大眾集團2026年度上半年業績與2030年目標愿景

VolkswagenAGInvestor,AnalystandMediaCall

H1/2026July24,2026The

followingpresentationsaswellasremarks/commentsandexplanationsinthiscontextcontainforward-lookingstatementsonthebusinessdevelopmentoftheVolkswagenGroup.Thesestatementsarebased

on

assumptions

relatingto

the

development

of

the

economic,

political

and

legal

environment

in

individual

countries,

economic

regions

and

markets,

andinparticularfortheautomotiveindustry,whichwe

have

madeonthe

basis

ofthe

information

availableto

us

andwhich

weconsidertoberealisticatthe

time

ofgoingto

press.

The

estimates

given

entail

a

degree

of

risk,

and

actual

developmentsmaydifferfromthoseforecast.Allfiguresarerounded,sominordiscrepanciesmayarisefromadditionoftheseamounts.Anychanges

insignificant

parameters

relatingtoour

key

sales

markets,

or

any

significant

shifts

in

exchange

rates,

energy

andothercommoditiesorthe

supply

with

parts

relevant

to

the

Volkswagen

Group

will

have

a

corresponding

effect

on

the

development

of

our

business.

In

addition,

there

may

also

be

departures

from

our

expected

business

development

if

the

assessmentsofthefactorsinfluencingsustainablevalue

enhancementand

of

risks

and

opportunities

presented

develop

in

awayotherthanweare

currently

expecting,

or

if

additional

risks

and

opportunities

or

other

factors

emergethat

affect

the

developmentofourbusiness.Wedonotupdateforward-lookingstatementsretrospectively.Suchstatementsarevalidonthedate

of

publication

and

can

besuperseded.Thisinformationdoesnotconstituteanoffertoexchangeorselloranoffertoexchangeorbuyanysecurities.2DisclaimerH1FinancialsVolkswagenGroupGroupTargetPicture203023H1OperationalPerformance1WorldwideRegulationTechnical|Legal

|CO2

Emission4

-16%

market(EU+UK+EFTA,2025vs.2019)

>8%totalmarketshareChinaOEMs(H1/26)

30%

PHEVmarketshareChinaOEMs(H1/26)ExternalforcespressureEuropeanditsautoindustry

-20%market

(H1/2026)

>500

newmodels(2026)

15%pricedeflation(‘24-’25)

US

tariffs

UStradebarriers

BEVtransformationQ22025

Q220261.

EU

27+4.Q22025

Q22026South

AmericaChinasignificantlylowerinweakmarket,deliveriesupinEurope,NorthandSouthAmericaQ22025

Q22026

World

-36.6%H1:-25.9%Q2Deliveries

by

Region-8.6%H1:-6.3%+9.4%H1:

+8.3%+2.5%H1:

+3.5%North

AmericaEurope1Q22025

Q22026+7.7%H1:-3.1%ChinaQ22026Q220255North

America

Western

Europe

ChinaNewmodelscreatemomentuminkeymarkets6Orderintakeupby4%

year-to-date2026,supported

bycontinuedproductmomentumOrderbookstronglyimprovedasperendofJune;BEVsup

by57%

duetosuccessfulstartof

Electric

UrbanCarfamilyBEVsaccountingfor31%ofEuropeanorderbook

(22%at

year-end2025)OrderSituationEuropean1

order

book

up12%year-to-date,order

reach

at~3.5months

+12%

950

1,0651.

EU

27+4.

72,040

2,131+4%Jan-Jun2026Jan-Jun2025Jun2026Dec2025OrderintakeOrderbook[k

vehicles][k

vehicles]June2026launchedinJulyVerystrongBEVordermomentumsupportedby

thelaunchof

theElectricUrbanCarFamilyBEVOrder

Book+57%BEVOrderbookJune2025[k

vehicles]3302118Deliveries

to

Customers4.1mEuropeanOrderBook1,065kSalesRevenues€158.1bnAutomotive

Net

Cash

Flow€3.2bnOperatingMargin3.8%

/4.3%1AutomotiveNetLiquidity€32.7bn1.Before

special

effects,i.e.net

restructuring

cost

and

cost

related

to

end

of

production

of

ID.4

in

the

US

and

costs

related

to

end

of

Automated

Driving

Alliance.

