Kvartalsrapport Q2 2024

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2024
Half-Year Financial Report

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AT A 
GLANCE
 
Trucks and buses (units)
 
H1 2024 H1 2023 Change
Incoming orders 125,416 125,258 0%
Unit sales 160,110 168,114 –5%
of which trucks 132,372 139,843 –5%
of which buses 13,020 14,848 –12%
of which MAN TGE vans 14,718 13,423 10%
TRATON GROUP    
Sales revenue (€ million) 23,387 22,854 2%
Operating result (adjusted) (€ million) 2,121 1,973 148
Operating return on sales (adjusted) (in %) 9.1 8.6 0.4 pp
Earnings per share (€) 2.67 2.48 0.20
Active workforce 1 105,435 103,621 1,814
TRATON Operations    
Sales revenue (€ million) 22,759 22,335 2%
Operating result (adjusted) (€ million) 2,338 2,097 240
Operating return on sales (adjusted) (in %) 10.3 9.4 0.9 pp
Primary R&D costs (€ million) 1,184 1,050 13%
Capex (€ million) 662 497 33%
Net cash flow (€ million) 64 1,754 –1,690
TRATON Financial Services    
Sales revenue (€ million) 921 737 25%
Operating result (adjusted) (€ million) 109 158 –49
Operating return on sales (adjusted) (in %) 11.8 21.5 –9.7 pp
Return on equity (in %) 11.9 5.6 6.3 pp
1 As of June 30, 2024, and December 31, 2023  
Incoming orders on   
prior-year level with
0%
change
Adjusted operating  
result €148 million  
higher at around 
€2.1
billion
Sales revenue rose by  
2% to around
€23.4 
billion
Increase in  
adjusted operating 
return on sales to
9.1%
Unit sales
5%
lower at 160,110 
vehicles

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TRATON SE’s half-year financial report meets the requirements set out in the applicable provisions of the Wertpapierhandelsgesetz (WpHG — German Securities Trading Act) and, in accordance with section 
115 of the WpHG, comprises the condensed half-yearly consolidated financial statements, the interim Group management report, and a responsibility statement. This Half-Year Financial Report should be 
read in conjunction with our Annual Report for fiscal year 2023, which contains a comprehensive description of our business activities.
Our Half-Year Financial Report contains certain forward-looking statements for the remaining months of fiscal year 2024. A range of known and unknown risks, uncertainties, and other factors may result  
in the actual results, financial position, development, or performance of the TRATON GROUP differing materially from the estimates given here. Such factors include those that TRATON has described in 
 published reports. These reports are available on our website at www.traton.com. The Company does not assume any obligation to update such forward-looking statements or to adapt them to future 
events or developments.
All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Comparable figures for the prior-year period are presented in parentheses alongside the figures for the 
fiscal year under review. The current definition of the key performance indicators and other key figures 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.
1  
To Our Shareholders
5
Highlights in the First Half of 2024
2  
Interim Group  
Management Report
9
Report on Economic Position
22
Opportunities and Risks
22
Important Legal Cases
22
Report on Expected Developments
3  
Condensed Half-Yearly  
Consolidated  Financial  
Statements
25
Income Statement
26
Condensed Statement of Comprehensive Income
27
Balance Sheet
29
Statement of Changes in Equity
31
Statement of Cash Flows
33
Notes 
4  
Further Information
47
Responsibility Statement
48
Review Report
49
Financial Calendar
It’s not individual strength that helps a swarm of 
birds to thrive, but the fact that they work to -
gether toward a common goal. This is also true 
when it comes to transforming transportation 
and further underlined by our TRATON purpose: 
Transforming Transportation Together. For a 
sustainable world.
CONTENTS

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4
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
 
TO OUR SHAREHOLDERS 1

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5
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
5 Highlights in the First Half of 2024
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
Highlights in the First Half of 2024
The TRATON GROUP made progress in the first half of 2024 on the forward- 
looking topics of electric mobility and autonomous driving, celebrated being 
uplisted to the German MDax stock market index, and resolutely implemented 
its TRATON Way Forward strategy, which charts a course for the Company’s 
 future success.
TRATON’s Supervisory Board made two key decisions to ensure continuity  
at top executive level as the Company implements its corporate strategy 
 further. The contracts of two TRATON Executive Board members, Mathias 
 Carlbaum and Alexander Vlaskamp, were extended by five years each ahead of 
schedule. This means that Mathias Carlbaum’s contract as a member of the 
TRATON GROUP’s Executive Board will now run until September 2029. Mathias 
Carlbaum is Chief Executive Officer and President of TRATON’s Navistar brand. 
The contract of Alexander Vlaskamp, who is a member of the TRATON GROUP’s 
Executive Board and Chief Executive Officer of MAN Truck & Bus, will run until 
November 2029.
At the virtual Annual General Meeting of TRATON SE on June 13, 2024, Chief 
 Executive Officer and Chairman of the Executive Board Christian Levin described 
the Company’s progress in implementing its corporate strategy in detail in his 
speech to the shareholders. “We want to maximize the value we create for our 
customers and are working tirelessly to make this happen. By joining forces as 
a Group, we can achieve much more in the future,” said Levin as he addressed 
the shareholders. TRATON’s shareholders benefited from the Group’s good 
performance in fiscal year 2023. At the Annual General Meeting, they voted in 
favor of a dividend of €1.50 per share — more than double the dividend of 
€0.70 for fiscal year 2022. 
Even though market conditions continued to normalize, the TRATON GROUP 
increased its sales revenue by 2% to €23.4  billion in the first half of 2024. 
 Adjusted operating result grew by €148 million (7%) to €2.1 billion, and adjusted 
operating return on sales rose by 0.4 percentage points to 9.1%. Unit sales fell 
by 5% to 160,110 vehicles, whereas incoming orders remained on a level with 
the comparative period at 125,416 vehicles.
The TRATON GROUP saw successful bond market performance in the first  
half of 2024. The Company further diversified its funding sources at the end of 
May 2024, with its debut bonds in the Swiss market amounting to CHF 500 mil-
lion. The bond issuance in Swiss francs marks TRATON’s third public bond 
 debut in a currency other than the euro since the European Medium Term 
Notes program was launched in 2021. In the first quarter of 2024, TRATON suc-
cessfully placed debut sterling bonds on the UK bond market and Swedish 
krona bonds on the Swedish bond market. These non-euro transactions were 
well received by investors. 
After the TRATON share price had already performed well in 2023, it continued 
to rise in the first months of 2024. This paved the way for TRATON SE to be 
uplisted from the SDax to the MDax, which took place on June 24, 2024. The 
MDax tracks the performance of the 50 largest companies below the Dax 
shares on the Regulated Market of the Frankfurt Stock Exchange. The decisive 
factor for the Company’s inclusion in this stock market index was its free float 
market capitalization. TRATON SE celebrated the fifth anniversary of its initial 
public offering on June 28, 2024, just four days after its inclusion in the MDax.
The TRATON GROUP brands reported numerous strategy and product high-
lights in the first half of 2024:
TO OUR SHAREHOLDERS

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6
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
5 Highlights in the First Half of 2024
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
Scania
 – Scania reached important milestones on the road to sustainable transpor -
tation in the first half of 2024. Erinion, a company specializing in depot and 
destination charging for battery electric commercial vehicles, was estab -
lished in June. Erinion will support the ramp-up of electric mobility with 
40,000 charging points on customer premises. This demonstrates that 
 Scania is systematically contributing to the TRATON GROUP ’s purpose: 
Transforming Transportation Together. For a sustainable world. 
 – Scania is also making good on this aspiration with the expansion of its 
range of battery electric models, which was announced in March. These in-
clude a 29-ton truck with a range of up to 520 kilometers per charge. The 
batteries feature a useful life of up to 1.3 million kilometers, which corre -
sponds to the typical service life of a truck.
 – Scania also made considerable progress in the pioneering field of autono -
mous driving in the first half of 2024. Scania launched a commercial pilot 
project for highway trips between logistics hubs and is using technology 
from Plus for driverless transit. As well as Scania, Plus is also working to -
gether with MAN and Navistar. Sales of autonomous trucks for use in mines 
were also launched. Scania has acquired several years of experience in this 
field in cooperation with its customers.
 
MAN
 – MAN already registered enormous interest in its battery electric heavy- duty 
eTruck in the first half of 2024. Almost 2,000 order requests and orders have 
been received, just seven months after the start of sales. The largest single 
order to date for 100 vehicles comes from Jacky Perrenot in France. 
 – MAN also reached a milestone in charging technology for battery electric 
commercial vehicles with the cooperation agreement it has entered into 
with ABB E-mobility, a technology company. The aim of this strategic part-
nership is for the two companies to work together more closely, particularly 
on the development of charging technology. MAN and ABB plan to join 
 forces on megawatt charging systems (MCSs) with the aim of making 
 sustainable and economical heavy-duty and long-haul passenger trans-
portation a reality.
 – The MAN brand will achieve further fuel savings in heavy-duty diesel trucks 
in the future by introducing the new Power Lion powertrain with the highly 
efficient D30 engine. It is based on the Group-wide Common Base Engine 
(CBE) platform, which is already part of the Scania and Navistar portfolios.
 
Navistar
 – Together with its competitors Daimler Truck North America and Volvo 
Group North America, Navistar launched a coalition to drive forward the 
 development of charging infrastructure for medium- and heavy-duty zero- 
emission commercial vehicles in the USA through industry-wide collabora-
tion. Membership of the Powering America’s Commercial Transportation 
(PACT) coalition is open to anyone interested in accelerating the ramp-up 
of zero-emission commercial vehicles and the infrastructure they need.
 – Navistar took an important step forward in expanding its dealer network 
for battery electric vehicles in the first half of 2024. More than 100 dealers 
are now licensed to distribute electric vehicles. This means that more  
than 30% of sales locations offer e-models from Navistar ’s International 
and IC Bus brands, together with the related vehicle services.
 – Like Scania and MAN, Navistar is also working with technology company 
Plus to introduce autonomous driving between transportation hubs. As 
part of this partnership, Navistar ’s International brand trucks equipped 
with SuperDrive technology are in operation in Texas. A safety driver is on 
board for each of the Level 4 journeys.

