FULLTEXT DEL 1 AV 1
Kvartalsrapport Q3 2025
===== SIDA 1 ===== 9M 2025 Interim Statement as of Sept ember 30, 2025 ===== SIDA 2 ===== AT A GLANCE Incoming orders up by Unit sales Sales revenue decreased by 8% t o around billionlower at 224,515 vehicles billion Adjusted operating result €1.2 billion lower at around Decr ease in adjusted operating r eturn on sales to 7% €32.39% 6.3%€2.0 2 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information AT A GLANCE Trucks and buses (units) 9M 2025 9M 2024 Change Incoming orders 202,111 189,769 7% Unit sales 224,515 245,384 –9% of which trucks 176,237 205,233 –14% of which buses 25,551 20,843 23% of which MAN TGE vans 22,727 19,308 18% BEV unit sales ratio (excluding MAN TGE vans, in %) 1.0 0.5 0.5 pp TRATON GROUP Sales revenue (€ million) 32,322 35,253 –8% Operating result (adjusted) (€ million) 2,039 3,261 –1,222 Operating return on sales (adjusted) (in %) 6.3 9.3 –2.9 pp Earnings per share (€) 2.07 4.12 –2.05 Active workforce1 107,474 105,541 1,933 TRATON Operations Sales revenue (€ million) 31,186 34,266 –9% Operating result (adjusted) (€ million) 2,321 3,570 –1,249 Operating return on sales (adjusted) (in %) 7.4 10.4 –3.0 pp Primary R&D costs (€ million)2 1,960 1,747 12% Capex (€ million) 1,034 1,042 –1% Net cash flow (€ million) 28 1,344 –1,316 TRATON Financial Services Sales revenue (€ million) 1,597 1,409 13% Earnings before tax (€ million) 144 156 –12 Equity (€ million)3 2,190 1,926 263 Return on equity (in %) 9.1 10.9 –1.9 pp 1 As of September 30, 2025, and December 31, 2024 2 The previous year’s figure was adjusted to the current presentation, see the “Primary Research and Development Costs, TRATON Operations” section 3 As of September 30 TRATON GROUP 9M 2025 Interim Statement2 ===== SIDA 3 ===== Rotterdam, Netherlands TRATON SE is a European stock corporation (Societas Europaea) incorporated under German law and admitted to trading on the Frankfurt Stock Exchange as its primary and the Nasdaq Stockholm as its secondary stock exchange. This Interim Statement was prepared in accordance with section 53 of the Exchange Rules for the Frankfurter Wertpapierbörse. Any deviations from the Guidance Note for Preparing Interim Management Statements issued by the Nasdaq Stockholm are described and explained on our website at www.traton.com. This Interim Statement does not constitute an interim financial report as defined in International Accounting Standard (IAS) 34 Interim Financial Reporting and has not been reviewed by an auditor. This Interim Statement contains certain forward-looking statements for the remaining months of fiscal year 2025. A range of known and unknown risks, uncertainties, and other factors may result in the actual results, financial position, development, or performance of the TRATON GROUP (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. The figures relating to net assets, financial position, and results of operations were prepared in accordance with IFRS Accounting Standards, as adopted by the European Union. All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Comparable prior-year figures are presented in brackets alongside the figures for the fiscal year under review. The current definition of the key performance indicators can be found in the annual report published for the previous year. This report can be downloaded from our website at www.traton.com/publications. Updates to these definitions are described in this Interim Statement. Course of Business 4 Material Events 4 Financial Management 5 Incoming Orders and Unit Sales by Country, TRATON Operations 7 Condensed Income Statement of the TRATON GROUP 9 Segments of the TRATON GROUP 12 Net Cash Flow 17 Capital Expenditures, TRATON Operations 18 Primary Research and Development Costs, TRATON Operations 18 Net Liquidity / Net Financial Debt 19 Opportunities and Risks 20 Report on Expected Developments 20 Selected Financial Information 22 Income Statement 22 Condensed Statement of Comprehensive Income 23 Balance Sheet 24 Statement of Cash Flows 26 Contingent Liabilities and Commitments 28 Segment Reporting 28 Prior-Period Information 30 Financial Calendar 31 CONTENTS TRATON GROUP 9M 2025 Interim Statement3 ===== SIDA 4 ===== 4 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information COURSE OF BUSINESS Material Events The TRATON GROUP generated sales revenue of €32.3 billion in the reporting period (9M 2024: €35.3 billion) in a persistently weak market environment dominated by uncertainty. The 8% year -on-year decline was mainly due to lower truck unit sales at Scania Ve hicles & Services in Brazil and International Motors in North America. Operating result (adjusted) was €2.0 billion (9M 2024: €3.3 billion), and operating return on sales (adjusted) declined to 6.3% compared with the prior-year period (9.3%), primarily due to the volume-related decrease. Until the end of the third quarter of 2025, Scania was preparing to open the new production facility in Rugao, China. The pla nt was officially opened on October 15, 2025, and is aligned with Scania’s global production standards, taking into account the requirements of the TRATON Modular System. It will not only serve the Chinese domestic market, but will also export products to Asia and Oceania. Scania plans to offer both diesel and, at a later stage, electric trucks. The investment in China also sends a signal for sustainability: the plant will be powered entirely by renewable energy. On August 21, 2025, TRATON successfully launched an Australian Medium -Term Note (AMTN) program with a volume of AUD 5.0 billion (approximately €2.9 billion). TRATON is using this step to expand its financing strategy and open up access to new investor groups in Australia, New Zealand, Japan, Singa- pore, and Hong Kong. The AMTN program supplements the existing European Medium Term Note program, which ha s served as the TRATON GROUP’s central financing platform since 2021 and was increased from €12.0 billion to €18.0 billion on March 24, 2025. In addition, as part of its sustainability strategy, the TRATON GROUP has launched a Green Finance Framework that serves to (re)finance sustainable investments in battery -electric vehicles (BEVs) along its entire value chain. Preparations for the integration of significant parts of the