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S T U T T G A R T , J U L Y 2 9 PORSCHE Analyst & Investor Call H1 2026
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2 DISCL AIMER This presentation contains forward -looking statements and information that reflect Dr. Ing. h.c. F. Porsche AG's current views about future events. These statements are subject to many risks, uncertainties, and assumptions. They are based on assumptions relating to the development of the economic, political, and legal environment in individual countries, economic regions, and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of publication. If any of these risks and uncertainties materialize or if the assumptions underlying any of the forward-looking statements prove to be incorrect, the actual results may be materially different from those Porsche AG expresses or implies by such statements. Forward -looking statements in this presentation are based solely on the circumstances at the date of publication. We do not update forward -looking statements retrospectively. Such statements are valid on the date of publication and can be superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. PORSCHE Analyst & Investor Call H1 2026
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3 FINANCIAL PERFORMANCE OVERVIE W H1 2026 GROUP & AUTOMOTIVE 1 Not among most important performance indicators €17.2 bn GROUP SALES RE VENUE (-5.1 % compared to previous year) 7.8 % GROUP RE TURN ON SALES (230 bps compared to previous year) GROUP OPER ATING PROFIT 1 (+33.9 % compared to previous year) AUTOMOTIVE EBITDA MARGIN (€2.8 bn Automotive EBITDA) 18.3 % AUTOMOTIVE NE T CASH FLOW MARGIN (€1.0 bn Automotive Net Cash Flow) 6.7 % BE V SHARE (-410 bps compared to previous year ) 19.4 % €1.3 bn PORSCHE Analyst & Investor Call H1 2026
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4 FINANCIAL PERFORMANCE OVERVIE W H1 2026 GROUP & AUTOMOTIVE €1.2 bn AUTOMOTIVE OPER ATING PROFIT (Automotive RoS 8.0 %) €7.3 bn AUTOMOTIVE NE T LIQUIDIT Y (-0.6 % compared to 31.12.2025 1) €1.1 bn AUTOMOTIVE RESE ARCH AND DE VELOPMENT COSTS (7.4 % of Automotive Sales Revenue) €0.9 bn AUTOMOTIVE CAPITAL E XPENDITURE (6.0 % of Automotive Sales Revenue) PORSCHE Analyst & Investor Call H1 2026 1 2025 Dividend payment included
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5 GROUP – H1 2025 VS. H1 2026 SALES REVENUE & OPER ATING PROFIT GROUP SALES RE VENUE I N € B N H1 2025 H1 2026 17.218.2 GROUP OPER ATING PROFIT I N € B N 1.3 1.0 PORSCHE Analyst & Investor Call H1 2026 H1 2025 H1 2026 5.5 % 7.8 % RE T U RN ON SALES -5.1 % 33.9 % − Business performance was impacted by a challenging macroeconomic and geopolitical environment, including U.S. import tariffs, a slower -than-expected BEV ramp-up in the exclusive segment as well as temporary product gaps − In response, Porsche continued to execute its strategic realignment, implementing organizational and portfolio measures aimed at better aligning its product offering with customer demand while further strengthening its global footprint to enhance profitability and resilience − Despite these headwinds, Group operating profit increased year -on-year supported by a strong mix and pricing performance as well as an improvement in cost of sales − An inflationary cost environment was significantly offset through the disciplined execution of Porsches Push -to-Pass performance program, underlining Porsches focus on operational excellence and cost efficiency
