Upcoming Dividend • Jun 12
Upcoming dividend of €5.26 per share Eligible shareholders must have bought the stock before 19 June 2026. Payment date: 23 June 2026. Payout ratio is a comfortable 43% but the company is not cash flow positive. Trailing yield: 6.2%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (5.5%). Notizie in diretta • Jun 08
Volkswagen Faces Pressure as China Car Sales Slump and EV Shift Accelerates China’s passenger car market stayed weak in May, marking an eighth straight month of declining sales, according to the China Passenger Car Association.
The association now expects full-year China car sales to fall 11%, a sharp downgrade from its previous forecast.
Volkswagen is responding by accelerating and localizing its electric vehicle plans in China as it adjusts to softer demand and a changing product mix.
A prolonged slump in China car sales, combined with a lower full-year forecast, points to a tougher backdrop for volume and pricing in one of Volkswagen’s key markets.
Volkswagen’s push to localize and speed up its EV rollout in China highlights both the pressure it faces in the market and the execution risk around shifting its product and cost base more quickly. Reported Earnings • May 05
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: EPS: €2.57 (down from €3.65 in 1Q 2025). Revenue: €75.7b (down 2.5% from 1Q 2025). Net income: €1.29b (down 30% from 1Q 2025). Profit margin: 1.7% (down from 2.4% in 1Q 2025). Revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 30%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Annuncio • Mar 13
Volkswagen AG announces Annual dividend, payable on June 23, 2026 Volkswagen AG announced Annual dividend of EUR 5.2600 per share payable on June 23, 2026, ex-date on June 19, 2026 and record date on June 22, 2026. New Risk • Mar 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 24% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (5.8% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.1% net profit margin). Reported Earnings • Mar 11
Full year 2025 earnings: Revenues in line with analyst expectations Full year 2025 results: Revenue: €321.9b (flat on FY 2024). Net income: €7.32b (down 32% from FY 2024). Profit margin: 2.3% (down from 3.3% in FY 2024). Revenue was in line with analyst estimates. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Annuncio • Mar 04
Volkswagen Faces Lawsuit on Alleged Illegal Conspiracy to Offer Direct-To-Consumer Evs Under New Scout Brand Volkswagen AG had two Volkswagen dealerships lodge a class-action lawsuit at VW accusing the automaker of attempting to skirt its legal obligations by selling its new Scout-brand electric vehicles directly to consumers, according to Hagens Berman. The lawsuit was filed March 3, 2026, in the U.S. District Court for the Eastern District of Virginia and states, “To avoid these obligations, VW formed separate companies (defendants Scout Motors Inc. and Scout Motor Sales LLC) to effectively act as shell corporations for distribution. In truth, Scout is simply an offshoot of Volkswagen, and Volkswagen’s decision to sell the Scout EVs is a blatant breach of its contract with the dealers.” Sunrise Imports LLC of Long Island, New York and Curran Volkswagen Inc. of Stratford, Connecticut bring claims on behalf of a proposed class of all US persons and entities who own or operate a Volkswagen dealership via a Volkswagen Dealer Agreement. The firm has brought prior successful litigation against Volkswagen on behalf of dealership owners when it achieved a $1,200 million settlement in the aftermath of the Dieselgate emissions-cheating litigation, in which the firm also played a leadership role, culminating in a separate $14,700 million settlement, the largest ever achieved against an automaker. Additionally, the firm represented FCA dealership owners against the automaker for practices that allegedly harmed dealers. The lawsuit cites contractual language from the Volkswagen Dealer Agreement stating plainly, “VWoA will sell and deliver Authorized Products to Dealer in accordance with this Agreement,” and “In the conduct of its business, VWoA will: …Avoid all discourteous, deceptive, misleading, unprofessional or unethical practices.” By refusing to sell “Authorized Products” to dealers, Volkswagen has breached its agreement, the lawsuit states. According to the lawsuit, Volkswagen sought to shirk its legal responsibilities “based on the fiction that Scout is separate from Volkswagen,” when in fact the brand was wholly obtained by Volkswagen AG when it acquired American truck manufacturer International Motors (Navistar) in 2021. As cited in the lawsuit, Scout’s CEO, Scott Keogh, stated publicly in a recent podcast, “100% Scout Motors is part of the Volkswagen Group. Scout Motors is a LLC, and reports into the Volkswagen Group directly in Germany.” The lawsuit brings claims of breach of contract, tortious interference with business relations and conspiracy to injure a business relationship and seeks damages (including punitive and treble damages) and injunctive relief ending the behavior in question. Annuncio • Feb 21
Volkswagen Group Announces Executive Changes Andreas Mindt, Head of Design Volkswagen Brand, will additionally lead Group Design for the Volkswagen Group starting March 1, 2026. He succeeds Michael Mauer, who is leaving the company on amicable terms as part of a generational transition.