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7
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
5 Highlights in the First Half of 2024
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
Volkswagen Truck & Bus
 – Volkswagen Truck & Bus (VWTB) is making progress with the electrification 
of its product range. Following a lot of interest from customers in the bat -
tery electric e-Delivery distribution truck, the brand also announced in 
March 2024 that it will start producing the e-Volksbus in the second half of 
2024. The e-Volksbus will use some of the technology and parts of the 
e-Delivery to make it optimally suited to the operating conditions in Brazil 
and in VWTB’s other markets.
 – VWTB broke new ground in battery technology in the first half of 2024. 
 Together with Brazilian supplier CBMM and Japanese technology group 
Toshiba, VWTB conducted the first operational tests of a prototype of the 
e-Volksbus with combined lithium-ion and niobium batteries. This battery 
technology enables ultra-fast charging: charging the prototype for just ten 
minutes gives it enough energy to cover 60 kilometers. Other advantages 
include a high level of safety and a lifespan that is up to three times longer 
than that of conventional batteries.
 – VWTB also made further progress in expanding its global footprint. A 
 vehicle production facility was opened in Córdoba in cooperation with  
Volkswagen Group Argentina, with one assembly line producing five 
 vehicle models. VWTB aims to use local production to accelerate unit sales 
in the Argentinian market.

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8
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
2
of the TRATON GROUP as of June 30, 2024
INTERIM GROUP MANAGEMENT REPORT

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9
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
INTERIM GROUP MANAGEMENT REPORT
of the TRATON GROUP as of June 30, 2024
Report on Economic Position
1. Material events
Despite a 5% decline in unit sales, the TRATON GROUP generated sales 
 revenue of €23.4 billion (H1 2023: €22.9 billion) in the first half of 2024, up 2% 
year-on-year. Operating result (adjusted) came in at €2.1  billion (H1  2023: 
€2.0 billion), while operating return on sales (adjusted) increased by 0.4 per -
centage points from 8.6 to 9.1%.
Due to a fire at the plant of a mirror supplier, Navistar was unable to complete 
and deliver some of its trucks as planned in the second quarter of 2024. This 
had a temporary negative impact on the TRATON GROUP’s key performance 
indicators for the first half of 2024. However, the backlog in deliveries is expect-
ed to be largely cleared in the second half of 2024.
TRATON took the next steps on its journey to expand TRATON Financial  Services 
into a global captive financial services entity. TRATON Financial Services 
 acquired rights to future MAN Financial Services business in several European 
countries and began operations in the second quarter of 2024. A large part  
of the purchase price of €131 million had already been paid into an account at  
VW Bank in July 2023 and used.
In February, the Executive and Supervisory Boards of TRATON SE decided to 
strengthen Group-wide research and development as well as brand-specific 
development. To do this, significant parts of the research and development 
departments of the individual brands will be merged into a cross-brand orga-
nization. This new structure will drive forward the development of the TRATON 
Modular System with the aim of delivering sustainable, efficient, and connected 
transportation solutions to the market.
At its meeting in February, the Supervisory Board of TRATON SE extended the 
contracts of TRATON GROUP Executive Board members Alexander Vlaskamp 
and Mathias Carlbaum by five years in each case until 2029.
2. Market environment  
In the first half of 2024, the most important truck markets (> 6t) for the 
TRATON GROUP reported a slight decline overall in new registrations. This saw 
the pent-up demand from the pandemic period, which had led to high volumes 
in many markets in the previous year, return to normal.
New registrations of trucks in the EU27+3 region were still up slightly on the pre-
vious year’s comparative period in the first half of 2024 despite the weak macro-
economic environment. For example, the German and French markets grew 
moderately, while Italy posted  noticeable and Spain strong growth. In North 
America, the market for Class 6 through 8 trucks was down noticeably year-on-
year, which is attributable to the declining transportation sector and had a 
 direct negative impact on  demand for heavy-duty trucks. By contrast, the 
 Brazilian market saw significant positive growth, following a substantial de -
cline in the previous year on the back of the new emissions regulations. The 
market in Türkiye declined moderately in the first half of 2024 compared with 
the prior-year period, while a slight decline was recorded in South Africa. How-
ever, both regions had  posted record volumes in the previous year, which 
means they continued to perform at a high level.
The most important bus markets for the TRATON GROUP recorded a slight 
overall market decline in the first half of 2024, which is primarily attributable  
to the markets in Brazil and the USA/Canada. The Brazilian and North American 
bus markets experienced a moderate to sharp market decline in the first half 
of 2024, due in part to the very strong first half in the prior-year period. New 
registrations of buses in the EU27+3 region were up significantly on the prior- 
year level, albeit with widely varying rates between the individual countries 
and segments. Whereas  Germany, France, and the UK recorded noticeable 
growth, the Italian and Spanish markets were even up substantially or strongly 
on the previous year’s level.

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10
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
3. Results of operations
Incoming orders and unit sales  
INCOMING ORDERS AND UNIT SALES BY COUNTRY, TRATON OPERATIONS
Incoming orders Unit sales
Units H1 2024 H1 2023 Change H1 2024 H1 2023 Change
Total 125,416 125,258 0% 160,110 168,114 –5%
of which all-electric vehicles 1,706 1,054 62% 605 654 –7%
BEV unit sales ratio (excluding MAN TGE vans, in %) – – – 0.4 0.3 0.1 pp
Trucks 98,132 98,246 0% 132,372 139,843 –5%
EU27+3 34,577 48,307 –28% 54,673 60,094 –9%
of which in Germany 9,054 12,540 –28% 13,871 16,578 –16%
North America 23,198 17,050 36% 33,189 40,321 –18%
of which in the USA/Canada 17,607 13,472 31% 27,244 34,430 –21%
of which in Mexico 5,591 3,578 56% 5,945 5,891 1%
South America 28,657 19,325 48% 30,418 22,185 37%
of which in Brazil 24,832 15,536 60% 26,480 17,663 50%
Other regions 11,700 13,564 –14% 14,092 17,243 –18%
Buses 15,940 14,002 14% 13,020 14,848 –12%
EU27+3 3,795 2,838 34% 2,942 2,747 7%
of which in Germany 800 741 8% 702 743 –6%
North America 6,626 6,999 –5% 4,479 7,871 –43%
of which in the USA/Canada 5,220 5,201 0% 2,869 6,127 –53%
of which in Mexico 1,406 1,798 –22% 1,610 1,744 –8%
South America 4,155 2,976 40% 4,155 3,095 34%
of which in Brazil 3,335 2,223 50% 3,488 2,498 40%
Other regions 1,364 1,189 15% 1,444 1,135 27%
MAN TGE vans 11,344 13,010 –13% 14,718 13,423 10%
EU27+3 11,144 12,867 –13% 14,480 13,184 10%
of which in Germany 2,979 4,564 –35% 4,623 4,945 –7%

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11
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
Incoming orders were on the previous period’s level in the reporting period.  
In the truck business, the TRATON GROUP recorded unchanged incoming 
 orders, although regional developments varied greatly. There was a very strong 
increase in incoming orders in North and South America. Incoming orders for 
trucks  increased severely in Brazil in particular, although the previous year had 
been significantly impacted by the new emissions regulations that came into 
force at the time. In the EU27+3 region, the return to normal market demand 
led to a sharp decline in incoming orders. Incoming orders for MAN TGE vans 
also declined, although incoming orders for buses increased significantly 
compared with the previous year. This was driven primarily by the positive 
 development in the EU27+3 and South America regions.
The TRATON GROUP recorded a 5% decline in unit sales in the first half of 2024 
compared with the prior-year period. Truck unit sales also declined by 5%, 
which can be explained by demand returning to normal in the EU27+3 region 
and a model year change at MAN Truck & Bus. In the North America region, 
unit sales of trucks were also down on the comparative period due to a fire at a 
mirror supplier’s plant. Very strong unit sales growth was recorded in South 
America. The positive development in Brazil deserves particular mention here. 
Unit sales of buses were significantly lower than in the comparative period, 
 primarily due to the decline in unit sales in North America, which resulted from 
the delayed ramp-up of the new school bus model at Navistar. By contrast, unit 
sales increased in the EU27+3 region and in South America.
The book-to-bill ratio in the first half of 2024 was 0.8 (H1 2023: 0.7), with the 
 order backlog continuing to return to normal levels.
199 (H1 2023: 188) all-electric trucks, 359 (H1 2023: 294) all-electric buses,  
and 47 (H1 2023: 172) MAN eTGE models were sold in the reporting period. 
 Additionally, 47 (H1 2023: 104) hybrid trucks and 176 (H1 2023: 138) hybrid buses 
were sold.

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12
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
Profit and loss 
CONDENSED INCOME STATEMENT OF THE TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023
Sales revenue 23,387 22,854 22,759 22,335 921 737 –293 –217
Cost of sales –18,361 –18,304 –17,908 –17,980 –627 –482 174 158
Gross profit 5,026 4,550 4,852 4,354 294 255 –120 –58
Distribution expenses –1,873 –1,769 –1,642 –1,566 –107 –81 –123 –122
Administrative expenses –890 –775 –774 –669 –24 –19 –91 –87
Other operating result –199 –206 –154 –94 –54 –98 9 –14
Operating result 2,065 1,800 2,281 2,025 109 57 –325 –282
Operating result (adjusted) 2,121 1,973 2,338 2,097 109 158 –325 –282
Operating return on sales (adjusted) (in %) 9.1 8.6 10.3 9.4 11.8 21.5 – –
Financial result –284 –232 –392 925 1 0 107 –1,157
Earnings before tax 1,781 1,568 1,889 2,950 110 56 –218 –1,439
Income taxes –445 –329 –467 –619 –30 –50 52 341
Earnings after tax 1,336 1,238 1,422 2,331 80 6 –166 –1,099
Operating result
The TRATON GROUP increased its sales revenue by €533 million (2%) in the 
 reporting period. This growth is attributable in particular to a positive market 
and product mix and to good unit price realization in the TRATON Operations 
business area. Sales revenue in the TRATON Financial Services segment 
 increased by €184 million (25%) compared with the prior-year period. This was 
primarily due to a rise in portfolio volume and to higher interest income.
The TRATON GROUP’s gross profit improved by 10% compared with the prior- 
year period in the first half of 2024. This increase is attributable primarily to 
continued good price management combined with an improved cost struc -
ture in the TRATON Operations business area. The cost structure at MAN Truck 
& Bus in particular was positively influenced by the realignment program com-
pleted at the end of 2023. Higher research and development costs had a 
 negative impact on gross profit. Gross margin increased by 1.6  percentage 
points to 21.5% (H1 2023: 19.9%) in the TRATON GROUP and by 1.8 percentage 
points to 21.3% (H1 2023: 19.5%) in the TRATON Operations business area. 
The TRATON GROUP’s distribution expenses were up €103 million (6%) and 
 administrative expenses were up €115 million (15%) year-on-year. In both cases, 
the increase was primarily due to inflation-related cost increases, for example 
in personnel costs. The ratio of distribution and administrative expenses to 
sales revenue therefore rose by 0.7 percentage points to 11.8% (H1 2023: 11.1%).
Other operating result improved slightly by €8 million (4%) compared with the 
prior-year period. This improvement was mainly due to the discontinuation of 
charges amounting to €102 million in connection with the sale of Scania Finance 
Russia in the prior-year period. In the first half of 2024, the TRATON Operations

