Porsche reported a substantial improvement in profitability during the first nine months of 2026, despite a 16% decline in vehicle deliveries and lower revenue. The German sports car manufacturer benefited from reduced restructuring costs and the sale of its interests in Bugatti Rimac and the Rimac Group. Group revenue fell 5.9% to €25.28 billion, compared with €26.86 billion a year earlier, while operating return on sales climbed from 0.2% to 6.9%. Porsche delivered 178,532 vehicles through September, down from 212,509 during the corresponding period in 2025.
Porsche Profitability Improves as Restructuring Costs Decline
Porsche’s financial recovery partly reflects substantially lower costs associated with its strategic realignment. Those expenses declined from €2.7 billion in the first nine months of 2025 to approximately €500 million in 2026. The Automotive EBITDA margin improved to 17.3%, compared with 11.9% a year earlier. Automotive net cash flow rose from €1.34 billion to €2.50 billion, although much of that increase came from the disposal of Porsche’s Rimac investments.
Bugatti Rimac Sale Generates €984 Million
Porsche completed the sale of its stakes in Bugatti Rimac and the Rimac Group in September, generating €984 million in cash proceeds and a €593 million gain. The transaction contributed significantly to the company’s financial results and liquidity. Automotive net liquidity reached €8.23 billion on September 30, an increase of €884 million from year-end 2025. Third-quarter cash flow nevertheless faced additional charges, including €200 million related to U.S. tariffs, €250 million in pension funding and €100 million to €200 million associated with restructuring.
Porsche Deliveries Fall as Electric Vehicle Share Declines
North America remained Porsche’s largest sales region, with 56,088 vehicles delivered during the first nine months. China continued to present difficult market conditions, prompting Porsche to maintain its value-over-volume approach rather than pursue higher sales at the expense of pricing discipline. Battery-electric vehicles accounted for 21.7% of deliveries, down from 23.1% a year earlier. Porsche attributed the comparison partly to the strong initial sales ramp-up of the all-electric Macan in 2025.
Porsche Confirms 2026 Financial Outlook
Porsche reaffirmed its full-year revenue forecast of €35 billion to €36 billion and operating return on sales of 5.5% to 7.5%. It also expects an Automotive EBITDA margin of 15% to 17%, an Automotive net cashflow margin of 5.5% to 7.5%, and a battery-electric delivery share of 24% to 26%. Separately, Porsche agreed in August to sell its MHP consultancy subsidiary to Tata Consultancy Services, with completion expected within 12 months, subject to closing conditions. The companies also plan to collaborate on digital solutions and artificial intelligence.
| Metric | First nine months of 2026 |
| Group revenue | €25.28 billion |
| Revenue change | −5.9% |
| Operating return on sales | 6.9% |
| Vehicle deliveries | 178,532 (−16.0%) |
| North American deliveries | 56,088 |
| Automotive EBITDA margin | 17.3% |
| Automotive net cashflow | €2.50 billion |
| Automotive net liquidity | €8.23 billion |
| BEV share of deliveries | 21.7% |
| Bugatti Rimac/Rimac Group sale proceeds | €984 million |
| Gain on Rimac stake sales | €593 million |
| 2026 revenue forecast | €35–36 billion |
| 2026 operating return forecast | 5.5–7.5% |
Above contents © 2026 Dr. Ing. h.c. F. Porsche AG reviewed and edited by Rex McAfee , @rexmcafee 🏁
