===== SIDA 1 ===== 2025 Half-Year Financial Report ===== SIDA 2 ===== AT A GLANCE H1 2025 H1 2024 Change Trucks and buses (units) Incoming orders 139,599 125,416 11% Unit sales 153,086 160,110 – 4% of which trucks 121,308 132,372 – 8% of which buses 16,718 13,020 28% of which MAN TGE vans 15,060 14,718 2% BEV unit sales ratio (excluding MAN TGE vans, in %) 0.9 0.4 0.5 pp TRATON GROUP Sales revenue (€ million) 21,906 23,387 – 6% Operating result (adjusted) (€ million) 1,371 2,121 – 750 Operating return on sales (adjusted) (in %) 6.3 9.1 – 2.8 pp Earnings per share (€) 1.42 2.67 – 1.25 Active workforce1 107,063 105,541 1,522 TRATON Operations Sales revenue (€ million) 21,193 22,759 – 7% Operating result (adjusted) (€ million) 1,580 2,338 – 758 Operating return on sales (adjusted) (in %) 7.5 10.3 – 2.8 pp Primary R&D costs (€ million)2 1,292 1,183 9% Capex (€ million) 717 662 8% Net cash flow (€ million) 54 64 – 10 TRATON Financial Services Sales revenue (€ million) 1,062 921 15% Earnings before tax (€ million) 87 110 – 23 Equity (€ million)3 2,083 1,795 288 Return on equity (in %) 8.4 11.9 – 3.5 pp 1 As of June 30, 2025 and December 31, 2024 2 The previous year’s figure was adjusted to the current presentation, see Group Interim Report Section “4. Financial position” 3 As of June 30 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 11% 21.9 € 1.4 4% 6.3% Incoming orders up by Adjusted operating result €750 million lower at around Sales revenue decreased by 6% to around Decrease in adjusted operating return on sales to billion billion Unit sales lower at 153,086 vehicles ===== SIDA 3 ===== Barcelona, Spain 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 2024, 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 2025. A range of known and unknown risks, uncertainties, and other factors may result in the actual results, financial position, development, or performance of the TRATON GROUP differing materially from the estimates given here. Such factors include those that TRATON has described in published reports. These reports are available on our website at www.traton.com. The Company does not assume any obligation to update such forward-looking statements or to adapt them to future events or developments. 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. Updates to these definitions are described in this Half-Year Financial Report. CONTENTS T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 Interim Group Management Report Report on Economic Position 5 Opportunities and Risks 19 Important Legal Cases 19 Report on Expected Developments 20 Condensed Half-Yearly Consolidated Financial Statements Income Statement 22 Condensed Statement of Comprehensive Income 23 Balance Sheet 24 Statement of Changes in Equity 26 Statement of Cash Flows 28 Notes 30 Further Information Responsibility Statement 40 Review Report 41 Financial Calendar 42 ===== SIDA 4 ===== of the TRATON GROUP as of June 30, 2025 INTERIM GROUP MANAGEMENT REPORT 1 ===== SIDA 5 ===== INTERIM GROUP MANAGEMENT REPORT OF THE TRATON GROUP AS OF JUNE 30, 2025 Report on Economic Position 1. Material events The TRATON GROUP generated sales revenue of €21.9 billion in the reporting period (H1 2024: €23.4 billion) in a market environment dominated by uncer - tainty. The 6% decrease was primarily due to the declining truck unit sales at Scania Vehicles & Services, MAN Truck & Bus, and International Motors. Operat- ing result (adjusted) was €1.4 billion (H1 2024: €2.1 billion), and operating return on sales (adjusted) declined to 6.3% compared with the first half of 2024 (9.1%). Preparations for the integration of significant parts of the research and devel - opment departments of the individual brands into a cross-brand organization were completed on June 30, 2025, with the result that Group R&D was able to commence operations on July 1, 2025. This saw the TRATON GROUP reach a strategic milestone. Approximately 9,000 employees from the research and development departments of the TRATON brands Scania, MAN, International, and Volkswagen Truck & Bus are now working under the umbrella of Group R&D. The area is headed by Niklas Klingenberg, who is responsible for research and development at TRATON as a member of TRATON GROUP ’s Executive Board. The 9,000 employees in Group R&D will be working alongside approxi- mately 3,000 colleagues in the R&D departments of the TRATON brands. They are responsible for ensuring that work on brand-specific solutions is success- fully continued in Brand Identity Development. TRATON Financial Services (TFS) successfully completed the planned rollout of its integrated financial services platform in 14 strategic markets on June 30, 2025. At the virtual Annual General Meeting of TRATON SE on May 14, 2025, 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. TRATON’s shareholders benefited from the Group’s performance in fiscal year 2024. At the Annual General Meeting, they voted in favor of a dividend of €1.70 per share, corresponding to a total payout of €850 million. The TRATON GROUP took a major step forward in the important technology field of software-defined vehicle platforms by entering into a strategic partner- ship with Applied Intuition, a Silicon Valley-based provider of vehicle software, in March 2025. The goal of the partnership is to advance TRATON’s technology leadership and to be able to offer the entire range of software-defined vehicle capabilities. On March 24, 2025, TRATON increased the issuance facility of its European Medium Term Notes program (EMTN program) from €12.0 billion to €18.0 bil - lion. This has increased TRATON’s flexibility in its financing activities and cre- ated the conditions for further growth, particularly in the TRATON Financial Services segment. Volkswagen International Luxembourg S.A. reduced its equity interest in the TRATON GROUP on March 19, 2025. A total of €360  million in shares were placed at a price of €32.75 per share. This reduced the interest held by Volkswagen International Luxemburg S.A. by 2.2%, from 89.7% to 87.5%, and increased free float to 12.5%. 2. Market environment In the first half of 2025, the most important truck markets (> 6t) for the TRATON GROUP recorded a noticeable overall decline in new registrations. This trend was significantly shaped by a global economic downturn and uncer- tainties related to tariffs as well as trade and geopolitical risks. In the EU27+3 region, new truck registrations were substantially below the prior-year level due to the weak macroeconomic situation. Whereas Central and Western Europe recorded sharp declines in some cases, the markets in parts of Eastern Europe posted growth. In North America, too, the market for Class 6 through 8 trucks was down noticeably year-on-year. Demand for heavy trucks was impacted in particular by the ongoing recession in freight transportation and increasing uncertainty surrounding trade policy. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 5 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 6 ===== By contrast, the markets in South America recorded moderate growth. The Brazilian market was an exception here, declining slightly compared with the previous year. The TRATON GROUP ’s most important bus markets posted slight overall growth in the first half of 2025. Whereas the North American bus market declined substantially due to persistent supply chain bottlenecks, the South American market was sharply above the level of the prior-year period. Govern- ment spending on public transportation and school buses has been supporting the Brazilian bus market since the second half of 2024. New bus registrations rose slightly in the EU27+3 region, with the trend varying considerably between countries and segments. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 6 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 7 ===== 3. Results of operations Incoming orders and unit sales Incoming Orders and Unit Sales by Country, TRATON Operations Incoming orders Unit sales Units H1 2025 H1 2024 Change H1 2025 H1 2024 Change Total 139,599 125,416 11% 153,086 160,110 – 4% of which all-electric vehicles 1,474 1,706 – 14% 1,250 605 107% BEV unit sales ratio (excluding MAN TGE vans, in %) – – – 0.9 0.4 0.5 pp Trucks 111,392 98,132 14% 121,308 132,372 – 8% EU27+3 53,069 34,577 53% 49,193 54,673 – 10% of which in Germany 14,301 9,054 58% 12,431 13,871 – 10% North America 17,216 23,198 – 26% 28,969 33,189 – 13% of which in the USA/Canada 13,945 17,607 – 21% 25,725 27,244 – 6% of which in Mexico 3,271 5,591 – 41% 3,244 5,945 – 45% South America 25,761 28,657 – 10% 29,843 30,418 – 2% of which in Brazil 18,888 24,832 – 24% 23,817 26,480 – 10% Other regions 15,346 11,700 31% 13,303 14,092 – 6% Buses 14,007 15,940 – 12% 16,718 13,020 28% EU27+3 3,290 3,795 – 13% 3,320 2,942 13% of which in Germany 768 800 – 4% 674 702 – 4% North America 4,450 6,626 – 33% 7,037 4,479 57% of which in the USA/Canada 4,110 5,220 – 21% 6,173 2,869 115% of which in Mexico 340 1,406 – 76% 864 1,610 – 46% South America 4,468 4,155 8% 4,906 4,155 18% of which in Brazil 3,337 3,335 0% 3,962 3,488 14% Other regions 1,799 1,364 32% 1,455 1,444 1% MAN TGE vans 14,201 11,344 25% 15,060 14,718 2% EU27+3 13,864 11,144 24% 14,770 14,480 2% of which in Germany 4,336 2,979 46% 5,077 4,623 10% Other regions 337 200 69% 290 238 22% T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 7 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 8 ===== Incoming orders were up significantly on the previous year. This was the result of different trends at both the product