Slide 1: Volkswagen AG Investor, Analyst and Media Call Q1/2026
Volkswagen AG Investor, Analyst and Media Call Q1/2026 April 30, 2026
Slide 2: Disclaimer
Disclaimer The following presentations as well as remarks/comments and explanations in this context contain forward-looking statements on the business development of the Volkswagen Group. These statements are based on assumptions relating to the development of the economic, political and legal envir
Slide 3: Volkswagen Group Highlights 2026 YTD
Volkswagen Group Highlights 2026 YTD New model momentum continuing, reflected Cupra Raval and ID. Polo launched to market Switching to delivery mode in China in continued strong European performance as first models of Electric Urban Car Family with >30 new models until 2027 Strategic shift in North
Slide 4: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Deliveries to Customers Sales Revenues Automotive Net Cash Flow 2.05m € 75.7bn € 2.0bn European Order Book Operating Margin Automotive Net Liquidity 1,092k 3.3% / 4.3%1 € 34.2bn 1. Before special effects, i.e. net restructuring cost and cost related to end of production
Slide 5: Group Target Picture – Transformation 2030
xxx Group Target Picture – Transformation 2030 xxx Product Technology Production Regional Portfolio Roadmap Network Growth Significantly reduced Focused approach to Right-sized & Independent regional number of models E/E architectures, ADAS re-engineered hubs, centrally steered & variants stacks, mo
Slide 6: Ambition
Ambition 8-10% 2030 Operating Margin >60% Automotive Cash Conversion 6
Slide 7: Q1 Highlights Q1 Financials Volkswagen Group
1 Q1 Highlights 2 Q1 Financials Volkswagen Group
Slide 8: Volkswagen Group Deliveries
Volkswagen Group Deliveries Q1 deliveries below prior-year level, BEV ratio slightly lower year-on-year at 9.8% 950 Deliveries [‘000 units / per month] 2025 2026 850 750 650 550 01 02 03 04 05 06 07 08 09 10 11 12 Q1 deliveries decreased Q1 deliveries ex China JVs Global market share1 by 4% to 2.05
Slide 9: Volkswagen Group Deliveries by Region, Q1 2026
Volkswagen Group Deliveries by Region, Q1 2026 Growth in Europe and South America partly offset declines in China and North America Europe1 North America +5% -13% Q1 2025 Q1 2026 Q1 2025 Q1 2026 China -15% South America +7% Q1 2025 Q1 2026 Q1 2025 Q1 2026 1. EU 27+4. As published on 13 April 2026. 9
Slide 10: Volkswagen Group Order Situation
Volkswagen Group Order Situation European1 order book improved in Q1 with reach of >3 months Order book Order intake [k vehicles] [k vehicles] Order intake up by 3% y-o-y in Q1 2026, supported by continued product momentum +15% +3% Order book improved 1,092 1,081 1,114 versus year-end 2025 for 951 b
Slide 11: Volkswagen Group Q1 BEV & PHEV Deliveries
Volkswagen Group Q1 BEV & PHEV Deliveries Healthy growth in Europe only partially compensated declines in China & North America Top BEV Models Q1 2026 Annual Development 17.0% 18.1% Elroq ID.3 30k 20k 10.2% 9.8% 217 ID.4/5 Q4 e-tron 200 25k 16k 109 83 Enyaq ID.7 22k 15k Q1 2025 Q1 2026 BEV share EU2
Slide 12: Q1 Highlights Q1 Financials Volkswagen Group
1 Q1 Highlights 2 Q1 Financials Volkswagen Group
Slide 13: Financial Overview
Financial Overview Reported operating result impacted by ID.4 US production stop, TRATON and tariffs Vehicle Sales Sales Revenue Operating Result & Margin [m vehicles] [€ bn] [€ bn] Margin [%] -2% 77.6 75.7 3.7% 3.3% -14% -7% 2.9 2.1 2.0 2.5 ex China JVs 1.5 1.5 -2% YoY Jan-Mar Jan-Mar Jan-Mar Jan-
Slide 14: Operating Result and Profitability
