London, March 12, 2025, (Oilandgaspress) ––Earnings in the 2024 financial year were mainly impacted by the challenging economic environment and the comprehensive renewal of the product portfolio. The tense market situation in China, the delayed global ramp-up of electromobility and disruptions in the supplier network had an impact on earnings and return on sales. Porsche management has partially mitigated the effects of these thanks to a number of countermeasures.
Group sales revenue was 40.1 billion euros, a single percentage point below the previous year’s figure (40.5 billion euros). Porsche thereby almost entirely compensated for the decline in sales figures. This was achieved by a higher proportion of customisations and improved price positioning of the newly launched products. Group operating profit decreased to 5.6 billion euros (previous year: 7.3 billion euros). The group operating return on sales amounted to 14.1 per cent (previous year: 18.0 per cent). “In 2024, Porsche has proven that we are highly profitable even in challenging times and that we are financially robust,” says Dr Breckner. Automotive net cashflow amounted to 3.7 billion euros, almost on a par with 2023’s record year (4.0 billion euros). This figure includes cash outflows of 250 million euros in connection with pension plans. The automotive net cashflow margin was 10.2 per cent (previous year: 10.6 per cent), which was above the forecasts.
Porsche was also robust in terms of deliveries in the 2024 financial year, with 310,718 cars going out to customers. In a challenging environment, Porsche recorded sales records in four out of five regions of the world – in Europe, Germany, North America and the Overseas and Emerging markets. Nevertheless, the total number decreased slightly compared to the previous year (320,221 vehicles). This was mainly due to the continuing market challenges in China. The bestseller was the Cayenne with 102,889 examples being delivered, ahead of the Macan (82,795) and the 911 (50,941). In the 2024 financial year, 27 per cent of the new vehicles delivered were electrified – i.e. fully electric or plug-in hybrid. About half of them were all-electric sports cars (12.7 per cent). This share is predicted to significantly increase over the next few years as a result of the Porsche product portfolio. The expectation for 2025 is in a range between 33 and 35 per cent electrified vehicles, including 20 to 22 per cent fully electric.
Dividend remains at previous year’s level
In the 2024 financial year, earnings per ordinary share amounted to 3.94 euros and earnings per preferred share to 3.95 euros. The Executive Board and Supervisory Board will propose to the Annual General Meeting of Porsche AG a dividend payment of 2.1 billion euros. As in the previous year, this corresponds to 2.30 euros per ordinary share and 2.31 euros per preference share.
| Porsche AG Group | FY 2024 | FY 2023 | Change |
|---|---|---|---|
| Turnover | 40.08 billion | €40.53 billion | -1.1% |
| Operating profit | €5.64 billion | €7.28 billion | -22.6% |
| Operating return on sales | 14.1% | 18.0% | |
| Deliveries | 310,718 | 320,221 | -3.0% |
“We have renewed five out of six model lines and extensively refreshed our product portfolio. This has laid the foundation for our success in the coming years, with the clear goal of exciting our customers with our iconic sports cars,” says CEO Dr Oliver Blume. “In view of the changed circumstances, we have adjusted our product strategy in all segments. And we further developed our proven and successful Porsche strategy over the course of last year to make the company even more flexible, robust and high-performing.”
Porsche is also further expanding the possibilities for customisation. There are already more than 1,000 Porsche Exclusive Manufaktur options available, while the Sonderwunsch programme provides the scope for almost anything that a customer could wish for – from exclusive details through to factory one-offs. Over the past five years, the average revenue per vehicle with Exclusive Manufaktur options has doubled. To enable even more individual customer dreams to be fulfilled, Exclusive Manufaktur’s capacity is to be significantly expanded.
Reorganisation and comprehensive programme for recalibration
At the end of February, Porsche AG initiated a long-term change in its Executive Board. Dr Jochen Breckner (47) took over responsibility for Finance and IT and Matthias Becker (54) for Sales and Marketing. They succeeded Lutz Meschke (58) and Detlev von Platen (61), who have left the company by mutual agreement.
Porsche AG initiates long-planned change to its Executive Board
On 26 February 2025, Jochen Breckner took over responsibility for Finance and IT, with Matthias Becker becoming responsible for Sales and Marketing.
Porsche has launched a comprehensive programme to rescale the company. By 2029, the number of jobs is to be reduced by around 1,900 positions. Porsche is leveraging demographic developments, natural turnover and a restrictive hiring policy to achieve this. In addition, socially acceptable measures are being implemented on a voluntary basis, including a special programme for partial retirement and, in individual cases, termination agreements with severance payments. The company is reducing the workforce by another 2,000 jobs through the expiration of fixed-term employment contracts. In addition to these immediate measures, management and the Works Council are negotiating an additional structural package in the second half of the year. This will also make Porsche even more efficient in the medium and long term.
Porsche is also pushing ahead with its Road to 20 performance programme. In 2024 this played a major role in partially offsetting the negative effects on results from a challenging environment. In the future, it will be the leading instrument on the way to achieving a fundamental long-term ambition of a Group operating return on sales of more than 20 per cent. “In 2025, we will once again intensify Road to 20 with a focus on the cost structure – with the aim of further increasing our earning power,” says Dr Breckner, Member of the Executive Board for Finance and IT.
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