Porsche (P911) Pre-Close Call summary

Executive summary

• Q3 deliveries reached 212,500 vehicles globally, with electrified models making up 35% of deliveries, a 13% year-over-year increase.

• Strategic realignment finalized in Q3, with up to EUR 1.8 billion in incremental expenses expected in fiscal 2025, aimed at long-term competitiveness and sustainable growth.

• Management reiterated a focus on value over volume, premium product mix, and individualization, with strong demand for new models like the 911 Turbo S and the upcoming all-electric Cayenne.

Trading performance and revenue trends

• Macan sales rose 18% in the first three quarters of 2025, while Cayenne deliveries declined due to prior-year catch-up effects.

• Electrified models accounted for 35% of total deliveries, with 23% fully electric and 12% plug-in hybrids.

• North America led with a 5% year-over-year increase in deliveries, remaining the strongest sales region.

• Overseas and Emerging Markets achieved a new all-time high in deliveries.

• Porsche increased global market share in five of six model lines despite rising competition.

Profitability and margins

• Group return on sales guidance for 2025 includes EUR 3.1 billion in extraordinary expenses from strategic realignment and product portfolio decisions.

• U.S. import tariffs expected to have a high triple-digit million EUR impact; mitigation measures include targeted pricing adjustments.

• Despite these burdens, underlying business remains robust, with unchanged automotive net cash flow guidance.