Interim report
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Quarterly Statement Porsche AG Group January – September 2026 911 Turbo S (WLTP): Fuel consumption combined 11.8 – 11.6 l/100 km, CO₂ emissions combined 266 – 262 g/km; CO₂ class G
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2 CONTENTS 3 KEY FIGURES 4 BUSINESS DEVELOPMENT 10 RESULTS OF OPERATIONS AND FINANCIAL POSITION 15 REPORT ON EXPECTED DEVELOPMENTS, RISKS AND OPPORTUNITIES 16 SELECTED FINANCIAL INFORMATION 19 FURTHER INFORMATION
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3 Quarterly Statement – Key figures KEY FIGURES Q1-Q3 2026 Q1-Q3 2025 Most important key performance indicators Porsche AG Group Sales revenue € million 25,282 26,864 Return on sales % 6.9 0.2 Automotive segment Automotive EBITDA margin % 17.3 11.9 Automotive net cash flow margin % 11.3 5.6 Automotive BEV share % 21.7 23.1 Other financial performance indicators Porsche AG Group Operating profit € million 1,735 40 Profit before tax € million 2,324 110 Profit after tax € million 1,815 114 Earnings per ordinary share/preferred share € 2.06/2.07 0.13/0.14 Automotive segment Automotive operating profit € million 1,493 –228 Automotive return on sales % 6.7 –1.0 Automotive EBITDA¹ € million 3,831 2,843 Automotive net cash flow € million 2,498 1,340 Automotive cash flows from operating activities € million 3,314 3,455 Automotive net liquidity² € million 8,230 7,185 Automotive research and development costs³ € million 1,462 1,840 Automotive capital expenditure⁴ € million 1,167 1,235 Financial services segment Financial services operating profit € million 241 220 Financial services return on sales % 7.3 6.8 Other non-financial performance indicators Deliveries⁵ Vehicles 178,532 212,509 1 Automotive operating profit plus depreciation/amortization and changes in value of property, plant and equipment, capitalized development costs and other intangible assets in the automotive segment. 2 Total of cash and cash equivalents, securities, loans and time deposits net of third -party borrowings in the automotive segment. 3 Research costs, non-capitalized development costs and investments in development costs that have to be capitalized in the automotive segment. 4 Additions (cost) to intangible assets (excluding capitalized development costs and goodwill) and property, plant and equipmen t (excluding right-of-use assets) in the automotive segment. 5 Number of vehicles handed over to end customers.
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4 BUSINESS DEVELOPMENT New sports cars, greater exclusivity, stronger profitability. Under this motto, the Porsche AG Group presented its new strategy “Sportwagenschmiede ‘35”, which focuses on its medium-term ambitions, at its Capital Markets Day on October 7, 2026. The management team led by CEO Dr. Michael Leiters aims to further sharpen and expand the company’s sports car identity with new products and technologies. The focus is on an improved price-sales positioning of the product portfolio, combined with a cost- saving program and a streamlined organization. Nevertheless, the Porsche AG Group is still facing geopolitical and economic challenges. From January to September 2026, the Porsche AG Group recorded a decline in sales revenue compared to the prior-year period from €26,864 million to €25,282 million. Operating profit grew from €40 million to €1,735 million. In the first nine months of the fiscal year 2026, the operating return on sales of the Porsche AG Group was 6.9% (prior year: 0.2%) and the automotive EBITDA margin was 17.3% (prior year: 11.9%). Automotive net cash flow came to €2,498 million (prior year: €1,340 million). The automotive net cash flow margin stood at 11.3% (prior year: 5.6%). Deliveries fell by 16.0% to 178,532 vehicles. The automotive BEV share decreased to 21.7% (prior year: 23.1%). IMPORTANT EVENTS Strategic realignment In September 2026, the Porsche AG Group took another step in sharpening its focus on its core business by selling its shares in Bugatti Rimac and the Rimac Group. This includes the shares held by Porsche AG and its subsidiaries in Rimac Group d.o.o., Sveta Nedelja, in Bugatti Rimac d.o.o., Sveta Nedelja, and in Bugatti International Holding S.à.r.l., Luxembourg, as well as other assets related to the equity investments. The sale resulted in a gain on disposal of €593 million, which mainly affected the Porsche AG Group’s financial result. The Porsche AG Group’s cash inflow totaled €984 million and was primarily included in automotive net cash flow. In July 2026, the Supervisory Board of Porsche AG approved the planned sale of all shares in MHP Management- und IT- Beratung GmbH, Ludwigsburg. The sales agreement was concluded in August 2026 and the completion of the transaction is subject to several closing conditions. Against this backdrop, the assets and liabilities to be sold were classified as held for sale as of September 30, 2026 in accordance with IFRS 5, as it is currently expected that the transaction will be completed within the 12-month period indicated by IFRS 5. These assets and liabilities were recognized at the lower of carrying amount and fair value less expected costs to sell. In the consolidated statement of financial position as of September 30, 2026, assets of €278 million and liabilities of €141 million were reported separately as held for sale in accordance with IFRS 5. Quarterly Statement – Business development