Mauer had previously transferred his responsibilities at Porsche to his successor. Andreas Mindt began his career in the Volkswagen Group in 1996 after graduating with a degree from the Pforzheim University School of Design. By 2014 he had already held several positions at the Volkswagen brand, working on the design of the first generation of the Tiguan and on the exterior design of the Golf 7, among other things. From 2014 until 2021, he spearheaded the realignment of Audi's exterior design from the Audi A1 through to the Audi e-tron GT and from the Audi Third Quarter through to the Audi Q8. From 2021, as Director of Bentley Design, he was tasked with defining Bentley's new design language, unveiled last summer with the Bentley Batur. He has held the post of Head of Design at the Volkswagen Passenger Cars brand since February 2023. Michael Mauer took over in 2004 as the fourth Head of Design in Porsche's long history, preceded by Ferdinand Alexander Porsche, Anatol Lapine and Harm Lagaay. Mauer studied automotive design at the Pforzheim University of Applied Sciences and joined Porsche following stints at Mercedes, Smart and Saab. At the beginning of his tenure at Porsche AG, he was responsible for the revision of the Cayenne, the new Panamera and the 918 Spyder super sports car. Michael Mauer also transferred the unmistakable Porsche design into the electric age. Since January 2023, he has acted as Head of Group Design for the Volkswagen Group while retaining his position at Porsche. Annuncio • Dec 02
Volkswagen Group Announces Executive Changes Volkswagen Group announced that Effective December 1, 2025, Ludwig Fazel will be appointed as the new Head of Group Strategy, Group Product Strategy, and the General Secretariat of the Volkswagen Group. Until now, he has worked as Chief Operating Officer of Volkswagen Group Components and in parallel as Head of Strategy and Platform Business at Volkswagen Group Technology. his new role, Ludwig Fazel will report to Oliver Blume, CEO of the Volkswagen Group. He succeeds Stefan Weckbach, who is leaving the company at his own request. Ludwig Fazel studied Management and Technology at the Technical University of Munich and at Nanyang Business School in Singapore. Before joining Volkswagen, he worked as a strategy consultant at Roland Berger from 2008 to 2017. He brings a deep understanding of technology topics, the Group's international production network, and
cross-brand collaboration. In recent years, he has played a key role in transforming the Group's components business and making it future-proof. Most recently, as Chief Operating Officer of Volkswagen Group Components, he was responsible for the global production network with approx. 65,000 employees. In parallel, Fazel led the strategic direction of the Volkswagen Group Technology division, which includes Volkswagen Group Components as well as the Battery and Charging Energy business areas. He also established the sale of platforms and components to external partners such as Ford and Mahindra within the Group. Stefan Weckbach began his career after studying and earning a doctorate at the University of St. Gallen, initially working for a management consultancy. In 2008, he joined Porsche, where he held various positions, including in corporate strategy and product line management. Since September 2023, he has served as Head of Group Strategy, Group Product Strategy, and the General Secretariat of Volkswagen AG. Annuncio • Nov 27
Perrone Robotics Files Patent Infringement Actions to Protect Foundational Robotic and Automated Vehicle Technology against Tesla, Toyota, Volkswagen, Hyundai, Kia, Mazda, and Nissan Perrone Robotics, Inc. and Perrone Robotics Innovations, LLC announced that they have filed lawsuits asserting infringement of Perrone Robotics' patented automated vehicle and robotics technologies by seven major automakers: Tesla, Toyota, Volkswagen, Hyundai, Kia, Mazda, and Nissan. The complaints, filed in the U.S. District Courts for the Eastern District of Texas and the Eastern District of Virginia, allege that general-purpose robotics operating systems and applications used with automated driving systems rely on Perrone Robotics' innovations without authorization. Now an industry standard, Perrone Robotics' technology was groundbreaking when company founder Paul Perrone developed it in the mid-2000s. The technology enables automated driving applications to be deployed across fleets of vehicles, an advancement that helped shape the