1) Strategy & Leadership - Porsche continues to execute its strategy, Sportwagenschmiede '35, focusing on core business and improving cost structure. - Key milestones achieved include the divestment of stakes in Bugatti Rimac and Rimac Group, and a strategic partnership for MHP. - The company emphasizes a value-over-volume approach, reducing reliance on the Chinese market.

2) Financial & Segment Results - Group revenue for the first 9 months of 2026 was EUR 25.3 billion, down approximately 6% YoY, with vehicle sales lower but strong pricing and mix effects supporting revenue quality. - Automotive revenues per vehicle sold increased to around EUR 126,000, up EUR 6,000 YoY. - Group operating profit reached EUR 1.7 billion, significantly up from EUR 40 million last year, with an operating return on sales of 6.9%. - Automotive net cash flow increased to EUR 2.5 billion, with a margin of 11.3%, compared to 5.6% last year.

3) Problems / Headwinds - The company faces inflationary pressures, costs from the transition to electric mobility, and elevated development expenses. - Strategic realignment expenses were EUR 300 million in Q3, down from EUR 1.9 billion in the same quarter last year, but still contribute to overall costs. - Vehicle sales are expected to decline significantly in 2026 due to the phaseout of certain models and changes in U.S. tax incentives for electric vehicles.

4) Operational or Product Plans - The all-electric Cayenne has been launched, contributing to a BEV share of 22% in vehicle sales year-to-date. - The Mission S concept received positive feedback, indicating strong customer interest for future product launches. - The company is evaluating production locations for the Cayenne, considering options in Leipzig and Bratislava, with no final decisions made yet.

5) Guidance & Outlook / Investor Angle - Porsche confirms its guidance for 2026, expecting an operating return on sales of 5.5% to 7.5% and automotive net cash flow margin of 5.5% to 7.5%. - The company anticipates a challenging 2027, with lower volumes and continued extraordinary costs related to the Zukunftspaket. - Capital returns are being discussed, with a commitment to maintain at least 50% dividend payments based on net proceeds.

Bottom line: Porsche is navigating a challenging market environment while executing its strategic priorities, showing improved profitability and cash flow. However, investors should prepare for a transitional year in 2027 with lower volumes and ongoing costs from strategic realignment.