Porsche Ag · XETR:P911
Porsche — Q1 2026 Earnings Presentation
36 slides from Porsche's earnings presentation, Apr 29, 2026
Slide 1: Analyst & Investor Call Q1 2026
PORSCHE Analyst & Investor Call Q1 2026 STUT TGART, APRIL 29
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 Q1 2026
GROUP & AUTOMOTIVE FINANCIAL PERFORMANCE OVERVIE W Q1 2026 €8.4 bn 7.1 % €0.6 bn GROUP SALES GROUP RE TURN GROUP OPER ATING RE VENUE ON SALES PROFIT 1 (-5.2 % compared to previous year) (-150 bps compared to previous year) (-21.9 % compared to previous year) 17.2 % 7.0 % 19.8 % AUTOMOTIVE AUTOMOTIVE
Slide 4: Group & Automotive Financial Performance Overview Q1 2026
GROUP & AUTOMOTIVE FINANCIAL PERFORMANCE OVERVIE W Q1 2026 €0.5 bn €7.9 bn AUTOMOTIVE AUTOMOTIVE OPER ATING PROFIT NE T LIQUIDIT Y (Automotive RoS 7.0 %) (+7.2 % compared to 31.12.2025) €0.6 bn €0.6 bn AUTOMOTIVE RESE ARCH AUTOMOTIVE AND DE VELOPMENT COSTS CAPITAL E XPENDITURE (8.1 % of Automotive S
Slide 5: Sales Revenue & Operating Profit
SALES REVENUE & OPERATING PROFIT GROUP – Q1 2025 VS. Q1 2026 GROUP GROUP − Business performance was shaped by a SALES RE VENUE OPER ATING PROFIT challenging macroeconomic and IN € BN IN € BN geopolitical environment, including U.S. import tariffs and a slower-than- expected BEV ramp-up in the exclus
Slide 6: Operating Profit Development
OPERATING PROFIT DEVELOPMENT GROUP – Q1 2025 VS. Q1 2026 − Group sales revenue declined CONTRIBUTOR S TO OPER ATING PROFIT DE VELOPMENT year-on-year due to lower unit sales IN € BN driven by a temporary product gap − Supportive pricing discipline, mix effects and continued focus on value -21.9 % ∑ a
Slide 7: Sales Revenue & Deliveries
SALES REVENUE & DELIVERIES AUTOMOTIVE – Q1 2025 VS. Q1 2026 AUTOMOTIVE − Group sales revenue declined DELIVERIES 1 year-on-year due to lower unit SALES RE VENUE IN K UNITS IN € BN sales, while the decrease was less pronounced than the volume development, supported by pricing discipline and mix effec
Slide 8: Deliveries
DELIVERIES AUTOMOTIVE – Q1 2025 VS. Q1 2026 − 60,991 vehicles delivered in Q1 2026, MODEL DISTRIBUTION partially impacted by a temporary IN UNITS product gap − Across all model lines, the derivative mix was well balanced, with a strong YTD Q1-26 19,183 -4% share of GTS, Turbo or GT models YTD Q1-25
Slide 9: Deliveries
DELIVERIES AUTOMOTIVE – Q1 2025 VS. Q1 2026 − Sales structure across regions REGIONAL DISTRIBUTION remained well balanced despite % OF VEHICLE DELIVERIES economic and geopolitical challenges − North America remained the largest sales region, with deliveries below the Y TD Q1 2025 Y TD Q1 2026 strong
Slide 10: Deep Dive on Vehicle Sales
DEEP DIVE ON VEHICLE SALES AUTOMOTIVE – Q1 2025 VS. Q1 2026 − China continued to reflect challenging REGIONAL DISTRIBUTION market conditions, particularly in the % OF VEHICLE SALES luxury segment, with a clear focus on value-oriented sales -9.5 % − North America remained Porsche’s largest single reg
Slide 11: Operating Profit
OPERATING PROFIT AUTOMOTIVE – Q1 2025 VS. Q1 2026 − Automotive Sales Revenue was impacted by lower volumes, driven by -23.8 % limited product availability and a continued value-over-volume approach in China 0.7 − Pricing effects remained positive and partly offset the impact from lower 0.5 unit sale
