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Porsche (P911) investor relations material
Porsche Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary24 Oct, 2025
Executive summary
Delivered 212,500 vehicles in the first nine months of 2025, with electrified vehicles making up 35.2% of sales globally and 56% in Europe; BEV share rose to 23.1% year-over-year.
North America saw a 5% increase in deliveries, remaining the largest market, while China experienced a 25% decline due to market challenges and strategic focus on value.
Group revenues reached €26.9 billion, down 6% year-over-year, mainly due to lower vehicle wholesales and adverse market conditions.
Operating profit dropped to €40 million, a 99% decrease year-over-year, impacted by up to €3.1 billion in extraordinary expenses and over €500 million in tariff-related costs.
Strategic realignment included postponing BEV launches, expanding ICE/PHEV offerings, workforce transformation, and dealer network optimization, especially in China.
Financial highlights
Vehicle wholesales declined 11% year-over-year to 198,000 units; deliveries fell 6% to 212,500 units.
Macan sales rose 18% to 61,500 units, including 33,900 all-electric Macans; Cayenne sales fell 15–22%.
Automotive net cash flow increased to €1.34 billion (5.6% margin), up from €1.2 billion (4.8%) a year earlier.
Automotive segment posted an operating loss of €200–228 million year-to-date.
Financial services segment operating profit rose to €220 million, with a return on sales of 6.8%.
Outlook and guidance
Full-year group revenue expected at €37–38 billion, unchanged from previous guidance.
Group return on sales forecasted at 0–2%, reflecting up to €3.1 billion in extraordinary expenses and a high triple-digit million euro impact from US tariffs.
Automotive net cash flow margin outlook at 3–5% for the year; EBITDA margin guidance at 10.5–12.5%.
BEV share expected at 20–22% for 2025.
High single-digit return on sales expected in 2026, with double-digit margins targeted in subsequent years; 2025 is expected to be the trough year.
Explain rationale for product strategy shift
Reconcile falling deliveries with rising BEV share
What drives the revised 2025 financial forecast?
2026 double-digit margin headwinds?
China dealer network reduction to 80: why?
Which models drive 2026 performance?
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Q4 202512 Mar, 2026
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The Porsche Family’s Race to the Top
Porsche's history, the family's wealth, the connections to Volkswagen, and how this German-Austrian dynasty traces back to pre-World War II Germany.
Frequently asked questions
Pushing Boundaries and Defining Automotive Luxury
Porsche AG is a renowned luxury automotive manufacturer that specializes in high-performance sports cars, SUVs, and sedans. The company's menu of vehicles features a range of meticulously crafted models, known for their powerful engines, exceptional handling, and timeless design. Porsche's menu includes iconic sports cars like the 911, the Cayman, and the Boxster, as well as SUVs like the Macan and the Cayenne. These vehicles embody the spirit of driving pleasure and exhilaration, attracting discerning customers who appreciate the combination of performance, craftsmanship, and prestige.
Automotive and Financial Services
Porsche operates through two main business segments: Automotive and Financial Services. The Automotive segment involves the design, development, production, and sales of Porsche vehicles worldwide. The Financial Services segment provides financing, leasing, insurance, and mobility services tailored to meet the needs of Porsche customers.
Excellence, quality, and exclusivity
Porsche follows a distinctive business model that centers around engineering excellence, premium quality, and exclusivity. The company's vehicles are meticulously handcrafted, incorporating advanced technologies and luxurious materials. Porsche's commitment to precision and performance has made it a symbol of automotive excellence.
Further reading: The Porsche Family's Race to the Top
Porsche AG has a rich heritage that dates back to 1948 when the first Porsche sports car, the 356, was introduced. Since then, the company has built a reputation for pushing the boundaries of automotive engineering and design, consistently delivering vehicles that combine power, elegance, and innovation.
In addition to its automotive expertise, Porsche has diversified its portfolio to include luxury lifestyle products and experiences. The company offers branded accessories, clothing, and merchandise, allowing enthusiasts to embrace the Porsche lifestyle beyond the realm of automotive ownership.
Within the luxury automotive industry, Porsche AG has notable peers, including: Ferrari, Aston Martin Lagonda, and BMW.
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