Q1 2026 Volkswagen AG Earnings Call Transcript
Key Points
- Volkswagen AG (VLKAF) launched new electric vehicles, including the Cupra Raval and ID Polo, enhancing its electric urban car family.
- The company successfully completed winter testing of vehicles with a new software-defined vehicle architecture through its joint venture with Rivian.
- Volkswagen AG (VLKAF) maintained a strong order book in Europe, with a 15% increase in the total order book compared to year-end 2025.
- The company achieved a net cash flow of EUR 2 billion in the first quarter, reflecting strong financial management and cost control measures.
- Volkswagen AG (VLKAF) is implementing a comprehensive transformation plan to reduce complexity, streamline operations, and focus on customer-centric products, aiming for a target picture by 2030.
- Deliveries to customers were down 4% in the first quarter, with significant declines in the US and China markets.
- The operating margin before special effects stood at only 4.3%, indicating challenges in achieving adequate returns.
- US tariffs introduced in April 2025 are impacting earnings by EUR 4 billion annually, adding financial pressure.
- Volkswagen AG (VLKAF) faces intensified competition in China and Europe, particularly affecting its premium brands, Audi and Porsche.
- The company anticipates a continued margin dilution from battery electric vehicles (BEVs) until the implementation of its next-generation SSP platform.
Good morning, everyone, and warm welcome to to our first quarter 2026 results call of Volkswagen Group. Thanks for dialing in. This is, as usual, a joint 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 are Oliver Blumer, our CEO of the Volkswagen Group; and Arno Antlitz, CFO and COO of Volkswagen Group. You should have received the press release, the interim finance report and all other related materials which were published already this morning.
If you do not have them, you can find all documents on our group website. In case of any issue, give us a call or drop us an e-mail. Now let me hand over to Rolf, who will give you a brief run-through of the next say on one and half hour.
Thank you, Pietro. Good morning to everyone from a very sunny day in Wolfsburg
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