Volkswagen (VOW) Pre-Close Call Presentation summary

Financial performance and outlook

• Net cash flow for 2025 is preliminarily estimated at around €6bn, significantly above market consensus and previous outlooks.

• Net liquidity is expected to exceed €34bn by year-end 2025, surpassing both consensus and prior guidance.

• Sales revenue for 2025 is projected to remain around the prior year’s level, with an operating profit margin between 2% and 3%.

• Automotive investment ratio is targeted at approximately 12%, reflecting continued focus on R&D and capex.

Deliveries and market dynamics

• Total deliveries for FY 2025 are close to 9 million units, nearly matching the previous year.

• Q4 2025 deliveries declined by 5% to 2.4 million units, but global market share remains above 10%.

• BEV (battery electric vehicle) share in Q4 reached 11%, with BEV orders up 55% year-over-year in Europe.

Regional and brand performance

• Growth in Europe (+4%) and South America (+12%) offset declines in China (-8%) and North America (-10%) for FY 2025.

• Core brands in Europe had a solid year, while the Progressive group saw positive Q4 momentum.

• Q4 2025 saw mixed results across brands, with some segments experiencing declines and others growth.