Volkswagen AG · XETR:VOW
Volkswagen — Investor Presentation (May 2026)
151 slides from Volkswagen's investor presentation, May 5, 2026
Slide 1: Volkswagen Group Factbook
Volkswagen Group Factbook As of May 2026 1
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: Volkswagen Group Overview
1 Volkswagen Group Overview 3
Slide 4: Why Volkswagen is an attractive investment
Why Volkswagen is an attractive investment Unique & Scaling globally, Profitability & Strong balance sheet & balanced portfolio winning locally Investment discipline attractive returns 1 2 3 4 • Diversified Brand portfolio • Global presence with scale Ambitious 2030 Group targets1: Robust automotive
Slide 5: Volkswagen Group mission statement
“The Volkswagen Group is one of the world’s leading automobile and commercial vehicles manufacturer. With our brands, business units and financial services, we are shaping the future of mobility”
Slide 6: Volkswagen Group FY 2025
All-service Volume to provider Premium managing segments lifetime covered of vehicles through 9 car & 4 truck brands Financial Services, Mobility Solutions Global footprint with 111 9.0m € 321.9bn Volkswagen Group 662.9k employees production facilities Deliveries Sales Revenues FY 2025 150 countries
Slide 7: Portfolio of strong brands & businesses
Volkswagen Group: Portfolio of strong brands & businesses Brand Group Core Brand Group Progressive Brand Group Sport Luxury Brand Group Trucks Volkswagen Mobility Other Brands and Business Units 7
Slide 8: Volkswagen Group FY 2025: Portfolio of strong brands & businesses
Volkswagen Group FY 2025: Portfolio of strong brands & businesses Sport Group CORE Progressive & Luxury Trucks Mobility Vehicle Sales 5,125 1,145 266 306 (in m units) Sales Revenue 145,202 65,503 32,185 42,540 57,769 (in € mn) EBIT 6,821 3,371 90 2,411 3,451 (in € mn) (RoS in %) Net Cash 6,946 3,422
Slide 9: Volkswagen Group FY 2025: Portfolio of strong brands & businesses
Volkswagen Group FY 2025: Portfolio of strong brands & businesses Cariad Battery Other/ Consolidation Sales Revenue 1,775 30 -23,092 (in € mn) EBIT -2,179 -1,386 -3,710 (in € mn) (RoS in %) Net Cash -1,476 -1,808 - (in € mn) 9
Slide 10: Diversified by geography, brand groups FY 2025
Diversified by geography, brand groups FY 2025 Revenues* by Brand Group Delivery split by Region Volkswagen 38% Group Mobility 30% Traton Core 14% 11% 7% Sport Luxury Europe North South China Rest Progressive America America of World *Indicative, excl. Consolidation, Battery, Cariad, China 10
Slide 11: Leading global presence at 10.1% market share
Leading global presence at 10.1% market share Market share, Full Year 2025 (in %) North America Western Europe ~5% ~25% South America China ~14% ~11% 1. Refers to FY2025. Based on IHS Light Vehicle sales for segments A-F CY202E as of 2025. Passenger cars only. 11
Slide 12: Vehicle-only production sites of the Volkswagen Group
Vehicle-only production sites1 of the Volkswagen Group North America Europe Production Site 8 facilities 30 facilities Innovation Center Software Development Center & CARIAD Battery Site South America South Africa & Asia 7 facilities 22 facilities 1. Refers to FY2025 12
Slide 13: Volkswagen History (1904–2014)
Volkswagen History From National Leader to Global Champion (1904 – 2014) 1945 – 1904 – 1949 1947 – 1965 1986 – 2012 – 1934 1953 2008 2014 The British Volkswagen goes 1985 – military international with 1955 1991 government takes Integration of The idea of a the first exported over trusteeship. Porsch
Slide 14: Volkswagen History (2014–Today)
Volkswagen History On the Road to Emission-Free Mobility (2014 – Today) June Dec June June 2020 2022 2024 2016 2016 2017 2018 The Supervisory MOIA, is established. In Berlin, Volkswagen Board votes to Stock exchange listing of Volkswagen Dr. Ing. h.c. The independent Aktiengesellschaft and Volkswage
Slide 15: Brand Groups
VOLKSWAGEN GROUP 2 Brand Groups
Slide 16: Brand Group Core
Brand Group Core Most loved, bold, inspiring brands in volume segment Leading in Europe Focus on Scale benefits Clear with global growth costs & capital in entry level differentiation potential efficiency BEV segment across brands 16
Slide 17: Brand Group Core FY 2025
Brand Group Core FY 2025 BGC The brand group CORE is the organizational merger of the Volkswagen Group's volume brands. Established Employees Sales Within the Group, the sister brands 1937, 1925, 195ID7.2024! 210,000 5.1m cars Volkswagen, Škoda, SEAT/CUPRA and 0, 1995* Volkswagen Commercial Vehicles
Slide 18: Brand Group Core: Brand Overview
Brand Group Core: Brand Overview The Volkswagen ŠKODA is one of the SEAT/CUPRA celebrates The Volkswagen Passenger Cars brand is world’s longest-standing its 75th anniversary in Commercial Vehicles one of the world’s most carmakers. It became a 2025. A member of the brand produces successful volume
Slide 19: Brand Group Progressive
Brand Group Progressive Progressive premium with technological edge Significant Outstanding Enhanced focus New ICE generation portfolio renewal products and on balanced enabling flexible in 2025 & 2026 technologies regional footprint BEV transition 19
