Half Year 2026 Dr Ing hc F Porsche AG Earnings Call

July 29, 2026

Operator: Ladies and Gentlemen, thank you for standing by. Welcome, and thank you for participating in the media analyst and investor call regarding Porsche AG's H1 2026 results. This call will be hosted by CEO Dr. Michael Leiters and CFO Dr. Jochen Breckner. During the intro statement at the beginning of our call, all participants will be in a listen-only mode. After the intro, we will jump into the question and answer sessions. Anyone who wishes to ask a question may press star and one. Now I hand over to Florian Laudan, Head of Communication, Sustainability, and Politics. Please go ahead, sir.

Speaker #1: Hier spricht der Korrespondent. Ladies and gentlemen, thank you for standing by. Welcome, and thank you for participating in the Media Analyst and Investor Call regarding Porsche AG's H1 2026 results.

Speaker #1: This call will be hosted by CEO Dr. Michael Leiters and CFO Dr. Jochen Brechner. During the introductory statement at the beginning of our call, all participants will be in a listen-only mode.

Operator: During the intro statement at the beginning of our call, all participants will be in a listen-only mode. After the intro, we will jump into the question and answer sessions. Anyone who wishes to ask a question may press star and one. Now I hand over to Florian Laudan, Head of Communication, Sustainability, and Politics. Please go ahead, sir.

Speaker #1: After the intro, we will jump into the question-and-answer session. Anyone who wishes to ask a question may press star and 1. Now, I hand over to Florian Laudan, Head of Communications, Sustainability, and Politics.

Speaker #1: Please go ahead, sir.

Speaker #2: Good morning, everyone. Welcome to our Media Analyst and Investors Call of Porsche AG for the first half of 2026. My name is Björn Scheib, and I'm the Head of Investor Relations. With me today is Florian Laudan, our Head of Communications, Sustainability, and Politics.

Björn Scheib: Good morning, everyone. Welcome to our media analysts and investors call of Porsche AG for H1 2026. My name is Björn Scheib, and I am the Head of Investor Relations. With me today is Florian Laudan, our Head of Communications, Sustainability, and Politics.

Speaker #3: Thank you, Björn. Good morning, everyone.

Florian Laudan: Thank you, Björn. Good morning, everyone.

Speaker #2: Before our CEO, Dr. Michael Leiters, and our CFO, Dr. Jochen Brechner, give you an overview of our business performance in the first six months of this year, just a couple of words on the procedure.

Björn Scheib: Before our CEO, Dr. Michael Leiters, and our CFO, Dr. Jochen Breckner, will give you an overview of our business performance in H1 of this year, just a couple of words on the procedure. After the intro statement by Michael and Jochen, we will start a Q&A session with the analysts. Our separate Q&A session for journalists will be held in German, that will start at around 9:00 AM Central European Time. If you wish to ask a question, you have to register via the link you received via email. You can find further detailed information online in the Porsche newsroom, as well as on the Investor Relations website. I'd like to remind you that all forward-looking statements are subject to the risks and uncertainties mentioned in the safe harbor statement in our documents. With that, I hand over to Dr. Michael Leiters.

Speaker #2: After the introductory statements by Michael and Jochen, we will start the Q&A session with the analysts. Our separate Q&A session for journalists will be held in German.

Speaker #2: And that will start at around 9:00 a.m. Central European Time. If you wish to ask a question, you have to register via the link you received by email.

Björn Scheib: If you wish to ask a question, you have to register via the link you received via email. You can find further detailed information online in the Porsche newsroom, as well as on the Investor Relations website. I'd like to remind you that all forward-looking statements are subject to the risks and uncertainties mentioned in the safe harbor statement in our documents. With that, I hand over to Dr. Michael Leiters.

Speaker #2: You can find further detailed information online in the Porsche Newsroom, as well as on the Investor Relations website. I'd like to remind you that all forward-looking statements are subject to the risks and uncertainties mentioned in the Safe Harbor statement in our documents.

Speaker #2: With that, I hand over to Dr. Michael Leiters.

Speaker #3: Good morning, everyone. I would like to welcome you to our call today. Over the next few minutes, we would like to give you a concise update on our business performance in the first half of the year.

Michael Leiters: Good morning, everyone. I would like to welcome you to our call today. Over the next few minutes, we would like to give you a concise update on our business performance in H1. More importantly, however, I would like to discuss the actions we have taken to make Porsche strategically and financially stronger and more resilient. Over the past six months, the Porsche team has worked on our Sportwagenschmiede 35 strategy with great intensity and discipline. Today, I would like to update you on the progress on the measures we are already implementing. We continue to operate in a very challenging environment. It is clear that Porsche cannot remain sustainably competitive with its current upset setup. The pressure has increased further, particularly due to geopolitical development.

Speaker #3: More importantly, however, I would like to discuss the actions we have taken to make Porsche strategically and financially stronger and more resilient. Over the past six months, the Porsche team has worked on our Sportwagen Schmiede 35 strategy with great intensity and discipline.

Michael Leiters: Over the past six months, the Porsche team has worked on our Sportwagenschmiede 35 strategy with great intensity and discipline. Today, I would like to update you on the progress on the measures we are already implementing. We continue to operate in a very challenging environment. It is clear that Porsche cannot remain sustainably competitive with its current upset setup. The pressure has increased further, particularly due to geopolitical development.

Speaker #3: Today, I would like to update you on the progress of the measures we are already implementing. We continue to operate in a very challenging environment, and it is clear that Porsche cannot remain sustainably competitive with its current setup.

Speaker #3: However, the pressure has increased further, particularly due to geopolitical developments. This means we need to act with even greater determination and accelerate our efforts in key areas.

Michael Leiters: This means we need to act with even greater determination and accelerate our efforts in key areas. At our annual press conference, we announced our intention to comprehensively realign Porsche. This included revising our product strategy, streamlining our organizational and leadership structure, and reducing costs across all areas of the company. Since then, we have consistently worked on these priorities and made important progress in each of these areas. Parallel to this, we have been developing our Sportwagenschmiede 35 strategy, the framework I outlined in broad terms at our annual general meeting. While we are still working through the details, we have already made a number of important decisions. These decisions prepare Porsche for the next phase of transformation and create the conditions for implementation. A key part of this is a sharper focus on what defines Porsche at its core, our sports cars.

Speaker #3: At our annual press conference, we announced our intention to comprehensively realign Porsche. This included revising our product strategy, streamlining our organizational and leadership structure, and reducing costs across all areas of the company.

Speaker #3: Since then, we have consistently worked on these priorities and made important progress in each of these areas. In parallel, we have been developing our Sportwagen Schmiede 35 strategy, a framework I outlined in broad terms at our Annual General Meeting.

Speaker #3: While we are still working through the details, we have already made a number of important decisions, and these decisions prepare Porsche for the next phase of transformation and create the conditions for implementation.

Speaker #3: A key part of this is a sharper focus on what defines Porsche at its core: our sports cars. For this reason, we have decided to sell our stakes in Bugatti Rimac and the Rimac Group. As previously announced, we will also discontinue the operations of our subsidiaries Salesforce Group, Porsche E-Bike Performance, and Cititech.

Michael Leiters: For this reason, we have decided to sell our stakes in Bugatti Rimac and the Rimac Group. As previously announced, we will also discontinue the operations of our subsidiaries, Cellforce Group, Porsche eBike Performance, and Cetitec. We have also started to sharpen our portfolio and reduce complexity. As part of this, we have already made several product decisions that will allow us to capture additional opportunities in higher-margin segments. We will share further details as part of the overall strategy framework. As for the reshaping of our organization, I can say that our actions have followed our announcements here as well, very much according to plan from top to bottom. We have reduced the size of the executive board from eight to seven divisions. We are also continuing the renewal of our board.

Speaker #3: We have also started to sharpen our portfolio and introduce complexity. As part of this, we have already made several product decisions that will allow us to capture additional opportunities in a higher-margin segment.

Speaker #3: We will share further details as part of the overall strategy framework. As for the reshaping of our organization, I can say that our actions have followed our announcements here as well.

Speaker #3: And very much according to plan, from top to bottom. We have reduced the size of the Executive Board from eight to seven divisions. We are also continuing the renewal of our Board. After a long and successful career, Albrecht Reimold will retire from his role as Board Member for Production and Logistics.

Michael Leiters: After a long and successful career, Albrecht Reimold will retire from his role as board member for production and logistics. Over many years, Albrecht has made an outstanding contribution to Porsche. I would like to personally thank him for everything he has done for the company. He will be succeeded by Christian Friedl, who has been responsible for the cross-functional topic of quality. I am very much looking forward to working with him. In addition, we have started to streamline our top management structure below board level. As a result, a number of departments across the entire company are being merged or phased out. At the heart of our Sportwagenschmiede 35 strategy are two priorities: strength of our brand and the earning power of our company. The two go hand in hand.

Speaker #3: Over many years, Albrecht has made an outstanding contribution to Porsche, and I would like to personally thank him for everything he has done for the company.

Speaker #3: He will be succeeded by Christian Friedl, who has been responsible for the cross-functional topic of quality. I am very much looking forward to working with him.

Speaker #3: In addition, we have started to streamline our top management structure below board level. As a result, a number of departments across the entire company are being merged or phased out.

Speaker #3: At the heart of our Sportwagen Schmiede 35 strategy are two priorities: the strength of our brand and the earning power of our company. The two go hand in hand.

Speaker #3: Our customers do not just buy a product; they also buy into our strong brand and the success story behind it. The main drivers for this are our products and innovations, as well as our cost performance.

Michael Leiters: Our customers do not just buy a product, they also buy into our strong brand and the success story behind it. The main drivers for this are our products and innovations and our cost performance. Products and innovations are longer-term topic. Right now, our focus is primarily on cost. For that, our recently presented Zukunftspaket, or future package, is one of the most important levers. The package combines long-term security for our sites in Zuffenhausen and Weissach with investment of up to EUR 2.1 billion and comprehensive measures to improve flexibility, productivity, and competitiveness. It also includes a socially responsible reduction of a further 5,000 positions by 2035. Together with employee representatives, we have reached a good agreement that allows us to react flexibly to future challenges. In this context, it is also important to understand that Porsche is different to many of our peers.

Speaker #3: Products and innovations are longer-term topics. Right now, our focus is primarily on costs. For that, our recently presented Zukunftspaket, or Future Package, is one of the most important levers.

Speaker #3: The package combines long-term security for our sites in Zuffenhausen and Weissach, with investments of up to €2.1 billion, and comprehensive measures to improve flexibility, productivity, and competitiveness.

Speaker #3: It also includes the socially responsible reduction of a further 5,000 positions by 2035. Together with employee representatives, we have reached a good agreement that allows us to react flexibly to future challenges.

Speaker #3: In this context, it is also important to understand that Porsche is different from many of our peers. We operate in the premium luxury segment and are less dependent on China.

Michael Leiters: We operate in a premium luxury segment, are less dependent on China. At the same time, Porsche is deeply rooted in Germany. Our brand and our production footprint are closely linked. That is why improving competitiveness at our site is one of our highest priorities. The progress we have made so far gives me confidence that we will achieve our goals. There is still a great deal of work ahead of us to make Porsche robust and resilient for the challenges of the future. In the near term, the Zukunftspaket will require an incremental investment, which Jochen Breckner will explain in more detail in a moment. Looking at our financial performance in H1 2026, our disciplined cost management and our value over volume approach continued to show results. Despite the current challenges, Porsche remains in a very solid financial position.

Speaker #3: At the same time, Porsche is deeply rooted in Germany; our brand and our production footprint are closely linked. That is why improving competitiveness at our sites is one of our highest priorities.

Speaker #3: The progress we have made so far gives me confidence that we will achieve our goals. But there is still a great deal of work ahead of us to make Porsche robust and resilient for the challenges of the future.

Speaker #3: In the near term, the Zukunftspaket will require an incremental investment, which Jochen Bregner will explain in more detail in a moment. Looking at our financial performance in the first half of 2026, our disciplined cost management and our value-over-volume approach continue to show results.

Speaker #3: Despite the current challenges, Porsche remains in a very solid financial position. This gives us the stability and flexibility to shape the ongoing transformation on our own terms, and consistently implement our strategic realignment.

Michael Leiters: This gives us the stability and flexibility to shape the ongoing transformation on our own terms and consistently implement our strategic realignment. Jochen Breckner will now take you through the details. Jochen, please.

Speaker #3: Jochen Bregner will now take you through the details. Jochen, please.

Speaker #1: Michael, thank you very much, and also good morning everyone from my end. As Michael outlined, we signed the Zukunftspaket with our labor representatives two days ago, which is an important enabler of our Sportwagen Schmiede 35 strategy.

Jochen Breckner [Member of the Executive Board: Michael, thank you very much, and also good morning, everyone, from my end. As Michael outlined, we signed the Zukunftspaket with our labor representatives two days ago, which is an important enabler of our Sportwagenschmiede 35 strategy. The agreed measures will streamline our organization through a socially responsible workforce reduction, broad-based compensation measures, and initiatives designed to improve productivity, flexibility, and efficiency. The related recalibration and organizational expenses are expected in the range of EUR 300 to 400 million in H2 2026. With that update on our strategic realignment, let me now turn to our financial performance for the first six months. In H1, Porsche delivered more than 122,000 vehicles to customers. This is a decline of 16% and is fully in line with our expectations. Talking about wholesales, we sold approximately 121,000 units, which were down 11% year on year.

Jochen Breckner: Michael, thank you very much, and also good morning, everyone, from my end. As Michael outlined, we signed the Zukunftspaket with our labor representatives two days ago, which is an important enabler of our Sportwagenschmiede 35 strategy. The agreed measures will streamline our organization through a socially responsible workforce reduction, broad-based compensation measures, and initiatives designed to improve productivity, flexibility, and efficiency. The related recalibration and organizational expenses are expected in the range of EUR 300 to 400 million in H2 2026. With that update on our strategic realignment, let me now turn to our financial performance for the first six months. In H1, Porsche delivered more than 122,000 vehicles to customers. This is a decline of 16% and is fully in line with our expectations. Talking about wholesales, we sold approximately 121,000 units, which were down 11% year on year.

Speaker #1: The agreed measures will streamline our organization through a socially responsible workforce reduction, broad-based compensation measures, and initiatives designed to improve productivity, flexibility, and efficiency.

Speaker #1: The related recalibration and organizational expenses are expected to be in a range of €300 million to €400 million in the second half of 2026. With that update on our strategic realignment, let me now turn to our financial performance for the first six months.

Speaker #1: In the first half, Porsche delivered more than 122,000 vehicles to customers. This is a decline of 16% and is fully in line with our expectations.

Speaker #1: Talking about wholesales, we sold approximately 121,000 units, which were down 11% year-on-year. This development primarily reflects product cycle effects, including the phase-out of the 718 and lower Macan volumes following the expiration of US EV incentives.

Jochen Breckner [Member of the Executive Board: This development primarily reflects product cycle effects, including the phase-out of the 718 and lower Macan volumes following the expiration of US EV incentives. At the same time, demand for our core products remained robust, with the Cayenne becoming our best-selling model and our icon, the 911, increased sales by more than 21%. Regionally, North America remained resilient. On the other side, China continued to be impacted by a challenging luxury market environment and intense competition in the BEV segment. Consistent with our value over volume strategy, we maintained a disciplined and value-oriented sales approach. This means we are balancing supply and demand while protecting pricing power and brand desirability. As a result, revenues amounted to EUR 7.2 billion. The decline of 5.1% is significantly lower than the decrease in our wholesales. This reflects the strength of our product mix, pricing, and global footprint.

Jochen Breckner: This development primarily reflects product cycle effects, including the phase-out of the 718 and lower Macan volumes following the expiration of US EV incentives. At the same time, demand for our core products remained robust, with the Cayenne becoming our best-selling model and our icon, the 911, increased sales by more than 21%. Regionally, North America remained resilient. On the other side, China continued to be impacted by a challenging luxury market environment and intense competition in the BEV segment. Consistent with our value over volume strategy, we maintained a disciplined and value-oriented sales approach. This means we are balancing supply and demand while protecting pricing power and brand desirability. As a result, revenues amounted to EUR 7.2 billion. The decline of 5.1% is significantly lower than the decrease in our wholesales. This reflects the strength of our product mix, pricing, and global footprint.

Speaker #1: At the same time, demand for our core products remained robust, with the Cayenne becoming our best-selling model, and our icon, the 911, increasing sales by more than 21%.

Speaker #1: Regionally, North America remained resilient. On the other side, China continued to be impacted by a challenging luxury market environment and intense competition in the BEV segment.

Speaker #1: Consistent with our value-over-volume strategy, we maintained a disciplined and value-oriented sales approach. This means we are balancing supply and demand while protecting pricing power and brand desirability.

Speaker #1: As a result, revenues amounted to €7.2 billion. The decline of 5.1% is significantly lower than the decrease in our wholesales. This reflects the strength of our product mix, pricing, and global footprint.

Speaker #1: Auto revenue per vehicle sales increased to around €126,000, up approximately €6,000 year on year. In addition, revenues in the financial services segment continued to grow.

Jochen Breckner [Member of the Executive Board: Auto revenue per vehicle sales increased to around EUR 126,000, up approximately EUR 6,000 year on year. In addition, revenues in the financial services segment continued to grow. At the same time, Porsche continued to operate in a challenging cost environment. This is characterized by inflationary pressures, costs associated with a slower transition to electric mobility, as well as elevated development expenses and depreciation. In addition, we recorded a net burden of around EUR 100 million related to our strategic realignment measures. This comprised approximately EUR 400 million of charges from ongoing realignment activities. These EUR 400 million were partly offset by around EUR 300 million benefit from supplier settlements, which enabled the partial release of previously recognized provisions. The operating result also contains a burden of EUR 300 to EUR 400 million related to US tariffs. However, the disciplined execution of our Push to Pass performance program substantially mitigated these headwinds.

Jochen Breckner: Auto revenue per vehicle sales increased to around EUR 126,000, up approximately EUR 6,000 year on year. In addition, revenues in the financial services segment continued to grow. At the same time, Porsche continued to operate in a challenging cost environment. This is characterized by inflationary pressures, costs associated with a slower transition to electric mobility, as well as elevated development expenses and depreciation. In addition, we recorded a net burden of around EUR 100 million related to our strategic realignment measures. This comprised approximately EUR 400 million of charges from ongoing realignment activities. These EUR 400 million were partly offset by around EUR 300 million benefit from supplier settlements, which enabled the partial release of previously recognized provisions. The operating result also contains a burden of EUR 300 to EUR 400 million related to US tariffs. However, the disciplined execution of our Push to Pass performance program substantially mitigated these headwinds.

Speaker #1: At the same time, Porsche continued to operate in a challenging cost environment. This is characterized by inflationary pressures, costs associated with the slower transition to electric mobility, as well as elevated development expenses and depreciation.

Speaker #1: In addition, we recorded a net burden of around €100 million related to our strategic realignment measures. This comprised approximately €400 million of charges from ongoing realignment activities.

Speaker #1: These €400 million were partly offset by around €300 million benefit from supplier settlements, which enabled the partial release of previously recognized provisions. The operating result also contains a burden of €300 to €400 million related to US tariffs.

Speaker #1: However, the disciplined execution of our Push to Pass performance program substantially mitigated these headwinds. Together with lower production volumes, this contributed to a year-on-year reduction in cost of sales by approximately €1 billion, to €13.8 billion year on year.

Jochen Breckner [Member of the Executive Board: Together with lower production volumes, this contributed to a year-on-year reduction in cost of sales by approximately EUR 1 billion year-on-year to EUR 13.8 billion. Supported by the strong mix and pricing, as well as the improvement in cost of sales, group operating profit increased to EUR 1.35 billion. As a result, the group operating return on sales improved by 230 basis points to 7.8%. Importantly, our improvement in profitability also translated into a strong cash conversion. This reflects our disciplined approach to capital allocation and working capital management. Let me now turn to automotive net cash flow. Automotive net cash flow increased significantly to around EUR 1 billion in H1 2026, in comparison to around EUR 400 million in the same period in the prior year. Consequently, the automotive net cash flow margin improved to 6.7%, up from 2.4% a year ago.

Jochen Breckner: Together with lower production volumes, this contributed to a year-on-year reduction in cost of sales by approximately EUR 1 billion year-on-year to EUR 13.8 billion. Supported by the strong mix and pricing, as well as the improvement in cost of sales, group operating profit increased to EUR 1.35 billion. As a result, the group operating return on sales improved by 230 basis points to 7.8%. Importantly, our improvement in profitability also translated into a strong cash conversion. This reflects our disciplined approach to capital allocation and working capital management. Let me now turn to automotive net cash flow. Automotive net cash flow increased significantly to around EUR 1 billion in H1 2026, in comparison to around EUR 400 million in the same period in the prior year. Consequently, the automotive net cash flow margin improved to 6.7%, up from 2.4% a year ago.