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5 In the course of the first half of 2026, the Executive Board and Supervisory Board of Porsche AG decided not to continue the current operating activities of the subsidiaries Cellforce Group GmbH, Tübingen, Porsche eBike Performance GmbH, Ottobrunn, and Cetitec GmbH, Pforzheim. Changes to the Executive Board and Supervisory Board Dr. Michael Leiters was appointed CEO of Porsche AG as of January 1, 2026. The Car-IT division was integrated into the Research and Development division effective July 1, 2026, having been managed by Sajjad Khan until June 19, 2026. Sajjad Khan is expected to contribute his expertise in the future as part of a software partnership model. Effective September 1, 2026, Christian Friedl took over responsibility for the Production and Logistics division from Albrecht Reimold, who stepped down from the Executive Board on August 31, 2026. With effect from the end of December 31, 2025, Dr. Christian Dahlheim stepped down as member of the Supervisory Board of Porsche AG. By resolution dated February 27, 2026, Stuttgart Local Court appointed Holger Peters as a member of the Supervisory Board of Porsche AG with immediate effect, at the request of the Executive Board of Porsche AG. Holger Peters has also taken over as chairman of the board’s audit committee. At the Annual General Meeting of Porsche AG on June 23, 2026, Holger Peters was elected to the Supervisory Board of Porsche AG as a shareholder representative, effective from the end of the Annual General Meeting, and was thereby confirmed in his position. With effect from the end of September 30, 2026, Harald Buck, Deputy Chairman of the Supervisory Board, stepped down as member of the Supervisory Board of Porsche AG. Effective October 1, 2026, Ibrahim Aslan took his place as an elected replacement member of the Supervisory Board of Porsche AG. Dividend At Porsche AG’s Annual General Meeting on June 23, 2026, a resolution was passed on the Executive Board and Supervisory Board’s proposal regarding the appropriation of net retained profit for the fiscal year 2025. This led to a total distribution of €916 million. Accordingly, the dividend amounted to €1.00 per ordinary share and €1.01 per preferred share. MACROECONOMIC AND SECTOR-SPECIFIC ENVIRONMENT Development of the global economy In the first nine months of the reporting year 2026, the global economy continued to grow, albeit at a slower pace than in the prior-year period. On average, growth in both the advanced economies and Emerging Markets was lower. Geopolitical and geoeconomic uncertainties, particularly in connection with the escalation in the Middle East at the end of February, dampened sentiment among market participants. In this context, prices, including those for crude oil, rose significantly at times during the first nine months. Germany recorded positive economic growth in the reporting period, which on average was above the a level recorded in the prior-year period. The seasonally adjusted unemployment rate was also above the prior-year level on average. The inflation rate rose during the first nine months of 2026, primarily driven by energy price trends, and reached a level above that of the prior- year period 2025. At the end of the third quarter of 2026, the economy in Western Europe recorded positive growth overall, albeit below the prior-year level. The European Central Bank raised its key interest rate during the reporting period due to a renewed rise in consumer prices. Quarterly Statement – Business development
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6 Overall, the economies in Central and Eastern Europe grew at a slightly slower pace in the first nine months of the reporting year 2026 than in the same period of the prior year. Gross domestic product increased in the USA at a similarly dynamic growth rate compared with the prior-year period. During the fiscal year 2026, the US Federal Reserve initially interrupted the easing policy it had been pursuing since September 2025, given the uncertain impact of the US government’s geopolitical actions and economic policy measures, and raised the key interest rate in September 2026. Growth in Chinese economic output was above the global average, but below the comparable figure for the prior-year period. Development of the automotive markets From January to September 2026, the volume of the global passenger car market was down slightly on the prior-year figure, with development varying from one region to another. Market volume increased in Western Europe as well as in Central and Eastern Europe. By contrast, the regions North America (excl. Mexico) and China (incl. Hong Kong) saw a decline. In the first nine months of 2026, the number of new passenger car registrations in the region Germany noticeably exceeded the prior-year level, while demand for all-electric vehicles increased significantly. Demand for vehicles with conventional drivetrains, on the other hand, declined. The number of registrations of passenger cars in the region Europe without Germany exceeded the prior-year figure noticeably. In Western Europe, the number of new registrations of passenger cars increased appreciably in the first nine months of the reporting year 2026 compared to the prior year. The development of the major markets for passenger cars in this region was positive. While