Porsche’s nine-month results paired a sharp operating-profit rebound with falling revenue and deliveries, while the German automaker said reduced exposure to China has made it less dependent on that market.
Operating profit reached €1.74 billion ($1.94 billion), compared with €40 million in the same nine-month period of 2025, when Porsche recorded about €2.7 billion in strategic restructuring costs. Revenue totaled €25.28 billion, down 5.9%, and deliveries fell 16% to 178,532 vehicles. North America had more sales by volume than any other region. Volkswagen-owned Porsche published its third-quarter results Tuesday.
Chief Financial Officer Jochen Breckner said at a Tuesday earnings webcast that Porsche had “significantly reduced our exposure to China.” He said the move made the company less dependent on conditions in that market. CNBC reported that Porsche’s China sales have declined sharply in recent years as Chinese brands including BYD, Geely and Xiaomi gained ground, particularly in electric vehicles. CNBC described China as historically important for German luxury automakers, which now face a more difficult market there.
CNBC also reported that Porsche is cutting thousands of jobs in a broader cost-reduction effort as demand weakens.
CNBC said Citi analysts viewed Porsche’s first-nine-month results as broadly in line with expectations despite pressure in China. They said the company’s underlying earnings before interest and taxes held up better than those of German premium peers despite very low deliveries, higher costs and more battery-electric vehicle deliveries. The analysts saw FY2027 as a trough year, with improvement beginning in FY2028. Citi analysts cited Porsche’s plan for double-digit underlying operating profit margins and expected net cash flow to exceed IPO levels by 2031.
