Key Performance Indicators in accordance with the EU Taxonomy regulation

The EU Taxonomy provides definitions of the reportable key performance indicators of sales revenue, capital expenditure and operating expenditure. We explain these below. The tables required by the EU Taxonomy are included at the end of the section.

The figures reported on sales revenue, capital expenditure and operating expenditure relate to the companies consolidated in the Volkswagen Group’s financial statements. Volumes and financial data for our Chinese joint ventures are therefore excluded.

The financial figures relevant for the Volkswagen Group are taken from the IFRS consolidated financial statements for the fiscal year 2025. As we differentiate between economic activities, we have avoided double counting. Where possible, the figures within an economic activity have been allocated directly. In our vehicle-related business, for example, we collected the financial data on the basis of the vehicle model and the powertrain technology. This applies both to the vehicles themselves and to the corresponding financial services and other services and activities. Only where this was not possible for capital expenditure and operating expenditure were allocation formulas used that are based on the planned vehicle volumes. This data and planning form part of the medium-term financial planning for the next five years that was adopted by resolution of the Board of Management and Supervisory Board.

Sales revenue

The definition of turnover in the EU Taxonomy corresponds to sales revenue as reported in the IFRS consolidated financial statements. This amounted to €321.9 billion in fiscal year 2025 (see also “Sales revenue” in the notes to the consolidated financial statements).

Of this total, €290.9 billion, or 90.4% of Group sales, was attributable to economic activity 3.3 Manufacture of low-carbon technologies for transport, and was classified as taxonomy-eligible. This includes sales revenue after sales allowances from the sale of new and used vehicles including motorcycles, from genuine parts, from the rental and lease business, and from interest and similar income, as well as sales revenue directly related to the vehicles, such as workshop and other services.

Economic activity 3.18 Manufacture of automotive and mobility components accounted for taxonomy-eligible sales revenue of €101 million or 0.0% of Group sales. This includes the sale of all-electric vehicle motors and powertrains to third parties.

Of the taxonomy-eligible sales revenue from economic activity 3.3 Manufacture of low-carbon technologies for transport, €49.9 billion met the screening criteria used to measure the substantial contribution to climate change mitigation. This includes all of our all-electric vehicles and some of our plug-in hybrids. In 2025, there were 1,209 thousand such vehicles, or around 60.1% more than in the previous year. Their share of the relevant sales volume – excluding the vehicles from the Chinese joint ventures – was 18.8 (12.0)%. Passenger cars and light commercial vehicles made up the bulk at 1,206 thousand vehicles; trucks and buses recorded a very strong increase year-on-year. Sales of all-electric vehicles (BEVs) also increased very strongly compared with the prior year.

In addition, the taxonomy-eligible sales revenue from economic activity 3.18 Manufacture of automotive and mobility components met the screening criteria used to measure the substantial contribution to climate change mitigation.

Taking into account the DNSH criteria and minimum safeguards, €34.5 (24.1) billion of the sales revenue generated from our vehicle-related business, equating to 10.7 (7.4)% of consolidated sales revenue, was taxonomy-aligned. Of this figure, €101 million was attributable to economic activity 3.18 Manufacture of automotive and mobility components. The other taxonomy-aligned sales revenue is generated by economic activity 3.3 Manufacture of low-carbon technologies for transport. In the reporting year 2025, this encompassed our all-electric passenger cars and light commercial vehicles manufactured in Europe and China, as well as the models produced by our European truck and bus brands.

Of the Volkswagen Group’s total sales revenue in the fiscal year 2025,

• €291.0 (296.2) billion, or 90.4 (91.2)%, was taxonomy-eligible sales revenue and
• €34.5 (24.1) billion, or 10.7 (7.4)%, was taxonomy-aligned sales revenue.

Capital expenditure

Capital expenditure for the purposes of the EU Taxonomy refers to the following items in the IFRS consolidated financial statements: additions to intangible assets, additions to property, plant and equipment, and additions to lease assets and investment property. These are reported in the notes to the 2025 consolidated financial statements in the notes on “Intangible assets”, “Property, plant and equipment” and “Lease assets and investment property”. Additions from business combinations, each of which is reported under “Changes in consolidated Group”, are also included. By contrast, additions to goodwill are not included in the calculation.

In the fiscal year 2025, additions in the Volkswagen Group as defined above amounted to

• €11.7 billion from intangible assets,
• €15.8 billion from property, plant and equipment and
• €41.9 billion from lease assets (mainly vehicle leasing business) and investment property.

Other additions to be included resulted from changes in the consolidated Group, amounting to €0.5 billion in the fiscal year 2025. Total capital expenditure to be included in accordance with the EU Taxonomy therefore came to €69.9 billion.

All capital expenditure attributable to our vehicle-related business is associated with economic activity 3.3 Manufacture of low-carbon technologies for transport. Taxonomy-eligible capital expenditure for the vehicle-related business amounted to €69.4 billion, or 99.3% of the Group’s capital expenditure.

To determine the substantial contribution in the vehicle-related business, we collected the financial data on the basis of the vehicle model and the powertrain technology in the same way as for sales revenue. Where possible, capital expenditure was attributed directly to specific vehicles. It was included if the vehicles in question make a substantial contribution to the climate change mitigation objective. Any capital expenditure directly attributable to vehicles that do not meet the screening criteria was not included. Capital expenditure that was not clearly attributable to a particular vehicle was taken into account on a proportionate basis using allocation formulas. In our vehicle-related business, we developed allocation formulas on the basis of planned volumes of all-electric vehicles for the Group companies. In the sales companies, for example, we used allocation formulas related either to individual brands or to all brands, depending on the primary business activity, while site-based allocation formulas were used for production companies. This means that capital expenditure was counted in full via the allocation formulas for sites that according to our medium-term planning will produce only all-electric vehicles in the next five years. By contrast, capital expenditure for sites that do not produce all-electric vehicles was not counted via the allocation formulas. Calculated in this way, capital expenditure relating to vehicles that meet the screening criteria for the substantial contribution amounted to €27.1 billion.

