44. Events after the balance sheet date

In February 2026, Volkswagen AG called a hybrid note (maturity: 12 years) with a principal amount of €1.75 billion, which had been placed in 2014 via Volkswagen International Finance N.V., Amsterdam/the Netherlands (issuer). Once called, the note must be classified as debt in accordance with IAS 32. Equity and net liquidity are reduced accordingly. The hybrid note will be redeemed in March 2026.