Speaker #1: Supported by the strong mix and pricing, as well as the improvement in cost of sales, group operating profit increased to €1.35 billion. As a result, the group operating return on sales improved by 230 basis points to 7.8%.

Speaker #1: Importantly, our improvement in profitability also translated into a strong cash conversion. This reflects our disciplined approach to capital allocation and working capital management. Let me now turn to automotive net cash flow.

Speaker #1: Automotive net cash flow increased significantly to around €1 billion in the first half of 2026, compared to around €400 million in the same period of the prior year.

Speaker #1: Consequently, the automotive net cash flow margin improved to 6.7%, up from 2.4% a year ago. The strong improvement was driven by higher cash inflows from operating activities and lower cash outflows from investing activities.

Jochen Breckner [Member of the Executive Board: The strong improvement was driven by higher cash inflows from operating activities and lower cash outflows from investing activities, including significantly reduced cash outflows for capitalized development costs. The automotive net cash flow also absorbed around EUR 400 million of cash outflows related to our strategic realignment initiatives. These relate primarily to the first license payments to Audi. In addition, we paid around EUR 400 million related to US tariffs. Despite these substantial one-off headwinds, our underlying cash generation remained very strong. This demonstrates the resilience of our business model. What is also worth noting, during H1 2026, we made an extraordinary contribution of EUR 250 million to the plan assets of our pension fund. This is further strengthening our pension position in line with our capital allocation policy. Let's now turn to our capital allocation and balance sheet development.

Jochen Breckner: The strong improvement was driven by higher cash inflows from operating activities and lower cash outflows from investing activities, including significantly reduced cash outflows for capitalized development costs. The automotive net cash flow also absorbed around EUR 400 million of cash outflows related to our strategic realignment initiatives. These relate primarily to the first license payments to Audi. In addition, we paid around EUR 400 million related to US tariffs. Despite these substantial one-off headwinds, our underlying cash generation remained very strong. This demonstrates the resilience of our business model. What is also worth noting, during H1 2026, we made an extraordinary contribution of EUR 250 million to the plan assets of our pension fund. This is further strengthening our pension position in line with our capital allocation policy. Let's now turn to our capital allocation and balance sheet development.

Speaker #1: Including significantly reduced cash outflows for capitalized development costs. The automotive net cash flow also absorbed around €400 million of cash outflows related to our strategic realignment initiatives.

Speaker #1: These relate primarily to the first license payments to Audi. In addition, we paid around €400 million related to US tariffs. Despite these substantial one-off headwinds, our underlying cash generation remained very strong.

Speaker #1: This demonstrates the resilience of our business model. What is also worth noting: during the first half of 2026, we made an extraordinary contribution of €250 million to the planned fund.

Speaker #1: This is further strengthening our pension position in line with our capital allocation policy. Let's now turn to our capital allocation and balance sheet development.

Speaker #1: In line with our disciplined capital allocation framework, CapEx amounted to around €900 million in the first half. That is around 6% below the prior year level.

Jochen Breckner [Member of the Executive Board: In line with our disciplined capital allocation framework, CapEx amounted to around EUR 900 million in H1. That is around 6% below the prior year level. Importantly, this figure includes approximately EUR 300 million of license payments to Audi. Excluding this one-off item, underlying CapEx declined significantly year-on-year. This underscores our continued focus on capital discipline and capital efficiency. R&D expenditure decreased by approximately 12% to EUR 1.1 billion. At the same time, we maintained our conservative R&D accounting approach with an R&D capitalization rate of around 44%. This continues to support the quality and sustainability of both our earnings and cash flow generation. As a result of our strong cash generation and disciplined capital allocation, automotive net liquidity amounted to a healthy EUR 7.3 billion. With that, let me turn to the outlook.

Jochen Breckner: In line with our disciplined capital allocation framework, CapEx amounted to around EUR 900 million in H1. That is around 6% below the prior year level. Importantly, this figure includes approximately EUR 300 million of license payments to Audi. Excluding this one-off item, underlying CapEx declined significantly year-on-year. This underscores our continued focus on capital discipline and capital efficiency. R&D expenditure decreased by approximately 12% to EUR 1.1 billion. At the same time, we maintained our conservative R&D accounting approach with an R&D capitalization rate of around 44%. This continues to support the quality and sustainability of both our earnings and cash flow generation. As a result of our strong cash generation and disciplined capital allocation, automotive net liquidity amounted to a healthy EUR 7.3 billion. With that, let me turn to the outlook.

Speaker #1: Importantly, this figure includes approximately €300 million of license payments to Audi. Excluding this one-off item, underlying CapEx declined significantly year-on-year. This underscores our continued focus on capital discipline and capital efficiency.

Speaker #1: R&D expenditure decreased by approximately 12% to €1.1 billion. At the same time, we maintained our conservative R&D accounting approach with an R&D capitalization rate of around 44%.

Speaker #1: This continues to support the quality and sustainability of both our earnings and cash flow generation. As a result of our strong cash generation and disciplined capital allocation, automotive net liquidity amounted to a healthy €7.3 billion.

Speaker #1: With that, let me turn to the outlook. First and foremost, I can confirm that our guidance for 2026 remains unchanged, despite a continued challenging market environment, which is characterized by geopolitical uncertainties and persistent external headwinds.

Jochen Breckner [Member of the Executive Board: First and foremost, I can confirm that our guidance for 2026 remains unchanged, despite a continued challenging market environment, which is characterized by geopolitical uncertainties and persistent external headwinds. Our guiding principle stays the same: value over volume. As communicated in our full year guidance, wholesales are expected to decline versus 2025, reflecting the phaseout of the 718 and ICE Macan model lines. Base effects, as well as the impact of US tax incentives on demand for the all-electric Macan. Based on our current assumptions, H2 volumes are expected to be broadly in line with the H1 levels. At the same time, the ramp-up of the all-electric Cayenne is expected to drive a significantly higher BEV share in H2 of the year. As part of our comprehensive recalibration and strategic refocusing, R&D expenditure is expected to remain broadly in line with last year levels.

Jochen Breckner: First and foremost, I can confirm that our guidance for 2026 remains unchanged, despite a continued challenging market environment, which is characterized by geopolitical uncertainties and persistent external headwinds. Our guiding principle stays the same: value over volume. As communicated in our full year guidance, wholesales are expected to decline versus 2025, reflecting the phaseout of the 718 and ICE Macan model lines. Base effects, as well as the impact of US tax incentives on demand for the all-electric Macan. Based on our current assumptions, H2 volumes are expected to be broadly in line with the H1 levels. At the same time, the ramp-up of the all-electric Cayenne is expected to drive a significantly higher BEV share in H2 of the year. As part of our comprehensive recalibration and strategic refocusing, R&D expenditure is expected to remain broadly in line with last year levels.

Speaker #1: Our guiding principle stays the same: value over volume. As communicated in our full-year guidance, wholesales are expected to decline versus 2025, reflecting the phase-out of the 718 and ICE Macan model lines.

Speaker #1: Base effects, as well as the impact of U.S. tax incentives on demand for the all-electric Macan. Based on our current assumptions, second-half volumes are expected to be broadly in line with the first-half levels.

Speaker #1: At the same time, the ramp-up of the all-electric Cayenne is expected to drive a significantly higher BEV share in the second half of the year.

Speaker #1: As part of our comprehensive recalibration and strategic refocusing, R&D expenditure is expected to remain broadly in line with last year's levels. Capital expenditure will increase year on year, driven exclusively by the previously communicated one-off license payment to Audi of approximately €1 billion in total.

Jochen Breckner [Member of the Executive Board: Capital expenditure will increase year-on-year, driven exclusively by the previously communicated one-off license payment to Audi of approximately EUR 1 billion in total. We still anticipate a group return on sales of 5.5% to 7.5%. As previously outlined, this guidance includes approximately EUR 800 to EUR 900 million of net extraordinary burdens related to our strategic realignment, as well as around EUR 700 million of tariff impacts. Our guidance also remains to expect an automotive net cash flow margin of 3% to 5%. This guidance is expected to absorb extraordinary cash outflows of approximately EUR 1.4 to EUR 1.5 billion, primarily related to strategic realignment measures. This includes the approximately EUR 1 billion license payment to Audi. Excluded from this figure are the cash outflows related to pension obligations. In addition, we expect tariff-related cash outflows of approximately EUR 700 million. Looking beyond 2026, the phase-out of the ICE Macan will be completed by 2027.

Jochen Breckner: Capital expenditure will increase year-on-year, driven exclusively by the previously communicated one-off license payment to Audi of approximately EUR 1 billion in total. We still anticipate a group return on sales of 5.5% to 7.5%. As previously outlined, this guidance includes approximately EUR 800 to EUR 900 million of net extraordinary burdens related to our strategic realignment, as well as around EUR 700 million of tariff impacts. Our guidance also remains to expect an automotive net cash flow margin of 3% to 5%. This guidance is expected to absorb extraordinary cash outflows of approximately EUR 1.4 to EUR 1.5 billion, primarily related to strategic realignment measures. This includes the approximately EUR 1 billion license payment to Audi. Excluded from this figure are the cash outflows related to pension obligations. In addition, we expect tariff-related cash outflows of approximately EUR 700 million. Looking beyond 2026, the phase-out of the ICE Macan will be completed by 2027.

Speaker #1: We still anticipate a group return on sales of 5.5 to 7.5%. As previously outlined, this guidance includes approximately €800 million to €900 million of net extraordinary burdens related to our strategic realignment, as well as around €700 million of tariff impacts.

Speaker #1: Our guidance also remains to expect an automotive net cash flow margin of 3% to 5%. This guidance is expected to absorb extraordinary cash outflows of approximately €1.4 to €1.5 billion, primarily related to strategic realignment measures.

Speaker #1: This includes the approximately €1 billion license payment to Audi. Excluded from this figure are the cash outflows related to pension obligations. In addition, we expect tariff-related cash outflows of approximately €700 million.

Speaker #1: Looking beyond 2026, the phase-out of the ICE Macan will be completed by 2027. Thus, we have to expect a decline of around 25,000 units.

Jochen Breckner [Member of the Executive Board: Thus, we have to expect a decline of around 25,000 units. This development is expected to weigh on contribution margins and fixed cost absorption. The successor model is planned to be launched after the 2027 financial year. As outlined earlier, we have reached important agreements under the Zukunftspaket and expect organizational recalibration measures to extend into 2027. Consequently, we currently expect associated charges in the low triple-digit million euro range next year. We are confident that these investments will strengthen Porsche's competitiveness and long-term earning power. With this, I hand over to Michael. He will outline the strategic framework supporting this trajectory. Thank you very much.

Jochen Breckner: Thus, we have to expect a decline of around 25,000 units. This development is expected to weigh on contribution margins and fixed cost absorption. The successor model is planned to be launched after the 2027 financial year. As outlined earlier, we have reached important agreements under the Zukunftspaket and expect organizational recalibration measures to extend into 2027. Consequently, we currently expect associated charges in the low triple-digit million euro range next year. We are confident that these investments will strengthen Porsche's competitiveness and long-term earning power. With this, I hand over to Michael. He will outline the strategic framework supporting this trajectory. Thank you very much.

Speaker #1: This development is expected to weigh on contribution margins and fixed cost absorption. The successor model is planned to be launched after the 2027 financial year.

Speaker #1: As outlined earlier, we have reached important agreements under the Zukunftspaket and expect organizational recalibration measures to extend into 2027. Consequently, we currently expect associated charges in the low triple-digit million-euro range next year.

Speaker #1: We are confident that these investments will strengthen Porsche's competitiveness and long-term earning power. With this, I hand over to Michael. He will outline the strategic framework supporting this trajectory.

Speaker #1: Thank you very much.

Speaker #2: Thank you, Johan. Over the past months, we have made important decisions and put essential elements in place. The Zukunftspaket is an important milestone in this process, and it creates the basis for the next phase of Porsche's transformation and for the implementation of our "Sportwagensmiete 35" strategy.

Michael Leiters: Thank you, Jochen. Over the past months, we have made important decisions and put essential elements in place. The Zukunftspaket is an important milestone in this process. It creates the basis for the next phase of Porsche's transformation and for the implementation of our Sportwagenschmiede 35 strategy. As we move into this next phase, the focus is increasingly shifting to the three strategic pillars I outlined at our annual general meeting. The first pillar is our brand and our customers. We remain committed to our value over volume approach and will continue to strengthen desirability, pricing power, and the long-term value retention of our products. Our response to changing market conditions in China is a good example of this approach in action. The second pillar is our product and technology strategy.

Speaker #2: As we move into this next phase, the focus is increasingly shifting to the three strategic pillars I outlined, and our Annual General Meeting. The first pillar is our brand and our customers.

Speaker #2: We remain committed to our value-over-volume approach and will continue to strengthen these: variability, pricing power, and the long-term value retention of our products.

Speaker #2: Our response to changing market conditions in China is a good example of this approach in action. The second pillar is our product and technology strategy.

Speaker #2: We are sharpening our portfolio, reducing complexity, and focusing even more on the areas where Porsche can clearly set itself apart, while continuing to invest in products that excite our customers.

Michael Leiters: We are sharpening our portfolio, reducing complexity, and focusing even more on the areas where Porsche can clearly set itself apart, while continuing to invest in products that excite our customers. For example, in the United States, we have streamlined the Taycan portfolio by removing two body variants in line with customer preferences. The third pillar is enterprise and operations. To improve our margin structure, we need a competitive cost base across development, procurement, production, and sales. This means reducing complexity, improving efficiency, and systematically leveraging scale and synergies where it makes sense. The most important proof point is the Zukunftspaket. These three pillars are built on a strong foundation. The Zukunftspaket also contributes to this foundation.

Speaker #2: For example, in the United States, we have streamlined the Taycan portfolio by removing two body variants in line with customer preferences. And the third pillar is enterprise and operations.

Speaker #2: To improve our margin structure, we need a competitive cost base across development, procurement, production, and sales. This means reducing complexity, improving efficiency, and systematically leveraging scale and synergies where it makes sense.

Speaker #2: The most important proof point is the Zukunftspaket. These three pillars are built on a strong foundation. The Zukunftspaket also contributes to this foundation. It consists of a leaner organization with simplified management structures and a sharper focus on our core business.

Michael Leiters: It consists of a leaner organization with simplified management structures and a sharper focus on our core business, a high-performance team culture, and an even stronger focus on product and service quality while systematically reducing quality-related costs. We will provide a comprehensive view of our Sportwagenschmiede 35 strategy and Porsche's long-term direction at the upcoming Capital Markets Day. We will outline the broader strategic framework behind our measures and discuss in greater detail how we intend to strengthen Porsche's earnings, cash generation, and resilience over the coming years. With that, Jochen and I are happy to answer your questions.

Speaker #2: A high-performance team culture and an even stronger focus on product and service quality, while systematically reducing quality-related costs. We will provide a comprehensive view of our Sportwagensmiete 35 strategy and Porsche's long-term direction at the upcoming capital markets day.

Speaker #2: We will outline the broader strategic framework behind our measures, and discuss in greater detail how we intend to strengthen Porsche's earnings, cash generation, and resilience over the coming years.

Speaker #2: With that, Johan and I are happy to answer your questions.

Speaker #1: Thank you, Dr. Leiters. Ladies and gentlemen, we will now have a short break. Afterwards, the Q&A session for the analysts and investors will start.

Operator: Thank you, Dr. Leiters. Ladies and gentlemen, we will now have a short break. Afterwards, the Q&A session for the analysts and investors will start. The Q&A session for the media is scheduled for nine o'clock. Please stay tuned.

Speaker #1: The Q&A session for the media is scheduled for 9:00. Please stay tuned. We are starting with the Q&A session for analysts and investors now.

Björn Scheib: We are starting with the Q&A session by analysts and investors now. First in the row will be Patrick Hummel of UBS, and thereafter, we will have Tim Rokossa of Deutsche Bank.

Speaker #1: First in the row will be Patrick Hummel of UBS. Thereafter, we will have Tim Rocosa of Deutsche Bank.

Speaker #3: Perfect. Can you hear me, Björn? Okay, excellent. Hi, it's Patrick from UBS. I would like to zoom in a little bit into the Zukunftspaket.

Patrick Hummel: Perfect. Can you hear me, Björn?

Björn Scheib: Yeah, very fine. Thank you.

Patrick Hummel: Okay, excellent. Hi, it is Patrick from UBS. I would like to zoom in a little bit into the Zukunftspakt. I am not sure what you can share at this point, but even if only qualitatively, I would like to better understand the phasing of the cost savings. The headline 5,000 headcount reduction by 2035, it sounds like a very long time span. I think what matters to us in the financial community is the bottom line impact that we can reasonably expect to see over the next, say, two to three years. If you can just give us a certain level of guidance here, even if qualitatively, how quickly those savings you expect from Zukunftspakt to kick in.

Speaker #3: I'm not sure what you can share at this point, but even if only qualitatively, I would like to better understand the phasing of the cost savings.

Speaker #3: Because the headline, '5,000 headcount reduction by 2030,' it sounds like a very, very, very long time span. And I think what matters to us in the financial community is the bottom-line impact that we can reasonably expect to see over the next, say, two to three years.

Speaker #3: So if you can just give us a certain level of guidance here, even if qualitatively, how quickly you expect those savings from the Zukunftspaket to kick in.

Speaker #3: Also, if you, of course, can comment on the targeted run rate of savings, and the real bottom-line impact that you expect from this exercise.

Patrick Hummel: If you, of course, can comment on the targeted run rate of savings, the real bottom line impact that you expect from this exercise over the next 2 to 3 years, that would be greatly appreciated. Just, Jochen, one clarification question. You said this Zukunftspakt related charge next year is going to be a low 3-digit million number. Is that basically what we should expect for the entire strategic realignment bucket? Going down from the EUR 900 million this year to just about, I do not know, EUR 300 million next year, or could there be other items in that strategic realignment bucket that stretch beyond the Zukunftspakt charges? Thank you.

Speaker #3: Over the next two to three years, that would be greatly appreciated. And just, Johan, one clarification question—you said this Zukunftspaket-related charge is next year?

Speaker #3: It's going to be a low three-digit million number. Is that basically what we should expect for the entire strategic realignment bucket? So, going down from the €900 million this year to just about, I don't know, €300 million next year, or could there be other items in that strategic realignment bucket that stretch beyond the Zukunftspaket charges?

Speaker #3: Thank you.

Speaker #1: Yeah, Patrick, thanks. For the questions, I'm happy to answer these. Let me start with the Zukunftspaket, which is a really meaningful measure and program for us in running our strategic realignment and also our strategic reorganization of the company.

Jochen Breckner [Member of the Executive Board: Yeah, Patrick, thanks for the questions. I am happy to answer these. Let me start with the Zukunftspaket, which is a really meaningful measure and program for us in running our strategic realignment and also our strategic reorganization of the company. The Zukunftspaket is focusing on various measures. One is the reduction of our workforce by an additional 5,000 employees. We are also focusing on reducing personal costs, increasing productivity, and increasing flexibility. We expect that this program will generate a multi-billion EUR saving through 2035. That is the time until when the full Zukunftspaket is agreed on with our works councils and also the unions. When it comes to the positive effects, which, again, are meaningful, we expect that these will be in the steady state, a mid-3-digit million EUR effect that you will see in the P&L and also on the cash side.

Jochen Breckner: Yeah, Patrick, thanks for the questions. I am happy to answer these. Let me start with the Zukunftspaket, which is a really meaningful measure and program for us in running our strategic realignment and also our strategic reorganization of the company. The Zukunftspaket is focusing on various measures. One is the reduction of our workforce by an additional 5,000 employees. We are also focusing on reducing personal costs, increasing productivity, and increasing flexibility. We expect that this program will generate a multi-billion EUR saving through 2035. That is the time until when the full Zukunftspaket is agreed on with our works councils and also the unions. When it comes to the positive effects, which, again, are meaningful, we expect that these will be in the steady state, a mid-3-digit million EUR effect that you will see in the P&L and also on the cash side.

Speaker #1: The Zukunftspaket is focusing on various measures. One is the reduction of our workforce by an additional 5,000 employees, but we are also focusing on reducing personnel costs, increasing productivity, and increasing flexibility.

Speaker #1: We expect that this program will generate a multi-billion-euro saving through 2035. That is the time until when the full Zukunftspaket is agreed on with our works councils and also the unions.

Speaker #1: When it comes to the positive effects, which, again, are meaningful, we expect that these will be in the steady state, amid a triple-digit million euro effect that you will see in the P&L and also on the cash side.

Speaker #1: Talking about the one-offs that we have to invest in to run this program, we expect, as I said, a lower three-digit burden in 2027, on top of what we have in 2026, to organize especially the reduction in the workforce.