9H12026Financial

Highlights3

GroupTargetPicture2030

1

H1OperationalPerformanceH1FinancialsVolkswagenGroup2H12026operating

result

impacted

by

US

tariffs,

special

effects

and

weak

China

businessVehicleSalesSalesRevenueOperatingResult&Margin3.13.1Jan-Jun2025Jan-Jun2026Jan-Jun2025Jan-Jun2026[m

vehicles][€bn][€bn]Margin[%]FinancialOverview6.7

5.9158.4

158.1-12%3.8%4.2%-8%Jan-Jun

2026Jan-Jun

2025exChina

+1%YoY~4.04.4JVs12-€0.5bn

cost

related

to

end

of

production

of

ID.4in

US-€0.3bnrestructuringnetof

reversalofprovisions,effectsmainlyatTRATON,BrandGroupCoreandSport

Luxury-€0.1bn

related

to

end

ofAutomatedDrivingAllianceOperatingResultandProfitability€0.9bn

negative

special

effects

impacting

H12026results

€6.9bn

€5.9bnOperatingResult&Margin4.3%3.8%SpecialeffectsinH12026OperatingResultbeforespecialeffectsOperatingResult

as

reported[Marginin%,OperatingResultin€bn](on

reported

basis)FYOutlookH120264.0%5.5%13Profitafter

Taxbelowprior

yearduetooperatingperformanceandother

financialresultJan-Jun20252025Jan-Jun202620268.035.176.44.84.53.1ProfitBeforeandAfterTaxEarningsperPreferredShareJan-Jun2026

2026Profitbefore

TaxProfitafter

Tax-31%-36%-26%Jan-Jun2026Jan-Jun2025Jan-Jun2025[€

bn][€

bn][€]14Reducedinvestments,lowercash

taxesandworkingcapitalsupportstrongNetCashFlowAutomotiveNetCashFlowandNetLiquidity31

Dec

30

Jun

2025

202634.5

32.7Rep.NetCashFlow1'Clean'NetCashFlow1,

21.Automotive

Division

original.|2.BeforeDieseland

M&A.1.4Jan-Jun

2025NetLiquidity1+3.5+4.5-1.7Jan-Jun

2026Jan-Jun

2026Jan-Jun

2025+3.2+0.2+3.7[€

bn][€

bn][€

bn]15-+3.3

+0.3

-0.4

-3.1of

which:-1.7Rivian-0.9Sinotruk

+0.5-0.1

32.7Netliquidityatsolidleveldespitehybridbondredemption,RivianpaymentanddividendReportedNetCashFlow(+€3.2bn)1DividendsHybrid

Capitaland

InterestpaidtoHybridBond

Holders1.Automotive

Division

original.|2.Including

diesel

payments.

|3.Including

effects

from

leasing,

FX

and

valuation.

16AutomotiveNetLiquidityOther3

30

Jun2026Dividendof

ChineseJVsOperating

Business231

Dec

202534.5M&APassengerCarsOperating

Result[€

bn]Margin

[%]

3.7%4.1%

+8%

4.84.4Jan-Jun2026CommercialVehiclesOperating

Result[€

bn]Margin

[%]

-24%

0.9Jan-Jun2026SolidoperatingperformanceindynamicmarketenvironmentinPassengerCars,

TRATONOperationsresultsimpactedbyQ1restructuringandre-alignmentOperatingResultby

Division

-2%

1.9

1.9FinancialServices

Operating

Result[€

bn]Margin

[%]FinancialServicesDivisionAutomotiveDivision11.2

5.9%4.5%6.1%5.5%1.Automotive

Division

original.Jan-Jun

2026Jan-Jun

2025Jan-Jun2025Jan-Jun202517PassengerCarsandLightCommercialVehiclesImprovingoverheadcostbaseandFXeffectsmore

thanoffset

volume/price/mixheadwindOperating

Result[€

bn]Margin

[%]+2.0

4.8Volume&other:-0.7Mix:-1.3Price:-0.3Tariffs1

:+0.1Overhead

cost:

+0.4EOP

ID.4

US:

