Porsche (P911) Q2 2024 earnings summary

Executive summary

• H1 2024 group sales revenue declined 4.8% year-over-year to €19.5 billion, with operating profit down 20.5% to €3.1 billion and return on sales at 15.7%.

• Deliveries fell 6.8% to 155,945 vehicles, with significant declines in China and BEV share dropping to 5.9% from 10.8% year-over-year.

• Largest product offensive in company history, renewing five of six model series, including major launches of Panamera, Taycan, Macan, 911, and Cayenne.

• Maintained a value-over-volume strategy, focusing on quality, customer satisfaction, and brand strength, despite China sales decline.

• Dividend of €2.1 billion was distributed in June 2024; all shareholder representatives on the Supervisory Board were re-elected.

Financial highlights

• Group revenue for H1 2024 was €19.5 billion, with group operating profit at €3.1 billion and a margin of 15.7%.

• Automotive EBITDA for H1 2024 was €4.3 billion, with a margin of 24.1%.

• Automotive net cash flow was €1.1 billion in H1, with net liquidity at €6.1 billion after a €2.1 billion dividend payment.

• Earnings per preferred share for H1 2024 amounted to €2.37; per ordinary share €2.36.

• R&D costs rose to €1,665 million, with the R&D ratio increasing to 9.4%.

Outlook and guidance

• Full-year 2024 revenue forecast adjusted to €39–40 billion due to a significant supply shortage of special aluminum alloys caused by flooding at a key supplier.

• Group operating profit margin expected in the range of 14% to 15% for 2024.

• Automotive segment EBITDA margin forecasted at 23%–24%, with a net cash flow margin of 7.0%–8.5%.

• BEV share expected at 12–13% for 2024, reflecting slower adoption and supply constraints.

• Continued investments in product portfolio, digitalization, and brand, with a focus on flexibility and resilience.