VOLKSWAGEN AKTIENGESELLSCHAFT

Shareholders of VOLKSWAGEN AKTIENGESELLSCHAFT

Volkswagen AG’s subscribed capital of €1,283,315,873.28 at 31 December 2025 was divided into 295,089,818 no-par-value ordinary shares and 206,205,445 no-par-value preference shares, each representing €2.56 of capital. The preference shares carry a dividend €0.06 per share higher than the ordinary shares but no voting rights. Every voting percentage below is therefore a percentage of the 295,089,818 ordinary shares only, and is not a percentage of the company’s capital.

On that ordinary-share basis, the Volkswagen Group Annual Report 2025 states the position at 31 December 2025 as Porsche Automobil Holding SE, Stuttgart 53.3%; the State of Lower Saxony, Hanover (together with Hannoversche Beteiligungsgesellschaft Niedersachsen mbH) 20.0%; Qatar Holding LLC, Doha 17.0%; and free float 9.7%. These are direct and indirect holdings of ordinary shares; Volkswagen AG does not publish a full share register.

Measured instead against total subscribed capital, the same three holdings are materially smaller, because the preference shares are almost entirely in free float:

Quoting one of the capital percentages as if it were a voting percentage, or the reverse, is the most common error made about who owns Volkswagen. The single earliest notification on record is Porsche Automobil Holding SE’s crossing of the 50% threshold on 5 January 2009, notified the same day at 50.76% (149,696,680 voting rights).

Two statutory features shape the effect of these holdings. Under the Volkswagen Act of 21 July 1960, as amended on 30 July 2009, resolutions of the general meeting amending the Articles of Association require a majority of more than four-fifths of the share capital represented, and the State of Lower Saxony is entitled to appoint two members of the Supervisory Board for as long as it holds, directly or indirectly, at least 15% of the ordinary shares. Volkswagen AG’s own IAS 24 note records that Porsche SE held the majority of the voting rights at the reporting date but, because of Lower Saxony’s appointment rights, cannot elect all of the shareholder representatives; Porsche SE is classified as a related party on the basis that it can participate in operating policy decisions.

Ultimate beneficial ownership

No ultimate beneficial owner of Volkswagen AG can be established from an authoritative source with a calculable effective percentage. Porsche Automobil Holding SE states that its own ordinary (voting) shares – 153,125,000 of them, matched by an equal number of listed non-voting preference shares – are held indirectly and exclusively by members of the Porsche and Piëch families, but it publishes no percentage for any individual family member. Because that first link in the chain is unquantified, no effective ownership percentage in Volkswagen AG can be multiplied through for any natural person, and none is stated here. Germany’s beneficial ownership register (Transparenzregister) is not openly searchable, so no registered beneficial-owner entry could be retrieved.

Data availability

Major shareholders only. Germany does not publish a share register for a listed Aktiengesellschaft. Disclosure is limited to voting-rights notifications under the Wertpapierhandelsgesetz above the 3/5/10/15/20/25/30/50/75% thresholds and to the issuer’s own reporting, so holders below 3% of the voting rights, and holders of preference shares of any size, are not disclosed.

Correction to the baseline data on this page. The stored shareholder records list five exchange-traded index funds with percentages between 5.36% and 11.13%. Those are shares-of-sample figures from the data provider and are not holdings in Volkswagen AG; they have not been published here. The largest, 1,393,836 shares, is about 0.28% of the 501,295,263 shares in issue and about 0.68% of the preference shares, not 11.13%. The rows are also typed as ORDINARY shares, which cannot be right: 90.3% of the ordinary shares are held by the three block holders listed above, and index funds tracking the DAX, EURO STOXX 50 and MSCI EAFE hold the preference line. The stored file reports six shareholder records in total, which is a provider sample rather than a shareholder base.

Sources

• Volkswagen Group Annual Report 2025, Shareholder structure – financial year 2025, published 2026; retrieved 24 September 2026.
• Volkswagen Group Annual Report 2025, WpHG voting-rights notifications – retrieved 24 September 2026.
• Volkswagen Group Annual Report 2025, Disclosures required under takeover law – retrieved 24 September 2026.
• Volkswagen Group Annual Report 2025, Equity note (subscribed capital) – retrieved 24 September 2026.
• Volkswagen Group Annual Report 2025, Related party disclosures in accordance with IAS 24 – retrieved 24 September 2026.
• Volkswagen Group investor relations, Shareholder structure – position at 31 December 2025; retrieved 24 September 2026.
• Porsche Automobil Holding SE, Investments – retrieved 24 September 2026.
• Porsche Automobil Holding SE, Shareholder structure – position at 31 December 2025; retrieved 24 September 2026.

