FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
===== SIDA 1 ===== 3M 2024 Interim Statement as of March 31, 2024 ===== SIDA 2 ===== AT A GLANCE Trucks and buses (units) 3M 2024 3M 2023 Change Incoming orders 66,434 68,470 –3% Unit sales 81,148 84,587 –4% of which trucks 68,772 70,208 –2% of which buses 5,032 7,618 –34% of which MAN TGE vans 7,344 6,761 9% TRATON GROUP Sales revenue (€ million) 11,798 11,186 5% Operating result (adjusted) (€ million) 1,106 935 171 Operating return on sales (adjusted) (in %) 9.4 8.4 1.0 pp Earnings per share (€) 1.50 1.11 0.39 Active workforce 1 104,168 103,621 547 TRATON Operations Sales revenue (€ million) 11,477 10,940 5% Operating result (adjusted) (€ million) 1,188 987 201 Operating return on sales (adjusted) (in %) 10.4 9.0 1.3 pp Primary R&D costs (€ million) 556 520 7% Capex (€ million) 297 216 37% Net cash flow (€ million) 438 737 –299 TRATON Financial Services Sales revenue (€ million) 453 352 29% Operating result (adjusted) (€ million) 63 82 –19 Operating return on sales (adjusted) (in %) 13.9 23.3 –9.3 pp Return on equity (in %) 13.2 –3.9 17.2 pp 1 As of March 31, 2024, and December 31, 2023 Incoming orders down by 3% Adjusted operating result €171 million higher at around €1.1 billion Sales revenue rose by 5% to around €11.8 billion Increase in adjusted operating return on sales to 9.4% Unit sales 4% lower at 81,148 vehicles ===== SIDA 3 ===== TRATON SE is a European stock corporation (Societas Europaea) incorporated under German law and admitted to trading on the Frankfurt Stock Exchange as its primary and the Nasdaq Stockholm as its secondary stock exchange. This Interim Statement was prepared in accordance with section 53 of the Exchange Rules for the Frankfurter Wertpapierbörse (FWB). Any deviations from the Guidance Note for Preparing Interim Management Statements issued by the Nasdaq Stockholm are described and explained on our website at www.traton.com. This Interim Statement does not constitute an interim financial report as defined in International Accounting Standard (IAS) 34 Interim Financial Reporting and has not been reviewed by an auditor. This Interim Statement contains certain forward-looking statements for the remaining months of fiscal year 2024. A range of known and unknown risks, uncertainties, and other factors may result in the actual results, financial position, development, or performance of the TRATON GROUP differing materially from the estimates given here. Such factors include those that TRATON has described in published reports. These reports are available on our website at www.traton.com. The Company does not assume any obligation to update such forward-looking statements or to adapt them to future events or developments. The figures relating to net assets, financial position, and results of operations were prepared in accordance with International Financial Reporting Standards (IFRSs), as adopted by the European Union. All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Comparable prior-year figures are presented in brackets alongside the figures for the fiscal year under review. The current definition of the key performance indicators can be found in the annual report published for the previous year. This report can be downloaded from our website at www.traton.com/publications. Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar CONTENTS ===== SIDA 4 ===== 4 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information Material Events In the first quarter of 2024, the TRATON GROUP generated sales revenue of €11.8 billion (3M 2023: €11.2 billion), 5% higher year-on-year despite a 4% decline in unit sales. Operating result (adjusted) was €1.1 billion (3M 2023: €0.9 billion), while operating return on sales (adjusted) increased by 1.0 per - centage points, from 8.4% to 9.4%. The Executive Board and the Supervisory Board of TRATON SE decided in February to strengthen Group-wide research and development as well as brand-specific development. To do this, significant parts of the research and development departments of the individual brands will be merged into a cross-brand organization. This new structure will further drive forward the development of the TRATON Modular System with the aim of delivering sustainable, efficient, and connected transportation solutions to the market. At its meeting in February, TRATON SE’s Supervisory Board extended the contracts of TRATON