Slides
Page 1
Volkswagen AG Investor, Analyst and Media Call 9M/2025 October 30, 2025
Page 2
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 environment in individual countries, economic regions and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given entail a degree of risk, and actual developments may differ from those forecast. All figures are rounded, so minor discrepancies may arise from addition of these amounts. Any changes in significant parameters relating to our key sales markets, or any significant shifts in exchange rates, energy and other commodities or the supply with parts relevant to the Volkswagen Group will have a corresponding effect on the development of our business. In addition, there may also be departures from our expected business development if the assessments of the factors influencing sustainable value enhancement and of risks and opportunities presented develop in a way other than we are currently expecting, or if additional risks and opportunities or other factors emerge that affect the development of our business. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. 2 Disclaimer
Page 3
2 Financials Key Developments1
Page 4
4 Urban BEV family revealed at IAA with ID.Polo, ID.Cross, Cupra Raval and Skoda Epiq Porsche: Major steps in mid- to long-term realignment of product strategy Concept C: “Strive for clarity” as guiding principle for new Audi design philosophy Audi E5 Sportback successfully launched with very positive market response US import tariffs: 15% on imports from EU effective from 1 August All-new VW T-Roc: Premiere of the bestseller with innovative technologies and design Volkswagen Group Key Developments in Q3 2025
Page 5
Global market share stable above 10% 550 650 750 850 950 01 02 03 04 05 06 07 08 09 10 11 12 Deliveries [‘000 units / per month] 5 Deliveries to customers in first nine months slightly up year-on-year to 6.6 million vehicles 6.6 million deliveries in 9M, 1% above prior-year period Q3 deliveries increase by 1% to 2.2 mn units, ex China JVs up 4% 2024 2025 Volkswagen Group Deliveries 9M 2025
Page 6
Volkswagen Group Order Situation 9M 2025 6 Continued strong order intake in Western Europe, sequentially stable BEV orders up by 64% BEVs accounting for 25% of order book Western Europe order intake +17% YoY, order book reach >3 months Order bank Order intake [k vehicles] [k vehicles] 31 Dec 2024 30 Sep 2025 851 885 +4% 2,161 2,530 +17% Jan-Sep 2024 Jan-Sep 2025
Page 7
North America Europe China South America 9M 2024 9M 2025 -8% 9M 2024 9M 2025 +4% 9M 2024 9M 2025 +15% 9M 2024 9M 2025 -4% 7 Growth in Europe and South America more than offset decline in China and North America Volkswagen Group Deliveries by Region 9M 2025
Page 8
9M 24 9M 25 2025E 507 718 Top BEV Models 9M 2025 Volkswagen Group BEV deliveries 9M 2025 8 Annual Development BEV Deliveries [‘000 units] ID.4/5 129k ID.3 89k Q4 e-tron 66k 8% 12% 11% 20% BEV share WEU [%] BEV share [%] 193 299 PHEV Deliveries [‘000 units] 10 – 14% Q6 e-tron 64k Enyaq 58k Elroq 60k BEV volumes up by 42% with strong momentum in Europe
Page 9
1 Key Developments 2 Financials Volkswagen Group
Page 10
Vehicle Sales Sales Revenue Operating Result & Margin [m vehicles] [€ bn] [€ bn] Margin [%] Financial Overview 9M 2025 10 Vehicle sales and sales revenue slightly up, operating result significantly impacted by tariffs and restructuring items 1.9 4.6 Jan-Sep 2024 1.9 4.7 Jan-Sep 2025 China JVs 6.5 6.6 +2% Jan-Sep 2024 Jan-Sep 2025 237.3 238.7 +1% Jan-Sep 2024 Jan-Sep 2025 12.8 5.4 -58% Note: Prior-year figures adjusted. 5.4% 2.3%
Page 11
11 € 7.5bn earnings impact from Porsche realignment, tariffs, net restructuring & diesel after 9 months Operating Result and Profitability Q3/9M 2025 6.7 -1.3 5.4 7.6 3.3 10.9 8.9 4.0 13.0 9M 2025Q3 2025H1 2025 As reported Before special effects1 Before special effects1 and US tariffs 1. Includes cost related to Porsche realignment, Porsche goodwill impairment, personnel related net restructuring expenses and cost related to diesel. Operating Result & Margin [€ bn] Margin [%] 5.6%4.8%4.2% 5.0%4.1%-1.6% 5.4%4.5%2.3%
Page 12
12 Earnings before/after taxes significantly impacted by US tariffs, Porsche realignment and GW impairment1 Profit before Tax2 [€ bn] Jan-Sep 2024 2023 Jan-Sep 2025 2024 12.4 6.1 -51% 1. Goodwill impairment non tax-deductible. 2. Prior-year figures adjusted. Earnings per Preferred Share2 Jan-Sep 2024 Jan-Sep 2025 15.01 7.06 -53% Financial Overview 9M 2025 Profit after Tax2 [€ bn] Jan-Sep 2024 Jan-Sep 2025 2024 8.8 3.4 -61% [€]
