Porsche AG: Review Q3'26: All eyes now on 2028

Post earnings calls and following company guidance, we factor in for FY26/27 higher under-absorption of fixed costs as Porsche continues to go through a volume decline impacted by the temporary discontinuation of volumes in FY26/27. The firm was clear during the conference call that earnings will trough in FY27, but this is, in our view, very well understood by the market and all eyes are on: a) adjusted margins delivered in FY26/27, which point above the current margin guidance of 5.5% to 7.5%, as well as the tailwinds we will see in FY28: a) zukunftspaket cost savings, b) higher utilisation of Leipzig plant, c) benefit from product launches. We think there could be an additional opportunity to improve the capacity utilisation of the Leipzig plant if Porsche would transfer the Cayenne production from Bratislava;