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S T U T T G A R T , O C T O B E R 2 7 PORSCHE AG Analyst & Investor Call Q3 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 Such statements are valid on the date of publication and can be superseded.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 Q3 2026
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3 FINANCIAL PERFORMANCE OVERVIE W Y TD Q3 2026 GROUP & AUTOMOTIVE 1 Not among most important performance indicators €25.3 bn GROUP SALES RE VENUE (-5.9 % YoY) 6.9 % GROUP RE TURN ON SALES (+670 bps YoY) GROUP OPER ATING PROFIT 1 (+>100 % YoY) AUTOMOTIVE EBITDA MARGIN (€3.8 bn Automotive EBITDA) 17.3 % AUTOMOTIVE NE T CASH FLOW MARGIN (€2.5 bn Automotive Net Cash Flow) 11.3 % AUTOMOTIVE BE V SHARE (-140 bps YoY) 21.7 % €1.7 bn PORSCHE Analyst & Investor Call Q3 2026
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4 FINANCIAL PERFORMANCE OVERVIE W Y TD Q3 2026 GROUP & AUTOMOTIVE €1.5 bn AUTOMOTIVE OPER ATING PROFIT (Automotive RoS 6.7 %) €8.2 bn AUTOMOTIVE NE T LIQUIDIT Y (+12.0 % compared to 31.12.2025 1) €1.5 bn AUTOMOTIVE RESE ARCH AND DE VELOPMENT COSTS (6.6 % of Automotive Sales Revenue) €1.2 bn AUTOMOTIVE CAPITAL E XPENDITURE (5.3 % of Automotive Sales Revenue) PORSCHE Analyst & Investor Call Q3 2026 1 2025 Dividend payment included
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5 GROUP – Y TD Q3 2025 VS. Y TD Q3 2026 SALES REVENUE & OPER ATING PROFIT GROUP SALES RE VENUE I N € B N YTD Q3 2025 25.326.9 GROUP OPER ATING PROFIT I N € B N 1.7 0.04 PORSCHE Analyst & Investor Call Q3 2026 0.2 % 6.9 % RE T U RN ON SALES -5.9 % >100 % − Business performance was impacted by a challenging macroeconomic and geopolitical environment, including US 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 including the Future Package (“ Zukunftspaket ”), 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 strong mix and pricing as well as an improvement in cost of sales and lower expenses in relation to the strategic realignment YTD Q3 2026 YTD Q3 2025 YTD Q3 2026
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6 GROUP – Y TD Q3 2025 VS. Y TD Q3 2026 OPER ATING PROFIT DEVELOPMENT 1 Included extraordinary expenses of €2.7 bn related to strategic realignment EBIT YTD Q3 20251 Gross margin without R&D R&D SG&A Other EBIT YTD Q3 2026 >100 % ∑ a p p. - 0 . 5 Strategic realignment, battery activities 0 . 0 4 0 . 9 7 0 . 6 4 0 . 02 0 . 0 7 1 . 7 4 PORSCHE Analyst & Investor Call Q3 2026 − Group sales revenue declined year -on-year due to lower unit sales from 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 €0.5 bn – comprising around €0.8 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 €2.7 bn in the prior year − R&D recognized in P&L decreased, reflecting lower R&D spending and lower amortization of capitalized R &D, following strategic realignment -related impairments in the prior -year period 0.2 % 6.9 %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 – Y TD Q3 2025 VS. Y TD Q3 2026 VEHICLE SALES & SALES REVENUE 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 Automotive Sales Revenue per Veh icle sold ("ASP”), in € k | 3 excl. Mexico | 4 incl. Hong Kong | 5 excl. Germany PORSCHE Analyst & Investor Call Q3 2026 − Automotive sales revenue declined less pronounced than unit sales, demonstrating pricing discipline and favorable mix effects − ASP development continued to reflect Porsche’s disciplined “value over volume” strategy − Vehicle Sales declined YoY with a positive development in Cayenne sales, being the best-selling model line, as well as a significant increase in 911 sales − North America remained the largest sales region with sales on previous year’s level − Vehicle sales in the regions Europe, Germany and Overseas and Emerging Markets were impacted by the 718 run - out and Macan Electric ramp -up effects − In China, market conditions remained challenging, particularly in the luxury segment, addressed with a continued focus on value -oriented sales AUTOMOTIVE SALES RE VENUE I N € B N VEHICLE SALES 1 & REGIONAL DISTRIBUTION I N K & I N % 198.1 176.1 -11.1 % 29 % 14 % 26 % 21 % 10 % 33 % 11 % 25 % 20 % 11 % Germany Europe 5 Overseas & Emerging Markets North America 3 China 4 22.123.8 -7.1 % 120 126 ASP I N €K2 YTD Q3 2025 YTD Q3 2026 YTD Q3 2025 YTD Q3 2026
