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Q1 2025 RESULTS ROADSHOW PRESENTATION Investor Relations | April 2025
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Roadshow Presentation 2 This presentation has been prepared for information purposes only. The presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction. Neither this presentation, nor any part of it, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contractual commitment or investment decision in relation to the securities of Volkswagen AG, TRATON SE, or any company of the TRATON GROUP in any jurisdiction, nor does it constitute a recommendation regarding any such securities. The presentation as well as remarks, comments and explanations in this context contain forward-looking statements and information on the business development of the TRATON GROUP. These forward-looking statements and information reflect our current views about future events and are based on assumptions relating to the TRATON GROUP’s business and the development of the economies in the countries in which the TRATON GROUP is active. The TRATON GROUP has made such forward-looking statements on the basis of the information available to it and assumptions it believes to be reasonable. The forward-looking statements and information may involve risks and uncertainties, and actual results may differ materially from those forward-looking statements and/or any forecasts. This applies in particular, if any of these or other risks or uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect. Any changes in significant parameters relating to these forward-looking statements, especially with regards to key markets in which the TRATON GROUP is active, or any significant shifts in exchange rates, market regulation, energy and other commodity prices or the supply with parts relevant to the TRATON GROUP will have a corresponding effect on the business development. In addition, there may also be departures from the expected business development if the factors influencing sustainable value enhancement and the risks and opportunities presented develop in a way other than currently expected, or if additional risks and opportunities or other factors emerge that affect the development of the business. TRATON SE does not assume any responsibility for updating forward-looking statements in this presentation. All statements with regard to markets or market position(s) of TRATON SE or any affiliated company or any of its competitors are estimates based on data available to the TRATON GROUP. The percentage figures shown may be subject to rounding differences. All figures are rounded, so minor discrepancies may arise from addition of those amounts. Due to different proportions and scaling in graphs, data shown in different graphs are not comparable. DISCLAIMER Investor Relations
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With its brands Scania, MAN, International, and Volkswagen Truck & Bus, TRATON SE is the holding company of the TRATON GROUP and one of the world’s leading commercial vehicle manufacturers. The product portfolio comprises trucks, buses, and light-duty commercial vehicles. The TRATON GROUP also offers its commercial vehicle customers a broad range of financial services. Our purpose is: “Transforming Transportation Together. For a sustainable world.” Investor Relations3Roadshow Presentation WE’RE A TRANSPORTATION POWERHOUSE …
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― A strong German heritage brand, operating internationally across Europe, Asia, the Middle East, Africa, and South America ― MAN’s USP is its extensive range of transport solutions, from light commercial to durable construction vehicles and heavy-duty trucks. ― What truly sets MAN apart is its unwavering commitment to its customers, constantly striving to optimize their businesses and adapt to the dynamic changes in their requirements. ― High-performance manufacturer of trucks and buses ― International’s North American roots date back to the 1800s, when its predecessors pioneered mechanized harvesting. Today, International offers comprehensive mobility solutions for North America. ― Key strengths include its vast dealer network, deep industry expertise and exceptionally strong and loyal customer relationships. ― Formerly Navistar, International is now moving