Jochen Breckner [Member of the Executive Board: Talking about the one-offs that we have to invest into running this program, we expect, as I said, a lower 3-digit burden in 2027 on top of what we have in 2026 to organize, especially the reduction in the workforce. When it comes to positive effects, given the burdens in 2026 and 2027, we expect that we will have a first meaningful positive effect in 2028. In 2027, we will see rather balancing of the investments we have to make and the first positive impacts that will be there as well. Now, on a strategic realignment in 2027, the biggest part, of course, is the restructuring from the Zukunftspaket. When you look at the other items, we changed our product strategy. That is something that is ongoing, changing the cycle plan and our product portfolio.

Jochen Breckner: Talking about the one-offs that we have to invest into running this program, we expect, as I said, a lower 3-digit burden in 2027 on top of what we have in 2026 to organize, especially the reduction in the workforce. When it comes to positive effects, given the burdens in 2026 and 2027, we expect that we will have a first meaningful positive effect in 2028. In 2027, we will see rather balancing of the investments we have to make and the first positive impacts that will be there as well. Now, on a strategic realignment in 2027, the biggest part, of course, is the restructuring from the Zukunftspaket. When you look at the other items, we changed our product strategy. That is something that is ongoing, changing the cycle plan and our product portfolio.

Speaker #1: When it comes to positive effects, given the burdens in 2026 and 2027, we expect that we will have a first meaningful positive effect in 2028.

Speaker #1: In 2027, we will see a rather balanced approach to the investments we have to make, and the first positive impacts will be there as well.

Speaker #1: Now, on the strategic realignment in 2027, the biggest part, of course, is the restructuring from the Zukunftspaket. When you look at the other items, we changed our product strategy, and that's something that is ongoing—changing the cycle plan and our product portfolio.

Speaker #1: There will be some more items in that category. But when it comes to the other things that we were mentioning—like focusing on the core and the other aspects—our perspective is that we will be mainly through in 2026.

Jochen Breckner [Member of the Executive Board: There will be some more items in that category. When it comes to the other things that we were mentioning, like focusing on the core and the other aspects, our perspective is that we will be mainly through in 2026.

Jochen Breckner: There will be some more items in that category. When it comes to the other things that we were mentioning, like focusing on the core and the other aspects, our perspective is that we will be mainly through in 2026.

Speaker #3: So we'll see a significant decline of that item, the strategic realignment bucket, next year.

Patrick Hummel: We'll see a significant decline of that item, the strategic realignment bucket-

Jochen Breckner [Member of the Executive Board: Yes

Jochen Breckner: Yes

Patrick Hummel: Next year?

Jochen Breckner [Member of the Executive Board: Yes. Starting off 2027. Yeah.

Jochen Breckner: Yes. Starting off 2027. Yeah.

Speaker #1: starting off 2027. Yeah.

Speaker #3: Okay, perfect. And Johan, if you allow me to follow up on the mid three-digit million effect on earnings that you have in mind—I guess that was not a 2035 target, hopefully.

Patrick Hummel: Okay, perfect. Jochen, if you'll allow me to follow up on the mid-three digit EUR million effect on earnings that you have in mind. I guess that was not a 2035 target, hopefully. Could you just give us a bit of additional visibility, how quickly you're going to see that hitting the P&L?

Speaker #3: So, could you just give us a bit of additional visibility on how quickly you're going to see that hitting the P&L?

Speaker #1: Yes, I mean, we will see in the steady state the number or the range that I mentioned, and I also said that we will have first net positive effects in 2028, and then the effects will build up.

Jochen Breckner [Member of the Executive Board: Yeah. We will see in the steady state, the number or the range that I mentioned, and also said that we will have first net positive effects in 2028 and then the effect-

Jochen Breckner: Yeah. We will see in the steady state, the number or the range that I mentioned, and also said that we will have first net positive effects in 2028 and then the effect-

Patrick Hummel: Yeah

Jochen Breckner [Member of the Executive Board: The effect will build up. It's not a 2035 number. It will be earlier.

Jochen Breckner: The effect will build up. It's not a 2035 number. It will be earlier.

Speaker #1: So, it's not a 2035 number; it will be earlier.

Speaker #3: Okay, perfect. Thank you very much.

Patrick Hummel: Okay, perfect. Thank you very much.

Speaker #1: So next in the row, then, will be Tim of Deutsche Bank. And after Tim, we have Horst of Bank of America. Tim, the line is open.

Björn Scheib: Next in the row then will be Tim of Deutsche Bank. After Tim, we have Horst of Bank of America. Tim, the line is open.

Speaker #3: Yeah, good morning. Can you hear me, Björn?

Tim Rokossa: Yeah, good morning. Can you hear me, Björn?

Speaker #1: Yeah, very fine.

Björn Scheib: Yeah, very fine.

Speaker #3: Good. All right. It's Tim from Deutsche. Good morning, Michael, Johan, and Björn. I have two questions, and I'm afraid they go in roughly the same direction.

Tim Rokossa: Good. All right. It's Tim from Deutsche. Good morning, Michael, Jochen, and Björn. I have two questions, and I'm afraid they go into roughly the similar direction, but it's obviously the key stuff to ask about today. First of all, Michael, and obviously also to you, Jochen, well done on seemingly getting a package agreed upon with the relevant stakeholders without, at least by former VW standards, a lot of external noise. Now, obviously, we are very interested in the details. I understand you don't want to share those between October until 7 October. Let's talk about also the broader picture here, Michael. When we think about this business, Porsche itself, is this a 200,000 units business? Is this a 250,000 units business? Do you want to be present in China? Do you not want to be present in China?

Speaker #3: It's obviously the key stuff to ask about today. First of all, Michael, and obviously also to you, Johan—well done on seemingly getting a package agreed upon with the relevant stakeholders, without, at least by former VW standards, a lot of external noise.

Speaker #3: Now, obviously, we're very interested in the details. I understand you don't want to share those between October until October 7, but let's also talk about the broader picture here, Michael.

Speaker #3: When we think about this business—Porsche itself—is this a 200,000-units business? Is it a 250,000-units business? Do you want to be present in China?

Speaker #3: Do you not want to be present in China? And what sort of margin do you think this business should ultimately make? Are we talking rather about 15% or about 20% plus, like we have discussed in the past?

Tim Rokossa: What sort of margin do you think this business should ultimately make? Are we talking rather about 15% or about 20% plus like we have discussed in the past? Secondly, Jochen, I guess this goes rather to you. You already gave us a few of the moving bridge items for H2 and then also into 2027. Can we talk a little bit more about it, please? Should we expect that Q3 is the seasonal low point like it often is in the year? Will Q4 be stronger again? How should we think about the 911 share supporting your results, specifically, obviously, when it comes to EBIT margin and free cash flow? As you know, that's typically what we care about most. Thank you.

Speaker #3: And secondly, Johan, I guess this goes rather to you. You already gave us a few of the moving bridge items for H2, and then also into 2027.

Speaker #3: Can we talk a little bit more about it, please? Should we expect that Q3 is the seasonal low point, like it often is in the year?

Speaker #3: Will Q4 be stronger again? How should we think about the 9/11 share supporting your results? Specifically, obviously, when it comes to EBIT margin and pre-cash flow. As you know, that's typically what we care about most.

Speaker #3: Thank you.

Michael Leiters: Maybe I start with two points you mentioned. First is about the business and the business size. Please forgive me if we don't go in detail right now. We will give you the targets in CMD. The only thing I can say that we want to reduce our target picture significantly versus the original plannings the company had that was, let me say, 350,000 and more, and this is definitely much lower what we are rescaling here in the company. Also, the long-term ambition, it's not changed. We always said 10% to 15% in the long term, but all the details on short-term, midterm, we will share with you in the Capital Markets Day. Let me comment on China. China is still an important market. Yes, it's a very volatile environment, very challenging conditions there right now, but it's still an important market for us.

Speaker #2: Maybe I'll start with two points. You mentioned the first is about the business and the business size. Please forgive me if we don't go into detail right now.

Speaker #2: We will give you the targets in CMD. The only thing I can say is that we want to reduce our target picture significantly versus the original planning the company had—that was, let me say, 350,000 and more.

Speaker #2: And this is definitely much lower than what we are rescaling here. In the company, also, the long-term ambition has not changed. We always said 10% to 15% in the long term, but all the details on short-term, mid-term, we will share with you in a couple of markets' days.

Speaker #2: Let me comment on China. China is still an important market. Yes, it's a very volatile environment. There are very challenging conditions there right now, but it's still an important market for us.

Speaker #2: We will plan China in a very conservative way, so that we can, let me say, have a solid foundation there in the market. So we won't be too positive on that.

Michael Leiters: We will plan China in a very conservative way that we can, let me say, have a solid foundation there in the market. We won't be too positive on that. Again, on that part, we will respond to you more in detail on the Capital Markets Day.

Speaker #2: Once again, regarding that point, we will respond to you in more detail on the capital markets.

Jochen Breckner [Member of the Executive Board: Okay, Tim, you were asking for a bit more visibility into the H2 of the current fiscal year. As I said, we confirm our guidance, both in terms of return on sales, but also in terms of net cash flow margin. Given the performance that we've seen in H1 with 7.8% return on sales and above 6% of net cash flow margin, it's obvious doing the math that the second half will be a bit weaker than the first half. Most important point is when it comes to the extraordinary expenses, we had a net effect of around EUR 100 million in the first half, and for the full year, we see EUR 800 to 900 million. There's an additional EUR 700 million to come. The biggest portion of that one is related to the Zukunftspaket, related to the reduction of the workforce.

Jochen Breckner: Okay, Tim, you were asking for a bit more visibility into the H2 of the current fiscal year. As I said, we confirm our guidance, both in terms of return on sales, but also in terms of net cash flow margin. Given the performance that we've seen in H1 with 7.8% return on sales and above 6% of net cash flow margin, it's obvious doing the math that the second half will be a bit weaker than the first half. Most important point is when it comes to the extraordinary expenses, we had a net effect of around EUR 100 million in the first half, and for the full year, we see EUR 800 to 900 million. There's an additional EUR 700 million to come. The biggest portion of that one is related to the Zukunftspaket, related to the reduction of the workforce.

Speaker #1: Okay, Tim, you were asking for a bit more visibility into the H2 of the current fiscal year. As I said, we confirm our guidance both in terms of return on sales, but also in terms of net cash flow margin.

Speaker #1: And given the performance that we've seen in H1, with a 7.8% return on sales and above 6% net cash flow margin, it's obvious, doing the math, that the second half will be a bit weaker than the first half.

Speaker #1: The most important point is that, when it comes to the extraordinary expenses, we had a net effect of around €100 million in the first half.

Speaker #1: And for the full year, we see €800 to €900 million. So there's an additional €700 million to come. The biggest portion of that is related to the Zukunftspaket, related to the reduction of the workforce.

Speaker #1: Second, when it comes to the operational business, the 911 remains healthy and has a strong and robust demand. Driven by— I mean, driven by all the models, but the Turbo S is still a fantastic car at the top end of the range.

Jochen Breckner [Member of the Executive Board: Second, when it comes to the operational business, 911 remains healthy and has a strong and robust demand, driven by all the models, but the Turbo S is still a fantastic car at the top end of the car. Also, the GT3 is a fantastic car with a very healthy demand that is helping. On the other hand, we are ramping up our full electric Cayenne, which is also a fantastic car, but as you know from a margin perspective, it's a bit dilutive, and we expect that our BEV share will increase to the guidance that we have given up to 25%, 26% potentially, from the roughly 20% we had in the H1. When it comes to cash, again, one-off effects are bigger in the H2 of the year. This really comes down to the license payments for our SUV strategy to Audi.

Jochen Breckner: Second, when it comes to the operational business, 911 remains healthy and has a strong and robust demand, driven by all the models, but the Turbo S is still a fantastic car at the top end of the car. Also, the GT3 is a fantastic car with a very healthy demand that is helping. On the other hand, we are ramping up our full electric Cayenne, which is also a fantastic car, but as you know from a margin perspective, it's a bit dilutive, and we expect that our BEV share will increase to the guidance that we have given up to 25%, 26% potentially, from the roughly 20% we had in the H1. When it comes to cash, again, one-off effects are bigger in the H2 of the year. This really comes down to the license payments for our SUV strategy to Audi.

Speaker #1: Also, the GT3 SE is a fantastic car with very healthy demand, which is helping. But on the other hand, we are ramping up our fully electric Cayenne, which is also a fantastic car. But as you know, from a margin perspective, it's a bit dilutive.

Speaker #1: And we expect that our BEPS share will increase to the guidance that we have given—up to 25–26%, potentially, from the roughly 20% we had in the first half.

Speaker #1: When it comes to cash, again, one-off effects are bigger in the second half of the year. This really comes down to the license payments for our SUV strategy to Audi.

Speaker #1: The full number is a billion, or around a billion, and we've paid $300 million so far. So there's another $600 to $700 million to come in the second half, which will add some burden on the cash flow statement.

Jochen Breckner [Member of the Executive Board: The full number is EUR 1 billion or around EUR 1 billion, and we've paid EUR 300 million so far. There's another EUR 600 to 700 million to come in H2, which will add some burden on the cash flow statement.

Jochen Breckner: The full number is EUR 1 billion or around EUR 1 billion, and we've paid EUR 300 million so far. There's another EUR 600 to 700 million to come in H2, which will add some burden on the cash flow statement.

Speaker #3: Danke euch.

Speaker #1: Yeah, very good. So, next in the row, then, will be Horst of Bank of America. And after Horst, we will have Christian from Goldman Sachs.

Björn Scheib: Very good. Next in the row will be Horst of Bank of America, and after Horst, we will have Christian from Goldman.

Horst Schneider: Good morning. Can you hear me? It's Horst here. Can you hear me?

Speaker #4: Yes, good morning. Can you hear me? It's Horst here. Can you hear me?

Horst Schneider: Good morning. Can you hear me? It's Horst here. Can you hear me?

Speaker #1: Sure. Horst, please go ahead.

Björn Scheib: Horst, please go ahead.

Speaker #4: Yes, thank you. Good morning. It's Horst Schneider from Bank of America. Thanks for taking my questions. The first one is on the product mix.

Horst Schneider: Yes. Thank you. Good morning. It is Horst Schneider from Bank of America. Thanks for taking my questions. The first one is on the product mix. To me, a key highlight in the H1 results is we see basically what margin you can do or how quickly the margin can recover if you steer the product mix in a certain way. What we have seen is strong 911 sales, low EV sales. You point now to the Macan phaseout effect in H2. I want to know basically what we should expect now for the 911 going forward. The sales going to be structurally higher, or we see rather a weak H2 for the 911? Why don't you try to limit now structurally the EV sales? That seems to be, in the end, a boost to the margin.

Speaker #4: To me, a key highlight in the H1 results is that we basically see what margin you can achieve, or how quickly the margin can recover.

Speaker #4: If you steer the product mix in a certain way—so what we have seen is strong 911 sales, low EV sales. You point now to the Macan facelift effects in H2.

Speaker #4: I want to know, basically, what we should expect now for the 911 going forward. Are the sales going to be structurally higher, or will we see rather a weak H2 for the 911?

Speaker #4: And why don't you try to structurally limit EV sales now? Because that seems, in the end, to be a boost to the margin.

Speaker #4: It’s maybe also related, then, to the CO2 regulation that you have to push it in H2, but maybe you can comment on that. The second question that I have is more structurally on cost as well, and the outlook for H2.

Horst Schneider: It is maybe also related then to the CO2 regulation that you have to push it in H2, maybe you can comment on that. The second question that I have is more structurally on cost as well and the outlook for H2. When I do here my forecast and I try to forecast the H2 margin, Jochen, maybe you can outline what we should expect for certain items. For example, R&D capitalization, FX impact, raw material price impact, supplier cost compensations. Thank you.

Speaker #4: So, when I do hear my forecast and I try to forecast the H2 margin—Jochen, maybe you can outline what we should expect for certain items.

Speaker #4: So, for example: R&D capitalization, FX impact, raw material price impact, supplier cost compensations. Thank you.

Speaker #1: Okay. Horst, thanks for these questions you were raising. Talking about product mix, two dimensions there. Of course, the 911 is our icon in terms of products, in terms of desirability, but also from a financial perspective.

Jochen Breckner [Member of the Executive Board: Okay, Horst, thanks for these questions you were raising. Talking about product mix, two dimensions there. Of course, the 911 is our icon in terms of product, in terms of desirability, but also from a financial perspective, a perfect car for our business model. We have seen in the H1 a very, very healthy demand with the two models I was highlighting just in my answer that I gave to Tim's question with the Turbo S and also the GT3. Very, very healthy, fantastic demand, there is also a bit higher order intake and sales than we usually have.

Jochen Breckner: Okay, Horst, thanks for these questions you were raising. Talking about product mix, two dimensions there. Of course, the 911 is our icon in terms of product, in terms of desirability, but also from a financial perspective, a perfect car for our business model. We have seen in the H1 a very, very healthy demand with the two models I was highlighting just in my answer that I gave to Tim's question with the Turbo S and also the GT3. Very, very healthy, fantastic demand, there is also a bit higher order intake and sales than we usually have.

Speaker #1: It's a perfect card for our business model. We've seen, in the first half of the year, very, very healthy demand with the two models.

Speaker #1: I was highlighting this just in my answer that I gave to Tim's question. With the Turbo S and also the GT3, there is very, very healthy, fantastic demand.

Speaker #1: And there’s also a bit higher order intake and sales than we usually have. We will expect a normalization in the second half of the year. But having said that, let me emphasize that on a very healthy and successful level, we expect the 911 to be a steady contributor to our sales mix, and therefore to the profitability that we expect for our business model in '26, but also going forward.

Jochen Breckner [Member of the Executive Board: We will expect a normalization in the H2, having said that, let me emphasize on a very healthy and successful level, we expect the 911 to be a steady contributor to our sales mix and therefore profitability that we expect for our business model in 2026, also going forward. When it comes to the BEV sales, yes, BEV cars are dilutive to the margin. That is clear. That is not a secret. Limiting these cars once they are developed and in the market wouldn't make sense, since from a contribution margin perspective, with the incremental money we can earn, they are still giving us additional margin, additional profit, and also a fixed cost coverage. Therefore, a limitation of BEV cars would not be a good idea in terms of the financial performance. Then H2-

Jochen Breckner: We will expect a normalization in the H2, having said that, let me emphasize on a very healthy and successful level, we expect the 911 to be a steady contributor to our sales mix and therefore profitability that we expect for our business model in 2026, also going forward. When it comes to the BEV sales, yes, BEV cars are dilutive to the margin. That is clear. That is not a secret. Limiting these cars once they are developed and in the market wouldn't make sense, since from a contribution margin perspective, with the incremental money we can earn, they are still giving us additional margin, additional profit, and also a fixed cost coverage. Therefore, a limitation of BEV cars would not be a good idea in terms of the financial performance. Then H2-

Speaker #1: When it comes to the BV sales, yes, BV cars are dilutive to the margin—that's clear. That's not a secret. But limiting these cars, once they are developed in the market, wouldn't make sense, since from a contribution margin perspective, with the incremental money we can earn, they are still giving us additional margin, additional profit, and also fixed cost coverage.

Speaker #1: Therefore, the limitation of BEV cars would not be a good idea in terms of financial performance.

Speaker #3: Yeah.

Speaker #1: And then H2.

Speaker #4: But Jochen, Jochen, sorry, the 911 sales can be above 50,000 this year, right? You are not limiting yourself to that 50,000 unit sales on the 911.

Michael Leiters: Jochen, sorry.

Michael Leiters: Yeah.

Michael Leiters: Jochen, sorry. The 911, it can be above 50,000 this year, right? You are not limiting yourself to that 50,000 unit sales on the 911?

Michael Leiters: Yeah.

Michael Leiters: Jochen, sorry. The 911, it can be above 50,000 this year, right? You are not limiting yourself to that 50,000 unit sales on the 911?

Speaker #1: No, no, no. We are not limiting ourselves to below such a number. We've already sold more than 50,000 cars in the past, and that's following our strict value-over-volume and balanced demand-and-supply strategy.

Jochen Breckner [Member of the Executive Board: No. We are not limiting ourselves below such a number. We've already sold more than 50,000 cars in the past. That's following our strict value over volume and balanced demand and supply strategy. As long as there is healthy demand there, as long as we have waiting times for our cars and a bit of scarcity in the 911 segment that we want to have, we will sell these cars. We do not see below 50,000 cars this year.

Jochen Breckner: No. We are not limiting ourselves below such a number. We've already sold more than 50,000 cars in the past. That's following our strict value over volume and balanced demand and supply strategy. As long as there is healthy demand there, as long as we have waiting times for our cars and a bit of scarcity in the 911 segment that we want to have, we will sell these cars. We do not see below 50,000 cars this year.

Speaker #1: So as long as there is healthy demand there, as long as we have waiting times for our cars and a bit of scarcity in the 911 segment—which we want to have—we will sell these cars, and we do not see below 50,000 cars this year.

Speaker #4: Okay, great. Thank you.

Michael Leiters: Okay, great. Thank you.

Horst Schneider: Okay, great. Thank you.

