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AUMOVIO SE
Quarterly Report • Nov 7, 2025
14961_rns_2025-11-07_c3991de0-e606-4a61-b08e-27e4acd6b8ce.pdf
Quarterly Report
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Quarterly Statement
September 30, 2025
AUMOVIO – Significant Earnings Growth after Nine Months Despite Decline in Sales; Successful Start to First Quarter Following Independence
- Adjusted consolidated sales of €14,054 million for the first nine months of 2025 (9M 2024: €14,665 million, -4.2%) and €4,509 million for the third quarter (Q3 2024: €4,816 million, -6.4%)
- Adjusted EBIT of €409 million for the first nine months of 2025 (9M 2024: €166 million, +146.4%) and €150 million for the third quarter (Q3 2024: €215 million, -30.2%)
- Adjusted EBIT margin of 2.9% for the first nine months of 2025 (9M 2024: 1.1%) and 3.3% for the third quarter (Q3 2024: 4.5%)
- Net liquidity of €1,131 million
- Financial targets for fiscal 2025 slightly specified; medium- and long-term targets remain unchanged
Key Figures
| January 1 to September 30 | Third Quarter | ||||
|---|---|---|---|---|---|
| € millions | 2025 | 2024 | 2025 | 2024 | |
| Sales | 14,054 | 14,740 | 4,509 | 4,841 | |
| Adjusted sales | 14,054 | 14,665 | 4,509 | 4,816 | |
| Adjusted operating result (adjusted EBIT)1 | 409 | 166 | 150 | 215 | |
| in % of adjusted sales | 2.9% | 1.1% | 3.3% | 4.5% | |
| Research and development expenses (net) | 1,812 | 1,945 | 531 | 581 | |
| Capital expenditure | 491 | 666 | 145 | 229 | |
| in % of sales | 3.5% | 4.5% | 3.2% | 4.7% | |
| Adjusted free cash flow2 | -150 | -547 | 27 | 130 | |
| Net indebtedness3 | -1,131 | 5,520 | |||
| Working capital4 | 2,440 | 3,144 |
1 Before amortization of intangible assets from purchase price allocation (PPA), changes in the scope of consolidation, and special effects.
2 Defined as cash flow arising from operating and investment activities, adjusted for the disposals and acquisitions of companies and business operations, as well as other interest-bearing investments.
3 Defined as short-term and long-term indebtedness less liquid assets, short-term derivative instruments and interest-bearing investments, and long-term derivative instruments and interest-bearing investments; negative net indebtedness defined as net liquidity.
4 Defined as the sum of inventories plus trade accounts receivable, less trade accounts payable.
This document is a quarterly statement in accordance with Section 53 of the of the Frankfurt Stock Exchange Rules (as of July 7, 2025) and does not constitute an interim financial report as defined by International Accounting Standard (IAS) 34.
AUMOVIO SE applies commercial rounding. Any rounding differences between individual figures and totals are accepted.
Although certain elements of the AUMOVIO Group's business are seasonal, the overall comparability of the consolidated financial reports is not compromised.
This quarterly statement, particularly in the report on expected developments, contains forward-looking statements based on current assumptions and forecasts by AUMOVIO SE's management and other information currently available. Various known and unknown risks and uncertainties as well as other factors may cause the actual results, financial position, development or performance of the company to differ materially from these estimates. These risks are described in the prospectus, but are not limited to those. AUMOVIO SE does not intend and assumes no obligation to update such forward-looking statements to reflect future events or developments.
Business performance in the first nine months of 2025
In the first nine months of the year, AUMOVIO significantly increased its adjusted operating result before interest and taxes (adjusted EBIT) compared with the previous year. The relative year-on-year decline in the third quarter was due to the earlier year-on-year pass-through of increased costs to customers and the reimbursement of development costs in 2025. The current earnings trend is in line with expectations and the forecast.
Slight decline in consolidated sales; significant increase in adjusted EBIT margin
As at September 30, 2025, consolidated sales amounted to €14,054 million (adjusted 9M 2024: €14,665 million -4.2%) and the adjusted operating result was €409 million (9M 2024: €166 million, +146.4%), corresponding to an adjusted EBIT margin of 2.9% (9M 2024: +1.1%).
This improvement was driven by a higher gross margin, influenced by a better product mix and portfolio optimization measures. Fixed costs were also reduced through continued implementation of efficiency programs across research and development, sales, logistics and administration.
Adjustment effects in the first nine months of 2025 amounted to €542 million, including €291 million in restructuring expenses, €83 million in separation costs related to the spin-off from Continental AG and €71 million in listing costs. EBIT for the nine-month period was -€133 million (9M 2024: -€107 million). After deducting the financial result and income tax expense, this resulted in net income of -€223 million (9M 2024: -€421 million), corresponding to a year-on-year improvement of 47.0%.