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8 YTD Q3 2026 AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 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. | 1 excl. Germany | 2 excl. Mexico | 3 incl. Hong Kong − Deliveries decreased 16 % YoY, while the sales structure across regions remained well balanced despite economic and geopolitical challenges − North America remained the largest sales region, with deliveries below the strong prior -year, impacted by the end of production of the 718 model line and the strong prior -year performance of the Macan Electric − Overseas and Emerging Markets were impacted by product availability gaps related to the 718 model line and the combustion -engined Macan − China continued to face challenging market conditions, particularly in the luxury segment; Porsche remains focused on value -oriented sales − BEV share reached 21.7 %, reflecting the current product offering and demand 20 % 11 % 24 % 30 % 15 % North America 2 Germany Europe1 Overseas and Emerging Markets China 3 REGIONAL DISTRIBUTION % O F V E H I C L E D E L I V E R I E S1 212,509 D E L I V E R I E S 178,532 D E L I V E R I E S 20 % 12 % 25 % 31 % 12 % North America 2 Germany Europe1 Overseas and Emerging Markets China 3 PORSCHE Analyst & Investor Call Q3 2026 YTD Q3 2025 23.1 % 21.7 %B E V S H A RE
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9 Macan/Cayenne ICE/PHEV AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 DELIVERIES − 178,532 vehicles delivered YTD Q3 2026, partially impacted by temporary product gaps − The high proportion of GTS, Turbo and GT models delivered underscores strong demand for exclusive derivatives − The Cayenne is the strongest model line. First customer deliveries of the all -electric Cayenne began in the summer − Macan deliveries declined due to strong prior -year performance of the Macan Electric and end of production of combustion -engined Macan this summer − The 911 further strengthened its position within Porsche’s product portfolio, with deliveries increasing by 12 per cent − 718 deliveries decreased following the end of production in October 2025 MODEL DISTRIBUTION I N U N I T S 15,380 12,641 21,243 37,806 64,783 60,656 3,291 8,699 13,714 42,217 51,025 59,586Q3 2026 Q3 2025 [23,029] [27,996] [36,250] -21 % - 2 % +12 % -35 % -79 % -31 % [28,533] Limited product availability Macan/Cayenne Electric Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 [7,002] [52,584 ] YTD PORSCHE Analyst & Investor Call Q3 2026
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10 AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 OPER ATING PROFIT >100 % -0.2 1.5 -1.0 % 6.7 %A U TO M OTI V E R O S 11.9 % 17.3 %A U TO M OTI V E E B I T D A M A R G I NPORSCHE Analyst & Investor Call Q3 2026 − Automotive Operating Return on Sales improved by 770 basis points to 6.7 % − The 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 €0.5 bn – comprising around €0.8 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 €2.7 bn in the prior year − R&D recognized in P&L decreased, reflecting lower amortization of capitalized R&D and lower R&D spending, following strategic realignment -related impairments in the prior -year period YTD Q3 2025 YTD Q3 2026
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11 FINANCIAL SERVICES – Y TD Q3 2025 VS. Y TD Q3 2026, IN € BN OPER ATING PROFIT 0.22 0.24 41.3 % 39.5 %P E N E T R AT I O N R AT E 9.7 % PORSCHE Analyst & Investor Call Q3 2026 − New car penetration decreased due to lower BEV sales, further impacted by suspended BEV subsidies in selected markets − 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 YTD Q3 2025 YTD Q3 2026
