Volkswagen Group (VOW) investor relations material

Opening remarks and agenda

• The 66th Annual General Meeting was convened virtually in Munich, with all key board members present and legal formalities observed.

• Shareholders could participate, vote, and submit questions or objections via the Shareholder Portal, ensuring full exercise of rights.

• The agenda included board reports, strategic updates, and key resolutions on settlements related to the diesel issue.

Financial performance review

• Delivered around 9 million vehicles worldwide in 2025, maintaining prior year levels despite a competitive market.

• Sales revenue was approximately EUR 322 billion, with an operating result of EUR 8.9 billion and a margin of 2.8%, both lower due to one-off effects and U.S. tariffs.

• Net cash flow in the Automotive Division rose to EUR 6.4 billion, exceeding targets, and net liquidity remained solid at EUR 34.5 billion.

• Preferred shares grew by 16% in 2025, outperforming the sector index, with a total shareholder return of 24% including dividends.

Board and executive committee updates

• Changes in the Supervisory Board included the appointment of Olaf Lies and Susanne Wiegand, with Wiegand not standing for re-election.

• Hans Dieter Pötsch was nominated for re-election as Chairman, despite exceeding the standard retirement age.

• Gunnar Kilian stepped down from the Board of Management, with Thomas Schäfer taking over Human Resources.

• The Supervisory Board held eight meetings in 2025, with a 95% attendance rate.