FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
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3M 2026
Interim Statement
as of March 31, 2026
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2 TRATON GROUP 3M 2026 Interim Statement
At a Glance
Order situation (units) 3M 2026 3M 2025 Change
Incoming orders 87,775 74,307 18%
Unit sales 68,604 73,090 –6%
of which trucks 53,535 57,566 –7%
of which buses 7,514 8,328 –10%
of which MAN TGE vans 7,555 7,196 5%
BEV unit sales ratio (excluding MAN TGE vans, in %) 1.4 0.9 0.5 pp
TRATON GROUP
Sales revenue (€ million) 10,231 10,606 –4%
Operating result (adjusted) (€ million) 582 646 –64
Operating return on sales (adjusted) (in %) 5.7 6.1 –0.4 pp
Earnings per share (€) 0.45 0.93 –0.48
Active workforce1 107,517 107,454 63
TRATON Operations
Sales revenue (€ million) 9,779 10,325 –5%
Operating result (adjusted) (€ million) 674 756 –82
Operating return on sales (adjusted) (in %) 6.9 7.3 –0.4 pp
Net cash flow (€ million) –250 –111 –139
Primary R&D costs (€ million) 732 623 18%
Capex (€ million) 258 303 –15%
TRATON Financial Services
Sales revenue (€ million) 598 530 13%
Earnings before tax (€ million) 53 47 5
Equity (€ million)2 2,373 2,093 280
Return on equity (in %) 9.0 9.1 –0.1 pp
1 As of March 31, 2026, and December 31, 2025
2 As of March 31
2 TRATON GROUP 3M 2026 Interim Statement
At a Glance
Order situation (units) 3M 2026 3M 2025 Change
Incoming orders 87,775 74,307 18%
Unit sales 68,604 73,090 –6%
of which trucks 53,535 57,566 –7%
of which buses 7,514 8,328 –10%
of which MAN TGE vans 7,555 7,196 5%
BEV unit sales ratio (excluding MAN TGE vans, in %) 1.4 0.9 0.5 pp
TRATON GROUP
Sales revenue (€ million) 10,231 10,606 –4%
Operating result (adjusted) (€ million) 582 646 –64
Operating return on sales (adjusted) (in %) 5.7 6.1 –0.4 pp
Earnings per share (€) 0.45 0.93 –0.48
Active workforce1 107,517 107,454 63
TRATON Operations
Sales revenue (€ million) 9,779 10,325 –5%
Operating result (adjusted) (€ million) 674 756 –82
Operating return on sales (adjusted) (in %) 6.9 7.3 –0.4 pp
Net cash flow (€ million) –250 –111 –139
Primary R&D costs (€ million) 732 623 18%
Capex (€ million) 258 303 –15%
TRATON Financial Services
Sales revenue (€ million) 598 530 13%
Earnings before tax (€ million) 53 47 5
Equity (€ million)2 2,373 2,093 280
Return on equity (in %) 9.0 9.1 –0.1 pp
1 As of March 31, 2026, and December 31, 2025
2 As of March 31
AT A GLANCE
Incoming orders
up by
Decrease in adjusted operating
return on sales to
Adjusted operating result
€64 million lower at around
Sales revenue decreased
by 4% to around
billionlower at 68,604 vehicles
million
Unit sales
€582
€10.26%
18%
5.7%
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3 TRATON GROUP 3M 2026 Interim Statement
CONTENTS
Course of Business 4
Material Events 4
Incoming Orders and Unit Sales by Country, TRATON Operations 5
Condensed Income Statement of the TRATON GROUP 7
Segments of the TRATON GROUP 10
Net Cash Flow 15
Net Liquidity/Net Financial Debt 16
Opportunities and Risks 17
Report on Expected Developments 17
Selected Financial Information 18
Income Statement 18
Condensed Statement of Comprehensive Income 19
Balance Sheet 20
Statement of Cash Flows 22
Prior-Period Information 24
Contingent Liabilities and Commitments 24
Segment Reporting 25
Events after March 31, 2026 27
Financial Dates 28
CONTENTS
COURSE OF BUSINESS
Material Events 4
Incoming Orders and Unit Sales by Country,
TRATON Operations 5
Condensed Income Statement
of the TRATON GROUP 7
Segments of the TRATON GROUP 10
Net Cash Flow 15
Net Liquidity/Net Financial Debt 16
Opportunities and Risks 17
Report on Expected Developments 17
SELECTED
FINANCIAL INFORMATION
Income Statement 18
Condensed Statement
of Comprehensive Income 19
Balance Sheet 20
Statement of Cash Flows 22
Prior-Period Information 24
Contingent Liabilities and Commitments 24
Segment Reporting 25
Events after March 31, 2026 27
Financial Dates 28
Disclaimer 29
Publication Details 29
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4 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
COURSE OF BUSINESS
Material Events
As expected, the TRATON GROUP had a slow start to 2026. Sales revenue for the first quarter of 2026 amounted to €10.2 billion (3M 2025: €10.6 billion). The
4% decline was driven primarily by lower unit sales at Scania Vehicles & Services, International Mot ors, and Volkswagen Truck & Bus, whereas MAN Truck &
Bus increased unit sales by 14%. Operating result (adjusted) declined by 10% to €582 million (3M 2025: €646 million), and operating return on sales (adjusted)
was 5.7%, lower than in the first quarter of 2025 (6.1%). In addition, the TRATON GROUP’s operating result was impacted by charges of €521 million for certain
items, which were adjusted.