Slide 20: Brand Group Progressive FY 2025
Brand Group Progressive: FY 2025 Audi, Bentley, Lamborghini, and Ducati work closely together in the Brand Group Progressive and benefit from the Established Employees Sales combined strength of the group on the 1909 (Audi) 84,184 1.1m cars path toward an electric future. The synergies gained afford
Slide 21: Brand Group Progressive: Brand Overview
Brand Group Progressive: Brand Overview Audi stands for premium Lamborghini stands for Bentley Motors was founded Ducati: Powerful engines, German vehicles and extreme and in 1919 and became unmistakable design, sustainable mobility. Since uncompromising super renowned for extraordinary innovative t
Slide 22: Brand Group Sport Luxury
Brand Group Sport Luxury The brand for those who follow their dreams ICONIC RESILIENT SUSTAINABLE PERFORMANCE BRAND PERFORMANCE LUXURY CULTURE 22
Slide 23: Brand Group Sport Luxury FY 2025
Brand Group Sport Luxury: FY 2025 Porsche is one of the most valuable Established Employees Sales luxury brands in the world. 1948 41,780 266k cars Sporting and modern. With robust financial results. Porsche is always driven by one key question: how can we continue to inspire our customers and fans,
Slide 24: Brand Group Trucks
Brand Group Trucks A transportation powerhouse Leverage Widen BEV Increased services, Ambition of TRATON offering and drive solutions and 9-11% RoS in Modular System ICE transition regional coverage 2029 24
Slide 25: Brand Group Trucks: Brand Overview
Brand Group Trucks: Brand Overview Scania is a proud leader in MAN is a strong German heritage International® is a high-performance Volkswagen Truck & Bus (VWTB) premium transport solutions, brand, operating internationally manufacturer of trucks and buses stands for unparalleled value-for- speciali
Slide 26: Brand Group Trucks FY 2025
Brand Group Trucks: FY 2025 Brand Group Trucks consists of four leading brands – SCANIA, MAN, INTERNATIONAL, and Volkswagen Truck Established Employees Deliveries & Bus. 2015 107,454 306k The TRATON GROUP is a Transportation powerhouse and one of the world’s leading commercial vehicle manufacturers.
Slide 27: Brand Group Volkswagen Group Mobility
Brand Group Volkswagen Group Mobility We are the Key to Mobility Sustainable mobility We support the We pursue our We are expanding our solutions to match Volkswagen group profitability goals by capabilities as a customers' mobility needs brands in the market strategic and financial technology drive
Slide 28: Volkswagen Group Mobility FY 2025
Volkswagen Group Mobility FY 2025 Volkswagen Group Mobility is a business division of the Volkswagen Group and comprises financial and mobility services companies. Established Employees Total Assets Volkswagen Group Mobility acts as a 1949, 1966, 1983, 2013, 17,923 € 286.9 bn global sales promoter f
Slide 29: Volkswagen Group Mobility: Overview
Volkswagen Group Mobility: Overview Volkswagen Group Mobility - Overview The Volkswagen Financial The Volkswagen Overseas Further Financial Services The Europcar Mobility Services AG manages AG manages and activities belonging to the Group is a global mobility European financial and coordinates non-
Slide 30: Group Strategy
VOLKSWAGEN Group Strategy
Slide 31: The Global Automotive Tech Driver
THE GLOBAL AU TECH DRIVER
Slide 32: The Group Strategy: Global Automotive Tech Driver
The Group Strategy Global Automotive Tech Driver TARGET STRATEGIC TOP 10 PICTURE IMPERATIVES PROGRAMS The Global Focus Action Automotive Unleash Fields Tech Driver Excite 32
Slide 33: The Group Strategy: Strategic Imperatives
The Group Strategy Strategic Imperatives Drive life-cycle customer Boost technology leadership with EXCITE Focus on iconic & profitable portfolio with higher scale on fewer excitement in seamlessly integrated downstream ecosystem – with a streamlined platform architecture and AI powered Software Def
Slide 34: 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 34
Slide 35: What to expect until year-end 2027
What to expect until year-end 2027: Strengthening robustness and resilience Product China North America Software >50 new models operating performance resilient set-up and execution of strategy across all brands improved, turnaround and enhanced governance, (East & West), Rivian JV incl. Urban BEV fa
Slide 36: Holistic Capital Allocation
Holistic Capital Allocation Further reductions Balancing 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 37: Ambition 2030
Ambition 2030 8-10% Operating Margin >60% Cash Conversion Strategic pillars towards margin ambition… 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
Slide 38: Group Target Picture – Transformation 2030
xxx Group Target Picture – Transformation 2030 xxx Product Technology Production Regional Portfolio Roadmap Network Growth Significantly reduced Focused approach to Right-sized & Independent regional number of models E/E architectures, ADAS re-engineered hubs, centrally steered & variants stacks, mo
Slide 39: Product
VOLKSWAGEN GROUP Product
Slide 40: Unrivalled portfolio with significant upside potential
