Volkswagen Ag · XETR:VOW
Volkswagen — 9M 2025 Earnings Presentation
46 slides from Volkswagen's earnings presentation, Oct 30, 2025
Slide 1: Volkswagen AG Investor, Analyst and Media Call 9M/2025
Volkswagen AG Investor, Analyst and Media Call 9M/2025 October 30, 2025
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: Key Developments, Financials
1 Key Developments 2 Financials
Slide 4: Volkswagen Group Key Developments in Q3 2025
Volkswagen Group Key Developments in Q3 2025 Urban BEV family revealed at IAA with Concept C: “Strive for clarity” as guiding All-new VW T-Roc: Premiere of the bestseller ID.Polo, ID.Cross, Cupra Raval and Skoda Epiq principle for new Audi design philosophy with innovative technologies and design Au
Slide 5: Volkswagen Group Deliveries 9M 2025
Volkswagen Group Deliveries 9M 2025 Deliveries to customers in first nine months slightly up year-on-year to 6.6 million vehicles 950 Deliveries [‘000 units / per month] 2024 2025 850 750 650 550 01 02 03 04 05 06 07 08 09 10 11 12 6.6 million deliveries in 9M, Q3 deliveries increase by 1% to Global
Slide 6: Volkswagen Group Order Situation 9M 2025
Volkswagen Group Order Situation 9M 2025 Western Europe order intake +17% YoY, order book reach >3 months Order bank Order intake [k vehicles] [k vehicles] +17% 2,530 Continued strong order 2,161 intake in Western Europe, sequentially stable BEV orders up by 64% +4% BEVs accounting for 25% 851 885 o
Slide 7: Volkswagen Group Deliveries by Region 9M 2025
Volkswagen Group Deliveries by Region 9M 2025 Growth in Europe and South America more than offset decline in China and North America Europe North America +4% -8% 9M 2024 9M 2025 9M 2024 9M 2025 China -4% South America +15% 9M 2024 9M 2025 9M 2024 9M 2025 7
Slide 8: Volkswagen Group BEV deliveries 9M 2025
Volkswagen Group BEV deliveries 9M 2025 BEV volumes up by 42% with strong momentum in Europe Top BEV Models 9M 2025 Annual Development BEV Deliveries [‘000 units] ID.4/5 Q6 e-tron PHEV Deliveries [‘000 units] 20% 129k 64k BEV share WEU [%] BEV share [%] 11% 10 – 14% 12% ID.3 Elroq 89k 60k 8% 718 507
Slide 9: Key Developments, Financials – Volkswagen Group
1 Key Developments 2 Financials Volkswagen Group
Slide 10: Financial Overview 9M 2025
Financial Overview 9M 2025 Vehicle sales and sales revenue slightly up, operating result significantly impacted by tariffs and restructuring items Vehicle Sales Sales Revenue Operating Result & Margin [m vehicles] [€ bn] [€ bn] Margin [%] +1% 237.3 238.7 5.4% 2.3% -58% 12.8 +2% 6.5 6.6 1.9 5.4 1.9
Slide 11: Operating Result and Profitability Q3/9M 2025
Operating Result and Profitability Q3/9M 2025 € 7.5bn earnings impact from Porsche realignment, tariffs, net restructuring & diesel after 9 months Operating Result & Margin [€ bn] Margin [%] 4.2% 4.8% 5.6% -1.6% 4.1% 5.0% 2.3% 4.5% 5.4% As reported Before special effects1 13.0 Before special effect
Slide 12: Financial Overview 9M 2025
Financial Overview 9M 2025 Earnings before/after taxes significantly impacted by US tariffs, Porsche realignment and GW impairment1 Profit before Tax2 Profit after Tax2 Earnings per Preferred Share2 [€ bn] [€ bn] [€] -51% 12.4 -53% 15.01 -61% 8.8 6.1 7.06 3.4 Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep
Slide 13: Automotive Net Cash Flow and Net Liquidity 9M 2025
Automotive Net Cash Flow and Net Liquidity 9M 2025 Net Cash Flow impacted by lower operating cash flow, 2nd Rivian tranche and US tariffs Rep. Net Cash Flow1,2 'Clean' Net Cash Flow1, 2, 3 Net Liquidity1,2 [€ bn] [€ bn] [€ bn] -10% Including cash-out of approx. 34.4 -€ 0.9bn related to restructuring
Slide 14: Automotive Net Liquidity 9M 2025
Automotive Net Liquidity 9M 2025 Net Liquidity remains at solid level despite cash-outflow for restructuring, M&A and US tariffs Reported Net Cash Flow1: € 1.8bn [€ bn] Clean NCF1: € 3.5bn +1.1 -1.5 +2.4 +0.4 -4.4 -0.2 34.4 Includes -€ 0.9bn for -1.2 Includes cash-out of approx. 2nd Rivian tranche 3
Slide 15: Operating Result by Division 9M 2025
Operating Result by Division 9M 2025 Passenger Cars impacted by Porsche realignment, tariffs, restructuring – Financial Services up Automotive Division1 Financial Services Division Passenger Cars2 Commercial Vehicles Financial Services Division2 Operating Result [€ bn] Operating Result [€ bn] Operat