the United Kingdom was significantly above the prior-year level, Italy and Spain exceeded it noticeably, and France slightly so. In the region Central and Eastern Europe, the volume of the passenger car market in the reporting period was slightly higher than in the prior year. At the end of the third quarter of 2026, sales figures in the region North America excl. Mexico were on a par with the prior-year period. The market volume in the USA in the first nine months of 2026 was somewhat lower than in the prior-year period due to the increase in import tariffs and the end of the subsidy program for electric vehicles. Canada remained on a level with the prior year. The passenger car market volume in the region China incl. Hong Kong declined sharply in the first nine months of 2026 compared to the prior-year period. A negative trend in demand continued to be observed in the luxury segment. The luxury tax, which has been adjusted since July 2025, and the intensity of competition had an impact on development. Quarterly Statement – Business development
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7 DELIVERIES By the end of the third quarter of 2026, deliveries1 of the Porsche AG Group had fallen by 16.0% compared to the prior-year period. Overall, the sports car manufacturer delivered 178,532 vehicles. In the domestic market of Germany, deliveries of the Porsche AG Group were down 6.8% to 20,954 vehicles. In the region Europe without Germany, deliveries fell by 10.6% to 44,949 vehicles. The decline in both regions is primarily attributable to the discontinuation of the 718 Boxster/Cayman model series and the ramp-up of the all-electric variant of the Macan in the prior-year period. The region North America excl. Mexico remains the largest sales region. Here, the number of deliveries fell by 13.0% to 56,088 vehicles. The decline is mainly due to weaker demand for all-electric and hybrid vehicles since the expiration of tax credits in the USA as well as the discontinuation of the 718 Boxster/Cayman model series. In the region China incl. Hong Kong, the Porsche AG Group delivered 21,493 vehicles, a decrease of 33.2% compared to the prior-year period. The main reasons for this are still the challenging market conditions, particularly in the luxury segment, and the intense competition in the Chinese market. The focus remained on value-oriented sales aimed at balancing supply and demand. In the sales region Overseas and Emerging Markets, 35,048 vehicles were handed over to customers. This is an 18.7% decrease compared to the prior-year period. The decline is partly due to the discontinuation of the 718 Boxster/Cayman model series and the effect of launching the all-electric Macan in the prior-year period. 1 The performance indicator “deliveries” reflects the number of vehicles handed over to end customers. This may take place via group companies or independent importers and dealers. In the Porsche AG Group, this differs from unit sales as a relevant driver of sales revenue. Unit sales in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand, which have left the automotive segment for the first time, provided there is no legal repurchase obligation by a company i n the automotive segment. Deliveries of the Porsche AG Group by region Units Q1-Q3 2026 Q1-Q3 2025 Germany 20,954 22,492 Europe without Germany 44,949 50,286 North America1 56,088 64,446 China2 21,493 32,195 Overseas and Emerging Markets 35,048 43,090 Deliveries 178,532 212,509 1 Excl. Mexico. 2 Incl. Hong Kong. Quarterly Statement – Business development
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8 At 59,586 units, the Porsche Cayenne recorded the highest number of deliveries in the first nine months of the year 2026 (down 1.8%). By the end of the third quarter, 7,002 units of the all-electric Cayenne had been delivered. The Porsche 911 was handed over to 42,217 customers. This is an 11.7% increase compared to the prior-year period. Deliveries of the 718 Boxster and 718 Cayman models came to 3,291 vehicles (down 78.6%). The decline is due to the model series being phased out. With a decrease of 21.2% compared to the prior-year period, deliveries of the Porsche Macan totaled 51,025 vehicles. The decline can be attributed to the effect of the ramp-up of the all-electric variant of the Macan in the prior-year period and the expiry of tax breaks for electric and hybrid vehicles in the USA. The all-electric version accounted for 23,029 vehicles of these deliveries. In most countries outside the European Union, the Porsche AG Group continues to offer the Macan with combustion engine, of which a total of 27,996 units were delivered. With 13,714 vehicles delivered, the Panamera recorded a decline of 35.4%, which was primarily attributable to the challenging market conditions in the region China. In the period from January to September 2026, a total of 8,699 Taycans were delivered to customers (down 31.2%). The automotive BEV share, which describes the proportion of purely battery-powered electric vehicles, stood at 21.7% in the reporting period (prior year: 23.1%). The decline in the BEV share is due in particular to the ramp-up of the all-electric Macan in the prior year, while the all-electric Cayenne did not contribute to deliveries during the entire reporting period. In the reporting period, the share of electrified vehicles (all-electric vehicles and plug-in hybrids) stood at 32.4% (prior year: 35.2%). Deliveries of the Porsche AG Group by model series Units Q1-Q3 2026 Q1-Q3 2025 911 42,217 37,806 718 Boxster/Cayman 3,291 15,380 Macan 51,025 64,783 Cayenne 59,586 60,656 Panamera 13,714 21,243 Taycan 8,699 12,641 Deliveries 178,532 212,509 Quarterly Statement – Business development
