Notes to the Consolidated Financial Statements

Basis of preparation

Information about the company and basis of reporting

TRATON SE, Munich, Germany, is the parent company of the TRATON GROUP (TRATON). TRATON SE is a European stock corporation (Societas Europaea) whose registered office is in Munich, Germany. It is registered in the commercial register of the Munich Local Court under the register number HRB 246068, under the address Hanauer Strasse 26, 80992 Munich.

With its four brands Scania, MAN, International, and Volkswagen Truck & Bus, the TRATON GROUP is one of the world’s leading manufacturers of commercial vehicles. The portfolio consists of trucks, buses, and light-duty commercial vehicles, as well as the sale of spare parts and customer services. In addition, the TRATON GROUP offers a large number of financial services to its customers.

As of the reporting date of December 31, 2025, TRATON SE was an 87.52%-owned direct subsidiary of Volkswagen International Luxemburg S.A., Strassen, Luxembourg (Volkswagen International Luxemburg), which in turn is a wholly owned subsidiary of Volkswagen Finance Luxemburg S.A., Strassen, Luxembourg (Volkswagen Finance Luxemburg). All of the shares of Volkswagen Finance Luxemburg are held in turn by Volkswagen Aktiengesellschaft, Wolfsburg (Volkswagen AG). Volkswagen International Luxembourg reduced its equity interest in the TRATON GROUP on March 19, 2025, by 2.2%, from 89.72% to 87.52%. The financial statements of Volkswagen International Luxemburg are published in the Luxembourg Trade and Company Register. TRATON SE and its subsidiaries are included in the consolidated financial statements of Volkswagen AG, which are published in the company register.

The accompanying Consolidated Financial Statements of TRATON SE for the fiscal year ended December 31, 2025, were prepared in accordance with section 315e (1) of the Handelsgesetzbuch (HGB⁠ ⁠—⁠ ⁠German Commercial Code) and in compliance with the International Financial Reporting Standards (IFRSs), as adopted in the European Union.

The fiscal year corresponds to the calendar year. All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Unless otherwise mentioned, comparable prior-year figures are presented in brackets in the text alongside the figures for the fiscal year under review.

The accompanying Consolidated Financial Statements were audited by EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft, Stuttgart (EY). The Consolidated Financial Statements were prepared on February 11, 2026, and approved for submission to the Supervisory Board by means of an Executive Board resolution. The period in which adjusting events after the reporting period are recognized ended on that date.

Accounting policies

With the exception of certain items, such as financial instruments measured at fair value through profit or loss or provisions for pensions and other post-employment benefits, items are measured in the TRATON GROUP on the basis of the historical cost convention. The significant accounting policies for the individual items in the financial statements are explained at the beginning of the relevant sections in the notes.

New accounting pronouncements applied

TRATON SE has applied all accounting pronouncements adopted by the EU and required to be applied for periods beginning on or after January 1, 2025. The changes in accounting pronouncements do not materially affect the TRATON GROUP’s net assets, financial position, or results of operations.

New or amended IFRSs not applied

In its 2025 Consolidated Financial Statements, TRATON did not apply the accounting pronouncements that have already been adopted by the IASB, but were not yet required to be applied for the fiscal year.

The IASB published amendments to IFRS 7 Financial Instruments: Disclosures and IFRS 9 Financial Instruments on May 30, 2024, that are effective for the first time starting on January 1, 2026. The amendments relate to the derecognition of financial liabilities settled by electronic transfer and the classification of financial instruments. Equity instruments that are recognized at fair value through other comprehensive income (without recycling) and financial instruments with contractual terms that could change the timing or amount of the contractual cash flows (e.g., ESG targets) are also affected. In fiscal year 2026, additional disclosures will be required due to the changes to equity instruments and financial instruments with such contractual terms. The amendments relating to the derecognition of financial liabilities and the classification of financial instruments are not expected to have any material impact on the TRATON GROUP’s consolidated financial statements.

