#1Investor, Analyst and Media Call H1 2023 July 27th 2023 VOLKSWAGEN GROUP#2VOLKSWAGEN GROUP Disclaimer The following presentations as well as remarks/comments and explanations in this context contain forward-looking statements on the business development of the Volkswagen Group. These statements are based on assumptions relating to the development of the economic, political and legal environment in individual countries, economic regions and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given entail a degree of risk, and actual developments may differ from those forecast. All figures are rounded, so minor discrepancies may arise from addition of these amounts. At the time of preparing these presentations, it is not yet possible to conclusively assess the specific effects of the latest developments in the Russia-Ukraine conflict on the Volkswagen Group's business, nor is it possible to predict with sufficient certainty to what extent further escalation of the Russia-Ukraine conflict will impact on the global economy and growth in the industry in fiscal year 2023. Any changes in significant parameters relating to our key sales markets, or any significant shifts in exchange rates, energy and other commodities or the supply with parts relevant to the Volkswagen Group will have a corresponding effect on the development of our business. In addition, there may also be departures from our expected business development if the assessments of the factors influencing sustainable value enhancement and of risks and opportunities presented develop in a way other than we are currently expecting, or if additional risks and opportunities or other factors emerge that affect the development of our business. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. 2#3MYLGLOPE 1 Highlights 2 Financials VOLKSWAGEN GROUP#4Recap of the Capital Markets Day (June 21st, 2023) VOLKSWAGEN GROUP >>> Regionally balanced footprint: Tailored investments & overall reduced asset intensity Cult Entrep shift & capital market orientation: spirit paired with focus on cash flow & ty throughout the organization « GR « #CMD23 Capital Markets Day 2023 VOLKSWAGE GROUP BE 4.6 VOLKSWAGEN GROUP 2022 2027 2030 ht pportunity y Agreed term sheet with Mahindra Subcontinent based on S&P Global Mobility Light Vehicle Forecast May 2023) ~200 in-person guests at Porsche Experience Center T ~16,000 virtual guests attending live-webcasts 4#5Poll: What would be your preferred next CMD event?1 #1 China Strategy #2 Battery Strategy #3 Software Strategy #4 Brand Group Core #5 Mobility Strategy #6 Brand Group Progressive 1. Brand Group Sport Luxury and Brand Group Truck & Bus pursue an individual capital market communication and are thus not ranked VOLKSWAGEN GROUP 5 LO#6Next building blocks of Volkswagen Group success story Q3 2023 Conference Call FY 2023 Annual Results China Strategy Day Oct. 26, 2023 March 2024 H1 2024 VOLKSWAGEN GROUP Brand Group Core CMD H2 2024 Volkswagen Group CFO A. Antlitz presents Q3 2023 financial results Autumn: Update on performance program of Brand Group Core Joint Q&A with Volkswagen Group and VW brand CFO Presentation of FY 2023 financial results Release of new guidance for FY 2024 Update on 'in China for China' Strategy Incl. 