Stuttgart, 26 March 2025. The increasingly challenging economic and political conditions in the automotive industry are having an impact on Pվ��Ƶ (“Porsche Pվ��Ƶ”). The result after tax of the Porsche Pվ��Ƶ Group for the fiscal year 2024 amounted to minus 20.0 billion euro (prior year: 5.1 billion euro). This was significantly influenced by non-cash impairment losses on the carrying amounts of the investments in Volkswagen AG of minus 19.9 billion euro and Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) of minus 3.4 billion euro. The impairment losses recognized have no impact on the liquidity or group net debt of Porsche Pվ��Ƶ. As of 31 December 2024, group net debt stood at 5.2 billion euro (prior year: 5.7 billion euro).

Adjusted for impairment effects on the two core investments, Porsche Pվ��Ƶ generated a positive adjusted group result after tax of 3.2 billion euro in the past fiscal year (prior year: 5.1 billion euro). This was influenced by the result from the ongoing at equity accounting of shares in Volkswagen of 3.0 billion euro (prior year: 4.8 billion euro) and the result from the ongoing at equity accounting of shares in Porsche AG of 0.5 billion euro (prior year: 0.4 billion euro).

From Porsche Pվ��Ƶ’s perspective, given the continued difficult economic environment, the core investments need to focus on competitiveness, profitability and the sustainable implementation of their strategic future programs. “Our core investments have responded decisively to the challenges in the automotive industry and launched strong programs. We believe that their focused implementation offers significant potential to increase value at our core investments and at Porsche Pվ��Ƶ. We will continue to systematically pursue our investment and diversification strategy,” says Hans Dieter Pötsch, chairman of the board of management of Porsche Pվ��Ƶ.

Porsche Pվ��Ƶ therefore welcomes the “Zukunft Volkswagen” agreement reached at the end of 2024 to strengthen the company’s profitability as well as the measures negotiated at Porsche AG. “Now it’s all about rigorous implementation in all areas,” continues Pötsch. 

Successful expansion of portfolio investments

Porsche Pվ��Ƶ also intends to further expand its investment activities and continue on its path to become a diversified investment platform. In the fiscal year 2024, Porsche Pվ��Ƶ invested in Flix Pվ��Ƶ, Waabi and Quantum Systems and set up the Incharge fund together with the asset manager DTCP. “We are continuously screening promising investment opportunities, in both the portfolio segment as well as for potential new core investments,” says Lutz Meschke, board of management member responsible for investment management. “We also have the financial capacity to make larger investments.”

Investment activities are based on sound financial management. In April 2024, Porsche Pվ��Ƶ placed two bonds totaling 1.6 billion euro with investors, giving its financing profile an even longer timeline. The transaction was one of the largest unrated bond issues in the world up to that time. These successful refinancing measures provide the necessary financial headroom for the investment activities. 

Dr. Johannes Lattwein, board of management member responsible for finance and IT: “Porsche Pվ��Ƶ’s financial position is very solid and its financial strength is high. This is reflected in the group net debt, which we improved by 0.5 billion euro as planned in the past fiscal year. Porsche Pվ��Ƶ has once again demonstrated its attractiveness for investors with a record bond issue.”

Manfred Döss remains member of the board of management responsible for legal affairs and compliance for a further three years

The supervisory board of Porsche Pվ��Ƶ has extended Manfred Döss’s appointment on the board of management for a further three years until 31 December 2028. Döss is the member of Porsche Pվ��Ƶ’s board of management responsible for legal affairs and compliance.

“Under the leadership of Dr. Manfred Döss, Porsche Pվ��Ƶ has achieved a number of important stage victories in recent years in the proceedings for damages still pending. We would like to thank him for his many years of service and are delighted that we will be able to count on his experience and expertise in the years to come,” said Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche Pվ��Ƶ.

Döss has been working for Porsche Pվ��Ƶ since May 2013, initially heading the Legal department as general representative before being appointed as member of the board of management in January 2016. 