GROUP Executive Board members Alexander Vlaskamp and Mathias Carlbaum by five years in each case until 2029. COURSE OF BUSINESS ===== SIDA 5 ===== 5 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information Incoming Orders and Unit Sales by Country, TRATON Operations Incoming orders Unit sales Units 3M 2024 3M 2023 Change 3M 2024 3M 2023 Change Total 66,434 68,470 –3% 81,148 84,587 –4% of which all-electric vehicles 736 446 65% 315 258 22% BEV unit sales ratio (excluding MAN TGE vans, in %) – – – 0.4 0.2 0.2 pp Trucks 53,034 53,610 –1% 68,772 70,208 –2% EU27+3 18,123 26,339 –31% 27,878 30,364 –8% of which in Germany 5,091 6,603 –23% 6,624 8,849 –25% North America 14,727 13,024 13% 19,246 19,842 –3% of which in the USA/Canada 12,233 10,873 13% 15,945 17,032 –6% of which in Mexico 2,494 2,151 16% 3,301 2,810 17% South America 13,627 7,265 88% 14,488 12,247 18% of which in Brazil 11,828 5,571 112% 12,387 9,804 26% Other regions 6,557 6,982 –6% 7,160 7,755 –8% Buses 8,151 7,771 5% 5,032 7,618 –34% EU27+3 1,663 1,306 27% 1,427 1,120 27% of which in Germany 322 245 31% 370 315 17% North America 4,198 4,076 3% 986 3,733 –74% of which in the USA/Canada 3,548 2,963 20% 151 2,972 –95% of which in Mexico 650 1,113 –42% 835 761 10% South America 1,637 1,878 –13% 1,980 2,197 –10% of which in Brazil 1,310 1,513 –13% 1,602 1,950 –18% Other regions 653 511 28% 639 568 13% MAN TGE vans 5,249 7,089 –26% 7,344 6,761 9% EU27+3 5,111 6,964 –27% 7,283 6,670 9% of which in Germany 1,327 2,673 –50% 2,262 2,513 –10% ===== SIDA 6 ===== 6 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information Incoming orders were down 3% overall year-on-year in the reporting period. This was the result of different trends at product and regional level. For example, TRATON only recorded a 1% decline in incoming orders in the truck business. In this case, a sharp decline in order levels as demand in the EU27+3 region returned to normal was almost offset by very buoyant market demand from North and South America. A particular standout was Brazil, where in- coming orders for trucks more than doubled compared with the previous year due to the new emissions regulation that had come into force at that time. In contrast to a sharp decline in incoming orders for the MAN TGE model, there was good demand for buses, particularly in the EU27+3 and USA/Canada regions. Unit sales in the first three months were down 4% year-on-year. The 2% decline in the truck business is attributable to a market-driven decline in sales figures in the EU27+3 region, which were also impacted by a model year change at MAN Truck & Bus in the first quarter of 2024. As expected, unit sales of trucks in North America were also down on the previous year, while significantly more trucks were sold in South America. The primary reason for the decline in unit sales in the bus business was the delayed ramp-up of the new school bus model at Navistar . Fewer buses were also sold in South America than in the previous year. The book-to-bill ratio in the first quarter was 0.8 (3M 2023: 0.8), which resulted in the order backlog continuing to return to normal. 130 (3M 2023: 91) all-electric trucks, 158 (3M 2023: 76) all-electric buses, and 27 (3M 2023: 91) MAN eTGE models were sold in the reporting period. Addition- ally, 35 (3M 2023: 47) hybrid trucks and 76 (3M 2023: 45) hybrid buses were sold. Condensed Income Statement of the TRATON GROUP TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items € million 3M 2024 3M 2023 3M 2024 3M 2023 3M 2024 3M 2023 3M 2024 3M 2023 Sales revenue 11,798 11,186 11,477 10,940 453 352 –132 –107 Cost of sales –9,226 –8,906 –9,007 –8,761 –311 –224 92 79 Gross profit 2,572 2,280 2,470 2,179 142 129 –40 –28 Distribution expenses –929 –869 –818 –768 –49 –39 –62 –61 Administrative expenses –453 –408 –398 –353 –11 –8 –44 –47 Other operating result –133 –170 –115 –71 –18 –101 0 2 Operating result 1,057 834 1,139 987 63 –20 –145 –134 Operating result (adjusted) 1,106 935 1,188 987 63 82 –145 –134 Operating return on sales (adjusted) (in %) 9.4 8.4 10.4 9.0 13.9 23.3 – – Financial result –13 –131 –131 –97 0 0 118 –34 Earnings before tax 1,044 703 1,008 890 63 –20 –27 –168 Income taxes –293 –148 –301 –272 –13 –28 22 152 Earnings after tax 752 555 707 619 50 –48 –5 –16 ===== SIDA 7 ===== 7 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information Operating result The TRATON GROUP generated sales revenue