Porsche : FInancial Report(Q1 2026 Presentation)

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PORSCHE Analyst & Investor Call Q1 2026 S T U T T G A R T , A P R I L 2 9 GROUP & AUTOMOTIVE FINANCIAL PERFORMANCE OVERVIEW Q1 2026 PORSCHE Analyst & Investor Call Q1 2026 €8.4 bn GROUP SALES REVENUE (-5.2 % compared to previous year) 17.2 % AUTOMOTIVE EBITDA MARGIN (€1.3 bn Automotive EBITDA) 1 Not among most important performance indicators 7.1 % GROUP RETURN ON SALES (-150 bps compared to previous year) 7.0 % AUTOMOTIVE NET CASH FLOW MARGIN (€0.5 bn Automotive Net Cash Flow) €0.6 bn GROUP OPERATING PROFIT 1 (-21.9 % compared to previous year) 19.8 % BEV SHARE (-610 bps compared to previous year) 3 GROUP & AUTOMOTIVE FINANCIAL PERFORMANCE OVERVIEW Q1 2026 €0.5 bn AUTOMOTIVE OPERATING PROFIT (Automotive RoS 7.0 %) €0.6 bn AUTOMOTIVE RESEARCH AND DEVELOPMENT COSTS (8.1 % of Automotive Sales Revenue) €7.9 bn AUTOMOTIVE NET LIQUIDIT Y (+7.2 % compared to 31.12.2025) €0.6 bn AUTOMOTIVE CAPITAL EXPENDITURE (8.6 % of Automotive Sales Revenue) PORSCHE Analyst & Investor Call Q1 2026 4 SALES REVENUE & OPERATING PROFIT GROUP - Q1 2025 VS. Q1 2026 GROUP SALES REVENUE I N € B N GROUP OPERATING PROFIT I N € B N − Business performance was shaped by a challenging macroeconomic and geopolitical environment, including U.S. import tariffs and a slower-than-expected BEV ramp-up in the exclusive 8.9 -5.2 % 8.4 0.8 -21.9 % segment 0.6 − In response, the company continued the strategic realignment including organizational and portfolio measures focused on aligning products more closely with customer demand and strengthening the global footprint to enhance profitability and resilience Q1 2025 Q1 2026 Q1 2025 Q1 2026 − Group operating profit declined year- on-year primarily due to U.S. import tariffs and lower than anticipated volumes − Cost headwinds and charges were PORSCHE Analyst & Investor Call Q1 2026 8.6 % 7.1 % RETURN ON SALES counterbalanced by pricing discipline, a strong mix and Push-to-Pass initiatives 5 OPERATING PROFIT DEVELOPMENT GROUP - Q1 2025 VS. Q1 2026 CONTRIBUTORS TO OPERATING PROFIT DEVELOPMENT I N € B N -21.9 % ∑ app. − Group sales revenue declined year-on-year due to lower unit sales driven by a temporary product gap − Supportive pricing discipline, mix effects and continued focus on value over volume 0. 76 -0. 23 -0. 01 0. 06 0. 02 0. 60 -0.1 -0.2 -0. 3 Strategic realignment & battery activities US tariffs − Higher cost pressure and extraordinary expenses, driven by U.S. import tariffs, inflationary material and supplier costs, BEV supplier compensation, and approximately €0.1 bn related to strategic realignment and battery-related activities − Expensed R&D increased, reflecting higher depreciation and amortization PORSCHE Analyst & Investor Call Q1 2026 EBIT Q1 25 Gross margin without R&D R&D SG&A Other EBIT Q1 26 Strategic realignment, battery activities & tariffs on capitalized development costs, ongoing investment in product quality, and the planned expansion and adjustment of the product portfolio 6 SALES REVENUE & DELIVERIES AUTOMOTIVE - Q1 2025 VS. Q1 2026 AUTOMOTIVE SALES REVENUE I N € B N DELIVERIES 1 I N K U N I TS − Group sales revenue declined year-on-year due to lower unit sales, while the decrease was less pronounced than the volume development, supported by pricing 7.8 Q1 2025 -5.6 % 7.4 Q1 2026 -14.7 % 61.0 71.5 Q1 2025 Q1 2026 discipline and mix effects − North America remained Porsche's largest single region, showing resilience despite a challenging tariff environment, price increases and and the phase-out of EV incentives in the US − The economic environment in China remained tense, particularly in the luxury segment, with a continued focus on value-oriented sales − Model availability in Europe was constrained by ongoing PORSCHE Analyst & Investor 25.9 % 19.8 % BEV SHARE cybersecurity and regulatory requirements Call Q1 2026 1 The performance indicator "deliveries" reflects the number of vehicles handed over to end customers. This may take place vi a group companies or independent importers and dealers. 