman of the Works Council of TRATON SE
Markus Wansch*
Schwabach
Deputy Chairman of the Group Works Council of TRATON SE and  
Chairman of the Works Council of MAN Truck & Bus SE, Nuremberg plant
2  MAN Truck & Bus SE 
Frank Witter
Braunschweig
Former member of the Board of Management of Volkswagen AG
Member of the Supervisory Board 
1, 5 Deutsche Bank AG 
3, 5  CGI Inc., Canada 
4  VfL Wolfsburg-Fußball GmbH (Chairman) (until July 31, 2024)
* Elected by the workforce
As of December 31, 2024, unless stated otherwise, or date of departure 
1  Membership of statutory German supervisory boards
2   Membership of statutory German supervisory boards,  
Volkswagen AG Group appointments
3  Membership of comparable German or foreign governing bodies
4   Membership of comparable German or foreign governing bodies,  
Volkswagen AG Group appointments
5  Listed company
48. Supervisory Board Committees
(As of December 31, 2024)
Presiding Committee
Hans Dieter Pötsch (Chairman)
Jürgen Kerner (Deputy Chairman)
Michael Lyngsie 
Gunnar Kilian
Dr. Dr. Christian Porsche
Karina Schnur 
Audit Committee
Frank Witter (Chairman)
Torsten Bechstädt (Deputy Chairman)
Dr. Julia Kuhn-Piëch
Lisa Lorentzon
Nina Macpherson
Karina Schnur
Nomination Committee
Hans Dieter Pötsch 
Gunnar Kilian
Dr. Dr. Christian Porsche
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49. List of shareholdings
List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
I. PARENT COMPANY        
TRATON SE, Munich        
II. SUBSIDIARIES        
A. Consolidated companies        
1. Germany        
KOSIGA GmbH & Co. KG, Pullach i. Isartal EUR  94.00 39,609 1,025  2023
LOTS Germany GmbH, Koblenz EUR  100.00 25 –  2023
M A N Verwaltungs-Gesellschaft mbH, Munich EUR  100.00 1,039 – 1 2024
MAN Brand GmbH & Co. KG, Grünwald EUR  100.00 25 50,663  2023
MAN Finance & Mobility Services GmbH, Munich EUR  100.00 2,673 –  2023
MAN GHH Immobilien GmbH, Oberhausen EUR  100.00 44,668 – 1 2024
MAN Grundstücksgesellschaft mbH & Co. Epsilon KG, Munich EUR  100.00 1,032 33  2023
MAN Marken GmbH, Munich EUR  100.00 27 – 1 2024
MAN Service und Support GmbH, Munich EUR  100.00 25 – 1 2024
MAN Truck & Bus Deutschland GmbH, Munich EUR  100.00 130,934 – 1 2024
MAN Truck & Bus SE, Munich EUR  100.00 564,841 – 1 2024
Navistar Europe GmbH, Nuremberg EUR  100.00 649 12  2023
Scania CV Deutschland Holding GmbH, Koblenz EUR  100.00 66,295 – 1 2024
SCANIA DEUTSCHLAND GmbH, Koblenz EUR  100.00 36,625 – 1 2024
Scania Finance Deutschland GmbH, Koblenz EUR  100.00 62,913 – 1 2024
SCANIA Real Estate Deutschland GmbH, Koblenz EUR  100.00 15,183 – 1 2024
Scania Versicherungsvermittlung GmbH, Koblenz EUR  100.00 1,538 216  2023
SCANIA Vertrieb und Service GmbH, Koblenz EUR  100.00 9,463 – 1 2024
TARONA Verwaltung GmbH & Co. Alpha KG, Pullach i. Isartal EUR  100.00 5,124 1,893  2023
TB Digital Services GmbH, Munich EUR  100.00 25 – 1 2024
TORINU Verwaltung GmbH & Co. Beta KG, Pullach i. Isartal EUR  100.00 18,100 710  2023
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List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
2. Other countries        
AB Dure, Södertälje SEK 11.4501 100.00 1,440 – 2 2023
AB Folkvagn, Södertälje SEK 11.4501 100.00 100 – 2 2023
AB Scania-Vabis, Södertälje SEK 11.4501 100.00 100 – 2 2023
Ainax AB, Södertälje SEK 11.4501 100.00 120 – 2 2023
Banco Volkswagen Truck & Bus S.A., São Paulo BRL 6.4314 100.00 – – 3 2023
Bilmetro Lastbilar i Hudiksvall AB, Gävle SEK 11.4501 100.00 155 126  2023
Blue Diamond Parts LLC, Lisle, Illinois USD 1.0410 100.00 56,839 14,436  2023
Centurion Truck & Bus (Pty) Ltd. t/a, Centurion ZAR 19.6255 70.00 30,801 6,464  2023
Codema Comercial e Importadora Ltda., Guarulhos BRL 6.4314 99.98 331,072 109,888  2023
Fastighetsaktiebolaget Flygmotorn, Södertälje SEK 11.4501 100.00 18,793 75  2023
Fastighetsaktiebolaget Hjulnavet, Södertälje SEK 11.4501 100.00 55,878 618  2023
Fastighetsaktiebolaget Vindbron, Södertälje SEK 11.4501 100.00 45,216 1,070  2023
Fastighetsbolaget Bärgningsbilen 2 Örebro AB, Stockholm SEK 11.4501 100.00 46,403 995  2023
Fastighetsbolaget Fluoret AB, Stockholm SEK 11.4501 100.00 10,783 1,717  2023
Fastighetsbolaget Gilltuna Västerås AB, Stockholm SEK 11.4501 100.00 26,205 1,022  2023
Ferruform AB, Luleå  SEK 11.4501 100.00 69,145 –11,124  2023
Griffin Automotive Ltd., Road Town TWD 34.1011 100.00 733,448 454,207  2023
Griffin Lux S.à r.l., Luxembourg EUR  – – – 4 2023
Harbour Assurance Company of Bermuda Ltd., Hamilton USD 1.0410 100.00 11,561 2,386  2023
HTD I Oskarshamn AB, Oskarshamn SEK 11.4501 100.00 553 –19  2023
IC Bus LLC, Lisle, Illinois USD 1.0410 100.00 1,137,638 151,445  2023
IC Bus of Oklahoma, LLC, Tulsa, Oklahama USD 1.0410 100.00 – – 5 2023
International DealCor Operations, Ltd., George Town USD 1.0410 100.00 69,570 1,151  2023
International Engine Intellectual Property Company, LLC, Lisle, Illinois USD 1.0410 100.00 493,710 –9,320  2023
International Motors Canada, ULC, Hannon, Ontario CAD 1.4972 100.00 370,651 232,915  2023
International Motors Mexico CV, SRL de CV, Mexico City MXN 21.5892 100.00 6,509,490 1,893,296  2023
International Motors, LLC, Lisle, Illinois USD 1.0410 100.00 –10,459,939 –3,444,092  2023
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List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
International of Mexico Holding Corporation LLC, Lisle, Illinois USD 1.0410 100.00 720,198 –130  2023
International Parts Distribution S. de R.L. de C.V., Miguel Hidalgo MXN 21.5892 100.00 790,782 392,371  2023
International Truck and Engine Corporation Cayman Islands Holding Company,  
George Town USD 1.0410 100.00 –75,153 56  2023
International Truck and Engine Overseas Corp., Lisle, Illinois USD 1.0410 100.00 –15,820 –5,696  2023
International Truck Intellectual Property Company, LLC, Lisle, Illinois USD 1.0410 100.00 1,012,949 3,727  2023
International Truck Leasing Corp., Lisle, Illinois USD 1.0410 100.00 6,754 1,067  2023
Italscania S.p.A., Trento EUR  100.00 86,847 56,001  2023
Kai Tak Holding AB, Södertälje SEK 11.4501 100.00 120 – 2 2023
Laxå Specialvehicles AB, Laxå SEK 11.4501 100.00 138,507 37  2023
LOTS Chile S.p.A., Santiago de Chile CLP 1,034.6000 100.00 –5,461 –8,427 2 2023
LOTS Group AB, Södertälje SEK 11.4501 100.00 317,966 –168,814  2023
LOTS Latin América Logística de Transportes Ltda., São Bernardo do Campo BRL 6.4314 100.00 78,117 –72,704  2023
