Kvartalsrapport Q1 2025

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

3M 2025
Interim Statement
as of March 31, 2025

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

AT A GLANCE
3M 2025 3M 2024 Change 
Trucks and buses (units)
Incoming orders 74,307 66,434 12%
Unit sales 73,090 81,148 – 10%
of which trucks 57,566 68,772 – 16%
of which buses 8,328 5,032 66%
of which MAN TGE vans 7,196 7,344 – 2%
BEV unit sales ratio (excluding MAN TGE vans, in %) 0.9 0.4 0.5 pp
 
TRATON GROUP
Sales revenue (€ million) 10,606 11,798 – 10%
Operating result (adjusted) (€ million) 646 1,106 – 461
Operating return on sales (adjusted) (in %) 6.1 9.4 – 3.3 pp
Earnings per share (€) 0.93 1.50 – 0.57
Active workforce1 106,140 105,541 599
 
TRATON Operations
Sales revenue (€ million) 10,325 11,477 – 10%
Operating result (adjusted) (€ million) 756 1,188 – 432
Operating return on sales (adjusted) (in %) 7.3 10.4 – 3.0 pp
Primary R&D costs (€ million) 623 556 12%
Capex (€ million) 303 297 2%
Net cash flow (€ million) – 111 438 – 549
 
TRATON Financial Services
Sales revenue (€ million) 530 453 17%
Earnings before tax (€ million) 47 63 – 16
Equity (€ million)2 2,093 1,947 146
Return on equity (in %) 9.1 13.2 – 4.1 pp
1  As of March 31, 2025, and December 31, 2024
2  As of March 31 
TRATON GROUP   
3M 2025 INTERIM STATEMENT
12%
€10.6
€646
10%
6.1%
Incoming orders  
up by
Sales revenue decreased  
by 10% to around
Adjusted operating result  
€461 million lower at
 
Unit sales
Decrease in adjusted operating 
return on sales to
billionlower at 73,090 vehicles
million
2

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

Stockholm, Sweden
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. 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 2025. 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 IFRS Accounting Standards, 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. Updates to these definitions 
are described in this Interim Statement.
CONTENTS
TRATON GROUP   
3M 2025 INTERIM STATEMENT
Course of Business 4
Material Events 4
Incoming Orders and Unit Sales by Country, TRATON Operations 5
Condensed Income Statement of the TRATON GROUP 6
Segments of the TRATON GROUP 8
Net Cash Flow  11
Capital Expenditures, TRATON Operations 12
Primary Research and Development Costs,  
TRATON Operations 12 
Net Liquidity/Net Financial Debt 13
Opportunities and Risks 14
Report on Expected Developments 15
Selected Financial Information 16
Income Statement 16
Condensed Statement of Comprehensive Income 17
Balance Sheet 18
Statement of Cash Flows 20
Contingent Liabilities and Commitments 22
Segment Reporting 22
Financial Calendar 24

===== SIDA 4 =====

COURSE OF BUSINESS
Material Events
The TRATON GROUP had a slow start to 2025. Revenue for the first quarter of 
2025 amounted to €10.6 billion (3M 2024: €11.8 billion). The 10% decrease was 
primarily due to the declining unit sales figures at Scania Vehicles & Services, 
MAN Truck & Bus, and International Motors. Operating result (adjusted) was 
€646 million (3M 2024: €1.1 billion), and operating return on sales (adjusted) de-
clined to 6.1% compared with the first quarter of 2024 (9.4%). As this result fell 
below market expectations, we published an ad hoc disclosure on April 9, 2025.
The TRATON GROUP signed a strategic partnership with Applied Intuition, Inc. 
on February 11, 2025, to provide vehicle software platforms for all TRATON 
brands. The goal of this partnership is to advance TRATON’s technology leader-
ship and to be able to offer the entire range of software-defined vehicle (SDV) 
capabilities.
Volkswagen International Luxembourg S.A. reduced its equity interest in the 
TRATON GROUP on March 19, 2025. A total of €360 million in shares were 
placed at a price of €32.75 per share. This reduced the equity interest of 
Volkswagen International Luxembourg S.A. by 2.2%, from 89.7% to 87.5%, and 
increased the Company's free float to 12.5%.  
On March 24, 2025, TRATON increased the issuance facility of its European 
Medium Term Notes program (EMTN program) from €12.0 billion to €18.0 billion. 
This has increased TRATON’s flexibility in its financing activities and created 
the conditions for further growth, particularly in the TRATON Financial Services 
segment.
TRATON GROUP   
3M 2025 INTERIM STATEMENT
4
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

