Volkswagen Ag · XETR:VOW
Volkswagen — FY2025 Earnings Presentation
71 slides from Volkswagen's earnings presentation, Mar 10, 2026
Slide 1: Full Year 2025 Investor & Analyst Call
Full Year 2025 Investor & Analyst Call 10 March 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: 2025 Highlights, Strategic Priorities, 2030 Financial Ambition, Financials and Outlook
1 2025 Highlights 2 Strategic Priorities for 2026 3 2030 Financial Ambition 4 Financials and Outlook 3
Slide 4: 2025 Act & Deliver
2025 Act & Deliver 4
Slide 5: Solid financial performance
Solid financial performance … Sales revenues Operating profit & Margin Dividend2 € 321.9bn € 8.9bn € 5.26 (2.8% / 4.6%1) € 6.4bn € 34.5bn Automotive net cash flow Automotive Net Liquidity … and stringent strategy implementation 1. Excluding cost related to Porsche realignment, Porsche goodwill impai
Slide 6: A strong finish in the final quarter
… with a strong finish in the final quarter of the year Sales revenues Operating profit Operating margin Automotive net cash flow € 83.2bn € 3.5bn 4.7%1 € 4.6bn 1. Excluding cost related to Porsche realignment, Porsche goodwill impairment, personnel related net restructuring expenses and cost relate
Slide 7: New Models
60 NEW MODELS 6 x 10 x 7
Slide 8: Stronger than ever in Europe
Stronger than ever in Europe Highly Competitive Winning Market Leadership Portfolio Software Strengthened 8
Slide 9: Implementation of cost reduction measures according to plan
Implementation of cost reduction measures according to plan Strong progress in workforce realignment Factory cost improvement on track Simplification of BGC steering model initiated 9
Slide 10: In China, for China – switching to delivery mode
In China, for China – switching to delivery mode AUDI E5 AUDI E7X ID. UNYX 08 ID. AURA ID. ERA Car of The Year In showrooms B-SUV 1st model on Launch of China 2026 from Q2/26 launched in Q1 local CMP EREV in Q2/26 10
Slide 11: Fully localized R&D set-up in China
Fully localized R&D set-up in China to deliver state-of-the-art technology Fully localized R&D hub operational Cost reduction targets achieved Launch of first CEA vehicle imminent 11
Slide 12: Successful first full year of Rivian and Volkswagen Group Technologies
Successful first full year of Rivian and Volkswagen Group Technologies Joint Venture 3 mules First vehicle on launched completed architecture Q3 2024 Q1 2026 from 2027 from 2028 Full roll-out of Operating Wintertests SDV architecture model in place in progress Consistent delivery of milestones and o
Slide 13: Battery - Salzgitter Gigafactory is live
Battery - Salzgitter Gigafactory is live 13
Slide 14: 2026 Progressing Ahead
2026 Progressing Ahead 14
Slide 15: TOP 10 of Volkswagen Group 2026
Team Products Use Financials & Brands Phase Regions TOP 10 of Volkswagen Group 2026 Automotive Group Software Battery Data & AI Sustainability Steering Model 15
Slide 16: 2026 Priorities
2026 Priorities North America target picture and plan Unparalleled model offensive in Europe and in China Complexity reduction and enhanced Group Steering Model Accelerating and step-up of cost work 16
Slide 17: Developing North America Target Picture and Plan
Developing North America Target Picture and Plan Enhancing portfolio Further localization New US steering model with focus on of production strengthening regional SUVs, Pick-ups and HEVs under consideration responsibility and independence 17
Slide 18: Europe: Urban Car Family
Europe: Urban Car Family - a milestone in BEV transformation 18
Slide 19: Flawless execution of product launches in China
Flawless execution of product launches in China >30 SoC new models Advance towards until 2027 inhouse designed chip by 2030 19
Slide 20: Entering next phase of Volkswagen Group transformation
Entering next phase of Volkswagen Group transformation Strengthening Group steering model and increasing speed of execution and operational excellence Development, Procurement, Production & Sales under Group CEO responsibility Balancing Group synergies and brand entrepreneurship 20
Slide 21: Input Factors for Financial Ambition
Input Factors for Financial Ambition Significant changes in operating environment since June 2023 Group CMD PREMIUM RISING TRADE MARKET CHINA / CO2 / EMISSION SLOWER BEV STRINGENT PROTECTIONISM RUSSIA EXIT REGULATION PENETRATION COST WORK 21
