Key points of the new Strategy 2035
Leiters clearly expressed his own expectations of the company: "The name Dr. Ing. h.c. F. Porsche stands for the technical excellence of a sports car manufacturer. We stand for uncompromisingly good sports cars that you want to drive yourself, that are fun, that convey performance and passion. And all this regardless of the type of powertrain." Seventy days after taking office in January, Leiters outlined the first concrete cornerstones of his Strategy 2035: "We are considering the expansion of our product portfolio in order to grow in higher-margin segments. In doing so, we are looking at models and derivatives both above our current two-door sports cars and above the Cayenne." With a view to the capital market, he added: "With Strategy 2035, we want to lay the foundations for sustainably strong cash flow, strong results and margins that are appropriate for Porsche."
Emotive new sports cars in 2025 and 2026
In 2025, two top derivatives celebrated their world premiere. In September, Porsche presented the new 911 Turbo S. An innovative bi-turbo powertrain with T-Hybrid technology makes the series flagship the most powerful production 911 of all time. In November, the company celebrated the world premiere of the all-electric Cayenne. It sets new standards in the SUV segment and is the most powerful production Porsche ever built. The new Cayenne Electric complements the existing offer of combustion-engined and plug-in hybrid models in the model series and underlines Porsche’s continued commitment to a mix of powertrain types. In 2026, Porsche will also present emotive new derivatives with which the sports car manufacturer wants to inspire its global customers and fans.
Challenging financial year with extraordinary expenses
The 2025 financial year was challenging. Group sales revenue declined to 36.27 billion euros in 2025 (2024: 40.08 billion euros). Group operating profit fell from 5.64 billion euros to 413 million euros. The reasons for this were, among other things, extraordinary expenses of approximately 3.9 billion euros. These consist of the realignment of the product strategy and the rescaling of the company (approximately 2.4 billion euros), additional expenses from battery activities (approximately 700 million euros) and US tariffs (approximately 700 million euros). The Group operating return on sales was 1.1 per cent (2024: 14.1 per cent), which was within the last adjusted forecast. The Automotive EBITDA margin fell to 13.3 per cent (2024: 22.7 per cent). This was above the last adjusted forecast. "Porsche had enormous challenges to fight worldwide in 2025", reported Dr Jochen Breckner, Member of the Executive Board for Finance and IT. “The global challenges and the company's realignment impacted earnings in 2025. In 2026, our recalibration measures will continue to have one-off effects on earnings in the high three-digit million euros range. In order to secure adequate margins by Porsche standards in the medium term and strengthen our resilience in the long term, we accept these burdens."
Dividend adjusted due to charges
Automotive net cash flow was 1.51 billion euros (2024: 3.73 billion euros). The resulting Automotive net cash flow margin of 4.7 per cent (2024: 10.2 per cent) was within the adjusted range. The share of purely battery-powered electric vehicles (automotive BEV share) was 22.2 per cent (2024: 12.7 per cent) and thus above the originally expected range. Deliveries to customers declined in the 2025 financial year. Overall, the sports car manufacturer delivered 279,449 vehicles. This was 10.1 per cent less than in the previous year (2024: 310,718 vehicles). Despite the challenging conditions, Porsche is in a strong financial position. High net liquidity and a healthy balance sheet give the company flexibility and resilience. Earnings per ordinary share amounted to 0.47 euros in 2025, while earnings per preferred share amounted to 0.48 euros. The Executive Board and Supervisory Board will propose a dividend of 1.00 euros per ordinary share and 1.01 euros per preferred share to the Porsche AG Annual General Meeting. Due to the extraordinary burdens of 2025, the dividend will therefore be significantly reduced compared to the previous year, but is significantly higher than the original guideline of 50 per cent.
Forecast for 2026
Porsche AG is again anticipating very challenging market conditions for the 2026 financial year. For example in China, the luxury segment remains under pressure, and intense price competition, especially for fully electric vehicles, continues to have an impact. Porsche also expects geopolitical uncertainties and the US tariff policy to remain in place. The potential impact of recent developments in the Middle East, however, have not been taken into account. Based on these assumptions and additional one-off effects, Porsche expects a higher Group operating return on sales in the range of 5.5 to 7.5 per cent for the 2026 financial year. This forecast includes assumed sales revenue in the range of around 35 to 36 billion euros. Porsche also expects a higher Automotive net cash flow margin, ranging between 3 and 5 per cent.
| Porsche AG Group | FY 2025 | FY 2024 | Change |
|---|---|---|---|
| Sales revenue | €36.27 billion | €40.08 billion | -9.5% |
| Operating profit | €0.41 billion | €5.64 billion | -92.7% |
| Operating return on sales | 1.1% | 14.1% | |
| Deliveries to customers | 279,449 | 310,718 | -10.1% |
The Annual and Sustainability Report 2025 will be available in the Porsche Newsroom from 10:00 a.m. CET on 11 March, 2026.
Disclaimer
This press release 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 materializes 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.
