Interim report
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Interim Statement as of September 30, 2026 9M 2026
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AT A GLANCE 2 TRATON GROUP 9M 2026 Interim Statement At a Glance Incoming orders and sales (units) 9M 2026 9M 2025 Change Incoming orders 253,147 202,111 25% Unit sales 230,436 224,515 3% Trucks 182,815 176,237 4% Buses 24,211 25,551 –5% MAN TGE vans 23,410 22,727 3% BEV unit sales ratio (excluding MAN TGE vans, in %) 1.3 1.0 0.3 pp TRATON GROUP Sales revenue (€ million) 33,322 32,322 3% Operating result (adjusted) (€ million) 2,311 2,039 272 Operating return on sales (adjusted) (in %) 6.9 6.3 0.6 pp Earnings per share (€) 5.21 2.07 3.14 Active workforce1 109,805 107,454 2,351 TRATON Operations Sales revenue (€ million) 31,939 31,186 2% Operating result (adjusted) (€ million) 2,522 2,321 201 Operating return on sales (adjusted) (in %) 7.9 7.4 0.5 pp Net cash flow (€ million) 35 28 7 Primary R&D costs (€ million) 2,137 1,960 9% Capex (€ million) 823 1,034 –20% TRATON Financial Services Sales revenue (€ million) 1,907 1,597 19% Earnings before tax (€ million) 182 144 38 Equity (€ million)2 2,600 2,190 410 Return on equity (in %) 10.0 9.1 0.9 pp 1 As of September 30, 2026, and December 31, 2025 2 As of September 30 Incoming orders up by Increase in adjusted operating return on sales to Adjusted operating result €272 million higher at around Sales revenue increased by 3% to around Unit sales €2.3 billion 3% 25% 6.9% TRATON GROUP 9M 2026: 2 TRATON GROUP 9M 2026 Interim Statement At a Glance Incoming orders and sales (units) 9M 2026 9M 2025 Change Incoming orders 253,147 202,111 25% Unit sales 230,436 224,515 3% Trucks 182,815 176,237 4% Buses 24,211 25,551 –5% MAN TGE vans 23,410 22,727 3% BEV unit sales ratio (excluding MAN TGE vans, in %) 1.3 1.0 0.3 pp TRATON GROUP Sales revenue (€ million) 33,322 32,322 3% Operating result (adjusted) (€ million) 2,311 2,039 272 Operating return on sales (adjusted) (in %) 6.9 6.3 0.6 pp Earnings per share (€) 5.21 2.07 3.14 Active workforce1 109,805 107,454 2,351 TRATON Operations Sales revenue (€ million) 31,939 31,186 2% Operating result (adjusted) (€ million) 2,522 2,321 201 Operating return on sales (adjusted) (in %) 7.9 7.4 0.5 pp Net cash flow (€ million) 35 28 7 Primary R&D costs (€ million) 2,137 1,960 9% Capex (€ million) 823 1,034 –20% TRATON Financial Services Sales revenue (€ million) 1,907 1,597 19% Earnings before tax (€ million) 182 144 38 Equity (€ million)2 2,600 2,190 410 Return on equity (in %) 10.0 9.1 0.9 pp 1 As of September 30, 2026, and December 31, 2025 2 As of September 30 higher at 230,436 vehicles €33.3 billion
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3 TRATON GROUP 9M 2026 Interim Statement CONTENTS Course of Business Material Events Incoming Orders and Unit Sales by Country, TRATON Operations Condensed Income Statement of the TRATON GROUP Segments of the TRATON GROUP Net Cash Flow Net Liquidity/Net Financial Debt Opportunities and Risks Report on Expected Developments Selected Financial Information Income Statement Balance Sheet Statement of Cash Flows Contingent Liabilities and Commitments Events after September 30, 2026 Financial Dates Disclaimer Publication Details CONTENTS COURSE OF BUSINESS Material Events 4 Incoming Orders and Unit Sales by Country, TRATON Operations 6 Condensed Income Statement of the TRATON GROUP 8 Segments of the TRATON GROUP 12 Net Cash Flow 15 Net Liquidity/Net Financial Debt 16 Opportunities and Risks 17 Report on Expected Developments 17 SELECTED FINANCIAL INFORMATION Income Statement 18 Balance Sheet 19 Statement of Cash Flows 21 Contingent Liabilities and Commitments 23 Events after September 30, 2026 23 Financial Dates 24 Disclaimer 25 Publication Details 25