Unrivalled portfolio with significant upside potential LUXURY FOCUS VALUE ORIENTATION Functional Modern Postmodern 40
Slide 41: Design is a measurable value lever
Design is a measurable value lever Comprehensive redesign Focus on distinctive Holistic brand implemented group-wide brand differentiation design approach 41
Slide 42: Quality programs are effective and show valuable results
Quality programs are effective and show valuable results Structured Measurable quality Proactive processing programs rolled out improvements and implementation of across all brands in factory and field customer feedback 42
Slide 43: Strong product momentum continues
Strong product momentum continues… >20 new models in 2026 30 new models in 2025 43
Slide 44: Portfolio age back to well balanced levels
…and brings portfolio age back to well balanced levels Brand Group Brand Group Brand Group CORE PROGRESSIVE SPORT LUXURY 2025 2025 2025 Fleet age lowered to Renewed & attractive Supporting price/mix highly competitive levels product line-up helping to mitigate across Brand Groups drives customer dem
Slide 45: Volkswagen Group Order Situation FY 2025
Volkswagen Group Order Situation FY 2025 Europe1 order intake +13% YoY, order book reach at about 3 months Order book Order intake [k vehicles] [k vehicles] +13% Order intake remains strong 3,867 in Europe1, supported by 3,428 continued dynamic product momentum -2% BEV orders up by 55% 974 950 BEVs
Slide 46: Complementing portfolio in all European market segments
Complementing portfolio in all European market segments 3. Wave Entry-level 2. Wave ID. Polo ID. Cross Fleet and high-end Concept 1. Wave ID.7 Q6 e-tron Middle of the market ID.3 ID.4 Enyaq ID.Every1 Epiq A6 e-tron Macan e Born Q4 e-tron ID.5 Elroq* Raval ID.5 2020 ... 2024 ... 2026 ... *already lau
Slide 47: Volkswagen Group leading in European BEV market
Volkswagen Group leading in European BEV market New BEV registrations Volkswagen Group Volkswagen is further strengthening its position as market leader in the BEV segment with >25% market share 2019 2020 2021 2022 2023 2024 2025 Registrations | Data status: 04.09.2025 | The graph shows the key figu
Slide 48: Flexible drivetrain strategy paying off
Flexible drivetrain strategy paying off While convergence of BEV margins is … Volkswagen Group is benefiting from its held back by slow expansion of volumes … flexible drivetrain strategy [Contribution margin, in %] ICE BEV ICE PHEV / HEV BEV 2025 48
Slide 49: Levers towards BEV margin parity
Levers towards BEV margin parity 2023 2024 2025 2026 2027 2028 2029 External factors Declining raw material costs Subsidy cuts & slower BEV adoption Incentive pressure Internal factors Lower R&D costs Scale and lower factory costs E-drivetrain: Vertical integration Drivers of higher BEV margins as o
Slide 50: Europe 2027: Most desirable portfolio
Europe 2027: Most desirable portfolio ONE Brand Group FIVE Brands FOUR Drivetrains FOURTY-SEVEN Models ≤A0 A ≥B mHEV PHEV PHEV PHEV HEV PHEV PHEV PHEV PHEV PHEV mHEV mHEV Polo Tiguan Tayron Kodiaq Octavia Fam. Terramar ICE / mHEV HEV HEV PHEV PHEV Leon Fam. Passat Superb Fam. Crafter xHEV Kamiq Aron
Slide 51: Largest model initiative of Audi's history
Largest model initiative of Audi’s history More than 20 new models by the end of 2025 Previous model launches1 BEV Audi Q4 e-tron (FL) Audi Q6 e-tron Audi A6 e-tron Audi e-tron GT (FL) Entry BEV 2024/25 2026 ICE Audi A5 Audi Q5 Audi A6 Audi Q3 Audi Q7 Audi Q9 PHEV Portfolio age PPE/PPC Broad range
Slide 52: Adapted product portfolio offering flexibility in the transition
Adapted product portfolio offering flexibility in the transition SPORTS CARS1 SPORTS LIMOUSINES SPORT UTILITY VEHICLES ICON ELEGANCE PRESTIGE NEW PERFORMANCE FUNCTIONALITY DRIVING FUN NEW LIFESTYLE NEW NEW 1) Two-door sports cars; Potential Midterm Drivetrain Portfolio: ICE (x)HEV BEV 52
Slide 53: Technology
VOLKSWAGEN GROUP D Technology
Slide 54: From technology laggard to tech driver
From technology laggard to tech driver SMARTER, FASTER, LEANER. Strong Speed & Tailored local-for- Scale for cost partnerships execution focus local strategies competitiveness 54
Slide 55: Software, Mobility, Battery, Platform
SOFTWARE MOBILITY BATTERY PLATFORM 55
Slide 56: Converging platforms and E/E architecture key
Converging platforms and E/E architecture key PLATFORMS SSP & SDV + CHINA E/E ARCHITECTURES One platform - Maximum Basis for ~30 million vehicles1 Strong scale effects leading efficiency and scale across all Brand Groups to lower production costs 1. Cumulative SOPs from 2027 to 2032. 56
Slide 57: Key Facts Scalable Systems Platform (SSP)
Key Facts Scalable Systems Platform (SSP) A- to C/D- 6 Brands 33 Hats 5 Main Segments Platforms Total 30mn Covering all SOPs Regions vehicles brand Groups 2027 to 2032 EU/NAR; China: CSP/ CEA 57
Slide 58: Technical Specifications SSP
Technical Specifications SSP BEV/ REEV Integration X-by-Wire 400V FWD 800V RWD AWD Autonomous Focus on Driving & Parking LFP Batteries Ecosystem Zonal Architecture UX & Customer focused 58
Slide 59: CSP platform covers all relevant NEV segments in China
