Porsche Automobil (PAH3) Q3 2024 earnings summary

Executive summary

• Porsche SE's Q3 2024 results reflect significant declines in equity-accounted income from Volkswagen AG and Porsche AG, with group result after tax at €2.5 billion, down from €3.8 billion year-over-year.

• The group remains highly dependent on the performance of its core investments, especially Volkswagen AG, amid challenging macroeconomic and industry conditions.

• Major events included a €1.6 billion bond issuance, new venture capital investments, and continued legal proceedings related to historical issues.

Financial highlights

• Result after tax for the first nine months of 2024 was €2,507 million, down from €3,801 million year-over-year.

• Core investments contributed €2,508 million, while portfolio investments posted a minor loss of €1 million.

• Cash and cash equivalents rose to €1,135 million from €494 million at year-end 2023.

• Net debt decreased to €5,084 million from €5,717 million at the end of 2023.

• Total assets increased to €64.9 billion, with equity at €56.9 billion and an equity ratio of 87.7%.

Outlook and guidance

• Porsche SE revised its 2024 group result after tax forecast to €2.4–4.4 billion, down from €3.5–5.5 billion, reflecting Volkswagen AG's updated outlook.

• Net debt is expected to be between €5.0 billion and €5.5 billion at year-end 2024.

• Volkswagen Group anticipates 2024 revenue of ~€320 billion and operating result of ~€18 billion.

• Porsche AG expects 2024 revenue of €39–40 billion and operating return on sales of 14–15%.