Porsche's nine-month revenue falls 5.9% amid lower deliveries

Overview

• German sports car maker's nine-month revenue fell 5.9% yr/yr amid lower deliveries

• Operating profit and return on sales rose sharply due to lower realignment costs

• Automotive net cash flow grew, boosted by Bugatti Rimac and Rimac Group stake sales

Outlook

• Porsche reaffirms full-year 2026 guidance despite challenging market conditions

• Company expects 2026 group sales revenue of €35-36 bln

• Company forecasts 2026 group operating return on sales of 5.5-7.5%

Result Drivers

• PRICING AND PRODUCT MIX - Higher proportion of high-margin models and positive pricing effects supported earnings despite lower volumes

• BUGATTI RIMAC SALE - Cash inflow from sale of Bugatti Rimac and Rimac Group stakes boosted Automotive net cash flow

• LOWER REALIGNMENT COSTS - Operating profit and return on sales rose partly due to lower costs for strategic realignment compared to previous year

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 6 "strong buy" or "buy", 10 "hold" and 7 "sell" or "strong sell"

• The average consensus recommendation for the auto & truck manufacturers peer group is "buy."

• Wall Street's median 12-month price target for Dr Ing hc F Porsche AG is €46.00, about 11.3% above its October 26 closing price of €41.33

• The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 21 three months ago

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)