7 DELIVERIES AUTOMOTIVE - Q1 2025 VS. Q1 2026 MODEL DISTRIBUTION I N U N I TS − 60,991 vehicles delivered in Q1 2026, partially impacted by a temporary product gap − Across all model lines, the derivative mix was well balanced, with a strong YTD Q1-26 YTD Q1-25 YTD Q1-26 YTD Q1-25 [8,079] [10,130] [14,185] 19,183 20,055 23,555 18,209 [9,370] - 4 % -23 % share of GTS, Turbo or GT models underscoring sustained demand for high-margin, performance-oriented vehicles − Cayenne was the bestselling model YTD Q1-26 YTD Q1-25 YTD Q1-26 YTD Q1-25 YTD Q1-26 YTD Q1-25 YTD Q1-26 4,498 3,420 4,203 1,792 7,769 13,889 11,390 +22 % -42 % -19 % -60 % − Macan volumes declined, reflecting prior-year ramp-up effects and the phase-out of EV incentives in the US − 911 deliveries confirmed the sustained demand for Porsche's core sports car − Panamera deliveries declined due to a temporary supply gap ahead of the launch of China-specific "Pure Editions" PORSCHE Analyst & Investor YTD Q1-25 4,498 from April onwards − 718 deliveries decreased following the Call Q1 2026 Limited product availability Macan Electric Macan (Combustion Engine) end of production in October 2025 8 DELIVERIES AUTOMOTIVE - Q1 2025 VS. Q1 2026 REGIONAL DISTRIBUTION % O F V E H I C L E D E L I V E R I E S − Sales structure across regions remained well balanced despite economic and geopolitical challenges − North America remained the largest YTD Q1 2025 YTD Q1 2026 sales region, with deliveries below the strong prior-year, impacted by discontinuation of US tax incentives Overseas and Emerging Markets 22 % 11 % Germany Overseas and Emerging Markets 21 % 13 % Germany for electric and hybrid vehicles and 718 run-out − Overseas and Emerging Markets were impacted by product run-offs and China 2 13 % 29 % 25 % Europe 3 China 2 12 % 30 % 24 % Europe 3 prior-year ramp-up effects − China continued to face challenging market conditions, particularly in the luxury segment; Porsche remains PORSCHE Analyst & Investor Call Q1 2026 North America 1 71,470 DELIVERIES 1 excl. Mexico | 2 incl. Hong Kong | 3 excl. Germany North America 1 60,991 DELIVERIES focused on value-oriented sales − Decline in Europe was mainly driven by the strong ramp-up effect of the all-electric Macan in the prior-year period 9 DEEP DIVE ON VEHICLE SALES AUTOMOTIVE - Q1 2025 VS. Q1 2026 REGIONAL DISTRIBUTION % O F V E H I C L E SA L E S -9.5 % 58,553 64,693 25 % 9 % 33 % 11 % 28 % 12 % 28 % 10 % VEHICLE SALES Germany North America 2 China 3 Europe (excl. GER) 21 % 21 % Overseas and Emerging Markets Q1 2025 Q1 2026 − China continued to reflect challenging market conditions, particularly in the luxury segment, with a clear focus on value-oriented sales − North America remained Porsche's largest single region, demonstrating resilience despite a challenging tariff environment and discontinuation of US tax incentives for electric and hybrid vehicles and 718 run-out − Declines in Germany , Europe as well as Overseas and Emerging Markets were influenced by limited model availability, including the phase-out of the 718 model range and prior-year ramp-up effects of the Macan Electric − ASP development continued to underline Porsche's consistent value- PORSCHE Analyst & Investor Automotive Sales Revenue per Vehicle sold ("ASP"), in € k 1 121 126 over-volume strategy¹ Call Q1 2026 1 Vehicle sales, in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand, w hich have left the automotive segment for the first time, provided there is no legal repurchase obligation by a company in the automotive segment. | 2 Excl. Mexico | 3 Incl. Hong Kong 10 OPERATING PROFIT AUTOMOTIVE - Q1 2025 VS. Q1 2026 -23.8 % 0.5 0.7 Q1 2025 Q1 2026 − Automotive Sales Revenue was impacted by lower volumes, driven by limited product availability and a continued value-over-volume approach in China − Pricing effects remained positive and partly offset the impact from lower unit sales − Higher cost pressure and extraordinary expenses, driven by U.S. import tariffs, inflationary material and supplier costs, BEV supplier compensation, and approximately €0.1 bn related to strategic realignment and battery-related activities − Expensed R&D increased, reflecting higher depreciation and amortization PORSCHE Analyst & Investor Call Q1 2026 8.7 % 18.0 % AUTOMOTIVE ROS AUTOMOTIVE EBITDA