Volkswagen Ag · XETR:VOW
Volkswagen — Q3 2024 Earnings Presentation
50 slides from Volkswagen's earnings presentation, Oct 30, 2024
Slide 1: Investor, Analyst and Media Call 9M 2024
Volkswagen AG Investor, Analyst and Media Call 9M 2024 October 30, 2024
Slide 2: Disclaimer
Disclaimer The following presentations as well as remarks/comments and explanations in this context contain forward-looking statements on the business development of the Volkswagen Group. These statements are based on assumptions relating to the development of the economic, political and legal envir
Slide 3: Key developments; Financials
1 Key developments 2 Financials
Slide 4: Volkswagen Group Highlights Q3 2024
Volkswagen Group Highlights Q3 2024 ID.7 GTX – New performance model with all- VW Transporter: more space and payload as ID.UNYX marks the start of a new product line wheel drive; Pro S with range test of 794km well as improved towing capacity & economy with more models to come in China for China Šk
Slide 5: Planned JV with Rivian
Planned JV with Rivian Next key milestones achieved since announcement in June 2024 Jun 2024 Dec 2024 $1.0bn Technical feasibility via mandatory proven with convertible note1 ‘Drivable Demonstrator’ Next steps: Conversion Convertible Note into Equity MoU signed & first investment Signing of definiti
Slide 6: World Premiere of Scout Motors
World Premiere of Scout Motors Scout revealed its first two vehicles: Traveler SUV & Terra Pickup Highly profitable segments: Strengthening VW Group position Introduction of a gasoline Pickups & Rugged SUVs in North America in the long term range extender option 6
Slide 7: Volkswagen Group Deliveries
Volkswagen Group Deliveries Deliveries to customers after 9M ~3% below prior year; Q3: ~7% below prior year Deliveries [‘000 units / per month] 900 2023 2024 800 700 600 500 400 01 02 03 04 05 06 07 08 09 10 11 12 Global deliveries after 9M BEV deliveries at 507k units Worldwide 9M at 6.5m vehicles
Slide 8: Volkswagen Group Deliveries by Regions
Volkswagen Group Deliveries by Regions Continued growth in North & South America, China and Europe lower YoY Europe China North America -1% -10% +7% 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 South America +15% 9M 2023 9M 2024 8
Slide 9: BEV Deliveries Year-to-date
BEV Deliveries Year-to-date Softer market demand for BEVs in Europe & US partially compensated by growth in China Top BEV Models 9M 2024 Quarterly Development BEV Deliveries [‘000 units] BEV share [%] 2024 BEV share [%] 2023 ID.4/5 Enyaq 135k 51k 9% 9-11% 7% 8% 9% 10% 7% 8% ID.3 Born 106k 30k 181 18
Slide 10: Financials: Volkswagen Group
1 Key developments 2 Financials Volkswagen Group
Slide 11: Financial Overview
Financial Overview Operating result impacted by Brand Group Core performance and significant restructuring Vehicle Sales Sales Revenue Operating Result and Margin [m vehicles] [€ bn] [€ bn] Margin [%] Fair value of derivatives +1% outside hedge accounting1 237.3 235.1 6.9% 5.4% -21% 16.2 -4% 12.9 6
Slide 12: Financial Overview
Financial Overview Pre-tax earnings as well as net income impacted by lower operating and financial result Profit before Tax Profit after Tax Earnings per preferred share [€ bn] [€ bn] [€] -29% 17.7 -31% -33% 12.5 12.9 22.7 8.9 15.2 Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep 2023 2024 2023 2024
Slide 13: Reconciliation from Reported to Underlying Operating Result
Reconciliation from Reported to Underlying Operating Result Reported Operating Result held back by non-operating factors of € 2.5bn / 110bps in 9M Operating Result & Margin Non-Operating Factors Impacting Results [€ bn] Margin [%] 15.4 -€ 2.2bn restructuring expenses (mainly BGC and BGP) 12.9 6.5%
Slide 14: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity Solid Q3 Net Cash Flow of € 3.4bn supported by reduction in working capital Rep. Net Cash Flow [CCR]1, 2 'Clean' Net Cash Flow1, 3 Net Liquidity1 [€ bn, in %] [€ bn] [€ bn] -15% 40.3 34.4 -30% 6.0 -34% 4.9 4.2 37% 3.3 31% Jan-Sep Jan-Sep Jan-Sep Jan-Sep 31
Slide 15: Automotive Net Liquidity
Automotive Net Liquidity Financial position at solid level Reported Net Cash Flow (€ 3.3bn)1 Clean NCF (€ 4.2bn)1 +1.7 -0.4 -0.5 -5.2 +2.5 40.3 -1.3 -2.7 34.4 thereof ~€ 7.0bn outflows from inventory build-up thereof -€ 0.9bn Rivian and -€ 0.5bn FS reorganization 31 Dec Operating Dividend of Diesel
Slide 16: Operating Result by Division
Operating Result by Division Passenger Cars affected by restructuring charges - strong performance of Commercial Vehicles Automotive Division Financial Services Division Passenger Cars1 Commercial Vehicles2 Financial Services Operating Result [€ bn] Operating Result [€ bn] Operating Result [€ bn] Ma
