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Half-Year Financial Report
 2026

===== SIDA 2 =====

AT A GLANCE
 2 TRATON GROUP 2026 Half-Year Financial Report 
 
 
At a Glance 
Incoming orders and sales (units)  H1 2026  H1 2025  Change 
Incoming orders  181,944  139,599  30% 
Unit sales  151,529  153,086  –1% 
Trucks  118,595  121,308  –2% 
Buses  16,947  16,718  1% 
MAN TGE vans  15,987  15,060  6% 
BEV unit sales ratio (excluding MAN TGE vans, in %)  1.4  0.9  0.5 pp 
TRATON GROUP       
Sales revenue (€ million)  21,996  21,906  0% 
Operating result (adjusted) (€ million)  1,539  1,371  168 
Operating return on sales (adjusted) (in %)  7.0  6.3  0.7 pp 
Earnings per share (€)  1.87  1.42  0.44 
Active workforce1  108,752  107,454  1,298 
TRATON Operations       
Sales revenue (€ million)  21,087  21,193  –1% 
Operating result (adjusted) (€ million)  1,693  1,580  113 
Operating return on sales (adjusted) (in %)  8.0  7.5  0.6 pp 
Net cash flow (€ million)  –269  54  –323 
Primary R&D costs (€ million)  1,470  1,292  14% 
Capex (€ million)  528  717  –26% 
TRATON Financial Services       
Sales revenue (€ million)  1,240  1,062  17% 
Earnings before tax (€ million)  102  87  15 
Equity (€ million)2  2,442  2,083  359 
Return on equity (in %)  8.7  8.4  0.3 pp 
1 As of June 30, 2026, and December 31, 2025 
2 As of June 30 
 
Incoming orders  
up by 
Increase in adjusted operating 
return on sales to
Adjusted operating result  
€168 million higher at around 
Sales revenue   
virtually at prior-year level at  
Unit sales 
€1.5 billion
1%
30%
7%
TRATON GROUP H1 2026:
 2 TRATON GROUP 2026 Half-Year Financial Report 
 
 
At a Glance 
Incoming orders and sales (units)  H1 2026  H1 2025  Change 
Incoming orders  181,944  139,599  30% 
Unit sales  151,529  153,086  –1% 
Trucks  118,595  121,308  –2% 
Buses  16,947  16,718  1% 
MAN TGE vans  15,987  15,060  6% 
BEV unit sales ratio (excluding MAN TGE vans, in %)  1.4  0.9  0.5 pp 
TRATON GROUP       
Sales revenue (€ million)  21,996  21,906  0% 
Operating result (adjusted) (€ million)  1,539  1,371  168 
Operating return on sales (adjusted) (in %)  7.0  6.3  0.7 pp 
Earnings per share (€)  1.87  1.42  0.44 
Active workforce1  108,752  107,454  1,298 
TRATON Operations       
Sales revenue (€ million)  21,087  21,193  –1% 
Operating result (adjusted) (€ million)  1,693  1,580  113 
Operating return on sales (adjusted) (in %)  8.0  7.5  0.6 pp 
Net cash flow (€ million)  –269  54  –323 
Primary R&D costs (€ million)  1,470  1,292  14% 
Capex (€ million)  528  717  –26% 
TRATON Financial Services       
Sales revenue (€ million)  1,240  1,062  17% 
Earnings before tax (€ million)  102  87  15 
Equity (€ million)2  2,442  2,083  359 
Return on equity (in %)  8.7  8.4  0.3 pp 
1 As of June 30, 2026, and December 31, 2025 
2 As of June 30 
 
lower at 151,529 vehicles €22 billion

===== SIDA 3 =====

3 TRATON GROUP 2026 Half-Year Financial Report 
 
 
CONTENTS 
  
Interim Group Management Report 
 
Report on Economic Position  
Opportunities and Risks  
Important Legal Cases  
Report on Expected Developments  
  
Condensed Half-Yearly Consolidated Financial Statements 
 
Income Statement  
Condensed Statement of Comprehensive Income  
Balance Sheet  
Statement of Changes in Equity   
Statement of Cash Flows  
Notes  
  
Further Information 
 
Responsibility Statement  
Review Report  
Financial Dates 
Disclaimer 
Publication Details 
 
  
 
 
CONTENTS
INTERIM GROUP  
MANAGEMENT REPORT
Report on Economic Position  5
Opportunities and Risks 22
Important Legal Cases 22
Report on Expected Developments  23
CONDENSED HALF-YEARLY 
CONSOLIDATED FINANCIAL 
STATEMENTS
Income Statement  25
Condensed Statement  
of Comprehensive Income  26
Balance Sheet  27
Statement of Changes in Equity 29
Statement of Cash Flows 31
Notes 33
FURTHER INFORMATION
Responsibility Statement  45
Review Report 46
Financial Dates 47
Disclaimer  48
Publication Details  48
1 2 3

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INTERIM GROUP 
MANAGEMENT 
REPORT 1
Report on Economic Position 5
Opportunities and Risks 22
Important Legal Cases 22
Report on Expected Developments 23

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5 TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
INTERIM GROUP MANAGEMENT REPORT 
of the TRATON GROUP as of June 30, 2026 
Report on Economic Position 
1. Material events 
In the first half of 2026, the TRATON GROUP generated sales revenue of €22.0 billion (H1 2025: €21.9 billion), which was virt ually on a level with the pr ior-
year period. Higher unit sales at MAN Truck & Bus (+8%) and Scania Vehicles & Services (+1%), as well as portfolio growth in the TRATON Financial Services 
segment, had a positive impact, while declining unit sales at International Motors and Volkswagen Truck & Bus offset this growth.  
Operating result (adjusted) rose by 12% to €1.5 billion (H1 2025: €1.4 billion), and operating return on sales (adjusted) rose to 7.0% (H1 2025: 6.3%). Certain 
items were adjusted, which had a negative impact of €564 million (H1 2025: €113 million). 
Demand for all vehicle classes picked up significantly over the course of the first half of 2026: following an 18% increase in incoming orders in the first quarter 
of 2026, incoming orders rose by 44% compared with the prior -year period in the second quarter of 2026. The main driver was growth in the US Class 8 
market. In Brazil, the “Move Brasil” program also helped boost incoming orders and the first deliveries. 
At TRATON SE’s virtual Annual General Meeting on June 16, 2026, the shareholders resolved a dividend of €0.93 per share, resu lting in a payout of €465 
million. 
In the first half of 2026, TRATON issued bonds denominated in euros and Swedish kronor equivalent to €2.3 billion under the European Medium Term Notes 
program, €500 million of which related to the issuance of the first bilateral green bond under the Group-wide Green Finance Framework. TRATON also took 
out a €350 million green loan.  
Together with Applied Intuition, the TRATON GROUP unveiled TRATON ONE OS, a cross -brand software-defined vehicle platform, on March 31, 2026 . The 
platform is scheduled to be rolled out in new trucks starting in 2028. 
On March 30, 2026, International Motors announced plans to sell the Springfield plant to Roshel, a defense and commercial veh icles manufacturer. This 
resulted in a negative impact of €138 million on the TRATON GROUP’s operating result. 
In March 2026, Scania delivered the first NEXT ERA tractors to end customers in China and began operating a new delivery cent er near Rugao. This had a 
corresponding positive impact on Scania’s deliveries in the second quarter of 2026.

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6 TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
TRATON Financial Services continued its geographic expansion across all brands in the first half of 2026 . The markets it entered successfully included 
Belgium, Lithuania, and Norway. 
On February 25, 2026, the Supervisory Board of TRATON SE decided to extend the appointment of Dr. h. c. Antonio Roberto Corte s as a member of 
TRATON SE’s Executive Board until January 2029. 
2. Market environment  
In the first half of 2026, the most important truck markets (> 6t) for the TRATON GROUP recorded a moderate overall decline in new registrations. This trend 
was significantly shaped by continuing uncertainties related to tariffs as well as trade and geopolitical risks. 
In the EU27+3 region, new truck registrations were up moderately year-on-year, as replacement purchases that had been postponed from the previous year 
were now completed. Whereas France and the United Kingdom posted slight to moderate declines, the markets in Germany, Poland, and Spain in particular 
saw growth. In North America, the market for Class 6 through 8 trucks was down significantly year -on-year. Demand for heavy-duty trucks in particular 
continued to be affected by low levels of freight traffic and  trade policy uncertainties, but has recently been showing signs of recovery. Markets in South 
America experienced a slight decline overall. The Brazilian market in particular weakened significantly compared with the prior-year period, although the 
“Move Brasil” subsidy program did lead to additional vehicles being bought,  especially in the second quarter of 2026. The Chinese truck market grew 
significantly thanks to continued government stimulus measures. 
The TRATON GROUP’s most important bus markets posted noticeable overall growth in the first half of 2026. Wh ile the North American bus market also 
recorded noticeable growth, the South American market was noticeably lower than in the  prior-year period. By contrast, new bus registrations rose 
substantially in the EU27+3 region. This growth was driven in particular by electric city buses.