into its next chapter under the new overarching brand. ― Stands for unparalleled value-for-money solutions. Its core competence is vehicles that are robust, reliable, and efficient – tailored to meet the unique conditions of emerging growth markets and the specialized applications required there. ― Strong presence in South America, Mexico, Africa, and Asia underlines its adaptability and commitment to meeting the specific needs of its customers in these dynamic regions. Roadshow Presentation 4 Investor Relations … WITH FOUR STRONG BRANDS UNDER ONE ROOF ― Proud leader in premium transport solutions, specializing in heavy-duty trucks with an array of tailored services and applications ― Empowers business partners and customers through strong, trusted collaboration and a firm commitment to guiding them through the shift to fossil- free transportation ― Serves markets across Europe, North and South America, Asia, Africa, and Oceania with a global footprint
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5 Investor RelationsRoadshow Presentation Home base Europe and Brazil Europe North America Brazil Unit sales (k) FY 2024 Trucks 278 Buses 28 Vans 28 Total 334 96 6 - 102 64 5 28 96 79 11 - 91 39 7 - 46 Trucks Buses Vans TRATON Operations 83% 9% 8% OUR BRANDS OPERATE ACROSS KEY COMMERCIAL VEHICLE MARKETS
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6 Investor Relations 4 Commercial vehicle brands Countries1 Production sites 12 25 Södertälje, Sweden Munich, Germany São Paulo, Brazil Lisle, Illinois, USA PRODUCTION SITES SPAN AROUND THE GLOBE 1 Number of countries where the TRATON GROUP has production sites. In addition, our brands Scania, MAN, International, and Volkswagen Truck & Bus also have regional product centers, assembly sites, sales offices, and research & development facilities in many countries around the world. Roadshow Presentation
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Roadshow Presentation 7 Objectives/business model Ramp-up in three overarching steps Comprehensive financing options to meet the demand for new technologies and business models. Supporting the transformation of the transportation sector. Investor Relations OUR CAPTIVE FINANCIAL SERVICES BUSINESS IS RAMPING UP ITS OFFERING FOR ALL BRANDS Step 1 Short-term foundation completed in April 2023 “Lift and shift” of Scania Financial Services business to lay the foundation for TRATON Financial Services ( Re-start International Financial Corporation Step 2 Medium-term transformation within 2024-2026 Multi-brand rollout of MAN Financial Services and Volkswagen Truck & Bus Financial Services Organic expansion in prioritized markets Enhance funding capabilities Step 3 Long-term target within 2027-2029 Expanded BEV financing (asset and non-asset) Continued improvements in operating model Enabling future business models such as TAAS
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TRATON Modular System Time Realized value Common components Joint negotiations Principles of the TRATON Modular System Benefits ― More customer value from a single development ― Broader range of possible products for each brand ― Better products for customers ― Better performance as a Group ― Reduced product and integration costs 1. Standardized Group Interfaces 2. Same need – Identical solutions 3. Balanced performance steps Reusable modular parts for all TRATON brands Investor Relations Profitable mass customization based on a modular system ensures long-term competitive advantage Roadshow Presentation 8 WITH OUR TRATON MODULAR SYSTEM WE ARE WELL POSITIONED FOR EFFICIENT FUTURE GROWTH
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Daimler Truck Volvo Paccar Iveco 54.1 47.5 33.7 31.1 15.3 Sales revenue FY 2024 (€ bn) Note: For Volvo only business segments Trucks & Buses are included. Source: Company data, own calculations. Roadshow Presentation TRATON IS ONE OF THE LARGEST GLOBAL TRUCK & BUS PRODUCERS …
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10 1 Share of TRATON GROUP sales revenue 2024, rounded Group sales revenue 2024 (%)1 Market leader (>6t) 49% EU27+325% North America 15% South America 4% Asia Pacific 7% Rest of World Geographical sales revenue distribution1 28% 39% 23% 6% 4% … WITH A WELL -DIVERSIFIED REGIONAL AND BRAND MIX Roadshow Presentation Investor Relations