Dividend proposal for the fiscal year 2024 of 1.91 euro per preference share

The board of management and supervisory board propose a dividend for the fiscal year 2024 of 1.91 euro per preference share (prior year: 2.56 euro) and 1.904 euro per ordinary share (prior year: 2.554 euro). This is equivalent to a total distribution of around 584 million euro. The decrease in the proposed dividend compared to the prior year’s dividend is mainly due to the expected lower dividend inflow from Volkswagen AG. The annual general meeting, which takes place on 23 May 2025, will decide on the dividend proposal.

Porsche Pվ��Ƶ anticipates an adjusted group result after tax of between 2.4 billion euro and 4.4 billion euro for the fiscal year 2025 and expects group net debt to be between 4.9 billion euro and 5.4 billion euro.

The 2024 annual report of Pվ��Ƶ can be found at:

Pվ��Ƶ (“Porsche Pվ��Ƶ”) is a holding company with investments in the areas of mobility and industrial technology. The company employs just under 50 people as of 31 December 2024 and generated an adjusted group result after tax of 3.2 billion euro in the fiscal year 2024. As core investments, Porsche Pվ��Ƶ holds the majority of the ordinary shares in Volkswagen AG and 25% plus one share of the ordinary shares in Porsche AG. In addition, Porsche Pվ��Ƶ acquired minority shareholdings in several technology companies in North America, Europe and Israel and invested in private equity and venture capital funds.

¹ The adjusted group result after tax and group net debt are the core performance indicators of the Porsche Pվ��Ƶ Group. These are defined on pages 97-101 of Porsche Pվ��Ƶ’s annual report for the fiscal year 2024. The adjusted group result after tax and group net debt are alternative performance indicators. These are not defined by IFRS. Their calculation methods may therefore differ from those of other companies.

The adjusted group result in the fiscal year 2024 results from adjusting the group result after tax for expenses from impairment losses in relation to the core investments of 23.3 billion euro and offsetting tax effects of 0.1 billion euro. 

Against this background, Porsche Pվ��Ƶ expects the group result after tax for the fiscal year 2024 to reach approximately minus 20.0 billion euros, which is mainly characterized by non-cash effective impairment losses resulting from the impairment tests.

The impairment of the carrying amount of Porsche Pվ��Ƶ’s investment in Volkswagen AG in the consolidated balance sheet of Porsche Pվ��Ƶ is minus 19.9 billion euros and thus, as communicated in the ad-hoc announcement of February 6, 2025, at the lower end of the mentioned range of minus 7 billion euros to minus 20 billion euros. The impairment of the carrying amount of Porsche Pվ��Ƶ’s investment in Porsche AG in the consolidated balance sheet of Porsche Pվ��Ƶ is minus 3.4 billion euros and thus within the communicated range of minus 2.5 billion euros to minus 3.5 billion euros.

In the annual financial statements of Porsche Pվ��Ƶ under German commercial law, there is only an impairment of the carrying amount of Porsche Pվ��Ƶ’s investment in Porsche AG in the amount of minus 2.9 billion euros. For the fiscal year 2024, this results in an expected annual loss of approximately minus 1.5 billion euros.

The impairment losses at the level of Porsche Pվ��Ƶ or the Porsche Pվ��Ƶ Group are non-cash effective. Net debt of Porsche Pվ��Ƶ Group as of December 31, 2024 is expected to amount to roughly 5.2 billion euros, thus remaining within the projected range.

The Management Board of Porsche Pվ��Ƶ continues to assume that a dividend will be distributed for the fiscal year 2024.

Porsche Pվ��Ƶ’s annual report for the fiscal year 2024 is expected to be published on March 26, 2025.

Lutz Meschke, member of the board of management responsible for investment management, will push forward the activities in the portfolio segment with full commitment and further develop the investment strategy. Most recently, Meschke was responsible for investments in several growth companies, such as Flix Pվ��Ƶ, Waabi and Quantum Systems.

The experience and expertise of Lutz Meschke and his team will continue to make a significant contribution to Porsche Pվ��Ƶ's success on its way to becoming a diversified investment platform.

In addition to Lutz Meschke, the other members of Porsche Pվ��Ƶ’s board of management are Hans Dieter Pötsch (chairman of the board of management), Dr. Manfred Döss (legal affairs and compliance) and Dr. Johannes Lattwein (finance and IT).

