Full Year 2025 Volkswagen AG Earnings Call Transcript

Mar 10, 2026 / 10:15 AM GMT

Release Date Price: CHF80

Transcript

Key Points

Positve

Volkswagen AG (VLKAF) delivered nearly 9 million vehicles worldwide in 2025, maintaining a strong market presence.
Battery electric vehicle (BEV) deliveries increased by 32% year-on-year, reaching 983,000 units, representing an 11% share of total deliveries.
The company achieved significant cost reductions, including a 20% reduction in factory costs at German sites.
Volkswagen AG (VLKAF) maintained a solid net liquidity level of €34.5 billion, demonstrating financial stability.
The company proposed a dividend of €5.26 per preferred share, reflecting a balanced approach to shareholder returns and future investments.

Negative

Operating profit fell by 53% to €8.9 billion, impacted by special items and increased US tariffs.
The operating margin, excluding special items and tariffs, stood at 4.6%, which is at the lower end of the original guidance range.
Volkswagen AG (VLKAF) faced significant challenges in the US market due to high tariffs, affecting profitability.
The company experienced a decline in deliveries in China and the US, offsetting growth in other regions.
Volkswagen AG (VLKAF) is under pressure from increased competition, particularly in the premium and luxury segments in China.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

VOWG.DE - Volkswagen AG
Full Year 2025 Volkswagen AG Earnings Call
Mar 10, 2026 / 10:15AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning ladies and gentlemen, and welcome to the full year results investor and analyst call of Volkswagen AT.

At this time, all participants have been placed on a listen-only mode. The floor will be open for questions following the presentation. Let me now turn the floor over to Rolf Waller.

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Unidentified_2 [2]
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Thank you very much and a very good morning to everyone and a warm welcome to the Folkswagen Group Investor and analyst conference call on the full year results 2025.

With me today are Ollie Blueer, our CEO and Arno Anslets, our

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