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4 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information COURSE OF BUSINESS Material Events In the reporting period, the TRATON GROUP generated sales revenue of €33.3 billion (9M 2025: €32.3 billion), which was slightly above the previous year’s level. Higher unit sales at MAN Truck & Bus (+5%), International Motors (+3%), and Scania Vehicles & Services (+1%), as well as portfolio growth in the TRATON Financial Services segment, were the main positive factors. Unit sales in the USA , in particular, rose very sharply in the third quarter. This reinforces the TRATON GROUP’s upward momentum following a subdued first quarter and a 4% increase in unit sales in the second quarter of 2026. Operating result (adjusted) rose by 13% to €2.3 billion (9M 2025: €2.0 billion ) as a result of higher contributions to earnings made by the Vehicle Services and Financial Services businesses as well as of positive mix, price, and volume effects. This was offset by higher tariffs and raw material costs. Operating return on sales (adjusted) increased to 6.9% (9M 2025: 6.3%). The negative impact from one-off effects in the amount of €586 million (9M 2025: €315 million) was adjusted. The TRATON GROUP sold a total of 7.10% of the outstanding shares of Sinotruk (Hong Kong) Limited, Hong Kong, China (Sinotruk) for €745 million during the reporting period. As a result, its equity interest declined to 18.15%, and the investment has been acc ounted for at fair value since July 24, 2026. The transaction resulted in a disposal gain of €368 million and a remeasurement gain of €1.3 billion, both of which were recognized in financial result. Scania and MAN showcased important new products at the IAA Transportation trade fair in September 2026. Scania unveiled the Scania Dynamic truck, a comprehensive update to the R and S series that improves energy efficiency and optimizes the driver’s environment. MAN introduced the new all-electric eTGX truck with a range of up to 720 kilometers, which offers improved efficiency and enhanced visibility thanks to its new aerodynamic design. Boasting extra battery capacity with battery packs installed behind the driver’s cab, Scania vehicles can now also achieve up to 720 kilometers of range, strengthening the brand’s electric long-haul lineup. At TRATON SE’s virtual Annual General Meeting on June 16, 2026, the shareholders resolved a dividend of €0.93 per share, resu lting in a payout of €465 million. During the reporting period, TRATON issued bonds denominated in euros, Swedish kronor, and British pounds sterling equivalent to €3.4 billion through the European Medium Term Notes program (EMTN program), €500 million of which related to the issuance of the first bilateral green bond under the Group- wide Green Finance Framework. TRATON also took out a €350 million green loan. This was offset by repayments of €2.1 billion from the EMTN programs. Together with Applied Intuition, the TRATON GROUP unveiled TRATON ONE OS, a cross -brand software-defined vehicle platform, on March 31, 2026. The platform is scheduled to be rolled out in new trucks starting in 2028. On September 9, 2026, the TRATON GROUP announced that it would integrate Red Hat’s
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5 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information in-vehicle operating system into TRATON ONE OS. This is intended to simplify collaboration with external technology partners through standardized interfaces while allowing TRATON to retain control over the vehicle architecture and functions. On March 30, 2026, International Motors announced plans to sell the Springfield plant to Roshel, a defense and commercial veh icles manufacturer. This resulted in a negative impact of €138 million on the TRATON GROUP’s operating result. The Springfield site was transferred to the buyer, Roshel, on October 2, 2026. The related assets and liabilities were derecognized from the TRATON GROUP’s balance sheet as of that date. In March 2026, Scania delivered the first NEXT ERA tractors to end customers in China and began operating a new delivery cent er near Rugao. This had a corresponding positive impact on Scania’s deliveries from the second quarter of 2026. Since then, work has been advancing to launch and obtain approval for Scania trucks manufactured in China in additional countries. TRATON Financial Services continued its geographic expansion across all brands in the reporting period . The markets it entered included Belgium, Lithuania, and Norway.
