Volkswagen Group: Nine-month results underline urgent need for action

€233.4 billion in sales revenue
in 9M 2026, slightly below prior-year level
(9M 2025: €238.7 billion)

Due to the increasingly challenging market environment, vehicle sales excluding Chinese joint ventures were slightly below the prior-year level (-1%). Growth in the Financial Services Division (+8%) partially offset the decline in the automotive business (-4%). As a result, Group sales revenue declined slightly by 2%.

€0.1 billion Operating Result
in 9M 2026, compared with €5.4 billion
in the prior-year period

The decline in Operating Result was primarily attributable to special items of €8.7 billion, of which €7.8 billion arose in the third quarter. The weak market environment in China, increasing global pricing and competitive pressure, and the increased share of lower-margin electric vehicles in vehicle sales also weighed on earnings.

€8.8 billion Operating Result before special items 
in 9M 2026; operating return on sales
before special items of 3.8%

Adjusted for special items amounting to €8.7 billion, in particular non-cash impairment charges on Porsche goodwill (€6.4 billion), non-cash impairment adjustments on assets of fully consolidated companies in China (around €1 billion), and additional expenses in connection with the planned sale of Volkswagen Osnabrück GmbH, operating return on sales amounted to 3.8%.

€4.4 billion Net Cash Flow
in the Automotive Division in 9M 2026
(9M 2025: €1.8 billion), up 145%

Positive development was driven in particular by lower investments and portfolio measures. Net cash flow adjusted for M&A effects amounted to around €3.9 billion (9M 2025: €3.5 billion). This includes payments of €0.5 billion to increase the funding of pension obligations. Net liquidity as of September 30 stood at a solid €33.0 billion (December 31, 2025: €34.5 billion).

5.9 million vehicle sales in 9M 2026,
11% below 9M 2025
(6.6 million vehicles)

Vehicle sales in 9M 2026 were affected by declining markets, particularly China, and further intensifying global pricing and competitive pressure. Vehicle sales excluding Chinese joint ventures were only slightly below the prior-year level (-1%).

Order intake
in Europe up by around 4%
compared with 9M 2025;
BEV order intake rises 39%

Order intake in Europe increased by 4% to 3.0 million vehicles in the first nine months (9M 2025: 2.9 million). BEV order intake increased by 39%. The European order bank grew by 11% compared with year-end 2025 to around 1.1 million vehicles. Electric vehicles accounted for around 40% of the European order bank at the end of September. Around 150,000 orders have already been received for the Electric Urban Car Family.

Core
Operating Result stood at €4.3 billion, compared with €4.7 billion in the prior year.
Operating return on sales declined from 4.4% to 4.1%. Vehicle sales and revenue remained almost stable. Strong performance by Škoda offset the weak Operating Result of the Volkswagen brand. The challenging market environment and rapid BEV ramp-up weighed on earnings. Volumes and earnings contributions from more profitable combustion-engine vehicles declined. In addition, special items related to restructuring costs, the already completed discontinuation of ID.4 production in the US, and the planned sale of Volkswagen Osnabrück also had a negative impact.

Q3 2026 Results Core

Progressive
The Progressive brand group’s Operating Result declined by 26% to €1.2 billion, with an operating return on sales of 2.7% (prior year: 3.2%). Compared with the prior-year period, earnings were affected in particular by declining volumes in China and North America as well as negative residual value effects. This was partially offset by lower expenses related to CO₂ provisions and restructuring measures.

Q3 2026 Results Progressive

Sport Luxury
Earnings and cash flow remain robust despite a challenging environment. In the first nine months, Porsche generated revenue of €22.1 billion (9M 2025: €23.8 billion) and an Operating Result of €1.5 billion (9M 2025: €-0.2 billion, impacted by special items), with an operating return on sales of 6.7%. Despite lower volumes, a higher share of high-margin models as well as positive price and mix effects supported business performance.

