Recent results were impacted by several non-operating factors [12, 28]:

: Consistent at approximately 9.0 million units annually through 2024 and 2025 [16, 19]. Segment Highlights

: Significant decline in operating margin to 0.3%, primarily driven by a changing market in China and slower EV ramp-up. Sustainability & Future Strategy

Volkswagen is transitioning toward a more circular and electric-focused model [22].

The Group has maintained a "solid" performance despite a challenging global environment, though it faces pressure on operating margins [12, 16]. : 2025 : €321.9 billion (steady compared to 2024) [19]. 2024 : €324.7 billion (slight increase from 2023) [16]. Operating Result : 2025 : €8.9 billion (a 53% decrease from 2024) [19]. 2024 : €19.1 billion (15% below 2023) [16]. Operating Margin : 2025 : 2.8% (down from 5.9% in 2024) [19].

: Unplanned provisions for severance programs at Volkswagen AG [12].

: New regulations starting in 2031 will require specific recycled content for batteries, including 6% lithium and 16% cobalt [22]. Operational Challenges