Traton Se · XETR:8TRA
Traton — 9M 2020 Earnings Presentation
56 slides from Traton's earnings presentation, Nov 10, 2020
Slide 1: IR Conference Call – Interim Statement 9M 2020
Munich, 10 November 2020 IR CONFERENCE CALL – INTERIM STATEMENT 9M 2020 MATTHIAS GRÜNDLER, CEO CHRISTIAN SCHULZ, CFO ISIN: DE000TRAT0N7 WKN: TRAT0N Bloomberg Ticker: 8TRA GY/8TRA SS http://ir.traton.com
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared for information purposes only. It 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 TRATON GROUP in a
Slide 3: Contents
CONTENTS NAVISTAR Update Current Situation Back Up TRATON GROUP Highlights Segment Industrial Business Segment Financial Services Appendix November 10, 2020 / Investor Relations / Interim Statement 9M 2020 3
Slide 4: Transaction Overview
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX TRANSACTION OVERVIEW • No 4 in US market for trucks; long history since 1831 NAVISTAR AT A GLANCE • Revenue of USD11.25 bn and adjusted EBIT of USD689 mn in fiscal year 20191 • More than 1,200 dealers
Slide 5: Strategic alliance focused on technology cooperation and procurement joint venture
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX STRATEGIC ALLIANCE FOCUSED ON TECHNOLOGY COOPERATION AND PROCUREMENT JOINT VENTURE, INCREMENTAL SYNERGY POTENTIAL Almost four years of partnership Objectives Access to North American Market – cooperati
Slide 6: Acquisition rationale: creation of a global champion
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX ACQUISITION RATIONALE: CREATION OF A GLOBAL CHAMPION Access more than 75% of global truck market profit pools Deliver on Global Champion Strategy Leverage powertrain components across brands to generat
Slide 7: Access more than 75% of global truck market profit pools
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX ACCESS MORE THAN 75% OF GLOBAL TRUCK MARKET PROFIT POOLS1 Access to attractive North American market Strong market position of Scania, MAN and VWCO Strong market position of Europe/ Navistar NAFTA Russ
Slide 8: Deliver on Global Champion Strategy
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX DELIVER ON GLOBAL CHAMPION STRATEGY Industrial Business sales revenue (fiscal year, €bn) Combined ranking per region (sales in units) 1 Daimler 45 #4 2 #1 (combined) 26 10 36 1 3 Volvo 29 (standalone)
Slide 9: Leverage powertrain components across brands to generate cost savings
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX LEVERAGE POWERTRAIN COMPONENTS ACROSS BRANDS TO GENERATE SIGNIFICANT COST SAVINGS OVER YEARS TO COME POWERTRAIN INTRODUCTION ACROSS BRANDS Introduced into brand Common Base Engine (CBE) >50% expected t
Slide 10: Achieve a well-balanced and global footprint with complementary geographies
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX ACHIEVE A WELL-BALANCED AND GLOBAL FOOTPRINT WITH COMPLIMENTARY GEOGRAPHIES TRATON GROUP stand-alone Combined sales revenue sales revenue by geography1 based on 2019 by geography1 Truck unit sales (> 6
Slide 11: TRATON continues to target a 9% return on sales over the cycle
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX TRATON CONTINUES TO TARGET A 9% RETURN ON SALES OVER THE CYCLE TRATON GROUP adjusted RoS1 Key levers to achieve 9% over the cycle margin 9% Improve brand performance 7.0% 6.0% 6.4% 5.4% Well-positioned
Slide 12: TRATON continues to deliver on its Global Champion Strategy with the acquisition of Navistar
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX TRATON CONTINUES TO DELIVER ON ITS GLOBAL CHAMPION STRATEGY WITH THE ACQUISITION OF NAVISTAR Established Entry to E-Mobility joint North American venture Successful IPO market Successful creation and N
Slide 13: Status and next steps
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX STATUS AND NEXT STEPS • Signing and announcement of merger agreement on November 7, 2020 • Navistar shareholder approval expected in Q1 2021 (50% + required) • Regulatory approvals expected in H1 2021
Slide 14: Current situation – business climate
