Porsche (P911) Pre-Close Call summary

Executive summary

• Global deliveries reached 279,400 vehicles, with electrified models accounting for 34% of total deliveries, up 7 percentage points year-over-year.

• North America remained the largest market, with 86,229 deliveries, while China saw softness due to luxury segment headwinds and BEV competition.

• Strategic realignment decisions in Q3 will result in €3.1 billion in extraordinary expenses for 2025, supporting long-term flexibility and competitiveness.

• Guidance for 2025 remains firm, with group revenues expected at the lower end of €37–38 billion and operating return on sales of 0–2%.

Trading performance and revenue trends

• Electrified models exceeded combustion-only deliveries in Europe for the first time, reaching a 58% electrification share.

• Macan sales increased by 2% in 2025, making it the bestselling model line despite availability gaps; over half of Macan deliveries were all-electric.

• 911 model achieved a record high of 52,000 units, with sales growing by 1%.

• 718 and Panamera deliveries declined due to limited model availability and regulatory impacts.

• Wholesales in Q4 are expected to align with retail volumes, reflecting a disciplined value-driven sales strategy.

Profitability and margins

• Group operating return on sales for 2025 is guided at slightly positive to 2%, with a net cash flow margin of 3–5%.

• Q4 standalone expects extraordinary expenses of €400 million for realignment and €200 million for U.S. tariffs.

• 2026 margin targeted at a high single-digit level, above mid-one digit and well below double digit, assuming current tariff regime.

• Approximately €3.1 billion in extraordinary expenses expected for 2025, related to strategic realignment, product strategy adjustments, battery initiatives, and organizational transformation.