Slide 16: Operating Result Passenger Cars 9M 2025
Operating Result Passenger Cars 9M 2025 Challenging markets burdens price/mix, fixed cost improvement overshadowed by Porsche warning Operating Result [€ bn] Margin [%] 8.6 -4.2 Porsche product realignment: -2.0 Porsche goodwill impairment: -2.7 -2.5 -1.0 Volume & other:+1.3 Mix: -2.3 +1.3 2.2 Pric
Slide 17: Overhead Cost Development Automotive Division 9M 2025
Overhead Cost Development Automotive Division 9M 2025 Stringent implementation of performance programs bearing fruits Overhead cost1 [as % of Automotive revenue] Thereof TRATON [in €bn] Improved overhead cost 18.5% supported by ongoing 16.2% 16.5% 15.9% implementation of cost programs 47.0 43.1 Cost
Slide 18: Development of headcount in Germany
Development of headcount in Germany Execution of performance programs in full swing, workforce reduction progressing as planned Volkswagen AG1 (Germany) Volkswagen Group (Germany) [active2 workforce in ‘000] [active2 workforce in ‘000] VW Sachsen & VW AG VW Osnabrück -5k (-2%) -7k (-3%) 275.4 269.9
Slide 19: Performance Brand Groups 9M 2025
Performance Brand Groups 9M 2025 Brand Group margins impacted by Porsche realignment, US tariffs and restructuring Core Progressive Sport Luxury Vehicle Sales [k units] 3,771 (+4%) 848 (+6%) 198 (-11%) Sales Revenue [€ bn] 107.0 (+5%) 48.4 (+5%) 23.8 (-8%) Operating Result [€ bn] 4.7 (+7%1) 1.6 (-26
Slide 20: Performance Brand Group Core 9M 2025
Performance Brand Group Core 9M 2025 VW brand improved, Skoda continuously strong, CUPRA and VW CV burdened by model ramp-up VW Group Volkswagen ŠKODA SEAT/CUPRA Comm. Veh. Components Vehicle Sales [k units] 2,279 (+1%) 870 (+8%) 481 (+3%) 324 (+5%) Sales Revenue [€ bn] 63.8 (+0%) 22.3 (+10%) 11.2 (
Slide 21: Performance Brand Group Core Q3/9M 2025
Performance Brand Group Core Q3/9M 2025 Underlying Brand Group Core margin improved and moves towards ambition level Q3 25 9M 2025 (reported) L4Q excl. trend reported effects1 Brand Group Core 3.7% 4.4% 5.5% Volkswagen Brand 1.8% 2.3% 4.0% Škoda 6.9% 8.0% SEAT/CUPRA -0.6% 0.1% VW Commercial Vehicles
Slide 22: Performance Technology Platforms 9M 2025
Performance Technology Platforms 9M 2025 CARIAD with reduced operating losses, PowerCo continues to ramp up battery capacity CARIAD: Software Battery Strongly increased software license revenues - operating result improved supported by restructuring and cost work Sales Revenue [€ bn] 1.0 (+47%) 0.0
Slide 23: Performance Brand Group Trucks - TRATON 9M 2025
Performance Brand Group Trucks - TRATON1 9M 2025 Weak truck markets with high level of uncertainty, stable Sales Revenue in Europe Sales revenue affected by lower truck sales esp. in Brazil and North America; Vehicle Services business supportive Sales Revenue [€ bn] 31.2 (-9%) Decline in profitabili
Slide 24: Performance Volkswagen Financial Services 9M 2025
Performance Volkswagen Financial Services 9M 2025 Improved operating performance driven by positive development of business, especially in Europe Volkswagen Positive development of Financial Services1 business, especially in Europe, and portfolio Operating Result1 [€ bn] 3.1 (+40%²) margin Still pos
Slide 25: Automotive Investment Ratio 9M 2025
Automotive Investment Ratio 9M 2025 Investments year-to-date below prior-year level driven by decline in total R&D cost [in € bn & in % of Automotive Division revenue] CAPEX Lower R&D spend and R&D continued investment 12.5%1 discipline in first nine ∑ € 26.3bn 11.4% ∑ 12 – 13% months of 2025 ∑ € 24
Slide 26: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result Strong performance in ICE, full focus on upcoming launches of highly competitive BEV models ∑ 2,621 Operating results lower >2,000 due to 741 • continued intense competitive environment, ∑ 1,742 • NEV Co. consolidation, • exchange rate effects, 72
Slide 27: Volkswagen Group Outlook FY 2025
Volkswagen Group Outlook FY 2025 Actuals YTD Outlook FY 2024 9M 2025 FY 20253 Sales Revenue € 324.7bn € 238.7bn around prior year level Operating Profit Margin 5.9% 2.3% 2% to 3% Automotive Investment Ratio1, 2 13.0% 11.4% 12% to 13% Automotive Reported Net Cash Flow2 € 5.2bn € 1.8bn around € 0bn Au
Slide 28: Financial Calendar 2026