Page 13
Automotive Net Cash Flow and Net Liquidity 9M 2025 13 Net Cash Flow impacted by lower operating cash flow, 2nd Rivian tranche and US tariffs Jan-Sep 2024 2024 Jan-Sep 2025 2025 3.4 1.8 -47% Jan-Sep 2024 2024 Jan-Sep 2025 5.1 3.5 -30% Rep. Net Cash Flow1,2 'Clean' Net Cash Flow1, 2, 3 Net Liquidity1,2 1. Automotive Division original. | 2. Prior-year figures adjusted. | 3. Before Diesel and M&A. 31 Dec 2024 2024 30 Sep 2025 34.4 31.0 -10% [€ bn] [€ bn] [€ bn] Including cash-out of approx. -€ 0.9bn related to restructuring -€ 1.9bn related to US tariffs
Page 14
Automotive Net Liquidity 9M 2025 14 Net Liquidity remains at solid level despite cash-outflow for restructuring, M&A and US tariffs Operating Business Dividend of Chinese JVs Diesel Outflow -1.5 M&A Hybrid Capital -1.2 30 Sep 2025 34.4 +2.4 +1.1 -0.2 31.0 Dividends and Interest paid to Hybrid Bond Holders -4.4 Other +0.4 31 Dec 2024 Clean NCF1: € 3.5bn Reported Net Cash Flow1: € 1.8bn Includes cash-out of approx. -€ 0.9bn related to restructuring -€ 1.9bn related to US tariffs 1. Automotive Division original. Includes -€ 0.9bn for 2nd Rivian tranche [€ bn]
Page 15
Operating Result by Division 9M 2025 15 Passenger Cars impacted by Porsche realignment, tariffs, restructuring – Financial Services up Jan-Sep 2024 2024 Jan-Sep 2025 8.6 2.2 -74% Jan-Sep 2024 2024 Jan-Sep 2025 2025 3.1 1.7 -46% Jan-Sep 2024 Jan-Sep 2025 2.2 3.1 +40% 1. Automotive Division original (excl. Holding costs). | 2. Prior-year figures adjusted. Automotive Division1 Financial Services Division Passenger Cars2 Operating Result [€ bn] Margin [%] Commercial Vehicles Operating Result [€ bn] Margin [%] Financial Services Division2 Operating Result [€ bn] Margin [%] 5.0% 1.2% 5.0% 6.5%9.1% 5.4%
Page 16
Operating Result [€ bn] Margin [%] Operating Result Passenger Cars 9M 2025 16 Challenging markets burdens price/mix, fixed cost improvement overshadowed by Porsche warning 8.6 2.2 Jan-Sep 20241 -4.2 Volume & other / Mix / Price -1.0 Exchange Rates / Derivatives +1.3 Product Costs -2.5 Fixed Costs / Other Costs Jan-Sep 2025 Volume & other:+1.3 Mix: -2.3 Price: -0.7 CO2: -0.4 Tariff effects: -2.15.0% 1.2% 1. Prior-year figures rebased. All figures are rounded, so minor discrepancies may arise from addition of these amounts. Porsche product realignment: -2.0 Porsche goodwill impairment: -2.7
Page 17
Overhead Cost Development Automotive Division 9M 2025 17 Stringent implementation of performance programs bearing fruits 1. Excluding R&D and depreciation; 2019 adjusted for reclassification and structural effects. | 2. Ramp-up of PowerCo, Scout, Mobility Solutions and fully consolidated China businesses. All figures are rounded, so minor discrepancies may arise from addition of these amounts. Improved overhead cost supported by ongoing implementation of cost programs Cost increases at TRATON and from ongoing ramp- up of new business fields² Cost reductions especially at BGSL and Volkswagen brand 2019 2024 Jan-Sep 2024 Jan-Sep 2025 43.1 47.0 34.8 33.85.2 37.9 7.4 39.6 5.3 29.5 5.5 28.3 Overhead cost1 [as % of Automotive revenue] Thereof TRATON [in €bn] 18.5% 16.2% 16.5% 15.9%
Page 18
18 [active2 workforce in ‘000] 31 Dec 2023 31 Dec 2024 30 Sep 2025 115.1 110.5 104.114.0 101.1 12.8 97.7 11.2 92.9 -5k (-4%) -6k (-6%) VW Sachsen & VW Osnabrück VW AG 31 Dec 2023 31 Dec 2024 30 Sep 2025 275.4 269.9 262.7 -5k (-2%) -7k (-3%) Volkswagen AG1 (Germany) Volkswagen Group (Germany) Development of headcount in Germany [active2 workforce in ‘000] Execution of performance programs in full swing, workforce reduction progressing as planned 1. Scope Zukunft Volkswagen: Volkswagen AG, Volkswagen Sachsen GmbH, VW Osnabrück GmbH | 2. Active Workforce (excluding employees in the passive phase of partial retirement and apprentices)
Page 19
Net Cash Flow | CCR2 [€ bn, %] Operating Margin [%] Vehicle Sales [k units] Sales Revenue [€ bn] Operating Result [€ bn] 1. Prior-year figures adjusted. | 2. Cash Conversion Ratio, calculated as reported Net Cash Flow divided by reported Operating Result. Delta to previous year figures in brackets. Core 19 Performance Brand Groups 9M 2025 Sport LuxuryProgressive 3,771 (+4%) 198 (-11%) 107.0 (+5%) 23.8 (-8%) 4.7 (+7%1) -0.2 4.4 (flat) n/m 848 (+6%) 48.4 (+5%) 1.6 (-26%) 3.2 (-1.3ppt) +4.3 | 92% +1.3 | n/m+2.1 | 135% Brand Group margins impacted by Porsche realignment, US tariffs and restructuring
