Q3 2025 Volkswagen AG Earnings Call Transcript
Key Points
- Volkswagen AG (VLKAF) reported a strong increase in global battery electric vehicle (BEV) deliveries, improving by 42% year-to-date to 718,000 units.
- The company's BEV share in Western Europe almost doubled in the first nine months of 2025 to more than 20%.
- Volkswagen AG (VLKAF) achieved a 5% operating margin in Q3 2025, excluding special effects, which is considered a decent performance in the current economic environment.
- The company recorded strong delivery growth of 9% in Europe in the third quarter, accelerating positive trends seen in the first half of the year.
- Volkswagen AG (VLKAF) reduced overhead costs in the Automotive division by EUR1 billion, improving the overhead cost ratio by 60 basis points.
- Volkswagen AG (VLKAF) reported a negative operating result in Q3 2025 at minus EUR1.3 billion, impacted by significant headwinds.
- The company faced EUR5.3 billion in headwinds in Q3 2025, mainly due to costs related to the realignment of Porsche's product strategy and goodwill impairment of its stake in Porsche.
- Increased US tariffs resulted in a cost impact of about EUR800 million in Q3 2025.
- Volkswagen AG (VLKAF) recorded a decline in deliveries in North America by 10% in Q3 2025, largely due to trade uncertainties and increased tariffs.
- The company's profit after tax declined by 61% to EUR3.4 billion due to a higher tax rate and non-tax deductible goodwill impairment.
Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.
Ladies and gentlemen, welcome to the Volkswagen Group investor analyst and media nine months 2025 conference call. I'm Vicky, Chorus Call operator. I would like to remind that all participants will be in listen-only mode, and the conference is being recorded. (Operator Instructions) The conference must not be (technical difficulty) Please go ahead.
Yeah. Good morning, everyone, and welcome to the third quarter 2025 results call of Volkswagen Group. This is, as usual, a call for both the media as well as investors and analysts, moderated by Rolf Woller, our Head of Treasury and Investor Relations; and myself, Pietro Zollino, Head of Corporate Communications. With us today is Arno Antlitz, CFO and COO of the Volkswagen Group. Good morning, Arno.
You should have received the press release, the interim
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