Speaker #1: Yes, for the second half of the year, I also commented on some of the special effects and extraordinary items. FX will be stable compared to H1.

Jochen Breckner [Member of the Executive Board: Yeah, for H2, I also commented on some of the, as I say, special effects, extraordinary items. FX will be stable compared to H1. R&D, slightly higher potentially, given seasonality effects following the development work for our cycle plan and the future strategy. When it comes to raw materials, we will not see a changed effect in H2 compared to what we have in our books in H1.

Jochen Breckner: Yeah, for H2, I also commented on some of the, as I say, special effects, extraordinary items. FX will be stable compared to H1. R&D, slightly higher potentially, given seasonality effects following the development work for our cycle plan and the future strategy. When it comes to raw materials, we will not see a changed effect in H2 compared to what we have in our books in H1.

Speaker #1: R&D will be slightly higher, potentially, given seasonality effects following the development work for our cycle plan in the future strategy. Also, when it comes to raw materials, we will not see any changed effect in the second half compared to what we have in our books in the first half.

Speaker #4: And the capitalization goes up as well. You talk about expenses, right? Not expenditures. R&D-wise.

Jochen Breckner [Member of the Executive Board: The capitalization goes up as well. You talk about expenses, right? Not expenditures, R&D-wise.

Horst Schneider: The capitalization goes up as well. You talk about expenses, right? Not expenditures, R&D-wise.

Jochen Breckner [Member of the Executive Board: I'm talking about expenses. We are sitting on a capitalization rate of 44% in H1. As you know, the capitalization rate really follows the milestones and the quality-

Jochen Breckner: I'm talking about expenses. We are sitting on a capitalization rate of 44% in H1. As you know, the capitalization rate really follows the milestones and the quality-

Speaker #1: I'm talking about expenses. We are sitting on a capitalization rate of 44% in H1. And, as you know, the capitalization rate really follows the milestones and quality gates that we have in our program.

Michael Leiters: Yeah

Michael Leiters: gates that we have in our program. There's also some extent of volatility there, but no major changes expected throughout the course of this year.

Speaker #1: So there's also some extent of volatility there, but no major changes are expected throughout the course of this year. When it comes to CAPEX—maybe, Horst, I don't know whether that was also a question.

Björn Scheib: Okay.

Horst Schneider: Okay.

Björn Scheib: When it comes to CapEx, maybe, Horst, I do not know whether that was also a question. CapEx itself will go up based and really coming down to the Audi payment, or the second installment of the Audi payment that we will have in our books in Q4.

Speaker #1: CAPEX itself will go up, based and really coming down to the audit payment, or the second installment of the audit payment, that we will have in our books in Q4.

Speaker #4: Sure. All right. Thank you, Jochen.

Björn Scheib: Sure. All right. Thank you, Jochen.

Speaker #1: Thanks, Horst.

Jochen Breckner [Member of the Executive Board: Thanks, Horst.

Jochen Breckner: Thanks, Horst.

Speaker #2: So, next in the row will be Christian from Goldman Sachs, and after Christian, we have José from J.P. Morgan.

Björn Scheib: Thank you. Next in the row then will be Christian of Goldman. After Christian, we have Jose of JPMorgan.

Speaker #3: Yeah, good morning. Can you hear me?

[Analyst] (Goldman Sachs): Yeah, good morning. Can you hear me?

Speaker #2: Yes, we hear you loud and clear.

Björn Scheib: Yes, we hear you loud and clear.

[Analyst] (Goldman Sachs): Great. Thanks for taking my question. Just obviously, I can only second that, the interest is in the Zukunftspaket. I understand that not much can be said at this time. One question I do have on that subject is, in terms of now that you've signed the Zukunftspaket, is the medium-term target of 10% to 15%, the operating margin target, is that under review at least, ahead of the Capital Markets Day?

Speaker #3: Great, thanks for taking my question. Obviously, I can only second that the interest is in the two-comp package, and I understand that not much can be said at this time.

Speaker #3: But one question I do have on that subject is, in terms of now that you've signed the two-comp package, is the medium-term target a 10 to 15% operating margin?

Speaker #3: Is that under review, at least ahead of the Capital Markets Day?

Speaker #1: Christian, thanks for raising that question again. First, we will talk about the strategy and also the financial perspectives for the mid- and long-term on October 7th.

Jochen Breckner [Member of the Executive Board: Christian, thanks for raising that question again. First, we will talk about the strategy and also the financial perspectives for the mid and long term on 7 October. Again, we kindly ask for a bit more patience. Just a few weeks to go.

Jochen Breckner: Christian, thanks for raising that question again. First, we will talk about the strategy and also the financial perspectives for the mid and long term on 7 October. Again, we kindly ask for a bit more patience. Just a few weeks to go.

Speaker #1: So again, we kindly ask for a bit more patience—just a few weeks to go.

Speaker #3: I'm sorry about that.

[Analyst] (Goldman Sachs): Sure. Sorry about that.

Speaker #1: Yeah, no, no problem. I just need to ask for your understanding and forgiveness that I have to answer it this way. We will be more precise on October 7.

Jochen Breckner [Member of the Executive Board: Yeah. No, not a problem. Just, I need to ask for your understanding.

Jochen Breckner: Yeah. No, not a problem. Just, I need to ask for your understanding.

[Analyst] (Goldman Sachs): Yeah

Jochen Breckner [Member of the Executive Board: forgiveness that I have to answer it that way. We will be more precise on 7 October. Of course, the Zukunftspaket will contribute to our margin resilience. As you know, there are a lot of effects out there in this world with China, with the BEV trend, with supplier costs, et cetera. There are also.

Jochen Breckner: forgiveness that I have to answer it that way. We will be more precise on 7 October. Of course, the Zukunftspaket will contribute to our margin resilience. As you know, there are a lot of effects out there in this world with China, with the BEV trend, with supplier costs, et cetera. There are also.

Speaker #1: And of course, the two-comp package will contribute to our margin resilience. But as you know, there are a lot of effects out there in this world—with China, with the BEV trend, with supplier cost, et cetera.

Speaker #1: So there are also burdens that we will have to take care of. So you should not only expect positive effects once we do the consolidation, communicated to you on October 7th.

[Analyst] (Goldman Sachs): Yeah

Jochen Breckner [Member of the Executive Board: These are burdens that we will have to take care on. You should not only expect positive effects once we do the consolidation and communicate to you on 7 October.

Jochen Breckner: These are burdens that we will have to take care on. You should not only expect positive effects once we do the consolidation and communicate to you on 7 October.

Speaker #3: Okay, thank you. And then some other questions, more product-related. There was some discussion in the press of shifting the Cayenne from Bratislava to Leipzig recently.

[Analyst] (Goldman Sachs): Okay. Thank you. Some other questions, more product related. There was some discussion in the press of shifting the Cayenne from Bratislava to Leipzig recently. How significant would a move like that be in terms of fixed cost absorption or just the net effect of it?

Speaker #3: How significant would a move like that be in terms of fixed cost absorption, or just the net effect of it?

Speaker #2: So, maybe I’ll take this question. This is still an ongoing investigation we are having, and this is to optimize—or we are looking at it to optimize—our utilization in Leipzig.

Björn Scheib: So-

Michael Leiters: Maybe I take this question. This is a still ongoing investigation we are having. This is to optimize, or we are looking at it to optimize our utilization in Leipzig. I have to say, we have already in the plan a very good utilization in Leipzig. This is only, let me say, it could be an additional opportunity, but we are still in investigation together also with the group, because we have to find the overall best solution for both of us, Porsche and the group.

Speaker #2: But I have to say, we already have in the plan a very good utilization in Leipzig. So this is only, let me say, an additional.

Speaker #2: It could be an additional opportunity. But we are still in investigation, together also with the Group, because we have to find the overall best solution for both of us—Porsche and the Group.

Speaker #3: Perfect. Thank you very much. And then lastly, just on the e-Cayenne, could you elaborate on what order trends you're currently seeing? Any commentary about the outlook and the ramp—just trying to assess where volumes could go for the e-Cayenne in 2027.

[Analyst] (Goldman Sachs): Perfect. Thank you very much. Lastly, just on the e-Cayenne, could you elaborate on what order trends you're currently seeing? Just any commentary about the outlook and the ramp and just trying to assess where volumes could go for the e-Cayenne in 2027. Lastly, on the K1, is there any scope to accelerate the launch timing of that project?

Speaker #3: And then, lastly, on the K1, is there any scope to accelerate the launch timing of that project?

Speaker #2: So maybe I'll take that question again. We are really happy with the first order intakes. Obviously, we expected that a little bit because the car is really great.

Michael Leiters: Maybe I take that question again. We are really happy with the first order intakes we are having. Obviously, we expected that a little bit because the car is really great. The first customer response is also fantastic. We are delivering cars, Cayenne, as an electric Cayenne, since end of June. Again, strong order intake. Main markets, definitely Europe. We expect in Q4 of this year, let's say, around 70% in ICE Cayenne and 30% as in BEV. Regarding Q1, we are exactly on the plan and on the timing, and more details for that eventually on the CMD.

Speaker #2: And the first customer response is also fantastic. We are delivering Cayenne as an electric Cayenne since the end of June. Again, strong order intake.

Speaker #2: The main market is definitely Europe. And we expect that in the last quarter of this year, let's say, around 70% in ICE as Cayenne and 30% as an BEV.

Speaker #2: And then regarding Q1, we are exactly on the plan—on the plan and on the timing. And, yeah, more details for that eventually on the CMD.

Speaker #3: Thank you.

[Analyst] (Goldman Sachs): Thank you.

Björn Scheib: Next in the row will be Jose of JPMorgan, and we have Stephen of Bernstein.

Speaker #2: So next in the row, then, will be José of J.P. Morgan, and then we have Steven of Bernstein.

Björn Scheib: Next in the row will be Jose of JPMorgan, and we have Stephen of Bernstein.

Speaker #5: Thank you, Björn. Thank you very much. Two questions, please. I think the first one just goes back to the topic of sales by region and China.

[Analyst] (J.P. Morgan): Thank you, Björn. Thank you very much. Two questions, please. I think the first one just goes back to the topic of sales by region and China and whether you're seeing the stabilization of sales and deliveries in the region or do you expect another, maybe further step down in the second half of the year or maybe early 2027 with the discontinuation of some vehicles? As you introduce new vehicles, sales could pick up maybe second half of 2027. Second, Michael, it goes back to you, and I think the early discussions we had at the beginning of the year when you were realigning or starting to basically turn measures to realign the group. From your perspective, and we've seen a lot of announcements, we've done a lot of announcements, I think, in the last weeks also on the personnel front.

[Analyst] (JPMorgan): Thank you, Björn. Thank you very much. Two questions, please. I think the first one just goes back to the topic of sales by region and China and whether you're seeing the stabilization of sales and deliveries in the region or do you expect another, maybe further step down in the second half of the year or maybe early 2027 with the discontinuation of some vehicles? As you introduce new vehicles, sales could pick up maybe second half of 2027. Second, Michael, it goes back to you, and I think the early discussions we had at the beginning of the year when you were realigning or starting to basically turn measures to realign the group. From your perspective, and we've seen a lot of announcements, we've done a lot of announcements, I think, in the last weeks also on the personnel front.

Speaker #5: And whether you're seeing stabilization of sales and deliveries in the region. Do you expect maybe another further step down in the second half of the year, or maybe early 2027, with this continuation of some vehicles?

Speaker #5: But then, as you introduce new vehicles, sales could pick up—maybe in the second half of 2027. And second, Michael, this goes back to you, and I think the early discussions we had at the beginning of the year.

Speaker #5: When you were realizing or starting to basically implement measures to realign the group. So in your perspective, and we've seen a lot of announcements, we've got a lot of announcements I think in the last weeks also on the personal front.

Speaker #5: Have you done the necessary changes already to adjust the business model when it comes to capacity, service, and distribution in the business? And with the actions you have announced so far, has the business model been currently set to address the current volumes Porsche is delivering?

[Analyst] (J.P. Morgan): Have you done the necessary changes already to adjust the business model when it comes to capacity, service, and distribution in the business? With the actions you have announced so far, has the business model been currently set to address the current volumes Porsche is delivering? Thank you.

[Analyst] (JPMorgan): Have you done the necessary changes already to adjust the business model when it comes to capacity, service, and distribution in the business? With the actions you have announced so far, has the business model been currently set to address the current volumes Porsche is delivering? Thank you.

Speaker #5: Thank you.

Björn Scheib: Jose, do I rightly understand that your question is again about capacity and the break-even level? The first one, as far as we understood, is about our China business.

Speaker #2: José, to rightly understand, your question is again about capacity and the break-even level. And the first one, as far as we understood, is about our China business.

Speaker #5: Yes, thank you.

[Analyst] (J.P. Morgan): Yes. Thank you.

[Analyst] (JPMorgan): Yes. Thank you.

Speaker #2: Okay, so I'll try to answer, but I have to be honest—I didn't catch the entire question because, acoustically, it wasn't easy to understand you.

Michael Leiters: Okay. I try to answer, but I have to be honest, I didn't catch the entire question because acoustically, it wasn't easy to understand you. Let me answer to China. I wouldn't say there's a calming down of the development in China. It's still a very challenging environment. It's looking from, let me say, month to month. Again, we are taking a very conservative view on China, and we are focusing on value over volume. Let me point out also another thing. We are, let me say, very flexible in China. We don't have any obligations in the market itself, so we can react here over our capacities and our production program quite flexibly from Europe. I think in this time frame, this is actually not having a site in China is an advantage for us.

Speaker #2: So let me answer to China. I wouldn't say there's a calming down of the development in China. It's still a very challenging environment.

Speaker #2: And it's looking from, let me say, month to month. But again, we are taking a very conservative view on China, and we are focusing on value over volume.

Speaker #2: And let me point out also another thing. We are, let me say, very flexible in China. We don't have any obligations in the market itself.

Speaker #2: So we can react here over our capacities and our production program quite flexibly from Europe. I think, in this time phase, actually not having a site in China is an advantage for us.

Speaker #2: And then regarding the adjustment, I mean, the Zukunftspaket is a huge step to adapt our scaling of the organization. But there's still a lot of work to do, first to realize this scaling, and then, as Johan said, we have to rescale also the whole environment around us here. So it's not only about Porsche but also about the supply chain and all the other contributors.

Michael Leiters: Regarding the adjustment, the Zukunftspaket is a huge step to adapt our scaling of the organization, there's still a lot of work to do, first, to realize this scaling, and then, as Jochen said, we have to rescale also the whole environment around us here. It's not only about Porsche, but also about the supply chain and all the other contributors we need to work on.

Speaker #2: We need to work on.

Speaker #5: Thank you. Thank you very much.

[Analyst] (J.P. Morgan): Thank you. Thank you very much.

[Analyst] (JPMorgan): Thank you. Thank you very much.

Speaker #2: Yeah. Steven.

Michael Leiters: Yeah.

Björn Scheib: So-

Michael Leiters: Stephen

Speaker #1: Next in the row will be Steven from Bernstein. Then we've got Stuart from Oxcab.

Björn Scheib: Next in the row will be Stephen of Bernstein, then we've got Stuart of Oxcap.

Stephen Reitman: Thank you very much. Stephen Reitman from Bernstein in London. I'd like to go back to a comment that was made about the replacement for the ICE Macan. I think it was actually said that it'll be launched after the 2027 business year, so obviously in 2028. I want to ask really, Mr. Leiters. I think when it was announced that you were joining the company, I think there was some hope that obviously you would bring your experience, not only from Porsche, but from your subsequent appointments at Ferrari and at McLaren, moving fast with less resources, bring things quicker. Obviously, models take a certain amount of time to develop anyway. Could you talk about what you've been able to do in terms of speeding up development processes at Porsche?

Speaker #5: Thank you very much. Steven from Bernstein in London. I'd like to go back to a comment that was made about the replacement for the ICE Macan.

Speaker #5: I think it was actually said that it’ll be launched after the 2027 business year – so, obviously, in 2028. I want to ask, really, Mr. Leiters: I think when it was announced that you were joining the company...

Speaker #5: I think there was some hope that you would bring your experience not only from Porsche but from your subsequent appointments at Ferrari and at McLaren.

Speaker #5: Moving fast with fewer resources brings things quicker. Obviously, models take a certain amount of time to develop anyway. But could you talk about what you've been able to do in terms of speeding up development processes at Porsche?

Speaker #5: Because I think that is one of the key issues about fixing the sort of gaps in the product line. We've seen what you've done a lot in terms of streamlining the business and getting rid of ancillary businesses, which were no longer relevant to the company and particularly also in batteries as well.

Stephen Reitman: I think that is one of the key issues about fixing the sort of gaps in the product line. We've seen what you've done a lot in terms of streamlining the business and getting rid of ancillary businesses which were no longer relevant to the company, and particularly also in batteries as well. If you could talk more about how you've managed to change the development process or to make things come to market quicker, please. Thank you.

Speaker #5: But if you could talk more about how, how you managed to change the development process or to bring things, make things come to the market quicker, please.

Speaker #5: Thank you.

Speaker #4: Thank you, Steve, for the question.

Michael Leiters: Thank you, Stephen, for the question. First is, let me give you a number. The Macan will be developed in 30% less development time than a usual car in Porsche. Okay, I think this is a big commitment and a huge step for Porsche. We are analyzing our product development process and the product development process of our competitors, as far we have information about that, but obviously also over the group and obviously over China information, we can do that. We are still working on that. We will show you on the CMD. Let me point out also one thing, because sometimes we get criticized, not only us, but also the German industry. We have to consider that the first thing is the right product. We are working on this car, first of all, to give the full Porsche experience.

Speaker #2: So first, let me give you a number. The Macan will be developed in 30% less development time than a usual car at Porsche.

Speaker #2: Okay. So I think this is a big commitment and a huge step for Porsche. We are analyzing our product development process, as well as the product development processes of our competitors, insofar as we have information about them.

Speaker #2: But obviously, also over the Group and over China, information—we can do that. And we are still working on that. We will show you on the CMD.

Speaker #2: But let me point out also one thing, because sometimes we get criticized—not only us, but also the German industry. We have to consider that the first thing is the right product.

Speaker #2: We are working on this car, first of all, to deliver the full Porsche experience. That also means that sometimes we have to change things and not just carry over elements from an existing platform.

Michael Leiters: That means also that sometimes we have to change things and not only carrying over things from an existing platform. That is also a trade-off we as a company have to do between development time, cost for development, and the right product substance. That actually is also something, you mentioned my previous experiences, which we have done there also in a very successful thing. Wait, sorry.

Speaker #2: So that is also a trade-off we as a company have to make between development time and cost for development and the right product substance.

Speaker #2: And that actually is also something—you mentioned my previous experiences—what we have done there also, and in a very successful way. Yeah, wait, sorry.

Speaker #5: Thank you.

Jochen Breckner [Member of the Executive Board: Thank you.

Jochen Breckner: Thank you.

Speaker #4: So next in the row, then, will be Stuart of Oxcab, and after Stuart, we are having Henning of Barclays. So, gentlemen, as we are planning to move over to the media Q&A at around 9 o'clock, please keep it brief so that, potentially, we can also squeeze in Daniel of Metzler after you.

Björn Scheib: Next in the row will be Stuart of Oxcap, after Stuart, we are having Henning of Barclays. Gentlemen, as we are planning to move over to the media Q&A at around nine o'clock, please take it brief so that potentially we can also squeeze in Daniel of Metzler after you.

Speaker #5: Okay. Thanks, Björn. So, Stuart is from Oxcab. Just very quickly, on the CAPEX side, I think you mentioned at the start there'll be product plans that would require incremental investment.

Stuart Pearson: Okay. Thanks, Björn. Stuart Pearson from OxCap. Just very quickly on the CapEx side, I think you mentioned at the start there'll be product plans which require incremental investment. CapEx is obviously very light in Q2, especially ex any Audi payments there. I just wonder, when we think about your strategic plan, will there be a period of higher investment from a CapEx that we need to think about, and just factor into our cash flow assumptions? Just secondly, on the back of that, I know there was a question about the Cayenne potentially coming back. You talked about focusing on boosting your utilization, but would you consider, or could you rule out that you might build a product for a non-Porsche brand in any of your facilities? Thank you.

Speaker #5: But CAPEX was obviously very light in Q2, especially with the X and the Audi payments there. So I just wonder, when we think about your strategic plan, will there be a period of higher investment from a CAPEX perspective that we need to consider?

Speaker #5: And just factor that into our cash flow assumptions. And then, just secondly, on the back of that, I know there was a question about the Cayenne potentially coming back.

Speaker #5: You've talked about focusing on boosting your utilization. But would you consider—or could you even rule out—that you might build a product for a non-Porsche brand in any of your facilities?

Speaker #5: Thank you.