With the introduction of our CSP platform we cover all relevant NEV segments with ‚In China, for China‘ technology SEGMENT A B C CMP IN CHINA, FOR CHINA CSP Partnership & GLOBAL PLATFORMS Partnership PPE / SSP 59
Slide 60: Clearly defined software strategy tailored to regional needs
Clearly defined software strategy tailored to regional needs Harman/Kardon Semiconductors Apps ADAS Connectivity & ADAS Infotainment E/E architectures & CARIAD with key role in Global sharing vehicle software ADAS, infotainment, of best practice via created with partners connectivity & back-end know
Slide 61: Enhancing competitiveness with new technology fields
Enhancing competitiveness with new technology fields Arriving to Addressing all customer needs customers Architecture 2026 refined tech platforms with embedded and ADAS 2026 Software 2026 Battery 2026 Architecture 2027 ADAS 2026 Battery (solid state) End of decade Partnering up with Internalizing ke
Slide 62: Rivian and VW Group Technologies accelerate next-generation SDV stack
Rivian and Volkswagen Group Technologies accelerate deployment of next-generation SDV stack State-of-the art E/E Earlier convergence Best-in-class over-the- architectures with & higher air update and in-house owned SW stack cost efficiency diagnostic capabilities 62
Slide 63: Rivian | VW Group Technologies JV software adaption
Rivian | VW Group Technologies JV aims for software adaption for MEB/PPE models and allows for early convergence of software stack Architectures Today 2030 2035 MEB/MEB+ E3 1.11 CMP CEA2 PPE E3 1.21 First-gen E/E architecture3 SSP Next-gen SDV3, 4 Fitting seamlessly into First MEB vehicle with Earli
Slide 64: Transformation of vehicle architectures towards SDV
Transformation of vehicle architectures towards SDV Stronger computing units, featuring OTA, flexible hardware usage, lower complexity Functional Architecture Zonal Architecture featured by featured by E/E 1.1 and 1.2 SDV ICAS ECUs ICC ….. ….. ….. ….. ….. Energy Drivetrain Chassis Infotain ADAS Cent
Slide 65: Arrival of our first Software-Defined Vehicle: The ID.EVERY1
Arrival of our first Software-Defined Vehicle: The ID.EVERY1 Affordable BEVs: ID.Every1 Zonal architecture following A0 to D: Completion of the starting from € 20,000 software-oriented design Group’s BEV portfolio by 2027 65
Slide 66: CEA E/E architecture key lever to realize cost targets
CEA is key lever to realize our cost targets while significantly improving product substance Zonal Development ZONALS architecture speed CENTRAL COMPUTER Full car Cost ZONALS firmware advantage OTA C HIN A E/E ARCHITECTURE Owned Scalability SW stack Modular system with standardized components 25% le
Slide 67: CARThunder accelerates localization of In-Car software in China
CARThunder accelerates the localization of In-Car software in China JV’s Tech Scope Software Platform Development 49% 51% Connectivity App & HMI Development CARIAD fully owning IP Combination of Further step to speed Ensuring delivery competencies from up our digital while keeping CARIAD and Thunder
Slide 68: Introducing CARIZON
Introducing CARIZON Our vision: Utilize AI to make driving safer and more enjoyable Joint venture structure Strong team Our customers ADAS supplier for Volkswagen Group in China of differentiated >90% R&D talents products covering various brands 60% from local tech companies 60% 40% 70% with >5 year
Slide 69: Holistic cooperation: From SW IP to series solutions
Holistic cooperation: From SW IP to series solutions CARIZON encompasses full value chain of development from SOP delivery until EOP Urban NoA* 11V*, 1L* Standard Software Perception Urban NOA IP library Planning and Control Map & Localization 420 TOPs* HMI System State E2E AI BSW and Middleware HW
Slide 70: Holistically driving next-gen ICV's ADAS development
Holistically driving next-gen ICV‘s ADAS development Exceptional SW-HW integration paired with in-house ECU design capabilities CARIZON Volkswagen Group China Software and Hardware Printed Circuit Board Electronic Control Unit Electric Architecture Integration Design Design Design Perception Urban P
Slide 71: Milestones in 2025
2025: CARIZON strategy implementation well on track First inhouse-developed and AI-powered ADAS delivered to Volkswagen Group in China Milestones in 2025 L2+ Standard Highway NoA First car equipped 1 Delivery of L2+ VW ID.Unyx07 Achieved China speed: 2 18 months development time AI-based training pl
Slide 72: Working towards market entry of L3-ready systems
Working towards market entry of L3-ready systems All solutions are flexible and modular for all platforms and architectures of the Group in China L2++ Pro NoA L2++ Premium NoA L3-ready Journey® 6H Journey® 6P Chip Journey® 6P Chip Journey® 6P 420 TOPs 560 TOPs 2*560 11 Cameras 11 Cameras 11 1 Radars
Slide 73: Inhouse SoC's: Vertical integration of chip design
Inhouse SoC’s: Vertical integration of chip design Developing own SoC to meet surging compute demand at high performance and cost efficient OFF-THE-SHELF SoC VS. IN-HOUSE SoC Utilized area on chip Chip designed for next- = efficient part BPU GPU gen CEA computational Standard design chip [Nash Archi