research and development departments of the individual brands into a cross-brand organization were completed on June 30, 2025, with the result that Group R&D was able to commence operations on Ju ly 1, 2025. This saw the TRATON GROUP reach a strategic milestone. Approximately 9,000 employees from the research and development departments of the TRATON brands Scania, MAN, International, and Volkswagen Truck & Bus are now working under the umbrella of Group R&D. This also resulted in a change in the TRATON GROUP’s Group management, which is explained in detail in the “Financial Management” section. TRATON Financial Services (TRATON FS) successfully completed the planned rollout of its integrated financial services platform in 14 strategic markets on June 30, 2025. In the course of TRATON SE’s virtual Annual General Meeting on May 14, 2025, the shareholders voted in favor of a dividend of €1.70 per share, corresponding to a total payout of €850 million. ===== SIDA 5 ===== 5 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information The TRATON GROUP took a major step forward in the important technology field of software-defined vehicle platforms by entering into a strategic partner- ship with Applied Intuition, a Silicon Valley-based provider of vehicle software, in March 2025. Volkswagen International Luxemburg S.A. reduced its equity interest in the TRATON GROUP on March 19, 2025. A total of €360 million in shares was placed at a price of €32.75 per share. This reduced the interest held by Volkswagen International Luxemburg S.A. by 2 .2%, from 89.7% to 87.5%, and increased the free float to 12.5%. Financial Management The merger of significant parts of the research and development departments of the individual brands into a cross -brand, Group-wide research and devel- opment organization was completed as of June 30, 2025. This required a change in the TRATON GROUP’s Group management, which impacts segment reporting. The number and designations of the segments remain unchanged. The change impacts expenses and intercompany income incurred and gen- erated in cross-brand research and development. Until June 30, 2025, cross-brand R&D projects were assigned to one segment and R&D expenses were recharged to the other segments that benefited from this research and development in the usage phase by means of licenses. Since July 1, 2025, cross -brand R&D projects have been recorded primarily on a centralized basis. Intercompany R&D expenses and income arising between Group R&D and the segments are now eliminated for segment reporting pur- poses. R&D expenses in Group R&D that are not eliminated are allocated to the segments in the TRATON Operations business area that benefit from the development project in accordance with predefined principles. To ensure comparability, the corresponding prior -year figures for the individual segments were restated accordingly. The following table presents the re- sulting impact on sales revenue, operating result (adjusted), and operating return on sales (adjusted) for the period January 1 to September 30, 2024. Note that the impact on the Scania Vehicles & Services segment is also attributable to the fact that this segment played a leading role in research and develop- ment within the TRATON GROUP prior to the change. There is no impact on the TRATON Operations business area as a whole. ===== SIDA 6 ===== 6 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information 9M 2024 comparative figures restated due to R&D reorganization € million Scania Vehicles & Services MAN Truck & Bus International Motors Volkswagen Truck & Bus 9M 2024 Change 9M 2024 (adjusted) 9M 2024 Change 9M 2024 (adjusted) 9M 2024 Change 9M 2024 (adjusted) 9M 2024 Change 9M 2024 (adjusted) Sales revenue 13,911 – 13,911 10,133 –45 10,089 8,256 – 8,256 2,328 – 2,328 Operating result (adjusted) 1,998 86 2,084 751 –39 712 564 –45 519 278 –2 276 Operating return on sales (adjusted) (in %) 14.4 0.6 15.0 7.4 –0.3 7.1 6.8 –0.5 6.3 12.0 –0.1 11.9 ===== SIDA 7 ===== 7 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Incoming Orders and Unit Sales by Country, TRATON Operations Incoming orders Unit sales Units 9M 2025 9M 2024 Change 9M 2025 9M 2024 Change Total 202,111 189,769 7% 224,515 245,384 –9% of which all-electric vehicles 2,136 2,374 –10% 2,049 1,131 81% BEV unit sales ratio (excluding MAN TGE vans, in %) – – – 1.0 0.5 0.5 pp Trucks 161,817 148,955 9% 176,237 205,233 –14% EU27+3 75,351 52,618 43% 72,988 76,904 –5% of which in Germany 19,650 14,179 39% 18,451 19,836 –7% North America 26,016 35,831 –27% 38,946 61,052 –36% of which in the USA/Canada 21,471 28,763 –25% 34,015 50,015 –32% of which in Mexico 4,545 7,068 –36% 4,931 11,037 –55% South America 40,175 43,806 –8% 44,639 46,669 –4% of which in Brazil 29,372 37,271 –21% 34,283 40,142 –15% Other regions 20,275 16,700 21% 19,664 20,608 –5% Buses 19,779 24,253 –18% 25,551 20,843 23% EU27+3 4,579 5,166 –11% 5,086 3,708 37% of which in Germany 1,099 1,187 –7% 1,109 794 40% North America 6,476 10,813 –40% 11,088 9,017 23% of which in the USA/Canada 5,939 8,727 –32% 9,862 6,603 49% of which in Mexico 537 2,086 –74% 1,226 2,414 –49% South America 6,215 6,307 –1% 7,219 6,133 18% of which in Brazil 4,754 5,094 –7% 5,699 5,137 11% Other regions 2,509 1,967 28% 2,158 1,985 9% MAN TGE vans 20,515 16,561 24% 22,727 19,308 18% EU27+3 19,978 16,292 23% 22,221 18,985 17% of which in Germany 6,500 4,750 37% 7,650 6,097 25% Other regions 537 269 100% 506 323 57% ===== SIDA 8 ===== 8 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Incoming orders were up noticeably on the previous year. This was the result of different trends at both the product and regional levels. The TRATON GROUP recorded a very strong increase in orders in the truck business in the EU27+3 region, primarily as a result of replacement de mand. Customers in North America are still holding back because of uncertainty about the US tariff policy and a lack of clarity about its impact on the US economy, which hurt incoming orders for trucks. In South America, an increasingly challenging economic environment was coupled with declining momentum in Brazil, which was re- flected in lower incoming orders for trucks, especially in the heavy -duty segment. Incoming orders for buses declined significantly, especially