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6 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Incoming Orders and Unit Sales by Country, TRATON Operations Incoming orders Unit sales Units 9M 2026 9M 2025 Change 9M 2026 9M 2025 Change Total 253,147 202,111 25% 230,436 224,515 3% of which all-electric vehicles 3,196 2,136 50% 2,673 2,049 30% BEV unit sales ratio (excluding MAN TGE vans, in %) – – – 1.3 1.0 0.3 pp Trucks 206,861 161,817 28% 182,815 176,237 4% EU27+3 80,494 75,351 7% 75,950 72,988 4% of which in Germany 19,069 19,650 –3% 17,859 18,451 –3% North America 53,365 26,016 105% 40,302 38,946 3% USA/Canada 48,007 21,471 124% 34,867 34,015 3% Mexico 5,358 4,545 18% 5,435 4,931 10% South America 47,380 40,175 18% 43,739 44,639 –2% of which in Brazil 36,012 29,372 23% 34,674 34,283 1% Asia/Pacific1 8,593 5,557 55% 8,176 5,416 51% of which in China1 3,579 830 331% 3,311 700 373% Other regions1 17,029 14,718 16% 14,648 14,248 3% Buses 22,016 19,779 11% 24,211 25,551 –5% EU27+3 4,249 4,579 –7% 4,941 5,086 –3% of which in Germany 1,129 1,099 3% 1,294 1,109 17% North America 9,713 6,476 50% 10,279 11,088 –7% USA/Canada 8,458 5,939 42% 8,752 9,862 –11% Mexico 1,255 537 134% 1,527 1,226 25% South America 6,601 6,215 6% 6,860 7,219 –5% of which in Brazil 5,545 4,754 17% 5,715 5,699 0% Asia/Pacific1 554 970 –43% 888 1,079 –18% Other regions1 899 1,539 –42% 1,243 1,079 15% MAN TGE vans 24,270 20,515 18% 23,410 22,727 3% EU27+3 23,398 19,978 17% 22,692 22,221 2% of which in Germany 7,960 6,500 22% 7,425 7,650 –3% Other regions 872 537 62% 718 506 42% 1 Prior-year figures adjusted to reflect the current presentation
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7 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Incoming orders in the reporting period were up sharply year-on-year. In the truck business in the EU27+3 region, the TRATON GROUP recorded a noticeable increase despite lower incoming orders for trucks in Germany. In North America, a very sharp rise in demand for heavy-duty trucks (Class 8) and catch-up effects from previously postponed orders following high levels of uncertainty in the previous year led to incoming orders for trucks more than doubling. Incoming orders for trucks also rose substantially in South America. The main reason was the “Move Brasil” subsidized loan program launched b y the Brazilian government at the beginning of 2026 to renew truck fleets. However, since the funds from the second tranche of the program have been fully exhausted, incoming orders slowed in the third quarter of 2026. Incoming orders for trucks in the Asia /Pacific region also rose very sharply, mainly as a result of the launch of the NEXT ERA product line. Demand for buses also rose significantly overall, although it did slow in the third quarter of 2026. Unit sales in the reporting period were up slightly year-on-year thanks to the noticeable growth in the third quarter of 2026. This was the result of different trends at product and regional levels. The moderate increase in unit sales of trucks in the EU27+3 region was the result of improved incoming orders in 2025 and 2026 as well as of further improvements in the market environment, which were driven primarily by replacement demand. Unit sales of trucks in North America were slightly higher than in the prior-year period. The recent uptick in customer demand in the US market led to a very strong year-on-year increase in unit sales in the third quarter of 2026. Unit sales of trucks in South America were just under the previous year’s level. While the core market of Brazil recorded a significant increase in unit sales in the third quarter of 2026 compared with the prior-year quarter, driven especially by the “Move Brasil” program, Argentina and Chile, in particular, both underperformed compared with the previous year. Unit sales of trucks in the Asia/Pacific region rose very strongly, mainly due to the launch of the NEXT ERA product line. Unit sales in the Group-wide bus business fell moderately year-on-year. The book-to-bill ratio in the reporting period was 1.1 (9M 2025: 0.9). The trend for all-electric vehicles continued to be positive. 1,389 (9M 2025: 646) all-electric trucks and 1,283 (9M 2025: 1,387) all-electric buses were sold in the reporting period.
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8 TRATON GROUP 9M 2026 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 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 Sales revenue 33,322 32,322 31,939 31,186 1,907 1,597 –524 –460 Cost of sales –26,992 –26,044 –26,100 –25,322 –1,306 –1,089 414 368 Gross profit 6,330 6,279 5,840 5,863 601 508 –111 –93 Distribution expenses –3,002 –2,809 –2,578 –2,411 –257 –230 –167 –168 Administrative expenses –1,240 –1,304 –1,096 –1,122 –25 –24 –120 –158 Other operating result –363 –443 –231 –325 –138 –111 6 –7 Operating result 1,725 1,723 1,936 2,005 181 144 –391 –426 Operating result (adjusted) 2,311 2,039 2,522 2,321 181 144 –391 –426 Operating return on sales (adjusted) (in %) 6.9 6.3 7.9 7.4 9.5 9.0 – – Financial result 1,797 –285 –46 –42 1 0 1,841 –243 Earnings before tax 3,523 1,439 1,890 1,963 182 144 1,450 –669 Income taxes –915 –403 –696 –572 –49 –43 –169 212 Earnings after tax 2,607 1,036 1,194 1,391 133 101 1,281 –457 Operating result The TRATON GROUP’s sales revenue for the first nine months of 2026 grew by 3% year -on-year. The TRATON Financial Services segment increased sales revenue by 19% as a result of continued portfolio growth. Sales revenue in the TRATON Operations business area was up 2% year-on-year, primarily due to positive unit sales performance in North America in the third quarter of 2026. The Vehicle Services business delivered a positive contribution to business performance, posting a 4% year-on-year increase. Its share of total sales revenue remained stable at 20% (9M 2025: 20%). The TRATON GROUP’s gross profit grew by €52 million or 1% year-on-year as a result of the higher sales revenue. Gross margin decreased by 0.4 percentage points to 19.0% (9M 2025: 19.4%) in the TRATON GROUP and by 0.5 percentage points to 18.3% (9M 2025: 18.8%) in the TRATON Operations business area. This development is primarily attributable to the negative impact from one-off effects in the reporting period. Said impact consisted primarily of €200 million associated with changes in individual projects in the field of electric mobility, as well as €190 million (9M 2025: €43 million) for civil lawsuits against Scania and MAN in connection with the EU truck cases in individual countries. Additionally, expenses of €23 million (9M 2025: €104 million) were recognized in other operating result. Further, expenses of €98 million in connection with the agreement between International Motors and Roshel regarding the sale of the Springfield site negatively impacted gross profit. In addition, an expense of €40 million was