Page 20
Operating Margin [%] Vehicle Sales [k units] Sales Revenue [€ bn] Operating Result [€ bn] Volkswagen 20 Performance Brand Group Core 9M 2025 2,279 (+1%) 63.8 (+0%) 1.5 (+15%) 2.3 (+0.3ppts) ŠKODA SEAT/CUPRA VW Comm. Veh. Group Components 870 (+8%) 22.3 (+10%) 1.8 (+5%) 8.0 (-0.3ppts) 481 (+3%) 11.2 (+7%) +0.0 (-96%) 0.1 (-3.8ppts) 324 (+5%) 12.5 (+13%) 0.2 (-63%) 1.8 (-3.6ppts) 17.0 (+10%) 1.1 (+167%) 6.5 (+3.8ppts) VW brand improved, Skoda continuously strong, CUPRA and VW CV burdened by model ramp-up
Page 21
Technology Components Brand Group Core Volkswagen Brand Škoda SEAT/CUPRA VW Commercial Vehicles 1. Adjusted for cost related to additional US tariffs, net personnel related restructuring and diesel costs 21 Performance Brand Group Core Q3/9M 2025 Underlying Brand Group Core margin improved and moves towards ambition level Q3 25 (reported) 3.7% 1.8% 6.9% -0.6% 0.4% 7.1% 9M 2025 L4Q trend reported excl. effects1 5.5% 4.0% 4.4% 2.3% 8.0% 0.1% 1.8% 6.5%
Page 22
22 Performance Technology Platforms 9M 2025 Sales Revenue [€ bn] Operating Result [€ bn] Operating Margin [%] Net Cash Flow [€ bn] 0.0 (+>100%)1.0 (+47%) -1.1 (-0.7bn)-1.5 (+0.6bn) n/mn/m -0.9 (-0.3bn)-1.3 (+0.0bn) -2.3 underlying1 (+0.1bn) CARIAD: Strongly increased software license revenues - operating result improved supported by restructuring and cost work PowerCo: Increased operating loss mainly due to continued ramp-up of battery production capacity CARIAD with reduced operating losses, PowerCo continues to ramp up battery capacity Software Battery 1. Excluding 1.0bn intra-company tax effect. Delta to previous year figures in brackets.
Page 23
1. Commercial Vehicles. Delta to previous year figures in brackets. Performance Brand Group Trucks - TRATON1 9M 2025 23 Sales Revenue [€ bn] Operating Result [€ bn] Operating Margin [%] Net Cash Flow [€ bn] Weak truck markets with high level of uncertainty, stable Sales Revenue in Europe 1.7 (-46%) 5.4 (-3.7ppts) 31.2 (-9%) -0.6 (-1.6) Sales revenue affected by lower truck sales esp. in Brazil and North America; Vehicle Services business supportive Decline in profitability mainly due to lower sales revenue, lower capacity utilization and negative exchange rate effects Net Cash Flow reflecting lower operating result and investments
Page 24
Performance Volkswagen Financial Services 9M 2025 24 Positive development of business, especially in Europe, and portfolio margin Still positive re-marketing results while normalization of used car prices continues Growth of contract volume Credit loss ratio (CLR) on solid level 1. Volkswagen Financial Services Division (including TRATON FS and Porsche Holding). 2. Prior-year figures adjusted. I 3. Calculated on basis of normalized 8% equity ratio. Delta to previous year figures in brackets. Operating Result1 [€ bn] Contracts [‘000 units] Credit Loss Ratio [%] Return on Equity3 [%] Improved operating performance driven by positive development of business, especially in Europe 3.1 (+40%²) 27,429 (+4.6%) 0.41 (+0.06 ppts) 12.9% (+3 ppts²) Volkswagen Group Mobility Volkswagen Financial Services1
Page 25
CAPEX R&D [in € bn & in % of Automotive Division revenue] 4.6%1 € 9.7bn 7.9%1 € 16.6bn ∑ ~10% Automotive Investment Ratio 9M 2025 25 9M 2024 2027 target 9M 2025 2025e 4.4% € 9.4bn 7.0% € 14.9bn ∑ 12 – 13% 1. After change of accounting logic, see page 180 of Annual Report 2024 for further details. Lower R&D spend and continued investment discipline in first nine months of 2025 2025-29 planning round with reduced investment spend target of € 165bn 12.5%1 ∑ € 26.3bn 11.4% ∑ € 24.3bn Investments year-to-date below prior-year level driven by decline in total R&D cost
Page 26
China Joint Ventures: Proportionate Operating Result 26 Strong performance in ICE, full focus on upcoming launches of highly competitive BEV models [€ m] Q1 Q2 Q3 Q4 625 429 527 372 234 727 378 238 741 2023 563 2024 272 2025e 2027e ∑ 2,621 ∑ 1,742 up to 1,000 >2,000 Operating results lower due to • continued intense competitive environment, • NEV Co. consolidation, • exchange rate effects, • partially compensated for by continued cost work Proportionate operating result of up to € 1.0bn in Full Year 2025 expected.
