In This Article:
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Automotive EBITDA Margin: 18%.
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Net Cash Flow: EUR0.2 billion so far in 2025.
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Financial Services Revenue: EUR1.1 billion in Q1 2025.
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Operating Profit (Financial Services): EUR67 million.
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Automotive Net Liquidity: EUR8.7 billion at the end of March 2025.
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Sales Revenue Forecast (2025): EUR37 billion to EUR38 billion.
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Return on Sales Forecast (2025): 6.5% to 8.5%.
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Automotive Net Cash Flow Margin Forecast (2025): 4% to 6%.
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Automotive EBITDA Margin Forecast (2025): 16.5% to 18.5%.
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Special Expenses (2025): EUR700 million related to battery activities, EUR300 million related to product and software, EUR300 million related to organizational changes.
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Dividend Payment Proposal (2024): EUR2.1 billion.
Release Date: April 29, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Dr. Ing. h.c. F. Porsche AG (DRPRF) reported a strong automotive EBITDA margin of 18% for the year.
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The company has maintained a robust automotive net liquidity of EUR8.7 billion as of the end of March.
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Financial services revenue reached EUR1.1 billion in the first quarter, with an operating profit of EUR67 million.
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The company is investing heavily in future products, software, and brand development to ensure long-term success.
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Despite challenges, Dr. Ing. h.c. F. Porsche AG (DRPRF) remains committed to its value-oriented sales strategy, focusing on maintaining price discipline and exclusivity.
Negative Points
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The company has adjusted its 2025 financial forecast due to special effects, expecting a lower return on sales between 6.5% and 8.5%.
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There is a strategic realignment of battery activities, leading to increased special expenses and affecting financial results.
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Challenges in the supply chain and geopolitical conditions are expected to continue, impacting costs and market conditions.
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The introduction of US import tariffs has negatively impacted financial forecasts, with uncertainty about the full-year effects.
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Demand in China has diminished, with fierce price competition and a slowdown in the transition to electromobility affecting sales.
Q & A Highlights
Q: How does Porsche plan to restore confidence given the current challenging global situation and declining margins? A: An unidentified company representative acknowledged the challenging global environment, including diminishing demand in China and the impact of US tariffs. They emphasized that the current low profitability is due to special and one-time effects, such as strategic realignment in the battery business. Porsche is focusing on a holistic profitability program to cut costs and generate additional revenues, aiming for a more robust and profitable future.