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7 TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
3. Results of operations 
Incoming orders and unit sales 
Incoming Orders and Unit Sales by Country, TRATON Operations 
  Incoming orders  Unit sales 
Units  H1 2026  H1 2025  Change  H1 2026  H1 2025  Change 
Total  181,944  139,599  30%  151,529  153,086  –1% 
of which all-electric vehicles  2,147  1,474  46%  1,907  1,250  53% 
BEV unit sales ratio (excluding MAN TGE vans, in %)  –  –  –  1.4  0.9  0.5 pp 
Trucks  149,323  111,392  34%  118,595  121,308  –2% 
EU27+3  58,236  53,069  10%  52,427  49,193  7% 
of which in Germany  13,218  14,301  –8%  11,854  12,431  –5% 
North America  41,514  17,216  141%  23,874  28,969  –18% 
USA/Canada  37,328  13,945  168%  20,396  25,725  –21% 
Mexico  4,186  3,271  28%  3,478  3,244  7% 
South America  31,499  25,761  22%  27,497  29,843  –8% 
of which in Brazil  24,396  18,888  29%  21,906  23,817  –8% 
Asia/Pacific1  6,183  3,799  63%  4,979  3,424  45% 
of which in China  2,724  458  495%  1,748  400  337% 
Other regions1  11,891  11,547  3%  9,818  9,879  –1% 
Buses  15,921  14,007  14%  16,947  16,718  1% 
EU27+3  3,180  3,290  –3%  3,593  3,320  8% 
of which in Germany  814  768  6%  864  674  28% 
North America  6,577  4,450  48%  6,618  7,037  –6% 
USA/Canada  5,514  4,110  34%  5,450  6,173  –12% 
Mexico  1,063  340  213%  1,168  864  35% 
South America  5,191  4,468  16%  5,266  4,906  7% 
of which in Brazil  4,446  3,337  33%  4,476  3,962  13% 
Asia/Pacific1  390  550  –29%  625  765  –18% 
Other regions1  583  1,249  –53%  845  690  22%

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8 TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
  Incoming orders  Unit sales 
Units  H1 2026  H1 2025  Change  H1 2026  H1 2025  Change 
MAN TGE vans  16,700  14,201  18%  15,987  15,060  6% 
EU27+3  16,157  13,864  17%  15,484  14,770  5% 
of which in Germany  5,126  4,336  18%  4,906  5,077  –3% 
Other regions  543  337  61%  503  290  73% 
1 Prior-year figures adjusted to reflect the current presentation 
Incoming orders in the reporting period were up very sharply year -on-year. In the truck business in the EU27+3 region, the TRATON GROUP recorded a 
noticeable increase compared with the prior -year period, despite lower incoming truck orders in Germany. This  was driven in particular by a very good 
performance in the second quarter. In North America, a very sharp rise in demand for heavy -duty trucks (Class 8) and catch -up effects from previously 
postponed orders following high levels of uncertainty in the previous year led to incoming orders for trucks more than doubling. Incoming orders for trucks 
also rose sharply in South America. The main reason was the “Move Brasil” subsidized loan program launched by the Brazilian government at the beginning 
of 2026 to renew truck fleets. Incoming orders for trucks in the Asia-Pacific region also rose very sharply, mainly as a result of the introduction of the NEXT 
ERA product line. Demand for buses also rose significantly overall. 
Unit sales in the first six months of 2026 were down slightly year -on-year. This was the result of different trends at both product and regional levels. The 
noticeable increase in unit sales of trucks in the EU27+3 region was the result of improved incoming orders in 2025 as well as an improved market situation, 
which was driven primarily by replacement demand. By contrast, unit sales of trucks in North America were substantially down on the prior-year period, 
which had not yet been impacted to such an extent by US tariff policy. The promising signs recently observed in the US market of customer demand picking 
up again gradually began to affect unit sales in the second quarter. The persistently challenging market situation in South America was reflected primarily 
in lower unit sales in Brazil. In the second quarter of 2026, however, unit sales in the region were significantly higher t han in the previous year due to the 
“Move Brasil” program. Unit sales of trucks in the Asia -Pacific region rose very strongly, mainly due to the introduction of the NEXT ERA product line. Unit 
sales for the Group-wide bus business were up slightly year-on-year. While unit sales in the EU27+3 and South America regions rose noticeably, fewer buses 
were sold in the North America region than in the prior-year period.  
The book-to-bill ratio in the first half of 2026 was 1.2 (H1 2025: 0.9). 
The first half of 2026 revealed a sustained positive trend for all -electric vehicles. 887 (H1 2025: 400) all -electric trucks and 1,020 (H1 2025: 838) all -electric 
buses were sold in the reporting period.

===== SIDA 9 =====

9 TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Profit and loss 
Condensed Income Statement of the TRATON GROUP 
  TRATON GROUP  TRATON Operations  TRATON Financial Services  Corporate Items 
€ million  H1 2026  H1 2025  H1 2026  H1 2025  H1 2026  H1 2025  H1 2026  H1 2025 
Sales revenue  21,996  21,906  21,087  21,193  1,240  1,062  –331  –349 
Cost of sales  –17,940  –17,530  –17,353  –17,092  –851  –723  264  286 
Gross profit  4,056  4,376  3,735  4,101  388  339  –67  –64 
Distribution expenses  –1,971  –1,895  –1,689  –1,631  –172  –154  –111  –110 
Administrative expenses  –843  –924  –750  –799  –16  –17  –77  –109 
Other operating result  –267  –299  –167  –204  –99  –83  0  –12 
Operating result  975  1,258  1,129  1,467  101  85  –255  –294 
Operating result (adjusted)  1,539  1,371  1,693  1,580  101  85  –255  –294 
Operating return on sales (adjusted) (in %)  7.0  6.3  8.0  7.5  8.2  8.0  –  – 
Financial result  358  –270  16  31  1  2  341  –303 
Earnings before tax  1,332  988  1,145  1,498  102  87  86  –597 
Income taxes  –400  –277  –477  –334  –31  –29  108  86 
Earnings after tax  933  712  667  1,165  72  58  194  –511 
 
Operating result 
The TRATON GROUP’s sales revenue in the first half of 2026 was virtually on a level with the prior-year period. TRATON Financial Services increased sales 
revenue by 17% as a result of continued portfolio growth. This more than offset the slight decline in sales revenue in the TRATON Operations business area 
resulting from lower truck unit sales. The Vehicle Services business made a positive contribution to business performance, and its share of total sales revenue 
was stable at 20% (H1 2025: 20%). 
The TRATON GROUP’s gross profit was down €320 million or 7% year-on-year. Gross margin therefore decreased by 1.5 percentage points to 18.4% (H1 2025: 
20.0%) in the TRATON GROUP and by 1.6 percentage points to 17.7% (H1 2025: 19.4%) in the TRATON Operations business area. Gross profit in the first half of 
2026 was particularly impacted by costs related to structural measures. 
Significant year-on-year effects resulted from expenses of €201 million associated with changes in individual projects in the field of electric mobility, as well 
as a negative impact of €173 million (H1 2025: €40 million) for civil lawsuits against Scania and MAN in connection with the EU truck cases in ind ividual 
countries. Additionally, expenses of €20 million (H1 2025: €70 million) were recognized  in other operating result. Further, expenses of €97 million in 
connection with the agreement between International and Roshel regarding the sale of the Springfield site negatively impacted gross profit. In addition, 
an expense of €40 million was recognized in other operating result in connection with severance payments and other personnel-related measures.

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10  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Moreover, US tariffs of €112 million (H1 2025: €44 million) were recognized in profit or loss in the first half of 2026. Comp ared with the first quarter of 2026, 
the tariff burden decreased in the second quarter of 2026, as uncertainties regarding existing  refund and offsetting mechanisms declined significantly, 
resulting in the recognition of corresponding receivables. 
The TRATON GROUP’s distribution and administrative expenses were on a level with the previous year. Distribution expenses were higher than in the prior-
year period in the TRATON Financial Services segment, primarily due to a higher number of employees resulting from the continued expansion of financing 
activities. This increase was offset by lower administrative expenses in the TRATON Operations business area. Expen ses in connection with restructuring 
activities in the US amounting to more than €18 million were primarily recognized in administrative expenses in the TRATON Operations business area. At 
12.8% (H1 2025: 12.9%), the ratio of distribution and administrative expenses to sales revenue was slightly below the previous year’s level. 
Other operating result improved by €32 million compared with the prior-year period. The main driver behind the increase was currency gains, particularly 
from the measurement of foreign currency receivables. These were offset by higher expenses from bad debt allowances on receivables. 
Due to the effects described above, in particular because of the decrease in gross profit, the TRATON GROUP’s operating result decreased by €284 million 
or 23% in the first half of 2026 compared with the previous year. 
Adjustments to operating result 
Adjustments (€ million)  H1 2026  H1 2025 
Scania Vehicles & Services  131  1 
Legal proceedings and related measures  70  1 
Changes in individual projects in the field of electric mobility  61  – 
MAN Truck & Bus  240  112 
Legal proceedings and related measures  123  109 
Changes in individual projects in the field of electric mobility  102  – 
Restructurings  14  3 
International Motors  194  – 
Changes in individual projects in the field of electric mobility  38  – 
Restructurings  156  – 
TRATON Operations  564  113 
TRATON GROUP  564  113