Operational strength in the third quarter despite a challenging market environment
In the third quarter of 2025 (July to September), the AUMOVIO Group achieved sales of €4,509 million (Q3 2024: €4,841 million, -6.9%). Despite a persistently challenging market environment, solid progress was made. The adjusted operating result was €150 million (Q3 2024: €215 million, -30.2%), corresponding to an adjusted EBIT margin of 3.3% (Q3 2024: 4.5%). Net income attributable to the shareholders of the parent amounted to -€19 million in the third quarter (Q3 2024: €73 million, -126.0%).
Operational improvements despite sales declines
The individual business areas showed varied performance over the first nine months:
- Autonomous Mobility reported a decline in adjusted sales to €2,362 million (9M 2024: €2,416 million, -2.2%) and a negative adjusted EBIT of -€10 million (9M 2024: -€87 million, +88.5%). The adjusted sales decline was primarily attributable to negative currency effects and lower volumes in the US market. The adjusted EBIT improvement was due to fixed cost reductions that offset the negative volume effects.
-
Architecture and Network Solutions generated adjusted sales of €3,801 million (9M 2024: €4,195 million, -9.4%) and adjusted EBIT of €174 million (9M 2024: €217 million, -19.8%). The sales decline was mainly due to the earlytermination of a build-to-print business and adverse exchangerate effects. The EBIT reduction stemmed from lower volumes, currency effects and a significant decrease in customer reimbursements for development services, which were only partially offset by cost savings.
-
Safety and Motion achieved virtually stable adjusted sales of €5,550 million (9M 2024: €5,656 million, -1.9%) and significantly increased adjusted EBIT to €248 million (9M 2024: €156 million, +59.0%). This adjusted EBIT increase was primarily driven by substantial reductions in fixed costs and lower quality-related expenses.
- User Experience maintained adjusted sales at €2,256 million (9M 2024: €2,270 million, -0.6%) and improved adjusted EBIT to €5 million, compared with -€127 million in the previous year. This adjusted EBIT increase resulted from production efficiency gains, positive currency effects and successful cost reduction measures achieved through transformation programs.
- Contract Manufacturing reported a decline in adjusted sales to €107 million (9M 2024: €184 million, -41.8%) and a slightly negative adjusted EBIT of -€2 million (9M 2024: €4 million).
Net assets position and financial position
The net assets position shows a stable balance sheet structure, with an equity ratio of 54.3%. The financial situation remains solid, with net liquidity amounting to €1,131 million as at September 30, 2025 (2024: €332 million).
Working capital decreased by €110 million in the first nine months, driven by reductions in inventories and trade accounts receivable. This was partially offset by a decrease in trade accounts payable during the reporting period.
Adjusted free cash flow was -€150 million (9M 2024: -€547 million, +72.6%). Influenced mainly by the onetime cash change in receivables from cash pooling and loans to non-AUMOVIO companies belonging to the Continental Group, free cash flow amounted to €1,658 million (Q3 2024: -€374 million).
Adjusted free cash flow in the first nine months included payments totaling €30 million for separation and listing, and €310 million for restructuring.
Stronger automotive production in the third quarter
According to preliminary figures, global production of passenger cars and light commercial vehicles was around 4% higher year-on-year in the third quarter of 2025 (Q3 2024: 21.6 million units). The European market, which is important for AUMOVIO, showed slight growth, reaching 3.6 million units (+1%). In North America, production rose to around 3.9 million units (+5%), while China posted the strongest growth with almost 8 million units (+10%).
Market outlook and forecast for fiscal 2025
AUMOVIO expects a generally stable but still challenging market environment for fiscal 2025. In its core market of Europe, a decline in production volumes is anticipated. Globally, production of passenger cars and light commercial vehicles is expected to slightly exceed prior-year levels, depending on regional developments and supply chain stability. At the same time, geopolitical tensions, volatile raw material prices and regulatory uncertainties remain key factors influencing the industry. Operational discipline continues to be a central focus for AUMOVIO. The adjusted EBIT margin remains within the forecast range for 2025, reflecting the successful implementation of efficiency and transformation measures.
Total sales across all business areas have been more subdued than in the prior-year period, but remain within the forecast range for 2025. This is due to weaker demand in certain regions. For fiscal 2025 as a whole, AUMOVIO has therefore refined its forecast and now expects the adjusted EBIT margin to trend toward the upper end of the communicated target range of 2.5–4.0%, while adjusted sales are expected to total €18 billion to €19 billion (previously: €18 billion to €20 billion).
The outlook takes into account the currently foreseeable effects of global trade conflicts, exchange-rate fluctuations and developments in material and logistics costs. Potential effects from new regulatory frameworks or unexpected macroeconomic events, such as real-time developments among semiconductor suppliers, are not included.