Lots Logistics (Guangxi) Co. Ltd., Beihai CNY 7.5986 100.00 4,780 – 2 2023
LOTS SPV USA LLC, Wilmington, Delaware USD 1.0410 70.00 2,387 –5,729  2023
LOTS Ventures Canada Inc., Vancouver, British Columbia CAD 1.4972 80.00 6,039 –3,416  2023
LOTS Ventures USA Inc., Wilmington, Delaware EUR  100.00 8,084 –  2023
Mälardalens Tekniska Gymnasium AB, Södertälje SEK 11.4501 80.00 30,681 2,058  2023
MAN Automotive (South Africa) (Pty) Ltd., Johannesburg ZAR 19.6255 100.00 1,139,789 67,620  2023
MAN Bus Sp. z o.o., Starachowice PLN 4.2719 100.00 1,040,577 54,078  2023
MAN Components s.r.o., Bánovce nad Bebravou EUR  100.00 14,944 3,161  2023
MAN Engines & Components Inc., Pompano Beach, Florida USD 1.0410 100.00 48,644 14,738  2023
MAN Finance and Holding S.A., Strassen EUR  100.00 3,841,780 124,006  2023
MAN Financial Services GesmbH, Eugendorf EUR  100.00 11,194 1,553 10 2023
MAN Financial Services Polska Sp.z o.o, Wolica PLN 4.2719 100.00 – – 3 2023
MAN Financial Services UK Limited, Swindon GBP 0.8302 100.00 – – 3 2023
MAN Hellas Truck & Bus A.E., Aspropygros EUR  100.00 2,661 261  2023
MAN Kamion és Busz Kereskedelmi Kft., Dunaharaszti HUF 410.9350 100.00 8,167,026 1,247,536  2023
MAN Kamyon ve Otobüs Ticaret A.S., Ankara TRY 36.8107 100.00 –1,194,121 –18,774  2023
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List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
MAN Nutzfahrzeuge Immobilien GmbH, Vienna EUR  100.00 37,807 4,979  2023
MAN Servicios Financieros Hispania S.A., Madrid EUR  100.00 – – 3, 6 2024
MAN Shared Services Center Sp. z o.o., Poznan PLN 4.2719 100.00 16,194 612  2023
MAN Truck & Bus (Korea) Ltd., Yongin KRW 1,534.3200 99.90 23,463,853 6,188,287  2023
MAN Truck & Bus (M) Sdn. Bhd., Rawang MYR 4.6548 100.00 51,439 –2,804  2023
MAN Truck & Bus Czech Republic s.r.o., Cestlice CZK 25.1505 100.00 1,483,487 54,857  2023
MAN Truck & Bus Danmark A/S, Greve DKK 7.4576 100.00 173,954 21,499  2023
MAN Truck & Bus France S.A.S., Evry EUR  100.00 101,835 12,307  2023
MAN Truck & Bus Iberia S.A., Coslada EUR  100.00 138,990 8,331  2023
MAN Truck & Bus Italia S.p.A., Dossobuono di Villafranca EUR  100.00 44,594 8,503  2023
MAN Truck & Bus Middle East FZE, Dubai AED 3.8235 100.00 55,842 2,983  2023
MAN Truck & Bus N.V., Kobbegem EUR  100.00 36,912 5,463  2023
MAN Truck & Bus Norge A/S, Lorenskog NOK 11.7832 100.00 181,119 20,936  2023
MAN Truck & Bus Polska Sp. z o.o., Nadarzyn PLN 4.2719 100.00 162,039 47,386  2023
MAN Truck & Bus Portugal S.U. Lda., Lisbon EUR  100.00 10,205 940  2023
MAN Truck & Bus Schweiz AG, Otelfingen CHF 0.9421 100.00 32,792 1,031  2023
MAN Truck & Bus Slovakia s.r.o., Bratislava EUR  100.00 15,444 1,450  2023
MAN Truck & Bus Slovenija d.o.o., Ljubljana EUR  100.00 15,962 1,397  2023
MAN Truck & Bus Trading (China) Co., Ltd., Beijing CNY 7.5986 100.00 86,461 19,131  2023
MAN Truck & Bus UK Ltd., Swindon GBP 0.8302 100.00 133,425 12,686  2023
MAN Truck & Bus Vertrieb Österreich GmbH, Vienna EUR  100.00 277,611 12,626  2023
MAN Trucks Sp. z o.o., Niepolomice PLN 4.2719 100.00 1,720,323 252,135  2023
MAN Türkiye A.S., Ankara TRY 36.8107 99.99 7,436,148 930,747  2023
Metrobus AB, Gävle SEK 11.4501 100.00 1,448 359  2023
MW-Hallen Restaurang AB, Södertälje SEK 11.4501 100.00 1,968 19  2023
N.W.S. S.r.l., Trento EUR  52.50 – – 7 2023
Navistar (Shanghai) Trading Co., Ltd., Shanghai CNY 7.5986 100.00 26,987 1,374  2023
Navistar Aftermarket Products, Inc., Lisle, Illinois USD 1.0410 100.00 38,617 –159  2023
Navistar Auspac Pty. Ltd., Tullamarine AUD 1.6761 100.00 1,480 –278  2023
199
Further InformationSustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management Report Consolidated Financial StatementsTo Our Shareholders

===== SIDA 200 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Navistar Big Bore Diesels, LLC, Huntsville, Alabama USD 1.0410 100.00 –99,923 –40,908  2023
Navistar Comercial S.A. de C.V., Miguel Hidalgo MXN 21.5892 100.00 633,557 325,828  2023
Navistar Diesel of Alabama, LLC, Lisle, Illinois USD 1.0410 100.00 77,678 –12,378  2023
Navistar Financial Corporation, Lisle, Illinois USD 1.0410 100.00 205,559 14,125  2023
Navistar Financial Dealer Note Master Owner Trust II, Wilmington, Delaware USD 1.0410 – – – 4 2023
Navistar Financial Retail Receivables Corporation, Lisle, Illinois USD 1.0410 100.00 – – 3, 6 2024
Navistar Financial Securities Corp., Lisle, Illinois USD 1.0410 100.00 82,256 14,660  2023
Navistar Financial Services North America Holding LLC, Herndon, Virginia USD 1.0410 100.00 1,420 –  2023
Navistar Financial, S.A. de C.V. SOFOM E.R., Miguel Hidalgo MXN 21.5892 100.00 4,025,113 963,965  2023
Navistar Hong Kong Holding Company Ltd., Hong Kong HKD 8.0843 100.00 3,994 –116  2023
Navistar International B.V., Amsterdam USD 1.0410 100.00 605,392 –139  2023
Navistar International Corporation, Lisle, Illinois USD 1.0410 100.00 7,195,363 3,884,521  2023
Navistar International Employee Leasing Company, Lisle, Illinois USD 1.0410 100.00 11,457 1,014  2023
Navistar International Mexico, S. de R.L. de C.V., Escobedo MXN 21.5892 100.00 7,569,277 2,330,192  2023
Navistar International Pvt. Ltd., Pune INR 89.1080 100.00 159,316 7,429 5 2023
Navistar International Southern Africa (Pty) Ltd., Johannesburg ZAR 19.6255 100.00 –56,472 2,913  2023
Navistar Leasing Company, Lisle, Illinois USD 1.0410 – – – 4 2023
Navistar Leasing Services Corp., Lisle, Illinois USD 1.0410 100.00 40,133 162  2023
Navistar San Antonio Manufacturing LLC, Lisle, Illinois USD 1.0410 100.00 –183,189 –93,376  2023
NC2 Global LLC, Lisle, Illinois USD 1.0410 100.00 141,944 1,863  2023
NC2 Luxembourg S.a.r.l., Luxembourg USD 1.0410 100.00 –134,076 –3,427 5 2023
Norsk Scania AS, Oslo NOK 11.7832 100.00 304,795 699,744  2023
Norsk Scania Eiendom AS, Oslo NOK 11.7832 100.00 130,671 10,007  2023
OCC Technologies, LLC, Lisle, Illinois USD 1.0410 100.00 3,540 –11,603  2023
OOO Scania Peter, St. Petersburg RUB 112.4384 100.00 264,420 –136,756 7 2023
Parts and Service Ventures, Inc., Lisle, Illinois USD 1.0410 100.00 1,105 –615  2023
Power Vehicle Co. Ltd., Bangkok THB 35.7428 49.00 34,332 30,369  2023
PT Scania Parts Indonesia, Balikpapan USD 1.0410 100.00 396 –4,623  2023
Reliable Vehicles Ltd., Milton Keynes GBP 0.8302 100.00 2,500 – 2 2023
200