In January 2026, the TRATON GROUP issued bonds in euros and Swedish kronor with a total equivalent to €1.1 billion under the €18 billion European Medium
Term Notes program.
On February 25, 2026, the Supervisory Board of TRATON SE decided to extend the appointment of Dr. h. c. Antonio Roberto Corte s as a member of TRA-
TON SE’s Executive Board for a further two years. He will remain responsible for Volkswagen Truck & Bus and serve as a member of the TRATON GROUP
Executive Board until January 2029.
Following the opening of the new production facility in Rugao, China, in October 2025, the first NEXT ERA semitrailer tractor s were delivered to end cus-
tomers in March 2026. This marks a major milestone in the ramp -up of the series of models developed spec ially for long -haul transportation in China. In
addition, the new NEXT ERA delivery center near Rugao started operations. It serves as a central logistics hub and will reinforce the local delivery and service
infrastructure. This sees TRATON underscoring its strategic presence in the Chinese commercial vehicle market.
On March 30, 2026, International Motors announced that it had signed an agreement under which Roshel, a defense and commercial vehicle manufacturer
located in Brampton, Ontario, Canada, will acquire International’s operating facilities in Springfield, Ohio, USA. The transaction is still subject to stand ard
closing conditions. In recent years, the Springfield plant had focused almost exclusively on contract manufacturing for a maj or automobile manufacturer.
This agreement expires on September 30, 2026. The planned measure will impact the TRATON GROUP’s operating result by €–154 million.
On March 31, 2026, the TRATON GROUP and Applied Intuition unveiled TRATON ONE OS, a new, cross-brand software-defined vehicle platform. This platform
enables predictive maintenance, over -the-air updates, and the phased integration of autonomous driving fun ctions on a unified architecture. New trucks
are scheduled to be rolled out starting in 2028.
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5 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Incoming Orders and Unit Sales by Country, TRATON Operations
Incoming orders Unit sales
Units 3M 2026 3M 2025 Change 3M 2026 3M 2025 Change
Total 87,775 74,307 18% 68,604 73,090 –6%
of which all-electric vehicles 1,252 866 45% 857 621 38%
BEV unit sales ratio (excluding MAN TGE vans,
in %) – – – 1.4 0.9 0.5 pp
Trucks 71,100 58,891 21% 53,535 57,566 –7%
EU27+3 29,008 29,347 –1% 25,058 22,068 14%
of which in Germany 7,035 7,980 –12% 5,772 5,343 8%
North America 18,814 9,584 96% 10,663 14,115 –24%
in the USA/Canada 17,203 8,017 115% 8,898 12,489 –29%
in Mexico 1,611 1,567 3% 1,765 1,626 9%
South America 14,966 11,994 25% 12,079 15,646 –23%
of which in Brazil 11,639 8,747 33% 9,674 13,066 –26%
Asia/Pacific1 2,082 2,017 3% 1,687 1,458 16%
of which in China 257 333 –23% 392 170 131%
Other regions1 6,230 5,949 5% 4,048 4,279 –5%
Buses 8,067 7,754 4% 7,514 8,328 –10%
EU27+3 1,764 1,982 –11% 1,513 1,517 0%
of which in Germany 425 395 8% 356 213 67%
North America 3,700 2,803 32% 3,323 3,654 –9%
in the USA/Canada 3,027 2,574 18% 2,787 3,186 –13%
in Mexico 673 229 194% 536 468 15%
South America 2,019 1,976 2% 1,897 2,519 –25%
of which in Brazil 1,711 1,396 23% 1,527 2,079 –27%
Asia/Pacific1 289 220 31% 299 342 –13%
Other regions1 295 773 –62% 482 296 63%
MAN TGE vans 8,608 7,662 12% 7,555 7,196 5%
EU27+3 8,280 7,544 10% 7,370 7,080 4%
of which in Germany 2,590 2,373 9% 2,245 2,406 –7%
Other regions 328 118 178% 185 116 59%
1 Prior-year figure adjusted to reflect the current presentation.
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6 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Incoming orders in the reporting period were up substantially year -on-year. This was the result of different trends at both the product and regional levels.
In the truck business in the EU27+3 region, the TRATON GROUP recorded an order level that was virtually stable compared with the strong prior-year quarter.
In North America, improved demand for heavy-duty trucks (Class 8) and catch-up effects from previously postponed orders following high levels of uncer-
tainty in the previous year led to a very strong increase in incoming orders for trucks. Order intake for trucks also rose sharply in South America. One reason
was the “Move Brasil” subsidized loan program launched by the Brazilian government at the beginning of 2026 to renew truck fleets, which buoyed demand
for trucks in Brazil. Demand for buses rose moderately.