The IASB published the new standard IFRS 18 Presentation and Disclosure in Financial Statements on April 9, 2024. The new standard replaces IAS 1 Presentation of Financial Statements and is effective for fiscal years beginning on or after January 1, 2027. IFRS 18 amends the structure of the income statement by introducing new categories and requiring clearly defined subtotals. Among other things, IFRS 18 will expand the notes in the future to include information on management-defined performance measures (MPMs) and corresponding reconciliations of individual MPMs to the most directly comparable IFRS subtotals. In addition, IFRS 18 introduces new principle-based aggregation and disaggregation requirements for presenting information in the primary financial statements and in the notes to provide users of financial statements with relevant and comparable information. In the statement of cash flows, IFRS 18 eliminates options in IAS 7 regarding the presentation of dividends and interest received and paid. The specific impact of the initial application of IFRS 18 in fiscal year 2027 is currently being analyzed. There are no plans for early adoption.

The other financial reporting standards issued by the IASB but not yet effective are not expected to materially affect the TRATON GROUP’s consolidated financial statements.

Prior-period information

To improve comparability, certain prior-period information was adjusted to reflect the current presentation. Additionally, certain prior-period data was revised. If material, the details of such information are contained in the relevant sections. Material changes in the previous year’s income statement are explained in the following.

A discovery was made in the second quarter of 2025 that a subsidiary had not reported interest income and interest expense from interest rate and cross-currency derivatives for each derivative on a net basis. The affected items were adjusted as follows for the 2024 fiscal year:

Currency translation

The consolidated financial statements have been prepared in the presentation currency euros (€), TRATON SE’s functional currency. The financial statements of subsidiaries, associates, and joint ventures from countries outside the eurozone are translated into euros in line with the functional currency concept. For the subsidiaries, the functional currency is based on their primary economic environment and almost always corresponds to the relevant national currency. For individual subsidiaries, the functional currency differs from the local currency and is the euro or US dollar, among others.

Foreign currency transactions in the single-entity financial statements of TRATON SE and the subsidiaries included in the basis of consolidation are translated at the exchange rates prevailing at the transaction dates. Foreign currency monetary items are recognized at the closing date in the balance sheet. Currency translation differences from foreign currency transactions are recognized in operating result or in financial result, in accordance with their substance.

Financial statements of foreign entities are translated from their functional currency into euros using the modified closing rate method, under which balance sheet items (with the exception of equity) are translated at the closing rate, and income statement items are translated at weighted average exchange rates for the year. With the exception of income and expenses recognized in equity, equity is translated at historical exchange rates. The resulting currency translation differences are recognized as a separate item in equity until the disposal of the subsidiary.

TRATON uses exchange rates provided by an external market data provider for all currency translation. All exchange rates are based on the corresponding euro exchange rates, from which all non-euro exchange rate combinations are derived. For an overview of the exchange rates on which currency translation was based and which had a material impact on the consolidated financial statements, see the Report on Economic Position⁠ ⁠—⁠ ⁠Exchange rates section of the Combined Management Report.

Basis of consolidation

Accounting policies: basis of consolidation

In addition to TRATON SE, the consolidated financial statements comprise all significant subsidiaries, including structured entities, that are controlled directly or indirectly by TRATON SE. The consolidated structured entities largely serve to implement asset-backed securities transactions to refinance the financial services business and to securitize receivables.

Material entities whose financial and operating policies TRATON SE can significantly influence indirectly or directly (associates), or over which TRATON SE shares control indirectly or directly (joint ventures), are measured using the equity method. Joint ventures also include entities in which the TRATON GROUP holds a majority of the voting rights, but whose shareholder agreements stipulate that important decisions may only be resolved unanimously.

Subsidiaries whose business activities have been suspended or whose business volume is minimal and that are insignificant individually and in the aggregate for the presentation of a true and fair view of the TRATON GROUP’s net assets, financial position, and results of operations are not consolidated. They are generally recognized at cost, net of any impairment losses required to be recognized, plus any reversals of impairment losses required to be recognized. The same applies to insignificant associates and joint ventures.

