Volkswagen AG

Latest Results (31.08.2026):

Volkswagen AG — Q1 2026: The Group reported sales revenue of €75.7 billion in the first quarter of 2026 and an operating result of €2.5 billion, with earnings before tax of €2.2 billion and earnings after tax of €1.6 billion, all down versus Q1 2025. Deliveries to customers fell 4.0% to 2,048,877 vehicles and BEV deliveries declined 7.7% to 200,034 units. The results reflect weaker vehicle volumes in key regions (notably China and North America), higher commodity and geopolitical risks, and a €0.5 billion charge related to a refocus of Volkswagen Passenger Cars’ US production strategy.

Key financial headlines

Group sales revenue: €75.7bn (–2.5% YoY). Operating result: €2.5bn (down from €2.9bn). Earnings before tax: €2.2bn (vs €3.1bn). Net income: €1.6bn (down by €0.6bn).

Profitability and margins

Gross profit fell to €11.8bn and the gross margin narrowed to 15.5% (from 16.5%). Group operating return on sales was 3.3% for Q1 2026.

Deliveries and BEV performance

Total Group deliveries were 2,048,877 units (–4.0% YoY). All‑electric vehicle deliveries were 200,034 units (–7.7%), representing a 9.8% share of Group deliveries.

Automotive Division cash & balance-sheet

Automotive Division net cash flow improved to €2.0bn (from –€0.8bn). Investment ratio was 11.3% and Automotive Division net liquidity stood at €34.2bn as of March 31, 2026.

Division performance

Automotive Division revenue was €66.3bn (down from €68.8bn), while Financial Services revenue rose to €17.0bn (from €15.9bn), supporting overall Group revenue despite weaker vehicle sales.

North America production strategy charge

Volkswagen Passenger Cars adjusted its North America production approach, discontinuing US ID.4 production; this led to impairments and provisions of around €0.5bn recognized in cost of sales and other operating result in Q1.

Regional trends

Deliveries rose in Western Europe, Central & Eastern Europe and South America but fell materially in Asia‑Pacific (notably China: –14.9% deliveries) and North America (–12.7%), weighing on Group volumes and BEV sales.

Assets held for sale

Following the planned sale of Porsche’s and subsidiaries’ Rimac/Bugatti interests, assets of €346m were classified as held for sale under IFRS 5 as of March 31, 2026.

Capital markets and shares

Volkswagen AG share prices fell over Q1 amid market volatility: ordinary share closed €88.45 (–15.8% vs year-end 2025), preferred share closed €86.40 (–16.6%).