of €11.8 billion (3M 2023: €11.2 billion) in the reporting period, up 5% on the previous year’s level. This increase is mainly attributable to a favorable product mix and better unit price realization in the TRATON Operations business area. The Vehicle Services business made a considerable contribution to business performance, account- ing for 19% (3M 2023: 20%) of total sales revenue. Sales revenue in the TRATON Financial Services segment increased by 29% due to the further expansion of the portfolio, reaching €453 million (3M 2023: €352 million). The TRATON GROUP’s gross profit improved by 13% compared with the prior- year period in the first quarter of 2024. This increase is primarily due to con- tinued good price management combined with an improved cost structure in the TRATON Operations business area. The cost structure at MAN Truck & Bus, in particular, was positively impacted compared with the prior-year quarter by the realignment program completed by the end of 2023. By contrast, lower capacity utilization impacted gross profit. Gross margin increased by 1.4 percent- age points to 21.8% (3M 2023: 20.4%) in the TRATON GROUP and by 1.6 percent- age points to 21.5% (3M 2023: 19.9%) in the TRATON Operations business area. Distribution expenses in the TRATON GROUP were up €60 million and admin- istrative expenses were up €45 million year-on-year. In both cases, the higher figure (by 7% and 11%, respectively) was due largely to inflation-driven cost increases. The ratio of distribution and administrative expenses to sales revenue therefore rose by 0.3 percentage points to 11.7% (3M 2023: 11.4%). Other operating result increased by €37 million compared with the prior-year quarter. The improvement is primarily attributable to the discontinuation of expenses of €102 million in connection with the sale of Scania Finance Russia in the prior-year period. Offsetting factors in the first quarter of 2024 were, in particular, expenses attributable to civil lawsuits against Scania and MAN in connection with the EU truck cases in individual countries. The TRATON GROUP’s operating result rose by €223 million (27%) year-on-year as a result of the effects described above. Adjustments to operating result Adjustments (€ million) 3M 2024 3M 2023 Scania Vehicles & Services 28 – MAN Truck & Bus 21 – TRATON Operations 49 – TRATON Financial Services – 102 TRATON GROUP 49 102 In the current reporting period, the adjustments amounted to €49 million and were related to civil lawsuits against Scania and MAN as a result of the EU truck cases in individual countries. These were recognized in the course of the updated assessment of the risks. In the prior-year period, the adjustments had amounted to €102 million in the TRATON Financial Services segment in connection with the sale of Scania Finance Russia. The TRATON GROUP’s oper- ating result (adjusted) therefore rose by €171 million year-on-year, equivalent to an increase of 18%. The TRATON GROUP increased its operating return on sales (adjusted) by 1.0 percentage points to 9.4% (3M 2023: 8.4%). In the TRATON Operations business area, operating return on sales (adjusted) was 10.4% (3M 2023: 9.0%), up 1.3 percentage points year-on-year. Financial result The TRATON GROUP’s financial result improved by €118 million compared with the prior-year quarter. This increase was principally attributable to the higher share of earnings of the investment in Sinotruk (Hong Kong) Limited, Hong Kong, China (Sinotruk), which is accounted for using the equity method. Taxes Income taxes amounted to €–293 million (3M 2023: €–148 million) in the first quarter of 2024. This corresponds to a tax rate of 28% (3M 2023: 21%). The higher tax rate compared with the previous year is due largely to the discon- tinuation of offsetting effects from the recognition of loss carryforwards from previous years. ===== SIDA 8 ===== 8 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information Segments of the TRATON GROUP Scania Vehicles & Services 3M 2024 3M 2023 Change Incoming orders (units) 20,171 18,918 7% Sales (units) 26,496 22,626 17% of which trucks 25,388 21,611 17% of which buses 1,108 1,015 9% Book-to-bill ratio 0.76 0.84 –0.07 Sales revenue (€ million) 4,879 4,172 17% New Vehicles 3,378 2,631 28% Vehicle Services business 1 968 939 3% Others 534 602 –11% Operating result (adjusted) (€ million) 700 554 146 Operating return on sales (adjusted) (in %) 14.3 