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9 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information recognized in other operating result in connection with severance payments and other personnel-related measures. The previous year had been impacted by expenses in connection with the termination of a BEV development project at International Motors (€128 million). Moreover, US tariffs of €188 million (9M 2025: €84 million) were recognized as expenses in the first nine months of 2026. The TRATON GROUP’s distribution and administrative expenses were up 3% year -on-year. At 12.7% (9M 2025: 12.7%), the ratio of distribution and administrative expenses to sales revenue was at the previous year’s level. Other operating result improved by €79 million compared with the prior -year figure. The increase was largely driven by currency gains, especially the remeasurement of foreign currency receivables. In addition, lower expenses attributable to civil lawsuits against Scania and MAN resulting from the EU truck cases in individual countries amounted to €23 million (9M 2025: €104 million). Expenses for severance payments and othe r personnel-related measures arising from the agreement to sell the Springfield site had an offsetting negative effect of €40 million. There were also higher expenses from bad debt allowances on receivables. Despite increased negative impact from one-off effects, the TRATON GROUP’s operating result remained on a level with the previous year. Adjustments to operating result Adjustments (€ million) 9M 2026 9M 2025 Scania Vehicles & Services 139 60 Legal proceedings and related measures 75 23 Changes in individual projects in the field of electric mobility 64 – Restructurings – 37 MAN Truck & Bus 266 127 Legal proceedings and related measures 138 124 Changes in individual projects in the field of electric mobility 110 – Restructurings 18 4 International Motors 181 128 Termination of a development project for battery electric vehicles – 128 Changes in individual projects in the field of electric mobility 26 – Restructurings 155 – TRATON Operations 586 315 TRATON GROUP 586 315
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10 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Adjustments in the TRATON Operations business area amounted to €586 million (9M 2025: €315 million) in the reporting period. They were composed of the following items: – Negative impact of €200 million (9M 2025: €– million) in connection with changes in individual projects in the field of TRATON GROUP electric mobility at Scania Vehicles & Services, MAN Truck & Bus, and International Motors – Negative impact of €213 million (9M 2025: €147 million) in connection with civil lawsuits against Scania Vehicles & Services and MAN Truck & Bus as a result of the EU truck cases in individual countries. The impact was calculated based on an updated risk assessment and reflects foreign exchange effects. – Negative impact of €138 million (9M 2025: €– million) related to the agreement entered into for the sale of the International Motors Springfield site – Expenses of €17 million (9M 2025: €– million) for severance payments in connection with the restructuring of central functions at International Motors – Expenses of €18 million (9M 2025: €4 million) in connection with an internal reorganization at MAN Truck & Bus In the previous year, the adjustments had also included expenses of €128 million associated with the termination of a BEV dev elopment project at International Motors and a negative impact of €37 million for severance payments in connection with restructuring at Scania Vehicles & Services. The TRATON GROUP’s operating result (adjusted) rose by €272 million (13%) year-on-year. The TRATON GROUP’s operating return on sales (adjusted) rose by 0.6 percentage points to 6.9% (9M 2025: 6.3%). In the TRATON Operations business area, operating return on sales (adjusted) increased by 0.5 percentage points to 7.9% (9M 2025: 7.4%). Financial result The TRATON GROUP’s financial result improved by €2.1 billion compared with the prior-year period. The primary factor here was that the TRATON GROUP sold a total of 7.10% of the outstanding shares of Sinotruk in three tranches during the reporting period, which amounted to €745 million (net of transaction costs). After the final transaction was completed on July 24, 2026, the TRATON GROUP’s interest in the outstanding shares of Sinotruk fell to 18.15%. Following the loss of significant influence over Sinotruk, the investment, which had been previously accounted for under the equity method, is now accounted for at fair value and reported under other equity investments. The sale of the shares resulted in a disposal gain of €368 million in the reporting period. In addition, fair value measurement of the remaining investment as part of the reclassification resulted in a remeasurement gain of €1.3 billion. Cumulative amounts of €17 million previously recognized in other comprehensive income were reclassified to the income statement. Neither the remeasurement gain nor the gains from the sale of shares of Sinotruk are related to the TRATON GROUP’s operating performance. Management is therefore planning to disregard these effects when determining the basis for calculating dividends. In addition, currency translation effects positively impacted net financial debt, primarily due to the appreciation of the Brazilian real against the euro. Higher net interest income also had a positive effect, attributable to the settlement of interest rate derivatives, among other factors.
