Difficult conditions in the automotive industry impact Porsche SE’s earnings figures

• Adjusted group result after tax of 0.9 billion euro
• Group result after tax of minus 2.8 billion euro
• Group net debt almost unchanged at 5.1 billion euro
• Result after tax in the portfolio investments segment at 135 million euro, significantly above the prior-year level
• Major breakthrough in legal proceedings
• Hans Dieter Pötsch, chairman of the board of management of Porsche SE: “The Volkswagen Group’s quarterly results clearly show that the agreed measures to strengthen competitiveness, reduce costs and sustainably improve profitability must be implemented swiftly. It is now the management’s task and responsibility to deliver.”

Stuttgart, 10 November 2026. The persistently difficult conditions in the automotive industry are posing significant challenges for the core investments of Porsche Automobil Holding SE (Porsche SE). The effects are reflected in the earnings figures. The adjusted group result after tax¹ of Porsche SE amounted to 0.9 billion euro in the first nine months of the fiscal year 2026 (prior year: 1.6 billion euro). The adjusted group result after tax was significantly influenced by the result from ongoing at equity accounting from the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (Porsche AG) of 0.8 billion euro (prior year: 1.7 billion euro) and 0.2 billion euro (prior year: 0.1 billion euro), respectively.

The group result after tax amounted to minus 2.8 billion euro (prior year: plus 1.2 billion euro) primarily due to a non-cash impairment loss on the carrying amount of the investment in Volkswagen AG. Group net debt¹ as of 30 September 2026 amounted to 5.1 billion euro and is thus almost unchanged from 31 December 2025 (5.1 billion euro).

“The Volkswagen Group’s quarterly results clearly show that the agreed measures to strengthen competitiveness, reduce costs and sustainably improve profitability must be implemented swiftly. It is now the management’s task and responsibility to deliver,” says Hans Dieter Pötsch, chairman of the board of management of Porsche SE.

In the portfolio investments segment, Porsche SE acquired a stake in the US space company Stoke Space Technologies in the past quarter with an investment volume in the low double-digit million US dollar range. Follow-on investments were also made in Quantum Motion, Quantum Systems, Waabi and Isar Aerospace in the fiscal year 2026. At 135 million euro, the result after tax in the portfolio investments segment is significantly higher than in the prior-year period (13 million euro). The increase is attributable to the fair value measurements of the portfolio investments, particularly the remeasurement of the investment in Quantum Systems. Overall, the carrying amount of the portfolio investments shows a very positive trend and now stands at 669 million euro (prior year: 535 million euro). 

In the legal proceedings, Porsche SE achieved a major breakthrough in the reporting period. In the capital markets model case in connection with the increase of the investment in Volkswagen AG, the Federal Court of Justice dismissed the plaintiffs’ appeals on points of law against the model case ruling of the Higher Regional Court of Celle. The capital markets model case was initiated on the basis of lawsuits filed by 40 plaintiffs – mostly US hedge funds – asserting claims for damages of 5.4 billion euro (plus interest). With the ruling of the German Federal Court, it is established that the findings sought by the plaintiffs against Porsche SE in the capital markets model case are not to be made and that, based on the current status and the decision of the German Federal Court, the lawsuits in the suspended initial proceedings are to be dismissed. The ruling is final and binding upon the courts handling the six initial proceedings suspended with reference to the model case.

Porsche SE anticipates an adjusted group result after tax of between minus 0.5 billion euro and plus 1.5 billion euro for the fiscal year 2026 and expects net debt to be between 4.7 billion euro and 5.2 billion euro.² 

The group quarterly statement for the third quarter of 2026 of Porsche Automobil Holding SE can be found at https://www.porsche-se.com/en/investor-relations/financial-publications/

¹ The adjusted group result after tax and group net debt are the core performance indicators of the Porsche SE Group. These are defined on pages 97-98 of Porsche SE’s annual report for the fiscal year 2025 and reconciled on pages 21/25 of Porsche SE’s group quarterly statement for the third quarter of 2026. The adjusted group result after tax and group net debt are alternative performance indicators. These are not defined by IFRS. Their calculation methods may therefore differ from those of other companies.

² The forward-looking statements of the forecast are based in large parts on estimates and expectations of the Volkswagen Group and the Porsche AG Group, which can be influenced by unforeseeable events. The Volkswagen Group’s forecast is based on the assumption that the tariff situation in international trade prevailing as of the date of preparation of the interim group management report as of 30 September 2026 will persist. The Volkswagen Group cannot reliably estimate the potential future effects of the armed conflicts in the Middle East at the present time, which is why they are not included in the Volkswagen Group’s key figures forecast.

Selected financial information