大众集团2026年度上半年业绩与2030年目标愿景

VolkswagenAG

Investor,AnalystandMediaCallH1/2026

July24,2026

Disclaimer

Thefollowingpresentationsaswellasremarks/commentsandexplanationsinthiscontextcontainforward-looking

statementsonthebusinessdevelopmentoftheVolkswagenGroup.Thesestatementsarebasedonassumptionsrelatingtothedevelopmentoftheeconomic,politicalandlegalenvironmentinindividualcountries,economicregionsandmarkets,andinparticularfortheautomotiveindustry,whichwehavemadeonthebasisoftheinformationavailabletousandwhichweconsidertoberealisticatthetimeofgoingtopress.Theestimatesgivenentailadegreeofrisk,andactualdevelopmentsmaydifferfromthoseforecast.

Allfiguresarerounded,sominordiscrepanciesmayarisefromadditionoftheseamounts.

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

Wedonotupdateforward-lookingstatementsretrospectively.Suchstatementsarevalidonthedateofpublicationandcanbesuperseded.

Thisinformationdoesnotconstituteanoffertoexchangeorselloranoffertoexchangeorbuyanysecurities.

2

1

H1OperationalPerformance

2

H1FinancialsVolkswagenGroup

3

GroupTargetPicture2030

ExternalforcespressureEuropeanditsautoindustry

-16%market(EU+UK+EFTA,2025vs.2019)

>8%totalmarketshareChinaOEMs(H1/26)

30%PHEVmarketshareChinaOEMs(H1/26)

UStariffs

UStradebarriers

BEVtransformation

-20%market(H1/2026)

>500newmodels(2026)

15%pricedeflation(‘24-’25)

WorldwideRegulation

Technical|Legal|CO2Emission

4

Q2DeliveriesbyRegion

Chinasignificantlylowerinweakmarket,deliveriesupinEurope,NorthandSouthAmerica

Europe1

NorthAmerica

China

+2.5%

H1:+3.5%

+7.7%

H1:-3.1%

-36.6%

H1:-25.9%

Q22025Q22026

Q22025Q22026

Q22025Q22026

World

SouthAmerica

+9.4%

H1:+8.3%

-8.6%

H1:-6.3%

Q22025Q22026

Q22025

Q22026

5

1.EU27+4.

Newmodelscreatemomentuminkeymarkets

NorthAmericaWesternEuropeChina

6

OrderSituation

European1orderbookup12%year-to-date,orderreachat~3.5months

Orderbook

[kvehicles]

+12%

9501,065

Dec

2025

Jun

2026

Orderintake

[kvehicles]

+4%

2,0402,131

Jan-Jun

2025

Jan-Jun

2026

Orderintakeupby4%year-

to-date2026,supportedby

continuedproductmomentumOrderbookstrongly

improvedasperendofJune;

BEVsupby57%dueto

successfulstartofElectricUrbanCarfamily

BEVsaccountingfor

31%ofEuropeanorderbook(22%atyear-end2025)

1.EU27+4.7

8

BEVOrderBook

VerystrongBEVordermomentumsupportedbythelaunchoftheElectricUrbanCarFamily

BEVOrderbook

[kvehicles]

330

+57%

211

June2026

June2025

launchedinJuly

H12026FinancialHighlights

SalesRevenues

€158.1bn

AutomotiveNetCashFlow

€3.2bn

DeliveriestoCustomers

4.1m

AutomotiveNetLiquidity

€32.7bn

OperatingMargin

3.8%/4.3%1

EuropeanOrderBook

1,065k

1.Beforespecialeffects,i.e.netrestructuringcostandcostrelatedtoendofproductionofID.4intheUSandcostsrelatedtoendofAutomatedDrivingAlliance.9

1H1OperationalPerformance

2

H1FinancialsVolkswagenGroup

3GroupTargetPicture2030

12

FinancialOverview

H12026operatingresultimpactedbyUStariffs,specialeffectsandweakChinabusiness

VehicleSalesSalesRevenueOperatingResult&Margin

[mvehicles][€bn][€bn]Margin[%]