===== SIDA 5 =====

Incoming Orders and Unit Sales by Country, TRATON Operations
 
 Incoming orders Unit sales
Units 3M 2025 3M 2024 Change 3M 2025 3M 2024 Change
Total 74,307 66,434 12% 73,090 81,148 – 10%
of which all-electric vehicles 866 736 18% 621 315 97%
BEV unit sales ratio (excluding MAN TGE vans, in %) –  –  –  0.9 0.4 0.5 pp
Trucks 58,891 53,034 11% 57,566 68,772 – 16%
EU27+3 29,347 18,123 62% 22,068 27,878 – 21%
of which in Germany 7,980 5,091 57% 5,343 6,624 – 19%
North America 9,584 14,727 – 35% 14,115 19,246 – 27%
of which in the USA/Canada 8,017 12,233 – 34% 12,489 15,945 – 22%
of which in Mexico 1,567 2,494 – 37% 1,626 3,301 – 51%
South America 11,994 13,627 – 12% 15,646 14,488 8%
of which in Brazil 8,747 11,828 – 26% 13,066 12,387 5%
Other regions 7,966 6,557 21% 5,737 7,160 – 20%
Buses 7,754 8,151 – 5% 8,328 5,032 66%
EU27+3 1,982 1,663 19% 1,517 1,427 6%
of which in Germany 395 322 23% 213 370 – 42%
North America 2,803 4,198 – 33% 3,654 986 271%
of which in the USA/Canada 2,574 3,548 – 27% 3,186 151 > 1,000%
of which in Mexico 229 650 – 65% 468 835 – 44%
South America 1,976 1,637 21% 2,519 1,980 27%
of which in Brazil 1,396 1,310 7% 2,079 1,602 30%
Other regions 993 653 52% 638 639 0%
MAN TGE vans 7,662 5,249 46% 7,196 7,344 – 2%
EU27+3 7,544 5,111 48% 7,080 7,283 – 3%
of which in Germany 2,373 1,327 79% 2,406 2,262 6%
Other regions 118 138 – 14% 116 61 90%
TRATON GROUP   
3M 2025 INTERIM STATEMENT
5
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

===== SIDA 6 =====

Incoming orders were up significantly on the previous year. This was the result 
of different trends at product and regional level. The TRATON GROUP recorded 
a significant increase in orders in the truck business in the EU27+3 region, pri-
marily as a result of catch-up effects after the existing order book had been re-
duced in the prior-year quarter. Additionally, growth in transportation activities 
was observed in this region. In North America, uncertainties regarding US tariff 
policy negatively impacted incoming orders in addition to the contraction in 
the freight market. In South America, an increasingly challenging economic 
environment was coupled with declining momentum in Brazil, which was re -
flected in lower incoming orders. Demand for buses declined moderately, 
whereas demand for the MAN TGE rose very sharply. 
Unit sales in the first three months were down year-on-year. The significant 
decline in the truck business can be explained by a market-driven decrease 
in sales figures in the EU27+3 region. Unit sales of trucks in North America 
were also down on the previous year, due in part to customer caution in an 
uncertain economic environment, while in South America, significantly 
more trucks were sold in a robust market. The bus business recorded a very 
sharp increase in unit sales compared with the prior-year quarter, which had 
been negatively impacted by the delayed ramp-up of the new school bus 
model. More buses were also sold in South America and in the EU27+3 region 
than in the previous year.  
The book-to-bill ratio in the reporting period was 1.0 (3M 2024: 0.8).
The first quarter of 2025 revealed a positive trend for all-electric vehicles. 
259 (3M 2024: 130) all-electric trucks, 359 (3M 2024: 158) all-electric buses, 
and 3 (3M 2024: 27) MAN eTGE vans were sold in the reporting period. Addi-
tionally, one (3M 2024: 35) hybrid truck and 32 (3M 2024: 76) hybrid buses 
were sold.
 
Condensed Income Statement of the TRATON GROUP
 
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 3M 2025 3M 2024 3M 2025 3M 2024 3M 2025 3M 2024 3M 2025 3M 2024
Sales revenue 10,606 11,798 10,325 11,477 530 453 – 249 – 132
Cost of sales – 8,413 – 9,226 – 8,266 – 9,007 – 362 – 311 215 92
Gross profit 2,193 2,572 2,059 2,470 168 142 – 34 – 40
Distribution expenses – 974 – 929 – 840 – 818 – 69 – 49 – 65 – 62
Administrative expenses – 462 – 453 – 399 – 398 – 10 – 11 – 53 – 44
Other operating result – 105 – 133 – 58 – 115 – 42 – 18 – 5 0
Operating result 651 1,057 762 1,139 46 63 – 156 – 145
Operating result (adjusted) 646 1,106 756 1,188 46 63 – 156 – 145
Operating return on sales (adjusted) (in %) 6.1 9.4 7.3 10.4 8.7 13.9 –  – 
Financial result – 5 – 13 266 – 131 1 0 – 272 118
Earnings before tax 647 1,044 1,028 1,008 47 63 – 428 – 27
Income taxes – 181 – 293 – 238 – 301 – 14 – 13 72 22
Earnings after tax 466 752 790 707 33 50 – 357 – 5
TRATON GROUP   
3M 2025 INTERIM STATEMENT
6
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