All other investees are financial investments.

The changes in subsidiaries included in the basis of consolidation mainly comprise the acquisition of Cheshire 3 Holdings Limited, Milton Keynes, UK, and TruckEast Holdings Limited, Milton Keynes, UK, and their respective subsidiaries. See Note Acquisitions for more information.

The list of the TRATON GROUP’s shareholdings within the meaning of section 313 (2) of the Handelsgesetzbuch (HGB⁠ ⁠—⁠ ⁠German Commercial Code) is presented in Note 40. List of shareholdings.

The following affiliated German companies included in the consolidated financial statements of TRATON SE have met the criteria set out in section 264 (3) of the HGB or section 264b of the HGB and have as far as possible exercised the option not to publish annual financial statements:

• MAN Grundstücksgesellschaft mbH & Co. Epsilon KG, Munich
• TORINU Verwaltung GmbH & Co. Beta KG, Pullach i. Isartal
• TARONA Verwaltung GmbH & Co. Alpha KG, Pullach i. Isartal
• M A N Verwaltungs-Gesellschaft mbH, Munich
• MAN Service und Support GmbH, Munich
• KOSIGA GmbH & Co. KG, Pullach i. Isartal
• MAN GHH Immobilien GmbH, Oberhausen
• TB Digital Services GmbH, Munich
• MAN Marken GmbH, Munich
• MAN Brand GmbH & Co. KG, Grünwald
• Scania CV Deutschland Holding GmbH, Koblenz
• SCANIA DEUTSCHLAND GmbH, Koblenz
• SCANIA Vertrieb und Service GmbH, Koblenz
• SCANIA Real Estate Deutschland GmbH, Koblenz

Effects of climate change

In light of climate change and the associated tightening of emissions regulations, the commercial vehicle industry is continuing its transition to electric mobility. The Executive Board gives emphasis to this transition with the company’s TRATON Way Forward strategy. Circularity will play a key role alongside the focus area of decarbonization. The electrification of our product portfolio is the primary contributor to decarbonization. Increasing resource efficiency⁠ ⁠—⁠ ⁠particularly by extending life cycles and recycling raw materials⁠ ⁠—⁠ ⁠will play an important role for the circular economy.

The financial effect of the transition to a circular economy is currently reflected above all in the sale of new and remanufactured genuine parts (see Note 1. Sales revenue), which means longer life cycles for our vehicles. In terms of decarbonization, the potential impact of future regulatory requirements in connection with electric mobility plays a particularly crucial role, especially in the five-year planning and hence in the derivation of future cash flows for impairment tests. In mid-2024, for example, the European Union set new ambitious targets for manufacturers of heavy-duty commercial vehicles such as the TRATON GROUP to reduce CO₂ emissions in Europe in the course of two decades in the new Regulation (EU) 2024/1610 (CO₂ regulation). The target set for 2025 of reducing CO₂ emissions from heavy-duty commercial vehicles with more than 16 tons by 15% is already in force. In 2024, however, the EU increased its reduction target from 30 to 45% by 2030 and set targets for commercial vehicles of 65% by 2035 and 90% by 2040. The targets are based on a benchmark from the period July 2019 to June 2020. In addition, these targets have been extended to other commercial vehicle sub-groups. This concerns medium and heavy commercial vehicles over 5 tons, including interurban buses and coaches. Some special vehicles will continue to be exempt. To stimulate faster deployment of zero-emission city buses, the EU has further decided in 2024 that all new city buses must be zero-emission starting in 2035, with an interim target of 90% in 2030. If these emissions targets are not met, there are to be penalties of €4,250 for every gram of CO₂ emitted per ton-kilometer (tkm) that exceeds the limits starting in 2025. The new Euro 7 emissions standards to limit harmful pollutants such as nitrous oxide (NOx) or particulate matter from vehicle exhaust gases have been agreed in the EU. The corresponding law was published in May 2024. The legislation is very challenging in terms of both limit values and testing methods. Many technical details remain to be set in so-called secondary legislation. In the United States, the current administration made the decision in 2025 to roll back the existing US emissions standards for medium-duty and heavy-duty commercial vehicles across the board. In Brazil, TRATON is affected by the CO₂ reduction/energy efficiency program, which is based on European directives and the VECTO program for calculation. The program, following an adaptation to Brazilian conditions, will be finalized by December 2026. Targets are scheduled to be established in early 2029, with vehicles expected to meet them starting in 2033. China has introduced the China 6 (CN 6) emission standard for 2023 to reduce pollutant emissions for all heavy-duty vehicles. Also, China introduced new Stage IV Fuel Consumption Limits in July 2025, as well the New Energy Vehicle Credit Policy plan, which is estimated to be implemented from 2028 to reduce CO₂ emissions for all commercial vehicles.

