Q3 2025 Dr Ing hc F Porsche AG Earnings Call Transcript
Key Points
- Porsche delivered 212,500 vehicles worldwide in the first nine months of 2025, with a significant increase in electrified vehicles, reaching 35.2% globally and 56% in Europe.
- The Macan model showed strong momentum, becoming the best-selling model with a 10% year-over-year increase, including 33,900 units of the new all-electric Macan.
- Porsche's automotive net cash flow increased to EUR1.3 billion by the end of Q3 2025, highlighting effective working capital management and disciplined spending.
- Despite adverse market conditions, incoming orders remain robust, reflecting strong brand desirability and a favorable product mix.
- Porsche plans to continue its model offensive and customer-focused product strategy, maintaining a strong position from both a product and pricing perspective.
- Vehicle wholesales declined by 11% year-over-year, with mixed performance across model lines and regions.
- Group revenues decreased by 6% compared to the prior year period, primarily due to adverse market conditions and strategic realignment expenses.
- Operating profit declined to EUR40 million, corresponding to an operating return on sales of 0.2%, falling short of expectations due to substantial extraordinary charges.
- Porsche faced broad-based cost increases driven by inflationary pressures, increased R&D expenses, and geopolitical challenges, including US import tariffs.
- China saw a 25% drop in sales due to ongoing market challenges in the luxury segment and intensified competition, impacting overall performance.
Ladies and gentlemen, thank you for standing by. Welcome and thank you for participating in the joint media, analyst, and investor call regarding Porsche AG's Q3 2025 results. This call will be hosted by Dr. Jochen Breckner, Member of the Executive Board for Finance at IT.
(Operator Instructions) At this time, it's my pleasure to hand over to Dr. Sebastian Rudolph, Vice President - Communications, Sustainability and Politics. Please go ahead.
Yeah, thank you, and hello, everybody and welcome to our joint media, analysts, and investors call. We're talking about the results of the first nine months of 2025 of Porsche AG, and with me today are our CFO, Jochen Breckner and Bjoern Scheib, our Head of Investor Relations.
Jochen will give you a brief overview of our business performance year-to-date. Then, after a short break, we will hold two Q&A sessions, first with analysts and investors, then with the media. As always, you can find the
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