Volkswagen AG (VWA:CA) Q4 2025 Earnings Call Transcript

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