2025年8月大众汽车集团业务、战略规划、业绩报告-2025-08-企业研究

VolkswagenGroup

InvestorRelationsRoadshowPresentation

August2025

2

Disclaimer

Thefollowingpresentationsaswellasremarks/commentsandexplanationsinthiscontextcontainforward-lookingstatementsonthebusinessdevelopmentoftheVolkswagenGroup.Thesestatementsarebasedonassumptionsrelatingtothedevelopmentoftheeconomic,politicalandlegalenvironmentinindividualcountries,economicregionsandmarkets,andinparticularfortheautomotiveindustry,whichwehavemadeonthebasisoftheinformationavailabletousandwhichweconsidertoberealisticatthetimeofgoingtopress.Theestimatesgivenentailadegreeofrisk,andactualdevelopmentsmaydifferfromthoseforecast.Allfiguresarerounded,sominordiscrepanciesmayarisefromadditionoftheseamounts.

Atthetimeofpreparingthesepresentations,itisnotyetpossibletoconclusivelyassessthespecificeffectsofthelatestdevelopmentsintheRussia-UkraineconflictontheVolkswagenGroup’sbusiness,norisitpossibletopredictwithsufficientcertaintytowhatextentfurtherescalationoftheRussia-Ukraineconflictwillimpactontheglobaleconomyandgrowthintheindustryinfiscalyear2024.

Anychangesinsignificantparametersrelatingtoourkeysalesmarkets,oranysignificantshiftsinexchangerates,energyandothercommoditiesorthesupplywithpartsrelevanttotheVolkswagenGroupwillhaveacorrespondingeffectonthedevelopmentofourbusiness.Inaddition,theremayalsobedeparturesfromourexpectedbusinessdevelopmentiftheassessmentsofthefactorsinfluencingsustainablevalueenhancementandofrisksandopportunitiespresenteddevelopinawayotherthanwearecurrentlyexpecting,orifadditionalrisksandopportunitiesorotherfactorsemergethataffectthedevelopmentofourbusiness.

Wedonotupdateforward-lookingstatementsretrospectively.Suchstatementsarevalidonthedateofpublicationandcanbesuperseded.

Thisinformationdoesnotconstituteanoffertoexchangeorselloranoffertoexchangeorbuyanysecurities.

Volkswagen-MobilityforGenerationstoCome

115productionfacilities

in19Europeanand10

countriesintheAmericas,Asia

andAfrica

€324.7bn

SalesRevenues

679,500employees

150countries

9.0million

deliveriesin2024

9car&4truckbrands

Upto250,000cars

producedperweek

All-serviceprovider

FinancialServices,

MobilitySolutionsandBattery

3

FullYear2024figures;Delivery,productionfacilitiesandemployeefiguresincludeChineseJointVentures,whilesalesrevenuereferstotheVolkswagenGroupexcludingChineseJointVentures