~

158.4158.1

-8%

4.4

4.0

3.1

exChina+1%YoY

JVs

3.1

Jan-Jun

2025

Jan-Jun

2026

Jan-Jun

2025

Jan-Jun

2026

4.2%

3.8%

-12%

6.7

5.9

Jan-Jun2025

Jan-Jun2026

13

OperatingResultandProfitability

€0.9bnnegativespecialeffectsimpactingH12026results

OperatingResult&Margin

[Marginin%,OperatingResultin€bn]

€6.9bn

5.5%

€5.9bn

4.3%

3.8%

4.0%

H12026

FYOutlook

SpecialeffectsinH12026

-€0.5bncostrelatedtoendofproductionofID.4inUS

-€0.3bnrestructuringnetofreversalofprovisions,

effectsmainlyatTRATON,BrandGroupCoreandSportLuxury

-€0.1bnrelatedtoendof

AutomatedDrivingAlliance

(onreportedbasis)

OperatingResultasreported

OperatingResult

beforespecialeffects

14

ProfitBeforeandAfterTax

ProfitafterTaxbelowprioryearduetooperatingperformanceandotherfinancialresult

ProfitbeforeTax

[€bn]

-26%

6.4

4.8

Jan-Jun

2025

2025

Jan-Jun

2026

2026

ProfitafterTax

[€bn]

-31%

4.5

3.1

Jan-Jun2025

Jan-Jun

20262026

EarningsperPreferredShare

[€]

-36%

8.03

5.17

Jan-Jun2025

Jan-Jun2026

AutomotiveNetCashFlowandNetLiquidity

Reducedinvestments,lowercashtaxesandworkingcapitalsupportstrongNetCashFlow

Rep.NetCashFlow1

[€bn]

+4.5

+3.2

-

1.4

Jan-Jun2026

Jan-Jun2025

'Clean'NetCashFlow1,2

[€bn]

+3.5

+3.7

+0.2

Jan-Jun2025

Jan-Jun2026

NetLiquidity1

[€bn]

-1.7

34.532.7

31Dec30Jun20252026

15

1.AutomotiveDivisionoriginal.|2.BeforeDieselandM&A.

AutomotiveNetLiquidity

Netliquidityatsolidleveldespitehybridbondredemption,Rivianpaymentanddividend

ReportedNetCashFlow(+€3.2bn)1

+3.3+0.3-0.4-3.1

34.5

ofwhich:

-1.7

Rivian-0.9

Sinotruk+0.5

-0.132.7

31Dec2025

OperatingBusiness2

DividendofChineseJVs

M&A

DividendsHybridCapital

andInterestpaidtoHybridBondHolders

Other330Jun

2026

1.AutomotiveDivisionoriginal.|2.Includingdieselpayments.|3.Includingeffectsfromleasing,FXandvaluation.16

OperatingResultbyDivision

SolidoperatingperformanceindynamicmarketenvironmentinPassengerCars,TRATONOperationsresultsimpactedbyQ1restructuringandre-alignment

AutomotiveDivision1

PassengerCarsOperatingResult[€bn]Margin[%]

3.7%4.1%

+8%

4.8

4.4

Jan-Jun

2025

Jan-Jun

2026

4.5%

1.2

CommercialVehiclesOperatingResult[€bn]

Margin[%]

5.9%

-24%

0.9

Jan-Jun

2025

Jan-Jun

2026

FinancialServicesDivision

FinancialServicesOperatingResult[€bn]

Margin[%]

5.5%

6.1%

-2%

1.91.9

Jan-Jun2025

Jan-Jun2026

17

1.AutomotiveDivisionoriginal.

