Volkswagen Ag · XETR:VOW
Volkswagen — FY 2024 Earnings Presentation
55 slides from Volkswagen's earnings presentation, Mar 11, 2025
Slide 1: Volkswagen AG Investor & Analyst Conference Call FY 2024
Volkswagen AG Investor & Analyst Conference Call FY 2024 March 11, 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 2024, Financials 2024, Outlook 2025
1 Highlights 2024 2 Financials 2024 3 Outlook 2025
Slide 4: TOP 10 Program 2024
TOP 10 Program 2024 01 02 03 04 05 Performance Products Regions Digitalization Software 06 07 08 09 10 Architectures Battery Mobility Sustainability Team & Solutions Organization 4
Slide 5: Comprehensive Model Offensive
COMPREHENSIVE MODEL OFFENSIVE 5
Slide 6: Execution of new China strategy on track
Execution of new China strategy on track “In China, for China”: Local Smart tech partnerships to Localized supply chain development and speed to push tailored and superior and R&D to achieve cost match customer taste NEV/ICV product offering parity with local leaders 6
Slide 7: Growth strategy North America: Scout world premiere
Growth strategy North America: Scout world premiere Entry into highly profitable Strengthening of position in NAR High adaptability with segments from 2028 on: with heritage brand that greatly BEV and gasoline Pickups & rugged SUVs meets customers’ desires range extender offers 7
Slide 8: New electrical architectures enable cutting-edge software solutions
New electrical architectures enable cutting-edge software solutions Faster, Leaner, More Efficient: CARIAD with key role in ADAS, Platform & software Creating cutting-edge software infotainment, connectivity, partnership with Xpeng: & electronics architectures cloud data and back-end joint developme
Slide 9: Volkswagen AG positions itself competitively for the future
Volkswagen AG positions itself competitively for the future Wage increase suspended Competitiveness to be enhanced Short-term cost effect of until 2030; German workforce substantially by reducing German net €1.5 bn p.a.; mid-term to be reduced by >35k technical capacity by >730k units cost effect of
Slide 10: Financial Performance
Financial Performance Solid results despite significant cost headwinds from restructuring € 324.7bn € 19.1bn € 5.0bn Group revenue Group operating profit, Automotive net cash flow 5.9% Group return on sales € 36.1bn € 6.36 Automotive net Dividend per preferred share industrial liquidity 30% payout r
Slide 11: 9.0 million deliveries to customers in FY 2024
9.0 million deliveries to customers in FY 2024 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 Deliveries at 9.0mn slightly Strong close to the year: Global passenger car market below previous year (-2%) 2.5mn deliveries in Q4 share sustained
Slide 12: Deliveries by Region
Deliveries by Region Growth in North & South America almost compensated for expected volume decline in China Europe China North America flat -10% +6% 2023 2024 2023 2024 2023 2024 South America +15% 2023 2024 12
Slide 13: Battery Electric Vehicle Deliveries
Battery Electric Vehicle Deliveries Stable share despite weak German market – order bank and new products to drive growth Top BEV Models FY 2024 Annual Development BEV Deliveries [‘000 units] BEV share [in %] ID.4/5 Enyaq PHEV Deliveries [‘000 units] 10 – 14% 182k 80k 8.3% 8.3% ID.3 Born 42k 6.9% 77
Slide 14: Highlights 2024, Financials 2024, Outlook 2025
1 Highlights 2024 2 Financials 2024 3 Outlook 2025
Slide 15: Financial Overview
Financial Overview Operating result impacted by higher fixed costs and non-operating items Vehicle Sales Sales Revenue Operating Result & Margin1, 2 [m vehicles] [€ bn] [€ bn] Margin [%] +1% 325 322 7.0% 5.9% -15% 22.5 19.1 -3% 9.4 9.0 6.3 6.3 ex China JVs Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec Ja
Slide 16: EPS and Dividend Proposal
EPS and Dividend Proposal Net profit affected by operating performance and financial result – dividend payout-ratio at 30% Profit after Tax1 Earnings per preferred share1 Dividend (preferred share) [€ bn] [€] [€, payout ratio in % of net income] -33% 31.85 28%1 30% -31% 17.9 21.42 -30% 9.06 12.4 6.3
Slide 17: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity Strong reduction in working capital in Q4 leads to better-than-expected NCF Rep. Net Cash Flow [CCR]1, 2 'Clean' Net Cash Flow1, 3 Net Liquidity1 [€ bn, in %] [€ bn] [€ bn] -10% 40.3 36.1 -47% 13.5 -53% 10.7 7.1 5.0 57% 31% Jan-Dec Jan-Dec Jan-Dec Jan-Dec 3