4

Globalchampionwithstrongbrands

BrandGroupCore

BrandGroupProgressive

BrandGroupSport&Luxury

BrandGroupTrucks

OtherBrandsandBusinessUnits

VolkswagenGroupSteeringMatrix

Fourtechnologyplatformsfostercooperationamongbrandgroups

Progressive

SportLuxury

Trucks

Core

Architecture-SSPassinglefuturebackbone

Software-Platformscale&speedthroughsmartpartnerships

Battery-Unifiedcellwithtailoredregionalapproach

VolkswagenGroupMobility-Oneplatformforallmobilityneeds

5

5

19.07.20236

GlobalProduction,BatteryandAssemblySites

Europe

NorthAmerica

ProductionSite

8facilities

32facilities

InnovationCenter

SoftwareDevelopmentCenter&CARIAD

BatterySite

Asia

SouthAmerica

7facilities

19facilities

~12%

FY2024:Diversifiedbygeography,brandgroupsandsegments

DeliveriesSalesRevenueOperatingResult1

Others

9.0m

32%

7%

SouthAmerica

WesternEurope

36%

12%

North

America

17%

1%

40%

€325bn

13%

China

10%

18%

13%

2%

18%€19.1bn

16%

22%

29%

1.Excluding“Others”€-2,445m

BrandGroupCoreBrandGroupTrucks

BrandGroupProgressiveMANEnergySolutions

BrandGroupSportLuxuryVWFinancialServices

7

8

TOP10Program2025:Focalpointsforstrategyexecution

01

02030405

CostProductsInChina,NARGrowthLifeCycleOffers

forChina

06

07080910

SoftwareBatteryData&AISustainabilityPeople

Architecture

9

H1/2025Results-KeyTakeaways

1

ModellaunchesdrivingmarketsuccessandstrongorderintakemomentumacrossICEsandBEVs

2

OperatingperformanceinH1withinpreviouslyguidedbandwidth

3

Fullyearoutlookadjusted,reflectingexpectedheadwindsfromUStariffs

4

Costdisciplineandrestructuringstartingtopayoff,butacceleratedeffortsneededtocompensateadditionalheadwinds

FinancialOverview

OperatingperformanceinH1withinpreviouslyguided

bandwidth

GroupRevenueGroupReturnonSalesAutomotiveNetCashFlow

H12025

ε158.4bn

-0.3%y-o-y

4.2%

(5.6%1)

-ε1.4bn

Q22025

ε80.8bn

-3.0%y-o-y

4.7%

(6.8%1)

-ε0.5bn

10

1.BeforeeffectsfromadditionalUStariffs,netpersonnelrelatedrestructuringandDieselexpenses.

VolkswagenGroupModelLaunches

STRONG

MOMENTUM

CONTINUING

DeliveriesinH12025

at4.4millionunits(+1%)

‘InChina,forChina’strategyshiftinginto‘deliverymode’

Keytake-awaysfromChinaStrategyUpdate

Volkswagen’sbiggestICVoffensive

withthenext-Generationdeveloped‘inChina,forChina’andtailoredtotheneedsofChinesecustomers

Future-readyportfolioatChinaspeed

coveringallrelevantNEVsegmentswithBEV,PHEVandEREVmodelswithtimetomarket24-34months

Cutting-edgetechnologyatlocalcostparity

within-housedeveloped,nextlevelE/Earchitectureandadvanced&safeADASsolutions

Consequentstrategyexecutionre-

accelerationofprofitcontributionwithnewmodelstobelaunched2026addressingallmajorsegments

12

13

From2025onwards,ourstrategywillmanifestitselfwithastrongmodel

campaignofnewgenerationICVs

NewICVs

From2025

PPE

2025

3models

3models

B-Segment

CMP

NewEREVs

ICVs

2026

From2026

2026

2models

3models

4models

14

H1ResultsHeavilyImpactedbyUSTradeTariffs

CostsrelatedtoadditionalUStariffsamountedto€1.3bnYTD

Strategicgrowthmarket

andkeyregionforglobalsoftwarestrategy

Strongcommitmentevidenced

byScoutproductionnew-buildandRivian

investmentandJV

Investmentsof>$14bn

inUSinlocalproduction,partnerships&technology

GrowthstrategyNorthAmerica:Scoutworldpremiere

Entryintohighlyprofitablesegmentsfrom2028on:

Pickups&ruggedSUVs

StrengtheningofpositioninNAR

withheritagebrandthatgreatly

meetscustomers’desires

Highadaptabilitywith

BEVandgasolinerangeextenderoffers

15

VolkswagenGroup

Partnershipprogressesfastontechnologyside|furthermilestonereachedinQ22025

202420252026E2027E

$1.0bn

viamandatoryconvertiblenote

wv$1.0bn

viadirectequityaftercompletionoffinancialmilestone

$1.3bn

viadirectequity,

IPconsiderations

andSWdevelopment

ofcertainMEBmodels

$1.0bn

viadirectequity

aftercompletionof

technologicalmilestones

$1.0bn

vialoanagreement1

$0.5bn

viadirectequityuponSOPoffirstVWGroupvehicle2

$3.3bnoutofupto$5.8bn

invested

VWGroupshareinRIVIANat12.3%

FirstVWGroupvehiclewithJVtechplannedfor2027

16

1.VolkswagenGrouptolendcapitaltojointventure,whichwillimmediatelylendittoRivian,backedbyRivian’sequitystakeinJV

