Audi Group (AUDI) investor relations material

Executive summary

• 2025 marked a strategic realignment with over 20 new models, a new design philosophy, and a two-brand strategy in China, alongside organizational restructuring and the end of production in Brussels to streamline operations.

• Innovation accelerated with 80% more patents filed year-over-year, and the Mission Vorsprung strategy targeted moderate volume growth and a 10% ROS by 2030.

• Supply chain resilience was demonstrated during global crises, maintaining stable operations and diversified sourcing.

• Significant investment planned in German locations through 2029, with workforce reduction managed via retirement arrangements.

• End of production in Brussels and organizational changes implemented to streamline operations.

Financial highlights

• Revenue increased 2% to €65.5 billion in 2025, driven by new electric models and contract manufacturing, despite model changes and lower China parts revenue.

• Operating profit declined 14% to €3.4 billion (5.1% ROS), impacted by €1.2 billion US tariffs and €0.4 billion restructuring costs.

• Net cash flow rose 11% to €3.4 billion, supported by working capital improvements and cost discipline.

• Investment ratio decreased to 11.5% of revenue, reflecting disciplined spending.

• BEV deliveries surged 36% to 223,000 units, raising BEV share to 13.6%.

Outlook and guidance

• 2026 guidance: 1.65–1.75 million deliveries, revenue €63–68 billion, operating return 6–8%, investment ratio 11–13%, net cash flow €3–4 billion.

• Long-term goal to return to double-digit margins, contingent on strategy execution and cost discipline.

• Guidance assumes stable US tariffs and no further escalation in Middle East tensions.