Porsche AG (P911 GR): Hold: Waiting for an acceleration

研报英文原文证据摘录

Porsche AG (P911 GR): Hold: Waiting for an acceleration

Equities ● Automobiles

30 July 2026

After the 2Q26 call – key messages from management

“Future Package” and long-term savings: phasing of savings – long-term focus on products,

with the near-term focus on overheads. The programme provides long-term security and

includes measures to improve flexibility and competitiveness. It involves a workforce reduction

of 5,000 staff and cuts to bonuses to increase competitiveness and flexibility. The programme

targets multi-billion savings through 2035, with an EUR mid three-digit million amount of steady-

state benefit to profit and cash projected by management. They expect the first meaningful

benefit in 2028, with it building up thereafter.

Incremental expenses for the “Future Package” include strategic realignment costs of cEUR0.3-

0.4bn in 2H26 along with a low EUR three-digit million cost in 2027, according to management.

2026 RoS/NCF guidance was confirmed, while noting that given the strong 1H26 performance,

2H26 should be arithmetically weaker. Extraordinary expenses were a cumulative EUR100m in

1H26, which management expect will increase to EUR800-900m for the full year, implying

EUR700m still to come in 2H26. In terms of costs, management expect FX to be stable vs

1H26, R&D slightly higher due to seasonality/cycle plan, and raw material costs unchanged.

Capitalisation may show some volatility, but management do not expect it to change much vs

45% in 1H26. They expect cash one-off payments to be higher in 2H26, with a EUR600-700m

payment remaining for the Audi license fee (vs 1H26 at EUR300m of the total EUR1bn).

2027 operational items: For 2027, management indicate volumes will be lower with the final

run-out of ICE Macan (only a few left).