Porsche (P911) Pre-close call summary

Executive summary

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

• Maintains status as a leading luxury brand with robust demand for core products and high-margin derivatives, but performance impacted by elevated costs, portfolio gaps, and external headwinds.

• BEV share declined due to U.S. EV tax credit expiration and product transitions; 911 demand remains strong.

• Strategic realignment underway, including divestments and organizational restructuring to sharpen focus on core sports car business and restore margins.

• Guidance for 2026 maintained despite macro and geopolitical challenges, with group return on sales at 5.5%-7.5% and net cash flow margin at 3%-5%.

Trading performance and revenue trends

• H1 2026 deliveries declined, mainly due to end of 718 production, limited ICE Macan availability, and BEV Macan demand drop in the U.S.

• Cayenne remained the bestselling model; all-electric Cayenne deliveries began in Europe in late June, with BEV share expected to rise in H2.

• Revenues expected to decline less than wholesale volumes due to positive pricing and premium mix.

• Order intake robust, with strong demand for new Cayenne BEV and high individualization in orders.

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

Profitability and margins

• Q2 expected to show stronger profitability and cash generation, following typical seasonal patterns.

• Full-year EBIT supported by strong mix, pricing, and operational initiatives; BEV share to increase in H2.

• BEV profitability impacted by lower-than-planned unit sales and associated depreciation.

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