FULLTEXT DEL 4 AV 7
Årsredovisning 2025
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22. Other financial liabilities
€ million
Carrying amount Carrying amount
Current Non current 12/31/2025 Current Non current 12/31/2024
Liabilities from buyback obligations 696 1,254 1,950 767 1,401 2,168
Deferrals for outstanding supplier invoices 562 9 571 561 2 562
Interest rate liabilities 260 – 260 252 – 252
Negative fair values of derivatives 58 167 226 312 371 683
Liabilities related to the appraisal proceedings
on the MAN SE merger squeeze-out 2 98 100 2 96 98
Factoring liabilities 18 26 44 45 19 64
Security deposits for financial services – – – 11 42 54
Miscellaneous financial liabilities 271 30 301 171 39 210
1,868 1,584 3,452 2,121 1,970 4,091
The liabilities from buyback obligations originate from sales of commercial vehicles accounted for as operating leases becaus e of a buyback agreement.
For further information on the accounting policies, see Note 11. Assets leased out.
Other financial liabilities include negative fair values of derivative financial instruments for hedging interest rate and cu rrency risks. These instruments,
which are mainly used to hedge currency risk in customer orders and net liquidity, are matched by offsetting gains and losses of the underlyings. Further
information on derivatives as a whole can be found in Notes 28. Significance of financial instruments for net assets, financial position, and results of opera-
tions and 29. Nature and extent of risks arising from financial instruments.
In some cases, the contractual rights to cash flows from leases are transferred to an external bank. The carrying amount of t he lease assets that have been
transferred but not derecognized was €37 million (previous year: €50 million) as of the reporting date. The assets did not qualify for derecognition due to a
general recourse clause. The corresponding other financial liability had a carrying amount of €4 4 million (previous year: €64 million) as of the reporting
date. The difference between the amount of assets and liabilities is mainly the result of the asset capturing only the portio n currently resulting from oper-
ating leases, whereas the liability includes the discounted present value of all future cash flows that have been transferred. As of the reporting date, the fair
value of the transferred but not derecognized assets amounted to €3 7 million (previous year: €5 0 million), the fair value of the corresponding liability
amounted to €4 4 million (previous year: €64 million), and the net position thus equaled € –7 million (previous year: € –14 million). For information on the
accounting policies in connection with derecognition of financial assets, refer to Note 14. Financial services receivables.
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23. Other liabilities
€ million
Carrying amount Carrying amount
Current Non current 12/31/2025 Current Non current 12/31/2024
Contract liabilities 1,491 1,098 2,589 1,579 990 2,569
Deferred purchase price payments for assets
leased out (Buy-back transactions) 718 1,033 1,751 772 1,249 2,021
Payroll liabilities 1,004 1 1,004 1,188 1 1,188
Miscellaneous tax payables 568 1 569 503 9 512
Liabilities related to social security
contributions 372 2 374 339 3 342
Miscellaneous other liabilities 432 33 465 372 19 391
4,585 2,167 6,752 4,753 2,271 7,024
The following table explains the change in contract liabilities in the reporting period:
€ million 2025 2024
Contract liabilities as of 01/01 2,569 2,195
Additions and disposals 102 377
Currency translation adjustments –73 –3
Changes in basis of consolidation –10 –
Contract liabilities as of 12/31 2,589 2,569
24. Provisions for pensions and other post-employment benefits
Accounting policies: provisions for pensions and other post-employment benefits
Obligations for post-employment benefits under defined benefit plans are determined by independent actuaries using the projected unit credit method
in accordance with IAS 19 Employee Benefits. Under this method, the future obligations (“defined benefit obligation”) are measured on the basis of the
proportionate benefit entitlements acquired as of the balance -sheet date, discounted to their present value, and reduced by the fair value of the pl an
assets available to cover the pension obligations. Measurement takes into account both the pensions and vested benefits known at the balance sheet
date and actuarial assumptions for discount rates, salary and pension trends, staff turnover rates, life expectancy, and increases in healthcare costs, which
are calculated for the Group companies depending on their economic environment.
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The service cost, which represents the entitlements of active employees accruing in the fiscal year in accordance with the plan, is reported in functional
expenses. Net interest income or expense is calculated by applying the discount rate to the net asset value or liability and is included in interest expense.
Remeasurements of the net asset or liability comprise actuarial gains and losses resulting from differences between the actua rial assumptions made
and what has actually occurred, and changes in actuarial assumptions, as well as the return on plan assets, e xcluding amounts included in net interest
income or expenses. Remeasurements are recognized in other comprehensive income, net of deferred taxes, in the period in whic h they arise. The re-
measurements from pension plans recognized in other comprehensive income also include the relevant currency translation differences.
Estimates and management’s judgment: provisions for pensions and other post-employment benefits
Measurement of the pension provisions was based on the following actuarial assumptions:
In %
Germany USA Sweden Other countries
2025 2024 2025 2024 2025 2024 2025 2024
Discount rate as of 12/31 4.0 3.4 5.1 5.5 3.8 3.5 5.6 5.2
Payroll trend 3.0 3.2 0.4 0.5 2.5 2.5 2.0 1.8
Pension trend 2.0 2.0 – – 1.8 1.8 0.8 0.8
Staff turnover rate 2.5 2.5 3.2 3.5 4.8 4.8 3.9 3.1
These amounts are averages that were weighted using the present value of the defined benefit obligation. With regard to life expectancy, the most
recent mortality tables in each country are used. For Germany, the RT2018G mortality tables developed by Prof. Klaus Heubeck are used for MAN
Truck & Bus companies and TRATON Holding starting this fiscal year, as, according to an updated assessment, they better reflect mortality in the TRATON
GROUP than the 2005 G mortality tables by Prof. Klaus Heubeck previously used, which were adjusted in 2017 to refle ct MAN-specific empirical values.
The update of the mortality tables had no significant effect. For the US retirement plans, the mortality rates from standard mortality tables published by
the Society of Actuaries are used and adjusted for plan experience if necessary. A study is conducted every five years, most recently in 2025, to determine
the best estimate of current mortality levels. In Sweden, the DUS2023 standard mortality tables are applied. As a general principle, the discount rates are
defined to reflect the yields on highly-rated (AA) corporate bonds with matching maturities and currencies. The payroll trends cover expected wage and
salary trends, which also include increases due to career development. The pension trends either reflect the contractually de fined guaranteed pension
adjustments or are based on the rules for pension adjustments in force in each country. The staff turnover rates are based on past experience and future
expectations.
Depending on the situation in specific countries, the TRATON GROUP grants its employees pension benefits in the form of defin ed benefit or defined
contribution pension plans.
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Defined contribution plans in the TRATON GROUP
Under defined contribution plans, contributions are paid to public or private pension providers on the basis of legislative or contractual requirements. There
are no benefit obligations over and above the payment of contributions. Current contribution payments are recognized as an expense in the period in which
they are incurred; in the TRATON GROUP, they amounted to a total of €472 million (previous year: €451 million) in 2025. Thereof €127 million (previous year:
€127 million) was paid for contributions to the statutory pension insurance system in Germany. Additionally, these primarily relate to de fined contribution
pension plans in Sweden and the USA and to defined benefit multi-employer pension plans that are accounted for as defined contribution pension plans.
Multi-employer plans in the TRATON GROUP
In the TRATON GROUP, there are multi-employer pension plans in the United Kingdom, Sweden, and the Netherlands (see the Plans in Sweden and Plans
in other countries sections). The majority of these plans are defined benefit plans. A small proportion of these multi-employer pension plans are accounted
for as defined contribution plans because the TRATON GROUP is unable to obtain the information required to account for them as defined benefit plans.
Under the terms of the multi-employer plans, the TRATON GROUP only has a very limited liability for the obligations of the other employers.
Defined benefit plans in the TRATON GROUP
Most of the pension entitlements in the TRATON GROUP are classified as defined benefit plans under IAS 19, which are funded b y external plan assets to a
considerable extent. The pension plans are exposed to interest rate, market, and longevity risks, which are regularly monitored and assessed.
Due to their similarity to pensions, the obligations in particular of the US, Canadian, and Brazilian Group companies for the ir employees’ post-retirement
healthcare benefits (Other post-employment benefits plans, OPEB) are also reported in provisions for pensions and other post -employment benefits. The
expected long-term trend in healthcare costs is taken into account for these post -employment benefits. The associated present value of the obligation
amounted to €400 million (previous year: €535 million) as of December 31, 2025. The decrease is primarily due to lower projected costs related to the OPEB
plans in the USA, which are attributable to insurance contracts with favorable terms and higher projected government funding.
The significant pension plans are described in the following.
Plans in Sweden
The plans in Sweden primarily comprise post -employment benefit plans for Scania employees that offer benefits in the form of retirement pensions, early
retirement pensions, surviving dependents’ pensions, and severance payments. As part of the merger of significant parts of the research and development
departments within the TRATON GROUP, some of these plans were transferred to the Swedish Group R&D company.
Employees born before 1979 are covered by the joint defined benefit ITP2 pension plan, which is funded by recognized provisions and, since 2019, also partly
by plan assets, and is secured by credit insurance taken out with Försäkringsbolaget PRI Pensionsgaranti, a mutual insurance company that also administers
the plan. External funding of plan assets uses a foundation (Pensionsstiftelsen). The fair value of plan assets was €37 5 million (previous year: €331 million)
as of December 31, 2025. Another part of ITP2 is secured by contributions to Alecta, a pensions insurer, and is accounted for as a defined contribution plan
(see the Multi-employer plans in the TRATON GROUP section).
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In addition to these obligations, there is also a defined benefit obligation for employees entitled to early retirement who h ave reached the age of 62 and
were employed by the company for 30 years, or who have reached the age of 63 and were employed by the company for 25 years, as well as for a limited
number of former executives.
For obligations that are funded entirely by recognized provisions, the company bears the risks associated with lifelong pension benefits.
Plans in the USA
In the United States, a range of defined benefit pension plans at International offer employees retirement benefits in the form of life annuities. The benefits
of the pension plan for salaried employees are generally based on salary and length of service, while benefits under the two pension plans for wage-earning
staff are generally based on a negotiated amount for each year of service.
The pension plans for wage-earning staff and salaried employees have been closed to new entrants since 2008 and 1996, respectively, and, with the excep-
tion of one of the plans for wage-earning staff, are also closed to the accrual of further benefit entitlements.
These plans are funded pension plans subject to the US Employee Retirement Income Security Act (ERISA) and are eligible for t ax benefits as qualified
pension plans under US law. Under internal guidelines, the minimum required contribution pursuant to ERISA and the Internal Revenue Code is funded in
each case, and additional discretionary contributions are paid in from time to time.
The plan assets are invested as part of a diversified strategy by experienced fund managers in equities, real estate, hedge funds, credit products, and assets
in order to hedge liabilities, and diversified by an external investment advisor to avoid concentrations in type, sector, issuer, market, or country. Each pension
plan has an investment policy that, among other things, defines strategic asset allocation depending on the funding level. As the funding level increases,
investments are reallocated to asse t classes that reduce interest rate risk at the expense of higher -yielding asset classes that are also more volatile. No
derivative products are currently used to hedge longevity or interest rate risk.
For executives, US law provides for nonqualified defined benefit plans that are not subject to the ERISA and provide retirement benefits in the form of a life
annuity, a lump sum, or installments. These are financed solely by provisions.
In addition, in the USA, other post-employment benefits (OPEB plans) in the form of medical benefits, prescription drugs, and life insurance, some of which
are funded, are provided to a closed group of participants for life.
Plans in Germany
The plans in Germany mainly comprise pension plans of the German companies of MAN Truck & Bus and TRATON Holding. Once their active working life is
over, these companies grant their employees in Germany benefits provided by an occupational pension system that constitutes one of the key elements of
their remuneration policy. Occupational pensions provide additional retirement benefits as well as risk protection in the event of invalidity or death. As part
of the merger of significant parts of the research an d development departments within the TRATON GROUP, some of these plans were transferred to the
German Group R&D company.
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Under the current pension plans, all active employees receive employer contributions that are tied to their remuneration and can also make additional
provisions through deferred compensation that is often employer -subsidized. The employer- and employee-funded contributions plus returns on capital
market investments allow staff to accumulate plan assets during their active employment that are paid out as a lump sum or in installments on retirement,
or that can be annuitized in certain cases. The risk of the investments is gradually reduced as employees get older (life cycle concept). The performance of
the plan assets is based on the return on capital investments. The total amount of contributions paid in for the employee is paid out as a minimum when
the employee retires.
Former employees, pensioners, or employees with vested benefits who have left the company also have benefit entitlements from discontinued pension
plans, which are designed to provide lifelong pension payments. These commitments are exposed to the standard longevity and i nflation risks, which are
regularly monitored and assessed.
German pension assets are managed by MAN Pension Trust e.V. and WTW Pensionsfonds AG. These assets are irrevocably protected from recourse by the
Group companies and may only be used to fund current pension benefit payments or to settle claims by employees in the event of insolvency. Proper
management and utilization of the trust assets is supervised by independent trustees. Additionally, WTW Pensionsfonds AG is regulated by the Bundesan-
stalt für Finanzdienstleistungsaufsicht (BaFin — German Federal Financial Supervisory Authority).
The pension assets are invested by professional investment managers in accordance with investment rules laid down by TRATON SE’s Investment Commit-
tee. Strategic allocation of the pension assets is based on regular asset/liability management studies. In addition to pure administration, WTW Investments
GmbH also handles fiduciary management for WTW Pensionsfonds AG.
The acquisition of securities issued by Volkswagen Group companies and investments in owner-occupied real estate are generally not permitted.
Plans in other countries
Employees in the United Kingdom, Switzerland, Canada, and Brazil receive pension benefits under defined benefit funded pension and healthcare plans.
The pension plans granting lifelong pensions in the United Kingdom have been closed to new entrants, and existing members can not acquire additional
entitlements. Trustee boards, which have appointed professional administrators and advisors, are responsible for administering the pension plans, including
investing the assets. Regular asset/liability management studies form the basis of investment and risk management. At MAN Truck & Bus, investments are
aligned with the liability structure and offer comprehensive protection against changes in interest rates and inflation rates.
Employees in Switzerland accrue entitlements through employer and employee contributions to multi-employer (MAN Truck & Bus) or occupational (Scania)
pension providers that are converted into a lifelong pension at retirement at the terms in force at that time. The pension in stitutions are managed conser-
vatively on the basis of standards imposed by the government. If the plan a ssets are insufficient to meet the pension entitlements because of adverse
market developments, the member employers and their employees may be required to make stabilization contributions.