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6 GROUP – H1 2025 VS. H1 2026 OPER ATING PROFIT DEVELOPMENT 1 Included extraordinary expenses of €0.7 bn related to strategic realignment and €0.4 bn for US Tariffs 2 Included expenses of €0.4 bn for US Tariffs EBIT H1 251 Gross margin without R&D R&D SG&A Other EBIT H1 262 33.9 % ∑ a p p. - 0 . 1 Strategic realignment, battery activities 1 . 0 1 0 . 1 5 - 0 . 0 5 0. 01 0 . 2 3 1 . 3 5 PORSCHE Analyst & Investor Call H1 2026 − Group sales revenue declined year -on-year due to lower unit sales due to temporary product gaps − Continued execution of Porsche's "value over volume" strategy reflected in disciplined pricing and a favorable mix − The cost base remained affected by an inflationary environment, US import tariffs, higher material and supplier costs and compensation payments related to the slower -than-expected BEV ramp -up − Ongoing strategic realignment measures resulted in a net burden of approximately €0.1 bn – comprising around €0.4 bn of charges from ongoing activities, and a benefit of approximately €0.3 bn from the release of a provision after successful supplier settlements. This compares with a net burden of €0.7 bn in the prior year − Expensed R&D increased, reflecting a higher amortization from previously capitalized development costs and lower R&D capitalization in the period 5.5 % 7.8 %R E T U R N O N S A L E S CONTRIBUTOR S TO OPER ATING PROFIT DE VELOPMENT I N € B N
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7 AUTOMOTIVE – H1 2025 VS. H1 2026 SALES REVENUE & DELIVERIES 1 The performance indicator "deliveries" reflects the number of vehicles handed over to customers. This may take place via gr oup companies or independent importers and dealers. AUTOMOTIVE SALES RE VENUE I N € B N DELIVERIES 1 I N K U N I T S 122.3 146.4 -16.5 % 23.5 % 19.4 % B E V SH ARE H1 2025 H1 2026 H1 2025 H1 2026 15.216.1 PORSCHE Analyst & Investor Call H1 2026 -6.1 % − Business performance was impacted by a challenging macroeconomic and geopolitical environment, a slower -than- expected BEV ramp -up in the exclusive segment and temporary product gaps − Automotive sales revenue declined less pronounced than unit sales, supported by pricing discipline and favorable mix effects − North America remained Porsche’s largest single region, demonstrating resilience despite U.S. import tariffs and the discontinuation of US tax incentives for electric and hybrid vehicles and the 718 run-out − In China, market conditions remained challenging, particularly in the luxury segment, addressed with a continued focus on value -oriented sales − In Europe, model availability continued to be affected by cybersecurity and regulatory requirements − BEV share reached 19 % reflecting the current product offering and demand
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8 Macan (Combustion Engine) AUTOMOTIVE – H1 2025 VS. H1 2026 DELIVERIES MODEL DISTRIBUTION I N U N I T S 10,496 8,302 14,975 25,608 45,137 41,873 2,789 6,219 9,308 30,534 35,315 38,141H1 2026 H1 2025 [15,620] [19,695 ] [25,884] -22 % - 9 % +19 % -38 % -73 % -25 % [19,253] Limited product availability Macan Electric H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 PORSCHE Analyst & Investor Call H1 2026 − Porsche deliveries totaled 122,306 vehicles, partially impacted by temporary product gaps − Derivative mix remained highly attractive, with a strong share of GTS, Turbo and GT models reflecting sustained demand for high-margin vehicles − Cayenne was the bestselling model, with deliveries of the all -electric Cayenne commencing in late June − Macan deliveries declined due to prior -year ramp-up effects and the phase -out of EV incentives in the US − 911 deliveries once again confirmed the enduring strength of Porsche’s iconic sports car − Panamera volumes were impacted by a temporary product gap in China, addressed with the launch of the Panamera Pure from April onwards − 718 deliveries declined following the end of production in October 2025