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Roadshow Presentation ― Largest commercial vehicle market globally offering growth opportunities ― Investing into a local production facility, R&D setup and supplier base enabling growth of our global industrial system ― Benefitting from local technology developments ― Construction progress according to plan, with the ambition to start official production at the end of 2025 WE ARE ADDING CHINA TO OUR INDUSTRIAL SYSTEM FOR ASIAN GROWTH
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Investor Relations 2020 2021 2022 2023 2024 216 360 335 265 264 2020 2021 2022 2023 2024 190 272 305 338 334 2020 2021 2022 2023 2024 22.6 30.6 40.3 46.9 47.5 2020 2021 2022 2023 2024 0.1 1.6 2.1 4.0 4.4 0.6 5.2 5.1 8.6 9.2 2021 2022 2023 20242020 1.14 1.33 1.10 0.78 0.79 2020 2021 2022 2023 2024 Note: 2021 figures include Navistar only for second-half year due to consolidation from July 1, 2021. Incoming orders (k units) Unit sales (k units) Book-to-bill (ratio in units) Sales revenue (€ bn) Adjusted operating result (€ bn) Adjusted return on sales (%) 12Roadshow Presentation WE ARE ON A PROFITABLE GROWTH PATH WITH INCREASING SALES REVENUE AND MARGINS
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2015 Volkswagen AG creates Volkswagen Truck & Bus GmbH to bundle its MAN, Scania, and Volkswagen Caminhões e Ônibus brands Volkswagen Truck & Bus becomes the TRATON GROUP 2018 2019 2021 2022 IPO of TRATON SE TRATON acquires International (formerly Navistar); realignment MAN T&B started Milence charging JV with Daimler Truck & Volvo Group TRATON’s brand Scania with its own production site in China, groundbreaking in Rugao Go-live of TRATON Financial Services 2023 2024 Transition to One Group R&D setup Roadshow Presentation KEY MILESTONES ON THE TRATON WAY FORWARD Investor Relations13
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All four elements of the TRATON Way Forward are interconnected, making it possible for the TRATON GROUP to pave the way toward a sustainable future. Responsible Company Value Creation TRATON Accelerated! Strategy Execution Investor RelationsRoadshow Presentation 14 THE TRATON WAY FORWARD TRANSLATES INTO A LONG -TERM VISION FOR THE GROUP The TRATON GROUP and its portfolio brands are committed to becoming more sustainable, focusing on several areas, including decarbonization and battery electric vehicles. The TRATON GROUP is optimizing its cost basis, accelerating growth in the US, and enforcing operations in China while maintaining focus on customer needs for each brand. We have a clear roadmap for our electrified, connected, and automated commercial vehicles. We are developing new business models and strengthening partnerships. Executing this strategy is critical for the Group’s success. Progress is already being made with the new Group functions for R&D and by coordinating purchasing, production, logistics, and building the TRATON Modular System.
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15 We focus on three joint impact areas Decarbonization Reduce greenhouse gas emissions across the value chain in line with 1.5°C Circularity Decouple the use of resources from our business growth Human Rights Respect human rights and enable a just transition Roadshow Presentation OUR SUCCESS IS BUILT ON SUSTAINABLE AND RESPONSIBLE CONDUCT Investor Relations
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TRATON IS CREATING THE CONDITIONS FOR ELECTRIFICATION AND CONTINUES TO INVEST SIGNIFICANT AMOUNTS IN THE NEXT YEARS We are driving forward charging infrastructure development Public charging infrastructure — TRATON Charging Solutions, launched in 2023 A service entity to simplify access to charging stations. — Milence, launched in 2022 A joint venture between TRATON, Daimler Truck, and Volvo. — MAN/E.ON, launched in 2024 Built along the existing MAN service network. Depot charging infrastructure — Erinion as a subsidiary of Scania — InCharge Energy and Quanta Services partnering with International — SBRS and Heliox/Siemens partnering with MAN We are focusing on battery cells as key components of electric vehicles — Scania, Södertälje Scania opened a battery assembly plant at its headquarters in Södertälje in 2023. Cells are being assembled into battery packs for heavy-duty vehicles. — MAN, Nuremberg The groundbreaking ceremony for large-scale battery production took place at the Nuremberg site in 2023. Up to 100,000 high-voltage battery packs will be manufactured starting in 2025. Roadshow Presentation 16 Investor Relations