Directors and officers of VOLKSWAGEN AKTIENGESELLSCHAFT

Volkswagen AG has the two-tier board structure of a German Aktiengesellschaft: a Board of Management (Vorstand), which manages and represents the company, and a co-determined Supervisory Board (Aufsichtsrat) of 20 members, half elected by the shareholders and half by the employees, chaired by Hans Dieter Pötsch. The Volkswagen Group Annual Report 2025 records eight members of the Board of Management at 31 December 2025, with responsibilities divided across ten board functions.

Nationality above is taken from the citizenship field of the annual report’s board list and has not been inferred from any name, address or country of residence. One member left the Board of Management during the reporting year: Gunnar Kilian, previously responsible for Human Resources and the Trucks brand group, departed on 4 July 2025.

Recent officer changes

• 3 September 2026 – Erika Rasch was appointed to the Board of Management with responsibility for Human Resources and the role of Labour Director, effective 1 October 2026. She joins from the Robert Bosch Group. (Volkswagen AG press release, 3 September 2026.)
• 3 September 2026 – Marianne Heiß was appointed by court order to a vacant shareholder-side seat on the Supervisory Board, to serve until the next Annual General Meeting, and was elected Chair of the Audit Committee. She had previously served on the Supervisory Board from February 2018 to July 2025. (Volkswagen AG press release, 3 September 2026.)
• 17 October 2025 – Oliver Blume was reappointed as Chair of the Board of Management for the period from 1 January 2026 to the end of 2030; his parallel role as Chief Executive Officer of Dr. Ing. h.c. F. Porsche AG ended on 1 January 2026. (Volkswagen AG press release, 17 October 2025.)

Data availability

Current and historical, with a caveat on the stored extract. The provider record attached to this profile reports 277 officer entries, of which only the first page of five rows is retained in the stored field; four of those five are marked RESIGNED and one ACTIVE. Several carry the generic English label “Officer” instead of a German register function such as Vorstandsmitglied or Prokurist, so the legal role of those individuals cannot be established from the stored data alone and none is asserted here. Two rows labelled “Member Of The Executive Board” relate to former Board of Management members; for one of them the stored dates (appointed 31 March 2015, resigned 23 April 2018) do not match the dates Volkswagen AG announced for the appointment as Chair (25 September 2015) and the departure (announced 12 April 2018), which indicates the stored values are register-processing dates rather than effective dates. One resigned row also carries an address country of GB, for which no British appointment is evidenced. The Handelsregister portal’s search interface could not be queried programmatically, so the register’s own current list of representatives and Prokuristen could not be retrieved directly; the board composition above is taken from Volkswagen AG’s annual report and site notice. German commercial-register extracts do not contain a nationality field, so nationality is reported here only where the annual report records it. No date of birth is published on this page.

Sources

• Volkswagen Group Annual Report 2025, Members of the Board of Management – position at 31 December 2025, published 2026; retrieved 24 September 2026.
• Volkswagen Group Annual Report 2025, Board of Management (corporate governance declaration) – retrieved 24 September 2026.
• Volkswagen AG, Site notice (lists the members of the Board of Management) – retrieved 24 September 2026.
• Volkswagen AG press release, Supervisory Board appoints Erika Rasch as Board Member for Human Resources – 3 September 2026; retrieved 24 September 2026.
• Volkswagen AG press release, Marianne Heiß returns to the Supervisory Board – 3 September 2026; retrieved 24 September 2026.
• Volkswagen AG press release, Supervisory Board appoints Oliver Blume as CEO until the end of 2030 – 17 October 2025; retrieved 24 September 2026.