-0.5Other:+2.2ProductCosts

FixedCosts/OtherCostsJan-Jun202618Volume&other

/

Mix

/

Price1.Tariff

effect

including

a

positive

reimbursement

effect

at

Audi

and

VW(+€0.1bn).ExchangeRates

/Derivatives+0.9

-0.34.4

-2.23.7%4.1%2025Jan-Jun-21k(-8%)275.4

260.3

253.930Jun2026101.810.990.9DevelopmentofheadcountinGermanyWorkforcereductionprogressingasplanned115.11.Scope

Zukunft

Volkswagen:Volkswagen

AG,Volkswagen

Sachsen

GmbH,VW

Osnabrück

GmbH|2.Active

Workforce(excluding

employees

in

the

passive

phase

of

partial

retirement

and

apprentices)

VWSachsen&

VW

Osnabrück

VWAGVolkswagenGroup

(Germany)Volkswagen

AG1

(Germany)-17k

(-15%)-3k

(-3%)[active2

workforce

in‘000][active2

workforce

in‘000]30Jun202631

Dec202331

Dec202531

Dec202331

Dec2025-6k

(-2%)101.198.388.110.314.019SG&A

benchmark

highlightsstructuraldisadvantagesMeasuresareaimedatreducingcomplexity,simplifyingorganizational

levels,andeliminatingduplicatestructuresBasedon€11billioninoverheadcosts,thecalculationsuggeststhatapproximately50,000positions

are

involved

in

the

indirectarea2025

Planning

Ambition

Round

74

20302030

Ambition€48bn€~37bnVolkswagenGroupSG&ARatio12%2Overheadcost

targetderived

fromSG&Abenchmark-€11bnor-25%1.S&GAaspercentageofGroupsalesrevenues.|2.Aspercentage

ofAutomotive

sales

revenues.~30%GapVolkswagen

GroupSG&A1

BenchmarkOverhead

cost16%2~60%€46bnCompetition Personnel

cost203020VehicleSales[kunits]OperatingMargin[%]NetCashFlow|CCR1

[€bn,%]SalesRevenue

[€bn]OperatingResult[€bn]H12026Performance

Brand

Groups

BrandgroupsCoreandProgressiveresultsbroadlystable

y-o-y,SportLuxuryimproved528

(-8%)29.2(-10%)1.1(+3%)3.8(+0.5ppts)2,590

(+3%)73.0(+1%)3.6(+5%)4.9(+0.2ppts)121

(-11%)15.2(-6%)1.2(+45%)8.0(+2.8ppts)1.CashConversionRatio,calculatedasreported

NetCash

Flowdivided

byOperating

Result.

|

Deltato

previousyearfigures

in

brackets.

21+1.7|46%

+1.9|>100%+1.0

|85%SportLuxuryProgressiveCoreBrandGroupCoreVolkswagenBrand?kodaSEAT/CUPRAVW

Commercial

Vehicles?koda

withcontinuedstrongperformance,

VWimpactedbyrestructuringandUSID.4stopH12026Performance

Brand

Group

Core1.Adjusted

for

cost

related

to

restructuring,end

of

production

of

the

ID.4in

the

US.

22excl.effects15.9%3.8%Last4quarterstrendH1

26

(reported)4.9%1.6%3.3%7.1%Group

Components2.4%8.5%CARIAD:Operatingresultbenefitted

fromhighersalesandconsequentexecutionof

transformationprogramPowerCo:OperatinglossonstableleveldespiteSalzgitterproduction

ramp-up

andconstructionofValenciaandSt.ThomassitesOperatingResult[€bn]-0.9(+0.3)

-0.5(+0.1)Net

Cash

Flow

[€bn]

-0.8(-0.1)-1.0(-0.5)SalesRevenue[€bn]0.8(+44%)0.1(+>100%)OperatingMargin[%]

-(-)-(-)CARIADwithimprovedoperatingresults,Batterystabilizeddespitecontinuedramp-upH12026PerformanceTechnologyPlatformsDelta

to

previous

year

figures

in

brackets.

23SoftwareBatteryRevenueslightlydownonlower

unitsales;ScaniaandMANup,USrecoveryexpectedinH2Operating

result

impacted

bylower

volumes,tariff

costs&

specialeffects,including:?Adjustments

to

individual

e-

mobilityprojects?Sale

Springfield/Ohio

site?