Further InformationSustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management Report Consolidated Financial StatementsTo Our Shareholders

===== SIDA 201 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Sågverket 6 AB, Södertälje SEK 11.4501 100.00 172 –949  2023
Scan Siam Service Co. Ltd., Bangkok THB 35.7428 49.00 61,344 31,976  2023
Scania (Hong Kong) Ltd., Hong Kong HKD 8.0843 100.00 58,272 19,962  2023
Scania (Malaysia) Sdn. Bhd., Shah Alam MYR 4.6548 100.00 64,509 19,881  2023
Scania AB, Södertälje SEK 11.4501 100.00 16,793,268 6,190,596  2023
Scania Administradora de Consórcios Ltda., Cotia BRL 6.4314 100.00 243,358 72,169  2023
Scania Americas S.A., Montevideo USD 1.0410 100.00 73,346 798  2023
Scania Argentina S.A., Buenos Aires ARS 1,073.2711 100.00 203,834,324 45,218,560  2023
Scania Australia Pty. Ltd., Melbourne AUD 1.6761 100.00 92,031 38,241  2023
Scania Banco S.A., São Bernardo do Campo BRL 6.4314 100.00 1,163,788 148,282 8 2023
Scania Belgium N.V., Neder-Over-Heembeek EUR  100.00 3,113 11,374  2023
Scania BH d.o.o., Sarajevo BAM 1.9558 100.00 4,303 1,494  2023
Scania Botswana (Pty) Ltd., Gaborone BWP 14.5391 100.00 38,744 7,215  2023
Scania Bulgaria EOOD, Sofia BGN 1.9557 100.00 21,617 16,725  2023
Scania Bus & Coach UK Ltd., Milton Keynes GBP 0.8302 100.00 1,029 – 2 2023
Scania Bus Financing AB, Södertälje SEK 11.4501 100.00 100 –  2023
Scania Central Asia LLP, Almaty KZT 546.1650 100.00 1,971,396 1,380,648  2023
Scania Chile S.A., Santiago de Chile CLP 1,034.6000 100.00 22,265,556 –1,353,105  2023
Scania China Holding AB, Södertälje SEK 11.4501 100.00 25 –  2023
Scania Colombia S.A.S., Bogotá COP 4,585.5200 100.00 161,943,084 4,703,105  2023
Scania Comercial, S.A. de C.V., Querétaro MXN 21.5892 100.00 700,081 394,337  2023
Scania Commercial Vehicles India Pvt. Ltd., Bengaluru INR 89.1080 100.00 –2,237,984 11,843  2023
Scania Commercial Vehicles Renting S.A., San Fernando de Henares EUR  100.00 45,191 2,924  2023
Scania Commerciale S.p.A., Trento EUR  100.00 15,747 3,230  2023
Scania Corretora de Seguros Ltda., São Bernardo do Campo BRL 6.4314 100.00 10,541 4,411  2023
Scania Credit (Malaysia) Sdn. Bhd., Shah Alam MYR 4.6548 100.00 10,446 5,450  2023
Scania Credit AB, Södertälje EUR  100.00 13,406 6,725  2023
Scania Credit Argentina S.A.U., Buenos Aires ARS 1,073.2711 100.00 3,143,849 1,442,278  2023
Scania Credit Hrvatska d.o.o., Lucko (Zagreb) EUR  100.00 4,034 –44  2023
201
Further InformationSustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management Report Consolidated Financial StatementsTo Our Shareholders

===== SIDA 202 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Scania Credit Romania IFN S.A., Ciorogârla RON 4.9744 100.00 65,382 7,471  2023
Scania Credit Singapore Pte. Ltd., Singapore SGD 1.4189 100.00 427 172  2023
Scania Credit Solutions (T) Ltd., Dar es Salaam TZS 2,524.4300 100.00 10,729,705 341,807  2023
Scania Credit Solutions Pty Ltd., Aeroton ZAR 19.6255 100.00 –29,645 –33,284  2023
Scania Credit Taiwan Ltd., New Taipei City TWD 34.1011 100.00 21,954 9,227  2023
Scania Crna Gora d.o.o., Danilovgrad EUR  100.00 316 76  2023
Scania CV AB, Södertälje SEK 11.4501 100.00 55,685,422 22,740,233  2023
Scania Czech Republic s.r.o., Prague CZK 25.1505 100.00 1,107,513 711,316  2023
Scania Danmark A/S, Ishöj DKK 7.4576 100.00 426,746 199,968  2023
Scania Danmark Ejendom ApS, Ishöj DKK 7.4576 100.00 111,275 802  2023
Scania DCS AB, Stockholm SEK 11.4501 100.00 – – 3 2023
Scania del Perú S.A., Lima PEN 3.9114 100.00 75,845 38,808  2023
Scania Delivery Center AB, Södertälje SEK 11.4501 100.00 398,770 53,360  2023
Scania East Africa Ltd., Nairobi KES 134.6550 100.00 –917,395 –767,173  2023
Scania Eesti AS, Tallinn EUR  100.00 15,752 6,381  2023
Scania Finance Australia Pty. Ltd., Melbourne AUD 1.6761 100.00 27,687 906  2023
Scania Finance Belgium N.V., Neder-Over-Heembeek EUR  100.00 21,059 872  2023
Scania Finance Bulgaria EOOD, Sofia BGN 1.9557 100.00 22,650 4,154  2022
Scania Finance Chile S.A., Santiago de Chile CLP 1,034.6000 100.00 34,347,281 4,689,512 9 2023
Scania Finance Colombia S.A.S., Bogotá COP 4,585.5200 100.00 30,438,715 4,404,425  2023
Scania Finance Czech Republic spol. S r.o., Prague CZK 25.1505 100.00 740,021 –133,701  2023
Scania Finance Great Britain Ltd., London GBP 0.8302 100.00 140,411 2,867  2023
Scania Finance Hispania EFC S.A., San Fernando de Henares EUR  100.00 53,613 3,368  2023
Scania Finance Ireland Ltd., Dublin EUR  100.00 16,066 952  2023
Scania Finance Italy S.p.A., Milan EUR  100.00 75,932 7,785  2023
Scania Finance Luxembourg S.A., Munsbach EUR  100.00 5,570 156  2022
Scania Finance Magyarország Zrt., Biatorbágy HUF 410.9350 100.00 3,399,492 222,917  2023
Scania Finance Maroc S.A., Casablanca MAD 10.5161 100.00 – – 3 2023
Scania Finance Mexico, S.A. de C.V. SOFOM, E.N.R., El Marqués MXN 21.5892 100.00 215,698 27,057  2023
202
Further InformationSustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management Report Consolidated Financial StatementsTo Our Shareholders

===== SIDA 203 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Scania Finance Nederland B.V., Breda EUR  100.00 46,923 3,540 9 2023
Scania Finance New Zealand Ltd., Auckland NZD 1.8525 100.00 5,996 29  2023
Scania Finance Polska Sp. Z o.o., Nadarzyn PLN 4.2719 100.00 306,449 55,300  2023
Scania Finance Schweiz AG, Kloten CHF 0.9421 100.00 8,967 250  2023
Scania Finance Slovak Republic s.r.o., Senec EUR  100.00 13,648 615  2023
Scania Finance Southern Africa (Pty) Ltd., Aeroton ZAR 19.6255 100.00 1,097,252 210,693  2023
Scania Financial Leasing (China) Co., Ltd., Shanghai CNY 7.5986 100.00 151,490 1,111  2023
Scania Finans AB, Södertälje SEK 11.4501 100.00 2,780,728 –15,325  2023
Scania France S.A.S., Angers EUR  100.00 114,408 68,968  2023
Scania Great Britain Ltd., Milton Keynes GBP 0.8302 100.00 149,971 88,978  2023
Scania Griffin Sales & Services AB, Södertälje SEK 11.4501 100.00 100 – 2 2023
Scania Group (Thailand) Co., Ltd., Bangkok THB 35.7428 100.00 32,394 – 7 2023
Scania Growth Capital AB, Södertälje SEK 11.4501 90.10 399,925 –  2023
Scania Growth Capital II AB, Södertälje SEK 11.4501 90.10 480,269 –  2023
Scania Hispania S.A., San Fernando de Henares EUR  100.00 51,430 79,952  2023
Scania Holding France S.A.S., Angers EUR  100.00 121,907 62,734  2023
Scania Holding Inc., Columbus, Indiana USD 1.0410 100.00 –977 –1,609  2023
