Operator

Good morning, ladies and gentlemen, and welcome to the Full Year Results Investor and Analyst Call of Volkswagen AG. [Operator Instructions]

Let me now turn the floor over to Rolf Woller.

Rolf Woller
Head of Group Treasury & Investor Relations

Thank you very much, and a very good morning to everyone, and a warm welcome to the Volkswagen Group Investor and Analyst Conference Call on the Full Year Results 2025. With me today are Oli Blume, our CEO; and Arno Antlitz, our CFO and COO.

Before we start, let me provide you with a few organizational remarks. The press release, the annual report and other related materials were all published early this morning. If you do not have them yet, you can find them on our IR website. As a reminder, and as always, the safe harbor language and other cautionary statements on Page 2 of our presentation will govern today’s presentation. I would like to encourage you to read the disclaimer carefully since all forward-looking statements are qualified by this language. In order to maximize the time for the presentation and the Q&A, I will not read it loud to you.

Our presentation today is structured in 4 chapters. Oli will guide you through the financial and operational highlights in 2025, followed

Banks, industrials, and technology companies fall as European blue-chip indexes all opened sharply lower on surging oil prices.

Spain’s IBEX 35 fell 3% as major banks slipped sharply—Santander was down 4.4%, while BBVA fell 3.5%. Industrials led the fallers in the German DAX—down 2.7%—as Siemens Energy slid 7.25% while cement maker Heidelberg Materials fell 4.5%. The French CAC 40 was down 2.6%. Banks also pushed the FTSE MIB lower. The Italian index was down 2.5%, with UniCredit sliding 4%. In London, the FTSE 100 was down 1.7% as industrial giant Rolls Royce slid 5.1%. Losses in the index were softened somewhat by gains for oil majors BP and Shell. The Dutch AEX was down 1.9% as ASML—Europe’s most valuable company—falls 5%.

DETROIT — Running back Isiah Pacheco, the hard-nosed former Kansas City Chiefs standout, has agreed to a free-agent contract with the Detroit Lions, multiple sources confirmed Tuesday, March 10, 2026. The move reunites Pacheco with a high-powered offense led by Jahmyr Gibbs and addresses the Lions’ immediate need at the position following their trade of David Montgomery to the Houston Texans last week.

NFL Network’s Tom Pelissero first reported the agreement, with ESPN’s Adam Schefter and The Athletic also confirming the deal through league sources. Pacheco, who turns 27 this month, becomes the latest addition to a Detroit roster aiming to build on recent playoff success and contend in the NFC North.

The signing comes as the NFL’s legal tampering period winds down ahead of the official start of the 2026 league year on Wednesday. Terms of the contract were not immediately disclosed, but analysts project a one-year “prove-it” deal in the $4-5 million range, aligning with Spotrac’s estimated market value of $4.3 million for the veteran back. Pacheco’s rookie contract with Kansas City expired after the 2025 season, making him an unrestricted free agent.

Pacheco spent his first four NFL seasons with the Chiefs after being selected in the seventh round (No. 251 overall) of the 2022 draft out of Rutgers. Known for his explosive, physical style — often described as “violent” by scouts — he burst onto the scene as a rookie, rushing for 830 yards and five touchdowns while contributing in the passing game. Over his career in Kansas City, Pacheco amassed more than 2,000 rushing yards, showcasing burst and toughness that helped the Chiefs win multiple Super Bowls.

Injuries hampered his later years in Kansas City. A fractured fibula sidelined him for much of 2024, and he struggled to regain form in 2025, carrying the ball 118 times for 462 yards and one touchdown in a committee role that included veteran Kareem Hunt. His yards-per-carry average dipped to 3.9 over the past two seasons, down from 4.7 in his first two campaigns. Despite the production dip, Pacheco’s downhill running and ability to break tackles remain assets, particularly in a scheme that values physicality.

The Lions’ interest stems directly from the March 2 trade that sent Montgomery — a reliable veteran who had been a key complement to Gibbs — to Houston in exchange for offensive lineman Juice Scruggs and draft picks. Montgomery’s departure left a void for a power back capable of handling early-down work and short-yardage situations, allowing Gibbs to operate as the primary explosive threat.

Detroit’s backfield now features Gibbs, the dynamic 2023 first-round pick who has emerged as one of the league’s most versatile runners, paired with Pacheco’s bruising style. The combination could provide balance: Gibbs’ speed and receiving skills out of the backfield, complemented by Pacheco’s ability to churn out tough yards between the tackles.

Lions coach Dan Campbell, known for favoring physical, aggressive players, has long valued running backs who embrace contact. Pacheco fits that profile, bringing the same tenacity that endeared him to Chiefs fans and coaches. The addition bolsters an offense already featuring quarterback Jared Goff, wide receivers Amon-Ra St. Brown and Jameson Williams, and a strong offensive line.