Taking into account the DNSH criteria and minimum safeguards, capital expenditure of €23.5 (18.5) billion was taxonomy-aligned. This represented 33.6 (27.3)% of the Group’s total capital expenditure. Of this figure, €5.5 billion was attributable to intangible assets, €7.2 billion to property, plant and equipment and €10.8 billion to lease assets and investment property. Taxonomy-aligned capital expenditure in reporting year 2025 refers to our all-electric passenger cars and light commercial vehicles and relates to Europe and China, and also refers to the all-electric models produced by the European truck and bus brands; it includes additions to capitalized development costs of €4.7 billion and additions to property, plant and equipment of €7.2 billion. The increase in taxonomy-aligned capital expenditure of €5.0 billion is due mainly to the growing number of environmentally sustainable vehicle projects and to the financial services business with battery-electric vehicles.

In the reporting year, we refinanced taxonomy-aligned capital expenditure from fiscal years 2022 to 2024 on the basis of the Green Finance Framework updated in October 2022 by issuing green bonds in the amount of €2.8 billion and by means of a green loan of €1.0 billion. Only capital expenditure in connection with all-electric vehicles was included here.

Of the Volkswagen Group’s total capital expenditure in fiscal year 2025,

• €69.4 (67.4) billion, or 99.3 (99.6)%, was taxonomy-eligible capital expenditure and
• €23.5 (18.5) billion, or 33.6 (27.3)%, was taxonomy-aligned capital expenditure.

Operating expenditure

The operating expenditure reported by us for the purposes of the EU Taxonomy comprises non-capitalized research and development costs, which can be taken from the note on “Intangible assets”. We also include the expenditure for short term leases recognized in our consolidated financial statements, which can be drawn from the note on “IFRS 16 (Leases)”, and expenditure for maintenance and repairs.

The allocation of operating expenditure to the economic activities followed the same logic as that described for capital expenditure.

All operating expenditure attributable to the vehicle-related business is associated with economic activity 3.3 Manufacture of low-carbon technologies for transport and has been classified as taxonomy-eligible.

Where possible, non-capitalized research and development costs were attributed directly to specific vehicles. They were included if the vehicles in question make a substantial contribution to the climate change mitigation objective. We did not include any non-capitalized research and development costs directly attributable to vehicles that do not meet the screening criteria. Non-capitalized research and development costs that were not clearly attributable to a particular vehicle were taken into account on a proportionate basis using allocation formulas. The allocation formulas used for these and other operating expenses were similar to those applied to capital expenditure. Taxonomy-aligned operating expenditure in the reporting year 2025 related to our all-electric passenger cars and light commercial vehicles and was attributable to Europe and China, and also related to the all-electric models produced by the European truck and bus brands. Of the taxonomy-aligned operating expenditure of €5.0 (5.4) billion, around 84% was attributable to non-capitalized research and development costs.

CapEx plan under the EU taxonomy

The EU Taxonomy requires the reporting to state the extent to which taxonomy-aligned capital and operating expenditures a) relate to assets or processes associated with environmentally sustainable economic activities or b) are part of a plan to expand taxonomy-aligned economic activities or to allow taxonomy-eligible economic activities to become taxonomy-aligned (CapEx plan). A CapEx plan under the EU Taxonomy shows the total capital expense, i.e. the sum of capital and operating expenditures expected to be incurred in the reporting period and during the five-year medium-term planning in order to expand taxonomy-aligned economic activities or allow taxonomy-eligible economic activities to become taxonomy-aligned.

For the vehicle-related business, the CapEx plan drawn up under the EU Taxonomy relates to economic activity 3.3 Manufacture of low-carbon technologies for transport within the climate change mitigation environmental objective.

Additions from lease assets (mainly vehicle leasing business) are based on existing environmentally sustainable activities and have therefore not been included in the CapEx plan. We allocated additions from intangible assets and property, plant and equipment, as well as non-capitalized research and development costs to the CapEx plan if they allow taxonomy-eligible economic activities to become taxonomy-aligned or lead to the expansion of taxonomy-aligned economic activities. For this, we compared the average expected taxonomy-aligned production volume of all-electric vehicles from the medium-term planning with the taxonomy-aligned all-electric vehicles from the reporting year and allocated the taxonomy-aligned capital expenditure according to this ratio, whereby we also took into account the share exceeding the current taxonomy-aligned production volume of all-electric vehicles.

As a result, €7 (8) billion of the taxonomy-aligned capital expenditure and €2 (4) billion of the taxonomy-aligned operating expenditure in the reporting year is attributable to the CapEx plan under the EU Taxonomy. The total capital expense from the CapEx plan under the EU Taxonomy that is expected to be incurred in the reporting period and during the five-year medium-term planning amounts to €66 (88) billion. The year-on-year change is attributable to the increased share of BEVs in the fiscal year in relation to the medium-term planning as well as to changes in market expectations and subsequent adjustments to the medium-term planning.

Tabular presentation in accordance with the EU taxonomy