The main reason was a non-cash write-down of the value of a stake in Volkswagen AG worth around €1.3 billion.
According to Reuters, compared to the same period last year, the loss slightly decreased: in the first quarter of 2025, it amounted to 1.08 billion euros. At the same time, adjusted profit after taxes fell to 382 million euros against 484 million euros a year earlier.
The company also reported an increase in net debt to €5.147 billion at the end of March, up from €5.099 billion at the end of 2025.
Despite the deterioration in reporting, Porsche SE’s management confirmed its full-year outlook. Chairman of the Board Hans Dieter Petsch said that the start of the fiscal year was in line with expectations, but noted the need to review the business models of the holding company’s key assets against the backdrop of changing market conditions.
According to the company’s statement, Porsche SE still expects to report a profit of €1.5-3.5 billion and keep net debt within the range of €4.7-5.2 billion for fiscal 2026.
Analysts attribute the weak results to continued pressure on the auto industry, including declining margins, competition in key markets and high transformation costs toward electric vehicles.
