Porsche Ag · XETR:P911
Porsche — H1 2026 Earnings Presentation
28 slides from Porsche's earnings presentation, Jul 29, 2026
Slide 1: Analyst & Investor Call H1 2026
PORSCHE Analyst & Investor Call H1 2026 S T U T T G A R T, J U LY 2 9
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements and information that reflect Dr. Ing. h.c. F. Porsche AG's current views about future events. These statements are subject to many risks, uncertainties, and assumptions. They are based on assumptions relating to the development of the
Slide 3: Group & Automotive Financial Performance Overview H1 2026
GROUP & AUTOMOTIVE FINANCIAL PERFORMANCE OVERVIE W H1 2026 €17.2 bn 7.8 % €1.3 bn GROUP SALES GROUP RE TURN GROUP OPER ATING RE VENUE ON SALES PROFIT 1 (-5.1 % compared to previous year) (230 bps compared to previous year) (+33.9 % compared to previous year) 18.3 % 6.7 % 19.4 % AUTOMOTIVE AUTOMOTIVE
Slide 4: Group & Automotive Financial Performance Overview H1 2026
GROUP & AUTOMOTIVE FINANCIAL PERFORMANCE OVERVIE W H1 2026 €1.2 bn €7.3 bn AUTOMOTIVE AUTOMOTIVE OPER ATING PROFIT NE T LIQUIDIT Y (Automotive RoS 8.0 %) (-0.6 % compared to 31.12.2025 1) €1.1 bn €0.9 bn AUTOMOTIVE RESE ARCH AUTOMOTIVE AND DE VELOPMENT COSTS CAPITAL E XPENDITURE (7.4 % of Automotive
Slide 5: Sales Revenue & Operating Profit
SALES REVENUE & OPERATING PROFIT GROUP – H1 2025 VS. H1 2026 GROUP GROUP − Business performance was impacted by a challenging macroeconomic and SALES RE VENUE OPER ATING PROFIT geopolitical environment, including U.S. IN € BN IN € BN import tariffs, a slower-than-expected BEV ramp-up in the exclusiv
Slide 6: Operating Profit Development
OPERATING PROFIT DEVELOPMENT GROUP – H1 2025 VS. H1 2026 CONTRIBUTOR S TO OPER ATING − Group sales revenue declined year-on-year due to lower unit sales due to temporary PROFIT DE VELOPMENT product gaps IN € BN − Continued execution of Porsche's "value over volume" strategy reflected in disciplined
Slide 7: Sales Revenue & Deliveries
SALES REVENUE & DELIVERIES AUTOMOTIVE – H1 2025 VS. H1 2026 AUTOMOTIVE − Business performance was impacted by a challenging macroeconomic and SALES RE VENUE DELIVERIES 1 geopolitical environment, a slower-than- IN € BN IN K UNITS expected BEV ramp-up in the exclusive segment and temporary product ga
Slide 8: Deliveries
DELIVERIES AUTOMOTIVE – H1 2025 VS. H1 2026 − Porsche deliveries totaled 122,306 MODEL DISTRIBUTION vehicles, partially impacted by temporary IN UNITS product gaps − Derivative mix remained highly attractive, with a strong share of GTS, Turbo and GT H1 2026 38,141 models reflecting sustained demand
Slide 9: Deliveries
DELIVERIES AUTOMOTIVE – H1 2025 VS. H1 2026 − Sales remained well balanced across REGIONAL DISTRIBUTION regions despite ongoing economic and % OF VEHICLE DELIVERIES geopolitical challenges − North America remained Porsche's largest sales region, with deliveries below the H1 2025 H1 2026 strong prior
Slide 10: Vehicle Sales
VEHICLE SALES AUTOMOTIVE – H1 2025 VS. H1 2026 − China continued to face challenging REGIONAL DISTRIBUTION market conditions, particularly in the % OF VEHICLE SALES luxury segment; with Porsche maintaining its "value over volume" approach − North America remained Porsche's largest -10.8 % sales regi
Slide 11: Operating Profit
OPERATING PROFIT AUTOMOTIVE – H1 2025 VS. H1 2026 − 45.3 % Automotive operating return on sales improved by 280 basis points to 8.0 % 1.2 − The continued execution of Porsche's "value over volume" strategy reflected in disciplined pricing and a favorable mix − The cost base reflects an inflationary
Slide 12: Operating Profit
OPERATING PROFIT FINANCIAL SERVICES – H1 2025 VS. H1 2026, IN € BN − 4.2 % Slight new car penetration decrease driven by lower BEV sales and partially declining government incentives − The risk profile remained unchanged, 0.15 0.15 supported by continuous and prudent monitoring of the dynamic global
Slide 13: Net Cash Flow & Liquidity
NET CASH FLOW & LIQUIDITY AUTOMOTIVE – H1 2025 VS. H1 2026 − Cash flow from operating activities increased year-on-year, driven by higher NE T CASH FLOW NE T LIQUIDIT Y cash inflows from operating activities and IN € BN IN € BN lower cash outflows from working capital − 159 % -0.6 % Disciplined inve