13.3 1.1 pp 1 Including genuine parts and workshop services Scania Vehicles & Services recorded a moderate increase in incoming orders in the first quarter of 2024. A decline in incoming orders in Europe was more than offset by very strong growth in Brazil. Unit sales rose substantially, driven by the high order backlog, more stable supply chains, and the increase in produc- tion volume. Sales revenue also grew substantially year-on-year. This growth was mainly attributable to the increase in the New Vehicles business in the EU27+3 and South America regions. In addition to the volume-related increase in sales revenue, operating result (adjusted) was lifted by a positive product mix and lower product costs. The Vehicle Services business also made a positive contri- bution to earnings as a result of improved margins. Higher personnel expenses weighed on operating result (adjusted). MAN Truck & Bus 3M 2024 3M 2023 Change Incoming orders (units) 18,682 26,094 –28% Sales (units) 24,030 27,333 –12% of which trucks 15,188 19,655 –23% of which buses 1,498 917 63% of which MAN TGE vans 7,344 6,761 9% Book-to-bill ratio 0.78 0.95 –0.18 Sales revenue (€ million) 3,516 3,404 3% New Vehicles 2,157 2,031 6% Vehicle Services business 1 749 733 2% Others 609 640 –5% Operating result (adjusted) (€ million) 278 197 82 Operating return on sales (adjusted) (in %) 7.9 5.8 2.1 pp 1 Including genuine parts and workshop services MAN Truck & Bus recorded a sharp decline in incoming orders in the reporting period compared with the previous year. This was due in particular to weaker demand for trucks in the EU27+3 region. The significant year-on-year decline in unit sales is attributable primarily to a model year change in the first quarter of 2024 and to catch-up effects in the comparative period. Sales revenue was slightly higher than in the previous year, largely because of an improved product mix for trucks and MAN TGE vans. A positive operating performance in the bus business and in the Vehicle Services business offset the volume-related lower operating result (adjusted) in the truck business. In addition, the realignment program completed by the end of 2023 had a positive impact on the cost structure. ===== SIDA 9 ===== 9 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information Navistar Sales & Services 3M 2024 3M 2023 Change Incoming orders (units) 17,512 15,913 10% Sales (units) 19,280 22,548 –14% of which trucks 18,674 19,246 –3% of which buses 606 3,302 –82% Book-to-bill ratio 0.91 0.71 0.20 Sales revenue (€ million) 2,430 2,738 –11% New Vehicles 1,696 1,943 –13% Vehicle Services business 1 470 529 –11% Others 264 266 –1% Operating result (adjusted) (€ million) 122 172 –50 Operating return on sales (adjusted) (in %) 5.0 6.3 –1.3 pp 1 Including genuine parts Navistar Sales & Services recorded a noticeable increase in incoming orders in the reporting period compared with the previous year. Incoming orders in the previous year were affected by restrictive order acceptance. Unit sales were down significantly year-on-year. This was primarily the result of the delayed ramp-up of unit sales of the new school bus model. Sales revenue was also significantly lower year-on-year, primarily due to the decline in unit sales. In addition, sales revenue in the Vehicle Services business was impacted by a decline in transportation activity in the USA. In addition to the decline in sales revenue, operating result (adjusted) was negatively impacted by ongoing supply shortages. By contrast, improved unit price reali- zation positively impacted the result. Volkswagen Truck & Bus 3M 2024 3M 2023 Change Incoming orders (units) 10,085 7,694 31% Sales (units) 11,539 12,148 –5% of which trucks 9,707 9,764 –1% of which buses 1,832 2,384 –23% Book-to-bill ratio 0.87 0.63 0.24 Sales revenue (€ million) 773 709 9% New Vehicles 716 663 8% Vehicle Services business 1 44 37 17% Others 13 9 38% Operating result (adjusted) (€ million) 85 65 20 Operating return on sales (adjusted) (in %) 11.0 9.2 1.8 pp 1 Including genuine parts and workshop services Volkswagen Truck & Bus recorded a moderate decline in unit sales in the re - porting period. This was the result of a sharp decline in the unit sales of buses. Sales revenue was noticeably higher year-on-year. This increase was achieved in spite of a lower volume of unit sales and resulted primarily from improved product positioning and unit price realization