According to a Deutsche Bank study, Volkswagen lowered its 2026 operating margin guideline to a maximum of 1%, mainly dragged down by a special project of about 10 billion euros. If these effects are excluded, the underlying operating profit margin is about 4%, which is basically in line with the previous market expectations of 4.1%. Related special projects include more than €6 billion in non-cash impairment relating to Porsche and over €2 billion in impairment relating to early retirement plans and the sale of the Osnabrück plant. Affected by this, Deutsche Bank drastically lowered Volkswagen's 2026 reporting operating profit forecast from 14.55 billion euros to 2.95 billion euros, but the adjusted operating profit forecast was only lowered from 15.65 billion euros to 12.55 billion euros, and the corresponding adjusted operating profit margin fell from 4.8% to 4%. Deutsche Bank believes that Volkswagen's current restructuring costs are high, and there may still be additional costs in the coming months. However, the company still maintains a net cash flow of 3 billion to 6 billion euros and net liquidity guidelines of 32 billion to 34 billion euros. Deutsche Bank expects cash flow to be close to the upper end of the range, and maintains a target price of 115 euros and a “buy” rating.

According to a Deutsche Bank study, Volkswagen lowered its 2026 operating margin guideline to a maximum of 1%, mainly dragged down by a special project of about 10 billion euros. If these effects are excluded, the underlying operating profit margin is about 4%, which is basically in line with the previous market expectations of 4.1%. Related special projects include more than €6 billion in non-cash impairment relating to Porsche and over €2 billion in impairment relating to early retirement plans and the sale of the Osnabrück plant. Affected by this, Deutsche Bank drastically lowered Volkswagen's 2026 reporting operating profit forecast from 14.55 billion euros to 2.95 billion euros, but the adjusted operating profit forecast was only lowered from 15.65 billion euros to 12.55 billion euros, and the corresponding adjusted operating profit margin fell from 4.8% to 4%. Deutsche Bank believes that Volkswagen's current restructuring costs are high, and there may still be additional costs in the coming months. However, the company still maintains a net cash flow of 3 billion to 6 billion euros and net liquidity guidelines of 32 billion to 34 billion euros. Deutsche Bank expects cash flow to be close to the upper end of the range, and maintains a target price of 115 euros and a “buy” rating.