Annual Result

(CONDENSED, IN ACCORDANCE WITH THE GERMAN COMMERCIAL CODE)

The year 2025 was marked by volatile geopolitical and geoeconomic conditions and competition that continues to intensify.

As of fiscal year 2025, the effects of the diesel issue are no longer disclosed separately as special items. Expenses of €0.1 billion were recognized in connection with the diesel issue in the reporting year.

Sales increased by 4.1% year-on-year to €98.0 billion in 2025, driven particularly by a more favorable price and product mix. Sales generated abroad accounted for €56.6 billion or 57.8%. Cost of sales went up by 2.7% to €88.2 billion due to higher material costs in the reporting year, among other reasons.

Gross profit on sales rose accordingly to €9.8 (8.2) billion.

The other operating result amounted to €0.9 billion in the reporting year, up €0.5 billion on the previous year. Other operating expenses, which declined due, among other factors, to a drop in expenses for restructuring measures (€50 million; 2024: €0.9 billion), are set against income from the reversal of provisions, which was down €0.4 billion. In the previous year, this item had included, among other things, reversals of various personnel-related provisions in connection with the collective bargaining agreement entered into between Volkswagen AG and the employee representatives in December 2024.

The financial result was up slightly by €0.1 billion to €4.9 billion, mainly because of higher income from profit transfers.

Taxes on income amounted to €–0.1 (–0.2) billion.

Net income for fiscal year 2025 amounted to €7.5 (5.1) billion.