大众汽车——再次发布利润预警后，评级缓冲空间成为焦点

关键论点

• 100亿欧元一次性费用（含60亿欧元保时捷商誉非现金减值）导致2026财年指引下调。
• 营收指引收窄至约3150亿欧元，营业销售回报率现为“最高1%”（调整后约4%）。
• 调整后利润率和净现金流的大部分影响已被市场预期消化，但重组费用明年将再次拖累损益。
• 标普BBB+负面展望凸显了维持评级所需的2027年利润率复苏所面临的挑战。

对应原文证据

1. Distribution may also be restricted in certain jurisdictions; recipients are required to inform themselves about RESEARCH 21 September 2026 C REDIT N EWS WRITTEN BY Valentin MORY Tel. · September 2026
2. +33 158 55 04 98 valentin.mory@natixis.com Recommendation Overweight Credit impact Negative Spreads impact Negative Ratings S&P BBB+ Negative Moody’s Baa1 Neutral Fitch A-Negative Discover more of our research… … on research.natixis.com VW – Rating Headroom in Focus After Another Profit Warning ► VW has cut its FY2026 outlook expecting a€10bn one-off charge ,including a€6bn non-cash impairment of Porsche AG’s goodwill.
3. ► The group has narrowed its revenue guidance to around €315bn (c.