Kvartalsrapport Q2 2023

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Press release / Presse Info / Comunicado de imprensa / 新闻稿 / プレスリリース /  
Comunicado de prensa / Communiqué de presse / Informacja prasowa 
 
TRATON GROUP posts strong increase in unit sales, sales 
revenue, and operating return on sales in the first half of 
2023 
 
 Unit sales rose by 22% to 168,100 vehicles in the first six months of 2023 compared 
with the same period last year 
 Group’s sales revenue up 27% to €22.9 billion 
 Incoming orders down 24% to 125,300 vehicles with continued restrictive order 
management and very high order backlog  
 Adjusted operating return on sales 4.2 percentage points higher at 8.6% 
 Adjusted operating result more than doubled to almost €2 billion 
 
Munich, July 26, 2023 – The TRATON GROUP continued its strong performance in the first 
quarter of the year into the second and reported very positive developments in unit sales, sales 
revenue, and operating return on sales in the first half of 2023. The TRATON GROUP brands lifted 
their unit sales by 22% to 168,100 (H1 2022: 137,300) vehicles in the first six months of 2023. 
Unit sales in the first half of 2022 had been strongly impaired by the war in Ukraine. The supply 
situation continued to improve the first six months of the year, making higher production volumes 
possible. At the same time, logistics shortages still persist in certain areas. Sales revenue grew 
27% to €22.9 billion (H1 2022: €18 billion), driven by the increase in the New Vehicles business 
across TRATON’s Scania, MAN Truck & Bus, and Navistar brands, a positive market and product 
mix, better unit price realization, and growth in the Vehicle Services business.  
 
The TRATON GROUP brands in Europe and North America continued to exercise caution in 
accepting orders as a result of the order backlog, which remained very high. Existing uncertainties 
with regard to further economic development and a more difficult financing environment also 
dampened growth. Additionally, order books in North America had largely not yet been opened for 
2024, due among other things to future regulatory requirements, the precise design of which 
remained to be seen. The introduction of the new emissions regulations in Brazil, in particular, had 
an impact on customer demand in South America. The TRATON GROUP’s incoming orders declined 
by 24% to 125,300 (H1 2022: 164,200) vehicles in the first half of the year. The book-to-bill ratio, 
or the ratio of incoming orders to unit sales, was 0.7 (H1 2022: 1.2). This meant that unit sales 
were higher than incoming orders, and although order backlog declined, it remains at a very high 
level. 
 
At €1,800 million (H1 2022: €661 million), the TRATON GROUP’s operating result was up €1,139 
million year-on-year. Adjusted operating result rose by €1,176 million to €1,973 million (H1 
2022: €798 million). The first half of 2023 includes expenses of €102 million in connection with 
the disposal of Scania Finance Russia, which was completed in January, and €72 million in

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connection with the realignment of the Scania bus business. Expenses of €113 million 
attributable directly to the war in Ukraine had been recorded in the comparative period in 
particular. TRATON increased its operating return on sales by 4.2 percentage points to 7.9% (H1 
2022: 3.7%) in the first six months of the year. Adjusted operating return on sales was 8.6% 
(H1 2022: 4.4%) and thus also 4.2 percentage points higher than in the comparative period. The 
year-on-year improvement is primarily attributable to higher production capacity utilization, 
increased vehicle deliveries, and the associated decline in fixed costs in the TRATON Operations 
business area. The significantly higher prices for energy, raw materials, and other bought-in 
components were offset by introducing price measures.  
 
Christian Levin, CEO of the TRATON GROUP: “TRATON had a very successful first half of the 
year. Our adjusted operating return on sales of 8.6% is putting us within reach of our 9% target 
for 2024. Our brands delivered a strong performance in a highly uncertain environment and 
despite the fact that supply chains often remained unpredictable. However, we are also seeing 
transportation activity slow down in some markets. Inflationary pressures continue, and we are 
witnessing a significant increase in interest rates. With an adjusted operating return on sales of 
13.4%, Scania performed at a very good level in the first half of the year and achieved a year-
on-year improvement of well over 5 percentage points. Our MAN brand recorded a significant 
improvement in its operating return on sales in the first six months with 6.8%, confirming that it 
is on track for excellence. Parts of the production have now been relocated to Krakow, which 
means the restructuring program is in its final phase and clearly taking effect. MAN even 
recorded an adjusted operating return on sales of 7.7% in the second quarter — a strong result. 
The introduction of a stricter emissions regulation in Brazil caused customer demand in South 
America to taper off. It also resulted in a corresponding sharp decline in the unit sales of trucks 
at Volkswagen Truck & Bus. However, our VWTB brand proved that when the going gets tough, 
the tough get going, recording an operating return on sales of 9.3% and down only slightly year-
on-year in the first six months.  
 
Another thing making me optimistic for the years to come is the progress we are making in the 
field of electric mobility. MAN has secured important major customers for the launch of its 
battery electric long-haul truck in 2024 and already received over 500 pre-orders. Scania will 
follow the 2022 launch of its battery electric truck for regional operations with a long-haul truck, 
which it is bringing out this year. And we have worked together with Northvolt to show that the 
success of electric commercial vehicles will not be limited by their batteries. On the contrary: one 
charge is enough to last a truck over 1.5 million kilometers — its entire lifetime.” 
 