In Canada, there are two registered and funded defined benefit pension plans, one for wage -earning staff and one for salaried employees, as well as an
Other Post-Employment Benefits (OPEB) plan. The pension plans provide lifetime annuities and are closed t o new entrants. The pension plan for salaried
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employees (the defined benefit component) is also closed for the acquisition of additional entitlements. The Canadian OPEB pl an provides health, dental,
and life insurance benefits to eligible pensioners.
Employees in Brazil are entitled to benefits under defined benefit pension plans funded largely by plan assets and have entit lements 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 or in part (Netherlands, Belgium, France), or are only funded by provisions (Austria, Türkiye, Poland, Italy, Mexico).
The following amounts were recognized in the balance sheet for defined benefit plans:
€ million 12/31/2025 12/31/2024
Present value of funded obligations 4,353 4,831
Fair value of plan assets 3,592 3,627
Funded status (net) 761 1,204
Present value of unfunded obligations 806 639
Amount not recognized as an asset because of the ceiling in
IAS 19 23 17
Net liabilities recognized in the balance sheet 1,590 1,859
of which provisions for pensions and other post-
employment benefits 1,644 1,909
of which other receivables 54 50
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The following table shows changes in the net defined benefit liability recognized in the balance sheet:
€ million 2025 2024
Net liabilities recognized in the balance sheet as of 01/01 1,859 1,811
Current service cost1 90 84
Net interest expense1 86 79
Actuarial gains (–)/losses (+) arising from changes in
demographic assumptions –17 –1
Actuarial gains (–)/losses (+) arising from changes in financial
assumptions –149 55
Actuarial gains (–)/losses (+) arising from experience
adjustments 76 58
Income/expenses from plan assets not included in interest
income –117 –90
Change in amount not recognized as an asset because of the
ceiling in IAS 19 7 –4
Employer contributions to plan assets –104 –66
Employee contributions to plan assets 18 5
Pension payments from company assets –100 –87
Past service cost (including plan curtailments)1 3 8
Gains (–)/losses (+) arising from plan settlements1 2 –5
Changes in basis of consolidation – 9
Other changes –5 –3
Currency translation differences from foreign plans –55 5
Net liabilities recognized in the balance sheet as of 12/31 1,590 1,859
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 2025 2024
Present value of obligations as of 01/01 5,469 5,291
Current service cost 90 84
Interest expense 226 212
Actuarial gains (–)/losses (+) arising from changes in
demographic assumptions –17 –1
Actuarial gains (–)/losses (+) arising from changes in financial
assumptions –149 55
Actuarial gains (–)/losses (+) arising from experience
adjustments 76 58
Employee contributions to plan assets 21 8
Pension payments from company assets –100 –87
Pension payments from plan assets –259 –231
Past service cost (including plan curtailments) 3 8
Disposals arising from plan settlements –5 –21
Changes in basis of consolidation – 9
Other changes 1 2
Currency translation differences from foreign plans –197 85
Present value of obligations as of 12/31 5,160 5,469
As of the reporting date, €1,840 million (previous year: €2,188 million) of the defined benefit obligation is attributable to the International plans in the USA,
€1,571 million (previous year: €1,577 million) to the plans of TRATON Holding, the German MAN Truck & Bus companies, and the German Group R&D com-
pany, and a further €1,077 million (previous year: €1,001 million) to the plans in Sweden.
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Changes in the relevant actuarial assumptions would have the following effects on the defined benefit obligation:
Present value of defined benefit obligation if
12/31/2025 12/31/2024
€ million
Change
in % € million
Change
in %
Discount rate is 0.5 percentage points higher 4,935 –4.3 5,199 –5.0
is 0.5 percentage points lower 5,409 4.8 5,768 5.5
Pension trend is 0.5 percentage points higher 5,277 2.3 5,591 2.2
is 0.5 percentage points lower 5,052 –2.1 5,357 –2.1
Payroll trend is 0.5 percentage points higher 5,219 1.1 5,530 1.1
is 0.5 percentage points lower 5,105 –1.1 5,413 –1.0
Life expectancy increases by one year 5,326 3.2 5,666 3.6
The sensitivity analyses shown above consider the change in one assumption at a time, leaving the other assumptions unchanged versus the original cal-
culation, i.e., any correlation effects between the individual assumptions are ignored. To examine the sensitivity 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 comparat ive calculation. The average
duration of the defined benefit obligation weighted by the present value of the defined benefit obligation (Macaulay duration) is nine years (previous year:
ten years).
The present value of the defined benefit obligation is spread across the members of the plan as follows:
€ million 12/31/2025 12/31/2024
Active members with entitlements from defined benefits 1,851 1,813
Members who have left the company with vested
entitlements 615 657
Pensioners 2,694 2,999
5,160 5,469
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The maturity profile of payments attributable to the defined benefit obligation is presented in the following table by classi fying the present value of the
obligations by the maturity of the underlying payments:
€ million 12/31/2025 12/31/2024
Payments due within the next fiscal year 327 314
Payments due in two to five years 1,246 1,314
Payments due in more than five years 3,587 3,841
5,160 5,469
Changes in plan assets are shown in the following table:
€ million 2025 2024
Fair value of plan assets as of 01/01 3,627 3,500
Interest income from plan assets determined using the
discount rate 140 133
Income/expenses from plan assets not included in interest
income 117 90
Employer contributions to plan assets 104 66
Employee contributions to plan assets 3 3
Pension payments from plan assets –258 –231
Disposals arising from plan settlements –3 –16
Currency translation differences from foreign plans –142 80
Other changes 5 2
Fair value of plan assets as of 12/31 3,592 3,627
As of the reporting date, €1,22 1 million (previous year: €1,378 million) of the fair value of plan assets was attributable to the International plans in the USA,
€1,509 million (previous year: €1,438 million) to the plans of TRATON Holding, the German MAN Truck & Bus companies, and the German Group R&D com-
pany, and a further €375 million (previous year: €331 million) to the plans in Sweden.
In the next fiscal year, employer contributions to plan assets are expected to amount to €129 million (previous year: €123 million).
The investment of plan assets to cover future pension obligations resulted in total comprehensive income of €257 million (previous year: €223 million).
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Plan assets are invested in the following asset classes:
€ million
12/31/2025 12/31/2024
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 76 – 76 96 – 96
Equity instruments 200 – 200 175 – 175
Debt instruments 133 4 136 138 4 142
Direct investments in real estate – 47 47 – 56 56
Equity funds 999 – 999 1,116 2 1,118
Bond funds 1,331 49 1,380 1,279 82 1,362
Real estate funds 211 21 233 217 23 240
Other instruments 5 227 232 4 207 211
Other 147 142 289 85 141 227
Fair value of plan assets 3,102 491 3,592 3,111 516 3,627
25. Other provisions
Accounting policies: other provisions
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 utili-
zation.
Provisions that will not result in an outflow of resources within one year are recognized at their discounted settlement amount as of the reporting date.
The discount rate is based on market interest rates. The settlement amount also includes the expected cost increases as of the reporting date. Provisions
are not offset against recourse rights.
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Estimates and management’s judgment: recognition and measurement of provisions
Recognition and measurement of provisions are based on estimates regarding the amount and probability of the occurrence of future events, as well as
the estimation of the discount rate. Whenever possible, past experience or external appraisals are taken into account. 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 warranty and ex gratia claims. The measurement of restructuring provisions 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 uncertainties. The current status of nego-
tiations 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 Restructuring
Miscellaneous
provisions Total
Balance as of 01/01/2025 2,297 402 512 27 597 3,835
Currency translation differences –59 –7 –22 1 –3 –90
Changes in basis of consolidation 2 0 0 0 0 2
Utilization –1,304 –92 –126 –3 –256 –1,781
Additions/new provisions 1,633 71 166 42 295 2,208
Unwinding of discount/effect of change in discount rate 35 4 2 0 0 41
Reversals –117 –11 –18 –2 –77 –225
Balance as of 12/31/2025 2,486 367 515 65 556 3,989
of which current 1,456 114 213 65 378 2,228
of which noncurrent 1,030 253 301 0 178 1,761
Obligations arising from unit sales contain provisions that cover all risks attributable to the sale of vehicles and spare pa rts. These primarily relate to provi-
sions 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 obliga-
tions, among other things.
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As of December 31, 2025, 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 interna tionally 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 32. 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.
26. Trade payables
Individual companies of the TRATON GROUP use supplier finance arrangements in which a supplier sells its existing trade recei vables to a bank or third -
party provider. The arrangements are subject to the following terms and conditions:
– In 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 existing receivable 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 t he full invoice amount
to the bank when it is due.
– In the case of platform -based supplier finance arrangements (multi -bank approach), the supplier sends the invoice to the TRATON GROUP company
after delivery of the goods. 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.
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 conte xt. Correspondingly, the cash outflow is reported in
net cash provided by/used in operating activities.
Trade payables and supplier finance arrangements
€ million 12/31/2025 12/31/2024
Trade payables 5,474 5,349
thereof part of Supplier Finance Arrangements 482 421
thereof payments received by suppliers 478 416
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The suppler finance arrangements 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.
For information on the measurement principles applied to trade payables and further information on liquidity risk, refer to Notes 28. Significance of financial
instruments for net assets, financial position, and results of operations and 29. Nature and extent of risks arising from financial instruments.
Other disclosures
27. 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
19. Cash and cash equivalents). Current account overdraft facilities are not presented as a component 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.
The changes in balance sheet items presented in the cash flow statement cannot be directly derived from the balance sheet, as effects from currency
translation and changes in the basis of consolidation do not affect cash flow and are reported separately.
In 2025, net cash provided by/used in operating activities contained interest received of €1,55 7 million (previous year: €1,484 million) and interest paid of
€1,442 million (previous year: €1,510 million). Net cash provided by/used in operating activities in 2025 also contained dividends received from joint ventures
and associates amounting to €133 million (previous year: €159 million) as well as dividends received from other equity investments of € 2 million (previous
year: €1 million). Other noncash income and expenses result primarily 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 ar e reported net of cash and cash
equivalents disposed at the date of disposal. Payments of €1 7 million (previous year: €1 million) were offset against cash and cash equivalents disposed of
€2 million (previous year: €1 million) in 2025. A further €6 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, €47 million (previous year: €4 million) of cash and cash equivalents acquired was therefore deducted from the purchase
prices paid in the total amount of €6 8 million (previous year: €73 million). In the previous year, this had included 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.
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The following reconciliation shows the changes in financial liabilities, classified by changes affecting cash flows and noncash changes.
€ million
Noncash changes Noncash changes
01/01/2025
Changes
affecting
cash flows
Foreign
exchange
differences
Changes in
basis of
consolidation
Other
changes 12/31/2025 01/01/2024
Changes
affecting
cash flows
Foreign
exchange
differences
Changes in
basis of
consolidation
Other
changes 12/31/2024
Bonds 14,663 763 81 – 0 15,507 11,682 2,893 75 – 13 14,663
Schuldscheindarlehen and
commercial papers 596 991 2 – 0 1,589 1,714 –1,088 –30 – – 596
Other third-party borrowings1 7,846 1,286 –113 – – 9,019 7,126 695 –208 246 –13 7,846
Lease liabilities2 1,171 –292 –21 23 394 1,276 1,181 –276 –5 0 272 1,171
Total third-party borrowings 24,277 2,749 –52 23 394 27,391 21,704 2,224 –169 246 272 24,277
Put options and compensating
rights of minority 98 – – – 2 100 – – – – 98 98
Derivatives in connection with
financing activities3 –23 122 0 – –376 –277 115 –82 –4 – –52 –23
Financial assets and liabilities
in financing activities 24,352 2,871 –51 23 19 27,214 21,818 2,142 –173 246 318 24,352
1 Prior-period amounts adjusted to reflect the current presentation The commercial paper programs were removed and are now shown in the line “Schuldscheindarlehen and commercial paper programs.”
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.
28. 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 co ntract. 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 financ ial liability is derecognized when the obligations specified in the contract are fulfilled or can-
celed.
Classification of financial assets depends on the contractual cash flow characteristics 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 instrument are exclusiv ely allocated to the “at amortized cost” measurement category. If, in individual cases, the cash flows
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from primary financial instruments do not consist exclusively of principal and interest payments on the principal amount outs tanding, these financial
assets are assigned to the “at fair value” measurement category.
In the case of derivatives and other equity investments, the cash flows do not consist exclusively of payments of principal a nd interest on the principal
amount outstanding. They are therefore allocated to the “at fair value” measurement category. 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 liabilities are allocated to “no measurement 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
€ million
Measured at fair
value
Measured at
amortized cost
Derivative
financial
instruments
within hedge
accounting
Not allocated
to any
measurement
category
Balance
sheet item
as of
12/31/2025
Measured at fair
value
Measured at
amortized cost
Derivative
financial
instruments
within hedge
accounting
Not allocated
to any
measurement
category
Balance
sheet item
as of
12/31/2024
Note
Through other
comprehensive
income
Through
profit or
loss
Carrying
amount Fair value
Carrying
amount
Carrying
amount
Through other
comprehensive
income
Through
profit or
loss
Carrying
amount Fair value
Carrying
amount
Carrying
amount
Noncurrent
assets
Other equity
investments [13] 64 – – – – 19 83 71 – – – – 68 139
Financial services
receivables [14] – – 5,362 5,343 – 5,210 10,571 – – 4,814 4,740 – 4,276 9,090
Other financial
assets [15] – 415 168 168 12 – 594 – 294 219 218 3 – 516
Current assets
Trade receivables [18] – – 3,126 3,126 – – 3,126 – – 3,096 3,096 – – 3,096
Financial services
receivables [14] – – 4,923 4,923 – 2,412 7,335 – – 4,747 4,747 – 2,146 6,894
Other financial
assets [15] – 169 713 713 9 – 891 – 119 691 691 15 – 825
Marketable
securities and
investment
deposits
– – 22 22 – – 22 – – 46 46 – – 46
Cash and cash
equivalents [19] – – 2,805 2,805 – – 2,805 – – 2,542 2,542 – – 2,542
Noncurrent
liabilities
Financial
liabilities [21] – – 16,095 16,103 – 1,008 17,103 – – 14,842 14,991 – 917 15,759
Other financial
liabilities [22] – 92 1,416 1,415 75 – 1,584 – 252 1,599 1,599 119 – 1,970
Current liabilities
Financial
liabilities [21] – – 10,020 10,020 – 267 10,288 – – 8,263 8,263 – 254 8,517
Trade payables [26] – – 5,474 5,474 – – 5,474 – – 5,349 5,349 – – 5,349
Other financial
liabilities [22] – 50 1,810 1,810 9 – 1,868 – 273 1,809 1,809 38 – 2,121
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The “Financial liabilities” item contains liabilities from bonds with a carrying amount of €1,51 9 million (previous year: €2,57 1 million) and a fair value of
€1,520 million (previous year: €2,527 million) that are included in hedge accounting as a fair value hedge. They were allocated to the “at amortized cost”
measurement category.