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

Operating result
The TRATON GROUP recorded a year-on-year decline in sales revenue of 10% 
to €10.6 billion in the first quarter of 2025 (3M 2024: €11.8 billion). The decline 
was attributable primarily to the 10% decline in unit sales of vehicles in the 
TRATON Operations business area. This was partially offset by the Vehicle 
 Services  business. The Vehicle Services business accounted for 21% of total 
sales  revenue (3M 2024: 19%). Sales revenue in the TRATON Financial Services 
 segment  increased by 17% due to the further expansion of the portfolio, 
reaching €530 million (3M 2024: €453 million).
The TRATON GROUP’s gross profit decreased in the first quarter of 2025 and 
was 15% below the prior-year quarter. The decline was mainly due to lower unit 
sales at TRATON Operations. In addition, lower capacity utilization due to re -
duced production volumes, particularly of heavy trucks, as well as higher re -
search and development costs negatively impacted gross profit. Gross margin 
decreased by 1.1 percentage points to 20.7% (3M 2024: 21.8%) in the 
TRATON GROUP and by 1.6 percentage points to 19.9% (3M 2024: 21.5%) in the 
TRATON Operations business area. 
Distribution expenses in the TRATON GROUP were up €45 million or 5% year-
on-year. In addition to inflation-related cost increases, the increase in distribu-
tion expenses was attributable to the recruitment of new employees, particu-
larly in the TRATON Financial Services segment. Administrative expenses were 
€10 million or 2% higher than in the previous year. The ratio of distribution and 
administrative expenses to sales revenue rose by 1.8 percentage points to 13.5% 
(3M 2024: 11.7%), primarily because of the decline in sales revenue.
Other operating result improved by €28 million compared with the prior-year 
quarter. The increase was due primarily to lower year-on-year expenses attrib -
utable to civil lawsuits against Scania and MAN in connection with the EU truck 
cases in individual countries. 
Due to the effects described above, in particular because of the decrease in 
gross profit, the TRATON GROUP’s operating result in the first quarter of 2025 
decreased by €406 million or 38% compared with the previous year. 
 
Adjustments to operating result
 
Adjustments (€ million) 3M 2025 3M 2024
Scania Vehicles & Services – 8 28
of which legal proceedings and related measures – 8 28
MAN Truck & Bus 2 21
of which legal proceedings and related measures 2 21
TRATON Operations – 6 49
TRATON GROUP – 6 49
Adjustments amounted to €–6 million (3M 2024: €49 million) in the current 
reporting period. These were related to civil lawsuits against Scania and MAN 
as a result of the EU truck cases in individual countries and were recognized 
as a result of the updated assessment of the risks and the impact of foreign 
exchange effects. The TRATON GROUP’s operating result (adjusted) declined 
by €461 million or 42% year-on-year.
The TRATON GROUP ’s operating return on sales (adjusted) declined by  
3.3 percentage points to 6.1% (3M 2024: 9.4%). In the TRATON Operations busi -
ness area, operating return on sales (adjusted) was 7.3% (3M 2024: 10.4%), down 
3.0 percentage points year-on-year.
Financial result
The TRATON GROUP’s financial result was approximately on a level with the 
prior-year quarter, with an improvement of €8 million. The TRATON Operations 
business area recorded a gain of €290 million from an adjustment of the own-
ership structure of the financial services business, although this was eliminat -
ed at the level of the TRATON GROUP.
Taxes
Income taxes declined by €111 million due to earnings-related factors. The tax 
rate was on a level with the previous year, at 28% (3M 2024: 28%).
TRATON GROUP   
3M 2025 INTERIM STATEMENT
7
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

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

Segments of the TRATON GROUP
Scania Vehicles & Services
 
 3M 2025 3M 2024 Change
Incoming orders (units) 24,762 20,171 23%
Sales (units) 22,244 26,496 – 16%
of which trucks 20,663 25,388 – 19%
of which buses 1,581 1,108 43%
Book-to-bill ratio 1.11 0.76 0.35
Sales revenue (€ million) 4,361 4,879 – 11%
New Vehicles 2,846 3,378 – 16%
Vehicle Services business1 1,011 968 5%
Others 503 534 – 6%
Operating result (adjusted) (€ million) 458 700 – 242
Operating return on sales (adjusted) (in %) 10.5 14.3 – 3.8 pp
1  Including genuine parts and workshop services
Scania Vehicles & Services recorded a strong increase in incoming orders in the 
first quarter of 2025. A decline in incoming orders in Brazil was more than offset 
by very strong growth in the EU27+3 region. Unit sales in the truck business fell 
significantly compared with the comparative period due to a general reluc -
tance of market participants to buy and general price pressure in the market. 
Unit sales of buses rose sharply due to delayed deliveries from the previous year. 
The decline in unit sales was also a key factor in the significant decline in sales 
revenue, although this was partially offset by better unit price enforcement. 
The decline in sales revenue was mainly attributable to the decrease in the 
New Vehicles business in the EU27+3 region. In addition to the volume-related 
decline in sales revenue, operating result (adjusted) was negatively impacted 
by higher currency effects. 
MAN Truck & Bus
 
