Volkswagen closes a second quarter weaker than expected e scales down the outlook for 2026. Between April and June theThe group's net profit fell by 32,9%, going from 2,29 billion euros in the same period last year to 1,54 billion. Operating profit also decreased, down 9,5% to approximately €3,47 billion. The margin thus fell from 4,7% to 4,2%. The accounts were particularly disappointing in terms of profitability, which was significantly below analysts' forecasts.
I quarterly revenues However, they showed greater resilience, increasing 2% to €82,44 billion, despite the decline in car sales. This figure exceeded market expectations, but was not enough to offset the decline in profits.
Volkswagen abandons revenue growth target
In light of the quarterly results, Volkswagen has full-year forecasts revised downwardsThe group no longer targets revenue growth of up to 3%, but now estimates a trend ranging from stability to a 3% decline compared to 2025. The operating margin forecast, however, remains unchanged, indicating a range of between 4% and 5,5%, after 2,8% recorded in the previous year. In the first half of the year, Volkswagen generated revenue of 158,1 billion euros, essentially in line with the 158,4 billion euros recorded in the same period of 2025. Operating profit for the six months, however, decreased by 11,6%, from 6,7 billion to 5,9 billion.
CEO Oliver Flower He explained that the group managed to offset unavoidable negative factors amounting to “tens of billions” in the first half of the year, while stressing that the framework for the automotive industry remains “extremely challenging”. To weigh are geopolitical crises, trade tensions, tariffs, high regulatory constraints, market volatility and intensifying competition. greater difficulties continue to come from China, where slowing demand and the growth of local producers are squeezing the space of international manufacturers.
In the first semester the The group's global deliveries decreased by 6,3%. Volkswagen managed to regain some ground in North America in the second quarter, while more favorable signals came from Europe. The order book grew by approximately 12% compared to the end of 2025, driven primarily by demand for electric cars and the launch of more affordable models from the Volkswagen, Skoda, and Cupra brands.
From cuts in Germany to the search for a partner in India
The earnings slowdown and worsening outlook come as Volkswagen is already engaged in a complex industrial restructuringThe plan presented by Blume in recent weeks includes a reduction in production capacity, further job cuts, and a review of the group's organizational structure.
In parallel, the group is looking for new resources To strengthen its position in markets with greater growth potential. In India, Volkswagen is in talks with the JSW conglomerate regarding a possible sale of a majority stake in Skoda Auto Volkswagen India. The transaction would allow the German manufacturer to finance its development in the local market without further straining the parent company's balance sheet. However, the company's valuation and the amount of capital the two parties would be willing to invest remain unclear.
On the stock market, the results and the cut in estimates weighed on Volkswagen shares, which lost 1,46%.
