Audi Group (AUDI) Q3 2026 earnings summary

Executive summary

• Brand Group car deliveries fell 11.3% YoY to 1,056,103; nine-month revenue declined 13.1% to €42.1bn and operating profit fell 26.0% to €1.15bn.

• Q3 operating profit dropped to €29m, with 0.2% return on sales, amid lower volume and intensified competition, particularly in China.

• Nine-month net cash flow rose 15.7% to €2.44bn; priorities include cost and complexity reduction, efficiency, quality and targeted investment.

Financial highlights

• Nine-month revenue was €42,063m versus €48,380m; operating profit was €1,150m versus €1,555m.

• Profit after tax fell to €1,218m from €2,064m; profit before tax was €1,663m versus €2,520m, and financial result was €513m versus €965m.

• Q3 revenue was €12,886m versus €15,807m; operating profit was €29m versus €468m, and return on sales was 0.2% versus 3.0%.

• Nine-month gross profit was €3,759m versus €5,176m; cost of goods sold fell 11.3% to €38,305m, reflecting lower volume and CO₂ provision expenses, partly offset by higher material prices.

• Nine-month net cash flow increased to €2,439m from €2,107m.

Outlook and guidance

• FY 2026 guidance: deliveries of 1.35m–1.45m cars, revenue of €55bn–€59bn, operating return on sales of 3%–5%, and net cash flow of €2.5bn–€3.5bn.

• Investment ratio guidance is 11%–13%; the revised forecast reflects weaker Q3 conditions, especially in China, and persistent competition and price pressure.

• Guidance excludes potential restructuring charges beyond 2025 agreements and potential effects from development and implementation of Group Target Picture 2030.