MARGIN 7.0 % 17.2 % on capitalized development costs, ongoing investment in product quality, and the planned expansion and adjustment of the product portfolio 11 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 24.6 % 0.08 government incentives 0.07 − The risk profile remained unchanged, supported by continuous and prudent monitoring of the dynamic global market environment PORSCHE Analyst & Investor Call Q1 2026 39.8 % Q1 2025 PENE TRATION R ATE Q1 2026 36.9 % − Portfolio growth and higher margins, combined with good credit risk performance and more favorable valuation of interest rate hedges and derivatives, compensate for normalizing residual value trends 12 NET CASH FLOW & LIQUIDITY AUTOMOTIVE - Q1 2025 VS. Q1 2026 NET CASH FLOW I N € B N NET LIQUIDIT Y I N € B N − Cash flow from operating activities increased year-on-year, driven by higher cash inflows from operating activities and lower working capital 160 % 0.2 0.5 Q1 Q1 ∑ app. -0.6 -0.4 -0.2 Strategic Strategic realignment & battery activities US tariffs 7.2 % 7.3 31.12. 7.9 31.03. outflows − Disciplined investment and spending continued to support strong cash generation − Value-oriented production and inventory management remained a key focus − Automotive net cash flow improved despite cash outs of around €0.4 bn primarily related to the first tranche of the Audi license payment and strategic 2025 2026 realignment, battery activities & tariffs 2025 2026 realignment measures − Tariff payments amounted to around €0.2 bn PORSCHE Analyst & Investor Call Q1 2026 2.5 % 7.0 % O F AU TO M OTI VE SA L E S R E V E N U E − Automotive net liquidity increased compared to year-end 2025, reflecting the strong net cash flow performance 13 PORSCHE FINANCIAL OUTLOOK MOST IMPORTANT PERFORMANCE INDICATORS 2025 OUTLOOK 2026 GROUP Sales Revenue €36.3 bn €35 - 36 bn 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 % PORSCHE Analyst & Investor Call Q1 2026 The Porsche AG Group bases its forecast for the fiscal year 2026 on the framework conditions with global conflicts and tensio ns as seen at the end of the reporting year 2025. In addition to the general conditions described above, the Porsche AG Group's forecast assumes that market conditions will remain extremely challenging, particularly in the luxury segment, and that competition will be fierce, especially for all-electric models in China. It is also expected that geopolitical uncertainties, also related to the political position of the USA, will continue to persist. In its forecast for 2026, the Porsche AG Group has taken into account the current framework conditions in place as of the time of reporting with import restrictions, tariffs and taxes. It is also assumed that the development of exchange rates and the regulatory requirements regarding the limits for CO₂ fleet emissions will continue to impact the Porsche AG Group's forec ast in 2026. In addition to the external factors described above, the Porsche AG Group continues to anticipate challenges for sales development due to the delayed transition to electromobility. In addition, a limited product range in certain model series and regions due to life cycle factors is having a negative impact on sales development. As a result of these factors, the Porsche AG Group expects the deve lopment of vehicle sales in the group to be below the level of the reporting year. The strategic realignment initiated in the reporting year against the backdrop of the changed and challenging market environm ent to strengthen earnings power in the short and medium term will continue in the fiscal year 2026 and is reflected accordingly in the forecast. As a result, the Porsche AG Group's forecast as of the tim e of reporting also assumes further, albeit lower compared to the reporting year, expenses and cash outflows in relation to further developments to the future product range, focus on the core business, ensur ing quality-oriented product launches, changes in the corporate organization and battery activities. 