Carrying amount of financial instruments by measurement categories
€ million 12/31/2025 12/31/2024
Assets measured at amortized cost 17,118 16,188
Other equity investments measured at fair value through
other comprehensive income 64 71
Assets measured at fair value through profit or loss 584 413
Total financial assets 17,766 16,673
Liabilities measured at amortized cost 34,816 31,868
Liabilities measured at fair value through profit or loss 141 525
Total financial liabilities 34,957 32,393
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 techniques.
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 measurement 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 cond itions 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 (unobservab le 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.
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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. The shares of CreateAI Holdings Inc. (form erly: TuSimple Holdings Inc.), San
Diego, USA, (CreateAI) were delisted in Febru ary 2024. As market prices are no longer available, the shares were reclassified from Level 1 of the fair value
hierarchy into Level 3 in the previous year.
The item “Other financial assets” includes a receivable relating to contingent consideration from the sale of International Indústria Automotiva Da América
Do Sul Ltda, São Paulo, Brazil (MWM) in 2022. The receivable is measured at fair value through profi t 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. Any change in the unobserv-
able inputs would not result in any significant change in the fair value of any of the instruments.
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
€ million
2025 2024
Other equity investments
categorized within Level 3
Other financial assets
categorized within Level 3
Other equity investments
categorized within Level 3
Other financial assets
categorized within Level 3
Balance as of 01/01 71 16 127 73
Fair value changes in Fair value measurement of other equity investments
recognized in other comprehensive income 11 – –88 –
Fair value changes in Other financial result recognized in profit or loss – 3 – 9
Additions/acquisitions 4 12 14 –
Transfer from Level 1 – – 13 –
Sales and settlements –9 –8 – –61
Reclassification to Equity-method Investments –15 – – –
Currency translation differences 2 0 –3 –5
Changes in basis of consolidation 0 – 7 –
Balance as of 12/31 64 23 71 16
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The major part of the fair value changes in “Fair value measurement of other equity investments” recognized in other comprehensive income in the previous
year had related 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 unobservable inputs and based on the best information available. The change reported as realization in
the previous year relates to the conversion of convertible bonds.
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 the previous year had related to the investment in CreateAI, for which no market price data is available due to the delisting in February 2024. There were
no reclassifications between levels of the fair value hierarchy in the reporting year.
Net gains and losses on financial instruments MEASURED at fair value
€ millions 2025 2024
Net gains and losses:
Financial instruments measured at fair value through
profit or loss 492 –410
Net gains and losses on financial assets and liabilities measured at fair value through profit or loss mainly comprise measur ement and realization effects
from derivatives not included in hedge accounting.
Net results have increased sharply compared to the previous year, mainly as a result of currency derivatives and interest -currency hedging. In 2025, the
appreciation of the euro against the US dollar was among the factors, while the appreciation of the euro against the Brazilia n real was noticeable in the
previous year.
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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 amo unt repayable at ma-
turity, amortized using the effective interest method. In the case of financial assets, the amount is adjusted for any loss allowances.
For the impairment of financial instruments, with the exception of lease receivables and trade receivables, the TRATON GROUP recognizes the expected
credit loss (ECL) over the term if there has been a significant increase in credit risk since initial recog nition (hereinafter also referred to as the “general
approach”). By contrast, if the credit risk of the financial instrument has not increased significantly since initial recognition, a loss allowance 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 generally 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 recognition of the instrument, based on expected credi t 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. Among other things, these events include delayed payment over a certain period, the institution of enforcement measures,
the threat of insolvency or overindebtedness, the application for or opening of bankruptcy proceedings, or the failure of reo rganization measures. The
amount of expected credit losses is based on the probabi lity of default, the loss given default, and the exposure at default. Both historical and current
data on payment behavior are considered. The loss given default takes into account collateral received and other credit enhancements. Forward-looking
macroeconomic assumptions are regularly modeled using gross domestic product by means of scenario analysis and are also included in the calculation.
The TRATON Financial Services segment takes the current geopolitical uncertainties into account in its macroeconomi c assumptions and in the design
of its scenario analysis. Events that diverge from the normal economic cycle, such as geopolitical risks, are also reflected in the recognition of expert -
based, centralized loss allowances. For financial assets, expected credit losses are calculated as the present value of the difference between all contrac-
tual cash flows payable to the TRATON GROUP under the terms of the contract and all cash flows that the Group expects to rece ive. This difference is
discounted using the or iginal 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 ris k at an earlier point in time,
there is a rebuttable presumption in the TRATON GROUP that default has occurred if payments are more than 90 days past due. Appropriate groupings
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for the inputs 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 financia l instruments is measured as the cumulative
change in lifetime expected credit loss. These instruments are not reclassified from Stage 4.
For lease receivables, the TRATON GROUP always applies the ECL over the term (hereinafter also referred to as the “simplified approach”), based on the
inputs and assumptions regarding probability of default, loss given default, and exposure value described in the previous paragraph.
Impairment losses for trade receivables are also measured using the simplified approach. For this purpose, expected credit losses are estimated using a
provision matrix unless there is objective evidence of individual impairment. The provision matrix is ba sed on the Group’s historical loss experience,
adjusted for debtor-specific factors, general economic factors, and an estimate of both current and expected changes in variables as of the repor ting
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 90 days past due: 3.0% of the receivable
If fair value is disclosed for financial instruments measured at amortized cost, it is calculated by discounting, using a mar ket rate of interest for a similar
risk and matching maturity. For a description of the levels of the fair value hierarchy, please refer to the Financial assets and liabilities measured at fair
value section.
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The following tables contain an overview of the financial assets and liabilities measured at amortized cost by fair-value level:
Fair values of financial assets and liabilities measured at amortized cost by level
€ million Level 1 Level 2 Level 3 12/31/2025 Level 1 Level 2 Level 3 12/31/2024
Financial services receivables – – 10,266 10,266 – – 9,488 9,488
Trade receivables – 3,126 – 3,126 – 3,096 – 3,096
Other financial assets 0 770 60 830 0 860 49 909
Marketable securities and investment deposits – 22 – 22 – 46 – 46
Cash and cash equivalents 2,805 – – 2,805 2,542 – – 2,542
Fair values of financial assets measured at amortized cost 2,805 3,968 10,326 17,100 2,542 4,001 9,537 16,080
Trade payables – 5,474 – 5,474 – 5,349 – 5,349
Financial liabilities 9,362 16,761 – 26,123 9,418 13,837 – 23,255
Other financial liabilities 6 3,219 0 3,225 18 3,389 0 3,408
Fair values of financial liabilities measured at amortized cost 9,368 25,454 0 34,822 9,436 22,576 0 32,012
The lease receivables have a carrying amount of €7,621 million (previous year: €6,423 million) and a fair value (Level 3 of the fair value hierarchy) of €7,613 mil-
lion (previous year: €6,414 million).
Total interest income and expenses from financial instruments measured at amortized cost
€ million 2025 2024
Interest income 987 901
Interest expenses –1,249 –1,178
Net gains and losses on financial instruments measured at amortized cost
€ million 2025 2024
Net gains and losses:
Financial assets measured at amortized cost –515 –491
Financial liabilities measured at amortized cost –1,456 –1,989
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Net gains and losses on financial assets and liabilities measured at amortized cost comprise interest income and expenses mea sured 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 29. 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 genera lly recognized at the trade
date.
The recognition of gains and losses from fair value measurement depends on the designation of the derivative. Derivatives tha t do not meet the IFRS 9
hedge accounting criteria are measured at fair value through profit or loss (also referred to in the follo wing as “derivatives or hedging instruments not
included in hedge accounting”). These gains and losses from measurement and realization are recognized in other operating inc ome/expense (for ex-
ample, foreign currency derivatives for customer orders) or in fi nancial 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 do minated 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 reclas sified 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 portion of a cash flow hedge is recognized in profit or loss for the period.
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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 amort ized 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 29. Nature and extent of risks arising from financial instruments.
The following table contains an overview of the TRATON GROUP’s derivative financial instruments, broken down by whether or no t they are included in
hedge accounting and by the hedged risk.
Overview of the TRATON GROUP’s derivative financial instruments
€ million
2025 2024
Derivative financial instruments in hedge
accounting
Derivative financial
instruments in hedge
accounting
Derivative
financial
instruments
Derivative
financial
instruments
not included
in hedge
accounting
Of which:
hedging of
currency risk
through cash
flow hedge
accounting
Of which:
hedging of
interest rate
risk through
cash flow
hedge
accounting
Of which:
hedging of
interest rate
risk through
fair value
hedge
accounting
Derivative
financial
instruments
Derivative
financial
instruments
not included
in hedge
accounting
Of which:
hedging of
currency risk
through cash
flow hedge
accounting
Of which:
hedging of
interest rate
risk through
fair value
hedge
accounting
Noncurrent assets
Other financial assets 410 398 10 1 0 290 287 0 3
Current assets
Other financial assets 172 163 8 – 1 125 110 14 1
Noncurrent liabilities
Other financial liabilities 167 92 – 1 75 371 252 27 92
Current liabilities
Other financial liabilities 58 50 9 – – 312 273 31 7
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Hedging of currency and interest rate risk through cash flow hedge accounting
The TRATON GROUP partly hedges currency risk arising from receivables and liabilities, order backlog, and planned unit sales. Companies that enter into
hedging transactions choose the hedge ratio for expected sales revenue on the basis of past experience i n order to avoid ineffectiveness. Nevertheless,
ineffectiveness can result from changes in counterparty credit risk or if the spot component of a forward is not separated fr om the forward element. There
are no fair value hedges relating to currency risk.
In the current year, TRATON has entered into interest rate swaps with a notional value of €89 7 million (previous year: €– million) to hedge the interest rate
risk of variable-rate financial liabilities in the TRATON Financial Services segment. The swaps are receive -variable/pay-fixed interest rate swaps based on
interest rate benchmarks in the EU, the US, and Brazil (EURIBOR, SOFR, and CDI). Interest rate swaps and underlying transactions generally have matching
parameters, which is why an offsetting economic relationship can be assumed. The hedge ratio is generally 100%, only in the case of one company is it 99%.
Potential sources of ineffectiveness include credit risk that is not designated in the hedging relationship and, in the case of one company, a floor that is only
included in the hedged item. Another source could be significant early repayments or defaults if they lead to overhedging.
The following tables show details of derivatives included in hedge accounting by risk category:
Amount, timing, and uncertainty of cash flows
€ million
2025 2024
Maturity Maturity
< 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 30 155 – 185 178 199 – 377
Currency forwards EUR/GBP 137 – – 137 232 – – 232
Currency forwards EUR/CHF 98 6 – 105 82 5 – 87
Currency forwards EUR/ZAR 42 – – 42 74 – – 74
Currency forwards EUR/NOK 25 – – 25 23 – – 23
Currency forwards EUR/USD 18 – – 18 24 18 – 42
Currency forwards EUR/DKK 17 – – 17 46 – – 46
Currency forwards — other currencies 17 – – 17 63 10 – 72
384 161 – 545 722 231 – 953
Interest rate risk
Interest rate swaps – 78 819 897 – – – –
Currency risk was hedged by cash flow hedges at the following average hedging exchange rates for the major currency pairs: 6.12 BRL/USD; 0.88 EUR/GBP;
0.92 EUR/CHF. The average rate for interest rate swaps used to hedge interest rate risk in cash flow hedges was 2.69% (previous year: –%).
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Information on hedging instruments included in hedge accounting
€ million
2025 2024
Interest rate risk Currency risk Currency risk
Fair value change to determine
hedge ineffectiveness 1 –1 –50
Nominal value 897 545 953
Information on hedged items included in hedge accounting
€ million
2025 2024
Interest rate risk Currency risk Currency risk
Fair value change to determine
hedge ineffectiveness –1 1 50
Reserve for active cash flow hedges 1 –1 –50
The change in fair value used to determine ineffectiveness corresponds to the change in fair value of the designated component.
Information about the effects of hedge accounting on the statement of comprehensive income
€ million
2025 2024
Interest rate risk Currency risk Currency risk
Cash flow hedges and cost of
hedging
Unrealized gains and losses on
hedging instruments 1 49 –56
Reclassification of realized gains and
losses to profit or loss – –11 12
Reclassified to profit or loss because
future cash flows are no longer
expected to materialize – –1 2
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Reconciliation of the reserve for cost of hedges
€ million
2025 2024
Interest rate risk Currency risk Interest rate risk
Balance as of 01/01 – –44 20
Gains or losses from effective hedges 1 72 –85
Reclassification to profit or loss – –
because the hedged future cash
flows are no longer expected to
materialize
–
–1 3
due to recognition of hedged item
in profit or loss – –16 17
Other changes (foreign exchange
effects) 0 –1 0
Balance as of 12/31 1 10 –44
Hedging of interest rate risk through fair-value hedge accounting
Of the outstanding total EMTN amount of €11,61 0 million (previous year: €10,81 9 million) issued by TRATON Finance, €1,05 0 million (previous year:
€2,050 million) is included in hedge accounting as of December 31, 2025; interest rate swaps are used to hedge against interest rate changes. In addition,
the TRATON GROUP entered into interest rate swaps with a nominal value of €55 3 million (previous year: €624 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 measurement of the swaps.
The following tables show details of the derivatives:
Amount, timing, and uncertainty of cash flows
€ million
2025 2024
Maturity Maturity
<1 year 1–5 years >5 years Total <1 year 1–5 years >5 years Total
Interest rate risk:
Interest rate swaps – 110 – 110 42 105 – 147
The average rate for interest rate swaps used to hedge interest rate risk in fair value hedges was 1.83% (previous year: 1.72%).
