Full Year 2025 Audi AG Earnings Call

March 17, 2026

Good morning, and welcome to.

The 'twenty to 'twenty six Audi annual media conference here in Ingolstadt.

Carolin Strunz: Good morning and herzlich welcome to the 2026 Audi Annual Media Conference here in Ingolstadt. Welcome to the participants following us via the live stream. My name is Carolin Strunz, and I'm Vice President of Global Communications and Corporate Affairs at Audi. I'm very pleased to guide you through this morning, and in fact, we have a great deal planned for today. We will be looking back on a year that challenged Audi while also driving us forward in a decisive way. We are going to show you how Audi is holding its own in the global landscape and the strategic direction we've set. Of course, we are going to look ahead to what lies ahead of us, our products, our technologies, and our goals for 2026. Our CEO, Gernot Döllner, will speak about this shortly, followed by our CFO, Jürgen Rittersberger.

When it comes to the participants following Australia. The Livestream My name is Carolyn stones, and I'm, Vice President of Global Communications and corporate Affairs at Audi swam you see I'm very pleased to guide you through this morning.

In fact, we have a great day planned for today.

We will be looking back on the year that challenged aldi.

Also driving us forward and the decisive way Tiger.

We are going to show you how old is holding its own in the global landscape and the strategic direction research and of course, we are going to look ahead to what lies ahead of us our products, our technology and our goals for 2026, that's over twice that flowers C O garneau turn them.

I'll speak about this shortly followed by our C. F O juergen richest backup that knocked off towards Canada, and and Jochen richest backup will answer your questions. These are kind of event that you can submit your questions throughout the entire event via the Q&A box in the dream.

Carolin Strunz: Afterwards, Gernot Döllner and Jürgen Rittersberger will answer your questions. You can submit your questions throughout the entire event via the Q&A box in the live stream or here in the room by raising your hand. Gernot, I look forward to speaking with you, and I'd like to invite you to the stage now. Thank you, Carolin. Gernot, let's start with a quick question. If you had to describe the year 2025 in one word, what would be this word? I think the word for 2025 would definitely be a new beginning. 2025 was in fact a year of intense pressure, geopolitically, in terms of trade, policy, and technologically. I think we can say that the entire industry was under a lot of pressure, and it was precisely in this environment that we said, "Now more than ever." We use this pressure as fuel.

The room by raising your hand.

I look forward to speaking with you and I'd like to invite you to the stage now.

Thank you Carlin cannot lessons Smith and Ghana.

Start with a quick question.

If you hedge too it's.

As described the heel 2025 in one would be what would be these words.

I think the broad for 'twenty or 'twenty, five we'll definitely theme.

Two beginning.

20 to 25 was in fact, a year of intense pressure.

Politically in terms of trade policy and technologically.

We can say that the entire industry of us under a lot of pressure antibodies precisely in this environment that is that now more than ever be used this pressure as fuel we realign ourselves and we are actively shape. The change we turn pressure into energy and that's exactly what they did.

Gernot Döllner: We realign ourselves, and we Audi actively shape the change. We turn pressure into energy, and that's exactly what we did. Audi realigned itself in 2025, strategically, technologically, and culturally. With over 20 new models in two years, we launched the youngest portfolio in the competitive market. With the Audi Concept C, we have introduced a new design philosophy in China with our exclusive sister brand, Audi. We have successfully launched our two-brand strategy. The first model, the AUDI E5 Sportback, won the China Car of the Year award in its very first year. Just a few days ago, we competed in our first Formula One race in Melbourne, thereby bringing Audi into the top-tier class, the premier class of motorsport. This was an impressive start.

Your line it says in 'twenty to 'twenty, five strategically technologically and culturally fun with over 20, new models into a yes.

We launched the youngest portfolio in a competitive market.

The Audi concept C. We have introduced a new design philosophy in China with our exclusive sister brands.

We have successfully launched our two brand strategy the first module.

What was already if I spoke back one the China kind of figure in a hold in its very first year, albeit just a few days ago.

Computers in our first Formula one race in Melbourne.

Thereby bringing <unk> into the top tier class a premier class of Motorsports, and they're supposed to impress.

Impressive start.

Finishing ninth Cadbury bar to lapse or secured the first two points in formula one history.

Carolin Strunz: By finishing ninth, Gabriel Bortoleto secured the first two points in Audi's Formula One history, and that was definitely a great debut for the entire team. Sorry. Things are really moving forward. Yes, definitely. Things are moving forward, and I hope that you stay healthy. Okay. What has happened? What changed behind the scenes at Audi to make all of this possible? To make sure that you can move forward, make progress. I think all these great moments did not happen by chance. They are the results of our organization, our way of working, and of our very special Audi culture. I'm deeply convinced that products are inextricably linked to the processes through which they are created. The technologies of tomorrow are definitely not created within the structures of yesterday, and that is why we have really undergone a lot of internal restructuring.

That's supposed to have another great tip your for the entire team.

It's really cool sorry, skipped as Brooklyn, So things are really moving forward.

Oh, yes, definitely things are moving forward and I hope that you stay healthy okay. So what happened what changed behind the scenes that Oh Gee, it's like all of this possible.