'local for local' CARIAD approach CMD on occasion of Beijing Motor Show (end of April 2024) Presentation of Brand Group Core's Virtual Equity Story 6#7Group TOP 10 program: Focus on execution VOLKSWAGEN GROUP 01 Planning Round Auduction of varbart toward one Group mechatronics platform-SSP SSP PEREMAINITY Beachta tege 06 Platforms/ Technology 02 03. Products VOLKSWAGEN China 04 NAR CARIAD 05 Å VOLKSWAGEN GROUP COMPANY CARIAD 223.201 16,500 115,700 9:330 4443 3.239 1351 300 873 3000001 710 4439 348 2018,500 10 Sustainability Capital Market 07 08 09 Battery/ Mobility Charging / Solutions Energy 7#8Recap on our China Strategy (CMD June 21, 2023) VOLKSWAGEN GROUP ID. AERO #1 international OEM & among TOP 3 in Chinese market 大众汽车集团(中国) VOLKSWAGEN GROUP CHINA e-tron Tailored, superior ICV 1 product offerings Target proportionate OP mid-term >€2.5bn 2 1. ICV = Intelligent connected vehicle | 2. Proportionate operating result accounted at equity within financial result over the mid-term (until 2027) 8#9Group Product & Tech Strategy China 100% Tech Co. 1 ADAS Anhui Horizon Robotics CARIAD China B0213648 Infotainment Thundersoft VOLKSWAGEN GROUP New partnerships Xpeng Local JV partners FAW & SAIC Expansion of our development capabilities with 100% Tech Co. Technology partnerships to enforce customer centricity & upgrade UX Product partnerships to broaden & upgrade the product portfolio 1. Volkswagen Group China Technology Company ("VCTC"). 9#10VOLKSWAGEN GROUP New strategic partnership with Xiaopeng Motors ("XPeng") Acceleration for VW brand Unique Partnership Tailored & competitive >>> ICV 1 product offerings Optimize cost base with >>> focus on B-segment 2 model launches starting early 2026 Strengthening "in China for China" strategy Technical collaboration « for the Chinese market Strategic minority investment of approximately 4.99% 2 Leveraging latest tech platform, connectivity & ADAS software Joint development VOLKSWAGEN GROUP + XPENG of next ICV generation 3 < < 1. ICV = Intelligent connected vehicle | 2. Volkswagen AG will buy for a total amount of approximately US$ 700 million newly issued shares via capital increase at US$15 per American depositary share, representing approximately 4.99% of Xiaopeng Motors ("XPeng") outstanding share capital after the capital increase | 3. In discussion between both parties 10#11Deepened & differentiated partnerships of Audi brand Acceleration for Audi brand Broaden existing VOLKSWAGEN GROUP Differentiated partnerships Audi FAW NEV Company FAW >>> premium portfolio Tailored & competitive ICV 1 product offerings Model launches starting in 2025 Strengthening "in China for China" strategy 1. ICV Intelligent connected vehicle SAIC on track starting end of 2024 >>> Focus on PPE platform Current portfolio focusing on upper mid-size segment & above Joint development of next ICV generation 11#12VOLKSWAGEN GROUP Volkswagen Group Deliveries improving further 900 Deliveries ['000 units / per month] | 4,372 thousand vehicles delivered globally 800 2022 - 2023 700 600 500 400 01 02 03 04 05 Global deliveries H1 +13% YoY Q2 +18% YoY | | | | I 