Jochen Breckner [Member of the Executive Board: Stuart, thank you very much for the question. I start with the second one because that can be answered probably at this point in time a bit easier. As of now, we do not have plans to produce a car for another brand outside of the group. You know that we are exploiting synergies within the group, and we are already producing Bentley cars, not full cars, but the body in white for the Continental family and also the Flying Spur. These things are part of our strategy, but not for external brands or even competitors. Yeah.

Jochen Breckner: Stuart, thank you very much for the question. I start with the second one because that can be answered probably at this point in time a bit easier. As of now, we do not have plans to produce a car for another brand outside of the group. You know that we are exploiting synergies within the group, and we are already producing Bentley cars, not full cars, but the body in white for the Continental family and also the Flying Spur. These things are part of our strategy, but not for external brands or even competitors. Yeah.

Speaker #1: Stuart, thank you. Thank you very much for the question. I'll start with the second one, because that can probably be answered a bit easier at this point in time.

Speaker #1: As of now, we do not have plans to produce a car for another brand outside of the group. You know that we are exploiting synergies within the group, and we are already producing Bentley cars—not full cars, but the body-in-white for the Continental family and also the Flying Spur.

Speaker #1: So these things are part of our strategy, but not for external brands or even competitors. Yeah.

Stuart Pearson: I did mean within the group.

Speaker #4: So I did mean within the Group.

Stuart Pearson: I did mean within the group.

Jochen Breckner [Member of the Executive Board: Within-

Jochen Breckner: Within-

Stuart Pearson: An Audi, for instance.

Speaker #1: Yeah. I mean, as of now, it's—

Jochen Breckner [Member of the Executive Board: Yeah. As of now, it's Bentley. There might be additional synergies, but we decide them when the time is there to take these decisions and to see whether these make sense and whether these create win-win situations for both brands. When it comes to CapEx, in our strategy 2035 and also our financial plan, we will see lower CapEx throughout the years. We're optimizing our capital allocation both in terms of CapEx and R&D, and we will reduce that step by step, given the effects that we have from the strategy Sportwagenschmiede 35, based from faster development processes, but also based on the updated product program and reduced complexity that we plan to have, which will also give us some tailwinds in terms of optimizing in the CapEx investments that we will see over the years.

Jochen Breckner: Yeah. As of now, it's Bentley. There might be additional synergies, but we decide them when the time is there to take these decisions and to see whether these make sense and whether these create win-win situations for both brands. When it comes to CapEx, in our strategy 2035 and also our financial plan, we will see lower CapEx throughout the years. We're optimizing our capital allocation both in terms of CapEx and R&D, and we will reduce that step by step, given the effects that we have from the strategy Sportwagenschmiede 35, based from faster development processes, but also based on the updated product program and reduced complexity that we plan to have, which will also give us some tailwinds in terms of optimizing in the CapEx investments that we will see over the years.

Speaker #2: Bentley: There might be additional synergies, but we decide when the time is right to take these decisions and to see whether they make sense, and whether they create win-win situations for both brands.

Speaker #2: When it comes to CAPEX, in our Strategy 2035 and also our financial plan, we will see lower CAPEX throughout the years. We are optimizing our capital allocation, both in terms of CAPEX and R&D.

Speaker #2: And we will reduce that step by step, given the effects that we have from the strategy Sportwagen Schmiede 35, based on faster development processes, but also based on the updated product program and reduced complexity that we plan to have. This will also give us some tailwinds in terms of optimizing CAPEX.

Speaker #2: Investments that we will see over the years.

Speaker #4: Got it. Thank you.

Stuart Pearson: Got it. Thank you.

Jochen Breckner [Member of the Executive Board: Yeah. In short, we will make more out of less. That's our strategy.

Jochen Breckner: Yeah. In short, we will make more out of less. That's our strategy.

Speaker #2: Yeah. In short, we will make more out of less. That's our strategy.

Speaker #4: Always a good plan.

Stuart Pearson: Always a good plan.

Speaker #2: Yeah. Thanks.

Jochen Breckner [Member of the Executive Board: Yeah. Thanks.

Jochen Breckner: Yeah. Thanks.

Speaker #4: So next in the row, then, will be Henning, and then we also squeeze in, at the end, Daniel. And for the others in the row, we have not forgotten you.

Björn Scheib: Next in the row will be Henning, we also squeeze in at the end, Daniel. For the others in the row, we have not forgotten you. We will see how long the media Q&A will take, potentially we get the chance to take you in the end.

Speaker #4: We will see how long the media Q&A will take, and then potentially we may get the chance to take you at the end.

Speaker #5: Yeah. Thank you, Björn. Good morning, everybody. Just a few clarifications, please. Jochen, I think the first couple go to you. Relative to the net €8,900 million extraordinary charges this year, I understand you're saying that the charges will go down next year.

[Analyst] (Barclays): Thank you, Björn. Good morning, everybody. Just a few clarifications, please. Jochen, I think the first couple go to you. Relative to the net eight, EUR 900 million extraordinary charges this year, I understand you're saying that the charges will go down next year. Can you just clarify or perhaps even give us a number, between the additional charges and the carryover of the existing charges, what the combined effect of everything is in extraordinary charges next year? Not just the new ones, or not just the old ones, but the total relative to the EUR eight to EUR 900 million. Second clarification is on the supplier compensation costs. You were obviously able to release the provision there, which I suppose suggests you're outgrowing that perhaps also a bit quicker than you had originally assumed. Is it at all possible to give us a trajectory there as well?

Speaker #5: Can you just clarify, or perhaps even give us a number? Between the additional charges and the carryover of the existing charges, what is the combined effect of everything in extraordinary charges next year?

Speaker #5: So, not just the new ones or not just the old ones, but the total relative to the 800 to 900. Second clarification is on the supplier compensation costs.

Speaker #5: You were obviously able to release the provision there, which I suppose suggests you're outgrowing that perhaps also a bit quicker than you had originally assumed.

Speaker #5: Is it at all possible to give us a trajectory there as well? What was it in, or what is it going to be in 2026, and how much is that coming down in 2027?

[Analyst] (Barclays): What was it or what is it going to be in 2026, how much is that coming down in 2027? Both of these, combined with your statements or emphasis of the decline in the Macan next year, are you trying to tell us that we need to brace ourselves for a margin decline in 2027 versus 2026? It's not guidance day today, the lower supplier compensation charges and the lower realignment charges, does that offset the lower fixed cost coverage? It's broadly similar, or you're asking us to brace ourselves for a decline? Thank you.

Speaker #5: And then both of these, combined with your statements or emphasis on the decline in the Macan next year, are you trying to tell us that we need to brace ourselves for a margin decline in 2027 versus 2026?

Speaker #5: It's not guidance day today, but do the lower supplier compensation charges and the lower realignment charges offset the lower fixed cost coverage?

Speaker #5: It's broadly similar, or are you asking us to brace ourselves for a decline? Thank you.

Speaker #1: Henning, thanks for the questions. Again, I'll start with the last one, and I fully agree—it's not guidance day today. So, yes, we can't go into too much detail on that one, but you are right.

Jochen Breckner [Member of the Executive Board: Henning, thanks for the questions. Again, I start with the last one. I fully agree it's not guidance day today. We can't go into too much detail on that one. You are right, we expect lower volumes in 2027. Of course, given the per unit margins that we have in our product portfolio, this is an impact that we have to take care of. The reduction of the sales volume is mainly driven by the final run out of the ICE Macan. We stopped the production in summer 2026, just a few weeks ago. The pipeline is filled with as much cars or as many cars as we could produce, but sales wise, there will only be a few left in 2027. That's the effect that we have to take care of.

Jochen Breckner: Henning, thanks for the questions. Again, I start with the last one. I fully agree it's not guidance day today. We can't go into too much detail on that one. You are right, we expect lower volumes in 2027. Of course, given the per unit margins that we have in our product portfolio, this is an impact that we have to take care of. The reduction of the sales volume is mainly driven by the final run out of the ICE Macan. We stopped the production in summer 2026, just a few weeks ago. The pipeline is filled with as much cars or as many cars as we could produce, but sales wise, there will only be a few left in 2027. That's the effect that we have to take care of.

Speaker #1: We expect lower volumes in 2027, and of course, given the per unit margins that we have in our product portfolio, this is an impact that we have to take care of.

Speaker #1: The reduction of the sales volume is mainly driven by the runout final runout of the ICE Macan. We stopped the production in summer 2026 just a few weeks ago the pipeline is filled with as much cars or as many cars as we could produce but sales-wise there will only be a few left in 2027.

Speaker #1: So that's the effect that we have to take care of. When it comes to the extraordinary payments that was your first question in 2027, I commented that we will have low three-digit three triple or triple-digit number in 2027 for the Zukunftspaket for the reduction of the workforce.

Jochen Breckner [Member of the Executive Board: When it comes to the extraordinary payments, that was your first question, in 2027, I commented that we will have a low triple-digit number in 2027 for the Zukunftspaket, for the reduction of the workforce. That is something that we will have to take care of. That will be a burden in 2027. When it comes to the other aspects of the strategic realignment, we do not expect major effects in 2027. The total number, and we are still doing our budgets for next year's, will be substantially lower than the EUR 800 to 900 million that we have in this year's guidance.

Jochen Breckner: When it comes to the extraordinary payments, that was your first question, in 2027, I commented that we will have a low triple-digit number in 2027 for the Zukunftspaket, for the reduction of the workforce. That is something that we will have to take care of. That will be a burden in 2027. When it comes to the other aspects of the strategic realignment, we do not expect major effects in 2027. The total number, and we are still doing our budgets for next year's, will be substantially lower than the EUR 800 to 900 million that we have in this year's guidance.

Speaker #1: That is something that we will have to take care of. That will be a burden in 2027 when it comes to the other aspects of the strategic realignment.

Speaker #1: We do not expect major effects in 2027. So, the total number—and we are still doing our budgets for next years—will be substantially lower than the €800 to €900 million that we have in this year's guidance.

Speaker #5: And on the supplier compensation, please.

Björn Scheib: On the supplier compensation, please.

[Analyst] (Barclays): On the supplier compensation, please.

Speaker #1: Yeah. Supplier compensation—when it comes to real compensation, we try to settle everything as fast as we can. But our colleagues do that wisely, and always in the best sense and interests of the company.

Jochen Breckner [Member of the Executive Board: Yeah. Supplier compensation, when it comes to real compensation, we try to settle everything as fast as we can. Our colleagues do that also wisely and in the best sense and efforts for the company. There is a very dedicated and diligent negotiation strategy with our partners in the supplier base so that we see when do we settle things, how can we combine it with future nominations that we have for our program. That's something that will also phase out over time. What will stay is the elevated material costs that we have, especially in our BEV programs, given the fact that we have much lower volumes in our plannings than originally planned. That's something that will stay throughout the few years to come.

Jochen Breckner: Yeah. Supplier compensation, when it comes to real compensation, we try to settle everything as fast as we can. Our colleagues do that also wisely and in the best sense and efforts for the company. There is a very dedicated and diligent negotiation strategy with our partners in the supplier base so that we see when do we settle things, how can we combine it with future nominations that we have for our program. That's something that will also phase out over time. What will stay is the elevated material costs that we have, especially in our BEV programs, given the fact that we have much lower volumes in our plannings than originally planned. That's something that will stay throughout the few years to come.

Speaker #1: So, there is a very dedicated and diligent negotiating strategy with our partners in the supplier base, so that we see when do we settle things, how can we combine it with future nominations that we have for our program.

Speaker #1: So that's something that will also phase out over time. But what will stay is the elevated material cost that we have, especially in our BV programs, given the fact that we have much lower volumes in our planning than originally planned.

Speaker #1: That's something that will remain throughout the next few years.

Speaker #5: So, no major relief in 2027 versus 2026 from that bucket. Okay, thank you.

Björn Scheib: No major relief in 2027 versus 2026.

[Analyst] (Barclays): No major relief in 2027 versus 2026.

Jochen Breckner [Member of the Executive Board: No

Jochen Breckner: No

Björn Scheib: from that bucket. Okay.

[Analyst] (Barclays): from that bucket. Okay.

Speaker #1: No. No major relief. Yeah.

Jochen Breckner [Member of the Executive Board: No. No major relief. Yeah.

Jochen Breckner: No. No major relief. Yeah.

Speaker #5: Thank you, Jochen.

Björn Scheib: Thank you, Jochen.

[Analyst] (Barclays): Thank you, Jochen.

Speaker #4: So.

Jochen Breckner [Member of the Executive Board: Thanks, Henning.

Jochen Breckner: Thanks, Henning.

Speaker #1: Thanks, Henning.

Björn Scheib: Last in the row now will be Daniel of Metzler. Daniel, the line is open.

Speaker #2: Last in the row now will be Daniel of Metzler. Daniel, the line is open.

[Analyst] (Metzler): Yes. Thank you for taking my question. First is on management compensation. Will the KPIs be adjusted to fit to the new strategy, for example, the ESG targets, as you're now selling fewer BEVs than initially planned or the minimum threshold for EPS and EBIT margin? Did you make adjustment to the compensation to your top managers below the management board? Is that more linked to the share price, cash flow, or other KPIs? Just a quick question on the cost headwind in 2027. The amortization is now exceeding capitalized R&D quite a bit, so R&D accounting is a headwind, and the intangible asset base is declining. Do you expect amortization to grow in 2027, or is it peaking now and it's a tailwind in the coming years?

Speaker #4: Yes, thank you for taking my question. First, on management compensation: will the KPIs be adjusted to fit the new strategy? For example, the ESG targets, given that you're now selling fewer BEVs than initially planned, or the minimum thresholds for EPS and EBIT margin.

Speaker #4: And do you make adjustments to the compensation of your top managers below the management board? Are these more linked to the share price, cash flow, or other KPIs?

Speaker #4: And just a quick question on the cost headwind in 2027. The amortization is now exceeding capitalized R&D by quite a bit, so R&D accounting is a headwind.

Speaker #4: And the intangible asset base is declining. Do you expect amortization to grow in 2027, or is it peaking now and will be a tailwind in the coming years?

Speaker #1: Okay. Daniel, thanks for these two questions. The first one was on management compensation. We have not changed the compensation system structurally, so the incentives are still based on ROS or net cash flow margin, and on the ESG factors that you are aware of.

Jochen Breckner [Member of the Executive Board: Okay, Daniel, thanks for these two questions. First one was on management compensation. We have not changed the compensation system structurally, so the incentives are still based on ROS or net cash flow margin and all the ESG factors that you are aware of. What we see is that based on the Zukunftspaket, we agreed that we will also reduce fixed payments for the managers, so they will also contribute to the effects of the Zukunftspaket. That's one. Second is that given the fact that we have not changed our compensation structurally, but we have a performance which is a bit lower than initially expected, we see the effects that you can see also in the 2025 report for the management board, for example, that you see how the system works and how it reacts as a variable compensation and incentive measure.

Jochen Breckner: Okay, Daniel, thanks for these two questions. First one was on management compensation. We have not changed the compensation system structurally, so the incentives are still based on ROS or net cash flow margin and all the ESG factors that you are aware of. What we see is that based on the Zukunftspaket, we agreed that we will also reduce fixed payments for the managers, so they will also contribute to the effects of the Zukunftspaket. That's one. Second is that given the fact that we have not changed our compensation structurally, but we have a performance which is a bit lower than initially expected, we see the effects that you can see also in the 2025 report for the management board, for example, that you see how the system works and how it reacts as a variable compensation and incentive measure.

Speaker #1: But what we see is that, based on the Zukunftspaket, we agreed that we will also reduce fixed payments for the managers. So they will also contribute to the effects of the Zukunftspaket.

Speaker #1: That's one. And second is that, given the fact that we have not changed our compensation structurally but have a performance which is a bit lower than initially expected, we see the effect that you can also see in the 2025 report for the management board, for example. You see how the system works, and how it reacts as a variable compensation and incentive measure.

Speaker #1: Now, on the amortization side, given the asset base that we have that is substantially, or step-by-step, reduced over time, we see elevated levels of D&A that will remain over the next years to come.

Jochen Breckner [Member of the Executive Board: Now, on the amortization side, given the asset base that we have, that is substantially or step-by-step reduced over time, we see elevated levels of D&A that will remain over the next years to come. As you can imagine, that will give us some tailwinds in terms of our cash generation strength that we have and that we expect, especially in the midterm of our strategy. For the short term, D&A will weigh on our profitability and therefore also on return on sales.

Jochen Breckner: Now, on the amortization side, given the asset base that we have, that is substantially or step-by-step reduced over time, we see elevated levels of D&A that will remain over the next years to come. As you can imagine, that will give us some tailwinds in terms of our cash generation strength that we have and that we expect, especially in the midterm of our strategy. For the short term, D&A will weigh on our profitability and therefore also on return on sales.

Speaker #1: As you can imagine, that will give us some tailwinds in terms of our cash generation—the strengths that we have and that we expect, especially in the midterm of our strategy.

Speaker #1: But for the short term, D and A will weigh on our profitability and therefore also on return on sales.

Speaker #2: Thank you very much. With this, we finish up with the analysts and investors. After a brief break, we will move over to the Q&A session with the media.

Björn Scheib: Thank you very much. With this, we finish up with the analysts and investors, and after a brief break, we move over to the Q&A session of the media.

Operator: Sehr geehrte Damen und Herren, wir beginnen nun mit der Frage- und Antwortrunde für die Medien. Alle Teilnehmer und Teilnehmerinnen, die eine Frage stellen möchten, können jetzt auf ihrem Telefon die Tasten Stern und Eins drücken. Sie hören anschließend einen Signalton zur Bestätigung, dass Sie in der Warteschlange aufgenommen wurden. Wenn Sie Ihre Frage zurückziehen möchten, können Sie Stern und Zwei drücken, um sich aus der Warteschleife zu entfernen. Sollten technische Schwierigkeiten auftreten, drücken Sie bitte die Tasten Stern und Null, um Unterstützung durch den Operator zu erhalten. Bitte stellen Sie außerdem sicher, dass alle anderen Geräte, über die Sie gegebenenfalls parallel den Videostream verfolgen, vollständig stummgeschaltet sind, um Störungen zu vermeiden. Damit übergebe ich an Florian Laudan. Bitte schön.

Speaker #2: Sehr geehrte Damen und Herren, wir beginnen nun mit der Frage- und Antwortrunde für die Medien. Alle Teilnehmer und Teilnehmerinnen, die eine Frage stellen möchten, können jetzt auf ihrem Telefon die Tasten Stern und Eins drücken.

Speaker #2: Wir hören anschließend einen Signalton zur Bestätigung, dass Sie in der Warteschlange aufgenommen wurden. Wenn Sie Ihre Frage zurückziehen möchten, können Sie Stern und Zwei drücken.

Speaker #2: Um sich aus der Warteschleife zu entfernen, sollten technische Schwierigkeiten auftreten, drücken Sie bitte die Tasten Stern und Null, um Unterstützung durch den Operator zu erhalten.

Speaker #2: Bitte stellen Sie außerdem sicher, dass alle anderen Geräte, über die Sie gegebenenfalls parallel den Videostream verfolgen, vollständig stummgeschaltet sind, um Störungen zu vermeiden. Und damit übergebe ich an Florian Laudan.

Speaker #2: Bitte schön.

Speaker #1: Ja, guten Morgen, liebe Kolleginnen und Kollegen von den Medien. Willkommen zur Medienfragerunde. Jetzt, wie Sie sehen, auf Deutsch. Wir haben in etwa 25 Minuten Zeit, Ihre Fragen zu beantworten.

Florian Laudan: Guten Morgen, liebe Kolleginnen und Kollegen von den Medien. Willkommen zur Medienfragerunde, jetzt, wie Sie sehen, auf Deutsch. Wir haben in etwa 25 Minuten Zeit, um Ihre Fragen zu beantworten. Insofern würde ich Sie im Sinne der Fairness bitten, sich auf maximal zwei Fragen zu beschränken. Vielen Dank für Ihr Verständnis. Jetzt beginnen wir mit einer ersten Frage von Michael Gerster, Automobilwoche. Herr Gerster.

Speaker #1: Insofern würde ich Sie im Sinne der Fairness bitten, sich auf maximal zwei Fragen zu beschränken. Vielen Dank für Ihr Verständnis. Und jetzt beginnen wir mit einer ersten Frage von Michael Gerster, Automobilwoche.

Speaker #1: Herr Gerster.

Speaker #4: Guten Morgen. Kann man mich hören?

Michael Gerster: Guten Morgen. Kann man mich hören?

Speaker #1: Ja, sehr gut.

Florian Laudan: Ja, sehr gut.

Speaker #4: Ja, also ich hätte auch zwei Fragen. Und zwar zum einen: Da sind ja viele Einzelposten aufgelistet, was das Zukunftspaket auch kosten wird. Können Sie vielleicht noch mal zusammenfassen, auf längere Sicht, also was das jetzt insgesamt an Belastung bedeutet, auch durch Abfindungsprogramme et cetera, und was Sie sich aber auch an Einsparungen versprechen mit dem Stellenabbau und allen Maßnahmen zusammen?