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – BUSINESS CLIMATE An unprecedented situation because of the Global growth for 20201 is projected to collapse, COVID-19 pandemic impact even if less than last expected; clear recovery
Slide 15: Current situation – TRATON GROUP highlights
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – TRATON GROUP HIGHLIGHTS • Incoming orders decreased by -14% to 145,933 units • Unit sales declined by -29% to 127,660 units 9M • Sales revenue decreased by -21% to €15,740 mn 2020 •
Slide 16: Current situation – positive trend established since May
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – POSITIVE TREND ESTABLISHED SINCE MAY INCOMING ORDERS & UNIT SALES (`000 units) INCOMING ORDERS & UNIT SALES (YoY change, %) 80 30 70 20 60 10 0 50 -10 40 -20 30 -30 20 -40 10 -50 0
Slide 17: Current situation – Q3 2020 highlights
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – Q3 2020 HIGHLIGHTS Noticeable market recovery, though business activities Sales revenue & adjusted return on sales still significantly impacted by the COVID-19 pandemic 8 15 7 6.3 I
Slide 18: Current situation – Q3 2020 brands development
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – Q3 2020 BRANDS DEVELOPMENT Q3 2020 Q3 2019 +/- Q3 2020 Q3 2019 +/- Q3 2020 Q3 2019 +/- Trucks and buses (units) Incoming orders 25,934 17,792 46% 21,553 20,834 3% 11,112 11,091 0% U
Slide 19: Current situation – financial resilience
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – FINANCIAL RESILIENCE SOUND BALANCE SHEET POSITION SOUND LIQUIDITY POSITION (Industrial Business; as of September 30, 2020) (Industrial Business; as of September 30, 2020) • Equity r
Slide 20: Current situation – MAN comprehensive realignment
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – MAN COMPREHENSIVE REALIGNMENT Management had presented plans for a extensive restructuring and comprehensive realignment to employee representatives. Necessary to make MAN Truck & B
Slide 21: Current situation – TRATON and Hino start e-mobility joint venture
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – TRATON AND HINO START E-MOBILITY JOINT VENTURE TRATON and Hino have signed a joint venture agreement for e-mobility in order to plan and provide e-mobility products based on the str
Slide 22: Current situation – TRATON status update
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – TRATON STATUS UPDATE Over the cycle FY 2018 FY 2019 2020 Outlook RoS target Unit sales 233.0 k 242.2 k Sharp (Units; Growth in %) +14% +4% decline Group sales revenue €25.9 bn €26.9
Slide 23: Current situation – truck market forecasts
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CURRENT SITUATION – TRUCK MARKET FORECASTS TRUCK MARKET DEVELOPMENT (˃ 6t, k units) EU27+31 SOUTH AMERICA 372 375 2020e2: 126 143 -30% – -35% Expected by market researchers 2009 2011 2013 2015 2017 201
Slide 24: Back Up
Back Up November 10, 2020 / Investor Relations / Interim Statement 9M 2020 24
Slide 25: Group – segment highlights Q3/9M 2020
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX GROUP – SEGMENT HIGHLIGHTS Q3/9M 2020 Industrial Business (IB) Financial Services (FS) Q3 20 YoY 9M 20 YoY Q3 20 YoY 9M 20 YoY 2 Incoming orders (units) 58,502 +19% 145,933 -14% Net portfolio (€bn) 9.2
Slide 26: Group – sales revenue and return on sales
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX GROUP – SALES REVENUE AND RETURN ON SALES SALES REVENUE (€mn) Return on sales (%) Growth YoY (%) -10% -11% -26% -21% 7,128 7,075 6,413 6,286 5,679 5,667 4,394 15,740 7.6 8.2 6.5 5.7 2.8 2.91 10,073 5,6
Slide 27: Group – unit sales development
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX GROUP – UNIT SALES DEVELOPMENT UNIT SALES (units) Growth YoY (%) -10% 66,173 -20% -37% -29% 63,128 57,163 6,014 55,755 5,721 Buses 4,210 5,551 49,922 45,990 4,591 4,030 31,748 127,660 1 60,159 57,407 3
Slide 28: Group – unit sales growth in core markets
