Porsche’s operating profit recovered to €1.74 billion in the first nine months of 2026 despite global deliveries falling 16%, as the manufacturer continued its strategy of prioritising value over volume.
Revenue fell 5.9% to €25.28bn from €26.86bn, with pricing and a higher proportion of high-margin models helping cushion the impact of lower vehicle sales.
Operating return on sales increased to 6.9% from 0.2% a year earlier. However, the comparison was heavily influenced by a reduction in strategic realignment costs, which fell from €2.7bn to around €500 million.
Customer deliveries declined to 178,532 from 212,509 as Porsche sought to balance supply with demand. North America remained its largest region, accounting for 56,088 deliveries, while conditions in China remained challenging.
Porsche targets leaner business
Chief executive Michael Leiters said: “We are implementing our strategic realignment consistently and at a rapid pace. Our focus is on our core business, a competitive cost structure and a sustainable increase in our profitability. With the measures already implemented, we are creating the conditions to position Porsche as a stronger, more focused and more profitable company in the long term.”
Under its Sportwagenschmiede ’35 strategy, Porsche plans to develop its product portfolio while making the business leaner and reducing capital intensity.
Its refocusing includes an agreement signed in August to sell wholly owned management and IT consultancy MHP to Tata Consultancy Services. Completion remains subject to closing conditions and is expected within the next 12 months.
Porsche and TCS also plan a strategic collaboration with MHP to accelerate the development and integration of artificial intelligence applications across key business areas.
Porsche completed the sale of its stakes in Bugatti Rimac and Rimac Group in September. The disposals generated a €593m gain in its financial result, separate from operating profit, and a €984m cash inflow, most of which was included in automotive net cashflow.
Asset sales strengthen cashflow
Automotive net cashflow rose to €2.5bn from €1.34bn, primarily reflecting proceeds from the stake disposals. The automotive net cashflow margin increased to 11.3% from 5.6%.
Third-quarter cashflow was reduced by between €100m and €200m associated with strategic realignment, €250m of additional pension funding and €200m in charges arising from US tariffs.
Net liquidity reached €8.23bn at September 30, up €884m from the end of 2025. The EBITDA margin increased to 17.3% from 11.9%.
Meanwhile, battery electric vehicles accounted for 21.7% of deliveries, down from 23.1%. Porsche attributed the higher previous-year share particularly to the strong sales ramp-up of the electric Macan in 2025.
Porsche maintained its full-year revenue forecast of between €35bn and €36bn and operating return on sales guidance of 5.5% to 7.5%.
Its automotive net cashflow margin forecast also remains at 5.5% to 7.5%, following an increase in September reflecting the stake disposals and additional pension funding. It expects an automotive EBITDA margin of 15% to 17% and battery electric vehicles to represent between 24% and 26% of deliveries.
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