大众汽车集团投资者、分析师及媒体电话会议2025年上半年

Volkswagen AGInvestor, Analyst and Media CallH1 2025 July 25, 2025 Disclaimer The following presentations as well as remarks/comments and explanations in this context contain forward-lookingstatements on the business development of the Volkswagen Group. These statements are based on assumptions relating tothe 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 whichwe consider to be realistic at the time of going to press. The estimates given entail a degree of risk, and actualdevelopments 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, energyand other commodities or the supply with parts relevant to the Volkswagen Group will have a corresponding effect on thedevelopment of our business. In addition, there may also be departures from our expected business development if theassessments of the factors influencing sustainable value enhancement and of risks and opportunities presented develop ina way other than we are currently expecting, or if additional risks and opportunities or other factors emerge that affect thedevelopment of our business. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and canbe superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. Financials Financial Overview Operating performance in H1 within previously guided bandwidth -€1.4bn€158.4bn-0.3% y-o-y4.2%(5.6%1)Group RevenueGroup Return on SalesAutomotive Net Cash FlowH1 2025 -€0.5bn4.7%(6.8%1)€80.8bn-3.0% y-o-yQ2 2025 H1 Results Heavily Impacted by US Trade Tariffs Costs related to additional US tariffs amounted to € 1.3bn YTD Investments of >$ 14bn1in US in local production,partnerships & technology Strong commitmentevidencedby Scout production new-build andRivian investment and JV Strategic growth marketand key region for globalsoftware strategy 1. Investment spend in the US in last years. Volkswagen Group Model Launches S T R O N GM O M E N T U MC O N T I N U I N G Deliveriesin H1 2025at4.4 million units(+1%) BEV Deliveries up 47% in H1 - Strong Momentum in Europe Western Europe Order Intake Continued strong BEV order momentum in Western Europe driving order book growth Strong order intakemomentumin our homeregion, BEV up by 62% Order book lastswell intoQ4 2025 Continued model launchoffensiveto provide furthertailwind in H2 Implementation of „in China, for China“ Strategy on Track New vehiclesfeature L2++ ADAS;new China Electrical Architecture ICV product offensivestarting from Q4 2025 30 NEVsto be launcheduntil2027&50until2030 Significant Progress in Driverless Services Turnkey solution for fully autonomous mobility services Volkswagen&Uberstrategic partnershiptodeploy autonomous ID. Buzz Safe, scalable, turnkey:“MOIA Solution”providescomplete system Equipped with27 sensorsgeneratingcomprehensive 360°viewof surroundings Cost Programs Starting to Show First Effects Comprehensive restructuring initiatives across Volkswagen Group “Agreement for the Future” “Zukunft Volkswagen” •Agreement reached to reduce workforce by7,500until 2029 and adjust variable pay•resulting in>€ 1bn savings p.a. mid-term •New tariff agreement in place, on track towardsreducing workforce by>35k by 2030•Number of employees reduced by4ksince Dec 2024•~20k1further exits contractually secured Production atBrussels plantended “Strategic realignment & organizationaladjustments to strengthen resilience “ New business model finalized as Group’ssynergetic software unit; transformationprogram underway including reduction of ~30%of workforce by end of 2025, equals ~1,450 Measures include a 15% workforce reduction =3,900(1,900 direct and ~2,000 fixed-term contracts) by 2029 Volkswagen Group at IAA Save-the-date: Product & Tech Investor Update at IAA onSeptember 9th, 2025 September 9th, 2025atIAA in Munich(International Congress Center) Presentations byVolkswagen GroupandBrand Groups’ CEOs Product and technologyinfocus, incl. Platforms, Software,E/E Architecture and Battery Financial Overview Operating Margin lower y-o-y due to tariff related costs, restructuring and operating performance Financial Overview Earnings before/after Taxes significantly below previous year mainly due to lower Operating Result Operative Profitability H1 2025 margin before tariffs, diesel & restructuring cost within original full year outlook range Excl. cost related to tariffs,diesel & net restructuring Operating Result |Operating Margin Cost related to additionalUS tariffsamount to €1.3bn in H1 (€ 1.2bn in Q2) €8.9bn5.6% €6.7bn4.2% Net