Unit sales in the first three months of 2026 were down moderately year-on-year. The significant increase in unit sales of trucks in the EU27+3 region was the
result of improved incoming orders in 2025 as well as an improved market situation, which was driven primarily by replacement demand. By contrast, unit
sales of trucks in North America were sharply down on the prior -year period, which had not yet been impacted by US tariff policy. The promising signs of a
revival in customer demand recently observed in the US market are yet to be reflected in unit sales. The persistently challenging market situation in South
America was reflected primarily in lower unit sales in Brazil. The bus business recorded a noticeable decline in unit sales c ompared with the prior -year
quarter. Whereas unit sales in the EU27+3 region were on a level with the previous year, fewer buses were sold in North Ameri ca and South America than
in the prior-year period.
The book-to-bill ratio in the first quarter of 2026 was 1.3 (3M 2025: 1.0).
The first quarter of 2026 revealed a sustained positive trend for all-electric vehicles. 456 (3M 2025: 259) all-electric trucks and 401 (3M 2025: 359) all-electric
buses were sold in the reporting period.
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7 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Condensed Income Statement of the TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 3M 2026 3M 2025 3M 2026 3M 2025 3M 2026 3M 2025 3M 2026 3M 2025
Sales revenue 10,231 10,606 9,779 10,325 598 530 –145 –249
Cost of sales –8,627 –8,413 –8,329 –8,266 –411 –362 113 215
Gross profit 1,605 2,193 1,449 2,059 187 168 –32 –34
Distribution expenses –955 –974 –819 –840 –82 –69 –55 –65
Administrative expenses –431 –462 –373 –399 –8 –10 –50 –53
Other operating result –158 –105 –104 –58 –45 –42 –8 –5
Operating result 60 651 153 762 52 46 –144 –156
Operating result (adjusted) 582 646 674 756 52 46 –144 –156
Operating return on sales (adjusted) (in %) 5.7 6.1 6.9 7.3 8.7 8.7 – –
Financial result 247 –5 92 266 0 1 155 –272
Earnings before tax 307 647 245 1,028 53 47 10 –428
Income taxes –83 –181 –159 –238 –11 –14 87 72
Earnings after tax 224 466 86 790 41 33 98 –357
Operating result
The TRATON GROUP’s sales revenue in the first quarter of 2026 was €10.2 billion (3M 2025: €10.6 billion), down slightly by 4% compared with the previous
year. The sales revenue trend was influenced in particular by lower unit sales volumes in the TRATON Op erations business area. The Vehicle Services busi-
ness contributed positively to the business performance, with the share of total sales revenue growing to 22% (3M 2025: 21%). Sales revenue in the TRATON
Financial Services segment increased by 13% due to further portfolio growth, reaching €598 million (3M 2025: €530 million).
The TRATON GROUP’s gross profit was down €589 million or 27% year -on-year. Gross margin therefore decreased by 5.0 percentage points to 15.7% (3M
2025: 20.7%) in the TRATON GROUP and by 5.1 percentage points to 14.8% (3M 2025: 19.9%) in the TRATON Operatio ns business area. Costs related to struc-
tural measures impacted gross profit in the first quarter.
Significant year-over-year effects resulted from expenses of €207 million associated with adjustments to individual projects in the field of electric mobility,
as well as charges of €136 million for civil lawsuits against Scania and MAN in connection with the EU truck cases in individual countries. Additionally,
expenses of €7 million were recognized in other operating result in this connection. In addition, expenses of €94 million wer e incurred in connection with
the agreement entered into by International and Roshel regarding the sale of the Springfield site. Further, in this context, €60 million was recognized in
other operating result in connection with severance payments and other personnel-related measures.
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8 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Moreover, US tariffs of €110 million (3M 2025: €6 million) were recognized in profit or loss in the first quarter of 2026, primarily in connection with the Section
232 order.
The TRATON GROUP’s distribution and administrative expenses were reduced by 3% year-on-year. Distribution expenses were higher than in the prior year
in the TRATON Financial Services segment, primarily due to a higher number of employees resulting from the continued expansion of financing activities.
This increase was offset by lower distribution expenses in the TRATON Operations business area. Expenses related to restructu ring activities in the US
amounting to more than €17 million were primarily charged t o administrative expenses in the TRATON Operations business area. At 13.6%, the ratio of
distribution and administrative expenses to sales revenue was virtually unchanged year-on-year (3M 2025: 13.5%).
Due to the effects described above, in particular because of the decrease in gross profit, the TRATON GROUP’s operating resul t in the first quarter of 2026
decreased by €591 million or 91% compared with the previous year.
Adjustments to operating result
Adjustments (€ million) 3M 2026 3M 2025
Scania Vehicles & Services 118 –8
Legal proceedings and related measures 55 –8
Adjustments to individual projects in the field of electric mobility 63 –
MAN Truck & Bus 191 2
Legal proceedings and related measures 88 2
Adjustments to individual projects in the field of electric mobility 103 –
International Motors 212 –
Restructuring measures 171 –
Adjustments to individual projects in the field of electric mobility 41 –
TRATON Operations 521 –6
TRATON GROUP 521 –6
Adjustments in the TRATON Operations business area in the reporting period amounted to €521 million (3M 2025: €–6 million). They were composed of the
following items:
– Expenses of €207 million (3M 2025: €– million) in connection with adjustments to individual projects in the field of TRATON GROUP electric mobility at
Scania Vehicles & Services, MAN Truck & Bus, and International Motors
– Expenses of €154 million (3M 2025: €– million) related to the agreement entered into for the sale of the International Motors Springfield site
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9 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
– Negative impact of €143 million (3M 2025: positive impact of €6 million) for civil lawsuits against Scania Vehicles & Services and MAN Truck & Bus in
connection with the EU truck cases in individual countries. They were calculated based on an updated risk assessment and including foreign ex-
change effects.