Against this background, the Management Board of Pվ��Ƶ (Porsche Pվ��Ƶ) has updated its assumptions previously used in the preliminary valuation models (see ad-hoc announcement from Porsche Pվ��Ƶ dated December 13, 2024) regarding the future economic development of Porsche AG.

Based on preliminary assessments, Porsche Pվ��Ƶ now assumes the expected impairment of the carrying amount of the investment in Porsche AG in the expected range from minus 2.5 billion euros to minus 3.5 billion euros (previously: minus 1 billion euros to minus 2 billion euros) in the consolidated balance sheet of Porsche Pվ��Ƶ. As a result of the changes at Porsche AG, it is also anticipated that the expected impairment of the carrying amount of Porsche Pվ��Ƶ's investment in Volkswagen AG in the consolidated balance sheet of Porsche Pվ��Ƶ, while maintaining the previous range of minus 7 billion euros to minus 20 billion euros, will rather tend towards the lower end of the range of minus 20 billion euros.

A finalization of the impairment tests of Porsche Pվ��Ƶ can take place at the earliest upon the preparation of the annual and consolidated financial statements of Volkswagen AG and Porsche AG.

The expected impairment loss in the consolidated financial statements of Porsche Pվ��Ƶ in relation to Porsche AG will also have an impact on the annual financial statements of Porsche Pվ��Ƶ under German commercial law, however to a lower extent.

The expected impairment losses at the level of Porsche Pվ��Ƶ or the Porsche Pվ��Ƶ Group will not have a cash effect. Net debt of Porsche Pվ��Ƶ Group as of December 31, 2024 is expected to amount to roughly 5.2 billion euros, thus remaining within the projected range.

The Management Board of Porsche Pվ��Ƶ continues to assume that a dividend will be distributed for the 2024 financial year.

Stuttgart, 13 December 2024: During the preparation of the financial statements as of 31 December 2024, Porsche Pվ��Ƶ identified an expected impairment loss in the consolidated financial statements with regard to the carrying amounts of the investments in Volkswagen AG and Porsche AG. Consequently, the Board of Management expects that Porsche Pվ��Ƶ’s group result after tax for the 2024 financial year will be significantly negative. Porsche Pվ��Ƶ is therefore withdrawing its forecast for the group result after tax for 2024 from previously 2.4 billion euros to 4.4 billion euros. The forecast for Porsche Pվ��Ƶ Group's net debt as of 31 December 2024 is confirmed. This is expected to be between 5.0 billion euros and 5.5 billion euros. The Board of Management of Porsche Pվ��Ƶ continues to assume that a dividend will be distributed for the 2024 financial year. 

The expected impairment loss is not cash-effective, but purely accounting related. Porsche Pվ��Ƶ remains in a very solid financial position and its financial strength remains high. Porsche Pվ��Ƶ continues to support the entire Volkswagen Group in achieving its strategic goals and remains convinced of the long-term value enhancement potential of the core investments.

The background to the impairment risk is that Porsche Pվ��Ƶ, as of now, cannot rely on a current approved plan of Volkswagen AG and Porsche AG for accounting purposes. Therefore, in particular external analysts' expectations are used to derive future cash flows in the impairment tests for the two core investments as of 31 December 2024. On this basis, Porsche Pվ��Ƶ currently expects an impairment of the carrying amount of the investment in Volkswagen AG in the range of minus 7 billion euros to minus 20 billion euros and of the carrying amount of the investment in Porsche AG in the range of minus 1 billion euros to minus 2 billion euros in the consolidated financial statements. Porsche Pվ��Ƶ expects that the carrying amounts after the revaluation for the investments in Volkswagen AG and Porsche AG will continue to be significantly higher than the respective stock market values.

The expected impairments at Porsche Pվ��Ƶ will not have a cash effect and will not affect the forecasts communicated by Volkswagen AG and Porsche AG for the 2024 financial year.

