STUTTGART (dpa-AFX) - A multi-billion euro write-down on its stake in the Volkswagen Group has once again pushed the holding company Porsche SE deep into the red for the first quarter of 2026. The investment firm reported a bottom-line loss of 923 million euros, according to the Dax-listed company in Stuttgart. Shares opened the trading session with a slight decline.
A year earlier, the company had recorded a somewhat larger deficit of 1.08 billion euros. The holding company, controlled by the Porsche and Piech families, took an impairment charge of 1.3 billion euros on the carrying value of its investment in Volkswagen.
Both Volkswagen, Europe's largest automaker, and the firm's other major holding, sports car manufacturer Porsche AG, are currently grappling with challenging market conditions and the ongoing transformation of the automotive industry.
Porsche SE CEO Hans Dieter Pötsch stated that the company achieved a profit in terms of group results adjusted for write-downs and continued to strengthen its financing structure. 'However, the business models of our core holdings, which functioned well for a long time, must fundamentally be realigned to new market conditions.' Pötsch pointed to the ongoing cost-cutting programs at the core investments.
Group profit adjusted for depreciation and impairments fell by just over a fifth to 382 million euros in the first quarter. Net debt stood at 5.15 billion euros, slightly higher than the 5.10 billion euros recorded at the end of 2025. For the full year, the holding company continues to target an adjusted group result of between 1.5 billion and 3.5 billion euros, with net debt expected to range between 4.7 billion and 5.2 billion euros by year-end./ols/DP/stk