in North America, mainly due to restrictive order acceptance as a consequence of the very high order backlog. Demand for the MAN TGE van rose sharply in the wake of the model change. Unit sales in the first nine months were noticeably down year-on-year. In the EU27+3 region, the moderate decline in truck unit sales can be attributed to a continuing weak market environment. However, positive unit sales growth was recorded there in the t hird quarter of 2025 due to the healthy incoming orders in the preceding quarters. Truck unit sales in North America were down very sharply year-on-year. Demand for heavy trucks was impacted in partic- ular by the persistent recession in freight transportati on and increasing uncertainty regarding US tariff policy. Truck unit sales in South America declined slightly, primarily due to a slowdown in the Brazilian economy, rising interest rates, and high inflation. The bus business r ecorded a strong increase in u nit sales. The previous year had been strongly impacted by the delayed ramp-up of the new school bus model at International. The book-to-bill ratio in the reporting period was 0.9 (9M 2024: 0.8). 646 (9M 2024: 306) all-electric trucks, 1,387 (9M 2024: 730) all-electric buses, and 16 (9M 2024: 95) MAN eTGE vans were sold in the reporting period. ===== SIDA 9 ===== 9 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Condensed Income Statement of the TRATON GROUP TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items € million 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Sales revenue 32,322 35,253 31,186 34,266 1,597 1,409 –460 –423 Cost of sales –26,044 –27,662 –25,322 –26,962 –1,089 –963 368 263 Gross profit 6,279 7,591 5,863 7,304 508 447 –93 –160 Distribution expenses –2,809 –2,802 –2,411 –2,447 –230 –170 –168 –184 Administrative expenses –1,304 –1,299 –1,122 –1,130 –24 –35 –158 –134 Other operating result –443 –388 –325 –315 –111 –84 –7 11 Operating result 1,723 3,103 2,005 3,412 144 158 –426 –467 Operating result (adjusted) 2,039 3,261 2,321 3,570 144 158 –426 –467 Operating return on sales (adjusted) (in %) 6.3 9.3 7.4 10.4 9.0 11.2 – – Financial result –285 –427 –42 –589 0 –1 –243 164 Earnings before tax 1,439 2,676 1,963 2,823 144 156 –669 –303 Income taxes –403 –615 –572 –712 –43 –44 212 140 Earnings after tax 1,036 2,060 1,391 2,111 101 112 –457 –163 Operating result The TRATON GROUP’s sales revenue in the first nine months of 2025 was down €2.9 billion or 8% year-on-year. Lower truck unit sales in the TRATON Opera- tions business area were the main driver of this decrease. The Vehicle Services business reported stable g rowth. The Vehicle Services business accounted for 20% of total sales revenue (9M 2024: 19%). Sales revenue in the TRATON Financial Services segment increased by 13% due to the further expansion of the portfolio. The TRATON GROUP recorded a €1.3 billion or 17% decline in gross profit in the reporting period. Lower truck unit sales in the TRATON Operations business area were the major factor behind this decrease in gross profit. Gross profit was additionally impacte d by decreased capacity utilization due to lower pro- duction volumes for heavy-duty trucks, expenses related to the termination of a development project in the US as a result of delays in the pace of transition to battery-electric vehicles, and currency eff ects, primarily due to the appreciation of the Swedish kronor. Gross profit was also negatively impacted by higher expenses in connection with the upcoming start of production at the new plant in China, higher material costs due to t ariffs, and effects related to the EU truck cases in individual countries. Gross margin decreased by 2.1 percentage points to 19.4% (9M 2024: 21.5%) in the TRATON GROUP and by 2.5 percentage points to 18.8% (9M 2024: 21.3%) in the TRATON Operations business area. ===== SIDA 10 ===== 10 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information The TRATON GROUP’s distribution and administrative expenses remained on a level with the previous year. The increase in distribution costs in the TRATON Financial Services segment, primarily driven by new hires, was offset by lower distribution expenses, m ainly in the TRATON Operations business area. The ratio of distribution and administrative expenses to sales revenue rose by 1.1 percentage points to 12.7% (9M 2024: 11.6%), primarily because of the decline in sales revenue. Other operating result decreased by €55 million compared with the prior -year period. The main drivers behind the decline w ere exchange rate losses, particularly from the valuation of foreign currency receivables, and higher expenses related to restructurings. Offsetting factors were currency gains, espe- cially from the valuation of foreign currency liabilities, as well as positive effects from the measurement of derivatives. Operating result was impacted negatively by expenses of €147 million (9M 2024: €151 million) for civil lawsuits against Scania and MAN in connection with the EU truck cases in individual countries, as well as restructuring expenses of €40 million (9M 2024: €7 million). In additi on, expenses of €128 million (9M 2024: €– million) were incurred in connection with the termination of a BEV development project at International Motors. €100 million (9M 2024: €– million) of this amount was attributable to impairment losses on capitalized development costs. Due to the effects described above, in particular because of the decrease in gross profit, the TRATON GROUP’s operating resul t in the first nine months of 2025 decreased by €1.4 billion or 44% compared with the previous year. Adjustments to operating result Adjustments (€ million) 9M 2025 9M 2024 Scania Vehicles & Services 60 102 of which legal proceedings and related measures 23 95 of which restructuring measures 37 7 MAN Truck & Bus 127 57 of which legal proceedings and related measures 124 57 of which restructuring measures 4 – International Motors 128 – of which termination of a development project for battery-electric vehicles 128 – TRATON Operations 315 159 TRATON GROUP 315 159 ===== SIDA 11 ===== 11 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Adjustments at TRATON Operations in the reporting period amounted to €315 million (9M 2024: €159 million). They are composed