Porsche, the German luxury carmaker, confirmed its 2026 guidance after first-half operating profit rose 34% to 1.35 billion, even as revenue fell 5%. Porsche shares are down 0.22% in Frankfurt.
Operating return on sales came in at 7.8% for the six months, above the 5.5% to 7.5% Porsche is targeting for the full year. A new round of job cuts announced this week takes the total to about 9,000, or one in five workers, at a cost of 300 million to 400 million ($342 to $456 million), with a similar hit expected in 2027.
"We are convinced that this expenditure will soon pay off," said finance chief Jochen Breckner, who described the first half as in line with expectations and credited cost management and a shift toward higher-end, margin-boosting cars. CEO Michael Leiters, in the job since January, said the company has worked intensively on strategy but that plenty remains undone. Both Porsche and its parent, Volkswagen (VOW3), are restructuring under billions in U.S. tariff charges, weak Chinese sales and German cost pressures.