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13
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
business area was negatively impacted in particular by expenses for civil law -
suits against Scania and MAN in connection with the EU truck cases in individ-
ual countries. The TRATON Financial Services segment was also impacted by 
higher expenses from bad debt allowances year-on-year.
Due to the effects described above, the TRATON GROUP’s operating result in-
creased by €265 million (15%) compared with the prior-year period.
Adjustments to operating result
 
Adjustments (€ million)
 
H1 2024 H1 2023
Scania Vehicles & Services 35 72
of which legal proceedings and related measures 28 –
of which restructuring measures 7 72
MAN Truck & Bus 21 –
of which legal proceedings and related measures 21 –
TRATON Operations 56 72
TRATON Financial Services – 102
TRATON GROUP 56 173
 
 
Adjustments amounted to €56 million in the current reporting period. They in-
clude expenses of €49 million in connection with civil lawsuits against Scania 
and MAN as a result of the EU truck cases in individual countries. These were 
recognized in the course of the updated reassessment of risks. The adjust -
ments also contain €7  million in connection with the realignment of the 
 Scania bus business. Adjustments had amounted to €173 million in the prior- 
year period. They included €102  million in the TRATON Financial Services 
 segment in connection with the sale of Scania Finance Russia. Adjustments in 
the previous year had also included €72  million in the TRATON Operations 
business area in connection with the realignment of Scania’s bus business. The 
TRATON GROUP’s operating result (adjusted) therefore rose by €148 million 
(7%) year-on-year. 
The TRATON GROUP increased its operating return on sales (adjusted) by 
0.4 percentage points to 9.1% (H1 2023: 8.6%). In the TRATON Operations busi-
ness area, operating return on sales (adjusted) increased by 0.9  percentage 
points to 10.3% (H1 2023: 9.4%).   
Financial result
The TRATON GROUP’s financial result declined by €51 million (22%) in the first 
half of 2024 compared with the previous year. Currency translation effects  
on net financial debt were the main driver of the decline, particularly due  
to the devaluation of the Brazilian real. By contrast, the higher earnings of  
the  equity-method investment in Sinotruk (Hong Kong) Limited, Hong Kong, 
 China (Sinotruk) had a positive effect.    
Taxes
Income taxes rose by €116 million in the current reporting period. This corre-
sponds to a tax rate of 25% (H1 2023: 21%). The year-on-year increase in the tax 
rate is primarily due to the discontinuation of offsetting effects from the recog-
nition of loss carryforwards from previous years.
Earnings after tax
Earnings after tax in the first half of 2024 were up €97 million (8%) year-on-year. 
Earnings per share came to €2.67 (H1 2023: €2.48). Calculation of earnings per 
share was based on an average of 500 million shares. 
In line with the Executive Board’s and the Supervisory Board’s proposal, the 
Annual General Meeting of TRATON SE resolved on June 13, 2024, to pay out a 
dividend of €1.50 per no-par value share carrying dividend rights. This corre-
sponds to a total payout of €750 million, which was made on June 18, 2024.

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14
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
Segments of the TRATON GROUP
 
Scania Vehicles & Services
 
 
 
H1 2024 H1 2023 Change
Incoming orders (units) 39,405 38,698 2%
Sales (units) 52,298 46,450 13%
of which trucks 49,721 44,173 13%
of which buses 2,577 2,277 13%
Book-to-bill ratio 0.75 0.83 –0.08
Sales revenue (€ million) 9,698 8,619 13%
New Vehicles 6,686 5,526 21%
Vehicle Services business 1 1,915 1,857 3%
Others 1,097 1,236 –11%
Operating result (adjusted) (€ million) 1,406 1,158 248
Operating return on sales (adjusted) (in %) 14.5 13.4 1.1 pp
1 Including genuine parts and workshop services
 
Scania Vehicles & Services recorded a slight increase in incoming orders in the 
first half of 2024. A significant decline in incoming orders in the EU27+3 region 
was more than offset by very strong growth in Brazil. Unit sales rose signifi-
cantly, driven by the solid order backlog, more stable supply chains, and the 
increase in production volume.
Sales revenue also grew significantly year-on-year. This growth was mainly at-
tributable to the very strong increase in the New Vehicles business in South 
America. By contrast, sales revenue in the EU27+3 region was only slightly 
higher than in the previous year. In addition to the volume-related increase in 
sales revenue, operating result (adjusted) was lifted by a positive price and 
product mix and by lower product costs. The Vehicle Services business also 
had a positive impact as a result of improved margins. This was partly offset by 
higher personnel expenses.        
MAN Truck & Bus
 
 
 
H1 2024 H1 2023 Change
Incoming orders (units) 36,794 49,517 –26%
Sales (units) 49,352 56,173 –12%
of which trucks 31,680 40,423 –22%
of which buses 2,954 2,327 27%
of which MAN TGE vans 14,718 13,423 10%
Book-to-bill ratio 0.75 0.88 –0.14
Sales revenue (€ million) 7,069 7,036 0%
New Vehicles 4,412 4,349 1%
Vehicle Services business 1 1,458 1,414 3%
Others 1,200 1,272 –6%
Operating result (adjusted) (€ million) 581 476 104
Operating return on sales (adjusted) (in %) 8.2 6.8 1.4 pp
1 Including genuine parts and workshop services
 
MAN Truck & Bus recorded a sharp decline in incoming orders in the reporting 
period compared with the previous year. This was due in particular to weaker 
demand for trucks in the EU27+3 region. The significant year-on-year decline in 
unit sales is mainly attributable to the weak truck market environment in Ger-
many, a truck model year change in the first half of 2024, and catch-up effects 
in the comparative period. 
Sales revenue remained on a level with the prior-year period, due primarily to 
an improved product mix for trucks and MAN TGE vans. A positive operating 
performance in the bus business and in the Vehicle Services business offset 
the volume-related negative effect from the truck business on operating 
 result (adjusted). In addition, the realignment program completed at the end 
of 2023 had a positive effect on cost structure. By contrast, higher expenses for 
research and development had a negative impact.

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

15
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
Navistar Sales & Services
 
 
 
H1 2024 H1 2023 Change
Incoming orders (units) 27,378 21,139 30%
Sales (units) 35,312 45,791 –23%
of which trucks 31,817 38,841 –18%
of which buses 3,495 6,950 –50%
Book-to-bill ratio 0.78 0.46 0.31
Sales revenue (€ million) 4,674 5,585 –16%
New Vehicles 3,184 3,950 –19%
Vehicle Services business 1 928 1,056 –12%
Others 562 578 –3%
Operating result (adjusted) (€ million) 181 344 –163
Operating return on sales (adjusted) (in %) 3.9 6.2 –2.3 pp
1 Including genuine parts
 
Navistar Sales & Services recorded a very strong increase in incoming orders in 
the reporting period compared with the previous year. Incoming orders in the 
previous year had been affected by restrictive order acceptance resulting from 
limited production capacity following supply constraints. Unit sales were 
down sizably year-on-year. This was primarily the result of temporary delays  
in trucks’ final assembly due to missing parts, caused by a fire at a mirror 
 supplier’s plant in the second quarter of 2024. Additionally, the ramp-up of 
unit sales of the new school bus model has been delayed.
Sales revenue was also substantially lower year-on-year, primarily due to the 
decline in unit sales. In addition, sales revenue in the Vehicle Services business 
was impacted by a decline in transportation activity in the USA. The lower sales 
revenue in both the New Vehicles and the genuine parts business was the 
main driver for the decrease in operating result (adjusted). By contrast, im-
proved unit price realization positively impacted the result. 
 
Volkswagen Truck & Bus 
 
 
 
H1 2024 H1 2023 Change
Incoming orders (units) 21,858 16,105 36%
Sales (units) 23,392 20,081 16%
of which trucks 19,386 16,747 16%
of which buses 4,006 3,334 20%
Book-to-bill ratio 0.93 0.80 0.13
Sales revenue (€ million) 1,559 1,265 23%
New Vehicles 1,445 1,165 24%
Vehicle Services business 1 89 77 16%
Others 25 23 9%
Operating result (adjusted) (€ million) 184 117 67
Operating return on sales (adjusted) (in %) 11.8 9.3 2.5 pp
1 Including genuine parts and workshop services
 
Volkswagen Truck & Bus recorded a substantial increase in unit sales in the 
 reporting period. This was primarily attributable to lower truck and bus unit 
sales in the previous year due to the introduction of a new emissions standard. 
In addition to the volume-related increase in sales revenue, improved product 
positioning and unit price realization in Brazil positively impacted operating 
result (adjusted). Operating return on sales (adjusted) increased by 2.5  per -
centage points.

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

16
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
TRATON Financial Services 
 
 
 
H1 2024 H1 2023 Change
Sales revenue (€ million) 921 737 25%
Operating result (adjusted) (€ million) 109 158 –49
Operating return on sales (adjusted) (in %) 11.8 21.5 –9.7 pp
Earnings before tax (€ million) 110 56 54
Equity (€ million) 1 1,795 1,839 –44
Return on equity (in %) 11.9 5.6 6.3 pp
1 As of June 30
 
The expansion of MAN Financial Services activities started in the first half of 
2024 with market entry in several European countries. In addition, the Group’s 
own Navistar Financial Services business was further expanded. Operating 
 result (adjusted) was down €49 million year-on-year. The higher costs due to 
the integration as well as higher refinancing and risk costs were not offset by a 
higher portfolio volume.
At €110 million, earnings before tax were significantly higher than in the previ-
ous year. Earnings before tax in the first half of 2023 had been impacted by 
negative accumulated other comprehensive income of €102  million from 
 currency translation effects attributable to Scania Finance Russia, which were 
reclassified to the income statement upon disposal. This saw the return on 
 equity increase very strongly to 11.9% (H1 2023: 5.6%).

