Porsche’s H1 operating profit jumps 34% despite delivery slump

Porsche AG Dr. Ing. h.c. F. Porsche AG reported a 34% jump in first-half 2026 operating profit on Wednesday, delivering stronger-than-expected margins even as the German luxury carmaker grappled with falling revenue and a steep decline in vehicle deliveries.

Profit Growth Amid Shrinking Sales

Group operating profit rose to €1.35 billion in the January-to-June period, up from €1.01 billion a year earlier, with the operating margin improving by 230 basis points to 7.8%. Consolidated revenue for the half came in at €17.23 billion, while quarterly revenue was €7.2 billion, down 5.1% year-over-year. Deliveries fell 16% to 122,306 vehicles globally as the company faced pressure in China and the United States.investorrelations.porsche+5

The results suggest Porsche's restructuring and cost discipline are beginning to bear fruit. In the first quarter alone, operating profit had fallen to €595 million from €762 million a year earlier, meaning the second quarter saw a sharp recovery.newsroom.porsche

9,000 Jobs to Go by 2035

The earnings report follows an announcement on Sunday that Porsche will cut approximately one in five jobs — around 9,000 positions — by 2035, according to Reuters. The reductions are part of a broader restructuring across parent Volkswagen and its brands in response to weak demand in China and sluggish electric vehicle sales. CNBC reported that the cuts represent a ramp-up from previously announced reductions.reuters+2

Navigating a Difficult Market

Porsche's delivery slump reflects industrywide challenges facing European luxury automakers. Deliveries declined across all regions in the first half, with China and the U.S. identified as particular pressure points. In the U.S., Porsche recorded 33,012 retail deliveries for the period.newsroom.porsche+1

The company has said it is "resolutely" pushing ahead with its strategic transformation, balancing short-term cost savings against long-term investment in electrification and new model launches. The workforce reduction will be achieved through natural attrition, early retirement, and voluntary separation rather than compulsory layoffs, according to reporting by Reuters.reuters+1