in Brazil, which also positively impacted operating result (adjusted). Operating return on sales (adjusted) rose by 1.8 percentage points. ===== SIDA 10 ===== 10 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information TRATON Financial Services 3M 2024 3M 2023 Change Sales revenue (€ million) 453 352 29% Operating result (adjusted) (€ million) 63 82 –19 Operating return on sales (adjusted) (in %) 13.9 23.3 –9.3 pp Earnings before tax (€ million) 63 –20 83 Equity (€ million) 1 1,947 1,835 113 Return on equity (in %) 13.2 –3.9 17.2 pp 1 As of March 31 TRATON Financial Services is continuing to prepare to take over the activities of MAN Financial Services and Volkswagen Truck & Bus Financial Services. In addition, it drove forward the relaunch of the captive financial services pro- vider Navistar Financial Services in the first quarter of 2024. Operating result (adjusted) of €63 million was €19 million lower than in the prior-year period. Higher costs due to the integration as well as higher refinancing and risk costs were not offset by a higher portfolio volume. Earnings before tax were significantly higher year-on-year. Earnings before tax in the first quarter of 2023 had been impacted by negative accumulated other comprehensive income of €102 million from currency translation effects attributable to Scania Finance Russia that were reclassified to the income statement at the time of disposal. As a result, return on equity rose very sharply year-on-year to 13.2%. Net Cash Flow CONDENSED STATEMENT OF CASH FLOWS OF THE TRATON GROUP TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items € million 3M 2024 3M 2023 3M 2024 3M 2023 3M 2024 3M 2023 3M 2024 3M 2023 Gross cash flow 1,426 1,250 1,423 1,300 123 150 –121 –200 Change in working capital –1,214 –1,049 –561 –589 –833 –541 179 81 Net cash provided by/used in operating activities 211 201 862 711 –709 –391 59 –120 Net cash provided by/used in investing activities attributable to operating activities –451 –280 –424 25 –26 –305 0 –1 Net cash flow –240 –80 438 737 –736 –695 58 –121 ===== SIDA 11 ===== 11 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information The TRATON GROUP ’s net cash provided by operating activities rose by €11 million year-on-year to €211 million. This was primarily attributable to the €176 million increase in gross cash flow, which above all reflects the €223 mil- lion increase in operating result. By contrast, cash tied up in working capital rose by €165 million year-on-year to €1.2 billion. This was mainly attributable to the increase in financial services receivables, which was €306 million higher than in the prior-year period. In the first quarter of 2024, the €1.2 billion change in working capital was largely attributable to the €691 million increase in inventories due to the decline in unit sales in the TRATON Operations business area and the €697 million increase in financial services receivables resulting from the expansion of busi- ness volume in the TRATON Financial Services business area. Net cash used in investing activities attributable to operating activities in- creased by €171 million year-on-year to €451 million. This is mainly a result of the nonrecurrence of the positive prior-year effect of €96 million from the sale of Scania Finance Russia. This effect was the result of the purchase price payment of €400 million in the TRATON Operations business area, less the disposal of the cash of Scania Finance Russia of €304 million, which affected the TRATON Financial Services business area. Net Liquidity/Net Financial Debt NET LIQUIDITY/NET FINANCIAL DEBT OF THE TRATON GROUP TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items € million 03/31/2024 12/31/2023 03/31/2024 12/31/2023 03/31/2024 12/31/2023 03/31/2024 12/31/2023 Cash and cash equivalents 2,012 1,730 4,029 4,256 163 246 –2,180 –2,772 Marketable securities, investment deposits, and loans to affiliated companies 1,295 427 1,634 1,653 342 331 –681 –1,557 Gross liquidity 3,307 2,157 5,663 5,909 505 576 –2,861 –4,329 Third-party borrowings –23,140 –21,704 –6,648 –6,527 –14,858 –14,347 –1,635 –830 Net liquidity/net financial debt –19,833 –19,547 –985 –617 –14,353 –13,770 –4,496 –5,159 Net financial debt rose by €286 million to €19.8 billion in the first quarter of 2024, driven mainly by the development of net cash flow described above. To finance its activities, the TRATON GROUP issued bonds amounting