TRATON on the Capital Markets

Open dialog with the capital markets in fiscal year 2025

TRATON continued its open and transparent dialog with the capital markets in fiscal year 2025. The Investor Relations department kept institutional investors, private investors, financial analysts, and rating agencies continuously updated on market developments and business performance, the TRATON GROUP’s strategic focus, as well as current topics and significant events within the company. The main discussion topics over the course of 2025 were: US tariffs, investments in a new production facility in China, the advantages of Group R&D and the corresponding effects on the TRATON Modular System (TMS), as well as cost-cutting measures in response to declining market conditions.

In the run-up to the quiet period for the quarterly financial statements, TRATON organized pre-close calls throughout fiscal year 2025. To promote transparent dialog, the capital markets were once again provided with a current overview of the latest developments and statements by management, as well as key messages for the quarter. To publish and present its financial results, TRATON hosted virtual analyst and investor conferences via audio or video each quarter, followed by a Q&A round. Following the publication of the annual and quarterly figures, the Investor Relations department organized roadshow activities together with the Executive Board.

This was supplemented by ongoing dialog with the capital markets during the fiscal year in the form of investor conferences and one-on-one and group meetings. These formats were implemented both in-person and virtually. A total of 19 conference and roadshow activities were held during fiscal year 2025, including four events for investors in debt instruments. The in-person events focused on Europe and North America, in particular the financial centers Frankfurt, Stockholm, London, Paris, and New York. All dates for the publication of financial results, the Annual General Meeting, and investor relations activities are announced in advance and continuously updated in the financial and event calendar on the Investor Relations website at https://ir.traton.com/en/financial-dates-events.

TRATON is increasingly focusing on digital channels in addition to direct capital market dialog. The TRATON Investor Relations website serves as a central source of information and offers continuous relevant content over and above the obligatory disclosures. TRATON also uses social media to regularly publish posts with a capital market and financial focus, thereby reaching out to a broad target group.

The Annual General Meeting of TRATON SE was held in Munich on May 14, 2025, without the physical presence of shareholders and their representatives. Around 370 people followed the virtual shareholders’ meeting online, including approximately 70 shareholders who registered via the shareholder portal.

Positive equity market performance in 2025

The performance of the international equity markets was mixed in the reporting year, but positive overall. While stock markets in Europe initially performed better than those in the United States, US trade policy in particular led to increased volatility and falling prices, following the imposition of import tariffs. The equity markets recovered from their losses over the course of the year, with prices in the United States in particular rising sizably on the back of expectations of further interest rate cuts and strong performance by technology stocks. Overall, interest rate cuts by the leading central banks, the Fed (US) and the ECB (Europe), progress in the global trade dispute, the ceasefire in the Middle East conflict, and news of peace negotiations for Ukraine supported the mood on the stock markets over the course of the year.

At 24,611 points, the German Dax benchmark index reached a new all-time high on October 9, 2025, and closed the trading year at 24,490 points, an increase of 23.0%. The MDax, which comprises the 50 most important companies in Germany below the Dax and where TRATON is listed, closed the year up 19.7% on the previous year-end. The Stoxx Europe 600 Industrial Goods & Services (SXNP) index, whose members are the largest listed European companies in the industrial goods and services sector, including TRATON, rose by 21.8% in 2025.

TRATON share price sees increase

TRATON SE shares initially performed well at the beginning of the year, riding the wave of positive sentiment on the equity markets. However, the import tariffs imposed by the US government weighed on the markets later in the year. The measures announced in March and implemented at the beginning of April led to a noticeable correction in the share price at the end of the first quarter and beginning of the second quarter. A migration of capital from the United States to Europe as a result of US tariff policy supported a significant recovery in the share price in the following months. At the end of July, the TRATON GROUP had to downgrade its outlook for full-year 2025 in an increasingly difficult operating market environment with lower-than-expected sales figures. The additional US tariffs on medium-duty and heavy-duty trucks announced in September under Section 232 of the Trade Expansion Act of 1962 (Section 232) further dampened sentiment in the commercial vehicle sector at the end of the third quarter. As a result, TRATON shares initially lagged behind the major benchmark indices, but performed overall in line with the European commercial vehicle sector. Subsequently, the share price stabilized again at the end of the year and followed the largely positive capital market trends. Overall, TRATON shares recorded a positive performance in 2025.

TRATON shares were priced at €30.50 on Deutsche Börse’s Xetra trading system and 334.00 SEK on Nasdaq Stockholm on December 31, 2025. This resulted in price increases of 9.1% and 4.7% compared with the end of 2024. Including the dividend of €1.70 distributed for 2024, the total return to our shareholders was 15.2% and 10.5%, respectively.