 3M 2025 3M 2024 Change
Incoming orders (units) 27,978 18,682 50%
Sales (units) 20,613 24,030 – 14%
of which trucks 12,036 15,188 – 21%
of which buses 1,381 1,498 – 8%
of which MAN TGE vans 7,196 7,344 – 2%
Book-to-bill ratio 1.36 0.78 0.58
Sales revenue (€ million) 3,099 3,516 – 12%
New Vehicles 1,730 2,157 – 20%
Vehicle Services business1 758 749 1%
Others 611 609 0%
Operating result (adjusted) (€ million) 143 278 – 136
Operating return on sales (adjusted) (in %) 4.6 7.9 – 3.3 pp
1  Including genuine parts and workshop services
MAN Truck & Bus recorded a sharp increase in incoming orders in the reporting 
period compared with the previous year. This was due in particular to stronger 
demand for trucks in the EU27+3 region. MAN Truck & Bus also recorded a very 
strong increase in incoming orders for buses, mainly as a result of winning 
tenders in the United Arab Emirates and Germany.
By contrast, unit sales were down significantly year-on-year. This development 
was due mainly to a lower order backlog and hence a lower production volume 
in the first quarter of 2025. As a result, sales revenue was significantly lower 
year-on-year. The lower sales revenue was only partially offset by lower fixed 
costs, which meant that operating result (adjusted) was down very sharply year-
on-year. 
 
TRATON GROUP   
3M 2025 INTERIM STATEMENT
8
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

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

International Motors
 
 3M 2025 3M 2024 Change
Incoming orders (units) 12,285 17,512 – 30%
Sales (units) 16,889 19,280 – 12%
of which trucks 13,702 18,674 – 27%
of which buses 3,187 606 426%
Book-to-bill ratio 0.73 0.91 – 0.18
Sales revenue (€ million) 2,173 2,430 – 11%
New Vehicles 1,582 1,696 – 7%
Vehicle Services business1 446 470 – 5%
Others 144 264 – 45%
Operating result (adjusted) (€ million) 49 122 – 72
Operating return on sales (adjusted) (in %) 2.3 5.0 – 2.7 pp
1  Including genuine parts 
International Motors recorded a much lower order intake in an overall declin-
ing market. Truck unit sales were substantially down year-on-year driven by 
customers’ reluctance to make purchasing decisions in an uncertain economic 
environment. By contrast, recorded unit sales for buses were much stronger, 
while the first quarter of 2024 was negatively impacted by the delayed ramp-
up of the new school bus model.
Sales revenue decreased compared with the previous year, reflecting the lower 
unit sales, although this was partially offset by a favorable product mix. As a re-
sult of the decreased volume and lower capacity utilization, operating result 
(adjusted) was down significantly year-on-year. 
Volkswagen Truck & Bus 
 
 3M 2025 3M 2024 Change
Incoming orders (units) 9,363 10,085 – 7%
Sales (units) 13,410 11,539 16%
of which trucks 11,231 9,707 16%
of which buses 2,179 1,832 19%
Book-to-bill ratio 0.70 0.87 – 0.18
Sales revenue (€ million) 814 773 5%
New Vehicles 764 716 7%
Vehicle Services business1 41 44 – 5%
Others 9 13 – 29%
Operating result (adjusted) (€ million) 106 85 22
Operating return on sales (adjusted) (in %) 13.1 11.0 2.1 pp
1  Including genuine parts and workshop services
Volkswagen Truck & Bus recorded a noticeable decrease in incoming orders in 
the reporting period as well as a substantial increase in unit sales. The year-on-
year increase in unit sales of trucks is primarily attributable to the positive mar-
ket development in Brazil in the first quarter of 2025. Unit sales of buses were 
substantially higher year-on-year due to growing market demand and a higher 
market share. Sales revenue was negatively affected by currency effects and 
was only moderately higher than in the comparison period. Operating result 
(adjusted) was considerably higher than in the comparative period on the back 
of the increased unit sales.
 