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9 RESEARCH AND DEVELOPMENT In the first nine months of 2026, the Porsche AG Group spent €1,462 million on automotive research and development (R&D) (prior year: €1,840 million). The decrease resulted from various factors, including lower automotive capitalized development costs of €630 million (prior year: €763 million) due to changes in the project mix and different stages of capitalization for current vehicle projects. In addition, research and automotive non-capitalized development costs also fell compared to the prior-year period. As a result, the capitalization ratio came to 43.1% (prior year: 41.5%). The R&D ratio stood at 6.6% (prior year: 7.7%). Automotive research and development costs recognized in the income statement decreased to €1,881 million (prior year: €2,528 million). Automotive amortization of capitalized development costs decreased to €1,049 million (prior year: €1,452 million). In the prior-year period, the figures included impairment losses in connection with the realignment of the product strategy. Automotive research and development costs € million Q1-Q3 2026 Q1-Q3 2025 Automotive sales revenue 22,143 23,833 Automotive research and development costs 1,462 1,840 thereof automotive capitalized development costs 630 763 Capitalization ratio1 (%) 43.1 41.5 R&D ratio2 (%) 6.6 7.7 Automotive research and development costs recognized in the income statement 1,881 2,528 thereof automotive amortization of capitalized development costs 1,049 1,452 Automotive research and development costs recognized in the income statement3 (%) 8.5 10.6 1 Automotive capitalized development costs in relation to automotive research and development costs. 2 Automotive research and development costs in relation to automotive sales revenue. 3 Automotive research and development costs recognized in the income statement in relation to automotive sales revenue. Quarterly Statement – Business development
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10 RESULTS OF OPERATIONS AND FINANCIAL POSITION RESULTS OF OPERATIONS The Porsche AG Group generated sales revenue of €25,282 million in the first nine months of 2026. This is a decrease of 5.9% on the prior-year period (prior year: €26,864 million) and was largely due to lower vehicle sales coupled with positive product mix and price effects. By the end of the third quarter of 2026, the Porsche AG Group had sold 176,081 vehicles. This is an 11.1% decrease in unit sales compared to the prior-year period (prior year: 198,055 vehicles). Vehicle sales of the Cayenne developed positively and it was the best-selling model series with 60,583 vehicles (prior year: 56,945 vehicles). The all-electric Cayenne accounted for 7,813 of these vehicles. Vehicle sales of the 911 rose significantly compared to the prior-year period (up 4,271 vehicles; up 11.9%). The Macan saw a decrease to 51,268 vehicles (prior year: 61,483 vehicles). The decline can be attributed to the effect of the ramp-up of the all-electric variant of the Macan in the prior-year period and the expiration of tax credits for electric and hybrid vehicles in the USA. Vehicle sales of the all-electric Macan came to 21,725 vehicles. Sales of the Taycan also fell, with 9,205 vehicles sold (down 8.9%), as did sales of the Panamera, with 13,033 vehicles sold (prior year: 19,300 vehicles; down 32.5%). The decline affecting the Panamera was primarily attributable to the challenging market conditions in the region China. The decline in sales of the 718 Boxster/Cayman to 1,913 vehicles (prior year: 14,416 vehicles) was due to limited model availability as a result of the model series being phased out. Vehicle sales of the Porsche AG Group by model series Units Q1-Q3 2026 Q1-Q3 2025 911 40,079 35,808 718 Boxster/Cayman 1,913 14,416 Macan 51,268 61,483 Cayenne 60,583 56,945 Panamera 13,033 19,300 Taycan 9,205 10,103 Vehicle sales 176,081 198,055 In regional terms, vehicle sales in North America excl. Mexico totaled 58,808 units, which was on a par with the prior-year period. The region Germany saw a decrease to 18,484 vehicles (down 4.0%), as did the region Europe without Germany to 45,671 vehicles (down 9.5%). The decline in both regions is primarily attributable to the discontinuation of the 718 Boxster/Cayman model series and the ramp-up of the all-electric variant of the Macan in the prior-year period. The region China incl. Hong Kong recorded a decline of 33.9% to 19,623 vehicles sold. This continues to reflect the challenging market situation, primarily in the luxury segment, as well as the fierce competition, primarily in the all-electric segment, in the Chinese market. The focus of the Porsche AG Group remained on value-oriented sales in the region aimed at balancing supply and demand. The region Overseas and Emerging Markets recorded a decrease of 15.8% to 33,495 vehicles. The decline is partly due to the discontinuation of the 718 Boxster/Cayman model series and the effect of launching the all-electric Macan in the prior-year period. Vehicle sales of the Porsche AG Group by region Units Q1-Q3 2026 Q1-Q3 2025 Germany 18,484 19,249 Europe without Germany 45,671 50,452 North America1 58,808 58,869 China2 19,623 29,703 Overseas and Emerging Markets 33,495 39,782 Vehicle sales 176,081 198,055 1 Excl. Mexico. 2 Incl. Hong Kong. Quarterly Statement – Results of operations and financial position
