Net Assets

Consolidated balance sheet structure

As of December 31, 2025, the Volkswagen Group had total assets of €644.5 (632.9) billion. At €203.1 (196.7) billion, the Group’s equity was slightly higher than at the end of 2024. The equity ratio was 31.5 (31.1)%.

At the end of the reporting year, the Group had off-balance-sheet commitments in the form of contingent liabilities in the amount of €10.2 (10.3) billion and in the form of financial guarantees in the amount of €0.5 (0.8) billion. The contingent liabilities relate primarily to legal risks in connection with the diesel issue, as well as to potential liabilities from tax risks in the Commercial Vehicles Business segment in Brazil. There were also other financial obligations of €40.9 (44.5) billion. In addition to the other financial obligations, there are purchase commitments for inventories with a short turnover period, which arise primarily from the Master Collaboration Agreement with Ford Motor Company for the joint development of vans and mid-sized pickups for the global market.

Automotive Division balance sheet structure

Intangible assets were down as of the end of fiscal year 2025 because of the impairment losses recognized on the goodwill and capitalized project costs at Porsche. Property, plant and equipment in the Automotive Division was slightly up on the prior-year figure. Total non-current assets of €254.0 (256.4) billion were almost unchanged from the end of 2024.

Current assets were also on a level with the previous year, amounting to €165.7 (163.4) billion on December 31, 2025. Inventories went down slightly. Current other receivables and financial assets declined, while both cash and cash equivalents, as well as securities increased noticeably.

CONSOLIDATED BALANCE SHEET STRUCTURE 2025

in percent

At the end of the reporting year, the Automotive Division’s equity was up slightly, at €180.3 (174.9) billion. Earnings performance, lower actuarial losses from the remeasurement of pension plans following the change in the discount rate, and beneficial effects arising from the measurement of derivatives, which is recognized directly in equity, were set against adverse currency translation effects and dividend payments. Non-controlling interests in equity, which increased slightly as of December 31, 2025 due among other factors to the sale of shares in TRATON, included mostly the non-controlling interest shareholders of the Porsche AG Group and of the TRATON GROUP. The equity ratio improved to 43.0 (41.7)%.

At €127.3 (130.6) billion, non-current liabilities were slightly lower at the end of 2025. Pension provisions decreased significantly, driven primarily by actuarial remeasurement following a change in the discount rate. Other provisions included in non-current other liabilities went up noticeably, due among other factors to provisions for long-term emissions obligations. Lower deferred tax liabilities because of the gradual reduction in corporate income tax adopted in Germany in fiscal year 2025 had an offsetting effect within this item.

At €112.1 (114.3) billion, current liabilities at the end of fiscal year 2025 were slightly down on the figure at the end of 2024. The slight rise in trade payables was set against a decline in current other liabilities, which were mainly impacted by a drop in other provisions. This also includes lower provisions for restructuring measures.

On December 31, 2025, the Automotive Division had total assets of €419.7 (419.8) billion, almost unchanged compared to December 31, 2024.

Financial Services Division balance sheet structure

At the 2025 reporting date, the Financial Services Division’s total assets amounted to €321.4 billion, 2.9% more than a year earlier.

Non-current assets grew to €201.4 (190.5) billion, noticeably higher than the figure as of December 31, 2024. The rise was primarily attributable to a volume-driven increase in lease assets. Other receivables and financial assets were also higher.

The Financial Services Division’s current assets amounted to €120.0 (121.7) billion, similar to the figure at the end of 2024. While inventories and financial services receivables increased due to higher volumes, cash and cash equivalents declined.

On December 31, 2025, the Financial Services Division accounted for around 43.4 (42.7)% of the Volkswagen Group’s assets.

At the end of 2025, the Financial Services Division’s equity stood at €45.7 (45.0) billion, slightly higher than on December 31, 2024. The equity ratio was 14.2 (14.4)%.

At €123.1 (123.9) billion, the Financial Services Division’s non-current liabilities at the end of fiscal year 2025 were virtually on a level with the end of 2024. The decline in the non-current financial liabilities included in this item was set against a rise in non-current other liabilities.

Current liabilities increased to €152.6 (143.2) billion, due mainly to higher current financial liabilities and a rise in trade payables.

Deposits from the direct banking business amounted to €68.4 billion on December 31, 2025, compared with €57.5 billion at the end of 2024.