BERLIN (dpa-AFX) - Porsche AG (POAHY.PK, POAHF.PK) reported on Tuesday that its first quarter group operating profit decreased 40.6% to 0.76 billion euros from 1.28 billion euros in the prior year.
Group sales revenue for the first quarter declined to 8.86 billion euros from the previous year's 9.01 billion euros.
The business results were influenced by ongoing economic and political challenges as well as the extensive rescaling and recalibration of the company, Porsche said.
The group operating return on sales was 8.6 per cent compared to 14.2 per cent in the prior year.
The number of deliveries in the first three months totalled 71,470 vehicles compared to 77,640 vehicles in the prior year.
Porsche said it has adapted its product and corporate planning to the changed conditions. With the special expenses of 1.3 billion euros, the company intends to increase its profitability and resilience in the short and medium term. Around 200 million euros have already been invested in specific projects during the first quarter.
On Monday, Porsche AG cut its forecast for the financial year 2025 due to special effects.
For the financial year 2025, the company now expects sales revenue to be between 37 billion euros and 38 billion euros, compared to the previous forecast of 39 billion euros to 40 billion euros. The return on sales is projected to be between 6.5% and 8.5%, down from the earlier forecast of 10% to 12%.
The automotive net cash flow margin for the year 2025 is anticipated to range between 4% and 6%, revised from the previous forecast of 7% to 9%. Additionally, the automotive EBITDA margin is now estimated to be between 16.5% and 18.5%, lower than the earlier forecast of 19% to 21%.
Meanwhile, the automotive BEV share is expected to remain unchanged at between 20% and 22%.
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