Porsche (P911) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales revenue declined 5.2% year-over-year to €8.4 billion, with operating profit down 21.9% to €595 million, driven by lower deliveries (down 14.7% to 61,000 units) and challenging market conditions, especially in China.

• Strategic realignment is underway, focusing on value over volume, efficiency, and core business, with early signs of progress but short-term financial impacts.

• The all-electric Cayenne launch is a key focus, with first deliveries expected in summer 2026.

• Supervisory boards approved the disposal of Rimac and Bugatti Rimac equity interests, with assets of €411 million classified as held for sale and significant cash inflow expected upon closing within 12 months.

• CEO transition to Dr. Michael Leiters effective January 2026.

Financial highlights

• Group revenues fell 5.2% year-over-year to €8.4 billion, with operating profit at €595 million and operating margin of 7.1%.

• Automotive net cash flow rose to €514 million (from €198 million), with a margin of 7% (up from 2.5%).

• Gross profit fell 13.1% to €1.6 billion; profit after tax was €391 million (down from €518 million).

• Automotive EBITDA margin was 17.2%; net liquidity increased to €7.9 billion.

• Extraordinary cash outflows included €400 million for Audi license payment and strategic realignment, and €200 million in U.S. tariffs.

Outlook and guidance

• 2026 guidance confirmed: group return on sales of 5.5%-7.5%, automotive net cash flow margin of 3%-5%, and EBITDA margin of 15%-17%.

• BEV share forecasted at 24%-26% for 2026, with retail and wholesale volumes expected below 2025.

• Guidance includes €800-900 million in extraordinary expenses and €700 million in U.S. tariffs.

• Geopolitical risks, especially from the Middle East, not yet factored into guidance.

• Potential M&A/divestments (e.g., MHP) not included in outlook; could result in one-off effects.