2.PayableatearlieroffirstVolkswagenGroupvehicleSOP(startofproduction)or3January2028

17

SignificantProgressinDriverlessServices

Turnkeysolutionforfullyautonomousmobilityservices

Safe,scalable,turnkey:“MOIASolution”providescomplete

system

Equippedwith27sensors

generatingcomprehensive360°

viewofsurroundings

Volkswagen&UberstrategicpartnershiptodeployautonomousID.Buzz

CostProgramsStartingtoShowFirstEffectsComprehensiverestructuringinitiativesacrossVolkswagenGroup

“AgreementfortheFuture”

•Agreementreachedtoreduceworkforceby7,500

until2029andadjustvariablepay

•resultingin>€1bnsavingsp.a.mid-termProductionatBrusselsplantended

“ZukunftVolkswagen”

•Newtariffagreementinplace,ontracktowardsreducingworkforceby>35kby2030

•Numberofemployeesreducedby4ksinceDec2024

•~20k1furtherexitscontractuallysecured

“Strategicrealignment&organizationaladjustmentstostrengthenresilience“

Measuresincludea15%workforcereduction=3,900(1,900directand~2,000fixed-termcontracts)by2029

NewbusinessmodelfinalizedasGroup’ssynergetic

softwareunit;transformationprogramunderway

includingreductionof~30%ofworkforcebyendof

2025,equals~1,450

18

1.VolkswagenAGandproductionentities

Progress“FutureVolkswagen”Agreement

HeadcountofGermanVolkswagenemployees1

Tariffagreement

Headcountdevelopment

[active2workforcein‘000]

-4.6k

(-4%)

VWSachsen&VWOsnabrückVWAG

-4.3k

(-4%)

115.1

Technicalcapacity

110.5

106.2

14.0

12.8

11.7

97.7

94.5

Workforce

101.1

31Dec2023

31Dec2024

30June2025

19

1.Scope:VolkswagenAG,VolkswagenSachsenGmbH,VWOsnabrückGmbH|2.ActiveWorkforce(excludingemployeesinthepassivephaseofpartialretirementandapprentices)

20

VolkswagenGroup:Deliveries

H1andQ22025deliveriestocustomers1%abovepreviousyear

900

800

700

600

500

400

Deliveries[‘000units/permonth]20242025

010203040506070809101112

DeliveriesinH12025

at4.4millionunits(+1%)

Salesmomentum

supportedbymodellaunches

Globalmarketsharestableataround10%

VolkswagenGroup:DeliveriesbyRegion

GrowthinSouthAmericaandEuropemorethanoffsetdeclineinChina&NorthAmerica

NorthAmericaEurope

+2%

2,000

-7%

1,000

China

H12024H12025

H12024H12025

-2%:

SouthAmerica

r+18%↓

H12024H12025

H12024H12025

21

22

BEVDeliveriesup47%inH1-StrongMomentuminEurope

TopBEVModelsH12025AnnualDevelopment

ID.4/585k

ID.361k

Q4e-tron45k

Enyaq39k

ID.7

39k

Q6e-tron37k

unaBEVDeliveries[‘000units]20%

PHEVDeliveries[‘000units]BEVshareWEU[%]

BEVshare[%]

10–14%

11%

11%

7%

465

317

192

137

H124H1252025E

23

WesternEuropeOrderIntake

ContinuedstrongBEVordermomentuminWesternEuropedrivingorderbookgrowth

Orderbook

[kvehicles]

+9%

925

851

31Dec

2024

30Jun

2025

Orderintake

[kvehicles]

+19%

1,771

1,487

Jan-Jun

2024

Jan-Jun

2025

Strongorderintake

momentuminourhomeregion,BEVupby62%

OrderbooklastswellintoQ42025

Continuedmodellaunch

offensivetoprovidefurthertailwindinH2

FinancialOverview

OperatingMarginlowery-o-yduetotariffrelatedcosts,restructuringandoperatingperformance