and regional levels. The TRATON GROUP recorded a very strong increase in orders in the truck business in the EU27+3 region, primarily as a result of replacement demand after the strong order book in the previous years had been reduced. Customers in North America are still holding back because of uncertainty about the US tariff policy and a lack of clarity about its impact on the US economy, which hurt incoming orders for trucks. In South America, an increasingly challenging economic environment was coupled with declining momentum in Brazil, which was reflected in lower incoming orders for trucks, especially in the heavy-duty trucks segment. De - mand for buses declined significantly, particularly in North America, where there is still high replacement demand, although this cannot be fully satisfied due to restrictions in the supply chain. Demand for the MAN TGE van rose sharply in the wake of the model change. Unit sales in the first six months were somewhat down year-on-year. The noticeable decline in the truck business can be explained by market-driven lower sales figures in the EU27+3 region, although the downward trend slowed somewhat in the second quarter. Truck unit sales in North America were down significantly year-on-year. Demand for heavy trucks was impacted in particular by the ongoing recession in freight transportation and increasing uncertainty regarding US tariff policy. Truck unit sales in South America declined slightly, primarily due to a slowdown in the Brazilian economy. The bus business re - corded a strong increase in unit sales. The previous year had been strongly impacted by the delayed ramp-up of the new school bus model at International. The book-to-bill ratio in the reporting period was 0.9 (H1 2024: 0.8). 400 (H1 2024: 199) all-electric trucks, 838 (H1 2024: 359) all-electric buses, and 12 (H1 2024: 47) MAN eTGE vans were sold in the reporting period. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 8 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 9 ===== Profit and loss Condensed Income Statement of the TRATON GROUP TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items € million H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Sales revenue 21,906 23,387 21,193 22,759 1,062 921 – 349 – 293 Cost of sales – 17,530 – 18,361 – 17,092 – 17,908 – 723 – 627 286 174 Gross profit 4,376 5,026 4,101 4,852 339 294 – 64 – 120 Distribution expenses – 1,895 – 1,873 – 1,631 – 1,642 – 154 – 107 – 110 – 123 Administrative expenses – 924 – 890 – 799 – 774 – 17 – 24 – 109 – 91 Other operating result – 299 – 199 – 204 – 154 – 83 – 54 – 12 9 Operating result 1,258 2,065 1,467 2,281 85 109 – 294 – 325 Operating result (adjusted) 1,371 2,121 1,580 2,338 85 109 – 294 – 325 Operating return on sales (adjusted) (in %) 6.3 9.1 7.5 10.3 8.0 11.8 – – Financial result – 270 – 284 31 – 392 2 1 – 303 107 Earnings before tax 988 1,781 1,498 1,889 87 110 – 597 – 218 Income taxes – 277 – 445 – 334 – 467 – 29 – 30 86 52 Earnings after tax 712 1,336 1,165 1,422 58 80 – 511 – 166 Operating result The TRATON GROUP generated sales revenue of €21.9 billion in the first half of 2025 (H1 2024: €23.4 billion), down 6% on the previous year’s level. Lower truck unit sales in the TRATON Operations business area were the main driver of this decrease. The Vehicle Services business reported stable growth. The Vehicle Services business accounted for 20% of total sales revenue (H1 2024: 19%). Sales revenue in the TRATON Financial Services segment increased by 15% due to the further expansion of the portfolio, reaching €1.1 billion (H1 2024: €0.9 billion). The TRATON GROUP’s gross profit was down €650 million or 13% year-on-year. Declining truck unit sales in the TRATON Operations business area were the major factor behind this decrease in earnings. Gross profit was also impacted by lower capacity utilization resulting from reduced production volumes for heavy-duty trucks and currency effects, especially the appreciation of the Swedish krona. Gross margin decreased by 1.5 percentage points to 20.0% (H1 2024: 21.5%) in the TRATON GROUP and by 2.0 percentage points to 19.4% (H1 2024: 21.3%) in the TRATON Operations business area. Distribution expenses in the TRATON GROUP were up €23 million or 1% year- on-year. In addition to inflation-related cost increases, the increase in distribu- tion expenses was attributable to the recruitment of new employees, particu- larly in the TRATON Financial Services segment. Administrative expenses were €34 million or 4% higher than in the previous year, due above all to inflation- driven increases in costs. The ratio of distribution and administrative expenses to sales revenue rose by 1.1 percentage points to 12.9% (H1 2024: 11.8%), primarily because of the decline in sales revenue. Other operating result decreased by €100 million compared with the prior-year period. The main driver behind the decline was exchange rate losses, particu- larly from the measurement of foreign currency receivables. This was offset by positive effects from the measurement of derivatives. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 9 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 10 ===== In addition, expenses of €109 million (H1 2024: €49 million) in connection with civil lawsuits against Scania and MAN as a result of the EU truck cases in indi- vidual countries affected the operating result. Due to the effects described above, in particular because of the decrease in gross profit, the TRATON GROUP ’s operating result in the first half of 2025 decreased by €807 million or 39% compared with the previous year. Adjustments to operating result Adjustments (€ million) H1 2025 H1 2024 Scania Vehicles & Services 1 35 of which legal proceedings and related measures 1 28 of which restructuring measures – 7 MAN Truck & Bus 112 21 of which legal proceedings and related measures 109 21 of which restructuring measures 3 – TRATON Operations 113 56 TRATON GROUP 113 56 Adjustments amounted to €113  million (H1 2024: €56  million) in the current reporting period. They include expenses of €109 million (H1 2024: €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 as part of the updated risk assessment and because of the impact of foreign currency ef - fects. In addition, the adjustments contain expenses of €3  million (previous year: €0 million) in connection with an internal reorganization at MAN. In the previous year, the adjustments had also contained expenses of €7 million in connection with the realignment of the Scania bus business. The TRATON GROUP’s operating result (adjusted) fell by €750 million (35%) year- on-year. The TRATON GROUP’s operating return on sales (adjusted) declined by 2.8 per- centage points to 6.3% (H1 2024: 9.1%). In the TRATON Operations business area, operating return on sales (adjusted) decreased by 2.8 percentage points to 7.5% (H1 2024: 10.3%). Financial result The TRATON GROUP’s financial result was slightly above the prior-year level, with an improvement of €14 million. Lower interest expenses were the main factor contributing to this improvement. The TRATON Operations business area recorded a gain of €290  million from an adjustment of the ownership structure of the financial services business, although this was eliminated at the level of the TRATON GROUP. Taxes Income taxes decreased by €169 million year-on-year, mainly due to earnings- related factors. The tax rate was up on the previous year, at 28% (H1 2024: 25%). In the previous year, the tax rate had been reduced primarily by higher tax- exempt income. Earnings after tax Earnings after tax in the first half of 2025 were down €624 million (47%) year- on-year. Earnings per share came to €1.42 (H1 2024: €2.67). Calculation of earn- ings 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 May 14, 2025, to pay out a dividend of €1.70 per no-par value share carrying dividend rights. This corre - sponds to a total payout of €850 million, which was made on May 19, 2025. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 10 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 11 ===== Segments of the TRATON GROUP Scania Vehicles & Services H1 2025 H1 2024 Change Incoming orders (units) 45,155 39,405 15% Sales (units) 46,846 52,298 – 10% of which trucks 43,720 49,721 – 12% of which buses 3,126 2,577 21% Book-to-bill ratio 0.96 0.75 0.21 Sales revenue (€ million) 8,911 9,698 – 8% New Vehicles 5,887 6,686 – 12% Vehicle Services business1 1,980 1,915 3% Others 1,044 1,097 – 5% Operating result (adjusted) (€ million) 867 1,406 – 539 Operating return on sales (adjusted) (in %) 9.7 14.5 – 4.8 pp 1 Including genuine parts and workshop services Scania Vehicles & Services recorded a significant year-on-year increase in in- coming orders in H1 2025. Significantly declining incoming orders in Brazil were more than offset by a very strong growth in the EU27+3 region. However, in March, Scania experienced a trend reversal in its previously growing month- on-month incoming order development. This led to the decision to further tune down the planned production capacity – both in Europe and Brazil. Truck unit sales fell noticeably in a year-on-year comparison in the first half of 2025 due to the weak economic environment, especially in the EU27+3 region, and general hesitation to buy. In Brazil, Scania Vehicles & Services lost some of the market share gained in the year before. Bus unit sales rose sharply due to delayed deliveries in the previous year. The decline in truck unit sales was the main reason for the noticeable reduction in sales