Volkswagen in the red by €5.9 billion in the third quarter, weighed down by Porsche writedown

Volkswagen closed the third quarter of 2026 with a negative operating result of €5,860 million. In the same period of 2025 the loss had been €1,299 million: this year’s loss has thus more than quadrupled compared with twelve months earlier.

Quarterly revenue fell 6.3%, to €75.3 billion, and net result came to a loss of €5,822 million. Among the extraordinary charges, which total €8.7 billion overall, the main item is a non-cash goodwill impairment on Porsche of €6.4 billion: an accounting adjustment reflecting a lower expected value of the brand, without entailing an immediate cash outflow.

Despite the quarter’s figures, the group confirmed its guidance for the full year 2026, already revised on September 18, which indicates an operating margin of up to 1%. Chief Financial and Operating Officer Arno Antlitz commented: “We must act quickly and decisively.”

The weakness of the Chinese market, together with Porsche brand’s difficulties, is cited among the factors that weighed on the quarter. These are two issues that Volkswagen had already flagged in recent months as priority areas for intervention, and which are now directly affecting the income statement again with one of the group’s largest quarterly losses in recent history.

It should be noted that the news currently comes from a single source — Volkswagen Group’s quarterly statement, picked up by two outlets — and there is as yet no independent confirmation of the figures from third-party sources, such as a rating agency or a financial supervisory authority.

The next deadline to verify the plan’s resilience will be the publication of year-end results, which will show whether the operating margin remains within the threshold set in September.