As part of its strategy, the TRATON GROUP is focusing on battery-electric vehicles. A condition for this is the rapid development of the conditions needed to achieve this, such as the corresponding charging infrastructure and relevant grid connections, as well as a supportive regulatory environment. The BEV unit sales ratio (excluding MAN TGE vans) across all regions was still 1.2% (previous year: 0.5%) in 2025. However, TRATON is preparing to ramp up production by focusing its development activities on battery-electric vehicles. TRATON is also safeguarding supplies of bought-in components for battery-electric vehicles through long-term orders.We are contributing to the expansion of the charging infrastructure in particular through Commercial Vehicle Charging Europe B.V, Amsterdam, Netherlands (Milence), a joint venture with Daimler Truck and Volvo Group. TRATON had committed an investment volume of €167 million for Milence when it was established in 2021. €40 million (previous year: €38 million) was invested in Milence in this context in the reporting period (see Note 33. Other financial obligations).

To meet the European Union, North American, Brazil, and China targets, it is imperative to deploy new technologies to reduce CO₂ and other exhaust emissions. TRATON is therefore investing to a substantial extent in climate-friendly alternative drive systems, primarily battery-electric commercial vehicles. In this context, investments of more than €2.400 million are planned for the years from 2026 to 2030 in forward-looking key areas such as electrification and autonomous driving. The focus here is on rolling out BEV vehicles. This includes the development of the necessary components, vehicle integration, and batteries. By contrast, development expenditures on the further development of combustion engine technology will be scaled back. The restructuring of the product portfolio continues to involve capital expenditures on production facilities. No impact on the useful lives of capitalized development costs or items of property, plant, and equipment was identified in light of the observation period of regulatory requirements and as a result of the parallel production of battery-electric vehicles and vehicles with combustion engines in the next few years. Liabilities resulting from emission limits being exceeded do not currently play a major role. However, the increased development activity in the field of electric mobility resulted in a corresponding increase in capitalized (intangible assets) and noncapitalized (cost of sales) development costs.

Estimates and management’s judgment

Preparation of consolidated financial statements in accordance with IFRSs requires assumptions to be made with regard to certain items that affect the carrying amounts in the balance sheet or income statement and the related other disclosures. All estimates and assumptions represent the best of management’s knowledge and belief in order to convey a true and fair view of the Group’s net assets, financial position, and results of operations. TRATON applies parameters that were available when the consolidated financial statements were prepared. Nevertheless, actual developments may differ significantly from expected developments due to uncertainties over which the Group does not have complete control. This may result in the carrying amounts of the assets and liabilities concerned having to be adjusted accordingly in subsequent periods. Estimates and management’s judgment relate primarily to the following matters:

Geopolitical situation

The geopolitical situation is currently heavily influenced by international trade barriers, political uncertainty, and armed global conflicts, creating uncertainty for all market participants. The escalation of trade barriers between major economies, including the introduction of new tariffs, may adversely affect TRATON’s supply chains, cost structures, and pricing strategies. Continued armed conflicts around the world have led to volatility in energy prices, the availability of raw materials, and changes in transportation routes. Inventories and contract margins are continuously monitored by management. Significant assessments are necessary when assessing whether such disruptions constitute a trigger for asset impairment, as well as whether expected credit losses (ECLs) should be increased.

