Volkswagen Ag · XETR:VOW
Volkswagen — Q1 2025 Earnings Presentation
38 slides from Volkswagen's earnings presentation, Apr 30, 2025
Slide 1: Volkswagen AG Investor, Analyst and Media Call Q1/2025
Volkswagen AG Investor, Analyst and Media Call Q1/2025 April 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: Highlights and Financials
VOLKSWAGEN GROUP 1 | Highlights es 2+ Financials 1
Slide 4: Volkswagen Group Highlights 2025 YTD
Volkswagen Group Highlights 2025 YTD NEW models Greatest product renewal progressing and (E-) Mobility for everyone: preview of entry- Auto Shanghai as important proof point: meeting strong customer demand level electric model Volkswagen ID.EVERY1 "In China, for China" investor update (LINK) Volkswa
Slide 5: 'In China, for China' strategy shifting into 'delivery mode'
‘In China, for China’ strategy shifting into ‘delivery mode’ Key take-aways from China Strategy Update Volkswagen’s biggest ICV offensive with the next-Generation developed ‘in China, for China’ and tailored to the needs of Chinese customers Future-ready portfolio at China speed covering all relevan
Slide 6: Volkswagen Group Q1 Deliveries
Volkswagen Group Q1 Deliveries Q1 deliveries to customers 1% above previous year with strong growth of WEU order book Deliveries [‘000 units / per month] 900 2024 2025 800 700 600 500 400 01 02 03 04 05 06 07 08 09 10 11 12 Deliveries in Q1 2025 Sales momentum increasingly Global market share at 2.1
Slide 7: Volkswagen Group Q1 Deliveries: Western Europe order intake
Volkswagen Group Q1 Deliveries Western Europe order intake +29% YoY, order book grew by ~130k to ~1mn in Q1 2025 Order bank Order intake [k vehicles] [k vehicles] Strong order intake momentum in our home +15% +29% region, BEV up by even 64% 982 945 New models of all drive 851 types enjoying great 73
Slide 8: Volkswagen Group Q1 Deliveries by Region
Volkswagen Group Q1 Deliveries by Region Growth in North and South America as well as Europe more than offset decline in China Europe North America +4% +4% 1,000 500 Q1 2024 Q1 2025 China Q1 2024 Q1 2025 -7% South America +17% Q1 2024 Q1 2025 Q1 2024 Q1 2025 8
Slide 9: Volkswagen Group Q1 BEV & PHEV Deliveries
Volkswagen Group Q1 BEV & PHEV Deliveries BEV deliveries up by 59% y-o-y driven by product launches and strong order intake Top BEV Models Q1 2025 Annual Development BEV Deliveries [‘000 units] 18.9% 20 ID.4/5 Enyaq PHEV Deliveries [‘000 units] 44k 20k BEV share WEU [%] BEV share [%] 10 – 14% 15 9.2
Slide 10: Financials Volkswagen Group
1 Highlights 2 Financials Volkswagen Group
Slide 11: Financial Overview
Financial Overview Expected muted start to year with headwinds from special effects of around € 1.1bn Vehicle Sales Sales Revenue Operating Result & Margin [m vehicles] [€ bn] [€ bn] Margin [%] +3% 77.6 75.5 6.0% 3.7% -37% 4.6 +1% 2.1 2.1 2.9 1.4 1.5 ex China JVs Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan
Slide 12: Reconciliation from Reported to Underlying Operating Result
Reconciliation from Reported to Underlying Operating Result Special effects totaling -€ 1.1bn net (-140bps in RoS) in Q1 2025 Operating Result Special Effects [€ bn] Margin [%] 4.0 -€ 0.6bn provisions in connection with CO2 regulation in Europe 1.1 2.9 -€ 0.4bn restructuring expenses, mainly CARIAD
Slide 13: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity Net Cash Flow slightly negative, supported by lower investment spend Rep. Net Cash Flow1,2 'Clean' Net Cash Flow1, 2, 3 Net Liquidity1,2 [€ bn] [€ bn] [€ bn] -4% 34.4 33.2 -0.1 -0.8 -2.5 -2.2 Jan-Mar Jan-Mar Jan-Mar Jan-Mar 31 Dec 31 Mar 2024 2025 2024 2025
Slide 14: Automotive Net Liquidity
Automotive Net Liquidity Financial position remains at solid level Reported Net Cash Flow (-€ 0.8bn)1 Clean NCF (-€ 0.1bn)1 34.4 -0.1 +/- 0.0 -0.7 -0.1 -0.4 Includes approx. 33.2 -€ 0.5bn cash-out related to restructuring measures Includes +€ 0.4bn from placement of TRATON shares 31 Dec Operating Di
Slide 15: Operating Result by Division
Operating Result by Division Passenger Cars impacted by special effects and significant decline in BGSL Automotive Division1 Financial Services Division Passenger Cars2 Commercial Vehicles Financial Services2 Operating Result [€ bn] Operating Result [€ bn] Operating Result [€ bn] Margin [%] Margin
Slide 16: Operating Result Passenger Cars
Operating Result Passenger Cars Results affected by CO2 provision and negative mix effects, mainly from higher BEV share Operating Result [€ bn] Margin [%] 3.3 -0.8 -0.3 -0.6 +0.1 Thereof: 1.6 Volume & other: +0.6 Mix: -0.5 Thereof: Price: -0.3 Restructuring, net of CO2 provision: -0.6 provision re
Slide 17: Overhead Cost Development Automotive Division
Overhead Cost Development Automotive Division Overhead cost1 [as % of Automotive revenue] TRATON [in €bn] Passenger Cars [in €bn] Stable overhead cost ratio thanks to ongoing cost 17.8% 17.3% 17.3% work 16.2% Absolute figure slightly up due to cost increases at 47.0 41.4 Porsche & TRATON as well 7.4