Slide 22: Ambition
Ambition 8-10% 2030 Operating Margin >60% Cash Conversion 22
Slide 23: Holistic Capital Allocation
Holistic Capital Allocation Balancing Further reductions investments of investments in transformation, in line with strengthening mid-term targets financial position and shareholder interests Deliver attractive shareholder returns Preserve a strong balance sheet and safeguard strong investment grade
Slide 24: Acted and delivered
2025 Acted and delivered solid financials in a dynamic environment and major proof-points of strategy implementation in product, technology and cost 2026 Progressing ahead with continued model offensive, in software and battery, accelerated cost work and enhanced structures & steering 2030 Working t
Slide 25: Agenda: Financials and Outlook
1 2025 Highlights 2 Strategic Priorities for 2026 3 2030 Financial Ambition 4 Financials and Outlook 25
Slide 26: Volkswagen Group Deliveries
Volkswagen Group Deliveries 2025 deliveries to customers reach 9m, almost matching prior year in highly dynamic market environment 950 Deliveries [‘000 units / per month] 2024 2025 850 750 650 550 01 02 03 04 05 06 07 08 09 10 11 12 26
Slide 27: Volkswagen Group Deliveries: BEV share
Volkswagen Group Deliveries BEV share increased to 11% globally in 2025 (8% in 2024), driven particularly by strong growth in Europe Development global BEV share per quarter BEV Share Europe (EU27+4) BEV deliveries [in ‘000 units] BEV share 2025 [in % of global deliveries] BEV Share [in % of EU27+4
Slide 28: Financial Overview
Financial Overview Stable vehicle sales & revenue, operating result impacted by tariffs, restructuring and goodwill impairment Vehicle Sales Sales Revenue Operating Result & Margin [m vehicles] [€ bn] [€ bn] Margin [%] -1% 324.7 321.9 5.9% 2.8% -53% 19.1 stable 9.0 9.0 8.9 2.7 2.6 China JVs 6.3 6.4
Slide 29: Operating Result and Profitability
Operating Result and Profitability € 5.9bn special effects and US tariffs impacting 2025 results Operating Result & Margin [€ bn] Margin [%] 2.3% 4.5% 5.4% 4.2% 4.7% 5.6% 2.8% 4.6% 5.5% As reported Before special effects1 17.7 Before special effects1 and US tariffs 14.8 13.0 10.9 8.9 5.4 4.7 3.5 3.
Slide 30: EPS and Dividend Proposal
EPS and Dividend Proposal Dividend proposal based on dividend policy and adjusted for goodwill impairment1 Profit after Tax Earnings per Preferred Share Dividend2 (preferred share) [€ bn] [€] [€, payout ratio in % of net income attributable -38% to Volkswagen AG shareholders] 21.4 30% 30%3 -44% 12.4
Slide 31: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity Net Liquidity on prior-year level supported by improved Net Cash Flow of € 1.3bn YoY Rep. Net Cash Flow1 'Clean' Net Cash Flow1, 2 Net Liquidity1 [€ bn] [€ bn] [€ bn] +0.1bn Including cash-out of approx. -€ 1.3bn related to restructuring3 34.4 34.5 -€ 2.7bn
Slide 32: Automotive Net Cash Flow
Automotive Net Cash Flow Operating result driven gross cash flow decline more than offset by working capital and lower invest Rep. Net Cash Flow 20251 up € 1.3bn YOY Constituents of € 1.3bn Net Cash Flow delta [€ bn] [€ bn] 35 2 +1.3 1 -0.1 30 +28.7 +2.7 +1.1 0 25 +1.2 -15.0 -1 20 -2 +1.9 15 -3 -6.7
Slide 33: Inventories Automotive Division
Inventories Automotive Division Inventories were significantly reduced on a sequential basis due to effective working capital management [Automotive Division Inventories (net) in € bn] -2.0 -4.8 55.0 55.9 56 55 53.5 54 50.8 51 48.8 49 Series 3 Q4Q4 2024 Q1Q1 2025 Q2Q2 2025 Q3Q3 2025 Q4Q4 2025 2024 2
Slide 34: Automotive Investment Ratio
Automotive Investment Ratio Focused investment spend in 2025 leads ratio down to 11.8% of Automotive net revenues [in € bn & in % of Automotive Division revenue] CAPEX R&D Significant reduction of investment ∑ € 37.9bn spend realized in 2025 13.0% ∑ € 34.4bn 11.8% Reduction in FY 2025 equally driven
Slide 35: Capex and R&D Automotive Division
Capex and R&D Automotive Division Consequent optimization of investment spend towards 2030 ambition R&D and CAPEX combined in % of Automotive revenue 13.0% 11.8% Group synergies increasingly 11-12% paying off ~10% ~9% Underlying reduction of investment spend Scaling software & battery businesses2 to
Slide 36: Automotive Net Liquidity
