Porsche Automobil (PAH3) Q3 2025 earnings summary

Executive summary

• Core investments in Volkswagen AG and Porsche AG experienced significant earnings declines, leading to major impairment adjustments in 2025.

• Adjusted group result after tax for the first nine months of 2025 was €1,594 million, down from €2,482 million year-over-year.

• Group net debt decreased to €5,020 million as of 30 September 2025.

Financial highlights

• Group result after tax for the first nine months of 2025 was €1,240 million, compared to €2,482 million in the prior-year period.

• Adjusted result after tax: €1,594 million (down from €2,482 million year-over-year).

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

• Cash and cash equivalents at €1,265 million, down from €1,686 million at year-end 2024.

• Equity ratio increased to 83.4% from 81.9% at year-end 2024.

Outlook and guidance

• Group result after tax for full year 2025 expected between €0.9 billion and €2.9 billion (previously €1.6–3.6 billion).

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

• Volkswagen Group expects revenue at prior-year level and operating return on sales between 2.0% and 3.0%.

• Porsche AG Group expects operating return on sales of 0–2% for 2025, with revenue between €37–38 billion.