Porsche's profit drops by more than a fifth in first quarter

Volkswagen AG

29/04/2026 16:40

BERLIN, April 29 (Reuters) - Porsche P911_p.DE on Wednesday said its first-quarter profit fell by more than a fifth, piling further pressure on CEO Michael Leiters to cut costs and revive sales.

The automaker, majority-owned by Volkswagen VOWG_p.DE, posted quarterly operating profit of 595 million euros ($696 million), down 22% year on year, making for a 7.1% margin, at the upper end of the forecast range.

($1 = 0.8551 euros)

 (Reporting by Rachel More; Editing by Christoph Steitz)

 ((rachel.more@thomsonreuters.com))