PassengerCarsandLightCommercialVehicles

ImprovingoverheadcostbaseandFXeffectsmorethanoffsetvolume/price/mixheadwind

OperatingResult[€bn]Margin[%]

+2.04.8

4.4-2.2

+0.9-0.3

Overheadcost:+0.4

EOPID.4US:-0.5

Other:+2.2

3.7%

4.1%

Volume&other:

-0.7

Mix:

-1.3

Price:

-0.3

Tariffs1:

+0.1

ExchangeRates/Derivatives

Volume&other/Mix/Price

Jan-Jun2026

Jan-Jun

ProductCostsFixedCosts/

2025

OtherCosts

1.TariffeffectincludingapositivereimbursementeffectatAudiandVW(+€0.1bn).

18

DevelopmentofheadcountinGermany

Workforcereductionprogressingasplanned

[active2workforcein‘000]

VWSachsen&VWOsnabrück

VWAG

-17k(-15%)

115.1

-3k(-3%)

101.810.9

90.9

101.1

98.3

88.1

10.3

14.0

30Jun2026

31Dec2023

31Dec2025

VolkswagenAG1(Germany)

[active2workforcein‘000]

-21k(-8%)

275.4

260.3253.9

30Jun2026

31Dec2023

31Dec2025

-6k(-2%)

VolkswagenGroup(Germany)

19

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

VolkswagenGroupSG&ARatio

OverheadcosttargetderivedfromSG&Abenchmark

Overheadcost

SG&A1Benchmark

-€11bnor-25%

€48bn

€46bn

~30%Gap

€~37bn

~60%

16%2

VolkswagenGroup

Competition

12%2

2025PlanningAmbitionRound742030

2030Ambition

1.S&GAaspercentageofGroupsalesrevenues.|2.AspercentageofAutomotivesalesrevenues.

2030

Personnelcost

SG&Abenchmarkhighlights

structuraldisadvantages

Measuresareaimedat

reducingcomplexity,

simplifyingorganizationallevels,andeliminating

duplicatestructures

Basedon€11billionin

overheadcosts,the

calculationsuggeststhat

approximately50,000

20

positionsareinvolvedintheindirectarea

H12026PerformanceBrandGroups

BrandgroupsCoreandProgressiveresultsbroadlystabley-o-y,SportLuxuryimproved

Progressive

Core

SportLuxury

528(-8%)

29.2(-10%)

1.1(+3%)

3.8(+0.5ppts)

121(-11%)

15.2(-6%)

1.2(+45%)

8.0(+2.8ppts)

2,590(+3%)

73.0(+1%)

3.6(+5%)

4.9(+0.2ppts)

VehicleSales[kunits]

SalesRevenue[€bn]

OperatingResult[€bn]

OperatingMargin[%]

+1.7|46%+1.9|>100%+1.0|85%

NetCashFlow|CCR1[€bn,%]

1.CashConversionRatio,calculatedasreportedNetCashFlowdividedbyOperatingResult.|Deltatopreviousyearfiguresinbrackets.21

H12026PerformanceBrandGroupCore

Škodawithcontinuedstrongperformance,VWimpactedbyrestructuringandUSID.4stop

H126(reported)

4.9%

Last4quarterstrend

excl.

effects1

BrandGroupCore

VolkswagenBrandŠkoda

5.9%

2.4%

3.8%

8.5%

1.6%

3.3%

7.1%

SEAT/CUPRA

VWCommercialVehicles

GroupComponents

1.Adjustedforcostrelatedtorestructuring,endofproductionoftheID.4intheUS.22

Deltatopreviousyearfiguresinbrackets.23

H12026PerformanceTechnologyPlatforms

CARIADwithimprovedoperatingresults,Batterystabilizeddespitecontinuedramp-up

Battery

Software

CARIAD:

Operatingresultbenefittedfromhighersalesand

SalesRevenue[€bn]0.8(+44%)0.1(+>100%)

consequentexecutionoftransformationprogram

OperatingResult[€bn]-0.9(+0.3)-0.5(+0.1)

PowerCo:

OperatingMargin[%]-(-)-(-)

