Slide 1: Q2/H1 2026 Results Roadshow Presentation
Q2/H1 2026 RESULTS ROADSHOW PRESENTATION Investor Relations | July 2026
Slide 2: Disclaimer
Roadshow Presentation 2 Investor Relations 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, any securities of Vol
Slide 3: We're a transportation powerhouse
Roadshow Presentation 3 Investor Relations WE’RE A TRANSPORTATION POWERHOUSE … 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
Slide 4: With four strong brands under one roof
Roadshow Presentation 4 Investor Relations … WITH FOUR STRONG BRANDS UNDER ONE ROOF ― Proud leader in premium transport ― A strong German heritage brand, ― High-performance manufacturer of ― Stands for unparalleled value-for-money solutions, specializing in heavy-duty operating internationally acros
Slide 5: Our brands operate across key commercial vehicle markets
Roadshow Presentation 5 Investor Relations OUR BRANDS OPERATE ACROSS KEY COMMERCIAL VEHICLE MARKETS TRATON Operations Home base Europe and Brazil Europe North America Brazil Unit sales (k) Trucks 240 88 63 50 39 FY 2025 Buses 34 6 7 14 7 Vans 31 - 31 - - Total 305 94 102 64 46 Trucks 79% Buses 11% V
Slide 6: Production sites span around the globe
Roadshow Presentation 6 Investor Relations PRODUCTION SITES SPAN AROUND THE GLOBE 4 Commercial vehicle brands Södertälje, Sweden Munich, Germany Lisle, Illinois, USA 13 Countries1 26 Production sites São Paulo, Brazil 1 Number of countries where the TRATON GROUP has production sites. In addition, ou
Slide 7: Our captive financial services business is ramping up its offering for all brands
Roadshow Presentation 7 Investor Relations OUR CAPTIVE FINANCIAL SERVICES BUSINESS IS RAMPING UP ITS OFFERING FOR ALL BRANDS Objectives/business model Ramp-up in three overarching steps Comprehensive financing options Step 1 Step 2 Step 3 to meet the demand for new Short-term foundation Medium-term
Slide 8: With our TRATON Modular System we are well positioned for efficient future growth
Roadshow Presentation 8 Investor Relations WITH OUR TRATON MODULAR SYSTEM WE ARE WELL POSITIONED FOR EFFICIENT FUTURE GROWTH TRATON Realized value Modular Profitable mass customization based on a modular System system ensures long-term competitive advantage Principles of the TRATON Modular System Mo
Slide 9: TRATON is one of the largest global truck & bus producers
Roadshow Presentation TRATON IS ONE OF THE LARGEST GLOBAL TRUCK & BUS PRODUCERS … Sales revenue FY 2025 (€ bn) 49.4 44.1 31.5 25.1 13.4 Daimler Truck Volvo Paccar Iveco Note: For Volvo only business segments Trucks & Buses are included. Source: Company data, own calculations.
Slide 10: With a well-diversified regional and brand mix
Roadshow Presentation 10 Investor Relations … WITH A WELL-DIVERSIFIED REGIONAL AND BRAND MIX Geographical sales revenue distribution1 54% 20% 6% 5% EU27+3 40% North America 18% Group sales revenue 2025 (%)1 7% 4% 14% Rest of World Asia Pacific South America 31% Market leader (>6t) 1 Share of TRATON
Slide 11: We are adding China to our industrial system
Roadshow Presentation Investor Relations WE ARE ADDING CHINA TO OUR INDUSTRIAL SYSTEM Scania’s industrial hub in Rugao, China, opened in October 2025 ― A strategic complete innovation and industrial hub producing Scania but serving all TRATON brands. ― Local R&D to support TRATON brands and integrat
Slide 12: Financial key performance indicators over the years
Roadshow Presentation 12 Investor Relations FINANCIAL KEY PERFORMANCE INDICATORS OVER THE YEARS Incoming orders (k units) Unit sales (k units) Book-to-bill (ratio in units) 360 335 338 334 1.33 281 305 305 265 264 272 1.10 0.92 0.78 0.79 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 20
Slide 13: Key milestones on the TRATON way forward