– Expenses of €17 million (3M 2025: €– million) for severance payments in connection with the restructuring of central functions at International Motors
The TRATON GROUP’s operating result (adjusted) fell by €64 million or 10% year-on-year. The TRATON GROUP’s operating return on sales (adjusted) declined
by 0.4 percentage points to 5.7% (3M 2025: 6.1%). In the TRATON Operations business area, operating return on sales (adjusted) decreased by 0.4 percentage
points to 6.9% (3M 2025: 7.3%).
Financial result
The TRATON GROUP’s financial result improved by €252 million compared with the prior-year level. This increase is primarily attributable to gains from the
sale of shares in the equity -method investment in Sinotruk (Hong Kong) Limited, Hong Kong, China (Sin otruk), as well as higher net interest income, pri-
marily due to the settlement of interest rate derivatives. Currency translation effects also positively impacted net financial debt, primarily due to the appre-
ciation of the Brazilian real against the euro. The TRATON Operations business area had recorded a gain of €290 million from an adjustment of the owner-
ship structure of the financial services business in the previous year, although this was eliminated at the level of the TRAT ON GROUP.
Taxes
Income taxes declined by €98 million due to earnings-related factors. At 27%, the tax ratio was virtually unchanged year-on-year (3M 2025: 28%).
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10 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Segments of the TRATON GROUP
Scania Vehicles & Services
3M 2026 3M 2025 Change
Incoming orders (units) 27,318 24,762 10%
Sales (units) 20,978 22,244 –6%
Trucks 19,484 20,663 –6%
Buses 1,494 1,581 –6%
Book-to-bill ratio 1.3 1.1 0.2
Sales revenue (€ million) 4,203 4,361 –4%
New Vehicles 2,544 2,846 –11%
Vehicle Services business1 1,058 1,011 5%
Others 602 503 20%
Operating result (adjusted) (€ million)2 463 483 –20
Operating return on sales (adjusted) (in %)2 11.0 11.1 –0.1 pp
1 Including genuine parts and workshop services
2 Prior-year figures adjusted, see the Prior-Period Information section
Scania Vehicles & Services recorded a considerable increase in incoming orders in the first quarter of 2026, especially in Br azil. There, the government -
subsidized loan program “Move Brasil” for the renewal of truck fleets was supporting incoming orders. Incoming orders in the EU27+3 region were roughly
at the same level as in the previous year’s first quarter.
Truck unit sales declined moderately compared to the same period last year. This was mainly driven by the very sharp decline in unit sales in Brazil, which
was due to a difficult economic situation with rising interest rates and high inflation. In the EU27 +3 region, Scania was able to maintain truck unit sales at
the previous year’s level. Bus unit sales declined moderately, although declines in Mexico and South America could not be fully offset by an increase in unit
sales in the EU27+3 region.
The decline in unit sales was the main reason for the slight decline in sales revenue, which mainly affected the New Vehicles business. This could only be
partially offset by the increased Vehicle Services business.
Operating result (adjusted) was slightly below the comparative period and was negatively impacted by higher currency effects in addition to the volume -
related decline in sales revenue. This was offset mainly by lower fixed costs. Operating return on sales (adjusted) was at th e level of the prior-year quarter.
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11 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
MAN Truck & Bus
3M 2026 3M 2025 Change
Incoming orders (units) 27,851 27,978 0%
Sales (units) 23,600 20,613 14%
Trucks 14,583 12,036 21%
Buses 1,462 1,381 6%
MAN TGE vans 7,555 7,196 5%
Book-to-bill ratio 1.2 1.4 –0.2
Sales revenue (€ million)1 3,309 3,078 8%
New Vehicles 1,934 1,730 12%
Vehicle Services business2 771 758 2%
Others1 605 590 2%
Operating result (adjusted) (€ million)1 239 133 106
Operating return on sales (adjusted) (in %)1 7.2 4.3 2.9 pp
1 Prior-year figures adjusted, see the Prior-Period Information section
2 Including genuine parts and workshop services
In the first quarter of 2026, MAN Truck & Bus reported nearly identical incoming orders compared with the strong prior -year quarter, despite lower truck
incoming orders in Germany. Incoming orders for buses were also down year -on-year. This was primarily a ttributable to large city bus projects in Europe
that had been secured in the previous year.
Unit sales were up significantly year-on-year, primarily as a result of higher truck sales figures. This was driven mainly by a very sharp increase in the EU27+3
region due to strong incoming orders in the previous quarters and an improving market situation.
Sales revenue was up noticeably year-on-year, driven by higher new vehicle unit sales and a slight increase in the Vehicle Services business.
Operating result (adjusted) rose very sharply compared with the previous year. In addition to the increase in sales revenue, the main reasons for this were
improvements in product cost and fixed costs.