to €3.1 billion (3M 2023: €433 million) in the first three months of 2024, including €2.5 billion (3M 2023: €299 million) issued by TRATON Finance Luxembourg S.A., Strassen, Luxembourg ( TRATON Finance), allocated to Corporate Items. Repayments totaling €674 million (3M 2023: €653 million) had an offsetting effect. Of this amount, €514 million (3M 2023: €– million) was attributable to TRATON Finance (Corporate Items) and €151 million (3M 2023: €641 million) was attributable to Scania Vehicles & Services in the TRATON Operations busi- ness area. The bond issues and repayments related primarily to the European Medium Term Notes programs. Additionally, a loan of €500 million was taken out with Volkswagen International Finance N.V., Amsterdam, Netherlands, and the loan liabilities to Volkswagen Group of America Finance, LLC, Wilmington, USA, were increased by €275 mil- lion. This was offset by TRATON SE repaying Schuldscheindarlehen in the ===== SIDA 12 ===== 12 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information amount of €350 million (3M 2023: €– million). In addition, miscellaneous finan- cial liabilities decreased by €1.4 billion, in contrast to the €299 million increase in the previous year, due largely to the repayment of external loans that were predominantly allocated to Corporate Items. TRATON SE placed €800 million (3M 2023: €– million) with Volkswagen AG on a short-term basis. The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area including Corporate Items was –0.9 (December 31, 2023: –1.0) as of March 31, 2024, and hence a slight improvement of –0.1 on the prior-year comparative figure. The improvement in the net financial debt/EBITDA (adjusted) ratio is due to a decrease in net financial debt in the TRATON Operations business area including Corporate Items to €5.5 billion (Decem- ber 31, 2023: €5.8 billion) and an increase in EBITDA (adjusted) over the last twelve months in the TRATON Operations business area including Corporate Items to €5.9 billion (December 31, 2023: €5.5 billion). ===== SIDA 13 ===== 13 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 4 Material Events 5 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 10 Net Cash Flow 11 Net Liquidity/Net Financial Debt 13 Report on Expected Developments 14 Selected Financial Information Report on Expected Developments Based on the business performance in the first quarter of 2024 and an un- changed expectation regarding the development of the truck and bus markets relevant to the TRATON GROUP , TRATON SE’s Executive Board is confirming the forecast for 2024 published in the 2023 Annual Report for all key perfor - mance indicators. Actual 2023 Forecast 2024 2023 Annual Report Forecast 2024 3M 2024 Interim Statement TRATON GROUP Sales (units) 338,183 –5–10% –5–10% Sales revenue (€ million) 46,872 –5–10% –5–10% Operating return on sales (adjusted) (in %) 8.6 8.0–9.0 8.0–9.0 TRATON Operations Sales revenue (€ million) 45,736 –5–10% –5–10% Operating return on sales (adjusted) (in %) 9.3 9.0–10.0 9.0–10.0 Return on investment (ROI) (in %) 14.8 13.0–15.0 13.0–15.0 Net cash flow (€ million) 3,594 1 2,300–2,800 2,300–2,800 Capex (€ million) 1,516 sharp increase sharp increase Primary R&D costs (€ million) 2,170 moderate increase moderate increase TRATON Financial Services Return on equity (in %) 8.4 7.0–10.0 7.0–10.0 1 This contained effects from the sale of the Russia activities and the adjustment of the ownership structure of the financial services business amounting to €899 million. ===== SIDA 14 ===== 14 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar SELECTED FINANCIAL INFORMATION Income Statement of the TRATON GROUP for the period from January 1 to March 31 € million 3M 2024 3M 2023 Sales revenue 11,798 11,186 Cost of sales –9,226 –8,906 Gross profit 2,572 2,280 Distribution expenses –929 –869 Administrative expenses –453 –408 Net impairment losses on financial assets –26 –18 Other operating income 463 354 Other operating expenses –570 –506 Operating result 1,057 834 Share of earnings of equity-method investments 103 35 Interest income 57 68 Interest expense –177 –181 Other financial result 4 –53 Financial result –13 –131 Earnings before tax 1,044 703 Income taxes –293 –148 current –248 –222 deferred –45 74 Earnings after tax 752 555 of which attributable to shareholders of TRATON SE 752 555 of which attributable to noncontrolling interests 0 0 Earnings