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

17
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
4. Financial position
Cash flow
CONDENSED STATEMENT OF CASH FLOWS OF THE TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023 H1 2024 H1 2023
Cash and cash equivalents as of 01/01 1,730 1,743 4,256 3,155 246 455 –2,772 –1,867
Gross cash flow 2,714 2,610 2,875 2,870 248 261 –409 –520
Change in working capital –2,836 –2,141 –1,819 –1,211 –1,359 –1,106 342 177
Net cash provided by/used in operating activities –123 470 1,055 1,658 –1,111 –845 –67 –343
Net cash provided by/used in investing activities  
attributable to operating activities –1,027 –746 –991 96 –37 –404 1 –438
Change in marketable securities, investment deposits, 
and loans –66 –95 1,006 –33 –13 21 –1,058 –83
Net cash provided by/used in investing activities –1,093 –841 15 63 –50 –383 –1,057 –521
Net cash provided by/used in financing activities 1,339 44 –947 –1,127 1,096 950 1,190 221
Effect of exchange rate changes on cash and  
cash equivalents –81 –35 –50 –24 –1 –3 –29 –8
Change in cash and cash equivalents 43 –362 74 571 –67 –281 36 –652
Cash and cash equivalents as of 06/30 1,773 1,381 4,330 3,726 179 174 –2,736 –2,519
Gross cash flow 2,714 2,610 2,875 2,870 248 261 –409 –520
Change in working capital –2,836 –2,141 –1,819 –1,211 –1,359 –1,106 342 177
Net cash provided by/used in investing activities  
attributable to operating activities –1,027 –746 –991 96 –37 –404 1 –438
Net cash flow –1,150 –276 64 1,754 –1,148 –1,250 –66 –781
The TRATON GROUP’s net cash provided by/used in operating activities fell by 
€592 million year-on-year to €–123 million in the first half of 2024. This was pri-
marily due to the €696  million increase in cash tied up in working capital, 
which is mainly attributable to the €421 million increase in inventories and the 
€368 million reduction in liabilities in working capital. By contrast, there was a 
€103 million increase in gross cash flow, which above all reflects the €265 mil-
lion increase in operating result. 
Cash tied up in working capital rose by a total of €2.8 billion in the reporting 
period. This primarily reflected the €1.5  billion increase in inventories due, 
among other things, to unfinished vehicles at Navistar as a result of a fire at the 
plant of a mirror supplier, delays in the ramp-up of Navistar ’s new school bus 
model, and the truck model year change at MAN Truck & Bus. It also reflected 
the €1.2  billion increase in financial services receivables resulting from the 
 expansion of the business volume and reported in net cash flow in the TRATON 
Financial Services segment.

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

18
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
Net cash used in investing activities attributable to operating activities rose by 
€281 million year-on-year to €–1.0 billion, which is primarily due to increased 
 investments of €223 million in property, plant, and equipment, intangible 
 assets, and capitalized development costs. In addition, there had been a positive 
effect of €96  million from the sale of Scania Finance Russia in the previous 
year. This effect was the result of the purchase price payment of €400 million 
in the TRATON Operations business area, less the disposal of the cash of Scania 
Finance Russia of €304 million, which affected the TRATON Financial Services 
business area.
In the previous year, the adjustment of the ownership structure of the financial 
services business had led to a positive effect of €499 million on net cash used 
in investing activities and on net cash flow in the TRATON Operations business 
area. At the same time, €547 million in dividends paid had increased net cash 
used in financing activities in the TRATON Operations business area. These 
 effects had been eliminated at the TRATON GROUP level.
Substantial repayments were made on the TRATON GROUP ’s internal loan 
 receivables in the first half of 2024, which increased the change in marketable 
securities, investment deposits, and loans in the TRATON Operations business 
area to €1.0 billion. These effects were eliminated within Corporate Items at the 
level of the TRATON GROUP.
Net cash used in financing activities in the first half of 2024 includes bond 
 issuances by the TRATON GROUP amounting to €4.0 billion (H1 2023: €2.0 bil-
lion), including €3.0 billion (H1 2023: €1.8 billion) issued by TRATON Finance 
Luxembourg S.A., Strassen, Luxembourg ( TRATON Finance), and allocated to 
Corporate Items. In return, repayments totaling €1.6 billion (H1 2023: €939 mil-
lion) were made. Of this amount, €1.0 billion (H1 2023: €12 million) was attribut-
able to TRATON Finance within Corporate Items and €219  million (H1  2023: 
€869 million) to Scania Vehicles & Services in the TRATON Operations business 
area. The bond issues and repayments related primarily to the European Medium 
Term Notes programs.
In addition, short-term loan liabilities to Volkswagen AG amounting to 
€853  million were incurred, compared with repayments of €970  million in  
the previous year. A long-term loan was also taken out with Volkswagen  
 International Finance N.V., Amsterdam, Netherlands, in the amount of 
€500  million (H1  2023: €– million), whereas a loan of €500  million from 
Volkswagen International Luxemburg S.A., Strassen, Luxembourg (Volkswagen 
International Luxemburg) had been repaid in 2023. Schuldscheindarlehen of 
€350  million (H1  2023: €– million) were repaid by TRATON SE . In addition, 
 miscellaneous financial liabilities decreased by €1.3 billion, in contrast to the 
increase of €906  million in the previous year, due for the most part to the 
 repayment of external loans as well as of commercial paper liabilities, which 
were primarily allocated to Corporate Items.   
Additionally, TRATON SE paid out a dividend of €750  million (previous year: 
€350 million) for fiscal year 2023, more than double the dividend in the previ-
ous year.
Capital expenditures, TRATON Operations
The increase in capital expenditures from €497 million to €662 million in the 
first half of 2024 is largely attributable to Scania Vehicles & Services, namely 
the construction of the production site in China.
Primary research and development costs, TRATON Operations
At €1.2 billion (H1 2023: €1.0 billion), primary research and development costs 
were higher in the first half of 2024 than in the prior-year period. The rise is 
 attributable to increased development activities in the area of forward-looking 
technologies such as e-mobility and for the development of the modular 
 system. Development costs of €392 million (H1 2023: €339 million) were capi-
talized, resulting in a capitalization ratio of 33.1% (H1 2023: 32.3%). Research and 
development costs not eligible for capitalization are included in cost of sales. 
For further information on how the research and development activities will  
be merged, refer to the “Material events” section.

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

19
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further 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 06/30/2024 12/31/2023 06/30/2024 12/31/2023 06/30/2024 12/31/2023 06/30/2024 12/31/2023
Cash and cash equivalents 1,773 1,730 4,330 4,256 179 246 –2,736 –2,772
Marketable securities, investment deposits, and loans to 
affiliated companies 394 427 421 1,653 258 331 –286 –1,557
Gross liquidity 2,167 2,157 4,751 5,909 438 576 –3,022 –4,329
Third-party borrowings –23,804 –21,704 –7,189 –6,527 –15,119 –14,347 –1,496 –830
Net liquidity/net financial debt –21,637 –19,547 –2,438 –617 –14,681 –13,770 –4,518 –5,159
Net financial debt rose by €2.1 billion to €21.6 billion in the first half of 2024, 
driven mainly by net cash flow development as described above.
The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations 
business area including Corporate Items was –1.2 (December 31, 2023: –1.0) as 
of June 30, 2024, and hence down by 0.2 on the prior-year comparative figure. 
This is due to the increase in net financial debt in the TRATON Operations busi-
ness area including Corporate Items to €7.0  billion (December 31, 2023: 
€5.8 billion), which was only partially offset by the increase in EBITDA (adjust-
ed) in the TRATON Operations business area including Corporate Items to 
€5.8 billion (December 31, 2023: €5.5 billion).

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

20
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
5. Net assets
Balance sheet analysis
CONDENSED BALANCE SHEET OF THE TRATON GROUP  
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million 06/30/2024 12/31/2023 06/30/2024 12/31/2023 06/30/2024 12/31/2023 06/30/2024 12/31/2023
Goodwill 6,102 6,083 366 367 – – 5,736 5,717
Intangible assets 7,176 7,114 4,610 4,475 19 15 2,547 2,624
Property, plant, and equipment 9,009 8,964 8,611 8,550 21 28 376 386
Assets leased out 5,326 5,658 5,178 5,504 861 874 –714 –720
Equity-method investments 1,502 1,482 308 286 6 4 1,189 1,192
Other equity investments 186 235 319 330 0 35 –133 –130
Income tax receivables 391 281 358 329 39 32 –6 –81
Deferred tax assets 2,495 2,366 2,761 2,562 167 151 –433 –347
Financial services receivables 14,252 13,321 0 1 14,277 13,345 –25 –25
Inventories 8,938 7,447 8,934 7,444 3 3 0 0
Trade receivables 3,749 3,894 3,152 3,233 863 839 –266 –179
Other assets 3,022 3,071 2,934 4,057 1,379 1,593 –1,292 –2,580
Marketable securities and investment deposits 119 53 86 53 33 – – –
Cash and cash equivalents 1,773 1,730 4,330 4,256 179 246 –2,736 –2,772
Total assets 64,039 61,699 41,948 41,446 17,848 17,166 4,243 3,087
Equity 16,724 16,488 10,500 10,246 1,795 1,884 4,429 4,358
Financial liabilities 23,804 21,704 7,189 6,527 15,119 14,347 1,496 830
Provisions for pensions  
and other post-employment benefits 1,758 1,847 1,734 1,823 9 9 14 15
Income tax payables 294 226 522 477 50 79 –279 –329
Deferred tax liabilities 756 681 572 472 101 103 83 106
Income tax provisions 316 280 105 76 4 4 207 201
Other provisions 3,657 3,527 3,560 3,427 7 13 90 88
Other liabilities 10,888 11,154 11,919 12,637 549 525 –1,580 –2,009
Trade payables 5,843 5,791 5,846 5,762 214 203 –216 –174
Total equity and liabilities 64,039 61,699 41,948 41,446 17,848 17,166 4,243 3,087