revenue, which mainly affected the New Vehicles business. This was only partially offset by the solid Vehicle Services business. The main driver for the decrease in operating profit (adjusted) was the volume- related decline in sales revenue. Moreover, negative currency effects and higher expenses for the build-up of the new Chinese production site also impacted the operating profit (adjusted). MAN Truck & Bus H1 2025 H1 2024 Change Incoming orders (units) 52,485 36,794 43% Sales (units) 47,034 49,352 – 5% of which trucks 28,743 31,680 – 9% of which buses 3,231 2,954 9% of which MAN TGE vans 15,060 14,718 2% Book-to-bill ratio 1.12 0.75 0.37 Sales revenue (€ million) 6,656 7,069 – 6% New Vehicles 3,983 4,412 – 10% Vehicle Services business1 1,462 1,458 0% Others 1,212 1,200 1% Operating result (adjusted) (€ million) 426 581 – 155 Operating return on sales (adjusted) (in %) 6.4 8.2 – 1.8 pp 1 Including genuine parts and workshop services MAN Truck & Bus recorded a very strong increase in incoming orders in the reporting period compared with the previous year. This was due in particular to stronger demand for trucks in the EU27+3 region and the systematic imple - mentation of the growth strategy for the MAN TGE van. Against the backdrop of the healthy incoming order situation, MAN Truck & Bus discontinued short- time working at its German sites during the second quarter. Daily production capacity was also increased at the plant in Krakow, Poland. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 11 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 12 ===== Unit sales were moderately below the prior-year level, primarily because of the macroeconomic weakness, which impacted truck demand in the EU27+3 region. As a result, sales revenue was also moderately lower year-on-year. The Vehicle Services business had a stabilizing effect. The lower sales revenue was only partially offset by savings in fixed costs, which meant that operating result (adjusted) was down sharply year-on-year. However, the second quarter 2025 saw an improvement compared with the first quarter 2025. International Motors H1 2025 H1 2024 Change Incoming orders (units) 21,237 27,378 – 22% Sales (units) 34,510 35,312 – 2% of which trucks 28,330 31,817 – 11% of which buses 6,180 3,495 77% Book-to-bill ratio 0.62 0.78 – 0.16 Sales revenue (€ million) 4,378 4,674 – 6% New Vehicles 3,198 3,184 0% Vehicle Services business1 861 928 – 7% Others 319 562 – 43% Operating result (adjusted) (€ million) 122 181 – 60 Operating return on sales (adjusted) (in %) 2.8 3.9 – 1.1 pp 1 Including genuine parts Due to the reduced transportation activities in conjunction with uncertainties about US import tariffs and the future economic development in the US, Inter- national Motors recorded a strong year-over-year decline in incoming orders in the reporting period. To respond to the weak demand, International Motors closed the second shift in its Mexico production plant, where Class 8 trucks are produced. Also truck unit sales were significantly lower year-over-year, driven by custom- ers’ reluctance to make purchases in an uncertain economic environment and the weaker demand in Mexico following the end of the Euro 5 emissions stan- dard in 2024. In contrast, bus unit sales recorded very strong growth, as the first half of 2024 was negatively impacted by the delayed ramp-up of the new school bus model. Sales revenue was moderately below the previous year’s level, mainly due to the decline in the Vehicle Services business and other operations. The severe decline in operating result (adjusted) was driven by an unfavorable product mix and the lower service revenues in Vehicle Service business. The decreasing truck volume also led to lower capacity utilization and lower fixed cost absorption. Volkswagen Truck & Bus H1 2025 H1 2024 Change Incoming orders (units) 20,824 21,858 – 5% Sales (units) 24,779 23,392 6% of which trucks 20,586 19,386 6% of which buses 4,193 4,006 5% Book-to-bill ratio 0.84 0.93 – 0.09 Sales revenue (€ million) 1,498 1,559 – 4% New Vehicles 1,394 1,445 – 4% Vehicle Services business1 81 89 – 10% Others 23 25 – 6% Operating result (adjusted) (€ million) 195 184 11 Operating return on sales (adjusted) (in %) 13.0 11.8 1.2 pp 1 Including genuine parts and workshop services T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 12 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 13 ===== In the first half of 2025, Volkswagen Truck & Bus recorded a moderate year- on-year decline in incoming orders in a market environment characterized by elevated dealer stock, high interest rates, and inflationary pressure, especially in Brazil. Unit sales increased moderately in the reporting period. The year-on-year increase in truck sales is mainly attributable to market share gains in Brazil and a favorable demand from growing other South American markets such as Argentina and Peru. Bus unit sales were solidly higher year-on-year. Sales revenue was slightly lower year-on-year and negatively impacted by currency effects year-on-year. Operating profit (adjusted) was moderately higher despite lower sales revenue due to the increase in unit sales counterbalanced by higher product costs and currency effects. TRATON Financial Services H1 2025 H1 2024 Change Sales revenue (€ million) 1,062 921 15% Earnings before tax (€ million) 87 110 – 23 Equity (€ million)1 2,083 1,795 288 Return on equity (in %) 8.4 11.9 – 3.5 pp 1 As of June 30 Following the acquisition of the rights to MAN’s future financial services busi- ness in several countries in 2024, TRATON Financial Services completed the ac- quisition in the first half of 2025. In other countries, including Brazil, the rights to the financial services business for MAN and Volkswagen Truck & Bus were acquired in the first half of 2025 for a purchase price of €72 million (H1 2024: €131 million). Sales revenue in the TRATON Financial Services segment improved by 15% due to the further increase in the portfolio and amounted to €1.1 billion (€0.9 billion). Launching financing activities in several new markets in the previous year had led to higher costs that were not offset by higher interest income due to an increased portfolio volume. In addition, higher funding and risk costs as well as greater competitive pressure negatively impacted earnings before tax. TRATON Financial Services’ equity capital thus increased by €31 million com- pared to the previous figure of €2,052 million on December 31, 2024. An intra- group contribution of €111 million made in the 1st half of 2025 increased equity. The difference between the consideration transferred and the net assets at book values after offsetting deferred tax of €62  million (€131  million), which arose as part of the acquisitions at the acquisition dates and was offset against equity, had an opposite effect on equity. The lower earnings before tax and the increase in equity led to a reduced return on equity. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 13 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 14 ===== 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 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Cash and cash equivalents as of 01/01 2,542 1,730 6,715 4,256 394 246 – 4,567 – 2,772 Gross cash flow 1,838 2,714 1,971 2,875 242 248 – 376 – 409 Change in working capital – 1,811 – 2,836 – 698 – 1,819 – 1,334 – 1,359 222 342 Net cash provided by/used in operating activities 27 – 123 1,273 1,055 – 1,092 – 1,111 – 154 – 67 Net cash provided by/used in investing activities attributable to operating activities – 1,239 – 1,027 – 1,219 – 991 – 57 – 37 37 1 Change in marketable securities, investment deposits, and loans – 69 – 66 – 95 1,006 – 22 – 13 48 – 1,058 Net cash provided by/used in investing activities – 1,308 – 1,093 – 1,314 15 – 80 – 50 85 – 1,057 Net cash provided by/used in financing activities 993 1,339 – 73 – 947 1,106 1,096 – 40 1,190 Effect of exchange rate changes on cash and cash equivalents 12 – 81 – 70 – 50 – 6 – 1 88 – 29 Change in cash and cash equivalents – 276 43 – 183 74 – 71 – 67 – 21 36 Cash and cash equivalents as of 06/30 2,266 1,773 6,532 4,330 322 179 – 4,588 – 2,736 Gross cash flow 1,838 2,714 1,971 2,875 242 248 – 376 – 409 Change in working capital – 1,811 – 2,836 – 698 – 1,819 – 1,334 – 1,359 222 342 Net cash provided by/used in investing activities attributable to operating activities – 1,239 – 1,027 – 1,219 – 991 – 57 – 37 37 1 Net cash flow – 1,212 – 1,150 54 64 – 1,149 – 1,148 – 117 – 66 The TRATON GROUP’s net cash provided by/used in operating activities rose by €150  million year-on-year to €27  million in the first half of 2025. This was primarily due to a €1.0 billion lower increase in cash tied up in working capital, which is mainly attributable to the €783 million lower increase in inventories and the €508 million lower increase in financial services receivables. By con- trast, there was an €876 million decrease in gross cash flow, which above all reflects the €807 million decrease in operating result. Cash tied up in working capital rose by a total of €1.8 billion in the reporting period. This was due primarily to the €759 million increase in inventories within the TRATON Operations business area. Furthermore, financial services receiv - ables increased by €674 million, which was reflected in the net cash flow of the TRATON Financial Services business area. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 14 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 15 ===== Net cash used in investing activities attributable to operating activities rose by €212  million year-on-year to €–1.2 billion, which is primarily due to increased investments of €179  million in property, plant, and equipment, intangible assets, and capitalized development costs. Substantial repayments had been made on the TRATON GROUP’s internal loan receivables in the first half of the previous year, which had increased the change in marketable securities, investment deposits, and loans in the TRATON Opera- tions business area to €1.0 billion. These effects were eliminated within Corpo- rate Items at the level of the TRATON GROUP. Net cash used in financing activities in the first half of 2025 includes bond issuances by the TRATON GROUP amounting to €2.6 billion (H1 2024: €4.0 bil- lion), including €1.9 billion (H1 2024: €3.0 billion) issued by TRATON Finance Luxembourg S.A., Strassen, Luxembourg ( TRATON Finance), allocated to Corporate Items. These were partly offset by repayments in the total amount of €2.9 billion (previous year: €1.6 billion). Of this amount, €1.5 billion (H1 2024: €1.0 billion) was attributable to TRATON Finance within Corporate Items and €1.3 billion (H1 2024: €219 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 of €1.1 billion (H1 2024: €853 million) were incurred, as well as loan liabilities to Volkswagen Group of America Finance, LLC, Wilmington, USA, of €749 million (H1 2024: €114 million). In addition, miscellaneous financial liabilities increased by €592  million, in contrast to the decrease of €1.3 billion in the previous year, due for the most part to the recognition of commercial paper liabilities, which were primarily allocated to Corporate Items. In the previous year, long-term loans of €500 mil- lion were also taken out from Volkswagen International Finance N.V., Amster - dam, Netherlands, and, in return, Schuldscheindarlehen amounting to €350 million were repaid. Additionally, TRATON SE paid out a dividend of €850  million (previous year: €750 million) for fiscal year 2024, higher than the dividend in the previous year. Capital expenditures, TRATON Operations The increase in capital expenditures from €662 million to €717 million in the first half of 2025 is largely attributable to Scania Vehicles & Services, namely the construction of the production site in China. In the first half of 2025, MAN Truck & Bus completed the first expansion stage of its investment in battery production and officially launched battery production at its Nuremberg site. Primary research and development costs, TRATON Operations At €1.3 billion (H1 2024: €1.2 billion), primary research and development costs were higher in the first half of 2025 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 €516 million (H1 2024: €391 million) were capital- ized, resulting in a capitalization ratio of 40.0% (H1 2024: 33.1%). 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. Calculation of the primary research and development costs of TRATON Opera - tions was adjusted so that the capitalized development costs included are now recognized net of the capitalized borrowing costs of €1 million (H1 2024: €1 mil - lion). The prior-year figure was adjusted. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 15 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 16 ===== Net liquidity/net financial debt Net liquidity/net financial debt of the TRATON GROUP € million TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 Cash and cash equivalents 2,266 2,542 6,532 6,715 322 394 – 4,588 – 4,567 Marketable securities, investment deposits, and loans to affiliated companies 191 201 125 102 135 154 – 69 – 54 Gross liquidity 2,457 2,743 6,656 6,817 457 547 – 4,657 – 4,621 Third-party borrowings – 25,879 – 24,277 – 6,314 – 6,901 – 17,754 – 17,178 – 1,810 – 197 thereof intra-group financing1 – – – 3,154 – 4,143 – 12,093 – 11,834 15,246 15,978 Net liquidity/net financial debt – 23,422 – 21,534 342 – 85 – 17,297 – 16,631 – 6,467 – 4,818 1 Intragroup financing in the TRATON GROUP Net financial debt rose by €1.9 billion to €23.4 billion (December 31, 2024: €21.5 billion) in the first half of 2025, driven mainly by the development of net cash flow and the dividend payout amounting to €850 million (H1: €750 mil - lion). For more information, refer to the “Cash flow” section. The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area including Corporate Items was – 1.2 (December 31, 2024: – 0.8) as of June 30, 2025, and hence down on the prior-year comparative figure. This is attributable to an increase in net financial debt in the TRATON Operations business area including Corporate Items to €6.1 billion (December 31, 2024: €4.9 billion) and a decrease in EBITDA (adjusted) in the TRATON Operations business area including Corporate Items for the past twelve months to €5.3 bil- lion (December 31, 2024: €6.0 billion). T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 16 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 17 ===== 5. Net assets Balance sheet analysis Condensed Balance Sheet of the TRATON GROUP € million TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 06/30/2025 12/31/2024 Goodwill 5,866 6,154 359 365 – – 5,507 5,789 Intangible assets 7,362 7,389 5,240 4,898 20 20 2,102 2,471 Property, plant, and equipment 9,551 9,646 9,168 9,256 18 18 365 372 Assets leased out 5,051 5,168 4,906 5,021 1,171 1,057 – 1,026 – 911 Equity-method investments 1,708 1,641 404 387 7 6 1,297 1,247 Other equity investments 119 139 234 272 54 24 – 169 – 158 Deferred and current income taxes 3,090 3,027 3,097 3,127 270 274 – 277 – 374 Financial services receivables 16,278 15,984 0 0 16,279 15,986 – 2 – 2 Inventories 8,085 7,532 8,085 7,529 – 3 0 0 Trade receivables 3,518 3,096 2,809 2,476 1,004 992 – 294 – 372 Other assets 3,480 3,183 2,834 2,806 1,621 1,623 – 975 – 1,247 Marketable securities and investment deposits 75 46 13 14 62 32 0 – Cash and cash equivalents 2,266 2,542 6,532 6,715 322 394 – 4,588 – 4,567 Total assets 66,451 65,547 43,681 42,867 20,830 20,431 1,940 2,249 Equity 17,325 17,844 12,967 11,728 2,083 2,052 2,274 4,064 Financial liabilities 25,879 24,277 6,314 6,901 17,754 17,178 1,810 197 Provisions for pensions and other post-employment benefits 1,802 1,909 1,778 1,878 15 18 10 13 Deferred and current income taxes 1,088 1,219 663 948 104 150 321 121 Other provisions 3,867 3,835 3,768 3,722 15 18 84 95 Other liabilities 10,438 11,114 12,164 12,354 572 634 – 2,298 – 1,874 Trade payables 6,053 5,349 6,027 5,336 288 381 – 262 – 368 Total equity and liabilities 66,451 65,547 43,681 42,867 20,830 20,431 1,940 2,249 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 17 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 18 ===== As of June 30, 2025, the TRATON GROUP ’s total assets increased by €904 bil - lion compared with December 31, 2024. This increase resulted primarily from the €553  million rise in inventories and the €422  million increase in trade receivables. In addition, other assets rose by €297 million and financial service receivables by €293 million. This was offset in particular by a €288 million re - duction in goodwill and a €276 million decrease in cash and cash equivalents. The €288  million reduction in goodwill is attributable to foreign currency translation, mainly due to the depreciation of the US dollar. The decrease in assets leased out is essentially due to the decrease in vehicles leased out. Expiring contracts could not be offset by new contracts. The increase in financial services receivables resulted primarily from the ex - pansion of the financing business, including through the assumption of the MAN financial services business. The increase is reduced by negative currency translation effects. Inventories rose by €553 million, primarily because of the increase in new vehi- cles held in inventory at MAN Truck & Bus and Scania Vehicles & Services. Trade receivables increased by €422 million. This was mainly the result of the increase at MAN Truck & Bus and Volkswagen Truck & Bus. The main reason for the €297 million increase in other assets is the change in the fair value of derivative financial instruments. The TRATON GROUP ’s total equity decreased to €17.3 billion as of June 30, 2025, compared with December 31, 2024. The reduction is mainly due to the €850 million dividend payout (see note “7. Equity”). It was offset by an increase in equity on the back of the positive total comprehensive income of €394 mil- lion, which resulted from earnings after tax of €712 million, minus the amount of €317 million from other comprehensive income. This primarily reflected neg- ative effects from translating the financial statements of foreign operations amounting to €382 million, which were partly offset by the fair value measure- ment of other investments amounting to €70 million. Financial liabilities increased by €1.6 billion. This was primarily attributable to the increase in current liabilities to Volkswagen AG of €1.1 billion and to Volkswagen Group of America Finance of €649 million, as well as the recogni- tion of commercial paper liabilities of €799 million by TRATON Finance. It was offset in part mainly by the €932  million net repayment of bonds under the European Medium Term Notes program (for further information, please refer to the “Financial position” section). Provisions for pensions and other post-employment benefits decreased by €107 million due to various factors, including the increase in the discount rate in Germany. Other liabilities decreased by €676  million. This was mainly attributable to lower fair values of derivative financial instruments and reduced liabilities from buyback obligations. Lower liabilities from wages and salaries also had an impact here. Trade payables rose by €704  million due, among other things, to a higher production volume. Off-balance sheet commitments as of June 30, 2025, related to buyback guarantees of €2.1 billion (€2.5 billion), mainly to Volkswagen Group compa- nies, to guarantees and sureties of €374 million (December 31, 2024: €532 mil- lion), and to other contingent liabilities of €1.3 billion (€1.4 billion). Other contingent liabilities contain contingent liabilities for potential tax risks, which primarily concern Volkswagen Truck & Bus in Brazil. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 18 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 19 ===== Opportunities and Risks The Report on Opportunities and Risks is meant to be read in conjunction with our comments in the 2024 Annual Report. The current developments triggered by the decisions of the new US administration, in particular the announcement and implementation of comprehensive tariffs, have led to an increased level of uncertainty in the global economy. This is contributing to various types of risk, such as cost increases, supply chain disruptions, and lower customer demand. Although these risks were broadly described in the “Opportunities and Risks” section of the 2024 Annual Report, the overall level of risk exposure for the Group has increased since then. As a result, the “market risks” category, which was assessed as “medium” in the 2024 Annual Report, is now also classified as “high”, as are all other risk categories. Important Legal Cases TRATON SE’s 2024 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 the following material developments since the publication of the Annual Report. MAN and Scania/EU antitrust proceedings Provisions for certain cases were recognized in individual countries in the first half of 2025. See the “Profit and loss” section for information on the signifi- cance for operating result. VW Truck & Bus Ltda. In May 2025, Phase 1 was assessed by the Brazilian Attorney General’s Office of the National Treasury Department. As a result of the assessment, the amount in dispute was reduced by the partial deduction of penalties, the correspond - ing interest, and the associated procedural costs. Due to the potential range of penalties plus interest that 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 1 has reduced the risk from approximately BRL 3.1 billion (equivalent to €477 million as of December 31, 2024) to approximately BRL 2.3 billion (equiv- alent to €355 million as of June 30, 2025) for the contested period from 2009 onward. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 19 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 20 ===== Report on Expected Developments We are adjusting our forecast for fiscal year 2025 in light of business perfor - mance in the first half of the year and the persistently challenging market conditions in the second half of the year. The main reasons for this are uncer- tainties related to US tariff policy, the continuing weak economic situation in Europe, and growing challenges in Brazil, all of which are leading to more pronounced customer reluctance than expected. Expected industry developments In particular, we are now anticipating a significant decline for the North Amer- ican truck market (> 6t). The weaker truck market performance in the EU27+3 region is covered by our original guidance range. We are now forecasting a moderate increase in the truck market for the South America region. With regard to the bus markets relevant to the TRATON GROUP, we are expecting a noticeable increase in the North America region, a slight increase for the EU27+3 region, and a slight downturn for the South America region. Expectations for the most important key financial performance indicators Overall, the developments outlined above mean that we are adjusting our fore- cast for the following key performance indicators: TRATON GROUP unit sales, sales revenue, and operating return on sales (adjusted) for the TRATON GROUP and TRATON Operations, and net cash flow TRATON Operations. In addition, currency effects, especially the appreciation of the Swedish krona, led to an adjustment of our forecast for the key performance indicator Primary R&D costs TRATON Operations. The adjusted forecast is subject to further macroeconomic and geopolitical developments. With regards to the business performance in North America, it assumes that the tariff situation applicable at the end of the first half of the year and International’s compliance with the United States-Mexico-Canada Agreement (USMCA) will remain unchanged in the second half of 2025. The forecast therefore does not factor in any effects of possible additional tariffs such as tariffs of 50% on Brazilian and 30% on EU imports or adjustments to the USMCA. There is therefore continued uncertainty about the future impact of the US trade policy. Actual 2024 Forecast 2025 2024 Annual Report Forecast 2025 3M 2025 Interim Statement Forecast 2025 2025 Half-Year Financial Report TRATON GROUP Sales (units) 334,215 – 5 – 5% – 5 – 5% – 10 – 0% Sales revenue (€ million) 47,473 – 5 – 5% – 5 – 5% – 10 – 0% Operating return on sales (adjusted) (in %) 9.2 7.5 – 8.5 7.5 – 8.5 6.0 – 7.0 TRATON Operations Sales revenue (€ million) 46,182 – 5 – 5% – 5 – 5% – 10 – 0% Operating return on sales (adjusted) (in %) 10.3 8.5 – 9.5 8.5 – 9.5 7.0 – 8.0 Net cash flow (€ million) 2,834 2,200 – 2,700 2,200 – 2,700 1,000 – 1,500 Capex (€ million) 1,751 significant increase significant increase significant increase Primary R&D costs (€ million) 2,458 slight decrease slight decrease slight increase TRATON Financial Services Return on equity (in %) 10.8 8.0 – 11.0 8.0 – 11.0 8.0 – 11.0 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 20 5 Interim Group Management Report 5 Report on Economic Position 19 Opportunities and Risks 19 Important Legal Cases 20 Report on Expected Developments 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information ===== SIDA 21 ===== 2 AS OF JUNE 30, 2025 CONDENSED HALF-YEARLY CONSOLIDATED FINANCIAL STATEMENTS ===== SIDA 22 ===== CONDENSED HALF-YEARLY CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 Income Statement of the TRATON GROUP for the period from January 1 to June 30 € million H1 2025 H1 2024 Sales revenue 21,906 23,387 Cost of sales – 17,530 – 18,361 Gross profit 4,376 5,026 Distribution expenses – 1,895 – 1,873 Administrative expenses – 924 – 890 Net impairment losses on financial assets – 65 – 69 Other operating income 746 890 Other operating expenses – 979 – 1,020 Operating result 1,258 2,065 Share of earnings of equity-method investments 84 102 Interest income1 122 161 Interest expense1 – 320 – 392 Other financial result – 156 – 156 Financial result – 270 – 284 Earnings before tax 988 1,781 Income taxes – 277 – 445 current – 357 – 514 deferred 81 69 Earnings after tax 712 1,336 of which attributable to shareholders of TRATON SE 712 1,337 of which attributable to noncontrolling interests – 1 – 1 Earnings per share in € (diluted/basic) 1.42 2.67 1 Prior-year period adjusted. For further information, see Note “2. Accounting policies — Prior-period information.” T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 22 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 23 ===== Condensed Statement of Comprehensive Income of the TRATON GROUP for the period from January 1 to June 30 € million H1 2025 H1 2024 Earnings after tax 712 1,336 Pension plan remeasurements recognized in other comprehensive income, net of tax – 31 92 Fair value measurement of other equity investments, net of tax 70 – 32 Share of other comprehensive income of equity-method investments that will not be reclassified subsequently to profit or loss, net of tax 1 1 Items that will not be reclassified subsequently to profit or loss 39 61 Currency translation differences, net of tax – 382 – 257 Cash flow hedges, net of tax 37 – 24 Cost of hedging, net of tax 1 1 Share of other comprehensive income of equity-method investments that will be reclassified subsequently to profit or loss, net of tax – 12 3 Items that will be reclassified subsequently to profit or loss – 356 – 276 Other comprehensive income, net of tax – 317 – 215 Total comprehensive income 394 1,121 of which attributable to shareholders of TRATON SE 395 1,122 of which attributable to noncontrolling interests – 1 – 1 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 23 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 24 ===== Balance Sheet Assets of the TRATON GROUP as of June 30, 2025, and December 31, 2024 € million 06/30/2025 12/31/2024 Noncurrent assets Goodwill 5,866 6,154 Intangible assets 7,362 7,389 Property, plant, and equipment 9,551 9,646 Assets leased out 5,051 5,168 Equity-method investments 1,708 1,641 Other equity investments 119 139 Noncurrent income tax receivables 154 130 Deferred tax assets 2,551 2,604 Noncurrent financial services receivables 9,444 9,090 Other noncurrent financial assets 595 516 Other noncurrent receivables 284 266 42,687 42,744 Current assets Inventories 8,085 7,532 Trade receivables 3,518 3,096 Current income tax receivables 385 293 Current financial services receivables 6,833 6,894 Other current financial assets 927 825 Other current receivables 1,674 1,576 Marketable securities and investment deposits 75 46 Cash and cash equivalents 2,266 2,542 23,764 22,804 Total assets 66,451 65,547 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 