Slide 74: CARIZON chip C7H: Engine of future EV intelligence
CARIZON chip C7H: Engine of future EV intelligence Powering cost-efficient, scalable automated driving for Volkswagen Group to start 2028 Greater Computing Power More Operators The computing performance of The number of supported high-precision key operators improved by operators has increased by mo
Slide 75: Cost-efficient ADAS solution for the Group
Cost-efficient ADAS solution for the Group Illustrative L3/L4 System Solution Cost >1000TOPs Mainstream market solution 13V5R5L L2++ System Solution > -30% CARIZON‘s cost advantage ~700TOPs CARIZON solution ~250TOPs >1000TOPs -20% JV with chip supplier & Scale -30% 11V5R4L 420TOPs 700TOPs J6H 11V1R1
Slide 76: MOIA turnkey solution for autonomous mobility services
MOIA provides a turnkey solution for fully autonomous mobility services A complete system: Equipped with 27 sensors Strategic partnership safe, scalable, generating comprehensive with Uber to deploy turnkey 360° view of surroundings autonomous ID. Buzz 76
Slide 77: PowerCo: Unified cell
PowerCo Unified cell. Low complexity, high standardization. Passenger cars NMC Si-anode SSB Trucks Energy storage systems LFP NMC-blends Na-ion Busses Standardized prismatic cell format Adaptable to all leading Economies of scale Unique customer focus – chemistries, tailored to unlocking Adaptable t
Slide 78: PowerCo: Flexible ramp-up of facilities
PowerCo Flexible ramp-up of facilities Salzgitter progress First cells produced Start Equipment Purchase installation H2/25 PowerCo order of Start of foundation building constructio n 07/22 First cells produced in H2/25 3 factories ensured by PowerCo & VW -30% Capex per GWh, in Germany, Spain and Gr
Slide 79: Demand of unified cells adapted to new market conditions
Volkswagen Group’s demand of unified cells adapted to new market conditions >200 >100 ~80 ~45% PowerCo 2023 2025 2030 79
Slide 80: Regional Strategies
VOLKSWAGEN GROUP Regional Strategies
Slide 81: Regional Strategies: Balanced regional footprint
Regional Strategies Balanced regional footprint STRENGTHEN WIN Europe North America STABILIZE China Note: This map demonstrates Volkswagen's sales region in China 81
Slide 82: Volkswagen strengthens market leading position in Europe
Volkswagen strengthens market leading position in Europe Strengthened market Leading the market with a A0/A00 segment as position in ICE segment share exceeding 20% additional opportunity 82
Slide 83: Strategic priorities for Europe
Strategic priorities for Europe Sustain #1 Align invest Rightsize ICE Digitize in home market with profit pool production capacity dealer network 83
Slide 84: "Future Volkswagen" agreement addressing 3 core areas
“Future Volkswagen” agreement addressing 3 core areas Mid-term cost effect of in total >€4 bn net p.a. Tariff agreement Technical capacity Workforce Net cost effects Installed technical capacity VW AG in Germany1 Number of German Volkswagen employees1 [in € bn] ~1.5 [in mn units] [active2 workforce
Slide 85: Group performance programs structured in pillars
Group performance programs structured in 3 pillars Strategic realignment Stabilization Alignment of capacity Re-alignment of of wages to market realities workforce streamlining Future Volkswagen Agreement for the ~€ 2bn >1mn 1 ~50k future units units headcount reduction by 2026 by YE2027 by 20302 Wa
Slide 86: Net cost savings of more than €6bn by end of decade
Net cost savings of more than € 6bn by end of decade Profitability improvement Implied Group RoS effect >€6bn >150bps by 2030 by 2030 VW AG Audi CARIAD Porsche 86
Slide 87: Development of headcount
Development of headcount Workforce reduction progressing as planned, ~30k exit contracts signed across Group Volkswagen AG1 (Germany) Volkswagen Group (Germany) Volkswagen Group (Global) [active2 workforce in ‘000] VW Sachsen & VW Osnabrück [active2 workforce in ‘000] [active2 workforce in ‘000] VW
Slide 88: Multi-brand production as source to reduce investments
Multi-brand production as source to reduce investments ICE station wagon VW Passat & Skoda Superb in Bratislava € 650mn Saving over product lifetime Urban BEV family VW ID. Cross Concept & Skoda Epiq in Pamplona & VW ID. Polo & Cupra Raval in Martorell SOP in 2026 >€ 600mn Combined savings over prod
Slide 89: Execution of China strategy on track
Execution of China strategy on track Local development and Smart tech partnerships to Localized supply chain speed to match push tailored and superior and R&D to achieve cost customer taste NEV/ICV product offering parity with local leaders 89
Slide 90: Volkswagen Group in China: Joint Venture structures
Volkswagen Group in China: Operating in Joint Venture structures combined with fully consolidated entities VOLKSWAGEN GROUP CHINA Volkswagen (China) Investment Co., Ltd. Shareholdings Joint Ventures Fully cons. entities1 Imports to China Earnings accounted Accounted Revenues and earnings Revenues an
Slide 91: Unique strategic advantage with local R&D & in-house tech stack
Today we have established unique strategic advantage among intl. OEMs with local R&D & in-house tech stack IN CHINA FOR CHINA LOCAL R&D LOCAL IN-HOUSE TECH STACKS Platform ADAS Esp. CEA One Team CEA 91