Roadshow Presentation 13 Investor Relations KEY MILESTONES ON THE TRATON WAY FORWARD 2015 2018 2019 2021 2022 Volkswagen AG creates Volkswagen Truck & Bus IPO of TRATON SE TRATON acquires International Milence charging JV with Volkswagen Truck & Bus becomes the TRATON GROUP (formerly Navistar) Daiml
Slide 14: The TRATON Way Forward describes how TRATON will manage future challenges
Roadshow Presentation 14 Investor Relations THE TRATON WAY FORWARD DESCRIBES HOW TRATON WILL MANAGE FUTURE CHALLENGES AND OPPORTUNITIES Responsible The TRATON GROUP and its brands are Company committed to becoming more sustainable, focusing on a number of areas, including decarbonization and battery
Slide 15: Our success is built on sustainable and responsible conduct
Roadshow Presentation 15 Investor Relations OUR SUCCESS IS BUILT ON SUSTAINABLE AND RESPONSIBLE CONDUCT We focus on three joint impact areas Decarbonization Circularity Human Rights Reduce greenhouse gas Decouple the use of resources Respect human rights and emissions across the value chain from our
Slide 16: Creating the conditions for electrification and continuing to invest
Roadshow Presentation 16 Investor Relations TRATON IS CREATING THE CONDITIONS FOR ELECTRIFICATION AND CONTINUES TO INVEST SIGNIFICANT AMOUNTS IN THE NEXT YEARS We are driving forward We are focusing on battery charging infrastructure cells as key components of development electric vehicles Public ch
Slide 17: Growing product offering to benefit from zero-emission transition
Roadshow Presentation 17 Investor Relations GROWING PRODUCT OFFERING TO BENEFIT FROM ZERO-EMISSION TRANSITION Today: TRATON offers BEV products across major applications Tomorrow: TRATON BEV products will and weight classes increase in GTW1, range and applications they can serve MAN electric truck I
Slide 18: BEV with a clear total cost of ownership advantage for our customers
Roadshow Presentation 18 Investor Relations BEV WITH A CLEAR TOTAL COST OF OWNERSHIP ADVANTAGE FOR OUR CUSTOMERS Production Refueling Operation BEV Electrical energy distribution & mix of slow & DC-AC, engine & 75% inversion AC/DC fast charging transmisson of energy reaches the wheels 100% – 10% – 5
Slide 19: The cost distribution will change significantly with fully electric trucks
Roadshow Presentation 19 Investor Relations THE COST DISTRIBUTION WILL CHANGE SIGNIFICANTLY WITH FULLY ELECTRIC TRUCKS Cost distribution of a typical Cost distribution electric long-haul long-haul heavy-duty truck - today heavy-duty truck ~2025-30 Overhead Savings Energy potential Energy incl. incl.
Slide 20: We are ready to take the next big step reflected in our investment highlights
Roadshow Presentation 20 Investor Relations WE ARE READY TO TAKE THE NEXT BIG STEP WHICH IS REFLECTED IN OUR INVESTMENT HIGHLIGHTS Key takeaways Adjusted return on sales 9-11% Clear strategy “TRATON Way Forward”, efficiencies from TMS and new 1 R&D organization 6.3% Brand ambitions – all brands comm
Slide 21: Remaining committed to our purpose: Transforming Transportation Together
Roadshow Presentation In a challenging environment, the TRATON GROUP remains committed to its purpose: Transforming Transportation Together. For a sustainable world. Together with our partners and employees worldwide, we are staying on track — with an unwavering focus on the needs of our customers a
Slide 22: Q2/H1 2026 Key Results & Highlights
Roadshow Presentation 22 Investor Relations Q2/H1 2026 KEY RESULTS & HIGHLIGHTS
Slide 23: Top-line acceleration, with timing effects smoothing earnings development
Roadshow Presentation 23 Investor Relations TOP-LINE ACCELERATION, WITH TIMING EFFECTS SMOOTHING EARNINGS DEVELOPMENT H1 2026 151,529 €22.0bn 7.0% -€269m €1.87 181,944 -1% YoY 0% YoY +0.7pp YoY -€323m YoY +€0.44 YoY +30% YoY Q2 2026 Unit Sales Adjusted Net cash flow Earnings per share Incoming sales