It shows that you can make to move forward with my progress I think all these great moments did not happen by chance. They are the result of our organization all way of working and of our very special culture, and I'm deeply convinced that product are inextricably linked to the process through which they are Cree.

<unk> taken a little gain for the technologies of Tomorrow are definitely not created within the structures of yesterday and that is why we have really undergone a lot of internal restructuring we have a new strategy. We have a leaner organization, we have clear priorities and we have fast track teams that quickly test and implement.

Gernot Döllner: We have a new strategy, we have a linear organization, we have clear priorities, and we have fast-track teams that quickly test and implement innovations. To this end, we have deliberately reduced complexity in our entire organization. For instance, 85% fewer committees. We have streamlined management levels, we have shorter decision-making paths, and overall, we have greater clarity and impact in our team's day-to-day work. At the same time, through the agreement for the future that we entered in March of last year, we are securing employment through 2033, and we are investing through 2029, around EUR 8 billion in our German locations. We are managing the reduction of up to 7,500 jobs in a socially responsible manner with the help of attractive retirement arrangements.

Innovations to this end, we have deliberately reduced complexity and our entire organization for instance, 85% fewer committees. We have streamlined management levels, we have shorter decision, making power and off road, we have greater clarity and impact in our team's day to day work.

At the same time through the future agreement that we entered in March of last year, we are securing employment through 'twenty three and we are investing.

Through 20th century line around 8 billion euros in our German location.

And we are managing the reduction of up to 7500 jobs in a socially responsible manner with the head of attractive retirement arrangements and it's funded by the end of 2027, we aim to reduce up to 6000 of these positions and this is a very important step towards efficiency B then through.

Gernot Döllner: By the end of 2027, we aim to reduce up to 6,000 of these positions, and this is a very important step towards efficiency, speed, and robust domestic locations. In short, Audi is reinventing itself for our customers, for our employees, and for a strong industrial base in Germany. This is definitely a new beginning, despite all the challenges. We certainly have more than enough challenges, as we all know, in the world right now. Now, do you think that the automotive industry has truly grasped the gravity, the seriousness of the situation? What do we at Audi now have to do in order to successfully overcome all of these hurdles in the world? Now, what we need above all is innovation and speed. We also need the honesty to say, clinging to the status quo will not lead us into the future.

US domestic locations.

Sure.

Nobody is reinventing itself.

Estimates for employees and for a strong industrial base in Germany.

This is all I have.

It's definitely in your beginning despite all the challenges the system.

We certainly have.

More than enough challenges as you all know the world right now, but do you think that the automotive industry has truly grasp the graduate to the seriousness of the situation and what you'll be at all do you now have to do in order to successfully overcome all the hurdles in the world now what we need above all is innovation.

And we also need you honestly to say clinging to the status quo will not lead us into the future.

My name is stuck in no no no.

In the Prime and Prime Minister Mark Carney put it at the World Economic Forum.

Gernot Döllner: As the Canadian Prime Minister Mark Carney put it at the World Economic Forum. I quote him, "Nostalgia is not a strategy. The entire automotive industry, and indeed all of Germany, must definitely reinvent themselves because right now, United States and China are driving the worldwide mega trends. Germany and Europe have fallen behind. Innovations for our customers must therefore once again become the top priority for Audi, which means above all, consistently driving the paradigm shift towards the software-defined vehicle and also placing digital capabilities of the entire organization at the center. In doing so, we are consciously and intentionally focusing on strong partnerships and leveraging the power of the Volkswagen Group. There's one key example of this, the group's joint venture, Rivian and Volkswagen Group Technologies, the joint venture with Rivian.

No quote him nostalgia it is not a strategy designed to automate the.

The entire automotive industry, and indeed, all of Germany, most definitely reinvent themselves because right now the United States and China are driving the worldwide Megatrends, Germany, and Europe have fallen behind.

What's your own innovations for our customers must therefore, once again becomes a top priority for all of them.

[Presenter]: Finally we arrive home safely after spending three days away together. The past few years haven’t given me many opportunities like these, but every moment counts, especially those spent with loved ones. This trip wasn’t long enough though since we both agreed upon returning home that we would love another getaway soon again. Until then, thanks for watching, friends. Hope you enjoyed this video. Don’t forget to hit the subscribe button and bell icon to never miss any upcoming videos. See you later.

Operator: Finally we arrive home safely after spending three days away together. The past few years haven’t given me many opportunities like these, but every moment counts, especially those spent with loved ones. This trip wasn’t long enough though since we both agreed upon returning home that we would love another getaway soon again. Until then, thanks for watching, friends. Hope you enjoyed this video. Don’t forget to hit the subscribe button and bell icon to never miss any upcoming videos. See you later.

Oh Geez this means about phone consistently driving the paradigm shift towards the software defined vehicle then also placing digital capabilities of the entire organization at the center.

Doing so we are consciously and intentionally focusing on strong partnerships and they are leveraging the power of the folks walking group.

There's one key example of it.

The group's joint venture Bobby pegs, the joint venture with Libya, we are already seeing today, how much benefit from collaboration with the development team in Silicon Valley and from high performance Electronics platform.