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11 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information In the previous year, t he TRATON Operations business area had recorded a gain of €290 million from an adjustment of the ownership structure of the financial services business, which was eliminated at the TRATON GROUP level. Taxes Income taxes increased by €512 million compared with the prior-year period due to earnings-related factors. At 26% (9M 2025: 28%), the tax rate was lower than the previous year’s figure. The tax rate was reduced in the current reporting period by an increase in both tax-exempt income and income subject to lower taxation. This was offset by a rise in nondeductible expenses due to exchange rate effects.
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12 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Segments of the TRATON GROUP Segment reporting of the TRATON GROUP for the period from January 1 to September 30 The sales revenue and operating result (adjusted) of the TRATON GROUP’s segments changed as follows from January 1 to Septemb er 30 of the current fiscal year and the previous year: 9M 2026 reporting segments € million Scania Vehicles & Services MAN Truck & Bus International Motors Volkswagen Truck & Bus TRATON Financial Services Total segments Recon- ciliation¹ TRATON GROUP of which TRATON Operations Total sales revenue 13,501 10,340 6,302 2,267 1,907 34,317 –995 33,322 31,939 Intragroup sales revenue –512 –333 –30 –5 –113 –992 992 – –415 External sales revenue 12,989 10,008 6,272 2,262 1,795 33,325 –2 33,322 31,524 Operating result (adjusted) 1,572 639 105 235 181 2,732 –421 2,311 2,522 9M 2025 reporting segments € million Scania Vehicles & Services MAN Truck & Bus International Motors Volkswagen Truck & Bus TRATON Financial Services Total segments Recon- ciliation¹ 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 1 The reconciliation of operating result (adjusted) includes the operating result of the TRATON Holding, the operating result of TRATON AB, earnings effects from purchase price allocation not allocated to the segments, and consolidation.
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13 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information The following tables contain further details on the segments within the TRATON Operations business area: Scania Vehicles & Services 9M 2026 9M 2025 Change Incoming orders (units) 76,159 65,647 16% Sales (units) 69,338 68,391 1% Trucks 65,067 63,488 2% Buses 4,271 4,903 –13% Book-to-bill ratio 1.1 1.0 0.1 Sales revenue (€ million) 13,501 13,134 3% New Vehicles 8,560 8,554 0% Vehicle Services business1 3,179 2,981 7% Others 1,762 1,598 10% Operating result (adjusted) (€ million) 1,572 1,397 175 Operating return on sales (adjusted) (in %) 11.6 10.6 1.0 pp 1 Including genuine parts and workshop services MAN Truck & Bus 9M 2026 9M 2025 Change Incoming orders (units) 78,610 72,615 8% Sales (units) 75,395 71,672 5% Trucks 47,385 44,047 8% Buses 4,620 4,898 –6% MAN TGE vans 23,390 22,727 3% Book-to-bill ratio 1.0 1.0 0.0 Sales revenue (€ million) 10,340 9,984 4% New Vehicles 6,291 6,036 4% Vehicle Services business1 2,277 2,194 4% Others 1,772 1,753 1% Operating result (adjusted) (€ million) 639 557 82 Operating return on sales (adjusted) (in %) 6.2 5.6 0.6 pp 1 Including genuine parts and workshop services
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14 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information International Motors 9M 2026 9M 2025 Change Incoming orders (units) 63,299 31,911 98% Sales (units) 49,424 47,952 3% Trucks 40,026 38,083 5% Buses 9,398 9,869 –5% Book-to-bill ratio 1.3 0.7 0.6 Sales revenue (€ million) 6,302 6,200 2% New Vehicles 4,560 4,461 2% Vehicle Services business1 1,234 1,273 –3% Others 508 466 9% Operating result (adjusted) (€ million) 105 96 9 Operating return on sales (adjusted) (in %) 1.7 1.6 0.1 pp 1 Including genuine parts Volkswagen Truck & Bus 9M 2026 9M 2025 Change Incoming orders (units) 35,141 32,064 10% Sales (units) 36,318 36,662 –1% Trucks 30,363 30,743 –1% Buses 5,955 5,919 1% Book-to-bill ratio 1.0 0.9 0.1 Sales revenue (€ million) 2,267 2,190 4% New Vehicles 2,093 2,029 3% Vehicle Services business1 124 126 –2% Others 50 35 42% Operating result (adjusted) (€ million) 235 271 –36 Operating return on sales (adjusted) (in %) 10.4 12.4 –2.0 pp 1 Including genuine parts and workshop services
