Annual Report 2025

Financial Key Performance Indicators

Financial Key Performance Indicators

%

 

2025

 

2024

 

20231

 

20222

 

2021

 

 

 

 

 

 

 

 

 

 

 

Volkswagen Group

 

 

 

 

 

 

 

 

 

 

Gross margin

 

15.9

 

18.3

 

18.9

 

18.7

 

18.9

Personnel expense ratio

 

15.2

 

15.3

 

15.4

 

16.8

 

17.5

Operating return on sales

 

2.8

 

5.9

 

7.0

 

7.9

 

7.7

Return on sales before tax

 

2.9

 

5.2

 

7.2

 

7.9

 

8.0

Return on sales after tax

 

2.1

 

3.8

 

5.5

 

5.7

 

6.2

Equity ratio

 

31.5

 

31.1

 

31.5

 

31.6

 

27.6

 

 

 

 

 

 

 

 

 

 

 

Automotive Division3

 

 

 

 

 

 

 

 

 

 

Change in unit sales year-on-year4

 

−0.2

 

−3.5

 

+10.4

 

−1.1

 

−6.3

Change in sales revenue year-on-year

 

−0.1

 

−1.2

 

+15.4

 

+12.7

 

+13.3

Operating return on sales

 

1.8

 

5.6

 

7.0

 

7.1

 

6.4

EBITDA (in € million)5

 

32,102

 

37,967

 

36,472

 

37,325

 

31,609

Return on investment (ROI)6

 

4.8

 

9.9

 

12.3

 

12.0

 

10.4

Cash flows from operating activities as a percentage of sales revenue

 

10.8

 

11.8

 

14.1

 

12.9

 

15.7

Cash flows from investing activities attributable to operating activities as a percentage of sales revenue

 

8.6

 

10.0

 

10.1

 

10.8

 

11.5

Net liquidity as a percentage of sales revenue

 

10.7

 

10.6

 

12.5

 

15.4

 

10.7

Ratio of capex to sales revenue in %

 

5.1

 

5.8

 

5.4

 

5.5

 

5.1

Research and development costs as a percentage of sales revenue

 

6.7

 

7.2

 

8.1

 

8.1

 

7.6

Automotive investment ratio

 

11.8

 

13.0

 

13.5

 

13.6

 

12.6

Cash conversion rate

 

122.1

 

31.8

 

57.1

 

29.2

 

65.1

Equity ratio

 

43.0

 

41.7

 

47.5

 

45.1

 

40.1

 

 

 

 

 

 

 

 

 

 

 

Financial Services Division

 

 

 

 

 

 

 

 

 

 

Increase in total assets7

 

+2.9

 

+6.2

 

+12.0

 

+2.6

 

+5.6

Return on equity before tax8

 

7.4

 

6.8

 

8.8

 

14.1

 

17.3

Equity ratio

 

14.2

 

14.4

 

14.8

 

16.1

 

14.5

1

The year 2023 was adjusted.

2

The year 2022 was adjusted.

3

Since 2024 the figures reflect the adjusted reporting structure.

4

Including the equity-accounted Chinese joint ventures.

5

Operating result plus net depreciation/amortization and impairment losses/reversals of impairment as reported in the cash flow statement.

6

For details, see the section entitled “Return on investment (ROI)” in the chapter entitled “Results of Operations, Financial Position and Net Assets”.

7

The year 2024 was adjusted.

8

Earnings before tax as a percentage of average equity.