Porsche Half-Year Report 2024

In the first half of 2024, the Porsche AG Group recorded a decline in both sales revenue and operating profit compared to the prior year period. Sales revenue decreased from €20,431 million to €19,457 million. Operating profit fell from €3,852 million to €3,061 million. In the first half of 2024, the operating return on sales of the Porsche AG Group was 15.7% prior year: 18.9%) and the automotive EBITDA margin was 24.1% (prior year: 25.6%).

The automotive net cash flow came to €1,117 million (prior year: €2,217 million). The automotive net cash flow margin stood at 6.3% (prior year: 11.7%).

Deliveries decreased by 6.8% to 155,945 vehicles in the first half of 2024. The automotive BEV share stood at 5.9% (prior year: 10.8%).

Highlights

• The Porsche AG Group generated sales revenue of €19,457 million in the first half of 2024. This is a decrease of 4.8% on the prior-year period (prior year: €20,431 million) and is largely due to lower vehicle sales coupled with positive price, product mix and currency effects.
• In the first six months of 2024, the Porsche AG Group sold 151,944 vehicles. This is a 11.0% decrease in unit sales compared to the prior-year period(prior year: 170,802 vehicles).
• The cost of sales decreased by €270 million to €14,251 million (prior year: €14,522 million), an increase in proportion to sales revenue (73.2%; prior year: 71.1%). This is mainly due to higher cost of materials as well as higher development costs recognized in the income statement and start-up costs in connection with the renewal of the model range.
• Gross profit decreased accordingly by 11.9% to €5,206 million (prior year: €5,909 million), therefore resulting in a gross margi of 26.8% (prior year: 28.9%).
• Distribution expenses increased by €86 million to €1,379 million, an increase in proportion to sales revenue of 7.1 (prior year: 6.3%). The increase is due, among other things, to the digitalization strategy and higher costs for strengthening customer-oriented services. Administrative expenses increased from €875 million to €952 million and, in proportion to sales revenue, remained virtually constant at 4.99% (prior year: 4.3%).
• Net other operating result increased by €76 million to €187 million (prior year: €111 million).