Slide 1: Q4/FY 2025 Results Analyst / Investor Presentation
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
Slide 2: Disclaimer
2026 Annual Results Conference 2 Investor Relations 04/03/2026 DISCLAIMER 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, a
Slide 3: Agenda
2026 Annual Results Conference 3 Investor Relations 04/03/2026 AGENDA 1. Highlights 2025 2. Market environment 2025 3. Financial performance 2025 4. Outlook 2026 5. Backup
Slide 4: Highlights 2025
2026 Annual Results Conference 4 Investor Relations 04/03/2026 HIGHLIGHTS 2025
Slide 5: 2025 marked by various challenges, but order intake with promising signs
2026 Annual Results Conference 5 Investor Relations 04/03/2026 2025 MARKED BY VARIOUS CHALLENGES, BUT ORDER INTAKE WITH PROMISING SIGNS FY 2025 305,486 €44.1bn 6.3% €1,643m €3.09 281,325 -9% YoY -7% YoY -2.9pp YoY -€1,191m YoY -€2.52 YoY +7% YoY Q4 2025 Unit Sales Adjusted Net cash flow Earnings per
Slide 6: We delivered on key milestones while pushing our sustainability promise
2026 Annual Results Conference 6 Investor Relations 04/03/2026 WE DELIVERED ON KEY MILESTONES, WHILE PUSHING OURSELVES ON OUR SUSTAINABILITY PROMISE TRATON GROUP writes Scania opens third MAN further accelerates International makes VWTB battery-electric TRATON Financial a new chapter in the global i
Slide 7: Market Environment 2025
2026 Annual Results Conference 7 Investor Relations 04/03/2026 MARKET ENVIRONMENT 2025
Slide 8: Business performance shaped by a very challenging market environment
2026 Annual Results Conference 8 Investor Relations 04/03/2026 OUR BUSINESS PERFORMANCE WAS SHAPED BY A VERY CHALLENGING MARKET ENVIRONMENT EU27+31 (k units) North America (k units) South America (k units) 2025: >6t -8% | 336 2025: Class 6-82 -15% | 363 2025: +5% | 180 2025e: -12.5% – -7.5% (narrowe
Slide 9: Promising signs in order intake with book-to-bill ratio at 0.98 in Q4
2026 Annual Results Conference 9 Investor Relations 04/03/2026 PROMISING SIGNS IN THE ORDER INTAKE DEVELOPMENT WITH BOOK-TO-BILL RATIO AT 0.98 IN Q4 EU27+3: Incoming orders & Unit sales (k units) ― Truck order intake increased +21% in Q4 YoY but at declining quarterly rates Total vehicles (k units)
Slide 10: Financial Performance 2025
2026 Annual Results Conference 10 Investor Relations 04/03/2026 FINANCIAL PERFORMANCE 2025
Slide 11: Unit sales development in Europe provides growing support
2026 Annual Results Conference 11 Investor Relations 04/03/2026 UNIT SALES DEVELOPMENT IN EUROPE PROVIDES GROWING SUPPORT … ― Q4 unit sales down by 9%, influenced by: Unit sales (k units) Sales revenue (€ bn) ― Scania’s and MAN’s improving performance in Europe (EU27+3 unit sales +11% YoY) not Vehic
Slide 12: Helping the margin rise above the lower end of the guidance range
2026 Annual Results Conference 12 Investor Relations 04/03/2026 … 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 (%) ― Declining unit sales and price/mix effects FY 25 FY 25 ― Tariff costs (
Slide 13: Strong Q4 performance of MAN thanks to focus on Europe and full-liner approach