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Today: TRATON offers BEV products across major applications and weight classes Tomorrow: TRATON BEV products will increase in GTW1, range and applications they can serve Today 40t / 370 km International electric bus (IC Bus CE Series) MAN electric bus (Lion´s City E) Scania electric truck (25 P XT) VWTB electric truck (e-Delivery) MAN electric truck (eTGX) International electric truck (eMV) MAN electric van (eTGE) VWTB electric bus (e-Volksbus) 2030 60t / 260 km 1 Gross train weight GROWING PRODUCT OFFERING TO BENEFIT FROM ZERO -EMISSION TRANSITION 17 Investor RelationsRoadshow Presentation
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18 BEV WITH A CLEAR TOTAL COST OF OWNERSHIP ADVANTAGE FOR OUR CUSTOMERS Investor Relations Production Refueling Operation – 10% – 5%100% – 10% distribution & inversion AC/DC mix of slow & fast charging DC-AC, engine & transmisson Electrical energy 75% of energy reaches the wheels 25% of energy reaches the wheels Electrical energy Chemical energy – 30% – 15%100% – 30% electrolysis local distribution transport, storage & fueling FC stack + air compressor & DC-DC DC-AC, engine & transmisson BEV FCEV Roadshow Presentation
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19 THE COST DISTRIBUTION WILL CHANGE SIGNIFICANTLY WITH FULLY ELECTRIC TRUCKS Investor Relations Energy incl. infrastructure R&M Driver Cost distribution of a typical long-haul heavy-duty truck - today Energy is the most crucial cost driver – energy cost advantage is the key to quick market ramp-up of electric trucks Cost distribution electric long-haul heavy-duty truck ~2025-30 Energy incl. infrastructure Vehicle Overhead R&M Driver Savings potential Electric trucks yield strong reduction in energy consumption Cost decreasing with e-mobility Cost increasing with e-mobility Overhead Vehicle Roadshow Presentation
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1 2 3 4 Clear strategy “TRATON Way Forward”, efficiencies from TMS and new R&D organization Brand ambitions – all brands committed to growth and profitability BEV-offering driving customer value and zero-emissions transition Four dedicated growth levers – value potential of International, China/Asian growth, services & solutions growth, Financial Services ramp-up 9.2% 9-11% Adjusted return on sales +20-40% Sales revenue growth 2024 to 2029 Value generation & increased shareholder return Ambition 2029 FY 2024 Net debt zero IB deleveraging in 5-year horizon Ambition Key takeaways WE ARE READY TO TAKE THE NEXT BIG STEP WHICH IS REFLECTED IN OUR INVESTMENT HIGHLIGHTS Investor Relations20Roadshow Presentation
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ANNUAL RESULTS CONFERENCE 2025 We advance our brands by facilitating collaboration on many levels, helping them offer their customers sustainable products and tailor- made services. To this end, TRATON establishes new Group functions, enters into strategic partnerships, and provides crucial momentum with cross-brand services. TOGETHER
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Roadshow Presentation 22 Q1 2025 KEY RESULTS & HIGHLIGHTS Investor Relations
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WE STARTED 2025 WITH LOWER UNIT SALES AND MARGINS, BUT WITH PROMISING EUROPEAN ORDERS Unit sales Sales revenue Adjusted return on sales Net cash flow TRATON Operations Earnings per share 73,090 -10% YoY €10.6 bn -10% YoY 6.1% -3.3pp YoY -€111 m -€549m YoY €1.00 -€0.57 YoY Q1 2025 Incoming orders 74,307 +12% YoY Investor Relations23Roadshow Presentation
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WE MADE STRATEGIC INVESTMENTS AND ACHIEVED IMPORTANT MILESTONES DURING THE QUARTER Highlights Q1 2025 The TRATON GROUP and Applied Intuition have formed a strategic partnership to deploy industry- leading vehicle software platforms for all TRATON brands Under the BeIntelli project, an automated MAN eBus started to operate on the streets of Berlin’s city center to demonstrate the functionalities of autonomous public transport Scania has received the largest order from the Swedish defense administration since the 1980’s; the new vehicles will be delivered in 2025-2027 Captive Financing now also available for VWTB and MAN customers in Mexico; TFS also implements MAN financial services businesses as planned in France and Italy Investor Relations24Roadshow Presentation