Consolidated Financial Statements
Key Figures
Accounting for the condensed version of the consolidated financial statements was performed in accordance with the International Financial Reporting Standards (IFRS). The condensed version of the consolidated financial statements does not constitute an interim financial report as defined by International Accounting Standard (IAS) 34. The consolidated financial statements have been prepared in euros (€). Unless otherwise stated, all amounts are shown in millions (€ millions). Please note that differences may arise as a result of the use of rounded amounts and percentages (%).
Consolidated statement of income
| January 1 to September 30 | Third Quarter | ||||
|---|---|---|---|---|---|
| € millions | 2025 | 2024 | 2025 | 2024 | |
| Sales | 14,054 | 14,740 | 4,509 | 4,841 | |
| Cost of sales | -11,390 | -12,218 | -3,586 | -3,894 | |
| Gross margin on sales | 2,664 | 2,522 | 923 | 946 | |
| Research and development expenses | -2,434 | -2,714 | -721 | -886 | |
| Selling and logistics expenses | -442 | -509 | -138 | -157 | |
| Administrative expenses | -452 | -273 | -246 | -98 | |
| Other income | 878 | 999 | 296 | 387 | |
| Other expenses | -357 | -158 | -108 | -66 | |
| Income from equity-accounted investees | 9 | 27 | 4 | 7 | |
| EBIT | -133 | -107 | 11 | 134 | |
| Interest income | 43 | 172 | 10 | 57 | |
| Interest expense | -104 | -362 | -27 | -87 | |
| Effects from currency translation | 103 | -34 | 11 | -15 | |
| Effects from changes in the fair value of derivative instruments, and other valuation effects |
-7 | -29 | -7 | -5 | |
| Financial result | 35 | -253 | -14 | -51 | |
| Earnings before tax | -98 | -360 | -3 | 83 | |
| Income tax expense | -124 | -61 | -8 | -2 | |
| Net income | -223 | -421 | -11 | 81 | |
| Non-controlling interests | -28 | -13 | -8 | -8 | |
| Net income attributable to the shareholders of the parent |
-251 | -434 | -19 | 73 | |
| Basic earnings per share in €1 | -2.51 | -4.34 | -0.19 | 0.73 | |
| Diluted earnings per share in €1 | -2.51 | -4.34 | -0.19 | 0.73 |
1 The calculation of earnings per share was based for the calculation of 2025 and 2024 on the number of AUMOVIO SE shares as at September 30, 2025.
Consolidated statement of financial position
| ASSETS | ||
|---|---|---|
| € millions | Sep. 30, 2025 | Dec. 31, 2024 |
| Goodwill | 2,090 | 2,129 |
| Other intangible assets | 341 | 413 |
| Property, plant and equipment | 4,861 | 5,282 |
| Investment property | 2 | 2 |
| Investments in equity-accounted investees | 194 | 223 |
| Other investments | 80 | 84 |
| Deferred tax assets | 1,546 | 1,561 |
| Defined benefit assets | 59 | 58 |
| Long-term derivative instruments and interest-bearing investments | 3 | 3 |
| Long-term other financial assets | 209 | 170 |
| Long-term other assets | 19 | 12 |
| Non-current assets | 9,404 | 9,938 |
| Inventories | 2,413 | 2,583 |
| Trade accounts receivable | 3,443 | 3,642 |
| Short-term contract assets | 101 | 92 |
| Short-term other financial assets | 75 | 48 |
| Short-term other assets | 540 | 509 |
| Income tax receivables | 180 | 118 |
| Short-term derivative instruments and interest-bearing investments | 13 | 1,594 |
| Cash and cash equivalents | 1,450 | 1,394 |
| Assets held for sale | 29 | – |
| Current assets | 8,243 | 9,979 |
| Total assets | 17,647 | 19,917 |
Consolidated statement of financial position
| EQUITY AND LIABILITIES | ||
|---|---|---|
| € millions | Sep. 30, 2025 | Dec. 31, 2024 |
| Subscribed capital | 250 | 1 |
| Capital reserves | 9,643 | 7,598 |
| Retained earnings | 499 | 1,924 |
| Other comprehensive income | -985 | -770 |
| Equity attributable to the shareholders of the parent | 9,408 | 8,753 |
| Non-controlling interests | 174 | 204 |
| Total equity | 9,582 | 8,956 |
| Long-term employee benefits | 1,309 | 1,676 |
| Deferred tax liabilities | 90 | 69 |
| Long-term provisions for other risks and obligations | 361 | 358 |
| Long-term indebtedness | 237 | 282 |
| Long-term other financial liabilities | 2 | — |
| Long-term contract liabilities | 43 | 22 |
| Long-term other liabilities | 11 | 14 |
| Non-current liabilities | 2,052 | 2,420 |
| Short-term employee benefits | 723 | 686 |
| Trade accounts payable | 3,416 | 3,676 |
| Short-term contract liabilities | 153 | 155 |
