Porsche AG kicks off a year of product launches with determination

EQS-News: Dr. Ing. h.c. F. Porsche AG / Key word(s): Quarterly / Interim
Statement
Porsche AG kicks off a year of product launches with determination (news
with additional features)

26.04.2024 / 17:30 CET/CEST
The issuer is solely responsible for the content of this announcement.

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Porsche AG kicks off a year of product launches with determination

  * Sports car manufacturer generates Group sales revenue of 9.01 billion
    euros and Group operating profit of 1.28 billion euros

* Group operating return on sales is 14.2 per cent

* Ramp-ups of the new Panamera and Taycan models impact results

  * CFO Lutz Meschke: "Even in challenging times, our financial strength
    allows us to invest decisively in our future. We are strengthening our
    product portfolio, our innovativeness and our products and services. In
    the first quarter, we gained a lot of momentum to lay the groundwork for
    future success."

  * For 2024, Porsche is sticking to its forecast of a Group operating
    return on sales of 15 to 17 per cent.

Stuttgart. Porsche AG has got off to a vigorous and forward-looking start to
the challenging 2024 financial year. In this year of product launches, the
sports car manufacturer is renewing four out of its six model lines. The
first quarter was marked by the ramp-ups of the third model generation of
the Panamera and the new Taycan. In addition, large-scale investments have
been made in digitalization and research and development. Accordingly, the
Porsche Group recorded an expected decline in sales and earnings in the
first three months. At the end of the quarter, Group sales revenue amounted
to 9.01 billion euros (previous year: 10.10 billion euros). Group operating
profit was 1.28 billion euros (previous year: 1.84 billion euros). Group
sales revenue came in at 14.2 per cent (previous year: 18.2 per cent).

"Even in challenging times, our financial strength allows us to invest
decisively in our future. We are strengthening our product portfolio, our
powers of innovation and our products and services," says Lutz Meschke,
Deputy Chairman and Member of the Executive Board for Finance and IT at
Porsche AG. "In the first quarter, we gained a lot of momentum to lay the
groundwork for future success. After that, we'll hit the ground running."
Meschke summarizes the reasons for the current developments as follows:
"Porsche is forging ahead with the transformation and will have renewed four
of its six model lines by the end of 2024. The comprehensive upgrade of our
product portfolio is associated with a great deal of effort and demands a
great deal of the entire Porsche team. But our investments and product
launches of today are our profits of tomorrow."

The initiated renewal of the model range caused a strong aperiodic increase
in research and development costs and marketing activities in the first
quarter of 2024. The two ramp-ups in the first three months also had an
impact on inventories and sales. "In a challenging environment, we are
staying on course and resolutely pursuing our strategy. In this year of
Porsche product launches, we will be putting four exhilarating new sports
cars from four model lines on the road. This will ensure the wind is at our
back for years to come," says Chairman of the Executive Board Oliver Blume.
"My thanks go to our highly motivated team, who are handling the demanding
product launches with aplomb." The new Panamera and the new Taycan will be
followed by new launches in the Macan and 911 model lines. This will make
2024 the biggest year of product launches in the company's history.

At the end of the first quarter, automotive net cash flow was 107 million
euros (previous year: 1.43 billion euros). The net cash flow margin for the
automotive segment came in at 1.3 per cent (previous year: 15.3 per cent).
The reasons behind the figures include the strategic investments in
digitalization (MHP and Applied Intuition) in conjunction with the
relatively lower Group operating profit, increased investment in equipment
and higher research and development outlays. In addition, Porsche
temporarily had higher vehicle inventories and significantly higher advance
tax payments in the first quarter than in the same quarter of the previous
year due to the product launches of the Panamera and the Taycan.

Deliveries to customers in the first three months of the year came to 77,640
vehicles (previous year: 80,767). Porsche continues to have a very
well-balanced sales structure that can compensate for fluctuations in
individual sales regions. Growth was particularly strong in the Germany and
Overseas and Emerging Markets sales regions: in Germany, 11,274 customers
took delivery of their new Porsche - 37 per cent more than in the previous
year. In the Overseas and Emerging Markets region, 14,895 new cars were
delivered. This equates to an increase of 14 per cent.

Porsche confirms long-term forecasts
Despite a still challenging macroeconomic environment, Porsche AG is
sticking to its forecasts, provided that the macroeconomic environment does
not deteriorate significantly. The company expects a Group operating return
on sales in the range of 15 to 17 per cent for the full year of 2024. This
guidance is based on assumed Group sales revenue in the range of 40 to 42
billion euros. In the medium term, Porsche is sticking to its forecast of a
Group operating return on sales of roughly 17 to 19 per cent. In the long
term, the sports car manufacturer is aiming for a Group operating return on
sales of more than 20 per cent.

    Porsche AG Group           Q1 2024         Q1 2023          Change
    Sales revenue              EUR 9.01 billion  EUR 10.10 billion  -10.8%
    Operating profit           EUR 1.28 billion  EUR 1.84 billion   -30.3%
    Operating return on sales  14.2%           18.2%
    Automotive net cash flow   EUR 0.11 billion  EUR 1.43 billion   -92.3%
    Deliveries                 77,640          80,767           -3.9%

More information can be found on the Investor Relations Website:
https://investorrelations.porsche.com/en/

Disclaimer
This release contains forward-looking statements and information that
reflect Dr. Ing. h.c. F. Porsche AG's current views about future events.
These statements are subject to many risks, uncertainties, and assumptions.
They are based on assumptions relating to the development of the economic,
political, and legal environment in individual countries, economic regions,
and markets, and in particular for the automotive industry, which we have
made on the basis of the information available to us and which we consider
to be realistic at the time of publication. If any of these risks and
uncertainties materializes or if the assumptions underlying any of the
forward-looking statements prove to be incorrect, the actual results may be
materially different from those Porsche AG expresses or implies by such
statements. Forward-looking statements in this presentation are based solely
on the circumstances at the date of publication.We do not update
forward-looking statements retrospectively. Such statements are valid on the
date of publication and can be superseded. This information does not
constitute an offer to exchange or sell or an offer to exchange or buy any
securities.


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Additional features:

File: https://eqs-cockpit.com/c/fncls.ssp?u=b1465a382ab2ee29261d1dc74ce75de4
File description: Q1 2024 Presentation
File: https://eqs-cockpit.com/c/fncls.ssp?u=60c20056e1e3c04da5ff7f8300fb6516
File description: Quarterly Statement Q1 2024

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26.04.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS
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   Language:       English
   Company:        Dr. Ing. h.c. F. Porsche AG
                   Porscheplatz 1
                   70435 Stuttgart
                   Germany
   Phone:          +497119110
   E-mail:         info@porsche.de
   Internet:       https://www.porsche.com/international/
   ISIN:           DE000PAG9113
   WKN:            PAG911
   Listed:         Regulated Market in Frankfurt (Prime Standard)
   EQS News ID:    1890637

End of News EQS News Service
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1890637 26.04.2024 CET/CEST