EUtruckcaseSeasonallylower

NCF,reflectingusualworkingcapital

build-upH12026Performance

Brand

Group

Trucks-TRATON1ImprovedperformanceinQ2afterslowstart

tothe

yearOperatingResult[€bn]

0.9(-24%)SalesRevenue[€bn]

21.1(-0%)OperatingMargin[%]NetCashFlow

[€bn]4.5(-1.4ppts)+0.2(+0.5)1.Commercial

Vehicles.Delta

to

previous

year

figures

in

brackets.24Volkswagen

GroupMobilitySoliddevelopmentofbusiness

and

marginGrowth

of

contract

volumeandstrongcostdisciplineSlightly

increased

residualvalueriskCreditlossratioonsolid

levelH12026Performance

Volkswagen

Financial

Services

Contracts[‘000units]

27,996(+3.1%)ReturnonEquity2

[%]11.3%(-0.6ppts)OperatingResult[€bn]

1.9

(-2%)Credit

Loss

Ratio

[%]

0.40

(-

0.03

ppts)1.VolkswagenFinancialServices

Division(includingTRATONFSandPorsche

Holding).|2.

Calculated

on

basisof

normalized

8%

equity

ratio.

Deltato

previousyear

figures

in

brackets.25VolkswagenFinancialServices111.4%€

16.3bn4.4%€6.3bn7.0%€9.9bnH1202510.6%€

14.8bn3.9%€5.5bn6.7%€9.3bnH1202613.0%11.8%5.1%

€

15.0bn6.7%

€

19.4bnFY

202411–

12%FY

2026Outlook~9%FY

2030TargetAutomotiveInvestmentRatio

FocusedinvestmentspenddisciplinecontinueswithfurthernotablereductioninH12026[in€bn&in%of

Automotive

Division

sales

revenue]

CAPEX

R&DInvestmentspendalreadysignificantlyreduced

year-on-year,in

absolute

andrelativetermsAutomotiveinvestratioexpectedwithinrangeof

11to12%in

FY2026Thecommittedinvestment

ratiofor2030remainsvalidevenunder

thenewcoststructureAutomotive

Sales

Revenue~€300bn

stableFY

202526H1/26performancedriven

by?

sharplylowervolumesin

weak

market?

continued

fiercecompetition?

cost

related

to

new

NEVlaunches

withfirstmeaningfulcontributionfrom

H2expected?

intensified

cost

workProportionateoperatingresult

of

€0.2–0.6bnconfirmed

full

year2026Σ200-60010183ChinaJointVentures:ProportionateOperatingResult234272NEVmodelmomentumgaining

traction,strongcost

workpartiallyoffsets

weakvolumes2142382025

2026e

Q4

Q3

Q2

Q1[€

m]Σ95827Everllence

to

enter

next

growth

Highly

competitiveprocessrecognizedbest

concept

for

EverllenceKeysteptowardsstreamliningGroupinvestmentportfolioExclusive

arrangement

for

sale

of51%stake

in

EverllenceLeveraged

buy-out

generatesproceedsof€7.4bn;49%stakeretainedphase;IPOenvisaged

forfullexit

inthemedium

term28FY2025H12026OutlookFY2026Sales

Revenue€321.9bn€158.1bn-3%to0%(before:0%to3%)OperatingProfit

Margin2.8%3.8%4.0%to5.5%AutomotiveInvestmentRatio111.8%10.6%11%to12%Automotive

Reported

Net

Cash

Flow€6.4bn€3.2bn€3bn

to€6bnAutomotiveNetLiquidity€34.5bn€32.7bn€32bn

to€34bnFinancial

outlook2026based

on

current

tariff

situation,while

potential

future

impact

from

furtherescalationinMiddleEastcurrentlycannotbereliablyassessedandisthusnotincluded.Itdoesnot

include

effects

from

sale

of

majority

stake

in

Everllence

nor

potential

effects

from

development

andimplementationofGroupTargetPicture2030Financial

Outlook

Full

Year2026

1.R&DandCapex

combined.29OperatingReturnonSales2.8%

/

4.7%18to

10%AutomotiveCashConversion122%

/

58%1>60%Automotive

Overhead

Cost

Ratio

16%

~12%Automotive

Investment

Ratio2

12%

~9%Aligncoststructuresto9millionvehiclesp.a.toachieve:Group

Target

Picture

|Financial

Ambition20301.Excl.cost

related

to

Porsche

realignment,

Porsche

goodwill

impairment,

personnel

related

net

restructuring

expenses

and

cost

related

to

diesel.

