Volkswagen : Manuscript by the Chairman of the Board of Management (pre-release), speech by Dr. Oliver Blume - May 9, 2025 (250515 Internet Rede HV25 K G en

ANNUAL GENERAL MEETING OF VOLKSWAGEN AG

MAY 16, 2025

SPEECH BY DR. OLIVER BLUME

Thank you, Mr. Pötsch, Dear Shareholders,

Dear Members of the Supervisory Board, Dear Colleagues,

A warm welcome to the 2025 Annual General Meeting of Volkswagen AG. I am delighted you could join us today for this virtual AGM.

The Volkswagen Group moves people. Our mission is mobility - for generation after generation. With fascinating products and excellent services, we are part of our customers' lives. Yesterday. Today.

And - above all - tomorrow.

We are currently living in a rapidly-changing world. That means the way in which people understand and use mobility is also changing. Together with you, our shareholders, we want to shape this change. Worldwide, with confidence and a clear ambition: as the global technology driver of the automotive industry - to fulfill our ambition to become "The Global Automotive Tech Driver".

As we set about realizing this vision, last year was a year when we laid the crucial groundwork and reached key milestones. In our products: in design, technologies and quality. In our structures, processes, costs and investments. In software, battery technology and our platforms. In our regions such as China and North America. And we drew up a new, comprehensive strategy for the Volkswagen Group. On the operational side, we sorted out several problem areas and we delivered: our company's biggest product offensive with over 30 new models.

For us, 2025 is the year we step up the pace. Our product offensive enters the next phase: around 30 more new models. We will be presenting our all-electric small car family at the IAA in September. We

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have already switched to delivery mode in China with our new strategy. We will be commissioning our first in-house battery cell factory in Salzgitter. And we are on the verge of groundbreaking milestones in highly automated driving. All of this is flanked by continued intensive work on costs and investment discipline.

Let us deep dive into the facts. 2024 was a demanding year for the Volkswagen Group. The entire automotive industry was challenged - and that remains the case. Challenged by: a weak market in the EU with a stronger competitive environment, the high innovation and price dynamic in China, the noticeably flatter ramp-up of e-mobility in Europe and the USA, a structurally and financially weakened supplier network. And added to these challenges were: increasing regulation in the regions of the world coupled with significant expenses for products, high investments in flexible powertrain types and products in the transformation to e-mobility, and since this year, uncertainty in trade with the USA.

All in all, these factors had significant negative effects on our operating result. Combined with considerable pressure on margins that we were largely able to offset through our performance programs in all brands. We expect conditions to remain challenging going forward. And we will throw our full weight behind meeting these challenges. In terms of strategy and operations. At the same time, we know where we need to take action: in improving our costs and investments. And increasing our productivity and profitability, thereby further strengthening our financial robustness.

We delivered some 9 million vehicles in 2024, almost matching the level of the previous year. Sales revenue ran at € 324.7 billion. The operating result came in at some €19 billion. After special effects of €2.6 billion, in particular for provisions for restructuring our company. This corresponds to an operating margin of 5.9%, respectively 6.7% before special effects. Net cash flow in the Automotive Division was €5 billion. Net liquidity at year-end was some €34 billion.

Overall, these are solid results. In a challenging global environment. And in a phase of extensive restructuring. We are not satisfied with this performance. Our ambition is significantly higher. You, as our shareholders, are entitled to participate in the results that have been achieved. The Board of Management and Supervisory Board propose a dividend of €6.30 per ordinary share and €6.36 per preferred share. This corresponds to a stable payout ratio of 30 % of our net profit.

Let us now turn to the current situation. The figures for the first quarter of 2025 show: our products are very well received in the markets. Our sales revenue is growing. Our order situation is positive. At the same time, our operating result only came in at €2.9 billion. Impacted by many special effects and provisions of €1.1 billion. It's clear we must focus on the things that we can control - we must consistently build up our product advantages and continue to work with discipline on a competitive cost structure.

Despite the uncertain economic environment, we remain determined to further consolidate our position of strength. Our performance programs remain a key driver for the profitability of our brands. We expect sales revenue for the full year of 2025 to grow by up to 5 percent and the operating margin to come in at between 5.5 and 6.5 percent. Possible effects from the recently announced US import tariffs have not been taken into account here. Our net cash flow target for the Automotive Division is between €2 billion and €5 billion. This includes cash outflows for investments for the future as well as for restructuring measures. Net liquidity is expected to be between €34 billion and

€37 billion. To put it plainly: this outlook does not tally with our own ambitions. We know what we need to do - but we are not immune to the prevailing conditions outlined above.

