Volkswagen AG publishes preliminary key figures for the financial statements as of March 31, 2025

Based on preliminary figures, the Volkswagen Group recorded the following development of key financial indicators in the first quarter of 2025:

While Group sales revenue improved by around 3 percent to around 78 billion euros (Q1 2024: 75.5 billion euros), the operating result amounted to around 2.8 billion euros (Q1 2024: 4.6 billion euros). The operating result was impacted by special effects in the magnitude of around 1.1 billion euros. The operating return on sales amounted to around 3.6 percent (previous year: 6.0 percent). The preliminary result for the first quarter of 2025 therefore deviates significantly from the average market expectation of around 4 billion euros or around 5 percent currently available to the company.
The following factors had a significant negative impact in the quarter:

• around 0.6 billion euros from provisions in connection with CO₂ regulation in Europe
• around 0.2 billion euros for restructuring measures at CARIAD
• a total of around 0.3 billion euros from adjustments to provisions for the diesel issue and from the valuation of vehicles in transit in connection with the import duties introduced in the United States at the beginning of April.

Based on preliminary data, net liquidity in the Automotive Division amounted to around 33 billion euros as at the reporting date of March 31, 2025 (as at December 31, 2024 according to adjusted reporting logic: 34.4 billion euros).

Volkswagen AG confirms the outlook for the 2025 financial year published in the 2024 annual report. Possible full year effects on sales revenue, earnings and cash flow from the announced increased import tariffs, particularly in the United States of America, are still not included in the forecast, as the effects and their interactions cannot be conclusively assessed at present.
The Volkswagen Group continues to expect sales revenue to exceed the previous year by up to 5 percent. The Group's operating return on sales is still expected between 5.5 and 6.5 percent. Volkswagen AG continues to expect the Automotive Division's net cash flow to be in the range of 2 to 5 billion euros. Net liquidity in the Automotive Division is still expected to range between 34 and 37 billion euros in 2025.

The full report on the interim financial statements as at March 31, 2025 will be published on April 30, 2025. Definitions of the operating result, net cash flow and net liquidity can be found in the 2024 Annual Report on pages 85ff.