Volkswagen (VOW) Pre-close call presentation summary

Key operational highlights

• Q1 2026 deliveries declined by 4% to approximately 2.0 million units, with BEV share stable at 10% ahead of new model launches.

• Global market share remained above 10%, with Q1 deliveries outside China joint ventures holding steady year-over-year.

• European order book improved, now exceeding three months of reach, and BEVs make up 22% of the European order book, up from 19% a year ago.

• Order intake in Europe rose 3% year-over-year in Q1 2026, supported by strong product momentum.

Regional and brand performance

• Europe and South America saw delivery growth, while China and North America experienced declines of 15% and 13%, respectively.

• Brand Group Core offset declines in Progressive and Sport Luxury segments outside China, with Core up 3% and Sport Luxury down 15%.

• Trucks segment declined by 6% year-over-year.

Strategic and financial updates

• Successful winter tests in China triggered a $1.0bn equity investment in the RV Tech joint venture, to be completed in Q2.

• Redemption of a €1.75bn hybrid bond impacted automotive net liquidity in Q1.

• Full-year 2026 outlook projects sales revenue growth of 0% to 3%, operating profit margin of 4.0% to 5.5%, and automotive net liquidity between €32bn and €34bn.

• Automotive investment ratio expected at 11% to 12%, with reported net cash flow between €3bn and €6bn.