06 07 08 80 BEV deliveries increased by 48% YoY in H1 09 10 11 12 Bottlenecks in logistics impacted H1 deliveries 12#13BEV Share of deliveries up significantly year over year Full year target of 8 to 10% in 2023 Quarterly Development BEV Deliveries ['000 units] Outlook BEV Share [%] VOLKSWAGEN GROUP 99 BEV share [%] 2023 8% 7% 181 141 118 7% 5% 8-10% Q1 Q2 Q3 Q4 2021 2022 2023e ■2021 2022 2023 13#14Мядкоре 1 Hightonts 2 Financials GOOD VOLKSWAGEN GROUP#15VOLKSWAGEN GROUP Solid H1 figures testify our robust Business Model Vehicle Sales [m vehicles] Sales Revenue [€ bn] Operating Result and Margin 2 [€ bn] Margin [%] Fair value of derivatives outside hedge accounting 3 132.2 +18% 156.3 10.0% 7.3% -14% Σ 13.2 0.9 Σ 11.3 +11% 4.0 4.4 12.3 (9.3%) 13.9 (8.9%) +20% 2.6 3.1 Ex China JVs Jan-Jun Jan-Jun Jan-Jun Jan-Jun -2.5 2022 2023 2022 2023 Jan-Jun Jan-Jun 1. Previous year adjusted (IFRS 17) 12. Before special items I 3. Including fair value effects in the Automotive Division. 2022 2023 15#16Automotive Net Cash impacted by working capital build-up Rep. Net Cash Flow [CCR] 1 [€ bn, CCR in %] Net Liquidity 1 'Clean' Net Cash Flow 1,2 [€ bn] [€ bn] VOLKSWAGEN GROUP 2.3 24% +8% Jan-Jun 2022 2.5 27% 5.8 -40% 3.4 43.0 -22% Jan-Jun Jan-Jun Jan-Jun 2023 2022 2023 31 Dec 2022 1. Automotive Division 1 2. Reported net cash flow before M&A and Diesel payments 33.6 30 Jun 2023 16#17Automotive Net Liquidity remains very solid Reported Net Cash Flow (€ 2.5bn) Clean Net Cash Flow VOLKSWAGEN GROUP 1.0 43.0 2.4 31 Dec 2022 thereof € -8.2bn due to increase in inventories -0.4- -0.61 -4.4 -6.5 33.6 -1.01 Operating Dividend Diesel M&A Dividend to Business of chinese Outflow VW AG Special Dividen Other JVs Shareholder d Porsche IDO 30 Jun 2023 17#18VOLKSWAGEN GROUP Solid Margins across both Divisions Passenger Cars impacted by € -2.5bn hedging effects in H1 2023 Automotive Division Passenger Cars 2,3 Operating Result [€ bn] Margin [%] Commercial Vehicles 2,4 Operating Result [€ bn] Margin [%] Financial Services Division Financial Services Operating Result [€ bn] Margin [%] -24% 9.3 7.1 3.5% 0.6 10.4% 6.7% Jan-Jun 2022 Jan-Jun 2023 Jan-Jun 2022 8.0% -28% 3.1 +191% 2.2 1.8 13.4% 8.7% Jan-Jun Jan-Jun Jan-Jun 2023 2022 2023 1. Previous year adjusted (IFRS 17) 12. Before special items I 3. Passenger Cars = Automotive Division ./. Commercial Vehicles, Power Engineering I 4. TRATON Operations excluding Financial Services 18#19Operating Result Passenger Cars down due to € -3.4bn YoY swing in fair value effects Operating Result 1 Operating Result [€ bn] Margin [%] 9.3 -24% -3.3 5.3 9.3 7.1 Thereof: Volume & other: VOLKSWAGEN GROUP -2.3 -1.9 7.1 +4.1 Mix: +0.2 10.4% 6.7% Price: +1.0 Jan-Jun Jan-Jun Jan-Jun Volume & Exchange Product Costs Fixed 2022 2023 2022 other / Rates / Costs / Mix/ Derivative Other 1. Before special items Price S Costs Jan-Jun 2023 19#20Steering framework for Group management Core Progressive Sport Luxury Truck & Bus Architecture Software Battery, Energy & Charging 100 Volkswagen Group Mobility 10001 VOLKSWAGEN GROUP Proof points YTD CMD 2023: Strategic alignment and launch of performance programs • Presentation of ID.2All concept CARIAD