Slide 14: Porsche Financial Outlook
PORSCHE FINANCIAL OUTLOOK MOST IMPORTANT PERFORMANCE INDICATORS 2025 OUTLOOK 2026 Sales Revenue €36.3 bn €35 - 36 bn GROUP Return on Sales (RoS) 1.1 % 5.5 - 7.5 % EBITDA Margin 13.3 % 15 - 17 % AUTOMOTIVE Net Cash Flow Margin 4.7 % 3-5% BEV Share 22.2 % 24 - 26 % The assumptions used in preparing th
Slide 15: Capital Allocation
CAPITAL ALLOCATION DISCIPLINED, AS SE T-LIGHT STR ATEGY DIVIDEND DIVIDEND POLICY 2025: €1.00 / €1.01 per 50 % pay-out ratio1 ordinary / preferred share CAPE X AND R&D TECHNOLOGY AND Investments peak in 2026, VENTURE with a structural decline Focus on partnerships and thereafter driven by Strategy li
Slide 16: Key Takeaways
KEY TAKEAWAYS Porsche remains one of the world’s Strategy Sportwagenschmiede '35 combines strongest luxury brands with a loyal cost base reduction, portfolio focus, operational customer base and iconic products, but excellence and disciplined investment to lower heightened competition, geopolitical
Slide 17: Sportwagenschmiede '35
Sportwagenschmiede ‘35 PORSCHE Analyst & Investor Call H1 2026 17
Slide 18: Porsche Vision
PORSCHE VISION Driven by the love for sports cars PORSCHE Analyst & Investor Call H1 2026 18
Slide 19: Porsche Mission
PORSCHE MISSION In the beginning, I looked around and could not find quite the car I dreamed of, so I decided to build it myself.” FERRY PORSCHE PORSCHE Analyst & Investor Call H1 2026 19
Slide 20: Sportwagenschmiede '35
SPORT WAGENSCHMIEDE ‘35 STRUCTURE VISION MIS SION STR AT. TARGE TS BR AND & CUSTOMER PRODUCTS & TECHNOLOGY ENTERPRISE & OPER ATIONS ENABLER PORSCHE Analyst & Investor Call H1 2026 20
Slide 21: We bring even more sports car DNA into our future designs
PRODUCTS We bring even more of our sports car DNA into our future designs & TECH of all Porsche cars – amplifying design as a clear differentiator DESIGN PORSCHE Analyst & Investor Call H1 2026 21
Slide 22: The 'Zukunftspaket' strengthens resilience and flexibility
ENABLER The ‘Zukunftspaket’ strengthens resilience, flexibility and lays the foundation for Sportwagenschmiede ‘35 Illustrative development of positions & FTE 1 Strukturpaket Zukunftspaket C OMPE TITIVENESS C O S TS FLE XIBILIT Y & EFFICIENCY + 2024 2026 2030 2035 RESILIENCE & SUSTAINABLE ADJUSTMENT
Slide 23: Financial Calendar
FINANCIAL CALENDAR 2026 7 TH October 27th October C A P I TA L M A R K E TS Q UA RT E RLY R E P O RT D AY JAN - SEP PORSCHE Analyst & Investor Call H1 2026 23
Slide 24: Income
INCOME GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN H1 2025 % H1 2026 % D E LTA % SALES REVENUE 18,157 100.0 17,229 100.0 -928 -5.1 (-) Cost of sales -14,793 -81.5 -13,764 -79.9 1,030 -7.0 (=) Gross profit 3,364 18.5 3,466 20.1 102 3.0 (-) Distribution expenses -1,310 -7.2 -1,278 -7.4 32 -2.4 (-
Slide 25: Capex, Research & Development
CAPEX, RESEARCH & DEVELOPMENT AUTOMOTIVE IN € MN H1 2024 H1 2025 H1 2026 Automotive research and development costs (A) 1,665 1,264 1,116 % of Automotive Sales Revenue 9.4 % 7.8 % 7.4 % Automotive capitalized development costs 1,123 575 487 % Automotive research and development costs 67.5 % 45.5 % 43
Slide 26: Financial Position
FINANCIAL POSITION GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN 31.12.2025 30.06.2026 D E LTA % Intangible assets 8,243 8,015 -228 -2.8 Property, plant and equipment 10,109 9,898 -211 -2.1 Leased assets 5,593 5,802 209 3.7 Financial services receivables 5,122 5,452 330 6.4 Equity-accounted inves
Slide 27: Financial Position
FINANCIAL POSITION GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN 31.12.2025 30.06.2026 D E LTA % Equity before non-controlling interests 22,991 22,854 -137 -0.6 Non-controlling interests 130 85 -45 -34.5 Equity 23,121 22,939 -182 -0.8 Provisions for pensions and similar obligations 3,530 3,329 -2
Slide 28: Ferry Porsche quote
Those who are fortunate enough to build a business from a dream owe it to the world to be the guardians of those dreams.“ PORSCHE FERRY PORSCHE Analyst & Investor Call H1 2026 28