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Information on hedging instruments included in hedge accounting
€ million 2025 2024
Interest rate risk:
Accumulated fair value change to determine hedge
ineffectiveness –79 –101
Nominal amount 1,603 2,674
Information on hedged items included in hedge accounting
€ million 2025 2024
Interest rate risk:
Carrying amount of financial liabilities 1,519 2,572
Accumulated amount of hedge adjustments –79 –98
Accumulated fair value change to determine hedge
ineffectiveness 79 98
Ineffectiveness recognized in profit or loss and reported in
other financial result 0 –5
Offsetting financial assets and liabilities
Accounting policies: offsetting financial assets and liabilities
Financial assets and financial liabilities are generally reported at their gross carrying amounts. They are only offset if th e 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 consolidated balance sheet and the potential financial effects of offsetting
in the case of instruments 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
€ million
Amounts that are not offset in the
balance sheet
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
2025
Financial assets
Derivative financial instruments 581 – 581 –161 – 420
Trade receivables 3,184 –58 3,126 – – 3,126
Financial liabilities
Derivative financial instruments 226 – 226 –161 – 65
Financial liabilities 27,391 – 27,391 – –501 26,890
Trade payables 5,532 –58 5,474 – – 5,474
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 liabilities1 24,277 – 24,277 – –389 23,888
Trade payables 5,400 –51 5,349 – – 5,349
1 Prior-year figure adjusted
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, for example because the default of a counterparty.
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. Only under
certain conditions laid down in the loan agreements, such as default, is the liability made due and an offsetting can take place.
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29. 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, liabilities, and forecast transactions are exposed to credit, liquidity, cur-
rency, 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 limit s. The TRATON GROUP uses
suitable financial instruments such as derivatives to do this. Financial risks from balance sheet items, t he order backlog, and other projected transactions
are hedged. Such risks are not managed centrally, but directly by TRATON SE and each of its brands. The relevant requirements of each company are con-
sidered 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 pol icies is reviewed by the
internal Audit function.
Credit and default risk
The TRATON GROUP is exposed to credit risk through its business operations and financing activities. From the Group’s perspec tive, 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 TRAT ON GROUP holds collateral
and other credit enhancements to further mitigate credit risk. Assets assigned as security, credit insura nce, and guarantees are used as collateral. The risk
from primary financial instruments is additionally 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. Signif-
icant 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, considering certain limits and using local credit quality assessments. Deci-
sions 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 irrevocable credit commitments is determined by the amount that the TRATON GROUP would have t o 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
€ million
General approach
Simplified
approach
Total
12-month expected
credit losses
(Stage 1)
Lifetime expected
credit losses — not
impaired
(Stage 2)
Lifetime expected
credit losses —
impaired (Stage 3)
Purchased or
originated credit-
impaired assets
(Stage 4)
Loss allowance as of 01/01/2025 40 17 49 1 182 289
Change 5 1 25 55 –25 61
Loss allowance as of 12/31/2025 45 18 73 56 157 349
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
The loss allowance relates mainly to credit risk from trade receivables and financial services receivables. The increase in the risk allowance for purchased or
originated credit-impaired assets (Stage 4) primarily relates to an existing loan claim and is based on an update of the valuation of the existing collateral.
The corresponding value adjustment was recorded in the Other financial result.
The gross carrying amounts of financial assets measured at amortized cost increased by €994 million to €17,472 million (previous year: €16,478 million) due
in particular to new financial services receivables (Stage 1) and an increase in cash and cash equivalents (Stage 1).
The TRATON GROUP uses collateral, among other things, to lower credit risk. Collateral mitigates risk in the amount of €177 million (previous year: €159 mil-
lion) for financial assets with objective evidence of impairment as of the reporting date.
Changes in loss allowance for lease receivables
€ million
2025 2024
Simplified
approach
Simplified
approach
Loss allowance as of 01/01 166 141
Change1 6 25
Loss allowance as of 12/31 172 166
1 Prior-year figure adjusted
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The carrying amounts of financial assets and the credit risk exposure of financial guarantees and credit commitments by credi t risk rating grade are pre-
sented 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 instru ments.
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 12/31/2025
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
Rating grade
Credit risk rating grade 1 13,167 0 – 20 10,049 23,236 11,896 – – 13 9,754 21,663
Credit risk rating grade 2 – 517 – 113 771 1,401 0 356 – 49 685 1,091
Credit risk rating grade 3 – – 236 4 387 627 – – 170 2 288 460
13,167 517 236 137 11,207 25,264 11,896 356 170 64 10,727 23,213
In the case of financial guarantee contracts and credit commitments, the bulk of the default risk exposure, accounting for €8 87 million (previous year:
€1,381 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 finan cial 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 operating business and by external financing arrangements. The TRATON GROUP’s solvency is managed on the basis
of rolling liquidity planning. The TRATON GROUP’s liquidity is assured at all times by a liquidity reserve in the form of cash, credit lines with financial institu-
tions and companies of the Volkswagen Group, and the issuance of securities on international money and capital markets. Among other things, local issu-
ance programs and financing lines have been established for companies in the TRATON Financial Services segment to cover their funding requirements.
There were no liquidity bottlenecks or situations where liquidity could only be obtained at a higher price in the past fiscal year.
Cash and cash equivalents amounted to €2,805 million (previous year: €2,542 million) as of December 31, 2025. Cash and cash equivalents in certain coun-
tries (e.g., Brazil, China, and Argentina) in the amount of €736 million (previous year: €834 million) are subject to capital and exchange controls and are not
available to the Group for cross-border transactions without restriction. Such amounts are used locally to cover the financing needs of the operating busi-
ness.
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The TRATON GROUP’s credit facilities contain standard market change-of-control clauses. This means that the counterparty may demand early repayment
in the event of significant changes in ownership. Two loans of a subsidiary of the TRATON GROUP used to develop and construct production and assembly
facilities in China (China loans), with a total life of ten years each, include financial covenants. For loan liabilities wit h a carrying amount of €22 1 million
(previous year: €308 million) as of December 31, 2025 , the ratio of total liabilities to total assets of the subsidiary may not exceed 90%. The bank monitors
compliance with this financial covenant annually as of December 31 on the basis of the audited single-entity financial statements of the subsidiary. For the
second loan, which was refinanced in fiscal year 2025, the subsidiary’s net profit must be positive and the debt service coverage ratio may not fall below 1.2.
The debt service coverage ratio describes the ratio between the subsidiary’s net profit be fore interest expenses attributable to the China loans and depre-
ciation and amortization, to the principal amount, interest payments, and interest due on both China loans. The carrying amount of the loan as of December
31, 2025, is €39 5 million (previous year: €– million). Compliance with the net profit covenant is monitored annually by the bank as of December 31 on the
basis of the audited single -entity financial statements, and the debt service coverage ratio is monitored semi -annually as of June 30 and D ecember 31 on
the basis of the subsidiary’s unaudited half-year financial statements and the audited single-entity financial statement. As of December 31, 2025, the TRATON
GROUP did not breach the financial covenants included in the loan agreements.
The TRATON GROUP also has an unused confirmed syndicated credit line of €4,50 0 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
€250 million (previous year: €943 million) was drawn down. In addition, the TRATON GROUP has unused unconfirmed credit lines from banks amounting
to €563 million (previous year: €562 million) in order to enhance flexibility in financing decisions.
The following table shows how the cash flows relating to liabilities, derivatives, and financial guarantees affect the TRATON GROUP’s liquidity position:
2025 2024
Maturity overview Remaining contractual maturities Remaining contractual maturities
€ million 2026 2027–2030 > 2030 2025 2026–2029 > 2029
Financial liabilities1 11,693 16,785 2,354 9,435 15,375 2,351
Trade payables1 5,474 – – 5,349 – –
Other financial liabilities1, 2 1,805 1,282 53 1,812 1,619 66
Derivatives 9,135 6,791 187 8,757 6,430 1,459
Financial guarantees 261 – – 508 – –
28,368 24,858 2,594 25,860 23,424 3,875
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.
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Derivatives comprise both cash outflows from derivatives with negative fair values and cash outflows from derivatives with po sitive 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 ana lysis. 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 33. Other financial obligations classified by contractual maturities.
Currency risk
The TRATON GROUP is exposed to currency risks caused by fluctuations in exchange rates. 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 finan cial 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.
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:
€ million
12/31/2025 12/31/2024
Equity Earnings for the period Equity Earnings for the period
+10% –10% +10% –10% +10% –10% +10% –10%
Currency pair
EUR/SEK - - –683 667 - - –644 639
EUR/USD 2 –3 –62 72 2 –3 –52 34
CNY/SEK - - –66 66 - - –22 22
SEK/USD - - 18 –17 - - 39 –39
EUR/PLN - - –23 24 - - –13 13
EUR/GBP 8 –10 12 –15 14 –17 10 –13
SEK/GBP - - 15 –15 - - 17 –17
EUR/CHF 6 –8 –5 6 8 –10 5 –6
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Interest rate risk
The TRATON GROUP is exposed to interest rate risk caused by fluctuations in interest rates. Interest rate risk takes the form of either fair value risk or cash
flow risk. Fair value risk is calculated using the sensitivity of the carrying amount of a recog nized 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. Inte rest 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.
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.
If market interest rates had been 100 basis points (bps) higher as of December 31, 2025, earnings after tax would have been €67 million lower (previous year:
€20 million lower). If market interest rates had been 100 bps lower as of December 31, 2025, earnings after tax would have been €67 million higher (previous
year: €19 million higher).
Commodity price risk
The TRATON GROUP is primarily exposed to commodity price risk from fluctuations in the price and availability of commodities. Geopolitical tensions and
conflicts such as tariff announcements, export restrictions, and production losses led to sharp price fluctuations for commodities in 2025. 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 considers 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 €–14 million (previous year: €–2 million). Hedge accounting is not used at present.
The maximum remaining maturity of hedges of future transactions at the end of fiscal year 2025 was 30 months (previous year: 33 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.
30. 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. Management 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, consoli-
dation effects between the business areas and with TRATON Holding, and the effects of purchase price allocation from the acquisition of individual seg-
ments.
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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 i n this context. 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 (stable outlook), and S&P’s
rating is BBB (negative outlook). Both ratings are investment-grade range.
The net financial debt to EBITDA (adjusted) ratio is calculated by dividing net liquidity/net financial debt by EBITDA (adjus ted) for the past twelve months
and is determined for the TRATON Operations business area, including Corporate Items.
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 liabilities). 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 Corporate Items includes the total net liquidity/net financial debt of the TRATON Oper-
ations business area and Corporate Items.
EBITDA (earnings before interest, taxes, depreciation, and amortization) reflects operating performance before interest, taxe s, depreciation, and amortiza-
tion, 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 al so taken into account in determining EBITDA (adjusted). These adjustments concern certain items in the
financial statements that, in the opinion of the Executive Board, can be presented separately to enable a more appropriate as sessment of financial perfor-
mance. They include, in particular, costs of restructurings and structural measures as well as one-time events with a material impact on the TRATON GROUP’s
earnings. The EBITDA (adjusted) for the 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 eq uity. Average equity is calcu-
lated from the equity at the beginning and the end of the reporting year.
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, allowing 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.
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The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area including Corporate Items as well as t he return on equity in the
TRATON Financial Services segment are shown in the following table:
€ million 2025 2024
TRATON Operations including Corporate Items
Net liquidity/net financial debt1 –5,162 –4,903
EBITDA (adjusted) 4,689 5,974
Net financial debt –1.1 –0.8
TRATON Financial Services
Earnings before tax 172 212
Average equity 2,164 1,968
Return on equity before tax (in %) 8.0 10.8
1 Prior-year period adjusted
31. 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 12/31/2025 12/31/2024
Liabilities under buyback guarantees1 1,746 2,494
Contingent liabilities under guarantees1 297 532
Other contingent liabilities 1,299 1,431
3,342 4,458
1 Prior-year period adjusted
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 financ ial services company in the event of default. Liabilities
under buyback guarantees as of the end of the fiscal year amounted to €1,73 2 million (previous year: €2,478 million) owed to financing companies of the
Volkswagen Group, €11 million (previous year: €10 million) owed to joint ventures, and €4 million (previous year: €6 million) owed to third parties. The year-
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on-year decline in obligations arising from buyback guarantees is due to the acquisition of key aspects of the global financial services business of
Volkswagen Financial Services for MAN by the TRATON Financial Services segment. The obligations under buyback guarantees 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.
As of December 31, 2025, contingent liabilities under guarantees include financial guarantees of €266 million (previous year: €500 million). These are mostly
expiring default guarantees by International in favor of banks.
Among other things, other contingent liabilities contain contingent liabilities for potential charges from tax risks, which p rimarily concern Volkswagen
Truck & Bus in Brazil. For further information, refer to Note 32. Litigation/legal proceedings.
32. 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 collusive 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 European
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 b y the European Commission uphel d. 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 initi-
ated 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 successor in the respective proceedings (an d 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. Fur-
thermore, 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. A number of (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 manufactur ers. 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. Further-
more, some customer damages claims in other jurisdictions have been combined in class actions or through claim aggregators.
MAN and Scania take the view that there are well -founded arguments against such claims and take appropriate steps to defend themselves. However, it
cannot be excluded that these claims result in substantial liabilities for MAN and/or Scania including signi ficant costs for their defense, which may have a
material adverse effect on MAN’s and/or Scania’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
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liability that may arise from these claims. MAN and Scania are continuously monitoring the development and re -assesses the respective risks on a regular
basis.
TRATON recognized a negative impact on its operating result in the amount of €17 3 million (previous year: €162 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.
VW Truck & Bus Ltda.
In the tax proceedings between Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda. (VW Truck & Bus Ltda.), formerly MAN Latin America In-
dústria e Comércio de Veículos Ltda. (MAN Latin America), and the Brazilian tax authorities, the Brazilian tax authorities to ok a different view of the tax
implications of the acquisition structure chosen by MAN SE (no w 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. ap-
pealed this judgment before a regular judicial court in 2018. This lawsuit was dismissed in 2019, and an appeal was filed aga inst 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 concludin g the Administrative Court
proceedings. 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 in penalties in Phase 2, and in November
2024 the complete abolition of isolated and qualified penalties in P hase 2 was finally achieved. In May 2025, the Brazilian Office of the Attorney General of
the National Treasury reviewed Phase 1 of the proceedings. As a result of this review, the amount in dispute was reduced due to the partial removal of
penalties, the associated interest, and the related legal costs.
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. The partial success in Phase 1 has reduced the risk from approximately BRL 3,068 million (equivalent
to €477 million as of December 31, 2024) to approximately BRL 2,353 million (equivalent to €366 million as of December 31, 2025) for the contested period
from 2009 onward.
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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 o n September 3, 2021.