Gernot Döllner: We are already seeing today how much we benefit from collaborating with the development teams in the Silicon Valley and from a high performance electronics platform. Excuse me. Now, we are currently conducting our winter tests to validate the SDV functions we developed together under cold conditions. This is an important milestone for us. We are really very happy with the results and with what the two teams are working on together. In two years already, the first Audi featuring the new E/E architecture from Rivian and Volkswagen Group Technologies is expected to launch in just two years. The Rivian and Volkswagen Group Technologies or the joint venture provides the basic architecture while our Audi teams deliver the typical Audi character. This is definitely a good example of innovation. All in all, the innovation across our entire company is gaining momentum.

Jen.

That's the way to go.

If you're in that side once again.

Currently conducting a winter tests you can mine.

Validated.

The only ones that can function as we develop together under cold conditions, but this is an important milestone for us.

Since we are really very happy with so we started with one or two teams are working on together and.

So he has already hit the first Audi featuring the new East Lushy architecture.

M. A R V attack is expected to launch just two years.

All the tech team.

Oh, the joint venture.

<unk> provides the basic architecture by Oh that seems to live at the typical Decadic test.

Yeah.

It's definitely a good example of innovation joins custom because I'm. So all in all the innovation across our entire company is gaining momentum and 25 all of these funds, 80% more patents for inventions compared to the previous year, that's a strong sign.

Carolin Strunz: In 25, Audi filed 80% more patents for inventions compared to the previous year. That's a strong sign of the pace of progress in our future-oriented fields. This has not gone unnoticed. The German Patent and Trade Mark Office has released its latest figures, and we've moved up from ninth to fourth place in the patent ranking with 1,912 patent applications filed last year alone. That's a strong sign that Audi is back in the game when it comes to progress. This is exactly the level of passion for innovation that we need to pass this test and to regain strength as an industry. We notice that Germany has to reinvent itself. Maybe the whole of Europe has to reinvent itself, but above all, Audi needs to reinvent itself. What does that require from policymakers?

Off the pace of progress in our future oriented.

And this has not gone unnoticed, the German patent and trademark office.

It's like just trigger.

We put 10 friendly's most out of your phone plus annoying from mines to first place in the pet and Frank.

With 1000 900000 patent applications filed last year alone. That's a strong sign that Oh Gee is back in the game when it comes to progress and this is exactly the level of passion for innovation they've been needs to pass this test and to regain strength as an industry.

Yeah, Mcnamee, if my math Deutschland, mostly shneur. So we noticed that Germany has to reinvent itself, maybe the whole of Europe has to reinvent itself, but the bustle Audi needs to reinvent itself watching it does that require from policymakers.

Yes, Paul So first and foremost I believe you need reliability in Germany.

Gernot Döllner: Now, first and foremost, I believe we need reliability. Germany is under enormous pressure in the global marketplace from China, from the United States, from the rapid pace of technological change, and also from increasing decoupling. If we want to reinvent ourselves as a country, as a nation, economic growth in Germany must pick up again. To achieve this, policymakers must create more attractive conditions, competitive energy prices, significantly less bureaucracy, and above all, speed, clarity, and consistency in implementation. Now, what matters now is a vision, a target picture for Germany, a joint agenda for politics and business. Companies develop products and solutions. Politics need to provide a reliable framework for this. This will give us planning reliability, encourage investment, and gives our country technological momentum. This is particularly evident when it comes to energy. Costs vary significantly from country to country.

Under enormous pressure on the global marketplace from China from the United States from the rapid pace of technological change and also from increasing decoupling.

Once I finish.

We want to reinvent ourselves as a country as a nation economic growth in Germany must pick up again.

She says policymakers must create more attractive conditions competitive energy prices significantly less bureaucracy and Buffalo.

Clarity and consistency in implementation now what made us now.

It's a vision targets, except for Germany, a joint agenda for politics and business.

When companies develop product and solution.

Politics and policy to provide a reliable framework for this.

I don't see this will give us.

Planning reliability encourage investment and gifts all countries technological momentum TMR.

This is particularly evident when it comes to energy costs very significantly from country to country, even surprised just put a full charge of an electric vehicle fluctuate considerably depending on the market and there's two highlights.

Carolin Strunz: Even the prices for a full charge of an electric vehicle fluctuate considerably depending on the market. These two highlight the importance of a reliable competitive framework that strengthens our industry and accelerates innovation. At an international level, we need predictable, fair, and stable trade conditions, less isolationism, more European coordination, and international cooperation, because this is the only way to ensure fair competition. Only by working together can all European countries become a true superpower. Fair competition is one thing and economic policy another thing. Right now, we are also seeing an overwhelming number of geopolitical crises around the world. How can we best deal with them? Now, we can certainly say that the world has become more complex and volatile, both politically and economically. Against this backdrop, we must reexamine and reinvent the business models of the past, and we must invent new ones.

The importance of a reliable competitive framework that strengthens our industry and accelerates innovation isn't international level predictable and.

And stable credit conditions, less isolationism more European quota nation.

National cooperation because this is the only way to ensure a fair competition only by working together can all European countries become a true superpower.

Our competition is one thing and economic policy and other things, but right. Now we are also seeing an overwhelming number of geopolitical crisis around the world how kind of your best theatre with them.

So now we can certainly say that the world has become more complex and volatile both politically and economically and against this backdrop, we must reexamine and reinvent the business model itself the palace and you must invent newmont.