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

21
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
As of June 30, 2024, the TRATON GROUP’s total assets increased by €2.3 billion 
compared with December 31, 2023. This increase resulted primarily from the 
€1.5 billion rise in inventories and the €932 million increase in financial  services 
receivables. The €332 million decline in assets leased out and the €144 million 
decrease in trade receivables had an offsetting effect. On the liabilities side, 
 financial liabilities increased by €2.1 billion.
The decrease in assets leased out reflects a lower share of sales with buyback 
obligations. The increase in financial services receivables resulted primarily 
from the expansion of the financing business.
Inventories increased by €1.5  billion due to, among other things, unfinished 
 vehicles at Navistar as a result of a fire at the plant of a mirror supplier, delays 
in the ramp-up of Navistar ’s new school bus model, and the truck model year 
change at MAN Truck & Bus.
The €1.1 billion decrease in other assets in the TRATON Operations business 
area is due to the extensive repayment of internal TRATON GROUP loan receiv-
ables. These effects were eliminated within Corporate Items at the level of the 
TRATON GROUP.
The TRATON GROUP ’s total equity increased to €16.7  billion as of June 30, 
2024, compared with December 31, 2023. This is mainly due to the positive 
 total comprehensive income of €1.1 billion. This resulted from earnings after 
tax of €1.3 billion, plus the amount of €–215 million from other comprehensive 
income. It contained negative effects from the translation of financial state -
ments of foreign operations, marking-to-market of securities and hedging 
transactions, and positive effects including, in particular, actuarial gains from 
the remeasurement of pension obligations and plan assets due to the rise in 
interest rates. The acquisition of key aspects of the MAN Financial Services 
business reduced equity by €131 million. A dividend of €750 million was also 
paid out (see Note “7. Equity”).
Financial liabilities increased by €2.1 billion. This was primarily due to the net 
issuance of further bonds amounting to €2.0 billion under the European Medi-
um Term Notes program by TRATON Finance and the repayment of commer -
cial paper liabilities by TRATON Finance in the amount of €549  million. The 
€853 million increase in loan liabilities to Volkswagen AG with a simultaneous 
reduction in bank liabilities of €965  million had an additional impact (for 
 further information, see the “Financial position” section).
Provisions for pensions and other post-employment benefits decreased by 
€90 million due to various factors, including the increase in the discount rate 
in the USA and Germany.
Other provisions increased by €130  million. In particular, this reflected the 
 increased provisions for warranties and litigation risks. 
Other financial liabilities declined by €158 million due to the decrease in liabil-
ities under buyback agreements.
Other liabilities decreased by €108 million. This was mainly due to lower liabil-
ities from wages and salaries as well as buybacks. The increase in prepayments 
received had an offsetting effect.
Off-balance sheet commitments as of June 30, 2024, related to buyback guar-
antees of €2.9 billion (December 31, 2023: €2.9 billion), mainly to Volkswagen 
Group companies, to guarantees and sureties of €646 million (December 31, 
2023: €777 million), and to other contingent liabilities of €1.0 billion (Decem-
ber 31, 2023: €1.1 billion). Other contingent liabilities mainly contain contingent 
liabilities for potential tax risks, which primarily concern Volkswagen Truck & 
Bus in Brazil.
Other financial obligations were entered into, in particular for irrevocable 
credit commitments as well as purchase commitments.

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

22
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
On December 31, 2023, Volkswagen Finance Luxemburg S.A., a wholly owned 
 subsidiary of Volkswagen AG, held 89.72% of TRATON SE’s share capital. In the 
second quarter of 2024, Volkswagen Finance Luxemburg S.A. transferred 
9.72  percentage  points of the shares to its wholly owned subsidiary, 
Volkswagen International Luxemburg S.A.
Opportunities and Risks
The Report on Opportunities and Risks is meant to be read in conjunction with 
our comments in the 2023 Annual Report. There have been no material changes 
in the risk position of the TRATON GROUP compared with the disclosures in 
the 2023 Combined Management Report.
Important Legal Cases
TRATON SE’s 2023 Annual Report contains detailed information on important 
litigation and legal proceedings in the Notes to the Consolidated Financial 
Statements, Note “39. Litigation/legal proceedings.” There have been no other 
material developments since the publication of the Annual Report.   
MAN and Scania/EU antitrust proceedings
Although most of the cases are still at an early stage — including those that  
are still in the initial phase of evaluation and therefore cannot be assessed at 
 present — Scania and MAN have recognized provisions for certain cases in 
 individual countries. See the “Profit and loss” section for information on the 
significance for operating result.
VW Truck & Bus Ltda. 
The change in the law in September 2023 also led to a change in the  assessment 
of fines. The qualified fines were reduced from 150 to 100% of the amount 
owed. This was confirmed in a letter from the Brazilian Federal Public Prosecutor’s 
Office dated May 2024. The reduction represents a partial success in Phase 2. 
Due to the potential range of penalties plus interest which could apply under 
Brazilian law, the estimated size of the risk in the event that the tax authorities are 
able to prevail overall with their view is uncertain. The partial success in Phase 2 
has reduced the risk from approximately BRL 3.4 billion (equivalent to €637 mil-
lion as of December 31, 2023) to approximately BRL 3.3  billion (equivalent to 
€559 million as of June 30, 2024) for the contested period from 2009 onward. 
Update on the MAN SE merger squeeze-out  
An oral hearing has been scheduled for October 2024.
Report on Expected Developments
Based on the Company’s business performance in the first half of 2024 and 
given the unchanged expectations on the whole for the development of the 
truck and bus markets relevant for the TRATON GROUP, the Executive Board of 
TRATON SE is confirming the forecast for 2024 published in the 2023 Annual 
Report for all key performance indicators. 
The financial management of the TRATON GROUP was adjusted in the first half 
of 2024. Return on investment (ROI) in the TRATON Operations business area 
is no longer used for internal management and is therefore no longer consid-
ered one of the most important financial key performance indicators. This 
means that no forecast is being made for this indicator for 2024.

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

23
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
9 Report on Economic Position
22 Opportunities and Risks
22 Important Legal Cases
22 Report on Expected Developments
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
 
 Actual 2023
Forecast 2024 
2023 Annual Report
Forecast 2024 
3M 2024  
Interim Statement
Forecast 2024 
2024 Half-Year Financial 
Report
TRATON GROUP     
Sales (units) 338,183 –5–10% –5–10% –5–10%
Sales revenue (€ million) 46,872 –5–10% –5–10% –5–10%
Operating return on sales (adjusted) (in %) 8.6 8.0–9.0 8.0–9.0 8.0–9.0
TRATON Operations     
Sales revenue (€ million) 45,736 –5–10% –5–10% –5–10%
Operating return on sales (adjusted) (in %) 9.3 9.0–10.0 9.0–10.0 9.0–10.0
Net cash flow (€ million) 3,594 1 2,300–2,800 2,300–2,800 2,300–2,800
Capex (€ million) 1,516 sharp increase sharp increase sharp increase
Primary R&D costs (€ million) 2,170 moderate increase moderate increase moderate increase
TRATON Financial Services      
Return on equity (in %) 8.4 7.0–10.0 7.0–10.0 7.0–10.0
1 This contained effects from the sale of the Russia activities and the adjustment of the ownership structure of the financial services business amounting to €899 million.

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

24
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
3
as of June 30, 2024 
CONDENSED HALF-YEARLY  
CONSOLIDATED FINANCIAL STATEMENTS

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

25
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
Income Statement
of the TRATON GROUP for the period from January 1 to June 30
 
€ million H1 2024 H1 2023
Sales revenue 23,387 22,854
Cost of sales –18,361 –18,304
Gross profit 5,026 4,550
Distribution expenses –1,873 –1,769
Administrative expenses –890 –775
Net impairment losses on financial assets –69 –27
Other operating income 890 716
Other operating expenses –1,020 –896
Operating result 2,065 1,800
Share of earnings of equity-method investments 102 30
Interest income 282 157
Interest expense –512 –406
Other financial result –156 –14
Financial result –284 –232
Earnings before tax 1,781 1,568
Income taxes –445 –329
current –514 –455
deferred 69 125
Earnings after tax 1,336 1,238
of which attributable to shareholders of TRATON SE 1,337 1,238
of which attributable to noncontrolling interests –1 0
Earnings per share in € (diluted/basic) 2.67 2.48
CONDENSED HALF-YEARLY  
CONSOLIDATED FINANCIAL 
 STATEMENTS AS OF JUNE 30, 2024

===== SIDA 26 =====

26
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
Condensed Statement of Comprehensive Income  
of the TRATON GROUP for the period from January 1 to June 30
 
€ million
 
H1 2024 H1 2023
Earnings after tax 1,336 1,238
Pension plan remeasurements recognized in other comprehensive income, net of tax 92 83
Fair value measurement of other equity investments, net of tax –32 4
Share of other comprehensive income of equity-method investments that will not be reclassified subsequently to profit or loss, net of tax 1 3
Items that will not be reclassified subsequently to profit or loss 61 90
Currency translation differences, net of tax –257 –225
Cash flow hedges, net of tax –24 –11
Cost of hedging, net of tax 1 8
Share of other comprehensive income of equity-method investments that will be reclassified subsequently to profit or loss, net of tax 3 –2
Items that will be reclassified subsequently to profit or loss –276 –230
Other comprehensive income, net of tax –215 –140
Total comprehensive income 1,121 1,098
of which attributable to shareholders of TRATON SE 1,122 1,099
of which attributable to noncontrolling interests –1 0

===== SIDA 27 =====

27
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
Balance Sheet   
Assets of the TRATON GROUP as of June 30, 2024, and December 31, 2023
 
€ million 06/30/2024 12/31/2023
Noncurrent assets   
Goodwill 6,102 6,083
Intangible assets 7,176 7,114
Property, plant, and equipment 9,009 8,964
Assets leased out 5,326 5,658
Equity-method investments 1,502 1,482
Other equity investments 186 235
Noncurrent income tax receivables 144 109
Deferred tax assets 2,495 2,366
Noncurrent financial services receivables 8,363 7,767
Other noncurrent financial assets 403 469
Other noncurrent receivables 282 350
 40,987 40,598
Current assets   
Inventories 8,938 7,447
Trade receivables 3,749 3,894
Current income tax receivables 247 172
Current financial services receivables 5,889 5,554
Other current financial assets 955 918
Other current receivables 1,383 1,334
Marketable securities and investment deposits 119 53
Cash and cash equivalents 1,773 1,730
 23,052 21,101
Total assets 64,039 61,699

===== SIDA 28 =====

28
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
Balance Sheet   
Equity and liabilities of the TRATON GROUP as of June 30, 2024, and December 31, 2023
 
€ million 06/30/2024 12/31/2023
Equity    
Subscribed capital 500 500
Capital reserves 13,295 13,295
Retained earnings 5,916 5,464
Accumulated other comprehensive income –2,993 –2,777
Equity attributable to shareholders of TRATON SE 16,719 16,482
Noncontrolling interests 5 6
 16,724 16,488
Noncurrent liabilities   
Noncurrent financial liabilities 15,982 14,044
Provisions for pensions and other post-employment benefits 1,758 1,847
Deferred tax liabilities 756 681
Noncurrent income tax provisions 275 264
Other noncurrent provisions 1,562 1,534
Other noncurrent financial liabilities 1,862 2,172
Other noncurrent liabilities 2,306 2,299
 24,501 22,842
Current liabilities   
Current financial liabilities 7,822 7,660
Trade payables 5,843 5,791
Current income tax payables 293 226
Current income tax provisions 41 16
Other current provisions 2,095 1,993
Other current financial liabilities 2,268 2,115
Other current liabilities 4,452 4,567
 22,814 22,369
Total equity and liabilities 64,039 61,699

===== SIDA 29 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
Statement of Changes in Equity   
of the TRATON GROUP for the period from January 1 to June 30
 
