1) Strategic Overview and Leadership Transition
- Porsche AG continues to build on a strong foundation with a refreshed product portfolio and a loyal customer base.
- The company is undergoing a leadership transition with Michael Leiters set to become CEO on January 1, 2026.
- Current management is focused on executing a strategic realignment to enhance brand desirability and operational efficiency.

2) Financial and Segment Results
- Porsche delivered 212,500 vehicles in the first nine months of 2025, with electrified vehicles making up 35.2% of total deliveries.
- Group revenues reached EUR 26.9 billion, a 6% decline YoY, primarily due to pricing pressures and increased costs.
- Operating profit fell to EUR 40 million, reflecting an operating return on sales of 0.2%, significantly impacted by EUR 2.7 billion in extraordinary expenses.
- Automotive net cash flow improved to EUR 1.3 billion, up from EUR 1.2 billion YoY, indicating effective working capital management.

3) Challenges and Headwinds
- The company faced a year-on-year decline in vehicle wholesales by 11%, with significant drops in the Cayenne (22%) and 911 (6%) models.
- Market challenges in China led to a 25% drop in sales, attributed to intensified competition and strategic shifts towards value-oriented sales.
- Ongoing inflationary pressures and geopolitical challenges, including U.S. import tariffs exceeding EUR 500 million, have adversely affected profitability.

4) Operational Plans and Product Strategy
- Porsche plans to continue its model offensive, focusing on expanding its product offerings, including additional combustion engine and plug-in hybrid models.
- The company is also enhancing its individualization options, which remain in high demand, and aims to maintain exclusivity in its luxury segment.
- Strategic adjustments in China include reducing the dealer network from 150 to around 80, emphasizing profitability and market viability.

5) Guidance and Outlook
- For full-year 2025, Porsche expects group revenues between EUR 37 billion and EUR 38 billion, with a return on sales of 0% to 2%.
- The company anticipates a high single-digit return on sales for 2026, with no major one-off expenses expected, indicating a recovery from the current trough.
- Future cash flow guidance remains stable, with anticipated outflows related to strategic realignment and tariffs around EUR 1.2 billion.

Bottom line: Porsche AG is navigating through a challenging market environment with a strategic focus on product expansion and operational efficiency. While 2025 is expected to be a trough year, the company anticipates a recovery in profitability and cash flow in 2026, supported by a strong product portfolio and disciplined management.