Page 27
27 Actuals FY 2024 Outlook FY 2025 3 Sales Revenue € 324.7bn € 238.7bn around prior year level Operating Profit Margin 5.9% 2.3% 2% to 3% Automotive Investment Ratio1, 2 13.0% 11.4% 12% to 13% Automotive Reported Net Cash Flow2 € 5.2bn € 1.8bn around € 0bn Automotive Net Liquidity2 € 34.4bn € 31.0bn around € 30bn YTD 9M 2025 1. R&D & Capex combined | 2. According to new reporting logic applied from 1 January 2025, see 2024 Annual Report page 180 for further details. 3. Assuming stable supply of semiconductors. Volkswagen Group Outlook FY 2025
Page 28
28 Volkswagen Group Annual Media, Analyst and Investor Conference 2026 with CEO Oliver Blume and CFO & COO Arno Antlitz on March 10, 2026 Volkswagen Group Financial Results Q1 2026 with CFO & COO Arno Antlitz on April 30, 2026 Volkswagen Group Annual General Meeting 2026 on June 18, 2026 Financial Calendar 2026
Page 29
Q&ABackup
Page 30
32 Post 9M London & Frankfurt Roadshow with CFO & COO Arno Antlitz on November 5-6, 2025 Berenberg European Conference with Head of Treasury & IR Rolf Woller on December 3, 2025 Goldman Sachs 17th Annual Industrials & Autos Week with CFO & COO Arno Antlitz on December 4, 2025 Commerzbank German Investment Seminar with CFO & COO Arno Antlitz on January 13, 2026 Volkswagen Group AMC 2026 with CEO Oliver Blume and CFO & COO Arno Antlitz on March 10, 2026 Upcoming Events
Page 31
Restructuring expenses, mainly Brand Group Progressive, CARIAD and Brand Group Core Special Effects within Operating Result 33 Special effects totaling -€ 7.5bn in 9M 2025 Q1 2025 Expenses in connection with the import duties introduced in the US since April Q2 2025 9M 2025 -€ 0.9bn -€ 2.1bn -€ 0.6bn -€ 1.2bn -€ 0.4bn -€ 0.1bn Total -€ 0.5bn -€ 1.7bn -€ 7.5bn Provisions in connection with CO2 regulation in Europe and emissions regulations in the US -€ 0.4bn+€ 0.0bn-€ 0.6bn Release of personnel related provisions (BGP) +€ 0.3bn+€ 0.2bn+€ 0.2bn Adjustments to provisions related to diesel issue -€ 0.2bn-€ 0.0bn-€ 0.2bn For information purposes Q3 2025 +€ 0.1bn -€ 0.8bn -€ 5.3bn +€ 0.1bn - +€ 0.0bn Porsche product realignment: € -2.0bn and Porsche goodwill impairment: € -2.7bn -€ 4.7bn-- -€ 4.7bn
Page 32
Volkswagen Group Q3 Deliveries by Brand Group 34 BG Core strong in light of product momentum, BG Sport Luxury and Trucks soft Core Sport LuxuryProgressive Trucks Q3 2024 Q3 2025 +2% Q3 2024 Q3 2025 -2% Q3 2024 Q3 2025 -8% Q3 2024 Q3 2025 -19% 9M 2024 9M 2025 +3% 9M 2024 9M 2025 -5% 9M 2024 9M 2025 -7% 9M 2024 9M 2025 -9%
Page 33
New reporting structure to be applied from Q1 2025 35 Q1 2025 in € bn Automotive Division Cons. Financial Services DivisionExcl. Cons. Sales revenue 68.8 -7.1 15.9 Operating result 1.7 0.1 1.1 Return on sales 2.5 6.6 Auto R&D ratio 7.2 Auto capex ratio 4.1 Auto invest ratio 11.2 Auto net cash flow -0.8 Auto net liquidity 33.2 Q1 20241 Automotive Division Cons. Financial Services DivisionIncl. Cons. Excl. Cons. 60.7 66.4 -5.6 14.7 3.7 3.8 -0.1 0.9 6.0 5.7 6.0 9.9 9.1 4.5 4.1 14.4 13.1 -3.0 -2.5 37.2 35.5 Rounding differences might occur. 1. Prior-year figures adjusted. Q2 2025 Automotive Division Cons. Financial Services DivisionExcl. Cons. 74.0 -8.7 15.6 3.0 -0.0 0.9 4.1 5.5 6.8 4.8 11.6 -0.5 28.4 Q2 20241 Automotive Division Cons. Financial Services DivisionIncl. Cons. Excl. Cons. 68.6 74.5 -5.9 14.7 4.9 4.8 0.0 0.5 7.1 6.5 3.6 7.9 7.2 4.6 4.3 12.5 11.5 2.9 2.9 31.3 29.9 Key performance indicators
Page 34