VehicleSalesSalesRevenueOperatingResult&Margin

[mvehicles]

[€bn]

0%

158.8158.4

[€bn]Margin[%]

6.3%

4.2%

+1%

1.24

ChinaJVs

3.08

4.344.36

1.27

3.12

Jan-Jun2024

Jan-Jun2025

Jan-Jun2024

Jan-Jun2025

-33%10.0

6.7

Jan-Jun2025

Jan-Jun20241

24

1.Prior-yearfiguresadjusted.

25

OperativeProfitability

H12025marginbeforetariffs,diesel&restructuringcostwithinoriginalfullyearoutlookrange

OperatingResult|OperatingMargin

Excl.costrelatedtotariffs,diesel&netrestructuring

€6.7bn

4.2%

€8.9bn

H1/2025

5.6%

€5.5bn

6.8%

€3.8bn

4.7%

Q2/2025

€3.4bn

4.4%

Q1/2025

€2.9bn

3.7%

CostrelatedtoadditionalUStariffsamountto€1.3bninH1(€1.2bninQ2)

NetRestructuringexpensestotaling€0.7bn,relatedtoAudi(€0.3bn),VW(€0.2bn)andCARIAD(€0.2bn)

Dieselcostof€0.2bninQ12025

AutomotiveNetCashFlowandNetLiquidity

NetCashFlowimpactedbyacquisitionof2ndRiviantranche,UStariffsandrestructuringcash-outs

'Clean'NetCashFlow1,2,3

NetLiquidity1,2

Rep.NetCashFlow1,2

[€bn]

[€bn]

[€bn]

-18%

34.4

28.4

Includingcash-outofapprox.

-€0.7bnrelatedtorestructuring-€0.7bnrelatedtoUStariffs

1.5

0.4

0.2

-1.4

31Dec2024

Jan-Jun2024

30Jun2025

Jan-Jun2025

Jan-Jun2025

Jan-Jun2024

26

1.AutomotiveDivisionoriginal.|2.Prior-yearfiguresadjusted.|3.BeforeDieselandM&A

AutomotiveNetLiquidity

M&AandDividendspaidasmajordriveroflowerNetLiquidity

[€bn]

ReportedNetCashFlow:-€1.4bn

CleanNCF:€0.2bn1

34.4-0.4+0.6-1.4

Includes

-€0.9bnfor2ndRiviantranche

-0.2-4.2

-0.5

28.4

Includescash-outofapprox.

-€0.7bnrelatedtorestructuring-€0.7bnrelatedtoUStariffs

31Dec2024

1.AutomotiveDivisionoriginal.

OperatingBusiness

DividendofChineseJVs

DieselOutflow

M&A

DividendsandOther

Interestpaidto

HybridBond

Holders

27

30Jun2025

OperatingResultbyDivision

PassengerCarsimpactedbytariffcostandrestructuring–stronglyimprovedFinancialServices

AutomotiveDivision1

6.3%

PassengerCars2OperatingResult[€bn]

Margin[%]

-40%

7.4

4.4

3.7%

Jan-Jun

2024

Jan-Jun

2025

CommercialVehiclesOperatingResult[€bn]

Margin[%]

-39%

2.1

1.2

9.1%5.9%

Jan-Jun

2024

Jan-Jun

2025

FinancialServicesDivision

FinancialServices2OperatingResult[€bn]

Margin[%]

+35%

1.9

1.4

4.8%6.1%

Jan-Jun2024

Jan-Jun2025

28

1.AutomotiveDivisionoriginal(excl.Holdingcosts).|2.Prior-yearfiguresadjusted.

