EQS-Adhoc: VOLKSWAGEN AKTIENGESELLSCHAFT: Volkswagen AG adjusts 2025 forecast in light of the effects of changes in product planning and the medium-term ambition of Dr. Ing. h.c. F. Porsche AG

Dr. Ing. h.c. F. Porsche AG has informed Volkswagen AG that, as part of preparing its planning round for the period from 2026 to 2030, it is adjusting its medium-term ambition for the Group return on sales from the original 15 to 17% to 10 to 15%.

In addition, Dr. Ing. h.c. F. Porsche AG has announced that, as part of its product planning, it is abandoning a vehicle project pursued together with the Volkswagen Group in its original form and will implement greater flexibility in the drivetrain systems. Particularly in light of the related write-downs on capitalized project costs and additional provisions, Dr. Ing. h.c. F. Porsche AG is lowering its forecast for the Group operating return on sales in financial year 2025 and now expects a Group operating return on sales of slightly positive to 2% (previously: 5 to 7%).

Based on key data from the preliminary long-term planning of Dr. Ing. h.c. F. Porsche AG, the Volkswagen Group will recognize a non-cash impairment charge of around €3 billion on the goodwill allocated to the Porsche business segment, which will impact the Volkswagen Group's operating result in the current year.

Furthermore, due to the reduction in the annual forecast of Dr. Ing. h.c. F. Porsche AG and the knock-on effects at Volkswagen Group level from the adjustment of the vehicle project, there will be a one-off effect of around -€2.1 billion on the Volkswagen Group's operating result in the 2025 fiscal year.

In total, these two factors will have a negative impact of around €5.1 billion on the Volkswagen Group's operating result in the 2025 fiscal year.

As a result, the Volkswagen Group now expects an operating return on sales in the range of 2 to 3% in the 2025 financial year (previously: 4 to 5%). The Volkswagen Group now expects net cash flow in the Automotive division to be around €0 billion (previously: €1 to 3 billion). Volkswagen now expects net liquidity to be around €30 billion (previously: €31 to €33 billion). The forecast for Group sales revenue remains unchanged (on the level of the previous year).

When determining the basis for calculating the 2025 dividend payment (payable in 2026), the Group Executive Board intends not to take into account the non-cash impairment charge of the goodwill of Dr. Ing. h.c. F. Porsche AG.

The report on the interim financial statements as of September 30, 2025, will be published on October 30, 2025. Definitions of operating result, net cash flow, and net liquidity can be found in the 2024 Annual Report on pages 85ff.