Porsche Ag · XETR:P911
Porsche — Dr. Ing. h.c. F. Porsche — H1 2025 Earnings Presentation
45 slides from Porsche's earnings presentation, Jul 30, 2025
Slide 1: Press & Analyst Call H1 2025
PORSCHE Press & Analyst Call H1 2025 S T U T T G A R T , J U LY 3 0 DR. ING. H.C. F. PORSCHE AG 1
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and prove to be incorrect, the actual results may be materially information that reflect Dr. Ing. h.c. F. Porsche AG's current views different from those Porsche AG expresses or implies by such about future events. These statements are
Slide 3: Porsche – A unique Story
Porsche – A unique Story ICONIC RESILIENT S U S TA I N A B L E PERFORMANCE BRAND PERFORMANCE LUXURY C U LT U R E 911 Carrera 4S: Fuel consumption combined (model range): 10.9 – 10.4 l/100 km (preliminary value), CO₂-emissions combined (model range): 249 – 237 g/km (preliminary value) 3
Slide 4: We continuously adapt our strategy to respond to the new situation
We continuously adapt our strategy to respond to the new situation with the greatest possible flexibility Strategy 2030 PLUS CUSTOMER PRODUCT SUSTAIN- TRANS- ABILITY FORMATION QUALITY BEV ADAPTION GEOPOLITICAL S U P P LY TENSIONS CHAIN 4
Slide 5: We have a strong foundation
We have a strong foundation C U STO M E R P R O D U CT BRAND Strong Customer Base Desirable Products Strong Brand Balanced Drivetrain Unique Community Heritage & Exclusivity Offering Exceptional Customer Individualisation Performance & Loyalty Experience Motorsports 5
Slide 6: Extensive measures to strengthen financial resilience and profitability
Extensive measures have been initiated to strengthen the financial resilience and profitability in the mid and long term ENVIRONMENT REACTION: STRATEGIC REALIGNMENT Geopolitical tensions Product Portfolio Focus on the Core Refocus Road to 20 Structural Package Supply chain - in negotiation - EFFECT
Slide 7: Balanced offering of combustion, plug-in hybrid and electric drives
Balanced offering of combustion engines, plug-in hybrids and purely electric drives well into the 2030s ICE PHE V BE V 7
Slide 8: Increasing our high flexibility for the transition period
Increasing our high flexibility for the transition period - ILLUSTR ATIVE - − Extended and improved offering well into the 2030s ICE/ − Broadening offering incl. Currently stronger and PHEV longer-term ICE/PHEV selective portfolio expansions demand than forecasted − Strengthening Porsche exclusive p
Slide 9: Porsche Product Strategy
Porsche Product Strategy Sports Cars ICE/PHEV SUV Strengthening Broader Offering Brand Core ICE/PHEV Sedan Sports Cars Winning the Winning the Winning the BEV SUV luxury BEV luxury BEV luxury BEV race race race Sedan now mid-term long-term 9
Slide 10: All-electric Macan and Taycan with strong development in Europe
All-electric Macan and Taycan with strong development in the relevant market environment in Europe H1 2025 electrification share of Porsche deliveries in Europe Over 50% of Porsche deliveries in Europe are now electrified, with 36.2% 20.4% BEV PHEV BEVs accounting for 36% 56.6% vehicles electrified
Slide 11: Holistic Brand Experience as Top Priority
Holistic Brand Experience as Top Priority IT'S NOT WHAT YOU BUY, IT'S WHAT YOU BUY INTO. 11
Slide 12: Elevate Individualisation Experience
Elevate Individualisation Experience DESIRABILITY I N D I V I D U A L I S AT I O N SPECIAL EDITIONS 12
Slide 13: 911 Spirit 70