of the following items: – Expenses of €147 million (9M 2024: €151 million) in connection with civil lawsuits against Scania and MAN as a result of the EU truck cases in individual countries. They were calculated based on an updated risk assessment and foreign exchange effects. – Expenses of €128 million (9M 2024: €– million) relating to the termination of a BEV development project at International Motors. – Expenses of €37 million (9M 2024: €7 million) for severance payments in connection with restructurings at Scania Vehicles & S ervices. Expenses in the previous year related to the realignment of the Scania bus business. – Expenses of €4 million (9M 2024: €– million) for an internal reorganization at MAN Truck & Bus. The TRATON GROUP’s operating result (adjusted) fell by €1.2 billion (37%) year-on-year. The TRATON GROUP’s operating return on sales (adjusted) declined by 3.0 percentage points to 6.3% (9M 2024: 9.3%). In the TRATON Operations business area, operating return on sales (adjusted) decreased by 3.0 percentage points to 7.4% (9M 2024: 10.4%). Financial result The TRATON GROUP’s financial result improved by €142 million compared with the prior-year period. The main factors driving this increase were the absence of negative currency translation effects in the previous year and lower interest expenses in the curre nt reporting period. The TRATON Operations business area recorded a gain of €290 million from an adjustment of the ownership structure of the financial services business, althou gh this was eliminated at the level of the TRATON GROUP. Taxes Income taxes decreased by €212 million year-on-year, mainly due to earnings-related factors. The tax rate was up on the previous year, at 28% (9M 2024: 23%). In the previous year, the tax rate had been reduced primarily by higher tax-exempt income. ===== SIDA 12 ===== 12 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Segments of the TRATON GROUP Scania Vehicles & Services 9M 2025 9M 2024 Change Incoming orders (units) 65,647 56,413 16% Sales (units) 68,391 74,055 –8% of which trucks 63,488 70,034 –9% of which buses 4,903 4,021 22% Book-to-bill ratio 0.96 0.76 0.20 Sales revenue (€ million) 13,134 13,911 –6% New Vehicles 8,554 9,458 –10% Vehicle Services business1 2,981 2,871 4% Others 1,598 1,583 1% Operating result (adjusted) (€ million)2 1,397 2,084 –687 Operating return on sales (adjusted) (in %)2 10.6 15.0 –4.3 pp 1 Including genuine parts and workshop services 2 Prior-year figures adjusted, see the “Financial Management” section Scania Vehicles & Services recorded a substantial year-on-year increase in incoming orders in the reporting period. A challenging environment in North and South America, especially Brazil and Mexico, with much lower orders was more than offset by a very strong increase in the EU27+3 region. Truck unit sales fell noticeably in a year -on-year comparison due to the weak economic environment in the EU27+3 region and the general reluctance to buy. In Brazil, Scania Vehicles & Services experienced an even sharper decline in a market environment cha racterized by high dealer inventories, rising interest rates, and high inflation. Bus unit sales rose sharply due to delayed deliveries in the previous year. The decline in truck unit sales was the main reason for the moderate reduction in sales revenue, which mainly affected the New Vehicles business. This was only partially offset by the solid Vehicle Services business. The main cause of the decline in operating result (adjusted) was the volume -related decline in sales revenue. In addition, negative currency effects and higher expenses for the build-up of the new Chinese production site had a negative impact on operating result (adjusted). ===== SIDA 13 ===== 13 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information MAN Truck & Bus 9M 2025 9M 2024 Change Incoming orders (units) 72,615 54,858 32% Sales (units) 71,672 69,215 4% of which trucks 44,047 46,275 –5% of which buses 4,898 3,632 35% of which MAN TGE vans 22,727 19,308 18% Book-to-bill ratio 1.01 0.79 0.22 Sales revenue (€ million)1 9,984 10,089 –1% New Vehicles 6,036 6,177 –2% Vehicle Services business2 2,194 2,178 1% Others1 1,753 1,734 1% Operating result (adjusted) (€ million)1 557 712 –155 Operating return on sales (adjusted) (in %)1 5.6 7.1 –1.5 pp 1 Prior-year figures adjusted, see the “Financial Management” section 2 Including genuine parts and workshop services MAN Truck & Bus recorded a very strong increase in incoming orders in the reporting period compared with the previous year. This was due in particular to very strong demand for trucks in the EU27+3 region and the systematic implementation of the growth strategy for the MAN TGE van. Unit sales were up moderately year -on-year, primarily as a result of higher unit sales of buses and MAN TGE vans. Truck unit sales declined due to the continuing difficult market environment in the EU27+3 region and in Germany in particular. Sales revenue was down slightly year-on-year. The slight decline in new vehicle sales revenue is attributable to a shift in the product mix from trucks to buses and MAN TGE vans, among other things. The Vehicle Services business delivered robust growth. Operating result (adjusted) was significantly below the prior -year level, mainly due to a changed product and regional mix as well as higher production costs. ===== SIDA 14 ===== 14 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information International Motors 9M 2025 9M 2024 Change Incoming orders (units) 31,911 42,774 –25% Sales (units) 47,952 66,772 –28% of which trucks 38,083 59,098 –36% of which buses 9,869 7,674 29% Book-to-bill ratio 0.67 0.64 0.02 Sales revenue (€ million) 6,200 8,256 –25% New Vehicles 4,461 6,084 –27% Vehicle Services business1 1,273 1,388 –8% Others 466 784 –41% Operating result (adjusted) (€ million)2 96 519 –423 Operating return on sales (adjusted) (in %)2 1.6 6.3 –4.7 pp 1 Including genuine parts 2 Prior-year figures adjusted, see the “Financial Management” section Due to significant buyer reluctance in North America, International Motors experienced a strong year-over-year decline in incoming orders. Truck unit sales were also much lower compared to the previous year, driven by the ongoing freight and goods traffic recession, uncertainties