FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2025
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2025
Half-Year Financial Report
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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
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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
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of the TRATON GROUP as of June 30, 2025
INTERIM GROUP MANAGEMENT REPORT 1
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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
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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
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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
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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%
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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 =====
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