Slides
Page 1
8,40 4,40 6,10 15,80 15,80 Volkswagen AG 9M/Q3 2026 Pre-Close Call October 13, 2026
Page 2
8,40 4,40 6,10 15,80 15,80 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 Such statements are valid on the date of publication and can be superseded.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
Page 3
8,40 4,40 6,10 15,80 15,80 3 > 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. Volkswagen AG Pre-Close Call Guidelines
Page 4
8,40 15,80 4,40 6,40 15,80 Global market share at 10% 450 550 650 750 850 950 01 02 03 04 05 06 07 08 09 10 11 12 Deliveries [‘000 units / per month] 4 9M deliveries below prior-year period due to significantly lower China volumes, flat excl. China 9M deliveries at 6.0m units; down -9%, flat exChina BEV deliveries down 5% (flat exChina), BEV share at 11% 2025 2026 Volkswagen Group Deliveries As published on 12 October 2026.
Page 5
8,40 15,80 4,40 6,40 15,80 Volkswagen Group Order Situation 5 Order intake up by 4% year- to-date 2026, supported by continued product momentum Order book shifting towards BEVs as BEV order are up 39% YTD, benefitting from highly successful Electric Urban Car family launch European1 order book up 4% year-to-date, order book reach at ~3 months Order book Order intake [k vehicles] [k vehicles] 950 1,055 +4% 2,912 3,025 +4% 1. EU 27+4. Jan - Sep 2025 Jan - Sep 2026 Dec 2025 Sep 2026
Page 6
8,40 15,80 4,40 6,40 15,80 BEVs accounting for ~40% of the European order book Share almost doubled since 2024 Mar 24 Jun 24 Sep 24 Dec 24 Mar 25 Jun 25 Sep 25 Dec 25 Mar 26 Jun 26 Sep 26 40% Note: 2024–2025 data are Western Europe; from 2026 the reported scope is EU27+4. Values are rounded as stated in the source documents. BEV share in European order book [% of total order book] BEV share strongly up to 40% as per September 2026, up 18 percentage points since year-end 2025 BEV order momentum supported in particular by the Electric Urban Car Family with almost 150,000 orders 6
Page 7
8,40 15,80 4,40 6,40 15,80 North America Europe1 China South America Q3 2025 Q3 2026 -5.8% 9M: -4.0% -2.3% 9M: +1.7% -2.4% 9M: +4.3% 7 Deliveries below prior-year levels in key regions, China significantly lower in weak market Deliveries by Region, Q3/2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 1. EU 27+4. -38.5% 9M: -30.2% Q3 2025 Q3 2026 -14.3% 9M: -9.0% Q3 2025 Q3 2026 World
Page 8
8,40 15,80 4,40 6,40 15,80 Volkswagen Group Deliveries by Brand Group, Q3 2026 8 Brand Group Core holding up well in challenging markets, Premium lower y-o-y Core Sport LuxuryProgressive Trucks -14% (9M: -9%) -20% (9M: -11%) -15% (9M: -16%) +10% (9M: +3%) Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 excl. China Q3 -3% (9M: +1%) excl. China Q3 -11% (9M: -4%) excl. China Q3 -11% (9M: -13%) As published on 12 October 2026.
Page 9
9 € 10bn special effects in FY2026 Recap Portfolio Measures in Q3 GTP 2030 in implementation ~€ 9bn in H2 2026, o/w ~€ 8bn in Q3 ~€ 6bn non-cash Porsche goodwill impairment ~€ 2bn restructuring expenses from sale of VW Osnabrueck as well as non-cash impairments of assets of fully consolidated companies in China and planned expansion of early retirement schemes (the latter expected in Q4) ~€ 0.9bn already booked in H1 2026 Additional factors to be considered for Q3 results ~€ 1bn cash inflow (~€ 0.75 net of pensions) ~€ 0.2bn cash inflow Supervisory Board approves Group Target Picture 2030 of Volkswagen Group Key decisions taken, implementation started no financial effects expected in Q3 results or included in 2026 outlook announced announced
Page 10
8,40 15,80 4,40 6,40 15,80 1 R&D and Capex combined. FY 2025 Financial Outlook on Full Year 2026 as updated on 18 September 2026 10 Outlook FY 2026 Sales Revenue € 321.9bn around € 315bn Operating Profit Margin 2.8% up to 1% Automotive Investment Ratio1 11.8% 11% to 12% Automotive Reported Net Cash Flow € 6.4bn € 3bn to € 6bn Automotive Net Liquidity € 34.5bn € 32bn to € 34bn Financial outlook 2026 based on current tariff situation, while potential future impact from further escalation in Middle East currently cannot be reliably assessed and is thus not included. It does not include effects from potential larger asset disposals but contains 3rd payment to Rivian.
Page 11
8,40 15,80 4,40 6,40 15,80 Q3 2026 ONLY NEW ESTIMATES Current External Consensus View Sept 18 ad-hoc not yet fully reflected in external consensus (esp. non-cash items) 11 FY 2026 ALL EST | ONLY NEW ESTIMATES Sales Revenue € 77.6bn (6) € 235.7bn (6) € 317.4bn (13) | € 315.3bn (7) Operating Profit -€ 5.7bn (6) +€ 0.2bn (6) +€ 7.2bn (13) | +€ 2.4bn (7) Operating Profit Margin -7.4% (6) +0.1% (6) +2.3% (13) | +0.7% (7) Automotive Reported NCF +€ 1.1bn (3) +€ 4.3bn (3) +€ 5.2bn (5) | +€ 4.3bn (4) 13 analysts have currently uploaded their models to Visible Alpha to our best knowledge (ALL, Visible Alpha). o/w 7 analysts updated their FY2026 and Q3 models incorporating the 18 Sept ad-hoc to our best knowledge. Company consensus to be collected after Pre Close Call 9M 26 (implied) ONLY NEW ESTIMATES # of estimates in brackets
Page 12
8,40 15,80 4,40 6,40 15,80 Volkswagen Group 9M 2026 Results with CFO & COO Arno Antlitz on October 29, 2026 Upcoming Events 12
Page 14
8,40 15,80 4,40 6,40 15,80 14 Model Electric range combined (WLTP) CO2 emissions combined (WLTP) Electrical consumption combined (WLTP) Fuel consumption combined (WLTP) Volkswagen ID. Tiguan (220 kW) n/a 17.2 – 15.7 kWh/100km n/a Up to 600km Mission Efficiency Pre-production prototype. The vehicle is not yet available for sale. Official WLTP figures are not yet available. Range / consumptions / emissions