Operating Result and Profitability € 0.8bn negative special effects and € 0.6bn burden from US tariffs impacting Q1 2026 results Operating Result & Margin Special effects in Q1 2026 [€ bn] Margin [%] -€ 0.3bn net restructuring cost, mainly TRATON and Brand Group CORE 3.3% 4.3% -€ 0.5bn cost relate
Slide 15: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity High investment discipline and lower cash taxes support Net Cash Flow Rep. Net Cash Flow1 'Clean' Net Cash Flow1, 2 Net Liquidity1 [€ bn] [€ bn] [€ bn] -1% 34.5 34.2 +2.0 +1.9 -0.1 -0.8 Jan-Mar Jan-Mar Jan-Mar Jan-Mar 31 Dec 31 Mar 2025 2026 2025 2026 2025
Slide 16: Automotive Net Liquidity
Automotive Net Liquidity Financial position remains at solid level despite redemption of hybrid bond in Q1 Reported Net Cash Flow (+€ 2.0bn)1 Clean NCF (+€ 1.9bn)1 +1.9 +/- 0.0 +0.2 -1.7 -0.1 -0.5 34.5 34.2 31 Dec Operating Dividend of Diesel M&A Hybrid Capital Other2 31 Mar 2025 Business Chinese JV
Slide 17: Operating Result by Division
Operating Result by Division Improved operating performance outweighs special effects and tariffs in Passenger Cars, TRATON Operations impacted by restructuring and alignment Automotive Division1 Financial Services Division Passenger Cars Commercial Vehicles Financial Services Operating Result [€ bn
Slide 18: Passenger Cars and Light Commercial Vehicles
Passenger Cars and Light Commercial Vehicles Operating result benefitted from improving cost base Operating Result [€ bn] Margin [%] +0.8 2.3 1.6 -0.7 +0.1 +0.4 Overhead cost: +0.8 Fixed cost: +0.1 Volume & other: -0.1 EOP ID.4 US: -0.5 Mix: -0.4 Other: +0.4 Price: +0.2 2.8% Tariffs: -0.4 4.1% Jan-
Slide 19: Overhead Cost Development Automotive Division
Overhead Cost Development Automotive Division Overhead cost1 [as % of Automotive revenue] TRATON [in €bn] Passenger Cars [in €bn] 18.5% Continued improved overhead cost discipline 15.7% 17.3% 16.6% Overhead cost reductions 45.5 particularly strong at Brand 43.1 Group Progressive 5.2 7.2 Cost incre
Slide 20: Development of headcount
Development of headcount Workforce reduction progressing as planned, ~30k exit contracts signed across Group Volkswagen AG1 (Germany) Volkswagen Group (Germany) Volkswagen Group (Global) [active2 workforce in ‘000] VW Sachsen & [active2 workforce in ‘000] [active2 workforce in ‘000] VW Osnabrück VW
Slide 21: Q1 2026 Performance Brand Groups
Q1 2026 Performance Brand Groups Operating performance of all passenger car brand groups in line with communicated guard rails Core Progressive Sport Luxury Vehicle Sales [k units] 1,227 (flat) 260 (-6%) 59 (-9%) Sales Revenue [€ bn] 34.9 (-1%) 14.2 (-8%) 7.4 (-6%) Operating Result [€ bn] 1.5 (+38%)
Slide 22: Q1 2026 Performance Brand Group Core
Q1 2026 Performance Brand Group Core VW brand impacted by ID.4 US end of production, Škoda on continuously strong level, each SEAT/CUPRA, VW CV and Components up year-over-year VW Group Volkswagen ŠKODA SEAT|CUPRA Comm. Veh. Components Vehicle Sales [k units] 716 (-1%) 315 (+14%) 156 (-2%) 99 (-8%)
Slide 23: Performance Brand Group Core
Performance Brand Group Core Continued strong performance of Škoda, Volkswagen brand slightly below full year target of >4% before special effects Q1 26 Last 4 quarters excl. (reported) trend effects1 Brand Group Core 4.4% 6.3% Volkswagen Brand 0.4% 3.5% Škoda 8.3% SEAT/CUPRA 1.2% VW Commercial Vehi
Slide 24: Q1 2026 Performance Technology Platforms
Q1 2026 Performance Technology Platforms CARIAD with improved revenue and operating result, Battery broadly stable year-on-year CARIAD: Software Battery Operating result improved due to higher sales revenue & consequent execution of transformation program; prior year burdened by Sales Revenue [€ bn]