surrounding US customs policy, and weaker demand in Mexico following the end of the Euro 5 pull-forward effects from 2024. In contrast, bus sales increased, as the first half of 2024 had been negatively impacted by the delayed ramp-up of the new school bus model. Sales revenue strongly declined year-over-year. The sharp decline in new vehicle sales revenue is attributable to the development of the unit sales volume. The weaker sales trend also affected sales revenue in the Vehicle Services business, which was noticeably below the level of the prior-year period. The lower sales revenue could only be partially offset by savings in product and fixed costs, which led to a serious decline in operating res ult (adjusted) compared to the previous year. ===== SIDA 15 ===== 15 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Volkswagen Truck & Bus 9M 2025 9M 2024 Change Incoming orders (units) 32,064 35,745 –10% Sales (units) 36,662 35,742 3% of which trucks 30,743 30,214 2% of which buses 5,919 5,528 7% Book-to-bill ratio 0.87 1.00 –0.13 Sales revenue (€ million) 2,190 2,328 –6% New Vehicles 2,029 2,159 –6% Vehicle Services business1 126 134 –6% Others 35 34 2% Operating result (adjusted) (€ million)2 271 276 –5 Operating return on sales (adjusted) (in %)2 12.4 11.9 0.5 pp 1 Including genuine parts and workshop services 2 Prior-year figures adjusted, see the “Financial Management” section In the reporting period, Volkswagen Truck & Bus recorded a considerabl e year-on-year decline in incoming orders in a market environment characterized by increased dealer stock, high interest rates, and inflationary pressure, especially in Brazil. Unit sales increased slightly in the reporting period. Rising sales units in growing South American markets such as Argentina , Chile, and Colombia were partly offset by lower sales units in Mexico. Bus sales units were noticeably higher year-on-year. Sales revenue was slightly lower year-on-year and negatively impacted by currency effects. The slight decrease in operating result (adjusted) is mainly due to unfavorable currency effects. ===== SIDA 16 ===== 16 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information TRATON Financial Services 9M 2025 9M 2024 Change Sales revenue (€ million) 1,597 1,409 13% Earnings before tax (€ million) 144 156 –12 Equity (€ million)1 2,190 1,926 263 Return on equity (in %) 9.1 10.9 –1.9 pp 1 As of September 30 Following the acquisition of the rights to MAN’s future financial services business in several countries in 2024, TRATON Fina ncial Services completed the acquisition in the first half of 2025. In other countries, amongst others Brazil, the rights to the fi nancial services business for MAN and Volkswagen Truck & Bus were acquired for a purchase price of €72 million (€183 million). Sales revenue in the TRATON Financial Services segment improved considerably due to the further increase in the portfolio. The portfolio increase was also driven by the additional financing volumes from MAN and Volkswagen Truck & Bus. Launching financing activities in several new markets during the previous year resulted in higher costs that were not offset by increased interest income arising from a larger portfolio. In addition, higher funding and risk costs as well as greater competitive pressure negatively impacted earnings before tax. TRATON Financial Services’ equity capital thus increased by €138 million compared to the previous figure of €2,052 million on December 31, 2024. Intra - group contributions of €161 million (€188 million) received during the reporting period had a positive effect on equity. The difference between the consid- eration transferred and the net assets at book values after offsetting deferred tax of €62 million (€1 68 million), which arose as part of the acquisition at the acquisition dates and was deducted from equity, had an opposite effect on equity. The lower earnings before tax and the increase in equity led to a reduced return on equity. ===== SIDA 17 ===== 17 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Net Cash Flow Condensed statement of cash flows of the TRATON GROUP TRATON GROUP TRATON Operations TRATON Financial Services Corporate Items € million 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Gross cash flow 2,779 4,143 3,070 4,273 388 381 –679 –510 Change in working capital –2,823 –3,500 –1,283 –1,323 –1,852 –2,612 313 435 Net cash provided by/used in operating activities –44 644 1,786 2,949 –1,464 –2,230 –366 –75 Net cash provided by/used in investing activities attributable to operating activities –1,800 –1,670 –1,758 –1,605 –59 –49 17 –16 Net cash flow –1,844 –1,026 28 1,344 –1,523 –2,279 –349 –91 The TRATON GROUP’s net cash used in operating activities declined by €687 million year-on-year to €–44 million in the first nine months of 2025. This was a result primarily of a €1.4 billion decrease in gross cash flow, which above all reflects the €1.4 bi llion decrease in operating result. This was partly offset by a €677 million lower increase in cash tied up in working capital, which was mainly attributable to the weaker growth in finan cial services receivables of €1.2 billion and a €564 million lower increase in inventories. The primary factors offsetting the decline in cash tied up in working capital were the higher increase of €599 million in assets leased out and the growth in receivables, in contrast to the decline in the previous year (effect: €569 million). Cash tied up in working capital rose by a total of €2.8 billion in the reporting period. The principal driver was the €1.1 bi llion increase in financial services receivables resulting from the expansion of the business volume and reported in net cash flow in the TRATON Financial Services segment. The increase in assets leased out by €792 million, the increase in inventories by €494 million, and the increase in receivables by €378 milli on, which mainly arose within the TRATON Operations business area, also had an impact. Net cash used in investing activities attributable to operating activities rose by €130 million year-on-year to €1.8 billion, which is primarily due to a €158 mil- lion increase in investments in capitalized development costs. ===== SIDA 18 ===== 18 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Capital