Volkswagen AG Prefs: Disposals and 'positive change' vs low TSR and profit warning concerns

Research evidence excerpt

Volkswagen AG Prefs: Disposals and 'positive change' vs low TSR and profit warning concerns

Equity Research

European Autos & Auto Parts

30 June 2026

Volkswagen AG Prefs

Disposals and 'positive change' vs

low TSR and profit warning

VOWG_p.DE/VOW3 GY OVERWEIGHTconcerns

European Autos & Auto NEGATIVE

VW dominates the headlines. The Everllence transaction was Parts Price Target EUR 120.00

a big positive. But the market seems fully focused on Price (29-Jun-26) EUR 71.36

provisions/cost related to c100,000 lay-offs mooted on Friday. Potential Upside/Downside +68.2% Source: Bloomberg, Barclays Research

Costs could run into multi-euro billions - but could also be

largely covered by disposals and deliver 'real change' for VW. European Autos & Auto Parts

Henning Cosman

+44 (0)20 3134 3106

Four significant headlines recently: 1/ BMW profit warning read-across (16 June), 2/ henning.cosman@barclays.com

Everllence transaction (24 June), 3/ MM article on lay-offs (26 June), and 4/ BILD article on Barclays, UK

termination of Bosch autonomous driving cooperation (28 June). We think market tars all

Erwann DagorneOEMs with the same brush and is overly cynical on VW - discounting the positives. VW

+33 (0)1 4458 3664

shares closed at €71.6/share yesterday, the lowest in nearly 15 years. YTD VW is down 30.5% (vs erwann.dagorne@barclays.com

the EU Autos index SXAP down 18%; although the index is mainly helped by RACE, Michelin, BBI, Paris

Continental and P911, with most other OEMs down by a similar amount to VW YTD). Over one

Wei Jiamonth VW is down 22% (vs SXAP down 9%), with a similar picture for relative performance. The

+44 (0)20 3555 6740

most recent EU Autos correction was triggered by BMW's large profit warning on 16 June (Big wei.jia@barclays.com

margin warning; 17 June).