Slide 25: Q1 2026 Performance Brand Group Trucks – TRATON
Q1 2026 Performance Brand Group Trucks – TRATON1 Slow start to the year as special effects & weak NA and LatAm business weigh on profitability Sales revenue below previous year due to lower unit sales, partly offset by vehicle services business Operating result impacted Sales Revenue [€ bn] 9.8 (-5%
Slide 26: Q1 2026 Performance Volkswagen Financial Services
Q1 2026 Performance Volkswagen Financial Services Volkswagen Solid development of Financial Services1 business and margin Operating Result [€ bn] 1.0 (-8%) Growth of contract volume and strong cost discipline Volkswagen Group Mobility Risk situation slightly deteriorated in Europe and Contracts [‘00
Slide 27: Automotive Investment Ratio
Automotive Investment Ratio Focused investment spend discipline continues with further reduction in absolute terms [in € bn & in % of Automotive Division revenue] CAPEX R&D Investment spend broadly stable year-on-year, both in ~11.2% ~11.3% absolute and relative terms ∑ 11 – 12% ∑ € 7.7bn ∑ € 7.5bn
Slide 28: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result Switching to delivery mode with ‘in China, for China’ strategy in an overall weak market 2026 performance driven by • continued fierce competition • persistently tough market ∑ 800-1,200 conditions, esp. in premium • Cost related to launches ∑ 958
Slide 29: Financial Outlook Full Year 2026 confirmed
Financial Outlook Full Year 2026 confirmed FY 2025 Q1 2026 Outlook FY 2026 Sales Revenue € 321.9bn € 75.7bn 0% to 3% Operating Profit Margin 2.8% 3.3% 4.0% to 5.5% Automotive Investment Ratio1 11.8% 11.3% 11% to 12% Automotive Reported Net Cash Flow € 6.4bn € 2.0bn € 3bn to € 6bn Automotive Net Liqu
Slide 30: Volkswagen Group
VOLKSWAGEN GROUP
Slide 31: Upcoming Events
Upcoming Events Volkswagen Group ESG Conference on June 10, 2026 Volkswagen AG Annual General Meeting on June 18, 2026 Volkswagen Group H1 Results with CEO Oliver Blume and CFO & COO Arno Antlitz on July 24, 2026 Volkswagen Group 9M Results with CFO & COO Arno Antlitz on October 29, 2026 31
Slide 32: Volkswagen Group Q1
Volkswagen Group Q1 VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Brand Group Core 1,227 1,224 34,874 35,340 1,541 1,118 4.4 3.2 Volkswagen Passenger Cars 716 726 19,897 21,226 73 112 0.4 0.5 ŠKODA
Slide 33: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) VW Golf R 8.1 – 8.5 l/100km n/a 184 -193 g/km n/a Golf 8 GTI 7.3 – 7.1 l/100km n/a 167 -162 g/km n/a ID.3 Neo n/a 14.3-15.7 kWh/
Slide 34: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Škoda Vision O The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emi
Slide 35: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Bentley Continental GT Speed 10.3 l/100 km 28.1 kWh/100km 29 g/km n/a Bentayga Speed 14.7 l/100 km n/a 335 g/km n/a Bugatti CHIR
Slide 36: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Audi A5 7.7 – 4.8 l/100km n/a 176 – 125 g/km n/a Concept C Vehicle is not yet offered for sale & is therefore not subject to Dir
Slide 37: Useful Links – Volkswagen Group Brands
Useful Links Volkswagen Group Brands Group Investor Relations Homepage Volkswagen Financial Services IR Homepage Volkswagen Group IR Presentations Audi IR Homepage Volkswagen Group Fact Book Porsche AG IR Homepage Group Product & Tech Investor and Analyst Update 2025 TRATON IR Homepage China Investo
Slide 38: Volkswagen Group
VOLKSWAGEN GROUP