Overview

Porsche SE, the holding company that controls Volkswagen, posted an after‑tax loss of €2.8 billion for the first nine months of 2026, reversing a €1.2 billion profit recorded for the same period in 2025. The loss is primarily attributable to a non‑cash impairment on the carrying amount of its Volkswagen stake.

Financial Performance

  • Adjusted group result after tax, which excludes the impairment and other non‑recurring items, declined about 42 % to €930 million, down from €1.59 billion a year earlier.
  • The result from accounting for Volkswagen on an equity basis fell to €0.8 billion from €1.7 billion.
  • Contribution from Porsche AG’s 25 % stake increased to €0.2 billion from €0.1 billion.
  • Group net debt stood at €5.1 billion at the end of September 2026, virtually unchanged from the end of 2025.

Portfolio of Smaller Investments

  • After‑tax result from the portfolio of smaller investments rose to €135 million from €13 million, driven by a revaluation of the stake in Quantum Systems, whose carrying amount increased to €669 million from €535 million.
  • Porsche SE acquired a stake in U.S. space company Stoke Space Technologies during the quarter, with an investment described as “low double‑digit millions of dollars”.

Legal Outcome

  • Germany’s Federal Court of Justice dismissed appeals by 40 plaintiffs, mainly U.S. hedge funds, seeking €5.4 billion plus interest over Porsche SE’s earlier build‑up of its Volkswagen stake. The ruling is final and the related lawsuits will be dismissed.

Outlook for 2026

  • Porsche SE forecasts an adjusted group result after tax ranging from a negative €0.5 billion to a positive €1.5 billion for the full year 2026.
  • Net debt is projected to lie between €4.7 billion and €5.2 billion.
  • The outlook assumes current tariffs remain in place and excludes any impact from Middle East conflicts.

Management Commentary

  • Chairman Hans Dieter Pötsch stated that Volkswagen Group’s quarterly results demonstrate the need for swift implementation of agreed measures to strengthen competitiveness, reduce costs, and sustainably improve profitability, and that it is now management’s task and responsibility to deliver.