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9 AUTOMOTIVE – H1 2025 VS. H1 2026 DELIVERIES 1 excl. Mexico | 2 incl. Hong Kong | 3 excl. Germany − Sales remained well balanced across regions despite ongoing economic and geopolitical challenges − North America remained Porsche's largest sales region, with deliveries below the strong prior -year, impacted by the discontinuation of US EV and hybrid tax incentives and the 718 run -out − Deliveries in Overseas and Emerging Markets were affected by the end of 718 production and geopolitical disruptions in the Middle East − China continued to face challenging market conditions, particularly in the luxury segment; with Porsche maintaining its "value over volume" approach − The decline in Europe was primarily driven by the prior year ramp -up of the all-electric Macan H1 2025 20 % 11 % 24 % 30 % 15 % North America 1 Germany Europe3 Overseas and Emerging Markets China 2 H1 2026 REGIONAL DISTRIBUTION % O F V E H I C L E D E L I V E R I E S 146,391 DELIVERIES 122,306 DELIVERIES 20 % 12 % 25 % 31 % 12 % North America 1 Germany Europe3 Overseas and Emerging Markets China 2 PORSCHE Analyst & Investor Call H1 2026
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10 AUTOMOTIVE – H1 2025 VS. H1 2026 VEHICLE SALES 1 Vehicle sales, in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand, w hich have left the automotive segment for the first time, provided there is no legal repurchase obligation by a company in the automotive segment. | 2 excl. Mexico | 3 incl. Hong Kong | 4 excl. Germany Automotive Sales Revenue per Vehicle sold ("ASP”), in € k 1 119 126PORSCHE Analyst & Investor Call H1 2026 REGIONAL DISTRIBUTION % O F V E H I C L E S A L E S H1 2025 H1 2026 29 % 14 % 26 % 21 % 33 % 11 % 25 % 20 % 135,142 120,508 -10.8 % VEHICLE SALES Germany North America 2 China 3 Europe 4 Overseas and Emerging Markets 10 % 11 % − China continued to face challenging market conditions, particularly in the luxury segment; with Porsche maintaining its "value over volume" approach − North America remained Porsche's largest sales region, with deliveries below the strong prior -year, impacted by the discontinuation of US EV and hybrid tax incentives and the 718 run -out − Deliveries in Germany, Europe as well as Overseas and Emerging Markets were affected by limited model availability, including the 718 run out model range and the prior -year ramp -up of the all - electric Macan − ASP development continued to reflect Porsche’s disciplined “value over volume” strategy¹
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11 AUTOMOTIVE – H1 2025 VS. H1 2026 OPER ATING PROFIT 45.3 % H1 2025 0.8 H1 2026 1.2 5.2 % 8.0 %A U TO M OTI V E R O S 16.0 % 18.3 %A U TO M OTI V E E B I T D A M A R G I NPORSCHE Analyst & Investor Call H1 2026 − Automotive operating return on sales improved by 280 basis points to 8.0 % − The continued execution of Porsche's "value over volume" strategy reflected in disciplined pricing and a favorable mix − The cost base reflects an inflationary environment, US import tariffs, higher material and supplier costs and compensation payments related to the slower -than-expected BEV ramp -up − Strategic realignment measures resulted in a net burden of approximately €0.1 bn – comprising around € 0.4 bn of charges from ongoing realignment activities, partly offset by a benefit of approximately € 0.3 bn from the release of a provision after successful supplier settlements. This compares with a net burden of € 0.7 bn in the prior year − Expensed R&D increased, reflecting a higher amortization base from previously capitalized development costs and lower R&D capitalization in the period
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12 FINANCIAL SERVICES – H1 2025 VS. H1 2026, IN € BN OPER ATING PROFIT 0.15 0.15 39.6 % 38.8 %P E N E T R AT I O N R AT E 4.2 % H1 2025 H1 2026 PORSCHE Analyst & Investor Call H1 2026 − Slight new car penetration decrease driven by lower BEV sales and partially declining government incentives − The risk profile remained unchanged, supported by continuous and prudent monitoring of the dynamic global market environment − Portfolio growth and higher margins, combined with good credit risk performance and more favorable valuation of interest rate hedges and derivatives, compensate for normalizing residual value trends