restructuring intensified tech partnerships and "local-for- local" approach • 100%TechCo teams up with Chinese tech providers ThunderSoft and Horizon Robotics to enhance user experience and ADAS in China Dry Coating of battery cells as cost game changer 20 20#21VOLKSWAGEN GROUP Sales Revenue [€ bn] Brand Group Core Vehicle Sales ['000 units] 1,956 +25% 2,450 53 Jan-Jun 2022 Jan-Jun 2023 Operating Result 1 [€ bn / Ros] +43% 7 3.8 Jan-Jun 2022 +30% 69 Jan-Jun 2023 Net Cash Flow 2 [€ bn] 2.6 1.7 5.0% 5.5% Jan-Jun 2022 Jan-Jun 2023 Jan-Jun 2022 +46% 7 2.6 Jan-Jun 2023 SKODA SEAT S.A. Commercial Vehicles Key Takeaways Strong result driven by volume, price/mix; Russia deconsolidation effect of € -0.4bn VW brand 3.8% ROS Skoda 6.6% ROS Cupra 5.0% ROS VOLKSWAGEN GROUP COMPONENTS Commercial vehicles 6.0% ROS 1. Before special items I 2. Reported figure ID.5 Pro: Power consumption combined: 15.9 - 14.6 kWh/100km (WLTP), CO2 emissions combined: Og/km, CO2 efficiency class: A+++ Skoda Enyaq: Power consumption combined: 13.6 kWh/100km (WLTP), CO2 emissions combined: Og/km, CO2 efficiency class: A+++ Volkswagen ID. Buzz: Power consumption combined: 18.9 kWh/100km (WLTP), CO2 emissions combined: Og/km, CO2 efficiency class: A+++ Cupra Born: Power consumption combined: 17.6 kWh/100km (WLTP), CO2 emissions combined: Og/km, CO2 efficiency class: A+++ 21#22VOLKSWAGEN GROUP Brand Group Progressive Vehicle Sales ['000 units] 513 +28% 655 30 Jan-Jun 2022 Jan-Jun 2023 Operating Result ¹ [€ bn / Ros] -31% 5.0 3.4 16.6% 10.0% Jan-Jun Sales Revenue [€ bn] +14% Jan-Jun 2022 34 Jan-Jun 2023 Net Cash Flow 2 [€ bn] 2.6 -27% 1.9 8 BENTLEY LAMBORGHIN DUCATI Key Takeaways Underlying margin 12.6% Audi 8.0% ROS burdened by fair value effects; underlying margin 10.9% Bentley 23.2% ROS Lamborghini 32.1% RoS MD Jan-Jun 2022 1. Before special items | 2. Reported figure Audi A6 Avant e-tron: Concept car 2023 Bentley Bentayga Speed: combined 14.7 l/100 km; CO2-emissions in g/km: 335 (combined) Lamborghini Urus S: combined 14.1 l/100km; CO2-emissions in g/km: 320 (combined) Jan-Jun 2022 Jan-Jun 2023 Only consumption and emission values according to WLTP and not according to NEFZ are available for the vehicle Only consumption and emission values according to WLTP and not according to NEFZ are available for the vehicle 22 22#23Brand Group Sport Luxury Vehicle Sales ['000 units] 149 +15% 171 16 Jan-Jun 2022 Jan-Jun 2023 Operating Result 1 [€ bn / Ros] +12% 3.3 3.7 19.9% Jan-Jun 19.3% Jan-Jun 2022 1. Before special items I 2. Reported figure 2023 VOLKSWAGEN GROUP Sales Revenue [€ bn] Jan-Jun 2022 +15% 19 Jan-Jun 2023 Net Cash Flow 2 [€ bn] PORSCHE Key Takeaways Excellent RoS of 19.3% BEV share ~11% Net cash flow declined slightly to € 2.2bn due to investments 2.4 Jan-Jun 2022 -7% 2.2 Jan-Jun 2023 Porsche Taycan GTS Sport Turismo: Power consumption in kWh/100 km: combined 24.1 - 21.0; CO2-emissions in g/km: 0 (combined) Only consumption and emission values according to WLTP and not according to NEDC are available for the vehicle 23#24Software - CARIAD VOLKSWAGEN GROUP Contracted Licenses ['000 units] Sales Revenue [€ bn] 12,338 +35% Jan-Jun 2022 16,623 Jan-Jun 2023 Operating Result ¹ [€ bn / Ros] 0.2 Jan-Jun 2022 +32% 0.3 Jan-Jun 2023 Net Cash Flow 2 [€ bn] CARIAD Key Takeaways Sales revenue up 32% NCF in H1 2023 benefitted from € 1bn intragroup income tax refund Negative Operating Cash flow of ~ € 1.8bn -1.0 -1.1 -0.8 Jan-Jun Jan-Jun 2022 2023 2022 Jan-Jun -0.8 Jan-Jun 2023 1. Before special items I 2. Reported figure JOIN MAKE CARS ETTY SMART WE ARE CARIAD ARIA 24 24#25Battery Business Operating Result [€ bn] VOLKSWAGEN GROUP 0.0 Jan-Jun 2022 -0.2 Jan-Jun 2023 Net Cash Flow [€ bn] Key Takeaways Three sites for cell factories decided: Salzgitter, Valencia and St. Thomas in Canada "Gamechanger": Dry Coating to save ~30% energy, ~15% floor space required and millions of Euros production costs -0.1 Jan-Jun 2022 -0.5 Jan-Jun 2023 ON 25#26VOLKSWAGEN GROUP Brand Group Trucks – TRATON 1 Vehicle Sales ['000 units] 138 +22% - Sales Revenue [€ bn] 168 18 Jan-Jun 2022 Jan-Jun 2023 Operating Result ¹ [€ bn / Ros] +191% 7 1.8 Jan-Jun 2022 +27% 22 Jan-Jun 2023 Net Cash Flow 2 [€ bn] 1.0 TRATON Key Takeaways Vehicle sales +22%, revenue +27% Revenue growth driven by strong volume, positive price/mix and growth in vehicle services Net cash flow € 1bn 0.6 3.5% Jan-Jun 2022 8.1% -1.5 Jan-Jun 2023 Jan-Jun 2022 Jan-Jun 2023 1. TRATON Operations excluding Financial Services 1 2. Reported figure MAN 26 26#27VOLKSWAGEN GROUP Volkswagen Group Mobility Contracts ['000 units] | Financing Leasing | Insurance/Services Credit Loss Ratio [%] -1% 21,984 21,724 0.28 +3bps Jan-Jun 2022 Jan-Jun 2023 Operating Result 1 [€ bn] 3.1 -28% Jan-Jun 2022 0.31 Jan-Jun 2023 Return on Equity 2 [%] 28.8 -54% Key Takeaways Stable contract volume No significant increase in credit risks observed Normalization of used car prices and operating result 2.2 13.4% 8.7% Jan-Jun 2022 Jan-Jun 2023 Jan-Jun 2022 13.3 Jan-Jun 2023 2022 results adjusted (IFRS 17) 11. Volkswagen Financial Services Division (including Scania FS and Porsche Holding) 12. Calculated on basis of normalized 8% equity ratio 27 27#28VOLKSWAGEN Accelerating our transformation efforts Final phase of ICE investments for product launches starting 2024 and battery invest R&D / Capex - Absolute and Ratio (Automotive Division) [€ bn] Reducing complexity/ variances ICAPEX R&D Σ 12.7% Σ 13.7% (€ 26.1bn) (€ 31.6bn) Σ 12.2% Σ 12.1% (€13.4bn) (€ 15.8bn) Σ~14.5% 6.0% 5.5% (€ 12.7bn) 3.7% (€ 4.1bn) 4.3% (€ 5.6bn) to 6.5% 1 Focus on synergies Multi brand production in MQB & MEB plants Investment in software 5.1% (€ 10.5bn) 7.6% (€ 15.6bn) 1. Thereof ~1% Capex for battery plants included 8.0% 8.5% 8.2% (€ 18.9bn) 7.8% (€ 9.3bn) (€ 10.2bn) to 8.5% # 2021 2022 2 H1 2022 H1 2023 2023e GROUP 28#29VOLKSWAGEN GROUP China Joint Ventures Proportionate Operating Result 2021 until 2023 Σ 3,026 Σ 3,280 722 1,064 1,156 527 Key Takeaways Stable deliveries after muted start ICE market leadership strengthened and ongoing hybridization of products BEV deliveries up 91% QoQ Proportionate operating result of up to € 2.8bn confirmed for FY 2023 690 Q4 Σ 1,152 Q3 578 Q2 611 |Q1 824 661 625 [€ m] CROCZ 2021 2022 2023 IN 04001 E VW ID.6 CROZZ: Vehicle sold outside Germany Audi Q4 e-tron: Power consumption combined: 18.3 -15.2 kWh/100 