Dr. Michael Jackstein, CFO and CHRO of the TRATON GROUP: “Our Group is making great 
strides, and TRATON must continue to hold its ground in a highly uncertain business 
environment. Both our Vehicle Services business and our financial services play a key role here. 
Speaking of financial services: we have reached an important milestone by signing a framework 
agreement with Volkswagen Financial Services and Volkswagen Bank on the acquisition of key 
aspects of the global financial services business of MAN and VWTB. This takes us one step closer 
to offering our brands and their customers tailor-made financial solutions and will also make 
TRATON Financial Services a key player in driving the transition to the sustainable transportation

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of tomorrow. It will allow us to improve our support, for example to customers switching to 
electric vehicles and open up opportunities for new business models like transport-as-a-service. 
This is another area where we intend to take the lead with TRATON Financial Services. Our 
financial services business delivered a very good performance in the first half of the year. 
Adjusted operating return on sales was 21.5% and thus at a high level.  
 
In light of the strong performance in the first six months of the year, we are reiterating our 
forecast for fiscal year 2023 to the largest extent possible. We are still expecting the TRATON 
GROUP’s unit sales and sales revenue to increase by 5 to 15% each. While we continue to expect 
adjusted operating return on sales in the TRATON Operations business area to range between 
7.5 and 8.5%, we are now projecting a range of 13.0 to 18.0% for the TRATON Financial 
Services segment. Both the forecast range of 7 to 8% for the Group’s adjusted operating return 
on sales and the outlook of €1.8 billion to €2.3 billion for net cash flow in the TRATON Operations 
business area remain unchanged. Given the strong performance seen over the course of the year 
so far, we currently expect to be able to close 2023 with both indicators approaching the upper 
end of their forecast range.” 
 
The TRATON GROUP’s financial key performance indicators: 
 
 H1 2023 H1 2022 Change 
TRATON GROUP 
   
Incoming orders   125,258 164,213 –24% 
   of which trucks 98,246 135,578 –28% 
   of which buses 14,002 15,724 –11% 
   of which MAN TGE vans 13,010 12,911 1% 
Unit sales 168,114 137,294 22% 
   of which trucks 139,843 115,115 21% 
   of which buses 14,848 12,894 15% 
   of which MAN TGE vans 13,423 9,285 45% 
Sales revenue (€ million) 22,854 17,982 27% 
Operating result (€ million) 1,800 661 1,139 
Operating result (adjusted) (€ million) 1,973 798 1,176 
Operating return on sales (in %) 7.9 3.7 4.2 pp 
Operating return on sales (adjusted) (in %) 8.6 4.4 4.2 pp

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 H1 2023 H1 2022 Change 
TRATON Operations    
Sales revenue (€ million) 22,335 17,634 27% 
Operating result (€ million) 2,025 797 1,228 
Operating result (adjusted) (€ million) 2,097 869 1,229 
Operating return on sales (in %) 9.1 4.5 4.6 pp 
Operating return on sales (adjusted) (in %) 9.4 4.9 4.5 pp 
Net cash flow (€ million) 1,754 –1,395 3,149 
TRATON Financial Services    
Sales revenue (€ million) 737 609 21% 
Operating result (€ million) 57 82 
 
 
 
 
 
–25 
Operating result (adjusted) (€ million) 158 146 
 
12 
Operating return on sales (in %) 7.7 13.4 –5.7 pp 
Operating return on sales (adjusted) (in %) 21.5 24.1 –2.6 pp 
 
Webcast for analysts and the press 
 
A webcast to discuss the TRATON GROUP’s results in the first half of 2023 will take place from 
10:00 a.m. until 11:30 a.m. on July 26 with the TRATON GROUP’s CEO Christian Levin and its 
CFO and CHRO Dr. Michael Jackstein. The webcast will be in English. 
The presentation will be followed by a Q&A for analysts and then a second round of questions 
from journalists.  
 
The event will be streamed live here: 
https://www.webcast-eqs.com/register/traton-2023- H1/de. 
 
A recording of the webcast will be available after the event. 
 
 
Contact 
 
Sacha Klingner 
Head of External Communications 
T +49 170 2250016 
sacha.klingner@traton.com 
 
Matthias Karpstein   
Business Media Relations  
T +49 172 3603071  
matthias.karpstein@traton.com

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TRATON SE   
Hanauer Straße 26 / 80992 Munich / Germany 
www.traton.com 
 
With its brands Scania, MAN, Navistar, and Volkswagen Truck & Bus, TRATON SE is the parent and holding com-
pany of the TRATON GROUP and one of the world’s leading commercial vehicle manufacturers. The Group’s product 
portfolio comprises trucks, buses, and light-duty commercial vehicles. “Transforming Transportation Together. For 
a sustainable world.”: this intention underlines the Company’s ambition to have a lasting and sustainable impact on 
the commercial vehicle business and on the Group’s commercial growth.