Porsche's profit surged from near breakeven as restructuring costs fell

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Operating profit reached €1.74 billion in the first nine months, up from €40 million, while deliveries fell 16.0% to 178,532

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Porsche, part of the Volkswagen group, reported operating profit of €1.74 billion for the first nine months of 2026, up from €40 million in the same period last year.

The operating return on sales rose to 6.9% from 0.2%, Porsche said. It tied the increase in part to strategic realignment costs, which totaled €2.7 billion in the first nine months of 2025 and about €500 million in the same period this year. The Automotive EBITDA margin was 17.3%, up from 11.9%.

Group sales revenue fell 5.9% to €25.28 billion from €26.86 billion. Deliveries to customers dropped 16.0% to 178,532 from 212,509. Porsche said a higher share of high-margin models and positive pricing and product-mix effects supported earnings despite the lower volumes. North America was the largest region, with 56,088 deliveries.

Sales of the 911 rose 12% over the period, and no other model in Porsche's lineup grew. Porsche stock was up 2.3% in trading on Tuesday.

"Our focus is on our core business, a competitive cost structure and a sustainable increase in our profitability," CEO Michael Leiters said in a statement.

Automotive net cashflow rose to €2.50 billion from €1.34 billion, driven by the cash inflow from the sale of Porsche's stakes in Bugatti Rimac and the Rimac Group. The sale closed in September and produced a gain of €593 million. Net liquidity in the Automotive segment rose by €884 million to €8.23 billion from the end of 2025.

In August, Porsche concluded a purchase agreement with Tata Consultancy Services for its MHP subsidiary. Completion depends on several closing conditions and is expected within the next 12 months, the company said.

Porsche in April reported a 22% drop in first-quarter operating profit to €595 million as deliveries fell about 15%. Leiters took over as CEO at the start of 2026. Porsche's operating margin for full-year 2025 sank to 1.1%, its weakest showing on record, according to Reuters.

Porsche confirmed its full-year 2026 forecast. It expects group sales revenue of €35 billion to €36 billion, an operating return on sales of 5.5% to 7.5% and an Automotive EBITDA margin of 15% to 17%. The company raised its guidance for the Automotive net cashflow margin, now 5.5% to 7.5%, in September after the Bugatti Rimac sale.

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