Operatinglossonstable

leveldespiteSalzgitter

NetCashFlow[€bn]-0.8(-0.1)-1.0(-0.5)

productionramp-upand

constructionofValenciaandSt.Thomassites

H12026PerformanceBrandGroupTrucks-TRATON1

ImprovedperformanceinQ2afterslowstarttotheyear

Revenueslightlydownonlowerunitsales;ScaniaandMANup,

USrecoveryexpectedinH2

SalesRevenue[€bn]21.1(-0%)

Operatingresultimpactedbylowervolumes,tariffcosts&specialeffects,including:

OperatingResult[€bn]0.9(-24%)

•Adjustmentstoindividuale-mobilityprojects

OperatingMargin[%]NetCashFlow[€bn]

4.5(-1.4ppts)

+0.2(+0.5)

•SaleSpringfield/Ohiosite•EUtruckcase

SeasonallylowerNCF,

reflectingusualworkingcapitalbuild-up

24

1.CommercialVehicles.Deltatopreviousyearfiguresinbrackets.

H12026PerformanceVolkswagenFinancialServices

Volkswagen

FinancialServices1

OperatingResult[€bn]1.9(-2%)

Contracts[‘000units]27,996(+3.1%)

CreditLossRatio[%]0.40(-0.03ppts)

ReturnonEquity2[%]11.3%(-0.6ppts)

VolkswagenGroupMobility

Soliddevelopmentofbusinessandmargin

Growthofcontractvolumeandstrongcostdiscipline

Slightlyincreasedresidualvaluerisk

Creditlossratioonsolidlevel

1.VolkswagenFinancialServicesDivision(includingTRATONFSandPorscheHolding).|2.Calculatedonbasisofnormalized8%equityratio.Deltatopreviousyearfiguresinbrackets.

25

AutomotiveInvestmentRatio

FocusedinvestmentspenddisciplinecontinueswithfurthernotablereductioninH12026

[in€bn&in%ofAutomotiveDivisionsalesrevenue]

CAPEXR&D

AutomotiveSalesRevenue

FY2025

~€300bnstable

11.4%

€16.3bn

4.4%

€6.3bn

7.0%

€9.9bn

H1

2025

10.6%

€14.8bn

3.9%

€5.5bn

6.7%

€9.3bn

H1

2026

13.0%

11.8%

5.1%€15.0bn

6.7%€19.4bn

FY2024

11–12%

FY2026

Outlook

~9%

FY2030

Target

Investmentspendalreadysignificantlyreducedyear-on-year,inabsoluteand

relativeterms

Automotiveinvestratio

expectedwithinrangeof11to12%inFY2026

Thecommittedinvestmentratiofor2030remainsvalidevenunderthenewcost

structure

26

27

ChinaJointVentures:ProportionateOperatingResult

NEVmodelmomentumgainingtraction,strongcostworkpartiallyoffsetsweakvolumes

Q4

Q3

Q2

Q1

[€m]

Σ958

Σ200-600

101

83

214

238

234

272

20252026e

H1/26performancedrivenby

•sharplylowervolumesinweakmarket

•continuedfiercecompetition

•costrelatedtonewNEVlauncheswithfirst

meaningfulcontribution

fromH2expected

•intensifiedcostworkProportionateoperatingresultof€0.2–0.6bn

confirmedfullyear2026

KeysteptowardsstreamliningGroupinvestmentportfolio

Exclusivearrangementforsaleof51%stakeinEverllence

phase;IPOenvisagedforfullexitinthemediumterm

Leveragedbuy-outgenerates

proceedsof€7.4bn;49%stakeretained

EverllencetoenternextgrowthHighlycompetitive

processrecognizedbestconceptforEverllence

28

FinancialOutlookFullYear2026

FY2025

H12026

OutlookFY2026

SalesRevenue

€321.9bn

€158.1bn

-3%to0%(before:0%to3%)

OperatingProfitMargin

2.8%

3.8%

4.0%to5.5%

AutomotiveInvestmentRatio1

11.8%

10.6%

11%to12%

AutomotiveReportedNetCashFlow

€6.4bn

€3.2bn

€3bnto€6bn

AutomotiveNetLiquidity

€34.5bn

€32.7bn

€32bnto€34bn

Financialoutlook2026basedoncurrenttariffsituation,whilepotentialfutureimpactfromfurtherescalationinMiddleEastcurrentlycannotbereliablyassessedandisthusnotincluded.ItdoesnotincludeeffectsfromsaleofmajoritystakeinEverllencenorpotentialeffectsfromdevelopmentandimplementationofGroupTargetPicture2030

1.R&DandCapexcombined.

