⠀
📉 2026 Outlook Lowered:
• Passenger car margin: 2–3% (previously 3–5%)
• Group EBIT: at the prior-year level (previously significantly above)
• Industrial free cash flow: significantly below the prior year (previously slightly below)
⠀
📊 Preliminary Q3 figures:
• Passenger car margin: 2.5% (expected: 2.4%) ✅
• Van margin: 9.4% (expected: 9.1%) ✅
• Group EBIT: €1.77 billion (expected: €1.60 billion) ✅
• Industrial free cash flow: €172 million (expected: €422 million) ❌
⠀
🔎 Analysis: Despite better Q3 operating results, the China business and higher costs are weighing on the full-year outlook. Free cash flow is particularly weak.