Slide 92: Locally developed zonal electronic architecture CEA
With our locally developed zonal electronic architecture CEA all our platforms will have unified tech stacks 2027 onward 2025 2026 2027 onwards CEA 1.0 CEA 1.3 CEA 2.X … Launched Platform approach & full in-house stack Tech advance First central zone electric architecture in VW Group MQB CMP CSP SCA
Slide 93: Scaling in-house ADAS solutions and intelligent smart cabin
Based on CEA foundation, we are on fast track to scale in-house ADAS solutions and intelligent smart cabin Timeline 2026 2027 2029 E/E Architecture CEA 1.x CEA 2.x CEA 3.x ADAS L2 Advanced L3/L4 with in-House SoC SOLUTION by CARIZON … Proactive smart cabin Cross Domain AI Agent SMART CABIN … AI-acce
Slide 94: New local platforms retain NEV drivetrain flexibility
Our new local platforms enable us to retain NEV drivetrain flexibility Compact Main Platform (CMP) China Scalable Platform (CSP) A segment A+ and above segments 1 HAT 2 DRIVETRAINS BEV PHEV BEV EREV 1 CEA & CARIZON TECH STACK SOP TIMELINE 2026 2027 Deep-dive in “China Product Strategy” break-out 94
Slide 95: >20 NEV Models from 2026
We will be kick-starting the largest-ever NEV product offensive in China this year ID. UNYX 08 ID. AURA T6 ID. ERA 9X ID. UNYX 07 AUDI E7X ID. UNYX 09 More to come… >20 NEV Models from 2026 Deep-dive in “China Product Strategy” break-out 95
Slide 96: L3 SoC By 2028
Equipped with state-of-the-art driving intelligence L3 SoC Reliable and safe Advancing to leading autonomous driving1 tech position By 2028 1I L3-ready tech stack by 2027, available to customers by 2028 (depending on regulatory approval) 96
Slide 97: Contributing to global south markets with CEA
We are ready to contribute to better fulfill the needs of global south markets with our competitive CEA and local platforms (Illustrative) SDV CEA CHINA TECH SUPPORTING In China for China GLOBAL SOUTH EU & Support Global US SDV Hub Global Solution CEA Hub › with CEA to ensure ME tech competitivene
Slide 98: Overview of major assumptions
Overview of major assumptions KEY PERFORMANCE 2027E 2030 INDICATOR 2024 2025 TARGET AMBITION MARKET VOLUME [mn units1] 23.4 24.3 ~25 ~26 VEHICLE DELIVERIES [mn units1] 2.9 2.7 ~3.0 ~3.2 (IMPLIED MARKET SHARE) （12%） （11%） （12%） （12%） NEV PENETRATION [%] 7% 4.6% ~40% ~70% CORRESPONDING ROS [%] 3~5% 4~
Slide 99: Key takeaways
Key takeaways Despite the challenging market, we remained No.1 01 international OEM in China in 2025, foundation has been set and we are kick-starting NEV offensive With VW Group’s strategic advantages built ‘In China, for China’ 02 we are evolving our strategy to ‘In China, for China & Support Glob
Slide 100: Target Picture: China will remain key
China will remain key for Volkswagen Group #1 international OEM and #3 in Chinese market Target Top position in ICE and highly competitive ICVs Picture 2030 Strategic ambition of €1.6-2.0 bn prop. operating profit 1,2 1. Proportionate operating profit accounted at equity within financial result | 2.
Slide 101: 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 101
Slide 102: North American production footprint and vehicle flows 2024
North American production footprint and vehicle flows of Volkswagen Group in 2024 VW Golf | ID.Buzz Audi (excl. Q5) 200k 240k Porsche locally imported from Europe produced with 15%1 tariffs 287k imported from Mexico with 27.5% tariffs on vehicles / parts Jetta | VW Taos | VW Tiguan Audi Q5 1. Curren
Slide 103: North America: Focus on Scout Range Extender
North America: Focus on Scout Range Extender Entrance via highly attractive Heritage brand meeting High adaptability of segments from 2028 on: customers’ desires to BEV offering with gasoline Pick-ups & rugged SUVs strengthen NAR position range extender offers 103
Slide 104: Scout to complement current product portfolio
Scout to complement current product portfolio Bodystyle Expected US market profit pools in 2030 Pickup SUV Sedan Covered by Volkswagen Group Covered by Scout Not covered Hatch Segment A B C Most promising future Dedicated SUV & pick-up Revival of iconic Scout brand profit pools addressed portfolio t
Slide 105: First full year of Rivian and VW Group Technologies JV
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 106: Significant potential beyond core regions
Significant potential beyond core regions South America, India, Local production combined Flexible strategies to ASEAN & Middle East offer with targeted address diverse high growth potentials import strategies customer preferences 106
Slide 107: Capital Allocation
VOLKSWAGEN Capital Allocation
Slide 108: €165 billion mid-term invest plan committed
€165 billion mid-term invest plan committed 5-year combined capex and R&D plan 180 [€ bn] Investment Complexity 170 discipline Synergies reduction 165 160 Potential further localization of production in Planning round 2022 2023 2024 Y Y 2025 decided in PR71 PR72 PR73 PR74 Effect from potential furth
Slide 109: 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 nergy & Charging, other ICE/Hybrid hardware 2026 2027 2030 outlook target ambition 10