For Pacheco, the move represents a fresh start after a challenging end to his Chiefs tenure. Kansas City opted not to extend him or use franchise-tag leverage, clearing the path for free agency. Reports from The Athletic indicated he was “likely” to sign elsewhere, with hopes of a resurgence in a new environment. Detroit’s run-heavy scheme under offensive coordinator Ben Johnson could provide the volume and protection needed to rebuild his value ahead of future contracts.

The Lions enter the 2026 offseason with momentum from recent deep playoff runs, positioning themselves as contenders in a competitive division. Adding Pacheco at a relatively low cost allows flexibility under the salary cap while addressing roster needs without overcommitting resources.

Pacheco’s career stats include solid contributions in the postseason, where he helped Kansas City during championship runs. His ability to perform in high-stakes games could prove valuable for Detroit as it pursues a Super Bowl berth.

As free agency unfolds, the Lions continue to reshape their roster. The Pacheco signing signals confidence in their young core while adding veteran experience and physicality to the backfield. Fans in Detroit are already buzzing about the potential one-two punch of Gibbs and Pacheco, envisioning a ground game that wears down defenses.

Pacheco is expected to officially sign once the league year begins Wednesday afternoon. Training camp will provide the first look at how he integrates into the Lions’ system, but early indications point to a motivated player eager to prove doubters wrong after recent setbacks.

The deal underscores the fluid nature of NFL free agency, where a seventh-round gem from one championship contender finds a new home with another rising power. For the Lions, it’s a calculated addition aimed at sustaining offensive dominance in 2026 and beyond.

In finance, trust starts with clear information. Banks, payment providers, regulators, and business partners all need to know who they are dealing with before money moves. That need has grown as commerce has become more digital and more international.

A company can now trade, raise funds, open accounts, or work with suppliers across borders with far more ease than before, but that also means firms need better ways to prove who they are. For many organisations, tools such as LEI 24 sit within that wider shift toward reliable business identity, where accurate entity data helps support trust, smoother checks, and stronger compliance.

Why digital identity matters more now

Business identity once relied on slow checks, local records, and fragmented systems. That model creates friction in a market where firms often operate in many places at once. When a bank reviews a client, or when one company enters a new financial relationship, it needs confidence that the entity is real, active, and correctly recorded.

Digital identity helps solve that problem. It gives institutions a consistent way to identify organisations across systems and jurisdictions. This matters because financial risk often rises when data is unclear. A missing detail, an outdated address, or confusion between similar company names can delay onboarding, trigger extra checks, or create reporting errors.

Standardised identifiers reduce that uncertainty. They help different parties refer to the same entity in the same way. In practical terms, that can support faster checks and cleaner records.

Clear entity data supports better decisions

Good decisions rely on reliable data. In finance, every review process depends on identity data at some stage. A lender may need to confirm the legal status of a business. A financial institution may need to complete due diligence. A trading firm may need to meet reporting rules. In each case, a clear identity record supports the process.

A Legal Entity Identifier exists for this purpose. The system provides a unique global code linked to reference data about a company. This data helps institutions identify legal entities that take part in financial transactions. Because the identifier is standardised, different organisations can rely on the same reference point.

For businesses, the benefit is practical. Clear identity data can reduce delays, improve record accuracy, and help teams respond quickly when banks, investors, or partners request verification details. It also helps internal teams keep records aligned across departments.

The role of digital identity in compliance

Compliance teams work with a simple goal that involves many moving parts. They must ensure that the correct entity appears in the correct record at the correct time. As reporting rules evolve and oversight remains strict, organisations cannot depend on scattered or incomplete information.

Digital identity tools support compliance by creating a stronger base for verification. They help institutions manage onboarding, reporting, and monitoring by linking entity records to clear organisational data. This becomes even more valuable when businesses operate across borders and interact with multiple regulators or financial partners.

LEIs support this framework because they help identify organisations involved in financial transactions. When financial institutions and regulators refer to the same identifier, the system becomes easier to understand and manage.

For small and medium sized businesses, this can have practical value. Companies that seek investment, enter regulated activity, or work with larger financial partners may find that structured identity data helps processes move forward with fewer questions.

Digital finance depends on shared standards

Modern finance relies on connected systems. Banks, payment providers, fintech platforms, data companies, and regulators exchange information every day. Shared standards make this exchange possible without confusion.

Without common identifiers, the same company may appear differently across multiple systems. This creates inefficiency and risk. Teams must spend time reconciling records, correcting mismatches, and answering follow up questions about identity.

Shared identifiers reduce that burden. They allow organisations to reference the same entity with the same code across different platforms. This strengthens data quality and reduces operational friction.

In this sense, digital identity forms part of financial infrastructure. Clear identification standards support accurate data, and accurate data supports efficient financial activity.

What businesses should focus on

Most companies do not need to view digital identity as a technical concept. They can approach it through practical steps. Businesses should ensure that their legal details remain accurate, their records remain consistent, and their information can be verified when partners request it.

