Porsche Automobil (PAH3) Q2 2025 earnings summary

Executive summary

• Adjusted group result after tax fell to €1,110 million from €2,112 million year-over-year, mainly due to lower contributions from core investments and a significant impairment on Porsche AG.

• Group result after tax dropped to €338 million from €2,112 million, reflecting non-cash impairment effects.

• Dividends received: €743 million from Volkswagen AG and €262 million from Porsche AG.

• Net debt decreased to €4,938 million from €5,160 million at year-end 2024.

• The group remains highly exposed to the performance of Volkswagen AG and Porsche AG.

Financial highlights

• Revenue at Volkswagen Group was €158.4 billion, nearly flat year-over-year.

• Volkswagen Group operating result declined to €6.7 billion from €10.0 billion; operating margin fell to 4.2% from 6.3%.

• Porsche AG revenue decreased 6.7% to €18.2 billion; operating result dropped to €1.0 billion from €3.1 billion.

• Gross margin at Porsche AG fell to 18.5% from 26.8%.

• Group cash inflow from operating activities was €906 million, down from €1,584 million.

Outlook and guidance

• Adjusted group result after tax for 2025 now expected between €1.6 billion and €3.6 billion, revised down from €2.4–4.4 billion.

• Volkswagen Group expects 2025 revenue and deliveries to be flat year-over-year; operating margin guidance lowered to 4.0–5.0%.

• Porsche AG forecasts 2025 operating return on sales of 5–7% and revenue of €37–38 billion.

• Net debt at year-end 2025 expected between €4.9 billion and €5.4 billion.