Slide 110: Focus on the core
Focus on the core > 250 Non-controlled shareholdings on Group level Opening capital structure Increase of free float Evaluating options Active management of ADMT & PowerCo TRATON shares for Everllence of NCS1 continuing 1. Non-controlled shareholdings 110
Slide 111: Continuous dividend policy
Volkswagen Group pursuing continuous dividend policy Regular dividend per preferred share [€] Payout ratio [as % of Group net income attributable to Volkswagen AG shareholders] Dividends paid for period 29% 29% 29% 30% 2021-2024 totaling 12 11 25% ∑ € 25bn 10 8,76 9,06 Committed to strategic target
Slide 112: Balance sheet strength improved over the cycle
Balance sheet strength improved over the cycle Automotive net liquidity (in €bn1 / as % of Group revenue) Target level >10% 9% 13% 8% 12% 11% 13%2 13% 11% 11% 43 40 72 34 35 27 27 18 19 21 37 2014 2016 2018 2020 2021 2022 2023 2024 2025 Strong resilient Stable I-Grade credit Solid Automotive Balance
Slide 113: Group Financing
VOLKSWAGEN GROUP Group Financing
Slide 114: Overview of financing entities of the Volkswagen Group
Overview of financing entities of the Volkswagen Group Issuing Entities Volkswagen AG not guaranteed guaranteed Volkswagen Aktiengesellschaft* Volkswagen International Finance N.V. Volkswagen Group of America Finance, LLC Volkswagen Credit Canada Inc. / Crédit VW Canada, Inc not guaranteed not
Slide 115: Financing entities across the globe serving different purposes
Financing entities across the globe serving different purposes Automotive Division Financial Services Division Passenger Cars Business Area Commercial Vehicle Business Area Volkswagen Financial Services Funding Strategy Funding Strategy Funding Strategy • Financial management across TRATON, Scania a
Slide 116: Credit metrics and ratings (S&P)
Credit metrics and ratings Volkswagen Groups Credit Positioning Credit Rating Development Current Credit Ratings Volkswagen Financial Volkswagen Bank Volkswagen Financial Volkswagen AG Services AG GmbH Services Overseas AG A- A A- BBB+ Long-Term Short-Term Long-Term Short-Term Long-Term Short-Term L
Slide 117: Credit metrics and ratings (Moody's)
Credit metrics and ratings Volkswagen Groups Credit Positioning Credit Rating Development Current Credit Ratings Volkswagen Financial Volkswagen Bank Volkswagen Financial Volkswagen AG Services AG GmbH Services Overseas AG A3 A2 A3 Baa1 Long-Term Short-Term Long-Term Short-Term Long-Term Short-Term
Slide 118: Credit metrics and ratings (Fitch)
Credit metrics and ratings Volkswagen Groups Credit Positioning Credit Rating Development Current Credit Ratings Volkswagen Financial Volkswagen Bank Volkswagen Financial Volkswagen AG Services AG GmbH Services Overseas AG A- A BBB+ A- Long-Term Short-Term Long-Term Short-Term Long-Term Short-Term L
Slide 119: Well-balanced debt maturity profile
Well-balanced debt maturity profile Volkswagen Group’s Funding Mix in % (as of December 31, 2024) [€ bn] 12 months breakdown (as of January 31, 2025) Commercial Papers 4.1 Bond/MTN Bonds Hybrid 3.4 28.4 2.8 2.7 2.4 2.2 1.6 0.5 4.1 7.3 1.0 1.7 22.0 1.3 1.0 18.0 1.9 1.6 0.6 0.7 1.3 1.5 1.2 13.1 Feb-25
Slide 120: Hybrid Bonds as integral part of capital structure
Hybrid Bonds as integral part of capital structure Hybrid Capital within the Volkswagen Group1 Provides 100% IFRS equity Long-term commitment towards hybrid capital supporting Volkswagen Group’s credit metrics such as Net Industrial Liquidity Well diversified maturity profile € bn 2.00 2 1.75 1.50 1
Slide 121: Diversified mix of currencies and tenors
Diversified mix of currencies and tenors Volkswagen Group’s Capital Market Borrowings Diversification of Unsecured Funding (as of December 31, 2024) Top 5 Currency Breakdown Commercial Paper and Bonds (excl. Hybrid) Fix vs. Float Bonds (excl. Hybrid) EUR 3.6% USD 11.6% 6.6% 3.1% GBP SEK CAD 26.1% 60
Slide 122: Volkswagen Shares
VOLKSWAGEN GROUP Volkswagen Shares
Slide 123: Volkswagen Share Information
Volkswagen Share Information Shareholder Structure as of December 31, 2024 Volkswagen Share Data and Indices Ordinary Shares Preferred Shares 2% ISIN DE0007664005 DE0007664039 26% 32% Porsche Automobil Holding Foreign institutional investors WKN 766400 766403 Qatar Holding LLC Deutsche Börse / BBG V
Slide 124: Key Figures per Volkswagen Share
Key Figures per Volkswagen Share Key figures per share 2024 20233 20224 2021 2020 Share price development2 2024 20233 20224 2021 2020 Earnings per ordinary share5 basic € 21,36 31,79 29,66 29,59 16,60 Ordinary share diluted € 21,36 31,79 29,66 29,59 16,60 Closing € 92,15 118,45 147,65 258,40 170,10
Slide 125: Governance & Sustainability
10 Governance & Sustainability 125
Slide 126: Volkswagen Group Governance: Two-Tier Board System
Volkswagen Group Governance: Two-Tier Board System Shareholders’ Meeting Shareholders exercise their rights of participation and control Elects shareholder Ratifies Reports Ratifies representatives Executive Committee Supervisory Board Management Board 20 members Appoints, 8 members2 Mediation1 Moni
