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Porsche SE calls for VW business model overhaul as earnings fall
(Sharecast News) - German holding company Porsche SE posted a first quarter loss after it booked a €1.3bn cash writedown on its stake in Volkswagen and called for a change of business model at the iconic brand. The group after-tax loss was €923m for the three months to March compared with a loss of €1.08bn a year earlier. The Stuttgart-based company, which holds a majority 53% voting rights stake in Volkswagen, posted adjusted profit after tax of €382m, down 21% year on year.
Porsche SE said it continued to expect positive adjusted group result after tax of between €1.5bn - €3.5bn for fiscal 2026 and guided for net debt of €4.7bn - €5.2bn.
Volkswagen's business model "needs to be fundamentally realigned to match the new market conditions," said Hans Dieter Poetsch, chairman of Porsche SE's management board.
"This requires the consistent implementation of intelligent solutions to sustainably strengthen competitiveness and profitability."
He added that the possible impact from the announced increase in import tariffs for passenger cars and trucks from the EU to the US as well as possible future effects of the war in the Middle East "cannot be reliably estimated at present and are therefore not included in the forecast adjusted group result after tax".
Reporting by Frank Prenesti for Sharecast.com
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