Volkswagen Group (VOW) Pre-close call presentation summary

Deliveries and market position

• 9M deliveries reached 6.0m units, down 9% YoY; flat excluding China. BEV deliveries fell 5% YoY, flat excluding China; BEV share was 11% and global market share 10%.

• Q3 deliveries declined 14.3% YoY worldwide; 9M deliveries were down 9.0%.

• Q3 regional deliveries: North America -2.3% (9M +1.7%); Europe -5.8% (9M -4.0%); China -38.5% (9M -30.2%); South America -2.4% (9M +4.3%).

• Q3 brand-group deliveries: Core -14% (9M -9%); Progressive -20% (9M -11%); Sport Luxury -15% (9M -16%); Trucks +10% (9M +3%).

Orders and BEV momentum

• European order book rose 4% from Dec 2025 to Sep 2026, reaching 1.055m vehicles and around three months of coverage; Jan-Sep order intake increased 4% YoY to 3.025m.

• BEVs represented 40% of the European order book in Sep 2026, up 18 percentage points since year-end 2025; BEV orders rose 39% YTD, supported by almost 150,000 Electric Urban Car family orders.

Q3 financial factors and outlook

• FY2026 special effects were estimated at €10bn; around €9bn was expected in H2, including around €8bn in Q3, mainly a €6bn non-cash Porsche goodwill impairment and €2bn of restructuring and asset impairment expenses.

• Updated FY2026 outlook: sales revenue around €315bn, operating profit margin up to 1%, automotive investment ratio 11%-12%, automotive reported net cash flow €3bn-€6bn and automotive net liquidity €32bn-€34bn.

• The outlook reflects the current tariff situation, includes the third Rivian payment and excludes potential effects from further Middle East escalation and larger asset disposals.