===== SIDA 11 =====

11  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Adjustments in the TRATON Operations business area in the reporting period amounted to €564 million (H1 2025: €113 million). They were composed of the 
following items: 
– Negative impact of €201 million (H1 2025: €– million) in connection with changes in individual projects in the field of TRATON GROUP electric mobility 
at Scania Vehicles & Services, MAN Truck & Bus, and International Motors 
– Negative impact of €193 million (H1 2025: €109 million) for civil lawsuits against Scania Vehicles & Services and MAN Truck & Bus in connection with the 
EU truck cases in individual countries. They were calculated based on an updated risk assessment and include foreign exchange effects. 
– Negative impact of €138 million (H1 2025: €– million) related to the agreement entered into for the sale of the International Motors Springfield site 
– Expenses of €18 million (H1 2025: €– million) for severance payments in connection with the restructuring of central functions at International Motors 
– Expenses of €14 million (H1 2025: €3 million) in connection with an internal reorganization at MAN Truck & Bus 
The TRATON GROUP’s operating result (adjusted) rose by €168 million or 12% year-on-year. The TRATON GROUP’s operating return on sales (adjusted) rose 
by 0.7 percentage points to 7.0% (H1 2025: 6.3%). In the TRATON Operations business area, operating return on sales (adjusted) increased by 0.6 percentage 
points to 8.0% (H1 2025: 7.5%). 
Financial result 
The TRATON GROUP’s financial result improved by €627 million compared with the prior-year level. This increase is primarily attributable to gains from the 
sale of shares in the equity-method investment in Sinotruk (Hong Kong) Limited, Hong Kong, China (Sinotruk), as well as higher net interest income, which 
rose primarily due to the settlement of interest rate derivatives. Currency translation effects on net financial debt also had a positive impact on financial 
result, mainly due to the appreciation of the Brazilian real against the euro. The TRATON Operations business area had recorded a gain of €290 million from 
an adjustment of the ownership structure of the financial services business in the previous year, although this was  eliminated at the level of the TRATON 
GROUP. 
Taxes 
Income taxes increased by €123 million compared with the prior -year period due to earnings -related factors. At 30%, the tax rat e was higher than the 
previous year’s figure of 28%. The increase is primarily attributable to a rise in nondeductible expenses due to exchange rate effects. 
Earnings after tax 
Earnings after tax improved by €221 million, or 31%, in the first half of 2026 compared with the prior-year figure. As a result, earnings per share rose to €1.87 
(H1 2025: €1.42) in the reporting period. Calculation of earnings per share was still based on an average of 500 million shares.  
In line with the Executive Board’s and the Supervisory Board’s proposal, the Annual General Meeting of TRATON SE resolved on June 16, 2026, to pay out a 
dividend of €0.93 (previous year: €1.70) per no-par value share carrying dividend rights. This corresponds to a total payout of €465 million ( previous year: 
€850 million), which was made on June 19, 2026.

===== SIDA 12 =====

12  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Segments of the TRATON GROUP 
Scania Vehicles & Services 
  H1 2026  H1 2025  Change 
Incoming orders (units)  56,061  45,155  24% 
Sales (units)  47,252  46,846  1% 
Trucks  44,205  43,720  1% 
Buses  3,047  3,126  –3% 
Book-to-bill ratio  1.2  1.0  0.2 
Sales revenue (€ million)  9,086  8,911  2% 
New Vehicles  5,799  5,887  –1% 
Vehicle Services business1  2,104  1,980  6% 
Others  1,183  1,044  13% 
Operating result (adjusted) (€ million)2  1,030  929  101 
Operating return on sales (adjusted) (in %)2  11.3  10.4  0.9 pp 
1 Including genuine parts and workshop services 
2 Prior-year figures adjusted, see Basis of preparation – Prior-period information in the Notes 
Scania Vehicles & Services recorded a strong year-on-year increase in incoming orders in the first half of 2026. In Brazil in particular, incoming orders rose 
very sharply, which was mainly due to the “Move Brasil” loan program. The China business with the NEXT ERA product line, which is currently ramping up, 
also contributed to the growth in incoming orders. 
Unit sales of trucks were slightly above the prior-year period. A slight increase in unit sales was recorded in the EU27+3 region. In Brazil, despite the “Move 
Brasil” program, unit sales declined substantially due to a persistently challenging market environment. The China business reported very strong unit sales 
growth with the NEXT ERA product line. Unit sales of buses declined slightly, mainly due to lower market demand in Mexico and South America. 
Sales revenue was slightly higher than in the prior-year period, partly due to the increase in the Vehicle Services business, which more than offset the slight 
decline in the New Vehicles business. 
Operating result (adjusted) increased significantly, with lower overhead and product costs as well as positive product mix effects more than offsetting higher 
R&D costs.

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13  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
MAN Truck & Bus 
  H1 2026  H1 2025  Change 
Incoming orders (units)  55,456  52,485  6% 
Sales (units)  50,939  47,034  8% 
Trucks  31,680  28,743  10% 
Buses  3,292  3,231  2% 
MAN TGE vans  15,987  15,060  6% 
Book-to-bill ratio  1.1  1.1  0.0 
Sales revenue (€ million)1  6,982  6,616  6% 
New Vehicles  4,294  3,983  8% 
Vehicle Services business2  1,499  1,462  3% 
Others1  1,188  1,172  1% 
Operating result (adjusted) (€ million)1  486  406  80 
Operating return on sales (adjusted) (in %)1  7.0  6.1  0.8 pp 
1 Prior-year figures adjusted, see Basis of preparation – Prior-period information in the Notes 
2 Including genuine parts and workshop services 
MAN Truck & Bus reported a solid overall increase in incoming orders in the first half of 2026, driven by strong growth in th e second quarter of 2026. MAN 
Truck & Bus recorded a slight increase in incoming orders for trucks. Incoming orders for buses were down year-on-year. This was primarily attributable to 
large city bus projects in Europe that had been secured in the previous year. Incoming orders for MAN TGE vans rose substantially year-on-year.  
Unit sales were up noticeably year-on-year, primarily as a result of higher truck sales figures. This was driven mainly by a significant increase in the EU27+3 
region due to encouraging incoming orders in the previous quarters.  
Sales revenue was up moderately year-on-year, driven by higher new vehicle unit sales and a slight increase in the Vehicle Services business.  
Operating result (adjusted) rose substantially compared with the previous year. In addition to the increase in sales revenue,  the primary reasons were 
positive product mix/pricing effects and better fixed cost coverage.

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14  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
International Motors 
  H1 2026  H1 2025  Change 
Incoming orders (units)  47,791  21,237  125% 
Sales (units)  29,488  34,510  –15% 
Trucks  23,543  28,330  –17% 
Buses  5,945  6,180  –4% 
Book-to-bill ratio  1.6  0.6  1.0 
Sales revenue (€ million)  3,828  4,378  –13% 
New Vehicles  2,723  3,198  –15% 
Vehicle Services business1  803  861  –7% 
Others  301  319  –5% 
Operating result (adjusted) (€ million)2  44  81  –38 
Operating return on sales (adjusted) (in %)2  1.1  1.9  –0.7 pp 
1 Including genuine parts 
2 Prior-year figures adjusted, see Basis of preparation – Prior-period information in the Notes 
International Motors recorded a very strong increase in incoming orders compared with the previous year. The increase was mainly due to further 
improvements in market conditions for heavy-duty trucks (Class 8) in the US. 
Truck unit sales decreased substantially compared to the previous year, which had not yet been impacted to the same extent by US tariff policy. Nevertheless, 
the recovery in customer demand in the US market already had a positive impact on unit sales in the second quarter of 2026. U nit sales of buses were 
slightly below the previous year’s level. 
The declining unit sales resulted in both a substantial decrease in sales revenue in the New Vehicles business and a noticeable drop in sales revenue in the 
Vehicle Services business.  
In addition to the volume-related decline in sales revenue, operating result (adjusted) was negatively impacted primarily by high tariff costs. At the same 
time, lower fixed costs and lower R&D costs had a positive impact on operating result (adjusted).

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

15  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Volkswagen Truck & Bus  
  H1 2026  H1 2025  Change 
Incoming orders (units)  22,684  20,824  9% 
Sales (units)  23,847  24,779  –4% 
of which trucks  19,164  20,586  –7% 
of which buses  4,683  4,193  12% 
Book-to-bill ratio  1.0  0.8  0.1 
Sales revenue (€ million)  1,501  1,498  0% 
New Vehicles  1,390  1,394  0% 
Vehicle Services business1  79  81  –2% 
Others  33  23  42% 
Operating result (adjusted) (€ million)2  158  193  –35 
Operating return on sales (adjusted) (in %)2  10.5  12.9  –2.3 pp 
1 Including genuine parts and workshop services 
2 Prior-year figures adjusted, see Basis of preparation – Prior-period information in the Notes 
Volkswagen Truck & Bus recorded a noticeable increase in incoming orders in the reporting period compared with the prior -year period primarily due to 
the “Move Brasil” program. In addition, incoming orders of buses rose very sharply due to government tenders won in Brazil. 
Unit sales declined slightly. This was due to the moderate decline in unit sales of trucks in Brazil, which was attributable to the persistently challenging 
market conditions. In the second quarter of 2026, however, unit sales were significantly higher tha n in the previous year as a result of the “Move Brasil” 
program. Bus unit sales also increased significantly year-on-year due to government tenders won in Brazil. 
Despite the volume-related decline in unit sales, sales revenue remained on a level with the previous year, mainly due to currency factors. 
Currency effects had an additional negative impact on operating result (adjusted).

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

16  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
TRATON Financial Services 
  H1 2026  H1 2025  Change 
Sales revenue (€ million)  1,240  1,062  17% 
Earnings before tax (€ million)  102  87  15 
Equity (€ million)1  2,442  2,083  359 
Return on equity (in %)  8.7  8.4  0.3 pp 
1 As of June 30 
In the TRATON Financial Services segment, sales revenue substantially increased across the brands and markets due to continued portfolio growth. Portfolio 
expansion was primarily driven by additional financing volumes at MAN and Volkswagen Truck & Bus. 
Earnings before tax also rose substantially, mainly due to the increase in sales revenue. This was partly offset by higher fi nancing and risk costs, as well as 
higher operating expenses related to the ongoing expansion of financing activities into new markets. 
Equity at TRATON Financial Services increased to €2,442 million as of June 30, 2026. Return on equity increased slightly.