29

GroupTargetPicture|FinancialAmbition2030

Aligncoststructuresto9millionvehiclesp.a.toachieve:

2025

OperatingReturnonSales

2.8%/4.7%1

8to10%

AutomotiveCashConversion

122%/58%1

>60%

AutomotiveOverheadCostRatio16%~12%

AutomotiveInvestmentRatio212%~9%

30

1.Excl.costrelatedtoPorscherealignment,Porschegoodwillimpairment,personnelrelatednetrestructuringexpensesandcostrelatedtodiesel.IncludingeffectsfromincreasedUStariffs.2.R&DandCapexcombined.

1H1OperationalPerformance

2H1FinancialsVolkswagenGroup

GroupTargetPicture2030

3

32

32

VolkswagenGroup

Progressdelivered,promiseskeptandtargetsachieved

33

Transformationneedinamassivelychangedenvironment

Turnaround

2023-2025

TOP10

programs

Changedenvironment

Geopolitics

Trade

Regulations

Markets

Transformation

Transformation

need

GROUP

TARGET

PICTURE

2030

xxx

GroupTargetPicture2030|Buildingafaster,moreresilient,morecompetitiveandevenmoreinnovativeVolkswagenGroup

ProductPortfolio

Portfolio

Management

TechnologyRoadmap

OperationalExcellence

ProductionNetwork

Leadership&Culture

RegionalGrowth

Group

Governance

Safeguarding2030financialambition

34

ProductPortfolio

TargetedGroupproductoffering

E/F

D

C

B

A

FocusSegment

ComplementarySegment

A0

Outoffocus

Reducingnumberofmodelsbyupto50%

Focusonmostprofitablesegments

Optimizingsegmentcoverage

w/ocompromisingcustomerchoice

35

36

ProductPortfolio

Reducecomponentsvarietyby75%

ExampleKeymoduleVariantReductionAmbition

BGC

FrontLights

-60%

FrontBumper

-50%

Seatmainmodules

-30%

BGP

Seat

(partsincl.color/material)