OperatingResultPassengerCars

ResultsaffectedbyUStariffs,restructuringandnegativemixeffects,mainlyfromhigherBEVshare

OperatingResult[€bn]Margin[%]

7.4-3.0

-1.10.14.4

Thereof:

Volume&other:+0.8

Mix:-1.5

Price:-0.5

CO2provision:-0.5

Tariffeffects:-1.3

+1.1

6.3%

3.7%

Jan-Jun20241

Volume&other/Mix/Price

ExchangeRates/Derivatives

ProductCostsFixedCosts/

OtherCosts

Jan-Jun2025

29

1.Prior-yearfiguresrebased.

OverheadCostDevelopmentAutomotiveDivision

Overheadcost1[as%ofAutomotiverevenue]TRATON[in€bn]

PassengerCars[in€bn]

18.5%

16.3%16.1%

16.2%

47.0

43.0

5.2

7.4

22.93.7

19.3

39.6

37.8

22.93.8

19.1

2019

2024

Jan-Jun

Jan-Jun

20242025

Stableoverheadcost

supportedbyongoingimplementationofcostprograms

CostincreasesatBGP&

TRATONandongoingramp-upofnewbusinessfields²;cost

reductionsespeciallyatVolkswagenAG

30

1.ExcludingR&Danddepreciation;2019adjustedforreclassificationandstructuraleffects..|2.Ramp-upofPowerCo,Scout,MobilitySolutionsandfullyconsolidatedChinabusinesses.

H12025PerformanceBrandGroups

Marginsheldbackbytariffsandrestructuring

Progressive

Core

SportLuxury

574(+7%)

32.6(+5%)

1.1(-45%)

3.3(-3.1ppt)

2,527(+1%)

72.5(+5%)

3.5(+1%1)

4.8(-0.1ppts1)

135(-11%)

16.1(-9%)

0.8(-71%)

5.2(-11.3ppts)

VehicleSales[kunits]

SalesRevenue[€bn]

OperatingResult[€bn]

OperatingMargin[%]

+1.2|34%+0.9|83%+0.4|47%

NetCashFlow|CCR2[€bn,%]

31

1.Prior-yearfiguresadjusted.2.CashConversionRatio,calculatedasreportedNetCashFlowdividedbyOperatingResultafterspecialitems.Deltatopreviousyearfiguresinbrackets.

H12025PerformanceTechnologyPlatforms

CARIADwithstabilizedoperatinglosses,whilePowerCocontinuestoramp-upbatterycapacity

Battery

CARIAD:

Software

Increasingdeliveryofsoftwaretobrands-operatingresult

SalesRevenue[€bn]0.6(+32%)-(-)

improvedby€0.2bnvsprioryearlevelbeforerestructuringexpenses(-€0.2bninQ1)

OperatingResult[€bn]-1.2(stable)-0.6(-0.4)

PowerCo:

OperatingMargin[%]n/an/a

Increasedoperatinglossmainlyduetocontinuedcapacity

ramp-up

-0.5(-0.1)

NetCashFlow[€bn]

-0.7(-0.3)

-1.7underlying1(-0.2)

1.Excluding1.0bnintra-companytaxeffect.Deltatopreviousyearfiguresinbrackets.32

H12025PerformanceBrandGroupTrucks-TRATON1

Truckmarketenvironmentremainschallenging,US-uncertaintiesprevail

Salesrevenueaffectedbylowertrucksales,VehicleServicesbusinessstable

Declineinprofitabilitymainlyduetolowersalesrevenue,higherfixedcostandnegativeexchangerateeffects

NetCashFlowreflectingloweroperatingresultandfuture

investments

SalesRevenue[€bn]21.2(-7%)

OperatingResult[€bn]1.2(-39%)

5.9(-3.2ppts)

-0.2(-0.2)

OperatingMargin[%]NetCashFlow[€bn]

33

1.CommercialVehicles.Deltatopreviousyearfiguresinbrackets.

H12025PerformanceVolkswagenFinancialServices

Improvedoperatingperformancedrivenbypositivedevelopmentofbusiness,especiallyinEurope

Volkswagen

FinancialServices1

OperatingResult1[€bn]1.9(+35%²)

Contracts[‘000units]28,352(+10%)

CreditLossRatio[%]0.43(+0.07ppts)

ReturnonEquity3[%]11.9%(+4.1ppts²)

Volkswagen

GroupMobility

Positivedevelopmentof

business,especiallyinEurope,andportfoliomargin.