As of the end of 2025, 23 financial analysts rated TRATON shares, of which 7 issued a positive recommendation (“buy” or “overweight”). 13 analysts rated the shares as “neutral”. The median analyst target price at year-end was €30.50.

TRATON share price performance in 2025 compared with selected indices since January 1, 2025 (indexed; January 1, 2025 = 100%)

Indicators for TRATON shares

1 Year-end closing Xetra price in relation to earnings per share

2 2025: proposed dividend, subject to approval by the 2026 Annual General Meeting

3 Dividend per share based on the year-end closing price of TRATON shares (Xetra trading)

4 As of December 31

Increase in the free float and trading volume of TRATON shares

Volkswagen International Luxemburg S.A., Strassen, Luxembourg, a Volkswagen Group company, reduced its equity interest in the TRATON SE on March 19, 2025. A total of €360 million in shares were placed at a price of €32.75 per share. This reduced Volkswagen International Luxembourg S.A.’s interest in the share capital by 2.2%, from 89.7% to 87.5%. The free float increased accordingly and stood at 12.5% at the end of 2025, with the trading volume of TRATON shares also growing. The free float shareholder base comprises both institutional investors and retail shareholders from countries including Sweden, Germany, the UK, and the US, and was further expanded by the share placement.

Efficient use of the debt market

TRATON also expanded its activities in the debt market. Despite continued geopolitical tensions and weak economic growth, the debt market proved robust and receptive to large issuance volumes in 2025. Declining ECB key interest rates and stable corporate data supported demand, while default rates remained historically low. Record issuance activity in the fourth quarter was also absorbed well by the market. Overall, 2025 offered a sufficient number of time windows to TRATON for placements.

TRATON was able to continue relying on its sound credit ratings, which are influenced by Volkswagen AG’s ratings, among other factors. TRATON SE has had long-term issuer ratings from Moody’s Investors Service (Moody’s) and S&P Global Ratings (S&P) since June 17, 2020. Since September 12, 2023, it has also had short-term ratings from both rating agencies. The outlook for TRATON’s ratings was downgraded by one notch in each case in the fourth quarter of 2025.

Ratings (as of December 31, 2025)

Expansion of the debt capital framework programs

The European Medium Term Notes program (EMTN program) launched on March 12, 2021, was updated on March 24, 2025, and increased from €12.0 billion to €18.0 billion. In addition to TRATON SE, the company’s indirect subsidiary TRATON Finance Luxembourg S.A. can also issue bonds under this program. The issuance program is used for general corporate purposes, with the capital raised being used as needed within the TRATON GROUP. In 2025, public bonds were again issued under the EMTN program in Swedish kronor and Swiss francs, in addition to bonds in euros. The bonds were issued by TRATON Finance Luxembourg S.A. and are listed on the Regulated Market of the Luxembourg Stock Exchange or, for Swiss francs, on the Swiss Stock Exchange.

Outstanding bonds of TRATON Finance Luxembourg S.A.

In addition, Scania CV AB, an indirect subsidiary of TRATON SE, continued to have bonds outstanding under its €5 billion bond issuance program in 2025. These mature at the end of the first quarter of 2027.

Outstanding bonds of Scania CV AB

To ensure further diversification, TRATON successfully launched an Australian Medium-Term Note program (AMTN program) with a volume of AUD 5.0 billion (approximately €2.8 billion) in 2025. TRATON used this step to expand its financing strategy and opened up access to new investor groups in Australia, New Zealand, Japan, Singapore, and Hong Kong. The AMTN program supplements the existing EMTN program. As of December 31, 2025, no bonds had been issued under the new AMTN program.

In addition, as part of its sustainability strategy, the TRATON GROUP launched a Green Finance Framework in the fourth quarter of 2025 that serves to finance and refinance sustainable investments in battery-electric vehicles (BEVs) along its entire value chain. As of December 31, 2025, TRATON did not issue any financing instruments with reference to the Green Finance Framework.

Regular financing under the Commercial Paper program

In addition to the aforementioned framework programs, TRATON regularly uses the commercial paper program (CP program) established in 2023 for short-term funding with maturities of up to one year, which can be utilized with a total volume of €2.5 billion. The issuers under the CP program are TRATON SE and its indirect subsidiaries TRATON Finance Luxembourg S.A. and TRATON Treasury AB. Through the CP program, TRATON can issue bonds in various currencies, and the funds raised are intended for general corporate purposes.

Further information about TRATON shares, outstanding bonds, and TRATON’s ratings, as well as financial news, financial reports, presentations, and information about the Annual General Meeting can be found on our Investor Relations website at https://ir.traton.com/en/.