Volkswagen cuts FY2026 operating margin forecast to up to 1%
Porsche impairment and cash outlook
A EUR 6 billion non-cash goodwill impairment at Porsche is expected to weigh on third-quarter operating profit.
The auto division's net cash flow is still seen at EUR 3 billion to EUR 6 billion, while net liquidity is still expected at EUR 32 billion to EUR 34 billion.
Volkswagen lowers 2026 margin outlook
Volkswagen cut its 2026 operating return on sales outlook to up to 1%, versus a prior 4%–5.5% range.
Group revenue forecast was set at about EUR 315 billion, near the midpoint of guidance for a 3% decline to flat growth.
About EUR 10 billion in special items are expected to hit operating profit, including EUR 900 million already booked in the first half.
