Porsche Automobil (PAH3) Q2 2026 earnings summary

Executive summary

• Adjusted group result after tax was €949 million, down from €1,110 million year-over-year, mainly due to significant non-cash impairment losses on core investments in Volkswagen AG (€3,001 million) and Porsche AG (€176 million).

• Group result after tax was negative at €2,218 million, compared to a positive €338 million in the prior year, reflecting these impairments.

• Dividends received included €613 million from Volkswagen AG and €114 million from Porsche AG.

Financial highlights

• Revenue at Volkswagen Group was €158.1 billion, nearly flat year-over-year, with gross margin declining to 15.3% from 16.7%.

• Volkswagen Group operating result fell to €5.9 billion (from €6.7 billion), with operating return on sales at 3.8%.

• Porsche AG Group revenue decreased 5.1% to €17.2 billion, but gross margin improved to 20.1%. Operating result rose to €1.3 billion, with operating return on sales at 7.8%.

• Group net debt decreased to €4,982 million from €5,099 million at year-end 2025.

• Net asset value dropped to €12.5 billion from €17.8 billion, and loan-to-value ratio increased to 28.5%.

Outlook and guidance

• Porsche SE expects adjusted group result after tax for 2026 between €1.5 billion and €3.5 billion.

• Volkswagen Group forecasts 2026 deliveries to decline by 7.0% to 3.0%, revenue to be flat to down 3%, and operating return on sales between 4.0% and 5.5%.

• Porsche AG Group confirms 2026 forecast: revenue €35–36 billion, operating return on sales 5.5–7.5%.

• Net debt at year-end 2026 expected between €4.7 billion and €5.2 billion.