24 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 25 ===== Balance Sheet Equity and liabilities of the TRATON GROUP as of June 30, 2025, and December 31, 2024 € million 06/30/2025 12/31/2024 Equity Subscribed capital 500 500 Capital reserves 12,495 12,495 Retained earnings 7,938 8,135 Accumulated other comprehensive income – 3,614 – 3,293 Equity attributable to shareholders of TRATON SE 17,319 17,838 Noncontrolling interests 5 6 17,325 17,844 Noncurrent liabilities Noncurrent financial liabilities 15,353 15,759 Provisions for pensions and other post-employment benefits 1,802 1,909 Noncurrent income tax payables 1 0 Deferred tax liabilities 654 672 Noncurrent income tax provisions 133 136 Other noncurrent provisions 1,663 1,727 Other noncurrent financial liabilities 1,731 1,970 Other noncurrent liabilities 2,172 2,271 23,509 24,444 Current liabilities Current financial liabilities 10,525 8,517 Trade payables 6,053 5,349 Current income tax payables 175 304 Current income tax provisions 125 107 Other current provisions 2,204 2,108 Other current financial liabilities 1,828 2,121 Other current liabilities 4,707 4,753 25,618 23,260 Total equity and liabilities 66,451 65,547 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 25 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 26 ===== 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 01/01/2024 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 Balance as of 01/01/2025 500 12,495 8,135 – 2,482 – 29 11 Earnings after tax – – 712 – – – Other comprehensive income, net of tax – – – – 382 37 – 12 Total comprehensive income – – 712 – 382 37 – 12 Dividend payout – – – 850 – – – Effect from business combinations under common control 1 – – – 62 – – – Other changes – – 2 – – – Balance as of 06/30/2025 500 12,495 7,938 – 2,864 8 – 1 1 See Note “4. Acquisitions” for more information. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 26 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 27 ===== Accumulated other comprehensive income Items that will not be reclassified subsequently to profit or loss € million Remeasurements of pension plans Equity-method investments Other equity investments Equity attributable to shareholders of TRATON SE Noncontrolling interests Total 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 Balance as of 01/01/2025 – 142 – 1 – 648 17,838 6 17,844 Earnings after tax – – – 712 – 1 712 Other comprehensive income, net of tax – 31 1 70 – 317 0 – 317 Total comprehensive income – 31 1 70 395 – 1 394 Dividend payout – – – – 850 0 – 850 Effect from business combinations under common control 1 – – – – 62 – – 62 Other changes 0 – – 4 – 2 0 – 2 Balance as of 06/30/2025 – 173 – 1 – 583 17,319 5 17,325 1 See Note “4. Acquisitions” for more information. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 27 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 28 ===== Statement of Cash Flows of the TRATON GROUP for the period from January 1 to June 30 € million H1 2025 H1 2024 Cash and cash equivalents as of 01/01 2,542 1,730 Gross cash flow Earnings before tax 988 1,781 Income taxes paid – 595 – 511 Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment property 1 749 706 Amortization of, and impairment losses on, capitalized development costs 1 245 252 Impairment losses on equity investments 1 31 0 Depreciation and amortization of products leased out 1 516 485 Change in pension obligations – 9 – 7 Earnings on disposal of noncurrent assets and equity investments 4 – 3 Share of earnings of equity-method investments – 83 – 102 Other noncash income/expense – 9 111 Change in working capital Change in inventories – 759 – 1,542 Change in receivables (excluding financial services) – 768 25 Change in liabilities (excluding financial liabilities) 724 – 156 Change in provisions 134 150 Change in products leased out – 468 – 131 Change in financial services receivables – 674 – 1,182 Net cash provided by/used in operating activities 27 – 123 Investments in intangible assets (excluding capitalized development costs), property, plant, and equipment, and investment property 2 – 721 – 668 Additions to capitalized development costs – 518 – 392 Investments to acquire subsidiaries and other businesses – 26 – 12 Investments to acquire other investees – 23 – 9 Proceeds from the disposal of subsidiaries 18 24 Proceeds from the disposal of other investees 0 3 Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property 30 27 Change in marketable securities and investment deposits – 30 – 30 Change in loans – 38 – 35 1 Net of impairment reversals 2 Of which in the TRATON Operations business area: € – 717 million (H1 2024: € – 662 million) T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 28 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 29 ===== € million H1 2025 H1 2024 Net cash used in investing activities – 1,308 – 1,093 Dividend payouts – 850 – 750 Proceeds from the issuance of bonds 2,573 3,977 Repayment of bonds – 2,948 – 1,554 Repayment of Schuldscheindarlehen – – 350 Proceeds from loans extended by companies of the Volkswagen group 3 1,806 1,466 Loan repayments to companies of the Volkswagen Group 4 – 40 – Change in miscellaneous financial liabilities 592 – 1,315 Repayment of lease liabilities – 139 – 135 Net cash provided by financing activities 993 1,339 Effect of exchange rate change on cash and cash equivalents 12 – 81 Change in cash and cash equivalents – 276 43 Cash and cash equivalents as of 06/30 2,266 1,773 3 Volkswagen AG, Volkswagen Group of America Finance, Volkswagen International Finance 4 Volkswagen Financial Services AG T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 29 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 30 ===== 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 SE prepared its Consolidated Financial Statements for fiscal year 2024 in compliance with International Financial Reporting Standards (IFRSs), as adopted by the European Union. The accompanying Condensed Half-Yearly Consolidated Financial Statements (Half-Yearly Consolidated Finan- cial Statements) of TRATON SE as of June 30, 2025, comply with the applicable 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 State- ments should therefore be read in conjunction with the Consolidated Financial Statements for the fiscal year ended December 31, 2024, and the additional information contained therein. From the Executive Board’s perspective, the accompanying Half-Yearly Consol- idated 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 2025 are not necessarily indicative of future results. Preparation of the half-yearly consolidated financial statements requires the Executive Board to make certain assumptions 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. 2. Accounting policies New accounting pronouncements applied TRATON has applied all accounting pronouncements adopted by the EU and required to be applied for periods beginning on or after January 1, 2025. 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 3.8% (December 31, 2024: 3.4%) was used for provisions for pensions and other post-employment benefits in Germany, 5.2% (December 31, 2024: 5.5%) in the USA, and 3.5% (December 31, 2023: 3.5%) in Sweden. In all other respects, the same accounting policies and consolidation principles were generally applied to the preparation of the Half-Yearly Consolidated Financial Statements and the computation of the prior-year comparative fig- ures as to the 2024 Consolidated Financial Statements. A detailed description of these accounting policies is given in the Notes to the 2024 Consolidated Financial Statements under “Accounting policies” and at the beginning of the relevant section in the Notes that follow. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 30 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 31 ===== Prior-period information Additionally, certain prior-period data was revised. Material changes in the previous year’s income statement are explained in the following. A discovery was made in the second quarter of 2025 that a subsidiary had not reported interest income and interest expense from interest rate and cross- currency derivatives for each derivative on a net basis. The affected items were adjusted as follows for the first half of 2024: Income statement (extract) € million H1 2024 Decrease H1 2024 (adjusted) Interest income 282 – 121 161 Interest expenses – 512 121 – 392 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 31 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 32 ===== 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, 2024. Reporting segments H1 2025 € million Scania Vehicles & Services MAN Truck & Bus International Motors Volkswagen Truck & Bus TRATON Financial Services Total segments Reconciliation TRATON GROUP of which TRATON Operations Total sales revenue 8,911 6,656 4,378 1,498 1,062 22,505 – 598 21,906 21,193 Intragroup sales revenue –  255 – 401 – 16 – 2 – 71 – 746 746 –  – 429 External sales revenue 8,655 6,255 4,362 1,496 991 21,759 147 21,906 20,765 Operating result (adjusted) 867 426 122 195 85 1,694 – 323 1,371 1,580 Reporting segments H1 2024 € million Scania Vehicles & Services MAN Truck & Bus International Motors 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 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 32 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 33 ===== The reconciliation of aggregated segment results to the TRATON GROUP ’s earnings before tax is as follows: € million H1 2025 H1 2024 Operating result (adjusted), total segments 1,694 2,461 Adjustments related to legal proceedings and related measures – 109 – 49 Adjustments related to restructurings – 3 – 7 Operating result, TRATON Holding – 101 – 68 Operating result, TRATON AB – 28 – 18 Earnings effects from purchase price allocation not allocated to the segments – 135 – 141 Consolidation – 60 – 113 Operating result of the TRATON GROUP 1,258 2,065 Financial result – 270 – 284 Earnings before tax of the TRATON GROUP 988 1,781 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 thereby progressively acquired the rights to the future financial services business for MAN and VWTB customers in 14 countries. 