Financials Volkswagen CINNOBER BOAT

Stocks

VKW

DE0007664005

Auto & Truck Manufacturers

Delayed CINNOBER BOAT Other stock markets			5-day change	1st Jan Change
- ^EUR	-.--%		-.--%	-

07-31	INDEX MONITOR/JPMorgan: Eon has a shot at the EuroStoxx, VW and BMW likely out	DP
07-31	Forvia welcomes VW's decision to reduce vehicle diversity, CEO says	RE

Projected Income Statement: Volkswagen

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	250,200	279,232	322,284	324,656	321,913	323,485	330,624	337,597
Change	-	11.6%	15.42%	0.74%	-0.84%	0.49%	2.21%	2.11%
EBITDA ¹	32,359	37,721	36,513	36,796	32,102	36,688	39,761	43,324
Change	-	16.57%	-3.2%	0.78%	-12.76%	14.28%	8.38%	8.96%
EBIT ¹	19,275	22,124	22,576	19,060	8,868	14,352	17,434	20,105
Change	-	14.78%	2.04%	-15.57%	-53.47%	61.84%	21.48%	15.32%
Interest Paid ¹	-1,471	-2,476	-1,673	-2,629	-491	-1,425	-1,406	-1,160
Earnings before Tax (EBT) ¹	20,126	22,044	23,194	16,806	9,307	13,628	16,681	19,629
Change	-	9.53%	5.22%	-27.54%	-44.62%	46.43%	22.4%	17.67%
Net income ¹	14,843	14,867	16,013	10,721	6,673	9,212	11,443	13,198
Change	-	0.16%	7.71%	-33.05%	-37.76%	38.05%	24.21%	15.34%
Announcement Date	3/15/22	3/14/23	3/13/24	3/11/25	3/10/26	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	56,931	63,601	62,742	69,543	70,712	76,235	76,198	80,059	78,845	87,182	75,461	83,339	78,478	87,377	77,558	80,806	80,305	83,244	75,657	82,444	80,827	85,216	74,137	79,092	82,613	87,753
Change	-	11.72%	-1.35%	10.84%	1.68%	7.81%	-0.05%	5.07%	-1.52%	10.57%	-13.44%	10.44%	-5.83%	11.34%	-11.24%	4.19%	-0.62%	3.66%	-9.11%	8.97%	-1.96%	5.43%	-13%	6.68%	4.45%	6.22%
EBITDA ¹	5,600	8,904	11,530	7,784	10,034	-	9,934	11,717	9,270	10,180	8,601	9,732	7,407	11,696	6,808	7,496	6,393	10,344	7,533	9,274	9,317	11,094	8,848	8,753	10,880	10,533
Change	-	59%	29.49%	-32.49%	28.91%	-	-	17.95%	-20.88%	9.82%	-15.51%	13.15%	-23.89%	57.9%	-41.79%	10.11%	-14.71%	61.8%	-27.18%	23.11%	0.47%	19.07%	-20.25%	-1.07%	24.3%	-3.19%
EBIT ¹	2,595	5,322	8,453	4,735	4,269	5,027	5,747	5,600	4,894	6,335	4,588	5,464	2,855	6,153	2,873	3,834	-1,299	3,460	2,463	3,469	3,116	4,679	3,762	4,688	4,654	4,885
Change	-	105.09%	58.83%	-43.98%	-9.84%	17.76%	14.32%	-2.56%	-12.61%	29.44%	-27.58%	19.09%	-47.75%	115.52%	-53.31%	33.45%	-133.88%	366.36%	-28.82%	40.84%	-10.18%	50.17%	-19.6%	24.61%	-0.72%	4.96%
Charge d'intérêts	-415	48	-55	-	-2,052	-555	171	-502	-24	-1,318	-593	-478	-915	-643	-236	-716	685	-	-	-1,604	-	-576	-441	-716	-	-576
Earnings before Tax (EBT) ¹	3,079	5,894	8,895	5,140	2,936	-	6,453	5,446	5,801	5,494	5,181	4,986	2,356	4,282	3,109	3,314	-364	3,248	2,235	2,538	5,016	3,800	4,131	4,223	5,462	4,470
Change	-	91.43%	50.92%	-42.21%	-42.88%	-	-	-15.61%	6.52%	-5.29%	-5.7%	-3.76%	-52.75%	81.75%	-27.39%	6.59%	-110.98%	992.31%	-31.19%	13.56%	97.64%	-24.24%	8.71%	2.23%	29.34%	-18.16%
Net income ¹	2,761	3,978	6,555	3,741	1,957	-	4,209	3,791	4,347	4,665	3,266	3,112	1,212	3,132	1,831	2,175	-482	3,150	1,290	1,284	1,437	2,777	2,348	2,938	4,301	2,845
Change	-	44.08%	64.78%	-42.93%	-47.69%	-	-	-9.93%	14.67%	7.32%	-29.99%	-4.72%	-61.05%	158.42%	-41.54%	18.79%	-122.16%	753.53%	-59.05%	-0.47%	11.94%	93.22%	-15.45%	25.14%	46.37%	-33.85%
Announcement Date	10/28/21	3/15/22	5/4/22	7/28/22	10/28/22	3/14/23	5/4/23	7/27/23	10/26/23	3/13/24	4/30/24	8/1/24	10/30/24	3/11/25	4/30/25	7/25/25	10/30/25	3/10/26	4/30/26	7/24/26	-	-	-	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2022 S1	2023 S1	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1
Net sales ¹	132,285	156,257	158,800	165,856	158,364	163,549	158,102
Change	-	18.12%	1.63%	4.44%	-4.52%	3.27%	-3.33%
EBITDA	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EBIT ¹	13,188	11,347	10,052	9,008	6,707	2,161	5,931
Change	-	-13.96%	-11.41%	-10.39%	-25.54%	-67.78%	174.46%
Charge d'intérêts	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	11,898	10,167	-	6,423	-	4,773
Change	-	-	-14.55%	-	-	-	-
Net income ¹	-	8,521	6,378	-	4,005	-	2,574
Change	-	-	-25.15%	-	-	-	-
Announcement Date	7/28/22	7/27/23	8/1/24	3/11/25	7/25/25	3/10/26	7/24/26