The political uncertainty prevailing in the US as of the reporting date regarding the future pace of transformation to e-mobility has led to significant impairment of capitalized development costs due to the termination of a development project for Class 8 battery-electric trucks at International Motors. Expenses for the additional US tariffs that came into effect on November 1, 2025, under Section 232 of the Trade Expansion Act of 1962 (Section 232) on medium-duty and heavy-duty vehicles in classes 3 to 8 and buses are increasing functional expenses and the production costs of inventories. The current dynamic geopolitical developments are also having an effect on the calculation of ECLs on financial assets. Further information can be found in Notes 2. Functional expenses, 9. Intangible assets, 10. Property, plant, and equipment, right-of-use assets under IFRS 16, and lease liabilities, and 28. Significance of financial instruments for the net assets, financial position, and results of operations.

Management is conscious that the geopolitical situation continues to be dynamic and can change rapidly. TRATON will continue to monitor developments closely and adjust its estimates and judgments accordingly if conditions change significantly. Information on how geopolitical risks affect recognition and measurement, and estimates and management’s judgments relating to individual assets and liabilities, can be found in the individual chapters.

Segment reporting

Accounting policies: segment reporting

The TRATON GROUP’s production and marketing activities are divided into the Scania Vehicles & Services, MAN Truck & Bus, International Motors, and Volkswagen Truck & Bus segments. The classification corresponds to the internal organizational and reporting structure. In order to make decisions about the allocation of resources and the assessment of performance, the results of the units are regularly reviewed by the Executive Board of TRATON SE in its role as chief operating decision maker. As an additional reference, we include the TRATON Operations business area in the reporting, which corresponds to the consolidated value of the four vehicle segments allocated to it and minor values from Group-wide research and development not allocated to the vehicle segments.

The TRATON GROUP offers financing solutions for the purchase of commercial vehicles in the TRATON Financial Services segment.

The Reconciliation column shows the activities and services of TRATON Holding (TRATON SE and other investees not allocated to segments), consolidation between the segments and with TRATON Holding, and the earnings effects of purchase price allocations in the event of the acquisition of an individual segment.

In the TRATON GROUP, segment result is calculated on the basis of operating result (adjusted). Operating result (adjusted) is calculated to ensure the greatest possible transparency of our business performance by making adjustments to our operating result. These adjustments concern certain items in the financial statements that, in the opinion of the Executive Board, can be presented separately to enable a more appropriate assessment of financial performance. They include, in particular, costs of restructurings and structural measures as well as one-time events with a material impact on the TRATON GROUP’s earnings.

Segment financial information is generally presented in accordance with the disclosure and measurement policies applied in the preparation of the consolidated financial statements. As a departure from IFRS 16 Leases, subleasing of buyback vehicles in the Financial Services segment is always accounted for as an operating lease.

The merger of significant parts of the research and development departments of the individual brands into a cross-brand, Group-wide research and development (Group R&D) organization was completed as of June 30, 2025. This required a change in the TRATON GROUP’s Group management, which impacts segment reporting. The number and designations of the segments remain unchanged. The change impacts capitalized development costs, expenses, and intercompany income incurred and generated in cross-brand research and development.

Until June 30, 2025, cross-brand R&D projects were assigned to one segment and R&D expenses were recharged to the other segments that benefited from this research and development in the usage phase by means of licenses. Since July 1, 2025, cross-brand R&D projects have been recorded primarily on a centralized basis. Intercompany R&D expenses and income arising between Group R&D and the segments are now eliminated for segment reporting purposes. R&D expenses and capitalized development costs in Group R&D that are not eliminated are allocated to the segments in the TRATON Operations business area that benefit from the development project in accordance with predefined principles.

To ensure comparability, the corresponding prior-year figures for the individual segments were restated accordingly.

