Porsche revenue down 5.9% over nine months as deliveries slide, but profit rises

what happened

Porsche reported that revenue for the first nine months of the year fell 5.9% from a year earlier. The decline was tied to lower vehicle deliveries, according to a Reuters report based on LSEG and company data.

Operating profit and return on sales nonetheless rose sharply, mainly because restructuring costs were lower than a year before. The automotive unit's net cash flow also grew after the sale of stakes in Bugatti Rimac and Rimac Group. Nine-month revenue reached EUR 25.28 billion and operating profit EUR 1.74 billion.

The company reaffirmed its 2026 outlook of group sales revenue of EUR 35-36 billion and an operating return on sales of 5.5-7.5%. Analysts' average rating on the shares is hold, and the median 12-month price target is EUR 46, about 11.3% above the October 26 close of EUR 41.33.

why it matters

For markets, the profit structure matters: margins were supported by a higher share of high-margin models and positive pricing, not by volume. The one-off stake sales boosted cash flow but do not reflect underlying demand. Investors will watch whether Porsche can hold margins in a weak market.

market impact

Auto sector and Porsche shares: weaker sales weigh on revenue, while margins and one-off asset sales support results

tags

instruments