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25 Incoming orders of fully electric vehicles (units) Q1 25 866 Q1 24 736 Unit sales of fully electric vehicles (units) Q1 25 621 Q1 24 315 BEV GROWTH CONTINUES WITH E -TRUCKS RAMPING UP Roadshow Presentation
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Europe: ― Unit sales lower QoQ and YoY due to still declining truck markets with lower registrations ― In contrast, increasing QoQ and YoY truck order intake with a truck b-t-b of 1.3, but still too early to declare a turnaround North America: ― Truck unit sales down in a declining market; bus sales significantly up compared to Q1 2024 with delayed ramp-up of new school bus model ― Incoming orders decreased due to reduced transportation activities, and customer hesitation/uncertainties about import tariffs, US economy and EPA 2027 emission regulations South America: ― Unit sales up and incoming orders down in a solid market; Brazil with declining order momentum, Argentina with strong demand 0 10 20 30 40 50 60 70 80 90 100 110 120 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q1 Q3 Q4 66.4 81.1 Q2 Q2 Q3 Q4 Q1Q1 2019 2020 2021 2022 2024 Q1 24 Q1 25 Incoming orders & Unit sales (k units) Incoming orders Unit sales 2023 BOOK -TO-BILL RATIO SLIGHTLY ABOVE 1 AMID MIXED MARKET DYNAMICS … 2025 74.3 73.1 Investor Relations26Roadshow Presentation
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0 100 200 300 400 500 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 0 100 200 300 400 500 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 0 100 200 300 400 500 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1 EU27+3 region (EU27 countries without Malta, plus the United Kingdom, Norway, and Switzerland) 2 USA and Canada class 6-8, Mexico class 4-8 EU27+31 (k units, >6t) 2025e: -15% – -5% (2024 -6% | 365) North America (k units, class 6-82) 2025e: -10% – 0% (2024 -4% | 427) South America (k units, >6t) 2025e: -5% – +5% (2024 +12% | 172) … CHARACTERIZED BY HIGH GEOPOLITICAL AND MACROECONOMIC UNCERTAINTIES 384 427 > 6t > 16t Class 6-8 Class 8 311 347 181 163 > 6t > 16t Investor Relations27Roadshow Presentation
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Q1 2025 FINANCIAL PERFORMANCE & OUTLOOK Investor Relations28Roadshow Presentation
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― Lower Q1 unit sales, driven by: ― Declining European truck markets impacting MAN and Scania ― Declining US-market and introduction of Euro VI for trucks in Mexico impacting International, but bus sales significantly up ― Still growing Brazilian market with positive impact on VWTB ― Q1 sales revenue decline, impacted by: ― Lower unit sales ― Partly compensated by Vehicle Services business 2.2 Q1 24 2.2 Q2 24 2.2 Q3 24 2.2 Q4 24 2.2 Q1 25 11.8 11.6 11.9 12.2 10.6 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 81.1 79.0 85.3 88.8 73.1 Unit sales (k units) Sales revenue (€ bn) Vehicle Services business -10% -10% SLOW START FOR UNIT SALES AND REVENUES IN WEAK EUROPEAN AND NORTH AMERICAN MARKETS Investor Relations29Roadshow Presentation
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Adjusted operating result (€ m)Decreased adj. RoS YoY due to: ― Negative volume effects at Scania, MAN and International … ― … only partially offset by strong Brazilian business at VWTB. ― Higher R&D costs ― China project costs ― Foreign currency headwinds 1,015 1,140 1,123 646 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 1,106 -42% 8.8 9.6 9.2 6.1 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 9.4 -3.3pp Adjusted return on sales (%) VOLUME AND ADDITIONAL COST EFFECTS LEADING TO LOWER Q1 MARGIN PERFORMANCE … Investor Relations30Roadshow Presentation