New reporting structure to be applied from Q1 2025 36 H1 2025 in € bn Automotive Division Cons. Financial Services DivisionExcl. Cons. Sales revenue 142.7 -15.8 31.5 Operating result 4.8 0.0 1.9 Return on sales 3.3 6.1 Auto R&D ratio 7.0 Auto capex ratio 4.4 Auto invest ratio 11.4 Auto net cash flow -1.4 Auto net liquidity 28.4 H1 20241 Automotive Division Cons. Financial Services DivisionIncl. Cons. Excl. Cons. 129.4 140.9 -11.5 29.4 8.6 8.6 -0.1 1.4 6.6 6.1 4.8 8.8 8.1 4.6 4.2 13.4 12.3 -0.1 0.4 31.3 29.9 Rounding differences might occur. 1. Prior-year figures adjusted. Key performance indicators Q3 2025 Automotive Division Cons. Financial Services DivisionExcl. Cons. 70.4 -6.0 15.9 -2.6 0.1 1.2 -3.6 7.5 7.1 4.4 11.4 3.1 31.0 Q3 20241 Automotive Division Cons. Financial Services DivisionIncl. Cons. Excl. Cons. 64.0 69.6 -5.5 14.4 2.0 2.0 0.0 0.8 3.2 2.9 5.5 8.1 7.5 6.0 5.5 14.1 12.9 3.4 3.0 34.4 32.8
Page 35
New reporting structure to be applied from Q1 2025 37 9M 2025 in € bn Automotive Division Cons. Financial Services DivisionExcl. Cons. Sales revenue 213.1 -21.8 47.3 Operating result 2.2 0.1 3.1 Return on sales 1.0 6.5 Auto R&D ratio 7.0 Auto capex ratio 4.4 Auto invest ratio 11.4 Auto net cash flow 1.8 Auto net liquidity 31.0 9M 20241 Automotive Division Cons. Financial Services DivisionIncl. Cons. Excl. Cons. 193.4 210.5 -17.1 43.9 10.6 10.7 -0.1 2.2 5.5 5.1 5.0 8.6 7.9 5.0 4.6 13.6 12.5 3.3 3.4 34.4 32.8 Rounding differences might occur. 1. Prior-year figures adjusted. Key performance indicators
Page 36
1. Porsche (including Financial Services): sales revenue € 26,864 (28,564) million, operating result € 40 (4,035) million I 2. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to € 744 (1,179) million I 3. In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchaseprice allocation, as well as companies not allocated to the brands I 4. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 Brand Group Core 3,771 3,627 106,950 101,523 4,719 4,419 4.4 4.4 Volkswagen Passenger Cars 2,279 2,260 63,811 63,535 1,476 1,281 2.3 2.0 ŠKODA 870 809 22,342 20,399 1,790 1,699 8.0 8.3 CUPRA/SEAT 481 466 11,241 10,515 16 415 0.1 3.9 Volkswagen Commercial Vehicles 324 310 12,539 11,093 220 599 1.8 5.4 Tech. Components 17,048 15,499 1,114 416 6.5 2.7 Consolidation -182 -218 -20,030 -19,518 104 10 Brand Group Progressive (Audi) 848 800 48,380 46,262 1,555 2,088 3.2 4.5 Brand Group Sport Luxury (Porsche Automotive)1 198 221 23,833 25,899 -228 3,771 -1.0 14.6 CARIAD 960 652 -1,500 -2,058 0.0 0.0 Battery 26 2 -1,054 -370 0.0 0.0 TRATON Commercial Vehicles 225 246 31,188 34,266 1,685 3,097 5.4 9.0 At equity accounted companies in China2 1,882 1,903 Volkswagen Group Mobility 44,140 40,959 2,893 2,113 6.6 5.2 Other3 -344 -335 -16,810 -12,284 -2,662 -248 -14.1 0.6 Volkswagen Group before special items 6,581 6,463 238,669 237,279 5,408 12,812 2.3 5.4 Special Items 0 0 0 0 0 0 0.0 0.0 Volkswagen Group 6,581 6,463 238,669 237,279 5,408 12,812 2.3 5.4 thereof: Automotive Division4 6,581 6,467 213,132 210,470 2,216 10,669 1.0 5.1 Of which: Passenger Cars Business Area 6,387 6,245 179,594 173,973 2,225 8,626 1.2 5.0 Commercial Vehicles Business Area 225 246 31,188 34,266 1,689 3,108 5.4 9.1 Financial Services Division 47,339 43,879 3,096 2,214 6.5 5.0 Consolidation 0 -5 -21,802 -17,070 96 -71 0.4 -0.4 38 9M Analysis by Brand & Business Field
Page 37
