Porsche SE calls for swift action at Volkswagen to improve competitiveness

• Adjusted group result after tax of 0.9 billion euro
• Group result after tax of minus 2.2 billion euro 
• Performance of core investments drives non-cash earnings impact in the first half of the year
• Carrying amount of the portfolio investments exceeds 630 million euro, with an earnings contribution of around 150 million euro 
• Hans Dieter Pötsch, chairman of the board of management of Porsche SE: “The Volkswagen Group is at a historic crossroads. For the sake of the company and its sustainable competitiveness, everyone must now step up and take responsibility. The longer decisions are delayed, the bigger the problems will become. The focus must now be solely on what is necessary from a business and economic perspective. All other considerations must be secondary.”

Stuttgart, 7 August 2026. Porsche Automobil Holding SE (Porsche SE) continues to operate in a challenging market environment for its core investments, with a corresponding impact on earning figures. For the first half of the fiscal year 2026, the adjusted group result after tax¹ of Porsche SE amounts to 0.9 billion euro (prior year: 1.1 billion euro). The adjusted group result after tax is 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: 1.2 billion euro) and 0.1 billion euro (prior year: 0.1 billion euro), respectively. 

Due to non-cash effective impairment losses, the group result after tax amounts to minus 2.2 billion euro (prior year: plus 0.3 billion euro). In the first half of the year, impairment losses were recognized on the carrying amounts of the investments in Volkswagen AG of 3.0 billion euro and Porsche AG of 0.2 billion euro.

In view of the ongoing challenges, Porsche SE urges its core investments to rigorously implement far-reaching solutions to improve their competitiveness. As an anchor shareholder, Porsche SE is actively supporting this process and has clear expectations regarding profitability, capital efficiency and cost structures. Now that Porsche AG has negotiated a comprehensive future package, it is up to Volkswagen to make swift and resolute decisions.

“The Volkswagen Group is at a historic crossroads. The decisions that Volkswagen makes now will determine its future. For the sake of the company and its sustainable competitiveness, everyone must now step up and take responsibility. The longer decisions are delayed, the bigger the problems will become. The focus must now be solely on what is necessary from a business and economic perspective. All other considerations must be secondary”, says Hans Dieter Pötsch, chairman of the board of management of Porsche SE. 

“It is imperative to reduce excess capacity, significantly lower costs and fundamentally strengthen the Group’s decision-making and execution capabilities. As the majority holder of Volkswagen AG’s ordinary shares, Porsche SE therefore supports the group board of management and its proposals. Competitiveness is the goal. Every option must be considered in pursuing it. Otherwise, Volkswagen risks permanently losing ground to its international competitors”, adds Dr. Johannes Lattwein, member of the board of management responsible for finance and IT.

Beyond its core investments, Porsche SE is driving forward its development into a diversified investment platform. In the portfolio investments segment, follow-on investments were made in Quantum Motion, Quantum Systems and Waabi during the first half of 2026. Thanks to the successful investment strategy, the result after tax in the portfolio investments segment increased significantly to 148 million euro compared to 29 million euro in the prior-year period. In particular, the revaluation of the shares in Quantum Systems following an additional financing round resulted in a positive contribution to earnings of 111 million euro in this segment. 

In the first quarter of 2026, Porsche SE already generated proceeds of 60 million euro from the sale of its investment in Celestial AI. In addition, there is a performance-related purchase price component which opens up further attractive value potential. Overall, the carrying amount of the portfolio investments continues to show a very positive trend and now stands at over 630 million euro. 

Group net debt¹ of Porsche SE decreased to 5.0 billion euro as of 30 June 2026 (31 December 2025: 5.1 billion euro). Cash inflow from operating activities includes in particular dividends received from Volkswagen AG in the amount of 0.6 billion euro and from Porsche AG in the amount of 0.1 billion euro. Capital gains tax of 0.2 billion euro was withheld from Volkswagen AG’s dividend distribution. The capital gains tax is expected to be refunded in the fiscal year 2027. The dividend payment by Porsche AG was made without deducting capital gains tax. Cash outflow includes in particular the dividend payment to Porsche SE shareholders in the amount of 0.5 billion euro.

Porsche SE continues to anticipate a positive adjusted group result after tax of between 1.5 billion euro and 3.5 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 half-yearly financial report as of 30 June 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 20/24 of Porsche SE’s half-yearly financial report for the first half 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 half-yearly financial report 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