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12 AUTOMOTIVE – Y TD Q3 2025 VS. Y TD Q3 2026 NET CASH FLOW & LIQUIDIT Y − Cash flow from operating activities remained at a solid level with higher earnings and reduced working capital effects − Disciplined investment spending continued to support strong cash generation − Value -oriented production and inventory management remained a key focus, despite ramp -ups and phase -outs of various model lines − Automotive net cash flow improved despite cash outflows of around €0.6 bn primarily related to the first tranche of the Audi license payment and strategic realignment measures, supported by proceeds of more than €0.9 bn from the divestment of Bugatti Rimac and Rimac Group − Additional cash outflows of around €0.5 bn for the funding our pension liabilities − Automotive net liquidity increased as Automotive net cash flow more than offset the dividend payment. NE T CASH FLOW I N € B N NE T LIQUIDIT Y I N € B N 8.27.3 12 % Strategic realignment, pensions 2.5 1.3 86 % PORSCHE Analyst & Investor Call Q3 2026 +0.4 Strategic realignment 1 Included cash outs of around €0. 9bn related to strategic realignment Pensions -0.5 5.6 % 11.3 % O F A U T O M OT I V E S A L E S R E V E N U E ∑ app. -0.1 YTD Q3 20251 YTD Q3 2026 31.12. 2025 30.09. 2026
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13 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 % 5.5 - 7.5 % BEV Share 22.2 % 24 - 26 % 2025 U PDATED 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. In addition to th e adjusted forecast assumptions from the Report on expected developments in the half-year financial report 2026, the current forecast of the Porsche AG Group also takes into account the cash inflows from the sale of the equity investments in Bugatti Rimac and the Rimac Group, as communicated on September 9, 2026, as well as the cash outflows from the further funding of pension obligations. Additional e ffects from divestitures are not included in the projected automotive net cash flow margin.PORSCHE Analyst & Investor Call Q3 2026
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14 DIVIDEN D 2025: €1.00 / €1.01 per ordinary / preferred share AT TRACTIVE SHAREHOLDER RE TURNS CAPITAL ALLOCATION N E W DIVIDEN D P OLICY ≥50% pay-out ratio1 LIQ UIDIT Y Automotive net liquidity position of 15-20 %3 ensuring balance sheet strength PEN SION Commitment to partially fund the pension obligations of €3-4 bn by up to 70 % in the mid-term CAPE X & R&D 2 Investments remain elevated in 2026, with a structural decline thereafter driven by Strategy Sportwagenschmiede '35 TECH N OLO GY & VEN T URE 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 Automotive CapEx & research and development costs | 3 of Automotive Sales Revenue PORSCHE Analyst & Investor Call Q3 2026
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15 KEY TAKEAWAYS Porsche remains one of the world’s strongest exclusive brands with a loyal customer base and iconic products, but heightened competition, geopolitical uncertainty and shifting market dynamics require decisive structural action . Sportwagenschmiede ‘35 combines cost base reduction, portfolio focus, operational excellence and disciplined investment to lower break -even point, 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 Q3 2026
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16 PORSCHE Analyst & Investor Call Q3 2026 16 CAPITAL MARKETS DAY RECAP WEBSITE RECORDING PRESENTATION 07 TH OCTOBER 2026 – DE VELOPMENT CENTRE WEIS SACH
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17 17 PORSCHE Analyst & Investor Call Q3 2026 Those who are fortunate enough to build a business from a dream owe it to the world to be the guardians of those dreams.“ F ERRY P OR S CH E
