Porsche posts 34% rise in first‑half operating profit despite falling sales

Porsche AG reported a 33.9% increase in first‑half operating profit to €1.35 billion, while revenue fell 5.1% to €17.23 billion and deliveries dropped 16.5% to 122,306 cars. The profit boost stemmed from tighter cost control, a shift toward higher‑priced models and the removal of extraordinary expenses that had cost the company about €800 million a year earlier. CFO Jochen Breckner said the "discipline and value‑over‑volume strategy are beginning to deliver positive results," and CEO Michael Leiters warned that "there is still a lot of work ahead." Porsche kept its full‑year outlook unchanged, projecting 2026 revenue of €35‑36 billion and an operating margin of 5.5‑7.5%. The company also confirmed plans to cut about 20% of its workforce – roughly 9,000 jobs – by 2035 without forced layoffs, while continuing to invest €2.1 billion in German plants. Ongoing challenges include weak demand in China, US tariffs and a decline in the share of fully electric models to 19.4%.