This marked the conclusion of the MAN SE merger squeeze -out. The appropriateness of the cash compensation will be reviewed by a court -appointed
auditor as part of the judicial award proceedings 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 202 5. The appeal proceedings are currently pending
in the second instance at the Bavarian Higher Regional Court. Expenses of € 3 million (previous year: €98 million) were recognized for this transaction in
other financial income and interest expense in fiscal year 2025.
33. Other financial obligations
€ million
2025 2024
Due
2026
Due
2027–2030
Due from
2031
Total
12/31/2025
Due
2025
Due
2026–2029
Due from
2030
Total
12/31/2024
Purchase order commitments for
property, plant, and equipment 408 222 – 629 495 286 – 782
intangible assets 21 26 – 47 25 29 – 55
Obligations from
irrevocable credit and lease commitments to customers 1 581 44 6 631 668 53 4 725
rental and lease contracts 45 33 4 82 46 39 6 91
Miscellaneous financial obligations 75 37 – 112 114 57 – 170
1 Prior-year amount adjusted
On December 15, 2021, the TRATON GROUP signed the contract to establish the Milence charging infrastructure joint venture tog ether with Daimler Truck
and the Volvo Group and undertook to invest a total amount of up to €167 million in this joint venture. In 2025, €40 million (previous year: €38 million) was
paid into Milence’s equity. The obligation amounts to €45 million (previous year: €85 million) as of December 31, 2025.
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34. Related party disclosures
Accounting policies: related party disclosures
Related parties from the TRATON GROUP’s perspective as of December 31, 2025, 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 significant influence on the Volkswagen Group’s operat ing 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 or their direct family members are also key management personnel (or
members of the management of the parent company) or members of supervisory and executive boards or shareholders of other companies with which
the TRATON GROUP has relations in the normal course of business.
On December 31, 2025, Volkswagen International Luxemburg S.A., an indirect subsidiary of Volkswagen AG, held 87.52% (89.72%) of TRATON SE’s share
capital.
The following tables present the amounts of supplies and services transacted, as well as outstanding receivables and obligati ons, between consolidated
companies of the TRATON GROUP and its related parties, including Volkswagen AG. There were no significant transactions with Porsche Automobil Holding
SE, Stuttgart, Volkswagen International Luxemburg S.A., or the state of Lower Saxony in any of the reporting periods presented.
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Related parties
€ million
Sales and services rendered
Purchases and services
received
2025 2024 2025 2024
Volkswagen AG 11 19 296 296
Other subsidiaries and equity investments of Volkswagen AG that are not
part of the TRATON GROUP 806 1,690 1,438 1,297
Unconsolidated subsidiaries 8 9 13 12
Associates and their majority-owned interests 364 216 63 89
Joint ventures and their majority-owned interests 72 83 55 40
Other related parties 0 0 12 7
€ million
Receivables
from
Liabilities (including
obligations) to
12/31/2025 12/31/2024 12/31/2025 12/31/2024
Volkswagen AG 400 11 372 1,046
Other subsidiaries and equity investments of Volkswagen AG that are not
part of the TRATON GROUP 207 718 3,370 10,955
Unconsolidated subsidiaries 13 13 46 44
Associates and their majority-owned interests 39 12 7 7
Joint ventures and their majority-owned interests 5 8 48 85
Other related parties 0 0 1 0
Supplies and services rendered to other subsidiaries and investees of Volkswagen AG that are not part of the TRATON GROUP mai nly relate to the sales
financing business of MAN Truck & Bus, in which customer finance for vehicles is provided by Volkswagen Financial Services. The decline is attributable to
the acquisition of key aspects of the global financial services business of Volkswagen Financial Services for MAN by the TRATON Financial Services segment.
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 financial services business of MAN and Volkswagen Truck & Bus (VWTB). The TRATON Financial Services segment thereby pro-
gressively acquired the rights to the future financial services business for MAN and VWTB customers in 14 countries. The righ ts to the future financial ser-
vices business for MAN and VWTB were transferred in several countries in the 2025 fiscal year, including in Brazil effective June 30, thereby completing the
acquisition. For more information, see Note Acquisitions.
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The increase in receivables from Volkswagen AG is essentially due to a short-term interest-bearing cash deposit of €392 million (previous year: €– million).
Liabilities to Volkswagen AG include loans granted by Volkswagen AG in the amount of €25 0 million (previous year: €75 0 million) resulting from a
€4,000 million (previous year: €4,000 million) credit line. The credit facility is subject to market interest rates. The additional €300 million line of credit from
Volkswagen AG for short-term liquidity management had not been utilized as of December 31, 2025 (previous year: €193 million).
The decrease in liabilities (including obligations) to other subsidiaries and equity investments of Volkswagen AG that are not part of the TRATON GROUP is
attributable to the fact that Northvolt no longer meets the IAS 24 definition of a related party as of the reference date. Accordingly, the long-term purchase
obligations under battery procurement contracts between TRATON GROUP companies and Northvolt Group companies in the amount of €7,974 million at
the end of 2024 are no longer disclosed among related parties. However, this category includes loan liabilities of €1,278 million (previous year: €478 million)
to Volkswagen Group of America Finance, the loan of €691 million (previous year: €691 million) taken out with Volkswagen International Finance at standard
market terms, and the loan of €12 4 million (previous year: €20 1 million) taken out with Volkswagen Financial Services. There are also other liabilities to
Volkswagen Financial Services companies.
The TRATON GROUP signed the agreement to establish the Milence charging infrastructure 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 €40 million (previous year: €38 million) as of December 31, 2025. The
outstanding obligation as of year-end 2025 is €45 million (previous year: €85 million).
The sale of receivables to subsidiaries of Volkswagen AG that are not part of the TRATON GROUP amounted to €916 million (previous year: €1,016 million) in
fiscal year 2025. See Note 18. Trade receivables for more information. This relates to the volume of receivables that were transferred and derecognized in
each reporting period. Customer liabilities to Volkswagen Financial Services are covered by standard industry buyback guarantees, see Note 31. Contingent
liabilities and commitments.
The remuneration system for the Executive Board comprises fixed and variable components. The variable remuneration consists o f a performance-related
profit bonus with a one -year assessment period and a long -term incentive (LTI) in the form of share -based payment as a performance share plan with a
forward-looking four-year term. The remuneration system applies to all members of the Executive Board. The previous three -year term ended on the De-
cember 31, 2025, reporting date.
Liabilities to the current members of the Executive Board and Supervisory Board comprise outstanding balances for the remuner ation of the Supervisory
Board, for the fair values of performance shares granted to members of the Executive Board, and for variab le remuneration in the amount of €2 7 million
(previous year: €26 million). The pension provisions for the members of the Executive Board in office amounted to € 4 million (previous year: €3 million) as
of December 31, 2025.
The following expenses were recognized in fiscal year 2025 for the benefits and remuneration granted to members of the Executive and Supervisory Boards
of TRATON SE in the course of their activities as members of governing bodies.
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€ million 2025 2024
Short-term benefits 15 18
Benefits based on performance shares 9 10
Post-employment benefits 4 3
28 31
The employee representatives on the Supervisory Board who are employed by TRATON SE or other TRATON GROUP companies also rece ive 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 Betriebsverfas-
sungsgesetz (BetrVG — German Works Council Constitution Act).
Post-employment benefits relate to additions to pension provisions, expenses for defined contribution pension plans, and — depending on the social secu-
rity system — contributions to the Swedish pension system for current members of the Executive Board.
35. Share-based payment
Accounting policies: share-based payment
Selected beneficiaries within the Group are granted share -based payments. 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 components. The variable remuneration consists o f a performance-related
profit bonus with a one -year assessment period and a long -term incentive (LTI) in the form of share -based payment as a performance share plan with a
forward-looking four-year term. The remuneration applies to all members of the Executive Board. The previous three -year performance periods, some of
which also apply to the members of the Executive Board during the passive period, ended or will end on December 31, 2025, and December 31, 2026.
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 man-
agement who are entitled to LTIs. The performance 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.
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 p ure 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
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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 corresponds 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 corporation 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, th e 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 International’s management
€ million 2025 2024
Total expense for the period 27 38
Total carrying amount of the obligation 86 78
Intrinsic value of the liabilities 39 14
Fair value at the time the shares were granted 27 26
Number of performance shares granted 4,792,075 4,073,618
of which number of shares granted in the reporting period 1,165,727 1,421,587
Members of management and employees of the TRATON GROUP not covered by collective bargaining agreements (excluding Interna-
tional)
Since fiscal year 2022, members of management and employees of the TRATON GROUP not covered by collective bargaining agreemen ts have received a
long-term bonus in the form of a share-based with a four-year performance period and a one-year forward reference. The length of the performance period
has been increased gradually starting in fiscal year 2022. It only covers the fiscal year in question for fiscal year 2022, t wo 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 achieveme nt 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, 2025, the total carrying amount of the obligation, which corresponded to the intrinsic value of the liabil ities, amounted to €25 million
(previous year: €33 million). A total expense of €15 million (previous year: €34 million) was recognized for these awards in the reporting period.
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36. 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 €19 million (previous year: €20 million).
Under the performance share plan, the members of the Executive Board were awarded a total of 284,735 (previous year: 352,597) performance shares for
fiscal year 2025, whose value at the award date amounted to €7 million (previous year: €6 million).
In addition, a loan extended to a member of the Executive Board in 2021 was outstanding in the amount of € 3 million (previous year: € 3 million) as of
December 31, 2025.
Former members of the Executive Board and their surviving dependents were paid €1 million (previous year: €1 million) in pensions in fiscal year 2025. There
were pension provisions of €11 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: €3 million).
37. Fees paid to the auditor of the consolidated financial statements
Of the total fees of €5 million (previous year: €5 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: €4 million) related to audit services. These comprised
the audits of TRATON SE’s consolidated financial 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. Furthermore, €0 million (previous year: €0 million) related to
other assurance services, and €0 million (previous year: €0 million) to other services.
38. German Corporate Governance Code
The Executive Board and Supervisory Board of TRATON SE issued their annual Declaration of Conformity in December 2025 in acco rdance with section 161
of the Aktiengesetz (AktG — German Stock Corporation Act), which is reproduced in the Corporate Governance Statement as a separate part of the Com-
bined Management Report and published on TRATON SE’s website at Corporate Governance | TRATON. Furthermore, TRATON has published a statement
regarding departures by TRATON’s corporate governance system from the Swedish Corporate Governance Code. This is also availab le at https://ir.tra-
ton.com/en/corporate-governance?url_redirect=true.
39. Events after December 31, 2025
In January 2026, the TRATON GROUP issued several bonds in euros and Swedish kronor with a total equivalent to €1,075 million under the €18,000 million
EMTN program.
On January 20, 2026, TRATON sold 2.1% of the shares outstanding of Sinotruk. The sale generated proceeds of approximately €17 0 million for the TRATON
GROUP, which is reported in net cash provided by/used in investing activities of TRATON Holding. TRATON’s interest in Sinotru k amounted to 23. 2% after
completion of the transaction.