¹EUR in Million

Estimates

Forecast Balance Sheet: Volkswagen

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-26,685	-43,015	-40,289	-36,066	-34,497	-38,132	-39,520	-43,995
Change	-	-61.2%	6.34%	10.48%	4.35%	-10.54%	-3.64%	-11.32%
Announcement Date	3/15/22	3/14/23	3/13/24	3/11/25	3/10/26	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Volkswagen

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	10,496	22,454	25,513	27,446	23,999	23,316	23,154	22,901
Change	-	113.93%	13.62%	7.58%	-12.56%	-2.85%	-0.69%	-1.09%
Free Cash Flow (FCF) ¹	21,906	7,411	10,698	5,537	5,769	5,575	5,846	10,606
Change	-	-66.17%	44.35%	-48.24%	4.19%	-3.37%	4.86%	81.43%
Announcement Date	3/15/22	3/14/23	3/13/24	3/11/25	3/10/26	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Volkswagen

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	12.93%	13.51%	11.33%	11.33%	9.97%	11.34%	12.03%	12.83%
EBIT Margin (%)	7.7%	7.92%	7.01%	5.87%	2.75%	4.44%	5.27%	5.96%
EBT Margin (%)	8.04%	7.89%	7.2%	5.18%	2.89%	4.21%	5.05%	5.81%
Net margin (%)	5.93%	5.32%	4.97%	3.3%	2.07%	2.85%	3.46%	3.91%
FCF margin (%)	8.76%	2.65%	3.32%	1.71%	1.79%	1.72%	1.77%	3.14%
FCF / Net Income (%)	147.58%	49.85%	66.81%	51.65%	86.45%	60.52%	51.09%	80.36%
Profitability
ROA	2.89%	2.72%	2.75%	1.74%	1.04%	1.65%	1.97%	2.65%
ROE	10.93%	9.6%	9.39%	6%	3.6%	5.11%	6.04%	6.69%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.2%	8.04%	7.92%	8.45%	7.46%	7.21%	7%	6.78%
CAPEX / EBITDA (%)	32.44%	59.53%	69.87%	74.59%	74.76%	63.55%	58.23%	52.86%
CAPEX / FCF (%)	47.91%	302.98%	238.48%	495.68%	416%	418.23%	396.09%	215.94%
Items per share
Cash flow per share ¹	77.07	56.84	75.51	65.8	62.65	55.15	59.52	62.86
Change	-	-26.24%	32.83%	-12.86%	-4.79%	-11.97%	7.92%	5.61%
Dividend per Share ¹	7.56	8.76	9	6.36	5.26	5.39	6.516	7.806
Change	-	15.87%	2.74%	-29.33%	-17.3%	2.47%	20.89%	19.8%
Book Value Per Share ¹	288.2	329.9	350.5	363.6	375.6	393.4	410.6	435.9
Change	-	14.49%	6.24%	3.76%	3.28%	4.75%	4.38%	6.15%
EPS ¹	29.65	29.69	31.98	21.42	13.35	18.17	22.99	27.39
Change	-	0.13%	7.71%	-33.02%	-37.68%	36.12%	26.5%	19.14%
Nbr of stocks (in thousands)	501,295	501,295	501,295	501,295	501,295	501,295	501,295	501,295
Announcement Date	3/15/22	3/14/23	3/13/24	3/11/25	3/10/26	-	-	-