The Audi Group kept its operating profit roughly level in the first half of 2026, reaching 1.1 billion euros despite weaker sales, US tariffs and fierce competition in China. Revenue slipped to 29.2 billion euros, but tighter cost discipline lifted the operating margin to 3.8 percent. With the Q9 flagship and an all-electric A2 e-tron on the way, the company is pressing ahead with a broad portfolio and structural overhaul.

Audi came through a difficult opening six months of 2026 with its profitability broadly intact. The German premium brand reported an operating profit of 1,122 million euros for the first half, marginally ahead of the 1,087 million euros posted a year earlier, even as revenue fell to 29,177 million euros from 32,573 million. The company points to strict cost control, lower provisions for CO₂ compliance and reduced restructuring costs as the reasons profit held up while sales volumes dropped.

A tougher market at home and abroad

Audi says the half-year was shaped by geopolitical uncertainty, US import tariffs and intense competition, particularly in China. Global deliveries of the Audi brand came to more than 727,000 vehicles, a fall of just over 7 percent that the company attributes mainly to those Chinese and US pressures. Outside China the picture was steadier: deliveries were close to the prior-year level, with growth in Spain (+21 percent), Italy (+17 percent) and Great Britain (+10 percent). In Germany, Audi delivered around 108,000 cars, up 4 percent, helped by strong demand for fully electric models (+23 percent) and plug-in hybrids (+147 percent).

Incoming orders in Western Europe rose 7 percent year on year across all drivetrains, according to the manufacturer, led by plug-in hybrids (+117 percent), the Q3 (+49 percent) and the A6 e-tron (+22 percent).

New flagship on the way

Audi is renewing its range at the top and the bottom. The company describes the new Q9 — its first large full-size SUV — as the portfolio flagship, developed specifically for the US market and due to make its world debut in New York at the end of July. It is set to launch in North America and Europe in the fourth quarter. In the autumn, the fully electric A2 e-tron, built in Ingolstadt, will add an entry-level electric family in the compact class.

“With greater efficiency, clear priorities, and a sharp focus on our strategic goals, we are making Audi more competitive,” says CFO Jürgen Rittersberger, who adds that the measures taken so far “are not enough” and that Audi must realign its business model together with the Volkswagen Group.

CEO Gernot Döllner frames the model offensive as proof of strategy, citing painful steps such as closing the Brussels plant alongside the entry into Formula 1 and the launch of the China-only AUDI sister brand.

The wider group

Among the group’s other brands, Bentley delivered 4,211 cars (down from 4,876) for an operating profit of 47 million euros, while Lamborghini held a high 22.7 percent margin on 5,422 deliveries and 395 million euros of operating profit. Ducati sold 27,876 motorcycles, down from 30,202. Group net cash flow more than doubled to 1,885 million euros, aided by working-capital effects; profit after tax came to 1,123 million euros.

What it means

Audi has revised its full-year 2026 outlook against a harder market, particularly in China, and tensions in the Middle East. It now expects revenue of 58 to 63 billion euros, an operating margin of 5 to 7 percent and net cash flow of 3 to 4 billion euros. The half-year results suggest cost discipline is doing much of the heavy lifting for now, with the Q9 and A2 e-tron expected to shoulder more of it from the fourth quarter.

Facts: Audi Group H1 2026

  • Revenue: 29,177 million euros (H1 2025: 32,573 million)
  • Operating profit: 1,122 million euros (H1 2025: 1,087 million)
  • Operating margin: 3.8 percent (H1 2025: 3.3 percent)
  • Profit after tax: 1,123 million euros (H1 2025: 1,346 million)
  • Net cash flow: 1,885 million euros (H1 2025: 904 million)
  • Audi brand deliveries: more than 727,000 vehicles (down just over 7 percent)
  • 2026 outlook: revenue 58–63 billion euros, operating margin 5–7 percent, net cash flow 3–4 billion euros

The Q9 makes its world debut in New York at the end of July, with sales in North America and Europe due in the fourth quarter.

Source: www.audi.com