Dear Shareholders, we have all been closely following the performance of our share price. Allow me to make one thing clear today: We are not satisfied with this trend, particularly with reference to 2024. On the one hand, we have made great progress with realigning our Group. On the other, the capital market obviously assesses the absolute performance as reported. And the current massive risk situation is also taken into account. In this environment, we are one of the very few carmakers worldwide to see a clearly positive share price trend in 2025. Albeit still at a low level. Here, too, our sights are set significantly higher.

The strength of the Volkswagen Group lies in the strength of our brands. We inspire with a fascinating product range. In all segments. We delivered in 2024. As promised. Our most comprehensive product offensive: over 30 new models. More than half of them all-electric. Authentic highlights such as the new VW Tiguan, the Skoda Superb and the Cupra Terramar, to name but a few. The Audi Q6 e-tron and the Porsche Macan made a successful debut on the new PPE platform. Our all-electric platform - specially developed for a high-performance profile in the important premium and luxury segment. In our home market of Europe, we are increasing our market lead for all-electric vehicles.

The success of our products is based on a clear plan. We have significantly sharpened our designs. Fine-tuned the identity of our brands and our models even further. We have made measurable improvements in the quality of our products and services across all brands with systematic and disciplined programs. The reward: great feedback. From our customers - and from the trade press. Our products are winning numerous awards. Just one example: the ID. 7 - our top electric model from VW. The top scorer in the prestigious ADAC vehicle test, with a rating of "very good". The first vehicle ever to achieve this rating.

Around 30 more new models will make their debut on markets worldwide in 2025. Fascinating vehicles that put us at the forefront of competition. Models such as the new Volkswagen T-Roc, the new Audi Q3, highly emotionalizing 911 derivatives from Porsche, and many more. We will be premiering the electric small cars from our VW, Skoda and Cupra brands at the IAA. Electric cars for around €25,000. E-mobility for everyone - a promise that the Volkswagen Group will deliver on. That is why we are going one step further - the electric entry-level model for €20,000. Just a few weeks ago we celebrated the world premiere of the VW ID. EVERY1. Charismatic design, striking presence, motivating feedback. Our junior has great potential to give e-mobility a big boost.

The speed at which mobility is being transformed varies from region to region around the world. The criticism that was still being leveled at the Volkswagen Group only recently is today our competitive advantage: our broad, flexible product portfolio across all powertrain types. All-electric vehicles, efficient combustion engines or modern hybrid concepts. We combine plug-in hybrids with our combustion powertrains. Going forward, it will also be possible to couple our all-electric products with range extenders.

We are seeing a trend towards this transition technology in China. A small combustion engine that charges the battery while the vehicle is traveling. And can extend the range of electric vehicles quite significantly. We will be entering this market in China from 2026. With the VW ID. Era, that had its

world premiere at the Shanghai Auto Show. Many people in the USA are also interested in this drivetrain for vehicles from our Scout brand.

Ladies and Gentlemen, our Top 10 programs remain the key management tool for our operational and strategic activities. With quantifiable milestones, ambitious goals, clear responsibilities and a systematic roadmap. For all brands, for all regions. We achieved the goals we set ourselves for 2024. With great discipline. Some of them faster than planned. An ambitious TOP 10 program will once again be our guide this year.

The "Zukunft Volkswagen" agreement concluded at the end of 2024 was an important milestone. It is the foundation for an economically successful future for Volkswagen and our German operations. This agreement has three strong pillars: A future-proof collective bargaining agreement. Competitive structures for the workforce and the plants. And works agreements to accelerate implementation.

This makes the strategic target of a return on sales of at least 6.5 percent for the VW brand a realistic medium-term goal. A significant earnings boost with a great impact for the Group. We have agreed similar concepts for Audi and Porsche in Germany. Quality made in Germany at competitive costs -that is possible. Work has begun. But the lion's share of implementation still lies ahead of us.

Our company does not merely want to be part of the accelerated technological change throughout the world. We want to shape it. As a global technology driver. The best automotive technology for everyone. From the entry-level model to the sport-luxury segment. That is our ambition. What gives us the strength and the confidence to achieve this? Our unique combination of global presence and local competence. Our flexibility - and our will to change. And: we don't just develop technology, we scale it. In all crucial fields of innovation: software, battery technology and vehicle platforms.