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

17  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
4. Financial position 
Cash flow 
Condensed Statement of Cash Flows of the TRATON GROUP 
  TRATON GROUP  TRATON Operations  TRATON Financial Services  Corporate Items 
€ million  H1 2026  H1 2025  H1 2026  H1 2025  H1 2026  H1 2025  H1 2026  H1 2025 
Cash and cash equivalents as of 01/01  2,805  2,542  8,650  6,715  558  394  –6,403  –4,567 
Gross cash flow  2,200  1,838  2,062  1,971  393  242  –254  –376 
Change in working capital  –2,384  –1,811  –1,195  –698  –1,421  –1,334  232  222 
Net cash provided by/used in operating activities  –184  27  867  1,273  –1,028  –1,092  –23  –154 
Net cash provided by/used in investing activities 
attributable to operating activities  –581  –1,239  –1,136  –1,219  –2  –57  557  37 
Change in marketable securities, investment 
deposits, and loans  16  –69  177  –95  –67  –22  –94  48 
Net cash provided by/used in investing activities  –565  –1,308  –959  –1,314  –69  –80  463  85 
Net cash provided by/used in financing activities  309  993  –603  –73  1,043  1,106  –131  –40 
Effect of exchange rate changes on cash and cash 
equivalents  34  12  –18  –70  24  –6  28  88 
Change in cash and cash equivalents  –406  –276  –713  –183  –30  –71  336  –21 
Cash and cash equivalents as of 06/30  2,399  2,266  7,937  6,532  529  322  –6,067  –4,588 
Gross cash flow  2,200  1,838  2,062  1,971  393  242  –254  –376 
Change in working capital  –2,384  –1,811  –1,195  –698  –1,421  –1,334  232  222 
Net cash provided by/used in investing activities 
attributable to operating activities  –581  –1,239  –1,136  –1,219  –2  –57  557  37 
Net cash flow  –765  –1,212  –269  54  –1,030  –1,149  534  –117 
 
The TRATON GROUP’s net cash used in operating activities fell by €211 million year-on-year to €184 million in the first half of 2026. This was primarily due to 
a €573 million higher increase in cash tied up in working capital, which is mainly attributable to the stronger €200 million increase in products leased out 
and the €184 million increase in financial services receivables.  
Cash tied up in working capital rose by a total of €2.4  billion in the reporting period. This was primarily driven by an €858 million increase in financial 
services receivables within the TRATON Financial Services segment. In addition, inventories increased by €851 million, which negatively impacted net cash 
flow in the TRATON Operations business area.

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

18  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Net cash used in investing activities attributable to operating activities decreased by €658 million year-on-year to €581 million, €523 million of which was 
due to receipt of the sale price for shares of Sinotruk, which is reported in Corporate Items. 
Net cash provided by financing activities in the first half of 2026 included bond issuances by the TRATON GROUP totaling €2.9 billion (H1 2025: €2.6 billion) 
and offsetting repayments totaling €1.5 billion (H1 2025: €2.9 billion). This included the issuance of bonds under the European Medium Term Notes program 
(EMTN program) amounting to €2.3 billion (H1 2025: €1.9 billion) in Corporate Items. In return, this resulted in repayments of €1.1 billion (H1 2025: €2.8 billion). 
Of this amount, €943 million (H1 2025: €1.5 billion) was attributable to Cor porate Items and €188 million (H1 2025: €1.3 billion) to the TRATON Operations 
business area. Within the EMTN program reported in Corporate Items, €500 million relates to the issuance of a green bond unde r the Group-wide Green 
Finance Framework with a five -and-a-half-year term. Other bond issuances and repayments  mainly relate to bonds from asset -backed securities 
transactions used by companies in the TRATON Financial Services segment for financing purposes. 
Commercial paper programs recorded inflows of €1.8 billion (H1 2025: €822 million) and repayments of €1.7 billion (H1 2025: €58 million). Commercial paper 
is mainly attributable to Corporate Items. In addition, Schuldscheindarlehen (medium- or long-term loans granted against a note issued by the borrower) 
of €300 million were repaid in Corporate Items.  
Moreover, there was a change in material loans relating to various Volkswagen companies, with €86 million (H1 2025: €1.8 billion) borrowed and €637 million 
(H1 2025: €40 million) repaid.  
The net change in miscellaneous financial liabilities for the reporting period reflects borrowings of €449 million, while €172 million was repaid in the 
previous year. These consist primarily of liabilities to banks, including a bilateral green loan of €350 million obtained under the Group-wide Green Finance 
Framework.   
Additionally, TRATON SE paid out a dividend of €465 million (previous year: €850 million) for fiscal year 2025.

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

19  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Net liquidity/net financial debt 
Net liquidity/net financial debt of the TRATON GROUP 
  TRATON GROUP  TRATON Operations  
TRATON 
Financial Services  Corporate Items 
€ million  06/30/2026  12/31/2025  06/30/2026  12/31/2025  06/30/2026  12/31/2025  06/30/2026  12/31/2025 
Cash and cash equivalents  2,399  2,805  7,937  8,650  529  558  –6,067  –6,403 
Marketable securities, investment deposits, and loans to 
affiliated companies  170  127  66  178  161  97  –58  –148 
Gross liquidity  2,569  2,933  8,003  8,828  690  656  –6,124  –6,551 
Third-party borrowings  –28,696  –27,391  –6,374  –6,317  –21,305  –19,952  –1,018  –1,122 
of which intragroup financing1  –  –  –2,694  –2,686  –13,168  –12,620  15,862  15,307 
Net liquidity/net financial debt  –26,127  –24,458  1,629  2,511  –20,614  –19,296  –7,142  –7,673 
1 Intragroup financing in the TRATON GROUP 
Net financial debt rose by €1.7 billion to €26.1 billion (H1 2025: €24.5 billion) in the first half of 2026, driven mainly by the development of net cash flow and 
the dividend payout amounting to €465 million (H1 2025: €850 million). 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 –1.0 as of June 30, 2026, and hence 
up on the prior-year comparative figure of –1.1 as of December 31, 2025. This is attributable to an inc rease in EBITDA (adjusted) for the TRATON Operations 
business area including Corporate Items to €5.5 billion (December 31, 2025: €4.7 billion) over the past twelve months, despite an increase in net financial 
debt in the TRATON Operations business area including Corporate Items to €5.5 billion (December 31, 2025: €5.2 billion).

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

20  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
5. Net assets 
Balance sheet analysis 
Condensed Balance Sheet of the TRATON GROUP  
  TRATON GROUP  TRATON Operations  TRATON Financial Services  Corporate Items 
€ million  06/30/2026  12/31/2025  06/30/2026  12/31/2025  06/30/2026  12/31/2025  06/30/2026  12/31/2025 
Goodwill  6,018  5,967  404  387  –  –  5,614  5,580 
Intangible assets  7,889  7,664  5,942  5,633  19  21  1,928  2,011 
Property, plant, and equipment  10,097  10,111  9,714  9,719  26  26  358  366 
Assets leased out  5,540  5,316  5,381  5,173  1,627  1,436  –1,468  –1,293 
Equity-method investments  1,548  1,770  420  410  9  8  1,119  1,352 
Other equity investments  82  83  217  218  54  54  –190  –190 
Deferred and current income taxes  3,385  3,126  3,147  2,978  441  345  –203  –197 
Financial services receivables  19,196  17,906  0  0  19,166  17,887  29  19 
Inventories  7,989  7,016  7,987  6,987  –  –  3  29 
Trade receivables  3,986  3,126  2,993  2,205  1,253  1,139  –261  –218 
Other assets  3,380  3,289  2,685  2,799  2,052  1,943  –1,357  –1,453 
Marketable securities and investment deposits  57  22  6  22  51  –  0  – 
Cash and cash equivalents  2,399  2,805  7,937  8,650  529  558  –6,067  –6,403 
Total assets  71,566  68,202  46,831  45,181  25,228  23,419  –494  –398 
Equity  19,209  18,636  15,273  14,738  2,442  2,275  1,495  1,624 
Financial liabilities  28,696  27,391  6,374  6,317  21,305  19,952  1,018  1,122 
Provisions for pensions 
and other post-employment benefits  1,650  1,644  1,628  1,626  13  12  9  6 
Deferred and current income taxes  937  864  691  604  254  157  –8  102 
Other provisions  4,078  3,989  4,021  3,921  16  16  41  52 
Other liabilities  10,486  10,203  12,448  12,566  844  715  –2,806  –3,078 
Trade payables  6,510  5,474  6,396  5,409  355  291  –241  –225 
Total equity and liabilities  71,566  68,202  46,831  45,181  25,228  23,419  –494  –398 
 
As of June 30, 2026, the TRATON GROUP’s total assets increased by €3.4 billion compared with December 31, 2025. This increase resulted primarily from the 
€1.3 billion increase in financial services receivables, the €973 million increase in inventories, and the €860 million increase in trade receivables. In addition, 
intangible assets rose by €225 million and assets leased out rose by €224 million. The principal offsetting factors were a €406 million decrease in cash and 
cash equivalents and a €222 million decrease in equity-method investments.