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 report- ed in net cash used in investing activities in 2023. The rights to the future financial services business for MAN and VWTB were transferred in several countries in the first half of 2025, including in Brazil effective June 30, thereby completing the acquisition. The purchase price for the acquisitions in the first half of 2025 amounts to €72  million (H1 2024: €131  million) and was paid from the account at VW Bank. The €32  million purchase price for the acquisition in Brazil included in this amount was already paid in advance in fiscal year 2024. Transfer of the business opera - tions is accounted for in each case as a business combination under common control using the book-value method. The difference between the consider- ation transferred and the acquired net assets at their carrying amounts acquired at the acquisition dates amounts to €62 million (H1 2024: €131 mil - lion), net of deferred taxes, and is recognized in equity as “Effect from business combinations under common control” under retained earnings. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 33 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 34 ===== 5. Sales revenue Structure of sales revenue H1 reporting period € million H1 2025 H1 2024 Scania Vehicles & Services MAN Truck & Bus Inter national Motors Volks wagen Truck & Bus TRATON Financial Services Reconciliation Total of which TRATON Opera tions Scania Vehicles & Services MAN Truck & Bus Inter national Motors Volks wagen Truck & Bus TRATON Financial Services Reconciliation Total of which TRATON Opera tions New vehicles 5,887 3,983 3,198 1,394 – – 21 14,440 14,450 6,686 4,412 3,184 1,445 – – 46 15,680 15,703 Vehicle Services Business 1,980 1,462 861 81 – – 18 4,365 4,371 1,915 1,458 928 89 – – 18 4,373 4,375 thereof genuine parts 1,403 1,009 861 73 – – 14 3,331 3,333 1,389 1,029 928 80 – – 17 3,410 3,411 thereof workshop services 577 453 – 8 – – 5 1,033 1,038 527 428 – 9 – – 1 963 964 Other sales revenue 1,044 1,212 319 23 1,062 – 559 3,101 2,373 1,097 1,201 562 25 921 – 470 3,334 2,682 thereof used vehicles and third-party products 461 295 114 1 7 – 36 844 872 445 336 390 1 16 0 1,186 1,171 thereof engines, powertrains, and parts deliveries 199 427 – – – – 166 459 459 232 418 – – – – 168 482 482 thereof rental and leasing business 284 388 22 – 300 – 226 768 694 310 392 23 – 245 – 193 777 724 thereof interest and similar income – – 0 – 755 – 70 685 0 0 – 0 – 660 – 72 588 0 thereof additional sales revenue 100 103 182 22 – – 61 345 347 110 54 150 24 – – 37 301 305 8,911 6,656 4,378 1,498 1,062 – 598 21,906 21,193 9,698 7,069 4,674 1,559 921 – 534 23,387 22,759 Sales revenue for the first six months of 2025 includes income from operating leases in the amount of €527 million (H1 2024: €590 million). T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 34 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 35 ===== 6. Further income statement disclosures At €1,258 million, the TRATON GROUP ’s operating result in the first half of 2025 was down €807 million or 39% year-on-year (H1 2024: €2,065 million). Lower truck sales in the TRATON Operations business area were the main drivers behind the €1,481  million or 6% decline in sales revenue and the €650 million or 13% decline in gross profit. Gross profit was also impacted by lower capacity utilization resulting from reduced production volumes for heavy-duty trucks in particular, and currency effects, especially the appre - ciation of the Swedish krona. Distribution and administrative expenses in the TRATON GROUP were up €57  million or 2% year-on-year. Other operating result decreased by €100 million compared with the prior-year period, mainly due to exchange rate losses from the measurement of foreign exchange receivables. In addition, expenses of €109 million (€49 million) in connection with civil lawsuits against Scania and MAN as a result of the EU truck cases in individ - ual countries affected the operating result. The TRATON GROUP’s financial result was approximately on a level with the prior year, with an improvement of €14 million. Lower interest expenses were the main factor contributing to this improvement. Income taxes decreased mainly due to earnings-related factors by €169 mil- lion. The tax rate was up on the previous year, at 28% (H1 2024: 25%). In the previous year, the tax rate had been reduced primarily by higher tax-exempt income. 7. Equity Following the 2025 Annual General Meeting, TRATON SE paid its shareholders a dividend of €1.70 per share (previous year: €1.50 per share). This corresponds to a total payout of €850 million (previous year: €750 million), which was made on May 19, 2025. For further information on the effects of business combinations under com- mon control recognized in equity, see Note “4. Acquisitions.” 8. Financial liabilities The details of noncurrent and current financial liabilities are presented in the following table: € million 06/30/2025 12/31/2024 Bonds 12,423 13,024 Bonds from asset-backed securities transactions 1,871 1,639 Liabilities to banks 5,008 5,441 Loans and short-term borrowings from Volkswagen AG 2,000 943 Lease liabilities 1,149 1,171 Loans and short-term borrowings from Volkswagen Group of America Finance 1,127 478 Commercial paper program 1,011 246 Loans from Volkswagen International Finance 691 691 Schuldscheindarlehen 350 350 Loans from Volkswagen Financial Services AG 161 201 Loans and miscellaneous liabilities 89 93 25,879 24,277 Financial liabilities from bonds mainly relate to European Medium Term Notes (EMTNs). The TRATON GROUP has a European Medium Term Notes program (EMTN program), whose issuance facility was increased from €12,000  million to €18,000 million on March 24, 2025. TRATON Finance Luxembourg S.A., Strassen, Luxembourg (TRATON Finance) is using the issuance program to raise capital for general corporate purposes, and the capital raised is used as needed within the TRATON GROUP . Under the program, TRATON Finance issued bonds totaling €1,902  million (H1 2024: €3,038  million) in the first half of 2025 and made repayments of €1,502 million (H1 2024: €1,015 million). Liabilities with a carrying amount of €11,146 million (previous year: €10,686 million) were report- ed under this EMTN program as of June 30, 2025. These were partly hedged using interest rate derivatives. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 35 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 36 ===== Scania uses a €5,000 million EMTN program. Liabilities with a carrying amount of €281 million (December 31, 2024: €1,574 million) were reported under this program as of June 30, 2025. No bonds were issued, as in the previous year, and bonds of €1,332 million (H1 2024: €219 million) were repaid in the first half of 2025. TRATON launched a €2,500 million commercial paper program on Septem - ber  12, 2023, of which liabilities with a carrying amount of €988  million (December  31, 2024: €188  million) were disclosed by TRATON Finance as of the reporting date. These were therefore increased by €799 million in the first half of 2025, whereas €549 million had been repaid in the comparative period. Loan liabilities to Volkswagen AG increased by €1,057 million In the first half of 2025 (H1 2024: €853 million) due to short-term borrowings. Loan liabilities to Volkswagen Group of America Finance, LLC, Wilmington, USA, increased by €649 million (H1 2024: €130 million) due to long-term loans and short-term loan liabilities. 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 06/30/2025 Fair value as of 06/30/2025 Carrying amount as of 12/31/2024 Fair value as of 12/31/2024 Noncurrent assets Financial services receivables 4,858 4,792 4,814 4,740 Noncurrent liabilities Financial liabilities 14,457 14,564 14,842 14,991 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 €61 million (December 31, 2024: €71 million) as of June 30, 2025, is determined using prices from previous transactions. 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 instruments 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, 2025, the fair value of these other financial assets amounted to €549  million (December 31, 2024: €413  million), and the fair value of these other financial liabilities amounted to €232  million (December 31, 2024: €525 million). An existing loan receivable was written down by €52 million in other financial result based on an updated valuation of the available collateral. 