Stuttgart, 13 November 2024. The challenging environment in the automotive industry is also having an impact on Pվ��Ƶ (“Porsche Pվ��Ƶ”). The group result after tax amounted to 2.5 billion euro in the first nine months of the fiscal year 2024 (prior-year period: 3.8 billion euro). This result after tax of Porsche Pվ��Ƶ is significantly influenced by the result from investments in Volkswagen and Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) accounted for at equity of 2.4 billion euro and 0.4 billion euro, respectively. Against this background, Porsche Pվ��Ƶ supports the effectiveness and efficiency programs at the entire Volkswagen Group and assumes that the strategic earnings and liquidity targets will be achieved. Net debt of the Porsche Pվ��Ƶ Group decreased from 5.7 billion euro as of 31 December 2023 to 5.1 billion euro. 
 

In the third quarter of 2024, Porsche Pվ��Ƶ continued to pursue its strategy to position itself as a diversified investment platform and expand its portfolio of investments. In September, the acquisition of shares in Quantum-Systems GmbH, a leading drone manufacturer from Germany, was announced. “Despite the challenging market conditions, we remain focused on our long-term diversification goals. We have the financial flexibility to make further investments in core and portfolio investments. However, any investment opportunity must be attractive and meet our investment criteria,” says Dr. Johannes Lattwein, board of management member responsible for finance and IT. “At the same time, we are focusing on our core investments achieving their cost and efficiency targets in order to secure their long-term competitiveness and future viability.”
 

Porsche Pվ��Ƶ anticipates a group result after tax of between 2.4 billion euro and 4.4 billion euro for the fiscal year 2024 and expects net debt to be between 5.0 billion euro and 5.5 billion euro.
 

The group quarterly statement for the third quarter of 2024 of Pվ��Ƶ can be found at /en/investor-relations/financial-publications/

Due to its equity investment in Volkswagen AG of around 31.9%, the group result after tax of Pվ��Ƶ (Porsche Pվ��Ƶ) is significantly influenced by the at equity result attributable to Porsche Pվ��Ƶ and, thus by the group result after tax at the level of Volkswagen.

As a result, Porsche Pվ��Ƶ is adjusting its earnings forecast accordingly. For the financial year 2024, the group result after tax of Porsche Pվ��Ƶ is now to be expected in a range of 2.4 billion euros to 4.4 billion euros. Previously, the forecast for the group result after tax was between 3.5 billion euros and 5.5 billion euros. 

The adjustment of the earnings forecast has no impact on the liquidity of Porsche Pվ��Ƶ. Therefore, Porsche Pվ��Ƶ Group confirms the existing forecast for net debt in the range of 5.0 billion euros and 5.5 billion euros.

Stuttgart, 24 September 2024. With the investment of a double-digit million amount in Quantum-Systems GmbH (“Quantum Systems”), Pվ��Ƶ (“Porsche Pվ��Ƶ”) is adding a fast-growing technology company from Germany to its portfolio. Based in Gilching near Munich, the company develops and produces state-of-the-art drones for sensor-based data capturing as well as surveillance and reconnaissance purposes. The use cases include, for example, aerial monitoring of infrastructure, use in disaster response and other areas requiring the capturing, evaluation and further processing of sensor data from the air. The investment in Quantum Systems is carried out in the context of the partnership between Porsche Pվ��Ƶ and the investment company DTCP.

“Drone technology has developed rapidly in recent years. The market potential of this technology is extremely high. With its cutting-edge platform, Quantum Systems will participate disproportionally in the growth of this sector”, says Lutz Meschke, member of the board of management responsible for investment management at Porsche Pվ��Ƶ. “In the coming years, the market for compact drones is expected to grow by around 20 percent annually.”

"We are delighted to have found a German investor in Porsche Pվ��Ƶ, who will accompany us in the further expansion and internationalization of Quantum Systems. What both companies share is the dedication to technology and perfection. I am very pleased to have another partner and investor who will tackle these challenges together with us", says Florian Seibel, CEO and co-founder of Quantum Systems.

The compact drones from Quantum Systems can take off and land vertically and can be equipped with a variety of sensors. In addition, the drones are characterized by their flexible and mobile usability, ease of use as well as powerful flight control software and integrated AI capabilities.