Stillpositivere-marketing

resultswhilenormalizationofusedcarprices

continues.

Growthofcontractvolume.

Creditlossratio(CLR)onsolidlevel.

34

1.VolkswagenFinancialServicesDivision(includingTRATONFSandPorscheHolding).2.Prior-yearfiguresadjusted.I3.Calculatedonbasisofnormalized8%equityratio.Deltatopreviousyearfiguresinbrackets.

35

ChinaJointVentures:ProportionateOperatingResult

Keymilestonespassed,volumemomentumtopickupfromlate2025

Q4

Q3

Q2

Q1

[€m]

∑2,621

741

727

527

625

>2,000

∑1,742

563

378

372

429

500-1,000

234

272

202320242025e2027e

Operatingresultslower

dueto

•continuedintense

competitiveenvironment,

•NEVCo.consolidationand

•exchangerateeffects,

•partiallycompensatedforby

continuedcostwork

Proportionateoperatingresultexpectedtowardsupperendofbandwidth

€0.5bn-€1.0bninFY25

AutomotiveInvestmentRatio

Investmentsyear-to-datebelowprioryearleveldrivenbydeclineintotalR&Dcost

[in€bn&in%ofAutomotiveDivisionrevenue]CAPEX

R&D

12.3%1

11.4%

∑12-13%

∑€17.3bn

∑~10%

∑€16.3bn

4.4%

€6.3bn

4.2%1€5.9bn

7.0%

€9.9bn

8.1%1€11.4bn

H12024H120252025e2027

target

2025-29planningroundwith

reducedinvestmentspendtargetof€165bn

36

1.Afterchangeofaccountinglogic,seepage180ofAnnualReport2024forfurtherdetails.

Commitmenttoattractiveshareholderreturns

Regulardividendperpreferredshare[€]

Payoutratio[as%ofGroupnetincomeattributabletoVolkswagenAGshareholders]

30%

29%29%

12

11

10

9

8

7

6

5

4

3

2

1

0

29%

25%

8.769.06

18%

4.86

7.56

6.36

4.86

2019202020212022120232024

Σ

0

Dividendspaidforperiod2021-2024totaling

Σ€25bn

upfrom

€18bnfor2011-2020period

Committedtostrategictarget

≥30%

payoutratioon

reportednetincome

1.For2022€8.76plus€19.06specialdividend37

38

VolkswagenGroupOutlookfor2025

FinancialTailwinds&HeadwindsinH22025inOperatingProfitMarginGuidance

Improvedmixsupportedby

highlyattractiveproductportfolio

BenefitsfromPerformanceProgramsandrestructuring

FinancialServicesmomentumtocontinue

Fixedcostdiscipline

ExpensesrelatedtoincreasedUStariffswithmitigationmeasuresaschance

IncreasingBEVsharebutmargindilutiontoeaseinH225

HigherdepreciationandR&Damortization

Expansionofnewbusinessfields

39

VolkswagenGroup

Updatedoutlookreflectingrangeof10%and27.5%UStariffsatupperand

lowerendofbandwidths

6.5%

to

5.5%

LowerendofrangeexpectedfollowingPorscheoutlook

update

5.0%

to

basedon10%USimporttariff

4.0%basedon27.5%USimporttariff

Outlook

30April

beforetariffs

Outlook

25July

includingtariffs

6.5

Operative

margin

guidance

corridor

12-monthseffectfromUSimporttariffs:

ca.-60bpsat10%tariff(beforemitigation)

ca.-200bpsat27.5%tariff(beforemitigation)

5.5

VolkswagenGroup

Outlook2025updated

ActualsFY2024

YTD

H12025

OutlookFY2025

SalesRevenue

€324.7bn

€158.4bn

Aroundprioryearlevel

OperatingProfitMargin

5.9%

4.2%

4.0%to5.0%

AutomotiveInvestmentRatio1,2

13.0%

11.4%

12.0%to13.0%

AutomotiveReportedNetCashFlow2

€5.2bn

€-1.4bn

€1bnto€3bn

AutomotiveNetLiquidity2

€34.4bn

€28.4bn

€31bnto€33bn

>Outlookbasedonatariffcorridorof10%(upperendofoutlook)to27.5%(lowerendofoutlook)

40

1.R&D&Capexcombined2.Accordingtonewreportinglogicappliedfrom1January2025,see2024AnnualReportpage180forfurtherdetails.

