Details of Forecast Adjustments
- Revenue Expectation: Reduction from €39–40 billion to €37–38 billion.
- Operating Margin: Target corridor lowered by 3.5 percentage points to 6.5–8.5% (2024: 14.1%).
- Increased Costs: Increase of special expenses from the planned €0.8 billion to now €1.3 billion, primarily due to the strategic shift regarding high-performance batteries at the subsidiary Cellforce.
Key Factors
Battery Strategy and Tariffs
Porsche foregoes independent expansion of battery cell production through Cellforce, which incurs additional costs. At the same time, US tariffs on EU-imported vehicles impact results – initially considered for April/May.
Chinese Market Under Pressure
Sales of electric vehicles in China remain weak, leading to supply adjustments and higher support costs for suppliers. Demand for premium vehicles continues to deteriorate.
Investor Relevance as a DAX Company
The forecast downgrade is immediately reflected in the stock price: The Porsche share lost an additional 2.8% at the Tradegate trading venue shortly after the announcement and has nearly halved in value over the past year. This increases pressure on the VW Group, as the majority owner, to consolidate costs.
In the long term, the decreased operating margin jeopardizes the targeted EBIT margin of over 20%, raising structural questions about the profitability of the electric conversion. The quarterly results expected the following day could provide further details on crisis management.