Over the final three months of the year, revenue fell 12.4% to €33.69bn. For FY 2025, it declined 9.2% to €132.214bn.

At the same time, quarterly EBIT was more than halved, slumping from €3.182bn to €1.508bn (-52.6%). The same trend was seen over the full year, with a 57.2% slide to €5.82bn.

Finally, net profit also fell sharply, from €2.603bn to €1.453bn (-44.2%) between Q4 2024 and Q4 2025.

For the full year, the decline reached 48.8%, to €5.331bn.

At Jefferies, the German automaker missed expectations with this release, including a disappointing 2.6% margin for the automotive division in Q4 and 5% for the year. It was hit by a volume/mix/price effect that was far worse than expected, despite continued cost improvements and resilience in China.

For Oddo BHF, Q4 results year were clearly below expectations: -4% for revenue and -17% for adjusted EBIT (-42% for adjusted EBIT in the automotive division).

Over-cautious outlook

For the whole group, 2026 revenue is expected to be fairly flat, EBIT is expected to be significantly higher than in 2025, while free cash flow should be slightly below the €5.4bn recorded in 2025.

In detail, for the Cars business, unit sales are expected to be close to last year's level (1.801 million units), with an operating margin of 3% to 5%, versus a consensus of 5.6%.

Oddo BHF notes that the midpoint of the 2026 guidance implies another steep decline in adjusted EBIT for the Cars division (-25% y-o-y, after -45% in 2025).

In conclusion, the broker says that the results highlight the difficulties the group is facing this year: a commercial slowdown and model-range renewal, continued deterioration in China, and persistent pressure on margins (pricing, currency, product mix, tariffs, depreciation). Oddo BHF therefore has an  underperform rating with a target price of €43, while Jefferies is at hold with a higher TP of €65.