Porsche (P911) Pre-close call summary

Executive summary

• Q1 2026 deliveries declined 15% year-over-year to 60,991 units, driven by model transitions, market effects, and temporary product gaps.

• Strong demand for the 911 model, with deliveries up 22%, and a robust mix of high-margin derivatives across all lines.

• Strategic realignment underway, focusing on value over volume, operational efficiency, and core business profitability to address external headwinds.

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

• The launch of the fully electric Cayenne is a key focus, with first deliveries expected in summer.

Trading performance and revenue trends

• Wholesale volumes in Q1 are expected to be slightly below retail sales, reflecting disciplined inventory management.

• Revenues are anticipated to decline at a lower rate than wholesales due to positive pricing and product mix.

• Cayenne was the bestselling model; Macan volumes declined due to prior ramp-up and phase-out of US EV incentives.

• 911 deliveries remained strong, while Panamera and 718 deliveries fell due to product transitions and end of production.

• North America remains the largest sales region, though it saw declines from discontinued US tax incentives and 718 run-out.

Profitability and margins

• Group return on sales for Q1 is expected at the upper end of the full-year 2026 guidance corridor, demonstrating earnings resilience.

• High-margin derivatives and individualization contribute positively to profitability.

• Q1 includes around EUR 100 million in strategic realignment charges and EUR 200 million in tariffs.

• Operating performance reflects elevated costs, portfolio gaps, and external headwinds.

• Strategy 2035 aims to lower break-even, increase resilience, and restore compelling margins.