Accumulated other comprehensive income
Items that will be reclassified 
subsequently to profit or loss
€ million
Subscribed 
capital
Capital 
reserves
Retained 
earnings
Currency 
translation
Cash flow 
hedges
Equity-method 
investments
Balance as of 01/01/2023 500 13,695 2,964 –2,180 23 8
Earnings after tax – – 1,238 – – –
Other comprehensive income, net of tax – – – –225 –4 –2
Total comprehensive income – – 1,238 –225 –4 –2
Dividend payout – – –350 – – –
Balance as of 06/30/2023 500 13,695 3,852 –2,404 19 7
Balance as of 01/01/2024 500 13,295 5,464 –2,096 13 5
Earnings after tax – – 1,337 – – –
Other comprehensive income, net of tax – – – –257 –22 3
Total comprehensive income – – 1,337 –257 –22 3
Dividend payout – – –750 – – –
Effect from business combinations under common control 1 – – –131 – – –
Other changes – – –4 – – –
Balance as of 06/30/2024 500 13,295 5,916 –2,352 –9 8
1 See Note “4. Acquisitions” for more information

===== SIDA 30 =====

30
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
 
Accumulated other comprehensive income
Items that will not be reclassified 
subsequently to profit or loss
€ million
Pension plan 
remeasure- 
ments
Equity-method 
investments
Other equity 
investments
Equity 
attributable to 
shareholders of 
TRATON SE
Noncontrolling 
interests Total
Balance as of 01/01/2023 –90 –6 –547 14,368 6 14,374
Earnings after tax – – – 1,238 0 1,238
Other comprehensive income, net of tax 83 3 4 –140 0 –140
Total comprehensive income 83 3 4 1,099 0 1,098
Dividend payout – – – –350 – –350
Balance as of 06/30/2023 –7 –3 –543 15,116 6 15,122
Balance as of 01/01/2024 –162 –3 –534 16,482 6 16,488
Earnings after tax – – – 1,337 –1 1,336
Other comprehensive income, net of tax 92 1 –32 –215 0 –215
Total comprehensive income 92 1 –32 1,122 –1 1,121
Dividend payout – – – –750 0 –750
Effect from business combinations under common control 1 – – – –131 – –131
Other changes – – – –4 – –4
Balance as of 06/30/2024 –71 –2 –567 16,719 5 16,724
1 See Note “4. Acquisitions” for more information

===== SIDA 31 =====

31
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
Statement of Cash Flows   
of the TRATON GROUP for the period from January 1 to June 30
 
€ million
 
H1 2024 H1 2023
Cash and cash equivalents as of 01/01 1,730 1,743
Earnings before tax 1,781 1,568
Income taxes paid –511 –470
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment property 1 706 684
Amortization of, and impairment losses on, capitalized development costs 1 252 220
Impairment losses on equity investments 1 0 1
Depreciation and amortization of products leased out 1 485 539
Change in pension obligations –7 6
Earnings on disposal of noncurrent assets and equity investments –3 103
Share of earnings of equity-method investments –102 –29
Other noncash income/expense 111 –12
Change in inventories –1,542 –1,120
Change in receivables (excluding financial services) 25 –193
Change in liabilities (excluding financial liabilities) –156 211
Change in provisions 150 239
Change in products leased out –131 –300
Change in financial services receivables –1,182 –978
Net cash provided by/used in operating activities –123 470
Investments in intangible assets (excluding capitalized development costs) and in property, plant, and equipment 2 –668 –499
Additions to capitalized development costs –392 –339
Investments to acquire subsidiaries and other businesses –12 3
Investments to acquire other investees –9 –39
Proceeds from the disposal of subsidiaries 24 96
Proceeds from the disposal of other investees 3 –
Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property 27 31
Change in marketable securities and investment deposits –30 –150
Change in loans –35 54
1 Net of impairment reversals   
2 Of which in the TRATON Operations business area: €–662 million (H1 2023: €–497 million)

===== SIDA 32 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
 
€ million
 
H1 2024 H1 2023
Net cash used in investing activities –1,093 –841
Dividend payouts –750 –350
Proceeds from the issuance of bonds 3,977 2,033
Repayment of bonds –1,554 –939
Repayment of Schuldscheindarlehen –350 –
Proceeds from loans extended by Volkswagen companies 3 1,466 –
Loan repayments to Volkswagen companies 4 – –1,470
Change in miscellaneous financial liabilities –1,315 906
Repayment of lease liabilities –135 –136
Net cash provided by financing activities 1,339 44
Effect of exchange rate changes on cash and cash equivalents –81 –35
Change in cash and cash equivalents 43 –362
Cash and cash equivalents as of 06/30 1,773 1,381
3 Volkswagen AG, Volkswagen International Finance, Volkswagen Group of America Finance
4 Volkswagen AG, Volkswagen International Luxemburg

===== SIDA 33 =====

33
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
NOTES
1. Basis of preparation
Information about the Company and basis of reporting
TRATON SE , Munich, Germany (the Company, TRATON) is the parent company of the TRATON GROUP (the Group). 
TRATON is registered in the commercial register at the Munich Local Court under no. 246068.
In accordance with Regulation 1606/2002 of the European Parliament and of the Council, the TRATON GROUP prepared 
its Consolidated Financial Statements for fiscal year 2023 in compliance with International Financial Reporting Stan-
dards (IFRSs), as adopted by the European Union. The accompanying Condensed Half-Yearly Consolidated Financial 
Statements (Half-Yearly Consolidated Financial Statements) of TRATON SE as of June 30, 2024, comply with the applica-
ble requirements of the Wertpapierhandelsgesetz (WpHG — German Securities Trading Act) and were prepared in 
compliance with IFRSs, as adopted by the European Union, and in particular with IAS 34 Interim Financial Reporting. 
They do not contain all the information and disclosures required by IFRSs for full-year consolidated financial statements. 
The Half-Yearly Consolidated Financial Statements should therefore be read in conjunction with the Consolidated 
 Financial Statements for the fiscal year ended December 31, 2023, and the additional information contained therein. 
From the Executive Board’s perspective, the accompanying Half-Yearly Consolidated Financial Statements reflect all 
standard intraperiod adjustments required for the presentation of a true and fair view of the Group’s net assets, financial 
position, and results of operations. The results presented for the first six months of fiscal year 2024 are not necessarily 
indicative of future results. 
Preparation of the half-yearly consolidated financial statements requires the Executive Board to make certain assump-
tions and estimates affecting the measurement and presentation of assets and liabilities and income and expenses for 
the period. Actual amounts may differ from these estimates. 
The accompanying Half-Yearly Consolidated Financial Statements were reviewed by an auditor within the meaning of 
section 115 of the WpHG.

===== SIDA 34 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
2. Accounting policies
New accounting pronouncements applied
TRATON has applied all accounting pronouncements adopted by the EU and required to be applied for periods begin-
ning on or after January 1, 2024. The amended pronouncements did not materially affect the TRATON GROUP’s Half-Yearly 
Consolidated Financial Statements.
Other accounting policies
The income tax expense for the Half-Yearly Consolidated Financial Statements was calculated on the basis of the  average 
annual tax rate that is expected for the entire fiscal year, in accordance with IAS 34. 
In the accompanying Half-Yearly Consolidated Financial Statements, a discount rate of 3.7% (December 31, 2023: 3.3%) 
was used for provisions for pensions and other post-employment benefits in Germany, 5.4% (December 31, 2023: 5.0%) 
in the USA, and 3.3% (December 31, 2023: 3.3%) in Sweden.
In all other respects, the same accounting policies and consolidation principles were generally applied to the prepara-
tion of the Half-Yearly Consolidated Financial Statements and the computation of the prior-year comparative figures as 
to the 2023 Consolidated Financial Statements. A detailed description of these accounting policies is given in the Notes 
to the 2023 Consolidated Financial Statements under “Accounting policies” and at the beginning of the relevant section 
in the Notes that follow.

===== SIDA 35 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
3. Segment reporting
of the TRATON GROUP for the period from January 1 to June 30
 
For information on the basis used for identifying reportable segments, refer to the TRATON GROUP ’s Consolidated 
 Financial Statements as of December 31, 2023.  
REPORTING SEGMENTS H1 2024
€ million
Scania  
Vehicles &  
Services 
MAN  
Truck & Bus 
Navistar  
Sales &  
Services 
Volkswagen 
Truck & Bus
TRATON  
Financial  
Services 
Total 
segments Reconciliation
TRATON 
GROUP
of which 
TRATON 
Operations 
Total sales revenue 9,698 7,069 4,674 1,559 921 23,921 –534 23,387 22,759
Intragroup sales revenue –259 –192 –18 –1 –72 –542 542 – –234
External sales revenue 9,439 6,877 4,656 1,557 849 23,379 9 23,387 22,526
Operating result (adjusted) 1,406 581 181 184 109 2,461 –340 2,121 2,338
REPORTING SEGMENTS H1 2023
€ million
Scania  
Vehicles &  
Services 
MAN  
Truck & Bus 
Navistar  
Sales &  
Services 
Volkswagen 
Truck & Bus
TRATON  
Financial  
Services 
Total 
segments Reconciliation
TRATON 
GROUP
of which 
TRATON 
Operations 
Total sales revenue 8,619 7,036 5,585 1,265 737 23,242 –387 22,854 22,335
Intragroup sales revenue –197 –140 15 –3 –63 –387 387 – –152
External sales revenue 8,422 6,895 5,600 1,263 674 22,855 0 22,854 22,183
Operating result (adjusted) 1,158 476 344 117 158 2,254 –280 1,973 2,097

===== SIDA 36 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
The reconciliation of aggregated segment results to the TRATON GROUP’s earnings before tax is as follows:
 
€ million
 
H1 2024 H1 2023
Operating result (adjusted), total segments 2,461 2,254
Adjustments in connection with the war in Ukraine – –102
Adjustments related to legal proceedings and related measures –49 –
Adjustments related to restructurings –7 –72
Operating result, TRATON Holding –86 –100
Earnings effects from purchase price allocation not allocated to the segments –141 –146
Consolidation –113 –35
Operating result of the TRATON GROUP 2,065 1,800
Financial result –284 –232
Earnings before tax of the TRATON GROUP 1,781 1,568
4. Acquisitions
On July 12, 2023, companies of the TRATON GROUP and companies of the Volkswagen Group signed a framework 
agreement on the acquisition of key aspects of the global financial services business of MAN and Volkswagen Truck & 
Bus (VWTB). TRATON Financial Services is gradually acquiring the rights to the future financial services business for 
MAN and VWTB customers in 14 countries that was most recently managed by Volkswagen Financial Services AG, 
Braunschweig, and its subsidiaries (Volkswagen Financial Services). The existing portfolio will remain with Volkswagen 
Financial Services. On July 19, 2023, TRATON Financial Services AB, Södertälje, Sweden, paid €275  million into an   
account at Volkswagen Bank GmbH, Braunschweig (VW Bank) for the acquisition, which was reported in net cash used 
in investing activities in 2023.
The rights to the future MAN financial services business were acquired in Spain effective May 1, 2024, and in Germany 
and Poland effective June 1, 2024. The consideration transferred amounted to €131 million, of which €105 million was 
 attributable to the acquisition in Germany, €16 million to the acquisition in Spain, and €11 million to the acquisition in 
Poland. An amount of €119 million was used from the account at VW Bank and a further €12 million was settled with 
cash and cash equivalents. Transfer of the business operations in the three countries is accounted for as a business 
 combination under common control using the book-value method. The carrying amounts of the assets acquired and