Slide 18: Automotive Net Liquidity
Automotive Net Liquidity Financial position remains at solid level Reported Net Cash Flow (€ 5.0bn)1 Clean NCF (€ 7.1bn)1 +2.4 -0.4 -1.7 +4.7 -5.2 40.3 -1.3 -2.7 thereof 36.1 -€ 1.0bn Rivian working capital on prior year level 31 Dec Operating Dividend of Diesel M&A Dividends to Hybrid Other 31 Dec
Slide 19: Operating Result by Division
Operating Result by Division Passenger Cars impacted by restructuring costs – Commercial Vehicles with strong performance Automotive Division Financial Services Division Passenger Cars1, 2 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 higher fixed costs, including restructuring Operating Result [€ bn] Margin [%] +0.2 +4.4 14.7 +0.3 -8.2 Thereof: 11.4 Volume & other: +1.1 Mix: -0.3 Thereof: Price: -0.5 Restructuring, net of provision release: ~-2 6.7% 5.3% Jan-Dec Volume & other
Slide 21: Overhead Cost Development Automotive Division
Overhead Cost Development Automotive Division Overhead cost1 [as % of Automotive revenue] TRATON [in €bn] Power Engineering1 [in €bn] Passenger Cars [in €bn] Increase in overhead costs 19.5% by € 2.7bn or 110bps 17.2% 15.9% 17.0% Main driver were higher personnel cost due to wage increases from 2022
Slide 22: FY 2024 Performance Brand Groups
FY 2024 Performance Brand Groups Solid operational performance impacted by restructuring, supply chain and fixed cost effects Core Progressive Sport Luxury Sales Revenue [€ bn] 140.0 (+2%) 64.5 (-8%) 36.4 (-2%) Operating Result [€ bn] 7.0 (-4%1) 3.9 (-38%) 5.3 (-24%) Operating Margin [%] 5.0 (-0.3pp
Slide 23: Future Volkswagen agreement addressing three core areas
“Future Volkswagen” agreement addressing three 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 workfo
Slide 24: Execution of Future Volkswagen key to achieve earnings targets
Execution of “Future Volkswagen” key to achieve earnings targets Volkswagen brand margin target realistically achievable over medium-term Volkswagen Volkswagen Tech. Components Passenger Cars Commercial Vehicles Return on Sales [%] Return on Sales [%] Return on Sales [%] 6.5% 6.5% 6.5% 6.0% 5.5%
Slide 25: FY 2024 Performance Technology Platforms
FY 2024 Performance Technology Platforms Ramp-up and expansion of operations affect results in software and battery CARIAD: Software Battery higher sales revenue and stable operating results; re-scaling of operations further executed in 2025 Sales Revenue [€ bn] 1.3 (+23%) - (-) PowerCo: Operating R
Slide 26: Brand Group Trucks – TRAATON
Brand Group Trucks – TRATON1 Continued strong earnings momentum Sales revenue benefitted from positive market and product mix and better unit price realization, despite a slight decrease in unit sales Sales Revenue [€ bn] 46.2 (+1%) Strong profitability driven Operating Result [€ bn] 4.2 (+14%) by i
Slide 27: FY 2024 Performance Volkswagen Financial Services
FY 2024 Performance Volkswagen Financial Services Volkswagen Continued normalization of Financial Services Division1 used car prices and increasing risk costs Operating Result1 [€ bn] 3.1 (-18%2) -€ 0.2bn valuation effect from VW Bank Rus Volkswagen deconsolidation Group Mobility Slight growth of co
Slide 28: Automotive Investment Ratio
Automotive Investment Ratio Spending levels peaked in 2024 – 5-year investment plan significantly streamlined [in € bn & in % of Automotive Division revenue] CAPEX New 2025-29 planning R&D round with reduced ∑ 37.9bn ∑ 36.2bn 14.3% | 13.0%1 ∑ 12 – 13% investment spend of 13.5%1 € 165bn (€ 180bn ∑ ~1
Slide 29: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result Key milestones reached to achieve turnaround in late 2025 ∑ 2,621 Deliveries to customers >2,000 down by 10% to 2.9m Q4 741 vehicles, market share down by 2pp as anticipated ∑ 1,742 Operating results lower Q3 727 563 YoY due to VCTC ramp-up, NEV C
Slide 30: Volkswagen Group Outlook for 2025
Volkswagen Group Outlook for 2025 Tailwinds & Headwinds in Operating Profit Margin Guidance Highly attractive product portfolio Increasing BEV share and potential CO2 compliance costs Improved volumes outside China Costs for significant number of Benefits from Performance model launches and ramp-up
Slide 31: Financial Outlook 2025 based on new disclosure logic
Volkswagen Group Financial Outlook 2025 based on new disclosure logic1 FY 2024 actuals Outlook FY 2025 Sales Revenue € 324.7bn up to 5% growth Operating Profit Margin 5.9% 5.5% to 6.5% Automotive Investment Ratio2 14.3%3 13.0% 12.0% to 13.0% Automotive Reported Net Cash Flow € 5.0bn3 € 5.2bn € 2bn t
