Porsche (P911) investor relations material

Executive summary

• Sales revenue declined 5.1% year-over-year to €17,229 million due to lower vehicle sales, despite positive product mix and price effects.

• Operating profit rose 33.9% to €1,348 million, with an improved operating return on sales of 7.8% (prior year: 5.5%).

• Profit after tax increased to €1,071 million, up from €718 million year-over-year.

• Deliveries fell 16.5% to 122,306 vehicles, with notable declines in China and North America.

• Strategic realignment included the planned sale of Rimac and Bugatti-related assets and discontinuation of several subsidiaries.

Financial highlights

• Automotive segment sales revenue: €15,158 million (down from €16,138 million year-over-year).

• Automotive operating profit: €1,208 million (up from €832 million); return on sales: 8.0%.

• Automotive EBITDA margin: 18.3% (prior year: 16.0%).

• Automotive net cash flow: €1,020 million (prior year: €394 million); net cash flow margin: 6.7%.

• Financial services operating profit: €151 million; return on sales: 6.9%.

• Earnings per ordinary share: €1.24; per preferred share: €1.25.

Outlook and guidance

• Full-year 2026 forecast confirmed: sales revenue €35–36 billion, return on sales 15–17%, automotive net cash flow margin 3–5%.

• Automotive BEV share expected at 24–26%.

• Strategic realignment and reversal of provisions expected to offset higher expenses.