14 CAPITAL ALLOCATION DISCIPLINED, ASSET-LIGHT STRATEGY PORSCHE DIVIDEND 2025 1 : €1.00 / €1.01 per ordinary / preferred share CAPEX AND R&D Investments peak in 2026, with a structural decline thereafter driven by Strategy 2035 PENSION Commitment to partially fund the pension deficit in foreseeable time frame DIVIDEND POLICY 50 % pay-out ratio 2 TECHNOLOGY AND VENTURE Focus on partnerships and licensing over ownership and vertical integration LIQUIDITY Automotive net liquidity position of 15-20 % 3 ensuring balance sheet strength Analyst & Investor Call Q1 2026 Macan GTS (WLTP): Electrical consumption combined: 20.6 - 18.5 kWh/100 km; CO₂ emissions combined: 0 g/km; CO₂ class: A; Status 03/2026 Dividend payment to be proposed to the annual general meeting in June 2026 Refers to pay-out of previous year's net income based on the Porsche AG Group IFRS profit after taxes of Automotive Sales Revenue 15 KEY TAKEAWAYS Porsche remains one of the world's strongest luxury brands with a loyal customer base and iconic products, but heightened competition, geopolitical uncertainty and shifting market dynamics require decisive structural action . Strategy 2035 cost optimization and operational excellence with targeted investments in the product portfolio, the customer experience, and the brand -aiming to strengthen Porsche sustainably, both financially and strategically. Porsche continues to benefit from robust demand for its core products and an attractive product and derivative mix. At the same time operating performance reflects elevated costs, portfolio gaps and external headwinds - and the continuous comprehensive strategic and operational realignment . The transformation requires time and discipline , but Porsche has all prerequisites in place - a powerful brand, iconic products and strong financial foundations - to sustainably restore profitability and long-term value creation. PORSCHE Analyst & Investor Call Q1 2026 A healthy balance sheet , solid liquidity and disciplined capital allocation provide Porsche with the financial strength needed to navigate the transformation and restore compelling margins and cash flows. 16 Sportwagenschmiede 2035 PORSCHE Analyst & Investor 17 Call Q1 2026 17 PORSCHE VISION Driven by the love for sports cars PORSCHE Analyst & Investor 18 Call Q1 2026 18 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 19 Call Q1 2026 19 STRATEGY 2035 STRUCTURE VISION MISSION STRAT. TARGETS BRAND & CUSTOMER PRODUCTS & TECHNOLOGY ENTERPRISE & OPERATIONS ENABLER PORSCHE Analyst & Investor Call Q1 2026 20 BR AND & CUSTOMER We double down on our unique positioning, building on both sport luxury & sport premium elements POSITIONING Automotive revenue per car [€ k] Illustrative 300 100 50 PORSCHE Analyst & Investor Call Q1 2026 10 30 Competitors 1,000+ Deliveries [k cars] 21 21 PRODUCTS & TECH PORTFOLIO We strengthen our driver-focused offering in the higher segments, and bring the sportiest car to all Porsche-relevant segments D SEGMENT C SEGMENT B + SEGMENT SPORTS CARS SPORTS LIMOUSINES SPORTS UTILITY VEHICLES PORSCHE Analyst & Investor 22 Call Q1 2026 22 PRODUCTS & TECH We streamline our future portfolio and reduce complexity while further scaling our most personal car and Exclusive Manufaktur offering COMPLE XIT Y MAXIMIZE INDIVIDUALIZATION REDUCE TECHNICAL VARIANCE IN EACH MODEL LINE PORSCHE Analyst & Investor Call Q1 2026 … through design and color & trim … through defined technology skateboards 23 23 PRODUCTS & TECH We have been a BEV pioneer , but continue to recalibrate our BEV ramp-up & ICE-offering in line with slower BEV-transition and customer preferences E V TR ANSITION BEV-share of client deliveries Past Planning BEV Slowdown and Recalibration Current Planning PORSCHE Analyst & Investor Call Q1 2026 2025 Illustrative 2030 2035 24 24 PRODUCTS & TECH We bring even more of our sports car DNA into our future designs of all Porsche cars - amplifying design as a clear differentiator DESIGN PORSCHE Analyst & Investor 25 Call Q1 2026 25 ENTERPRISE & OPERATIONS We fundamentally rethink the way we develop cars to bring new products and innovations to market even faster and at lower cost R& D PORSCHE Analyst & Investor Call Q1 2026 TIME-TO-MARKET COST FLEXIBILITY TECHNOLOGY 26 26 ENTERPRISE & OPERATIONS MARKE TS We will strengthen the role of the U.S . as our most important single market by leveraging our