Including

effects

from

increased

US

tariffs.2.R&DandCapex

combined.2025302

H1FinancialsVolkswagenGroup

1

H1OperationalPerformanceGroupTargetPicture2030332Progressdelivered,promiseskeptandtargetsachievedVolkswagenGroup32GeopoliticsTradeRegulationsMarketsTransformationTransformationneedGROUPTARGETPICTURE2030Turnaround2023-2025TOP10programsTransformationneedinamassivelychangedenvironmentChanged

environment33xxxSafeguarding

2030

financial

ambitionGroupTargetPicture2030|Buildingafaster,moreresilient,

morecompetitiveandevenmoreinnovativeVolkswagenGroupProductPortfolioPortfolioManagementTechnology

RoadmapOperational

ExcellenceRegional

GrowthGroupGovernanceProductionNetworkLeadership

&Culture34ProductPortfolioTargetedGroupproductofferingOptimizingsegmentcoveragew/ocompromisingcustomerchoiceReducingnumberof

modelsbyup

to50%FocusonmostprofitablesegmentsE

/

FDCBAA0ComplementarySegmentOutoffocusFocusSegment35BGCFront

Lights-60

%Front

Bumper-50

%Seatmain

modules-30

%BGPSeat(parts

incl.color/material)-90

%-60

%-50

%SteeringwheelsRimsProductPortfolioReducecomponentsvarietyby75%ExampleKeymoduleVariantReduction

Ambition36Consolidatedandconcentratedapproach

toE/E

architectures,ADAS

stacks,modular

platforms

&infotainment

systemsTechnologyRoadmapBecomingtheAutomotiveTechCompanyWestern

Hemisphere1

EasternHemisphere2CARThunderSSP/phase-out

ICE

platformsCarizonCMP/CSPSolutionenvisagedshortlyRVTechSDVRVTechCoreVWCEA1.EUand

NAR|

2

Chinaand

Global

South.

37E/E

ArchitectureADASPlatformInfotainmentGlobalsolutionFull

vehiclecompetenceDesignIntegrationDynamicsTechnologyRoadmap

GlobalsynergiesEUCN,ea

Export

.

SDV

·

CEA

Bubble

size

reflects

the

size

of

the

profit

pool

by

regionTechnologysynergiesacrossSouthernhemisphereCEAInChina,forChinaSafetyINDIALocalizationRVT

JVSAMBrazilSAFUnderevaluationMERVTillustrativeCEA

HubOCEANIALocalizationASEANNAR38Aligningglobal

technicalproductioncapacitywithmarketrealityCAPACITYREDUCTION

Anting

I

Changchun

I

Completed

/in

implementation

In

progress

Ongoing

Neckarsulm

Emden

Hanover

DISPOSAL

Osnabrueck

Kaluga/RUS

Wolfsburg

Ingolstadt

Zwickau

EXCESSCAPACITYTOBEADDRESSEDEXCESSCAPACITYTOBEADDRESSEDCLOSURE

Nanjing

Ningbo

I

UrumqiProductionNetworkREPURPOSING

Dresden

CLOSURE

Brussels>0.5munits>0.5munitsCAPACITYREDUCTION-1munits-1munits10

m12

m9

m39OverheadIndirect

PersonnelSharedservicesReductionofdualworkResearch&DevelopmentEngineeringcomplexityTestingeffortandvaluedepthRelocationandAIenablementProcurementNear-/Offshoring&commercialleverSupply-chainandsupplierRequirementsandspecificationsSalesPricingandsalesincentivesSalesandAfterSalesorganizationMarketingcostsQualityQualityprogramsQualitymethodsQualityandwarrantycostOperationalExcellenceMainleversandfieldsofactionAutomationProductionefficiencyIndirectpersonnelandsuppliersProduction40TECHNOLOGY