Michael Gerster: Ich hätte auch zwei Fragen, und zwar zum einen: Da sind jetzt viele Einzelposten aufgelistet, was das Zukunftspaket kosten wird. Können Sie vielleicht noch einmal zusammenfassen auf längere Sicht, was das jetzt insgesamt an Belastung bedeutet, auch durch Abfindungsprogramme et cetera, und was Sie sich aber auch an Einsparungen versprechen mit dem Stellenabbau und allen Maßnahmen zusammen?

Speaker #1: Ja, vielleicht übernehme ich.

Florian Laudan: Ja, vielleicht übernehme ich-

Michael Gerster: Die zweite Frage noch: Sie haben schon von Lizenzzahlungen an Audi gesprochen. Da geht es um Produktentscheidungen. Wenn Sie sagen können, was das für Produkte sind, für die Sie dann Lizenzen an Audi bezahlen müssen. Ist es ein Supersportwagen auf Nuvolari-Basis oder geht es da um diesen Siebensitzer oberhalb des Cayenne? Das wäre dann der Q9. Wenn Sie dazu noch einmal sagen könnten, was denn da kommen wird. Danke.

Speaker #4: Die zweite Frage noch: Sie haben ja jetzt schon von Lizenzzahlungen an Audi gesprochen. Also da geht es jetzt um Produktentscheidungen. Wenn Sie da mal sagen können, was das für Produkte sind, für die Sie dann Lizenzen an Audi bezahlen müssen.

Speaker #4: Ist es dann ein Supersportwagen auf Novolari-Basis oder geht es da diesen Siebensitzer oberhalb des Cayenne? Also das wäre dann der Q9. Also wenn Sie da noch mal sagen könnten, was denn da kommen wird.

Speaker #4: Danke.

Speaker #1: Ja, Herr Gerster, vielen Dank für Ihre Fragen. Ich fange mal an, und nachher, wenn wir dann über die Lizenzen reden, übernimmt der Jochen Breckner und antwortet dort im Detail.

Florian Laudan: Herr Gerster, vielen Dank für Ihre Fragen. Ich fange mal an und nachher, wenn wir über die Lizenzen reden, übernimmt Jochen Breckner und antwortet dort im Detail. Zunächst einmal: Über die gesamte Laufzeit des Pakets und damit auch des Planungshorizonts werden wir Einsparungen in Milliardenhöhe einbringen. Die Belastungen sind etwas weniger als EUR 1 billion. Wir werden im eingeschwungenen Zustand einen mittleren dreistelligen Millionenbetrag pro Jahr einsparen. Die Effekte wirken auch in einer anderen zeitlichen Reihenfolge beziehungsweise in einer anderen Einphasung. Dinge wie zum Beispiel das Weihnachtsgeld oder die Einbehaltung der Tariferhöhung wirken sofort und die Tariferhöhungen haben einen Effekt von ungefähr 3.5% Kostenbedämpfung für die Zukunft. Da liegen wir gerade. Stärker ins Detail gehen wollen wir heute noch nicht, aber ich denke, das gibt Ihnen einen ersten Hinweis, in welcher Größenordnung und wie sich das Ganze auswirken wird.

Speaker #1: Zunächst mal: Über die gesamte Laufzeit des Pakets, und damit auch des Planungshorizonts, werden wir Einsparungen in Milliardenhöhe einbringen. Die Belastungen sind etwas weniger als eine Milliarde.

Speaker #1: Wir werden im eingeschwungenen Zustand einen mittleren dreistelligen Millionenbetrag pro Jahr einsparen. Teilweise wirken die Effekte auch in einer anderen zeitlichen Reihenfolge beziehungsweise in einer anderen Einphasung.

Speaker #1: Dinge wie zum Beispiel das Weihnachtsgeld oder die Einbehaltung der Tariferhöhung wirken sofort, und das sind also – die Tariferhöhungen haben einen Effekt von ungefähr 3,5 Prozent Kostenbedämpfung für die Zukunft.

Speaker #1: Also, da wollen wir gerade stärker ins Detail gehen – das wollen wir heute noch nicht. Aber ich denke, das gibt Ihnen einen ersten Hinweis, in welcher Größenordnung und wie sich das Ganze auswirken wird.

Speaker #1: Ich kann noch einmal betonen: Es ist für uns ein wichtiger Baustein, und wir sind sehr zufrieden mit den Kosteneinsparungen, die wir hier erzielen werden.

Florian Laudan: Ich kann noch einmal betonen: Es ist für uns ein wichtiger Baustein und wir sind sehr zufrieden mit den Kosteneinsparungen, die wir hier erzielen werden. Jochen.

Speaker #1: Ja, Herr Gerster, dann zu Ihrer Frage zu den Lizenzzahlungen, die wir im Rahmen unserer finanziellen Guidance herausheben, weil es ein außergewöhnlicher Einmaleffekt ist in diesem Geschäftsjahr.

Jochen Breckner [Member of the Executive Board: Herr Gerster, zu Ihrer Frage zu den Lizenzzahlungen, die wir im Rahmen unserer finanziellen Guidance herausheben, weil es ein außergewöhnlicher Einmaleffekt ist in diesem Geschäftsjahr. Die circa EUR 1 billion bezieht sich auf unsere SUV-Strategie. Das heißt konkret, dass wir für die Plattformnutzung und dann auch Adaptierung, um echte Porsche-Fahrzeuge zu bauen, unseren verbrennungsmotorischen Macan, den wir nach 2027 auf den Markt bringen wollen, dort synergetisch mit Audi machen. Auch eine Nachfolgegeneration von unserem heutigen Verbrenner und Plug-in-hybridisierten Cayenne ist in diesem Programm beinhaltet und wir sind derzeit, und das ist auch bekannt, dabei am Prüfen, ob wir oberhalb des Cayennes im Genre der SUVs noch einmal ein weiteres Fahrzeug entwickeln und bringen möchten. Sofern das positiv entschieden wird, ist das auch Bestandteil dieser Lizenzzahlung. Es geht nicht um Supersportwagen oder Ähnliches.

Jochen Breckner: Herr Gerster, zu Ihrer Frage zu den Lizenzzahlungen, die wir im Rahmen unserer finanziellen Guidance herausheben, weil es ein außergewöhnlicher Einmaleffekt ist in diesem Geschäftsjahr. Die circa EUR 1 billion bezieht sich auf unsere SUV-Strategie. Das heißt konkret, dass wir für die Plattformnutzung und dann auch Adaptierung, um echte Porsche-Fahrzeuge zu bauen, unseren verbrennungsmotorischen Macan, den wir nach 2027 auf den Markt bringen wollen, dort synergetisch mit Audi machen. Auch eine Nachfolgegeneration von unserem heutigen Verbrenner und Plug-in-hybridisierten Cayenne ist in diesem Programm beinhaltet und wir sind derzeit, und das ist auch bekannt, dabei am Prüfen, ob wir oberhalb des Cayennes im Genre der SUVs noch einmal ein weiteres Fahrzeug entwickeln und bringen möchten. Sofern das positiv entschieden wird, ist das auch Bestandteil dieser Lizenzzahlung. Es geht nicht um Supersportwagen oder Ähnliches.

Speaker #1: Die circa eine Milliarde Euro bezieht sich auf unsere SUV-Strategie. Das heißt konkret, dass wir für die Plattformnutzung und dann auch Adaptierung, echte Porsche-Fahrzeuge zu bauen, unseren Verbrennungsmotorischen Macan den wir nach 2027 in den Markt bringen wollen, dort synergetisch mit Audi machen, auch eine Nachfolgegeneration von unserem heutigen Verbrenner und Plug-in-Hybridisierten Cayenne ist in diesem Programm beinhaltet und wir sind ja derzeit und das ist auch bekannt dabei am Prüfen, ob wir oberhalb des Cayennes im Genre der SUVs noch mal ein weiteres Fahrzeug entwickeln und bringen möchten, sofern das positiv entschieden wird, ist das auch Bestandteil dieser Lizenzzahlungen.

Speaker #1: Also, es geht nicht um Supersportwagen oder Ähnliches. Vielleicht lassen Sie mich aber noch ergänzen: Ganz generell sind wir als Porsche im Volkswagen Konzern ganz wesentlich mit Audi, teilweise mit anderen Marken.

Jochen Breckner [Member of the Executive Board: Lassen Sie mich aber noch ergänzen: Ganz generell sind wir als Porsche im Volkswagen-Konzern ganz wesentlich mit Audi, teilweise mit anderen Marken – ich hatte vorhin im Analysten-Call Bentley erwähnt – nicht nur Lizenznehmer und damit Nutzer von Technologie und Modulen aus den Baukästen anderer Marken, sondern wir spenden auch die Entwicklungsergebnisse, die wir realisieren. Auf der Audi-Seite ist der sogenannte TT geplant, der auf Basis von unserem elektrischen Boxster und Cayman weiterentwickelt werden wird und auch mit Bentley haben wir eine große Kooperation, wo entsprechende Bentley-Fahrzeuge unsere sogenannte MSP-Plattform aus dem Panamera-Programm nutzen. Das ist, denke ich, für die strategische Position im Konzern auch wichtig zu erwähnen. Wenn ich noch ganz kurz nachfragen darf, dieses Siebensitzer oberhalb des Cayenne ist dann demnach noch nicht beschlossen?

Jochen Breckner: Lassen Sie mich aber noch ergänzen: Ganz generell sind wir als Porsche im Volkswagen-Konzern ganz wesentlich mit Audi, teilweise mit anderen Marken – ich hatte vorhin im Analysten-Call Bentley erwähnt – nicht nur Lizenznehmer und damit Nutzer von Technologie und Modulen aus den Baukästen anderer Marken, sondern wir spenden auch die Entwicklungsergebnisse, die wir realisieren. Auf der Audi-Seite ist der sogenannte TT geplant, der auf Basis von unserem elektrischen Boxster und Cayman weiterentwickelt werden wird und auch mit Bentley haben wir eine große Kooperation, wo entsprechende Bentley-Fahrzeuge unsere sogenannte MSP-Plattform aus dem Panamera-Programm nutzen. Das ist, denke ich, für die strategische Position im Konzern auch wichtig zu erwähnen. Wenn ich noch ganz kurz nachfragen darf, dieses Siebensitzer oberhalb des Cayenne ist dann demnach noch nicht beschlossen?

Speaker #1: Ich hatte vorhin eben Analysten Kohl Bendtle erwähnt. Nicht nur Lizenznehmer und damit Nutzer von Technologie und Modulen aus den Baukästen anderer Marken, sondern wir spenden auch die Entwicklungsergebnisse, die wir realisieren. Auf der Audi-Seite ist der sogenannte C-Sport geplant, der auf Basis von unserem elektrischen Boxster und Cayman weiterentwickelt werden wird. Und auch mit Bentley haben wir eine große Kooperation, wo entsprechende Bentley-Fahrzeuge unsere sogenannte MSB-Plattform aus dem Panamera-Programm nutzen.

Speaker #1: Das ist, denke ich, für die strategische Position im Konzern auch wichtig zu erwähnen.

Speaker #4: Okay, aber diese Sieben, wenn ich nur ganz kurz nachfragen darf, diese Siebensitzer oberhalb des Cayenne ist dann demnach noch nicht beschlossen.

Speaker #1: Nein, das haben Sie richtig zusammengefasst, und es ist auch immer unser Statement. Wir untersuchen weitere Segmente. Wir halten das für ein attraktives Segment. Wir sind immer noch im Abschluss der technischen und wirtschaftlichen Machbarkeit beziehungsweise Feasibility, und auch hier wieder bitte ich um Geduld bis zum Capital Markets Day am 7.

Michael Leiters: Nein, das haben Sie richtig zusammengefasst und das ist auch immer unser Statement. Wir untersuchen weitere Segmente. Wir halten das für ein attraktives Segment. Wir sind immer noch im Abschluss der technischen und wirtschaftlichen Machbarkeit beziehungsweise Feasibility. Auch hier wieder bitte ich um Geduld bis zum Capital Markets Day am 7 October. Da werden wir mehr dazu sagen.

Speaker #1: Im Oktober werden wir mehr dazu sagen.

Speaker #4: Okay, danke schön.

Jochen Breckner [Member of the Executive Board: Danke schön.

Michael Gerster: Danke schön.

Speaker #1: Danke, Herr Gerster. Dann kommen wir zur zweiten Frage. Ilona Wissenbach-Reuters. Hallo, Frau Wissenbach.

Florian Laudan: Danke, Herr Gerster. Wir kommen zur zweiten Frage. Ilona Wissenbach, Reuters. Hallo Frau Wissenbach.

Speaker #5: Guten Morgen. Ich hatte es jetzt zweimal akustisch nicht verstanden. Die Einsparungen über das Zukunftspaket sind mehrere Milliarden. Und Sie erwarten Belastungen von etwas weniger als eine Milliarde, weil also nur in Milliardenhöhe, wenn es nur eine ist und etwas weniger als eine Einsparung, wäre das ja ein Nullsummenspiel.

Ilona Wissenbach: Guten Morgen. Ich hatte es jetzt zweimal akustisch nicht verstanden. Die Einsparungen über das Zukunftspaket sind mehrere Milliarden Euro und Sie erwarten Belastungen von etwas weniger als EUR 1 Milliarde, weil nur in Milliardenhöhe, wenn es nur eine ist und etwas weniger als eine Einsparung, wäre das ja ein Nullsummenspiel. Wenn Sie das noch mal ein kleines bisschen präzisieren könnten. Die Vereinbarung bezogen auf Zuffenhausen und Weissach. Ich nehme an, dass die 5,000 jobs ja auch dort wegfallen. Ich frage mich: Was passiert in Leipzig? Wird da auch verhandelt werden? Wird es da auch Stellenstreichungen geben? Oder steht das nicht auf der Agenda, weil Sie ja vorhin sagten, Sie sehen da auch hohe Auslastung in der Zukunft.

Speaker #5: Wenn Sie das noch mal ein kleines bisschen präzisieren könnten. Dann war ja die Vereinbarung bezogen auf Zuffenhausen und Weissach. Also wäre nicht anders, die 5.000 Stellen ja auch dort wegfallen.

Speaker #5: Und ich frage mich, was passiert in Leipzig? Wird da auch verhandelt werden? Also wird es da auch Stellenstreichungen geben oder steht das nicht auf der Agenda, weil Sie ja vorhin sagten, Sie sehen da auch große, also hohe Auslastung in der Zukunft.

Speaker #1: Vielleicht fange ich ganz kurz an mit Leipzig. Leipzig ist nicht Bestandteil dieser Vereinbarung, das haben Sie richtig gesagt. Grundsätzlich haben wir mit Leipzig Gespräche bereits im letzten Jahr geführt und haben dort Maßnahmen ergriffen, auch in der Entscheidung, wie wir denn das zukünftige Fahrzeug als Macan mit Verbrenner fahren wollen, und alles Weitere wird sich dann in der Zukunft zeigen.

Michael Leiters: Ich fange ganz kurz an mit Leipzig. Leipzig ist nicht Bestandteil dieser Vereinbarung. Das haben Sie richtig gesagt. Grundsätzlich haben wir mit Leipzig Gespräche bereits im letzten Jahr geführt und haben dort Maßnahmen ergriffen, auch in der Entscheidung, wie wir das zukünftige Fahrzeug als Macan mit ICE fahren wollen und alles weitere wird sich in der Zukunft zeigen. Das ist noch nicht spruchreif, was wir noch tun werden. Vielleicht Jochen, wenn du noch mal klarstellst, die Zahlen, damit das eindeutig ist und auch klar wird, wie groß die Größenwirkung oder die positive Wirkung für uns als Porsche ist.

Speaker #1: Das ist noch nicht spruchreif, was wir noch tun werden. Und dann vielleicht, Jochen, wenn du noch mal klarstellst die Zahlen, damit das eindeutig ist und auch klar wird, wie groß die Größenwirkung oder die Wirkung, die positive Wirkung für uns als Porsche ist.

Speaker #2: Ja, gerne. Und Frau Wissenbach, vielen Dank für die Nachfrage, weil das tatsächlich wichtig ist, dass das richtig transportiert ist und verstanden werden kann draußen in der Öffentlichkeit. Das Zukunftspaket ist ein wesentlicher Baustein im Rahmen unserer Strategie und Reorganisation des Unternehmens, um Produktivität, Flexibilität und auch Wirtschaftlichkeit zu stützen.

Jochen Breckner [Member of the Executive Board: Ja, gerne. Frau Wissenbach, vielen Dank für die Nachfrage, weil das ist tatsächlich wichtig, dass das richtig transportiert ist und verstanden werden kann draußen in der Öffentlichkeit. Das Zukunftspaket ist ein wesentlicher Baustein im Rahmen unserer Strategie und Reorganization des Unternehmens, um Produktivität, Flexibilität und auch Wirtschaftlichkeit zu stützen. Es ist kein Nullsummenspiel. Die Einsparungen im Zeitraum der Laufzeit bis 2035 sind mehrere Milliarden Euro und die Belastungen, die wir am frühen Ende haben, sind kleiner als EUR 1 billion. Die Belastungen beziehen sich im Wesentlichen auf den sozialverträglichen Abbau der jobs. Das ist ein Thema, das uns ja auch als wertorientiertes Unternehmen ganz wichtig ist. Wir investieren noch mal ordentlich, um über Altersteilzeitprogramme und Freiwilligenprogramme gute Lösungen zu finden, sozialverträglich.

Jochen Breckner: Ja, gerne. Frau Wissenbach, vielen Dank für die Nachfrage, weil das ist tatsächlich wichtig, dass das richtig transportiert ist und verstanden werden kann draußen in der Öffentlichkeit. Das Zukunftspaket ist ein wesentlicher Baustein im Rahmen unserer Strategie und Reorganization des Unternehmens, um Produktivität, Flexibilität und auch Wirtschaftlichkeit zu stützen. Es ist kein Nullsummenspiel. Die Einsparungen im Zeitraum der Laufzeit bis 2035 sind mehrere Milliarden Euro und die Belastungen, die wir am frühen Ende haben, sind kleiner als EUR 1 billion. Die Belastungen beziehen sich im Wesentlichen auf den sozialverträglichen Abbau der jobs. Das ist ein Thema, das uns ja auch als wertorientiertes Unternehmen ganz wichtig ist. Wir investieren noch mal ordentlich, um über Altersteilzeitprogramme und Freiwilligenprogramme gute Lösungen zu finden, sozialverträglich.

Speaker #2: Deshalb ist es kein Nullsummenspiel. Die Einsparungen im Zeitraum der Laufzeit bis 2035 sind mehrere Milliarden Euro. Und die Belastung, die wir am frühen Ende haben, ist kleiner als eine Milliarde Euro.

Speaker #2: Die Belastungen beziehen sich im Wesentlichen auf den sozialverträglichen Abbau der Stellen. Das ist ein Thema, das uns ja auch als wertorientiertes Unternehmen ganz wichtig ist.

Speaker #2: Da investieren wir noch mal ordentlich, über Altersteilzeitprogramme und Freiwilligenprogramme gute Lösungen zu finden. Sozialverträglich und danach werden wir auf der Jahresscheibe einen mittleren dreistelligen Millionenbetrag an positiven Effekten sehen, was unsere strategische und finanzielle Ausrichtung entsprechend stützt und unsere Resilienz erhöhen wird.

Jochen Breckner [Member of the Executive Board: Danach werden wir auf der Jahresscheibe einen mid-three-digit million EUR amount an + Effekten sehen, was unsere strategische und finanzielle Ausrichtung entsprechend stützt und unsere Resilienz erhöhen wird.

Jochen Breckner: Danach werden wir auf der Jahresscheibe einen mid-three-digit million EUR amount an + Effekten sehen, was unsere strategische und finanzielle Ausrichtung entsprechend stützt und unsere Resilienz erhöhen wird.

Speaker #5: Danke.

Ilona Wissenbach: Danke.

Speaker #1: Gut, danke Frau Wissenbach. Dann kommen wir zur nächsten Frage. Ich habe Herrn Klaus Kösther von der Stuttgarter Zeitung und den Stuttgarter Nachrichten.

Florian Laudan: Gut, danke, Frau Wissenbach. Kommen wir zur nächsten Frage. Ich habe Herrn Klaus Köster von der Stuttgarter Zeitung und den Stuttgarter Nachrichten.

Speaker #6: Ja, guten Morgen. Ich habe auch zwei kurze 2,1 Milliarden Investitionen in Zuffenhausen und Leipzig schon durch Projekte unterlegt? Also was kann man sich darunter vorstellen, was in diesen Werken gemacht wird?

Klaus Köster: Ja, guten Morgen. Ich habe auch zwei kurze Fragen: Sind denn diese EUR 2.1 Milliarden Investitionen in Zuffenhausen und Leipzig schon durch Projekte unterlegt? Was kann man sich darunter vorstellen, was in diesen Werken gemacht wird? Könnten Sie auch noch mal konkreter sagen, was mit der Entlastung im Zuge von Verhandlungen mit Lieferanten gemeint ist? Vielen Dank.