Scania Hrvatska d.o.o., Lucko (Zagreb) EUR  100.00 9,130 3,966  2023
Scania Hungaria Kft., Biatorbágy HUF 410.9350 100.00 6,962,978 5,636,299  2023
Scania Industrial Maintenance AB, Södertälje SEK 11.4501 100.00 27,044 –233  2023
Scania Insurance Nederland B.V., Middelharnis EUR  100.00 3,836 471 8 2023
Scania Insurance Polska Sp. Z o.o., Nadarzyn PLN 4.2719 100.00 4,355 4,271  2023
Scania Invest AB, Södertälje SEK 11.4501 100.00 – – 3 2023
Scania Investimentos Imobiliários S.A., Vialonga EUR  100.00 493 –200  2023
Scania IT France S.A.S., Angers EUR  100.00 191 83  2023
Scania IT Nederland B.V., Zwolle EUR  100.00 505 303  2023
Scania Japan Ltd., Tokyo JPY 163.2300 100.00 –397,466 35,969  2023
Scania Korea Group Ltd., Seoul KRW 1,534.3200 100.00 73,035,461 45,387,536  2023
Scania Latin America Ltda., São Bernardo do Campo BRL 6.4314 100.00 5,263,275 2,496,772  2023
203
Further InformationSustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management Report Consolidated Financial StatementsTo Our Shareholders

===== SIDA 204 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Scania Latvia SIA, Riga EUR  100.00 12,592 5,246  2023
Scania Leasing BH d.o.o., Sarajevo BAM 1.9558 100.00 3,067 –995  2023
Scania Leasing d.o.o., Ljubljana EUR  100.00 9,159 948  2023
Scania Leasing Ltd., Dublin EUR  100.00 100 – 2 2023
Scania Leasing Österreich GmbH, Brunn am Gebirge EUR  100.00 15,411 –403  2023
Scania Leasing RS d.o.o., Krnješevci RSD 117.0700 100.00 232,212 54,317  2023
Scania Lízing Kft., Biatorbágy HUF 410.9350 100.00 632,547 355,055  2023
Scania Locacao Ltda., São Bernardo do Campo BRL 6.4314 100.00 –1,957 –2,457  2023
Scania Location S.A.S., Angers EUR  100.00 10,503 6,132  2023
Scania Logistics Netherlands B.V., Zwolle EUR  100.00 6,744 2,733  2023
Scania Luxembourg S.A., Munsbach EUR  100.00 – 841  2019
Scania Makedonija d.o.o.e.l., Ilinden MKD 61.5500 100.00 24,133 12,346  2023
Scania Manufacturing (Thailand) Co., Ltd., Bangkok THB 35.7428 100.00 105,289 – 7 2023
Scania Maroc S.A., Casablanca MAD 10.5161 100.00 141,179 34,219  2023
Scania Middle East FZE, Dubai AED 3.8235 100.00 35,587 26,141  2023
Scania Milano S.p.A., Lainate EUR  100.00 12,417 3,021  2023
Scania Moçambique, S.A., Beira MZN 66.5250 100.00 –4,500 –7,109  2022
Scania Namibia (Pty) Ltd., Windhoek NAD 19.6274 100.00 58,414 34,129  2023
Scania Nederland B.V., Breda EUR  100.00 102,135 43,497  2023
Scania New Zealand Ltd., Wellington NZD 1.8525 100.00 43,049 8,381  2023
Scania Omni AB, Södertälje SEK 11.4501 100.00 2,400 – 2 2023
Scania Österreich Ges.m.b.H., Brunn am Gebirge EUR  100.00 43,243 30,590  2023
Scania Österreich Holding GmbH, Brunn am Gebirge EUR  100.00 18,573 –6  2023
Scania Overseas AB, Södertälje SEK 11.4501 100.00 71,635 –  2023
Scania Polska S.A., Nadarzyn PLN 4.2719 100.00 464,459 355,865  2023
Scania Portugal, Unipessoal Lda., Santa Iria de Azóia EUR  100.00 17,989 10,378  2023
Scania Production (China) Co., Ltd., Rugao CNY 7.5986 100.00 629,524 –292,004  2023
Scania Production Angers S.A.S., Angers EUR  100.00 28,122 2,722  2023
204
Further InformationSustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management Report Consolidated Financial StatementsTo Our Shareholders

===== SIDA 205 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Scania Production Meppel B.V., Meppel EUR  100.00 31,789 3,097  2023
Scania Production Slupsk S.A., Slupsk PLN 4.2719 100.00 57,468 8,894  2023
Scania Production Zwolle B.V., Zwolle EUR  100.00 58,568 9,490  2023
Scania Properties Ltd., Milton Keynes GBP 0.8302 100.00 501 – 2 2023
Scania Real Estate (UK) Ltd., Milton Keynes GBP 0.8302 100.00 9,445 540  2023
Scania Real Estate Belgium N.V., Neder-Over-Heembeek EUR  100.00 4,716 260  2023
Scania Real Estate Bulgaria EOOD, Sofia BGN 1.9557 100.00 128 –39  2023
Scania Real Estate Czech Republic s.r.o., Prague CZK 25.1505 100.00 120,427 15,930  2023
Scania Real Estate Finland Oy, Helsinki EUR  100.00 18,937 568  2023
Scania Real Estate France S.A.S., Angers EUR  100.00 5,437 3  2023
Scania Real Estate Hispania S.L., San Fernando de Henares EUR  100.00 1,687 82  2023
Scania Real Estate Holding Luxembourg S.àr.l., Munsbach EUR  100.00 5,724 –13  2023
Scania Real Estate Holding Oy, Helsinki EUR  100.00 5,571 –3  2023
Scania Real Estate Hungaria Kft., Biatorbágy HUF 410.9350 100.00 976,410 19,819  2023
Scania Real Estate Kenya Ltd., Nairobi KES 134.6550 100.00 – –  2021
Scania Real Estate Lund AB, Södertälje SEK 11.4501 100.00 190 86  2023
Scania Real Estate New Zealand Limited, Auckland NZD 1.8525 100.00 – – 3 2023
Scania Real Estate Österreich GmbH, Brunn am Gebirge EUR  100.00 8,837 1,025  2023
Scania Real Estate Polska Sp. z o.o., Nadarzyn PLN 4.2719 100.00 91,882 10,757  2023
Scania Real Estate Romania S.R.L., Ciorogârla RON 4.9744 100.00 10,006 1,380  2023
Scania Real Estate Schweiz AG, Kloten CHF 0.9421 100.00 5,390 1,927  2023
Scania Real Estate Services AB, Södertälje SEK 11.4501 100.00 1,208,581 25,148  2023
Scania Real Estate Slovakia s.r.o., Senec EUR  100.00 12,946 333  2023
Scania Real Estate The Netherlands B.V., Breda EUR  100.00 8,085 1,215  2023
Scania Rent Romania S.R.L., Ciorogârla RON 4.9744 100.00 27,522 6,014  2023
Scania Research & Development (Jiangsu) Co., Ltd., Rugao CNY 7.5986 100.00 – – 3, 6 2024
Scania Romania S.R.L., Ciorogârla RON 4.9744 100.00 98,563 58,320  2023
Scania Sales (China) Co., Ltd., Beijing CNY 7.5986 100.00 115,518 –5,915  2023
205
Further InformationSustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management Report Consolidated Financial StatementsTo Our Shareholders

===== SIDA 206 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Scania Sales and Service (Guangzhou) Co., Ltd., Guangzhou CNY 7.5986 100.00 –47,468 –5,024  2023
Scania Sales and Services AB, Södertälje SEK 11.4501 100.00 19,152,818 4,763,345  2023
Scania Schweiz AG, Kloten CHF 0.9421 100.00 31,420 27,842  2023
Scania Senegal S.U.A.R.L., Dakar XOF 655.9570 100.00 83,297 –3,490  2023
Scania Services del Perú S.A., Lima PEN 3.9114 100.00 89,130 27,618  2023
Scania Servicii Asigurari S.R.L., Ciorogârla RON 4.9744 100.00 2,368 –17  2023
Scania Servicios, S.A. de C.V., El Marqués MXN 21.5892 100.00 110 –  2023
Scania Siam Co. Ltd., Bangkok THB 35.7428 99.99 507,098 34,746  2023
Scania Siam Leasing Co. Ltd., Bangkok THB 35.7428 100.00 477,623 65,608  2023
Scania Singapore Pte. Ltd., Singapore SGD 1.4189 100.00 6,382 2,762  2023