At the same time I stay grounded by spill resilience and we have to act responsibly.

Carolin Strunz: We, at the same time, must stay grounded, we must build resilience, and we have to act responsibly. The key component is the resilience of our value chain. We have diversified our supply chains quite clearly, and we reduce dependencies. Now, during the Maersk crisis, for example, we did not lose a single vehicle. We are also monitoring the crisis in the Middle East very closely. Despite the tense situation, our supply chains remain stable, also thanks to a strong crisis management. Nevertheless, the environment remains volatile, and we remain vigilant accordingly. You're right. The global economy is volatile. It's becoming increasingly difficult to plan ahead. Now, for us, our core markets, in particular Europe, China, and, well, North America, are very important. How can we continue to grow profitably? In this environment, we are focusing on a clear vision.

A key component is the resilience of our value chain.

We have diversified our supply chain is quite clear and be reduced dependency.

Now during the next period of crisis. For example, we did not lose a thing.

And we are also monitoring the crisis in the middle East very closely.

The 10 situation our supply chain remains stable.

Also thanks to our strong crisis management and nevertheless, the environment remains volatile and we remain vigilant accordingly, let's see batesville.

The global economy is volatile, it's becoming increasingly difficult to plan ahead.

So for us our core markets in particular, Europe, China and.

If he top in North America are very important so how can you continue to grow profitably.

Focusing on the carefusion be greater balance and resilient and our global presence.

I've set ambitious yet realistic growth pockets through 2030, and we are consistently aligning our positioning in the coal regions. Accordingly in Europe, we are defending our position with a streamlined portfolio and the next generation of product.

Gernot Döllner: We need greater balance and resilience in our global presence. To this end, we have set ambitious yet realistic growth targets through 2030, and we are consistently aligning our positioning in the core regions accordingly. In Europe, we are defending our position with a streamlined portfolio in the next generation of products. In China, we are securing our relevance in one of the world's most dynamic markets, through our two-brand strategy, a high degree of localization, and strong partners. In North America, we are expanding strategically with models tailored to the US market and the rollout of our SUV models Q7 and Q9. We are also actively exploring ways to further strengthen our localization in the US, even though the current conditions present significant challenges. 2025 was a year of strong economic headwinds, and the global uncertainties are also reflected in our figures.

In China, we are securing.

Relevant.

In one off the bus most dynamic markets through our two brand strategy a high degree of localization and strong partners and in North America, we are expanding strategically with models tailored to the U S market and the rollout of our SUV markets Q seven and canine.

We're also actively exploring ways to further strengthen our localization in the U S. Even though the current conditions present significant challenges.

That's it for me and you're trying to fight for say, a strong economic headwinds and the global uncertainties that also reflected an honest Lucas.

The long term beyond the path to sustainably profitable performance with a younger portfolio.

Gernot Döllner: In the long term, we are on the path to sustainably profitable performance with a younger portfolio, less structural complexity, and disciplined capital allocation. This allows us to remain agile, even in a world that is changing faster than ever before. Thank you, Gernot, so far. Now, our CFO, Jürgen Rittersberger, will provide a detailed overview of the full year 2025.

Less structural complexity.

This disciplined capital allocation.

This allows us to remain agile even in a world that is changing faster than ever before he and Doug. Thank you gone on so far.

No problem.

So it shouldn't be tie it allows this oh, you're going to get us back up they provide a detailed overview of the 425.

Good morning.

Morning, and most codell well come to live here I'm very happy to see that you're on the phone.

Jürgen Rittersberger: Good morning, and most cordial welcome to all of you. I'm very happy to see that you've all come here today. Well, 2025 presented us with quite a few challenges. Political uncertainties increased, trade barriers, and US tariffs had a direct impact on our business. Competition became fiercer in the global passenger car markets, and price pressure also rose noticeably. This was particularly evident in China, but also many European passenger car markets remained challenges. In addition, the development of electro-mobility in many regions was slower than originally anticipated. At the same time, stricter CO2 regulations in Europe led to financial burdens. In such an environment, clear decisions are what is needed, and that is exactly what we've done. We have established a new corporate strategy with a clear-cut focus on implementation. We have further advanced restructuring, rendering Audi leaner and more competitive.

Today, well have in 2025 presented us with quite a few challenges and political uncertainties increased trade barriers and U S tariffs had.

<unk> had a direct impact on our business.

<unk> stuck with about path or competition became fifth I'm, the global passenger car markets and price pressure also rose noticeably this was particularly evident in China, but also many European passenger car markets remain challenging.

In addition, the development of electric mobility in many regions was slower than originally anticipated.

At the same time.

C O two regulations in Europe led to financial burdens.

So it's an orphan.

Such an environment lager entitlements clear decisions on what is needed and that is exactly what we've done.

We have established a new corporate strategy with a clear cut focus on the implementation.

We have further advanced our restructuring.

Ring, Audi Lena and more competitive.

Further developed outperformance program and strengthen our cost discipline.

