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Volkswagen AG Pre-Close Call FY 2025 January 21, 2026
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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 aggregation 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 deviations 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 Such statements are valid on the date of publication and can be superseded.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
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3 Volkswagen AG Pre-Close Call Guidelines > Camera Off – we disabled the function for all participants > Raise Hands – to raise a question, please use the respective MS Teams function in order to be enqueued for the Q&A > No Interruption – please stay muted until the moderator calls you up to raise a question > No Recording – we will not provide a transcript or recording after the call and kindly ask you to NOT record this call > This call is addressed exclusively at investors and sell-side analysts. We thus reserve the right to exclude participants from the call who are not part of this group. > Information for covering analysts: Please provide us with your latest estimates after the call.
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Strict working capital management and lower investment spend lead to better-than-expected NCF and NIL 4 5.0 ~6 +~20% Prel. Net Cash Flow1 Prel. Net Liquidity1 1. Automotive Division, preliminary results Jan-Dec 2025 as per release on 21 January 2026, FY 2025 actuals will be released on 10 March 2026 | 2. Source: Company-compiled consensus as per 25 November 2025, broadly in-line with current Visible Alpha consensus. 31 Dec 2024 30 Sept 2025 31 Dec 20251 34.4 31.0 >34 -10% +>10% [€ bn] [€ bn] Jan-Dec 2024 Jan-Dec 20251 Automotive Net Cash Flow and Net Liquidity Market consensus2: € 30.8 bn VW Group outlook: around € 30 bn Market consensus2: € 0.6 bn VW Group outlook: around € 0 bn
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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 Q4 deliveries below prior-year level, Q4 BEV ratio now at 11% ~9m deliveries in FY, almost on prior-years level Q4 deliveries decreased by 5% to 2.4m units, ex China JVs up 1% 2024 2025 Volkswagen Group Deliveries 1. As published on 20 January 2026.
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Volkswagen Group Order Situation FY 2025 6 Order intake remains strong in Europe1, supported by continued dynamic product momentum BEV orders up by 55% BEVs accounting for 22% of European order book Europe1 order intake +13% YoY, order book reach at about 3 months Order book Order intake [k vehicles] [k vehicles] 31 Dec 2024 31 Dec 2025 974 950 -2% 3,428 3,867 +13% Jan-Dec 2024 Jan-Dec 2025 1. EU 27+4.
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North America Europe China South America FY 2024 FY 2025 -10% (Q4: -17%) FY 2024 FY 2025 +4% (Q4: +6%) FY 2024 FY 2025 +12% (Q4: +4%) FY 2024 FY 2025 -8% (Q4: -17%) 7 Growth in Europe and South America offsets decline in China and North America Volkswagen Group Deliveries by Region FY 2025 1. As published on 20 January 2026.
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Volkswagen Group Deliveries by Brand Group Q4/FY 2025 8 Core in Europe with solid FY, Progressive positive in Q4, supported by product momentum Core Sport LuxuryProgressive Trucks Q4 2024 Q4 2025 -6% Q4 2024 Q4 2025 +3% Q4 2024 Q4 2025 -21% Q4 2024 Q4 2025 -9% FY 2024 FY 2025 +1% FY 2024 FY 2025 -3% FY 2024 FY 2025 -10% FY 2024 FY 2025 -9% 1. As published on 20 January 2026.
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9 Actuals FY 2024 Outlook FY 2025 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% ~12% Automotive Reported Net Cash Flow2 € 5.2bn € 1.8bn around € 0bn ~ € 6bn Automotive Net Liquidity2 € 34.4bn € 31.0bn around € 30bn > € 34bn 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 fo r further details. | 3. Preliminary FY 2025 results as per release on 21 January 2026, actuals will be released on 10 March 2026. Volkswagen Group Outlook FY 2025 Prelim. FY 2025 3