Press Release

Braunschweig, 6 May 2024. Volkswagen Financial Services have made a solid start to the current financial year. During the first quarter of 2024, the number of current contracts grew by 0.9 percent to 25.3 million units, while new contracts increased by 15.6 percent to just under 2.4 million units. The operating profit in the first quarter amounted to EUR 786 million, a decline of around 20 percent compared to the same period last year. Anthony Bandmann, Management Board Member for Sales and Marketing at Volkswagen Financial Services AG, said: "We are especially pleased with the level of our new contracts, as the North and South American markets in particular are showing strong growth rates across all product groups in the first three months of the current year." Frank Fiedler, Chief Financial Officer of Volkswagen Financial Services AG, added: "Our operating profit for the first quarter of 2024 is influenced by a declining margin due to a changed interest rate environment. In addition, rising risk costs resulting from an increasing contract volume are having an impact on the result. Nevertheless, subject to macroeconomic and political developments, we are sticking to our forecast for 2024 and expect operating profit to be slightly above the previous year's level due to a slight increase in deliveries to customers."

There was once again strong growth in the used vehicle marketing business. New contracts in this segment totaled 253,000 units in the first three months of the year (up 4 percent compared to the same period last year). The portfolio rose by one percent to 2.6 million units.

* Figures rounded

** Changed counting method with retroactive effect for 2023

Volkswagen Financial Services are a business division of the Volkswagen AG group of companies and comprise Volkswagen Financial Services AG along with its associated companies, Volkswagen Bank GmbH, Porsche Financial Services, and the financial services companies in the USA and Canada that belong directly or indirectly to Volkswagen AG – with the exception of TRATON Financial Services and of Porsche Holding Salzburg. The key business fields embrace dealer and customer financing, leasing, bank and insurance activities, fleet management, and mobility services. The companies of Volkswagen Financial Services have a total of 18,171 employees worldwide – including 7,691 alone in Germany. Volkswagen Financial Services report total assets of around EUR 268 billion, an operating profit of EUR 3.25 billion, and a portfolio of around 22.2 million current contracts (as at: 31.12.2023)

More information available at www.vwfs.com