Porsche (P911) Q3 2024 earnings summary

Executive summary

• Delivered 226,026 vehicles in the first nine months of 2024, with sales and profit down due to product changeovers, supply chain disruptions, and lower demand in China, especially for BEVs.

• Group revenue declined 5.2% year-over-year to €28.6 billion, with operating profit at €4.0 billion and margin of 14.1%.

• Major product launches (Panamera, Taycan, hybrid 911, all-electric Macan) impacted inventories, costs, and R&D.

• Strong order book extends into 2025, with robust demand outside China and high individualization supporting average sales prices.

• Ongoing recalibration of product and cost structure in response to slower BEV adoption and challenging Chinese market.

Financial highlights

• Automotive revenues reached €25.9 billion year-to-date, with operating profit of €3.8 billion and return on sales of 14.6%.

• Automotive EBITDA margin was 23.0%, net cash flow stood at €1.2 billion, and net liquidity at €6.2 billion.

• Financial services revenue was €2.9 billion, with operating profit of €210 million and penetration rate at 38.4%.

• Earnings per preferred share for the first nine months was €3.04.

• BEV share of deliveries was 7.3%, down from 11.6% year-over-year.

Outlook and guidance

• Full-year 2024 outlook confirmed: sales revenue €39–40 billion, group return on sales 14–15%, automotive EBITDA margin 23–24%, net cash flow margin 7–8.5%, BEV share 12–13%.

• No specific guidance for 2025 due to macro, regulatory, and geopolitical uncertainties; expect flat volume and continued challenges in China.

• Long-term ambition remains 20%+ group return on sales.

• Outlook subject to macroeconomic, China market, product launches, supply bottlenecks, and cost pressures.