Porsche (P911) investor relations material

Executive summary

• Q1 2026 sales revenue declined 5.2% year-over-year to €8.4 billion, with operating profit down 21.9% to €595 million, reflecting lower deliveries, portfolio gaps, and market headwinds, especially in China.

• Deliveries dropped 14.7% to 61,000 units, with notable declines in China and Europe (excluding Germany), while Germany saw a slight increase.

• Strategic realignment is underway, focusing on value over volume, efficiency, and core business, with targeted disposals of non-core assets like Rimac and Bugatti Rimac.

• The all-electric Cayenne launch is a key focus, with first deliveries expected in summer 2026.

• Push-to-Pass efficiency program and cost discipline are central to lowering the break-even point and restoring profitability.

Financial highlights

• Group revenues fell 5.2% year-over-year to €8.4 billion, with operating profit at €595 million and an operating margin of 7.1%.

• Automotive net cash flow rose to €514 million (from €198 million), with a margin of 7% (up from 2.5%).

• Gross profit fell 13.1% year-over-year to €1.6 billion; profit after tax was €391 million (down from €518 million).

• Extraordinary cash outflows included €400 million for Audi license and realignment, and €200 million for U.S. tariffs.

• Automotive EBITDA margin was 17.2%; net liquidity increased 7.2% from year-end 2025 to €7.9 billion.

Outlook and guidance

• 2026 guidance confirmed: group return on sales of 5.5%-7.5%, automotive net cash flow margin of 3%-5%, and BEV share of 24%-26%.

• Sales revenue forecast for 2026 is €35–36 billion; EBITDA margin guidance is 15–17%.

• Guidance includes €800-900 million in extraordinary expenses and €700 million in U.S. tariffs.

• Retail and wholesale volumes expected below 2025, with BEV share rising due to new electric Cayenne.

• Geopolitical risks, especially from the Middle East conflict, are excluded from the forecast due to uncertainty.