Volkswagen Ag · XETR:VOW
Volkswagen — H1 2026 Earnings Presentation
60 slides from Volkswagen's earnings presentation, Jul 24, 2026
Slide 1: Volkswagen AG Investor, Analyst and Media Call H1/2026
Volkswagen AG Investor, Analyst and Media Call H1/2026 July 24, 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: H1 Operational Performance, H1 Financials, Group Target Picture 2030
1 H1 Operational Performance 2 H1 Financials Volkswagen Group 3 Group Target Picture 2030
Slide 4: External forces pressure Europe and its auto industry
External forces pressure Europe and its auto industry -16% market (EU+UK+EFTA, 2025 vs. 2019) > 8% total market share China OEMs (H1/26) 30% PHEV market share China OEMs (H1/26) US tariffs -20% market (H1/2026) US trade barriers > 500 new models (2026) BEV transformation 15% price
Slide 5: Q2 Deliveries by Region
Q2 Deliveries by Region China significantly lower in weak market, deliveries up in Europe, North and South America Europe1 North America +2.5% H1: +3.5% China +7.7% -36.6% H1: -3.1% H1: -25.9% Q2 2025 Q2 2026 Q2 2025 Q2 2026 World Q2 2025 Q2 2026 South America -8.6% H1: -6.3% +9.4% H1: +8.3% Q2 2025
Slide 6: New models create momentum in key markets
New models create momentum in key markets North America Western Europe China 6
Slide 7: Order Situation
Order Situation European1 order book up 12% year-to-date, order reach at ~3.5 months Order book Order intake [k vehicles] [k vehicles] Order intake up by 4% year- to-date 2026, supported by continued product momentum +4% Order book strongly 2,040 2,131 improved as per end of June; +12% BEVs up by 57
Slide 8: BEV Order Book
BEV Order Book Very strong BEV order momentum supported by the launch of the Electric Urban Car Family BEV Order book [k vehicles] +57% 330 211 June 2025 June 2026 launched in July 8
Slide 9: H1 2026 Financial Highlights
H1 2026 Financial Highlights Deliveries to Customers Sales Revenues Automotive Net Cash Flow 4.1m € 158.1bn € 3.2bn European Order Book Operating Margin Automotive Net Liquidity 1,065k 3.8% / 4.3%1 € 32.7bn 1. Before special effects, i.e. net restructuring cost and cost related to end of production
Slide 10: Slide 10
Slide 11: H1 Operational Performance, H1 Financials, Group Target Picture 2030
1 H1 Operational Performance 2 H1 Financials Volkswagen Group 3 Group Target Picture 2030
Slide 12: Financial Overview
Financial Overview H1 2026 operating result impacted by US tariffs, special effects and weak China business Vehicle Sales Sales Revenue Operating Result & Margin [m vehicles] [€ bn] [€ bn] Margin [%] ~ 158.4 158.1 4.2% 3.8% -12% 6.7 -8% 5.9 4.4 4.0 ex China JVs 3.1 3.1 +1% YoY Jan-Jun Jan-Jun Jan-J
Slide 13: Operating Result and Profitability
Operating Result and Profitability € 0.9bn negative special effects impacting H1 2026 results Operating Result & Margin Special effects in H1 2026 [Margin in %, Operating Result in € bn] -€ 0.5bn cost related to end € 6.9bn of production of ID.4 in US € 5.9bn 5.5% -€ 0.3bn restructuring net of 4.3%
Slide 14: Profit Before and After Tax
Profit Before and After Tax Profit after Tax below prior year due to operating performance and other financial result Profit before Tax Profit after Tax Earnings per Preferred Share [€ bn] [€ bn] [€] -26% 6.4 -36% -31% 8.03 4.8 4.5 3.1 5.17 Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun 2025 2026 2
Slide 15: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity Reduced investments, lower cash taxes and working capital support strong Net Cash Flow Rep. Net Cash Flow1 'Clean' Net Cash Flow1, 2 Net Liquidity1 [€ bn] [€ bn] [€ bn] -1.7 34.5 32.7 +4.5 +3.5 +3.2 +3.7 +0.2 -1.4 Jan-Jun Jan-Jun Jan-Jun Jan-Jun 31 Dec 30 J
Slide 16: Automotive Net Liquidity
Automotive Net Liquidity Net liquidity at solid level despite hybrid bond redemption, Rivian payment and dividend Reported Net Cash Flow (+€ 3.2bn)1 +3.3 +0.3 -0.4 -3.1 34.5 of which: -1.7 Rivian -0.9 Sinotruk +0.5 -0.1 32.7 31 Dec Operating Dividend of M&A Dividends Hybrid Capital Other3 30 Jun 202
