Half Year 2026 Volkswagen AG Earnings Call Transcript
Key Points
- Volkswagen AG (VLKAF) reported stable sales revenue of EUR 158 billion, with operating profits amounting to $5.9 billion, corresponding to a 3.8% margin.
- The company saw a strong momentum in its BEV order book, which increased by 57% year-on-year to 330,000 vehicles.
- Volkswagen AG (VLKAF) achieved solid growth in North America and South America, with volumes increasing by 8% and 9% respectively.
- The company has a comprehensive and competitive offering in the entry-level BEV segment, with new models generating over 70,000 orders within weeks of launch.
- Automotive net cash flow was strong at EUR 3.2 billion in the first half of the year, EUR 4.5 billion above the first six months of 2025.
- Volkswagen AG (VLKAF) faced a challenging market environment with weak consumer confidence, subdued demand, and intense competition, particularly in China where deliveries declined by 37% in Q2.
- The company's operating margin is still not at a sustainable level, with a margin of 3.8% after six months or 4.3% before special effects.
- Volkswagen AG (VLKAF) is under pressure from US tariffs, which create a significant burden and restrict international trade.
- The company is facing high energy costs and regulatory requirements in its home market, adding further pressure.
- Volkswagen AG (VLKAF) needs to accelerate and broaden efforts to lower its cost base structurally, as the current cost reductions are not sufficient in today's economic and competitive environment.
Good morning, everyone. A warm welcome to the half-year 2026 results call of Volkswagen Group. This is a joint call for both the media as well as ambassadors and analysts, moderated by Ralph Voller, our Head of Group Treasury and AR, and myself, Sebastian Rudolf. With us today are Oliver Blumer, our CEO of Volkswagen Group, and Arno Anplitz, our CFO and COO of Volkswagen Group.
A few remarks before we start. You should have received the press release, the interim financial report and all other related materials, which were published this morning. If you do not have them yet, you can find all documents on our website or just drop us an e-mail. Now, let me hand over to Ross, the floor is yours.
Thank you, Sebastian, and good morning to everyone on the call.
Thank you for joining us today.
Let's have a look at our agenda.
Oliver will start with the key developments of the first half year, and Arne will then take you through the half-year financial
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