The Volkswagen Group increased sales in the first quarter, but earned significantly less than expected on the market.
The Volkswagen Group implemented less and deserved in the first quarter than expected from experts. Despite the US customs policy, the Wolfburgers confirmed their annual goals. The effects and their interactions to sales, result and financial flow could not currently be finally assessed, the group said on Wednesday evening after closing the IPO in Wolfsburg. For investors, news played only a subordinate role.
After US President Donald Trump returned in the international trade conflict the evening before and had just exposed to determined tariffs for 90 days, on Thursday at the German stock market on a broad front. The VW share noted more than six percent higher shortly after the start of the trade. JPMorgan analyst Jose Asumendi evaluated the confirmed forecast positively.
This year VW continues to expect a sales increase of up to 5 percent. The group’s operational sales return is expected to be between 5.5 and 6.5 percent. For the net cash flow of the Automobile group, Volkswagen continues to expect a value between 2 and 5 billion euros. Netoliquidity in the Automobile group is expected between 34 and 37 billion euros in 2025.
In the first quarter, VW reported an increase in sales by 3 percent to 78 billion euros. The operational result – also puts a drop from special effects of 1.1 billion euros – by almost 40 percent: from 4.6 billion euros in the previous year to EUR 2.8 billion. The corresponding margin fell from 6.0 to 3.6 percent.
The stressful special effects are no longer available for over half of provisions for CO2 regulations in Europe. VW traces another 200 million euros for restructuring at the software subsidiary Cariad and 300 million euros result from adjustments to the reserves in the diesel scandal. In addition, the US import tariffs play a role, since VW rated vehicles in transport in this context. Adjusted for those effects, the operational result lies, according to Jefferies analyst Philippe Houchois near the market estimates.
The net degree in the Automobile group was 33 billion euros on March 31, 2025 (as of December 31, 2024 after adapted report logic: 34.4 billion euros).
VW plans to present the full quarterly report on April 30th.
The Volkswagen stocks did a little less well in the very highly recovered market environment on Thursday. In Xetra trading, they only won almost ten percent for a short time, most recently there was an increase of 3.13 percent to EUR 86.46.
JPMorgan analyst Jose Asumendi attested a volatile start to the Wolfsburg after the key data for the first quarter. The operational result of 2.8 billion euros is under the impression of special effects of 1.1 billion euros. The deviation to the market expectation of 4 billion euros is correspondingly high, says Asumendi. All in all, however, confirmation of the annual goals is a positive signal.
Jefferies leaves Volkswagen on ‘Buy’ – destination 140 euros
The Jefferies analysis house left the classification for Volkswagen to “Buy” with a price target of 140 euros for the first quarter. These are characterized by unique effects, wrote analyst Philippe Houchois in an initial assessment on Thursday. Among other things, it is provisions related to CO2 emissions and import duties. The bottom line is that the operational result (EBIT) of the car manufacturer was close to the consensus estimate.
Wolfsburg (dpa-Afx)
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