Slide 17: Operating Result by Division
Operating Result by Division Solid operating performance in dynamic market environment in Passenger Cars, TRATON Operations results impacted by Q1 restructuring and re-alignment Automotive Division1 Financial Services Division Passenger Cars Commercial Vehicles Financial Services Operating Result [€
Slide 18: Passenger Cars and Light Commercial Vehicles
Passenger Cars and Light Commercial Vehicles Improving overhead cost base and FX effects more than offset volume/price/mix headwind Operating Result [€ bn] Margin [%] +2.0 4.8 4.4 -2.2 +0.9 -0.3 Overhead cost: +0.4 Volume & other: -0.7 EOP ID.4 US: -0.5 Mix: -1.3 Other: +2.2 Price: -0.3 Tariffs1: +
Slide 19: Development of headcount in Germany
Development of headcount in Germany Workforce reduction progressing as planned Volkswagen AG1 (Germany) Volkswagen Group (Germany) [active2 workforce in ‘000] VW Sachsen & [active2 workforce in ‘000] VW Osnabrück VW AG -21k (-8%) -6k -17k 275.4 (-2%) (-15%) 260.3 253.9 -3k 115.1 (-3%) 14.0 101.8 98.
Slide 20: Volkswagen Group SG&A Ratio
Volkswagen Group SG&A Ratio Overhead cost target derived from SG&A benchmark SG&A1 Benchmark Overhead cost SG&A benchmark highlights -€ 11bn structural disadvantages or -25% Measures are aimed at ~30% Gap € 48bn reducing complexity, € 46bn simplifying organizational € ~37bn levels, and eliminating d
Slide 21: H1 2026 Performance Brand Groups
H1 2026 Performance Brand Groups Brand groups Core and Progressive results broadly stable y-o-y, Sport Luxury improved Core Progressive Sport Luxury Vehicle Sales [k units] 2,590 (+3%) 528 (-8%) 121 (-11%) Sales Revenue [€ bn] 73.0 (+1%) 29.2 (-10%) 15.2 (-6%) Operating Result [€ bn] 3.6 (+5%) 1.1 (
Slide 22: H1 2026 Performance Brand Group Core
H1 2026 Performance Brand Group Core Škoda with continued strong performance, VW impacted by restructuring and US ID.4 stop H1 26 Last 4 quarters excl. (reported) trend effects1 Brand Group Core 4.9% 5.9% Volkswagen Brand 2.4% 3.8% Škoda 8.5% SEAT/CUPRA 1.6% VW Commercial Vehicles 3.3% Group Compone
Slide 23: H1 2026 Performance Technology Platforms
H1 2026 Performance Technology Platforms CARIAD with improved operating results, Battery stabilized despite continued ramp-up Software Battery CARIAD: Operating result benefitted from higher sales and consequent execution of Sales Revenue [€ bn] 0.8 (+44%) 0.1 (+>100%) transformation program Operati
Slide 24: H1 2026 Performance Brand Group Trucks – TRATON
H1 2026 Performance Brand Group Trucks – TRATON1 Improved performance in Q2 after slow start to the year Revenue slightly down on lower unit sales; Scania and MAN up, US recovery expected in H2 Operating result impacted by lower volumes, tariff costs & Sales Revenue [€ bn] 21.1 (-0%) special effects
Slide 25: H1 2026 Performance Volkswagen Financial Services
H1 2026 Performance Volkswagen Financial Services Volkswagen Financial Services1 Solid development of Operating Result [€ bn] 1.9 (-2%) business and margin Volkswagen Growth of contract volume Group Mobility and strong cost discipline Contracts [‘000 units] 27,996 (+3.1%) Slightly increased residual
Slide 26: Automotive Investment Ratio
Automotive Investment Ratio Focused investment spend discipline continues with further notable reduction in H1 2026 [in € bn & in % of Automotive Division sales revenue] CAPEX R&D Automotive Sales Revenue ~€ 300bn stable 13.0% Investment spend already 11.4% significantly reduced year- € 16.3bn 10.6%
Slide 27: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result NEV model momentum gaining traction, strong cost work partially offsets weak volumes H1/26 performance driven by ∑ 958 • sharply lower volumes in weak market 214 • continued fierce competition 238 • cost related to new NEV ∑ 200-600 launches with
Slide 28: Key step towards streamlining Group investment portfolio
