ポルシェの営業利益99％減：でもこれが「底」のはず

Operating margin to fall to 0.2% by the third quarter of 2025

Well, the numbers were so bad that I fainted and was bedridden, which is why I was late in writing this blog post...that's a lie (lol).I was just having a bit of fun and when I suddenly noticed that Porsche's bad numbers had been announced, I was like, ``Oh no!''

So, following the announcement of Porsche's sales figures for the first three quarters a while ago, Porsche has now announced its sales figures for the first three quarters.

Porsche AG has firmly pursued its decision to realign its product strategy at the end of the third quarter of 2025, which is aimed at ensuring high profitability in the long term.

As expected, this has had a significant impact on various key financial figures in the short term.

First, here's a summary of Porsche's announcement:

Automotive division net cash flow increases to €1.34 billion, highlighting Porsche's robust performance in challenging circumstances
Record sales achieved in the U.S., international markets and emerging markets
- North America saw an increase of 5%. With a high proportion of electric vehicles, the global total rose to 35%, while Europe saw an increase to 56%.
As expected, strategic realignment and macroeconomic challenges had a significant impact on revenues in the first nine months of the year
Exceptional expenses of approximately 2.7 billion euros, including costs related to product portfolio and battery-related business adjustments
Group sales totaled €26.86 billion and Group operating profit was €40 million in the first nine months of the year
Porsche consciously accepts temporary weaker core figures to strengthen profitability and resilience in the long term
CFO Jochen Breckner said: "We have further strengthened our strategic alignment. We have now made clear decisions that we are implementing decisively. We expect 2025 to be the bottom, after which Porsche will experience significant growth from 2026 onwards."

Now, let's take a closer look at what was announced.

Despite a challenging global environment, the Group's revenue and sales volumes remained broadly stable in the first nine months of the year
Revenues of €26.86 billion and 212,509 vehicles delivered to customers worldwide
- Both figures represent a moderate decrease of approximately 6.0% compared to the same period last year.
Group operating profit for the first nine months of 2025 falls to €40 million (previous year: €4,035 million)
Operating profit margin also decreased to 0.2% (same period last year: 14.1%)
The main factors include special costs associated with restructuring of product strategies, the challenging market environment in the Chinese market, particularly in the premium segment, one-time costs related to battery-related businesses, and organizational reforms.
In addition, increased costs due to US import tariffs also had an impact.
Meanwhile, the Automotive division's net cash flow will increase to €1.34 billion at the end of the third quarter of 2025 (Q3 2018: €1.24 billion).
Net cash flow margin also increased from 4.8% to 5.6%
This demonstrates the resilience of business operations and demonstrates Porsche's strong performance even in difficult circumstances.

Jochen Breckner, Member of the Board of Management for Finance and IT at Porsche AG, said:
- Even in a tough market environment, we generated strong cash flow and further clarified our strategic direction. We are now steadily implementing our clear decisions.
- This year's results reflect the impact of strategic realignments, but these efforts are essential and we are willing to accept a temporary decline in performance in order to make Porsche stronger and more profitable in the long term.
As part of its restructuring of its product strategy, Porsche plans to expand its product lineup with additional internal combustion engine and plug-in hybrid models.
On the other hand, due to the slow start to electrification, the market launch of some fully electric models is expected to be delayed.
In particular, the development schedule for new electric vehicle platforms planned for the 2030s is being revised.
The platform is expected to be technically redesigned in collaboration with other brands within the Volkswagen Group.
The existing fully electric model range continues to be continuously updated.

Breckner says:
- We are guiding Porsche to strong, long-term profitability
2025 is expected to be the bottom before Porsche sees a significant improvement from 2026 onwards.
The goal is to further refine the brand and make the products more unique, exclusive and attractive.
The foundation for this has already been established
- It has a loyal customer base, a refreshed and more compelling product portfolio, and the presence of one of the world's most iconic brands.

212,509 vehicles delivered to customers worldwide in the first nine months of 2025
The proportion of electrified models increased significantly compared to the same period last year, accounting for 35.2% of the total.
- Of these, 23.1% are fully electric vehicles and 12.1% are plug-in hybrid vehicles.
- In Europe, the proportion of electrified models was even higher, reaching 56%.
Among the six model lines, the Macan saw the greatest growth with 64,783 units sold (up 18% year-on-year).
Record sales in the U.S. and overseas and emerging markets
The North American region as a whole saw a 5% increase.

Consultation with employee representatives on the "Future Package"

Porsche has clearly prioritized its investments and is focusing on core areas that create added value.
At the same time, we are actively promoting the strategic performance program "Push to Pass."
Porsche aims to improve efficiency and profitability to ensure long-term profitability in an environment of persistently rising inflationary costs.
In October, as previously announced, discussions began between management and employee representatives on a "Future Package."
Breckner said: "We don't expect the market environment to improve anytime soon. That's why we need to discuss large-scale solutions in all areas, including the framework of the Future Package."
The results of these private discussions will be officially announced by the company once an agreement is reached.

2025 forecast takes into account 15% US tariffs starting August 1st

Special charges related to restructuring amounted to approximately €2.7 billion in the first nine months of 2025
Furthermore, US import tariffs have resulted in additional costs in the hundreds of millions of euros (mid-three-digit million euro range).
All told, Porsche AG expects strategic restructuring-related costs to total approximately €3.1 billion in fiscal 2025.
Following the agreement on import tariffs between the EU Commission and the US government, the impact of a 15% import tariff on US goods, which will come into effect on August 1, has been factored into the FY2025 business outlook.
Porsche expects group sales to be in the range of 37 to 38 billion euros
At the low end of this range, Group operating profit margin is expected to be slightly positive, with Automotive net cash flow margin expected to be around 3%.
On the other hand, at the upper end, an operating profit margin of 2% and a net cash flow margin of 5% are expected.
Net cash flow margin outlook includes annual outflows of approximately €1.2 billion related to strategic realignment and US tariffs

Porsche AG Group	Q1-Q3 2024	Q1-Q3 2025
Sales	28.56 billion euros	26.86 billion euros	-6.0%
Operating income	4,035 million euros	40 million euros	-99.0%
Operating margin	14.1%	0.2%
Number of vehicles delivered	226,026 units	212,509 units	-6.0%

...That was what was announced this time.

In any case, when I look at the numbers announced this time, I can't help but worry, "Is Porsche okay?" However, since Porsche is said to be at its "bottom" now and is "deliberately accepting a temporary decline in performance" in order to increase its future profitability in the long term, I think it is putting all of the negative figures into this one year, 2025, and preparing for a recovery from 2026.

At this negative bottom, PorscheAnnouncement of CEO changeThe new year, starting in January 2026, will see the start of a new Porsche with a new CEO.

I hope to get rid of all my bad luck(?) this year and look forward to the new Porsche starting in 2026 (maybe I'm being too optimistic because I love Porsche (lol)).

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 AG reports robust net cash flow in a challenging market environment

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.