Topics discussed by the Supervisory Board

The first Supervisory Board meeting in the reporting year took place on March 7, 2025. Following a detailed examination, we approved the consolidated financial statements and the annual financial statements of Volkswagen AG for fiscal year 2024 prepared by the Board of Management. We examined the combined Group management report, the combined separate non-financial report for 2024 and the precautionary Report by the Board of Management on Relationships of Volkswagen AG with Affiliated Companies (dependent company report) in accordance with section 312 of the Aktiengesetz (AktG – German Stock Corporation Act). The other items on the agenda included the issuance of the audit engagements for the 2025 annual and consolidated financial statements, the 2025 sustainability report and other accounting documents, approval of the agenda for the Annual General Meeting on May 16, 2025, and the waiver of remuneration by the members of the Board of Management.

At the Supervisory Board meeting on May 15, 2025, we discussed the agreement of a settlement with an insurance company. We also looked at the preparations for the 65^th Annual General Meeting of Volkswagen AG. Further topics that we discussed with the Board of Management included, in particular, business development and the key performance indicators for the first quarter of 2025, developments in the market, the performance program of the Volkswagen Passenger Cars brand, the status with regard to the US tariffs, the status with regard to software, and the situation in China.

At the Supervisory Board meeting on July 4, 2025, we considered the extension of Mr. Ralf Brandstätter’s appointment to the Board of Management and Mr. Gunnar Kilian’s departure from the Board of Management, as well as the election of Ms. Susanne Wiegand as a member and Chair of the Audit Committee and of Mr. Hans Dieter Pötsch as a member of the Audit Committee. In addition, we discussed in particular the situation in China and the status of battery technology development with the Board of Management.

On July 24, 2025, the Supervisory Board met to discuss the status of the proceedings concerning the resolutions passed by the general meeting on the settlements concluded to resolve the diesel issue, and the courses of action possible in this respect.

The Supervisory Board meeting on September 25, 2025 deliberated on the extension of Mr. Gernot Döllner’s appointment to the Board of Management. We also revisited the status of the proceedings concerning the resolutions passed by the general meeting on the settlements concluded to resolve the diesel issue. Furthermore, our discussions with the Board of Management focused in particular on general business development, the impact of the US tariffs and product issues.

On October 17, 2025, the Supervisory Board considered the extension of Mr. Oliver Blume’s appointment as a member and Chair of the Board of Management in light of his departure from Dr. Ing. h.c. F. Porsche AG, where he had also been a member and Chair of the Board of Management.

At the Supervisory Board meeting on November 14, 2025, we dealt mainly with the requirements of the German Corporate Governance Code (the Code) and, together with the Board of Management, issued the annual declaration of conformity with the recommendations of the Code. We also discussed the Volkswagen Group’s financial planning and decided on the approval of several actions by the Board of Management, for example an internal restructuring at Everllence SE and the internal restructuring of Chinese investees.

At the meeting on December 11, 2025, we addressed questions regarding Board of Management remuneration and deliberated on the status of investment projects and the Volkswagen Group’s financial planning.

In the reporting year, we voted in writing on matters such as Board of Management remuneration, elections to committees and consent to ancillary activities by a member of the Board of Management.

The following table shows the number of meetings of the full Board and its committees, as well as the participation of the individual members of the Supervisory Board in 2025: