- Group sales revenue of €233.4 billion.
- Operating result of €0.1 billion.
- Special items totalling €8.7 billion.
- Vehicle sales down 11% to 5.9 million.
- 2026 operating return forecast up to 1%.
Sales revenue at the Volkswagen Group slipped 2% to €233.4 billion in the first nine months of 2026, down from €238.7 billion a year earlier, while vehicle sales fell 11% to 5.9 million units. Growth of 8% in Financial Services partly offset a 4% decline in the automotive business.
Behind the fall in profit sit special items of €8.7 billion, of which €7.8 billion arose in the third quarter. These include a non-cash impairment of €6.4 billion on Porsche goodwill, around €1 billion in impairments on assets of companies in China and costs tied to the planned sale of Volkswagen Osnabrück GmbH. Before special items, the operating result came to €8.8 billion, a return on sales of 3.8%.
Electric vehicles and orders in Europe
Order intake in Europe rose 4% to 3.0 million vehicles, with battery electric orders up 39%. The European order bank grew 11% from year-end 2025 to around 1.1 million vehicles, about 40% of them electric. Around 150 000 orders have been received for the Electric Urban Car Family.
That success carries a cost. CFO and COO Arno Antlitz said the group currently earns less from electric vehicles than from combustion-engine models, adding that US tariffs, a shrinking Chinese market and rising competition in Europe also weigh on results.
Volkswagen brand groups and cash flow
The Core brand group posted an operating result of €4.3 billion, with Škoda offsetting a weak Volkswagen brand. Progressive fell 26% to €1.2 billion, while Porsche earned €1.5 billion on revenue of €22.1 billion. Trucks order intake climbed 25% to 253,100 vehicles. Net cash flow in the Automotive Division rose 145% to €4.4 billion, and net liquidity stood at €33.0 billion on 30 September.
Future Plan cost programme
Antlitz called the 3.8% return “too low to continue investing strongly in our future”. The Future Plan sets out a streamlined model range, simpler structures, lower vehicle and overhead costs, more efficient plants and faster technology development, together forming a cost programme of around €31 billion.
Volkswagen Group outlook for 2026
For the full year, the group expects sales revenue of around €315 billion and an operating return on sales of up to 1%. Automotive net cash flow is forecast at between €3 billion and €6 billion, with net liquidity of €32 billion to €34 billion. The forecast assumes unchanged tariffs and excludes any escalation in the Middle East.
Supplied by Newspress UK (Volkswagen Group)
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