Traton : Annual Results Conference 2026 – Presentation, 2026/03/04

2026 Annual Results Conference 1 Investor Relations

04/03/2026

Q4/FY 2025 RESULTS

ANALYST / INVESTOR PRESENTATION

Christian Levin, CEO Dr. Michael Jackstein, CFO & CHRO

04/03/2026

2026 Annual Results Conference 3

04/03/2026

AGENDA

Investor Relations

1. Highlights 2025

2. Market environment 2025

3. Financial performance 2025

4. Outlook 2026

5. Backup

2026 Annual Results Conference 4

04/03/2026

Investor Relations

HIGHLIGHTS 2025

2025 MARKED BY VARIOUS CHALLENGES, BUT ORDER INTAKE WITH PROMISING SIGNS

FY 2025

305,486

-9% YoY

€44.1bn

-7% YoY

6.3%

-2.9pp YoY

€1,643m

-€1,191m YoY

€3.09

-€2.52 YoY

281,325

+7% YoY

Q4 2025

Unit sales

80,971

-9% YoY

Sales revenue

€11.7bn

-4% YoY

Adjusted return on sales

6.3%

-2.9pp YoY

Net cash flow TRATON

Operations

€1,615m

+€124m YoY

Earnings per share

€1.02

-€0.47 YoY

Incoming orders

79,214

+7% YoY

WE DELIVERED ON KEY MILESTONES, WHILE PUSHING OURSELVES ON OUR SUSTAINABILITY PROMISE

TRATON GROUP writes a new chapter in the company's history with the creation of the joint Group R&D organization, contributing to the development of the TMS.

Scania opens third global industrial hub in China with two complementary offerings. The plant incorporates the requirements of the TMS.

MAN further accelerates BEV momentum, starting series production of electric trucks at its Munich facility in a fully integrated mixed production process.

International makes progress toward sustainable transportation in the field of diesel engines with an increased penetration of the S13 Integrated Powertrain.

VWTB battery-electric commercial vehicles exceed the 3 million test kilometer mark in 2025. The new e-Volksbus, for example, is already operating in São Paulo with VWTB customers.

TRATON Financial Services completes rollout of integrated captive structure across 14 markets and continues its expansion phase in new markets.

2026 Annual Results Conference 7

04/03/2026

Investor Relations

MARKET ENVIRONMENT 2025

OUR BUSINESS PERFORMANCE WAS SHAPED BY A VERY CHALLENGING MARKET ENVIRONMENT

EU27+31 (k units) 2025: >6t -8% | 336

2025e: -12.5% - -7.5% (narrowed from: -15% - -5%)

North America (k units) 2025: Class 6-82 -15% | 363

2025e: -15% - -10% (narrowed from: -17.5% - -7.5%)

South America (k units) 2025: +5% | 180

2025e: -5% - +5%

Weak truck market with improving registrations towards the end of 2025

Truck market down amid ongoing freight recession and tariff-related uncertainties, worsened by Mexico 2024 pull-forward effect

Brazilian truck market down (-8%) due to high interest rates and inflationary pressure, compensated by other SA markets

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> 6t

≥16t Class 6-8 Class 8 > 6t ≥16t

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

PROMISING SIGNS IN THE ORDER INTAKE DEVELOPMENT WITH BOOK-TO-BILL RATIO AT 0.98 IN Q4

EU27+3:

• Truck order intake increased +21% in Q4 YoY but at declining quarterly rates

• Truck unit sales increased +12% in Q4 YoY at growing quarterly rates; MAN even recorded slight FY truck unit sales growth

• Scania and MAN increased market share in 2025

• Bus unit sales at MAN almost doubled in Q4

  North America:

• Truck order intake (-10%) and unit sales (-43%)

  down in Q4 YoY, but up QoQ

• International maintained market share in 2025 despite the many challenges

  South America:

• Truck order intake (-12%) and unit sales (-16%)

  down in Q4 YoY and also down QoQ

• Scania lost some market share gained the years before

  Incoming orders & Unit sales (k units)

  Total vehicles (k units)		Q4 24	FY 24	Q4 25	FY 25
  Incoming orders		73.8	263.6	79.2	281.3
  	Unit sales	88.8	334.2	81.0	305.5
  	BEVs (units)	Q4 24	FY 24	Q4 25	FY 25
  	Incoming orders	1,487	3,851	680	2,823
  	Unit sales	608	1,739	1,161	3,226
  	BEV unit sales ratio 1	0.7%	0.5%	1.6%	1.2%

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  Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

