VW family holding: Porsche SE is slipping deep into the red

The crisis in Germany's largest car manufacturer is also reflected in the holding company of the Porsche and Piëch families. The bottom line is a loss of billions.

Frankfurt. VW's major shareholder Porsche SE slipped deep into the red in the first nine months of the 2026 financial year due to a billion-dollar write-off on its Volkswagen stake. Group earnings after taxes amounted to minus 2.8 billion euros after a profit of 1.2 billion euros in the same period last year, as the holding company announced on Tuesday.

The reason for the loss was a non-cash value adjustment on the shares in Volkswagen AG. The adjusted consolidated result fell to 0.9 billion euros after 1.6 billion euros in the previous year.

Porsche SE boss Hans Dieter Pötsch pushed for rapid reforms in view of the crisis in core holdings. The quarterly results in the Volkswagen Group clearly showed that the measures decided to strengthen competitiveness, reduce costs and sustainably improve profitability must be implemented quickly. “This is now the task and mandate of management,” explained Pötsch.

For the full year 2026, Porsche SE expects an adjusted consolidated result of between minus 0.5 billion euros and plus 1.5 billion euros. Net debt is expected to be between 4.7 billion euros and 5.2 billion euros. At the end of September it was almost unchanged at 5.1 billion euros.

The holding company also scored a success in court: the Federal Court of Justice legally rejected the plaintiffs' legal complaints in the investor model case in connection with the VW investment build-up. This means that claims for damages from 40 plaintiffs, mostly US hedge funds, amounting to 5.4 billion euros are off the table.