Scania Slovakia s.r.o., Senec EUR  100.00 38,740 10,021  2023
Scania Slovenija d.o.o., Ljubljana EUR  100.00 12,930 8,567  2023
Scania South Africa (Pty) Ltd., Aeroton ZAR 19.6255 100.00 1,031,215 506,175  2023
Scania Srbija d.o.o., Krnješevci RSD 117.0700 100.00 776,927 384,662  2023
Scania Sumistradora de Flota Tres SpA, Santiago de Chile CLP 1,034.6000 100.00 – – 6, 8 2023
Scania Sumistradora de Flota Uno SpA, Santiago de Chile CLP 1,034.6000 100.00 – – 6, 8 2023
Scania Suomi Oy, Helsinki EUR  100.00 33,931 20,433  2023
Scania Sverige AB, Södertälje SEK 11.4501 100.00 81,720 –239,609  2023
Scania Sverige Bussar AB, Södertälje SEK 11.4501 100.00 42,966 – 2 2023
Scania Tanzania Ltd., Dar es Salaam TZS 2,524.4300 100.00 14,990,000 986,216  2023
Scania Thailand Co. Ltd., Bangkok THB 35.7428 99.99 140,942 31,087  2023
Scania Transportlaboratorium AB, Södertälje SEK 11.4501 100.00 3,213 20  2023
Scania Treasury AB, Södertälje SEK 11.4501 100.00 82,060,456 3,978,042  2023
Scania Trucks & Buses AB, Södertälje SEK 11.4501 100.00 83,045 2,324  2023
Scania USA Inc., San Antonio, Texas USD 1.0410 100.00 16,976 5,806  2023
Scania West Africa Ltd., Accra GHS 15.3027 100.00 –9,381 –5,925  2022
Scania-Kringlan AB, Södertälje SEK 11.4501 100.00 6,000 – 2 2023
Scania-Vabis 118 AB, Värnamo SEK 11.4501 100.00 5,106 –  2023
206
Further InformationSustainability StatementResponsibility Statement and  
Independent Auditor’s Reports
Combined Management Report Consolidated Financial StatementsTo Our Shareholders

===== SIDA 207 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Scanlink Ltd., Milton Keynes GBP 0.8302 100.00 1,956 – 2 2023
Scanrent - Alguer de Viaturas sem Condutor, S.A., Santa Iria de Azóia EUR  100.00 15,182 1,087  2023
Scantruck Ltd., Milton Keynes GBP 0.8302 100.00 1,671 – 2 2023
Shanghai Tedatong Heavy Duty Truck Sales Co., Ltd, Shanghai CNY 7.5986 100.00 – – 3, 6 2024
SLA Treasury Spain S.L., Barcelona BRL 6.4314 100.00 – –  2023
Södertälje Bilkredit AB, Södertälje SEK 11.4501 100.00 100 – 2 2023
Southway Scania Ltd., Milton Keynes GBP 0.8302 100.00 1,170 – 2 2023
SST Sustainable Transport Solutions India Pvt. Ltd., Nagpur INR 89.1080 99.99 24,629 –695  2023
Stop 134 AB, Stockholm SEK 11.4501 100.00 8,367 1,452  2023
Tachy Experts S.A.S., Angers EUR  100.00 354 125  2023
TFS Brasil Holding Ltda., São Paulo BRL 6.4314 100.00 233,673 –463  2023
TOV Donbas-Scan-Service, Makiivka UAH 43.7814 100.00 12,364 800  2023
TOV Kyiv-Scan, Kyiv UAH 43.7814 100.00 12,566 –34  2023
TOV MAN Truck & Bus Ukraine, Kyiv UAH 43.7814 100.00 551,630 172,719  2023
TOV Scania Credit Ukraine, Kyiv UAH 43.7814 100.00 426,763 128,261  2023
TOV Scania Ukraine, Kyiv UAH 43.7814 100.00 541,844 263,361  2023
TOV Scania-Lviv, Lviv UAH 43.7814 100.00 33,023 254  2023
Transproteccion Agente de Seguros S.A. de C.V., Miguel Hidalgo MXN 21.5892 100.00 124,394 32,995  2023
TRATON AB, Södertälje SEK 11.4501 100.00 26,191 –13,498  2023
TRATON Finance & Services AS, Tallinn EUR  100.00 –788,449 –21,316  2023
TRATON Finance Luxembourg S.A., Strassen EUR  100.00 8,506 9,485  2023
TRATON Financial Services Aktiebolag, Södertälje SEK 11.4501 100.00 5,752,816 202,727  2023
Traton Financial Services France S.A.S., Angers EUR  100.00 65,496 1,744  2023
Traton Financial Services Korea Co., Ltd., Chung-Ang KRW 1,534.3200 100.00 76,058,932 5,442,070  2023
TRATON International S.A., Strassen EUR  100.00 18,858,179 127,292  2023
TRATON Sweden AB, Södertälje SEK 11.4501 100.00 12,541,304 1,242,586  2023
TRATON Treasury AB, Södertälje SEK 11.4501 100.00 500 – 3 2023
TRATON US, LLC, Pompano Beach, Florida EUR  100.00 1,420,856 16,766  2023
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===== SIDA 208 =====

List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
UAB Scania Lietuva, Vilnius EUR  100.00 19,623 10,587  2023
Union Trucks Ltd., Milton Keynes GBP 0.8302 100.00 573 – 2 2023
Uppsala Danmark-Säby 8:1 AB, Gävle SEK 11.4501 100.00 180 –854  2023
UTP Holdings, LLC, Lisle, Illinois USD 1.0410 100.00 – – 5 2023
Vabis Bilverkstad AB, Södertälje SEK 11.4501 100.00 101 – 2 2023
Vabis Försäkringsaktiebolag, Södertälje SEK 11.4501 100.00 198,195 –526 5 2023
Vindbron Arendal AB, Södertälje SEK 11.4501 100.00 13,548 84  2023
Vita Gjuteriets Fastighetsbolag AB, Stockholm SEK 11.4501 100.00 440 276  2023
Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda., São Paulo BRL 6.4314 100.00 2,766,995 375,192  2023
Volkswagen Truck & Bus México S.A. de C.V., El Marqués MXN 21.5892 100.00 456,908 79,112  2023
Westrucks Ltd., Milton Keynes GBP 0.8302 100.00 336 – 2 2023
Workhorse International Holding Company, Lisle, Illinois USD 1.0410 100.00 –111,959 –110,827  2023
B. Unconsolidated companies        
1. Germany        
Erinion GmbH, Düsseldorf EUR  100.00 – – 3, 6 2024
LoadFox GmbH, Munich EUR  100.00 3,614 –65 7 2023
LoadFox Transport Solutions GmbH, Munich EUR  100.00 296 – 1 2024
MAN Brand Management GmbH, Grünwald EUR  100.00 25 – 1 2024
MAN Catering & Personal Services GmbH, Munich EUR  100.00 25 – 1 2024
MAN Grundstücksgesellschaft mbH & Co. Gamma KG, Munich EUR  100.00 1,647 118  2023
MAN HR Services GmbH, Munich EUR  100.00 1,109 – 1 2024
MAN-Unterstützungskasse GmbH, Munich EUR  100.00 342 –21  2023
Ortan Verwaltung GmbH & Co. Objekt Karlsfeld KG, Pullach i. Isartal EUR  100.00 1,530 543  2023
TRATON Beteiligungsverwaltungs GmbH, Munich EUR  100.00 25 – 1 2024
TRATON Financial Services Group Management Gmbh, Munich EUR  100.00 – – 3, 6 2024
TRATON R&D Germany GmbH, Munich EUR  100.00 – – 10 2024
Unterstützungseinrichtung VGW GmbH, Munich EUR  100.00 183 27  2023
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List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
2. Other countries        
Bellwether Forest Products, LLC, Camden, South Carolina USD 1.0410 100.00 – –  2023
ERF Ltd., Swindon GBP 0.8302 100.00 – – 2 2023
Erinion AS, Oslo NOK 11.7832 100.00 – – 3, 6 2024
Erinion B.V., Amsterdam EUR  100.00 – – 3, 6 2024
Erinion Ltd, Milton Keynes GBP 0.8302 100.00 – – 3, 6 2024
HRVS Group Ltd., Belper GBP 0.8302 100.00 – – 2, 7 2023
Lauken S.A., Montevideo UYU 45.4660 100.00 – – 2, 7 2023
MAN Bus & Coach (Pty) Ltd., Olifantsfontein ZAR 19.6255 100.00 – – 2, 7 2023
MAN Financial Services Administrators (S.A.) (Pty) Ltd., Isando ZAR 19.6255 100.00 – – 2, 7 2023