  Q3 Q4 Q1 Q2 Q3 Q4

  Q1 Q2 Q3 Q4

  1 Excluding MAN TGE vans

  2019 2020 2021 2022

  2023

  2024

  2025

  2026 Annual Results Conference 10

  04/03/2026

  Investor Relations

  FINANCIAL PERFORMANCE 2025

  
  
  

  UNIT SALES DEVELOPMENT IN EUROPE PROVIDES

  GROWING SUPPORT …

• Q4 unit sales down by 9%, influenced by:

  • Scania's and MAN's improving performance in

    Unit sales (k units) Sales revenue (€ bn)

    Europe (EU27+3 unit sales +11% YoY) not

    enough to compensate for …

    • Severe decline of International's truck unit

      sales

      • Although partly offset by increased bus deliveries (NA unit sales -36% YoY)

    • Continued decline in SA unit sales (-15% YoY), mainly driven by Scania in Brazil and increasingly also VWTB in H2 25

      • Although partly offset by other SA markets especially Argentina

• Q4 sales revenue down by 4%, due to:

  • Decline in new vehicles sales, partly compensated by solid Vehicle Services business and growing TFS

    FY 25

    305,486 (-9%)

    FY 25

    44.1 (-7%)

    
    
    

    88.8

    80.0

    81.0

    73.1

    71.4

    -9% -4%

    10.6

    11.3

    11.7

    10.4

    2.2

    2.2

    2.1

    2.2

    2.2

    12.2

    Vehicle Services business

    Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

    Q4 24

    Q1 25

    Q2 25

    Q3 25

    Q4 25

    … HELPING THE MARGIN RISE ABOVE THE LOWER END OF THE GUIDANCE RANGE

    Decreased Q4 adj. RoS YoY due to:	Adjusted operating result (€ m)			Adjusted return on sales (%)
    	FY 25 2,773 (-37%)			FY 25 6.3% (-2.9pp)
    - Foreign currency headwinds
    - Higher warranties	-35%			-2.9pp
    - Lower fixed cost absorption	1,123			9.2
    - China project costs

    • Declining unit sales and price/mix effects

    • Tariff costs (Section 232 since November)

    725

    734

    646

    668

    6.1

    6.4

    6.4

    6.3

• Higher bad debt expenses at TFS

  Positive Q4 effects from:

• Lower overhead costs

• Higher R&D capitalization

  Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

  STRONG Q4 PERFORMANCE OF MAN THANKS TO FOCUS ON EUROPE AND FULL-LINER APPROACH

  
  
  
  
  
  
  
  
  

  TRATON

  Operations1

  Q4	Sales revenue	11,351	4,812	4,111	1,969	578		590
  25	(in € m, YoY)	(-5%)	(-4%)	(+15%)	(-31%)	(-2%)		(+13%)
  	Adjusted RoS	6.8%	11.0%	8.4%	-4.4%	8.9%		8.0% (Return on Equity2)
  	(YoY)	(-3.3pp)	(-3.4pp)	(+2.6pp)	(-11.6pp)	(-2.9pp)		(-2.8pp)

  Key drivers

  − Sales revenue slightly down with increased unit sales in Europe, but lower volumes in Brazil

  − Capacity reductions provide margin support

  − Margin still impacted by currency headwinds and China project costs

  − Structural fixed cost reduction starting to count

  − Increased Vehicle Services business

  − Significantly increased sales revenue due to high unit sales in Europe, especially Germany

  − Margin up mainly due to volume effect

  − German Q4 momentum strongly driven by buses (after last year's regulatory software issues)

  − Positive BEV-momentum,

  both eTrucks and eBuses

  − Supportive Vehicle Services business

  − Ongoing cost work

  − Sales revenue sharply down due to weak truck business

  − Bus sales moderately up

  − Vehicle Services & Other businesses down

  − Low-capacity utilization and low fixed cost absorption

  − Tariff costs, incl. S-232, increasingly taking effect, causing margin to fall below zero in Q4 (FY break-even)

  − Sales revenue down due to challenging Brazilian truck market, partly compensated by growing other South American markets

  − Currency headwinds

  − Solid margin on the back of effective containment of variable costs

  − Sales revenue up driven by increased portfolio volume

  − Higher costs in connection with ramp-up of TFS activities; however according to plan

  − Lower returns due to higher funding and risk costs, mainly from higher-bad debt expenses in Brazil

  1. TRATON Operations including consolidation effects; brands/segments delta vs. restated previous year "management view"

  2. Return on equity is calculated as the ratio of earnings before tax to average equity

  NET CASH FLOW ABOVE UPPER END OF GUIDANCE RANGE, BUT NOT SUFFICIENT TO REDUCE NET DEBT

• Net cash flow of TRATON Operations in 2025

  Net liquidity/net debt bridge, FY 2025 (€ m)