Volkswagen stands for automotive know-how, design and quality. Our maxim: we concentrate on our own strengths. But: where meaningful, we cooperate with leading partners from industry and technology. This is our approach to software, for example. Software is a key success factor. We made significant progress in this field in 2024. That was necessary, too. The problems of the past are known. We successfully realigned our CARIAD subsidiary and integrated our new competitive software architectures in our cars. The feedback has been positive: we are winning comparison tests. As regards software in particular, that wasn't always the case in the past.

What's in demand are reliable cars with highly-automated driving systems, first-class infotainment, greater comfort thanks to connectivity and individualization as well as continuous over-the-air updates - in other words, new software functions for the car that do not involve a visit to the workshop. That is the new orientation for our software activities.

Going forward, our in-house software company CARIAD will concentrate on key cross-sectional technologies: autonomous driving, infotainment, cloud services, data management and back end. We have partners for bolstering our global strategy: Xpeng for China and our US partner Rivian for the other regions. The starting point for the way we design cars today is the smart, digital world. Software characteristics are a defining factor in the development of our vehicles. The name for this is Software Defined Vehicles - or SDV for short. Our ambition is to set benchmarks here. Together with Rivian, we are designing an advanced, high-performance SDV architecture. We will integrate it in the Volkswagen Group's product portfolio from 2027. Scalable for all segments. We are already rolling out our locally developed new software architecture in the intensely competitive Chinese market this year.

We see automated driving as a vital part of our offering. For all vehicle classes. With highly-developed assistance systems and the use of artificial intelligence. This is what the Automated Driving Alliance, or ADA, stands for. ADA is our cooperation between CARIAD and Bosch to develop a unique European stack for automated driving. The stack is the technological architecture that enables the vehicle to sense, think and act. In China, we have set up a joint venture between CARIAD and Horizon Robotics - and are making great progress. Our CARIZON joint venture will deliver Level 2+ solutions for the Chinese market from this year, followed by Level 2 ++ from 2026. Vehicles equipped with these advanced driver assistance systems come very close to highly automated driving. Giving mobility ever greater safety and comfort.

Innovative mobility services also play an important role in autonomous driving. In Hamburg we will soon be launching the series version of the first autonomous ID. Buzz shuttle. As the first carmaker to develop an autonomous Level 4 fleet vehicle for high-volume production. Level 4 means driving without the intervention of a human driver. Our development partner Mobileye is supplying the digital driver. Our Group's own mobility service provider MOIA handles fleets, booking apps and passenger management. And in the vehicle itself, software performs all processes and safety tasks.

In the USA, we will be deploying our autonomous ID. Buzz on the platform of Uber, the ridesharing company. Test drives start this year. It is planned to begin rides in 2026. Initially in Los Angeles. The medium-term goal of this ground-breaking strategic partnership: a fleet of several thousand ID. Buzz in the USA.

We have reached a milestone in the development of the SSP. This is our high-performance scalable platform for electric vehicles. The technical scope of the modular architecture has been defined. We are now forging ahead with implementation. The first vehicles based on the SSP will be presented in 2027. We plan to introduce the SSP across our brands by 2030. In combination with the software architecture from Rivian, this is a significant leap in technology. It will give our brands great flexibility to design their product portfolios. Concurrently, we will be launching the CSP platform in China.

Battery development is also an integral part of our technology strategy. With the unified cell, we have created a global, cross-brand technology platform. It reduces complexity and enables scale effects. On the one hand, we are turning to external battery suppliers. On the other, we are also taking this key technology into our own hands with our PowerCo subsidiary. In development as well as manufacturing. We start production in Salzgitter this year. In Valencia, Spain, and St. Thomas, Canada, construction work on the production plants is on schedule.

And we are already working on the next generations of batteries: the solid-state cell and sodium-nickel. Solid-state cells do not need any liquid materials. And they offer even greater range and higher charging speeds. Sodium-nickel works without lithium. In terms of success, the entire battery value chain is of relevance for us. That is why we acquired a stake in a mining company in North America in 2024. This is a further step towards securing our supply of raw materials. The key to less costly batteries - and therefore to less expensive products for our customers.

Successful e-mobility needs a high-quality charging infrastructure. Today, our Elli network already provides access to over 850,000 charging points in Europe - a 30 percent increase. And we are thinking further ahead: bidirectional charging, cars as mobile power banks, managing a battery network. With Elli, we are also planning to build and operate large-scale energy storage systems. A