Slide 32: Highlights 2024, Financials 2024, Outlook 2025
1 Highlights 2024 2 Financials 2024 3 Outlook 2025
Slide 33: 2025: Volkswagen Group unfolds its new strength
2025: Volkswagen Group unfolds its new strength 33
Slide 34: TOP Program 2025: Focal points for strategy execution
TOP 10 Program 2025: Focal points for strategy execution 01 02 03 04 05 Cost Products In China, NAR Growth Life Cycle for China Offers 06 07 08 09 10 Software Battery Data & AI Sustainability People Architecture 34
Slide 35: Continued model launch momentum
Continued model launch momentum further sharpening competitiveness 30 new models in 2025 35
Slide 36: Our flexibility is key
Our flexibility is key COMBUSTION PLUG-IN HYBRID FULLY ELECTRIC 36
Slide 37: Auto Shanghai 2025
Auto Shanghai 2025 New cars developed with ‘In China, for China’ strategy Audi and SAIC to Xpeng to be revealed with milestones & execution launch model offensive competitive tech and cost proof-points expanding localized offering 37
Slide 38: Key Takeaways
Key Takeaways 1 Solid financial performance in demanding environment 4 2025 to show new power of Volkswagen Group: proof impacted by restructuring costs points along strategic levers 2 Key strategic milestones achieved and decisions made 5 Strong focus on cost and investment discipline 3 Unparallele
Slide 39: Volkswagen Group
VOLKSWAGEN GROUP
Slide 40: Back-up
VOLKSWAGEN GROUP Back-up
Slide 41: Upcoming Events
Upcoming Events Shanghai Auto Show 2025 Investor Update with Volkswagen Group and Volkswagen Group China Management on April 23, 2025 Volkswagen Group Q1 2025 results with CFO & COO Arno Antlitz on April 30, 2025 Volkswagen Group Annual General Meeting 2025 with the Group’s Supervisory and Managemen
Slide 42: Financial Overview
Financial Overview Solid results in tough environment and with significant cost headwinds from restructuring Group Revenue Group Return on Sales Automotive Net Cash Flow FY/2024 € 324.7bn 5.9% € 5.0bn +1% y-o-y 6.7% underlying1 Q4/2024 € 87.4bn 7.0% € 1.8bn flat y-o-y 7.2% underlying1 1. Adjusted fo
Slide 43: Reconciliation from Reported to Underlying Operating Result
Reconciliation from Reported to Underlying Operating Result Non-operating factors totaling -€ 2.6bn (-80bps in RoS) in FY 2024 Operating Result Non-Operating Results Items [€ bn]; Return on Sales [%] 21.7 19.1 2.6 -€ 1.1bn restructuring expenses Brand Group Core -€ 1.6bn restructuring expenses Bran
Slide 44: New reporting structure to be applied from Q1 2025
New reporting structure to be applied from Q1 2025 Key performance indicators for fiscal years 2022 to 2024 under new structure 2024 2023 2022 Automotive Division Cons. Financial Automotive Division Cons. Financial Automotive Division Cons. Financial in € bn Services Services Services Incl. Cons. Ex
Slide 45: Volkswagen Group FY – Analysis by Brand and Business Field
Volkswagen Group FY – Analysis by Brand and Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) FY 2024 FY 2023 FY 2024 FY 2023 FY 2024 FY 20235 FY 2024 FY 20235 Brand Group Core 4,960 4,826 140,004 137,770 6,961 7,242 5.0 5.3 Volkswagen Passenger Cars
Slide 46: Volkswagen Group Q4 – Analysis by Brand and Business Field
Volkswagen Group Q4 – Analysis by Brand and Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q4 2024 Q4 2023 Q4 2024 Q4 2023 Q4 2024 Q4 20235 Q4 2024 Q4 20235 Brand Group Core 1,332 1,252 38,480 36,710 2,470 2,257 6.4 6.1 Volkswagen Passenger Cars 8
Slide 47: 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 48: 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 20235 Q2 2024 Q2 20235 Brand Group Core 1,302 1,257 36,277 35,601 1,352 2,031 3.7 5.7 Volkswagen Passenger Cars 8
Slide 49: 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 20235 Q1 2024 Q1 20235 Brand Group Core 1,192 1,193 32,773 33,163 2,110 1,742 6.4 5.3 Volkswagen Passenger Cars 6
Slide 50: 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 51: 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 52: 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 53: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Audi A5 7.7 – 4.8 l/100km n/a 176 – 125 g/km n/a Q4 e-tron 55 n/a 16.8 – 19.5 kWh/100km n/a 449 - 523km Q5 7.9–5.9 l/100km n/a 1
Slide 54: 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 55: Volkswagen Group
VOLKSWAGEN GROUP