Porsche Automobil (PAH3) Q1 2026 earnings summary

Executive summary

• Core investments in Volkswagen AG and Porsche AG drive group performance; both saw declines in results after tax year-over-year.

• Impairment loss of €1.3 billion recognized on Volkswagen AG investment; €39 million reversal of impairment on Porsche AG investment.

• Adjusted group result after tax was €382 million, down from €484 million in Q1 2025.

• Net debt increased to €5.1 billion; equity ratio slightly up at 84.2%.

Financial highlights

• Group result after tax: -€923 million (Q1 2025: -€1,081 million), mainly due to non-cash impairment on Volkswagen AG.

• Adjusted result after tax: €382 million (Q1 2025: €484 million).

• Cash outflow from operating activities: €88 million; investing activities: €25 million; financing activities: €194 million.

• Cash and cash equivalents at €730 million, down from €1,038 million at year-end 2025.

Outlook and guidance

• Adjusted group result after tax for FY 2026 expected between €1.5 billion and €3.5 billion.

• Net debt forecasted between €4.7 billion and €5.2 billion by year-end 2026.

• Volkswagen Group expects flat deliveries and revenue for 2026; Porsche AG forecasts revenue of €35–36 billion and operating return on sales of 5.5–7.5%.

• Forecasts exclude potential impacts from increased US import tariffs and Middle East conflict.