foundation of today's automated vehicles. Paul Perrone was, and remains, a trailblazer in automated vehicle technology, robotics, and AI. Today, nearly every automaker, including the defendants, features automated driving applications as a core component of vehicle safety and driver convenience. The complaints allege that certain automated driving suites and vehicle software stacks incorporate features covered by Perrone Robotics' patents. Perrone Robotics is represented by leading national litigation firm Susman Godfrey LLP, including Shawn Blackburn, Sy Polky, Hunter Vance, Larry Liu, Sarah Pike, and Whitney Wester. Perrone Robotics continues to advance and deploy its autonomous vehicle technologies globally. The company remains focused on collaboration with industry partners, maintaining active integrations and programs that deliver safe, reliable, and practical autonomy solutions. Annuncio • Nov 13
Volkswagen AG, Annual General Meeting, Jun 18, 2026 Volkswagen AG, Annual General Meeting, Jun 18, 2026, at 10:00 W. Europe Standard Time. Annuncio • Nov 03
Volkswagen AG to Report Q1, 2026 Results on Apr 30, 2026 Volkswagen AG announced that they will report Q1, 2026 results on Apr 30, 2026 Reported Earnings • Oct 31
Third quarter 2025 earnings: Revenues exceed analyst expectations Third quarter 2025 results: Revenue: €80.3b (up 2.3% from 3Q 2024). Net loss: €313.0m (down 126% from profit in 3Q 2024). Revenue exceeded analyst estimates by 2.9%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Major Estimate Revision • Oct 30
Consensus EPS estimates fall by 19% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €11.46 to €9.34 per share. Revenue forecast steady at €323.6b. Net income forecast to shrink 10% next year vs 24% growth forecast for Auto industry in Germany . Consensus price target of €113 unchanged from last update. Share price was steady at €90.24 over the past week. Annuncio • Oct 13
Volkswagen AG Names Markus Haupt as Its New Chief Executive Officer of Seat and Cupra Seat and Cupra, a Spain-based subsidiary of German automaker Volkswagen AG has named Markus Haupt as its new chief executive officer. Haupt has served as interim CEO since April 2025. He has over 20 years of experience in various roles within the Volkswagen Group and a career that started at Seat. He has expertise in production, logistics, and strategic leadership. He has served in leadership roles across multiple brands and countries. Haupt studied and graduated in Barcelona. Major Estimate Revision • Sep 23
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from €17.33 to €15.33 per share. Revenue forecast steady at €323.1b. Net income forecast to grow 14% next year vs 22% growth forecast for Auto industry in Germany. Consensus price target broadly unchanged at €113. Share price fell 11% to €90.38 over the past week. Annuncio • Sep 22
Volkswagen AG Reaffirms Group Earnings Guidance for the Year 2025 Volkswagen AG reaffirmed group earnings guidance for the year 2025. For the year, the group announced guidance of sales revenue remains unchanged (on the level of the previous year). Reported Earnings • Jul 29
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: €4.34 (down from €6.15 in 2Q 2024). Revenue: €80.8b (down 3.0% from 2Q 2024). Net income: €2.18b (down 29% from 2Q 2024). Profit margin: 2.7% (down from 3.7% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.0%. Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 16% per year whereas the company’s share price has fallen by 12% per year. Annuncio • May 20
Volkswagen Weighs Plan to Sell or Find Partner for Italdesign Volkswagen AG (XTRA:VOW3) is considering a plan to sell its fully-owned design and engineering unit Italdesign (Italdesign Giugiaro S.p.A.) or to find a partner for it, union representatives said on May 19, 2025, as part of the German automaker's efforts to overhaul its European operations. Volkswagen, which controls Italdesign through its Audi unit, is under pressure from increasing competition and a lacklustre European car market. Audi was not immediately available for comment. Volkswagen, has received preliminary expressions of interest from four or five counterparts, the union representatives said after a meeting with Italdesign management, adding the German company will not consider offers from competitors or financial groups. "The management confirmed in the meeting that Audi is assessing a possible sale of Italdesign," Gianni Mannori of Fiom union told Reuters, adding alternative options could be considered. The process could take a few months, Mannori added. Rocco Cutrì, the head of FIM Cisl union in Turin, said Audi was running a preliminary due diligence process at Italdesign, to prepare the unit for the plan. Upcoming Dividend • May 12
