Why the figures from recent years explain the current skepticism
has long been considered an exception in the German automotive sector. High margins, strong demand, and clear premium positioning made the stock a reliable anchor of stability in the . This picture has changed step by step in recent years – and for the first time, the current very negative sentiment surrounding Porsche is no longer just emotional, but fundamentally verifiable.
A look at the development from 2023 to today (Q1–Q3 2025) shows a continuous deterioration, the full extent of which many market participants are only now beginning to grasp.
2023: Solid Figures – but Already the Turning Point
In the 2023 fiscal year, Porsche was still robust in operational terms. Sales amounted to 333,605 vehicles, revenue to €40.53 billion, and operating profit to around €6.94 billion. Porsche was highly profitable and remained one of the manufacturers with the highest margins in the industry.
In retrospect, however, this year can be interpreted less as a starting point for further growth and more as the high point of an exceptionally strong phase. Momentum was already beginning to slow, even if this was not yet apparent in the overall picture.
2024: First Cracks Become Visible
In 2024, the picture changed noticeably. Sales fell to 312,620 vehicles, a decline of 6.3%. Revenue fell slightly to €40.08 billion. However, the decline in operating profit was much more serious, falling to around €5.29 billion – a slump of around 23% compared to the previous year.
It is noteworthy that this decline in earnings occurred despite only a moderate decline in sales. This points to increasing cost and margin pressure and marks the point at which Porsche began to lose some of its former structural strength.
2025 (Q1–Q3): The Deterioration Accelerates
The figures for the first three quarters of 2025 show that this trend has not only continued but has significantly intensified. Sales in this period amounted to €26.86 billion, compared with €28.56 billion in the same period of the previous year. Even more serious is the slump in operating profit, which fell from €4.04 billion (Q1–Q3 2024) to just €40 million.
The operating margin is thus around 0.2%—a figure that bears no relation to the margins of previous years and illustrates the fundamental seriousness of the situation. The reasons for this include weak demand in key sales markets, high investments, and structural adjustments in the product and cost mix.
Why This Phase Is So Crucial
At this point, it becomes clear why the perception of Porsche has changed fundamentally. The former profit engine of the Volkswagen Group has become a company that is exerting considerable pressure on earnings in the short term. The poor market sentiment is therefore not an exaggeration, but the logical consequence of a development that has been ongoing for several years.
But this is precisely the crucial point:
When fundamentals and market sentiment are so closely aligned, the stock market often does not experience rapid turning points, but rather transitional phases in which it is first decided whether further adjustments are necessary or whether a new foundation can be formed again in the long term.
Outlook
The coming quarters will show whether Porsche can return to its former operational strengths or whether the adjustment process is not yet complete. One thing is clear: the stock is currently in a phase in which expectations are extremely low and any structural improvement must first be earned.
For investors, this means one thing above all: this situation requires assessment and preparation, not quick opinions. This is precisely why the current phase is so sensitive – and so crucial in the long term.
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