TRATON GROUP   
3M 2025 INTERIM STATEMENT
9
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

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

TRATON Financial Services
 
 3M 2025 3M 2024 Change
Sales revenue (€ million) 530 453 17%
Earnings before tax (€ million) 47 63 – 16
Equity (€ million)1 2,093 1,947 146
Return on equity (in %) 9.1 13.2 – 4.1 pp
1  As of March 31
TRATON Financial Services is planning to finalize the roll-out of the MAN and 
Volkswagen Truck & Bus financial services business in its key markets in 2025. 
The launch of financing activities in several new markets in the previous year 
led to higher costs that could not be compensated by higher sales revenue on 
account of a growing portfolio volume. In addition, higher funding and risk 
costs negatively impacted earnings before tax and return on equity. 
TRATON GROUP   
3M 2025 INTERIM STATEMENT
10
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

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

Net Cash Flow
Condensed statement of cash flows of the TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 3M 2025 3M 2024 3M 2025 3M 2024 3M 2025 3M 2024 3M 2025 3M 2024
Gross cash flow 859 1,426 935 1,423 118 123 – 194 – 121
Change in working capital – 588 – 1,214 – 540 – 561 – 161 – 833 113 179
Net cash provided by/used in operating 
activities
 
271
 
211
 
395
 
862
 
– 43
 
– 709
 
– 81
 
59
Net cash used in investing activities 
 attributable to operating activities
 
– 524
 
– 451
 
– 506
 
– 424
 
– 26
 
– 26
 
0
 
0
Net cash flow – 253 – 240 – 111 438 – 69 – 736 – 73 58
The TRATON GROUP ’s net cash provided by operating activities rose by 
€59  million year-on-year to €271  million in the first three months of 2025.  
This resulted primarily from a €626 million decrease in cash tied up in work -
ing capital, which was mainly due to the lower increase in financial services 
 receivables of €490 million and a lower increase in inventories of €310 million. 
By contrast, there was a €566 million decrease in gross cash flow, which above 
all reflects the €406  million decline in operating result, together with the 
€123 million higher tax payments.
Cash tied up in working capital rose by a total of €588 million in the reporting 
period. This was due primarily to the €380 million increase in inventories within 
the TRATON Operations business area. Furthermore, financial services receiv -
ables increased by €207 million, which was reflected in the net cash flow of the 
TRATON Financial Services business area. 
Net cash used in investing activities attributable to operating activities rose by 
€73 million year-on-year to €524 million, which is primarily due to a €56 million 
increase in investments in capitalized development costs.
TRATON GROUP   
3M 2025 INTERIM STATEMENT
11
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

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

Capital Expenditures, TRATON Operations
Capital expenditure on property, plant, and equipment in the first quarter of 
2025 amounted to €303 million (3M 2024: €297 million) and included the con-
struction of the production site in China by Scania Vehicles & Services, among 
other things. MAN Truck & Bus continued to invest in the production of battery 
packs at its Nuremberg site.
Primary Research and Development Costs, 
TRATON Operations
At €623 million (3M 2024: €556 million), primary research and development 
costs were higher in the first quarter of 2025 than in the prior-year period. The 
increase is due to the greater development activities for the construction of the 
Modular System and the development activities in China. Capitalized develop-
ment costs (excluding capitalized borrowing costs) amounted to €242 million 
(3M 2024: €187 million), resulting in a capitalization ratio of 38.9% (3M 2024: 
33.6%). Research and development costs not eligible for capitalization are in-
cluded in cost of sales.
Calculation of the primary research and development costs of TRATON Opera-
tions was adjusted so that the capitalized development costs included are now 
recognized net of the capitalized borrowing costs of €1 million (3M 2024: 
€0 million). The prior-year figure was adjusted.
TRATON GROUP   
3M 2025 INTERIM STATEMENT
12
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

===== SIDA 13 =====

Net Liquidity/Net Financial Debt
Net liquidity/net financial debt of the TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024 03/31/2025 12/31/2024
Cash and cash equivalents 2,295 2,542 6,497 6,715 290 394 – 4,492 – 4,567
Marketable securities, investment  deposits, 
and loans to affiliated companies
 
