New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.7% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.4% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Duyuru • Jun 19
Traton Se Approves Dividend for 2025 TRATON Annual General Meeting approved all items on this year’s Annual General Meeting agenda by a large majority. They resolved on a dividend payout for financial year 2025 of €0.93 per share, compared to last year’s figure of €1.70, reflecting lower earnings, while continuing to follow a balanced and responsible capital allocation approach. Upcoming Dividend • Jun 10
Upcoming dividend of €0.93 per share Eligible shareholders must have bought the stock before 17 June 2026. Payment date: 19 June 2026. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Italian dividend payers (4.8%). Higher than average of industry peers (1.0%). New Risk • May 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.7% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.0% net profit margin). Reported Earnings • Apr 30
First quarter 2026 earnings released: EPS: €0.45 (vs €0.93 in 1Q 2025) First quarter 2026 results: EPS: €0.45 (down from €0.93 in 1Q 2025). Revenue: €10.2b (down 3.5% from 1Q 2025). Net income: €225.0m (down 52% from 1Q 2025). Profit margin: 2.2% (down from 4.4% in 1Q 2025). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.9% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Duyuru • Apr 02
TRATON GROUP and Applied Intuition Announces TRATON ONE OS, a Unified Software Platform for Improved Fleet Uptime Across TRATON's Four Global Brands The TRATON GROUP and Applied Intuition, Inc. announced TRATON ONE OS, a next-generation software-defined vehicle platform that will power all new vehicles across TRATON's four brands: Scania, MAN, International and Volkswagen Truck & Bus. Building on more than a year of co-development, the two companies are deploying a single unified platform that's at the forefront of innovation to deliver benefits to customers: Prevent costly downtime: The system's unified data access is designed to enable predictive maintenance capabilities that allow fleet operators to identify and address potential mechanical issues before they lead to breakdowns, service recalls or unplanned downtime. Future-proof fleets: Customers will be able to receive new applications, features and full-cabin user-interface upgrades via over-the-air software updates, eliminating many workshop visits and allowing vehicles to improve throughout their operational life. Unlock the autonomous future: The platform's adaptive middleware is designed to serve as a foundation for autonomous driving systems, enabling TRATON to layer autonomous capabilities onto the same architecture over time. Designed to bring the speed, flexibility and continuous update cycles of modern software development to the commercial vehicle industry, TRATON ONE OS will operate on all high-performance computers (HPCs) in TRATON's new vehicle architecture. The platform supports multiple hardware chipsets and global regulatory environments while giving TRATON teams a common foundation to build on — all without compromising each brand's distinct customer experience. Testing of the first integrated ECU hardware will begin in April 2026, with rollout across new trucks targeted for 2028. The platform is being co-developed as a white-box modular architecture that combines TRATON's internal development with Applied Intuition's Vehicle OS for trucking, as well as trusted third-party and open-source components. This modular approach allows TRATON to replace or consolidate compute units over time without fragmenting the software stack or rewriting the platform or applications, supporting the company's long-term ambition to move toward fewer, more powerful high-performance computers. Reported Earnings • Mar 05
Full year 2025 earnings released: EPS: €3.09 (vs €5.61 in FY 2024) Full year 2025 results: EPS: €3.09 (down from €5.61 in FY 2024). Revenue: €44.1b (down 7.2% from FY 2024). Net income: €1.55b (down 45% from FY 2024). Profit margin: 3.5% (down from 5.9% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.0% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Feb 12
Now 21% undervalued Over the last 90 days, the stock has risen 26% to €36.08. The fair value is estimated to be €45.82, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 19% per annum over the same time period. Duyuru • Jan 30
Traton SE to Report Nine Months, 2026 Results on Oct 28, 2026 Traton SE announced that they will report nine months, 2026 results on Oct 28, 2026 Duyuru • Jan 29
Traton SE to Report Q2, 2026 Results on Jul 23, 2026 Traton SE announced that they will report Q2, 2026 results on Jul 23, 2026 Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: €0.65 (vs €1.45 in 3Q 2024) Third quarter 2025 results: EPS: €0.65 (down from €1.45 in 3Q 2024). Revenue: €10.4b (down 12% from 3Q 2024). Net income: €324.0m (down 55% from 3Q 2024). Profit margin: 3.1% (down from 6.1% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 29% per year. Reported Earnings • Jul 27
Second quarter 2025 earnings released: EPS: €0.49 (vs €1.17 in 2Q 2024) Second quarter 2025 results: EPS: €0.49 (down from €1.17 in 2Q 2024). Revenue: €11.3b (down 2.5% from 2Q 2024). Net income: €246.0m (down 58% from 2Q 2024). Profit margin: 2.2% (down from 5.0% in 2Q 2024). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Duyuru • Jul 25
Traton SE Updates Earnings Guidance for the Full Year 2025 Traton SE updated earnings guidance for the full year 2025. For the period, the company now expects a range of negative 10% to 0% (previously negative 5% to positive 5%) for unit sales and sales revenue. Upcoming Dividend • May 08
Upcoming dividend of €1.70 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 19 May 2025. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Italian dividend payers (5.6%). Higher than average of industry peers (1.8%). Reported Earnings • Apr 29
First quarter 2025 earnings released First quarter 2025 results: Revenue: €10.6b (down 10% from 1Q 2024). Net income: €466.0m (down 38% from 1Q 2024). Profit margin: 4.4% (down from 6.4% in 1Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Machinery industry in Italy. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to €25.52, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Machinery industry in Italy. Total returns to shareholders of 90% over the past three years. Duyuru • Mar 28
Traton SE, Annual General Meeting, May 14, 2025 Traton SE, Annual General Meeting, May 14, 2025, at 10:00 W. Europe Standard Time. 
