Porsche Automobil (PAH3) Q4 2025 earnings summary

Executive summary

• Adjusted group result after tax reached €2.9 billion for 2025, down from €3.2 billion year-over-year.

• Group result after tax was €2.7 billion, a significant recovery from a loss of €20.0 billion in the prior year.

• Six portfolio investments achieved unicorn status, reflecting successful diversification.

• Portfolio investments contributed €193 million to results, notably Quantum Systems (€114 million) and Celestial AI (€47 million).

Financial highlights

• Adjusted group result after tax: €2,894 million (2025) vs. €3,151 million (2024).

• Group result after tax: €2,651 million (2025) vs. -€20,017 million (2024).

• Group net debt reduced to €5,099 million as of Dec 31, 2025, from €5,160 million a year earlier.

• Proposed dividend: €1.51 per preference share, down from €1.91 prior year.

Outlook and guidance

• Adjusted group result after tax for 2026 expected between €1.5 billion and €3.5 billion.

• Net debt forecasted between €4.7 billion and €5.2 billion for 2026.