Jürgen Rittersberger: We have further developed our performance program and strengthened our cost discipline. We have implemented our model initiative, thereby sustainably improving our position in the market. The overall situation I just described is reflected in our 2025 key figures. The Progressive brand group delivered approximately 1.6 million cars worldwide, a 3% decline in comparison to 2024. The framework conditions were difficult. On top of that, there was a large number of model changes and new launches. This included key volume models such as the Audi Q5, the Audi A5, the Audi A6, and the Audi Q3. At the same time, our BEV business developed very dynamically. In 2025, we delivered 223,000 full electric vehicles, which means we recorded a growth of around 36%.

We have implemented a model initiative, thereby sustainably improving our position in the market.

Because I'm flogging. The overall situation I just described is reflected in our 2025 key figures.

Super.

Regressive Bryan Koop deliver approximately one 6 million cars worldwide.

A 3% decline in comparison to 2024.

Framework conditions.

Difficult on top of that there was a large number of model changes and new launches. This included key volume models, such as the Audi Q five the Audi a five the Audi 86, and the Audi Q3 at the same time, our best business developed very dynamically.

In these two months one through 2025, we delivered.

223000 for electric vehicles, which means we have recorded a growth of around 56%.

On the best share.

After Brian group's deliveries, that's rose significantly from $9, 7% to 13.6% almost at the loser. This out you called out the group's revenue increased by 2% in.

Jürgen Rittersberger: The BEV share of the brand group's deliveries thus rose significantly from 9.7% to 13.6%. The Audi Group's revenue increased by 2% in 2025, i.e., they increased to EUR 65.5 billion. Key drivers were the new fully electric Audi Q6 e-tron and Audi A6 e-tron models. In addition, there was revenue from the contract manufacturing of Cupra models at Audi in Győr. A large number of model changes and the discontinuation of the Audi Q8 e-tron had a counteracting effect. Furthermore, revenue from parts deliveries for local production in China declined noticeably. Operating profit in 2025 was EUR 3.4 billion, i.e., 14% lower than the previous year's figure. Operating return on sales reached 5.1%. Our 2025 results reflect intense competition. In addition, there were also one-off effects.

In 2025.

E B they increased to $65 5 billion euros key drivers with a new fully electric Audi Q six E Tron, and Audi Asics E Tron models.

And there was revenue from the contract manufacturing of Cooper, our models and our D. N finalizing with electric would be up a lot some of model changes and the discontinuation of the Andy Kidd each one had a counteracting effect, let's say the more revenue from parts deliveries for local production in China declined noticeably.

<unk> operating profit in 2025 was 3.4 billion euros, I E, 14% lower than the previous year's figure.

Operating return on sales reached 5.1% or 20 to 25 results reflect intense competition to come in addition.

There were also one off effects the largest negative impact on earnings came from the U S terrorism.

Jürgen Rittersberger: The largest negative impact on earnings came from the US tariffs, which amounted to a burden of a total of EUR 1.2 billion. This has cost us almost 2% of return on sales. Measures from our future agreement resulted in a total charge of around EUR 0.4 billion. In addition, the automotive brands Audi, Bentley, and Lamborghini were impacted by one-off effects due to the realignment in the D-segment. These non-recurring charges added up to approximately EUR 1.9 billion. At EUR 3.4 billion, net cash flow was well within our target range and exceeded the previous year's level. The increase by around 11% is due to tailwinds from working capital, i.e., a lower capital tied up in our operating business. The increase is also the result of good cost management and strict investment discipline.

Which amounted to a total of one a burden off a total of $1 2 billion euros.

This has cost us almost 2% return on sales.

Measure from our future agreement resulted in a total charge of around <unk> 4 billion euros.

In addition.

The automotive brands Audi Bentley.

And Lamborghini.

So were impacted by one off effects due to the realignment in the <unk> segment. These nonrecurring charges added up to approximately 1.9 billion euros.

At 3.4 billion euros net cash flow was well within our target range and exceeded the previous year's level may increase by around 11% is due to tailwind from working capital I E lower capital tied up in our operating business.

And the increase is also the result of good cost management and strict investment discipline.

In summary.

But we stand out.

A challenging geopolitical and industrial environment and closed the year on a strong note.

Jürgen Rittersberger: In summary, we've steered Audi through a challenging geopolitical and industrial environment and closed the year on a strong note. At the same time, the figures clearly show that we need to further improve our efficiency and competitiveness. That is why we're accelerating our transformation. We're streamlining structures, simplifying processes, and reducing complexity. We remain committed to strict cost and investment discipline. Our performance program is a key lever for this. It opens up financial leeway and stabilizes our profitability in the long term. Now, let's take a look at the brands of our brand group, i.e., how have the brands Lamborghini, Bentley, and Ducati performed? First, let's take a look at Lamborghini. In 2025, the Italian luxury brand delivered 10,747 cars. This means Lamborghini, once again, surpassed the 10,000 unit mark and set a new record.

At the same time the figures clearly show that <unk> side.

We need to further improve our efficiency and competitiveness that is why we're accelerating our transformation with streamlining structure simplifying processes and reducing complexity.

And we remain committed to strict and strict cost and investment discipline.

Our performance program is a key lever for days it opens up financial leeway.

Stabilizes our profitability in the long term.

So they're now Mark let's take a look at the brands of our brand group I E. How have the brand's Lamborghini Bentley and Ducati performed first let's take a look at Lamborghini and 2025 day Italian luxury brand delivered 10747 cars. This means lumber.

