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Outside Q3’s Porsche writedowns, VW Group’s Q4 core performance was its weakest of 2025, making a strong start to 2026 imperative. By Will Girling
After €4.7bn (US$5.5bn) of Porsche restructuring costs in Q3 2025 dragged Volkswagen Group to its first operating loss in many years, the final quarter was likely to show at least some improvement. Indeed, the company scored a €3.5bn operating profit, but this was still down 44% from Q4 2024, and revenue dipped almost 5% to €83.2bn.
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