ポルシェが2026年第3四半期決算：売上高は減少も利益は改善、通期見通しを維持

Sales decreased, but profit margins improved.

On October 27, 2026, Porsche AG announced its financial results for the third quarter of 2026 (January-September).

For the past nine months, Porsche has consistently pursued a "Value over Volume" strategy, prioritizing profitability and brand value over increasing sales volume.

As a result, Porsche announced that despite the challenging economic environment, it was able to improve its financial figures for the third quarter compared to the same period last year, showing improvements in operating profit, operating profit margin, and net cash flow in the automotive division.

As expected, the group's sales decreased by 5.91 TP1T to €25.28 billion (compared to €26.86 billion in the same period last year).

On the other hand, the number of vehicles delivered was down 16.0% compared to the same period last year, and the decline in sales revenue was relatively small compared to this decrease in sales volume.

This is explained by the fact that the proportion of sales of high-profit margin models has increased, and that changes in pricing and sales model composition have supported performance.

Michael Leiters, CEO of Porsche AG, commented as follows:

"Porsche is steadily and rapidly implementing a strategic restructuring. We are focusing on our core businesses, a competitive cost structure, and sustainable profitability improvements. The measures we have already implemented are laying the foundation for positioning Porsche as a stronger, more core-focused, and more profitable company in the long term."

"As announced at Capital Markets Day, as part of our 'Sportwagenschmiede '35' strategy, we are making Porsche a leaner, more agile company while systematically developing our portfolio with new emotionally resonant products. The goal is clear: to reduce capital intensity, increase profitability, and strengthen net cash flow. This is laying the foundation for sustained improvements in financial performance."

The operating profit margin improved to 6.9%, partly due to a reduction in restructuring costs.

The group's sales operating profit margin improved significantly to 6.9% in the first nine months (compared to 0.2% in the same period last year).

However, this improvement is also largely due to the impact of restructuring costs recorded in the same period of the previous year.

While restructuring costs amounted to 2.7 billion euros from January to September 2025, they were only about 500 million euros for the same period in 2026. This suggests that the significant improvement in the operating profit margin this time is largely due to the reduction in the substantial restructuring costs incurred in the same period of the previous year.

Furthermore, the EBITDA margin in the automotive division rose from 11.9% in the same period last year to 17.3%.

Net cash flow in the automotive division increased due to temporary factors.

Net cash flow in the automotive division increased to 2.5 billion euros (compared to 1.34 billion euros in the same period last year).

This increase is primarily due to cash inflows from the sale of shares in Bugatti Rimac and the Rimac Group.

On the other hand, the following one-time expenses occurred in the third quarter, which contributed to a decrease in the automotive division's net cash flow:

Expenditures related to business restructuring: 100 to 200 million euros
Additional contributions to pension liabilities: €250 million
US tariff burden: 200 million euros

Despite these expenditures, the net cash flow margin for the automotive division for the first nine months was 11.31 TP1T (compared to 5.61 TP1T in the same period last year), thanks in part to cash income from the sale of shares.

Net liquidity in the automotive division increased by €884 million to €8.23 billion as of September 30, 2026, compared to the end of fiscal year 2025, mainly due to inflows from net cash flow in the automotive division.

Global deliveries down 16%, with North America remaining the largest market.

The number of vehicles delivered to customers was 178,532, down 16.01 TP1T (compared to 212,509 units in the same period last year).

North America remains the region with the highest sales volume, with 56,088 deliveries.

The market environment in China remains challenging, and therefore, we will continue to adhere to a "value over volume" strategy in the region, prioritizing the long-term development of the brand over short-term sales targets.

The proportion of BEVs in total vehicle deliveries decreased to 21.71 TP1T (compared to 23.11 TP1T in the same period last year).

According to Porsche, the high proportion of BEVs in the same period last year was attributed in part to a significant increase in sales of the all-electric Macan, particularly in 2025.

Amidst a challenging market environment, Porsche is consistently pursuing a value-oriented sales management strategy and focusing on balancing supply and demand.

The sale of MHP and Rimac-related shares will drive business restructuring.

Porsche made significant progress in its focus on its core business during the third quarter, and as part of this, it signed an agreement to sell its wholly owned subsidiary, management and IT consulting company MHP, to Tata Consultancy Services (TCS) in August 2026.

Porsche and TCS are reportedly planning a strategic collaboration with MHP, a management and IT consulting firm, in the fields of digital solutions and artificial intelligence (AI).

The goal is to accelerate the development, expansion, and integration of AI applications in key business areas.

The transaction is subject to the fulfillment of several completion conditions and is expected to be completed within the next 12 months.

Given this background, the assets and liabilities to be sold are classified in accounting terms as assets and liabilities held for sale as of September 30, 2026, in accordance with IFRS 5 (International Financial Reporting Standards).

Porsche's sale of its shares in Bugatti Rimac and the Rimac Group was completed in September.

This resulted in a profit of 593 million euros, which had a significant impact on the financial performance of the Porsche AG Group.

The total cash inflow to the Porsche AG Group from this share sale will be 984 million euros, the majority of which will be included in the net cash flow of the automotive division.

Maintain full-year earnings forecast for 2026

Amid a challenging economic environment and continuing geopolitical uncertainty, Porsche AG announced it will maintain its full-year 2026 earnings forecast.

Taking into account the cash inflows from the sale of its shares in Bugatti Rimac and the Rimac Group, and an additional €250 million in contributions to pension liabilities, Porsche expects its automotive division's net cash flow margin to be between 5.5 and 7.51 TP1T.

The full-year earnings forecast for 2026 is as follows:

Group sales are expected to be between €35 billion and €36 billion.
Group sales operating profit margin: 5.5-7.5%
Automotive division's net cash flow margin: 5.5-7.5%
EBITDA margin for the automotive business: 15-17%
Electric vehicle (BEV) sales ratio in the automotive sector: 24-26%

Comparison of cumulative third-quarter results for 2025 and 2026

Porsche AG Group	Q1-Q3 2025	Q1-Q3 2026
Sales	26.86 billion euros	25.28 billion euros
Operating income	40 million euros	1.74 billion euros
Operating profit margin	0.2%	6.9%
Number of vehicle deliveries	212,509 units	178,532 units

Legal Notice

*The legal notice that Porsche AG posted in their announcement regarding this matter is reproduced below:

This press release contains forward-looking statements and information on the currently expected business development of Dr. Ing. hc F. Porsche AG. These statements entail risks and uncertainties. They are based on assumptions about the development of the economic, political and legal environment in individual countries, economic regions and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of publication. results could differ materially from those expressed or implied by such statements. Forward-looking statements in this release are based solely on information as of the date hereof. We do not subsequently revise forward-looking statements. Such statements are valid as of the date of their publication and may become obsolete. This information does not constitute an offer to exchange or sell, nor an offer to exchange or buy any securities.

Source:(Official) Porsche AG systematically implements its strategic realignment: robust results and cashflow, outlook remains stable

Rika (911supercars.com)

I'm Rika, the author of this article. Since I got my hands on a Porsche 911, I've been completely hooked on Porsches and I can't stop loving them, so I started this blog. My favorite cars are the 911 Carrera (2/991), 911 Carrera Cabriolet & 911 Carrera T (1/992), GT3 (1/997) and 718 Cayman GT4 RS.