Upcoming dividend of €6.36 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 21 May 2025. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.3%). In line with average of industry peers (6.2%). Reported Earnings • May 02
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: €3.65 (down from €6.45 in 1Q 2024). Revenue: €77.6b (up 2.8% from 1Q 2024). Net income: €1.83b (down 43% from 1Q 2024). Profit margin: 2.4% (down from 4.3% in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 47%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. Annuncio • Mar 18
Volkswagen AG, Annual General Meeting, May 16, 2025 Volkswagen AG, Annual General Meeting, May 16, 2025, at 10:00 Central European Standard Time. Location: Volkswagen Aktiengesellschaft Group Investor Relations Mailbox 1849 38436 Wolfsburg Germany Agenda: The 65th Annual General Meeting of Volkswagen Aktiengesellschaft. New Risk • Mar 13
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.8% Last year net profit margin: 5.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (7.3% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.8% net profit margin). Declared Dividend • Mar 13
Dividend reduced to €6.36 Dividend of €6.36 is 30% lower than last year. Ex-date: 19th May 2025 Payment date: 21st May 2025 Dividend yield will be 5.9%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (26% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.7% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 35% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Annuncio • Mar 12
Volkswagen AG announces Annual dividend, payable on May 21, 2025 Volkswagen AG announced Annual dividend of EUR 6.3600 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Reported Earnings • Mar 12
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: €24.72 (down from €31.94 in FY 2023). Revenue: €324.7b (flat on FY 2023). Net income: €12.4b (down 23% from FY 2023). Profit margin: 3.8% (down from 5.0% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 7.2%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 10% per year. Annuncio • Jan 24
Volkswagen Reportedly Plans to Lower Traton Stake Volkswagen AG (XTRA:VOW3) intends to divest a 15% stake in its truck subsidiary Traton SE (XTRA:8TRA), pursuing proceeds of around EUR 2 billion (USD 2.08 billion), local magazine Manager Magazin reported on Wednesday. The potential deal is expected to take place in the first half of 2025, the magazine said, citing unnamed sources. Volkswagen currently holds 89.72% of Traton after selling a 10.28% stake in an initial public offering (IPO) in 2019. In May 2024, however, Volkwagen CEO Oliver Blume indicated intentions to reduce the shareholding to 75% plus one share in the medium-term. Annuncio • Nov 28
Shanghai Motor Vehicle Inspection Center agreed to acquire Volkswagen factory in Xinjiang and a test track in Turpan from Volkswagen AG (XTRA:VOW3). Shanghai Motor Vehicle Inspection Center agreed to acquire Volkswagen factory in Xinjiang and a test track in Turpan from Volkswagen AG (XTRA:VOW3) on November 27, 2024. Annuncio • Nov 23
Volkswagen AG to Report Fiscal Year 2024 Results on Mar 11, 2025 Volkswagen AG announced that they will report fiscal year 2024 results on Mar 11, 2025 Reported Earnings • Nov 01
Third quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2024 results: EPS: €2.42 (down from €7.76 in 3Q 2023). Revenue: €78.5b (flat on 3Q 2023). Net income: €1.21b (down 69% from 3Q 2023). Profit margin: 1.5% (down from 4.9% in 3Q 2023). Revenue exceeded analyst estimates by 3.5%. Earnings per share (EPS) missed analyst estimates by 31%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has fallen by 23% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Oct 31
Consensus EPS estimates increase by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from €23.86 to €26.29. Revenue forecast steady at €320.7b. Net income forecast to shrink 7.0% next year vs 8.7% decline forecast for Auto industry in Germany. Consensus price target of €120 unchanged from last update. Share price was steady at €89.88 over the past week. Major Estimate Revision • Oct 02