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12 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
International Motors
3M 2026 3M 2025 Change
Incoming orders (units) 22,235 12,285 81%
Sales (units) 13,326 16,889 –21%
Trucks 10,413 13,702 –24%
Buses 2,913 3,187 –9%
Book-to-bill ratio 1.7 0.7 0.9
Sales revenue (€ million) 1,768 2,173 –19%
New Vehicles 1,234 1,582 –22%
Vehicle Services business1 405 446 –9%
Others 128 144 –11%
Operating result (adjusted) (€ million)2 –71 35 –106
Operating return on sales (adjusted) (in %)2 –4.0 1.6 –5.6 pp
1 Including genuine parts
2 Prior-year figures adjusted, see the Prior-Period Information section
International Motors recorded a very strong increase in incoming orders compared to the previous year. The increase was due t o improved US market
conditions in the heavy-duty truck sector (Class 8).
Truck unit sales decreased sharply, compared to the same quarter of the previous year, which had not yet been impacted by US customs policy. Bus sales
also declined noticeably.
The weak demand and declining unit sales resulted in both a sharp decrease in new vehicle sales and a noticeable drop in vehi cle service revenues.
In addition to the volume -related decline in sales revenue, the operating result (adjusted) was negatively impacted primarily by high tariff costs. Thi s was
partially offset by lower fixed costs.
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13 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Volkswagen Truck & Bus
3M 2026 3M 2025 Change
Incoming orders (units) 10,390 9,363 11%
Sales (units) 10,787 13,410 –20%
Trucks 9,122 11,231 –19%
Buses 1,665 2,179 –24%
Book-to-bill ratio 1.0 0.7 0.3
Sales revenue (€ million) 665 814 –18%
New Vehicles 608 764 –20%
Vehicle Services business1 43 41 4%
Others 15 9 60%
Operating result (adjusted) (€ million)2 68 106 –38
Operating return on sales (adjusted) (in %) 10.2 13.0 –2.8 pp
1 Including genuine parts and workshop services
2 Prior-year figures adjusted, see the Prior-Period Information section
Volkswagen Truck & Bus recorded a considerable increase in incoming orders in the reporting period compared with the weak pri or-year period. The in-
crease was also supported by the government-subsidized loan program for the renewal of truck fleets “Move Brasil.”
Unit sales declined sharply compared to the good prior-year period. This was due to the very sharp decline in unit sales in Brazil, which was due to a difficult
economic situation with rising interest rates and high inflation. Bus unit sales fell sizably compared with the previous year.
The volume-related decline in unit sales was also the main reason for the substantial decline in sales revenues.
Operating result (adjusted) was also negatively impacted by currency effects.
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14 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
TRATON Financial Services
3M 2026 3M 2025 Change
Sales revenue (€ million) 598 530 13%
Earnings before tax (€ million) 53 47 5
Equity (€ million)1 2,373 2,093 280
Return on equity (in %) 9.0 9.1 –0.1 pp
1 As of March 31
In the TRATON Financial Services segment, revenue increased significantly across the brands and markets due to the further ex pansion of the portfolio.
Portfolio expansion was primarily driven by additional financing volumes of MAN and Volkswagen Truck & Bus.
Earnings before tax also rose significantly, mainly due to the increase in revenue. This was partially offset by higher finan cing and risk costs as well as
distribution expenses due to the continued expansion of financing activities into new markets.
TRATON Financial Services’ equity increased to €2,373 million as of March 31, 2026.
The return on equity remained almost stable.
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15 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Net Cash Flow
Condensed statement of cash flows of the TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 3M 2026 3M 2025 3M 2026 3M 2025 3M 2026 3M 2025 3M 2026 3M 2025
Gross cash flow 878 859 657 935 216 118 4 –194
Change in working capital –783 –588 –350 –540 –509 –161 75 113
Net cash provided by/used in operating activities 95 271 308 395 –292 –43 80 –81
Net cash provided by/used in investing activities
attributable to operating activities –354 –524 –558 –506 –1 –26 206 8
Net cash flow –259 –253 –250 –111 –294 –69 285 –73
The TRATON GROUP’s net cash used in operating activities declined by €175 million year -on-year to €95 million in the first three months of 2026. This was
due primarily to a €195 million increase in cash tied up in working capital, which was mainly attributable to a €277 million rise in inventories.
Cash tied up in working capital rose by a total of €783 million in the reporting period. This was due primarily to the €657 m illion increase in inventories
within the TRATON Operations business area. Furthermore, financial services receivables increased by €279 million, which was reflected in the net cash
flow of the TRATON Financial Services segment.
Net cash used in investing activities attributable to operating activities decreased by €170 million year -on-year to €354 million, primarily due to the pro-
ceeds of €170 million from the sale of the Sinotruk shares, which are reported under Corporate Items.
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16 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Net Liquidity/Net Financial Debt
Net liquidity/net financial debt of the TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 03/31/2026 12/31/2025 03/31/2026 12/31/2025 03/31/2026 12/31/2025 03/31/2026 12/31/2025
Cash and cash equivalents 2,148 2,805 8,155 8,650 476 558 –6,483 –6,403
Marketable securities, investment deposits, and loans to
affiliated companies 132 127 86 178 114 97 –68 –148
Gross liquidity 2,280 2,933 8,241 8,828 590 656 –6,551 –6,551
Third-party borrowings –27,232 –27,391 –6,421 –6,317 –20,390 –19,952 –422 –1,122
thereof intra-group financing1 – – –2,789 –2,686 –12,863 –12,620 15,653 15,307
Net liquidity/net financial debt –24,952 –24,458 1,821 2,511 –19,800 –19,296 –6,972 –7,673
1 Intragroup financing in the TRATON GROUP
Net financial debt rose by €493 million to €25.0 billion in the first quarter of 2026 (3M 2025: €24.5 billion), driven mainly by the development of net cash
flow. More detailed information explaining changes in net cash flow can be found in the Net Cash Flow section.