Sales revenue between the segments is transacted on an arm’s length basis. Depreciation, amortization, and impairment losses relate to intangible assets, property, plant, and equipment, and assets leased out allocated to the individual divisions. They also include the depreciation of and impairment losses on right-of-use assets under IFRS 16. Investments in intangible assets, property, plant, and equipment, and investment property are reported exclusive of additions to right-of-use assets under IFRS 16.

Allocation of sales revenue to the regions follows the destination principle. Sales revenue from hedging transactions is allocated to “Other regions.”

The four vehicle segments develop, produce, and distribute trucks and buses, and offer related services and spare parts.

With its Scania brand, Scania Vehicles & Services is a leader in premium transport solutions, specializing in heavy-duty trucks and offering an array of tailored services and applications. With a global footprint, Scania serves markets across Europe, North and South America, Asia, Africa, and Oceania.

With the MAN brand, MAN Truck & Bus offers an extensive range of transport solutions, from light commercial options to durable construction vehicles and heavy-duty trucks. MAN is a German heritage brand, operating internationally across Europe, Asia, the Middle East, Africa, and South America.

With the International brand, International Motors offers comprehensive mobility solutions for North America through its vast dealer network.

Volkswagen Truck & Bus solutions focus on value for money⁠ ⁠—⁠ ⁠efficient, robust, and reliable vehicles tailored to meet the unique conditions of emerging growth markets and the specialized applications required there. Volkswagen Truck & Bus has a strong presence in South America and Mexico.

With its own financial brands, the TRATON Financial Services segment offers financing, leasing, insurance, and modular solutions in more than 60 countries worldwide, and supports vehicle sales in close cooperation with all brands of the TRATON GROUP. Integration of key aspects of the financial services business of Volkswagen Financial Services into the TRATON GROUP (see note Acquisitions), which began in 2023, was successfully completed on June 30, 2025. As a result of the integration, financing solutions from the TRATON Financial Services segment will now also be successively offered to customers of MAN and Volkswagen Truck & Bus.

2025 reporting segments

1 The aggregate addition to noncurrent assets (including right-of-use assets under IFRS 16) amounting to €3,277 million was distributed as follows in fiscal year 2025: Scania Vehicles & Services: €1,602 million; MAN Truck & Bus: €857 million; International Motors: €658 million; Volkswagen Truck & Bus: €91 million; TRATON Financial Services: €74 million, reconciliation: €–5 million.

2024 reporting segments¹

1 Prior-year figures adjusted, see Accounting policies: Segment reporting

2 The aggregate addition to noncurrent assets (including right-of-use assets under IFRS 16) amounting to €3,187 million was distributed as follows in fiscal year 2023: Scania Vehicles & Services: €1,554 million; MAN Truck & Bus: €794 million; International Motors: €636 million; Volkswagen Truck & Bus: €95 million; TRATON Financial Services: €72 million, reconciliation: €36 million.

The reconciliation of the segment amounts to the corresponding Group amounts is shown in the following tables:

Reconciliation to the TRATON GROUP’s sales revenue

1 Prior-year figures adjusted, see Accounting policies: Segment reporting

Reconciliation to the TRATON GROUP’s cost of sales

1 Prior-year figures adjusted, see Accounting policies: Segment reporting

Reconciliation to the TRATON GROUP’s earnings before tax

1 Prior-year figure adjusted, see Accounting policies: Segment reporting

Cross-segment information by regions

Acquisitions

Accounting policies: business combinations

Business combinations are accounted for using the acquisition method of accounting. In the course of initial consolidation, assets and liabilities are recognized at their acquisition-date fair values. The carrying amounts are adjusted in the subsequent periods. Additions from business combinations are included in the corresponding notes disclosures under changes in the basis of consolidation. Goodwill arises if the consideration paid for the acquisition exceeds the fair value of the identified assets less liabilities. If the economic consideration paid for the acquisition is less than the identified net assets, the difference is recognized in profit or loss in the year of acquisition. Unless otherwise stated, the share of equity directly attributable to noncontrolling interests at the acquisition date is measured at the fair value of the net assets (excluding goodwill) attributable to such noncontrolling interests. Any difference arising due to the acquisition of additional shares of a subsidiary that has already been consolidated is charged directly to equity.