Key step towards streamlining Group investment portfolio Exclusive arrangement for sale of 51% stake in Everllence Leveraged buy-out generates Everllence to enter next growth Highly competitive proceeds of € 7.4bn; phase; IPO envisaged for full exit process recognized best 49% stake retained in the
Slide 29: Financial Outlook Full Year 2026
Financial Outlook Full Year 2026 FY 2025 H1 2026 Outlook FY 2026 Sales Revenue € 321.9bn € 158.1bn -3% to 0% (before: 0% to 3%) Operating Profit Margin 2.8% 3.8% 4.0% to 5.5% Automotive Investment Ratio1 11.8% 10.6% 11% to 12% Automotive Reported Net Cash Flow € 6.4bn € 3.2bn € 3bn to € 6bn Automoti
Slide 30: Group Target Picture | Financial Ambition 2030
Group Target Picture | Financial Ambition 2030 Align cost structures to 9 million vehicles p.a. to achieve: 2025 Operating Return on Sales 2.8% / 4.7%1 8 to 10% Automotive Cash Conversion 122% / 58%1 >60% Automotive Overhead Cost Ratio 16% ~12% Automotive Investment Ratio2 12% ~9% 1. Excl. cost rela
Slide 31: H1 Operational Performance, H1 Financials, Group Target Picture 2030
1 H1 Operational Performance 2 H1 Financials Volkswagen Group 3 Group Target Picture 2030
Slide 32: Progress delivered, promises kept and targets achieved
Volkswagen Group Progress delivered, promises kept and targets achieved 32 32
Slide 33: Transformation need in a massively changed environment
Transformation need in a massively changed environment Turnaround Changed Transformation 2023-2025 environment need Geopolitics Trade GROUP TOP 10 Regulations TARGET programs Markets PICTURE Transformation 2030 33
Slide 34: Group Target Picture 2030
Group Target Picture 2030 | Building a faster, more resilient, xxx more competitive and even more innovative Volkswagen Group xxx Product Technology Production Regional Portfolio Roadmap Network Growth Portfolio Operational Leadership Group Management Excellence & Culture Governance Safeguarding 203
Slide 35: Product Portfolio
Product Portfolio Targeted Group product offering E/F D C B A A0 Focus Segment Complementary Segment Out of focus Reducing number of Optimizing segment coverage Focus on most models by up to 50% w/o compromising customer choice profitable segments 35
Slide 36: Product Portfolio
Product Portfolio Reduce components variety by 75% Example Key module Variant Reduction Ambition BGC Front Lights -60 % Front Bumper -50 % Seat main modules -30 % BGP Seat (parts incl. color/material) -90 % Steering wheels -60 % Rims -50 % 36
Slide 37: Technology Roadmap
Technology Roadmap Becoming the Automotive Tech Company Western Hemisphere1 Eastern Hemisphere2 E/E Architecture RV Tech SDV VW CEA ADAS Solution envisaged shortly Carizon Platform SSP / phase-out ICE platforms CMP / CSP Infotainment RV Tech Core CARThunder Consolidated and concentrated approach to
Slide 38: Technology Roadmap
Technology Roadmap Global synergies RVT CEA Full vehicle In China, for China competence EU NAR CEA Hub Design CN RVT JV Global solution ME Safety INDIA ASEAN Localization Integration SAM Brazil Technology synergies SAF OCEANIA Localization across Southern hemisphere Under evaluation Dynamics illustr
Slide 39: Production Network
Production Network Aligning global technical production capacity with market reality CLOSURE DISPOSAL 12 m CLOSURE Brussels Osnabrueck Nanjing Kaluga/RUS Ningbo I Urumqi -1 m REPURPOSING -1 m Dresden units units CAPACITY REDUCTION CAPACITY REDUCTION Anting I Wolfsburg Neckarsulm
Slide 40: Operational Excellence
Operational Excellence Main levers and fields of action Research & Development Procurement Production Engineering complexity Near-/Offshoring & commercial lever Automation Testing effort and value depth Supply-chain and supplier Production efficiency Relocation and AI enablement Requirements and spe
Slide 41: Unlocking additional growth potential
Growth Unlocking additional growth potential REGIONS MARKET TECHNOLOGY North America Fleet Business Circular Economy System on Chip India Used Cars (SoC) Global South After Sales Energy Storage Systems Insurance Robotics Defense 41