Any once again surpassed the 10000 unit Mark and set a new record.

Revenues rose by 3% to 3.2 billion euros okay.

Jürgen Rittersberger: Revenues rose by 3% to EUR 3.2 billion. Operating profit was slightly below the previous year's figure at EUR 768 million, which corresponds to a return on sales of around 24%. Lamborghini, too, also was impacted by the aforementioned adjusted portfolio planning in the D-segment, US tariffs, and negative currency effects. Without these effects, operating profits would have exceeded the previous year's figure. Overall, the numbers speak for themselves. Lamborghini is in excellent shape. Now let's turn to Bentley. In 2025, the traditional British brand delivered 10,131 vehicles, a 5% decline over the previous year. The main reasons for this were a generally more difficult market environment, particularly in China, as well as the advanced age of the product portfolio. Revenues remained virtually unchanged from the previous year at EUR 2.6 billion.

Operating profit was slightly.

The oil war.

Below the previous year's figure of 768 million euros, which corresponds to a return on sales of around 24%.

When Lamborghini too also was impacted by the aforementioned adjusted portfolio planning in the TS segment U S tariffs and negative currency effects without these effects operating profit would have exceeded the previous year's figure overwhelm the numbers speak for themselves.

<unk> is in excellent shape and Mr. Bentley now lets turn to Bentley in 'twenty to 'twenty five.

Traditional British brand deliver 10001 in 51 vehicles, a 5% decline over the previous year.

The main reasons for this.

A generally more difficult market environment, particularly in China.

As well as the advanced age of the product.

Revenues remained virtually unchanged from the previous year and $2 6 billion euros will thoughtful high revenue per vehicle had a particularly positive impact.

Operating profit, however declined significantly reaching 216 million euros.

Jürgen Rittersberger: Higher revenue per vehicle had a particularly positive impact. Operating profit, however, declined significantly, reaching EUR 216 million. The operating margin stood at 8.3%. Now, what is important for the overall picture, also with Bentley, the effects already mentioned from the portfolio adjustment in the D-segment and US tariffs have an impact. Without these effects, earnings and margin would have slightly exceeded the previous year's level. Now let's move on to the two-wheelers, Ducati. The motorcycle market has declined significantly compared to the previous year, which is reflected in Ducati's key figures. Deliveries fell to 51,000 units, which is a decline of around 7%. Nevertheless, Ducati remains in a stable and strong competitive position as the overall market volume declined even more strongly. Revenues amounted to EUR 925 million.

Operating margin stood at eight 3%.

Now what is important for the overall picture also with the Bentley them. In fact, it's already mentioned from the portfolio adjustments in the <unk> segment in the U S terrorists have an impact.

Without these effects earnings and margin would have slightly exceeded the previous year's level.

Now, let's move on to the two wheelers Ducati motorcycle market has declined significantly compared to the previous year, which is reflected into car Ts are key figures.

I've raised.

<unk> to 51000 units, which is a decline of around 7%. Nevertheless, Ducati remains in a stable and strong competitive position.

The overall market volume declined even more strongly.

<unk> amounted to 925 million euros.

<unk> profit reached 52 million euros.

Which corresponds to a margin of around five 6%.

Jürgen Rittersberger: Operating profit reached EUR 52 million, which corresponds to a margin of around 5.6%. The motorcycle business, too, was noticeably impacted by US tariffs. That much by way of casting a glance back on 2025. Now what can we expect for 2026? One thing is for sure, the operating conditions will not get any easier in 2026. The geopolitical and macroeconomic environment remains challenging, as does the situation in the passenger car market. Even in this environment, we are pursuing clear goals and are aiming for robust performance. Our model lineup has been completely revamped. This provides us with a solid foundation, even in a highly intensive market environment. The challenges are substantial, as I've already shown to you, but nevertheless, we are defining ambitious goals for ourselves. The plan is to increase deliveries of the Progressive Brand Group over the figures of the pre-previous year.

The motorcycle business too was.

Noticeably impacted by U S tariffs of one to two months of that much by way of coffee and glanced back on 2025 now what can we expect for 2021.

One thing is for sure.

Operating conditions will not get any easier in 2026 with the geopolitical and macroeconomic environment remains challenging as the situation in the passenger car market.

For full year, even in this environment, we are pursuing clear goals and are aiming for a robust performance.

Model lineup has been completely revamped this provides us with a solid foundation, even in a highly intensive market environment at.

The challenge yourself substantial as I've already shown to you, but nevertheless, we are defining ambitious goals for ourselves.

The plan is to increase deliveries off the progressive brand group over the figures of the previous year revenues are expected to range between 63, and 68 billion euros, we anticipate an operating return on sales of six 8% fourth quarter <unk> capital.

Jürgen Rittersberger: Revenues are expected to range between EUR 63 and 68 billion. We anticipate an operating return on sales of 6 to 8%. The capital expenditure ratio is expected to range between 11 and 13%. For net cash flow, we're aiming for a robust level of EUR 3 to 4 billion. In summary, these are ambitious goals, so it is all the more important for us to continue to consistently drive forward all operational and financial initiatives. This includes a clear-cut focus on earnings quality, strict cost discipline, and the stringent implementation of our restructuring measures.