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15 TRATON GROUP 9M 2026 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 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 Gross cash flow 3,659 2,779 3,398 3,070 639 388 –378 –679 Change in working capital –3,342 –2,823 –1,525 –1,283 –2,184 –1,852 367 313 Net cash provided by/used in operating activities 317 –44 1,873 1,786 –1,545 –1,464 –11 –366 Net cash provided by/used in investing activities attributable to operating activities –996 –1,800 –1,838 –1,758 –6 –59 848 17 Net cash flow –678 –1,844 35 28 –1,551 –1,523 837 –349 The TRATON GROUP’s net cash provided by operating activities increased by €361 million year-on-year to €317 million in the first nine months of 2026. This was primarily attributable to an €880 million increase in gross cash flow, driven in particular by lower tax payments of €289 million and a €281 million increase in other financial result. Offsetting factors included the €519 million higher increase in cash tied up in working capital, which was primarily attributable to the €840 million higher rise in inventories. Cash tied up in working capital rose by a total of €3.3 billion in the reporting period. The principal driver was a €1.5 billion increase in receivables from the financial services business, which resulted from the expanded business volume and is reported in net cash flow in the TRATON Financial Services segment. Another factor was the €1.3 billion increase in inventories, which occurred primarily within the TRATON Operations business area. Net cash used in investing activities attributable to operating activities decreased by €805 million year-on-year to €996 million, €745 million of which was due to receipt of the sale price for shares of Sinotruk, which is reported in Corporate Items.
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16 TRATON GROUP 9M 2026 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 09/30/2026 12/31/2025 09/30/2026 12/31/2025 09/30/2026 12/31/2025 09/30/2026 12/31/2025 Cash and cash equivalents 2,902 2,805 7,896 8,650 438 558 –5,432 –6,403 Marketable securities, investment deposits, and loans to affiliated companies 281 127 168 178 166 97 –53 –148 Gross liquidity 3,183 2,933 8,063 8,828 604 656 –5,484 –6,551 Third-party borrowings –29,336 –27,391 –6,319 –6,317 –21,690 –19,952 –1,327 –1,122 of which intragroup financing1 – – –2,407 –2,686 –12,984 –12,620 15,391 15,307 Net liquidity/net financial debt –26,152 –24,458 1,744 2,511 –21,085 –19,296 –6,811 –7,673 1 Financing within the TRATON GROUP Net financial debt rose by €1.7 billion to €26.2 billion in the reporting period, driven mainly by the negative development of net cash flow and the dividend payout for fiscal year 2025 amounting to €465 million (previous year: €850 million). More detailed information explaining changes in net cash flow can be found in the Net Cash Flow section. To finance its operations, the TRATON GROUP issued bonds amounting to €4.2 billion (9M 2025: €4.5 billion) and, conversely, repaid bonds totaling €2.5 billion (9M 2025: €4.3 billion) in the reporting period. This included the issuance of bonds under the EMTN program amounting to €3.4 billion (9M 2025: €3.4 billion) in Corporate Items. It was offset by repayments of €2.1 billion (9M 2025: €3.8 billion) from the EMTN programs. Of this amount, €1.9 billion (9M 2025: €2.5 billion) was attributable to Corporate Items and €188 million (9M 2025: €1.3 billion) to the TRATON Operations business area. The net financial debt/EBITDA (adjusted) ratio for the TRATON Operations business area including Corporate Items was –0.7 as of September 30, 2026, and hence up on the prior-year comparative figure of –1.1 as of December 31, 2025. This is attributable to a decrease in net financial debt in the TRATON Operations business area including Corporate Items to €5.1 billion (December 31, 2025: €5.2 billion) and an increase in EBITDA (adjusted) for the TRATON Operations business area including Corporate Items to €7.0 billion (December 31, 2025: €4.7 billion) over the past twelve months . Both indicators were positively impacted by the sale of the Sinotruk shares.
