Porsche Automobil Holding SE (Porsche SE) chairman Hans Dieter Pötsch has called on Volkswagen managers to speed up the group’s overhaul after weaker earnings reduced the investment company’s profit.
Volkswagen’s majority shareholder said lower earnings at Volkswagen and luxury carmaker Porsche AG weighed on its performance.
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“The Volkswagen Group’s quarterly results clearly show that the agreed measures to strengthen competitiveness, reduce costs and sustainably improve profitability must be implemented swiftly. It is now the management’s task and responsibility to deliver,” said the chairman.
The latest news comes as Volkswagen undertakes a restructuring programme that could involve 100,000 job reductions and the potential closure of up to four manufacturing plants in Germany.
Porsche SE had already called for swift action to improve the Volkswagen’s competitive position in August.
For the first nine months of fiscal year 2026, Porsche SE’s adjusted group result after tax fell to €930m ($1.03bn), from €1.59bn in the same period a year earlier.
Its group result after tax moved to a loss of €2.78bn, compared with a profit of €1.24bn in the prior-year period, mainly because of a non-cash impairment loss on the carrying value of its Volkswagen investment.
At-equity accounting for Porsche SE’s core holdings “significantly influenced” the adjusted result.
Volkswagen contributed €809m, down from €1.72bn a year earlier, while Porsche AG’s contribution rose to €194m from €73m.
Porsche SE reported group net debt of €5.10bn at 30 September 2026, compared with €5.09bn at 31 December 2025.
Separately, the company reported a litigation resolution concerning its increased Volkswagen stake.
Germany’s Federal Court of Justice rejected appeals on points of law against a model case decision by the Higher Regional Court of Celle.
The case stemmed from claims by 40 plaintiffs, largely US hedge funds, seeking €5.4bn in damages plus interest.
The final and binding ruling confirmed that the findings sought by the plaintiffs would not be granted and required the dismissal of six suspended initial proceedings.
For full-year 2026, Porsche SE expects adjusted group result after tax of between negative €0.5bn and positive €1.5bn. It expects net debt to end the year between €4.7bn and €5.2bn.