Slide 127: The Volkswagen Group's Board of Management
The Volkswagen Group’s Board of Management Dr. Oliver Blume Dr. Arno Antlitz Thomas Schäfer Dr. Gernot Döllner Brand Group CEO CFO and COO Brand Group Core Progressive since September 1, 2022 since April 1, 20211 since July 1, 2022 since September 1, 2023 until 2030 until 2027 until 2030 until 2026
Slide 128: ESG: Integral Part of bonus of Management Board
ESG: Integral Part of bonus of Management Board Functionality of the Annual Bonus Target achievement 1/2 1/2 Return on Sales Net Cash Flow ESG-Performance (ROS) Payout (Cap: 200% Target value ESG Performance of the target value) 1/2 1/2 Governance (G) Environment (E) Social (S) Factor Compliance Dec
Slide 129: Our commitments framing regenerate+
Our commitments framing regenerate+ 1 | We protect and strengthen our environment. 2 | We treat people with dignity and respect. 3 | We act with integrity and in compliance. 4 | We take responsibility towards society. 5 | We provide sustainable mobility and business models. 129
Slide 130: Impact-driven ambition towards sustainable mobility
Impact-driven ambition towards sustainable mobility NATURE OUR PEOPLE SOCIETY BUSINESS Achieved notable progress Integration into Strong commitment to our in the TOP KPI set The Group Strategy strategy and framework 130
Slide 131: Systematic steering of KPIs documents our responsibility
Systematic steering of KPIs documents our responsibility towards … … impact on nature … our own employees … our supply chain … incremental & environment around the world & society business from sustainability • Reduction of • Proportion of diversity • Sustainability Performance • Revenues: sustainab
Slide 132: Empower People. Protect Resources. Regenerate Progress.
Empower People. Protect Resources. Regenerate Progress. Climate neutrality is Circular economy Regeneration can only Empowering people achievable by reaching reduces primary be achieved through through diversity, inclusion, net-zero emissions and resource demand and close partnerships and and open d
Slide 133: Overview of the targets, TOP KPIs and indicators
Overview of the targets, TOP KPIs and indicators Quanti. Quanti. Dimensions Target TOP KPI Year Quanti. Performance (FY2023) Performance (FY2024) Further Info Reduction Scope 1+2 2030 -50% -33.7%2 -51%2 Carbon Neutrality in 2040 (-90%) The Volkswagen Group wants to become a net- of CO2eq carbon-neut
Slide 134: Prevent and minimize human right and environmental risks
Prevent and minimize human right and environmental risks along the supply chains (ReSC System) RISK ANALYSIS MEASURES RISK ANALYSIS MEASURES RISK ASSESSMENT BASED ON THE NATURE OF THE INDIVIDUAL SUPPLIER RISK STANDARD MEASURES DEEP DIVE BUSINESS ACTIVITIES Code of Grievance Media Sustainability Supp
Slide 135: ESG Reporting Formats
ESG Reporting Formats Dedicated chapter “ESG-Performance & Reporting” on IR Website with all relevant data SUSTAINABILITY REPORT ESG FACTBOOK Combined Non-Financial Statement as Part of the Supplementary capital market-relevant ESG 2024 Annual Report information and links in existing sources • Appli
Slide 136: ESG Factbook
VOLKSWAGEN ESG Factbook xe GROUP VOLKSWAGEN GROUP APPENDIX ESG FACTBOOK ESG FACTBOOK > 136
Slide 137: Governance ranking significantly improved
Governance ranking significantly improved with an overall rating of “very good” DVFA Total Score2 and Ranking3 2022-25 2025 82.8% Ranking3 26. 77.8% 74.9% Shareholders & AGM4 80% 65.4% Management Board4 85% 26. 26. 30. Supervisory Board4 73% 31. Transpareny & Governance4 100% Accounting & Audit4 86%
Slide 138: Financials Volkswagen Group
11 Financials Volkswagen Group 138
Slide 139: Volkswagen Group Financials FY/25
Volkswagen Group Financials FY/25 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 88,262
Slide 140: Volkswagen Group Financials Q4/25
Volkswagen Group Financials Q4/25 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 1,136
Slide 141: Volkswagen Group Financials Q3/25
Volkswagen Group Financials Q3/25 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 21,341 373 36
Slide 142: Volkswagen Group Financials Q2/25
Volkswagen Group Financials Q2/25 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 22,930 991 17
Slide 143: Volkswagen Group Financials Q1/25
Volkswagen Group Financials Q1/25 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
Slide 144: Appendix
VOLKSWAGEN GROUP Appendix
Slide 145: 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 146: Volkswagen AG Investor Relations, Credit/ESG & Treasury Team
Volkswagen AG Investor Relations, Credit /ESG &Treasury Team Rolf Woller Head of Group Treasury & Investor Relations +49 5361 9 24184 - rolf.woller@volkswagen.de Lars Korinth Björn Bätge Head of Group Investor Relations Head of Global Markets +49 152 29454956 - lars.korinth@volkswagen.de +49 5361 9
Slide 147: 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 148: 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 149: 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 150: 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 151: Volkswagen Group
VOLKSWAGEN GROUP