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Brand Group Core with solid results – special items impact Volkswagen Brand

Brand Group Core with solid results –  special items impact Volkswagen Brand

The Brand Group Core (BGC), the organizational entity combining the volume brands of the Volkswagen Group, closed the first quarter of 2026 with an operating result of 1.54 billion euros. Sales ran at 34.9 billion euros, and the operating margin was 4.4%. Compared with the prior-year period, unit sales rose moderately to 1.23 million vehicles. The development of results across all the brands of the Brand Group Core was buoyed by optimized product costs and consistent cost management.
The negative impact of lower volumes in China and the USA was compensated for – bearing witness to sustained progress with efficiency measures.

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““In the first quarter, the Brand Group Core recorded solid performance in a challenging environment. If we eliminate the costs in connection with the discontinuation of ID.4 production in the USA, the operational development in the first quarter was generally positive – bearing witness to the progress achieved with margins and cost discipline. However, we are still not earning enough to sustainably finance our future. Consistent cost controlling and operational performance therefore remain our top priorities.””
David Powels CFO Volkswagen Brand & Brand Group Core
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Brand Group Core Key figures (January – March 2026)

1.23
million vehicles
is Brand Group Core unit sales (Q1 2025: 1.22 million).
1.3 %
decline in sales revenue
to 34.9 billion euros (Q1 2025: 35.3 billion).
1.54
billion euros
operating result (Q1 2025: 1.12 billion).
4.4 %
operating margin
of Brand Group Core (Q1 2025: 3.2%).
53
million euros
negative net cash flow (Q1 2025: 44 million negative).

Outlook

Overview of the brands in the Brand Group Core

Volkswagen Passenger Cars

Volkswagen Commercial Vehicles

SEAT & CUPRA

Skoda Auto

Key figures for the Brand Group Core:

Key figures for the brands belonging to the Brand Group Core:

The specified fuel consumption and emission data does not refer to a single vehicle and is not part of the offer but is only intended for comparison between different types of vehicles. Additional equipment and accessories (additional components, tyre formats, etc.) can alter relevant vehicle parameters such as weight, rolling resistance and aerodynamics, affecting the vehicle's fuel consumption, power consumption, CO₂ emissions and driving performance values in addition to weather and traffic conditions and individual driving behavior. Further information on official fuel consumption data and official specific CO₂ emissions for new passenger cars can be found in the "Guide to fuel economy, CO₂ emissions and power consumption for new passenger car models", which is available free of charge from all sales dealerships and from DAT Deutsche Automobil Treuhand GmbH, Hellmuth-Hirth-Str. 1, D-73760 Ostfildern, Germany and at www.dat.de/co2.