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9M 2025
Interim Statement
as of September 30, 2025
AT A GLANCE
Incoming orders
up by
Unit sales
Sales revenue decreased by 8%
to around
billion
lower at 224,515 vehicles
billion
Adjusted operating result €1.2 billion
lower at around
Decrease in adjusted operating
return on sales to
7%
€32.3
9%
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 Statement
2
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 Statement
3
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 Vehicles & 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 plant 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 has 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 July 1, 2025. This saw the TRATON GROUP reach a
strategic milestone. Approximately 9,000 employees from the research and development departments of the TRATON brands Scania, MAN, International,
and Volkswagen Truck & Bus are now working under the umbrella of Group R&D. 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.
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.
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
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%
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 demand. 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 third 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 transportation and increasing uncertainty regarding US tariff policy. Truck unit sales in South America declined
slightly, primarily due to a slowdown in the Brazilian economy, rising interest rates, and high inflation. The bus business recorded a strong increase in unit
sales. The previous year had been strongly impacted by the delayed ramp-up of the new school bus model at International.
The book-to-bill ratio in the reporting period was 0.9 (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.
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 growth. 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 impacted 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 effects, 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 tariffs, 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.
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, mainly 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 were 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 addition, 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 result 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
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 & Services. 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 current 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, although 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.
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 characterized 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).
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.
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 result (adjusted)
compared to the previous year.
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 considerable 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.
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 Financial Services completed the
acquisition in the first half of 2025. In other countries, amongst others Brazil, the rights to the financial 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 (€168 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.
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 billion 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 financial 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 billion 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 million, 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.
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 production 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.
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 cash flow and the dividend payout
amounting to €850 million (9M 2024: €750 million). More detailed information explaining changes in net 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 period, including €3.4 billion
(9M 2024: €4.0 billion) issued by TRATON Finance Luxembourg S.A., Strassen, Luxembourg (TRATON Finance) allocated to Corporate Items. These were
partly offset by repayments in the total amount of €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 commercial 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
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 current developments trig-
gered by the decisions of the US administration, in particular the announcement and implementation of comprehensive tariffs, have led to an increased
level of uncertainty in the global economy. This is contributing to various types of risk, such as cost increases, supply chain disruptions, and lower customer
demand. These risks were broadly described in the “Opportunities 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 TRATON Operations business
area, and primary R&D costs in the TRATON Operations business 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 third quarter of
2025 due to US import tariffs, such as the 50% tariffs on steel and aluminum, and additional regional tariffs, are still 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.
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
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”).
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
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
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
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 costs1
477
390
Impairment losses on equity investments1
31
1
Depreciation and amortization of products leased out1
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 property2
–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
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 group3
1,707
1,420
Loan repayments to companies of the Volkswagen Group4
–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
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
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
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 from 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
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)
Westend61 (cover, p. 3)
Copyright
©2025 TRATON SE and
3st kommunikation GmbH
TRATON GROUP 9M 2025 Interim Statement
Course of Business
Selected Financial Information
31
W W W . T R A T O N . C O M