km (WLTP), CO2 emissions combined: Og/km, CO2 efficiency class: A+++ 29#30Volkswagen Group Outlook for 2023 1 confirmed VOLKSWAGEN GROUP Deliveries to customers Sales revenue Operating return on sales 2 Automotive Investment ratio 4 Actual 2022 7 8.3m vehicles € 279.2bn 8.1% H1 2023 4.4m vehicles (+13%) € 156.3bn (+18%) 7.3% (underlying 8.9%) 12.1% 13.7% Automotive Reported Net Cash flow € 4.8bn 3 € 2.5bn Automotive Net Liquidity € 43.0bn 6 € 33.6bn Outlook 20231 9.0m to 9.5m vehicles (+8% to +15%) € 307bn to € 321bn (+10% to +15%) 7.5% to 8.5% ~ 14.5% 2 € 6bn to € 8bn 5 (expected at lower end of the range) € 35bn to € 40bn 1. The Russia-Ukraine conflict has created considerable uncertainty, particularly with regard to the potential impact of the actions of the political players, priJunily where the duration, intensity and allocation of energy supplies and their impact on the supply chain are concerned. Particularly, the supply of energy, other raw materials and parts for the production process could result in greater constraints, especially in Europe, where a gas shortage is possible. Higher energy and commodity prices plus greater volatility could add to the strain. Furthermore, inflation rates could reduce purchasing power, adversely affect consumer behavior and put a damper on demand for our products. Moreover, the need might arise to recognize further impairment losses on assets and additional risk provisions I 2. Before special items I 3. Including cash outflows in connection with the EU antitrust proceedings against Scania I 4. R&D & Capex combined 1 5. Including about € 5bn budgeted for M&A I 6. Total Net Liquidity of € 43bn including € 16.1bn Porsche IPO proceeds of which Porsche IPO special dividend of € 6.5bn (net); payout in January 2023 17. Previous year adjusted (IFRS 17) 30#31Investor, Analyst and Media Call H1 2023 July 27th 2023 VOLKSWAGEN GROUP 31#32BACKUP VOLKSWAGEN GROUP#33Our path along our sustainability commitment VOLKSWAGEN GROUP 2023 JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Volkswagen Group Sustainability Report 2022 2022 published 1) Association Climate Review 2023 published 2) ISS ESG Rating: Volkswagen Group reaches prime rating C+ VOLKSWAGEN GROUP RESPONSIBLE RAW MATERIALS REPORT 2022 The brands of the Volkswagen Group join the Leather Working Group for sustainable & transparent supply chains. Principal Adverse Impact (PAI) Indicators published Announcement on planned independent Audit on Xinjiang Responsible Raw Material Report published on human rights supply chain due diligence 33#34Continued resilient Performance of the underlying operating results Underlying Operating Result 1, 2 [€ bn] Reported operating profit 1 Fair value of derivatives outside hedge accounting | Underlying operating profit 1 VOLKSWAGEN GROUP Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 2.4 7.1 4.3 0.1 4.4 5.1 1.3 7.1 1.2 6.8 4.0 5.7 5.6 4.7 -1.1 Deliveries ['000] 1,977 2,181 2,206 2,041 2,332 Vehicle sales ['000] 2,012 2,236 2,238 2,124 2,324 Sales revenue [€ m] 69,543 70,712 76,235 76,198 80,059 1. Before special items | 2. Previous year adjusted (IFRS 17) 34#35Solid Financial Foundation of Automotive