Audi Group (AUDI) Q1 2025 earnings summary

Executive summary

• Revenue rose 12.4% year-over-year to €15.4bn, driven by a better vehicle mix and higher BEV share, despite a 3.3% decline in total deliveries due to model changeovers and a competitive market.

• BEV deliveries surged 30.1% to 46,371 units, raising the BEV share to 12.1% of Audi brand deliveries.

• Operating profit increased 15.2% to €537m, with an operating return on sales (ROS) of 3.5%, up from 3.4% last year.

• Net cash flow improved to -€61m from -€768m, supported by working capital and despite Formula 1 investments.

• Major product launches included the Audi A6 Avant, A6 Sedan, A5 e-hybrids, and new models in China.

Financial highlights

• Revenue: €15,431m (+12.4% YoY); Operating profit: €537m (+15.2% YoY); ROS: 3.5% (+0.1 ppt).

• Net cash flow: -€61m (vs. -€768m YoY); Net liquidity: €22,389m (down 2% from Dec 2024).

• Gross profit: €1,778m (+4.9% YoY); Financial result: €265m (-48.6% YoY); Profit after tax: €630m (-14.5% YoY).

• R&D ratio: 6.9% (down 2.3 ppt YoY); Capex: €524m (+5.4% YoY); Investment ratio: 10.3% (down 2.5 ppt YoY).

Outlook and guidance

• FY2025 guidance unchanged: deliveries expected at 1.7–1.8m cars, revenue €67.5–72.5bn, ROS 7–9%, net cash flow €3–4bn, investment ratio 10–12%.

• Guidance excludes potential impacts from new tariffs, restructuring, or CO2 regulation changes.

• Risks remain from global economic fragmentation, protectionism, and financial market turbulence.