Volkswagen Ag · XETR:VOW
Volkswagen — H1 2025 Earnings Presentation
51 slides from Volkswagen's earnings presentation, Jul 25, 2025
Slide 1: Volkswagen AG Investor, Analyst and Media Call H1 2025
Volkswagen AG Investor, Analyst and Media Call H1 2025 July 25, 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 Financials
VOLKSWAGEN GROUP Highlights C= Financials ®
Slide 4: Financial Overview
Financial Overview Operating performance in H1 within previously guided bandwidth Group Revenue Group Return on Sales Automotive Net Cash Flow H1 2025 € 158.4bn 4.2% -€ 1.4bn -0.3% y-o-y (5.6%1) Q2 2025 € 80.8bn 4.7% -€ 0.5bn -3.0% y-o-y (6.8%1) 1. Before effects from additional US tariffs, net pers
Slide 5: H1 Results Heavily Impacted by US Trade Tariffs
H1 Results Heavily Impacted by US Trade Tariffs Costs related to additional US tariffs amounted to € 1.3bn YTD Strategic growth market Strong commitment evidenced Investments of >$ 14bn1 and key region for global by Scout production new-build and in US in local production, software strategy Rivian i
Slide 6: Volkswagen Group Model Launches
Volkswagen Group Model Launches STRONG MOMENTUM CONTINUING Deliveries in H1 2025 at 4.4 million units (+1%) 6
Slide 7: BEV Deliveries up 47% in H1 - Strong Momentum in Europe
BEV Deliveries up 47% in H1 - Strong Momentum in Europe Top BEV Models H1 2025 Annual Development BEV Deliveries [‘000 units] 20% ID.4/5 Enyaq PHEV Deliveries [‘000 units] 85k 39k BEV share WEU [%] BEV share [%] 10 – 14% 11% 11% ID.7 7% ID.3 61k 39k 465 317 Q4 e-tron Q6 e-tron 45k 36k 192 137 H1 24
Slide 8: Western Europe Order Intake
Western Europe Order Intake Continued strong BEV order momentum in Western Europe driving order book growth Order book Order intake [k vehicles] [k vehicles] Strong order intake momentum in our home +9% +19% region, BEV up by 62% 925 851 1,771 Order book lasts well into 1,487 Q4 2025 Continued model
Slide 9: Implementation of "in China, for China" Strategy on Track
Implementation of „in China, for China“ Strategy on Track ICV product offensive New vehicles feature L2++ ADAS; 30 NEVs to be launched starting from Q4 2025 new China Electrical Architecture until 2027 & 50 until 2030 9
Slide 10: Significant Progress in Driverless Services
Significant Progress in Driverless Services Turnkey solution for fully autonomous mobility services Safe, scalable, turnkey: Equipped with 27 sensors Volkswagen & Uber “MOIA Solution” provides generating comprehensive 360° strategic partnership to complete system view of surroundings deploy autonomo
Slide 11: Cost Programs Starting to Show First Effects
Cost Programs Starting to Show First Effects Comprehensive restructuring initiatives across Volkswagen Group “Zukunft Volkswagen” “Agreement for the Future” • New tariff agreement in place, on track towards • Agreement reached to reduce workforce by 7,500 reducing workforce by >35k by 2030 until 202
Slide 12: Volkswagen Group at IAA
Volkswagen Group at IAA Save-the-date: Product & Tech Investor Update at IAA on September 9th, 2025 Presentations by September 9th, 2025 Product and technology in Volkswagen Group and at IAA in Munich focus, incl. Platforms, Software, Brand Groups’ CEOs (International Congress Center) E/E Architectu
Slide 13: Highlights Financials Volkswagen Group
1 Highlights 2 Financials Volkswagen Group
Slide 14: Financial Overview
Financial Overview Operating Margin lower y-o-y due to tariff related costs, restructuring and operating performance Vehicle Sales Sales Revenue Operating Result & Margin [m vehicles] [€ bn] [€ bn] Margin [%] 0% 158.8 158.4 6.3% 4.2% -33% 10.0 +1% 6.7 4.34 4.36 1.27 1.24 China JVs 3.08 3.12 Jan-Jun
Slide 15: Financial Overview
Financial Overview Earnings before/after Taxes significantly below previous year mainly due to lower Operating Result Profit before Tax1 Profit after Tax1 Earnings per Preferred Share1 [€ bn] [€ bn] [€] -36% 12.6 -36% 10.1 -38% 8.0 7.3 6.4 4.5 Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun 2024 202
Slide 16: Operative Profitability
Operative Profitability H1 2025 margin before tariffs, diesel & restructuring cost within original full year outlook range Operating Result | Excl. cost related to tariffs, Operating Margin diesel & net restructuring Cost related to additional US tariffs amount to € € 6.7bn € 8.9bn 1.3bn in H1 (€ 1.
