2025年のポルシェまとめ：アニュアルプレスカンファレンス2026

Porsche restructures: leaner, faster, more attractive

Porsche AG held its annual press conference on March 11, 2026, where it announced what Porsche's financial year 2025 would be like and what the future holds.

The annual reports up to last year are as follows:

In response to the current challenging business environment, Porsche AG has announced a policy to accelerate its product strategy, streamline its management structure, and implement company-wide cost reductions.

Michael Reiters, the newly appointed CEO of Porsche AG, stated that he views the current difficult situation not merely as a crisis, but as an opportunity for corporate transformation. He said that by comprehensively repositioning Porsche, he will transform it into a leaner, more decision-making organization and further enhance the appeal of its products.

They also explained that they are considering expanding their product portfolio to target areas where higher profit margins can be expected for future growth.

For 2025, the group's sales are projected to be €36.27 billion, operating profit €413 million, and operating profit margin of only 1.1%.

On the other hand, Porsche still maintains high net liquidity and a healthy balance sheet, and it is said that its strong financial foundation allows it to respond flexibly and resiliently to future challenges.

CFO Jochen Bleckner explained that challenges in the global economic environment and internal restructuring impacted earnings in 2025.

Furthermore, it is expected that the measures taken for readjustment will continue in 2026, resulting in a temporary impact on revenues of several hundred million euros.

However, the company is said to be willing to accept these temporary costs in order to restore sufficient profit margins to meet Porsche's standards in the medium term and to strengthen the company's resilience in the long term.

Annual Press Conference 2026: Announcements

To summarize briefly, the announcement was as described above, but now let's take a closer look at the details of what was announced:

Porsche AG is moving to the next stage of its restructuring of the company and its product portfolio, which began in 2025.
New CEO Michael Leiters is accelerating the pace.
According to Mr. Mishael:
- Since I took office, the management team has systematically analyzed the situation and initiated a series of targeted initial measures.
- There is especiallyConsistently apply the principle of prioritizing value over quantity in China's challenging market environmentThis includes a quality-focused increase in production of the fully electric Cayenne Electric.
- Streamline the management structure, reduce the hierarchical structure, and cut down bureaucratic procedures.
- In addition, the company has already begun to strengthen its focus on its core business.
- We see the current challenges as an opportunity to take more decisive action.
- We will thoroughly re-evaluate Porsche's positioning and evolve the company to be "leaner, faster, and have an even more attractive product range."

What is the New Strategy 2035?

Michael clearly expressed his expectations for the company.
- The company name, Dr. Ing. hc F. Porsche, symbolizes the company's exceptional technology as a sports car manufacturer.
- Porsche delivers uncompromisingly superior sports cars that are fun to drive and convey performance and passion.
- These are not all dependent on the type of powertrain.
Michael outlined the first specific pillars of "Strategy 2035" 70 days after taking office in January 2026.
- Consider expanding product portfolio to achieve growth in high-profit margin segments
- In the processWe are considering developing a higher-end model of our current two-door sports car and Cayenne, as well as derivative models.
- With an eye on the capital markets, Strategy 2035 aims to lay the foundations for sustainably strong cash flows, solid performance and profit margins that are right for Porsche.

Exciting new sports cars to be released in 2025 and 2026

Two top derivative models will have their world premiere in 2025
- Porsche will unveil the new 911 Turbo S in September 2025
- The fully electric Cayenne Electric will have its world premiere in November 2025
The new Cayenne Electric complements the existing internal combustion engine and plug-in hybrid models in the model series, demonstrating Porsche's continued commitment to a mix of powertrain types.
In 2026, Porsche will unveil an emotionally resonant new model that will inspire customers and fans around the world.

As you can see from this chart, the pace of increase in EVs has slowed considerably from the previous plan to rapidly increase the EV ratio. →Long-term coexistence of EVs, ICEs, and hybrids↓

Furthermore, given that the United States is now the most important market, it's clear that the EV strategy in the US has been revised to include a powertrain configuration that incorporates an ICE (Internal Emission Control) system.

A challenging fiscal year with special expenses.

The 2025 fiscal year was a challenging one.
The group's sales are projected to be €36.27 billion in 2025 (compared to €40.08 billion in 2024), while the group's operating profit is projected to decrease from €5.64 billion to €413 million.
One of the main reasons is the special expenses of approximately 3.9 billion euros.
The breakdown of special expenses is as follows:
- Realignment of product strategy and resizing of the company: approximately €2.4 billion
- Additional costs from the battery business: approximately 700 million euros
- US tariffs: approximately 700 million euros
The group's operating profit margin is 1.1% (2024: 14.1%), which is within the range of the previous adjusted forecast.
Automotive EBITDA margin decreased to 13.31 TP1T (2024: 22.71 TP1T), above the previous adjusted forecast
Global challenges and company restructuring impacted earnings in 2025.
In 2026, the realignment measures will continue to have a one-off impact on earnings of several hundred million euros, but we will accept these burdens in order to ensure sufficient profit margins in line with Porsche standards in the medium term and to strengthen the company's resilience in the long term.