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

21  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
The increase in intangible assets primarily reflects increased investments in new developments.  
The €224 million increase in assets leased out resulted from the increase in leased vehicles. Expiring contracts were more than offset by new contracts. 
Equity-method investments declined by €222 million. This was primarily attributable to the sale of shares of Sinotruk, as well as to dividend payouts from 
Sinotruk and Rheinmetall MAN Military Vehicles GmbH, Munich, which reduced the carrying amount of the investments. This was mainly offset by positive 
earnings contributions.  
The increase in financial services receivables was largely attributable to additional financing volumes at MAN and Volkswagen  Truck & Bus and amplified 
by currency translation effects.  
Inventories increased by €973 million. This was due to an increase in new vehicles held in inventories at MAN Truck & Bus and Scania Vehicles & Services, as 
well as the accumulation of raw materials, consumables, and supplies at Scania Vehicles & Services as a result of production ramp-ups.  
Trade receivables rose by €860 million. This was primarily the result of increases at Volkswagen Truck & Bus and International Motors, and in the TR ATON 
Financial Services segment.  
The €406 million decrease in cash and cash equivalents resulted from a negative net cash flow of €765 million and from offsetting positive financing 
activities of €309 million.  
The TRATON GROUP’s total equity increased by €573 million to €19.2 billion as of June 30, 2026, compared with December 31, 20 25. Among other things, 
the increase was attributable to positive total comprehensive income of €1.0 billion. This includes earnings after tax of €933 million, plus €107 million from 
other comprehensive income, due, among other things, to positive effects from translating the financial statements of foreign operations. At the same time, 
equity decreased due to the €465 million dividend payout (see Note 4. Equity).  
Financial liabilities increased by €1.3 billion. The most significant factor here was the issuance of bonds totaling €2.9 bil lion, partially offset by bond 
repayments of €1.5 billion, primarily within the European Medium Term Notes program. In addition, financial liabilities increased due to  net borrowing of 
€714 million from banks. On the other hand, there was a net decrease of €514 million in  material loans to Volkswagen Group companies. In addition, 
Schuldscheindarlehen of €300 million were repaid (for further information, see the Financial position section). 
Other liabilities increased by €283 million. This is primarily attributable to increases in contract liabilities, payroll liabilities, other tax liabilities, and the higher 
fair value of derivative financial instruments. It was offset by a decrease in liabilities from buyback obligations to Volkswagen Financial Services.  
Trade payables rose by €1.0 billion due, among other things, to a higher production volume.

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

22  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Off-balance sheet commitments as of June 30, 2026, related to buyback guarantees of €1.4 billion (December 31, 2025: €1.7 billion), mainly to Volkswagen 
Group companies, to guarantees and sureties of €244 million (December 31, 2025: €297 million), and to other contingent liabilities of €2.0 billion (December 
31, 2025: €1.3 billion). Other contingent liabilities contain contingent liabilities for potential tax risks, which primarily concern Volkswagen Truck  & Bus in 
Brazil (see Note 7. Contingent liabilities and commitments). 
Opportunities and Risks 
The Report on Opportunities and Risks is meant to be read in conjunction with our comments in the 2025 Annual Report. With re gard to the geopolitical 
uncertainties described in the 2025 Annual Report and to global economic trends, we see additional potential risks to global supply chains, energy and 
commodity prices, and future global economic development due to the conflict in the Middle East. Since the situation remains highly volatile, TRATON is 
continuing to monitor developments very closely. 
Together with the risks described in the “Report on opportunities and risks” section of the 2025 Annual Report, the overall risk profile for TRATON therefore 
remains “high” across all risk categories. 
Important Legal Cases 
TRATON SE’s 2025 Annual Report contains detailed information on important litigation and legal proceedings in the Notes to th e Consolidated Financial 
Statements, Note “32. 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 2026. See the Profit and loss section for information on the significance 
for operating result.

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

23  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report  Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Report on Expected Developments  
The guidance range for fiscal year 2026 has been narrowed based on market trends and business performance in the first half of 2026. The main reasons for 
this are business performance in the TRATON GROUP’s core markets, as well as reduced uncertainties as the year progresses, especially with regard to the 
effects of tariff and industrial policy in North America.  
Expected sectoral developments  
Following a decline in the previous year, we still expect our most important truck and bus markets (EU27+3, North America, and South America) to stabilize 
as a whole in 2026 with a positive tendency. We are continuing to operate in a highly volatile macroe conomic environment. The ensuing risks could also 
significantly impact our industry. Overall, we see the industry developments as remaining largely unchanged. 
Expectations for the most important key financial performance indicators 
The adjustments relate to the TRATON GROUP’s unit sales, as well as sales revenue and operating return on sales (adjusted) for the TRATON GROUP and in 
the TRATON Operations business area.  
The adjusted forecast continues to be contingent on future geopolitical developments, especially the effects of the US government’s tariff policy and the 
war in Iran. 
  Actual 2025  
Forecast 2026 
2025 Annual Report/ 
3M 2026 Interim Statement  
Forecast 2026 
2026 Half-Year Financial Report 
TRATON GROUP       
Sales (units)  305,486  –5 to +7%  0 to +7% 
Sales revenue (€ million)  44,052  –5 to +7%  0 to +7% 
Operating return on sales (adjusted) (in %)  6.3  5.3 to 7.3  6.3 to 7.3 
TRATON Operations       
Sales revenue (€ million)  42,536  –5 to +7%  0 to +7% 
Operating return on sales (adjusted) (in %)  7.3  6.1 to 8.1  7.1 to 8.1 
Net cash flow (€ million)  1,643  900 to 1,700  900 to 1,700 
TRATON Financial Services       
Return on equity (in %)  8.0  8.0 to 11.0  8.0 to 11.0

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

CONDENSED  
HALF-YEARLY  
CONSOLIDATED  
FINANCIAL  
STATEMENTS
Income Statement 25
Condensed Statement  
of Comprehensive Income 26
Balance Sheet 27
Statement of Changes in Equity 29
Statement of Cash Flows 31
Notes 33
2

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

25  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
CONDENSED HALF-YEARLY CONSOLIDATED FINANCIAL 
STATEMENTS AS OF JUNE 30, 2026 
Income Statement 
of the TRATON GROUP for the period from January 1 to June 30 
€ million  H1 2026  H1 2025 
Sales revenue  21,996  21,906 
Cost of sales  –17,940  –17,530 
Gross profit  4,056  4,376 
Distribution expenses  –1,971  –1,895 
Administrative expenses  –843  –924 
Net impairment losses on financial assets  –106  –65 
Other operating income  728  746 
Other operating expenses  –889  –979 
Operating result  975  1,258 
Share of earnings of equity-method investments  382  84 
Interest income  128  122 
Interest expense  –257  –320 
Other financial result  105  –156 
Financial result  358  –270 
Earnings before tax  1,332  988 
Income taxes  –400  –277 
current  –502  –357 
deferred  103  81 
Earnings after tax  933  712 
Shareholders of TRATON SE  933  712 
Noncontrolling interests  0  –1 
Earnings per share in € (diluted/basic)  1.87  1.42

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

26  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Condensed Statement of Comprehensive Income  
of the TRATON GROUP for the period from January 1 to June 30 
€ million  H1 2026  H1 2025 
Earnings after tax  933  712 
Pension plan remeasurements recognized in other comprehensive income, net of tax   42  –31 
Fair value measurement of other equity investments, net of tax  –25  70 
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  17  39 
Currency translation differences, net of tax  82  –382 
Cash flow hedges, net of tax  9  37 
Cost of hedging, net of tax  –2  1 
Share of other comprehensive income of equity-method investments that will be reclassified subsequently to profit or loss, net of tax  1  –12 
Items that will be reclassified subsequently to profit or loss  89  –356 
Other comprehensive income, net of tax  107  –317 
Total comprehensive income  1,039  394 
Shareholders of TRATON SE  1,039  395 
Noncontrolling interests  0  –1

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

27  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Balance Sheet  
Assets of the TRATON GROUP as of June 30, 2026, and December 31, 2025 
€ million  06/30/2026  12/31/2025 
Noncurrent assets     
Goodwill  6,018  5,967 
Intangible assets  7,889  7,664 
Property, plant, and equipment  10,097  10,111 
Assets leased out  5,540  5,316 
Equity-method investments  1,548  1,770 
Other equity investments  82  83 
Noncurrent income tax receivables  170  156 
Deferred tax assets  2,726  2,552 
Noncurrent financial services receivables  11,248  10,571 
Other noncurrent financial assets  460  594 
Other noncurrent receivables  247  234 
  46,024  45,019 
Current assets     
Inventories  7,989  7,016 
Trade receivables  3,986  3,126 
Current income tax receivables  489  417 
Current financial services receivables  7,948  7,335 
Other current financial assets  913  891 
Other current receivables  1,760  1,570 
Marketable securities and investment deposits  57  22 
Cash and cash equivalents  2,399  2,805 
  25,541  23,183 
Total assets  71,566  68,202

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

28  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Balance Sheet  
Equity and liabilities of the TRATON GROUP as of June 30, 2026, and December 31, 2025 
€ million  06/30/2026  12/31/2025 
Equity     
Subscribed capital  500  500 
Capital reserves  12,195  12,195 
Retained earnings  9,520  9,054 
Accumulated other comprehensive income  –3,009  –3,115 
Equity attributable to shareholders of TRATON SE  19,206  18,633 
Noncontrolling interests  3  3 
  19,209  18,636 
Noncurrent liabilities     
Noncurrent financial liabilities  18,642  17,103 
Provisions for pensions and other post-employment benefits  1,650  1,644 
Deferred tax liabilities  514  512 
Noncurrent income tax provisions  132  139 
Other noncurrent provisions  1,805  1,761 
Other noncurrent financial liabilities  1,578  1,584 
Other noncurrent liabilities  2,212  2,167 
  26,533  24,910 
Current liabilities     
Current financial liabilities  10,054  10,288 
Trade payables  6,510  5,474 
Current income tax payables  262  192 
Current income tax provisions  29  20 
Other current provisions  2,273  2,228 
Other current financial liabilities  1,934  1,868 
Other current liabilities  4,762  4,585 
  25,823  24,655 
Total equity and liabilities  71,566  68,202

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

29  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Statement of Changes in Equity   
of the TRATON GROUP for the period from January 1 to June 30 
        Accumulated other comprehensive income 
        
Items that will be reclassified 
subsequently to profit or loss 
€ million  
Subscribed 
capital  
Capital 
reserves  
Retained 
earnings  
Currency 
translation  
Cash flow 
hedges and cost 
of hedging  
Equity-method 
investments 
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  –  –  –62  –  –  – 
Other changes  –  –  2  –  –  – 
Balance as of 06/30/2025  500  12,495  7,938  –2,864  8  –1 
             