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Q1 25 Sales revenue (in € m, YoY) 10,606 (-10%) 4,361 (-11%) 3,099 (-12%) 2,173 (-11%) 814 (+5%) 530 (+17%) Adjusted RoS (YoY) 7.3% (-3.0pp) 10.5% (-3.8pp) 4.6% (-3.3pp) 2.3% (-2.7pp) 13.1% (+2.1pp) 9.1% (Return on Equity2) (-4.1pp) Key drivers Q1 25 − Sales revenue down due to still declining European markets, heavy-duty truck business in Brazil also down − Enhanced pricing power with growing volume of trucks equipped with Scania Super powertrain − Margin down due to volume effect and currency headwinds − China project costs − Increased Vehicle Services share − Truck sales revenue down due to still declining European markets, particularly in Germany − Bus deliveries delayed due to higher regulatory software requirements (normalization expected in H2) − Margin down with lower order book/capacity utilization, but increased resilience due to realignment program − Continued strong demand for Vehicle Services business − Lower truck sales due to declining US market characterized by uncertainty; Mexico truck sales down after Euro VI introduction − Margin down due to lower capacity utilization − Unit sales of new school bus ramped up significantly YoY − Continued weak Vehicle Services business due to low transportation activity − Sales revenue increase driven by still growing Brazilian market and better product positioning − High margin on the back of increased volumes and effective containment of variable costs − Currency headwinds − Increased portfolio volume − Higher costs in connection with the ramp-up of TFS activities, and higher funding and risk costs TRATON Operations1 1 TRATON Operations including consolidation effects 2 Return on Equity (Q1 25) is calculated as the ratio of earnings before tax to average equity of the Q1 25 period, whereas earnings before tax are extrapolated from the Q1 25 period to the full fiscal year on a straight-line basis … SIMILARLY AFFECTING TRATON OPERATIONS, WHILE FINANCIAL SERVICES IS IMPACTED BY RAMP -UP Investor Relations31Roadshow Presentation
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― Net debt of TRATON Operations incl. Corporate Items increased by €282m vs. year-end 2024 mainly due to: ― Gross cash flow impacted by lower operating performance ― Working capital build-up of €0.5bn, mainly driven by increased inventories of €0.4bn ― Investing cash flow, mainly driven by capex of €0.3bn and capitalized R&D €0.2bn Net liquidity/net debt bridge, Q1 2025 (€ m) SLOW START IN 2025 ALSO AFFECTS CASH FLOW AND NET DEBT 1 Includes internal profit transfers, capital contributions, F/X effects and other changes in CI net liquidity/net debt Net debt increased by €-282m -540 -506 Net liquidity/ net debt TO incl. CI 31/12/24 935 Gross cash flow TO Change in working capital TO Net cash flow from investing activities TO -171 Other change cash flow TO incl. CI Net liquidity/ net debt TO incl. CI 31/03/25 -4.903 -5.185 Net cash flow TO: €-111m 1 = TRATON Operations = Corporate Items TO CI Investor Relations32Roadshow Presentation
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FY 2024 FY 2025 Outlook TRATON GROUP Unit sales (units) 334,215 -5 ‒ +5% Sales revenue (€ million) 47,473 -5 ‒ +5% Operating return on sales (adjusted) (in %) 9.2 7.5 ‒ 8.5 TRATON Operations Sales revenue (€ million) 46,182 -5 ‒ +5% Operating return on sales (adjusted) (in %) 10.3 8.5 ‒ 9.5 Net cash flow (€ million) 2,834 2,200 ‒ 2,700 Capex (€ million) 1,751 significant increase Primary R&D costs (€ million) 2,458 slight decrease TRATON Financial Services Return on equity (in %) 10.8 8.0 ‒ 11.0 33 Investor Relations 2025 OUTLOOK MAINTAINED Our 2025 full-year outlook is subject to future geopolitical developments, particularly in the US, and their impact on TRATON GROUP’s business. Roadshow Presentation
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TRATON SE Investor Relations Hanauer Strasse 26 80992 München www.traton.com investor.relations@traton.com LinkedIn | Instagram IR CONTACT AND UPCOMING EVENTS Ursula Querette Head of Investor Relations +49 152 021 52 400 ursula.querette@traton.com Contacts Events H1 2025 Thomas Paschen Investor Relations +49 170 907 34 94 thomas.paschen@traton.com Matthias Maucher Investor Relations +49 170 381 60 25 matthias.maucher@traton.com Marie Fischhaber Investor Relations +49 152 256 00 705 marie.fischhaber@traton.com 28/04/2025 Q1 2025 Results 29/04/2025 Virtual Roadshow Germany | Deutsche Bank 30/04/2025 Roadshow London | Bank of America 14/05/2025 2025 Annual General Meeting 02-03/06/2025 JPMorgan Automotive Conference | London 05/06/2025 BNP Paribas Exane CEO Conference | Paris 25/07/2025 Q2/H1 2025 Results Investor Relations34Roadshow Presentation