Annual Report 2025

Consolidated Financial Statements

Statement of Changes in Equity

of the Volkswagen Group for the period January 1 to December 31, 2025

Statement of Changes in Equity of the Volkswagen Group

 

 

 

 

 

 

 

 

OTHER RESERVES

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

HEDGING

 

 

 

 

 

 

 

 

 

 

 

 

€ million

 

Subscribed capital

 

Capital reserve

 

Retained earnings

 

Currency translation reserve

 

Cash flow hedges (OCI I)

 

Deferred costs of hedging (OCI II)

 

Equity and debt instru­ments

 

Equity-accounted invest­ments

 

Equity attri­butable to Volkswagen AG hybrid capital investors

 

Equity attri­butable to Volkswagen AG share­holders and hybrid capital investors

 

Non-controlling interests

 

Total equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Jan. 1, 2024

 

1,283

 

14,551

 

147,830

 

−3,431

 

1,472

 

−676

 

−966

 

476

 

15,155

 

175,694

 

14,218

 

189,912

Prior-year corrections in accordance with IAS 8

 

–

 

–

 

−726

 

–

 

–

 

–

 

–

 

–

 

–

 

−726

 

–

 

−726

Adjusted balance at Jan. 1, 2024

 

1,283

 

14,551

 

147,104

 

−3,431

 

1,472

 

−676

 

−966

 

476

 

15,155

 

174,968

 

14,218

 

189,186

Earnings after tax

 

–

 

–

 

10,721

 

–

 

–

 

–

 

–

 

–

 

630

 

11,351

 

1,043

 

12,394

Other comprehensive income, net of tax

 

–

 

–

 

1,589

 

1,275

 

−1,006

 

409

 

61

 

−174

 

–

 

2,154

 

−183

 

1,971

Total comprehensive income

 

–

 

–

 

12,310

 

1,275

 

−1,006

 

409

 

61

 

−174

 

630

 

13,505

 

860

 

14,365

Disposal of equity instruments

 

–

 

–

 

1

 

–

 

–

 

–

 

−1

 

–

 

–

 

–

 

–

 

–

Capital increases/Capital decreases

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

–

 

−1,244

 

−1,244

 

106

 

−1,138

Dividends payment

 

–

 

–

 

−4,524

 

–

 

–

 

–

 

–

 

–

 

−651

 

−5,175

 

−604

 

−5,779

Capital transactions involving a change in ownership interest

 

–

 

–

 

−4

 

0

 

–

 

–

 

–

 

–

 

–

 

−4

 

4

 

–

Other changes

 

–

 

–

 

243

 

–

 

–

 

–

 

–

 

1

 

–

 

244

 

−147

 

97

Balance at Dec. 31, 2024

 

1,283

 

14,551

 

155,130

 

−2,156

 

466

 

−267

 

−906

 

303

 

13,890

 

182,294

 

14,437

 

196,731

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at Jan. 1, 2025

 

1,283

 

14,551

 

155,130

 

−2,156

 

466

 

−267

 

−906

 

303

 

13,890

 

182,294

 

14,437

 

196,731

Earnings after tax

 

–

 

–

 

6,673

 

–

 

–

 

–

 

–

 

–

 

650

 

7,323

 

−419

 

6,904

Other comprehensive income, net of tax

 

–

 

–

 

3,216

 

−3,219

 

1,300

 

201

 

1,154

 

−161

 

–

 

2,492

 

408

 

2,900

Total comprehensive income

 

–

 

–

 

9,888

 

−3,219

 

1,300

 

201

 

1,154

 

−161

 

650

 

9,815

 

−11

 

9,804

Disposal of equity instruments

 

–

 

–

 

−31

 

–

 

–

 

–

 

31

 

–

 

–

 

–

 

–

 

–

Capital increases/Capital decreases

 

–

 

–

 

0

 

–

 

–

 

–

 

–

 

–

 

400

 

400

 

29

 

428

Dividends payment

 

–

 

–

 

−3,171

 

–

 

–

 

–

 

–

 

–

 

−664

 

−3,835

 

−625

 

−4,460

Capital transactions involving a change in ownership interest

 

–

 

–

 

−430

 

48

 

0

 

0

 

14

 

0

 

–

 

−367

 

719

 

352

Other changes

 

–

 

–

 

−30

 

–

 

–

 

–

 

–

 

1

 

–

 

−30

 

229

 

199

Balance at Dec. 31, 2025

 

1,283

 

14,551

 

161,357

 

−5,326

 

1,766

 

−66

 

293

 

142

 

14,275

 

188,277

 

14,777

 

203,054

Explanatory notes on equity are presented in the note relating to equity.

Related links