Porsche (P911) Investor presentation summary

Financial performance and outlook

• Achieved historically best YTD Q3 2025 results in Overseas and Emerging Markets, with North America and Overseas regions showing growth despite declines in Germany and China.

• Maintained resilient deliveries and strong customer base in North America, with a 4.8% increase in units delivered and top ranking in J.D. Power's APEAL study.

• Operating profit impacted by strategic realignment, battery activities, and tariffs, with extraordinary expenses up to €3.1 billion expected in 2025.

• Despite extraordinary outflows, strong net cash flow and liquidity were sustained, reflecting operational strength.

• 2025 outlook anticipates sales revenue of €37–38 billion, with a return on sales slightly positive and a net cash flow margin of 10.5–12.5%.

Strategic realignment and product strategy

• Product strategy realignment includes adding more combustion and plug-in hybrid vehicles, with some all-electric launches postponed due to slower EV market ramp-up.

• Capital allocation strategy focuses on maintaining financial flexibility, asset-light approach, and targeted investments, with a 50% payout ratio target.

• Push-to-Pass program targets long-term profitability through cost optimization, especially in personnel and China rightsizing.

• Network recalibration in China underway, reducing points of sale and internal employees to adapt to market conditions.

• Starting in 2026, a meaningful recovery is anticipated, driven by evolving product portfolio and profitability initiatives.

Overseas and emerging markets growth

• Overseas and Emerging Markets now account for 20% of global retail sales, up from 13% in 2018, reflecting risk diversification and regional growth.

• Region V5 (Overseas) has seen 100% growth since 2012, with Korea as the 5th largest market and BEV share above 20%.

• Successful implementation includes new Porsche Studios, market editions, and high individualization uptake, with revenue per car and paint-to-sample sales up significantly.

• PME (Middle East, Africa, India) region retail grew 53% from 2020–2024, with strong model mix and increased average revenue per vehicle.

• Significant investments planned in PME network, with 15 new projects and 26 upgrades between 2026–2030.