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11 Cost of sales decreased by €3,191 million to €20,400 million (prior year: €23,590 million), a year-on-year decline in proportion to sales revenue (80.7%; prior year: 87.8%). This primarily reflected additional expenses related to the strategic realignment, which were, however, lower than in the prior-year period. They included reversals of provisions in connection with the realignment of the product strategy following the outcome of negotiations. Gross profit increased accordingly by 49.2% to €4,883 million (prior year: €3,273 million), therefore resulting in a gross margin of 19.3% (prior year: 12.2%). Distribution expenses fell to €1,946 million compared to the prior-year period (prior year: €2,046 million) and, in proportion to sales revenue, stood at 7.7% (prior year: 7.6%). Administrative expenses increased by €84 million to €1,496 million and, as a proportion of sales revenue, to 5.9% (prior year: 5.3%). Net other operating result increased by €70 million to €294 million (prior year: €224 million). Accordingly, the operating profit of the Porsche AG Group increased by €1,695 million to €1,735 million in the first nine months of 2026 (prior year: €40 million). The operating return on sales of the Porsche AG Group stood at 6.9% (prior year: 0.2%). In the first nine months of 2026, the financial result amounted to €589 million (prior year: €69 million). The increase is primarily attributable to the completed sale of the investments in Bugatti Rimac and the Rimac Group as part of the strategic realignment. Income taxes increased year on year to €509 million (prior year: €–4 million), primarily due to the higher profit before tax. In the prior year, taxes were lower due to the special effect resulting from the reduction in corporate tax from 2028 onward. The tax rate for the Porsche AG Group stood at 21.9% (prior year: –4.1%). Profit after tax increased by €1,701 million to €1,815 million in the current reporting period. Earnings per ordinary share came to €2.06 (prior year: €0.13) and per preferred share to €2.07 (prior year: €0.14). Condensed income statement of the Porsche AG Group € million Q1-Q3 2026 Q1-Q3 2025 Sales revenue 25,282 26,864 Cost of sales –20,400 –23,590 Gross profit 4,883 3,273 Distribution expenses –1,946 –2,046 Administrative expenses –1,496 –1,411 Net other operating result 294 224 Operating profit 1,735 40 Return on sales (%) 6.9 0.2 Financial result 589 69 Profit before tax 2,324 110 Income tax expense –509 4 Profit after tax 1,815 114 Quarterly Statement – Results of operations and financial position
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12 Automotive results of operations Automotive operating profit of €1,493 million in the first nine months of 2026 was up €1,721 million on the figure of the prior-year period (prior year: €–228 million). With automotive sales revenue of €22,143 million, automotive return on sales stood at 6.7% (prior year: –1.0%). Automotive EBITDA increased by €988 million to €3,831 million (prior year: €2,843 million) and the automotive EBITDA margin stood at 17.3% (prior year: 11.9%). Automotive EBITDA margin € million Q1-Q3 2026 Q1-Q3 2025 Automotive operating profit 1,493 –228 Depreciation, amortization and impairment losses 2,338 3,071 Automotive EBITDA 3,831 2,843 Automotive sales revenue 22,143 23,833 Automotive EBITDA margin (%) 17.3 11.9 Financial services results of operations Financial services sales revenue increased to €3,325 million (prior year: €3,239 million). Financial services operating profit increased to €241 million in the first nine months of 2026 (prior year: €220 million). The increase was mainly due to a higher margin and a larger portfolio. Financial services return on sales thus stood at 7.3% (prior year: 6.8%). Demand for the products and services of the financial services segment, which is calculated as the ratio of leased or financed new vehicles to the total number of deliveries in the markets of the segment (penetration rate), stood at 39.5% as of September 30, 2026 (prior year: 41.3%). In the regions Germany, North America excl. Mexico, and China incl. Hong Kong, demand for financial services declined on the prior-year period, while demand increased in Europe without Germany and in Overseas and Emerging Markets. The overall number of customer contracts for financing and leasing of the Porsche AG Group, including its cooperation partners, was down 2.5% to 346 thousand contracts as of September 30, 2026 (December 31, 2025: 355 thousand contracts). Quarterly Statement – Results of operations and financial position