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX GROUP – UNIT SALES GROWTH IN CORE MARKETS Truck unit sales in core markets1; 2020 (units) Growth 9M (YoY) Market growth3 Q1 20,783 2 H1 33,617 -42% -36% 9M 53,339 FY Q1 6,117 H1 9,617 -39% -34% 9M 16,0
Slide 29: Industrial Business – incoming orders
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX INDUSTRIAL BUSINESS – INCOMING ORDERS INCOMING ORDERS (units) Book-to-bill1 (ratio in units) Growth YoY (%) 1.13 0.85 0.88 0.91 1.18 1.05 1.17 -16% -27% -14% +19% 64,357 56,134 57,532 58,502 54,161 49,
Slide 30: Industrial Business – unit sales
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX INDUSTRIAL BUSINESS – UNIT SALES UNIT SALES (units) Growth YoY (%) -10% -20% -37% -29% 66,173 63,128 57,163 55,755 49,922 45,990 31,748 127,660 77,738 45,990 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q
Slide 31: Industrial Business – sales revenue and return on sales
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX INDUSTRIAL BUSINESS – SALES REVENUE AND RETURN ON SALES SALES REVENUE (€mn) Return on sales (%) Growth YoY (%) -10% -12% -26% -21% 7,015 6,953 6,305 6,171 5,564 5,565 7.3 7.9 4,290 15,419 6.0 5.2 2.4 9
Slide 32: Industrial Business – sales revenue by brand and return on sales
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX INDUSTRIAL BUSINESS – SALES REVENUE BY BRAND AND RETURN ON SALES SALES REVENUE Q3 2020 (€mn) SALES REVENUE 9M 2020 (€mn) Growth rate (%) Return on sales (%) Growth rate (%) Return on sales (%) 7.0%1 -1
Slide 33: Scania Vehicles & Services – key figures per quarter
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX SCANIA VEHICLES & SERVICES – KEY FIGURES PER QUARTER Incoming orders (k units) Unit sales (k units) Book-to-bill1 (ratio in units) +73 bp +46% -25% 1.50 26.7 25.9 27.9 23.6 23.2 24.7 1.13 1.14 22.1 22.
Slide 34: MAN Truck & Bus – key figures per quarter
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX MAN TRUCK & BUS – KEY FIGURES PER QUARTER Incoming orders (k units) Unit sales (k units) Book-to-bill1 (ratio in units) +6 bp +3% -3% 29.9 29.1 28.4 1.33 1.20 25.0 24.9 24.1 25.0 1.04 20.8 21.6 22.5 21
Slide 35: Volkswagen Caminhões e Ônibus – key figures per quarter
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX VOLKSWAGEN CAMINHÕES E ÔNIBUS – KEY FIGURES PER QUARTER Incoming orders (k units) Unit sales (k units) Book-to-bill1 (ratio in units) 0% -3% +3 bp 11.1 10.7 11.1 11.2 10.9 0.99 0.99 1.03 0.97 1.02 10.4
Slide 36: Industrial Business – net liquidity
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX INDUSTRIAL BUSINESS – NET LIQUIDITY NET LIQUIDITY/NET FINANCIAL DEBT BRIDGE (€mn) -535 Incl. €-1,404 mn profit 1,204 transfer and €-500 mn Net Liquidity -816 dividend payment 1,500 -2,079 (Net Debt) -7
Slide 37: Financial Services – sales revenue and return on sales
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX FINANCIAL SERVICES – SALES REVENUE AND RETURN ON SALES SALES REVENUE (€mn) Return on sales (%) Growth YoY (%) -7% +6% -2% -4% 216 215 215 216 203 197 200 612 17.6 18.7 413 17.1 16.2 16.2 12.0 9.5 216 1
Slide 38: Financial Services – net portfolio and penetration rate
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX FINANCIAL SERVICES – NET PORTFOLIO AND PENETRATION RATE NET PORTFOLIO1 (€bn) PENETRATION RATE2 (%) COMMENTARY Growth YoY (%) Growth YoY (%) • By the end of September 2020 +14% +17% +18% +14% +3% -2% -5
Slide 39: Appendix – Navistar Update
Appendix – Navistar Update November 10, 2020 / Investor Relations / Interim Statement 9M 2020 39
Slide 40: Navistar International: at a glance
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX NAVISTAR INTERNATIONAL: AT A GLANCE Key facts Locations #4 North America USA Huntsville (AL) in US market for Revenue USD EBIT1 USD Lisle (IL) New Carlisle (OH) Trucks ~11.25 bn ~689 mn N N N N Springf
Slide 41: Navistar International: at a glance (cont'd)
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX NAVISTAR INTERNATIONAL: AT A GLANCE (CONT’D) • Supplier of heavy duty, medium duty and severe service trucks • Supplier of school and commercial buses under the brand IC. under the International brand.
