Porsche Pre-Close Call Q2 2025
Stuttgart, July 9
DR. ING. H.C. F. PORSCHE AG
Disclaimer
Following our Q2 sales release on July 8th 2025, the Q2 Pre-Close call aims to provide all analysts and investors with the contents of that sales release, the most recent management statements at roadshows, conferences, and events. We also refer to the relevant messages from the Q1 earnings call and relevant public statements that we have made in the interim period.
The remarks, comments and explanations in this Pre-Close call contain forward-looking statements on the business development of Porsche AG. These statements are based on assumptions relating to the development of the economic, political and legal environment in individual countries, economic regions and markets, and in particular for the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given entail a degree of risk, and actual developments may differ from those forecasts. All figures are rounded, so minor discrepancies may arise from addition of these amounts.
Please note there will be no individual Pre-Close calls since we enter our quiet period right after this call. The Pre-Close call does not contain information on the financial results for Q2 and H1 2025. All documents including the Half Year Financial Report 2025 will be disclosed on our Investor Relations website on the day of the earnings release, July 30th 2025.
Automotive – Deliveries
H1 Results 2024 vs. 2025
Model Distribution, in K Units
| Model | H1 2025 (K Units) | H1 2024 (K Units) | Change |
|---|---|---|---|
| Macan | [25.884] | [19.253] | ▶ +15% |
| Cayenne | 41.873 | 54.587 | ▼ -23% |
| 911 | 25.608 | 28.212 | ▼ -9% |
| Panamera | 14.975 | 13.255 | ▶ +13% |
| 718 | 10.496 | 11.886 | ▼ -12% |
| Taycan | 8.302 | 8.838 | ▼ -6% |
Key Points on Model Distribution:
- Around 36% of all vehicles delivered in H1 2025 were electrified, and nearly one in four Porsche vehicles was fully electric.
- Macan sales grew by 15% in the first half of the year.
- Decrease in Cayenne deliveries was largely due to catch-up effects from the prior-year period and ongoing model transitions.
- Decline in the iconic 911 was due to strong final sales of the predecessor model last year and staggered product launches of new derivatives.
- Panamera sports sedan also sees solid growth.
- 718 sales decreased because of limited model availability as a result of EU cybersecurity regulations.
Regional Distribution
H1 2024: Total Deliveries: 155,945 units.
- Germany: 18%
- China: 19%
- North America: 25%
- Overseas and Emerging Markets: 13%
- Europe (excl. GER): 25%
H1 2025: Total Deliveries: 146,391 units.
- Germany: 11%
- China: 14%
- North America: 21%
- Overseas and Emerging Markets: 24%
- Europe (excl. GER): 30%
Key Points on Regional Distribution:
- Sales structure across the global regions remains well-balanced.
- North America had its strongest first half ever, mainly due to higher product availability in the market and the price protection offered in the first half of the year due to increased import tariffs.
- Deliveries increased in Overseas and Emerging Markets, achieving a new all-time high.
- A continued tense economic situation was noted, especially in the luxury segment in China, with a focus on value-oriented sales.
- Decline in Europe and Germany was partly due to a strong prior-year period with catch-up effects from 2023.
Footnotes: 1 Excl. Mexico, 2 incl. Hong Kong
Porsche AG – Performance
Key Developments in Q2 2025
Message:
- Pushing ahead with extensive strategic rescaling and recalibration measures.
- Around €200 million in expenses expected in Q2.
- Year-to-date registered around 50% of the budgeted full-year charges of €800 million.
Battery Activities:
- Around €500 million in expenses expected in Q2 for battery activities, mainly related to the impairment for Cellforce Group.
Tariffs:
- Porsche absorbed the impact of rising U.S. import tariffs by guaranteeing pricing for customers as of April 2.
- This is expected to result in an estimated burden for the months of April and May of approximately €300 million.
Continued Generational Change in the Executive Board:
- Porsche is also continuing the long-planned generational change to its Executive Board.
- As announced in Q2, Vera Schalwig will assume responsibility for the Human Resources and Social Affairs division, succeeding Andreas Haffner.
- At the same time, Joachim Scharnagl will take over the Procurement division from Barbara Frenkel.