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18 GROUP – CONDENSED CONSOLIDATED STATEMENT INCOME I N € MN PORSCHE Analyst & Investor Call Q3 2026 Y T D Q 3 2 0 2 5 % Y T D Q 3 2 0 2 6 % D E LTA % SALES REVENUE 26,864 100.0 25,282 100.0 -1,581 -5.9 (-) Cost of sales -23,590 -87.8 -20,400 -80.7 3,191 -13.5 (=) Gross profit 3,273 12.2 4,883 19.3 1,609 49.2 (-) Distribution expenses -2,046 -7.6 -1,946 -7.7 100 -4.9 (-) Administrative expenses -1,411 -5.3 -1,496 -5.9 -84 6.0 (+/-) Net other operating result 224 0.8 294 1.2 70 31.3 (=) Operating profit 40 0.2 1,735 6.9 1,695 >100 (=) Financial result 69 0.3 589 2.3 520 >100 (=) Profit before tax 110 0.4 2,324 9.2 2,214 >100 (-) Income tax expense 4 0.0 -509 -2.0 -513 <-100 (=) Profit after tax 114 0.4 1,815 7.2 1,701 >100 Basic/diluted earnings per ordinary share in € 0.13 2.06 Basic/diluted earnings per preferred share in € 0.14 2.07
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19 AUTOMOTIVE CAPEX, RESEARCH & DEVELOPMENT PORSCHE Analyst & Investor Call Q3 2026 I N € MN Y T D Q 3 2 0 2 5Y T D Q 3 2 0 2 4 Y T D Q 3 2 0 2 6 Automotive research and development costs (A) 2,312 1,840 1,462 % of Automotive Sales Revenue 8.9 % 7.7 % 6.6 % Automotive capitalized development costs 1,554 763 630 % Automotive research and development costs 67.2 % 41.5 % 43.1 % Expensed automotive research and development costs (B) 758 1,077 832 % Automotive research and development costs 32.8 % 58.5 % 56.9 % Automotive amortization on capitalized research and development costs (C) 825 1,452 1,049 Automotive research and development costs recognized in income statement (B)+(C) 1,584 2,528 1,881 % of Automotive Sales Revenue 6.1 % 10.6 % 8.5 % Automotive Capex (D) 1,512 1,235 1,167 % of Automotive Sales Revenue 5.8 % 5.2 % 5.3 % Automotive depreciation on Capex (E) 1,354 1,619 1,289 % of Automotive Sales Revenue 5.2 % 6.8 % 5.8 % Automotive Capex & research and development costs (A)+(D) 3,824 3,076 2,630 % of Automotive Sales Revenue 14,8 % 12,9 % 11,9 % Automotive depreciation and amortization (C) +(E) 2,179 3,071 2,338 % of Automotive Sales Revenue 8.4 % 12.9 % 10.6 %
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20 GROUP – CONDENSED CONSOLIDATED STATEMENT FINANCIAL POSITION PORSCHE Analyst & Investor Call Q3 2026 I N € MN D E LTA3 0 . 0 9 . 2 0 2 6 %3 1 . 1 2 . 2 0 2 5 Intangible assets 8,243 7,779 -464 -5.6 Property, plant and equipment 10,109 10,071 -38 -0.4 Leased assets 5,593 5,870 278 5.0 Financial services receivables 5,122 5,629 507 9.9 Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets 3,710 2,551 -1,160 -31.3 Non-current assets 32,777 31,900 -877 -2.7 Inventories 6,006 6,041 35 0.6 Financial services receivables 1,904 2,080 176 9.2 Trade receivables, other financial assets and other receivables 4,421 4,173 -248 -5.6 Tax receivables 302 210 -93 -30.6 Securities and time deposits 2,307 3,402 1,094 47.4 Cash and cash equivalents 4,996 4,761 -235 -4.7 Assets held for sale 0 278 278 - Current assets 19,938 20,946 1,008 5.1 Total assets 52,715 52,846 131 0.2
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21 GROUP – CONDENSED CONSOLIDATED STATEMENT FINANCIAL POSITION PORSCHE Analyst & Investor Call Q3 2026 I N € MN D E LTA %3 1 . 1 2 . 2 0 2 5 Equity before non-controlling interests 22,991 23,475 484 2.1 Non-controlling interests 130 94 -35 -27.3 Equity 23,121 23,569 448 1.9 Provisions for pensions and similar obligations 3,530 2,842 -688 -19.5 Financial liabilities 6,523 7,015 492 7.5 Other liabilities 5,421 5,598 177 3.3 Non-current liabilities 15,474 15,455 -19 -0.1 Financial liabilities 4,908 4,564 -344 -7.0 Trade payables 3,244 2,942 -302 -9.3 Other liabilities 5,968 6,175 206 3.5 Liabilities associated with assets held for sale 0 141 141 - Current liabilities 14,121 13,822 -299 -2.1 Total equity and liabilities 52,715 52,846 131 0.2 3 0 . 0 9 . 2 0 2 6