To finance its operations, the TRATON GROUP issued bonds totaling €1.4 billion (3M 2025: €1.8 billion) in the first three mon ths of 2026 and, conversely,
repaid bonds amounting to €1.1 billion (3M 2025: €2.1 billion). This included the issuance of bonds under the European Medium Term Notes program (EMTN
program) amounting to €1.1 billion (3M 2025: €1.6 billion) in Corporate Items. In return, this resulted in repayments of €1.0 billion (3M 2025: €2.0 billion). Of
this amount, €845 million (3M 2025: €1.5 bill ion) was attributable to Corporate Items and €188 million (3M 2025: €488 million) to the TRATON Operations
business area.
In addition, loans totaling €879 million (3M 2025: €311 million) were repaid to various Volkswagen companies. No loans were t aken out from Volkswagen
companies during the reporting period, whereas €646 million had been borrowed during the prior-year comparative period. In addition, Schuldscheindar-
lehen of €300 million were repaid in Corporate Items. Additionally, other financial liabilities of €444 million (3M 2025: €110 mill ion) were recognized.
The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area including Corporate Items was –1.1 as of March 31, 2026, and hence
stable compared with –1.1 as of December 31, 2025. It is calculated by dividing the net financial debt in the TRATON Operations business area including
Corporate Items of €5.2 billion (3M 2025: €5.2 billion) by the EBITDA (adjusted) in the TRATON Operations business area inclu ding Corporate Items for the
past twelve months of €4.9 billion (3M 2025: €4.7 billion).
===== SIDA 17 =====
17 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Opportunities and Risks
The Report on Opportunities and Risks is meant to be read in conjunction with our comments in the 2025 Annual Report. With re gard to the geopolitical
uncertainties described in the 2025 Annual Report and global economic trends, we see additional potential risks to global supply chains, energy and com-
modity prices, and future global economic development due to the war in Iran. As the situation remains highly volatile, TRATO N is continuing to monitor
developments very closely.
Together with the risks described in the “Report on opportunities and risks” section of the 2025 Annual Report, the overall risk profile for TRATON therefore
remains “high” across all risk categories.
Report on Expected Developments
Based on the business performance in the first quarter of 2026 and unchanged expectations regarding the development of the truck and bus markets
relevant to the TRATON GROUP, TRATON SE’s Executive Board is confirming the forecast for 2026 published in the 2025 Annual Re port for all key perfor-
mance indicators. This continues to be contingent on future geopolitical developments, especially the effects of the American administration’s tariff policy
and the war in Iran.
Actual 2025
Forecast 2026
(unmodified)
TRATON GROUP
Sales (units) 305,486 –5 to +7%
Sales revenue (€ million) 44,052 –5 to +7%
Operating return on sales (adjusted) (in %) 6.3 5.3 to 7.3
TRATON Operations
Sales revenue (€ million) 42,536 –5 to +7%
Operating return on sales (adjusted) (in %) 7.3 6.1 to 8.1
Net cash flow (€ million) 1,643 900 to 1,700
TRATON Financial Services
Return on equity (in %) 8.0 8.0 to 11.0
===== SIDA 18 =====
18 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
SELECTED FINANCIAL INFORMATION
Income Statement
of the TRATON GROUP for the period from January 1 to March 31
€ million 3M 2026 3M 2025
Sales revenue 10,231 10,606
Cost of sales –8,627 –8,413
Gross profit 1,605 2,193
Distribution expenses –955 –974
Administrative expenses –431 –462
Net impairment losses on financial assets –50 –33
Other operating income 572 562
Other operating expenses –679 –634
Operating result 60 651
Share of earnings of equity-method investments 190 89
Interest income1 82 54
Interest expense1 –120 –159
Other financial result 96 11
Financial result 247 –5
Earnings before tax 307 647
Income taxes –83 –181
current –204 –174
deferred 121 –7
Earnings after tax 224 466
Attributable to shareholders of TRATON SE 225 466
Attributable to noncontrolling interests 0 0
Earnings per share in € (diluted/basic) 0.45 0.93
1 Prior-year figures adjusted, see the Prior-Period Information section
===== SIDA 19 =====
19 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Condensed Statement of Comprehensive Income
of the TRATON GROUP for the period from January 1 to March 31
€ million 3M 2026 3M 2025
Earnings after tax 224 466
Pension plan remeasurements recognized in other comprehensive income after taxes –5 –43
Fair value measurement of other equity investments after taxes –11 23
Share of other comprehensive income of equity-method investments that will not be reclassified subsequently to profit or loss after taxes 0 1
Items that will not be reclassified subsequently to profit or loss –16 –20
Currency translation differences after taxes 84 306
Cash flow hedges after taxes 13 57
Cost of hedging after taxes 0 –13
Share of other comprehensive income of equity-method investments that will be reclassified subsequently to profit or loss after taxes 1 –4
Items that will be reclassified subsequently to profit or loss 98 346