MAN Truck & Bus (S.A.) (Pty) Ltd., Isando ZAR 19.6255 100.00 – – 2, 7 2023
MAN Truck & Bus Asia Pacific Co. Ltd., Bangkok THB 35.7428 99.99 3,592 –24,258  2023
MAN Truck & Bus India Pvt. Ltd., Pune INR 89.1080 99.99 1,353,950 187,240  2023
MAN Truck and Bus Hong Kong Ltd., Hong Kong HKD 8.0843 100.00 8,500 5,287  2023
OOO MAN Truck & Bus Production RUS, St. Petersburg RUB 112.4384 100.00 351,961 –232,841  2023
Qingdao Sinoform Auto Parts Co., Ltd, Qingdao CNY 7.5986 74.00 – – 3, 6 2024
Rio Soluções Digitais Ltda., São Paulo BRL 6.4314 100.00 – –  2023
Scani VT Wuxi Auto Parts Co., Ltd, Wuxi CNY 7.5986 51.00 – – 3, 6 2024
Scania Cote D’Ivoire SA, Abidjan XOF 655.9570 100.00 – – 3, 6 2024
Scania de Venezuela S.A., Valencia VES 54.0925 100.00 –5,892,535 –7,243,176  2022
Scania-MAN Administration ApS, Copenhagen DKK 7.4576 100.00 310 21  2022
TFS Servicos Brasil Ltda, São Paulo BRL 6.4314 100.00 – – 3, 6 2024
TRATON Charging Solutions AB, Södertälje EUR  100.00 1,251 44  2023
TRATON R&D US, LLC, Lisle, Illinois USD 1.0410 100.00 – – 3, 6 2024
Volkswagen Caminhões e Ônibus Comércio e Serviços Ltda., Limeira BRL 6.4314 100.00 19,199 –2,833  2023
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List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
III. JOINT VENTURES        
A. Equity-accounted companies        
1. Germany        
2. Other countries        
Commercial Vehicle Charging Europe B.V, Amsterdam EUR  33.33 1,251 44  2023
Cummins-Scania XPI Manufacturing, LLC, Columbus, Indiana USD 1.0410 50.00 – –  2023
MAN Financial Services (SA) (RF) (Pty) Ltd., Johannesburg ZAR 19.6255 50.00 271,132 67,508 11 2022
Oppland Tungbilservice A/S, Fagernes NOK 11.7832 50.00 5,701 1,864  2023
Tynset Diesel A/S, Tynset NOK 11.7832 50.00 7,053 1,534  2023
B. Companies accounted for at cost        
1. Germany        
HINO & TRATON Global Procurement GmbH, Munich EUR  51.00 498 11 7 2023
2. Other countries        
AMEXCI AB, Karlskoga SEK 11.4501 13.56 273,707 –31,782  2023
IV. ASSOCIATES        
A. Equity-accounted associates        
1. Germany        
CO3 Technologies GmbH, Berlin EUR  46.73 2,806 87  2023
Rheinmetall MAN Military Vehicles GmbH, Munich EUR  49.00 78,704 9,770  2023
Scantinel Photonics GmbH, Ulm EUR  49.19 5,223 –7,192  2023
sennder Technologies GmbH, Berlin EUR  13.69 286,645 –36,213  2023
2. Other countries        
BITS DATA i Södertälje AB, Södertälje SEK 11.4501 33.00 18,232 –539  2023
ScaValencia, S.A., Ribarroja del Turia EUR  26.00 15,298 2,710  2023
Sinotruk (Hong Kong) Ltd., Hong Kong CNY 7.5986 25.25 40,272,161 5,826,851 9, 11 2023
UZ Truck and Bus Motors, LLC, Samarkand UZS 13,434.0050 32.89 221,950,000 –25,059,000  2022
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List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
B. Associates accounted for at cost        
1. Germany        
bex technologies GmbH, Stuttgart EUR  46.24 3,429 2,217  2023
Juna Technologies GmbH, Berlin EUR  49.00 – – 3 2023
2. Other countries        
Corebon AB, Arlöv SEK 11.4501 35.50 69,828 –25,517  2023
Innokraft AB, Sundsvall SEK 11.4501 46.00 4,508 –  2023
Magnum Power Products, LLC, Franklin, Indiana USD 1.0410 30.00 44,004 5,228  2023
Maudlin International Parts and Services of Palm Bay, LLC, Lisle, Illinois USD 1.0410 49.00 2 –68  2023
Parcelly Limited, London GBP 0.8302 33.40 2,217 –1,289  2023
Roboyo Group Limited, London GBP 0.8302 13.05 30,558 –30,098  2023
SIB Solutions AB, Lund SEK 11.4501 20.70 29,801 –44,445  2023
Södertälje Science Park AB, Södertälje SEK 11.4501 25.00 561 –2,068  2023
V. EQUITY INVESTMENTS        
1. Germany        
Black Semiconductor GmbH, Aachen EUR  5.48 – – 10 2024
Car2Car Communication Consortium GbR, Braunschweig EUR  7.40 521 122  2022
Cycle Mobility Holding GmbH, Berlin EUR  17.65 – –  2023
FFK Fahrzeugservice Förtsch GmbH Kronach, Kronach EUR  30.00 1,597 139  2023
Grundstücksgesellschaft Schlossplatz 1 mbH & Co. KG, Berlin EUR  8.16 1,120 826  2023
Roland Holding GmbH, Munich EUR  22.83 3,857 –138  2023
Verwaltungsgesellschaft Wasseralfingen mbH, Aalen EUR  50.00 14,501 354  2023
vialytics GmbH, Stuttgart EUR  19.43 12,241 –6,779  2023
2. Other countries        
Car IQ Inc., Oakland, California USD 1.0410 0.20 8,242 –15,342  2023
Combient AB, Stockholm SEK 11.4501 4.65 125,432 82,983  2023
CreateAI Holdings Inc., San Diego, California USD 1.0410 7.41 719,587 –277,877  2023
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List of shareholdings as of December 31, 2024
Name and domicile of the company Currency
Exchange  
rate 
(1 euro =) 
12/31/2024
Equity interest 
in %
Equity  
in thousands  
Local currency
Result  
in thousands  
Local currency Footnote Year
Doral Tech SI, Limited Partnership, Ramat-Gan ILS 3.7953 100.00 – – 10 2024
Lindholmen Science Park Aktiebolag, Gothenburg SEK 11.4501 8.98 11,033 –9,374  2023
Maghreb Truck Industry S.p.A., Sidi M’Hamed DZD 141.0837 10.00 129,936 –1,008  2023
Neutreeno Limited, Cambridge GBP 0.8302 2.23 – – 10 2024
Northvolt AB, Stockholm SEK 11.4501 0.94 32,754,748 –4,348,756  2023
OneH2, Inc., Hickory, North Carolina USD 1.0410 5.13 83,772 337  2023
Shenzhen Haylion Technologies Co. Ltd., Shenzhen CNY 7.5986 2.00 104,123 11,450  2023
SI Orion Limited Partnership, Jerusalem ILS 3.7953 100.00 – – 3, 6 2024
Stegra AB, Stockholm SEK 11.4501 2.02 12,087,383 –380,784 9 2023
Waabi Innovation Inc., Toronto, Ontario CAD 1.4972 0.13 – – 10 2024
 1 Profit and loss transfer agreement
 2 Currently not trading
 3 Short fiscal year
 4 Structured company in accordance with IFRS 10 and IFRS 12
 5 Different fiscal year
 6 Newly established company/spin-off
 7 In liquidation
 8 Figures included in the consolidated financial statements of the parent company
 9 Consolidated financial statements
10 Newly acquired company
11 Figures in accordance with IFRS
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Rotterdam, Netherlands
RESPONSIBILITY  
STATEMENT AND  
INDEPENDENT  
AUDITOR’S REPORTS
Responsibility Statement 214
Independent Auditor’s Report 215
Assurance Report of the Independent  
German Public  Auditor on a Limited  
Assurance Engagement 224
4

===== SIDA 214 =====

Responsibility Statement
Christian Levin Dr. Michael Jackstein  Catharina Modahl Nilsson  Niklas Klingenberg 
Alexander Vlaskamp Mathias Carlbaum Antonio Roberto Cortes
RESPONSIBILITY STATEMENT 
AND INDEPENDENT AUDITOR’S 