Slide 24: Strong demand signals continue, driving upward recovery in the cycle
Roadshow Presentation 24 Investor Relations STRONG DEMAND SIGNALS CONTINUE, DRIVING UPWARD RECOVERY IN THE CYCLE … EU27+3: Incoming orders & Unit sales (k units) ― Truck order intake strongly up +23% YoY in Q2 vs. weaker Q2 25 following the introduction of US- Incoming orders Unit sales tariffs; Ger
Slide 25: Leading to an improved truck market outlook
Roadshow Presentation 25 Investor Relations … LEADING TO AN IMPROVED TRUCK MARKET OUTLOOK EU27+31 (k units, >6t) North America2 (k units, class 6-8) South America (k units, >6t) China (k units, >6t) 2026e: -2.5% – +7.5% (mid-point +2.5%) 2026e: 0% – +10% (mid-point +5.0%) 2026e: -10% – 0% (mid-point
Slide 26: Key operational opportunities supporting way up
Roadshow Presentation 26 Investor Relations KEY OPERATIONAL OPPORTUNITIES SUPPORTING WAY UP Scania strengthens World premiere for the International Motors VWTB is advancing TFS expands its TRATON GROUP issues European capacity for MAN eTGM (16t); closing introduces My production footprint and broade
Slide 27: BEV momentum continues to build
Roadshow Presentation 27 Investor Relations BEV MOMENTUM CONTINUES TO BUILD Unit sales of fully electric vehicles (units) Q2 26 H1 26 1,050 1,907 +67% YoY +53% YoY Incoming orders of fully electric vehicles (units) Q2 26 H1 26 895 2,147 +47% YoY +46% YoY
Slide 28: Q2/H1 2026 Financial Performance & Outlook
Roadshow Presentation 28 Investor Relations Q2/H1 2026 FINANCIAL PERFORMANCE & OUTLOOK
Slide 29: Acceleration not yet translating into YTD sales
Roadshow Presentation 29 Investor Relations ACCELERATION NOT YET TRANSLATING INTO YTD SALES ― Q2 unit sales up by 4%, influenced by: Unit sales (k units) Sales revenue (€ bn) ― Increased EU27+3 unit sales (+3% YoY), despite continued weaker German Vehicle Services business H1 26 H1 26 development 15
Slide 30: Part of previously expected H2 earnings improvement brought forward to Q2
Roadshow Presentation 30 Investor Relations PART OF PREVIOUSLY EXPECTED H2 EARNINGS IMPROVEMENT BROUGHT FORWARD TO Q2 Increase in Q2 adj. RoS YoY due to: Adjusted operating result (€ m) Adjusted return on sales (%) ― Tariff costs catch-up effect (Section 232 + IEEPA) H1 26 H1 26 ― Increased unit sal
Slide 31: Timing effects and solid underlying performance supporting higher profitability
Roadshow Presentation 31 Investor Relations TIMING EFFECTS AND SOLID UNDERLYING PERFORMANCE SUPPORTING HIGHER PROFITABILITY TRATON Operations1 Q2 Sales revenue 11,309 4,883 3,673 2,060 837 642 26 (in € m, YoY) (+4%) (+7%) (+4%) (-7%) (+22%) (+21%) Adjusted RoS 9.0% 11.6% 6.7% 5.6% 10.9% 8.7% (Return
Slide 32: NCF generation follows usual seasonal pattern
Roadshow Presentation 32 Investor Relations NCF GENERATION FOLLOWS USUAL SEASONAL PATTERN ― Net cash flow of TRATON Operations in H1 2026 Net liquidity/net debt bridge, H1 2026 (€ m) TO = TRATON Operations characterized by: CI = Corporate Items ― Improved operating performance Net debt increased by
Slide 33: 2026 outlook narrowed towards upper end
Roadshow Presentation 33 Investor Relations 2026 OUTLOOK NARROWED TOWARDS UPPER END FY 2025 FY 2026 FY 2026 Actuals Outlook Outlook Narrowed (since Q2 results) TRATON GROUP Unit 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 (ad
Slide 34: IR contact and events
Roadshow Presentation 34 Investor Relations IR CONTACT AND EVENTS Contacts Upcoming events Ursula Querette Thomas Paschen Head of Investor Relations Investor Relations 24 Jul 2026 Deutsche Bank Post H1 2026 Roadshow | +49 152 021 52 400 +49 170 907 34 94 Virtual ursula.querette@traton.com thomas.pas