Restore to stock
That is remarkably bad if it's aligned and on original wheels/tire sizes.
I'd try to find what's broken and experiment with driving style and remember rough terrain/traffic/weather conditions as you record your fuel economy or lack thereof
To be fair I had a 1991 945T and in mixed city/highway/traffic that thing always got 18-20ish. Often closer to 18 to maybe 19 once in a while most of the time rain or shine. Which wasn't dismal, but just seemed 1-2mpg low. They're heavy tho and have to be tip top in an auto 940t to do all that well. I had it at the same time as the 1 owner M46 744T, which in stark contrast returned 22 no fuss average city/mixed with freezing a/c and 28-30 most all highway with no drama whatever.
Often I had a fair bit of weight and tools in it, but certainly not always.
Cliffs note History of said miserable 1991 945T:
Bought it with a horribly blown head gasket (melted head).
Did a "redneck leskdown test" and let carb cleaner/atf mic sit in the cylinders over night to roughktndefermine if the pistons had survived and if the bottom end had minimal/at least even leak down and was viable. All indications said "yes" before installing a fresh minty head (barely leaked down from being filled to the top with the pistons all at the exact same height), had good cross hatch and no horrible ring ridge at the top.
Did an extensive stage 0 and measured s ton of things, swapped out anything questionable that could be found, didn't hurry, planned to keep and drive that car a while.
Installed a healthy n/a head carefully installed turbo exhaust valves and shimmed T cam.
Installed minty radiator, fresh hoses, heater valve delete and topical fan clutch along with new tstst and Bosch Germany coolant temp sensor.
Cleaned/resealed injectors with correct Bosch pintle caps.
New Bosch reman amm for testing purposes.
Wheel bearings/brakes all checked out, suspension tight (had pretty new decent shocks / struts on it when I got it).
At some point alignment was checked and little camber mod done.
Engine seemed pretty tight and glass smooth and didn't really seem to use oil, but it probably had some wear though compression and leskdown #s looked good and quite even and it ran beautifully once it was up on its feet, but it wasn't pulled apart and scientifically dissected either, just compression, leskdown and the fact they volume of blowby/oil out the crankcase vent seemed acceptsble/minimal and I'd see a whole lot worse on N/A engines from experience that returned ok economy
I didn't take it on a lot of highway trips but it got about 22mpg with no traffic most all highway iirc not doing anything special to improve or wreck fuel economy.
All I can think is the trans was maybe a little tired, but I don't think that is *all* it was.
Point is it always used s bit more fuel and there was/were probably some niggling little variable(s) (probably not just the transmission) I missed thet was/were marginal due to the car's condition/upkeep mostly and/ or it was buried deep in the AW trans, which mostly seemed to work and shift ok, so there was no apparent justification to swap Ot or rebuild it to try to get the 1-2mpg better thet car might or I felt "should" get. Who knows, maybe that one was built on a bad day?
I wasn't with it from building inception knowing every detail to the 20 years it was driven and accumulated some wear/issues/neglect/hack repairs (which I didn't find any evidence of).
A ton of factors go into fuel economy, more details would help but a +T hodge podge of used largely untested parts is all guesswork to me or the factory service books/guys in white lab coats who came up with this stuff. You have to look at the whole picture/condition of the car.
What I can say is I did have the misfortune of Trying to diagnose anything
lol
on a hacked up 940T with a B230F+T in it and one complaint was poor fuel Econ. It pinged so easily at light throttle thwt the knock sensor was always being triggered and retarding the timing. It was difficult to verify that.
Timing, air fuel ratio, health if engine, all stock or modified?...and so on. What exactly has been done and what's been verified and how?