Porsche kept its 2026 forecast as nine-month operating profit rebounded to €1.74 billion from €40 million. The rebound came largely from lower restructuring costs, while deliveries fell 16% and the sale of its Bugatti Rimac stake boosted cash flow.
Porsche confirmed its 2026 outlook on Tuesday as operating profit for the first nine months reached €1.74 billion, against €40 million a year earlier. Restructuring costs were about €500 million, compared with €2.7 billion in the same period last year.
Restructuring costs drive the profit rebound
Operating return on sales was 6.9% versus 0.2% a year earlier. Reuters reported that the margin hit a record low of 1.1% in 2025, and called the latest figures an early test of CEO Michael Leiters' turnaround plan.
Sales revenue fell to €25.28 billion from €26.86 billion, a smaller drop than deliveries, which fell to 178,532 vehicles from 212,509. Porsche said it is sticking to its "Value over Volume" approach in China, where the market remains challenging.
According to Reuters, finance chief Jochen Breckner said: "Even in a challenging market environment, Porsche is showing itself to be financially robust" as he confirmed the 2026 guidance.
Bugatti Rimac sale lifts cash flow
Automotive net cash flow rose to €2.50 billion from €1.34 billion, mainly because of cash from the sale of Porsche's shares in Bugatti Rimac and the Rimac Group, completed in the third quarter. The sale produced a gain of €593 million, and the group received €984 million in cash.
Three one-off items cut third-quarter automotive net cash flow: between €100 million and €200 million linked to the restructuring, €250 million for pension obligations and €200 million in U.S. tariff charges. The automotive net cash flow margin was 11.3% for the nine months versus 5.6% a year earlier.
Automotive EBITDA margin was 17.3%, versus 11.9% a year earlier. Battery-electric vehicles made up 21.7% of deliveries versus 23.1%, as the prior-year figure was lifted by strong sales of the all-electric Macan in 2025.
Full-year targets stay unchanged
Porsche kept its forecast for group sales revenue of €35 billion to €36 billion, an operating return on sales of 5.5% to 7.5% and an automotive net cash flow margin of 5.5% to 7.5%. It also expects an automotive EBITDA margin of 15% to 17% and a battery-electric share of deliveries of 24% to 26%.
The cash flow margin guidance was raised in September after the Bugatti Rimac sale.
Sources: Investing.com, Investing.com (Reuters)
Trading involves risk.
Risk Disclaimer