Balance as of 01/01/2026  500  12,195  9,054  –2,536  7  –1 
Earnings after tax  –  –  933  –  –  – 
Other comprehensive income, net of tax  –  –  –  82  7  1 
Total comprehensive income  –  –  933  82  7  1 
Dividend payout  –  –  –465  –  –  – 
Other changes  –  –  –2  0  –  – 
Balance as of 06/30/2026  500  12,195  9,520  –2,454  14  0

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

30  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
  Accumulated other comprehensive income       
  
Items that will not be reclassified 
subsequently to profit or loss       
€ million  
Remeasure- 
ments of pension 
plans  
Equity-method 
investments  
Other equity 
investments  
Equity 
attributable to 
shareholders of 
TRATON SE  
Noncontrolling 
interests  Total 
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  –  –  –  –62  –  –62 
Other changes  0  –  –4  –2  0  –2 
Balance as of 06/30/2025  –173  –1  –583  17,319  5  17,325 
             
Balance as of 01/01/2026  –47  –1  –537  18,633  3  18,636 
Earnings after tax  –  –  –  933  0  933 
Other comprehensive income, net of tax  42  1  –25  107  0  107 
Total comprehensive income  42  1  –25  1,039  0  1,039 
Dividend payout  –  –  –  –465  0  –465 
Other changes  1  –1  –  –2  0  –2 
Balance as of 06/30/2026  –5  –1  –563  19,206  3  19,209

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

31  TRATON GROUP 2026 Half-Year Financial Report 
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Statement of Cash Flows  
of the TRATON GROUP for the period from January 1 to June 30 
€ million  H1 2026  H1 2025 
Cash and cash equivalents as of 01/01  2,805  2,542 
Gross cash flow     
Earnings before tax  1,332  988 
Income taxes paid  –443  –595 
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment  property1  860  749 
Amortization of, and impairment losses on, capitalized development costs  387  245 
Impairment losses on equity investments  8  31 
Depreciation and amortization of products leased out 1  456  516 
Change in pension obligations  24  –9 
Earnings on disposal of noncurrent assets and equity investments  –251  4 
Share of earnings of equity-method investments  –128  –83 
Other noncash income/expense  –45  –9 
Change in working capital     
Change in inventories  –851  –759 
Change in receivables (excluding financial services)  –1,140  –768 
Change in liabilities (excluding financial liabilities)  1,106  724 
Change in provisions  27  134 
Change in products leased out  –668  –468 
Change in financial services receivables  –858  –674 
Net cash provided by/used in operating activities  –184  27 
Investments in intangible assets (excluding capitalized development costs), property, plant, and equipment, and investment pr operty2  –535  –721 
Additions to capitalized development costs  –656  –518 
Investments to acquire subsidiaries and other businesses  8  –26 
Investments to acquire other investees  –11  –23 
Proceeds from the disposal of subsidiaries  34  18 
Proceeds from the disposal of other investees  523  0 
Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property   56  30 
Change in marketable securities and investment deposits  –37  –30 
Change in loans  53  –38 
Net cash used in investing activities  –565  –1,308 
Dividend payouts  –465  –850

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

32  TRATON GROUP 2026 Half-Year Financial Report 
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€ million  H1 2026  H1 2025 
Proceeds from the issuance of bonds  2,850  2,573 
Repayment of bonds  –1,532  –2,948 
Proceeds from Schuldscheindarlehen and commercial paper programs 3  1,752  822 
Payments from Schuldscheindarlehen and commercial paper programs 3  –2,040  –58 
Proceeds from loans extended by Volkswagen companies 4  86  1,806 
Loan repayments to Volkswagen companies5  –637  –40 
Change in miscellaneous financial liabilities3  449  –172 
Repayment of lease liabilities  –154  –139 
Net cash provided by financing activities  309  993 
Effect of exchange rate changes on cash and cash equivalents  34  12 
Change in cash and cash equivalents  –406  –276 
Cash and cash equivalents as of 06/30  2,399  2,266 
1 Net of impairment reversals  
2 Of which in the TRATON Operations business area: €–528 million (H1 2025: €–717 million) 
3 Prior-year figures adjusted to reflect the current presentation. Proceeds of €822 million and payments of €–58 million from commercial paper programs, which were reported under “Changes in 
miscellaneous financial liabilities” in the previous year, are now reported under “Proceeds from Schuldscheindarlehen and commercial paper programs” and “Payments from Schuldscheindarlehen and 
commercial paper programs.” 
4 Volkswagen AG, Volkswagen Group of America Finance, LLC, Volkswagen North American Region Payment Services, LLC 
5 Volkswagen International Finance N.V., Volkswagen Group of America Finance, LLC, Volkswagen Financial Services AG

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

33  TRATON GROUP 2026 Half-Year Financial Report 
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Notes 
Basis of preparation 
Information about the Company and basis of reporting 
TRATON SE, Munich, Germany, is the parent company of the TRATON GROUP (TRATON). TRATON SE is registered in the commercial register at the Munich 
Local Court under no. 246068. 
TRATON SE prepared its Consolidated Financial Statements for fiscal year 2025 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 Financial 
Statements) of TRATON SE as of June 30, 2026, 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 Statements should therefore be read in conjunction with the Consolidated Financial Statements for the fiscal year ended December 31, 2025, and 
the additional information contained therein.   
From the Executive Board’s perspective, the accompanying Half -Yearly Consolidated Financial Statements reflect all standard intraperiod  adjustments 
required for the presentation of a true and fair view of the Group’s net assets, financial position, and results of operations. The results presented for the first 
six months of fiscal year 2026 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. 
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, 2026. The 
amended pronouncements did not materially affect the TRATON GROUP’s Half-Yearly Consolidated Financial Statements. 
New or amended IFRSs not applied 
Following the endorsement of IFRS 18 Presentation and Disclosure in Financial Statements  by the European Union on February 13, 2026, the TRATON 
GROUP will apply the standard for the first time in the fiscal year beginning January 1, 2027. The impact of the standard on the TRATON GROUP’s income 
statement is currently being assessed. This will be dependent on relevant agenda decisions by the IFRS Interpretations Committee, which have yet to be 
finalized.

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

34  TRATON GROUP 2026 Half-Year Financial Report 
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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 4.1% (December 31, 2025: 4.0%) was used for provisions for pensions 
and other post-employment benefits in Germany, 5.3% (December 31, 2025: 5.1%) in the USA, and 3.6% (December 31, 2025: 3.8%) 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 figures as to the 2025 Consolidated Financial Statements. A detailed description 
of these accounting policies is given in the Notes to the 2025 Consolidated Financial Statements under “Accounting policies” and at the beginning of the 
relevant section in the Notes that follow.  
Prior-period information 
The merger of significant parts of the research and development departments of the individual brands into a cross -brand, Group -wide research and 
development (Group R&D) organization was completed as of June 30, 2025. This required a change in the TRATON GROUP’s Group management, which has 
an impact on segment reporting. The change affects capitalized development costs, expenses, and intragroup income incurred and generated in cross -
brand research and development; for further details, see the explanations in TRATON’s 2025 Annual Report under “Accounting policies: segment reporting.” 
This affects figures for the four vehicle segments as well as small amounts from Group-wide research and development that are not allocated to the vehicle 
segments. To improve comparability, the corresponding prior-period amounts were adjusted to reflect the current presentation.

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

35  TRATON GROUP 2026 Half-Year Financial Report 
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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, 
2025. 
Reporting segments H1 2026 
€ million  
Scania 
Vehicles & 
Services  
MAN 
Truck & Bus  
International 
Motors  
Volkswagen 
Truck & Bus  
TRATON 
Financial 
Services  
Total 
segments  
Recon- 
ciliation  
TRATON 
GROUP  
of which 
TRATON 
Operations 
Total sales revenue  9,086  6,982  3,828  1,501  1,240  22,637  –641  21,996  21,087 
Intragroup sales revenue  –345  –236  –19  –2  –72  –674  674  –  –294 
External sales revenue  8,742  6,746  3,809  1,499  1,168  21,963  33  21,996  20,793 
Operating result (adjusted)  1,030  486  44  158  101  1,818  –280  1,539  1,693 
 
Reporting segments H1 2025 
€ million  
Scania 
Vehicles & 
Services  
MAN 
Truck & Bus  
International 
Motors  
Volkswagen 
Truck & Bus  
TRATON 
Financial 
Services  
Total 
segments  
Recon- 
ciliation  
TRATON 
GROUP  
of which 
TRATON 
Operations 
Total sales revenue1  8,911  6,616  4,378  1,498  1,062  22,465  –559  21,906  21,193 
Intragroup sales revenue1  –255  –361  –16  –2  –71  –705  705  –  –429 
External sales revenue  8,655  6,255  4,362  1,496  991  21,759  147  21,906  20,765 
Operating result (adjusted)1  929  406  81  193  85  1,694  –323  1,371  1,580 
1 Figures adjusted, see the Basis of preparation – Prior-period information section

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

36  TRATON GROUP 2026 Half-Year Financial Report 
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The reconciliation of aggregated segment results to the TRATON GROUP’s earnings before tax is as follows: 
€ million  H1 2026  H1 2025 
Operating result (adjusted), total segments  1,818  1,694 
Adjustments related to legal proceedings and related measures  –193  –109 
Adjustments related to changes in individual projects in the field of electric mobility   –201  – 
Adjustments related to restructurings  –170  –3 
Operating result, TRATON Holding  –76  –101 
Operating result, TRATON AB  –22  –28 
Earnings effects from purchase price allocation not allocated to the segments  –122  –135 
Consolidation  –59  –60 
Operating result of the TRATON GROUP  975  1,258 
Financial result  358  –270 
Earnings before tax of the TRATON GROUP  1,332  988