Automotive1 Net Liquidity Net Liquidity stable year-on-year, building robust foundation to successfully master the transformation Reported Net Cash Flow: € 6.4bn [€ bn] Clean NCF: € 8.3bn +1.4 -1.5 +6.9 +0.4 -4.5 -0.4 Includes -2.2 -€ 0.9bn for 34.4 2nd Rivian tranche 34.5 31 Dec Operating Dividend
Slide 37: Operating Result by Division
Operating Result by Division Passenger Cars impacted by Porsche realignment, tariffs, restructuring; Trucks bitten by the cycle; Financial Services earnings up Automotive Division1 Financial Services Division Passenger Cars and Light Commercial Vehicles Financial Services Commercial Vehicles Operati
Slide 38: Passenger Cars and Light Commercial Vehicles
Passenger Cars and Light Commercial Vehicles Profit impacted by mix, tariffs, other costs, pricing resilient in dynamic markets - fixed costs improved Operating Result [€ bn] Margin [%] 13.7 -5.7 Porsche product realignment: -2.0 Porsche goodwill impairment: -2.7 -1.3 -3.2 Volume & other:+0.3 +1.5
Slide 39: Overhead Cost Development Automotive Division
Overhead Cost Development Automotive Division Stringent implementation of performance programs increasingly paying off Overhead cost1 [as % of Automotive revenue] Thereof TRATON [in €bn] 18.5% Improved overhead 16.2% cost discipline 15.7% Cost increases from 47.0 ongoing ramp-up of new 43.1 45.5 bus
Slide 40: 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 -5 k (-2%) -10 k (-4%) 275.4 269
Slide 41: Performance Brand Groups
Performance Brand Groups Brand Group margins impacted by tariffs and restructuring, BGSL on top by realignment cost Core Progressive Sport Luxury Vehicle Sales [k units] 5,125 (+3%) 1,145 (+2%) 266 (-15%) Sales Revenue [€ bn] 145.2 (+4%) 65.5 (+2%) 32.2 (-12%) Operating Result [€ bn] 6.8 (-2%) 3.4 (
Slide 42: Performance Brand Group Core 2025
Performance Brand Group Core 2025 Continued strong Škoda performance, Volkswagen brand on target before special effects and US tariffs Q4 25 2025 (reported) L4Q excl. trend reported effects1 Brand Group Core 5.5% 4.7% 5.6%2 Volkswagen Brand 5.0% 3.0% 4.5%2 Škoda 9.2% 8.3% SEAT/CUPRA -0.4% 0.0% VW Co
Slide 43: Performance Technology Platforms
Performance Technology Platforms CARIAD with improved operating result, PowerCo launched cell production in Salzgitter CARIAD: Software Battery Revenue growth through increased software deliveries to Group brands; Operating result improved supported by ongoing Sales Revenue [€ bn] 1.8 (+34%) 0.0 (+>
Slide 44: Performance Brand Group Trucks - TRATON
Performance Brand Group Trucks - TRATON1 Challenging year 2025 in soft truck markets, but incoming orders promising Lower truck sales especially in Brazil and NAR Decline in profitability mainly due to • lower unit sales Sales Revenue [€ bn] 42.5 (-8%) • FX headwinds and • costs related to new Opera
Slide 45: Performance Volkswagen Financial Services
Performance Volkswagen Financial Services Improved operating performance driven by positive business development, especially in Europe Volkswagen Positive development of Financial Services1 business, esp. in Europe, and portfolio margin Operating Result1 [€ bn] 3.7 (+19%) Positive re-marketing resul
Slide 46: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result Strong performance in ICE, full focus on upcoming launches of highly competitive NEV models 2025 results at upper end of guidance corridor Business year 2026 expected to be driven by • continued fierce competition ∑ 1,742 • persistently tough mark
Slide 47: Active portfolio management in full swing
Active portfolio management in full swing Successful placement of TRATON shares Majority sale of Italdesign Sale of Sinotruk stake Sale of majority stake in Everllence initiated Ready to open capital structure of PowerCo 47
Slide 48: Financial Outlook on Full Year 2026
Financial Outlook on Full Year 2026 FY 2025 Outlook FY 2026 Sales Revenue € 321.9bn 0% to 3% Operating Profit Margin 2.8% 4.0% to 5.5% Automotive Investment Ratio1 11.8% 11% to 12% Automotive Reported Net Cash Flow € 6.4bn € 3bn to € 6bn Automotive Net Liquidity € 34.5bn € 32bn to € 34bn The financi
Slide 49: Volkswagen Group
VOLKSWAGEN GROUP
Slide 50: Back-up
VOLKSWAGEN Back-up GROUP
Slide 51: Key Takeaways