Speaker #6: Und könnten Sie auch noch mal konkreter sagen, was mit der Entlastung im Zuge von Verhandlungen mit Lieferanten gemeint ist? Vielen Dank.

Speaker #1: Also die erste Frage kann ich Ihnen beantworten, vielleicht ganz kurz. Die zweite müssen Sie noch mal—habe ich zumindest nicht richtig einordnen können. Aber die erste Frage kann ich schon mal sagen: Ja, das ist konkret in der Planung hinterlegt.

Michael Leiters: Die erste Frage kann ich Ihnen beantworten, vielleicht ganz kurz. Die zweite Frage habe ich zumindest nicht richtig einordnen können. Die erste Frage kann ich schon mal sagen: Ja, das ist konkret in der Planung hinterlegt mit Maßnahmen und der Großteil der Maßnahmen ist natürlich in das Produkt, in die Marke, aber auch zum Teil in Kapazitäten, wie zum Beispiel die Individualisierung, der Sonderwunsch. Da wollen wir extrem wachsen und das ist etwas, was wir in der Zukunft auch ausbauen wollen. Diese Individualisierung für den Kunden, das wollen wir zukünftig noch mehr in den Vordergrund stellen. Die Frage ist ganz eindeutig mit „ja" zu beantworten.

Speaker #1: Mit Maßnahmen, und es gibt sehr viele Maßnahmen, oder der Großteil der Maßnahmen ist natürlich in das Produkt, in die Marke, aber auch zum Teil in das, ich sage mal, in Kapazitäten, wie zum Beispiel die Individualisierung der Sonderwunsch.

Speaker #1: Da wollen wir extrem wachsen, und das ist etwas, was wir in der Zukunft auch ausbauen wollen. Also diese Individualisierung für den Kunden, das wollen wir zukünftig noch mehr in den Vordergrund stellen.

Speaker #1: Also die Frage ist ganz eindeutig mit Ja zu beantworten.

Speaker #6: Die zweite Frage, Herr Köstner, die kann ich gerne übernehmen. Ich habe so verstanden, dass Sie nach der Entlastung im laufenden Geschäftsjahr auf Basis der Lieferantenforderungen nachgefragt hatten, das noch mal zu erklären.

Jochen Breckner [Member of the Executive Board: Die zweite Frage, Herr Köster, die kann ich gerne übernehmen. Ich habe so verstanden, dass Sie nach der Entlastung im laufenden Geschäftsjahr auf Basis der Lieferantenforderungen nachgefragt hatten. Um das noch mal zu erklären: Wir haben im Jahr 2025 auf Basis der Veränderung der Produktstrategie mit der Neueintaktung unserer großen neuen elektrischen Plattform natürlich auch damit gerechnet, dass wir Lieferantenforderungen haben werden von Lieferanten, die wir bereits nominiert hatten, die an dieser Plattform gearbeitet hatten und auch Kapazitäten vorgehalten haben. Dafür haben wir zum Jahresende Rückstellungen gebildet, weil die Verhandlungen, wie wir die Settlements machen können, natürlich noch nicht vollständig abgewickelt waren.

Jochen Breckner: Die zweite Frage, Herr Köster, die kann ich gerne übernehmen. Ich habe so verstanden, dass Sie nach der Entlastung im laufenden Geschäftsjahr auf Basis der Lieferantenforderungen nachgefragt hatten. Um das noch mal zu erklären: Wir haben im Jahr 2025 auf Basis der Veränderung der Produktstrategie mit der Neueintaktung unserer großen neuen elektrischen Plattform natürlich auch damit gerechnet, dass wir Lieferantenforderungen haben werden von Lieferanten, die wir bereits nominiert hatten, die an dieser Plattform gearbeitet hatten und auch Kapazitäten vorgehalten haben. Dafür haben wir zum Jahresende Rückstellungen gebildet, weil die Verhandlungen, wie wir die Settlements machen können, natürlich noch nicht vollständig abgewickelt waren.

Speaker #6: Wir haben im Jahr 2025 auf Basis der Veränderung der Produktstrategie mit der Neueintaktung unserer großen neuen elektrischen Plattform natürlich auch damit gerechnet, dass wir Lieferantenforderungen haben werden von Lieferanten, die wir bereits nominiert hatten, die an dieser Plattform gearbeitet hatten und auch Kapazitäten vorgehalten haben.

Speaker #6: Dafür haben wir zum Jahresende Rückstellungen gebildet, weil die Verhandlungen, wie wir die Settlements machen können, natürlich noch nicht vollständig abgewickelt waren. Und wir haben jetzt im ersten Halbjahr insbesondere mit zwei Lieferanten sehr, sehr positive Verhandlungsergebnisse erreichen können, auch auf Basis der strategischen Partnerschaft, die wir mit diesen Lieferanten haben, und haben vor dem Hintergrund Abschlüsse erreichen können, die signifikant günstiger für uns waren als das, was wir zum Jahresende erwartet hatten und in die Rückstellungen reingenommen haben.

Jochen Breckner [Member of the Executive Board: Wir haben jetzt im H1, insbesondere mit two Lieferanten, sehr positive Verhandlungsergebnisse erreichen können, auch in Basis der strategischen Partnerschaft, die wir mit diesen Lieferanten haben und haben vor dem Hintergrund Abschlüsse erreichen können, die signifikant günstiger für uns waren als das, was wir zum Jahresende erwartet hatten und in die Rückstellungen reingenommen haben. Deshalb im H1 eine Auflösung einer Rückstellung im Bereich eines niedrigen dreistelligen Millionenbetrags, circa EUR 300 million, um da auch ganz präzise zu sein, was sozusagen dann ein Überschwinger von 2025 auf 2026 war. Ganz klar ein Einmaleffekt, den wir so nicht nach vorne gerichtet an anderen Stellen erwarten.

Jochen Breckner: Wir haben jetzt im H1, insbesondere mit two Lieferanten, sehr positive Verhandlungsergebnisse erreichen können, auch in Basis der strategischen Partnerschaft, die wir mit diesen Lieferanten haben und haben vor dem Hintergrund Abschlüsse erreichen können, die signifikant günstiger für uns waren als das, was wir zum Jahresende erwartet hatten und in die Rückstellungen reingenommen haben. Deshalb im H1 eine Auflösung einer Rückstellung im Bereich eines niedrigen dreistelligen Millionenbetrags, circa EUR 300 million, um da auch ganz präzise zu sein, was sozusagen dann ein Überschwinger von 2025 auf 2026 war. Ganz klar ein Einmaleffekt, den wir so nicht nach vorne gerichtet an anderen Stellen erwarten.

Speaker #6: Deshalb im ersten Halbjahr eine Auflösung einer Rückstellung im Bereich eines niedrigen, dreistelligen Millionenbetrags, circa 300 Millionen. Und auch, um ganz präzise zu sein, war das sozusagen ein Überschwinger von 2025 auf 2026.

Speaker #6: Aber ganz klar ein Einmaleffekt, den wir so nicht nach vorne gerichtet an anderen Stellen erwarten. Vielen Dank.

Klaus Köster: Vielen Dank.

Speaker #1: Danke, Herr Köstner. Dann als Nächsten habe ich Sebastian Esch von der Financial Times.

Florian Laudan: Danke, Herr Köster. Als Nächstes habe ich Sebastian Esch von der Financial Times. Hallo, Herr Esch.

Speaker #4: Ja, danke. Guten Morgen. Ich hätte zwei Fragen. Erste Frage: Sie haben das Strukturpaket bekannt gegeben. Vor ein paar Tagen. Können Sie vielleicht weiter detaillieren, in welchen Bereichen die Stellen wegfallen sollen – und vielleicht auch, warum?

Sebastian Esch: Ja, danke. Guten Morgen, ich hätte two Fragen. First Frage: Sie haben das Strukturpaket vor ein paar Tagen bekannt gegeben. Können Sie vielleicht weiter detaillieren, in welchen Bereichen die Stellen wegfallen sollen und vielleicht auch warum, wenn möglich? Die zweite Frage wäre: Über eine lange Zeit waren wohlhabende Chinesen eine ziemlich wichtige Kundengruppe. Jetzt scheint diese Kundengruppe wegzubrechen. Nun ist die Rede davon, dass Menschen, die durch den KI-Boom reich geworden sind, vermehrt Luxusautos kaufen sollen. Sehen Sie hier eine Chance auch für Porsche? Danke.

Sebastien Ash: Ja, danke. Guten Morgen, ich hätte two Fragen. First Frage: Sie haben das Strukturpaket vor ein paar Tagen bekannt gegeben. Können Sie vielleicht weiter detaillieren, in welchen Bereichen die Stellen wegfallen sollen und vielleicht auch warum, wenn möglich? Die zweite Frage wäre: Über eine lange Zeit waren wohlhabende Chinesen eine ziemlich wichtige Kundengruppe. Jetzt scheint diese Kundengruppe wegzubrechen. Nun ist die Rede davon, dass Menschen, die durch den KI-Boom reich geworden sind, vermehrt Luxusautos kaufen sollen. Sehen Sie hier eine Chance auch für Porsche? Danke.

Speaker #4: Wenn möglich. Und die zweite Frage wäre: Ja, also über eine lange Zeit waren wohlhabende Chinesen eine ziemlich wichtige Kundengruppe. Jetzt scheint diese Kundengruppe wegzubrechen. Nun ist die Rede davon, dass Menschen, die durch den KI-Boom reich geworden sind, vermehrt Luxusautos kaufen sollen.

Speaker #4: Sehen Sie hier eine Chance auch für Porsche? Danke.

Speaker #1: Ja, vielleicht fange ich mal mit dem Zukunftspaket an und wo wir diese 5.000 Stellen reduzieren wollen. Ich darf Ihnen sagen, und das habe ich auch schon dargestellt, dass wir überproportional in indirekten Bereichen gewachsen sind, und wir nennen das Strukturstellen.

Michael Leiters: Ja, vielleicht fange ich einmal an mit dem Zukunftspaket und wo wir diese 5,000 Stellen reduzieren wollen. Ich darf Ihnen sagen und das habe ich auch schon dargestellt, dass wir überproportional in indirekten Bereichen gewachsen sind und auch innerhalb der Strukturstellen. Das heißt, wo Managementstellen geschaffen worden sind. Und dort wird überproportional jetzt auch eingegriffen und reduziert. So viel darf ich sagen. Was das gewerbliche oder die gewerblichen Mitarbeiter angeht, dort werden wir sehr dezidiert entlang der Bedarfe gehen. Also das wird sich sehr stark an der Marktnachfrage und dem daraus resultierenden Produktionsprogramm ergeben. Dann haben Sie gefragt nach den chinesischen Kunden, die jetzt weniger werden und dass sich neue Kundengruppen ergeben könnten, zum Beispiel durch den KI-Boom. Natürlich sind wir uns sehr bewusst, dass solche neuen Gruppen entstehen und die haben ja auch eine gewisse Lokalisierung.

Speaker #1: Das heißt, wo also Managementstellen geschaffen worden sind, und dort wird überproportional jetzt auch eingegriffen und reduziert. So viel darf ich sagen. Was das Gewerbliche oder die gewerblichen Mitarbeiter angeht, dort werden wir sehr dezidiert entlang der Bedarfe gehen.

Speaker #1: Also das wird sehr stark sich an der Marktnachfrage und dem daraus resultierenden Produktionsprogramm sich ergeben. Dann haben Sie gesagt, haben Sie gefragt nach den chinesischen Kunden.

Speaker #1: Die jetzt weniger werden, und dass sich neue Kundengruppen ergeben könnten, zum Beispiel durch den KI-Boom. Natürlich sind wir uns sehr bewusst, dass solche neuen Gruppen entstehen, und die haben ja auch eine gewisse Lokalisierung.

Speaker #1: Insofern versuchen wir natürlich absolut, diese Kunden anzusprechen und auch für die Marke Porsche zu gewinnen. Und ich glaube, das ist auch bislang in der Vergangenheit immer gut gelungen.

Michael Leiters: Insofern versuchen wir natürlich absolut, diese Kunden anzusprechen und auch für die Marke Porsche zu gewinnen. Und ich glaube, das ist auch bislang in der Vergangenheit immer gut gelungen und ich bin zuversichtlich, dass auch diese Kundengruppe von Porsche gut angesprochen werden kann.

Speaker #1: Und ich bin auch zuversichtlich, dass auch diese Kundengruppe von Porsche gut angesprochen werden kann.

Speaker #2: Gut. Ich glaube, damit hätten wir die zwei Fragen beantwortet. Dann habe ich jetzt Herrn Buchenau vom Handelsblatt. Hallo, Herr Buchenau. Hören Sie mich, Herr Buchenau?

Florian Laudan: Gut, ich glaube, damit hätten wir die zwei Fragen beantwortet. Dann habe ich jetzt Herrn Buchenau vom Handelsblatt. Hallo Herr Buchenau. Hören Sie mich, Herr Buchenau?

[Analyst] (Handelsblatt): Ja. Ich höre Sie, aber hören Sie mich?

Speaker #5: Ja. Hören Sie mich? Ich höre Sie, aber hören Sie mich?

Speaker #2: Ja, auch.

Florian Laudan: Ja, auch.

Speaker #5: Okay, sorry, Entschuldigung für die Technik. Können Sie noch ein bisschen den Zeitrahmen sagen, wann diese Modellentscheidungen dann tatsächlich fallen? Und habe ich das dann richtig verstanden, diese mehreren Milliarden Einsparungen sind für bis 2035 insgesamt?

[Analyst] (Handelsblatt): Okay, sorry. Entschuldigung für das Technische. Können Sie noch ein bisschen einen Zeitrahmen sagen, wann diese Modellentscheidungen dann tatsächlich fallen? Habe ich das richtig verstanden, diese mehreren Milliarden EUR Einsparungen sind bis 2035 insgesamt?

Speaker #1: Ja, also die Modellentscheidungen werden wir entsprechend dem Launch-Plan der Produkte bekannt geben, und wir werden erste Hinweise geben beim Capital Markets Day. Okay. Und die zweite Frage ist: Ja, noch mal, die beziehen sich auf den gesamten Zeitraum.

Michael Leiters: Ja, die Modellentscheidungen werden wir entsprechend dem Launch-Plan der Produkte bekannt geben, wir werden erste Hinweise geben beim Capital Markets Day. Okay. Die zweite Frage ist: Ja, noch einmal, die beziehen sich auf den gesamten Zeitraum, das sind mehrere Milliarden EUR netto, es wird im eingeschwungenen Zustand ein mittlerer dreistelliger Millionenbetrag EUR pro Jahr an Kostenersparnis für uns einbringen.

Speaker #1: Und das sind mehrere Milliarden netto. Und es wird im eingeschwungenen Zustand ein mittlerer dreistelliger Millionenbetrag pro Jahr an Kostenersparnis für uns einbringen.

Speaker #2: Gut. William Wilkers von Bloomberg, Ihre Frage bitte.

Florian Laudan: Gut. William Wilkes von Bloomberg, Ihre Frage bitte.

Speaker #4: Hallo, guten Morgen in die Runde. Ich wollte fragen, zum Thema 911: Angesichts der Tatsache, dass ein großer Teil der Widerstandsfähigkeit im ersten Halbjahr auf einen hochwertigeren 911-Mix zurückzuführen war, wie weit kann Porsche das Modell mit GT, Turbo und limitierten Sonderderivaten noch weiter nach oben positionieren, ohne seine Exklusivität zu verwässern oder die Kernmodelle der Carrera-Baureihe zu kannibalisieren?

William Wilkes: Hallo, guten Morgen in die Runde. Ich wollte fragen zum Thema 911. Angesichts der Tatsache, dass ein großer Teil der Widerstandsfähigkeit im H1 auf einen hochwertigeren 911 mix zurückzuführen war, wie weit kann Porsche das Modell mit GT, Turbo und limitierten Sonderderivaten noch weiter nach oben positionieren, ohne seine Exklusivität zu verwässern oder die Kernmodelle der Carrera Baureihe zu kannibalisieren? Vielen Dank.

Speaker #4: Vielen Dank.

Speaker #1: Ich glaube, wir haben ein sehr gesundes Maß an, ich sage mal, Produktmix hier beim 911 erreicht. Wir sehen eine sehr solide, sehr kontinuierliche, robuste Nachfrage beim 911.

Michael Leiters: Ich glaube, wir haben ein sehr gesundes Maß an Produktmix hier beim 911 erreicht. Wir sehen eine sehr solide, sehr kontinuierliche, robuste Nachfrage beim 911. Grundsätzlich gilt für uns immer value over volume. Wir wollen immer diese gewisse Scarcity und Nachfrage, Begehrlichkeit bei den Kunden haben. Ich darf Ihnen aber auch sagen: Ich glaube, wir haben die Kunden gerade in dem Segment extrem gut verstanden und wir haben immer noch gute Ideen, wie wir den 911 noch besser machen können, anreichern können mit interessanten Derivaten, ohne Dinge zu verwässern oder zu kannibalisieren.

Speaker #1: Grundsätzlich gilt für uns immer: Value over Volume. Wir wollen immer diese gewisse Scarcity und Nachfrage-Begehrlichkeit bei den Kunden haben. Ich darf Ihnen aber auch sagen: Ich glaube, wir haben die Kunden gerade in dem Segment extrem gut verstanden, und wir haben immer noch gute Ideen, wie wir den 911 ...

Speaker #1: noch besser machen können, anreichern können mit interessanten Derivaten, ohne Dinge zu verwässern oder zu kannibalisieren.

Speaker #4: Vielen Dank.

William Wilkes: Vielen Dank.

Speaker #2: Danke. Dann haben wir als Nächstes Steven Wilmitt vom Wall Street Journal. Steven, you can ask your question in English, and we will answer in German, but get it translated to you, just to be consistent with the German language in that call.

Florian Laudan: Danke. Wir haben als Nächstes Stephen Wilmot from The Wall Street Journal. Stephen, you can ask your question in English and we will answer in German, but get it translated to you just to be consistent with the German language in that call. Ihre Frage bitte.

Speaker #2: Ihre Frage bitte.

Speaker #5: Okay, thank you. Sorry for asking in English. Just to follow up on William's question, actually. Have you—what is your—you mentioned earlier you wanted to keep a waiting time and scarcity and so forth.

Stephen Wilmot: Thank you. Sorry for asking in English. Just to follow up on William's question, actually. You mentioned earlier you want to keep a waiting time and scarcity and so forth. What is your waiting time now for the 911 and what do you feel is the appropriate waiting time? Thank you.

Speaker #5: What is your waiting time now for the 911, and what are you prepared to—what do you feel is the appropriate waiting time? Thank you.

Speaker #2: Ja, ich hatte vorhin die Wartezeiten kurz erwähnt, die natürlich ein Gradmesser sind für das Balance Demand and Supply Szenario, das wir gerade anstreben. Und die Value over Volume orientierte Strategie, die wir fahren.

Jochen Breckner [Member of the Executive Board: Ja, ich hatte vorhin die Wartezeiten kurz erwähnt, die natürlich ein Gradmesser sind für das Balance-Demand- und Supply-Szenario, das wir gerade anstreben, und die Value-over-Volume-orientierte Strategie, die wir fahren. Man muss verstehen, dass die Wartezeiten je nach Modell und je nach Region unterschiedlich sind, weil wir unterschiedliche Nachfragepattern, aber auch unterschiedliche Logistik und Vorlaufzeiten haben. Man kann aber sagen, dass wir zwischen drei und neun Monaten in der Regel unterwegs sind und nach diesen Wartezeiten auch unser Geschäftsmodell-

Jochen Breckner: Ja, ich hatte vorhin die Wartezeiten kurz erwähnt, die natürlich ein Gradmesser sind für das Balance-Demand- und Supply-Szenario, das wir gerade anstreben, und die Value-over-Volume-orientierte Strategie, die wir fahren. Man muss verstehen, dass die Wartezeiten je nach Modell und je nach Region unterschiedlich sind, weil wir unterschiedliche Nachfragepattern, aber auch unterschiedliche Logistik und Vorlaufzeiten haben. Man kann aber sagen, dass wir zwischen drei und neun Monaten in der Regel unterwegs sind und nach diesen Wartezeiten auch unser Geschäftsmodell-

Speaker #2: Man muss verstehen, dass die Wartezeiten je nach Modell und je nach Region unterschiedlich sind, weil wir unterschiedliche Nachfrage-Pattern, aber auch unterschiedliche Logistik- und Vorlaufzeiten haben.

Speaker #2: Man kann aber sagen, dass wir zwischen drei und neun Monaten in der Regel unterwegs sind und nach diesen Wartezeiten auch unser Geschäftsmodell zwischen drei und neun Monaten liegt.

Michael Leiters: Drei und neun.

Jochen Breckner [Member of the Executive Board: Zwischen drei und neun.

