** Volkswagen's VOWG_p.DE shares fall 3.6% in early Frankfurt trade after the Europe's biggest automaker gave a muted outlook for 2025

** VW sees operating return on sales to be between 5.5%-6.5% vs 5.9% last year, as it expects FY revenue to exceed the previous year's figure by up to 5%

** J.P.Morgan desribes the outlook as "conservative", despite its strong year-end net cash

** VW will propose a dividend of EUR 6.30 per share, 30% lower compared to the previous year

** The stock is at the bottom of Germany's blue-chip index .GDAXI

(Reporting by Ozan Ergenay)

((ozan.ergenay@thomsonreuters.com))