===== SIDA 37 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
 liabilities assumed are not material. The difference between the consideration transferred and the sum of the carrying 
amounts acquired at the acquisition dates amounts to €131 million and is recognized in equity as “Effect from business 
combinations under common control” under retained earnings. 
The transfers in the remaining countries had not yet been completed as of June 30, 2024.
5. Sales revenue
Structure of sales revenue
H1 REPORTING PERIOD
H1 2024 H1 2023
€ million
Scania  
Vehicles 
& Services 
MAN  
Truck & 
Bus 
Navistar  
Sales &  
Services 
Volks-
wagen 
Truck & 
Bus 
TRATON  
Financial  
Services 
Recon-
ciliation Total
of which 
TRATON 
Opera-
tions
Scania  
Vehicles 
& Services 
MAN  
Truck & 
Bus 
Navistar  
Sales &  
Services 
Volks-
wagen 
Truck & 
Bus 
TRATON  
Financial  
Services 
Recon-
ciliation Total
of which 
TRATON 
Opera-
tions
New vehicles 6,686 4,412 3,184 1,445 – –46 15,680 15,703 5,526 4,349 3,950 1,165 – 17 15,008 14,976
Genuine parts 1,389 1,029 928 80 – –17 3,410 3,411 1,362 1,002 1,056 69 – –14 3,476 3,477
Used vehicles and 
third-party products 445 336 390 1 16  0 1,186 1,171 539 339 417 3 8  0 1,306 1,298
Engines, power-
trains, and parts  
deliveries 232 418 – – – –168 482 482 231 441 – – – –134 538 538
Workshop services 527 428 – 9 – –1 963 964 495 412 – 8 – –1 914 915
Rental and leasing 
business 310 392 23 – 245 –193 777 724 343 420 21 – 240 –180 844 784
Interest and similar 
income 0 – 0 – 660 –72 588 0 0 – – – 488 –62 426 0
Other sales revenue 110 54 150 24 – –37 301 305 122 73 140 20 – –13 342 347
 9,698 7,069 4,674 1,559 921 –534 23,387 22,759 8,619 7,036 5,585 1,265 737 –387 22,854 22,335
Sales revenue for the first six months of 2024 includes income from operating leases in the amount of €590 million 
(H1 2023: €641 million).

===== SIDA 38 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
6.  Further income statement disclosures
The TRATON GROUP’s operating result rose by €265 million or 15% year-on-year in the first half of 2024 to a total of 
€2,065 million (H1 2023: €1,800 million). The main drivers of the increase were a positive market and product mix, better 
unit price realization, and an improved cost structure. The cost structure at MAN Truck & Bus in particular was positively 
influenced by the realignment program completed at the end of 2023. This improvement was also due to the discontin-
uation of charges amounting to €102  million in connection with the sale of Scania Finance Russia in the prior-year 
 period. This was offset in particular by increased distribution and administrative expenses as well as higher research and 
development expenses. In addition, the TRATON Operations business area was negatively impacted in the first half of 
2024 in particular by expenses of €49 million for civil lawsuits against Scania and MAN in connection with the EU truck 
cases in individual countries. The TRATON Financial Services segment was also impacted by higher expenses from bad 
debt allowances on receivables year-on-year.
The TRATON GROUP’s financial result declined by €51 million in the first half of 2024 compared with the previous year. 
Currency translation effects on net financial debt were the main driver of the decline, particularly due to the devaluation 
of the Brazilian real. By contrast, the higher earnings of the equity-method investment in Sinotruk (Hong Kong) Limited, 
Hong Kong, China (Sinotruk) had a positive effect. 
Income taxes rose by €116 million in the current reporting period. This corresponds to a tax rate of 25% (H1 2023: 21%). 
The higher tax rate year-on-year is primarily due to the discontinuation of offsetting effects from the recognition of loss 
carryforwards from previous years.
7. Equity
Following the 2024 Annual General Meeting, TRATON SE paid its shareholders a dividend of €1.50 (previous year: €0.70) per 
share. This corresponds to a total payout of €750 million (previous year: €350 million), which was made on June 18, 2024.
For further information on the effects of business combinations under common control recognized in equity, see Note 
“4. Acquisitions.”

===== SIDA 39 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
8. Financial liabilities
The details of noncurrent and current financial liabilities are presented in the following table:
 
€ million 06/30/2024 12/31/2023
Bonds 14,002 11,576
Liabilities to banks 4,955 5,920
Loans and short-term borrowings from Volkswagen AG 1,650 797
Lease liabilities 1,133 1,181
Commercial paper 662 1,121
Loans from Volkswagen International Finance 500 –
Loans from Volkswagen Group of America Finance 488 359
Schuldscheindarlehen 350 700
Loans and miscellaneous liabilities 64 50
 23,804 21,704
 
Financial liabilities from bonds mainly relate to European Medium Term Notes (EMTNs).
TRATON has a €12,000  million European Medium Term Notes program (EMTN program) in place. TRATON Finance 
 Luxembourg S.A., Strassen, Luxembourg (TRATON Finance) is using the issuance program to raise capital for general cor-
porate purposes, and the capital raised is used as needed within the TRATON GROUP. Under the program, TRATON 
 Finance issued bonds totaling €3,038 million (H1 2023: €1,805 million) in the first half of 2024 and made repayments of 
€1,015 million (H1 2023: €12 million). Liabilities with a carrying amount of €10,167 million (December 31, 2023: €8,131 million) 
were reported under this EMTN program as of June 30, 2024. These were partly hedged using interest rate derivatives. 
Scania uses a €5,000 million EMTN program. Liabilities with a carrying amount of €2,063 million (December 31, 2023: 
€2,326 million) were reported under this program as of June 30, 2024. No bonds (H1 2023: bonds of €134 million) were 
issued and bonds of €219 million (H1 2023: €869 million) were repaid in the first half of 2024. 
TRATON launched a €2,500 million commercial paper program on September 12, 2023, of which liabilities with a carry-
ing amount of €441 million (December 31, 2023: €990 million) were disclosed as of the reporting date. This reduced 
 liabilities under this program by €549 million in the first half of 2024.

===== SIDA 40 =====

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TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
TRATON SE repaid liabilities from Schuldscheindarlehen in the amount of €350 million (H1 2023: €– million) in the first 
half of 2024. 
In the first half of 2024, loan liabilities to Volkswagen AG increased by €853 million through short-term borrowings, and 
a long-term loan of €500 million was taken out with Volkswagen International Finance N.V., Amsterdam (Volkswagen 
International Finance). At the same time, loan liabilities to banks were reduced. 
9. Additional financial instruments disclosures
As a rule, the fair value of financial instruments measured at amortized cost approximates their carrying amount. This is 
not the case for the following financial instruments:
 
€ million
Carrying 
amount as of 
06/30/2024
Fair value as of 
06/30/2024
Carrying 
amount as of 
12/31/2023
Fair value as of 
12/31/2023
Noncurrent assets     
Financial services receivables 4,608 4,596 4,327 4,331
Noncurrent liabilities     
Financial liabilities 15,088 15,166 13,102 13,045
Other financial liabilities 1,594 1,558 1,733 1,687
Other equity investments measured at fair value are categorized within Level 3 of the fair value hierarchy and comprise 
shares in unlisted companies for which there is no active market. The fair value of these shares in the amount of €134 mil-
lion (December 31, 2023: €127 million) as of June 30, 2024, is determined using prices from previous transactions. These 
include shares of TuSimple Holdings Inc., San Diego, USA, which were delisted in February 2024. As market prices are no 
longer available, the shares with a value of €13 million were reclassified from Level 1 of the fair value hierarchy into Level 3. 
In the first half of 2024, a change in value of €–13 million (H1 2023: €0 million) was recognized in other comprehensive 
 income in the “Fair value measurement of other equity investments” item, of which €–13 million (H1 2023: €0 million) 
 relates to the shares in Level 3 of the fair value hierarchy.

===== SIDA 41 =====

41
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
In addition, as of June 30, 2024, there were receivables of €64 million (December 31, 2023: €73 million), which are reported 
in “Other financial assets” and categorized within Level 3 of the fair value hierarchy. The “Other financial assets” item 
 includes a receivable relating to contingent consideration from the disposal of International Indústria Automotiva Da 
América Do Sul Ltda., São Paulo, Brazil (MWM), a Brazilian engine plant. €11 million of this amount was paid in the first half 
of 2024. The receivable is measured at fair value through profit or loss and categorized within Level 3 of the fair value 
 hierarchy, since it was measured using probability and usage assumptions. In addition, the “Other financial assets” item 
also includes receivables from associates arising from convertible loan agreements. The receivables are measured at fair 
value through profit or loss and categorized within Level 3 of the fair value hierarchy, as assumptions are made regarding 
the various conversion scenarios and their probability of occurrence. Income/expenses of €6 million (H1 2023: €0 million) 
were recognized from these items in other financial result.
The other financial assets and liabilities measured at fair value mainly consist of derivatives that are not included in 
hedge accounting and are categorized within Level 2 of the fair value hierarchy. The fair value of Level 2 financial instru-
ments is determined on the basis of the conditions prevailing at the end of the reporting period, such as interest rates or 
exchange rates, and using recognized models, such as discounted cash flow or option pricing models. As of June 30, 
2024, the fair value of these other financial assets amounted to €301 million (December 31, 2023: €298 million), and the 
fair value of these other financial liabilities amounted to €396 million (December 31, 2023: €399 million).

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42
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
10.  Contingent liabilities and commitments
 
€ million 06/30/2024 12/31/2023
Liabilities under buyback guarantees 2,945 2,926
Contingent liabilities under guarantees 646 777
Other contingent liabilities 990 1,133
 4,581 4,835
 
Customer liabilities to financial services companies of the Volkswagen Group, to joint ventures, and, to a small extent, to 
third parties are covered by standard industry buyback guarantees under which TRATON is obliged to buy back vehicles 
from the financial services company in the event of default. Liabilities under buyback guarantees as of June 30, 2024, 
amounted to €2,793 million (December 31, 2023: €2,781 million) owed to financing companies of the Volkswagen Group, 
€144 million (December 31, 2023: €134 million) owed to joint ventures, and €8 million (December 31, 2023: €11 million) 
owed to third parties. The maximum expenses from such obligations are shown under “Liabilities under buyback guar-
antees.” However, experience shows that the majority of these guarantees expire without being drawn upon.
As of June 30, 2024, contingent liabilities under guarantees include financial guarantees of €611 million (December 31, 
2023: €742 million). These are mostly default guarantees of Navistar in favor of banks.
Other contingent liabilities mainly include contingent liabilities for potential charges from tax risks, which relate  primarily 
to Volkswagen Truck & Bus and have decreased above all as a result of currency translation and the decrease in the 
 qualified fines.