Slide 17: Operating Result Passenger Cars
Operating Result Passenger Cars Results affected by higher fixed costs, including € 2.2bn restructuring; pricing stabilized in Q3 Operating Result Operating Result [€ bn] Margin [%] -0.1 3.8 10.3 -0.7 -5.8 Thereof: 7.3 Volume & other: +1.4 6.5% Mix: -1.2 Thereof: Price: -0.9 Restructuring: -2.2 4.7
Slide 18: Overhead Cost Development Automotive Division
Overhead Cost Development Automotive Division Overhead cost Automotive Division1 Overhead cost1 [as % of Automotive revenue] TRATON [in €bn] Power Engineering1 [in €bn] Passenger Cars [in €bn] 19.5% 17.2% 15.9% 17.4% 15.7% 41.4 42.6 1.2 40.0 1.0 1.2 5.2 6.6 33.7 6.1 0.9 30.7 0.9 5.3 4.7 35.0 32.8 34
Slide 19: Automotive Investment Ratio
Automotive Investment Ratio Spend levels peaking in 2024 R&D / Capex – Absolute and Ratio (Automotive Division) [in % of automotive sales revenues, € bn] CAPEX R&D ∑ 13.6% ∑ 13.5% ∑ 13.5% - 14.5% ∑ 12.5% € 26.3bn € 36.1bn € 24.3bn ∑ <11.0% 5.0% 5.4% 4.5% € 9.7bn € 14.4bn € 8.7bn 8.1% 8.0% 8.6% € 21.
Slide 20: Financials: Brand Groups
1 Key developments 2 Financials Brand Groups
Slide 21: Overview 9M 2024 Brand Groups
Overview 9M 2024 Brand Groups Results held back by restructuring at BGC and BGP, supply chain shortages & higher fixed costs Core Progressive Sport Luxury Sales Revenue [€ bn] 101.5 (flat) 46.3 (-8%) 25.9 (-7%) Operating Result [€ bn] 4.5 (-10%) 2.1 (-55%) 3.8 (-28%) 5.2 underlying ~3.8 underlying O
Slide 22: Brand Group Core
Brand Group Core Reported versus Underlying Operating Result Q1 24 Q2 24 Q3 24 9M 2024 1 reported reported reported trend reported underlying Brand Group Core 6.4% 3.7% 3.2% 4.4% 5.2% Volkswagen Brand 4.0% 0.9% 1.8% 2.1% 3.0% ŠKODA 8.1% 8.7% 8.2% 8.3% 8.3% SEAT/CUPRA 5.9% 4.6% 0.3% 3.9% 4.0% VW Comm
Slide 23: Overview 9M 2024 Technology Platforms
Overview 9M 2024 Technology Platforms Higher operating losses in software and battery Software Battery Sales Revenue [€ bn] 0.7 (+20%) - (-) Operating Result1 [€ bn] -2.1 (-0.3) -0.4 (-0.2) Operating Margin [%] - (-) - (-) Net Cash Flow [€ bn] -1.3 (+0.2) -0.4 (+0.1) -2.4 underlying1 (+0.2) Delta to
Slide 24: Brand Group Trucks – TRATON
Brand Group Trucks – TRATON1 Continued strong earnings momentum Key Takeaways Sales revenue benefitted from favorable price/mix; in Q3 unit sales catch-up post North American force majeure supply issue Sales Revenue [€ bn] 34.3 (+3%) Profitability driven by increased Operating Result1 [€ bn] 3.1 (+1
Slide 25: Volkswagen Group Mobility
Volkswagen Group Mobility Key Takeaways Slight increase of contract volume; credit loss ratio remains on solid level Decrease of operating result due to Contracts [‘000 units] 26,232 (+1%) continued normalization of used car prices, difficult business Operating Result1 [€ bn] 2.2 (-27%)³ environment
Slide 26: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result 9M results 37% below previous year, full year outlook confirmed ∑ 3,280 Key Takeaways ∑ 3,026 722 ICE leadership strengthened ∑ 2,621 Q4 1,064 Operating results lower YoY due to 741 VCTC ramp-up, NEV Co. 1,156 consolidation and fierce Q3 690 compe
Slide 27: Volkswagen Group Outlook for 2024
Volkswagen Group Outlook for 2024 Actual YTD Outlook FY/2024 FY/2023 9M/2024 updated on Sept 27, 2024 Sales Revenue € 322.3bn € 237.3bn around € 320bn Operating Margin / Result 7.0% 5.4% around € 18bn (corresponding to 5.6%) Automotive Investment Ratio1 13.5% 13.6% 13.5% to 14.5% Automotive Reported
Slide 28: Financial Calendar 2024/2025
Financial Calendar 2024/2025 Volkswagen Group Q3 / 9M 2024 Financial Results October 30, 2024 Volkswagen Group Annual Media, Analyst and Investor Conference 2025 March 11, 2025 Volkswagen Group Annual General Meeting 2025 May 16, 2025 28
Slide 29: Backup
VOLKSWAGEN GROUP Backup
Slide 30: Brand Group Core
Brand Group Core Reported versus Underlying Operating Result 9M/2023 9M/2024 reported reported underlying 1 Brand Group Core 4,985 | 4.9% 4,491 | 4.4% 5.2% Volkswagen Brand 2,126 | 3.4% 1,341 | 2.1% 3.0% Škoda 1,260 | 6.4% 1,699 | 8.3% 8.3% SEAT/CUPRA 501 | 4.6% 415 | 3.9% 4.0% VW Commercial Vehicle
Slide 31: Volkswagen Group - Products
Volkswagen Group - Products Largest product renewal offensive continuing at full speed, strengthening competitiveness Q2 Q3 Q3/Q4 2025 Golf ID.UNYX Q6 etron Macan A6 e-tron Q5 Revuelto Kodiaq Tavascan Continental GT Speed A5 Terramar Volkswagen Tayron Škoda Elroq Audi Q3 & A7 Lamborghini Huracan ID.
