1) Strategic Execution and Leadership - Volkswagen Group demonstrated decisive action in 2025, achieving nearly 9 million vehicle deliveries, consistent with the previous year. - The company aims to become the global automotive tech leader, focusing on a robust BEV portfolio, which saw a 32% YoY increase in deliveries. - CEO Oliver Blume emphasized the importance of restructuring efforts, which included reducing fixed costs and streamlining operations, despite facing geopolitical tensions and competitive pressures.

2) Financial Performance and Segment Results - Group revenues reached EUR 322 billion, while operating profit fell to EUR 8.9 billion, impacted by special items and increased U.S. tariffs. - The operating margin, adjusted for special items, was 4.6%, with a lower end of 5.5% excluding tariffs. - Automotive net cash flow improved to EUR 6.4 billion, maintaining net liquidity at EUR 34 billion. - The fourth quarter showed significant improvements across financial KPIs, reinforcing confidence entering 2026.

3) Product and Operational Plans - Volkswagen launched over 60 new or refreshed models in 2025, enhancing its product portfolio and customer appeal. - The company plans to introduce more than 20 new models in 2026, including an electric urban car family aimed at capturing a significant market share in Europe. - In China, Volkswagen is transitioning to delivery mode with a substantial product offensive, including 30 new models by 2027.

4) Challenges and Headwinds - The company faces challenges from tariffs, particularly in the U.S., impacting profitability and necessitating a structural reset in North America. - Increased competition in the EV market, especially from local Chinese brands, is pressuring margins and market share. - Regulatory changes and evolving emission standards pose additional complexities, requiring ongoing adjustments to business strategies.

5) Guidance and Outlook - For 2026, Volkswagen anticipates sales revenue growth of 0% to 3% and an operating return on sales of 4% to 5.5%. - The company aims to maintain a disciplined approach to investments, projecting CapEx in the automotive division to be between 11% and 12% of revenues. - The long-term goal remains an operating margin of 8% to 10% by 2030, with a focus on improving cash conversion and financial resilience.

Bottom line: Volkswagen Group is navigating a challenging environment with a solid strategy focused on product innovation and cost reduction. While facing headwinds from tariffs and competition, the company's commitment to restructuring and a robust product portfolio positions it for potential growth and improved profitability in the coming years.