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from €326.1b to €322.5b. EPS estimate also fell from €27.89 per share to €24.76 per share. Net income forecast to shrink 6.7% next year vs 6.4% decline forecast for Auto industry in Germany. Consensus price target down from €130 to €124. Share price was steady at €93.30 over the past week. Major Estimate Revision • Oct 01
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from €27.89 to €24.87 per share. Revenue forecast steady at €322.8b. Net income forecast to shrink 4.7% next year vs 6.5% decline forecast for Auto industry in Germany. Consensus price target down from €133 to €126. Share price rose 2.6% to €95.16 over the past week. Annuncio • Sep 10
Volkswagen Announces Management Changes At Volkswagen Passenger Cars Brand, Effective October 1, 2024 With effect from October 1, 2024, there will be a change on the Board of Management of Volkswagen Passenger Cars brand. Patrik A. Mayer will take over from David Powels as Executive Vice-President for Finance and IT at SEAT S.A., while David Powels will take over the responsibilities of Patrik A. Mayer. Patrik A. Mayer will take over from David Powels as Chief Financial and IT Officer of SEAT. S.A., while David Powels will take over the responsibilities of Patrik A. Mayer. As CFO of the Volkswagen brand, Patrik Mayer has made a significant contribution to the structured and successful launch of the performance program. David Powel will build on this. And at the same time - under even more difficult conditions - provide impetus for competitive costs and structures. Patrik Andreas Mayer comes from Heilbronn, where he was born in 1970. After graduating from high school in 1990, Mayer studied mechanical and industrial engineering at KIT (Karlsruhe Institute of Technology), Coventry University and the École Nationale Supérieure d'Arts et Métiers in Paris. He also holds a Master of Business Administration from Henley Management College in the UK. He began his professional career at the Volkswagen Group in 1997 as an international trainee in Wolfsburg. In 2001, he became Head of Investment Controlling at the Volkswagen Passenger Cars brand. This was followed by numerous management positions within the Group, including Head of Business Development, Director of Finance at Volkswagen Navarra and Executive Vice President for Finance and Information Technology at Volkswagen Group of America in Chattanooga. In 2014, he was given responsibility for Controlling at the components plant in Kassel before being appointed to the Board of Management of Volkswagen Group Russia as Chief Financial Officer in 2016. Since October 1, 2022, he has been a member of the Volkswagen brand Board of Management with responsibility for Finance. David Powels David Powels graduated in Commerce from Nelson Mandela University of Port Elizabeth and qualified as a Chartered Accountant in South Africa. He also completed a postgraduate degree in Management Development at the University of Cape Town. Powels started his career at Volkswagen South Africa in 1989. After working in Germany and Brazil, he was appointed CEO of Volkswagen Group South Africa in 2007. He then became President and CEO of Volkswagen Brazil and the Volkswagen Region South America. Since the end of 2017, he has held the position of First Vice-President and Executive Vice-President for Commercial at SAIC Volkswagen Automotive Co. in China, and since September 1, 2021, Powels has been Board Member for Finance and IT at SEAT S.A. Buy Or Sell Opportunity • Aug 05
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to €93.90. The fair value is estimated to be €118, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years. Earnings per share has declined by 7.3%. For the next 3 years, revenue is forecast to grow by 2.6% per annum. Earnings are also forecast to grow by 6.5% per annum over the same time period. Reported Earnings • Aug 02
Second quarter 2024 earnings: Revenues in line with analyst expectations Second quarter 2024 results: Revenue: €83.3b (up 4.1% from 2Q 2023). Net income: €3.27b (flat on 2Q 2023). Profit margin: 3.9% (down from 4.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Auto industry in Germany. Annuncio • Jul 11
Volkswagen AG Updates Earnings Guidance for the Full Year 2024 Volkswagen AG updated earnings guidance for the full year 2024. For the period, company now expects an operating return on sales of 6.5% to 7.0% (previously: 7.0% to 7.5%). Upcoming Dividend • May 23