Circular

Economy

SystemonChip

(SoC)

EnergyStorage

Systems

Robotics

DefenseMARKET

Fleet

Business

UsedCars

After

Sales

InsuranceREGIONS

NorthAmerica

India

Global

SouthGrowthUnlockingadditionalgrowthpotential41Ambition20308-10%OperatingMargin>60%CashConversion42TodayQ12026Q22026Q32026

Q4

20262027202820292030

Programset

up

TargetsdefinedRealizing

targets

for

invest

and

earnings,iterating

measures

on

Group

and

brand

level,

regularlytrackingofprogressIMPLEMENTATIONGroup

Target

Picture2030Amarathon,notasprintMEASUREDETAILINGCONCEPTDETAILINGCONCEPTDRAFT

Firstmeasures

defined43H1resultsheldupwell

indynamicenvironment>

Stablesalesrevenuerecorded>

Operating

result12%

loweryear-on-year,impacted

byspecialeffects>

Strong

net

cash

flow(+€4.5bnYoY)andsolidnetliquiditylevel>

Outlook

for

operating

margin,

netcashflowandnetliquidity

confirmedUnparalleledmodeloffensivecontinues>

ExcludingChina,deliveriesimproved

by

2%>

Strong

demand

for

newmodels>

Europeanorderbook

up

12%,

BEVsup

even

57%>

More

than70k

orders

receivedfor

Electric

Urban

Car

FamilyGroupTargetPicture2030launched>

Addressing

Products,Technologies,Structures,CompetitivenessandGrowth>

Implementation

of

manyinitiativesstartedalready>

Remaining

action

fields

willnow

be

detailed

out

andinitiatedKey

Takeaways44UpcomingEvents

Volkswagen

Group

H1

ResultswithCEOOliverBlumeandCFO&COOArnoAntlitzonJuly24,2026Paris

Motor

Show

Investor

EventwithCEOOliverBlumeandBGCCEOThomasSch?feronOctober12,2026Volkswagen

Group9M

Resultswith

CFO&COO

Arno

Antlitz

on

October29,202646H1deliveries

below

prior-year

period

due

to

significantly

lower

China

volumes,exChina+2%Deliveries[,000units/per

month]2025

2026438kBEVdeliveries(-6%y-o-y),

BEVsharestableat~11%H1deliveriesat4.1munits,

6.3%below

prior-year

period01

0203

0405

060708

09101112Globalpassengercarmarket

sharestableat~10%VolkswagenGroupDeliveries95085075065055047-9%(H1:-6%)ExcludingChina,BrandGroupsCoreandProgressiveovercompensatelowerSportLuxuryVolkswagenGroupDeliveriesbyBrandGroup-18%(H1:-16%)-8%(H1:-7%)+4%(H1:-1%)-14%excl.China+4%excl.China+2%excl.ChinaQ22025Q22026Q22025Q22026Q22025Q22026Q22025Q22026SportLuxuryProgressiveTrucksCore48HealthygrowthinEuropeonlypartiallycompensateddeclinesinChina&North

AmericaTopBEVModelsH12026AnnualDevelopment246192ID.344kElroq60kID.4/554kQ6e-tron

32kEnyaq48kQ4e-tron

34kVolkswagenGroupH1BEV&

PHEV

Deliveries[k

vehicles]17.8%

18.7%466

438BEVshareEU27+4

[%]BEVshare

[%]

BEVDeliveries

PHEV&

EREV

DeliveriesH12025

H1202610.6%

10.6%49OperatingMargin[%]?KODASEAT|CUPRAVWComm.Veh.GroupComponents629

(+8%)329(+2%)216

(-4%)16.0(+6%)7.7(+1%)8.2(-5%)11.9

(flat)1.4(+6%)0.1(+>100%)0.3(+33%)0.9(+13%)8.5

(flat)1.6(+1.1ppts)3.3(+0.9ppts)7.1(+0.8ppts)VehicleSales[kunits]SalesRevenue[€bn]OperatingResult[€bn]H12026Performance

Brand

Group

Core1,530

(+1%)42.3(-