Volkswagen Group (VOW) Corporate presentation summary

Execution and restructuring

• 2024/2025 agreements are being implemented as planned: active workforce in Germany fell by 24,000, or 9%, from Dec 2023 to Aug 2026; planned wage reduction is €2bn and technical capacity reduction is 1m vehicles.

• The 2030 program prioritizes a simpler product portfolio and technology paths, rightsized production network, lower overhead, streamlined governance and focus on automotive core.

• Disposals are expected to generate ~€10bn in proceeds in 2025/2026; announced transactions include the 51% Everllence stake sale for ~€7.4bn and MHP sale for ~€0.3bn.

2030 financial framework

• Targets: operating return on sales of 8–10%, automotive cash conversion above 60%, automotive overhead cost ratio of ~12% and automotive investment ratio of ~9%.

• The program targets ~€30bn of improvement by 2030, with levers including overhead, product cost, optimized sales support and other operational effects.

• Overhead ambition implies an €11bn, or 25%, reduction to ~€37bn by 2030; measures address complexity, organizational layers and duplicate structures.

• Average annual investment reduction of €5bn is planned for 2027–2031; lower R&D and capex support the ~9% automotive revenue investment target.

Cash, capital allocation and demand

• Automotive net liquidity was €32.7bn at June 2026; capital allocation balances shareholder returns, balance-sheet strength and investment-grade rating protection with disciplined R&D and capex.

• European order book rose 11% and BEV order book 105%; the Electric Urban Car Family had a successful start.

• European BEV order intake reached ~40% in Sep 2026, with 50%+ shown as the forward level; cost improvements are expected to bring BEVs to ICE contribution-margin parity by decade-end.

• Cash conversion and net cash flow levers include working-capital management, investment discipline and portfolio management.