GroupFinancing

Strongcreditmetricsandratings

Testifyingadiversifiedproductlandscapeandresilientandintegratedbusinessmodel

CurrentCreditRatings

CreditRatingDevelopment

Long-Term

Short-Term

Long-Term

Short-Term

Long-Term

Short-Term

Long-Term

Short-Term

BBB+(stable)

A-2

BBB+(stable)

A-2

BBB+(stable)

A-2

BBB+(stable)

A-2

VolkswagenAG

VolkswagenFinancial

ServicesAG

VolkswagenBank

GmbH

VolkswagenFinancial

ServicesOverseasAG

FFO

/Debt

53%

74%

88%

79%

64%

63%

60%

60%

30%

6%

101%

1670%

352%

2011201220132014201520162017201820192020202120222023

VolkswagenGroupsCreditPositioning

A-

AA-

BBB+

2012

2013

2014

201520162017

2018

2019

2020

2021

202220232024

4.1x

Debt/EBITDA

1.2x

1.4x

0.9x

1.1x

2.1x

1.3x

1.1x

0.9x

1.2x

0.8x

0.1x

0.2x

2011201220132014201520162017201820192020202120222023

42

KPIsaccordingtoMoody’smethodology

A3

A2

Baa1

A3

20132014

2015

2016

2017

2018

2019

20202021

2022

2023

2024

2025

Strongcreditmetricsandratings

Testifyingadiversifiedproductlandscapeandresilientandintegratedbusinessmodel

CreditRatingDevelopment

CurrentCreditRatings

VolkswagenGroupsCreditPositioningMOOPY's

VolkswagenAG

VolkswagenFinancial

ServicesAG

VolkswagenBank

GmbH

VolkswagenFinancial

ServicesOverseasAG

Long-Term

Short-Term

Long-Term

Short-Term

Long-Term

Short-Term

Long-Term

Short-Term

Baa1

(stable)

P-2

Baa1

(stable)

P-2

A1(negative)

P-1

Baa1(stable)

P-2

RCF/Debt

Debt/EBITDA

2.8x

43%

43%37%

43%

2.4x

36%

1.9x

36%

2x1.8x

2.1x

1.9x

31%

1.7

31%

1.6x

28%

2x

2x

1.4x

21%

13%

16%

2023

201320142015201620172018

2024

201320142015201620172018201920202021202220232024

2019202020212022

43

KPIsaccordingtoMoody’smethodology

Strongcreditmetricsandratings

Testifyingadiversifiedproductlandscapeandresilientandintegratedbusinessmodel

FitchRatings

CurrentCreditRatings

CreditRatingDevelopment

Long-Term

Short-Term

Long-Term

Short-Term

Long-Term

Short-Term

Long-Term

Short-Term

A-(stable)

F1

A-(stable)

F1

A(stable)

F1

A-(stable)

F1

VolkswagenAG

VolkswagenFinancial

ServicesAG

VolkswagenBank

GmbH

VolkswagenFinancial

ServicesOverseasAG

EBITmargin

8.2%

7.3%7,0%

7.5%

7.2%

7.1%

5.8%

3.8%

20162017201820192020202120222023

VolkswagenGroupsCreditPositioning

A-

A

BBB+

A-

2012

2013

2014

201520162017

2018

2019

2020

2021

2022

2023

2024

FCFmargin

4.8%

3.1%

2,3%0,7%

1.7%

-0.8%

-1.2%

-3.8%

44

KPIsaccordingtoFitch’smethodology

Well-balanceddebtmaturityprofile

VolkswagenGroup’sFundingMi