164
 
201
 
– 4
 
102
 
141
 
154
 
26
 
– 54
Gross liquidity 2,459 2,743 6,493 6,817 431 547 – 4,466 – 4,621
Third-party borrowings – 24,277 – 24,277 – 6,312 – 6,901 – 17,065 – 17,178 – 901 – 197
thereof intra-group financing1 –  –  – 2,999 – 4,143 – 11,647 – 11,834 14,646 15,978
Net liquidity/net financial debt – 21,818 – 21,534 182 – 85 – 16,634 – 16,631 – 5,366 – 4,818
1  Intragroup financing in the TRATON GROUP
Net financial debt rose by €284 million to €21.8 billion in the first quarter of 
2025 (3M 2024: €21.5 billion), driven mainly by the development of net cash 
flow. For more information, refer to the “Net Cash Flow” section.
To finance its activities, the TRATON GROUP issued bonds amounting to 
€1.8 billion (3M 2024: €3.1 billion) in the first three months of 2025, including 
€1.6 billion (3M 2024: 2.5 billion) issued by TRATON Finance Luxembourg S.A., 
Strassen, Luxembourg ( TRATON Finance), and allocated to Corporate Items. 
In return, repayments totaling €2.1 billion (3M 2024: €674 million) were  
made. Of this amount, €1.5 billion (3M 2024: €514 million) was attributable  
to TRATON Finance within Corporate Items and €488 million (3M 2024: 
€151 million) to Scania Vehicles & Services in the TRATON Operations busi -
ness area. The bond issues and repayments were implemented under the 
TRATON GROUP ’s European Medium Term Notes program. The issuance 
 facility under this program was expanded from €12.0 billion to €18.0 billion  
in the first quarter of 2025.
In addition, a loan of €656 million (3M 2024: €275 million) was taken out and,  
in return, short-term loan liabilities of €96 million (3M 2024: €– million) were 
 repaid to Volkswagen Group of America Finance, LLC, Wilmington/USA. Further-
more, short-term loan liabilities of €193 million were repaid to Volkswagen AG. 
In the previous year, long-term loans of €500 million were also taken out from 
Volkswagen International Finance N.V., Amsterdam, Netherlands, and, in return, 
TRATON SE repaid Schuldscheindarlehen amounting to €350 million.
The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations 
business area including Corporate Items was – 0.9 as of March 31, 2025, and 
hence up slightly on the figure of – 0.8 as of December 31, 2024. It is calculat-
ed by dividing the net financial debt in the TRATON Operations business 
area including Corporate Items of €5.2 billion (3M 2024: €4.9 billion) by the 
EBITDA (adjusted) in the TRATON Operations business area including Corporate 
Items for the past twelve months of €5.6 billion (3M 2024: €6.0 billion).
TRATON GROUP   
3M 2025 INTERIM STATEMENT
13
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

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

Opportunities and Risks
The Report on Opportunities and Risks is meant to be read in conjunction with 
our comments in the 2024 Annual Report. The current developments triggered 
by the decisions of the new US administration, in particular the announcement 
and implementation of comprehensive tariffs, have led to an increased level of 
uncertainty in the global economy. This is contributing to various types of risk, 
such as cost increases, supply chain disruptions, and lower customer demand. 
Although these risks were broadly described in the “Opportunities and Risks” 
section of the 2024 Annual Report, the overall level of risk exposure for the 
Group has increased since then.
As a result, the “market risks” category, which was assessed as “medium” in 
the 2024 Annual Report, is now also classified as “high”, as are all other risk 
categories.
TRATON GROUP   
3M 2025 INTERIM STATEMENT
14
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

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

Report on Expected Developments 
Based on the business performance in the first quarter of 2025 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 2025 published in the 2024 Annual Report for all key perfor -
mance indicators. This continues to be contingent on future geopolitical devel-
opments, especially the effects of the American administration’s tariff policy.
 
  
Actual 2024
Forecast 2025  
(unmodified)
TRATON GROUP
Sales (units) 334,215 – 5 – 5%
Sales revenue (€ million) 47,473 – 5 – 5%
Operating return on sales (adjusted) (in %) 9.2 7.5 – 8.5
TRATON Operations
Sales revenue (€ million) 46,182 – 5 – 5%
Operating return on sales (adjusted) (in %) 10.3 8.5 – 9.5
Net cash flow (€ million) 2,834 2,200 – 2,700
Capex (€ million) 1,751 sharp increase
Primary R&D costs (€ million) 2,458 slight decrease
TRATON Financial Services
Return on equity (in %) 10.8 8.0 – 11.0
TRATON GROUP   
3M 2025 INTERIM STATEMENT
15
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
11  Net Cash Flow  
12  Capital Expenditures, TRATON Operations
12  Primary Research and Development Costs, 
TRATON Operations
13  Net Liquidity/Net Financial Debt
14  Opportunities and Risks
15 Report on Expected Developments
16 Selected Financial Information

===== SIDA 16 =====

SELECTED FINANCIAL INFORMATION 
 
Income Statement
of the TRATON GROUP for the period from January 1 to March 31
 
€ million 3M 2025 3M 2024
Sales revenue 10,606 11,798
Cost of sales – 8,413 – 9,226
Gross profit 2,193 2,572
Distribution expenses – 974 – 929
Administrative expenses – 462 – 453
Net impairment losses on financial assets – 33 – 26
Other operating income 562 463
Other operating expenses – 634 – 570
Operating result 651 1,057
Share of earnings of equity-method investments 89 103
Interest income 173 57
Interest expense – 278 – 177
Other financial result 11 4
Financial result – 5 – 13
Earnings before tax 647 1,044
Income taxes – 181 – 293
current – 174 – 248
deferred – 7 – 45
Earnings after tax 466 752
of which attributable to shareholders of TRATON SE 466 752
of which attributable to noncontrolling interests 0 0
Earnings per share in € (diluted/basic) 0.93 1.50
TRATON GROUP   
3M 2025 INTERIM STATEMENT
16
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