Slide 32: Financial Overview
Financial Overview Group Revenue Group Return on Sales Automotive Net Cash Flow 9M/2024 € 237.3bn 5.4% € 3.3bn +0.9% y-o-y 6.5% underlying1 Q3/2024 € 78.5bn 3.6% € 3.4bn -0.5% y-o-y 5.2% underlying1 1. Adjusted for costs related to restructuring measures and fair value of derivatives outside hedge a
Slide 33: Operating Result excluding valuation effects from fair values of derivatives
Operating Result excluding valuation effects from fair values of derivatives outside hedge accounting Operating Result1 [€ bn] Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 0.7 7.1 6.3 Reported operating profit1 4.9 0.0 4.9 4.6 0.4 5.0 5.5 0.4 5.1 Fair value of derivatives outside hedge accounting 2.9 0.0
Slide 34: Volkswagen Group 9M – Analysis by Brand and Business Field
Volkswagen Group 9M – Analysis by Brand and Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 9M 2024 9M 2023 Brand Group Core 3,627 3,575 101,523 101,060 4,491 4,985 4.4 4.9 Volkswagen Passenger Cars 2
Slide 35: Volkswagen Group Q3 – Analysis by Brand and Business Field
Volkswagen Group Q3 – Analysis by Brand and Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Q3 2024 Q3 2023 Brand Group Core 1,133 1,125 32,472 32,296 1,029 1,213 3.2 3.8 Volkswagen Passenger Cars 741
Slide 36: Volkswagen Group Q2 – Analysis by Brand and Business Field
Volkswagen Group Q2 – Analysis by Brand and Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Q2 2024 Q2 2023 Brand Group Core 1,302 1,257 36,277 35,601 1,352 2,031 3.7 5.7 Volkswagen Passenger Cars 824
Slide 37: Volkswagen Group Q1 – Analysis by Brand and Business Field
Volkswagen Group Q1 – Analysis by Brand and Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Brand Group Core 1,192 1,193 32,773 33,163 2,110 1,742 6.4 5.3 Volkswagen Passenger Cars 695
Slide 38: Volkswagen Tayron
VOLKSWAGEN GROUP Volkswagen Tayron
Slide 39: ID.Buzz
VOLKSWAGEN GROUP |ID.Buzz \ 7 \ \ 7 me
Slide 40: Cupra Terramar
VOLKSWAGEN GROUP Cupra Terramar
Slide 41: Škoda Elroq
VOLKSWAGEN GROUP Skoda Elroq
Slide 42: Audi Q5
VOLKSWAGEN GROUP Audi Q5 42
Slide 43: Porsche GT3
VOLKSWAGEN GROUP Porsche 911 GT3 43
Slide 44: Lamborghini Temerario
VOLKSWAGEN GROUP Lamborghini Temerario
Slide 45: Bentley Continental GT
VOLKSWAGEN GROUP Bentley Continental GT
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 ID.UNYX The vehicle is not offered for sale in the EU and is therefore not subject to Directive 1999/94/EC. Golf R 8.1 – 8.5
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) Porsche Macan S n/a 21,1 - 17,9 kWh/100 km n/a 516 - 613 km Taycan Turbo S n/a 18.8-16.6 kWh/100 km n/a 558 - 630 km Porsche Tay
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) Audi Q4 e-tron 55 n/a 16.8 – 19.5kWh/100 km n/a 449 - 523 km Q5 7,9–5,9 l/100 km n/a 180–148 g/km n/a Q6L e-tron n/a 17.5 – 18.4
Slide 49: 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 50: Volkswagen Group
VOLKSWAGEN GROUP