Volkswagen Ag · XETR:VOW
Volkswagen — Q3 2026 Earnings Presentation
43 slides from Volkswagen's earnings presentation, Oct 29, 2026
Slide 1: Volkswagen AG Investor, Analyst and Media Call 9M/2026
Volkswagen AG Investor, Analyst and Media Call 9M/2026 October 29th, 2026
Slide 2: Disclaimer
Disclaimer 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 envir
Slide 3: 9M Operational Performance / 9M Financials Volkswagen Group
1 9M Operational Performance 2 9M Financials Volkswagen Group
Slide 4: Volkswagen Group Key Developments in Q3 2026
Volkswagen Group Key Developments in Q3 2026 Electric Urban Car Family: Successful launch NEW Atlas: Start of production of the next NEW Audi Q9: Strengthening our premium with around 150k orders already received generation in the U.S. position in the SUV segment in the US Supervisory Board approval
Slide 5: Securing battery value chain and ramp-up for Europe
Securing battery value chain and ramp-up for Europe PowerCo and Gotion deepen strategic partnership Agreement between PowerCo and Gotion on Šurany joint LFP cell and CAM1 production for Europe Valencia Strong strategic value ~10 GWh/a LFP • Access to leading battery technology & industrialization ex
Slide 6: Creating targeted and resilient local-for-local US footprint
Creating targeted and resilient local-for-local US footprint Target picture: >60% units locally produced in US Audi plans to establish U.S. production site in Georgia with St. Thomas, Ontario ~200k units capacity from early 2030s Chattanooga, TN Audi targeting local manufacturing Blythewood, SC of p
Slide 7: Volkswagen Group Deliveries by Region
Volkswagen Group Deliveries by Region Deliveries below prior-year levels in key regions, China significantly lower in weak market Europe1 North America +1.7% China Q3: -2.3% -4.0% -30.2% Q3: -5.8% Q3: -38.5% 9M 2025 9M 2026 9M 2025 9M 2026 World 9M 2025 9M 2026 South America -9.0% Q3: -14.3% +4.3% Q
Slide 8: Volkswagen Group 9M BEV & PHEV Deliveries
Volkswagen Group 9M BEV & PHEV Deliveries Strong BEV growth in Europe partially compensated market pressure in China & North America Top BEV Models 9M 2026 Annual Development [k vehicles] Elroq ID.3 18.2% 20.0% 92k 61k 10.9% 11.3% 718 ID.4/5 Q6 e-tron 679 82k 50k 368 299 Enyaq ID.7 73k 47k 9M 2025 9
Slide 9: Volkswagen Group Order Situation
Volkswagen Group Order Situation European1 order book up 11% year-to-date, order book reach at ~3 months Order book Order intake BEV order intake up 39% year-to-date [k vehicles] [k vehicles] +4% 2,912 3,025 +11% 950 1,054 Dec Sep Jan - Sep Jan - Sep 2025 2026 2025 2026 launched in July 1. EU 27+4.
Slide 10: BEVs accounting for ~40% of the European order book
BEVs accounting for ~40% of the European order book Share almost doubled since 2024 BEV share in European order book [% of total order book] BEV share strongly up to 40% as per September 2026, 40% up 18ppt since 12/2025 BEV order momentum supported in particular by the Electric Urban Car Family with
Slide 11: 9M Operational Performance / 9M Financials Volkswagen Group
1 9M Operational Performance 2 9M Financials Volkswagen Group
Slide 12: Financial Overview
Financial Overview 9M operating result impacted by significant special effects and soft China business Vehicle Sales Sales Revenue Operating Result & Margin [m vehicles] [€ bn] [€ bn] Margin [%] -2% 238.7 233.4 2.3% 0.0% -99% 5.4 -11% 6.6 5.9 ex China JVs 4.7 4.7 -1 % YoY 0.1 Jan-Sep Jan-Sep Jan-Se
Slide 13: Operating Result and Profitability
Operating Result and Profitability € 8.7bn negative special effects impacting 9M 2026 results, of which € 7.8bn in Q3 Operating Result & Margin Special effects in 9M 2026 [Margin in %, Operating Result in € bn] € 7.8bn special effects in Q3 € 8.8bn ~4% € 6.4bn Porsche (excl. special effects) good
Slide 14: Profit Before and After Tax
Profit Before and After Tax Profit after Tax below prior year due to special effects booked in Q3 Profit before Tax Profit after Tax Earnings per Preferred Share [€ bn] [€ bn] [€] -91% 6.1 n/a 7.06 n/a 3.4 0.5 -2.7 -4.07 Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep 2025 2026 2025 2026 2025 2026 1
