Volkswagen has revised its forecast for 2026. The group now expects an operating margin of no more than 1% against the previous 4–5.5%. Revenue is projected to be around €315 billion.
The key factor is the revaluation of the Porsche business. Volkswagen will carry out a non-cash write-down of approximately €6 billion due to a reduction in long-term financial expectations for the brand. Additionally, about €2 billion will be spent on restructuring and asset impairment in China.
To understand the scale: in the first half of the year, Volkswagen achieved an operating profit of €5.93 billion with a margin of 3.8%. If the annual profitability is indeed limited to 1%, the operating result for the entire year 2026 will be approximately €3.15 billion. This means an approximately €2.8 billion negative operating result in the second half of the year — considering the published revenue forecast.
However, the €6 billion for Porsche is a non-cash adjustment, meaning it does not directly imply an outflow of this amount from the company's accounts. Volkswagen also points to the deteriorating situation in China and a shift in demand towards less profitable vehicles.