Slide 12: Operating Profit
OPERATING PROFIT FINANCIAL SERVICES – Q1 2025 VS. Q1 2026 , IN € BN − New car penetration decrease driven by tough competition, lower BEV sales and partially declining government incentives 24.6 % − The risk profile remained unchanged, supported by continuous and prudent 0.08 monitoring of the dynam
Slide 13: Net Cash Flow & Liquidity
NET CASH FLOW & LIQUIDITY AUTOMOTIVE – Q1 2025 VS. Q1 2026 − Cash flow from operating activities NE T CASH FLOW NE T LIQUIDIT Y increased year-on-year, driven by IN € BN IN € BN higher cash inflows from operating activities and lower working capital outflows 160 % ∑ app. 7.2 % − Disciplined investme
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 Porsche AG Group bases its forec
Slide 15: Capital Allocation
CAPITAL ALLOCATION DISCIPLINED, AS SE T-LIGHT STR ATEGY DIVIDEND DIVIDEND POLICY 20251: €1.00 / €1.01 per 50 % pay-out ratio2 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 licensing
Slide 16: Key Takeaways
KEY TAKEAWAYS Porsche remains one of the world’s Strategy 2035 cost optimization and strongest luxury brands with a loyal operational excellence with targeted customer base and iconic products, but investments in the product portfolio, the heightened competition, geopolitical customer experience, an
Slide 17: Sportwagenschmiede 2035
Sportwagenschmiede 2035 PORSCHE Analyst & Investor Call Q1 2026 17
Slide 18: Porsche Vision
PORSCHE VISION Driven by the love for sports cars PORSCHE Analyst & Investor Call Q1 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 Q1 2026 19
Slide 20: Strategy 2035
STRATEGY 2035 STRUCTURE VISION MIS SION STR AT. TARGE TS BR AND & CUSTOMER PRODUCTS & TECHNOLOGY ENTERPRISE & OPER ATIONS ENABLER PORSCHE Analyst & Investor Call Q1 2026 20
Slide 21: We double down on our unique positioning
BR AND & We double down on our unique positioning, building CUSTOMER on both sport luxury & sport premium elements Automotive revenue per car [€ k] Illustrative P O S I T I O NI N G 300 100 50 10 30 1,000+ Deliveries [k cars] Competitors PORSCHE Analyst & Investor Call Q1 2026 21
Slide 22: We strengthen our driver-focused offering in the higher segments
PRODUCTS We strengthen our driver-focused offering in the higher segments, & TECH and bring the sportiest car to all Porsche-relevant segments D SEGMENT PORTFOLIO C SEGMENT B+ SEGMENT SP ORT S SP ORT S SP ORT S CARS LIMOUSINES UTILIT Y VEHICLES PORSCHE Analyst & Investor Call Q1 2026 22
Slide 23: We streamline our future portfolio and reduce complexity
PRODUCTS We streamline our future portfolio and reduce complexity while & TECH further scaling our most personal car and Exclusive Manufaktur offering MA XIMIZE REDUCE TECHNICAL VARIANCE INDIVIDUALIZATION IN E ACH MODEL LINE C O M P L E X IT Y PORSCHE Analyst & Investor … through design and color &
Slide 24: We recalibrate our BEV ramp-up & ICE offering
PRODUCTS We have been a BEV pioneer, but continue to recalibrate our BEV ramp-up & TECH & ICE-offering in line with slower BEV-transition and customer preferences BEV-share of client deliveries E V TRANSITION Past Planning BEV Slowdown and Recalibration Current Planning 2025 2030 2035 PORSCHE Analy
