Porsche AG: Still a long ways to go

研报英文原文证据摘录

Porsche AG: Still a long ways to go

30 July 2026

Stephen Reitman

+44 20 7762 5535

European Automobiles & Components stephen.reitman@bernsteinsg.com

Dr Ing hc F Porsche AG Steve Pereira Fernandes, CFA

+44 20 7676 7254

Rating steve.pereira-fernandes@bernsteinsg.com

Market-Perform Gali Salvatorelli Naraghi

Price Target +44 20 7676 6741

gali.salvatorelli-naraghi@bernsteinsg.com

P911.GR 47.00 EUR (45.00 OLD)

Harry Martin, CFA

+44 20 7676 8965

harry.martin@bernsteinsg.com

After cutting its FY guidance on four separate occasions during the course of 2025, Porsche

Close Date 29 Jul 2026

(P911) has completed the first half of 2026 with less drama and once again confirmed its

P911.GR Close Price (EUR) 44.28

reported profit guidance at its 2Q26 results on 29 July. Its parent company Volkswagen

Price Target (EUR) 47.00

(owns just under 75% of P911 ordinary shares) had already reported its 2Q/1H26 results

Upside/(Downside) 6%

on 24 July, and so we already had a fairly good indication of P911’s 2Q/1H26 performance

52-Week Range 50.66/35.46

although some of the precise details, especially surrounding the scale of provision write-

EDME 1,601.43

backs had been withheld until P911 fully reported. In the event, settlements with suppliers

FYE Dec

had enabled P911 to release around €300m of provisions set aside during 2025 in

Div Yield 2.3%

connection with the adjustment of the product strategy. The €300m provision release largely

Market Cap (EUR) (M) 40,339

offset €300m of fresh charges in 2Q26. Without the provision release but including the

EV (EUR) (M) 45,113

charge, the reported 8.9% automotive margin in 2Q26 would have been closer to 5.0%.

Performance YTD 1M 6M 12M

A bumper quarter for the 911 range Although Porsche’s vehicle sales (wholesales to Absolute (%) (2.9) 4.2 7.1 3.0