2026 Annual Results Conference 13 Investor Relations 04/03/2026 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.
Slide 14: Net cash flow above upper end of guidance range, but not sufficient to reduce net debt
2026 Annual Results Conference 14 Investor Relations 04/03/2026 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: CI = Corporate Ite
Slide 15: Earnings per share substantially lower translating into lower dividend
2026 Annual Results Conference 15 Investor Relations 04/03/2026 EARNINGS PER SHARE SUBSTANTIALLY LOWER TRANSLATING INTO LOWER DIVIDEND Adjusted operating result to earnings after tax, FY 25 (€ m, YoY in %) ― Earnings per share at €3.09 in FY 25, down from €5.61 in FY 24. ― Dividend proposal of €0.93
Slide 16: Outlook 2026
2026 Annual Results Conference 16 Investor Relations 04/03/2026 OUTLOOK 2026
Slide 17: Overall stable core markets in 2026 with positive tendency, but high uncertainty in NA
2026 Annual Results Conference 17 Investor Relations 04/03/2026 OVERALL STABLE CORE MARKETS IN 2026 - WITH POSITIVE TENDENCY, BUT HIGH UNCERTAINTY IN NA EU27+31 (k units, >6t) North America2 (k units, class 6-82) South America (k units, >6t) China (k units, >6t) 2026e: -2.5% – +7.5% (mid-point +2.5%
Slide 18: 2026 Traton outlook reflects high uncertainty
2026 Annual Results Conference 18 Investor Relations 04/03/2026 2026 TRATON OUTLOOK REFLECTS HIGH UNCERTAINTY FY 2025 FY 2026 Actuals 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
Slide 19: Key takeaways and focus areas in 2026
2026 Annual Results Conference 19 Investor Relations 04/03/2026 KEY FOCUS TAKEAWAYS AREAS IN 2026 Committed to: ― TMS progress ― Cost management ― Margin ambition at or above prior-year ― Net debt reduction path ― Shareholder return ― Sustainability promise
Slide 20: Backup
2026 Annual Results Conference 20 Investor Relations 04/03/2026 BACKUP
Slide 21: Restatement from legal view to management view
2026 Annual Results Conference 21 Investor Relations 04/03/2026 RESTATEMENT FROM LEGAL VIEW TO MANAGEMENT VIEW ― With the completion of the group-wide R&D integration on July 1, 2025, the segment management of the TRATON GROUP has changed. ― Since Q3 2025, expenses incurred in the new R&D organizati
Slide 22: Traton Operations – Incoming orders
2026 Annual Results Conference 22 Investor Relations 04/03/2026 TRATON OPERATIONS – INCOMING ORDERS Incoming orders (units) Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q4 QoQ Q4 YoY vs. PY TRATON Operations 68,470 56,788 64,353 75,187 264,798 66,434 58,9
Slide 23: Traton Operations – Incoming orders by region
2026 Annual Results Conference 23 Investor Relations 04/03/2026 TRATON OPERATIONS – INCOMING ORDERS BY REGION Incoming orders (units) Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q4 QoQ Q4 YoY vs. PY Trucks 53,610 44,636 51,744 60,627 210,617 53,034 45,09
Slide 24: Traton Operations – Unit sales
2026 Annual Results Conference 24 Investor Relations 04/03/2026 TRATON OPERATIONS – UNIT SALES Unit sales (units) Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q4 QoQ Q4 YoY vs. PY TRATON Operations 84,587 83,527 81,361 88,708 338,183 81,148 78,962 85,274
Slide 25: Traton Operations – Unit sales by region
2026 Annual Results Conference 25 Investor Relations 04/03/2026 TRATON OPERATIONS – UNIT SALES BY REGION Unit sales (units) Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 6,095 5,217 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q4 QoQ Q4 YoY vs. PY Truck 70,208 69,635 67,235 74,212 281,290 68,772 63,600 72,861 72
Slide 26: Traton Group – Sales revenue
2026 Annual Results Conference 26 Investor Relations 04/03/2026 TRATON GROUP – SALES REVENUE Legal view Management view Sales revenue (€ m) Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q4 QoQ Q4 YoY vs. PY TRATON GROUP 11,186 11,669 11,321 12,697 46,872 1
Slide 27: Traton Group – Operating result & return on sales
2026 Annual Results Conference 27 Investor Relations 04/03/2026 TRATON GROUP – OPERATING RESULT & RETURN ON SALES Legal view Management view Operating result (€ m) Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q4 QoQ Q4 YoY vs. PY TRATON GROUP 834 966 895
Slide 28: Traton Group – Adj. operating result & adj. return on sales
2026 Annual Results Conference 28 Investor Relations 04/03/2026 TRATON GROUP – ADJ. OPERATING RESULT & ADJ. RETURN ON SALES Legal view Management view Adj. operating result (€ m) Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q4 QoQ Q4 YoY vs. PY TRATON GRO
Slide 29: Traton Operations – Cash and liquidity
2026 Annual Results Conference 29 Investor Relations 04/03/2026 TRATON OPERATIONS – CASH AND LIQUIDITY TRATON Operations (€ m) Q1 23 Q2 23 Q3 23 Q4 23 FY 23 Q1 24 Q2 24 Q3 24 Q4 24 FY 24 Q1 25 Q2 25 Q3 25 Q4 25 FY 25 Q4 QoQ Q4 YoY vs. PY Gross cash flow 1,300 1,570 1,354 1,323 5,546 1,423 1,452 1,39
Slide 30: Traton Group – Debt maturity profile
2026 Annual Results Conference 30 Investor Relations 04/03/2026 TRATON GROUP – DEBT MATURITY PROFILE (AS OF 31 DECEMBER 2025) Major financings 2 Maturity profile (€ bn)1 ― Total of €11.6bn (equivalent) TFL Bonds outstanding (tranches of 1y to 12y) ― €4.5bn syndicated RCF undrawn ― €350m Schuldschein
Slide 31: Transparent communication: 2026 reporting
Annual Results Conference 2026 31 Investor Relations 04/03/2026 TRANSPARENT COMMUNICATION: 2026 REPORTING Discover the online version of our Annual Report with all texts in full length, as well as videos and further information . Discover our sustainability statement ( guided by ESRS) which is part
Slide 32: IR contact and events
Annual Results Conference 2026 32 Investor Relations 04/03/2026 IR CONTACT AND EVENTS Contacts Events Ursula Querette Thomas Paschen Head of Investor Relations Investor Relations 04 & 06 Mar 2026 J.P.Morgan Post Q4/FY 2025 Virtual Roadshow +49 152 021 52 400 +49 170 907 34 94 ursula.querette@traton.