Expenditures, TRATON Operations Capital expenditures remained virtually unchanged compared with the prior-year period at €1.0 billion (9M 2024: €1.0 billion), reflecting the construction of the production site in China. The plant in Rugao was officially opened on October 15, 2025, and production started the same month. In the first half of 2025, MAN Truck & Bus completed the first expansion stage of its investment in battery production and officially launched battery p roduction at its Nuremberg site. Primary Research and Development Costs, TRATON Operations At €2.0 billion (9M 2024: €1.8 billion), primary research and development costs were higher in the first nine months of 2025 than in the prior -year period. The rise is attributable to increased development activities in forward -looking technologies and the development of the modular system. Development costs of €782 million (9M 2024: €625 million) were capitalized, resulting in a capitalization ratio of 39.9% (9M 2024: 35.8%). Research and development costs not eligible for capitalization are included in cost of sales. For further information on how the research and development activities will be merged, refer to the “Material Events” section. Calculation of the primary research and development costs of TRATON Operations was adjusted so that the capitalized development costs included are now recognized net of the capitalized borrowing costs of €3 million (9M 2024: €1 million). The prior-year figure was adjusted. ===== SIDA 19 ===== 19 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial 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 09/30/2025 12/31/2024 09/30/2025 12/31/2024 09/30/2025 12/31/2024 09/30/2025 12/31/2024 Cash and cash equivalents 2,165 2,542 7,269 6,715 563 394 –5,667 –4,567 Marketable securities, investment deposits, and loans to affiliated companies 102 201 179 102 72 154 –149 –54 Gross liquidity 2,267 2,743 7,449 6,817 635 547 –5,816 –4,621 Third-party borrowings –26,547 –24,277 –6,509 –6,901 –18,320 –17,178 –1,718 –197 thereof intra-group financing1 – – –2,896 –4,143 –12,478 –11,834 15,374 15,978 Net liquidity/net financial debt –24,280 –21,534 939 –85 –17,685 –16,631 –7,534 –4,818 1 Intragroup financing in the TRATON GROUP Net financial debt rose by €2.7 billion to €24.3 billion in the reporting period, driven mainly by the development of net cas h flow and the dividend payout amounting to €850 million (9M 2024: €750 million). More detailed information explaining changes in n et cash flow can be found in the “Net Cash Flow” section. To finance its activities, the TRATON GROUP issued bonds amounting to €4.5 billion (9M 2024: €5.0 billion) in the reporting p eriod, including €3.4 billion (9M 2024: €4.0 billion) issued by TRATON Finance Luxembourg S.A., Strassen, Luxembourg (TRATON Financ e) allocated to Corporate Items. These were partly offset by repayments in the total amount of €4.3 billion (previous year: €1.7 billion). Of this amount, €2.5 billion (9M 2024: €1.0 billion) was attributable to TRATON Finance within Corporate Items and €1.3 billion (9M 2024: €377 million) to Scania Vehicles & Services in the TRATON Operations business area. The bond issues and repayments related primarily to the European Medium Term Notes programs. In addition, loan liabilities to Volkswagen AG of €821 million (9M 2024: €250 million) were incurred, as well as loan liabilities to Volkswagen Group of America Finance, LLC, Wilmington, USA, of €782 million (9M 2024: €465 million). By contrast, €500 million (9M 2024: €297 million) was repaid to Volkswagen AG. In addition, miscellaneous financial liabilities increased by €1.1 billion due for the most part to the recognition of commercia l paper liabilities, which were primarily allocated to Corporate Items. In the previous year, long -term loans of €690 million were also taken out from Volkswagen International Finance N.V., Amsterdam, Netherlands, and, in return, Schuldscheindarlehen amounting to €350 million were repaid. Additionally, TRATON SE paid out a dividend of €850 million (previous year: €750 million) for fiscal year 2024, higher than the dividend in the previous year. The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area including Corporate Items was –1.3 (December 31, 2024: –0.8) as of September 30, 2025, and hence down on the prior-year comparative figure. This is attributable to an increase in net financial debt in the TRATON Operations ===== SIDA 20 ===== 20 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information business area including Corporate Items to €6.6 billion (December 31, 2024: €4.9 billion) and a decrease in EBITDA (adjusted) in the TRATON Operations business area including Corporate Items for the past twelve months to €5.0 billion (December 31, 2024: €6.0 billion). Opportunities and Risks The Report on Opportunities and Risks is meant to be read in conjunction with our comments in the 2024 Annual Report. The cur rent developments trig- gered by the decisions of the US administration, in particular the announcement and implementation of compreh ensive tariffs, have led to an increased level of uncertainty in the global economy. This is contributing to various types of risk, such as cost increases, supply chain disruptions, and lower customer demand. These risks were broadly described in the “Oppo rtunities and Risks” section of the 2024 Annual Report and the overall level of risk exposure for the Group has increased since then. As a result, the “market risks” category, which was assessed as “medium” in the 2024 Annual Report, is now also classified as “high”, as are all other risk categories. Report on Expected Developments The TRATON GROUP is reiterating its existing forecast as reported in the Half -Year Financial Report as of June 30, 2025. The forecast published in the 2024 Annual Report was adjusted for the following key performance indicators in this Half -Year Financial Report: TRATON GROUP unit sales, sales revenue, and operating return on sales (adjusted) for the TRATON GROUP and the TRATON Operations business area, net cash flow in the TRATO N Operations business area, and primary R&D costs in the TRATON Operations busi ness area. With regard to the business performance in North America, the adjusted forecast assumed that the tariff