Porsche (P911) Pre-close call summary

Executive summary

• H1 2026 deliveries totaled 122,306 vehicles, down 16% year-over-year, reflecting anticipated product cycle, regional effects, and temporary product gaps.

• BEV share declined due to the end of U.S. EV tax credits and product transitions, but strong demand for the 911 and robust order intake for new models were noted.

• Maintains status as a leading luxury brand with a loyal customer base and iconic products amid rising competition and market shifts.

• Strategic realignment actions include divestments, discontinuation of non-core operations, and organizational restructuring to sharpen focus on core sports cars.

• Full-year guidance for 2026 is maintained despite macroeconomic and geopolitical challenges.

Trading performance and revenue trends

• H1 2026 revenues are expected to decline less than wholesale volumes due to positive pricing and premium mix.

• Order intake remained robust across regions, with encouraging demand for the new Cayenne BEV and high individualization in orders.

• Cayenne remained the bestselling model; all-electric Cayenne deliveries began in late June.

• Macan volumes declined due to prior ramp-up effects and phase-out of US EV incentives.

• Panamera and 718 deliveries fell, with 718 impacted by end of production in October 2025.

Profitability and margins

• Q2 profitability is expected to be strong, supported by favorable mix and a temporarily low BEV share ahead of the Cayenne electric ramp-up.

• Group return on sales guidance for 2026 remains at 5.5%-7.5%, with automotive net cash flow margin at 3%-5%.

• Charges related to strategic realignment are expected to net to zero in H1, with higher charges anticipated in H2 but full-year net burden unchanged at EUR 800m-EUR 900m.

• Robust demand for core products and high-margin derivatives, but performance impacted by elevated costs, portfolio gaps, and external headwinds.

• Ongoing strategic and operational realignment aims to restore margins and long-term value.