Q3 2026 Results Sport Luxury

Trucks / TRATON
Following a subdued start to the year, the Trucks brand group’s business gained momentum in the third quarter. Order intake increased by 25% to 253,100 vehicles in the first nine months, while revenue increased by 2% to €31.9 billion. Operating Result amounted to €1.7 billion (-2%), weighed down by special items and US tariffs and supported by volume effects.
Operating return on sales reached 5.2% (-0.2 per centage points).

Q3 2026 Results TRATON Group

CARIAD
CARIAD improved its Operating Result by €0.2 billion in the reporting period. Revenue increased by 31% to €1.3 billion in the first nine months. This development was supported by continued implementation of the transformation programme and sustained cost discipline.

Group Mobility
Operating Result came in at €2.7 billion (-7%) due to higher risk provisions. Positive development in the existing contract portfolio: 27.85 million contracts (+2%).

Q3 2026 Results VW Group Mobility

Key Figures Volkswagen Group

Q3

9M

2026

2025

%

2026

2025

%

Volume Data¹ in thousands

Deliveries to customers (units)

1,885

2,199

-14.3

6,011

6,604

-9.0

Vehicle sales (units)

1,883

2,218

-15.1

5,880

6,581

-10.6

Production (units)

1,786

2,125

-15.9

5,957

6,644

-10.3

Employees (on Sep. 30, 2026/Dec. 31, 2025)

648.1

662.9

-2.2

Financial Data (IFRS), € million

Sales revenue

75,277

80,305

-6.3

233,378

238,669

-2.2

Operating result

-5,860

-1,299

–

71

5,408

-98.7

     Operating return on sales (%)

-7.8

-1.6

0.0

2.3

Earnings before tax

-4,230

-364

–

544

6,059

-91.0

     Return on sales before tax (%)

-5.6

-0.5

0.2

2.5

Earnings after tax

-5,822

-1,072

–

-2,720

3,405

–

Automotive Division

Cash flows from operating activities

4,905

8,521

-42.4

17,868

18,931

-5.6

Cash flows from investing
activities attributable to operating activities²

3,678

5,374

-31.6

13,475

17,134

-21.4

Net cash flow

1,228

3,147

-61.0

4,394

1,797

+144.5

Net liquidity at Sep. 30

32,982

31,008

6.4

Investment ratio

11.5

11.4

10.9

11.4

1. Including the equity-accounted joint ventures in China. The prior-year deliveries have been updated based on statistical extrapolation.
2. Excluding acquisitions and disposals of equity investments: Q3 €4,704 (5,230) million; 9M €14,090 (15,627) million.

Key figures by brand group and divisions from January 1 to September 30, 2026

Vehicle sales

Sales revenue

Operating result

Operating margin

Thousand vehicles/€ million

2026

2025

2026

2025

2026

2025

2026

2025

Core brand group

3,753

3,771

106,417

106,950

4,326

4,719

4.1

4.4

Progressive brand group

771

848

42,063

48,380

1,150

1,555

2.7

3.2

Sport Luxury brand group¹

176

198

22,143

23,833

1,493

-228

6.7

-1.0

CARIAD

-

-

1,257

960

-1,316

-1,500

–

–

Battery

-

-

237

26

-1,049

-1,054

–

–

Brand group Trucks

231

225

31,943

31,188

1,655

1,685

5.2

5.4

Equity-accounted
companies in China²

1,224

1,882

–

–

–

–

–

–

Volkswagen Group Mobility

–

–

47,594

44,140

2,693

2,893

5.7

6.6

Other³

-274

-344

-18,276

-16,810

-8,881

-2,662

-

-

Volkswagen Group

5,880

6,581

233,378

238,669

71

5,408

0.0

2.3

1. Including Porsche Financial Services: sales revenue €25,282 (26,864) million, operating result €1,735 (40) million.
2. The sales revenue and operating result of the equity-accounted companies in China are not included in the consolidated figures; the share of the operating result generated by these companies amounted to €-113 (744) million.
3. In the operating result, mainly intragroup items recognised in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortisation of identifiable assets as part of purchase price allocation, as well as companies not allocated to the brands.