Slide 42: Selection of key performance indicators
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX SELECTION OF KEY PERFORMANCE INDICATOR Metric (FY 2019; as of Dec. 31, 2019) Metric (FY 2019; as of Oct. 31, 2019) Units Sales 242,219 Units Sales 106,500 Sales revenue €26,901 mn Sales and revenues, n
Slide 43: Appendix – Interim Statement 9M 2020
Appendix – Interim Statement 9M 2020 November 10, 2020 / Investor Relations / Interim Statement 9M 2020 43
Slide 44: Product highlights 2020
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX PRODUCT HIGHLIGHTS 2020 Despite the challenging environment we continued to set product highlights October September September September VWCO to deliver first 100 Scania introduces Scania introduces fi
Slide 45: TRATON and TuSimple agreed on global partnership for autonomous trucks
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX TRATON AND TUSIMPLE AGREED ON GLOBAL PARTNERSHIP FOR AUTONOMOUS TRUCKS TRATON and TuSimple entered into a global partnership to develop autonomous trucks. Scania test vehicles will soon be on the road
Slide 46: Scania cost transformation
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX SCANIA COST TRANSFORMATION To emerge from the crisis with better conditions for continued profitability and to make large- scale investments in new technologies to drive the shift towards a sustainable
Slide 47: Group – condensed income statement
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX GROUP – CONDENSED INCOME STATEMENT November 10, 2020 / Investor Relations / Interim Statement 9M 2020 47
Slide 48: Group – operating profit and return on sales
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX GROUP – OPERATING PROFIT AND RETURN ON SALES OPERATING PROFIT (€mn) Return on sales (%) Growth YoY (€mn) €-328 €-1,295 €-1,541 585 €-246 mn 490 407 401 7.6 8.2 6.5 161 162 161 5.7 2.8 2.91 2.8 -0.41 -2
Slide 49: Group – net liquidity
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX GROUP – NET LIQUIDITY November 10, 2020 / Investor Relations / Interim Statement 9M 2020 49
Slide 50: Group – adjustments
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX GROUP – ADJUSTMENTS Adjustments (€ million) 2016 2017 2018 2019 9M 2020 OPERATING PROFIT 727 1,512 1,513 1,884 -58 Expense for antitrust proceedings (Scania) 403 Release of restructuring provisions at
Slide 51: Industrial Business – regional truck unit sales development
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX INDUSTRIAL BUSINESS – REGIONAL TRUCK UNIT SALES DEVELOPMENT1 EU27+32 (units) Germany (units) South America (units) Brazil (units) 34,482 31,948 -24% 28,360 25,855 20,783 19,722 -17% -26% 13,750 12,834
Slide 52: Industrial Business – leverage ratios
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX INDUSTRIAL BUSINESS – LEVERAGE RATIOS GEARING RATIO1 (in %) NET DEBT/ADJUSTED EBITDA2 (x) Net debt as of September 30, 2020 amounted to €-727 mn, mainly due to the net cash outflow of €-1.4 bn resultin
Slide 53: Industrial Business – condensed statement of cash flows
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX INDUSTRIAL BUSINESS – CONDENSED STATEMENT OF CASH FLOWS November 10, 2020 / Investor Relations / Interim Statement 9M 2020 53
Slide 54: TRATON share
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX TRATON SHARE SHARE DATA ISIN (International Securities Identification Number) DE000TRAT0N7 WKN (German Security Identification number) TRAT0N Common code 196390065 Frankfurt Stock Exchange (Frankfurter
Slide 55: Contacts Investor Relations
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX CONTACTS INVESTOR RELATIONS Rolf Woller Philipp Lotz Head of Treasury & Investor Relations Analysts and Investors, Rating, Debt Capital Markets +49 89 360 98 335 +49 89 360 98 283 rolf.woller@traton.co
Slide 56: Financial calendar
NAVISTAR UPDATE CURRENT SITUATION GROUP HIGHLIGHTS INDUSTRIAL BUSINESS FINANCIAL SERVICES APPENDIX FINANCIAL CALENDAR Event/Publication of November 10, 2020 Interim Statement 9M 2020 March 22, 2021 Annual Press Conference & Annual Report 2020 May 10, 2021 Interim Statement 3M 2021 July 30, 2021 Half