Letter from the Executive Board
Dear Sir or Madam,
Dear friends of Porsche,
We are facing difficult times. In a politically and economically uncertain world, we are falling short of our own standards and your expectations. There are currently no immediate remedies against the prevailing external challenges. But we will change what is within our control.
Our goal is to put Porsche on a strong, future-oriented footing for the long term and to strengthen the brand core. Our advantages are our unique sports car tradition, the highest quality, progressive technology and timeless, unmistakable design.
Under the leadership of Dr. Oliver Blume, Porsche made considerable realignment efforts over the past year, including targeted additions to the product portfolio. These necessary measures involved substantial one-off expenses that have had a significant impact on our 2025 financial results. After many very successful years, this is an unfamiliar position for Porsche. But it is something we accept, as these were the right steps and are essential to restoring Porsche’s high profitability and ensuring it for the long term. To achieve this, further steps will be required, and we will approach them with determination and consistency.
Adapting our product strategy to suit market demands continues to be one of our most important goals. We are therefore striving for a balanced mix of internal combustion engines, plug-in hybrids, and all-electric powertrains. We are also evaluating the market potential of new products and exclusive special models. The wishes and expectations of our customers are just as much a focus of these strategic considerations as the profitability of the respective vehicle projects.
After all, Porsche needs not only to produce exceptional products but also to have a solid financial foundation, which can only be ensured through sufficiently high profitability. Both expectations are currently under pressure from high costs and significant investment requirements, as well as a shift in market conditions in China and the tariff policy in our largest single market, the US. It is therefore inevitable that we must increase efficiency and cost discipline across all areas of our company.
Dear shareholders, Porsche faces some major challenges. While we do not yet have an answer to every question or a solution to every problem, we will continue to develop them step by step in the coming weeks and months, relying on a strong team with exceptional skills and talents. One thing is clear: our management team will face some difficult decisions in order to make Porsche leaner and more profitable.
We will hold on to what works, implement improvements and, where appropriate, introduce new ideas. We will scrutinize costs just as thoroughly as we will the organization across all levels. At the heart of our efforts remain our customers, to whom we must offer exceptional products—the key for long-term financial success. And financial success is essential for an attractive valuation on the capital market.
Porsche is a unique brand with strong roots in the world of motorsport. Its loyal customers and fans worldwide, who value its iconic products and technical excellence, are an invaluable asset. The “Dr. Ing. h.c.” (Honorary Doctor of Engineering) in our name vividly expresses our philosophy. These things alone will be our benchmark in the future.
I’m glad to have you at our side as Porsche sets a new course.
With warm regards,
Dr. Michael Leiters
Chairman of the Executive Board
Dr. Ing. h.c. F. Porsche AG