Slide 17: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity Net Cash Flow impacted by acquisition of 2nd Rivian tranche, US tariffs and restructuring cash-outs Rep. Net Cash Flow1,2 'Clean' Net Cash Flow1, 2, 3 Net Liquidity1,2 [€ bn] [€ bn] [€ bn] -18% Including cash-out of approx. 34.4 -€ 0.7bn related to restruct
Slide 18: Automotive Net Liquidity
Automotive Net Liquidity M&A and Dividends paid as major driver of lower Net Liquidity [€ bn] Reported Net Cash Flow: -€ 1.4bn Clean NCF: € 0.2bn1 34.4 -0.4 +0.6 -1.4 -0.2 -4.2 Includes cash-out of approx. Includes -€ 0.7bn related to restructuring -€ 0.9bn for 2nd -0.5 28.4 -€ 0.7bn related to US t
Slide 19: Operating Result by Division
Operating Result by Division Passenger Cars impacted by tariff cost and restructuring – strongly improved Financial Services Automotive Division1 Financial Services Division Passenger Cars2 Commercial Vehicles Financial Services2 Operating Result [€ bn] Operating Result [€ bn] Operating Result [€ bn
Slide 20: Operating Result Passenger Cars
Operating Result Passenger Cars Results affected by US tariffs, restructuring and negative mix effects, mainly from higher BEV share Operating Result [€ bn] Margin [%] 7.4 -3.0 -1.1 0.1 4.4 Thereof: Volume & other:+0.8 +1.1 Mix: -1.5 Price: -0.5 CO2 provision: -0.5 Tariff effects: -1.3 6.3% 3.7% Ja
Slide 21: 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 18.5% supported by ongoing 16.2% 16.3% 16.1% implementation of cost programs 47.0 Cost increases at BGP & 43.0 7.4 TRATON and ongoing 5.2 ramp- up of
Slide 22: Progress "Future Volkswagen" Agreement
Progress “Future Volkswagen” Agreement Headcount of German Volkswagen employees1 Tariff agreement Headcount development [active2 workforce in ‘000] VW Sachsen & VW Osnabrück VW AG -4.6k (-4%) -4.3k 115.1 (-4%) Technical capacity 110.5 14.0 106.2 12.8 11.7 101.1 97.7 Workforce 94.5 31 Dec 31 Dec 30 J
Slide 23: H1 2025 Performance Brand Groups
H1 2025 Performance Brand Groups Margins held back by tariffs and restructuring Core Progressive Sport Luxury Vehicle Sales [k units] 2,527(+1%) 574 (+7%) 135 (-11%) Sales Revenue [€ bn] 72.5 (+5%) 32.6 (+5%) 16.1 (-9%) Operating Result [€ bn] 3.5 (+1%1) 1.1 (-45%) 0.8 (-71%) Operating Margin [%] 4.
Slide 24: H1 2025 Performance Brand Group Core
H1 2025 Performance Brand Group Core VW Group Volkswagen ŠKODA SEAT|CUPRA Comm. Veh. Components Vehicle Sales [k units] 1,521 (+0%) 582 (+6%) 322 (-7%) 224 (-3%) Sales Revenue [€ bn] 43.4 (+3%) 15.1 (+10%) 7.6 (-2%) 8.7 (+8%) 11.9 (+10%) Operating Result [€ bn] 1.1 (+20%) 1.3 (+12%) 0.04 (-91%) 0.2
Slide 25: H1 2025 Performance Brand Group Core
H1 2025 Performance Brand Group Core Sequential improvement lead by VW brand above full year target and continued Škoda strength Q1 25 Q2 25 H1 2025 reported reported L4Q excl. trend reported effects1 Brand Group Core 3.2% 6.3% 4.8% 5.8% Volkswagen Brand 0.5% 4.5% 2.5% 4.2% Škoda 7.5% 9.5% 8.5% SEAT
Slide 26: H1 2025 Performance Technology Platforms
H1 2025 Performance Technology Platforms CARIAD with stabilized operating losses, while PowerCo continues to ramp-up battery capacity CARIAD: Software Battery Increasing delivery of software to brands - operating result improved by € 0.2bn vs prior year level before restructuring Sales Revenue [€ bn
Slide 27: H1 2025 Performance Brand Group Trucks – TRATON
H1 2025 Performance Brand Group Trucks – TRATON1 Truck market environment remains challenging, US-uncertainties prevail Sales revenue affected by lower truck sales, Vehicle Services business stable Decline in profitability mainly due to lower sales Sales Revenue [€ bn] 21.2 (-7%) revenue, higher fix
Slide 28: H1 2025 Performance Volkswagen Financial Services
H1 2025 Performance Volkswagen Financial Services 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] 1.9 (+35%²) margin. Still po
Slide 29: Automotive Investment Ratio