===== SIDA 17 =====

Condensed Statement of Comprehensive Income 
of the TRATON GROUP for the period from January 1 to March 31
 
€ million 3M 2025 3M 2024
Earnings after tax 466 752
Pension plan remeasurements recognized in other comprehensive income, net of tax – 43 75
Fair value measurement of other equity investments, net of tax 23 – 30
Share of other comprehensive income of equity-method investments that will not be reclassified subsequently to profit or loss, net of tax 1 1
Items that will not be reclassified subsequently to profit or loss – 20 46
Currency translation differences, net of tax 306 – 204
Cash flow hedges, net of tax 57 – 7
Cost of hedging, net of tax – 13 3
Share of other comprehensive income of equity-method investments that will be reclassified subsequently to profit or loss, net of tax – 4 2
Items that will be reclassified subsequently to profit or loss 346 – 205
Other comprehensive income, net of tax 327 – 159
Total comprehensive income 792 593
of which attributable to shareholders of TRATON SE 793 593
of which attributable to noncontrolling interests 0 0
TRATON GROUP   
3M 2025 INTERIM STATEMENT
17
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

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

Balance Sheet 
Assets of the TRATON GROUP as of March 31, 2025, and December 31, 2024
 
€ million 03/31/2025 12/31/2024
Noncurrent assets
Goodwill 6,177 6,154
Intangible assets 7,572 7,389
Property, plant, and equipment 9,681 9,646
Assets leased out 5,059 5,168
Equity-method investments 1,747 1,641
Other equity investments 144 139
Noncurrent income tax receivables 151 130
Deferred tax assets 2,595 2,604
Noncurrent financial services receivables 9,358 9,090
Other noncurrent financial assets 512 516
Other noncurrent receivables 255 266
43,250 42,744
Current assets
Inventories 7,909 7,532
Trade receivables 3,373 3,096
Current income tax receivables 301 293
Current financial services receivables 6,817 6,894
Other current financial assets 872 825
Other current receivables 1,665 1,576
Marketable securities and investment deposits 48 46
Cash and cash equivalents 2,295 2,542
23,280 22,804
Total assets 66,530 65,547
TRATON GROUP   
3M 2025 INTERIM STATEMENT
18
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

===== SIDA 19 =====

Balance Sheet  
Equity and liabilities of the TRATON GROUP as of March 31, 2025, and December 31, 2024
 
€ million 03/31/2025 12/31/2024
Equity
Subscribed capital 500 500
Capital reserves 12,495 12,495
Retained earnings 8,602 8,135
Accumulated other comprehensive income – 2,966 – 3,293
Equity attributable to shareholders of TRATON SE 18,632 17,838
Noncontrolling interests 6 6
18,637 17,844
Noncurrent liabilities
Noncurrent financial liabilities 17,198 15,759
Provisions for pensions and other post-employment benefits 1,884 1,909
Deferred tax liabilities 682 672
Noncurrent income tax provisions 140 136
Other noncurrent provisions 1,673 1,727
Other noncurrent financial liabilities 1,740 1,970
Other noncurrent liabilities 2,204 2,271
25,520 24,444
Current liabilities
Current financial liabilities 7,078 8,517
Trade payables 5,683 5,349
Current income tax payables 188 304
Current income tax provisions 123 107
Other current provisions 2,174 2,108
Other current financial liabilities 1,890 2,121
Other current liabilities 5,236 4,753
22,372 23,260
Total equity and liabilities 66,530 65,547
TRATON GROUP   
3M 2025 INTERIM STATEMENT
19
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

===== SIDA 20 =====

Statement of Cash Flows 
of the TRATON GROUP for the period from January 1 to March 31
 
€ million 3M 2025 3M 2024
Cash and cash equivalents as of 01/01 2,542 1,730
Gross cash flow
Earnings before tax 647 1,044
Income taxes paid – 307 – 185
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment property1 371 342
Amortization of, and impairment losses on, capitalized development costs1 121 116
Depreciation of, and impairment losses on products leased out1 248 241
Change in pension obligations – 27 – 22
Earnings on disposal of noncurrent assets and equity investments – 1 – 1
Share of earnings of equity-method investments – 89 – 102
Other noncash income/expense – 104 – 9
Change in working capital
Change in inventories – 380 – 691
Change in receivables (excluding financial services) – 423 – 233
Change in liabilities (excluding financial liabilities) 576 346
Change in provisions 16 87
Change in products leased out – 170 – 27
Change in financial services receivables – 207 – 697
Net cash provided by operating activities 271 211
Investments in intangible assets (excluding capitalized development costs), property, plant, and equipment, and investment property2 – 305 – 300
Additions to capitalized development costs – 243 – 187
Investments to acquire other investees – 20 – 3
Proceeds from the disposal of subsidiaries 16 19
Proceeds from the disposal of other investees 0 3
Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property 28 16
Change in marketable securities and investment deposits – 1 – 860
Change in loans 16 – 1
1  Net of impairment reversals  
2  Of which in the TRATON Operations business area: €–303 million (3M 2024: €–297 million) 
TRATON GROUP   
3M 2025 INTERIM STATEMENT
20
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