Key Takeaways 1 Solid 2025 performance and robust financial basis to successfully master transformation 2 2026 outlook: Solid financial performance expected, but risks in view and burden from US tariffs to persist 3 Executing clear strategic priorities: North America target picture and plan Unparall
Slide 52: Changes in Working Capital 2025
Changes in Working Capital 2025 Full year working capital improvement of €2.7bn largely realized in Q4 Constituents of working capital1 movements, Q4 2025 [in € bn] Q4: +€ 2.3bn Q4 accounts for vast majority of full year improvement (€ 2.7bn) 5.5 +4.8 +0.1 5.0 4.5 Diligent inventory management 4.0 t
Slide 53: Volkswagen Group Financial Ambition 2030
Volkswagen Group Financial Ambition 2030 Actuals Outlook Financial Ambition FY 2025 FY 2026 2030 Sales Revenue € 321.9bn 0 to 3% growth Growth in-line with industry Operating Profit Margin 2.8% 4.0% to 5.5% 8.0% to 10.0% [9.0 – 11.0% before] Automotive Investment Ratio1 11.8% 11.0% to 12.0% ~9.0% (u
Slide 54: Main building blocks towards 2030 Ambition
Main building blocks towards 2030 Ambition 8 to 10% Volume in-line Cost effects under Further progress Exploiting Managing with market, current programs - towards opportunities in Battery improving mix & step-up of initiatives BEV margin North America, towards premium share to counter headwinds pari
Slide 55: Special Effects within Operating Result
Special Effects within Operating Result Special effects totaling -€ 8.8bn in 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2025 Restructuring expenses, mainly Brand Group -€ 0.4bn -€ 0.6bn +€ 0.1bn -€ 0.4bn -€ 1.3bn Progressive, CARIAD and Brand Group Core Release of personnel related provisions (BGP) +€
Slide 56: Capex and R&D Automotive Division
Capex and R&D Automotive Division Investments to be reduced in absolute and relative terms with increasing focus on future technologies R&D and CAPEX combined in % of Automotive revenue 11-12% ~10% ~9% BEV hardware Software, Battery, Energy & Charging, other ICE/Hybrid hardware 2026 2027 2030 outloo
Slide 57: Upcoming Events
Upcoming Events Volkswagen Group AMC 2026 with CEO Oliver Blume and CFO & COO Arno Antlitz on March 10, 2026 China Investor Update Bejing on April 23, 2026 Volkswagen Group Q1 Results with CFO & COO Arno Antlitz on April 30, 2026 Volkswagen AG Annual General Meeting on June 18, 2026 Volkswagen Group
Slide 58: 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 59: New reporting structure to be applied from Q1 2025
New reporting structure to be applied from Q1 2025 Key performance indicators Q3 2025 Q3 20241 Q4 2025 Q4 2024 Automotive Automotive Automotive Cons. Financial Automotive Division Cons. Financial Division Financial Division Division Cons. Financial Cons. Services in € bn Services Services Services E
Slide 60: New reporting structure to be applied from Q1 2025
New reporting structure to be applied from Q1 2025 Key performance indicators FY 2025 FY 2024 Automotive Cons. Financial Automotive Division Division Cons. Financial Services in € bn Services Division Excl. Cons. Incl. Cons. Excl. Cons. Division Sales revenue 290.4 -30.6 62.1 265.9 290.6 -24.8 58.8
Slide 61: 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 62: 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 63: 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 64: Q4 Analysis by Brand & Business Field
Q4 Analysis by Brand & Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Brand Group Core 1,354 1,332 38,252 38,480 2,103 2,541 5.5 6.6 Volkswagen Passenger Cars 824 849 22,759 24,727 1,
Slide 65: FY25 Analysis by Brand & Business Field
FY25 Analysis by Brand & Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 Brand Group Core 5,125 4,960 145,202 140,004 6,821 6,961 4.7 5.0 Volkswagen Passenger Cars 3,104 3,109 86,570 8
Slide 66: 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 8 GTI 7.3 – 7.1 l/100km n/a 167 -162 g/km n/a ID. Buzz Pro n/a 20.5-21.7 kWh/100km n/a 420 – 461km ID. Buzz GTX n/a 21.6
Slide 67: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Škoda Epiq The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emissio
Slide 68: 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 69: 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 S6 e-tron n/a 17.5 – 16.5 kWh/100km n/a 608 – 649km Concept C The vehicle is no
Slide 70: 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 71: Volkswagen Group
VOLKSWAGEN GROUP