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40. List of shareholdings
List of shareholdings as of December 31, 2025
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
I. PARENT COMPANY
TRATON SE, Munich
II. SUBSIDIARIES
A. Consolidated companies
1. Germany
Erinion GmbH, Düsseldorf EUR 100.00 – – 1) 2024
KOSIGA GmbH & Co. KG, Pullach i. Isartal EUR 94.00 40,522 913 2024
LOTS Germany GmbH, Koblenz EUR 100.00 19 –6 2024
M A N Verwaltungs-Gesellschaft mbH, Munich EUR 100.00 1,039 – 2) 2025
MAN Brand GmbH & Co. KG, Grünwald EUR 100.00 25 50,241 2024
MAN Finance & Mobility Services GmbH, Munich EUR 100.00 111,360 – 2024
MAN GHH Immobilien GmbH, Oberhausen EUR 100.00 44,668 – 2) 2025
MAN Grundstücksgesellschaft mbH & Co. Epsilon KG, Munich EUR 100.00 6,262 59 2024
MAN Marken GmbH, Munich EUR 100.00 27 – 2) 2025
MAN Service und Support GmbH, Munich EUR 100.00 25 1,756 2) 2025
MAN Truck & Bus Deutschland GmbH, Munich EUR 100.00 130,934 – 2) 2025
MAN Truck & Bus SE, Munich EUR 100.00 564,841 – 2) 2025
Navistar Europe GmbH, Nuremberg EUR 100.00 560 247 2024
Scania CV Deutschland Holding GmbH, Koblenz EUR 100.00 66,295 – 2) 2025
SCANIA DEUTSCHLAND GmbH, Koblenz EUR 100.00 36,625 – 2) 2025
Scania Finance Deutschland GmbH, Koblenz EUR 100.00 62,913 – 2) 2025
SCANIA Real Estate Deutschland GmbH, Koblenz EUR 100.00 15,183 – 2) 2025
Scania Versicherungsvermittlung GmbH, Koblenz EUR 100.00 1,793 255 2024
SCANIA Vertrieb und Service GmbH, Koblenz EUR 100.00 9,463 – 2) 2025
TARONA Verwaltung GmbH & Co. Alpha KG, Pullach i. Isartal EUR 100.00 10,574 3,557 2024
TB Digital Services GmbH, Munich EUR 100.00 25 – 2) 2025
TORINU Verwaltung GmbH & Co. Beta KG, Pullach i. Isartal EUR 100.00 19,666 855 2024
TRATON R&D Germany GmbH, Munich EUR 100.00 20 5 2024
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Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
2. Other countries
AB Dure, Södertälje SEK 10.7997 100.00 1,440 – 3) 2024
AB Folkvagn, Södertälje SEK 10.7997 100.00 100 – 3) 2024
AB Scania-Vabis, Södertälje SEK 10.7997 100.00 100 – 3) 2024
Ainax AB, Södertälje SEK 10.7997 100.00 120 – 3) 2024
Banco Traton Brasil S.A., São Paulo BRL 6.4350 100.00 372,631 1,263 1) 2024
Blue Diamond Parts LLC, Lisle, Illinois USD 1.1748 100.00 65,051 8,212 2024
Bucida Sp. Z o.o., Nadarzyn PLN 4.2193 100.00 – – 4) 2025
Cheshire 3 Holdings Limited, Milton Keynes GBP 0.8731 100.00 – – 4) 2025
Codema Comercial e Importadora Ltda., Guarulhos BRL 6.4350 99.98 347,958 166,886 2024
Erinion AG, Kloten CHF 0.9309 100.00 – – 1), 5) 2025
Erinion AS, Oslo NOK 11.8169 100.00 – – 1) 2024
Erinion B.V., Amsterdam EUR 100.00 – – 1) 2024
Erinion BV, Gent EUR 100.00 – – 1), 5) 2025
Erinion Ltd, Milton Keynes GBP 0.8731 100.00 – – 1) 2024
Erinion S.A.S., Lyon EUR 100.00 – – 1) 2024
Fastighetsaktiebolaget Hjulnavet, Södertälje SEK 10.7997 100.00 54,911 –967 6) 2024
Ferruform AB, Luleå SEK 10.7997 100.00 63,142 –6,002 2024
Griffin Automotive Ltd., Road Town TWD 36.7850 100.00 366,740 333,292 2024
Griffin Lux S.à r.l., Luxembourg EUR – – – 7), 11) 2024
Harbour Assurance Company of Bermuda Ltd., Hamilton USD 1.1748 100.00 13,360 1,799 2024
Haydock Commercial Vehicles Limited, Milton Keynes GBP 0.8731 100.00 – – 4) 2025
HTD I Oskarshamn AB, Oskarshamn SEK 10.7997 100.00 452 –101 2024
IC Bus LLC, Lisle, Illinois USD 1.1748 100.00 1,279,136 141,498 2024
IC Bus of Oklahoma, LLC, Tulsa, Oklahoma USD 1.1748 100.00 – – 8), 3) 2023
International DealCor Operations, Ltd., George Town USD 1.1748 100.00 41,373 – 2024
International Engine Intellectual Property Company, LLC, Lisle,
Illinois USD 1.1748 100.00 493,683 –27 2024
International Motors Canada, ULC, Hannon, Ontario CAD 1.6100 100.00 23,809 50,268 2024
International Motors Mexico CV, S. de R.L. de C.V., Mexico City MXN 21.1008 100.00 16,833,061 5,467,775 2024
International Motors, LLC, Lisle, Illinois USD 1.1748 100.00 –10,516,377 1,313 2024
International of Mexico Holding Corporation LLC, Lisle, Illinois USD 1.1748 100.00 722,354 40,791 2024
International Parts Distribution S. de R.L. de C.V., Mexico City MXN 21.1008 100.00 504,636 464,991 2024
===== SIDA 253 =====
253 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
International Transport Engineering LLC, Wilmington, Delaware USD 1.1748 100.00 – – 9)
International Truck and Engine Corporation Cayman Islands
Holding Company, George Town USD 1.1748 100.00 –83,336 63 2024
International Truck Intellectual Property Company, LLC, Lisle,
Illinois USD 1.1748 100.00 1,027,330 14,381 2024
International Truck Leasing Corp., Lisle, Illinois USD 1.1748 100.00 7,921 1,167 2024
Italscania S.p.A., Trento EUR 100.00 102 58 2024
Laxå Specialvehicles AB, Laxå SEK 10.7997 100.00 154 4 2024
LOTS Chile S.p.A., Santiago de Chile CLP 1,057.7150 100.00 –7,946 5,439,655 2024
LOTS Group AB, Södertälje SEK 10.7997 100.00 268 286 2024
LOTS Latin América Logística de Transportes Ltda., São Bernardo
do Campo BRL 6.4350 100.00 48,975 –77,337 2024
Lots Logistics (Guangxi) Co. Ltd., Beihai CNY 8.2249 100.00 4,780 – 3) 2023
LOTS SPV USA LLC, Wilmington, Delaware USD 1.1748 70.00 –1,267 –3,654 2024
LOTS Ventures Canada Inc., Vancouver, British Columbia CAD 1.6100 80.00 –6,176 –12,215 2024
LOTS Ventures USA Inc., Wilmington, Delaware USD 1.1748 100.00 9,138 – 2024
Mälardalens Tekniska Gymnasium AB, Södertälje SEK 10.7997 80.00 28,091 –2,590 2024
MAN Automotive (South Africa) (Pty) Ltd., Johannesburg ZAR 19.4404 100.00 1,245,474 105,685 6) 2024
MAN Bus Sp. Z o.o., Starachowice PLN 4.2193 100.00 1,106,132 65,555 2024
MAN Components s.r.o., Bánovce nad Bebravou EUR 100.00 17,469 2,526 2024
MAN Engines & Components Inc., Pompano Beach, Florida USD 1.1748 100.00 61,859 13,216 2024
MAN Finance and Holding S.A., Strassen EUR 100.00 3,841,780 –155,172 2024
MAN Financial Services GesmbH, Eugendorf EUR 100.00 12,527 1,333 2024
MAN Financial Services Polska Sp.z o.o, Wolica PLN 4.2193 100.00 35,447 –12,279 1) 2024
MAN Financial Services UK Limited, Swindon GBP 0.8731 100.00 – – 1) 2023
MAN Kamion és Busz Kereskedelmi Kft., Dunaharaszti HUF 384.7200 100.00 8,939,977 772,951 2024
MAN Kamyon ve Otobüs Ticaret A.S., Ankara TRY 50.4574 100.00 1,565,302 202,790 2024
MAN Nutzfahrzeuge Immobilien GmbH, Vienna EUR 100.00 42,580 4,773 2024
MAN Servicios Financieros Hispania S.A., Madrid EUR 100.00 24 –3 1) 2024
MAN Shared Services Center Sp. Z o.o., Poznan PLN 4.2193 100.00 18,011 1,850 2024
MAN Truck & Bus (Korea) Ltd., Yongin KRW 1,695.3050 100.00 26,945,293 3,481,440 2024
MAN Truck & Bus (M) Sdn. Bhd., Rawang MYR 4.7672 100.00 57,016 1,087 2024
MAN Truck & Bus Czech Republic s.r.o., Cestlice CZK 24.1990 100.00 1,609,948 126,461 2024
MAN Truck & Bus Danmark A/S, Greve DKK 7.4689 100.00 206,107 32,153 2024
MAN Truck & Bus France S.A.S., Evry EUR 100.00 116,571 14,736 2024
===== SIDA 254 =====
254 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
MAN Truck & Bus Iberia S.A., Coslada EUR 100.00 143,672 4,682 2024
MAN Truck & Bus Italia S.p.A., Verona EUR 100.00 53,974 9,380 2024
MAN Truck & Bus Middle East FZE, Dubai AED 4.3144 100.00 59,375 3,533 2024
MAN Truck & Bus N.V., Kobbegem EUR 100.00 43,630 6,718 2024
MAN Truck & Bus Norge A/S, Lorenskog NOK 11.8169 100.00 240,784 48,587 2024
MAN Truck & Bus Polska Sp. Z o.o., Nadarzyn PLN 4.2193 100.00 26,945,293 3,481,440 2024
MAN Truck & Bus Portugal S.U. Lda., Lisbon EUR 100.00 12,178 1,973 2024
MAN Truck & Bus Schweiz AG, Otelfingen CHF 0.9309 100.00 39,054 6,262 2024
MAN Truck & Bus Slovakia s.r.o., Bratislava EUR 100.00 16,735 1,292 2024
MAN Truck & Bus Slovenija d.o.o., Ljubljana EUR 100.00 17,628 1,656 2024
MAN Truck & Bus Trading (China) Co., Ltd., Beijing CNY 8.2249 100.00 93,647 7,186 2024
MAN Truck & Bus UK Ltd., Swindon GBP 0.8731 100.00 141,284 6,352 2024
MAN Truck & Bus Vertrieb Österreich GmbH, Vienna EUR 100.00 294,887 17,276 2024
MAN Trucks Sp. Z o.o., Niepolomice PLN 4.2193 100.00 1,991,756 271,433 2024
MAN Türkiye A.S., Ankara TRY 50.4574 99.99 9,874,360 1,570,227 2024
MW-Hallen Restaurang AB, Södertälje SEK 10.7997 100.00 2,025 57 2024
N.W.S. S.r.l., in liquidation, Trento EUR 52.50 – – 10) 2023
Navistar (Shanghai) Trading Co., Ltd., Shanghai CNY 8.2249 100.00 3,804 266 2024
Navistar Aftermarket Products, Inc., Lisle, Illinois USD 1.1748 100.00 38,488 –129 2024
Navistar Big Bore Diesels, LLC, Huntsville, Alabama USD 1.1748 100.00 –105,875 –5,952 2024
Navistar Comercial S.A. de C.V., Mexico City MXN 21.1008 100.00 488,733 31,769 2024
Navistar Diesel of Alabama, LLC, Lisle, Illinois USD 1.1748 100.00 77,678 – 2024
Navistar Financial Corporation, Lisle, Illinois USD 1.1748 100.00 205,249 –310 2024
Navistar Financial Dealer Note Master Owner Trust II,
Wilmington, Delaware USD 1.1748 – – – 7) 2024
Navistar Financial Retail Receivables Corporation, Lisle, Illinois USD 1.1748 100.00 – – 1) 2024
Navistar Financial Securities Corp., Lisle, Illinois USD 1.1748 100.00 106,344 24,087 2024
Navistar Hong Kong Holding Company Ltd., Hong Kong HKD 9.1446 100.00 515 –10 2024
Navistar International B.V., Amsterdam USD 1.1748 100.00 318,517 –246,061 2024
Navistar International Corporation, Lisle, Illinois USD 1.1748 100.00 7,117,289 –20,075 2024
Navistar International Employee Leasing Company, Lisle, Illinois USD 1.1748 100.00 12,661 1,205 2024
Navistar International Mexico, S. de R.L. de C.V., Escobedo MXN 21.1008 100.00 17,553,287 5,973,929 2024
Navistar International Pvt. Ltd., Pune INR 105.5645 100.00 21,141 11,825 8) 2024
Navistar International Southern Africa (Pty) Ltd., Johannesburg ZAR 19.4404 100.00 –56,472 2,913 3) 2023
===== SIDA 255 =====
255 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
Navistar Leasing Company, Lisle, Illinois USD 1.1748 – – – 7) 2024
Navistar Leasing Services Corp., Lisle, Illinois USD 1.1748 100.00 37,689 –2,444 2024
Navistar San Antonio Manufacturing LLC, Lisle, Illinois USD 1.1748 100.00 –236,299 –53,110 2024
NC2 Global LLC, Lisle, Illinois USD 1.1748 100.00 142,917 1,286 2024
NC2 Luxembourg S.a.r.l., Luxembourg USD 1.1748 100.00 –128,007 –862 8) 2024
Norsk Scania AS, Oslo NOK 11.8169 100.00 313,221 758,427 2024
Norsk Scania Eiendom AS, Oslo NOK 11.8169 100.00 123,103 12,432 2024
OCC Technologies, LLC, Lisle, Illinois USD 1.1748 100.00 4,003 5,513 2024
Parts and Service Ventures, Inc., Lisle, Illinois USD 1.1748 100.00 1,104 – 2024
Power Vehicle Co. Ltd., Bangkok THB 37.1397 49.00 32,210 27,878 2024
PT Scania Parts Indonesia, Balikpapan IDR 19,588.9550 100.00 307 –90 2024
Qingdao Sinoform Auto Parts Co., Ltd, Qingdao CNY 8.2249 74.00 132,054 –6,406 1) 2024
Reliable Vehicles Ltd., Milton Keynes GBP 0.8731 100.00 2,500 – 3) 2024
Sågverket 6 AB, Södertälje SEK 10.7997 100.00 125 –1,603 2024
Scan Siam Service Co. Ltd., Bangkok THB 37.1397 49.00 44,608 38,263 2024
Scania (Hong Kong) Ltd., Hong Kong HKD 9.1446 100.00 20,731 –9,540 2024
Scania (Malaysia) Sdn. Bhd., Shah Alam MYR 4.7672 100.00 63,083 16,574 2024
Scania AB, Södertälje SEK 10.7997 100.00 30,615,571 20,735,654 2024
Scania Administradora de Consórcios Ltda., Cotia BRL 6.4350 100.00 324,343 80,985 2024
Scania Americas S.A., Montevideo USD 1.1748 100.00 – 1,723 2024
Scania Argentina S.A., Buenos Aires ARS 1,705.1497 100.00 357,910,939 –85,966,080 2024
Scania Australia Pty. Ltd., Melbourne AUD 1.7572 100.00 91,656 34,624 2024
Scania Banco S.A., São Bernardo do Campo BRL 6.4350 100.00 1,332,120 69,524 11) 2024
Scania Belgium N.V., Neder-Over-Heembeek EUR 100.00 2,931 16,557 2024
