Based on preliminary figures, Volkswagen AG generated net cash flow of around €6 billion in the Automotive Division in the 2025 fiscal year (2024: €5.0 billion). As a consequence, net liquidity in the Automotive Division rose to more than €34 billion as of the balance sheet date of December 31, 2025 (September 30, 2025: €31.0 billion). Both preliminary figures are thus significantly above the figures expected by Volkswagen AG for the 2025 fiscal year of around €0 billion for net cash flow and around €30 billion for net liquidity, and above the current average market expectation available to the company. The positive deviation in net cash flow and net liquidity in the Automotive division is primarily attributable to lower working capital and lower-than-expected investments in capex and research and development. On a preliminary basis, the investment ratio is at around 12% of sales revenue in the Automotive division for the year. The consolidated financial statements for 2025 will be published on March 10, 2026. The definitions of net cash flow and net liquidity can be found in the 2024 Annual Report on pages 85ff.
Lars Korinth
Head of Group Investor Relations
Tel.: 0152-29454956