Porsche unveiled its largest-ever restructuring plan, "Sportwagenschmiede '35": cut 40% of management positions, shrink direct and indirect functions by 25%, and target up to 30% fewer staff by 2035, with roughly 9,000 cumulative job reductions combining the new plan and previously announced cuts, handled mainly via attrition, early retirement and voluntary packages, with German employment protection extended to end-2035. Financially, group operating margin fell from 18% in 2023 to 1.1% in 2025, when revenue was €36.272bn and operating profit just €413m, hit by about €3.9bn in special charges tied to product strategy changes, the battery business and tariffs; China deliveries fell from 95,671 in 2021 to 41,938 in 2025 and dropped another 32% in H1 2026.