Audi Group (AUDI) Q2 2026 earnings summary

Executive summary

• Deliveries declined 7.2% year-over-year to 736,878 units, mainly due to market pressure in China and the USA.

• Revenue decreased 10.4% year-over-year to €29.2bn for H1 2026, reflecting lower sales in China and the USA.

• Operating profit rose slightly to €1.1bn, with margin improving to 3.8% from 3.3% year-over-year, supported by cost discipline.

• Net cash flow more than doubled to €1.9bn, driven by working capital improvements and disciplined spending.

Financial highlights

• Revenue for H1 2026: €29.2bn, down from €32.6bn in H1 2025.

• Operating profit: €1.1bn (3.8% margin), up from €1.1bn (3.3% margin) in H1 2025.

• Net cash flow: €1.9bn, up over 100% year-over-year.

• Gross profit dropped 15.2% year-over-year to €3.0bn.

• Financial result decreased to €402m, mainly due to a sharp decline in China business.

Outlook and guidance

• FY2026 guidance: deliveries expected between 1.55m and 1.65m vehicles, revenue €58–65bn, ROS 5–7%, net cash flow €3–4bn, investment ratio 11–13%.

• Guidance reflects current tariff situation and persistent risks from China competition, Middle East conflict, and global economic fragmentation.