Scania BH d.o.o., Sarajevo BAM 1.9558 100.00 4,167 1,129 2024
Scania Botswana (Pty) Ltd., Gaborone BWP 15.4247 100.00 45,282 26,538 2024
Scania Bulgaria EOOD, Sofia BGN 1.9560 100.00 25 16 2024
Scania Bus & Coach UK Ltd., Milton Keynes GBP 0.8731 100.00 1,029 – 3) 2024
Scania Bus Financing AB, Södertälje SEK 10.7997 100.00 98 –2 2024
Scania Central Asia LLP, Almaty KZT 595.6250 100.00 2,357,660 560,279 2024
Scania Chile S.A., Santiago de Chile CLP 1,057.7150 100.00 12,747,188 1,481,632 2024
Scania China Holding AB, Södertälje SEK 10.7997 100.00 125 – 2024
Scania Colombia S.A.S., Bogotá COP 4,429.3000 100.00 81,258,982 –69,086,192 2024
===== SIDA 256 =====
256 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
Scania Comercial, S.A. de C.V., Querétaro MXN 21.1008 100.00 576,011 –124,071 2024
Scania Commercial Vehicles India Pvt. Ltd., Bengaluru INR 105.5645 100.00 2,582,176 –344,192 2024
Scania Commercial Vehicles Renting S.A., San Fernando de
Henares EUR 100.00 69,554 8,621 2024
Scania Corretora de Seguros Ltda., São Bernardo do Campo BRL 6.4350 100.00 5,590 6,049 2024
Scania Cote D’Ivoire SA, Abidjan XOF 655.9570 100.00 – – 1) 2024
Scania Credit (Malaysia) Sdn. Bhd., Shah Alam MYR 4.7672 100.00 15,447 5,001 2024
Scania Credit AB, Södertälje EUR 100.00 11,366 –2,040 2024
Scania Credit Argentina S.A.U., Buenos Aires ARS 1,705.1497 100.00 3,143,849 1,442,278 2023
Scania Credit Hrvatska d.o.o., Lucko (Zagreb) EUR 100.00 4,137 103 2024
Scania Credit Romania IFN S.A., Ciorogârla RON 5.0974 100.00 67,110 1,728 2024
Scania Credit Singapore Pte. Ltd., Singapore SGD 1.5101 100.00 448 21 2024
Scania Credit Solutions (T) Ltd., Dar es Salaam TZS 2,889.8850 100.00 22,481,755 –1,612,691 2024
Scania Credit Solutions Pty Ltd., Johannesburg ZAR 19.4404 100.00 –57,469 –48,318 2024
Scania Credit Taiwan Ltd., New Taipei City TWD 36.7850 100.00 28,261 6,307 2024
Scania Crna Gora d.o.o., Danilovgrad EUR 100.00 316 3 2024
Scania CV AB, Södertälje SEK 10,7997 100.00 66,707,560 17,022,138 2024
Scania Czech Republic s.r.o., Prague CZK 24.1990 100.00 1,174,638 764,680 2024
Scania Danmark A/S, Ishoj DKK 7.4689 100.00 424,238 187,492 2024
Scania Danmark Ejendom ApS, Ishoj DKK 7.4689 100.00 109,973 –1,302 2024
Scania DCS AB, Stockholm SEK 10.7997 100.00 63 –2 2024
Scania del Perú S.A., Lima PEN 3.9512 100.00 72,052 43,693 2024
Scania Delivery Center AB, Södertälje SEK 10.7997 100.00 152,728 5,844 2024
Scania East Africa Ltd., Nairobi KES 151.5450 100.00 –682,485 234,910 2024
Scania Eesti AS, Tallinn EUR 100.00 18 7 2024
Scania Finance Australia Pty. Ltd., Melbourne AUD 1.7572 100.00 27,358 463 2024
Scania Finance Belgium N.V., Neder-Over-Heembeek EUR 100.00 22,330 1,271 2024
Scania Finance Bulgaria EOOD, Sofia BGN 1.9560 100.00 22,650 4,154 2022
Scania Finance Chile S.A., Santiago de Chile CLP 1,057.7150 100.00 41,709 7,362 12) 2024
Scania Finance Colombia S.A.S., Bogotá COP 4,429.3000 100.00 36,471,976 6,033,261 2024
Scania Finance Great Britain Ltd., London GBP 0.8731 100.00 147,197 6,002 2024
Scania Finance Luxembourg S.A., Munsbach EUR 100.00 5,570 156 2022
Scania Finance Magyarország Zrt., Biatorbágy HUF 384.7200 100.00 3,440,282 40,790 2024
Scania Finance Maroc S.A., Casablanca MAD 10.7107 100.00 – – 1) 2023
===== SIDA 257 =====
257 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
Scania Finance Mexico, S.A. de C.V. SOFOM, E.N.R., El Marqués MXN 21.1008 100.00 215,697 27,057 2023
Scania Finance Nederland B.V., Breda EUR 100.00 46,923 3,540 12) 2023
Scania Finance New Zealand Ltd., Auckland NZD 2.0363 100.00 6,442 446 2024
Scania Finance Polska Sp. Z o.o., Nadarzyn PLN 4.2193 100.00 367,237 34,512 2024
Scania Finance Schweiz AG, Kloten CHF 0.9309 100.00 7,928 –1,047 2024
Scania Finance Slovak Republic s.r.o., Senec EUR 100.00 13 – 2024
Scania Finance Southern Africa (Pty) Ltd., Johannesburg ZAR 19.4404 100.00 1,202,035 118,479 2024
Scania Financial Leasing (China) Co., Ltd., Shanghai CNY 8.2249 100.00 152,784 1,294 2024
Scania France S.A.S., Angers EUR 100.00 97 69 2024
Scania Global Knowledge Centre Sp.zo.o., Warsaw PLN 4.2193 100.00 – – 4) 2025
Scania Great Britain Ltd., Milton Keynes GBP 0.8731 100.00 132,711 78,740 2024
Scania Griffin Sales & Services AB, Södertälje SEK 10.7997 100.00 100 – 3) 2024
Scania Growth Capital AB, Södertälje SEK 10.7997 90.10 129 –270 2024
Scania Growth Capital II AB, Södertälje SEK 10.7997 90.10 764 –148 2024
Scania Hispania S.A., San Fernando de Henares EUR 100.00 51,278 41,847 2024
Scania Holding France S.A.S., Angers EUR 100.00 137,938 78,031 2024
Scania Holding Inc., Columbus, Indiana USD 1.1748 100.00 –4,779 –3,801 2024
Scania Hrvatska d.o.o., Lucko (Zagreb) EUR 100.00 8,000 2,806 2024
Scania Hungaria Kft., Biatorbágy HUF 384.7200 100.00 6,735,125 5,372,147 2024
Scania Industrial Battery Systems AB, Södertälje SEK 10.7997 100.00 – – 4) 2025
Scania Industrial Maintenance AB, Södertälje SEK 10.7997 100.00 27,830 786 2024
Scania Insurance Nederland B.V., Middelharnis EUR 100.00 3,836 471 11) 2023
Scania Insurance Polska Sp. z o.o., Nadarzyn PLN 4.2193 100.00 2,979 2,895 2024
Scania Invest AB, Södertälje SEK 10.7997 100.00 111,676 839 1) 2024
Scania Investimentos Imobiliários S.A., Vialonga EUR 100.00 – – 2024
Scania IT France S.A.S., Angers EUR 100.00 – – 2024
Scania IT Nederland B.V., Zwolle EUR 100.00 – – 2024
Scania Italia Retail S.p.A., Trento EUR 100.00 19,689 3,942 6) 2024
Scania Japan Ltd., Tokyo JPY 183.9750 100.00 –209,791 187,675 2024
Scania Korea Group Ltd., Seoul KRW 1,695.3050 100.00 74,459,050 46,074,288 2024
Scania Latin America Ltda., São Bernardo do Campo BRL 6.4350 100.00 5,633,772 3,240,080 2024
Scania Latvia SIA, Riga EUR 100.00 14,100 7,507 2024
Scania Leasing BH d.o.o., Sarajevo BAM 1.9558 100.00 3,192 125 2024
===== SIDA 258 =====
258 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
Scania Leasing d.o.o., Ljubljana EUR 100.00 9,198 39 2024
Scania Leasing Österreich GmbH, Brunn am Gebirge EUR 100.00 16 1 2024
Scania Leasing RS d.o.o., Krnješevci RSD 117.3000 100.00 316,785 84,610 2024
Scania Lízing Kft., Biatorbágy HUF 384.7200 100.00 531,096 –101,451 2024
Scania Locacao Ltda., São Bernardo do Campo BRL 6.4350 100.00 11,139 1,320 2024
Scania Logistics Netherlands B.V., Zwolle EUR 100.00 6,936 2,891 2024
Scania Luxembourg S.A., Munsbach EUR 100.00 – 841 2019
Scania Makedonija d.o.o.e.l., Ilinden MKD 61.5750 100.00 20,504 6,891 2024
Scania Manufacturing (Thailand) Co., Ltd., in liquidation,
Bangkok THB 37.1397 100.00 105,289 – 10) 2024
Scania Maroc S.A., Casablanca MAD 10.7107 100.00 132,261 63,082 2024
Scania Middle East FZE, Dubai AED 4.3144 100.00 35,319 25,732 2024
Scania Moçambique, S.A., Beira MZN 75.0700 100.00 –4,500 –7,109 10) 2024
Scania Namibia (Pty) Ltd., Windhoek NAD 19.4407 100.00 48,065 22,367 2024
Scania Nederland B.V., Breda EUR 100.00 101,864 49,229 2024
Scania New Zealand Ltd., Wellington NZD 2.0363 100.00 50,705 7,656 2024
Scania Omni AB, Södertälje SEK 10.7997 100.00 2,400 – 3) 2024
Scania Österreich Ges.m.b.H., Brunn am Gebirge EUR 100.00 32 28 2024
Scania Overseas AB, Södertälje SEK 10.7997 100.00 67,327 –4,307 2024
Scania Parts Center (Jiangsu) Co., Ltd, Rugao CNY 8.2249 100.00 – – 1), 5) 2025
Scania Polska S.A., Nadarzyn PLN 4.2193 100.00 361,350 246,891 2024
Scania Portugal, Unipessoal Lda., Vialonga EUR 100.00 18 10 2024
Scania Production (China) Co., Ltd., Rugao CNY 8.2249 100.00 941,143 22,177 2024
Scania Production Angers S.A.S., Angers EUR 100.00 29,053 3,683 2024
Scania Production Meppel B.V., Meppel EUR 100.00 34,059 3,270 2024
Scania Production Slupsk S.A., Slupsk PLN 4.2193 100.00 63,225 5,757 2024
Scania Production Zwolle B.V., Zwolle EUR 100.00 59,004 9,445 2024
Scania Properties Ltd., Milton Keynes GBP 0.8731 100.00 501 – 3) 2024
Scania Real Estate (UK) Ltd., Milton Keynes GBP 0.8731 100.00 9,757 311 2024
Scania Real Estate Belgium N.V., Neder-Over-Heembeek EUR 100.00 2,727 552 2024
Scania Real Estate Bulgaria EOOD, Sofia BGN 1.9560 100.00 – – 2024
Scania Real Estate Czech Republic s.r.o., Prague CZK 24.1990 100.00 140,378 19,950 2024
Scania Real Estate Finland Oy, Helsinki EUR 100.00 20,595 1,656 6) 2024
Scania Real Estate France S.A.S., Angers EUR 100.00 6 –96 2024
===== SIDA 259 =====
259 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
Scania Real Estate Hispania S.L., San Fernando de Henares EUR 100.00 1,824 137 2024
Scania Real Estate Holding Luxembourg S.àr.l., Munsbach EUR 100.00 5,724 –13 2023
Scania Real Estate Hungaria Kft., Biatorbágy HUF 384.7200 100.00 1,103,534 140,537 2024
Scania Real Estate Kenya Ltd., Nairobi KES 151.5450 100.00 –52,259 391,218 2024
Scania Real Estate New Zealand Limited, Auckland NZD 2.0363 100.00 – – 1) 2023
Scania Real Estate Österreich GmbH, Brunn am Gebirge EUR 100.00 10 1 2024
Scania Real Estate Polska Sp. z o.o., Nadarzyn PLN 4.2193 100.00 164,177 12,449 2024
Scania Real Estate Romania S.R.L., Ciorogârla RON 5.0974 100.00 11,735 1,729 2024
Scania Real Estate Schweiz AG, Kloten CHF 0.9309 100.00 6,258 1,768 2024
Scania Real Estate Services AB, Södertälje SEK 10.7997 100.00 1,235,869 23,039 2024
Scania Real Estate Slovakia s.r.o., Senec EUR 100.00 12,216 741 2024
Scania Real Estate The Netherlands B.V., Breda EUR 100.00 8,118 1,033 2024
Scania Rent Romania S.R.L., Ciorogârla RON 5.0974 100.00 22,297 4,775 2024
Scania Research & Development (Jiangsu) Co., Ltd., Rugao CNY 8.2249 100.00 3,922 –6,078 1) 2024
Scania Romania S.R.L., Ciorogârla RON 5.0974 100.00 98,962 48,399 2024
Scania Sales (China) Co., Ltd., Beijing CNY 8.2249 100.00 114,300 –1,254 2024
Scania Sales and Service (Guangzhou) Co., Ltd., in liquidation,
Guangzhou CNY 8.2249 100.00 –52,647 –5,178 10) 2024
Scania Sales and Services AB, Södertälje SEK 10.7997 100.00 19,957,943 4,767,625 2024
Scania Schweiz AG, Kloten CHF 0.9309 100.00 41,038 37,118 2024
Scania Senegal S.U.A.R.L., Dakar XOF 655.9570 100.00 89,404 6,107 2024
Scania Services del Perú S.A., Lima PEN 3.9512 100.00 115,857 26,727 2024
Scania Servicii Asigurari S.R.L., Ciorogârla RON 5.0974 100.00 2,209 –159 2024
Scania Servicios, S.A. de C.V., El Marqués MXN 21.1008 100.00 91 –37 2024
Scania Siam Co. Ltd., Bangkok THB 37.1397 99.99 485,587 8,489 2024
Scania Siam Leasing Co. Ltd., Bangkok THB 37.1397 100.00 477,896 273 2024
Scania Singapore Pte. Ltd., Singapore SGD 1.5101 100.00 9,626 5,144 2024
Scania Slovakia s.r.o., Senec EUR 100.00 27,533 6,724 2024
Scania Slovenija d.o.o., Ljubljana EUR 100.00 11,039 6,108 2024
Scania South Africa (Pty) Ltd., Aeroton ZAR 19.4404 100.00 993,653 519,438 2024
Scania Srbija d.o.o., Krnješevci RSD 117.3000 100.00 794,059 392,132 2024
Scania Sumistradora de Flota Tres SpA, Santiago de Chile CLP 1,057.7150 100.00 – – 11) 2024
Scania Sumistradora de Flota Uno SpA, Santiago de Chile CLP 1,057.7150 100.00 – – 11) 2024
Scania Suomi Oy, Helsinki EUR 100.00 34 20 2024
===== SIDA 260 =====
260 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
Scania Sverige AB, Södertälje SEK 10.7997 100.00 90 –29 2024
Scania Sverige Bussar AB, Södertälje SEK 10.7997 100.00 42,966 – 3) 2024
Scania Tanzania Ltd., Dar es Salaam TZS 2,889.8850 100.00 14,990,000 6,059,370 2024
Scania Thailand Co. Ltd., Bangkok THB 37.1397 99.99 4,400 53,193 2024
Scania Transportlaboratorium AB, Södertälje SEK 10.7997 100.00 3,398 186 2024
Scania Treasury AB, Södertälje SEK 10.7997 100.00 53,625 1,564 2024
Scania Trucks & Buses AB, Södertälje SEK 10.7997 100.00 8,655 2,510 2024
