Porsche Drives Forward: Strong Q3 2023 Performance After IPO Success

Porsche announced that it had achieved impressive business results in the third quarter of this year, a year after its successful Initial Public Offering (IPO) in September 2022,

Until the third quarter of 2023, group sales and operating profits had solid growth. Group sales increased by 12.6 percent from the previous year to 30.13 billion euros (approximately $34 billion), and the group’s operating profit increased by 9 percent to 5.5 billion euros (approximately $6.2 billion). The operating profit margin was 18.3 percent (2022: 18.9 percent), exceeding the 17-19 percent target range.

Net cash flow increased from the previous year (2022: 3.27 billion euros, approximately $3.7 billion) to 3.39 billion euros (approximately $3.8 billion), and the net cash flow margin recorded a slight decrease from the previous year (2022: 13.4 percent) to 12.2 percent. The number of new car sales until the third quarter of 2023 increased by 9.6 percent from the previous year to 242,722 units.

Lutz Meschke, Deputy Chairman of the Executive Board for Finance and IT at Porsche AG, said, “We achieved strong results and robust net cash flow while making extensive investments in the brand and technology,” and added, “The successful results up to the third quarter are due to high demand, a positive product mix, and price effects.”

Oliver Blume, Chairman of the Executive Board of Porsche AG, said, “Demand for all model lines worldwide is high, and there is a steady increase in demand for exclusive products and personalization.” He added, “We have secured a strong position in key global regions and are showing above-average growth in Europe, North America, and other emerging markets.” He continued, “The Porsche business model is based on a unique position in the automotive industry,” emphasizing, “We are enjoying cost benefits from scale effects within Porsche and cooperation with the Volkswagen Group.”

This year, Porsche has accelerated investments for brand strengthening, such as future technology, motorsports, and the 75th Anniversary of Porsche Sports Cars. In 2024, it plans to introduce more than four new models. Despite the costs and inflation associated with this, Porsche still maintains a high group operating profit margin.