FULLTEXT DEL 1 AV 1
Kvartalsrapport Q2 2026
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Half-Year Financial Report
2026
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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
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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
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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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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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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.
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Profit and loss
Condensed Income Statement of the TRATON GROUP
TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items
€ million H1 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
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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
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11 TRATON GROUP 2026 Half-Year Financial Report
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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.
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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
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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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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).
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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).
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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
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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
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)
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