Slide 18: Progress 'Future Volkswagen' agreement
Progress “Future Volkswagen” agreement Headcount of German Volkswagen employees1 Tariff agreement Headcount development (Volkswagen AG) [active2 workforce in ‘000] VW Sachsen & VW Osnabrück VW AG -5k -4% -2k 115.1 -2% 110.5 108.6 Technical capacity 14.0 12.8 12.2 101.1 97.7 96.3 Workforce 31 Dec 31
Slide 19: Q1 2025 Performance Brand Groups
Q1 2025 Performance Brand Groups Expected muted start to the year across all passenger car brand groups Core Progressive Sport Luxury Vehicle Sales [k units] 1,224 (+3%) 277 (+14%) 65 (-8%) Sales Revenue [€ bn] 35.3 (+8%) 15.4 (+12%) 7.8 (-4%) Operating Result [€ bn] 1.1 (-46%1) 0.5 (+15%) 0.7 (-44%
Slide 20: Q1 2025 Performance Brand Group Core
Q1 2025 Performance Brand Group Core VW Group Volkswagen ŠKODA SEAT|CUPRA Comm. Veh. Components Vehicle Sales [k units] 726 (+5%) 276 (+3%) 158 (-4%) 109 (-11%) Sales Revenue [€ bn] 21.2 (+10%) 7.3 (+10%) 3.9 (+2%) 4.1 (-1%) 6.0 (+10%) Operating Result [€ bn] 0.1 (-85%1) 0.5 (+2%) 0.0 (-98%) 0.0 (-9
Slide 21: Q1 2025 Performance Technology Platforms
Q1 2025 Performance Technology Platforms Higher operating losses due to restructuring at CARIAD and ramp-up of battery capacity CARIAD: Software Battery higher sales revenue; Operating result on par with prior year level before € 0.2bn restructuring expenses Sales Revenue [€ bn] 0.2 (+33%) - (-) Pow
Slide 22: Q1 2025 Performance Brand Group Trucks – TRATON
Q1 2025 Performance Brand Group Trucks – TRATON1 Slow start to the year, improved performance expected in second half-year Sales revenue affected by lower unit sales at Scania, MAN and International, partly offset by vehicle services business Sales Revenue [€ bn] 10.3 (-10%) Reduced profitability ma
Slide 23: Q1 2025 Performance Volkswagen Financial Services
Q1 2025 Performance Volkswagen Financial Services Volkswagen Positive development of Financial Services1 business, especially in Europe, and portfolio Operating Result1 [€ bn] 1.1 (+19%²) margin. Still positive re-marketing Volkswagen results while normalization Group Mobility of used car prices Con
Slide 24: Automotive Investment Ratio
Automotive Investment Ratio Investments below prior year level driven by decline in total R&D cost [in € bn & in % of Automotive Division revenue] CAPEX 2025-29 planning round R&D with reduced investment 14.3%|13.1%1 spend target of € 165bn ∑ € 8.7bn 11.2% (€ 180bn 2024-28) ∑ € 7.7bn ∑ 12 – 13% ∑ ~1
Slide 25: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result Key milestones reached to achieve turnaround in late 2025 ∑ 2,621 Operating results lower due to Q4 741 >2,000 • continued intense competitive environment, ∑ 1,742 • NEV Co. consolidation and • exchange rate effects, Q3 727 563 • partially compens
Slide 26: Volkswagen Group Outlook for 2025
Volkswagen Group Outlook for 2025 Tailwinds & Headwinds in Operating Profit Margin Guidance Highly attractive product portfolio Increasing BEV share and potential CO2 compliance costs Improved volumes outside China Costs for significant number of Benefits from Performance model launches and ramp-up
Slide 27: Outlook 2025 – OP Margin, Auto NCF and NIL
Volkswagen Group Outlook 2025 – OP Margin, Auto NCF and NIL trending towards lower end of the range Actuals YTD Outlook FY 2024 Q1 2025 FY 2025 Sales Revenue € 324.7bn € 77.6bn up to 5% growth Operating Profit Margin 5.9% 3.7% 5.5% to 6.5% Automotive Investment Ratio1, 2 13.0% 11.2% 12.0% to 13.0% A
Slide 28: Volkswagen Group
VOLKSWAGEN GROUP
Slide 29: Back-up
VOLKSWAGEN GROUP Back-up
Slide 30: Upcoming Events
Upcoming Events Volkswagen Group Virtual ESG Conference on May 7, 2025 Volkswagen Group Virtual Annual General Meeting 2025 on May 16, 2025 Volkswagen Group H1 2025 results with CEO Oliver Blume and CFO & COO Arno Antlitz on July 25, 2025 Volkswagen Group IAA Investor and Analyst Event in September
Slide 31: 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 Automotive Division Cons. Financial Automotive Division Cons. Financial in € bn Services Services Excl. Cons. Division Incl. Cons. Excl. Cons. Division Sales revenue 68.8 -7.1 15.9 60.7 66.4 -5.6 14.7 Oper
Slide 32: Volkswagen Group Q1
Volkswagen Group Q1 VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 20241 Q1 2025 Q1 20241 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 19,264 112 746 0.5 3.9 ŠK
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 Pro S n/a 14,9 kWh/100
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) Skoda Epiq The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emissio
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 Lamborghini
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 Q4 e-tron 55 n/a 16.8 – 19.5 kWh/100km n/a 449 - 523km Q5 7.9–5.9 l/100km n/a 1
Slide 37: 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 at a Glance Porsche AG IR Homepage Group Capital Markets Day 2023 TRATON IR Homepage China Capital Markets Day 2024 Vol
Slide 38: Volkswagen Group
VOLKSWAGEN GROUP