Porsche Ag · XETR:P911
Porsche — Q3 2026 Earnings Presentation
21 slides from Porsche's earnings presentation, Oct 27, 2026
Slide 1: Porsche AG Analyst & Investor Call Q3 2026
PORSCHE AG Analyst & Investor Call Q3 2026 STUT TGART, OCTOBER 27
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 YTD Q3 2026
GROUP & AUTOMOTIVE FINANCIAL PERFORMANCE OVERVIE W Y TD Q3 2026 €25.3 bn 6.9 % €1.7 bn GROUP SALES GROUP RE TURN GROUP OPER ATING RE VENUE ON SALES PROFIT 1 (-5.9 % YoY) (+670 bps YoY) (+>100 % YoY) 17.3 % 11.3 % 21.7 % AUTOMOTIVE AUTOMOTIVE AUTOMOTIVE EBITDA MARGIN NE T CASH FLOW MARGIN BE V SHARE
Slide 4: Group & Automotive Financial Performance Overview
GROUP & AUTOMOTIVE FINANCIAL PERFORMANCE OVERVIE W Y TD Q3 2026 €1.5 bn €8.2 bn AUTOMOTIVE AUTOMOTIVE OPER ATING PROFIT NE T LIQUIDIT Y (Automotive RoS 6.7 %) (+12.0 % compared to 31.12.2025 1) €1.5 bn €1.2 bn AUTOMOTIVE RESE ARCH AUTOMOTIVE AND DE VELOPMENT COSTS CAPITAL E XPENDITURE (6.6 % of Auto
Slide 5: Sales Revenue & Operating Profit
SALES REVENUE & OPERATING PROFIT GROUP – Y TD Q3 2025 VS. Y TD Q3 2026 GROUP GROUP SALES RE VENUE OPER ATING PROFIT − Business performance was impacted by a IN € BN IN € BN challenging macroeconomic and geopolitical environment, including US -5.9 % >100 % import tariffs, a slower-than-expected BEV r
Slide 6: Operating Profit Development
OPERATING PROFIT DEVELOPMENT GROUP – Y TD Q3 2025 VS. Y TD Q3 2026 CONTRIBUTOR S TO OPER ATING − Group sales revenue declined year-on-year due to lower unit sales from temporary PROFIT DE VELOPMENT product gaps IN € BN − Continued execution of Porsche's "value over volume" strategy reflected in ∑ ap
Slide 7: Vehicle Sales & Sales Revenue
VEHICLE SALES & SALES REVENUE AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 VEHICLE SALES 1 & AUTOMOTIVE REGIONAL DISTRIBUTION SALES RE VENUE − Automotive sales revenue declined less IN K & IN % IN € BN pronounced than unit sales, demonstrating pricing discipline and favorable mix effects -11.1 % -7.1
Slide 8: Deliveries
DELIVERIES AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 REGIONAL DISTRIBUTION − Deliveries decreased 16 % YoY, while the % OF VEHICLE DELIVERIES1 sales structure across regions remained well balanced despite economic and 212,509 178,532 geopolitical challenges DELIVERIES DELIVERIES − North America rem
Slide 9: Deliveries by Model
DELIVERIES AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 MODEL DISTRIBUTION IN UNITS − 178,532 vehicles delivered YTD Q3 2026, partially impacted by temporary product YTD gaps [7,002] [52,584] Q3 2026 59,586 -2% − The high proportion of GTS, Turbo and GT Q3 2025 60,656 models delivered underscores stro
Slide 10: Operating Profit (Automotive)
OPERATING PROFIT AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 >100 % − Automotive Operating Return on Sales improved by 770 basis points to 6.7 % − The continued execution of Porsche's 1.5 "value over volume" strategy reflected in disciplined pricing and a favorable mix − The cost base remained affect
Slide 11: Operating Profit (Financial Services)
OPERATING PROFIT FINANCIAL SERVICES – Y TD Q3 2025 VS. Y TD Q3 2026, IN € BN 9.7 % 0.24 − New car penetration decreased due to 0.22 lower BEV sales, further impacted by suspended BEV subsidies in selected markets − The risk profile remained unchanged, supported by continuous and prudent monitoring o
Slide 12: Net Cash Flow & Liquidity
NET CASH FLOW & LIQUIDITY AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 − Cash flow from operating activities remained at a solid level with higher NE T CASH FLOW NE T LIQUIDIT Y earnings and reduced working capital IN € BN IN € BN effects − Disciplined investment spending 86 % 12 % continued to suppor
Slide 13: Porsche Financial Outlook
PORSCHE FINANCIAL OUTLOOK MOST IMPORTANT PERFORMANCE INDICATORS UPDATED 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 % 5.5 - 7.5 % BEV Share 22.2 % 24 - 26 % The assumptions used
Slide 14: Capital Allocation
CAPITAL ALLOCATION AT TR ACTIVE SHAREHOLDER RE TURNS DIVIDEND NE W DIVIDEND POLICY 2025: €1.00 / €1.01 per ≥50% pay-out ratio1 ordinary / preferred share CAPE X & R&D 2 TECHNOLOGY & VENTURE Investments remain elevated in Focus on partnerships and licensing 2026, with a structural decline over owners
Slide 15: Key Takeaways
KEY TAKEAWAYS Porsche remains one of the world’s Sportwagenschmiede ‘35 combines cost strongest exclusive brands with a loyal base reduction, portfolio focus, operational customer base and iconic products, but excellence and disciplined investment to heightened competition, geopolitical lower break-
Slide 16: Capital Markets Day Recap
CAPITAL MARKETS DAY RECAP 07 TH OCTOBER 2026 – DE VELOPMENT CENTRE WEIS SACH WEBSITE RECORDING PRESENTATION PORSCHE Analyst & Investor Call Q3 2026 16
Slide 17: 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 Analyst & Investor FERRY PORSCHE Call Q3 2026 17
Slide 18: Income
INCOME GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN Y TD Q3 2025 % Y TD Q3 2026 % D E LTA % SALES REVENUE 26,864 100.0 25,282 100.0 -1,581 -5.9 (-) Cost of sales -23,590 -87.8 -20,400 -80.7 3,191 -13.5 (=) Gross profit 3,273 12.2 4,883 19.3 1,609 49.2 (-) Distribution expenses -2,046 -7.6 -1,946
Slide 19: Capex, Research & Development
CAPEX, RESEARCH & DEVELOPMENT AUTOMOTIVE IN € MN Y TD Q3 2024 Y TD Q3 2025 Y TD Q3 2026 Automotive research and development costs (A) 2,312 1,840 1,462 % of Automotive Sales Revenue 8.9 % 7.7 % 6.6 % Automotive capitalized development costs 1,554 763 630 % Automotive research and development costs 6
Slide 20: Financial Position
FINANCIAL POSITION GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN 31.12.2025 30.09.2026 D E LTA % Intangible assets 8,243 7,779 -464 -5.6 Property, plant and equipment 10,109 10,071 -38 -0.4 Leased assets 5,593 5,870 278 5.0 Financial services receivables 5,122 5,629 507 9.9 Equity-accounted inves
Slide 21: Financial Position
FINANCIAL POSITION GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN 31.12.2025 30.09.2026 D E LTA % Equity before non-controlling interests 22,991 23,475 484 2.1 Non-controlling interests 130 94 -35 -27.3 Equity 23,121 23,569 448 1.9 Provisions for pensions and similar obligations 3,530 2,842 -688 -