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13 FINANCIAL POSITION In the first nine months of 2026, cash flows from operating activities of the Porsche AG Group amounted to €2,734 million, up on the prior-year period (prior year: €2,649 million). The increase was primarily due to the higher profit before tax compared to the prior-year period. By contrast, there were higher outflows from working capital compared to the prior-year period as well as changes in pension provisions, which were primarily due to the cash outflows for the further funding of pension obligations. Cash outflows in working capital of €1,571 million (prior year: cash outflows of €913 million) comprised the inflows in the automotive segment as well as outflows in the financial services segment relating to changes in leased assets of €976 million (prior year: cash outflows of €1,484 million) and receivables from financial services of €500 million (prior year: cash outflows of €338 million). Cash outflows from investing activities came to €1,898 million (prior year: cash outflows of €2,565 million). The decline on the prior-year period was mainly due to lower cash outflows from investing activities of current operations in the automotive segment. Cash outflows within the Porsche AG Group from the change in investments in securities and time deposits and loans stood at €1,143 million (prior year: cash outflows of €423 million). Cash outflows from financing activities of €1,040 million (prior year: cash outflows of €1,233 million) largely related to the dividend payments of €916 million (prior year: €2,101 million). In addition, there were cash outflows from the change in other financing activities of €157 million (prior year: cash inflows of €868 million). Condensed cash flows of the Porsche AG Group € million Q1-Q3 2026 Q1-Q3 2025 Cash and cash equivalents at beginning of period 4,996 6,384 Profit before tax 2,324 110 Income taxes paid –486 –687 Depreciation, amortization and impairment losses1 3,229 3,893 Gain/loss on disposal of non-current assets and equity investments –549 125 Share of profit or loss of equity-accounted investments 52 55 Change in pension provisions –398 188 Other non-cash expense/income 132 –121 Change in working capital –1,571 –913 Change in inventories 105 –332 Change in receivables (excluding financial services) –273 –473 Change in liabilities (excluding financial liabilities) –14 383 Change in other provisions 86 1,331 Change in leased assets –976 –1,484 Change in financial services receivables –500 –338 Cash flows from operating activities 2,734 2,649 Investing activities of current operations –755 –2,142 Change in investments in securities and time deposits and loans –1,143 –423 Cash flows from investing activities –1,898 –2,565 Capital contributions 33 – Dividends –916 –2,101 Change in other financing activities –157 868 Cash flows from financing activities –1,040 –1,233 Effect of exchange rate changes on cash and cash equivalents 21 –38 Change of loss allowance within cash & cash equivalents 0 0 Net change in cash and cash equivalents –184 –1,187 Cash and cash equivalents at end of period 4,812 5,198 1 Offset against reversals of impairment losses. Quarterly Statement – Results of operations and financial position
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14 Automotive financial position Automotive cash flows from operating activities decreased by €141 million to €3,314 million (prior year: €3,455 million). These include cash outflows of €500 million resulting from the further funding of pension obligations. In the first nine months of 2026, cash inflows in automotive working capital had an effect of €128 million (prior year: cash inflows of €937 million). The change in inventories resulted in cash inflows of €101 million (prior year: cash outflows of €303 million). This change was primarily due to the launch and discontinuation of various model series. Cash outflows from the change in receivables stood at €81 million (prior year: cash outflows of €408 million). Cash inflows from the change in liabilities stood at €6 million (prior year: cash inflows of €308 million). Cash inflows of €101 million resulting from the change in other provisions include non-cash income from the reversals of provisions in connection with the realignment of the product strategy following the outcome of negotiations (prior year: cash inflows of €1,340 million). In the prior-year period, the figures included additional expenses in connection with the strategic realignment. Compared to the prior-year period, cash outflows from the investing activities of current operations decreased to €816 million (prior year: €2,115 million). Automotive capital expenditure amounted to €1,167 million (prior year: cash outflows of €1,235 million). Additions to capitalized development costs also decreased to €570 million during the same period (prior year: cash outflows of €763 million). → Research and development Cash inflows from the change in equity investments totaled €902 million (prior year: cash outflows of €130 million) and were primarily attributable to the completed sale of the investments in Bugatti Rimac and the Rimac Group as part of the strategic realignment. By the end of the third quarter of 2026, automotive net cash flow had increased to €2,498 million (prior year: €1,340 million). The automotive net cash flow margin rose to 11.3% (prior year: 5.6%) due to lower cash outflows from investing activities. This change is primarily attributable to the cash inflows from the completed sale of the investments in Bugatti Rimac and the Rimac Group as part of the strategic realignment. Automotive net cash flow € million Q1-Q3 2026 Q1-Q3 2025 Cash flows from operating activities 3,314 3,455 Change in working capital 128 937 Change in inventories 101 –303 Change in receivables (excluding financial services) –81 –408 Change in liabilities (excluding financial liabilities) 6 308 Change in other provisions 101 1,340 Investing activities of current operations1 –816 –2,115 Investments in intangible assets (excluding capitalized development costs) and property, plant and equipment –1,167 –1,235 Additions to capitalized development costs –570 –763 Changes in equity investments 902 –130 Automotive net cash flow 2,498 1,340 1 Including cash received from disposal of intangible assets and property, plant and equipment. As of September 30, 2026, automotive net liquidity increased by €884 million to €8,230 million compared to the end of the fiscal year 2025, mainly due to cash inflows from automotive net cash flow. Cash outflows from dividend payments had an offsetting effect. At the end of the third quarter of 2026, cash and cash equivalents had decreased by €221 million to €5,530 million (December 31, 2025: €5,751 million). In the same period, securities and time deposits and loans increased by €477 million to €4,444 million. Automotive third-party borrowings decreased to €1,744 million (December 31, 2025: €2,371 million). Automotive net liquidity € million Sep. 30, 2026 Dec. 31, 2025 Cash and cash equivalents 5,530 5,751 Securities and time deposits and loans 4,444 3,967 Gross liquidity 9,974 9,717 Total third-party borrowings –1,744 –2,371 Automotive net liquidity 8,230 7,346 Quarterly Statement – Results of operations and financial position
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15 REPORT ON EXPECTED DEVELOPMENTS, RISKS AND OPPORTUNITIES REPORT ON EXPECTED DEVELOPMENTS 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, contains 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 the 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 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 effects from divestitures are not included in the projected automotive net cash flow margin. Based on these assumptions and taking into account changes in the geopolitical and economic environment, the Porsche AG Group’s forecast adjusted as of the third quarter of 2026 is as follows: Forecast of the Porsche AG Group Original forecast 2026 Adjusted forecast 2026 Actual business development 2025 Annual Report 2025 Quarterly Statement Sep. 30, 2026 Porsche AG Group Sales revenue € billion 36.3 35 to 36 35 to 36 Return on sales % 1.1 5.5 to 7.5 5.5 to 7.5 Automotive segment Automotive net cash flow margin % 4.7 3 to 5 5.5 to 7.5 Automotive EBITDA margin % 13.3 15 to 17 15 to 17 Automotive BEV share % 22.2 24 to 26 24 to 26 REPORT ON RISKS AND OPPORTUNITIES The Porsche AG Group presented its risks and opportunities in the ↗ Report on risks and opportunities of the half-year financial report 2026. The overall conclusion that, based on the information and assessments available as of the reporting date, the risk of a development jeopardizing the group’s ability to continue as a going concern materializing is sufficiently improbable, remains unchanged. Quarterly Statement – Report on expected developments, risks and opportunities
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16 SELECTED FINANCIAL INFORMATION CONSOLIDATED INCOME STATEMENT OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO SEPTEMBER 30, 2026 (CONDENSED) € million Q1-Q3 2026 Q1-Q3 2025 Sales revenue 25,282 26,864 Cost of sales –20,400 –23,590 Gross profit 4,883 3,273 Distribution expenses –1,946 –2,046 Administrative expenses –1,496 –1,411 Net other operating result 294 224 Operating profit 1,735 40 Share of profit or loss of equity-accounted investments 527 –55 Interest result and other financial result 61 124 Financial result 589 69 Profit before tax 2,324 110 Income tax income/expense –509 4 Profit after tax 1,815 114 thereof profit attributable to shareholders 1,880 125 thereof profit attributable to non-controlling interests –65 –11 Basic/diluted earnings per ordinary share in € 2.06 0.13 Basic/diluted earnings per preferred share in € 2.07 0.14 Quarterly Statement – Selected financial information
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17 CONSOLIDATED STATEMENT OF FINANCIAL POSITION OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT AS OF SEPTEMBER 30, 2026 AND AS OF DECEMBER 31, 2025 (CONDENSED) € million Sep. 30, 2026 Dec. 31, 2025 Assets Non-current assets 31,900 32,777 Intangible assets 7,779 8,243 Property, plant and equipment 10,071 10,109 Leased assets 5,870 5,593 Financial services receivables 5,629 5,122 Equity-accounted investments, other equity investments, other financial assets, other receivables and deferred tax assets 2,551 3,710 Current assets 20,946 19,938 Inventories 6,041 6,006 Financial services receivables 2,080 1,904 Trade receivables, other financial assets and other receivables 4,173 4,421 Tax receivables 210 302 Securities and time deposits 3,402 2,307 Cash and cash equivalents 4,761 4,996 Assets held for sale 278 – Total assets 52,846 52,715 Equity and liabilities Equity 23,569 23,121 Equity attributable to Porsche AG shareholders 23,475 22,991 Non-controlling interests 94 130 Non-current liabilities 15,455 15,474 Provisions for pensions and similar obligations 2,842 3,530 Financial liabilities 7,015 6,523 Other liabilities 5,598 5,421 Current liabilities 13,822 14,121 Financial liabilities 4,564 4,908 Trade payables 2,942 3,244 Other liabilities 6,175 5,968 Liabilities associated with assets held for sale 141 – Total equity and liabilities 52,846 52,715 Quarterly Statement – Selected financial information
