Porsche AG (P911 GY) delivered 279.5k vehicles in 2025 (310.7k in 2026), -10% Y/Y

• Germany -16% Y/Y, North America U/C, China -26%, Europe (ex-Germany) -13%, Overseas/EM -1%

Porsche's vehicle deliveries have decreased by 10% year-over-year, indicating potential headwinds in demand across major markets, especially in China and Germany, which declined significantly. This trend may raise concerns about revenue and profitability moving forward, as the outlook suggests continued challenges in major territories, potentially influencing investor sentiment and market valuations in the automotive sector.