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

37  TRATON GROUP 2026 Half-Year Financial Report 
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Income statement disclosures 
1. Sales revenue 
Structure of sales revenue 
 
H1 reporting period  
  H1 2026  H1 2025 
€ million  
Scania 
Vehicles 
& 
Services  
MAN 
Truck & 
Bus  
Inter-
national 
Motors  
Volks-
wagen 
Truck & 
Bus  
TRATON 
Financial 
Services  
Recon-
ciliation  Total  
of which 
TRATON 
Oper-
ations  
Scania 
Vehicles 
& 
Services  
MAN 
Truck & 
Bus  
Inter-
national 
Motors  
Volks-
wagen 
Truck & 
Bus  
TRATON 
Financial 
Services  
Recon-
ciliation  Total  
of which 
TRATON 
Oper-
ations 
New Vehicles  5,799  4,294  2,723  1,390  –  28  14,234  14,202  5,887  3,983  3,198  1,394  –  –21  14,440  14,450 
Vehicle Services business  2,104  1,499  803  79  –  –23  4,462  4,475  1,980  1,462  861  81  –  –18  4,365  4,371 
Genuine parts  1,454  1,028  803  73  –  –12  3,347  3,348  1,403  1,009  861  73  –  –14  3,331  3,333 
Workshop services  651  471  –  6  –  –12  1,116  1,127  577  453  –  8  –  –5  1,033  1,038 
Other sales revenue1  1,182  1,188  301  33  1,240  –645  3,299  2,410  1,044  1,172  319  23  1,062  –520  3,101  2,373 
Used vehicles and third-
party products  387  288  111  1  5  0  792  787  461  295  114  1  7  –36  844  872 
Engines, powertrains, 
and parts deliveries  315  474  –  –  –  –270  518  518  199  427  –  –  –  –166  459  459 
Rental and leasing 
business  336  354  25  –  379  –280  815  715  284  388  22  –  300  –226  768  694 
Interest and similar 
income  –  –  0  –  855  –71  784  0  –  –  0  –  755  –70  685  0 
Other sales revenue1  144  72  165  32  –  –24  390  389  100  63  182  22  –  –22  345  347 
  9,086  6,982  3,828  1,501  1,240  –641  21,996  21,087  8,911  6,616  4,378  1,498  1,062  –559  21,906  21,193 
1 Prior-period figures adjusted, see the Basis of preparation – Prior-period information section 
Sales revenue for the first six months of 2026 includes income from operating leases in the amount of €464 million (H1 2025: €527 million).  
2. Further income statement disclosures 
At €975 million (H1 2025: €1,258 million), the TRATON GROUP’s operating result in the first half of 2026 was down €284 millio n or 23% year -on-year. At 
€21,996 million (H1 2025: €21,906 million), the TRATON GROUP’s sales revenue in the first half of 2026 was virtually on a level with the prior-year period. Gross 
profit in the first half of 2026 declined by €320 million compared with the prior-year figure, primarily due to costs related to structural measures. 
Material effects compared with the previous year resulted from expenses in connection with changes in individual projects in the field of electric mobility 
totaling €201 million at MAN, Scania, and International. Of this amount, €79 million was attributable to the write -off of corporate assets within capitalized 
development costs and property, plant, and equipment, which were allocated to the individual segments using a specific key. Another factor was a negative

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

38  TRATON GROUP 2026 Half-Year Financial Report 
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impact of €173 million (H1 2025: €40 million) in connection with civil lawsuits against Scania and MAN as a result of the EU truck cases in individual countries. 
Additionally, other operating expenses of €20 million (H1 2025: €70 million) were recognized in this context. Expenses of €97 million in connection with the 
agreement entered into by International and Roshel regarding the sale of the Springfield site also negatively impacted gross profit. These included a write-
down of €52 million relating to items of property, plant, and equipment. Further, €40 million was recognized in other operating expenses  in connection 
with severance payments and other personnel-related measures. 
Moreover, US tariffs of €112 million (H1 2025: €44 million) were recognized in profit or loss in the first half of 2026. Compared with the first quarter of 2026, 
the tariff burden decreased in the second quarter of 2026, as uncertainties regarding existing refund and offsetting mechanis ms declined significantly, 
resulting in the recognition of corresponding receivables. 
The TRATON GROUP’s distribution and administrative expenses were on a level with the previous year. Other operating result im proved by €32 million 
compared with the prior -year period. The main driver behind the increase was currency gains, particularly fro m the measurement of foreign currency 
receivables. These were offset by higher expenses from bad debt allowances on receivables. 
The TRATON GROUP’s financial result improved by €627 million compared with the prior-year level. This increase is primarily attributable to gains from the 
sale of shares in the equity -method investment in Sinotruk (Hong Kong) Limited, Hong Kong, China (Sin otruk), as well as  to higher net interest income, 
which mainly resulted from the  settlement of interest rate derivatives. Currency translation effects on net financial debt  also had a positive impact on 
financial result, primarily due to the appreciation of the Brazilian real against the euro. 
Income taxes increased by €123 million compared with the prior -year period due to earnings -related factors. At 30%, the tax rate was higher than the 
previous year’s figure of 28%. The increase is primarily attributable to a rise in nondeductible expenses due to exchange rate effects. 
Balance sheet disclosures 
3. Equity-method investments 
TRATON sold shares in its associate Sinotruk, one of the largest truck manufacturers in the Chinese market, during the first half of 2026, which was reported 
in equity-method investments. 
On January 20, 2026, TRATON sold 2.1% of the outstanding shares of Sinotruk, followed by the sale of an additional 3.0% on April 8, 2026. Overall, the sales 
generated proceeds of €523 million for the TRATON GROUP, which are reported in net cash provided by/used in investing activities in Corporate Items. The 
carrying amount of the interest in Sinotruk decreased by €270 million. 
TRATON’s interest in Sinotruk amounted to 20.2% after completion of the transactions. TRATON continues to exercise significan t influence, and equity-
method accounting will be retained.

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

39  TRATON GROUP 2026 Half-Year Financial Report 
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The gain from the transactions amounted to €253 million and is reported in the financial result under “Share of earnings of equity-method investments.”  
The carrying amount of the investment as of June 30, 2026, was €1,060 million (December 31, 2025: €1,281 million) and is allocated to Corporate Items. 
4. Equity 
Following the 2026 Annual General Meeting, TRATON SE paid its shareholders a dividend of €0.93 per share (previous year: €1.70 per share). This corresponds 
to a total payout of €465 million (previous year: €850 million), which was made on June 19, 2026. 
5. Financial liabilities 
The details of noncurrent and current financial liabilities are presented in the following table: 
      
Carrying 
amount      
Carrying 
amount 
€ million  Current  Noncurrent  06/30/2026  Current  Noncurrent  12/31/2025 
Bonds  3,838  10,435  14,273  3,063  9,976  13,039 
Bonds from asset-backed securities 
transactions  729  1,834  2,564  897  1,572  2,468 
Liabilities to banks  2,821  4,294  7,114  3,338  3,062  6,400 
Lease liabilities  269  1,066  1,335  267  1,008  1,276 
Commercial paper programs  1,252  –  1,252  1,239  –  1,239 
Loans and short-term borrowings from 
Volkswagen Group of America Finance, LLC  722  481  1,203  344  934  1,278 
Loans from Volkswagen AG  –  250  250  –  250  250 
Short-term borrowings from Volkswagen North 
American Region Payment Services, LLC  219  –  219  128  –  128 
Loans from Volkswagen International Finance 
N.V.  –  191  191  500  191  691 
Loans from Volkswagen Financial Services AG  51  42  93  63  62  124 
Schuldscheindarlehen  –  50  50  300  50  350 
Loans and miscellaneous liabilities  152  0  152  149  –  149 
  10,054  18,642  28,696  10,288  17,103  27,391 
 
Financial liabilities from bonds mainly relate to European Medium Term Notes. 
The TRATON GROUP has a European Medium Term Notes program (EMTN program) of €18,000 million to raise capital for general corporate purposes, with 
the capital raised being used within the TRATON GROUP as required. Under this program, TRATON issued bonds with a total princ ipal amount of €2,305

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

40  TRATON GROUP 2026 Half-Year Financial Report 
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million (H1 2025: €1,902 million) in the first half of 2026, €500 million of which related to the issuance of a green bond under the Group-wide Green Finance 
Framework with a five-and-a-half-year term. Repayments amounted to €943 million (H1 2025: €1,502 million). Liabilities with a carrying amount of €12,833 
million (December 31, 2025: €11,503 million) were reported under this EMTN program as of June 30, 2026. These were partly hedged using interest rate 
derivatives.  
Scania uses a €5,000 million EMTN program. Liabilities with a carrying amount of €103 million (December 31, 2025: €289 million) were reported under this 
program as of June 30, 2026. No bonds were issued, as in the previous year, and bonds of €188 million ( December 31, 2025: €1,332 million) were repaid in 
the first half of 2026.  
Companies in the TRATON Financial Services segment use various bonds from asset -backed securities transactions for their financing, of which a total of 
€403 million (H1 2025: €326 million) was issued in the reporting period and, in turn, €327 million (H1 2025: €24 million) was repaid. 
TRATON uses a €2,500 million commercial paper program, of which TRATON Finance Luxembourg S.A., Strassen, Luxembourg reported  liabilities with a 
carrying amount of €1,232 million ( December 31, 2025: €1,220 million) as of the reporting date. Of this amount, €1,656  million (H1 2025: €799 million) was 
issued in the reporting period, while €1,645 million (December 31, 2025: €– million) was repaid.  
Material loans totaling €86 million ( H1 2025: €1,806 million) were taken out with various Volkswagen companies during the reporting period and €637 
million (H1 2025: €40 million) was repaid. Conversely, liabilities to banks increased, including a new bilateral green loan of €350 million obtained under the 
Group-wide Green Finance Framework.   
Other disclosures 
6. 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 
06/30/2026  
Fair value  
as of 
06/30/2026  
Carrying 
amount as of 
12/31/2025  
Fair value  
as of 
12/31/2025 
Noncurrent assets         
Financial services receivables  5,763  5,745  5,362  5,343 
Noncurrent liabilities         
Financial liabilities  17,577  17,528  16,095  16,103 
Other financial liabilities  1,397  1,373  1,416  1,415