  TO = TRATON Operations

  characterized by:

  • Weak operating performance due to challenging market environment

  • Volatile working capital development

    (build-up in Q1-Q3, resolved in Q4)

  • Almost stable investing cash flow with China ramp-up, BEV and TMS investments (capex

    €1.6bn, capitalized R&D €1.2bn)

• Net debt of TRATON Operations incl. Corporate

  Items increased by €0.3bn vs. FY 2024 mainly due to:

  • Weak net cash flow (despite year-end rally) over-compensated by:

    -4,903

    Net debt increased by €259m

    Net cash flow TO: +€1,643m

    80

    CI = Corporate Items

    4,267

-2,704

-1,052

-850

-5,162

• • Dividend payout and other negative changes in

    Net liquidity/

    Gross cash

    Change in

    Net cash

    Dividend

    Other change Net liquidity/

    cash flow

    net debt TO incl. CI 31/12/24

    flow TO

    working capital TO

    flow from investing activities TO

    payout CI

    cash flow TO incl. CI 1

    net debt TO incl. CI 31/12/25

    1 Includes additions of IFRS 16 right of use assets, internal profit transfers, capital contributions, F/X effects and other changes in CI net liquidity/net debt

    EARNINGS PER SHARE SUBSTANTIALLY LOWER TRANSLATING INTO LOWER DIVIDEND

    Adjusted operating result to earnings after tax, FY 25 (€ m, YoY in %)

    Therein:

• Earnings per share at €3.09 in FY 25, down from €5.61 in FY 24.

• Dividend proposal of €0.93 per share1, equivalent to

  30% of earnings after tax (previous year: €1.70 / 30%).

  2,773

  -347

-37%

2,426

-42%

Earnings of equity-method investments

€215 m

-402

2,024

-479

-43%

1,545

-45%

• Dividend yield of 3.0%2 (previous year: 6.1%).

Dividend per share (€)

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1.00

0.50

0.70

0.93 1

0.25

1.70

Adjusted operating result

Adjustments Operating

1

result

Financial result

Earnings before tax

Income tax Earnings after tax

2019 2020 2021 2022 2023 2024 2025

1. Proposed dividend per share, subject to approval by the 2026 Annual General Meeting on June 16, 2026

2. Dividend yield based on the year-end closing price of TRATON shares (Xetra trading)

2026 Annual Results Conference 16

04/03/2026

Investor Relations

OUTLOOK 2026

OVERALL STABLE CORE MARKETS IN 2026 - WITH POSITIVE TENDENCY, BUT HIGH UNCERTAINTY IN NA

EU27+31 (k units, >6t) 2026e: -2.5% - +7.5% (mid-point +2.5%)

North America2 (k units, class 6-82)

2026e: -5% - +10% (mid-point +2.5%) South America (k units, >6t) 2026e: -10% - 0% (mid-point -5%) China (k units, >6t) 2026e: -10% - +5% (mid-point -2.5%)

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> 6t ≥16t

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Class 6-8 Class 8

> 6t ≥16t

> 6t ≥16t

2025: 336 k	2026e: 328 -361k	2025: 363 k	2026e: 345 -400k	2025: 180k	2026e: 162 -180 k	2025: 809 k	2026e: 728 -850 k
2025: 296 k	2026e: 289 -318k	2025: 259 k	2026e: 246 -284k	2025: 132 k	2026e: 119 -132 k	2025: 746 k	2026e: 672 -784 k

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

18

2026 TRATON OUTLOOK REFLECTS HIGH UNCERTAINTY

	FY 2025 Actuals	FY 2026 Outlook
TRATON GROUP
Unit sales (units)	305,486	-5 to +7%
Sales revenue (€ million)	44,052	-5 to +7%
Operating return on sales (adjusted) (in %)	6.3	5.3 to 7.3
TRATON Operations
Sales revenue (€ million)	42,536	-5 to +7%
Operating return on sales (adjusted) (in %)	7.3	6.1 to 8.1
Net cash flow (€ million)	1,643	900 to 1,700
TRATON Financial Services
Return on equity (in %)	8.0	8.0 to 11.0

The outlook is based on the tariff situation prevailing at the end of 2025 (IEEPA, Steel/Aluminum, S-232). The outlook is subject to geopolitical risks and unexpected impacts of US trade policy.

2026 Annual Results Conference 19

04/03/2026

KEY FOCUS AREAS IN 2026

Investor Relations

Committed to:

• TMS progress

• Cost management

• Margin ambition at or above prior-year

• Net debt reduction path

• Shareholder return

• Sustainability promise

2026 Annual Results Conference 20

04/03/2026

Investor Relations

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