Quantum-Systems GmbH employs around 350 people, has locations in four countries, supplies over 450 customers worldwide and managed to more than double its revenue again in 2023 with a projected revenue for the fiscal year 2024 of over 100 million euro.

Further information on Quantum-Systems GmbH can be found on the company’s homepage:

A member of Porsche Pվ��Ƶ’s board of management since July 2020, Meschke has played a key role in advancing the company’s investment strategy. Under his lead, Porsche Pվ��Ƶ’s investment activities have been systematically expanded, most recently with the investment in Flix Pվ��Ƶ, the leading mobility platform for long-distance bus and train travel. His role as deputy chairman of the executive board of Dr. Ing. h.c. F. Porsche AG, with responsibility for finance and IT, will remain unchanged.

“Lutz Meschke has successfully developed Porsche Pվ��Ƶ’s investment management over the past few years. We will continue to expand our investment activities going forward, drawing on his experience and expertise. We would like to thank Lutz Meschke for his commitment to Porsche Pվ��Ƶ and look forward to continuing to work with him,” says Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche Pվ��Ƶ.

In addition to Lutz Meschke, the members of Porsche Pվ��Ƶ’s board of management are Hans Dieter Pötsch (chairman of the board of management), Dr. Manfred Döss (legal affairs and compliance) and Dr. Johannes Lattwein (finance and IT).

Stuttgart, 13 August 2024. Pվ��Ƶ (“Porsche Pվ��Ƶ”) generated a result after tax of 2.1 billion euro in the first half of 2024. As expected, this falls short of the prior-year period (2.3 billion euro) and is significantly influenced by the result from the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) accounted for at equity of 2.0 billion euro and 0.3 billion euro, respectively.

Net debt of the Porsche Pվ��Ƶ Group decreased from 5.7 billion euro as of 31 December 2023 to 5.0 billion euro. This improvement is largely due to the dividends received from the investments in Volkswagen AG (1.4 billion euro) and Porsche AG (0.3 billion). This was partly offset by the dividend of 783 million euro distributed by Porsche Pվ��Ƶ to its shareholders.

After issuing a bond of 1.6 billion euro in April 2024, Porsche Pվ��Ƶ repaid a tranche of 0.6 billion euro of the existing bank loans. In addition, liquidity has been built up for potential acquisitions and the debt maturity profile has been further balanced. “Our financial resources give us considerable flexibility for potential investments in further core and portfolio investments to further diversify our investment portfolio. In doing so, we pursue an active portfolio development approach. The current stock market environment and the resulting overall decrease in company valuations are creating attractive opportunities,” says Dr. Johannes Lattwein, board of management member responsible for finance and IT.

In the portfolio investments segment, Porsche Pվ��Ƶ acquired a stake in the Canadian AI company Waabi Innovation Inc. (“Waabi”) in the second quarter of 2024. The investment was made in a Series B financing round. Waabi develops an AI-based solution for self-driving trucks.

In August 2024, Porsche Pվ��Ƶ invested in Flix Pվ��Ƶ (“Flix”) as part of a co-investment with EQT’s Future Fund. Munich-based Flix Pվ��Ƶ operates the leading global mobility platform for long-distance bus and train travel. The joint investment in Flix will further deepen the cooperation between Porsche Pվ��Ƶ and EQT.

For the fiscal year 2024, Porsche Pվ��Ƶ expects to record a group result after tax of between 3.5 billion euro and 5.5 billion euro. As of 31 December 2024, net debt of between 5.0 billion euro and 5.5 billion euro is expected for the Porsche Pվ��Ƶ Group.

The half-yearly financial report as of 30 June 2024 of Pվ��Ƶ can be found at: /en/investor-relations/financial-publications/

Stuttgart, 12 August 2024. Pվ��Ƶ (“Porsche Pվ��Ƶ”) invests a low double-digit million amount in Flix Pվ��Ƶ (“Flix”) as part of a co-investment with EQT. The investment is a co-investment with EQT’s impact fund EQT Future, in which Porsche Pվ��Ƶ has already invested at the beginning of the year. As part of the transaction, EQT, together with Porsche Pվ��Ƶ, Kühne Holding and other co-investors, acquire a stake of around 35 percent in Flix and will support the company on its further growth path. The joint investment in Flix will further deepen the cooperation between Porsche Pվ��Ƶ and EQT. The cooperation with globally leading private equity and venture capital investors is a key element of Porsche Pվ��Ƶ’s investment strategy and the planned expansion of its investment activities.