per share in € (diluted/basic) 1.50 1.11 ===== SIDA 15 ===== 15 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar Condensed Statement of Comprehensive Income of the TRATON GROUP for the period from January 1 to March 31 € million 3M 2024 3M 2023 Earnings after tax 752 555 Pension plan remeasurements recognized in other comprehensive income 75 –34 Fair value measurement of other equity investments –30 6 Share of other comprehensive income of equity-method investments that will not be reclassified subsequently to profit or loss 1 3 Items that will not be reclassified subsequently to profit or loss 46 –25 Currency translation differences –204 –41 Cash flow hedges –7 –2 Cost of hedging 3 1 Share of other comprehensive income of equity-method investments that will be reclassified subsequently to profit or loss 2 –1 Items that will be reclassified subsequently to profit or loss –205 –42 Other comprehensive income, net of tax –159 –68 Total comprehensive income 593 488 of which attributable to shareholders of TRATON SE 593 488 of which attributable to noncontrolling interests 0 0 ===== SIDA 16 ===== 16 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar Balance Sheet Assets of the TRATON GROUP as of March 31, 2024, and December 31, 2023 € million 03/31/2024 12/31/2023 Noncurrent assets Goodwill 6,062 6,083 Intangible assets 7,119 7,114 Property, plant, and equipment 8,959 8,964 Assets leased out 5,464 5,658 Equity-method investments 1,588 1,482 Other equity investments 218 235 Noncurrent income tax receivables 123 109 Deferred tax assets 2,382 2,366 Noncurrent financial services receivables 8,093 7,767 Other noncurrent financial assets 421 469 Other noncurrent receivables 300 350 40,729 40,598 Current assets Inventories 8,128 7,447 Trade receivables 4,054 3,894 Current income tax receivables 152 172 Current financial services receivables 5,915 5,554 Other current financial assets 914 918 Other current receivables 1,390 1,334 Marketable securities and investment deposits 915 53 Cash and cash equivalents 2,012 1,730 23,480 21,101 Total assets 64,209 61,699 ===== SIDA 17 ===== 17 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar Balance Sheet Equity and liabilities of the TRATON GROUP as of March 31, 2024, and December 31, 2023 € million 03/31/2024 12/31/2023 Equity Subscribed capital 500 500 Capital reserves 13,295 13,295 Retained earnings 6,216 5,464 Accumulated other comprehensive income –2,936 –2,777 Equity attributable to shareholders of TRATON SE 17,075 16,482 Noncontrolling interests 6 6 17,081 16,488 Noncurrent liabilities Noncurrent financial liabilities 15,145 14,044 Provisions for pensions and other post-employment benefits 1,759 1,847 Deferred tax liabilities 722 681 Noncurrent income tax provisions 272 264 Other noncurrent provisions 1,548 1,534 Other noncurrent financial liabilities 2,016 2,172 Other noncurrent liabilities 2,305 2,299 23,767 22,842 Current liabilities Current financial liabilities 7,995 7,660 Trade payables 5,976 5,791 Current income tax payables 269 226 Current income tax provisions 23 16 Other current provisions 2,072 1,993 Other current financial liabilities 2,254 2,115 Other current liabilities 4,772 4,567 23,361 22,369 Total equity and liabilities 64,209 61,699 ===== SIDA 18 ===== 18 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar Statement of Cash Flows of the TRATON GROUP for the period from January 1 to March 31 € million 3M 2024 3M 2023 Cash and cash equivalents as of 01/01 1,730 1,743 Earnings before tax 1,044 703 Income taxes paid –185 –249 Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment property 1 342 333 Amortization of, and impairment losses on, capitalized development costs 1 116 95 Depreciation and amortization of products leased out 1 241 269 Change in pension obligations –22 –24 Earnings on disposal of noncurrent assets and equity investments –1 103 Share of earnings of equity-method investments –102 –35 Other noncash income/expense –9 54 Change in inventories –691 –759 Change in receivables (excluding financial services) –233 –300 Change in liabilities (excluding financial liabilities) 346 416 Change in provisions 87 125 Change in products leased out –27 –141 Change in financial services receivables –697 –391 Net cash provided by operating activities 211 201 Investments in intangible assets (excluding capitalized development costs) and in property, plant, and equipment 2 –300 –217 Additions