The key facts

  • Porsche SE's adjusted profit for the first nine months of 2026 amounted to €0.9 billion versus €1.6 billion a year earlier — down 44%
  • The after-tax loss was €2.8 billion due to a non-cash impairment of the investment in Volkswagen
  • The annual forecast for the adjusted result was confirmed: from minus €0.5 billion to plus €1.5 billion

Profit decline and investment loss

Porsche SE — the holding company that owns 31.9% of Volkswagen shares and 53.3% of voting rights, as well as 12.5% of Porsche AG shares — published its report for the first nine months of 2026 on November 10. The group's adjusted result after taxes amounted to €0.9 billion compared with €1.6 billion a year earlier, meaning a decline of 44%. This was reported by Gazeta.Ru citing Reuters.

Causes: China, competition and restructuring

The holding's income is closely tied to Volkswagen and Porsche AG, which were affected by weak demand in China, growing competition from Chinese automakers and restructuring within the Volkswagen group. The group's result after taxes turned into a loss of €2.8 billion versus a profit of €1.2 billion a year earlier — mainly due to a non-cash loss from the impairment of the carrying value of the investment in Volkswagen.

Management's position and forecast

Porsche SE Chairman Hans Dieter Pötsch stated that Volkswagen's results showed that measures to increase competitiveness, cut costs and improve profitability must be implemented quickly, and that responsibility for carrying them out now lies with the company's management. The annual forecast for the adjusted result after taxes was confirmed in the range from minus €0.5 billion to plus €1.5 billion — this range had already been narrowed in September. Earlier, on October 29, it was reported that Volkswagen's losses grew almost sixfold for the quarter.