A strong approach starts with maintaining up to date company information. Business records should match official registrations, and entity details should stay current. Firms should also understand which identifiers are relevant for their industry or financial activity.

This approach does not require complex systems. The key is to treat identity data as part of operational readiness. When records are clear and consistent, companies can respond quickly to onboarding requests, compliance checks, and partnership opportunities.

A more trusted financial system starts with better identity

Digital finance depends on confidence. People need confidence in the systems they use, the companies they work with, and the data behind each transaction. That confidence grows when organisations can be identified clearly and consistently.

Digital identity helps build that trust. It supports verification, strengthens compliance processes, and improves the quality of financial data across the system. As financial activity continues to evolve, the importance of reliable business identification will continue to grow.

For businesses of every size, the message is simple. Clear identity is no longer a background detail. It is an essential part of modern financial operations.

Meetings create momentum inside teams. They are where ideas get tested, problems get unpacked, and decisions finally move forward. But the moment a meeting ends, something familiar happens: people remember the discussion slightly differently.

The Hidden Challenge of Note-Taking

Letting the Conversation Be the Record

When Audio Becomes Text

Making Long Transcripts More Practical

Why Teams Are Adopting This Method

A Better Memory for Team Discussions

A Different Way to Capture Meetings

ABU DHABI, United Arab Emirates — Zayed International Airport (AUH), the primary international gateway to Abu Dhabi, remains partially open and operational as of March 11, 2026, following widespread disruptions triggered by escalating geopolitical tensions in the Middle East. The airport, also commonly referred to as Abu Dhabi Airport, has gradually resumed limited commercial flights since early March after temporary airspace restrictions and security concerns halted most services.

The partial resumption comes in coordination with the UAE’s General Civil Aviation Authority (GCAA), the Emergencies, Crises and Disasters Management Center – Abu Dhabi, and major carriers like Etihad Airways. Officials emphasize that while the facility is not closed, it is far from full capacity, with operations restricted to select routes, repatriation efforts, and essential flights. Travelers are strongly advised not to head to the airport without a confirmed booking, as many services remain suspended or subject to last-minute changes.

The disruptions began in late February and early March 2026 amid heightened regional conflict, including reported missile threats and airspace closures across parts of the Gulf. Initial suspensions affected Etihad Airways and other operators, stranding thousands of passengers and leading to significant cancellations. By March 2, limited flights restarted at Zayed International Airport, with Etihad operating select departures to destinations such as London, Paris, and Mumbai. Further phased reopenings followed, with Etihad announcing a limited schedule from March 6 through March 19, covering up to 70 destinations worldwide on certain days, though not all routes operate daily.

As of March 10 and into March 11, Etihad has continued updating its flight schedules, with confirmed departures including services to Jeddah, Toronto, New York, Cairo, Riyadh, Malé, Bangkok, Phuket, Kuala Lumpur, and Colombo, among others. These flights are prioritized for passengers with existing bookings, and new tickets are available through the airline’s website. However, airlines warn that all operations remain contingent on airspace approvals and evolving security conditions. Etihad has reiterated that passengers should check flight status directly at etihad.com and avoid traveling to the airport unless directly contacted or holding a confirmed reservation.

Airport authorities report that facilities inside Zayed International Airport, including cafés, restaurants, and other amenities, are operating normally for those with access. Passengers with confirmed flights are recommended to arrive 45 minutes earlier than usual to account for additional security and processing times. Free high-speed Wi-Fi remains available, along with services like meet-and-assist and porter support.

Flight tracking data indicates moderate delays at the airport, with some cancellations still occurring due to the constrained environment. Sources close to aviation monitoring show dozens of delays and cancellations linked to regional routes, though exact figures fluctuate hourly. The airport’s official website, zayedinternationalairport.ae, provides real-time flight status tools for departures and arrivals, allowing users to search by flight, airline, or city.

The broader context involves partial reopenings across UAE hubs, including Dubai International Airport (DXB), where similar limited operations have resumed. Airlines such as Emirates, flydubai, and Air Arabia have also restarted select services, but full network restoration could take additional days or weeks depending on regional developments. Other Gulf carriers, including those in Qatar and Oman, have reported ongoing cancellations on certain routes due to airspace limitations.

Abu Dhabi Airports, the operator of Zayed International Airport, has highlighted efforts to support affected passengers, including rebooking assistance and accommodations where feasible. In statements, the authority stressed passenger safety as the top priority while working to restore connectivity.

Travelers planning to use Abu Dhabi Airport should monitor official sources closely. The Zayed International Airport site and Etihad’s news updates offer the most current information. Independent flight trackers like Flightradar24 and FlightAware provide live arrival and departure data, though they note that conditions can change rapidly.

As the situation stabilizes, aviation experts anticipate a gradual return to normal operations, but for now, flexibility remains essential for anyone flying through or to the UAE. Passengers with upcoming travel are urged to contact their airlines directly for personalized guidance and to stay informed through reliable channels to avoid unnecessary trips to the airport.