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18 CONSOLIDATED STATEMENT OF CASH FLOWS OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FROM JANUARY 1 TO SEPTEMBER 30, 2026 (CONDENSED) € million Q1-Q3 2026 Q1-Q3 2025 Cash and cash equivalents at beginning of period 4,996 6,384 Profit before tax 2,324 110 Income taxes paid –486 –687 Depreciation, amortization and impairment losses¹ 3,229 3,893 Gain/loss on disposal of non-current assets and equity investments –549 125 Share of profit or loss of equity-accounted investments 52 55 Other non-cash expense/income 132 –121 Change in inventories 105 –332 Change in receivables (excluding financial services) –273 –473 Change in liabilities (excluding financial liabilities) –14 383 Change in pension provisions –398 188 Change in other provisions 86 1,331 Change in leased assets –976 –1,484 Change in financial services receivables –500 –338 Cash flows from operating activities 2,734 2,649 Investments in intangible assets (excluding capitalized development costs) and property, plant and equipment –1,173 –1,262 Additions to capitalized development costs –570 –763 Change in equity investments 925 –131 Cash received from disposal of intangible assets and property, plant and equipment 64 14 Change in investments in securities and time deposits and loans –1,143 –423 Cash flows from investing activities –1,898 –2,565 Capital contributions 33 – Dividends –916 –2,101 Capital transactions with non-controlling interests –17 – Proceeds from issuance of bonds 5,397 4,948 Repayments of bonds –5,170 –4,257 Increase in debt securities 0 0 Repayment of debt securities –491 –176 Changes in other financial liabilities 214 455 Repayments of lease liabilities –91 –103 Cash flows from financing activities –1,040 –1,233 Effect of exchange rate changes on cash and cash equivalents 21 –38 Change of loss allowance within cash and cash equivalents 0 0 Net change in cash and cash equivalents –184 –1,187 Cash and cash equivalents at end of period 4,812 5,198 1 Offset against reversals of impairment losses. Quarterly Statement – Selected financial information
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19 FURTHER INFORMATION ABOUT THIS STATEMENT In this quarterly statement, Dr. Ing. h.c. F. Porsche Aktiengesellschaft is referred to as “Porsche AG”. Porsche AG together with its fully consolidated subsidiaries is referred to as the “Porsche AG Group”. This quarterly statement was prepared in accordance with section 53 of the Exchange Rules for the Frankfurt Stock Exchange and does not represent an interim financial report within the meaning of International Accounting Standard (IAS) 34 Interim Financial Reporting. This quarterly statement has not been subject to a review engagement. All amounts are rounded in line with common business practice; this can lead to minor differences in total amounts. The current definition of performance indicators can be found in the combined management report for 2025. The report is available on our Investor Relations homepage. ↗ Annual and sustainability report 2025 Inclusive language is a commitment to diversity and equal opportunities. This report therefore uses gender-neutral formulations. For the sake of legibility, any exceptions only use a single form of address, be it diverse or feminine. All formulations expressly apply to all genders and gender identities equally. LEGAL NOTICE This document contains statements concerning the future that are based on the current assumptions and forecasts of Dr. Ing. h.c. F. Porsche Aktiengesellschaft. Various known and unknown risks, uncertainties, and other factors can cause the actual results, results of operations and financial position, development, or performance of Dr. Ing. h.c. F. Porsche Aktiengesellschaft and the Porsche AG Group to deviate considerably from the estimates presented herein (both positively and negatively). Porsche AG is under no obligation – without prejudice to existing obligations under capital market law – and does not intend to update statements concerning the future or correct them if the development differs from the expected result. This document uses notices and links to refer to websites containing further information outside of this publication. This is merely for supplementary purposes and is exclusively for the simplified access to information. The information contained on the websites in question is not part of this report. This document is an English translation of the original report written in German. In the case of any deviations, the German version of the document shall take precedence over the English translation. For technical reasons, there can be deviations between the accounting records contained in this document and those published due to legal requirements. FINANCIAL CALENDAR The current financial calendar can be found on the Investor Relations homepage of Porsche AG together with a range of other services including information on quoted market prices, corporate presentations and further overviews of key figures. ↗ https://investorrelations.porsche.com/en/ CONTACT INFORMATION Publisher Dr. Ing. h.c. F. Porsche Aktiengesellschaft 70435 Stuttgart Tel. +49 711 911-0 Investor Relations contact capitalmarkets@porsche.de ↗ https://investorrelations.porsche.com/en/ Quarterly Statement – Further information