122,306 vehicles delivered in the first half of 2026, down from 146,391 a year earlier. A 16.5 percent drop. On its own, that number looks like trouble. Look at the figures Porsche released on July 29, though, and profitability actually improved: group operating return on sales climbed to 7.8 percent, up from 5.5 percent a year before.
Consolidated revenue fell too, from €18.16 billion to €17.23 billion over the six months, a 5.1 percent decline. Operating profit went the other way, up 33.9 percent to €1.35 billion from €1.01 billion. That gap between falling revenue and rising profit comes down to cost, pricing, and product-mix management, plus the value-over-volume strategy Porsche has been running for several quarters now: sell fewer cars, but at better margins.
Realignment measures cost the company a net €100 million or so over the half. The breakdown matters here: roughly €400 million in realignment charges were largely offset by supplier settlements, which freed up close to €300 million in provisions set aside last year during the product-strategy adjustment. A year earlier, the net cost for the same period had run closer to €800 million.
One figure stands out against the falling delivery numbers: automotive net cashflow more than doubled, from €394 million to €1.02 billion, driven by stronger operating cash inflows, tighter working-capital discipline, and lower investment outflows. The automotive net cashflow margin reached 6.7 percent, against 2.4 percent a year earlier. Automotive net liquidity stood at €7.3 billion at the end of June. Porsche also topped up its pension schemes by an additional €250 million during the half.
The share of battery-electric vehicles among deliveries slipped to 19.4 percent, down from 23.5 percent. Even so, management kept its full-year guidance unchanged: revenue between €35 and €36 billion, operating return on sales between 5.5 and 7.5 percent, automotive net cashflow margin between 3 and 5 percent, automotive EBITDA margin between 15 and 17 percent, and a BEV share between 24 and 26 percent.
CEO Michael Leiters described the half as one of intensive, disciplined work on strategy, while acknowledging there’s still plenty left to do to make Porsche resilient for what comes next. CFO Jochen Breckner flagged that costs tied to the recently finalized Future Package, the labor agreement signed with the works council in late July, will weigh more heavily in the second half of 2026 and carry into 2027, each time to a three-digit-million euro figure.
On the organizational side, the executive board shrank from eight departments to seven: as of July 1, the Car-IT division was dissolved and folded into R&D. The « Sportwagenschmiede 35 » strategy, meant to set the company’s course through 2035, gets its full reveal at a Capital Markets Day on October 7.
What makes this set of numbers unusual is the direction of travel. Revenue and deliveries both fell, yet operating profit, cashflow, and net liquidity all improved at the same time. That combination doesn’t happen by accident: it takes deliberate restraint on discounting and fleet sales, and a willingness to let volume slide rather than chase it.
None of this is Porsche’s first run through a rough sales cycle. The company has weathered downturns before without walking away from its sports car lineup, a pattern that goes back decades and shows up again in how Porsche navigated past economic crises (French-language resource). The 2025 delivery slowdown that preceded this one is covered in our review of that year’s model lineup and figures (French-language resource), and the ability to protect margins in a shrinking market fits into a longer company history built on adaptation rather than sudden reversal (French-language resource). For race fans tracking the marque this season, our report on Porsche’s IMSA Michelin Endurance Cup titles clinched at Road America covers the racing side of a busy summer.
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