This report does not constitute a rating action. Overview Key strengths Key risks Group support from the parent, Volkswagen AG (VW), under any foreseeable circumstances if necessary. Dependence on VW's franchise, reputation, and credit profile. Broad business diversification across European markets, with a 45% concentration in Germany. Business, asset quality, and earnings concentration on car financing, leasing, and related mobility services. Sound financial risk profile with predictable earnings base from core subsidiaries. Investor confidence-sensitive wholesale funding profile. Germany-based non-operating holding companies Volkswagen Financial Services AG (VWFS Europe) and Volkswagen Financial Services Overseas AG (VWFS Overseas) are essential for VW's"MOBILITY2030"captive finance strategy. VW completed the reorganization of its captive finance entities on July 1, 2024, aligning its then newly