SPIRIT 70 C O M B I N E S O U R H E R I TA G E LIMITED TO JUST W I T H S TAT E - O F - T H E - A R T S TA R T I N G AT 1.500 EXAMPLES TECHNOLOGY € 240.000 911 Spirit 70 (WLTP)*: Fuel consumption combined (model range): 10.8 – 10.7 l/100 km, CO₂-emissions combined (model range): 246 – 242 g/km 13
Slide 14: Wait times for SONDERWUNSCH products reflect high demand
The current wait times for the SONDERWUNSCH products reflect the high demand and indicate the sales potential PRODUCT OFFER WAITING TIME & RESTRICTIONS O N E- O F FS ~ 8 YEARS BESPOKE ~ 1 YEAR R E S TO R AT I O N ~ 2 YEARS R E- C O M M IS S IO N ~ 2 YEARS PA I N T TO S A M P L E L I M I T E D AVA I
Slide 15: Individualisation & Classic
Individualisation & Classic STR ATEGY E VOLUTION 3.0 2.0 FULL POTENTIAL 1.0 [UP]SCALING REALIGNMENT Let’s… Let‘s shift upwards! Let‘s start the engine! 2019 2023 2025 15
Slide 16: Exploiting the potential of Individualisation with focus on exclusivity
Exploiting the strong potential of Individualisation with a clear focus on exclusivity Paint to Sample Vehicles Vehicles Vehicles Vehicles 2024 2030 2024 2030 HOME OF I N D I V I D U A L I S AT I O N & CLASSIC even more “Halo-Vehicles“ Turnover per vehicle Turnover per vehicle CORE H E R I TAG E OFF
Slide 17: Road to 20 program as enabler for profitability resilience
Road to 20 program as continued enabler for profitability resilience Continuation of Road to 20 Refocus of Road to 20 Emphasis now on sustainable as performance to strengthen resilience optimisation of the cost structure, e.g. program in challenging times − Personnel costs − China rightsizing 17
Slide 18: Road to 20 Action Fields
Road to 20 Action Fields Road to 20 TOP–DOWN–APPROACHES AF 01 AF 02 AF 03 AF 04 AF 05 AF 06 Fixed Costs Manufacturing Manufacturing Sales & R&D Costs Capital Costs Series Costs Product Distribution Expenditures: Develop. Baseline & Standards PRODUCT DIVISION QUALITY Flexibilization & Rescaling Organ
Slide 19: Road to 20: Rescaling of Organization and Business Model
Road to 20: Rescaling of Organization and Business Model ORGANIZATION BUSINESS MODEL Structures Products & Markets Positions Processes Reduction Securing of Positions Profitability 19
Slide 20: Regulatory framework of rescaling on employee side
Regulatory framework of rescaling on employee side 2025 MEASURES ST R U C T U R A L PAC K AG E COSTS Immediate measures for personnel costs QUANTIT Y Agreement for the implementation of I N N E G O T I AT I O N socially responsible staff reductions STRUCTURE Securing the production program 2025 20
Slide 21: 2025: Socially responsible measures to optimise corporate structure
2025: Socially responsible measures to optimise corporate structure and strengthening future resilience DEVELOPMENT OF POSITIONS MEASURES 01 Utilizing demographics 02 Restrictive hiring 03 „Sonder-ATZ“ program 1 2024 2025 2026 2027 2028 2029 1) Sonder-ATZ = Special phased retirement program 21
Slide 22: Our China strategy builds on three focus areas
Our China strategy builds on three focus areas derived from our global strategy PRODUCT & SERVICES CUSTOMER & BR AND ORGANISATION & EFFICIENCY 22
Slide 23: First milestones of recalibrating our Chinese footprint reached
First milestones of recalibrating our Chinese footprint have already been reached NE T WORK RECALIBR ATION INTERNAL REORGANIZATION # Point of Sales # Investors # Internal Core Employees (FTE)1 # External Employees 150 ~ 450 135 ~ 400 ~ 100 ~ 200 ~ 100 31 28 ~ 25 01/2024 06/2025 01/2027 01/2024 06/20
Slide 24: Porsche AG – Performance
