Volkswagen AG Prefs: Q2 preview: In the 4.0-5.5% range and slightly positive FCF. FY26 guide confirmed, aiming for mid-point.

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Volkswagen AG Prefs: Q2 preview: In the 4.0-5.5% range and slightly positive FCF. FY26 guide confirmed, aiming for mid-point.

Equity Research

European Autos & Auto Parts

14 July 2026

Volkswagen AG Prefs

Q2 preview: In the 4.0-5.5% range

and slightly positive FCF. FY26

VOWG_p.DE/VOW3 GY OVERWEIGHTguide confirmed, aiming for mid-

European Autos & Auto NEGATIVE Partspoint. Price Target EUR 120.00

Price (13-Jul-26) EUR 71.44

VW hosted a call ahead of its Q2/H1 results on 24 July. It Potential Upside/Downside +68.0%

confirmed Q2 EBIT margin should be within the 4.0-5.5% FY26 Source: Bloomberg, Barclays Research

range, but did not explicitly confirm that H1 margin would be

as well. FCF should be slightly positive despite Rivian outflow Henning Cosman

and FY26 guide was confirmed. +44 (0)20 3134 3106

henning.cosman@barclays.com

Barclays, UK

VW hosted an analyst and investor call ahead of its Q2/H1 results on 24 July and shared a

Erwann Dagorne

corresponding presentation. Consolidated unit sales excluding Chinese JVs increased by 2% +33 (0)1 4458 3664

YoY in Q2. Excluding China, Brand Group Core and Progressive volumes increased 4% YoY and erwann.dagorne@barclays.com

2% YoY, respectively. Deliveries of Porsche declined 18% YoY, but with improved product mix. VW BBI, Paris

also spoke about an intensified competitive environment with higher incentive levels in Europe

Wei Jia

and North America. Consequently, Q2 volumes should have been slightly positive in the Q2 EBIT +44 (0)20 3555 6740

bridge, while price/mix should have continued to be negative. wei.jia@barclays.com

At the end of June, VW terminated the automated driving alliance with Bosch. This should lead

to a a non-cash provision of a low triple-digit million Euro amount in Q2. Cost savings should