===== SIDA 43 =====

43
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
11.  Related party disclosures
On June 30, 2024, Volkswagen Finance Luxemburg S.A., a wholly owned subsidiary of Volkswagen AG, held 80.00% 
 (December 31, 2023: 89.72%) and Volkswagen International Luxemburg 9.72% (December 31, 2023: –%) of TRATON SE’s 
share capital. Additionally, Mr. Levin held 3,600 (December 31, 2023: 3,600) shares of TRATON SE on June 30, 2024. 
The following tables present the amounts of supplies and services transacted, as well as outstanding receivables and 
obligations, between consolidated companies of the TRATON GROUP and its related parties, including Volkswagen AG. 
There were no significant transactions with Porsche Automobil Holding SE, Stuttgart, Volkswagen Finance Luxemburg 
S.A., or the state of Lower Saxony in any of the reporting periods presented.
RELATED PARTIES
Sales and 
services rendered
Purchases and 
services received
€ million H1 2024 H1 2023 H1 2024 H1 2023
Volkswagen AG 9 1 123 119
Other subsidiaries and equity investments of 
 Volkswagen AG that are not part of the TRATON GROUP 966 985 623 566
Unconsolidated subsidiaries 6 13 5 5
Associates and their majority-owned interests 107 116 55 116
Joint ventures and their majority-owned interests 39 7 23 24

===== SIDA 44 =====

44
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
 
Receivables from
Liabilities 
(including obligations) to
€ million 06/30/2024 12/31/2023 06/30/2024 12/31/2023
Volkswagen AG 104 10 1,733 971
Other subsidiaries and equity investments of 
 Volkswagen AG that are not part of the TRATON GROUP 745 813 10,949 9,575
Unconsolidated subsidiaries 34 41 40 46
Associates and their majority-owned interests 130 51 16 17
Joint ventures and their majority-owned interests 10 3 123 123
 
 
Receivables from Volkswagen AG are mainly finance transaction balances. As of June 30, 2024, there was a short-term 
deposit with Volkswagen AG in the amount of €91 million (December 31, 2023: €– million) at market rates of interest. 
On July 12, 2023, companies of the TRATON GROUP and companies of the Volkswagen Group signed a framework 
agreement on the gradual acquisition of key aspects of the global MAN and VWTB financial services business. TRATON 
Financial Services AB, Södertälje, Sweden, paid €275 million into an account at VW Bank for the acquisition on July 19, 
2023. The associated restricted cash had amounted to €271 million as of December 31, 2023, and had been reported as 
a receivable from other subsidiaries and equity investments of Volkswagen AG that are not part of the TRATON GROUP. 
In the second quarter of 2024, TRATON acquired the rights to manage the financial services business for MAN in 
 Germany, Spain, and Poland. This acquisition reduced restricted cash to €152 million (December 31, 2023: €271 million) 
as of June 30, 2024. The other transfers in the remaining countries had not yet been completed as of the reporting date. 
See Note “4. Acquisitions.”
The increase in receivables from associates and their majority-owned interests mainly includes dividend receivables 
from Sinotruk amounting to €83 million (December 31, 2023: €– million). 
Liabilities to Volkswagen AG include loans granted by Volkswagen AG in the amount of €1,650 million (December 31, 
2023: €500 million) resulting from a €4,000 million (December 31, 2023: €4,000 million) credit line. The credit facility  
is subject to market interest rates. The additional short-term loan liability of €297 million to Volkswagen AG as of   
December 31, 2023, was repaid in full in the first half of the year.

===== SIDA 45 =====

45
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
25 Income Statement
26  Condensed Statement of Comprehensive 
Income
27 Balance Sheet
29 Statement of Changes in Equity
31 Statement of Cash Flows
33 Notes
47 Further Information
The increase in liabilities (including obligations) to other subsidiaries and equity investments of Volkswagen AG that are 
not part of the TRATON GROUP is primarily attributable to long-term purchase obligations under battery procurement 
contracts between TRATON GROUP companies and Northvolt Group companies in the amount of €8,051 million 
 (December 31, 2023: €7,218  million). Among other things, this category includes loan liabilities of €488  million 
 (December 31, 2023: €359  million) to Volkswagen Group of America Finance as well as the loan of €500  million  
 (December 31, 2023: €– million) taken out with Volkswagen International Finance at standard market terms. There are 
also other liabilities to Volkswagen Financial Services companies.
The sale of receivables to subsidiaries of Volkswagen AG that are not part of the TRATON GROUP amounted to €527 mil-
lion (H1 2023: €683 million) in the first half of 2024. This relates to the volume of receivables that were transferred and 
derecognized in each reporting period. Customer liabilities to Volkswagen Financial Services are covered by standard 
industry buyback guarantees, see Note “10. Contingent liabilities and commitments.”
12. Events after the reporting period
In the course of the acquisition of key aspects of the global financial services business of MAN and VWTB (see Note  
“4. Acquisitions”), the TRATON GROUP acquired the rights to the future financial services business in South Korea and 
100% of the shares of MAN Financial Services GesmbH, Eugendorf, Austria, from Volkswagen Financial Services effective 
July 1, 2024. Of the total purchase price of €51  million, €37  million was already paid into an account at VW Bank in 
July 2023 and used, and a further €14 million was settled using cash and cash equivalents. The acquisition is accounted 
for in each case as a business combination under common control using the book-value method. The carrying amounts 
of the assets acquired and liabilities assumed in South Korea are not material. Following the acquisition of the business 
in Austria, the TRATON GROUP’s financial services receivables increased by approximately €190 million and liabilities by 
a total of approximately €170 million. The difference between the consideration transferred and the sum of the carrying 
amounts acquired at the acquisition date amounts to €36 million and is recognized in retained earnings.

===== SIDA 46 =====

46
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
4
FURTHER  
INFORMATION

===== SIDA 47 =====

47
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
47  Responsibility Statement
48  Review Report
49 Financial Calendar
Responsibility Statement
To the best of our knowledge, and in accordance with the applicable reporting 
principles for half-year financial reporting, the Condensed Half-Yearly 
 Consolidated Financial Statements give a true and fair view of the assets, 
 liabilities,  financial position, and profit or loss of the Group, and the Interim 
Group Management Report includes a fair review of the development and 
 performance of the business and the position of the Group, together with a 
 description of the material opportunities and risks associated with the 
 expected development of the Group for the remaining months of the fiscal year.
Munich, July 24, 2024
TRATON SE
FURTHER INFORMATION
The Executive Board
 
Christian Levin Dr. Michael Jackstein Mathias Carlbaum
 
 
 
Antonio Roberto Cortes Catharina Modahl Nilsson   Alexander Vlaskamp

===== SIDA 48 =====

48
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
47  Responsibility Statement
48  Review Report
49 Financial Calendar
Review Report
To TRATON SE, Munich
We have reviewed the condensed half-yearly consolidated financial state -
ments of TRATON SE , Munich, comprising the income statement, condensed 
statement of comprehensive income, balance sheet, statement of changes in 
equity, statement of cash flows, and selected explanatory notes, and the  interim 
group management report for the period from January 1, 2024 to June 30, 
2024, which are part of the half-year financial report pursuant to Sec. 115 WpHG 
[“Wertpapierhandelsgesetz”: German Securities Trading Act]. The executive 
 directors are responsible for the preparation of the condensed half-yearly con-
solidated financial statements in accordance with IFRS applicable to interim 
financial reporting as adopted by the EU and of the interim group manage -
ment report in accordance with the requirements of the WpHG applicable to 
interim group management reports. Our responsibility is to issue a report on 
the condensed half-yearly consolidated financial statements and the interim 
group management report based on our review.
We conducted our review of the condensed half-yearly consolidated financial 
statements and of the interim group management report in compliance with 
German Generally Accepted Standards for the Review of Financial Statements 
promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors 
in Germany] (IDW). Those standards require that we plan and perform the 
 review to obtain a certain level of assurance in our critical appraisal to preclude 
that the condensed half-yearly consolidated financial statements are not pre -
pared, in all material respects, in accordance with IFRS on interim financial 
 reporting as adopted by the EU and that the interim group management report 
is not prepared, in all material respects, in accordance with the requirements 
of the WpHG applicable to interim group management reports. A review is 
 limited primarily to making inquiries of the Company’s employees and analytical 
assessments and therefore does not provide the assurance obtainable from an 
audit of financial statements. Since, in accordance with our engagement, we 
have not performed an audit of financial statement, we cannot issue an audi-
tor’s report.
Based on our review, nothing has come to our attention that causes us to 
 believe that the condensed half-yearly consolidated financial statements are 
not prepared, in all material respects, in accordance with IFRS on interim 
 financial reporting as adopted by the EU or that the interim group manage -
ment report is not prepared, in all material respects, in accordance with the 
provisions of the WpHG applicable to interim group management reports.
Munich, July 24, 2024
EY GmbH & Co. KG
Wirtschaftsprüfungsgesellschaft
Meyer Hummel
Wirtschaftsprüfer Wirtschaftsprüfer

===== SIDA 49 =====

49
TRATON GR OUP    
2024 HALF-YEAR FINANCIAL REPORT  
 
5 To Our Shareholders
9 Interim Group Management Report
25  Condensed Half-Yearly Consolidated 
 Financial  Statements
47 Further Information
47  Responsibility Statement
48  Review Report
49 Financial Calendar
Financial Calendar
October 28, 2024 
9M 2024 Interim Statement
The latest information and dates are available on TRATON SE’s website at  
www.traton.com/financialcalendar.
Publication Details
Published by
TRATON SE
Hanauer Str. 26
80992 Munich
Germany
www.traton.com
Corporate Communications
media-relations@traton.com
Investor Relations
investor.relations@traton.com
T: +49 89 36098 70
Concept and Design
3st kommunikation GmbH, Mainz
Copyright
©2024 TRATON SE and  
3st kommunikation GmbH
This is a translation of the German 
 original. In the event of discrepancies 
between the German language   
version and any translation thereof,  
the German version will prevail.

===== SIDA 50 =====

WWW.TRATON.COM