Financial Calendar 2026 Volkswagen Group Annual Media, Analyst and Investor Conference 2026 with CEO Oliver Blume and CFO & COO Arno Antlitz on March 10, 2026 Volkswagen Group Financial Results Q1 2026 with CFO & COO Arno Antlitz on April 30, 2026 Volkswagen Group Annual General Meeting 2026 on June
Slide 29: Q&A Backup
VOLKSWAGEN GROUP Backup
Slide 30: Upcoming Events
Upcoming Events Post 9M London & Frankfurt Roadshow with CFO & COO Arno Antlitz on November 5-6, 2025 Berenberg European Conference with Head of Treasury & IR Rolf Woller on December 3, 2025 Goldman Sachs 17th Annual Industrials & Autos Week with CFO & COO Arno Antlitz on December 4, 2025 Commerzban
Slide 31: Special Effects within Operating Result
Special Effects within Operating Result Special effects totaling -€ 7.5bn in 9M 2025 Q1 2025 Q2 2025 Q3 2025 9M 2025 Restructuring expenses, mainly Brand Group -€ 0.4bn -€ 0.6bn +€ 0.1bn -€ 0.9bn Progressive, CARIAD and Brand Group Core Release of personnel related provisions (BGP) +€ 0.2bn +€ 0.2bn
Slide 32: Volkswagen Group Q3 Deliveries by Brand Group
Volkswagen Group Q3 Deliveries by Brand Group BG Core strong in light of product momentum, BG Sport Luxury and Trucks soft Core Progressive Sport Luxury Trucks +2% -2% -8% -19% Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 +3% -5% -7% -9% 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M
Slide 33: New reporting structure to be applied from Q1 2025
New reporting structure to be applied from Q1 2025 Key performance indicators Q1 2025 Q1 20241 Q2 2025 Q2 20241 Automotive Cons. Financial Automotive Automotive Cons. Financial Automotive Division Division Cons. Financial Division Division Cons. Financial in € bn Services Services Services Services
Slide 34: New reporting structure to be applied from Q1 2025
New reporting structure to be applied from Q1 2025 Key performance indicators H1 2025 H1 20241 Q3 2025 Q3 20241 Automotive Cons. Financial Automotive Automotive Cons. Financial Automotive Division Division Cons. Financial Division Division Cons. Financial in € bn Services Services Services Services
Slide 35: New reporting structure to be applied from Q1 2025
New reporting structure to be applied from Q1 2025 Key performance indicators 9M 2025 9M 20241 Automotive Cons. Financial Automotive Division Division Cons. Financial in € bn Services Services Excl. Cons. Division Incl. Cons. Excl. Cons. Division Sales revenue 213.1 -21.8 47.3 193.4 210.5 -17.1 43.9
Slide 36: 9M Analysis by Brand & Business Field
9M Analysis by Brand & Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Brand Group Core 3,771 3,627 106,950 101,523 4,719 4,419 4.4 4.4 Volkswagen Passenger Cars 2,279 2,260 63,811 63,
Slide 37: Q3 Analysis by Brand & Business Field
Q3 Analysis by Brand & Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Brand Group Core 1,244 1,133 34,470 32,472 1,263 1,014 3.7 3.1 Volkswagen Passenger Cars 758 741 20,363 21,341 37
Slide 38: H1 Analysis by Brand & Business Field
H1 Analysis by Brand & Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 Brand Group Core 2,527 2,494 72,480 69,051 3,455 3,405 4.8 4.9 Volkswagen Passenger Cars 1,521 1,519 43,448 42,19
Slide 39: Q2 Analysis by Brand & Business Field
Q2 Analysis by Brand & Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Brand Group Core 1,303 1,302 37,140 36,277 2,337 1,323 6.3 3.7 Volkswagen Passenger Cars 795 824 22,222 22,930 99
Slide 40: Q1 Analysis by Brand & Business Field
Q1 Analysis by Brand & Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Brand Group Core 1,224 1,192 35,340 32,773 1,118 2,082 3.2 6.4 Volkswagen Passenger Cars 726 695 21,226 19,264 11
Slide 41: 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 Pro S n/a 14,9 kWh/100
Slide 42: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Skoda Epiq The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emissio
Slide 43: 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 Lamborghini
Slide 44: 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 A5L The vehicle is not offered for sale in Europe. Concept C The vehicle is not
Slide 45: 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 at a Glance Porsche AG IR Homepage Group Product & Tech Investor and Analyst Update 2025 TRATON IR Homepage China Inves
Slide 46: Volkswagen Group
VOLKSWAGEN GROUP