Expenditure ratios are expected to range between 11, and 13, 2% cash flow stream for net cash flow, we're aiming for a robust level of <unk>, two 4 billion euros.

In summary, these are ambitious goals. So it is all the more important for us to continue to consistently drive forward all operational and financial initiatives. This includes a clear cut focus on earnings quality strict cost discipline and the stringent implementation of.

Our restructuring measures.

In this way, we can ensure robust and sustainable performance in this environment.

Jürgen Rittersberger: In this way, we can ensure robust and sustainable performance in this environment. As part of our strategy planning work, we have thoroughly examined the question of what returns we can sustainably achieve, even under complex conditions. In the short and medium term, our primary focus is on strengthening our competitive positioning and driving the transformation forward. In doing so, we aim to increase our profitability step by step. In the long term, we aim at returning to a double-digit margin level. We are aware of the fact that this goal appears very ambitious in the current environment, but we believe it is achievable under the following conditions. First, the rigorous co-implementation of our strategy. Second, the clear and consistent rollout of our new design philosophy. Third, the reduction of unnecessary complexity in the portfolio, the product configuration offering, as well as in our processes and organization.

Hum.

As part of our strategy planning work, we have thoroughly examined the question of what rate trends, we can sustainably achieve even under complex conditions either.

In the short and medium term our primary focus is on strengthening our competitive positioning and.

Driving the transformation forward.

In doing so we aim to increase our profitability step by step.

Vita I know in the long term, we aim at returning to a double digit margin level. We are aware of the fact that that's going to pay is very ambitious in the current environment, but we believe it is achievable.

Under the following conditions.

The rigorous implementation of our strategy second.

Clear and consistent rollout of our new design philosophy.

The reduction of unnecessary complexity in the portfolio the product configuration offering as well as in our processes and organization and fourth maintaining strict cost and investment discipline.

Jürgen Rittersberger: Fourth, maintaining strict cost and investment discipline. The road ahead is challenging, but if we act as a united team, we have everything we need to put Audi firmly back on the path to success. Thank you very much. Thank you, Jürgen, for the overview of the past year. But now let's look ahead. Gernot, I'd like to invite you back on stage for that. What can we expect from Audi in this year, 2026? Now, 2025 was the year of new beginnings, and 2026 is the year of implementation. Now, these new beginnings are becoming visible in our product technologies, in the brand, and in the customer experience. We are continuing our model initiative globally across all relevant segments. In February, we unveiled the new Audi RS 5, our first high-performance plug-in hybrid.

It's onshore for the road ahead is challenging, but if we act as a United team, we have everything we need to put Audi firmly back on the path to success. Thank you very much.

Yeah.

Thank you Juergen.

The overview of the past year.

Now, let's look ahead Gunnar I'd like to invite you back when you say apples to apples.

Promote in this you know 26 am funds, which brought US 25, plus the heel of negative <unk> 26.

Implementation.

No no. These new beginnings are becoming visible in our product technologies and the brand and the customer experience. We are continuing our model initiative globally across all relevant segment.

In February we are.

Unveil the new Audi August five our first high performance plug in hybrid which would be wonderful.

Then you've got targets be it in just a few days later crowbar them first.

During the first strike event in Morocco with International trade media.

Gernot Döllner: Just a few days later, during the first drive event in Morocco with international trade media, it impressively demonstrated what it can do. Uncompromising performance, precision, electrified sportiness, and the media were thrilled. Riccardo Piagentini wrote, "You're not just driving fast, you're sitting in a hybrid rocket that has learned to master its own power." Or as Thomas Geiger memorably put it, "This thing turns like hell." Later this year, the Audi Q9 will follow, the new flagship of the Audi portfolio and the first Audi in this segment. This is a particularly important model for the United States. Long awaited, I can finally reveal the name to you here in Ingolstadt and to our online participants. This year, with the A2 e-tron, we are introducing a highly efficient and attractive entry-level model for electric mobility.

Principally demonstrated what he can do performance.

Uncompromising performance precision electrified Sportsnet.

And the media Westway is hard to predict cardon and T. M. Healy Road Youre, not just driving fast you're sitting in the hybrid rocket that Tesla and small states own powerhouse one.

Hum.

Geiger memorably put it things this thing tons like Hell.

Springtime.

Later this year.

Oh, the Q&A and we'll follow the new flagship off the ALDA portfolio and the first Aldi in this segment with and this is a particularly important Martin for the United States.

Longer writers I can't even find it.

The name to you here in England into our online participants this year with eight to Exxon, we are introducing a highly efficient and attractive entry level module for electric mobility.

A model that stands for sustainable urban mobility once amongst electric driving you target groups.

Carolin Strunz: A model that stands for sustainable urban mobility and promotes electric driving to new target groups. With the new A2 e-tron and the Q9, we are deliberately defining the boundaries of our portfolio. This allows us to present our customers with a clear range of options, from the entry-level model to the prestigious full-size SUV. Now we finally know what it's called, A2 e-tron. Is there anything else you can tell us about it? I cannot reveal too many details just yet, but I've brought you a picture that will give you a first impression of what the new A2 e-tron will look like. We will be unveiling this model in the autumn of 2026. It stands for efficiency, and it stands for our home base, Ingolstadt, where it will also be produced.