Upcoming dividend of €9.06 per share Eligible shareholders must have bought the stock before 30 May 2024. Payment date: 04 June 2024. Payout ratio is a comfortable 30% but the company is not cash flow positive. Trailing yield: 7.7%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (6.2%). Annuncio • May 14
Volkswagen Reportedly Explores Stock Sale in Traton Volkswagen AG (XTRA:VOW3) is exploring the sale of as much as €1 billion ($1.1 billion) of stock in Traton SE (XTRA:8TRA), people familiar with the matter said, taking advantage of the truckmaker’s surging price to increase the number of shares available for trading. VW, which owns about 90% of Traton, has been talking to potential advisers about a sale to institutional investors via an accelerated bookbuilding transaction as soon as the next few weeks, the people said. The size of the offering could be about €500 million to €1 billion depending on market conditions, according to the people. Reported Earnings • May 01
First quarter 2024 earnings: Revenues in line with analyst expectations First quarter 2024 results: Revenue: €75.5b (down 1.0% from 1Q 2023). Net income: €3.43b (down 19% from 1Q 2023). Profit margin: 4.5% (down from 5.5% in 1Q 2023). Revenue was in line with analyst estimates. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 19% per year, which means it is performing significantly worse than earnings. Reported Earnings • Mar 14
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: €31.92 (up from €29.66 in FY 2022). Revenue: €322.3b (up 15% from FY 2022). Net income: €16.6b (up 12% from FY 2022). Profit margin: 5.2% (down from 5.3% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.8%. Earnings per share (EPS) also surpassed analyst estimates by 4.2%. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 2.9% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Annuncio • Feb 26
Volkswagen AG to Report Q1, 2024 Results on Apr 30, 2024 Volkswagen AG announced that they will report Q1, 2024 results on Apr 30, 2024 Annuncio • Jan 30
Volkswagen Ag Appoints Thomas Ulbrich as Its New Head of Technical Development in China on April 1, 2024 Volkswagen AG has named Thomas Ulbrich as its new head of technical development in China. 'Thomas Ulbrich, Member of the Board of Management for New Mobility at the Volkswagen brand since 2022, will be appointed head of Development at the Volkswagen Group in China on April 1, 2024. The statement also added that the Board of Management will be reduced to seven members from eight in future, and the 'New Mobility' and 'Technical Development' divisions will be integrated. Annuncio • Nov 24
Volkswagen Engine Coolant Pump Settlement Reaches in Canada A settlement in Canada has been reached with Volkswagen to resolve allegations of issues with primary engine coolant pumps in certain 2008-2021 Volkswagen and Audi vehicles. Volkswagen completely denies any and all wrongdoing or liability, however its motivation in reaching the settlement is to ensure customer satisfaction and confidence in its vehicles. The class actions were certified on October 16, 2023. The parties have agreed to settle the class actions in Canada on a without prejudice or admission basis, by way of mutual concessions. The settlement must be approved by the Court to become effective. The settlement approval hearing will be held on December 1, 2023 at the Court of King's Bench, Saskatchewan, or virtually, subject to the direction of the Court. Requests to opt out or object to the settlement must be received by November 30, 2023. Reported Earnings • Oct 28
Third quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2023 results: EPS: €7.76 (up from €3.90 in 3Q 2022). Revenue: €78.8b (up 12% from 3Q 2022). Net income: €4.03b (up 106% from 3Q 2022). Profit margin: 5.1% (up from 2.8% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.9%. Earnings per share (EPS) missed analyst estimates by 2.9%. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Annuncio • Oct 21
Volkswagen AG Updates Group Earnings Guidance for the Year 2023 Volkswagen AG updated group earnings guidance for the year 2023. The company continues to expect Group sales revenue to be 10% to 15% higher than the prior-year figure. The company now expects operating result for the full year 2023 to be around the level of the previous year before special items, which was around EUR 22.5 billion (previously: operating return on sales between 7.5% and 8.5%). Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: €7.56 (vs €7.46 in 2Q 2022) Second quarter 2023 results: EPS: €7.56 (up from €7.46 in 2Q 2022). Revenue: €80.1b (up 15% from 2Q 2022). Net income: €3.79b (up 1.3% from 2Q 2022). Profit margin: 4.7% (down from 5.4% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Auto industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Jul 26
