EU AUTOMOTIVE: Volkswagen (VW Baa1/BBB+/A-[N]): 1Q25 Results
Apr-30 08:03
Slightly negative read for us, with guidance pressured even before tariff impact which has still not been quantified.
- We knew from preliminaries VW had in-line revenue and adj. EBIT, larger one-off hits to EBIT.
- Automotive cash flow was -€0.8bn, up from -€2.5bn YoY with drag from M&A (€0.5bn) and restructuring costs.
- Porsche struggled with unit sales down 8% and EBIT margin down 6.2ppts to 8.7%.
- FY25 outlook was confirmed, but with EBIT margin and cash flow trending towards the low end of the range. Consensus €5.2bn cash flow will need to come down with €2-5bn guided. Expectations for EBIT margin at 5.3% are already below 5.5-6.5% guided. Guidance is still before tariff impact.
- Webcast replay https://www.webcast-eqs.com/login/volkswagen-2025-q1.
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