Germany · Delayed Price · Currency is EUR Volkswagen AG Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw lower global deliveries and revenue, but strong cash flow and order momentum in Europe. The group is accelerating transformation, cutting costs and capacity, and maintaining guidance for 2026 despite geopolitical and competitive headwinds.
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A major product and technology offensive is underway, with over 20 new energy vehicles launching this year and 50 by 2030. Localized innovation, rapid ADAS and AI integration, and a diverse portfolio—including affordable electrified Jetta models—are driving growth and transformation.
Fiscal Year 2025
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Delivered stable vehicle volumes and strong BEV growth in 2025, but operating profit fell 53% due to special items and tariffs. Cost reductions and cash flow improvements support a robust outlook, with 2026 guidance for 0%-3% revenue growth and a 4%-5.5% operating margin.
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Vehicle deliveries held steady at 9 million in 2025, with strong BEV growth in Europe and robust cost reductions offsetting headwinds from tariffs and special items. Operating profit fell sharply due to one-offs, but net liquidity and cash flow remained solid.
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Nine-month 2025 results show resilient sales and strong BEV momentum, but profitability was hit by €4.7 billion in Porsche-related charges and persistent U.S. tariffs. Cost reduction and efficiency programs are being accelerated to counteract margin pressures, with full-year margin guidance confirmed at 2–3%.
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H1 2025 saw stable sales revenue at €158B, but operating profit fell 33% due to US tariffs and restructuring. BEV deliveries surged 47%, and cost-saving programs are underway, but margin pressure and tariff risks persist. Guidance for 2025 operating margin is 4%-5%.
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The AGM highlighted solid financial results amid a challenging environment, with a major product push, strategic advances in software and electrification, and continued focus on cost control and sustainability. A stable dividend was proposed, and board changes and governance updates were addressed.
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The conference highlighted ongoing transformation in workforce skills, robust cybersecurity measures, and ambitious sustainability goals, including decarbonization and circular economy targets. Green financing progress and enhanced transparency were also emphasized.
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Q1 2025 saw 3% sales growth and strong BEV momentum, but operating profit fell 37% due to margin dilution and special items. Full-year guidance is confirmed, though risks from tariffs and BEV ramp-up remain, with cost reduction and restructuring efforts ongoing.
Fiscal Year 2024
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2024 saw solid financial results amid restructuring, with revenue up 1% and operating profit down 15%. Strategic cost reductions, a major product offensive, and partnerships in China and the U.S. set the stage for 2025, with a focus on BEV growth and improved margins.
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2024 saw solid financial results, a record product push, and major restructuring, with sales revenue up to EUR 325 billion and operating profit at EUR 19.1 billion. 2025 guidance anticipates up to 5% revenue growth, continued cost discipline, and a focus on e-mobility and U.S. expansion.
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Nine-month 2024 results show modest revenue growth but significant profit declines due to restructuring and margin pressure, especially in German operations. New product launches and the Rivian JV support future momentum, while BEV ramp-up and cost discipline remain key challenges.
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Solid H1 2024 results were achieved amid challenging markets, with strong product launches, robust BEV growth in China, and ongoing restructuring. Full-year guidance was reaffirmed, but results are expected at the lower end due to non-recurring costs and market headwinds.