updated powertrain strategy and derivates portfolio BEV ICE BEV ICE PORSCHE Analyst & Investor Call Q1 2026 2025 2030 2035 PAST OUTLOOK Illustrative 2025 2030 2035 UPDATED OUTLOOK 27 27 ENABLER We set the product quality benchmark (Top 1) for appeal, functionality, and reliability QUALIT Y PORSCHE Analyst & Investor Call Q1 2026 APPEAL FUNCTIONALITY RELIABILITY 28 28 ENABLER We launched a comprehensive program to set ourselves up for a much lower break-even point with a highly competitive cost structure CURRENT TARGET COSTS Break-even PORSCHE Analyst & Investor Call Q1 2026 Illustrative Volume 29 29 STR ATEGY We focus on the core of what defines us - driven by the love for sports cars SUMMARY Sportwagenschmiede 2035 PORSCHE Analyst & Investor 30 Call Q1 2026 30 PORSCHE Analyst & Investor Call Q1 2026 Those who are fortunate enough to build a business from a dream owe it to the world to be the guardians of those dreams." FERRY PORSCHE 31 31 FINANCIAL CALENDAR 2026 23 TH JUNE ANNUAL GENER AL MEE TING 29 TH JULY HALF-YEARLY F INANCIAL REPORT AUTUMN CAPITAL MARKE TS DAY ( E X ACT DATE TBD) 27 TH OCTOBER QUARTERLY REPORT JAN - SEP PORSCHE Analyst & Investor 32 Call Q1 2026 32 INCOME GROUP - CONDENSED CONSOLIDATED STATEMENT I N € MN Q 1 2 0 2 5 % Q 1 2 0 2 6 % D E LTA % S A L E S R E V E N U E 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 (-) Administrative expenses -514 -5.8 -475 -5.7 39 -7.6 (+/-) Net other operating result 42 0.5 64 0.8 22 52.8 (=) Operating profit 762 8.6 595 7.1 -167 -21.9 (=) Financial result -15 -0.2 -20 -0.2 -6 38.4 (=) Profit before tax 747 8.4 575 6.8 -172 -23.1 (-) Income tax expense -229 -2.6 -184 -2.2 45 -19.6 (=) Profit after tax 518 5.8 391 4.7 -127 -24.6 Basic/diluted earnings per ordinary share in € 0.56 0.43 Basic/diluted earnings per preferred share in € 0.57 0.44 33 PORSCHE Analyst & Investor Call Q1 2026 CAPEX, RESEARCH & DEVELOPMENT AUTOMOTIVE I N € MN Q 1 2 0 2 6 Q 1 2 0 2 5 Q 1 2 0 2 4 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 % Expensed automotive research and development costs (B) 311 344 295 % Automotive research and development costs 52.0 % 52.0 % 27.0 % Automotive amortization on capitalized research and development costs (C) 341 300 274 Automotive research and development costs recognized in income statement (B)+(C) 653 644 569 % of Automotive Sales Revenue 8.8 % 8.2 % 7.0 % Automotive Capex (D) 634 554 441 % of Automotive Sales Revenue 8.6 % 7.1 % 5.4 % Automotive depreciation on Capex (E) 413 427 428 % of Automotive Sales Revenue 5.6 % 5.5 % 5.3 % Automotive Capex & research and development costs (A)+(D) 1,233 1,216 1,533 % of Automotive Sales Revenue 16,7 % 15,5 % 18,8 % Automotive depreciation and amortization (C) +(E) 754 728 702 % of Automotive Sales Revenue 10.2 % 9.3 % 8.6 % 34 PORSCHE Analyst & Investor Call Q1 2026 FINANCIAL POSITION GROUP - CONDENSED CONSOLIDATED STATEMENT I N € MN 3 1 . 0 3 . 2 0 2 6 3 1 . 1 2 . 2 0 2 5 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 investments, other equity investments, other financial assets, other receivables and deferred tax assets 2,932 3,710 -778 -21.0 Non-current assets 32,198 32,777 -579 -1.8 Inventories 6,138 6,006 131 2.2 Financial services receivables 1,914 1,904 10 0.5 Trade receivables, other financial assets and other receivables 4,630 4,421 209 4.7 Tax receivables 286 302 -17 -5.6 Securities and time deposits 2,306 2,307 -2 -0.1 Cash and cash equivalents 5,260 4,996 263 5.3 Assets held for sale 411 0 411 - Current assets 20,944 19,938 1,006 5.0 Total assets 53,142 52,715 426 0.8 35 PORSCHE Analyst & Investor Call Q1 2026 FINANCIAL POSITION GROUP - CONDENSED CONSOLIDATED STATEMENT I N € MN 3 1 . 0 3 . 2 0 2 6 3 1 . 1 2 . 2 0 2 5 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 Financial liabilities 6,653 6,523 131 2.0 Other liabilities 5,237 5,421 -184 -3.4 Non-current liabilities 15,370 15,474 -104 -0.7 Financial liabilities 5,049 4,908 140 2.9 Trade payables 3,272 3,244 28 0.9 Other liabilities 6,231 5,968 263 4.4 Current liabilities 14,552 14,121 431 3.1 Total equity and liabilities 53,142 52,715 426 0.8 36 PORSCHE Analyst & Investor Call Q1 2026

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