===== SIDA 1 ===== 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 ===== SIDA 4 ===== INTERIM GROUP MANAGEMENT REPORT 1 Report on Economic Position 5 Opportunities and Risks 22 Important Legal Cases 22 Report on Expected Developments 23 ===== SIDA 5 ===== 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. ===== SIDA 6 ===== 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. ===== SIDA 7 ===== 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% ===== SIDA 8 ===== 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. ===== SIDA 10 ===== 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. ===== SIDA 13 ===== 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. ===== SIDA 14 ===== 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information € 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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. ===== SIDA 42 ===== 42 TRATON GROUP 2026 Half-Year Financial Report Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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 Interim Group Management Report Condensed Half-Yearly Consolidated Financial Statements Further Information 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. ===== SIDA 44 ===== 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 ===== SIDA 46 ===== 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 ===== SIDA 49 ===== WWW.TRATON.COM