Audi Group (AUDI) Q2 2025 earnings summary

Executive summary

• Revenue increased by 5.3% year-over-year to €32.6bn in H1 2025, driven by favorable product mix and BEV momentum, despite a 5.9% decline in group deliveries due to market headwinds, tariffs, and restructuring expenses.

• Operating profit fell 45.1% to €1.1bn, with return on sales at 3.3%, pressured by tariffs, restructuring, and CO₂ regulation provisions.

• BEV deliveries rose 32% year-over-year, with Q6 e-tron and A6 e-tron leading growth.

• Net cash flow reached €904m, supported by improved working capital but negatively affected by restructuring payouts and the acquisition of Sauber Holding AG shares.

Financial highlights

• H1 2025 revenue reached €32,573m, up from €30,939m in H1 2024.

• Operating profit fell from €1,982m (6.4% margin) to €1,087m (3.3% margin) year-over-year.

• H1 2025 deliveries: 794,088 cars (-5.9% YoY), BEV deliveries up 32% to 101,384 units (12.8% share).

• Net cash flow: €904m (-20.1% YoY); investment ratio: 10.2% (down from 11.7%).

• Q2 2025 revenue stable at €17.1bn; operating profit €0.6bn; ROS 3.2%.

Outlook and guidance

• 2025 deliveries guidance revised to 1.65m–1.75m units, reflecting tariff impacts.

• Revenue guidance updated to €65bn–€70bn for 2025.

• Operating return on sales expected between 5.0% and 7.0%.

• Net cash flow guidance raised to €2.5bn–€3.5bn.

• Investment ratio for 2025 guided at 11.0%–13.0% of revenue.