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13 AUTOMOTIVE – H1 2025 VS. H1 2026 NET CASH FLOW & LIQUIDIT Y − Cash flow from operating activities increased year -on-year, driven by higher cash inflows from operating activities and lower cash outflows from working capital − Disciplined investment and spending continued to support strong cash generation − Value -oriented production and inventory management remained a key focus − Automotive net cash flow improved despite cash outs of around €0.4 bn primarily related to the first tranche of the Audi license payment and strategic realignment measures − Additional cash outlfows of around €0.3 bn for funding our pension liabilities − Automotive net liquidity remained broadly stable compared to year -end 2025, as inflows from Automotive net cash flow largely offset the dividend payment NE T CASH FLOW I N € B N NE T LIQUIDIT Y I N € B N 7.37.3 -0.6 % 31.12. 2025 30.06. 2026 Strategic realignment, pensions H1 20251 H1 20262 1.0 0.4 159 % PORSCHE Analyst & Investor Call H1 2026 -0.4 Strategic realignment 1 Included cash outs of around €0.5bn related to strategic realignment and US Tariffs 2 Included cash outs of around €0.4bn related to US Tariffs Pensions -0.3 2.4 % 6.7 % O F A U T O M OT I V E S A L E S R E V E N U E ∑ app. -0.7
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14 MOST IMPORTANT PERFORMANCE INDICATORS PORSCHE FINANCIAL OUTLOOK GRO UP Sales Revenue €36.3 bn €35 - 36 bn Return on Sales (RoS) 1.1 % 5.5 - 7.5 % AU TOM OTIVE EBITDA Margin 13.3 % 15 - 17 % Net Cash Flow Margin 4.7 % 3 - 5 % BEV Share 22.2 % 24 - 26 % 2025 O U TLO OK 2026 The assumptions used in preparing this forecast report are based on current estimates by external institutions; these include economic research institutes, banks, international organizations and consultancy firms. The forecast, which extends until the end of the fiscal year 2026 in line with the group’s internal control system, co ntains forward -looking statements. These statements are based on the estimates and expectations of the Porsche AG Group as presented in the Report on expected developments of the 2025 combined management report. Actual business performance may deviate, both positively and negatively, as a result of unpredictable events, including changes in the political and economic framework. The impact of the Middle East conflict was a ssessed and factored into the key figures forecast as of the reporting date. Higher expenses resulting from the strategic realignment in the reporting year are expected to be offs et by reversing provisions in connection with the realignment of the product strategy. The projected automotive net cash flow margin does not include any effects from divestitures. Based on these assump tions and despite changes in the geopolitical and economic environment, the Porsche AG Group has confirmed the Forecast of the Porsche AG Group for the fiscal year 2026 published in the 2025 combined m anagement report. PORSCHE Analyst & Investor Call H1 2026
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15 DIVIDEN D 2025: €1.00 / €1.01 per ordinary / preferred share DISCIPLINED, AS SE T -LIGHT STR ATEGY CAPITAL ALLOCATION DIVIDEN D P OLICY 50 % pay-out ratio1 LIQ UIDIT Y Automotive net liquidity position of 15-20 %2 ensuring balance sheet strength PEN SION Commitment to partially fund the pension deficit in foreseeable time frame CAPE X AN D R&D Investments peak in 2026, with a structural decline thereafter driven by Strategy Sportwagenschmiede '35 TECH N OLO GY AN D VEN T U RE Focus on partnerships and licensing over ownership and vertical integration 1 Refers to pay -out of previous year’s net income based on the Porsche AG Group IFRS profit after taxes 2 of Automotive Sales Revenue Macan GTS (WLTP): Electrical consumption combined: 20.5 – 18.5 kWh/100 km; CO₂ emissions combined: 0 g/km; CO₂ class: A; Status 07/2026 PORSCHE Analyst & Investor Call H1 2026
