Volkswagen's reported operating profit for the first nine months was just €0.1 billion on €233 billion in revenue, after €8.7 billion in special items, including a €6.4 billion goodwill impairment related to Porsche. Before special items, operating profit was €8.8 billion, a 3.8% margin, but the group posted a €2.7 billion loss after tax, mainly due to high taxes, as some special charges were not tax-deductible. Deliveries in China fell 30% amid a shrinking market, and the company expects its Chinese joint-venture contribution to be roughly break-even for 2026, with a significant risk of a fourth-quarter loss. European orders rose 4%, with BEVs making up about 40% of the order book, but newer electric models remain margin-dilutive. Volkswagen is accelerating its Target Picture 2030 cost-cutting plan and expects a 2026 operating margin of up to 1% including special effects.
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