1. Porsche (including Financial Services): sales revenue € 8,707 (9,017) million, operating result € -967 (974) million I 2. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; theshare of the operating result generated by these companies amounted to € 238 (378) million I 3. In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchaseprice allocation, as well as companies not allocated to the brands I 4. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 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 21,341 373 364 1.8 1.7 ŠKODA 288 261 7,272 6,747 505 550 6.9 8.1 CUPRA/SEAT 159 122 3,642 2,763 -22 9 -0.6 0.3 Volkswagen Commercial Vehicles 99 79 3,841 3,006 13 -36 0.4 -1.2 Tech. Components 5,139 4,683 363 93 7.1 2.0 Consolidation -59 -70 -5,787 -6,069 32 35 0.0 0.0 Brand Group Progressive (Audi) 275 261 15,807 15,322 468 106 3.0 0.7 Brand Group Sport Luxury (Porsche Automotive)1 63 69 7,696 8,204 -1,060 867 -13.8 10.6 CARIAD 396 225 -328 -876 0.0 0.0 Battery 15 -0 -462 -207 0.0 0.0 TRATON Commercial Vehicles 72 85 9,993 11,528 440 1,047 4.4 9.1 At equity accounted companies in China2 640 639 Volkswagen Group Mobility 14,777 13,445 1,082 740 7.3 5.5 Other3 -76 -66 -2,850 -2,719 -2,703 141 -91.3 10.0 Volkswagen Group before special items 2,218 2,122 80,305 78,478 -1,299 2,833 -1.6 3.6 Special Items 0 0 0 0 0 0 0.0 0.0 Volkswagen Group 2,218 2,122 80,305 78,478 -1,299 2,833 -1.6 3.6 thereof: Automotive Division4 2,218 2,123 70,402 69,555 -2,554 2,031 -3.6 2.9 Of which: Passenger Cars Business Area 2,156 2,044 59,618 57,175 -2,173 1,240 -3.6 2.2 Commercial Vehicles Business Area 72 85 9,993 11,528 441 1,049 4.4 9.1 Financial Services Division 15,867 14,444 1,186 798 7.5 5.5 Consolidation 0 -1 -5,965 -5,521 69 4 1.2 0.1 39 Q3 Analysis by Brand & Business Field
Page 38
1. Porsche (including Financial Services): sales revenue € 18,157 (19,547) million, operating result € 1,007 (3,061) million I 2. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to € 506 (801) million I 3. In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase priceallocation, as well as companies not allocated to the brands I 4. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 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 42,194 1,103 917 2.5 2.2 ŠKODA 582 548 15,070 13,652 1,285 1,149 8.5 8.4 CUPRA/SEAT 322 344 7,598 7,752 38 406 0.5 5.2 Volkswagen Commercial Vehicles 224 231 8,698 8,087 207 635 2.4 7.9 Tech. Components 11,909 10,815 751 323 6.3 3.0 Consolidation -123 -148 -14,243 -13,450 71 -25 Brand Group Progressive (Audi) 574 539 32,573 30,939 1,087 1,982 3.3 6.4 Brand Group Sport Luxury (Porsche Automotive)1 135 152 16,138 17,695 832 2,904 5.2 16.4 CARIAD 564 426 -1,172 -1,182 Battery 11 2 -592 -164 TRATON Commercial Vehicles 153 161 21,195 22,738 1,245 2,050 5.9 9.0 At equity accounted companies in China2 1,242 1,265 Volkswagen Group Mobility 29,362 27,514 1,811 1,374 6.2 5.0 Other3 -267 -269 -13,959 -9,565 40 -389 1.6 -2.1 Volkswagen Group before special items 4,363 4,341 158,364 158,800 6,707 9,979 4.2 6.3 Special Items 0 0 0 0 0 0 0.0 0.0 Volkswagen Group 4,363 4,341 158,364 158,800 6,707 9,979 4.2 6.3 thereof: Automotive Division4 4,363 4,344 142,730 140,914 4,769 8,638 3.3 6.1 Of which: Passenger Cars Business Area 4,231 4,200 119,976 116,798 4,398 7,386 3.7 6.3 Commercial Vehicles Business Area 153 161 21,195 22,738 1,248 2,059 5.9 9.1 Financial Services Division 31,471 29,435 1,911 1,416 6.1 4.8 Consolidation 0 -3 -15,837 -11,549 27 -75 0.2 -0.6 40 H1 Analysis by Brand & Business Field
Page 39