Scania USA Inc., San Antonio, Texas USD 1.1748 100.00 11,432 2,990 2024
Scania West Africa Ltd., Accra GHS 12.3349 100.00 –9,381 –5,925 2022
Scania-Kringlan AB, Södertälje SEK 10.7997 100.00 6,000 – 3) 2024
Scanlink Ltd., Milton Keynes GBP 0.8731 100.00 1,956 – 3) 2023
Scantruck Ltd., Milton Keynes GBP 0.8731 100.00 1,671 – 3) 2024
Shanghai Tedatong Heavy Duty Truck Sales Co., Ltd, Shanghai CNY 8.2249 100.00 –2,417 –2,417 1) 2024
Sinopress Wuxi Auto Parts Co., Ltd, Wuxi CNY 8.2249 100.00 – – 1) 2024
SLA Treasury Spain S.L., Barcelona BRL 6.4350 100.00 16,328,339 4,290,613 2024
Södertälje Bilkredit AB, Södertälje SEK 10.7997 100.00 100 – 3) 2024
Southway Scania Ltd., Milton Keynes GBP 0.8731 100.00 1,170 – 3) 2024
SST Sustainable Transport Solutions India Pvt. Ltd., Nagpur INR 105.5645 99.99 24,027 –602 2024
Tachy Experts S.A.S., Angers EUR 100.00 481 127 2024
TFS Brasil Holding Ltda., São Paulo BRL 6.4350 100.00 233,673 –463 2023
TFS Holding Austria GmbH, Brunn am Gebirge EUR 100.00 46,020 –13 2024
TFS Servicos Brasil Ltda, São Paulo BRL 6.4350 100.00 – – 1) 2024
TOV MAN Truck & Bus Ukraine, Kyiv UAH 49.6877 100.00 895,636 343,955 2024
TOV Scania Credit Ukraine, Kyiv UAH 49.6877 100.00 570,637 143,874 2024
TOV Scania Ukraine, Kyiv EUR 100.00 594 306 2024
TOV Scania Ukraine Real Estate, Kyiv UAH 49.6877 100.00 32,654 –370 6) 2024
Transproteccion Agente de Seguros S.A. de C.V., Mexico City MXN 21.1008 100.00 155,130 43,646 2024
TRATON AB, Södertälje SEK 10.7997 100.00 –395,560 –203,014 2024
TRATON Finance Luxembourg S.A., Strassen EUR 100.00 1,323,997 169,428 2024
TRATON Financial Services Aktiebolag, Södertälje SEK 10.7997 100.00 8,469,926 14,850 2024
TRATON Financial Services Czech Republic spol. s r.o., Prague CZK 24.1990 100.00 532,951 123,264 2024
Traton Financial Services France S.A.S., Angers EUR 100.00 69,806 4,311 2024
TRATON Financial Services Holding Mexico S de RL de CV,
Herndon, Virginia USD 1.1748 100.00 20,087 – 2024
===== SIDA 261 =====
261 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
TRATON Financial Services Iberica EFC SAU, San Fernando de
Henares EUR 100.00 52,710 1,097 2024
Traton Financial Services Ireland Ltd., Dublin EUR 100.00 13,921 697 2024
Traton Financial Services Italy S.p.A., Milan EUR 100.00 66,142 5,201 2024
Traton Financial Services Korea Co., Ltd., Chung-Ang KRW 1,695.3050 100.00 94,843,587 5,426,684 2024
TRATON Financial Services Mexico S.A. de C.V., SOFOM, E.R.,
Mexico City MXN 21.1008 100.00 5,208,798 922,999 2024
TRATON Finans AB, Södertälje SEK 10.7997 100.00 3,055,666 223,777 2024
TRATON International S.A., Strassen EUR 100.00 22,778,634 95,745 2024
Traton Mobility Services France S.A.S., Angers EUR 100.00 7,131 628 2024
Traton Mobility Services Portugal S.A., Vialonga EUR 100.00 9,495 313 2024
TRATON R&D US, LLC, Lisle, Illinois USD 1.1748 100.00 – – 1) 2024
TRATON Sweden AB, Södertälje EUR 100.00 16,585,112 517,861 2024
TRATON Treasury AB, Södertälje SEK 10.7997 100.00 25 –252 2024
TRATON US, LLC, Pompano Beach, Florida EUR 100.00 1,363,543 –57,313 2024
Truckeast Holdings Limited, Milton Keynes GBP 0.8731 100.00 – – 4) 2025
TruckEast Limited, Milton Keynes GBP 0.8731 100.00 – – 4) 2025
Trucknology Italy SPV S.r.l, Conegliano EUR – – – 7) 2025
UAB Scania Lietuva, Vilnius EUR 100.00 17,033 8,410 2024
Union Trucks Ltd., Milton Keynes GBP 0.8731 100.00 573 – 3) 2024
Vabis Bilverkstad AB, Södertälje SEK 10.7997 100.00 101 – 3) 2024
Vabis Försäkringsaktiebolag, Södertälje SEK 10.7997 100.00 135,680 7,001 8) 2024
Volkswagen Truck & Bus Indústria e Comércio de Veículos Ltda.,
São Paulo BRL 6.4350 100.00 3,772,407 –1,203,195 2024
Volkswagen Truck & Bus México S.A. de C.V., El Marqués MXN 21.1008 100.00 568,222 –82,347 2024
Westrucks Ltd., Milton Keynes GBP 0.8731 100.00 336 – 3) 2024
B. Unconsolidated companies
1. Germany
LoadFox Transport Solutions GmbH, Munich EUR 100.00 296 – 2) 2025
MAN Brand Management GmbH, Grünwald EUR 100.00 25 – 2) 2025
MAN Catering & Personal Services GmbH, Munich EUR 100.00 25 – 2) 2025
MAN Grundstücksgesellschaft mbH & Co. Gamma KG, Munich EUR 100.00 1,540 84 2024
MAN HR Services GmbH, Munich EUR 100.00 1,550 2) 2025
MAN-Unterstützungskasse GmbH, Munich EUR 100.00 337 –5 2024
===== SIDA 262 =====
262 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
Ortan Verwaltung GmbH & Co. Objekt Karlsfeld KG, Pullach i.
Isartal EUR 100.00 1,598 676 2024
TRATON Beteiligungsverwaltungs GmbH, Munich EUR 100.00 25 – 2) 2025
TRATON Group Management GmbH, Munich EUR 100.00 25 – 2) 2024
Unterstützungseinrichtung VGW GmbH, Munich EUR 100.00 63 12 2024
2. Other countries
Bellwether Forest Products, LLC, Camden, South Carolina USD 1.1748 100.00 – – 11) 2024
ERF Ltd., Swindon GBP 0.8731 100.00 – – 3) 2024
European Circularity Group AB, Stockholm SEK 10.7997 100.00 – – 1), 5) 2025
HRVS Group Ltd., in liquidation, Belper GBP 0.8731 100.00 – – 3), 10) 2024
International Motors SLP, S. de R.L. de C.V., San Luis Potosí MXN 21.1008 100.00 – – 1), 5) 2025
Lauken S.A., Montevideo UYU 45.9975 100.00 – – 3), 10) 2023
MAN Financial Services Administrators (S.A.) (Pty) Ltd., in
liquidation, Isando ZAR 19.4404 100.00 – – 3), 10) 2024
MAN Truck & Bus Asia Pacific Co. Ltd., in liquidation, Bangkok THB 37.1397 99.99 14,000 –110 10) 2024
MAN Truck & Bus India Pvt. Ltd., Pune INR 105.5645 99.99 1,353,950 540,130 2024
MAN Truck and Bus Hong Kong Ltd., Hong Kong HKD 9.1446 100.00 8,500 16 2024
OOO MAN Truck & Bus Production RUS, in liquidation, St.
Petersburg RUB 93.6394 100.00 282,364 –69,597 3), 10) 2024
Rio Soluções Digitais Ltda., São Paulo BRL 6.4350 100.00 3 1 2024
Scania de Venezuela S.A., Valencia VES 353.5929 100.00 41,705,381 –11,493,143 2024
Scania-MAN Administration ApS, Copenhagen DKK 7.4689 100.00 838 530 2024
TRATON Charging Solutions AB, Södertälje EUR 100.00 1,293 42 2024
TRATON R&D BRAZIL LTDA., São Paulo BRL 6.4350 100.00 – – 1), 5) 2025
Volkswagen Caminhões e Ônibus Comércio e Serviços Ltda.,
Limeira BRL 6.4350 100.00 20,187 –989 2024
===== SIDA 263 =====
263 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity 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 33.33 165,126 –53,740 2024
Cummins-Scania XPI Manufacturing, LLC, Columbus, Indiana USD 1.1748 50.00 –164,272 2,258 2024
MAN Financial Services (SA) (RF) (Pty) Ltd., Johannesburg ZAR 19.4404 50.00 409,967 67,080 13) 2024
Oppland Tungbilservice A/S, Fagernes NOK 11.8169 50.00 5,701 2,495 2024
Tynset Diesel A/S, Tynset NOK 11.8169 50.00 7,473 420 2024
B. Companies accounted for at cost
1. Germany
HINO & TRATON Global Procurement GmbH, in liquidation,
Munich EUR 51.00 498 11 10) 2023
2. Other countries
AMEXCI AB, Karlskoga SEK 10.7997 13.56 285,493 –39,798 2024
IV. ASSOCIATES
A. Equity-accounted associates
1. Germany
bex technologies GmbH, Stuttgart EUR 46.24 1,914 –4,454 2024
Rheinmetall MAN Military Vehicles GmbH, Munich EUR 49.00 204 167 2024
Scantinel Photonics GmbH, Ulm EUR 49.19 22,423 8,700 2024
sennder Technologies GmbH, Berlin EUR 16.92 340,242 –76,240 2024
vialytics GmbH, Stuttgart EUR 20.56 55 –7,307 2024
2. Other countries
BITS DATA i Södertälje AB, Södertälje SEK 10.7997 33.00 13,363 –4,869 2024
ScaValencia, S.A., Ribarroja del Turia EUR 26.00 16,036 2,739 2024
Sinotruk (Hong Kong) Ltd., Hong Kong CNY 8.2249 25.24 49,152,400 –6,688,275 12), 13) 2024
UZ Truck and Bus Motors, LLC, Samarkand UZS 14,102.1800 32.89 327,265 25,745 2024
===== SIDA 264 =====
264 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
B. Associates accounted for at cost
1. Germany
Juna Technologies GmbH, Berlin EUR 49.00 4,156 –1,798 1) 2024
2. Other countries
Corebon AB, Arlöv SEK 10.7997 35.50 83,210 –7,007 2024
Innokraft AB, Sundsvall SEK 10.7997 46.00 432 –7 2024
Magnum Power Products, LLC, Franklin, Indiana USD 1.1748 30.00 43,874 129 2024
Maudlin International Parts and Services of Palm Bay, LLC, Lisle,
Illinois USD 1.1748 49.00 2 –68 2023
Parcelly Limited, London GBP 0.8731 33.40 1,011 –596 2024
Roboyo Group Limited, London GBP 0.8731 13.05 30,558 –30,098 2023
SIB Solutions AB, Lund SEK 10.7997 20.70 12,785 –43,280 2024
Södertälje Science Park AB, Södertälje SEK 10.7997 25.00 416 –4,145 2024
V. EQUITY INVESTMENTS
1. Germany
Black Semiconductor GmbH, Aachen EUR 5.48 22,724 –4,947 2024
Car2Car Communication Consortium GbR, Braunschweig EUR 7.40 712 45 2024
Cycle Mobility Holding GmbH, Berlin EUR 17.65 – – 2023
FFK Fahrzeugservice Förtsch GmbH Kronach, Kronach EUR 30.00 1,540 163 2024
Grundstücksgesellschaft Schlossplatz 1 mbH & Co. KG, Berlin EUR 8.16 1,187 828 2024
Pionix GmbH, Bad Schönborn EUR 16.94 – – 4) 2025
Roland Holding GmbH, Munich EUR 22.83 –15,375 4,011 2024
Verwaltungsgesellschaft Wasseralfingen mbH, Aalen EUR 50.00 14,939 –438 2024
2. Other countries
Combient AB, Stockholm SEK 10.7997 4.65 523,739 398,307 2024
CreateAI Holdings Inc., San Diego, California USD 1.1748 7.41 372 –354 2024
Doral Tech SI, Limited Partnership, Ramat-Gan ILS 3.7461 100.00 – – 2024
Lindholmen Science Park Aktiebolag, Gothenburg SEK 10.7997 8.98 11,424 –9,109 2024
Maghreb Truck Industry S.p.A., Sidi M'Hamed DZD 152.2101 10.00 128,318 –1,618 2024
Neutreeno Limited, Cambridge GBP 2.23 8,113 –23,135 2024
Northvolt AB, Stockholm SEK 10.7997 0.94 32,754,748 –4,348,756 3) 2024
Nyobolt Ltd, Cambridge GBP 0.8731 0.39 – – 4) 2025
===== SIDA 265 =====
265 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
Name and domicile of the company Currency
Exchange rate
(1 euro =)
12/31/2025
Equity interest
in %
Equity in
thousands
Local currency
Equity in
thousands
Local currency Footnote Year
OneH2, Inc., Hickory, North Carolina USD 1.1748 5.13 83,772 337 2023
Shenzhen Haylion Technologies Co. Ltd., Shenzhen CNY 8.2249 2.00 69,052 3,030 2024
SI Orion Limited Partnership, Jerusalem ILS 3.7461 100.00 – – 1) 2024
Stegra AB, Stockholm SEK 10.7997 2.02 17,713,957 –1,913,390 12) 2024
TII Fund Enabler 1 AB, Stockholm SEK 10.7997 23.59 – – 1), 4) 2025
1 Short fiscal year
2 Profit and loss transfer agreement
3 Currently not trading
4 Newly acquired company
5 Newly established company/spin-off
6 Transformation in accordance with §1 Transformation Act (UmwG)
7 Structured company in accordance with IFRS 10 and IFRS 12
8 Different fiscal year
9 Newly acquired company/newly established company/spin-off in the previous year
10 In liquidation
11 Figures included in the consolidated financial statements of the parent company
12 Consolidated financial statements
13 Figures in accordance with IFRS
===== SIDA 266 =====
4
RESPONSIBILITY STATEMENT
AND INDEPENDENT
AUDITOR’S REPORTS
Responsibility Statement 267
Independent auditor’s report 268
Assurance report of the independent
German public auditor on a limited
assurance engagement 282
===== SIDA 267 =====
267 TRATON GROUP 2025 Annual Report
To Our
Shareholders
Combined
Management Report
Consolidated
Financial Statements
Responsibility Statement
and Independent
Auditor’s Reports
Sustainability
Report
Further
Information
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 Statemen ts 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 position of the TRATON GROUP, together with a description of the material opportuniti es and risks associated
with the expected development of the TRATON GROUP.
Munich, February 11, 2026
TRATON SE
The Executive Board
Christian Levin Dr. Michael Jackstein Catharina Modahl Nilsson Niklas Klingenberg
Alexander Vlaskamp Mathias Carlbaum Antonio Roberto Cortes
===== SIDA 268 =====