to capitalized development costs –187 –168 Investments to acquire other investees –3 –19 Proceeds from the disposal of subsidiaries 19 96 Proceeds from the disposal of other investees 3 – Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property 16 27 Change in marketable securities and investment deposits –860 0 Change in loans –1 56 Net cash used in investing activities –1,312 –224 Proceeds from the issuance of bonds 3,071 433 Repayment of bonds –674 –653 1 Net of impairment reversals 2 Of which in the TRATON Operations business area: €–297 million (3M 2023: €–216 million) ===== SIDA 19 ===== 19 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar € million 3M 2024 3M 2023 Repayment of Schuldscheindarlehen –350 – Proceeds from loans extended by Volkswagen AG, Volkswagen International Finance, and Volkswagen Group of America Finance 778 280 Loan repayments to Volkswagen International Luxemburg – –500 Change in miscellaneous financial liabilities –1,361 299 Repayment of lease liabilities –66 –74 Net cash provided by/used in financing activities 1,398 –215 Effect of exchange rate changes on cash and cash equivalents –15 –13 Change in cash and cash equivalents 282 –250 Cash and cash equivalents as of 03/31 2,012 1,493 ===== SIDA 20 ===== 20 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar Contingent Liabilities and Commitments of the TRATON GROUP as of March 31, 2024, and December 31, 2023 € million 03/31/2024 12/31/2023 Liabilities under buyback guarantees 2,907 2,926 Contingent liabilities under guarantees 701 777 Other contingent liabilities 1,091 1,133 4,699 4,835 Segment Reporting of the TRATON GROUP for the period from January 1 to March 31 2024 REPORTING SEGMENTS € million Scania Vehicles & Services MAN Truck & Bus Navistar Sales & Services Volkswagen Truck & Bus TRATON Financial Services Total segments Reconciliation TRATON GROUP of which TRATON Operations Total sales revenue 4,879 3,516 2,430 773 453 12,051 –253 11,798 11,477 Intragroup sales revenue –125 –77 –5 –1 –37 –244 244 – –97 External sales revenue 4,754 3,439 2,426 772 417 11,807 –9 11,798 11,380 Operating result (adjusted) 700 278 122 85 63 1,248 –142 1,106 1,188 2023 REPORTING SEGMENTS € million Scania Vehicles & Services MAN Truck & Bus Navistar Sales & Services Volkswagen Truck & Bus TRATON Financial Services Total segments Reconciliation TRATON GROUP of which TRATON Operations Total sales revenue 4,172 3,404 2,738 709 352 11,375 –189 11,186 10,940 Intragroup sales revenue –94 –71 6 0 –29 –189 189 – –77 External sales revenue 4,078 3,333 2,744 709 323 11,186 –1 11,186 10,863 Operating result (adjusted) 554 197 172 65 82 1,070 –134 935 987 ===== SIDA 21 ===== 21 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar RECONCILIATION TO THE TRATON GROUP ’S EARNINGS BEFORE TAX € million 3M 2024 3M 2023 Operating result (adjusted), total segments 1,248 1,070 Adjustments in connection with the war in Ukraine – –102 Adjustments related to legal proceedings and related measures –49 – Operating result of the TRATON Holding –44 –49 Earnings effects from purchase price allocation not allocated to the segments –67 –74 Consolidation –31 –11 Operating result of the TRATON GROUP 1,057 834 Financial result –13 –131 Earnings before tax of the TRATON GROUP 1,044 703 ===== SIDA 22 ===== 22 TRATON GR OUP 3M 2024 INTERIM STATEMENT 4 Course of Business 14 Selected Financial Information 14 Income Statement 15 Condensed Statement of Comprehensive Income 16 Balance Sheet 18 Statement of Cash Flows 20 Contingent Liabilities and Commitments 20 Segment Reporting 22 Financial Calendar Financial Calendar June 13, 2024 Annual General Meeting July 26, 2024 2024 Half-Year Financial Report October 28, 2024 9M 2024 Interim Statement The latest information and dates are available on TRATON SE’s website at www.traton.com/financialcalendar. Munich, April 24, 2024 TRATON SE The Executive Board Publication Details Published by TRATON SE Hanauer Str. 26 80992 Munich Germany www.traton.com Corporate Communications media-relations@traton.com Investor Relations investor.relations@traton.com T: +49 89 36098 70 Concept and Design 3st kommunikation GmbH, Mainz Copyright ©2024 TRATON SE and 3st kommunikation GmbH This is a translation of the German original. In the event of discrepancies between the German language version and any translation thereof, the German version will prevail. ===== SIDA 23 ===== WWW.TRATON.COM