1. Porsche (including Financial Services): sales revenue € 9,299 (10,466) million, operating result € 245 (1,779) million I 2. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to € 234 (372) million I 3. In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchaseprice allocation, as well as companies not allocated to the brands I 4. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 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 22,930 991 171 4.5 0.9 ŠKODA 306 279 7,811 7,078 739 614 9.5 8.7 CUPRA/SEAT 164 180 3,704 3,948 33 180 0.9 4.6 Volkswagen Commercial Vehicles 116 109 4,561 3,918 170 238 3.7 6.1 Tech. Components 5,937 5,397 364 116 6.1 2.2 Consolidation -77 -91 -7,094 -6,994 40 4 Brand Group Progressive (Audi) 297 295 17,142 17,214 550 1,515 3.2 8.8 Brand Group Sport Luxury (Porsche Automotive)1 70 81 8,319 9,551 154 1,696 1.9 17.8 CARIAD 327 248 -417 -630 Battery 9 0 -379 -85 TRATON Commercial Vehicles 80 79 10,869 11,261 605 1,013 5.6 9.0 At equity accounted companies in China2 632 616 Volkswagen Group Mobility 14,496 13,734 863 588 6.0 4.3 Other3 -119 -114 -7,495 -4,946 121 6 3.2 1.4 Volkswagen Group before special items 2,263 2,260 80,806 83,339 3,834 5,427 4.7 6.6 Special Items 0 0 0 0 Volkswagen Group 2,263 2,260 80,806 83,339 3,834 5,427 4.7 6.6 thereof: Automotive Division4 2,262 2,261 73,966 74,544 3,021 4,847 4.1 6.6 Of which: Passenger Cars Business Area 2,194 2,190 62,438 62,572 2,788 4,113 4.5 6.6 Commercial Vehicles Business Area 80 79 10,869 11,261 607 1,021 5.6 9.1 Financial Services Division 15,568 14,699 860 535 5.5 3.6 Consolidation 1 -2 -8,728 -5,903 -47 45 -0.5 0.8 41 Q2 Analysis by Brand & Business Field
Page 40
1. Porsche (including Financial Services): sales revenue € 8,858 (9,011) million, operating result € 762 (1,282) million I 2. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to € 272 (429) million I 3. In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchaseprice allocation, as well as companies not allocated to the brands I 4. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 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 19,264 112 746 0.5 3.9 ŠKODA 276 268 7,259 6,574 546 535 7.5 8.1 CUPRA/SEAT 158 164 3,895 3,803 5 226 0.1 5.9 Volkswagen Commercial Vehicles 109 122 4,138 4,170 37 398 0.9 9.5 Tech. Components 5,972 5,418 387 207 6.5 3.8 Consolidation -46 -57 -7,149 -6,456 32 -29 Brand Group Progressive (Audi) 277 243 15,431 13,725 537 466 3.5 3.4 Brand Group Sport Luxury (Porsche Automotive)1 65 71 7,819 8,144 678 1,207 8.7 14.8 CARIAD 237 179 -755 -552 Battery 2 2 -213 -79 TRATON Commercial Vehicles 73 81 10,326 11,477 640 1,037 6.2 9.0 At equity accounted companies in China2 610 649 Volkswagen Group Mobility 14,866 13,780 948 786 6.4 5.7 Other3 -149 -155 -6,464 -4,620 -81 -395 -0.1 -6.6 Volkswagen Group before special items 2,100 2,081 77,558 75,461 2,873 4,552 3.7 6.0 Special Items Volkswagen Group 2,100 2,081 77,558 75,461 2,873 4,552 3.7 6.0 thereof: Automotive Division4 2,101 2,083 68,764 66,371 1,748 3,791 2.5 5.7 Of which: Passenger Cars Business Area 2,037 2,011 57,538 54,226 1,610 3,273 2.8 6.0 Commercial Vehicles Business Area 73 81 10,326 11,477 641 1,038 6.2 9.0 Financial Services Division 15,903 14,736 1,051 881 6.6 6.0 Consolidation -1 -2 -7,109 -5,646 74 -120 1.0 -2.1 42 Q1 Analysis by Brand & Business Field
Page 41
Model Electric range combined (WLTP) CO2 emissions combined (WLTP) Electrical consumption combined (WLTP) Fuel consumption combined (WLTP) 43 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/100km n/a 402 – 575km ID.4 Pro n/a 17.5-16.1 kWh/100km n/a 395 – 545km ID.5 Pro n/a 15.5 – 18.0 kWh/100km n/a 492 – 567km ID.7 Pro n/a 16.1 – 14.0 kWh/100km n/a 618km ID.7 GTX n/a 18.8 – 16.6 kWh/100km n/a 584km ID. Buzz Pro n/a 20.5-21.7 kWh/100km n/a 420 – 461km ID. Buzz GTX n/a 21.6 – 20.5 kWh/100km n/a 402 – 423km ID. Buzz LWB Pro n/a 21.2 – 19.5 kWh/100km n/a 487km ID. EVERY1, ID. Polo, ID.Cross The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emission data under review. Caravelle 7.9 – 7.2 l/100km n/a 207 – 188 g/km Talagon The vehicle is not offered for sale in Europe. Taos The vehicle is not offered for sale in Europe. Tayron 0.4 – 0.8 l/100km 17.2 – 23.9 kWh/100km 9 – 18 g/km n/a T-Roc 6.0 – 5.5 l/100km n/a 137 – 125 g/km n/a Range / consumptions / emissions