10. Contingent liabilities and commitments € million 06/30/2025 12/31/2024 Liabilities under buyback guarantees 1 2,121 2,494 Contingent liabilities under guarantees 1 374 532 Other contingent liabilities 1,259 1,431 3,754 4,458 1 Prior-year amount adjusted 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 the TRATON GROUP is obliged to buy back vehicles from the financial services company in the event of default. Liabilities under buyback guarantees as of June 30, 2025 amounted to €2,106 million (December 31, 2024: €2,478 million) owed to financing compa- nies of the Volkswagen Group, €10  million (December 31, 2024: €10  million) owed to joint ventures, and €5 million (December 31, 2024: €6 million) owed to  third parties. The year-on-year decline relates to buyback guarantees in T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 36 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 37 ===== connection with the acquisition of key aspects of the global financial services business of Volkswagen Financial Services for MAN by TRATON Financial Services. The obligations under buyback guarantees correspond to the maxi- mum expenses that may arise from obligations of this type. However, experience shows that the majority of these guarantees expire without being drawn upon. As of June 30, 2025, contingent liabilities under guarantees include financial guarantees of €342  million (December 31, 2024: €500  million). These are mostly default guarantees of International in favor of banks. The guarantees in favor of or for related party entities were insignificant at the end of the half year. Among other things, other contingent liabilities 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 the partial deduction of fines, the corresponding interest, and the related litigation costs. 11. Related party disclosures On June 30, 2025, Volkswagen International Luxemburg S.A., an indirect sub - sidiary of Volkswagen AG, held 87.52% (89.72%) of TRATON’s share capital. Additionally, Mr. Levin held 3,600 (3,600) shares of TRATON SE on June 30, 2025. 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 Auto - mobil Holding SE, Stuttgart, Volkswagen International Luxemburg S.A., or the state of Lower Saxony in any of the reporting periods presented. Related parties € million Sales and services rendered Purchases and services received H1 2025 H1 2024 H1 2025 H1 2024 Volkswagen AG 8 9 119 123 Other subsidiaries and equity investments of Volkswagen AG that are not part of the TRATON GROUP 435 966 740 623 Unconsolidated subsidiaries 8 6 5 5 Associates and their majority- owned interests 147 107 19 55 Joint ventures and their majority- owned interests 32 39 20 23 € million Receivables from Liabilities (including obligations) to 06/30/2025 12/31/2024 06/30/2025 12/31/2024 Volkswagen AG 11 11 2,107 1,046 Other subsidiaries and equity investments of Volkswagen AG that are not part of the TRATON GROUP 636 718 3,363 10,955 Unconsolidated subsidiaries 36 13 41 44 Associates and their majority- owned interests 91 12 7 7 Joint ventures and their majority- owned interests 5 8 65 85 T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 37 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 38 ===== Supplies and services rendered to other subsidiaries and investees of Volkswagen AG that are not part of the TRATON GROUP mainly relate to the sales financing business of MAN Truck & Bus, in which customer finance for vehicles is provided by Volkswagen Financial Services. The decline is attributable to the acquisition of key aspects of the global financial services business of Volkswagen Financial Services for MAN by TRATON Financial Services. Supplies and services received from other subsidiaries and investees of Volkswagen AG that are not part of the TRATON GROUP relate mainly to unfinished goods and products. Receivables from other subsidiaries and equity investments of Volkswagen AG that are not part of the TRATON GROUP primarily relate to receivables of Volkswagen Truck & Bus from Banco Volkswagen S.A. amounting to €445 million (H1 2024: €339 million). The increase in receivables from associates and their majority-owned inter - ests mainly includes dividend receivables from Sinotruk amounting to €39 million (December 31, 2024: €– million). Liabilities to Volkswagen AG include loans granted by Volkswagen AG in the amount of €2,000 million (December 31, 2024: €750 million) resulting from a €4,000  million (December 31, 2024: €4,000  million) credit line. The credit facility is subject to market interest rates. The additional €300 million line of credit from Volkswagen AG for short-term liquidity management had not been utilized as of June 30, 2025 (H1 2024: €193 million). The decrease in liabilities (including obligations) to other subsidiaries and equity investments of Volkswagen AG that are not part of the TRATON GROUP is attributable to the exclusion of the transaction in connection with the long-term purchase obligations under battery procurement contracts between TRATON GROUP companies and Northvolt Group companies in the amount of €7,974 million at the end of 2024. As Northvolt is no longer a related party, the transactions are therefore no longer subject to IAS 24 dis - closures. Among other things, this category includes loan liabilities of €1,127  million (H1 2024: €478  million) to Volkswagen Group of America Finance, the loan of €691  million (H1 2024: €691  million) taken out with Volkswagen International Finance at standard market terms, and the loan of €161  million (H1 2024: €201  million) taken out with Volkswagen Financial Services. The TRATON GROUP signed the agreement to establish the Milence charging infrastructure joint venture together with Daimler Truck and the Volvo Group on December 15, 2021. As a result, the TRATON GROUP made a capital contribution of €20 million (December 31, 2024: €– million) in the first half of 2025. The outstanding obligation as of June 30, 2025, amounts to €65 million (H1 2024: €85 million), which is contained in the category “Liabil- ities (including obligations).” 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 thereby progressively acquired the rights to the future financial services business for MAN and VWTB customers in 14 countries. The rights to the future financial services business for MAN and VWTB were transferred in several countries in the first half of 2025, including in Brazil effective June 30, thereby completing the acquisition. The purchase price for the acquisitions in the first half of 2025 amounts to €72 million (H1 2024: €131 million) and was paid from the account at VW Bank. The €32  million purchase price for the acquisition in Brazil included in this amount was already paid in advance in fiscal year 2024. See Note “4. Acquisitions”. The sale of receivables to subsidiaries of Volkswagen AG that are not part of the TRATON GROUP amounted to €466 million (€527 million) in the first half of 2025. 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.” T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 38 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 22 Income Statement 23 Condensed Statement of Comprehensive Income 24 Balance Sheet 26 Statement of Changes in Equity 28 Statement of Cash Flows 30 Notes 40 Further Information ===== SIDA 39 ===== FURTHER INFORMATION 3 ===== SIDA 40 ===== 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 Con- solidated 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 Man- agement 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, 2025 TRATON SE The Executive Board Christian Levin Dr. Michael Jackstein Catharina Modahl Nilsson Niklas Klingenberg Alexander Vlaskamp Mathias Carlbaum Antonio Roberto Cortes FURTHER INFORMATION T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 40 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information 40 Responsibility Statement 41 Review Report 42 Financial Calendar ===== SIDA 41 ===== 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, 2025 to June 30, 2025, 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 consolidated financial statements in accordance with IFRS appli- cable to interim financial reporting as adopted by the EU and of the interim group management 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 state- ments and the interim group management report based on our review. We conducted our review of the condensed half-yearly consolidated finan - cial 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 ap - praisal to preclude 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 and that the interim group management report is not prepared, in all material respects, in accor- dance with the requirements of the WpHG applicable to interim group man- agement 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 auditor’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, 2025 EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft Dr. Janze Maurer Wirtschaftsprüfer Wirtschaftsprüfer T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 41 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information 40 Responsibility Statement 41 Review Report 42 Financial Calendar ===== SIDA 42 ===== Financial Calendar October 29, 2025 9M 2025 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 Coporate Communications media-relations@traton.com Investor Relations investor.relations@traton.com Concept and Design 3st kommunikation GmbH, Mainz Photography Vunav/Shutterstock (cover, p. 3) LeoPatrizi via Getty Images (cover) Copyright ©2025 TRATON SE and 3st kommunikation GmbH This is a translation of the German original. In the event of discrepancies between the German language version and any translation thereof, the German version will prevail. T R ATO N G R O U P HALF-YEAR FINANCIAL REPORT 2025 42 5 Interim Group Management Report 22 Condensed Half-Yearly Consolidated Financial Statements 40 Further Information 40 Responsibility Statement 41 Review Report 42 Financial Calendar ===== SIDA 43 ===== WWW.TRATON.COM