situation applicable at the end of the first half of the year and International’s compliance with the United States-Mexico-Canada Agreement (USMCA) would remain unchanged in the second half of 2025. Despite this assessment, the additional costs incurred since the th ird quarter of 2025 due to US import tariffs, such as the 50% tariffs on steel and aluminum, and additional regional tariffs, are s till covered by the guidance range. This applies to both direct costs and costs passed on by suppliers. However, we are expecting the key performance indicators operating return on sales (adjusted) for the TRATON GROUP and the TRATON Operations business area, as well as net cash flow in the TRATON Operations business area, to be at the lower end of the range. Potential additional costs arising from the Presidential Proclamation published on October 17, 2025, regarding additional tariffs on heavy- and medium-duty trucks under Section 232 of the Trade Expansion Act are also covered to a limited extent. The forecast remains subject to future macroeconomic and geopolitical developments. In addition, there is continued uncertainty about the future impact of the US trade policy. ===== SIDA 21 ===== 21 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Actual 2024 Forecast 2025 2024 Annual Report Forecast 2025 2024 Half-Year Financial Report Forecast 2025 9M 2024 Interim Statement TRATON GROUP Sales (units) 334,215 –5 – 5% –10 – 0% –10 – 0% Sales revenue (€ million) 47,473 –5 – 5% –10 – 0% –10 – 0% Operating return on sales (adjusted) (in %) 9.2 7.5 – 8.5 6.0 – 7.0 6.0 – 7.0 TRATON Operations Sales revenue (€ million) 46,182 –5 – 5% –10 – 0% –10 – 0% Operating return on sales (adjusted) (in %) 10.3 8.5 – 9.5 7.0 – 8.0 7.0 – 8.0 Net cash flow (€ million) 2,834 2,200 – 2,700 1,000 – 1,500 1,000 – 1,500 Capex (€ million) 1,751 sharp increase sharp increase sharp increase Primary R&D costs (€ million) 2,458 moderate decrease moderate increase moderate increase TRATON Financial Services Return on equity (in %) 10.8 8.0 – 11.0 8.0 – 11.0 8.0 – 11.0 ===== SIDA 22 ===== 22 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information SELECTED FINANCIAL INFORMATION Income Statement of the TRATON GROUP for the period from January 1 to September 30 € million 9M 2025 9M 2024 Sales revenue 32,322 35,253 Cost of sales –26,044 –27,662 Gross profit 6,279 7,591 Distribution expenses –2,809 –2,802 Administrative expenses –1,304 –1,299 Net impairment losses on financial assets –93 –97 Other operating income 962 1,140 Other operating expenses –1,311 –1,431 Operating result 1,723 3,103 Share of earnings of equity-method investments 190 207 Interest income1 180 221 Interest expense1 –498 –606 Other financial result –157 –249 Financial result –285 –427 Earnings before tax 1,439 2,676 Income taxes –403 –615 current –525 –790 deferred 122 175 Earnings after tax 1,036 2,060 of which attributable to shareholders of TRATON SE 1,036 2,061 of which attributable to noncontrolling interests 0 –1 Earnings per share in € (diluted/basic) 2.07 4.12 1 Prior-year period adjusted (see “Prior-Period Information”). ===== SIDA 23 ===== 23 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Condensed Statement of Comprehensive Income of the TRATON GROUP for the period from January 1 to September 30 € million 9M 2025 9M 2024 Earnings after tax 1,036 2,060 Pension plan remeasurements recognized in other comprehensive income, net of tax 14 4 Fair value measurement of other equity investments, net of tax 71 –39 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 85 –34 Currency translation differences, net of tax –259 –489 Cash flow hedges, net of tax 41 –14 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 –12 0 Items that will be reclassified subsequently to profit or loss –229 –504 Other comprehensive income, net of tax –143 –538 Total comprehensive income 892 1,522 of which attributable to shareholders of TRATON SE 893 1,523 of which attributable to noncontrolling interests –1 –1 ===== SIDA 24 ===== 24 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Balance Sheet Assets of the TRATON GROUP as of September 30, 2025, and December 31, 2024 € million 09/30/2025 12/31/2024 Noncurrent assets Goodwill 5,893 6,154 Intangible assets 7,361 7,389 Property, plant, and equipment 9,773 9,646 Assets leased out 5,127 5,168 Equity-method investments 1,745 1,641 Other equity investments 123 139 Noncurrent income tax receivables 171 130 Deferred tax assets 2,549 2,604 Noncurrent financial services receivables 9,803 9,090 Other noncurrent financial assets 586 516 Other noncurrent receivables 287 266 43,417 42,744 Current assets Inventories 7,875 7,532 Trade receivables 3,150 3,096 Current income tax receivables 497 293 Current financial services receivables 6,939 6,894 Other current financial assets 877 825 Other current receivables 1,702 1,576 Marketable securities and investment deposits 25 46 Cash and cash equivalents 2,165 2,542 23,230 22,804 Total assets 66,647 65,547 ===== SIDA 25 ===== 25 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Balance Sheet Equity and liabilities of the TRATON GROUP as of September 30, 2025, and December 31, 2024 € million 09/30/2025 12/31/2024 Equity Subscribed capital 500 500 Capital reserves 12,495 12,495 Retained earnings 8,258 8,135 Accumulated other comprehensive income –3,440 –3,293 Equity attributable to shareholders of TRATON SE 17,814 17,838 Noncontrolling interests 5 6 17,819 17,844 Noncurrent liabilities Noncurrent financial liabilities 17,899 15,759 Provisions for pensions and other post-employment benefits 1,764 1,909 Deferred tax liabilities 606 672 Noncurrent income tax provisions 138 136 Other noncurrent provisions 1,676 1,727 Other noncurrent financial liabilities 1,637 1,970 Other noncurrent liabilities 2,227 2,271 25,947 24,444 Current liabilities Current financial liabilities 8,648 8,517 Trade payables 5,369 5,349 Current income tax payables 215 304 Current income tax provisions 56 107 Other current provisions 2,290 2,108 Other current financial liabilities 1,867 2,121 Other current liabilities 4,436 4,753 22,881 23,260 Total equity and liabilities 66,647 65,547 ===== SIDA 26 ===== 26 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Statement of Cash Flows of the TRATON GROUP for the period from