Slide 15: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity Reduced investments and portfolio measures support Net Cash Flow Rep. Net Cash Flow1 'Clean' Net Cash Flow1, 2 Net Liquidity1 [€ bn] [€ bn] [€ bn] Incl. -0.5 special contribution to -1.5 pensions funding 34.5 33.0 +2.6 +0.3 4.4 3.5 3.9 1.8 Jan-Sep Jan-Sep J
Slide 16: Automotive Net Liquidity
Automotive Net Liquidity Net liquidity remains at solid level despite hybrid bond redemption, Rivian payment and dividend Reported Net Cash Flow (+€ 4.4bn)1 +0.6 -3.4 +3.5 +0.3 -1.7 of which: 34.5 Bugatti +0.9 -0.8 Rivian -0.9 33.0 Sinotruk +0.7 31 Dec Operating Dividend of M&A Dividends Hybrid Capi
Slide 17: Operating Result by Division
Operating Result by Division Passenger Cars significantly burdened by special effects – solid operating performance in Commercial Vehicles and Financial Services despite dynamic environment Automotive Division1 Financial Services Division Passenger Cars Commercial Vehicles Financial Services Operati
Slide 18: Passenger Cars and Light Commercial Vehicles
Passenger Cars and Light Commercial Vehicles Volume drags, mix suffers from BEV while fix cost work masked by special effects Operating Result [€ bn] Margin [%] 2.2 -3.4 Volume & other: -1.1 Mix: -1.8 Price: -0.6 ∑ -1.7 1.2% Tariffs1: +0.1 +1.4 -3.1 +0.7 -0.4 Overhead cost: +0.6 -1.5% Other: +0.8 -
Slide 19: Headcount development
Headcount development Stringent implementation of agreed workforce reduction Volkswagen AG1 (Germany) Volkswagen Group (Germany) Volkswagen Group (Global) [active2 workforce in ‘000] [active2 workforce in ‘000] [active2 workforce in ‘000] VW Sachsen & VW Osnabrück -40k VW AG -6% -25k -14k -9% (-2%)
Slide 20: Overhead Cost Development Automotive Division
Overhead Cost Development Automotive Division Overhead cost [as % of Automotive revenue] TRATON [in €bn] Passenger Cars [in €bn] 18.5% Overhead cost improved in absolute terms after 9M 15.7% 15.9% 16.1% 2026, particularly driven by Passenger Cars 43.1 45.5 Overhead cost ratio slightly 5.2 7.2 up du
Slide 21: 9M 2026 Performance Brand Groups
9M 2026 Performance Brand Groups BGC showing resilience in dynamic market, BGP impacted by China; BGSL improving Core Progressive Sport Luxury Vehicle Sales [k units] 3,753 (flat) 771 (-9%) 176 (-11%) Sales Revenue [€ bn] 106.4 (flat) 42.1 (-13%) 22.1 (-7%) Operating Result [€ bn] 4.3 (-8%) 1.2 (-26
Slide 22: Performance Brand Group Core 9M 2026
Performance Brand Group Core 9M 2026 VW brand impacted by special effects, mix and soft China businesses; Skoda with continued strong operating performance, VW CV strongly improved year-on-year VW Group Volkswagen ŠKODA SEAT/CUPRA Comm. Veh. Components Vehicle Sales [k units] 2,239 (-2%) 899 (+3%) 4
Slide 23: 9M 2026 Performance Technology Platforms
9M 2026 Performance Technology Platforms CARIAD with improved operating result, Battery stabilized despite continued ramp-up Software Battery CARIAD: Operating result benefited from higher sales, execution of transformation program Sales Revenue [€ bn] 1.3 (+31%) 0.2 (>+100%) and continued cost work
Slide 24: 9M 2026 Performance Brand Group Trucks – TRATON
9M 2026 Performance Brand Group Trucks – TRATON1 Sales revenue momentum further accelerating Revenue up on higher unit sales; International with strong momentum in Q3 Operating result strengthened through operational Sales Revenue [€ bn] 31.9 (+2%) improvement, offset by tariffs, rising input costs
Slide 25: 9M 2026 Performance Volkswagen Financial Services
9M 2026 Performance Volkswagen Financial Services Volkswagen Financial Services1 Solid development of Operating Result [€ bn] 3.0 (-3%) business and margin Volkswagen Growth of contract volume Group Mobility and strong cost discipline Contracts [‘000 units] 27,850 (+1.5%) Increased residual value ri
Slide 26: Automotive Investment Ratio
Automotive Investment Ratio Focused investment spend discipline continues with further notable reduction in 9M 2026 [in € bn & in % of Automotive Division sales revenue] CAPEX R&D Investment spend significantly reduced y-o-y 13.0% 11.4% in absolute and relative 11.8% 11 – 12% € 24.3bn 10.9% terms €