Slide 42: Ambition 2030
Ambition 2030 8-10% >60% Operating Margin Cash Conversion 42
Slide 43: Group Target Picture 2030: A marathon, not a sprint
Group Target Picture 2030 A marathon, not a sprint Today CONCEPT DRAFT CONCEPT DETAILING MEASURE DETAILING IMPLEMENTATION Q1 2026 Q2 2026 Q3 2026 Q4 2026 2027 2028 2029 2030 Program set up Targets defined First measures defined Realizing targets for invest and earnings, iterating measures on Group a
Slide 44: Key Takeaways
Key Takeaways Unparalleled model H1 results held up well Group Target Picture offensive continues in dynamic environment 2030 launched > Excluding China, deliveries > Stable sales revenue recorded > Addressing Products, improved by 2% Technologies, Structures, > Operating result 12% lower Competitiv
Slide 45: Volkswagen Group
VOLKSWAGEN GROUP
Slide 46: Upcoming Events
Upcoming Events Volkswagen Group H1 Results with CEO Oliver Blume and CFO & COO Arno Antlitz on July 24, 2026 Paris Motor Show Investor Event with CEO Oliver Blume and BGC CEO Thomas Schäfer on October 12, 2026 Volkswagen Group 9M Results with CFO & COO Arno Antlitz on October 29, 2026 46
Slide 47: Volkswagen Group Deliveries
Volkswagen Group Deliveries H1 deliveries below prior-year period due to significantly lower China volumes, exChina +2% 950 Deliveries [‘000 units / per month] 2025 2026 850 750 650 550 01 02 03 04 05 06 07 08 09 10 11 12 H1 deliveries at 4.1m units, 438k BEV deliveries (-6% y-o-y), Global passenger
Slide 48: Volkswagen Group Deliveries by Brand Group
Volkswagen Group Deliveries by Brand Group Excluding China, Brand Groups Core and Progressive overcompensate lower Sport Luxury Core Progressive Sport Luxury Trucks -9% (H1: -6%) -8% (H1: -7%) -18% +4% (H1: -16%) (H1: -1%) Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 +4% +2% -14%
Slide 49: Volkswagen Group H1 BEV & PHEV Deliveries
Volkswagen Group H1 BEV & PHEV Deliveries Healthy growth in Europe only partially compensated declines in China & North America Top BEV Models H1 2026 Annual Development [k vehicles] Elroq ID.3 17.8% 18.7% 60k 44k 10.6% 10.6% 466 ID.4/5 Q4 e-tron 438 54k 34k 246 192 Enyaq Q6 e-tron 48k 32k H1 2025 H
Slide 50: H1 2026 Performance Brand Group Core
H1 2026 Performance Brand Group Core VW Group Volkswagen ŠKODA SEAT|CUPRA Comm. Veh. Components Vehicle Sales [k units] 1,530 (+1%) 629 (+8%) 329 (+2%) 216 (-4%) Sales Revenue [€ bn] 42.3 (-3%) 16.0 (+6%) 7.7 (+1%) 8.2 (-5%) 11.9 (flat) Operating Result [€ bn] 1.0 (-10%) 1.4 (+6%) 0.1 (+>100%) 0.3 (
Slide 51: Overhead Cost Development Automotive Division
Overhead Cost Development Automotive Division Overhead cost [as % of Automotive revenue] TRATON [in €bn] Passenger Cars [in €bn] 18.5% Overhead cost improved in H1 2026 both in relative and 15.7% 16.1% 15.9% absolute terms 45.5 Disciplined cost work more 43.1 than offsets increases from 5.2 7.2 ong
Slide 52: 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 53: Volkswagen Group Q2
Volkswagen Group Q2 VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Brand Group Core 1,364 1,303 38,161 37,140 2,070 2,337 5.4 6.3 Volkswagen Passenger Cars 814 795 22,407 22,222 922 991 4.1 4.5 ŠKOD
Slide 54: Volkswagen Group H1
Volkswagen Group H1 VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 Brand Group Core 2,590 2,527 73,035 72,480 3,611 3,455 4.9 4.8 Volkswagen Passenger Cars 1,530 1,521 42,304 43,448 995 1,103 2.4 2.
Slide 55: 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 ID.3 Neo n/a 14.3 – 15.7 kWh/100km n/a up to 629km ID.3 Pro S n/a 14.9 kWh/10
Slide 56: 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 57: 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 58: 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 59: Volkswagen Group Brands: Useful Links
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 60: Volkswagen Group
VOLKSWAGEN GROUP