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17 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Opportunities and Risks The Report on Opportunities and Risks is meant to be read in conjunction with our comments in the 2025 Annual Report. With re gard to the geopolitical uncertainties described in the 2025 Annual Report and to global economic trends, we see additional potential risks to global supply chains, to energy and commodity prices, and to future global economic development due to the Iran war. Since the situation remains highly volatile, TRATON is continuing to monitor developments very closely. Given the risks described in the “Report on opportunities and risks” section of the 2025 Annual Report as well, the overall risk profile for TRATON therefore remains “high” across all risk categories. Report on Expected Developments The TRATON GROUP is reiterating its existing forecast as presented in the Half-Year Financial Report as of June 30, 2026. The forecast continues to be contingent on future geopolitical developments, especially the effects of the US government’s tariff policy and the war in Iran. Actual 2025 Forecast 2026 2025 Annual Report/ 3M 2026 Interim Statement Forecast 2026 2026 Half-Year Financial Report/ 9M 2026 Interim Statement TRATON GROUP Sales (units) 305,486 –5 to +7% 0 to +7% Sales revenue (€ million) 44,052 –5 to +7% 0 to +7% Operating return on sales (adjusted) (in %) 6.3 5.3 to 7.3 6.3 to 7.3 TRATON Operations Sales revenue (€ million) 42,536 –5 to +7% 0 to +7% Operating return on sales (adjusted) (in %) 7.3 6.1 to 8.1 7.1 to 8.1 Net cash flow (€ million) 1,643 900 to 1,700 900 to 1,700 TRATON Financial Services Return on equity (in %) 8.0 8.0 to 11.0 8.0 to 11.0
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18 TRATON GROUP 9M 2026 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 2026 9M 2025 Sales revenue 33,322 32,322 Cost of sales –26,992 –26,044 Gross profit 6,330 6,279 Distribution expenses –3,002 –2,809 Administrative expenses –1,240 –1,304 Net impairment losses on financial assets –121 –93 Other operating income 974 962 Other operating expenses –1,216 –1,311 Operating result 1,725 1,723 Share of earnings of equity-method investments 1,880 190 Interest income 191 180 Interest expense –398 –498 Other financial result 125 –157 Financial result 1,797 –285 Earnings before tax 3,523 1,439 Income taxes –915 –403 current –773 –525 deferred –142 122 Earnings after tax 2,607 1,036 Shareholders of TRATON SE 2,607 1,036 Noncontrolling interests 0 0 Earnings per share in € (diluted/basic) 5.21 2.07
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19 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Balance Sheet Assets of the TRATON GROUP as of September 30, 2026, and December 31, 2025 € million 09/30/2026 12/31/2025 Noncurrent assets Goodwill 5,974 5,967 Intangible assets 7,938 7,664 Property, plant, and equipment 10,108 10,111 Assets leased out 5,676 5,316 Equity-method investments 511 1,770 Other equity investments 2,101 83 Noncurrent income tax receivables 175 156 Deferred tax assets 2,564 2,552 Noncurrent financial services receivables 11,525 10,571 Other noncurrent financial assets 469 594 Other noncurrent receivables 211 234 47,251 45,019 Current assets Inventories 8,461 7,016 Trade receivables 3,326 3,126 Current income tax receivables 476 417 Current financial services receivables 8,323 7,335 Other current financial assets 927 891 Other current receivables 2,144 1,570 Marketable securities and investment deposits 57 22 Cash and cash equivalents 2,902 2,805 26,615 23,183 Total assets 73,867 68,202
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20 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Balance Sheet Equity and liabilities of the TRATON GROUP as of September 30, 2026, and December 31, 2025 € million 09/30/2026 12/31/2025 Equity Subscribed capital 500 500 Capital reserves 12,195 12,195 Retained earnings 11,203 9,054 Accumulated other comprehensive income –3,368 –3,115 Equity attributable to shareholders of TRATON SE 20,530 18,633 Noncontrolling interests 3 3 20,533 18,636 Noncurrent liabilities Noncurrent financial liabilities 19,207 17,103 Provisions for pensions and other post-employment benefits 1,487 1,644 Deferred tax liabilities 618 512 Noncurrent income tax provisions 126 139 Other noncurrent provisions 1,731 1,761 Other noncurrent financial liabilities 1,678 1,584 Other noncurrent liabilities 2,256 2,167 27,103 24,910 Current liabilities Current financial liabilities 10,128 10,288 Trade payables 6,561 5,474 Current income tax payables 369 192 Current income tax provisions 29 20 Other current provisions 2,289 2,228 Other current financial liabilities 2,130 1,868 Other current liabilities 4,724 4,585 26,230 24,655 Total equity and liabilities 73,867 68,202
