The second quarter of 2025 brought a noticeable weakening of profitability for Porsche and a return to disciplined "recalibration" of the entire Group. Sales fell to €18.16 billion and operating profit fell to €1.01 billion, reducing the operating margin to 5.5% compared to 15.7% a year ago. The drop was mainly due to lower volumes, exceptional costs related to the restructuring of battery operations and the impact of higher import tariffs in the US, which the company took into pricing in the first phase for the benefit of customers.

At the same time, however, we see a rapidly growing electrification of the portfolio and a solid financial health of the automotive segment: the BEV share jumped from 5.9% to 23.5%, net liquidity remains at EUR 6.17 billion and Financial Services maintained similar profitability to last year. Porsche $P911.DE thus enters the second half of the year with a more sober growth mindset, but with clear priorities in model line development and cost management.

How…