REPORTS
Responsibility Statement
To the best of our knowledge, and in accordance with the applicable reporting principles, 
the Consolidated Financial Statements give a true and fair view of the assets, liabilities, 
financial position, and profit or loss of the Group, and the Combined Management Report 
includes a fair review of the development and performance of the business and the posi-
tion of the TRATON GROUP, together with a description of the material opportunities and 
risks associated with the expected development of the TRATON GROUP.
Munich, February 12, 2025
TRATON SE
The Executive Board
  
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Independent Auditor’s Report
Independent Auditor’s Report
To TRATON SE
Report on the audit of the consolidated financial statements and of the 
group management report
Opinions
We have audited the consolidated financial statements of TRATON SE, Munich, and its 
subsidiaries (the Group), which comprise the consolidated income statement and con -
solidated statement of comprehensive income for the fiscal year from 1 January to 
31 December 2024 and the consolidated balance sheet as at 31 December 2024, consol -
idated statement of changes in equity and consolidated statement of cash flows for the 
fiscal year from 1 January to 31 December 2024, and notes to the consolidated financial 
statements, including material accounting policy information. In addition, we have audited 
the group management report of TRATON SE, which is combined with the Company’s 
management report (“group management report”), for the fiscal year from 1 January to 
31 December 2024. In accordance with the German legal requirements, we have not 
audited the content of the parts of the group management report listed in the appendix 
to the auditor’s report and the company information stated therein that is provided 
 outside of the annual report and is referenced in the group management report.
In our opinion, on the basis of the knowledge obtained in the audit, 
 – the accompanying consolidated financial statements comply, in all material respects, 
with the IFRS Accounting Standards as issued by the International Accounting 
 Standards Board (IASB) (IFRS Accounting Standards) and adopted by the EU, and the 
additional requirements of German commercial law pursuant to Sec. 315e (1) HGB 
[“Handelsgesetzbuch”: German Commercial Code] and, in compliance with these 
requirements, give a true and fair view of the assets, liabilities and financial position 
of the Group as at 31 December 2024 and of its financial performance for the fiscal year 
from 1 January to 31 December 2024, and
 – the accompanying group management report as a whole provides an appropriate 
view of the Group’s position. In all material respects, this group management report 
is consistent with the consolidated financial statements, complies with German legal 
requirements and appropriately presents the opportunities and risks of future develop-
ment. We do not express an opinion on the content of the parts of the group manage-
ment report listed in the appendix to the auditor’s report.
Pursuant to Sec. 322 (3) Sentence 1 HGB, we declare that our audit has not led to any 
reservations relating to the legal compliance of the consolidated financial statements 
and of the group management report.
Basis for the opinions
We conducted our audit of the consolidated financial statements and of the group man-
agement report in accordance with Sec.  317 HGB and the EU Audit Regulation 
(No. 537/2014, referred to subsequently as “EU Audit Regulation”) and in compliance with 
German Generally Accepted Standards for Financial Statement Audits promulgated by 
the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] ( IDW). Our 
responsibilities under those requirements and principles are further described in the 
“Auditor’s responsibilities for the audit of the consolidated financial statements and of 
the group management report” section of our auditor’s report. We are independent of 
the Group entities in accordance with the requirements of European law and German 
commercial and professional law, and we have fulfilled our other German professional 
responsibilities in accordance with these requirements. In addition, in accordance with 
Art. 10 (2) f) of the EU Audit Regulation, we declare that we have not provided non-audit 
services prohibited under Art. 5 (1) of the EU Audit Regulation. We believe that the audit 
evidence we have obtained is sufficient and appropriate to provide a basis for our opinions 
on the consolidated financial statements and on the group management report.
Key audit matters in the audit of the consolidated financial statements
Key audit matters are those matters that, in our professional judgment, were of most 
significance in our audit of the consolidated financial statements for the fiscal year from 
1 January to 31 December 2024. These matters were addressed in the context of our audit 
of the consolidated financial statements as a whole, and in forming our opinion thereon; 
we do not provide a separate opinion on these matters. 
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Below, we describe what we consider to be the key audit matters:
Recoverability of goodwill
Reasons why the matter was determined to be a key audit matter
The result of the impairment testing of goodwill is highly dependent on the executive 
directors’ estimate of future cash flows and which discount rates they use. The recoverable 
amount of the cash-generating units is calculated on the basis of their value in use, apply-
ing discounted cash flow models.
The ongoing transformation of the core business toward electromobility and digitalization 
as well as growing environmental regulation lead to uncertainties that have to be factored 
into the estimation of market shares and margins for electric vehicles and the long-term 
growth rates. There is also currently a delay in the rollout of electromobility. These 
 estimates by the executive directors are subject to risk and may be revised in response 
to changes in environmental regulation and market conditions.
In addition, the executive directors have scope for judgment in determining the cash-  
generating units for impairment testing, in determining the discount rates used and the 
long-term growth rates assumed.
