Audi Group (AUDI) investor relations material

Executive summary

• 2024 was a challenging year with deteriorating global economic conditions, supply bottlenecks, and increased geopolitical tensions, especially impacting the German automotive sector.

• Audi launched a major model initiative, aiming for the youngest product portfolio by end of 2025 with over 20 new models, half fully electric.

• Strategic transformation included a new matrix organization, future agreement with the works council, and significant investments in German sites.

• Joint venture with Rivian established to develop future vehicle architectures and software-defined vehicles.

• Model updates and cost measures were implemented to address market headwinds and operational challenges.

Financial highlights

• Revenue fell 7.6% to €64.5 billion, mainly due to lower vehicle volumes and price pressure.

• Operating profit dropped to €3.9 billion (6% margin), impacted by lower volume and Brussels restructuring.

• Net cash flow was €3.1 billion, down from €4.7 billion in 2023, reflecting lower earnings and negative working capital.

• BEV share of deliveries was 9.7–9.8%, with BEV deliveries declining 7.8–8%.

• Profit after tax was €4.2 billion, compared to €6.3 billion in 2023.

Outlook and guidance

• 2025 expected to remain challenging with fierce competition, consumer reluctance, and volatility, especially in China and EV segments.

• Targeting sales revenue of €67.5–72.5 billion, operating margin of 7–9%, and net cash flow of €3–4 billion.

• Deliveries guidance: 1.7–1.8 million units; investment ratio expected at 10–12% of revenue.

• Guidance excludes potential impacts from tariffs, further restructuring, or CO₂ regulation changes.

• Medium-term return target for Audi brand is 11%, with a long-term goal of 13%.