Other comprehensive income, net of tax 83 327
Total comprehensive income 307 792
Attributable to shareholders of TRATON SE 307 793
Attributable to noncontrolling interests 0 0
===== SIDA 20 =====
20 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Balance Sheet
Assets of the TRATON GROUP as of March 31, 2026, and December 31, 2025
€ million 03/31/2026 12/31/2025
Noncurrent assets
Goodwill 6,012 5,967
Intangible assets 7,780 7,664
Property, plant, and equipment 10,096 10,111
Assets leased out 5,291 5,316
Equity-method investments 1,791 1,770
Other equity investments 124 83
Noncurrent income tax receivables 163 156
Deferred tax assets 2,774 2,552
Noncurrent financial services receivables 10,953 10,571
Other noncurrent financial assets 519 594
Other noncurrent receivables 242 234
45,746 45,019
Current assets
Inventories 7,731 7,016
Trade receivables 3,278 3,126
Current income tax receivables 440 417
Current financial services receivables 7,497 7,335
Other current financial assets 844 891
Other current receivables 1,738 1,570
Marketable securities and investment deposits 13 22
Cash and cash equivalents 2,148 2,805
23,691 23,183
Total assets 69,437 68,202
===== SIDA 21 =====
21 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Balance Sheet
Equity and liabilities of the TRATON GROUP as of March 31, 2026, and December 31, 2025
€ million 03/31/2026 12/31/2025
Equity
Subscribed capital 500 500
Capital reserves 12,195 12,195
Retained earnings 9,286 9,054
Accumulated other comprehensive income –3,032 –3,115
Equity attributable to shareholders of TRATON SE 18,949 18,633
Noncontrolling interests 3 3
18,952 18,636
Noncurrent liabilities
Noncurrent financial liabilities 17,930 17,103
Provisions for pensions and other post-employment benefits 1,671 1,644
Deferred tax liabilities 583 512
Noncurrent income tax provisions 129 139
Other noncurrent provisions 1,779 1,761
Other noncurrent financial liabilities 1,567 1,584
Other noncurrent liabilities 2,147 2,167
25,805 24,910
Current liabilities
Current financial liabilities 9,302 10,288
Trade payables 6,091 5,474
Current income tax payables 189 192
Current income tax provisions 34 20
Other current provisions 2,444 2,228
Other current financial liabilities 1,826 1,868
Other current liabilities 4,794 4,585
24,680 24,655
Total equity and liabilities 69,437 68,202
===== SIDA 22 =====
22 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Statement of Cash Flows
of the TRATON GROUP for the period from January 1 to March 31
€ million 3M 2026 3M 2025
Cash and cash equivalents as of 01/01 2,805 2,542
Gross cash flow
Earnings before tax 307 647
Income taxes paid –177 –307
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment property1 456 371
Amortization of, and impairment losses on, capitalized development costs 1 238 121
Depreciation and impairment losses on products leased out1 240 248
Change in pension obligations 6 –27
Earnings on disposal of noncurrent assets and equity investments –54 –1
Share of earnings of equity-method investments –125 –89
Other noncash income/expense –14 –104
Change in working capital
Change in inventories –657 –380
Change in receivables (excluding financial services) –406 –423
Change in liabilities (excluding financial liabilities) 627 576
Change in provisions 185 16
Change in products leased out –254 –170
Change in financial services receivables –279 –207
Net cash provided by operating activities 95 271
Investments in intangible assets (excluding capitalized development costs), property, plant, and equipment, and investment property 2 –263 –305
Additions to capitalized development costs –338 –243
Investments to acquire other investees –7 –20
Proceeds from the disposal of subsidiaries 34 16
Proceeds from the disposal of other investees 170 0
Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property 50 28
Change in marketable securities and investment deposits 8 –1
Change in loans 45 16
Net cash used in investing activities –300 –509
Proceeds from the issuance of bonds 1,447 1,785
Repayment of bonds –1,055 –2,086
Proceeds from Schuldscheindarlehen and commercial paper programs3 974 –
Payments from Schuldscheindarlehen and commercial paper programs3 –1,334 –111
===== SIDA 23 =====
23 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
€ million 3M 2026 3M 2025
Proceeds from loans extended by companies of the Volkswagen Group 4 – 646
Loan repayments to companies of the Volkswagen Group 5 –879 –311
Change in miscellaneous financial liabilities3 444 110
Repayment of lease liabilities –79 –70
Net cash provided by/used in financing activities –482 –37
Effect of exchange rate changes on cash and cash equivalents 29 29
Change in cash and cash equivalents –657 –247
Cash and cash equivalents as of 03/31 2,148 2,295
1 Net of impairment reversals
2 Of which in the TRATON Operations business area: €–258 million (3M 2025: €–303 million)
3 Prior-year figures adjusted to reflect the current presentation. Cash outflows of €–111 million from commercial paper programs, which in the previous year were reported under “Change in miscellaneous
financial liabilities,” are now reported under “Payments from Schuldscheindarlehen and commercial paper programs.”