-90%

-60%

-50%

Steeringwheels

Rims

TechnologyRoadmap

BecomingtheAutomotiveTechCompany

WesternHemisphere1EasternHemisphere2

E/EArchitecture

VWCEA

RVTechSDV

Carizon

ADAS

CMP/CSP

Solutionenvisagedshortly

Platform

SSP/phase-outICEplatforms

CARThunder

Infotainment

RVTechCore

Consolidatedandconcentratedapproachto

E/Earchitectures,ADASstacks,modularplatforms&infotainmentsystems

1.EUandNAR|2ChinaandGlobalSouth.37

38

TechnologyRoadmapGlobalsynergies

Fullvehiclecompetence

Design

Integration

Dynamics

Safety

CEA

InChina,forChina

EU

CN

,e

CEAHub

ME

RVT

NAR

RVTJV

INDIA

Localization

Globalsolution

ASEAN

Technologysynergies

OCEANIA

SAF

Underevaluation

SAM

Brazil

Localization

acrossSouthernhemisphere

illustrative

aExport.SDV·CEABubblesizereflectsthesizeoftheprofitpoolbyregion

ProductionNetwork

12m

-1munits

Aligningglobaltechnicalproductioncapacitywithmarketreality

CAPACITYREDUCTION

-1munits

CLOSUREBrussels

REPURPOSINGDresden

CLOSURE

Nanjing

NingboI

Urumqi

DISPOSAL

CAPACITYREDUCTIONAntingI

ChangchunI

OsnabrueckKaluga/RUS

WolfsburgIngolstadtZwickau

10m

Neckarsulm

Emden

Hanover

EXCESSCAPACITYTOBEADDRESSED

>0.5munits

>0.5munits

EXCESSCAPACITYTOBEADDRESSED

9m

Completed/inimplementationInprogressOngoing

39

40

OperationalExcellence

Mainleversandfieldsofaction

Production

Research&Development

Engineeringcomplexity

Automation

Testingeffortandvaluedepth

Productionefficiency

RelocationandAIenablement

Indirectpersonnelandsuppliers

Procurement

Near-/Offshoring&commerciallever

Supply-chainandsupplier

Requirementsandspecifications

Sales

Pricingandsalesincentives

SalesandAfterSalesorganization

Marketingcosts

Quality

Qualityprograms

Qualitymethods

Qualityandwarrantycost

Overhead

IndirectPersonnel

Sharedservices

Reductionofdualwork

41

Growth

Unlockingadditionalgrowthpotential

REGIONS

NorthAmerica

India

GlobalSouth

MARKET

FleetBusiness

UsedCars

AfterSales

Insurance

TECHNOLOGY

CircularEconomy

SystemonChip(SoC)

EnergyStorageSystems

Robotics

Defense

Ambition2030

8-10%

OperatingMargin

>60%

CashConversion

42

43

GroupTargetPicture2030

Amarathon,notasprint

Today

CONCEPTDRAFT

CONCEPTDETAILING

MEASUREDETAILING

IMPLEMENTATION

Q12026Q22026Q32026Q420262027202820292030

Programsetup

Targetsdefined

Firstmeasuresdefined

Realizingtargetsforinvestandearnings,

iteratingmeasuresonGroupandbrandlevel,regularlytrackingofprogress

KeyTakeaways

Unparalleledmodel

offensivecontinues

>ExcludingChina,deliveriesimprovedby2%

>Strongdemandfornewmodels

>Europeanorderbookup12%,BEVsupeven57%

>Morethan70kordersreceivedforElectricUrbanCarFamily

H1resultsheldupwellindynamicenvironment

>Stablesalesrevenuerecorded

>Operatingresult12%loweryear-on-year,impactedbyspecialeffects

>Strongnetcashflow

(+€4.5bnYoY)andsolidnetliquiditylevel

>Outlookforoperatingmargin,netcashflowandnetliquidityconfirmed

GroupTargetPicture2030launched

>AddressingProducts,

Technologies,Structures,

CompetitivenessandGrowth

>Implementationofmanyinitiativesstartedalready

>Remainingactionfieldswillnowbedetailedoutand

initiated

44

UpcomingEvents

VolkswagenGroupH1Results

withCEOOliverBlumeandCFO&COOArnoAntlitzonJuly24,2026

ParisMotorShowInvestorEvent

withCEOOliverBlumeandBGCCEOThomasSchäferonOctober12,2026

VolkswagenGroup9MResults

withCFO&COOArnoAntlitzonOctober29,2026

46

47

VolkswagenGroupDeliveries

H1deliveriesbelowprior-yearperiodduetosignificantlylowerChinavolumes,exChina+2%

950

850

750

650

550

Deliveries[,000units/permonth]20252026

010203040506070809101112

H1deliveriesat4.1munits,6.3%belowprior-yearperiod

438kBEVdeliveries(-6%y-o-y),BEVsharestableat~11%

Globalpassengercarmarketsharestableat~10%

48

VolkswagenGroupDeliveriesbyBrandGroup

ExcludingChina,BrandGroupsCoreandProgressiveovercompensatelowerSportLuxury

Core

-9%

(H1:-6%)

Q22025Q22026

Progressive

-8%

(H1:-7%)

Q22025Q22026

SportLuxury

-18%

(H1:-16%)

Q22025Q22026

Trucks

+4%

(H1:-1%)

Q22025Q22026

+2%

excl.China

+4%

excl.China

-14%

excl.China

49

VolkswagenGroupH1BEV&PHEVDeliveries

HealthygrowthinEuropeonlypartiallycompensateddeclinesinChina&NorthAmerica

TopBEVModelsH12026AnnualDevelopment

[kvehicles]