Slide 25: We bring 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 Q1 2026 25
Slide 26: We fundamentally rethink the way we develop cars
ENTERPRISE We fundamentally rethink the way we develop cars to bring & OPER ATIONS new products and innovations to market even faster and at lower cost R&D PORSCHE TIME-TO-MARKE T COST FLE XIBILIT Y TECHNOLOGY Analyst & Investor Call Q1 2026 26
Slide 27: We will strengthen the role of the U.S. as our most important market
ENTERPRISE We will strengthen the role of the U.S. as our most important single market by & OPER ATIONS leveraging our updated powertrain strategy and derivates portfolio M A R K E TS BEV ICE BEV ICE 2025 2030 2035 2025 2030 2035 PORSCHE PAST OUTLOOK UPDATED OUTLOOK Analyst & Investor Call Q1 2026 I
Slide 28: We set the product quality benchmark
ENABLER We set the product quality benchmark (Top 1) for appeal, functionality, and reliability Q UA L I T Y APPE AL FUNCTIONALIT Y RELIABILIT Y PORSCHE Analyst & Investor Call Q1 2026 28
Slide 29: We launched a program for a much lower break-even
ENABLER We launched a comprehensive program to set ourselves up for a much lower break-even point with a highly competitive cost structure CURRENT TARGE T C O S TS Break-even PORSCHE Analyst & Investor Volume Illustrative Call Q1 2026 29
Slide 30: Sportwagenschmiede 2035 Summary
S T R AT E GY We focus on the core of what defines us – driven by the love for sports cars Sportwagenschmiede 2035 S U M M A RY PORSCHE Analyst & Investor Call Q1 2026 30
Slide 31: 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 Q1 2026 31
Slide 32: Financial Calendar
FINANCIAL CALENDAR 2026 23 TH JUNE 29 TH JULY AUTUMN 27 TH OCTOBER A N N UA L G E N E R A L H A L F -Y E A RLY C A P I TA L M A R K E TS D AY Q UA RT E RLY R E P O RT M E E TI N G F I N A NCI A L R E P O RT ( E X ACT D AT E T B D ) JAN - SEP PORSCHE Analyst & Investor Call Q1 2026 32
Slide 33: Income
INCOME GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN Q1 2025 % Q1 2026 % D E LTA % SALES REVENUE 8,858 100.0 8,400 100.0 -458 -5.2 (-) Cost of sales -6,996 -79.0 -6,782 -80.7 214 -3.1 (=) Gross profit 1,862 21.0 1,618 19.3 -244 -13.1 (-) Distribution expenses -629 -7.1 -612 -7.3 16 -2.6 (-) Admin
Slide 34: Capex, Research & Development
CAPEX, RESEARCH & DEVELOPMENT AUTOMOTIVE IN € MN Q1 2026 Q1 2025 Q1 2024 Automotive research and development costs (A) 599 662 1,092 % of Automotive Sales Revenue 8.1 % 8.5 % 13.4 % Automotive capitalized development costs 288 318 797 % Automotive research and development costs 48.0 % 48.0 % 73.0 %
Slide 35: Financial Position
FINANCIAL POSITION GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN 31.03.2026 31.12.2025 D E LTA % Intangible assets 8,165 8,243 -78 -0.9 Property, plant and equipment 10,095 10,109 -15 -0.1 Leased assets 5,723 5,593 131 2.3 Financial services receivables 5,283 5,122 161 3.1 Equity-accounted invest
Slide 36: Financial Position
FINANCIAL POSITION GROUP – CONDENSED CONSOLIDATED STATEMENT IN € MN 31.03.2026 31.12.2025 D E LTA % Equity before non-controlling interests 23,090 22,991 99 0.4 Non-controlling interests 129 130 0 -0.2 Equity 23,220 23,121 99 0.4 Provisions for pensions and similar obligations 3,479 3,530 -51 -1.4 F