Porsche AG – Performance KE Y DE VELOPMENTS IN H1 2025 MES SAGE Porsche AG recorded group revenue of €18.2 billion and an operating profit of €1.0 billion in the first half of 2025. The business was notably impacted by macroeconomic and geopolitical headwinds Extraordinary expenses totaling approxim
Slide 25: Group and Automotive
Group and Automotive FINANCIAL PERFORMANCE OVERVIE W H1 2025 GROUP SALES RE VENUE GROUP RE TURN ON SALES GROUP OPER ATING PROFIT 1 (-6.7 % compared to previous year) (-10.2 pp compared to previous year) (-67.0 % compared to previous year) AUTOMOTIVE EBITDA MARGIN AUTOMOTIVE NE T CASH FLOW MARGIN BE
Slide 26: Group and Automotive
Group and Automotive FINANCIAL PERFORMANCE OVERVIE W H1 2025 AUTOMOTIVE OPER ATING PROFIT AUTOMOTIVE NE T LIQUIDIT Y (Automotive RoS 5.2 %) (-27.9 % compared to 31.12.2024) AUTOMOTIVE RESE ARCH AUTOMOTIVE AND DE VELOPEMENT COSTS CAPITAL E XPENDITURE (7.8 % of Automotive Sales Revenue) (6.0 % of Auto
Slide 27: Group – Sales Revenue and Operating Profit
Group – Sales Revenue and Operating Profit H1 2024 VS. H1 2025 Business performance shaped by macroeconomic and geopolitical headwinds such as tariffs and also GROUP SALES GROUP OPER ATING the slower pick-up BEV exclusive RE VENUE , IN € BN PROFIT, IN € BN segment In response, the company is -6.7 %
Slide 28: Group – Operating Profit Development
Group – Operating Profit Development H1 2024 VS. H1 2025 CONTRIBUTOR S TO OPER ATING Group Sales Revenues impacted by PROFIT DE VELOPMENT, IN € BN lower unit sales Positive pricing along with growth in -67.1 % financial services business and after 3.06 -1.62 ∑ app. sales -1.10 Extraordinary expenses
Slide 29: Automotive – Sales Revenue and Deliveries
Automotive – Sales Revenue and Deliveries H1 2024 VS. H1 2025 Lower unit sales were partly offset by strong pricing and after sales AUTOMOTIVE SALES DELIVERIES, business REVENUE, IN € BN IN K UNITS North America with strongest first half ever, mainly due to higher -8.8 % -6.1 % product availability
Slide 30: Automotive – Deliveries
Automotive – Deliveries H1 2024 VS. H1 2025 Sales structure across the global regions remains well-balanced REGIONAL DISTRIBUTION North America with strongest first half ever, mainly due to higher product availability in the market Y TD H1 2024 Y TD H1 2025 and the price protection due to increased
Slide 31: Automotive – Deliveries
Automotive – Deliveries Around 36 per cent of all vehicles H1 2024 VS. H1 2025 delivered in H1 2025 were electrified and nearly one in four Porsche was fully electric MODEL DISTRIBUTION, IN K UNITS Macan sales grow by 15 per cent in the first half of the year YTD H1-25 [25.884] [19.253] 45.137 YTD H
Slide 32: Automotive – Deep Dive on Vehicle Sales
Automotive – Deep Dive on Vehicle Sales H1 2024 VS. H1 2025 Small decline in North America REGIONAL DISTRIBUTION, % OF VEHICLE SALES reflects the current import challenges -11.1% China continues to reflect the challenging market conditions Vehicle sales 151.944 primarily in the luxury segment with G
Slide 33: Automotive – Operating Profit
Automotive – Operating Profit H1 2024 VS. H1 2025, IN € BN Automotive Sales Revenues -71.3 % impacted by lower sales based on lower product availability in Europe 2.9 and value-over-volume strategy in China Positive impact from pricing and after sales business Extraordinary expenses totaling 0.8 app
Slide 34: Financial Services – Operating Profit
Financial Services – Operating Profit H1 2024 VS. H1 2025, IN € BN +12.4 % High penetration in most markets driven by spill-over effects and increasing BEV share Unchanged risk profile and monitoring of dynamic worldwide 0.1 market environment (e.g. US tariffs) 0.1 Higher operating profit due to por