ID.3

44k

17.8%18.7%

10.6%10.6%

Elroq60k

466438

Q4e-tron34k

246

192

ID.4/554k

Q6e-tron32k

H12025H12026

Enyaq48k

BEVshareEU27+4[%]

BEVshare[%]

BEVDeliveries

PHEV&EREVDeliveries

50

Volkswagen

VehicleSales[kunits]

SalesRevenue[€bn]

OperatingResult[€bn]

1,530(+1%)

42.3(-3%)

1.0(-10%)

2.4(-0.1ppts)

H12026PerformanceBrandGroupCore

ŠKODA

SEAT|CUPRA

VW

Comm.Veh.

Group

Components

629(+8%)

329(+2%)

216(-4%)

16.0(+6%)

7.7(+1%)

8.2(-5%)

11.9(flat)

1.4(+6%)

0.1(+>100%)

0.3(+33%)

0.9(+13%)

OperatingMargin[%]

8.5(flat)

1.6(+1.1ppts)

3.3(+0.9ppts)

7.1(+0.8ppts)

OverheadCostDevelopmentAutomotiveDivision

-aOverheadcost[as%ofAutomotiverevenue]TRATON[in€bn]

PassengerCars[in€bn]

16.1%

15.9%

18.5%

15.7%

43.1

5.2

37.9

45.5

7.2

38.3

22.9

3.8

19.1

22.2

3.6

18.6

20192025H12025H12026

OverheadcostimprovedinH12026bothinrelativeandabsoluteterms

Disciplinedcostworkmorethanoffsetsincreasesfromongoingramp-upofnew

businessfields1

1.Ramp-upofPowerCo,ScoutandMobilitySolutions.51

VolkswagenGroupQ1

VEHICLESALES(`000)SALESREVENUE(€m)OPERATINGRESULT(€m)OPERATINGMARGIN(%)

BrandGroupCore

Q12026

Q12025

Q12026

Q12025

Q12026

Q12025

Q12026

Q12025

1,227

1,224

34,874

35,340

1,541

1,118

4.4

3.2

VolkswagenPassengerCars

716

726

19,897

21,226

73

112

0.4

0.5

ŠKODA

315

276

7,921

7,259

660

546

8.3

7.5

CUPRA/SEAT

156

158

3,677

3,895

43

5

1.2

0.2

VolkswagenCommercialVehicles

99

109

3,922

4,138

154

37

3.9

0.9

GroupTechnology

-

-

6,211

5,972

562

387

9.0

6.5

Consolidation

-59

-46

-6,753

-7,149

49

32

-

-

BrandGroupProgressive(AudiGroup)

260

277

14,178

15,431

588

537

4.2

3.5

BrandGroupSportLuxury(PorscheAutomotive)1

59

65

7,381

7,819

517

678

7.0

8.7

CARIAD

-

-

389

237

-420

-755

-

-

Battery

-

-

12

2

-230

-213

-

-

BrandGroupTrucks

69

73

9,780

10,326

40

640

0.4

6.2

AtequityaccountedcompaniesinChina2

494

610

-

-

-

-

-

-

VolkswagenGroupMobility

-

-

15,831

14,866

868

948

5.5

6.4

Other3

-155

-149

-6,788

-6,464

-441

-81

-

-

VolkswagenGroup

1,954

2,100

75,657

77,558

2,463

2,873

3.3

3.7

thereof:

AutomotiveDivision4

-

-

66,267

68,764

1,813

1,748

2.7

2.5

FinancialServicesDivision

-

-

16,989

15,903

971

1,051

5.7

6.6

Consolidation

-

-

-7,598

-7,109

-321

74

-

1.0

1.Porsche(includingFinancialServices):salesrevenue€8,400(8,858)million,operatingresult€595(762)million.I2.Thesalesrevenueandoperatingresultoftheequity-accountedcompaniesinChinaarenotincludedintheconsolidatedfigures;theshareoftheoperatingresultgener