Audi Group (AUDI) Q4 2024 earnings summary

Executive summary

• 2024 was marked by deteriorating global economic conditions, supply bottlenecks, and increased competition, especially from China, leading to subdued demand and regulatory uncertainty.

• Strategic transformation began with the Audi Agenda, including workforce agreements, organizational restructuring, and a major product launch cycle.

• Model updates and cost measures were implemented to address market headwinds and operational challenges.

• The group maintained a strong equity ratio of 49.1% at year-end.

Financial highlights

• Deliveries to customers fell 11.8% to 1,692,548 units, with declines across Audi, Bentley, and Ducati, but Lamborghini deliveries rose 5.7%.

• Sales revenue declined 7.6% to €64.5bn, with operating profit dropping 37.9% to €3.9bn (6.0% margin), mainly due to lower volume and €1.6bn in restructuring costs from the Brussels plant closure.

• Net cash flow decreased 35% to €3.1bn, reflecting lower profit and negative working capital development.

• Q4 operating profit rose 7.7% year-over-year to €1,815m, with ROS at 9.9%.

Outlook and guidance

• FY2025 guidance: deliveries expected between 1.7m and 1.8m vehicles, revenue between €67.5bn and €72.5bn, operating margin 7–9%, CapEx ratio 10–12%, and net cash flow €3–4bn.

• BEV share of deliveries expected to grow substantially.

• Medium-term return target for the Audi brand is 11%, with a long-term ambition of 13%.

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