Page 42
44 Skoda Epiq The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emission data under review. Enyaq Laurin & Klement 85 n/a 15.7 - 20.3 kWh/100km n/a 565 – 589km Enyaq Sportline n/a 15.8 – 16.6 kWh/100km n/a 410 – 428km Elroq 85 n/a 15,2 – 16,6 kWh/100km n/a 540 – 580km Kaylaq The vehicle is not offered for sale in Europe. Model Electric range combined (WLTP) CO2 emissions combined (WLTP) Electrical consumption combined (WLTP) Fuel consumption combined (WLTP) Porsche Macan S n/a 21,1 - 17,9 kWh/100km n/a 516 - 613km Taycan Turbo S n/a 18.8-16.6 kWh/100km n/a 558 - 630km Panamera 4S E-Hybrid 10.4 – 9.3 l/100km 28.6 – 26.0 kWh/100km 33 -24 g/km 83 – 91km Porsche Taycan GTS Sport Turismo n/a 24.1 – 21.0 kWh/100km n/a 424 – 490km Taycan 4 n/a 20.6 – 17.6 kWh/100km n/a 478 – 559km Porsche 911 Carrera 10,7 – 10,1 l/100km n/a 244 – 230 g/km n/a Porsche GT3 13,8 – 13,7 l/100km n/a 312 – 310 g/km Range / consumptions / emissions
Page 43
45 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 Model Electric range combined (WLTP) CO2 emissions combined (WLTP) Electrical consumption combined (WLTP) Fuel consumption combined (WLTP) Lamborghini Revuelto 11,86 l/100km n/a 276 g/km n/a Urus S 14.1 l/100km n/a 320 g/km n/a Urus SE 2,08 l/100km 39,5 kWh/100 Km 51 g/km n/a SEAT/CUPRA Born n/a 14.9 – 16.7 kWh/100km n/a up to 594km Raval The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emission data under review. Tavascan VZ 250 kW 77kWh n/a 16.6 kWh/100km n/a up to 522km Terramar VZ 1.5 e-HYBRID 200 kW 0,4-0,5 l/100 km 7,6-19,0 kWh/100 km 10-12 g/km n/a Range / consumptions / emissions
Page 44
46 Model Electric range combined (WLTP) CO2 emissions combined (WLTP) Electrical consumption combined (WLTP) Fuel consumption 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. Concept C The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emission data under review. AUDI E5 Sportback The vehicle is not offered for sale in Europe. Q3 9.0–8.5 l/100km n/a 205–193 g/km n/a Q3 2.2–1.7 l/100km 15.0 – 13.9 kWh/100km 49–39 g/km n/a Q3 Sportback 2.2–1.7 l/100km 15.1 – 14.0 kWh/100km 50–40 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 180–148 g/km n/a Q6 e-tron n/a 17.5 – 18.4 kWh/100km n/a 566 – 598km Q8 55 e-tron n/a 20.6 – 24.4 kWh/100km n/a 460 - 595km S5 Avant 7.5-7.9 l/100km n/a 169-180 g/km n/a Scout Terra The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emission data under review. Traveler The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emission data under review. Range / consumptions / emissions
Page 45
Group Investor Relations Homepage IR Team and Contacts Volkswagen Group IR Presentations China Investor Update 2025 (Presentation 1, 2, 3, 4, 5) ESG Strategy Sustainability Homepage Media Homepage incl. Press Releases Group ESG Controversies Financial Calendar and Events Group Product & Tech Investor and Analyst Update 2025 Share Price Monitor Volkswagen Financial Services IR Homepage Audi IR Homepage Porsche AG IR Homepage TRATON IR Homepage Volkswagen Brand Media Homepage ŠKODA Media Homepage Cupra Media Homepage VW Commercial Vehicles Media Homepage Bentley Media Homepage Lamborghini Media Homepage Porsche AG Media Homepage Volkswagen Group at a Glance TRATON Media Homepage Volkswagen Group Brands 47 Useful Links