===== SIDA 21 =====

€ million 3M 2025 3M 2024
Net cash used in investing activities – 509 – 1,312
Proceeds from the issuance of bonds 1,785 3,071
Repayment of bonds – 2,086 – 674
Repayment of Schuldscheindarlehen –  – 350
Proceeds from loans extended by companies of the Volkswagen Group3 646 778
Loan repayments to companies of the Volkswagen Group4 – 311 – 
Change in miscellaneous financial liabilities – 1 – 1,361
Repayment of lease liabilities – 70 – 66
Net cash provided by/used in financing activities – 37 1,398
Effect of exchange rate changes on cash and cash equivalents 29 – 15
Change in cash and cash equivalents – 247 282
Cash and cash equivalents as of 03/31 2,295 2,012
3  Volkswagen AG, Volkswagen International Finance, Volkswagen Group of America Finance
4  Volkswagen AG, Volkswagen Financial Services AG, Volkswagen Group of America Finance
TRATON GROUP   
3M 2025 INTERIM STATEMENT
21
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

===== SIDA 22 =====

Contingent Liabilities and Commitments 
of the TRATON GROUP as of March 31, 2025, and December 31, 2024
€ million 03/31/2025 12/31/2024
Liabilities under buyback guarantees1 2,329 2,494
Contingent liabilities under guarantees1 451 532
Other contingent liabilities 1,423 1,431
4,203 4,458
1 Prior-year amount adjusted 
Segment Reporting
of the TRATON GROUP for the period from January 1 to March 31
2025 reporting segments
 
 
€ million
Scania
Vehicles &
Services
 
MAN
Truck & Bus
 
International 
Motors
 
Volkswagen
Truck & Bus
TRATON
Financial
Services
 
Total
segments
 
Recon - 
ciliation
 
TRATON
GROUP
of which
TRATON
Operations
Total sales revenue 4,361 3,099 2,173 814 530 10,977 – 370 10,606 10,325
Intragroup sales revenue – 135 – 251 – 8 – 1 – 36 – 431 431 –  – 395
External sales revenue 4,225 2,849 2,164 814 494 10,546 60 10,606 9,930
Operating result (adjusted) 458 143 49 106 46 803 – 157 646 756
2024 reporting segments
 
 
€ million
Scania
Vehicles &
Services
 
MAN
Truck & Bus
 
International 
Motors
 
Volkswagen
Truck & Bus
TRATON
Financial
Services
 
Total
segments
 
Recon - 
ciliation
 
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
TRATON GROUP   
3M 2025 INTERIM STATEMENT
22
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

===== SIDA 23 =====

Reconciliation to the TRATON GROUP’s earnings before tax
€ million 3M 2025 3M 2024
Operating result (adjusted), total segments 803 1,248
Adjustments related to legal proceedings and related measures 6 – 49
Operating result of the TRATON Holding – 57 – 44
Earnings effects from purchase price allocation not allocated to the segments – 70 – 67
Consolidation – 30 – 31
Operating result of the TRATON GROUP 651 1,057
Financial result – 5 – 13
Earnings before tax of the TRATON GROUP 647 1,044
TRATON GROUP   
3M 2025 INTERIM STATEMENT
23
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

===== SIDA 24 =====

Financial Calendar
May 14, 2025
Annual General Meeting
July 25, 2025
2025 Half-Year Financial Report
October 29, 2025
9M 2024 Interim Statement
The latest information and dates are available on  
TRATON SE’s website at www.traton.com/financialcalendar.
Munich, April 23, 2025
TRATON SE
The Executive Board
Publication Details
Published by
TRATON SE
Hanauer Str. 26
80992 Munich 
Germany
www.traton.com
Coporate Communications
media-relations@traton.com
Investor Relations
investor.relations@traton.com
Concept and Design
3st kommunikation GmbH, Mainz
Photography
Dan Boman 2017/Scania (cover, p. 2)
Dragan Grkic/Shutterstock (cover)
Copyright
©2025 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.
TRATON GROUP   
3M 2025 INTERIM STATEMENT
24
4 Course of Business
16 Selected Financial Information
16  Income Statement
17  Condensed Statement of  
Comprehensive Income
18 Balance Sheet
20 Statement of Cash Flows
22  Contingent Liabilities and Commitments
22 Segment Reporting
24 Financial Calendar

===== SIDA 25 =====

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