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

41  TRATON GROUP 2026 Half-Year Financial Report 
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Other equity investments measured at fair value are categorized within Level 3 of the fair value hierarchy and comprise share s in unlisted companies for 
which there is no active market. The fair value of these shares in the amount of €60 million ( December 31, 2025: €64 million) is determined as of June 30, 
2026, 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, 2026, the fair value of these other financial assets amounted to €384 million (December 31, 2025: €584 million), and the fair value of these other 
financial liabilities amounted to €204 million (December 31, 2025: €141 million). 
7. Contingent liabilities and commitments 
€ million  06/30/2026  12/31/2025 
Liabilities under buyback guarantees  1,405  1,746 
Contingent liabilities under guarantees  244  297 
Other contingent liabilities  1,982  1,299 
  3,632  3,342 
 
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, 2026, amounted to €1,392 million (December 31, 2025: €1,732 million) owed to financing companies of 
the Volkswagen Group, €11 million ( December 31, 2025: €11 million) owed to joint ventures, and €2 million ( December 31, 2025: €4 million) owed to third 
parties. The obligations under buyback guarantees correspond to the maximum 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, 2026, contingent liabilities under guarantees include financial guarantees of €213 million (December 31, 2025: €266 million). These are mostly 
default guarantees of International in favor of banks. 
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.

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42  TRATON GROUP 2026 Half-Year Financial Report 
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8. Related party disclosures 
On June 30, 2026, Volkswagen International Luxemburg S.A., an indirect subsidiary of Volkswagen AG, held 87.52% (December 31, 2025: 87.52%) of TRATON’s 
share capital.  
The following tables present the amounts of goods and services supplied, as well as outstanding receivables and obligations, between consolidated 
companies of the TRATON GROUP and its related parties, including Volkswagen AG. There were no significant transactions with Porsche Automobil Holding 
SE, Stuttgart, Volkswagen International Luxemburg S.A., or the state of Lower Saxony in any of the reporting periods presented. 
Related parties 
  
Sales and 
services rendered  
Purchases and 
services received 
€ million  H1 2026  H1 2025  H1 2026  H1 2025 
Volkswagen AG  10  8  112  119 
Other subsidiaries and equity investments of Volkswagen AG 
that are not part of the TRATON GROUP  266  435  691  740 
Unconsolidated subsidiaries  4  8  6  5 
Associates and their majority-owned interests  171  147  37  19 
Joint ventures and their majority-owned interests  12  32  19  20 
Other related parties  0  0  8  5 
 
  Receivables from  Liabilities (including obligations) to 
€ million  06/30/2026  12/31/2025  06/30/2026  12/31/2025 
Volkswagen AG  424  400  316  372 
Other subsidiaries and equity investments of Volkswagen AG 
that are not part of the TRATON GROUP  219  207  2,725  3,370 
Unconsolidated subsidiaries  7  13  37  46 
Associates and their majority-owned interests  145  39  15  7 
Joint ventures and their majority-owned interests  4  5  52  48 
Other related parties  0  0  0  1

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

43  TRATON GROUP 2026 Half-Year Financial Report 
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Supplies and services rendered to other subsidiaries and investees of Volkswagen AG that are not part of the TRATON GROUP mai nly 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 the TRATON Financial Services segment. 
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. 
The increase in receivables from associates and their majority-owned interests mainly includes dividend receivables from Sinotruk amounting to €52 million 
(December 31, 2025: €– million) and from Rheinmetall MAN Military Vehicles amounting to €32 million (December 31, 2025: €–million). 
Liabilities to Volkswagen AG include loans granted by Volkswagen AG in the amount of €250  million (December 31, 2025: €250 million) resulting from a 
€4,000 million (December 31, 2025: €4,000 million) credit line. The credit facility is subject to market interest rates.  
Liabilities to other subsidiaries and equity investments of Volkswagen AG that are not part of the TRATON GROUP include loan liabilities of €1,203 million 
(December 31, 2025 : €1,278 million) to Volkswagen Group of America Finance, the loan of €191 million ( December 31, 2025 : €691 million) taken out with 
Volkswagen International Finance, as well as borrowings of €93 million ( December 31, 2025: €124 million) from Volkswagen Financial Services and €219 
million ( December 31, 2025 : €128 million) from Volkswagen North American Region Payment Services. There are also other liabilities to Volkswagen 
Financial Services companies. 
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. No capital contribution (H1 2025: €20 million) was made in this connection in the first half of 2026. The outstanding obligation as of 
June 30, 2026, amounts to €45 million (December 31, 2025: €45 million), which is contained in the “Liabilities (including obligations)” category. 
The sale of receivables to subsidiaries of Volkswagen AG that are not part of the TRATON GROUP amounted to €510 million (H1 2 025: €466 million) in the 
first half of 2026. This relates to the volume of receivables that were transferred and derecognized in e ach reporting period. Customer liabilities to 
Volkswagen Financial Services are covered by standard industry buyback guarantees, see Note 7. Contingent liabilities and commitments. 
9. Events after June 30, 2026 
On July 21, 2026, TRATON initiated the sale of a further 2.0% of the outstanding shares of Sinotruk. The TRATON GROUP expects the sale to generate proceeds 
of around €220 million, which will be reported in net cash provided by/used in investing activities in Corporate Items. Once the transaction is completed, 
TRATON’s interest in Sinotruk will amount to 18.1%. This lower interest will mean that Sinotruk will no longer be accounted for under the equity method but 
will be reported under other equity investments. When equity-method accounting is discontinued, the remaining shares will be measured at fair value. A 
gain of up to more than €1 billion may be re cognized from the sale and the reclassification to the fair value methodology, which will be recognized in 
financial result in the second half of 2026. Any future changes in value will be recognized in other comprehensive income.

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3
FURTHER 
 INFORMATION
Responsibility Statement 45
Review Report 46
Financial Dates 47
Disclaimer 48
Publication Details 48

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

45  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
FURTHER INFORMATION 
Responsibility Statement 
To the best of our knowledge, and in accordance with the applicable reporting principles for half -year financial reporting, the Condensed Half -Yearly 
Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position, and profit or loss of the Group, and the Interim Group 
Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description 
of the material opportunities and risks associated with the expected development of the Group for the remaining months of the fiscal year. 
Munich, July 21, 2026 
TRATON SE 
The Executive Board 
 
Christian Levin   Dr. Michael Jackstein  Catharina Modahl Nilsson  Niklas Klingenberg  
 
Alexander Vlaskamp  Mathias Carlbaum   Antonio Roberto Cortes

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46  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Review Report 
To TRATON SE, Munich 
We have reviewed the condensed half -yearly consolidated financial statements 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 sel ected explanatory notes, and the 
interim group management report for the period from January 1, 2026 to June 30, 2026, 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 applicable 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 statements and the interim group management report based on our review. 
We conducted our review of the condensed half-yearly consolidated financial statements and of the interim group management report in compliance with 
German Generally Accepted Standards for the Review of Financial Statements promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors 
in Germany] (IDW). Those standards require that we plan and perform the review to obtain a certain level of assurance in our critical appraisal to preclude 
that the condensed half -yearly consolidated financial statements are not 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 accordance with the requirements 
of the WpHG applicable to interim group management reports. A review is limited primarily to making inquiries of the Company’s employees and analytical 
assessments and therefore does not provide the assurance obtainable from an audit of financial statements. Since, in accordance with our engagement, we 
have not performed an audit of financial statement, we cannot issue an 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 management report 
is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports. 
Munich, July 21, 2026 
 
EY GmbH & Co. KG 
Wirtschaftsprüfungsgesellschaft 
Dr. Janze   Maurer 
Wirtschaftsprüfer  Wirtschaftsprüfer 
[German Public Auditor] [German Public Auditor]

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

47 TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Financial Dates 
October 28, 2026  9M 2026 Interim Statement 
The latest information and dates are available on TRATON SE’s website at www.traton.com/financial-dates-and-events.

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

48  TRATON GROUP 2026 Half-Year Financial Report 
Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 
 
Disclaimer 
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 2025, which contains a comprehensive description of our business activities. 
This Half -Year Financial Report contains certain forward -looking statements for the remaining months of fiscal year 2026 that are based on present 
assumptions and forecasts by the Company’s management. A range of known and unknown risks, uncertainties, and other factors may result in the actual 
results, net assets, financial position, and results of operations, development, or performance of the TRATON GROUP (TRATON) 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. Unless otherwise stated, comparable prior-period figures 
are presented in brackets in the text alongside the figures for the fiscal year under review. The curre nt 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 w ebsite at 
www.traton.com/publications. 
This is a translation of the German original. In the event of discrepancies between the German language version and any trans lation thereof, the German 
version will prevail.    
Publication Details 
Published by: 
TRATON SE 
Hanauer Str. 26  
80992 Munich,  
Germany 
www.traton.com 
Corporate Communications 
media-relations@traton.com 
Investor Relations 
investor.relations@traton.com 
T: +49 89 36098 70 
Concept, design, and layout 
3st kommunikation GmbH,  
Mainz, Germany 
Photography 
MAN Truck and Bus SE (cover) 
Copyright 
©2026 TRATON SE and 
3st kommunikation GmbH

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WWW.TRATON.COM