Division Resilience further enhanced Balance Sheet Automotive Division VOLKSWAGEN GROUP [€ bn / in %] 2022 4 301 30 June 2023 301 31 December 2021 31 December 272 Other liabilities Provisions for pensions 138 136 122 Equity (and equity ratio) 27 27 41 136 109 (45%) 138 (46%) (40%) Goodwill ¹ [€ bn] 26 EBITDA 1,3 [€ bn] 32 Net liquidity 1, 2 [€ bn] 27 26 26 37 36 43 34 1. Automotive Division only 1 2. As reported in the cash flow statement (Automotive Division) 13. Last twelve months 1 4. Previous year adjusted (IFRS 17) 35 55#36VOLKSWAGEN Volkswagen Group H1 - Analysis by Brand and Business Field GROUP VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) H1 2023 H1 2022 H1 2023 H1 2022 H1 2023 H1 20221 OPERATING MARGIN (%) H1 2023 H1 2022 1 Brand Group Core Volkswagen Passenger Cars ŠKODA SEAT Tech. Components 2,450 1,956 68,764 53,010 3,773 2,646 5.5 5.0 1,523 1,218 42,959 33,322 1,641 1,860 3.8 5.6 545 447 13,748 10,223 911 676 6.6 6.6 317 236 7,411 5,377 371 -97 5.0 -1.8 Volkswagen Commercial Vehicles 212 153 7,418 5,046 448 187 6.0 3.7 12,092 8,147 438 -28 3.6 -0.3 Consolidation -148 -97 -14,863 -9,105 -37 50 Brand Group Progressive (Audi) 655 513 34,169 29,869 3,417 4,965 10.0 16.6 Brand Group Sport Luxury (Porsche Automotive ) 2 171 149 18,892 16,425 3,653 3,261 19.3 19.9 CARIAD 329 249 -1,088 -978 Battery -181 -14 TRATON Commercial Vehicles 168 138 22,331 17,613 1,798 617 8.1 3.5 MAN Energy Solutions 1,875 1,632 208 131 11.1 8.0 At equity accounted companies in China 3 1,352 1431 Volkswagen Financial Services 24,112 21,866 1,760 2,975 7.3 13.6 Other4 -349 -180 -14,215 -8,454 -1,993 -425 Volkswagen Group before special items 11,347 13,180 Special Items -360 Volkswagen Group 4,448 4,006 156,257 132,211 11,347 12,820 7.3 9.7 thereof: Automotive Division 5 4,448 4,006 130,569 109,066 9,120 9,726 7.0 8.9 Of which: Passenger Cars Business Area Commercial Vehicles Business Area Power Engineering Business Area Financial Services Division 4,279 168 3,868 106,362 89,820 7,118 8,979 6.7 10.0 138 22,331 17,613 1,796 618 8.0 3.5 1,875 1,632 206 129 11.0 7.9 25,689 23,146 2,226 3,094 8.7 13.4 36250 16N90594 1. Previous year adjusted (IFRS 17) 12. Porsche (including Financial Services): sales revenue € 20,626 (17,922) million, operating result € 3,852 (3,480) million 13. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to € 1,152 (1,402) million I 4. In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation, as well as companies not allocated to the brands | 5. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 36#37VOLKSWAGEN Volkswagen Group Q2 - Analysis by Brand and Business Field GROUP VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 20221 Q2 2023 Q2 20221 Brand Group Core Volkswagen Passenger Cars ŠKODA SEAT Volkswagen Commercial Vehicles Tech. Components Consolidation Brand Group Progressive (Audi) 1,257 1,038 35,601 28,649 2,031 1,769 5.7 6.2 792 681 22,495 18,444 1,033 1,347 4.6 7.3 270 216 6,954 5,122 369 339 5.3 6.6 163 129 3,849 2,973 227 -102 5.9 -3.4 108 80 3,819 2,752 277 140 7.3 5.1 6,064 4,533 201 4 3.3 0.1 -76 -69 -7,579 -5,174 -76 41 332 269 17,286 15,588 1,601 1,430 9.3 9.2 Brand Group Sport Luxury (Porsche