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (12% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (321% cash payout ratio). Profit margins are more than 30% lower than last year (4.3% net profit margin). Shareholders have been diluted in the past year (3.4% increase in shares outstanding). Annuncio • Jul 12
Volkswagen Ag Appoints Giovanni Palazzo as Head of Charging and Energy and Will Also Be CEO and Head of Sales for the Elli Brand Volkswagen has named Giovanni Palazzo as the head of charging and energy. He has been overseeing business since 1 July and will also be CEO and head of sales for the Elli brand. Annuncio • Jun 22
Volkswagen Group Announces Executive Changes Volkswagen Group announced that Lars Korinth will become the new Head of Investor Relations in the Volkswagen Group from autumn 2023 onwards. In this role, he succeeds Julian Krell, who is leaving the company at his own request on June 30, 2023. Lars Korinth, currently Head of Investor Relations at TRATON SE, will be responsible for Investor Relations at Volkswagen AG from autumn 2023 onwards. Korinth already knows the company from his time as Senior Investor Relations Manager at Volkswagen and most recently as Head of Investor Relations at TRATON SE. Lars Korinth holds a degree in banking business administration and has already worked in various positions as an equity analyst and Investor Relations Manager. At Volkswagen, among other things, he was Senior Investor Relations Manager for four years. He was heading the Investor Relations department of the consumer and industrial goods group Henkel for more than four years until early 2022. Most recently, Korinth was Head of Investor Relations at TRATON SE, a subsidiary of Volkswagen AG, which is one of the world's leading truck manufacturers with its Scania, MAN, Navistar and Volkswagen Truck Bus brands. Annuncio • Jun 07
Anexo Group plc Announces Settlement with Volkswagen AG Anexo can announce that the Group has reached an agreement with Volkswagen AG ("VW") and its subsidiaries to conclude the claims of around 12,000 claimants represented by the Group (the "VW Emissions case"). The VW Emissions case was handled by a specialist team within the Group's legal services division, Bond Turner. This agreement avoids the need for protracted litigation and the substantial legal costs that would have been incurred by both parties had the matter progressed to trial. The terms of the agreement are subject to confidentiality restrictions, however the Group can announce that it will have a net positive cash position to Anexo of £7.175 million. Annuncio • May 20
Art-Finance LLC acquired Volkswagen Group Rus OOO from Volkswagen AG (XTRA:VOW3). Art-Finance LLC acquired Volkswagen Group Rus OOO from Volkswagen AG (XTRA:VOW3) on May 19, 2023. The transaction has been approved by the Russian government authorities.Art-Finance LLC completed the acquisition of Volkswagen Group Rus OOO from Volkswagen AG (XTRA:VOW3) on May 19, 2023. Annuncio • May 09
Volkswagen AG Announces Executive Changes Volkswagen has named an executive from its luxury Bentley brand to lead its struggling software unit as Oliver Blume, its new chief executive, seeks to fix long-standing issues. Peter Bosch, who heads production at Bentley, will take the helm at Cariad from June 1, replacing Dirk Hilgenberg. Improving Cariad is a central issue following delays to key models like the Audi Q6 e-tron and Porsche's electric Macan. Plans for a cross-brand platform, meant to deliver self-driving capabilities, have been pushed back. The move suggests that Mr. Blume is sticking with the concept of developing an in-house software platform. Annuncio • Feb 07
Volkswagen Reportedly Considers Sale of Car Plant in Kaluga Volkswagen AG (XTRA:VOW3) considers selling its Russian assets, including a car plant in Kaluga, but no final decision has been made yet, a spokesperson for the company told PRIME on February 6, 2023. “We monitor the situation and consider various further scenarios. One of the options is a sale of Volkswagen Group Rus's assets to a third party. Nevertheless, no decision has been made," the person said. Kommersant business daily reported earlier that Sistema was interested in acquiring a Volkswagen car plant in Kaluga, the deal may involve Kazakhstan's car producer Allur. 