| Income tax payables | 113 | 98 |
| Short-term provisions for other risks and obligations | 595 | 701 |
| Short-term indebtedness | 99 | 2,377 |
| Short-term other financial liabilities | 475 | 516 |
| Short-term other liabilities | 405 | 332 |
| Liabilities held for sale | 33 | — |
| Current liabilities | 6,012 | 8,541 |
| Total equity and liabilities | 17,647 | 19,917 |
Consolidated statement of cash flows
| January 1 to September 30 | ||
|---|---|---|
| € millions | 2025 | 2024 |
| Net income | -223 | -421 |
| Income tax expense | -124 | -61 |
| Financial result | 35 | -253 |
| EBIT | -133 | -107 |
| Interest paid | -95 | -348 |
| Interest received | 44 | 182 |
| Income tax paid | -261 | -204 |
| Dividends received | 48 | 19 |
| Depreciation, amortization, impairment and reversal of impairment losses | 767 | 818 |
| Income from equity-accounted investees and other investments, incl. impairment and reversal of impairment losses |
-9 | -27 |
| Gains/losses from the disposal of assets, companies and business operations | 5 | -31 |
| Change in | ||
| inventories | 88 | -69 |
| trade accounts receivable | 48 | 182 |
| trade accounts payable | -98 | -398 |
| employee benefits and other provisions | -150 | 53 |
| other assets and liabilities | -5 | -28 |
| Cash flow arising from operating activities | 248 | 43 |
| Cash flow arising from disposals of assets | 36 | 32 |
| Capital expenditure on property, plant and equipment, and software | -432 | -608 |
| Capital expenditure on intangible assets from development projects and miscellaneous | -2 | -14 |
| Cash flow arising from the disposal or acquisition of companies and business operations | -11 | -13 |
| Cash inflow from interest-bearing investments1 | 1,819 | 185 |
| Cash flow arising from investment activities | 1,410 | -417 |
| Cash flow before financing activities (free cash flow) | 1,658 | -374 |
| Payments arising from the redemption of bonds | — | -625 |
| Payments arising from the repayment of short-term and long-term indebtedness1 | -1,102 | -60 |
| Payments arising from the repayment of lease liabilities | -75 | -77 |
| Cash flow arising from profit transfer agreements | -273 | 719 |
| Dividends paid to and cash changes from equity transactions with non-controlling interests | -48 | -12 |
| Cash flow arising from financing activities | -1,497 | -56 |
| Change in cash and cash equivalents | 161 | -430 |
| Cash and cash equivalents at the beginning of the reporting period | 1,394 | 1,601 |
| Effect of exchange-rate changes on cash and cash equivalents | -99 | -19 |
| Classification as cash held for sale | -5 | — |
| Addition to cash and cash equivalents from net changes in the scope of consolidation | 0 | -3 |
| Cash and cash equivalents at the end of the reporting period | 1,450 | 1,149 |
1 Mainly cash inflow from the termination of financing arrangements with Continental.
Segment information
| Adjusted sales (January 1 to September 30) |
Adjusted EBIT (January 1 to September 30) |
||||
|---|---|---|---|---|---|
| € millions | 2025 | 2024 | 2025 | 2024 | |
| Autonomous Mobility | 2,362 | 2,416 | -10 | -87 | |
| Architecture and Network Solutions | 3,801 | 4,195 | 174 | 217 | |
| Safety and Motion | 5,550 | 5,656 | 248 | 156 | |
| User Experience | 2,256 | 2,270 | 5 | -127 | |
| Contract Manufacturing | 107 | 184 | -2 | 4 | |
| Holding/consolidation | -22 | -56 | -5 | 3 | |
| AUMOVIO Group | 14,054 | 14,665 | 409 | 166 |
2026 Financial Calendar
| Annual press conference | March |
|---|---|
| Analyst and investor conference call | March |
| Annual Shareholders' Meeting | May 13 |
| Quarterly statement as at March 31, 2026 | May |
| Half-year financial report as at June 30, 2026 | August |
| Quarterly statement as at September 30, 2026 | November |
Publication Details
The annual report, the annual financial statements, the half-year financial report and the quarterly statements are available online under Investors (aumovio.com).
Published by:
AUMOVIO SE, Frankfurt
Contact:
AUMOVIO SE Guerickestr. 7 60488 Frankfurt/Main Germany
Phone: +49 69 7603 0
E-mail: [email protected]
aumovio.com
Executive Board:
Philipp von Hirschheydt (chairman)
Dr. Jutta Dönges
Ingo Holstein
Dr. Boris Mergell
Dr. Ismail Dagli
Jean-François Tarabbia
Chairman of the Supervisory Board:
Stefan E. Buchner