Slide 35: Automotive – Net Cash Flow and Liquidity
Automotive – Net Cash Flow and Liquidity H1 2024 VS. H1 2025 Lower cash flow from operating business due to strategic N E T CAS H F LO W, N E T L I Q U I D I T Y, realignment, tariffs and higher IN € BN IN € BN outflows from working capital Lower capitalized R&D expenses, -64.7 % -27.9 % which was p
Slide 36: Adjusted Porsche Financial Outlook
Adjusted Porsche Financial Outlook GROUP RE TURN ON SALES ( ROS) CONTRIBUTOR S TO GROUP RE TURN ON SALES 2025 OUTLOOK DE VELOPMENT (ILLUSTR ATIVE ) 12 % 10 % 8.5 % Strategic realignment 7.0 % Battery activities RoS US tariffs 6.5 % RoS 5.0 % RoS Outlook Value oriented Strategic US tariffs Outlook US
Slide 37: Adjusted Porsche Financial Outlook
Adjusted Porsche Financial Outlook MOST IMPORTANT PERFORMANCE INDICATORS ADJUSTED 2024 OUTLOOK 2025 Sales Revenue € 40.1 bn € 37 - 38 bn GROUP Return on Sales (RoS) 14.1 % 5-7% EBITDA Margin 22.7 % 14.5 – 16.5 % AUTOMOTIVE Net Cash Flow Margin 10.2 % 3-5% BEV Share 12.7 % 20 - 22 % The assumptions u
Slide 38: Capital Allocation Policy
Capital Allocation Policy DIVIDEND: 2024: € 2.30 / € 2.31 per ordinary / preferred share MID -TERM TARGE T: 50 % pay-out ratio1 CAPE X & R&D : Focused investment program TECHNOLOGY & VENTURE : Select investments with preference for partnerships PENSION: Commitment to partially fund the pension defic
Slide 39: Key Takeaways
Key Takeaways H1 2025 performance was shaped by persistent macroeconomic and geopolitical headwinds, alongside a pro-active strategic realignment. The entire year 2025 is significantly shaped by this strategic realignment. We expect to move through the lowest point this year and begin to see positiv
Slide 40: Financial Calendar 2025
Financial Calendar 2025 OCTOBER 10, 2025 Porsche Pre-Close Call Q3 2025 OCTOBER 24, 2025 Quarterly Report January - September 2025 40
Slide 41: Execution Rubber Road
EXECUTION RUBBER ROAD. 41
Slide 42: Group – Condensed Consolidated Income Statement
Group – Condensed Consolidated Income Statement IN € MN H1 2025 % H1 2024 % DELTA % SALES REVENUE 18,157 100.0 19,457 100.0 -1,300 -6.7 (-) Cost of sales -14,793 -81.5 -14,251 -73.2 -542 3.8 (=) Gross profit 3,364 18.5 5,206 26.8 -1,842 -35.4 (-) Distribution expenses -1,310 -7.2 -1,379 -7.1 69 -5.0
Slide 43: Automotive – Research & Development
Automotive – Research & Development IN € MN H1 2025 H1 2024 Automotive research and development costs 1,264 1,665 % of Automotive Sales Revenue 7.8 % 9.4 % Expensed Automotive research and development costs (A) 690 541 % Automotive research and development costs 54.5 % 32.5 % Automotive capitalized
Slide 44: Group – Condensed Consolidated Statement of Financial Position
Group – Condensed Consolidated Statement of Financial Position IN € MN 30.06.2025 31.12.2024 DELTA % Intangible assets 8,935 8,941 -6 -0.1 Property, plant and equipment 10,034 10,048 -15 -0.1 Leased assets 5,263 5,393 -129 -2.4 Financial services receivables 4,870 5,078 -209 -4.1 Equity-accounted in
Slide 45: Group – Condensed Consolidated Statement of Financial Position
Group – Condensed Consolidated Statement of Financial Position IN € MN 30.06.2025 31.12.2024 DELTA % Equity before non-controlling interests 23,226 23,043 183 0.8 Non-controlling interests 118 13 106 >100 Equity 23,344 23,056 288 1.3 Provisions for pensions and similar obligations 3,667 4,074 -407 -
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