Knowing that's what it is and you actually saw them in the Q nine we are deliberately defining the boundaries of our portfolio.

This allows us to present, our customers with a clear range of options from the entry level model to the prestigious full size SUV.

So now we finally know what it's called a twitch on.

Is there anything else you can tell us about it is kind of towards I cannot reveal too many details just yet.

I brought you a picture it'll give you a first impression of what the new <unk>.

Each one will look like.

Yeah, that'd be we will be unveiling the smarter.

Awesome of trying to fix it central efficiency and at Central All Homebase English.

Well people.

It will also be put you right have you might not fight on my phone and looking a bit further into the future.

Technological developments or innovations on market development, because the most particularly note just want to come and just what kind of look forward too.

Carolin Strunz: Looking a bit further into the future, what technological developments or innovations or market developments will customers particularly notice in the coming years? What can they look forward to? Three major technologies will shape the customer experience in the coming years. First of all, the software-defined vehicle, and then automated driving, and also an interior made even more personal and empathetic by an AI companion. In addition, the classic traditional Audi values remain just as important. Design, quality, and premium materials. The future will be more digital, and it will still be unmistakably Audi. With our electric sports cars, which will be produced at the Böllinger Höfe starting in 2027, we are bringing our design of radical clarity to our model portfolio. The Audi Concept C offers a very concrete glimpse of what Vorsprung durch Technik will mean in the future, both inside and out.

Three major technologies will shape the customer experience in the coming years first of all the software defined vehicle.

And then automated driving.

At this time and also an interior and made even more personal and empathetic.

A companion.

And in addition, the classic traditional values remain just as important design quality and premium material.

The future will be more digitized.

It will still be unmistakably, Oh, Gee with all electric sports car, which will be produced at the burden of proof is batching and 27, we are bringing out the sign of radical clarity to all up module portfolio.

What are your concept. So you can already concept team off of some very concrete.

But for a four pronged technique in the future.

Both inside and out that's concept thoughts are the concept car is I'll, let you finish your lines your target.

Carolin Strunz: The concept car is our visualized target. It shows our customers, stakeholders, and all employees where we are headed, we as Audi. Now, let's talk about a really important topic, close to our hearts, Formula One. Jürgen and Gernot, both of you went to Melbourne. Why is Formula One so important to Audi? Now, Melbourne, that was definitely a historic moment. That I, well, experienced together with Jürgen on site in Melbourne, and for the very first time, an Audi was on the starting grid. What impressed both of us most was the great team spirit, both on site and back home in Ingolstadt, Neckarsulm, and Neuburg. Now, we actually looked at the screen together there in those places. Everybody was on the edge of their seats. Gabriel Bortoleto secured ninth place, earning the first two points in Audi Formula One history.

It shows our customers they.

They called Us and all employees, where we are headed with Audi.

Gordon had some snow.

Talk about the really important topic, so cellphones put them into one jurgen.

So human tumor then why some of the ones that are important to our decline and maybe I'm sure know marathon that was definitely a historic moment.

Sorry.

Together with yoga and onsite and marathon and for the very first time and Audi was on the starting granted by the impress.

Impress those of us most.

The great team spirit towards.

On site in France.

A couple of them.

Home and you're going to start Nicolas mentioned only book.

No we actually looked at the screen to test us out in those places where everybody was on VX, you'll just see what's electrification ninth place earnings the first two points in Formula One history.

Strong signal and then we had actually helpful.

Carolin Strunz: A strong signal and more than we had actually hoped for. At the same time, the telemetry issues with Nico Hülkenberg showed that we still have a lot to learn, and that's exactly what we are doing quickly, with focus, and together. All in all, we could hardly have started this season any better. The key point and decisive point here is what we've experienced here shows what's possible when teams collaborate across functions and countries with focus, with passion, and innovative drive. That's exactly what we can do at Audi. This start marks the beginning of a new era, and I look forward to driving this team spirit forward, not just in Formula One, and to working together to bring important initiatives and powerful vehicles for Audi to the road. Thank you. Thank you, Gernot. Thank you, Jürgen.

At the same time with telemetry issue, especially Cooper, who come back showed that we still have a lot to learn and that's executive up Youre doing quickly with focus and took care of that but all in all we could hardly have started the season any better and the key point and besides the point here is what we have experienced here shows what's part.

When teams collaborate across functions and countries with focus with passion and innovative try it.

But that's exactly what we can do it all day.

Stan marks the beginning of <unk>.

Eric and I look forward to driving this team spirit and its not just in formula one and to working together to bring important initiatives and powerful vehicles for aldi to the road. Thank you T N that guy I don't think yoga and I want to thank you again here in my home onto livestream out here in the room and.

The livestream Photojournalists, who will continue with a Q&A session.

Carolin Strunz: Now, here in the room and in the live stream for the journalists, we will continue with the Q&A session. To everybody who is watching the public broadcast, I would like to thank you for the time and the interest you have shown us, and I'd like to say goodbye to you. The public live stream ends now.

And so everybody who is watching the public broadcast I would like to thank you for the time and the interest you have shown us and I'd like to say goodbye to the public livestream ends now.

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