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16 KEY TAKEAWAYS Porsche remains one of the world’s strongest luxury brands with a loyal customer base and iconic products, but heightened competition, geopolitical uncertainty and shifting market dynamics require decisive structural action . Strategy Sportwagenschmiede '35 combines cost base reduction, portfolio focus, operational excellence and disciplined investment to lower break-even, increase resilience and strengthen Porsche’s positioning as the leading sports car manufacturer . Porsche continues to benefit from robust demand for its core products and an attractive product and derivative mix. At the same time, operating performance reflects elevated costs, portfolio gaps and external headwinds – and the continuous comprehensive strategic and operational realignment. A healthy balance sheet, solid liquidity and disciplined capital allocation provide Porsche with the financial strength needed to navigate the transformation and restore compelling margins and cash flows. The transformation requires time and discipline , but Porsche has all prerequisites in place – a powerful brand, iconic products and strong financial foundations – to sustainably restore profitability and long -term value creation. Porsche is sharpening its focus on the core business through targeted portfolio streamlining, divestments of non-core activities and a leaner organizational setup . This is reflected in a continuous comprehensive strategic and operational realignment . PORSCHE Analyst & Investor Call H1 2026
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17 17 Sportwagenschmiede‘35 PORSCHE Analyst & Investor Call H1 2026
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18 PORSCHE VISION Driven by the love for sports cars 18 PORSCHE Analyst & Investor Call H1 2026
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19 PORSCHE MISSION In the beginning, I looked around and could not find quite the car I dreamed of, so I decided to build it myself.” F ERRY P OR S CH E 19 PORSCHE Analyst & Investor Call H1 2026
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20 STRUCTURE SPORT WAGENSCHMIEDE ‘35 ENABLER BR AND & CUSTOMER PRODUCTS & TECHNOLOGY ENTERPRISE & OPER ATIONS VISION MIS SION STR AT. TARGE TS PORSCHE Analyst & Investor Call H1 2026
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21 D E S I GN P R O D U C T S & T E C H We bring even more of our sports car DNA into our future designs of all Porsche cars – amplifying design as a clear differentiator 21 PORSCHE Analyst & Investor Call H1 2026
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22 ME ASURES BENEFITS The ‘Zukunftspaket’ strengthens resilience, flexibility and lays the foundation for Sportwagenschmiede ‘35 22 C O M PE TITIVEN ES S F LE XIBILIT Y & EF F ICIEN CY RE SILIEN CE & SU S TAIN ABLE VALU E CRE ATION 1 Full Time Equivalent; Porsche AG; 2024 incl. Temporary workers in plant Zuffenhausen as of 2023 20352030 Strukturpaket Zukunftspaket Illustrative development of positions & FTE 1 2024 ADJU S TM ENT S TO C OM PENSATION & PROD U CTIVIT Y + 2026 PORSCHE Analyst & Investor Call H1 2026 E N A B L E R C O S TS
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23 23 2026 FINANCIAL CALENDAR 7 TH October C A P I TA L M A R K E TS D AY 27th October Q UA RT E RLY R E P O RT JA N - SEP PORSCHE Analyst & Investor Call H1 2026
