Porsche AG (P911_p.DE): 2Q26 margin beat with strong underlying performance, auto cashflow above GSe

Research evidence excerpt

Porsche AG (P911_p.DE): 2Q26 margin beat with strong underlying performance, auto cashflow above GSe

Equity Research

29 July 2026 | 7:13AM BST

Porsche AG (P911_p.DE): 2Q26 margin beat with strong underlying

performance, auto cashflow above GSe

Porsche AG reported 2Q26 results today (29th July). Porsche 2026 consensus Christian Frenes

+44(20)7051-8641 |

EPS is likely to move up LSD on stronger underlying business, driven by 911 christian.frenes@gs.com

Goldman Sachs International

model mix in-line with our thesis. We remain Buy rated.

Robert Triulzi

+44(20)7552-2281 |

2Q26 above expectations: Porsche AG reported 2Q group EBIT of €753mn, above robert.triulzi@gs.com

company-compiled consensus (€713mn / GSe €785mn). Sales revenues were in line

Shivam Kotechawith consensus (€8.80bn / GSe €9.24bn) resulting in a 2Q margin of 8.5% (consensus +1(332)245-7822 |

8.1%, GSe 8.5%). The quarter was burdened by GSe €300mn restructuring charges, shivam.kotecha@gs.comGoldman Sachs India SPL

which were fully offset by a provision release of GSe €300mn. Revenue per Vehicle Monika Mengting Liu, CFA

for the quarter was above our expectations at €126k (GSe €125k) driven by strong +44(20)7051-7601Goldman Sachs International| monika.liu@gs.com

share of top-end 911 models GTS, Turbo and GT models. Porsche reported 2Q EPS

of €0.81(consensus €0.57, GSe €0.64) benefiting from a lower tax rate of 17% vs GSe

30%.

Auto net cash flow above GSe, driven by better operating and working capital:

Porsche reported 2Q auto net cash flow at €506mn, below consensus (consensus

€608mn) but above our estimate (GSe €344mn), driven by better operating business,

working capital but also burdened by a €0.3bn pension liabilities. For 2Q26, the

company had lower spend on R&D €517mn (GSe €596mn) and lower capitalisation