Porsche (P911) Q2 2026 earnings summary

Executive summary

• Strategic realignment underway, focusing on core sports car business, cost reduction, and organizational streamlining, including the planned sale of Rimac and Bugatti-related assets and discontinuation of several subsidiaries.

• Sales revenue declined by 5.1% year-over-year to €17.2B due to lower vehicle sales, despite positive product mix and price effects.

• Operating profit rose 33.9% to €1.35B, with an improved operating return on sales of 7.8% (prior year: 5.5%).

• Deliveries fell 16.5% to 122,306 vehicles, with notable declines in China and North America.

• Management structure streamlined, executive board reduced from eight to seven divisions, and changes in executive leadership.

Financial highlights

• Group operating profit: €1.35B; operating return on sales: 7.8% (+230bps YoY); automotive EBITDA margin: 18.3%.

• Automotive net cash flow: €1.02B (up from €394M YoY); net cash flow margin: 6.7% (up from 2.4%).

• Revenue: €17.2B (down 5.1% YoY); average selling price per vehicle rose to €126,000.

• CapEx: €906M (down from €965M YoY), including €300M license payment to Audi; R&D expenditure: €1.1B (7.4% of sales revenue).

• Profit after tax increased 49.1% to €1,071M; EPS rose to €1.24/1.25 per ordinary/preferred share.

Outlook and guidance

• 2026 guidance confirmed: sales revenue €35–36B, group return on sales 5.5%–7.5%, automotive net cash flow margin 3%–5%, BEV share 24%–26%.

• Guidance absorbs €800M–€900M extraordinary burdens (realignment), €700M tariff impacts, and €1.4B–€1.5B extraordinary cash outflows.

• Higher strategic realignment expenses expected to be offset by provision reversals.

• H2 volumes expected in line with H1; BEV share to rise with all-electric Cayenne ramp-up.

• 2027: ICE Macan phaseout to reduce volumes by ~25,000 units, impacting margins and fixed cost absorption.