Automotive Investment Ratio Investments year-to-date 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 12.3%1 spend target of € 165bn ∑ € 17.3bn 11.4% ∑ 12 – 13% ∑ € 16.3bn 4.2%1 ∑ ~10%
Slide 30: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result Key milestones passed, volume momentum to pick up from late 2025 ∑ 2,621 Operating results lower >2,000 due to 741 • continued intense competitive environment, ∑ 1,742 • NEV Co. consolidation and • exchange rate effects, 727 563 • partially compen
Slide 31: Volkswagen Group Outlook for 2025
Volkswagen Group Outlook for 2025 Financial Tailwinds & Headwinds in H2 2025 in Operating Profit Margin Guidance Improved mix supported by Expenses related to increased highly attractive product portfolio US tariffs with mitigation measures as chance Benefits from Performance Programs and restructur
Slide 32: Volkswagen Group
Volkswagen Group Updated outlook reflecting range of 10% and 27.5% US tariffs at upper and lower end of bandwidths 6.5 6.5% Lower end of range 12-months effect from to expected following US import tariffs: Porsche outlook Operative 5.5% update 6.010% tariffmargin ca. -60bps at 5.0% based on 10% (bef
Slide 33: Volkswagen Group Outlook 2025 updated
Volkswagen Group Outlook 2025 updated Actuals YTD Outlook FY 2024 H1 2025 FY 2025 Sales Revenue € 324.7bn € 158.4bn Around prior year level Operating Profit Margin 5.9% 4.2% 4.0% to 5.0% Automotive Investment Ratio1, 2 13.0% 11.4% 12.0% to 13.0% Automotive Reported Net Cash Flow2 € 5.2bn € -1.4bn €
Slide 34: Key Takeaways
Key Takeaways 1 Model launches driving market success and strong order intake momentum across ICEs and BEVs 2 Operating performance in H1 within previously guided bandwidth 3 Full year outlook adjusted, reflecting expected headwinds from US tariffs 4 Cost discipline and restructuring starting to pay
Slide 35: Volkswagen Group
VOLKSWAGEN GROUP
Slide 36: Back-up
VOLKSWAGEN GROUP Back-up
Slide 37: Special Effects within Operating Result
Special Effects within Operating Result Special effects totaling -€ 2.2bn in H1 2025 Q1 2025 Q2 2025 H1 2025 Restructuring expenses, mainly Brand Group -€ 0.4bn -€ 0.6bn -€ 1.0bn Progressive, CARIAD and Brand Group Core Release of personnel related provisions (BGP) +€ 0.2bn +€ 0.2bn +€ 0.3bn Expense
Slide 38: Volkswagen Group: Deliveries
Volkswagen Group: Deliveries H1 and Q2 2025 deliveries to customers 1% above previous year 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 H1 2025 Sales momentum Global market share at 4.4 million units (+1%) supported by model
Slide 39: Volkswagen Group: Deliveries by Region
Volkswagen Group: Deliveries by Region Growth in South America and Europe more than offset decline in China & North America Europe North America +2% -7% 2,000 1,000 H1 2024 H1 2025 China H1 2024 H1 2025 -2% South America +18% H1 2024 H1 2025 H1 2024 H1 2025 39
Slide 40: Upcoming Events
Upcoming Events Volkswagen Group IAA Product & Technology Update with Group & BGSL CEO Oliver Blume, CFO & COO Arno Antlitz, Gernot Döllner (BGP) and Thomas Schäfer (BGC) on September 9, 2025 Volkswagen Group 9M 2025 results with CFO & COO Arno Antlitz on October 30, 2025 40
Slide 41: 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 42: 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 Automotive Cons. Financial Automotive Division Division Cons. Financial in € bn Services Services Excl. Cons. Division Incl. Cons. Excl. Cons. Division Sales revenue 142.7 -15.8 31.5 129.4 140.9 -11.5 29.4
Slide 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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 49: 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. Q4 e-tron 55 n/a 16.8 – 19.5
Slide 50: 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 Capital Markets Day 2023 TRATON IR Homepage China Capital Markets Day 2024 Vol
Slide 51: Volkswagen Group
VOLKSWAGEN GROUP