“Flix is an impressive success story. We see great growth potential for sustainable and affordable mobility services in the future and are looking forward to supporting Flix as it continues to expand its platform globally. The joint investment with EQT exemplifies our approach to work with globally leading investors to implement our investment strategy," says Lutz Meschke, member of the board of management responsible for investment management at Porsche Pվ��Ƶ.

Andreas Aschenbrenner, Founding Partner and Deputy Head of EQT Future, adds: „Porsche Pվ��Ƶ is a global leader in mobility investments rooted in a DNA of innovation and high-performance, long-term ownership and deep industrial expertise – a philosophy that is very aligned with our active ownership mindset at EQT Future. We are delighted to partner with Porsche Pվ��Ƶ to support Flix Pվ��Ƶ as our first joint investment on an exciting global growth agenda.”

Munich-based Flix Pվ��Ƶ operates the leading global mobility platform for long-distance bus and train travel. Flix currently serves 5,600 destinations in over 40 countries worldwide, making it the market leader for long-distance bus travel in Europe, North America and Türkiye. Thanks to its global expansion, Flix has been able to achieve strong revenue growth in recent years. In the fiscal year 2023, Flix transported a total of 81 million passengers and increased revenue by 30 percent to two billion euro. In the coming years, the company plans further growth in existing markets and the expansion into new markets, particularly in Latin America and Asia.

With the investment in Flix, Porsche Pվ��Ƶ expands its portfolio with the first investment in a platform provider in the consumer segment. The transaction, which is subject to regulatory approvals, is scheduled to complete by the end of 2024.

Further information on Flix Pվ��Ƶ can be found on the company’s homepage:

EQT’s press release on the transaction is available here:

Due to Pվ��Ƶ's (Porsche Pվ��Ƶ), Stuttgart, direct equity investment in Porsche AG of around 12.5%, the group result after tax of Porsche Pվ��Ƶ is influenced by the at equity result attributable to Porsche Pվ��Ƶ and, thus by the result after tax at the level of Porsche AG Group.

Volkswagen AG, Wolfsburg, holds more than 75% of the subscribed capital of Porsche AG. Due to its equity investment in Volkswagen AG of around 31.9%, the group result after tax of Porsche Pվ��Ƶ is also significantly influenced by the at equity result attributable to Porsche Pվ��Ƶ and, thus by the result after tax at the level of Volkswagen Group.

Irrespective of this, Porsche Pվ��Ƶ confirms its previously communicated earnings forecast. For the financial year 2024, the Porsche Pվ��Ƶ group result after tax is expected in a range of 3.5 billion euros to 5.5 billion euros. In addition, Porsche Pվ��Ƶ Group confirms the existing forecast for net debt in the range of 5.0 billion euros and 5.5 billion euros.

Due to its equity investment in Volkswagen AG of around 31.9%, the group result after tax of Pվ��Ƶ (Porsche Pվ��Ƶ) is significantly influenced by the at equity result attributable to Porsche Pվ��Ƶ and, thus by the group result after tax at the level of Volkswagen.

As a result, Porsche Pվ��Ƶ is adjusting its earnings forecast accordingly. For the financial year 2024, the group result after tax of Porsche Pվ��Ƶ is now to be expected in a range of 3.5 billion euros to 5.5 billion euros. Previously, the forecast for the group result after tax was between 3.8 billion euros and 5.8 billion euros.

The adjustment of the earnings forecast has no impact on the liquidity of Porsche Pվ��Ƶ. Therefore, Porsche Pվ��Ƶ Group confirms the existing forecast for net debt in the range of 5.0 billion euros and 5.5 billion euros.

Stuttgart, 18 June 2024. Pվ��Ƶ (“Porsche Pվ��Ƶ”) has invested in the Canadian AI company Waabi Innovation Inc. (“Waabi”). The investment was made as part of the Series B financing round in which Waabi raised a total of 200 million US dollars.

