Porsche SE reported a loss of €2.8 billion for the first nine months of 2026

Porsche SE, the controlling holding company of Volkswagen, posted a net loss of €2.8 billion after taxes in the first nine months of 2026. In the same period last year, the company had reported a profit of €1.2 billion.

The main reason for the deterioration in financial results was the impairment of the carrying value of its stake in Volkswagen. This is a non-cash accounting loss that does not involve a direct outflow of the company's cash resources. According to Porsche SE, the prolonged difficult conditions in the automotive industry are also putting pressure on its core investment assets.

Adjusted profit down 42%

Excluding one-off accounting factors such as the impairment, Porsche SE's adjusted group result after taxes fell by approximately 42% to €930 million. In the same period last year, this figure stood at €1.59 billion.

The contribution from Volkswagen's results, accounted for using the equity method, decreased from €1.7 billion to €800 million. In contrast, the result from the company's 25% stake in Porsche AG rose from €100 million to €200 million.

The group's net debt stood at €5.1 billion, almost unchanged from the level recorded at the end of 2025.

According to Hans Dieter Pötsch, Chairman of the Supervisory Board of Porsche SE, Volkswagen Group's quarterly results clearly show that the agreed measures to strengthen competitiveness, cut costs and improve long-term profitability must be implemented quickly. He noted that it is now the responsibility of the company's management to carry out these plans.

Smaller investments show positive results

In contrast to its core automotive investments, Porsche SE's relatively small investment portfolio showed growth. The after-tax result from this segment increased from €13 million to €135 million, supported in part by the revaluation of its stake in Quantum Systems.

The carrying value of the portfolio grew from €535 million to €669 million.

In addition, during the reporting quarter, Porsche SE acquired a stake in the American space company Stoke Space Technologies. The size of the investment amounted to tens of millions of dollars.

Court dispute resolved in favor of Porsche SE

The company also won a significant legal dispute. Germany's Federal Court of Justice rejected claims brought by 40 plaintiffs, mainly American hedge funds. They had sought €5.4 billion plus additional interest from Porsche SE in connection with the process of acquiring its stake in Volkswagen.

The court's ruling is final, meaning the related lawsuits must now be dismissed.

2026 outlook

For the full year 2026, Porsche SE forecasts its adjusted group result after taxes to be in the range of minus €500 million to plus €1.5 billion. The company expects net debt to reach €4.7-5.2 billion.

The forecast depends on the financial outlook of Volkswagen and Porsche AG. It also assumes that current tariffs remain unchanged and does not account for the potential impact of ongoing conflicts in the Middle East.

Overall, Porsche SE's financial position remains heavily dependent on its core automotive investments. Despite positive results from the revaluation of stakes in smaller companies and the win in the court dispute, the impairment related to Volkswagen had a sharply negative effect on the holding company's overall performance.