Business combinations involving entities under common control are accounted for using the book-value method of accounting. In applying the book-value method of accounting, the assets acquired and liabilities assumed are carried at the existing Group carrying amounts from the perspective of Volkswagen AG at the acquisition date. Any difference between the consideration and the acquired net assets at their carrying amounts at the acquisition date is recognized in equity.

Acquisition of the financial services business of MAN and Volkswagen Truck & Bus (VWTB) On July 12, 2023, companies of the TRATON GROUP and companies of the Volkswagen Group signed a framework agreement on the acquisition of key aspects of the global financial services business of MAN and Volkswagen Truck & Bus (VWTB) with the aim of expanding the TRATON Financial Services segment into a global captive financial services unit. The TRATON Financial Services segment gradually acquired the rights to the future financial services business for MAN and VWTB customers in 14 countries that was most recently managed by Volkswagen Financial Services. The existing portfolio will generally remain with Volkswagen Financial Services. In 2023, TRATON Financial Services AB, Södertälje, Sweden, paid €275 million into an account at Volkswagen Bank GmbH, Braunschweig (VW Bank) for the acquisition, which was reported in net cash used in investing activities in 2023. The rights to MAN’s future financial services business were acquired in several countries in fiscal year 2024, mainly in Germany, South Korea, and the United Kingdom. Additionally, 100% of the shares of MAN Financial Services GesmbH, Eugendorf, Austria, and the business operations of EURO-Leasing GmbH, Sittensen, in France (EURO-Leasing France) were acquired. For further information about the acquisitions, refer to the TRATON GROUP’s Consolidated Financial Statements as of December 31, 2024.

The rights to the future financial services business for MAN and VWTB were transferred in several countries in the 2025 fiscal year, including in Brazil effective June 30, for a sale price of €72 million (previous year: €254 million), thereby completing the acquisition. An amount of €72 million (previous year: €199 million) was used for this from the account at VW Bank, €32 million of which was already paid in advance in 2024. Transfer of the business operations is accounted for in each case as a business combination under common control using the book-value method. The difference between the consideration transferred and the acquired net assets at their carrying amounts acquired at the acquisition dates amounts to €71 million (previous year: €213 million) and is recognized in equity, net of deferred taxes of €28 million (previous year: €49 million), as “Effect from business combinations under common control” under retained earnings. The acquisition of key aspects of the global financial services business in accordance with the 2023 framework agreement was therefore completed in fiscal year 2025.

Acquisition of Haydock and TruckEast On May 1, 2025, the TRATON GROUP acquired 100% of the shares of Cheshire 3 Holdings Limited, Milton Keynes, UK, the parent company of Haydock Commercial Vehicles Limited, Milton Keynes, UK (together Haydock). Additionally, on July 1, 2025, the TRATON GROUP acquired 100% of the shares of TruckEast Holdings Limited, Milton Keynes, UK, the parent company of TruckEast Limited, Milton Keynes, UK (together TruckEast). Haydock and TruckEast are dealers of new and used Scania trucks operating in the United Kingdom. They also offer services in the Vehicle Services business, such as maintenance and spare parts. The acquisitions are intended to strengthen Scania's distribution network and support the vehicle services business in the UK. The assets acquired at the acquisition time amount to €167 million, of which €65 million is primarily attributable to inventories, €26 million to cash and cash equivalents, and €24 million to right-of-use assets. In addition, liabilities of €122 million were assumed, of which €70 million relates to trade payables and €24 million to lease liabilities. The purchase price amounts to €73 million, of which €25 million will be paid in fiscal year 2025, and the remaining €49 million has been recognized in Other financial liabilities. The acquisitions resulted in goodwill of €29 million. The acquisitions will have no significant impact on the TRATON GROUP’s sales revenue or earnings.