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21 TRATON GROUP 9M 2026 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 2026 9M 2025 Cash and cash equivalents as of 01/01 2,805 2,542 Gross cash flow Earnings before tax 3,523 1,439 Income taxes paid –618 –906 Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment property1 1,277 1,138 Amortization of, and impairment losses on, capitalized development costs 534 477 Impairment losses on equity investments 8 31 Depreciation and amortization of products leased out 1 687 769 Change in pension obligations 32 –2 Earnings on disposal of noncurrent assets and equity investments –1,718 –5 Share of earnings of equity-method investments –52 –111 Other noncash income/expense –14 –48 Change in working capital Change in inventories –1,334 –494 Change in receivables (excluding financial services) –820 –378 Change in liabilities (excluding financial liabilities) 1,367 –331 Change in provisions –23 227 Change in products leased out –1,028 –792 Change in financial services receivables –1,503 –1,053 Net cash provided by/used in operating activities 317 –44 Investments in intangible assets (excluding capitalized development costs), property, plant, and equipment, and investment pr operty2 –835 –1,041 Additions to capitalized development costs –983 –784 Investments to acquire subsidiaries and other businesses 8 5 Investments to acquire other investees –16 –43 Proceeds from the disposal of subsidiaries 27 21 Proceeds from the disposal of other investees 745 0 Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property 58 41 Change in marketable securities and investment deposits –37 19 Change in loans –57 –6
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22 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information € million 9M 2026 9M 2025 Net cash used in investing activities –1,089 –1,787 Dividend payouts –465 –850 Proceeds from the issuance of bonds 4,198 4,504 Repayment of bonds –2,547 –4,321 Proceeds from Schuldscheindarlehen and commercial paper programs³ 2,800 1,152 Payments from Schuldscheindarlehen and commercial paper programs³ –3,106 –245 Proceeds from loans extended by Volkswagen companies 4 572 1,707 Loan repayments to Volkswagen companies5 –762 –561 Change in miscellaneous financial liabilities 391 218 Repayment of lease liabilities –240 –218 Net cash provided by financing activities 841 1,387 Effect of exchange rate changes on cash and cash equivalents 28 67 Change in cash and cash equivalents 97 –376 Cash and cash equivalents as of 09/30 2,902 2,165 1 Net of impairment reversals 2 Of which in the TRATON Operations business area: €–823 million (9M 2025: €–1,034 million) 3 Prior-year figures adjusted to reflect the current presentation. Proceeds of €1,152 million and payments of €–245 million from commercial paper programs, which had been reported under “Changes in miscellaneous financial liabilities” in the previous year, are now reported under “Proceeds from Schuldscheindarlehen and commercial paper programs” and “Payments from Schuldscheindarlehen and commercial paper programs,” respectively. 4 Volkswagen AG, Volkswagen Group of America Finance, LLC, Volkswagen North American Region Payment Services, LLC 5 Volkswagen AG, Volkswagen Group of America Finance, LLC, Volkswagen International Finance N.V., Volkswagen Financial Services AG
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23 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Contingent Liabilities and Commitments of the TRATON GROUP as of September 30, 2026, and December 31, 2025 € million 09/30/2026 12/31/2025 Liabilities under buyback guarantees 940 1,746 Contingent liabilities under guarantees 182 297 Other contingent liabilities 1,924 1,299 3,047 3,342 Events after September 30, 2026 The Springfield site was transferred to the buyer, Roshel, on October 2, 2026. The related assets and liabilities were derecognized from the TRATON GROUP’s balance sheet as of that date. Munich, October 26, 2026 TRATON SE The Executive Board
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24 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Financial Dates March 2, 2027 2026 Annual Report The latest information and dates are available on TRATON SE’s website at www.traton.com/financial-dates-and-events.
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25 TRATON GROUP 9M 2026 Interim Statement Course of Business Selected Financial Information Disclaimer TRATON SE is a European stock corporation (Societas Europaea) incorporated under German law and admitted to trading on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) 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 f or 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 2026 that are based on present assumptions and forecasts by the Company’s management. A range of known and unknown risks, uncertainties, and other fa ctors may result in the actual results, net assets, financial position, and results of operations, development, or performance of the TRATON GROUP (TRATON) differing materially from the estimates given here. Such factors include those that TRATON has described in published reports. These reports are available on our website at www.traton.com. The Company does not assume any obligation to update such forward-looking statements or to adapt them to future events or developments. 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. Unless otherwise stated, comparable prior-year figures are presented in brackets in the text 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. This is a translation of the German original. In the event of discrepancies between the German language version and any trans lation thereof, the German version will prevail. Publication Details Published by: TRATON SE Hanauer Str. 26 80992 Munich, Germany www.traton.com Corporate Communications media-relations@traton.com Investor Relations investor.relations@traton.com T: +49 89 36098 70 Concept, design, and layout 3st kommunikation GmbH, Mainz, Germany Photography Getty Images Copyright ©2026 TRATON SE and 3st kommunikation GmbH
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