Automotive ) 2 86 83 9,559 9,108 1,926 1,904 20.1 20.9 CARIAD 160 139 -659 -562 Battery -109 TRATON Commercial Vehicles 84 70 11,393 9,261 923 286 8.1 3.1 MAN Energy Solutions 974 871 107 76 11.0 8.7 At equity accounted companies in China 3 744 665 Volkswagen Financial Services 12,132 10,990 774 1,474 6.4 13.4 Other4 -178 -113 -7,047 -5,106 -996 -1,648 Volkswagen Group before special items 5,600 4,722 Special Items -230 Volkswagen Group 2,324 2,011 80,059 69,500 5,600 4,491 7.0 6.5 thereof: Automotive Division 5 2,324 2,011 67,106 57,856 4,537 2,942 6.8 5.1 Of which: Passenger Cars Business Area Commercial Vehicles Business Area Power Engineering Business Area Financial Services Division 2,240 84 1,941 70 54,739 47,724 3,507 2,579 6.4 5.4 11,393 974 12,953 9,261 924 288 8.1 3.1 871 11,644 106 75 10.9 8.6 1,062 1,550 8.2 13.3 1. Previous year adjusted (IFRS 17) 12. Porsche (including Financial Services): sales revenue € 10,529 (9,879) million, operating result € 2,012 (2,013) million 13. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to € 527 (578) million 14. In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation, as well as companies not allocated to the brands I 5. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 37#38VOLKSWAGEN Volkswagen Group Q1 - Analysis by Brand and Business Field GROUP VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 20221 Q1 2023 Q1 20221 Brand Group Core Volkswagen Passenger Cars ŠKODA SEAT Volkswagen Commercial Vehicles Tech. Components 1,193 918 33,163 24,361 1,742 877 5.3 3.6 731 537 20,464 14,879 608 513 3.0 3.4 275 231 6,794 5,101 542 337 8.0 6.6 155 107 3,562 2,404 144 104 73 3,599 2,294 171 46 56 4.0 0.2 4.8 2.0 6,028 3,614 237 -33 3.9 -0.9 Consolidation -72 -29 -7,284 -3,931 39 Brand Group Progressive (Audi) 323 244 16,883 14,282 1,816 3,535 Brand Group Sport Luxury (Porsche Automotive ) 2 85 66 9,333 7,317 1,727 1,359 CARIAD 168 110 -429 -416 Battery -72 -6 TRATON Commercial Vehicles 85 68 10,938 8,353 875 331 MAN Energy Solutions 901 761 101 55 9596615 10.8 24.8 18.5 18.6 8.0 11.2 4.0 7.2 At equity accounted companies in China 3 609 765 Volkswagen Financial Services 11,980 10,876 985 1,501 8.2 N 13.8 Other4 -171 -67 -7,168 -3,348 -997 1,222 Volkswagen Group before special items 5,747 8,458 Special Items -130 Volkswagen Group 2,124 1,995 76,198 62,711 5,747 8,328 7.5 13.3 thereof: Automotive Division 5 2,124 1,995 63,463 51,210 4,583 6,784 7.2 Of which: Passenger Cars Business Area Commercial Vehicles Business Area Power Engineering Business Area Financial Services Division 2,039 85 1,927 68 51,623 42,096 3,611 6,400 7.0 20 13.2 15.2 10,938 8,353 872 330 8.0 4.0 901 12,736 761 100 54 11.1 7.1 11,502 1,164 1,544 9.1 13.4 1. Previous year adjusted (IFRS 17) 12. Porsche (including Financial Services): sales revenue € 10,097 (8,043) million, operating result € 1,840 (1,467) million 13. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to € 625 (824) million 14. In the operating result, mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation, as well as companies not allocated to the brands I 5. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 38#39VOLKSWAGEN GROUP