4 Volkswagen Group of America Finance, LLC
5 Volkswagen AG, Volkswagen International Finance N.V., Volkswagen Group of America Finance, Volkswagen North American Region Payment Services, LLC, Volkswagen Financial Services AG
===== SIDA 24 =====
24 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Prior-Period Information
The merger of significant parts of the research and development departments of the individual brands into a cross -brand, Group-wide research and devel-
opment (Group R&D) organization was completed as of June 30, 2025. This required a change in the TRATON GROUP’s Group management, which impacts
segment reporting. The change impacts capitalized development costs, expenses, and intercompany income incurred and generated in cross-brand re-
search and development; for further details, see the explanations in the TRATON 2025 Annual Report under “Accounting policies: Segment reporting.” This
affects figures for the four vehicle segments as well as small amounts from Group -wide research and development that are not allocated to the vehicle
segments. To improve comparability, the corresponding prior-period amounts were adjusted to reflect the current presentation.
Additionally, certain prior-period data was revised. Material changes in the previous year’s income statement are explained in the following.
It was discovered in the second quarter of 2025 that a subsidiary had not reported interest income and interest expense from interest rate and cross-
currency derivatives for each derivative on a net basis. The affected items were adjusted as follows for the first three mon ths of 2025:
€ million
3M 2025 Change
3M 2025
(adjusted)
Interest income 173 –119 54
Interest expense –278 119 –159
Contingent Liabilities and Commitments
of the TRATON GROUP as of March 31, 2026, and December 31, 2025
€ million 03/31/2026 12/31/2025
Liabilities under buyback guarantees 1,563 1,746
Contingent liabilities under guarantees 264 297
Other contingent liabilities 1,413 1,299
3,241 3,342
===== SIDA 25 =====
25 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Segment Reporting
of the TRATON GROUP for the period from January 1 to March 31
2026 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 4,203 3,309 1,768 665 598 10,543 –312 10,231 9,779
Intragroup sales revenue –167 –108 –9 –2 –34 –321 321 – –140
External sales revenue 4,036 3,202 1,758 663 564 10,222 9 10,231 9,639
Operating result (adjusted) 463 239 –71 68 52 750 –168 582 674
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 revenue1 4,361 3,078 2,173 814 530 10,956 –349 10,606 10,325
Intragroup sales revenue1 –135 –230 –8 –1 –36 –410 410 – –395
External sales revenue 4,225 2,849 2,164 814 494 10,546 60 10,606 9,930
Operating result (adjusted)1 483 133 35 106 46 803 –157 646 756
1 Figures adjusted, see the Prior-Period Information section
===== SIDA 26 =====
26 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Reconciliation to the TRATON GROUP’s earnings before tax
€ million 3M 2026 3M 2025
Operating result (adjusted), total segments 750 803
Adjustments related to legal proceedings and related measures –143 6
Adjustments to individual projects in the field of electric mobility –207 –
Adjustments related to restructurings –171 0
Operating result of the TRATON Holding –49 –57
Operating result of TRATON AB –12 1
Earnings effects from purchase price allocation not allocated to the segments –61 –70
Consolidation1 –47 –31
Operating result of the TRATON GROUP 60 651
Financial result 247 –5
Earnings before tax of the TRATON GROUP 307 647
1 Prior-period figure adjusted, see the Prior-Period Information section
===== SIDA 27 =====
27 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Events after March 31, 2026
The TRATON GROUP issued bonds in the amount of €500 million through the EMTN program on April 1, 2026.
On April 8, 2026, TRATON sold 3.0% of the shares outstanding of Sinotruk. The sale generated proceeds of €353 million for the TRATON GROUP, which are
reported in net cash provided by/used in investing activities in Corporate Items. TRATON’s interest in Sin otruk amounted to 20.2% after completion of the
transaction.
On April 27, 2026, TRATON SE raised a bilateral loan of €350 million under the new Green Finance Framework.
Munich, April 27, 2026
TRATON SE
The Executive Board
===== SIDA 28 =====
28 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Financial Dates
June 16, 2026 Annual General Meeting
July 23, 2026 2026 Half-Year Financial Report
October 28, 2026 9M 2026 Interim Statement
The latest information and dates are available on TRATON SE’s website at www.traton.com/financial-dates-and-events.
===== SIDA 29 =====
29 TRATON GROUP 3M 2026 Interim Statement
Course of Business Selected Financial Information
Disclaimer
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 2026 that are based on present assumptions
and forecasts by the Company’s management. A range of known and unknown risks, uncertainties, and other fa ctors may result in the actual results, net
assets, financial position, and results operations, development, or performance of the TRATON GROUP (TRATON) differing materi ally 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. Unless otherwise stated, comparable
prior-year figures are presented in brackets in the text alongside the figures for the fiscal year under review. The current defini tion 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/publica-
tions. Updates to these definitions are described in this Interim Statement.
This is a translation of the German original. In the event of discrepancies between the German language version and any trans lation thereof, the German
version will prevail.
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, design, and layout
3st kommunikation GmbH,
Mainz, Germany
Photography
International (cover)
Copyright
©2026 TRATON SE and
3st kommunikation GmbH
===== SIDA 30 =====
WWW.TRATON.COM