In view of the foregoing, the materiality of goodwill in relation to total assets, the com -
plexity of its valuation and the judgment exercised during valuation, the impairment 
testing of goodwill was a key audit matter.
Auditor’s response
As part of our audit procedures, we discussed with management and assessed the 
 identification of cash-generating units and the allocation of assets and liabilities to 
the respective cash-generating units on the basis of the internal reporting structure. 
We analyzed the planning process established in the TRATON GROUP and tested the 
operating effectiveness of the controls implemented in each process. We assessed the 
underlying valuation models for the determination of values in use calculated using the 
discounted cash flow model in terms of methodology and reperformed the calculations 
with the assistance of internal valuation specialists. We discussed the operative planning 
prepared by the executive directors in connection with the development of sales markets, 
production costs, margins and growth rates applied with the employees responsible for 
planning and compared it with external information, particularly with market studies. In 
doing so, we considered in particular the effects of possible shortages in the supply of 
important bought-in components, inflation expectations and increases in the cost of 
materials and personnel expenses. Furthermore, we discussed and assessed the planning 
assumptions regarding the effects of climate change and the associated expansion of 
electromobility, particularly the existing uncertainties related to the estimation of market 
shares for electric vehicles and margins as well as long-term growth rates used for the 
planning. We assessed the derivation of the capitalization rates, in particular by evaluating 
the composition of the peer groups used to determine the beta factors and comparing 
the country-specific parameters used by the TRATON GROUP on the current development 
of interest rates and market risk premiums. We assessed the sensitivity analyses per -
formed by the Company and performed our own in order to estimate any impairment risk 
associated with a reasonably possible change in one of the significant assumptions. 
Our audit procedures did not lead to any reservations relating to the assessment of impair-
ment testing of goodwill.
Reference to related disclosures
The Company’s disclosures regarding the relevant accounting principles for the recognition 
and measurement of goodwill are contained in sections “4. Estimates and management’s 
judgment” and “15. Goodwill and impairment losses on assets” of the notes to the con -
solidated financial statements. 
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Capitalization and recoverability of development costs
Reasons why the matter was determined to be a key audit matter
Key criteria for capitalizing development costs are the ability to implement the develop-
ment projects (including their technical feasibility, the intention to complete them and 
the ability to use them) as well as the realization of an expected future economic benefit. 
The complexity of research & development projects is mounting in view of the techno -
logical transformation of the TRATON GROUP and the resulting new development areas 
(including high investments in electromobility and autonomous driving). Assessments 
of project feasibility are playing an ever greater role in this connection and entail the use 
of considerable judgment. 
Where capitalized development costs are not yet subject to amortization, they must be 
tested for impairment as part of the related cash-generating unit at least annually at the 
level of the brands defined as cash-generating units. The assumption of realizing future 
economic benefits and the result of testing the recoverability of capitalized development 
costs during the analyses and impairment tests performed are highly dependent on the 
executive directors’ estimate of future cash flows and which discount rates they use. The 
recoverable amount of the cash-generating units is calculated on the basis of their value 
in use, applying discounted cash flow models. 
The ongoing transformation of the core business toward electromobility and digitalization 
as well as growing environmental regulation lead to uncertainties that have to be factored 
into the estimation of market shares and margins for electric vehicles and the long-term 
growth rates. Growth expectations of the executive directors are subject to risk and may 
be revised in response to changes in environmental regulation and market conditions.
In addition, the executive directors have scope for judgment in determining the cash-  
generating units for impairment testing, in determining the discount rates used and the 
long-term growth rates assumed.
In light of the foregoing, the materiality of the capitalized development costs in relation 
to total assets, the total amount of research & development costs and the judgment 
 exercised in the assessment of eligibility for capitalization and the valuation process, the 
capitalization of development costs and the impairment test were a key audit matter.
Auditor’s response
During our audit, we examined the process for identifying the research & development 
costs, particularly with reference to the criteria for capitalization. In this connection, we 
carried out analytical audit procedures such as comparisons of project budgets and cap-
italization rates, inspected documentation on project feasibility and tested the capitalized 
costs on a sample basis. We also assessed the future economic benefit criterion for cap-
italization based on the assumptions regarding the cash inflows of the cash-generating 
unit to which the capitalized development work is allocated. We also obtained an under-
standing of the executive directors’ estimate regarding changes in the useful lives applied 
and indicators for changes in value of individual projects.
Moreover, we involved valuation specialists to assess among other things the methodol-
ogy used to determine the relevant cash-generating units and perform the impairment 
tests in light of the provisions of IAS 36. We also checked the arithmetical accuracy of the 
valuation models used. 
We analyzed the planning process established in the TRATON GROUP and tested the 
operating effectiveness of the controls implemented therein. As a starting point, we com-
pared the five-year operational plan of the TRATON GROUP and of the cash-generating 
units prepared by the executive directors and acknowledged by the Supervisory Board 
with the forecast figures in the underlying impairment tests. We discussed the key plan-
ning assumptions with the executive directors and compared them with past earnings 
and cash inflows to assess the planning accuracy. We based plausibility testing of the 
inputs for the impairment tests among other things on a comparison with general and 
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industry-specific market expectations underlying the expected cash inflows. We also 
investigated the expectations regarding the development of market shares for battery 
electric vehicles, the effects on the planned investments and their indirect effects on the 
long-term cash inflows expected by the executive directors. With respect to the rollforward 
from the medium-term plan to the long-term forecast, we assessed the plausibility of the 
assumed growth rates by comparing them with observable data. 
To assess the discount rates and growth rates applied, we analyzed the inputs used to 
determine them on the basis of publicly available information and obtained an under -
standing of the methods used with regard to the relevant requirements of IAS 36.
We also assessed the sensitivity analyses performed by the executive directors and 
 performed our own sensitivity analyses in order to estimate any potential impairment 
risk associated with a reasonably possible change in one of the significant assumptions 
used in the valuation. 
Our procedures did not lead to any reservations relating to the recognition and recover-
ability of the capitalized development costs.
Reference to related disclosures
The Company’s disclosures regarding the relevant accounting principles for the recog -
nition and measurement of development costs are contained in sections “4. Estimates 
and management’s judgment” and “16. Intangible assets” of the notes to the consolidated 
financial statements. 
Completeness and measurement of provisions for warranty obligations 
Reasons why the matter was determined to be a key audit matter
Obligations for warranty claims are calculated on the basis of estimated warranty costs 
and remediation expenditure. Where unusual individual technical risks are anticipated, 
an individual assessment is made whether and, if so, to what extent measures are required 
to remediate them and provisions need to be recognized. 
In light of the amount of the provisions and the judgment exercised during valuation, the 
completeness and measurement of provisions for warranty obligations was a key audit 
matter.
Auditor’s response
With regard to the accounting for the provisions for warranty obligations, we examined 
the underlying processes for recording previous claims, calculating and valuing the 
 estimated future warranty costs and recognizing the provisions, and tested controls in 
some areas.
In light of the uncertainty in relation to the estimated future warranty costs, we assessed 
the underlying valuation assumptions, especially the expected claim rate per vehicle 
and the cost thereof, using analyses of historical data. Where there was a lack of past 
 experience, we obtained an understanding of the assumptions made by the executive 
directors and tested their plausibility using historical data for comparable items. Using 
the calculation bases derived from these historical data, we checked the estimated costs 
for expected claims per vehicle. To assess the completeness of the provisions, we also 
reconciled the number of sold vehicles used to recognize the provision with the sales 
volumes. We obtained an understanding of the method used for calculating the provi -
sions, including the discounting, and reperformed the calculations. 
For significant individual technical risks, we assessed the expected incidence of technical 
faults and the calculation of expected costs per claim/vehicle using documentation on 
previous claims, inspecting resolutions passed by technical committees and holding 
 discussions with the departments responsible.
Our audit procedures did not lead to any reservations relating to the completeness and 
valuation of provisions for warranty obligations.
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Further InformationConsolidated Financial Statements Sustainability StatementCombined Management Report Responsibility Statement and  
Independent Auditor’s Reports
To Our Shareholders

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