Porsche SE starts fiscal year 2026 as expected

• Adjusted group result after tax of 0.4 billion euro
• Group result after tax of minus 0.9 billion euro 
• Group net debt at 5.1 billion euro
• Hans Dieter Pötsch, chairman of the board of management of Porsche SE: “The start to the fiscal year is in line with our expectations. At the same time, the business models that have served our core investments well for a long time now need to be realigned. This requires the consistent implementation of intelligent solutions to sustainably strengthen competitiveness and profitability.”

Stuttgart, 13 May 2026. Porsche Automobil Holding SE (Porsche SE) generated an adjusted group result after tax¹ of 0.4 billion euro in the first quarter of the fiscal year 2026 (prior year: 0.5 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 0.4 billion euro (prior year: 0.5 billion euro) and 44 million euro (prior year: 64 million euro), respectively. 

The group result after tax of Porsche SE amounts to minus 0.9 billion euro (prior year: minus 1.1 billion euro). The group result after tax was significantly influenced by non-cash-effective results from impairment tests and remeasurements for the investments in Volkswagen AG of minus 1.3 billion euro and Porsche AG of plus 39 million euro. 

Against the backdrop of the core investments’ ongoing challenges, the determined implementation of the efficiency programs is crucial. “The start to the fiscal year 2026 is in line with our expectations. In addition to a positive adjusted group result, we realized value within the portfolio in the first quarter and, at the same time, further strengthened our financing structure,” says Hans Dieter Pötsch, chairman of the board of management of Porsche SE. “However, the business models that have served our core investments well for a long time now need to be fundamentally realigned to match the new market conditions. This requires the consistent implementation of intelligent solutions to sustainably strengthen competitiveness and profitability. Porsche SE supports both companies in this endeavor.”

In the area of portfolio investments, Porsche SE generated proceeds of 60 million euro in the first quarter of 2026 from the successful sale of its investment in Celestial AI. In addition, if defined revenue thresholds are reached, a contingent consideration component opens up further attractive value potential. The sale underscores Porsche SE’s ability not only to build value in its portfolio, but also to realize it in a disciplined and successful manner.

Alongside value realization, Porsche SE continued to invest selectively in growth and future-oriented areas. These included follow-up investments in existing technology companies as well as an investment in a venture capital fund focusing on security and defense technologies. 

Group net debt¹ stood at 5.1 billion euro as of 31 March 2026 (31 December 2025: 5.1 billion euro). Porsche SE actively continued to optimize its financing structure in the reporting period. In March 2026, a new Schuldschein loan with a volume of 0.7 billion euro was placed to refinance maturities ahead of schedule. The financing strategy therefore remains focused on long-term orientation, flexibility and cost efficiency – key factors for stable distribution and investment capability.

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. Possible effects from the announced increase in import tariffs for passenger cars and trucks from the EU to the USA as well as possible future effects of the war in the Middle East cannot be reliably estimated at present and are therefore not included in the forecast adjusted group result after tax. 

The group quarterly statement of Porsche Automobil Holding SE for the first quarter of 2026 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 17/21 of Porsche SE’s group quarterly statement for the first 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.

Selected financial information