Porsche AG Group	FY 2025	FY 2024	change
Sales	36.27 billion euros	40.08 billion euros	-9.5%
Operating income	410 million euros	5.64 billion euros	-92.7%
Operating margin	1.1%	14.1%
sales quantity	279,449 units	310,718 units	-10.1%

Dividends are adjusted based on expenses.

Net cash flow in the automotive division was €1.51 billion (2024: €3.73 billion).
As a result, the automotive division's net cash flow margin was 4.71 TP1T (2024: 10.21 TP1T), which was within the adjusted range.
The share of purely battery-powered electric vehicles (BEV share) reached 22.21 TP1T (2024: 12.71 TP1T), exceeding initial expectations.
Sales volume for fiscal year 2025 will decrease, with a total of 279,449 units delivered, a decrease of 10.11 TP1T compared to the previous year (2024: 310,718 units).
Despite the difficult circumstances, Porsche's financial situation is good.
High net liquidity and a strong balance sheet make Porsche flexible and resilient
Earnings per share of common stock in 2025 are projected to be €0.47, and earnings per share of preferred stock are projected to be €0.48.
The Board of Directors and the Supervisory Board plan to propose a dividend of €1.00 per common share and €1.01 per preferred share at Porsche AG's annual general meeting.
Due to special burdens in 2025, dividends will be significantly reduced compared to the previous year, but will still be considerably higher than the original guideline of 50%.

Predictions for 2026

Porsche AGExtremely challenging market conditions predicted for fiscal year 2026is doing
For example, the luxury car segment in China remains tough, with fierce price competition especially in fully electric vehicles.
Porsche also expects geopolitical uncertainty and US tariff policies to continue.
*The potential impact of recent developments in the Middle East is not taken into account.
Based on these assumptions and additional temporary impacts, Porsche expects its group operating profit margin to rise in the range of 5.5 to 7.51 TP1T for fiscal year 2026.
This forecast assumes sales will be in the range of approximately 35 billion to 36 billion euros.
Porsche also expects its automotive division's net cash flow margin to rise to 3-51 TP1T.

My thoughts on the future of Porsche

Looking at this year's annual report, the numbers are rather disappointing, but thisWhen the Q3 results were announced and people said "this is the bottom,"This is essentially what we already knew, so I hope that it will continue to improve, even if only slightly, in the future.

It is clear that Porsche will further strengthen its emphasis on "value over volume" in the future, which, to put it simply, means "increasing sales per vehicle."

This graph also shows that Porsche has already "reduced the number of units sold and increased the price (= from this graph, it is more accurate to say that the number of units sold has decreased, but the unit price per unit has increased)," and we can see that Porsche is moving towards "Value over Volume."

The company's future strategy is to streamline its model lineup to reduce complexity (standardization of technology), while expanding its offerings of personalized vehicles and special orders (Exclusive Manufaktur and Sonderwunsch).

It has been said that this will be a Ferrari-like sales method, but it seems difficult to suddenly become a company that is profitable even with a low number of car sales right now. Therefore, it seems likely that the company will continue to increase sales numbers while lowering the break-even point for each car, and will aim to become a brand that does not rely solely on sales volume.

That said, if it becomes too easy to create special editions for everything, then in a few decades, unique Porsches might lose their value. Also, if there are only limited editions, it could alienate the general customer base from Porsche (emotionally as well). And even if a hypercar is introduced, only a limited number of people will be able to buy (or drive) it...

But anyway, personally, I agree with the strategy of sticking to "Value over Volume," and I hope that they will continue to protect the value of Porsche (how should I put it now, especially as a brand?) in the future.

Disclaimer:

This press release contains forward-looking statements and information that reflect Dr. Ing. hc F. Porsche AG's current views about future events. These statements are subject to many risks, uncertainties, and assumptions. materializes or if the assumptions underlying any of the forward-looking statements prove to be incorrect, the actual results may be materially different from those Porsche AG expresses or implies by such statements. Forward-looking statements in this presentation are based solely on the circumstances at the date of publication. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.

Source:
◆(Official)Porsche is realigning itself: "Leaner, faster and even more desirable"
◆(Official) Porsche restructures: "Leaner, faster, more attractive"

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.