Group structure of VOLKSWAGEN AKTIENGESELLSCHAFT

Volkswagen AG is the top company of the Volkswagen Group and is not a subsidiary of another company. Its largest shareholder, Porsche Automobil Holding SE (HRB 724512, Amtsgericht Stuttgart), held the majority of the voting rights at 31 December 2025 but is classified in Volkswagen AG’s consolidated financial statements as a related party rather than as a controlling parent, because the State of Lower Saxony’s statutory appointment rights limit what Porsche SE can decide alone. No ultimate corporate parent above Porsche SE is disclosed.

At 31 December 2025 the Volkswagen Group consolidated 903 subsidiaries – 148 in Germany and 755 outside Germany – against 946 (141 and 805) a year earlier, and accounted for a further 167 associates, joint ventures and other equity investments at equity or at fair value. The corporate-structure graph rendered on this page is a separate data-provider extract: it holds 1,213 entities rooted at Volkswagen AG itself, spread across about 73 jurisdictions, with 57 entities shown as direct holdings and ownership chains up to eleven levels deep. Germany (225 entities), China (100), Sweden (61), the United Kingdom (54), France (49) and the United States (41) are the most heavily represented. That graph is not identical to the list of shareholdings filed with the annual financial statements and should be read alongside it, not instead of it.

The Group’s automotive activities are organised into four brand groups – Core (Volkswagen Passenger Cars, Škoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Lamborghini, Bentley, Ducati), Sport Luxury (Porsche) and Trucks (TRATON, comprising Scania, MAN, Volkswagen Truck & Bus and International) – alongside a Financial Services division.

Verified corporate relationships

Recent structural changes

• 24 June 2026 – agreed, not completed. Volkswagen AG entered into an exclusive arrangement with Bain Capital for the sale of a 51% majority stake in Everllence, renamed from MAN Energy Solutions in June 2025, for proceeds of approximately €7.4 billion, with the Group intending to retain 49% in the medium term. Completion is subject to the French information and consultation process and to regulatory approvals and was expected by the end of 2026; as at 24 September 2026 it had not been confirmed as closed.
• 19 March 2025. Volkswagen International Luxemburg S.A. reduced its interest in TRATON SE by 2.2 percentage points, from 89.72% to 87.52%, through an accelerated bookbuild placement with institutional investors, increasing TRATON’s free float correspondingly.
• 16 November 2020. The squeeze-out of AUDI AG’s minority shareholders took effect on entry in the commercial register, leaving the share capital of AUDI AG wholly held within the Volkswagen Group.

Data availability

Partial. Germany publishes parent-subsidiary links only indirectly, through the list of shareholdings filed with the annual financial statements in the Bundesanzeiger and through the issuer’s own reporting; ownership percentages for individual intermediate holding companies are frequently not stated, and they have been left as not disclosed here rather than assumed to be 100%. The relationships in the table above are each supported by a filing or by the entity’s own register-based site notice. The wider 1,213-entity graph on this page comes from a commercial data provider and contains visible artefacts – several nodes repeat the same company under a foreign branch registration, and one node repeats Volkswagen AG itself under a Malaysian number – so individual nodes in the graph should be verified before being relied on.

Sources

• Volkswagen Group Annual Report 2025, Basis of consolidation – financial year 2025, published 2026; retrieved 24 September 2026.
• Volkswagen Group Annual Report 2025, Structure and business activities – retrieved 24 September 2026.
• Volkswagen Group Annual Report 2025, Related party disclosures in accordance with IAS 24 – retrieved 24 September 2026.
• Volkswagen Group Annual Report 2020, Structure and business activities (AUDI AG squeeze-out entered in the commercial register on 16 November 2020) – retrieved 24 September 2026.
• TRATON SE Annual Report 2025, Basis of preparation (ownership chain up to Volkswagen AG; 87.52% at 31 December 2025) – retrieved 24 September 2026.
• Dr. Ing. h.c. F. Porsche AG investor relations, Shareholder structure – position at 31 December 2025; retrieved 24 September 2026.
• Porsche Automobil Holding SE, Investments – retrieved 24 September 2026.
• Volkswagen AG press release, Volkswagen Group enters into exclusive arrangement with Bain Capital for sale of majority stake in Everllence – 24 June 2026; retrieved 24 September 2026.
• Register-based site notices used to confirm identifiers: AUDI AG, Dr. Ing. h.c. F. Porsche AG, Porsche Automobil Holding SE, Everllence SE – all retrieved 24 September 2026.