Slide 27: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result Lower volumes and impairment of legacy platform overshadow strong cost work 2026 performance driven by ∑ 958 • sharply lower volumes in weak market with fierce competition 214 • cost related to new NEV 238 launches with first contributions from Q3
Slide 28: Financial Outlook Full Year 2026
Financial Outlook Full Year 2026 FY 2025 9M 2026 Outlook FY 20261 Sales Revenue € 321.9bn € 233.4bn around € 315bn Operating Profit Margin 2.8% 0.0% up to 1% Automotive Investment Ratio2 11.8% 10.9% 11% to 12% Automotive Reported Net Cash Flow € 6.4bn € 4.4bn € 3bn to € 6bn Automotive Net Liquidity
Slide 29: Volkswagen Group
VOLKSWAGEN GROUP
Slide 30: Upcoming Key Events
Upcoming Key Events Virtual Post 9M Results Roadshow with CFO & COO Arno Antlitz on October 29-30, 2026 UBS European Conference, London with CFO & COO Arno Antlitz on November 11, 2026 CEO Buyside Symposium, London with CEO Oliver Blume on December 2, 2026 Goldman Sachs 18th Annual Industrials & Aut
Slide 31: Volkswagen Group Overview
Volkswagen Group Overview Quarter Change YTD Change LTM vs last FY Change in million EUR Q3 2025 Q3 2026 YoY in % 9M 2025 9M 2026 YoY in % FY2025 LTM vs FY in % Deliveries k units 2,199 1,885 -14.3 6,604 6,011 -9.0 8,984 8,390 -6.6 Unit Sales k units 2,218 1,883 -15.1 6,581 5,880 -10.6 9,022 8,322 -
Slide 32: Volkswagen Group Operating Result
Volkswagen Group Operating Result Operating Result and Margin as reported and before special effects, Q1 to Q3 2026 Operating Result & Margin [€ bn] Margin [%] Operating Result 3.3% 4.3% 4.2% 4.3% -7.8% 2.5% Operating Result before special effects 3.3 3.5 3.6 2.5 1.9 -5.9 Q1 2026 Q2 2026 Q3 2026 1.
Slide 33: 9M 2026 Performance Brand Group Core
9M 2026 Performance Brand Group Core Škoda with continued strong performance, VW brand below expectations excl. Last 4 quarters 9M 26 special trend (reported) effects1 Brand Group Core 4.1% 4.9% Volkswagen Brand 1.3% 2.6% Škoda 8.3% SEAT/CUPRA 0.1% VW Commercial Vehicles 3.8% Group Components 6.5% 1
Slide 34: Volkswagen Group Q1
Volkswagen Group Q1 VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Brand Group Core 1,227 1,224 34,874 35,340 1,541 1,118 4.4 3.2 Volkswagen Passenger Cars 716 726 19,897 21,226 73 112 0.4 0.5 ŠKODA
Slide 35: Volkswagen Group Q2
Volkswagen Group Q2 VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Brand Group Core 1,364 1,303 38,161 37,140 2,070 2,337 5.4 6.3 Volkswagen Passenger Cars 814 795 22,407 22,222 922 991 4.1 4.5 ŠKOD
Slide 36: Volkswagen Group Q3
Volkswagen Group Q3 VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Brand Group Core 1,162 1,244 33,382 34,470 715 1,263 2.1 3.7 Volkswagen Passenger Cars 710 758 19,649 20,363 -181 373 -0.9 1.8 ŠKOD
Slide 37: Volkswagen Group 9M
Volkswagen Group 9M VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 9M 2026 9M 2025 Brand Group Core 3,753 3,771 106,417 106,950 4,326 4,719 4.1 4.4 Volkswagen Passenger Cars 2,239 2,279 61,953 63,811 813 1,476 1.3
Slide 38: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) VW Golf R 8.1 – 8.5 l/100km n/a 184 -193 g/km n/a Golf 8 GTI 7.3 – 7.1 l/100km n/a 167 -162 g/km n/a ID.3 Neo n/a 14.3-15.7 kWh/
Slide 39: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Škoda Vision O The vehicle is not offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emissio
Slide 40: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Bentley Continental GT Speed 10.3 l/100 km 28.1 kWh/100km 29 g/km n/a Bentayga Speed 14.7 l/100 km n/a 335 g/km n/a Bugatti CHIR
Slide 41: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Audi A5 7.7 – 4.8 l/100km n/a 176 – 125 g/km n/a Nuvolari 11.3l /100km 7.8 kWh (preliminary) 270 g/km Q4 e-tron 55 n/a 16.8 – 19
Slide 42: Useful Links: Volkswagen Group Brands
Useful Links Volkswagen Group Brands Group Investor Relations Homepage Volkswagen Financial Services IR Homepage Volkswagen Group IR Presentations Audi IR Homepage Volkswagen Group Fact Book Porsche AG IR Homepage Paris Motor Show Investor Update 2026 TRATON IR Homepage China Investor Update 2026 Vo
Slide 43: Volkswagen Group
VOLKSWAGEN GROUP