January 1 to September 30 € million 9M 2025 9M 2024 Cash and cash equivalents as of 01/01 2,542 1,730 Gross cash flow Earnings before tax 1,439 2,676 Income taxes paid –906 –784 Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment property1 1,138 1,057 Amortization of, and impairment losses on, capitalized development costs 1 477 390 Impairment losses on equity investments1 31 1 Depreciation and amortization of products leased out 1 769 726 Change in pension obligations –2 –8 Earnings on disposal of noncurrent assets and equity investments –5 –3 Share of earnings of equity-method investments –111 –105 Other noncash income/expense –48 194 Change in working capital Change in inventories –494 –1,058 Change in receivables (excluding financial services) –378 191 Change in liabilities (excluding financial liabilities) –331 –474 Change in provisions 227 326 Change in products leased out –792 –193 Change in financial services receivables –1,053 –2,291 Net cash provided by operating activities –44 644 Investments in intangible assets (excluding capitalized development costs), property, plant, and equipment, and investment pr operty2 –1,041 –1,050 Additions to capitalized development costs –784 –627 Investments to acquire subsidiaries and other businesses 5 –37 Investments to acquire other investees –43 –28 Proceeds from the disposal of subsidiaries 21 27 Proceeds from the disposal of other investees 0 10 Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property 41 35 Change in marketable securities and investment deposits 19 –685 Change in loans –6 –19 ===== SIDA 27 ===== 27 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information € million 9M 2025 9M 2024 Net cash used in investing activities –1,787 –2,374 Dividend payouts –850 –750 Proceeds from the issuance of bonds 4,504 4,996 Repayment of bonds –4,321 –1,734 Repayment of Schuldscheindarlehen – –350 Proceeds from loans extended by companies of the Volkswagen group 3 1,707 1,420 Loan repayments to companies of the Volkswagen Group 4 –561 –297 Change in miscellaneous financial liabilities 1,125 –864 Repayment of lease liabilities –218 –197 Net cash provided by financing activities 1,387 2,224 Effect of exchange rate change on cash and cash equivalents 67 –94 Change in cash and cash equivalents –376 399 Cash and cash equivalents as of 09/30 2,165 2,129 1 Net of impairment reversals 2 Of which in the TRATON Operations business area: €–1,034 million (9M 2024: €–1,042 million) 3 Volkswagen AG, Volkswagen International Finance, Volkswagen Group of America Finance 4 Volkswagen AG, Volkswagen Financial Services AG ===== SIDA 28 ===== 28 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Contingent Liabilities and Commitments of the TRATON GROUP as of September 30, 2025, and December 31, 2024 € million 09/30/2025 12/31/2024 Liabilities under buyback guarantees1 1,962 2,494 Contingent liabilities under guarantees1 334 532 Other contingent liabilities 1,277 1,431 3,572 4,458 1 Prior-year figures adjusted Segment Reporting of the TRATON GROUP for the period from January 1 to September 30 As part of the merger of significant parts of the research and development departments of the individual brands into a cross -brand, Group-wide research and development organization, which was completed as of June 30, 2025, there was also a change in the TRATON GROUP’s Group management; see the “Financial Management” section for more information. 2025 reporting segments € 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 13,134 9,984 6,200 2,190 1,597 33,105 –782 32,322 31,186 Intragroup sales revenue –389 –250 –31 –4 –104 –777 777 – –359 External sales revenue 12,745 9,734 6,169 2,186 1,494 32,328 –5 32,322 30,827 Operating result (adjusted) 1,397 557 96 271 144 2,465 –426 2,039 2,321 ===== SIDA 29 ===== 29 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information 2024 reporting segments € 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 13,911 10,089 8,256 2,328 1,409 35,994 –741 35,253 34,266 Intragroup sales revenue1 –380 –195 –26 –2 –119 –721 717 – –298 External sales revenue 13,531 9,894 8,230 2,326 1,291 35,277 –20 35,253 33,969 Operating result (adjusted)1 2,084 712 519 276 158 3,749 –488 3,261 3,570 1 Amounts adjusted. See the “Financial Management” section. The reconciliation of aggregated segment results to the TRATON GROUP’s earnings before tax is as follows: € million 9M 2025 9M 2024 Operating result (adjusted), total segments 2,465 3,749 Adjustments related to legal proceedings and related measures –147 –151 Adjustments related to restructurings –40 –7 Discontinuation of a development program for BEV –128 – Operating result, TRATON-Holding –144 –132 Operating result, TRATON AB –16 –27 Earnings effects from purchase price allocation not allocated to the segments –199 –209 Consolidation –67 –121 Operating result of the TRATON GROUP 1,723 3,103 Financial result –285 –427 Earnings before tax of the TRATON GROUP 1,439 2,676 ===== SIDA 30 ===== 30 TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information Prior-Period Information Additionally, certain prior-period data was revised. Material changes in the previous year’s income statement are explained in the following. A discovery was made in the second quarter of 2025 that a subsidiary had not reported interest income and interest expense fr om interest rate and cross- currency derivatives for each derivative on a net basis. The affected items were adjusted as follows for the first nine months of 2024: Income statement (extract) € million 9M 2024 Change 9M 2024 (adjusted) Interest income 344 –123 221 Interest expense –728 123 –606 ===== SIDA 31 ===== Financial Calendar March 4, 2026 2025 Annual Report The latest information and dates are available on TRATON SE’s website at www. traton.com/financialcalendar. Publication Details Published by TRATON SE Hanauer Str. 26 80992 Munich Germany www.traton.com Corporate Communications media-relations@traton.com Investor Relations investor.relations@traton.com Concept and Design 3st kommunikation GmbH, Mainz Photography Brendan Austin 2016 (cover) West end61 (cover, p. 3) Copyright ©2025 TRATON SE and 3st kommunikation GmbH TRATON GROUP 9M 2025 Interim Statement Course of Business Selected Financial Information 31 ===== SIDA 32 ===== WWW.TRATON.COM