Jochen Breckner: Zwischen drei und neun.

Michael Leiters: Ja, neun kann nicht wohl sein.

Jochen Breckner [Member of the Executive Board: Okay, ja, zwischen drei und neun Monaten unterwegs sind, um unser Geschäftsmodell darauf auszurichten. Vielleicht wichtige Ergänzung noch als eine Präzisierung zusätzlich: Da reden wir nicht über die limitierten Modelle. Da gibt es Wartezeiten, die durchaus noch einmal signifikant länger sein können.

Jochen Breckner: Okay, ja, zwischen drei und neun Monaten unterwegs sind, um unser Geschäftsmodell darauf auszurichten. Vielleicht wichtige Ergänzung noch als eine Präzisierung zusätzlich: Da reden wir nicht über die limitierten Modelle. Da gibt es Wartezeiten, die durchaus noch einmal signifikant länger sein können.

Speaker #2: Okay, ja, zwischen drei und neun Monaten unterwegs sind, unser Geschäftsmodell darauf auszurichten. Vielleicht wichtige Ergänzung noch als eine Präzisierung zusätzlich: Da reden wir nicht über die limitierten Modelle.

Speaker #2: Da gibt es Wartezeiten, die durchaus noch einmal signifikant länger sein können.

Speaker #1: Okay. Does that answer your question? Yes. Then, next question.

Florian Laudan: Okay. Does it answer your question? Ja. Nächste Frage. Christoph Kapalschinski von Die Welt. Herr Kapalschinski.

Speaker #5: Yes, thank you.

Speaker #2: Christoph Kapaschinski von der Welt. Herr Kapaschinski.

Speaker #5: Können Sie sagen, was das Ganze für Auswirkungen hat auf mögliche EU-Strafzahlungen? Vielen Dank.

Christoph Kapalschinski: Können Sie sagen, was das Ganze für Auswirkungen hat auf mögliche EU-Strafzahlungen im Jahr?

Speaker #1: Ich habe verstanden, die Auswirkungen auf EU-Strafzahlungen.

Michael Leiters: Ich habe verstanden.

Jochen Breckner [Member of the Executive Board: Die Auswirkungen auf EU-Strafzahlungen.

Jochen Breckner: Die Auswirkungen auf EU-Strafzahlungen.

Speaker #2: Wovon? Geht es CO2?

Michael Leiters: Wovon?

Jochen Breckner [Member of the Executive Board: Wovon?

Jochen Breckner: Wovon?

Christoph Kapalschinski: Der gesunkene BEV-Anteil. Gehen Sie davon aus, dass Sie da möglicherweise mit der CO₂-Resolution der EU im Konflikt verfahren?

Speaker #5: Der gesunkene BEPS-Anteil. Dann gehen Sie davon aus, dass Sie da möglicherweise mit der CO2-Regulierung der EU in Konflikt geraten.

Speaker #2: Ja, also vielen Dank jetzt. Wir hatten akustische oder technische Herausforderungen. Das Thema Strafe ist jetzt verstanden. Es ist so, dass wir unsere Flotte natürlich in erster Linie nach der Kundennachfrage steuern, weil die Begehrlichkeit der Fahrzeuge für uns ganz entscheidend ist.

Jochen Breckner [Member of the Executive Board: Vielen Dank. Wir hatten eine akustische oder technische Herausforderung. Strafe ist jetzt verstanden. Es ist so, dass wir unsere Flotte natürlich in erster Linie nach der Kundennachfrage steuern, weil die Begehrlichkeit der Fahrzeuge für uns ganz entscheidend ist und wir nicht versuchen, auf Basis von Regulatorik Nachfragemuster zu verschieben. Deshalb auch hier wieder Value over Volume und eben produktmarken- und nachfrageorientierte Versorgung der Märkte. Wir hatten im H1 eine etwas niedrigere Elektrifizierungsquote als im Gesamtjahr eingeschätzt. Wir sind mit knappen 20% im H1 unterwegs gewesen. Weltweit spreche ich jetzt. Wir erwarten aber bis zu 26% für das gesamte Jahr, basierend auf der Einführungsstrategie von unserem elektrischen Cayenne. Die Effekte, die wir durch diese Elektrofahrzeuge, die auf natürlicher Nachfrage basieren, in der Flotte haben wir entsprechend einkalkuliert und entsprechend auch in unserer finanziellen Guidance berücksichtigt.

Jochen Breckner: Vielen Dank. Wir hatten eine akustische oder technische Herausforderung. Strafe ist jetzt verstanden. Es ist so, dass wir unsere Flotte natürlich in erster Linie nach der Kundennachfrage steuern, weil die Begehrlichkeit der Fahrzeuge für uns ganz entscheidend ist und wir nicht versuchen, auf Basis von Regulatorik Nachfragemuster zu verschieben. Deshalb auch hier wieder Value over Volume und eben produktmarken- und nachfrageorientierte Versorgung der Märkte. Wir hatten im H1 eine etwas niedrigere Elektrifizierungsquote als im Gesamtjahr eingeschätzt. Wir sind mit knappen 20% im H1 unterwegs gewesen. Weltweit spreche ich jetzt. Wir erwarten aber bis zu 26% für das gesamte Jahr, basierend auf der Einführungsstrategie von unserem elektrischen Cayenne. Die Effekte, die wir durch diese Elektrofahrzeuge, die auf natürlicher Nachfrage basieren, in der Flotte haben wir entsprechend einkalkuliert und entsprechend auch in unserer finanziellen Guidance berücksichtigt.

Speaker #2: Und wir nicht versuchen, auf Basis von Regulatorik Nachfragemuster zu verschieben. Deshalb auch hier wieder: Value over Volume. Und eben Produktmarken und nachfrageorientierte Versorgung der Märkte.

Speaker #2: Wir hatten im ersten Halbjahr eine etwas niedrigere Elektrifizierungsquote als im Gesamtjahr. Eingeschätzt, wir sind mit knapp 20 Prozent im ersten Halbjahr unterwegs gewesen – weltweit spreche ich jetzt.

Speaker #2: Wir erwarten aber bis zu 26 Prozent fürs gesamte Jahr. Basierend auf der Einführungsstrategie von unserem elektrischen Cayenne und die Effekte, die wir durch diese Elektrofahrzeuge, die auf natürlicher Nachfrage basieren, in der Flotte haben, haben wir entsprechend einkalkuliert.

Speaker #2: Und entsprechend auch in unserer finanziellen Guidance berücksichtigt. Vielleicht zur EU noch mal ein ergänzendes Wort. Die EU hat ja ihre Regulatorik auch dahingehend angepasst, dass die Jahre '25 bis '27 in einer Durchschnittsbildung entsprechend berücksichtigt werden, sodass die Effekte in den Einzeljahren sich dann auch über diesen Zeitraum entsprechend ausmitteln.

Jochen Breckner [Member of the Executive Board: Vielleicht zur EU noch mal ein ergänzendes Wort: Die EU hat ja ihre Regulatorik auch dahingehend angepasst, dass die Jahre 2025 bis 2027 in einer Durchschnittsbildung entsprechend berücksichtigt werden, sodass die Effekte in den Einzeljahren sich dann auch über diesen Zeitraum entsprechend ausmitteln und wir mit unterschiedlichen Elektrofahrzeuganteilen in 2025, 2026 habe ich gerade kommentiert, und auch 2027 entsprechend rechnen mit den entsprechenden Effekten dann auf die Flotte.

Jochen Breckner: Vielleicht zur EU noch mal ein ergänzendes Wort: Die EU hat ja ihre Regulatorik auch dahingehend angepasst, dass die Jahre 2025 bis 2027 in einer Durchschnittsbildung entsprechend berücksichtigt werden, sodass die Effekte in den Einzeljahren sich dann auch über diesen Zeitraum entsprechend ausmitteln und wir mit unterschiedlichen Elektrofahrzeuganteilen in 2025, 2026 habe ich gerade kommentiert, und auch 2027 entsprechend rechnen mit den entsprechenden Effekten dann auf die Flotte.

Speaker #2: Und wir mit unterschiedlichen Elektrofahrzeuganteilen in 25, 26 habe ich gerade kommentiert und auch 27 entsprechend rechnen mit den entsprechenden Effekten dann auf die Flotte.

Speaker #1: Vielen Dank für die Frage.

Michael Leiters: Vielen Dank für die Frage.

Speaker #5: Danke. Dann gehen Sie dann für diesen Zeitraum von einer Strafzahlung aus oder nicht?

Christoph Kapalschinski: Gehen Sie für diesen Zeitraum von einer Strafzahlung aus oder nicht?

Speaker #2: Ja, also das können wir ehrlich beantworten. Der Mix unserer Flotte in der EU liegt oberhalb der für uns gegebenen Grenzwerte. Das wird entsprechend dann über finanzielle Mechanismen ausgeglichen.

Jochen Breckner [Member of the Executive Board: Ja, das können wir ehrlich beantworten. Der Mix unserer Flotte in der EU liegt oberhalb der für uns gegebenen Grenzwerte. Das wird entsprechend dann über finanzielle Mechanismen ausgeglichen.

Jochen Breckner: Ja, das können wir ehrlich beantworten. Der Mix unserer Flotte in der EU liegt oberhalb der für uns gegebenen Grenzwerte. Das wird entsprechend dann über finanzielle Mechanismen ausgeglichen.

Speaker #1: Okay, vielen Dank für die Frage. Dann habe ich als Nächsten Alexander Demling vom Spiegel. Hallo, Herr Demling.

Michael Leiters: Okay, vielen Dank für die Frage. I have as Nächsten Alexander Demling vom Der Spiegel. Hallo, Herr Demling.

Speaker #6: Guten Morgen. Zwei Fragen. Zum einen: Die Beschäftigungssicherung bis 2035 hat ja ein bisschen für Diskussionen gesorgt. Würden Sie denn sagen, das ist letztlich eine bittere Pille, die man eben in einem Kompromiss schlucken muss, dass man in so einer unsicheren Zeit so lange dann eine Sicherung aussprechen muss?

Alexander Demling: Guten Morgen. Zwei Fragen. Die Beschäftigungssicherung bis 2035 hat ja ein bisschen für Diskussionen gesorgt. Würden Sie denn sagen, das ist letztendlich eine bittere Pille, die man eben in einem Kompromiss schlucken muss, dass man in so einer unsicheren Zeit so lange dann eine Sicherung aussprechen muss? Oder tun Sie das aus voller Überzeugung, weil Sie sagen, die Leute brauchen wir in der Zeit auch? Zweitens: Sie haben ja in den ersten Monaten, Herr Leithaus, schon ein bisschen den Vorstand umgebaut. Ist aus Ihrer Sicht auf absehbare Zeit damit dieser Vorstandsumbau abgeschlossen? Danke.

Speaker #6: Oder tun Sie das aus voller Überzeugung, weil Sie sagen, die Leute brauchen wir in der Zeit auch? Und zweitens: Sie haben ja in den ersten Monaten, Herr Leiters, schon ein bisschen den Vorstand umgebaut.

Speaker #6: Ist aus Ihrer Sicht auf absehbare Zeit damit dieser Vorstandsumbau abgeschlossen? Danke.

Speaker #2: Ja. Ganz kurz. Zum ersten Punkt. Die Beschäftigungssicherung hat zunächst mal wir haben natürlich einen Plan. Und wenn dieser Plan nicht bis 2035 logisch und sinnvoll wäre, dann hätten wir so was natürlich auch nicht gemacht.

Michael Leiters: Ja, ganz kurz zum ersten Punkt, die Beschäftigungssicherung. Zunächst mal, wir haben natürlich einen Plan und wenn dieser Plan nicht bis 2035 logisch und sinnvoll wäre, dann hätten wir so etwas natürlich auch nicht gemacht. Wenn ich noch mal ganz kurz auf die beiden Standorte, auf die wir uns hier beziehen, Stuttgart, Zuffenhausen und Weissach, eingehen darf. Das ist natürlich auch eine ganz besondere und einzigartige Situation. Es gibt kein Auto, das so ikonisch ist wie der 911er. Es gibt kein Auto, das so stark auch verbunden ist mit diesen beiden Standorten. Insofern ist das mit Sicherheit auch eine besondere Situation, dass man an diesen beiden Standorten hier ein solches Zukunftspaket vereinbart, was ja ohnehin trotzdem dann auch mit einer deutlichen Reduzierung von der Belegschaft bestellt oder verbunden ist. Das muss man, glaube ich, berücksichtigen.

Speaker #2: Und wenn ich noch mal ganz kurz auf die beiden Standorte, auf die wir uns hier beziehen, Stuttgart, Zuffenhausen und Weissach eingehen darf, das ist natürlich auch eine ganz besondere und einzigartige Situation.

Speaker #2: Es gibt kein Auto, das so ikonisch ist wie der 911er. Es gibt kein Auto, das so stark auch verbunden ist mit diesen beiden Standorten.

Speaker #2: Also insofern ist das mit Sicherheit auch eine besondere Situation, dass man diesen beiden Standorten hier eine solche ein solches Zukunftspaket vereinbart, was ja ohnehin trotzdem dann auch mit einer deutlichen Reduzierung von der Belegschaft bestellt oder verbunden ist.

Speaker #2: Also, das muss man, glaube ich, berücksichtigen. Ich möchte aber auch einen Punkt noch einmal unterstreichen. Natürlich ist das ein langer Zeitraum, und wir haben einen Plan, der dahinter steht.

Michael Leiters: Ich möchte auch einen Punkt noch mal unterstreichen: Natürlich ist das ein langer Zeitraum und wir haben einen Plan, der dahinter steht. Es gibt auch ganz klare Regeln und Mechanismen, die wir gemeinsam angehen können oder wie wir eventuelle Herausforderungen in der Zukunft gemeinsam mit den Arbeitnehmern angehen können. Denn es ist natürlich in diesen Zeiten sehr schwierig, für 10 Jahre vorauszuschauen. Das muss ich ganz klar sagen. Bezüglich des VS-Umbaus: Ja, da haben wir schon losgelegt. Bin da auch sehr zufrieden und wir haben, glaube ich, ein gutes Team. Aber bitte haben Sie Verständnis, dass wir alle Angelegenheiten des Vorstands diskutieren wir natürlich nur intern, sowohl große als auch kleine. Das ist Sache des Aufsichtsrats und nicht an mir, hier irgendwelche Statements zu machen. Danke schön.

Speaker #2: Es gibt aber auch ganz klare Regeln und Mechanismen, die wir gemeinsam angehen können, oder wie wir eventuelle Herausforderungen in der Zukunft gemeinsam mit den Arbeitnehmern angehen können.

Speaker #2: Denn es ist natürlich in diesen Zeiten sehr, sehr schwierig, für zehn Jahre vorauszuschauen. Das muss ich ganz klar sagen. Bezüglich des VS-Umbaus: Ja, da haben wir schon losgelegt.

Speaker #2: Ich bin da auch sehr zufrieden. Und wir haben, glaube ich, ein gutes Team. Aber bitte haben Sie Verständnis dafür: Alle Angelegenheiten des Vorstands diskutieren wir natürlich nur intern, sowohl große als auch kleine.

Speaker #2: Und das ist Sache des Aufsichtsrates und nicht an mir, hier irgendwelche Statements zu machen. Dankeschön.

Speaker #1: Gut. Vielen Dank für die Frage, Herr Demling. Dann würde ich sagen, nehmen wir als Letzte Rachel Moore von Thomson Reuters noch mit ihrer Frage.

Florian Laudan: Gut, vielen Dank für die Frage, Herr Demling. Dann würde ich sagen, nehmen wir als letzten Rachel More von Thomson Reuters noch mit der Frage.

Rachel More: Hallo, guten Morgen, Herr Leiters, Herr Bechner. Ich habe eine Frage zur China-Strategie, und zwar im Analysten-Call haben Sie von einer eher konservativen Planung in der Region gesprochen. Ich wollte fragen: Was heißt das konkret? Sie haben auch gesagt, als Luxusmarke sind Sie ja weniger auf China angewiesen. Haben Sie Sorgen, dass der chinesische Wettbewerb auch in diesem Segment nach Europa kommt? Danke.

Speaker #4: Hallo, guten Morgen Herr Leiters, Herr Beckner. Ich habe eine Frage zur China-Strategie, und zwar: Im Analysten-Call haben Sie von einer eher konservativen Planung in der Region gesprochen.

Speaker #4: Ich wollte fragen, was heißt das konkret? Und Sie haben auch gesagt, als Luxusmarke sind Sie ja weniger auf China so angewiesen. Haben Sie aber Sorgen, dass der chinesische Wettbewerb auch in diesem Segment nach Europa kommt?

Speaker #4: Danke.

Speaker #2: Nun, zunächst mal China. Bitte haben Sie Verständnis, dass ich da keine konkreten Zahlen nennen möchte. Das ist auch, wie soll ich sagen, wettbewerbsrelevant. Das kann ich leider nicht mit Ihnen teilen.

Michael Leiters: Nun, zunächst mal China: Da haben Sie Verständnis, dass ich da keine konkreten Zahlen nennen möchte. Das ist auch wettbewerbsrelevant. Das kann ich leider nicht mit Ihnen teilen. Noch mal: Gehen Sie davon aus, dass wir das sehr genau beobachten, dass wir sehr flexibel reagieren wollen und können, wenn erforderlich, und wir grundsätzlich einen konservativen Ansatz vornehmen, der deutlich unter den Zahlen liegt, die in der Vergangenheit dort erzielt worden sind. Entschuldigung, der zweite Teil der Frage war? Wenn die Chinesen nach Europa kommen. Ich denke, dass das natürlich zunächst mal eine allgemeine Fragestellung ist für unsere Industrie und das wird einen Einfluss haben. Ich glaube, dass die chinesischen Wettbewerber hier ähnlich, vielleicht nicht exakt in der gleichen Art und Weise agieren können. Ich glaube, dass es sehr wichtig ist, dass die European Union hier einen fairen Wettbewerb sicherstellt. Das ist mal ganz entscheidend.

Speaker #2: Aber noch mal: Gehen Sie davon aus, dass wir sehr flexibel reagieren wollen und können, wenn erforderlich. Und wir grundsätzlich einen konservativen Ansatz dort nehmen, der deutlich, deutlich unter den Zahlen liegt, die Sie in der Vergangenheit dort erzielt worden sind.

Speaker #2: Und Entschuldigung, dann ist mir gerade entfallen, die zweite Teil der Frage war: Wenn die Chinesen nach Europa kommen und ja. Also ich denke, dass das natürlich zunächst mal eine allgemeine Fragestellung ist für unsere Industrie.

Speaker #2: Und das wird einen Einfluss haben. Ich glaube, dass die chinesischen Wettbewerber hier ähnlich, aber vielleicht nicht exakt in der gleichen Art und Weise, aber ähnlich agieren können.

Speaker #2: Ich glaube, das ist sehr wichtig ist, dass die Europäische Union hier einen fairen Wettbewerb sicherstellt. Das ist mal ganz entscheidend. Ich glaube, dass wir als Porsche, Ihre Frage zu beantworten, davon zunächst mal nicht direkt Aber wir werden auch das ganz genau beobachten.

Michael Leiters: Ich glaube, dass wir als Porsche, um Ihre Frage zu beantworten, davon zunächst mal nicht direkt betroffen sein werden, wir werden auch das ganz genau beobachten und auch versuchen, vorauszusagen, ob es denn gegebenenfalls indirekte Effekte geben könnte. Grundsätzlich wird sich das zunächst mal eher erst im Volumensegment abspielen.

Speaker #2: Und auch versuchen, vorauszusagen, ob es denn gegebenenfalls indirekte Effekte geben könnte. Aber grundsätzlich wird sich das zunächst mal eher erst im Volumen-Segment abspielen.

Speaker #1: Gut. Vielen Dank, liebe Kolleginnen und Kollegen der Presse, für Ihre Fragen. Damit kommen wir zum Schluss des Medien-Calls. Ich danke Ihnen für die Fragen und wünsche Ihnen noch einen guten Tag.

Florian Laudan: Gut, vielen Dank, liebe Kolleginnen und Kollegen der Presse, für Ihre Fragen. Damit kommen wir zum Schluss des Mediencalls. Ich danke Ihnen für die Fragen und wünsche Ihnen noch einen guten Tag.

Speaker #2: Vielen Dank. Guten Tag. Danke schön.

Michael Leiters: Vielen Dank. Guten Tag. Danke schön.

Speaker #1: Sehr geehrte Damen und Herren, der Call ist nun beendet. Wir bedanken uns für Ihre Teilnahme und wünschen Ihnen noch einen angenehmen Tag. Auf Wiederhören.

Operator: Sehr geehrte Damen und Herren, der Call ist nun beendet. Wir bedanken uns für Ihre Teilnahme und wünschen Ihnen noch einen angenehmen Tag. Auf Wiederhören.

Half Year 2026 Dr Ing hc F Porsche AG Earnings Call

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Porsche AG

Earnings