Financials Volkswagen AG

Equities

VOW3

DE0007664039

Auto & Truck Manufacturers

Real-time Estimate Tradegate Other stock markets 09:39:04 2025-06-13 EDT			5-day change	1st Jan Change
88.74 ^EUR	-2.35%		-3.40%	-0.58%

06:32am	Authority failure: VW avoids a fine worth millions	DP
03:48am	FAW-VW to recall 202,662 Sagitar cars in China	RE

Projected Income Statement: Volkswagen AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	222,884	250,200	279,232	322,284	324,656	324,041	333,245	342,580
Change	-	12.26%	11.6%	15.42%	0.74%	-0.19%	2.84%	2.8%
EBITDA ¹	25,392	32,359	37,721	36,513	36,796	35,296	39,757	41,053
Change	-	27.44%	16.57%	-3.2%	0.78%	-4.08%	12.64%	3.26%
EBIT ¹	10,606	19,275	22,124	22,576	19,060	16,489	20,130	22,191
Change	-	81.74%	14.78%	2.04%	-15.57%	-13.49%	22.08%	10.24%
Interest Paid ¹	-765	-1,471	-2,476	-1,673	-2,629	-1,639	-1,562	-1,413
Earnings before Tax (EBT) ¹	11,667	20,126	22,044	23,194	16,806	15,340	20,007	22,073
Change	-	72.5%	9.53%	5.22%	-27.54%	-8.72%	30.42%	10.33%
Net income ¹	8,824	14,843	14,867	16,013	10,721	9,909	13,309	14,962
Change	-	68.21%	0.16%	7.71%	-33.05%	-7.57%	34.31%	12.41%
Announcement Date	2/26/21	3/15/22	3/14/23	3/13/24	3/11/25	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	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
Net sales ¹	41,076	59,355	67,398	62,376	67,293	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	82,166	75,078	83,984
Change	-	44.5%	13.55%	-7.45%	7.88%	-15.4%	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%	5.94%	-8.63%	11.86%
EBITDA ¹	1,981	7,004	12,021	8,110	9,542	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	7,059	8,547	10,521
Change	-	253.56%	71.63%	-32.53%	17.66%	-41.31%	59%	29.49%	-32.49%	28.91%	-	-	17.95%	-20.88%	9.82%	-15.51%	13.15%	-23.89%	57.9%	-41.79%	3.69%	21.08%	23.1%
EBIT ¹	-1,707	3,183	8,226	4,812	6,546	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	3,711	3,628	4,368
Change	-	286.47%	158.44%	-41.5%	36.03%	-60.36%	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%	29.17%	-2.24%	20.41%
Charge d'intérêts ¹	-675	-432	693	-868	-236	-415	48	-55	-	-2,052	-555	171	-502	-24	-1,318	-593	-478	-915	-643	-236	-500	-500	-500
Earnings before Tax (EBT) ¹	-2,034	3,606	9,413	4,463	6,690	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	2,380	3,873	4,614
Change	-	277.29%	161.04%	-52.59%	49.9%	-53.98%	91.43%	50.92%	-42.21%	-42.88%	-	-	-15.61%	6.52%	-5.29%	-5.7%	-3.76%	-52.75%	81.75%	-27.39%	-23.45%	62.73%	19.13%
Net income ¹	-1,607	2,583	7,443	3,244	4,860	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	1,300	2,586	3,169
Change	-	260.73%	188.15%	-56.42%	49.82%	-43.19%	44.08%	64.78%	-42.93%	-47.69%	-	-	-9.93%	14.67%	7.32%	-29.99%	-4.72%	-61.05%	158.42%	-41.54%	-29%	98.92%	22.54%
Announcement Date	7/30/20	10/29/20	2/26/21	5/6/21	7/29/21	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	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	129,669	132,285	156,257	158,800	165,856	158,851	157,039
Change	-	2.02%	18.12%	1.63%	4.44%	-4.22%	-1.14%
EBITDA	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-
EBIT ¹	-	13,188	11,347	10,052	9,008	7,241	6,784
Change	-	-	-13.96%	-11.41%	-10.39%	-19.62%	-6.31%
Charge d'intérêts	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	11,898	10,167	-	-	-
Change	-	-	-	-14.55%	-	-	-
Net income	-	-	8,521	6,378	-	-	-
Change	-	-	-	-25.15%	-	-	-
Announcement Date	7/29/21	7/28/22	7/27/23	8/1/24	3/11/25	-	-

¹EUR in Million

Estimates

Forecast Balance Sheet: Volkswagen AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-26,796	-26,685	-43,015	-40,289	-36,066	-35,912	-38,698	-45,225
Change	-	0.41%	-61.2%	6.34%	10.48%	0.43%	-7.76%	-16.87%
Announcement Date	2/26/21	3/15/22	3/14/23	3/13/24	3/11/25	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Volkswagen AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	11,065	10,496	22,454	25,513	27,446	25,966	25,069	24,702
Change	-	-5.14%	113.93%	13.62%	7.58%	-5.39%	-3.45%	-1.47%
Free Cash Flow (FCF) ¹	13,656	21,906	7,411	10,698	5,537	7,120	10,125	11,963
Change	-	60.41%	-66.17%	44.35%	-48.24%	28.59%	42.2%	18.16%
Announcement Date	2/26/21	3/15/22	3/14/23	3/13/24	3/11/25	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Volkswagen AG

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	11.39%	12.93%	13.51%	11.33%	11.33%	10.89%	11.93%	11.98%
EBIT Margin (%)	4.76%	7.7%	7.92%	7.01%	5.87%	5.09%	6.04%	6.48%
EBT Margin (%)	5.23%	8.04%	7.89%	7.2%	5.18%	4.73%	6%	6.44%
Net margin (%)	3.96%	5.93%	5.32%	4.97%	3.3%	3.06%	3.99%	4.37%
FCF margin (%)	6.13%	8.76%	2.65%	3.32%	1.71%	2.2%	3.04%	3.49%
FCF / Net Income (%)	154.76%	147.58%	49.85%	66.81%	51.65%	71.85%	76.07%	79.96%
Profitability
ROA	1.79%	2.89%	2.72%	2.75%	1.74%	1.42%	2.26%	2.34%
ROE	7.09%	10.93%	9.6%	9.39%	6%	5.37%	6.57%	7.28%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	4.96%	4.2%	8.04%	7.92%	8.45%	8.01%	7.52%	7.21%
CAPEX / EBITDA (%)	43.58%	32.44%	59.53%	69.87%	74.59%	73.57%	63.06%	60.17%
CAPEX / FCF (%)	81.03%	47.91%	302.98%	238.48%	495.68%	364.69%	247.61%	206.48%
Items per share
Cash flow per share ¹	49.31	77.07	56.84	75.51	-	61.09	67.23	70.16
Change	-	56.28%	-26.24%	32.83%	-	-	10.06%	4.35%
Dividend per Share ¹	4.86	7.56	7.5	9	-	6.191	7.165	8.054
Change	-	55.56%	-0.79%	20%	-	-	15.73%	12.4%
Book Value Per Share ¹	253.4	288.2	329.9	350.5	-	374.8	397	417.9
Change	-	13.69%	14.49%	6.24%	-	-	5.94%	5.25%
EPS ¹	16.66	29.65	29.69	31.98	-	19.11	24.44	28.48
Change	-	77.97%	0.13%	7.71%	-	-	27.88%	16.54%
Nbr of stocks (in thousands)	501,295	501,295	501,295	501,295	-	501,295	501,295	501,295
Announcement Date	2/26/21	3/15/22	3/14/23	3/13/24	-	-	-	-