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24 SALES REVENUE 18,157 100.0 17,229 100.0 -928 -5.1 (-) Cost of sales -14,793 -81.5 -13,764 -79.9 1,030 -7.0 (=) Gross profit 3,364 18.5 3,466 20.1 102 3.0 (-) Distribution expenses -1,310 -7.2 -1,278 -7.4 32 -2.4 (-) Administrative expenses -978 -5.4 -997 -5.8 -19 2.0 (+/-) Net other operating result -69 -0.4 158 0.9 227 <-100 (=) Operating profit 1,007 5.5 1,348 7.8 341 33.9 (=) Financial result 46 0.3 46 0.3 0 0.0 (=) Profit before tax 1,053 5.8 1,394 8.1 341 32.4 (-) Income tax expense -335 -1.8 -323 -1.9 11 -3.4 (=) Profit after tax 718 4.0 1,071 6.2 353 49.1 Basic/diluted earnings per ordinary share in € 0.79 1.24 Basic/diluted earnings per preferred share in € 0.80 1.25 GROUP – CONDENSED CONSOLIDATED STATEMENT INCOME H 1 2 0 2 5 H 1 2 0 2 6 D E LTA% %%I N € MN PORSCHE Analyst & Investor Call H1 2026
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25 Automotive research and development costs (A) 1,665 1,264 1,116 % of Automotive Sales Revenue 9.4 % 7.8 % 7.4 % Automotive capitalized development costs 1,123 575 487 % Automotive research and development costs 67.5 % 45.5 % 43.6 % Expensed automotive research and development costs (B) 541 690 629 % Automotive research and development costs 32.5 % 54.5 % 56.4 % Automotive amortization on capitalized research and development costs (C) 516 600 705 Automotive research and development costs recognized in income statement (B)+(C) 1,057 1,290 1,334 % of Automotive Sales Revenue 6.0 % 8.0 % 8.8 % Automotive Capex (D) 850 965 906 % of Automotive Sales Revenue 4.8 % 6.0 % 6.0 % Automotive depreciation on Capex (E) 849 1,156 854 % of Automotive Sales Revenue 4.8 % 7.2 % 5.6 % Automotive Capex & research and development costs (A)+(D) 2,515 2,230 2,022 % of Automotive Sales Revenue 14,2 % 13,8 % 13,3 % Automotive depreciation and amortization (C) +(E) 1,364 1,756 1,559 % of Automotive Sales Revenue 7.7 % 10.9 % 10.3 % AUTOMOTIVE CAPEX, RESEARCH & DEVELOPMENT H 1 2 0 2 4 H 1 2 0 2 5 H 1 2 0 2 6 PORSCHE Analyst & Investor Call H1 2026 I N € MN
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26 Intangible assets 8,243 8,015 -228 -2.8 Property, plant and equipment 10,109 9,898 -211 -2.1 Leased assets 5,593 5,802 209 3.7 Financial services receivables 5,122 5,452 330 6.4 Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets 3,710 2,968 -743 -20.0 Non-current assets 32,777 32,134 -643 -2.0 Inventories 6,006 6,123 116 1.9 Financial services receivables 1,904 2,026 122 6.4 Trade receivables, other financial assets and other receivables 4,421 4,699 278 6.3 Tax receivables 302 264 -38 -12.7 Securities and time deposits 2,307 2,565 258 11.2 Cash and cash equivalents 4,996 4,559 -437 -8.8 Assets held for sale 0 411 411 - Current assets 19,938 20,647 709 3.6 Total assets 52,715 52,782 67 0.1 GROUP – CONDENSED CONSOLIDATED STATEMENT FINANCIAL POSITION 3 1 . 1 2 . 2 0 2 5 3 0 . 0 6 . 2 0 2 6 D E LTA % PORSCHE Analyst & Investor Call H1 2026 I N € MN
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27 Equity before non-controlling interests 22,991 22,854 -137 -0.6 Non-controlling interests 130 85 -45 -34.5 Equity 23,121 22,939 -182 -0.8 Provisions for pensions and similar obligations 3,530 3,329 -201 -5.7 Financial liabilities 6,523 6,734 212 3.2 Other liabilities 5,421 5,388 -33 -0.6 Non-current liabilities 15,474 15,452 -22 -0.1 Financial liabilities 4,908 5,078 169 3.5 Trade payables 3,244 3,076 -167 -5.2 Other liabilities 5,968 6,237 269 4.5 Current liabilities 14,121 14,391 271 1.9 Total equity and liabilities 52,715 52,782 67 0.1 GROUP – CONDENSED CONSOLIDATED STATEMENT FINANCIAL POSITION PORSCHE Analyst & Investor Call H1 2026 3 1 . 1 2 . 2 0 2 5 3 0 . 0 6 . 2 0 2 6 D E LTA %I N € MN
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28 F ERRY P OR S CH E Those who are fortunate enough to build a business from a dream owe it to the world to be the guardians of those dreams.“ 28 PORSCHE Analyst & Investor Call H1 2026