Waabi develops an AI-based solution for self-driving trucks. The simulation-based approach used by the company to develop and train the AI model offers significant advantages over conventional approaches to autonomous driving. Particularly, through the use of the proprietary end-to-end AI system and simulation platform, Waabi has developed a solution that is safe, cost-efficient, and reduces the need for extensive on-road testing to validate the system. Waabi is already operating commercially in the United States with plans for further growth over the coming years.

“Self-driving trucks address the key challenges that trucking companies are facing: rising freight volumes, the growing driver shortage and traffic accidents caused by human error. We therefore see enormous market potential in the technology for self-driving trucks. With its innovative AI approach, Waabi offers a convincing, cost-efficient and scalable solution to enable safe autonomous driving in a variety of driving environments,” says Lutz Meschke, member of the board of management responsible for investment management at Porsche Pվ��Ƶ.

In addition to Porsche Pվ��Ƶ and other renowned investors, the venture fund “Incharge” set up by Porsche Pվ��Ƶ and the investment company DTCP also participated in the financing round.

Further information on Waabi can be found on the company’s website:

Waabi’s press release on the Series B financing round is available at the following link:

Stuttgart, 11 June 2024. At today’s annual general meeting of Pվ��Ƶ (“Porsche Pվ��Ƶ”), the shareholders approved the distribution of a dividend of 2.56 euro per preference share and 2.554 euro per ordinary share for the fiscal year 2023. Unchanged compared to the prior year, this represents a total payout of 783 million euro.

The members of the board of management and those of the supervisory board in office in the fiscal year 2023 were exonerated. The proposed amendments to the articles of association concerning the company’s annual general meeting were approved. The shareholders also reelected Prof. KR Ing. Siegfried Wolf to the supervisory board for a further term of office.

The results of the annual general meeting’s voting will be published shortly at: /en/investor-relations/annual-general-meeting/

Stuttgart, 11 June 2024. At today’s annual general meeting of Pվ��Ƶ (“Porsche Pվ��Ƶ”), the shareholders will decide on the proposed dividend of 2.56 euro per preference share and 2.554 euro per ordinary share. Unchanged compared to the prior year, this represents a total payout of 783 million euro.

Hans Dieter Pötsch, chairman of the board of management of Porsche Pվ��Ƶ: “In the past fiscal year, we successfully developed Porsche Pվ��Ƶ further. The company is strategically well positioned. We will continue to take advantage of opportunities for value-adding investments in the future while maintaining our sound investment and financing strategy.”

The main items on the agenda of today’s annual general meeting are the presentation of the adopted financial statements and approved consolidated financial statements, the exoneration of the members of the board of management and supervisory board, the election of the auditor for the fiscal year 2024 and for the review of the half-yearly financial report 2024, the election to the supervisory board, the approval of the remuneration report and of the remuneration system for the members of the board of management as well as amendments to the articles of association concerning the company’s annual general meeting.

The results of the annual general meeting’s voting will be published following the annual general meeting at: /en/investor-relations/annual-general-meeting

Stuttgart, 14 May 2024. Pվ��Ƶ (“Porsche Pվ��Ƶ”) reported a group result after tax of 1.1 billion euro in the first three months of the fiscal year 2024 (prior year: 1.3 billion euro). The group result after tax was significantly influenced by the result from the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) accounted for at equity of 1.0 billion euro (prior year: 1.3 billion euro) and 121 million euro (prior year: 24 million euro), respectively. This development in earnings was largely attributable to the weaker operating performance particularly of Volkswagen AG in the first quarter, compared to the prior year.

The net debt of the Porsche Pվ��Ƶ Group remains virtually unchanged at 5.8 billion euro (5.7 billion euro) compared to 31 December 2023.

In April 2024, Porsche Pվ��Ƶ committed to invest 100 million euro in “Incharge I”, a venture fund set up together with the investment company DTCP.

Also in April 2024, Porsche Pվ��Ƶ issued a bond of 1.6 billion euro. Of the proceeds raised, 600 million euro was used to repay the bank financing. The proceeds are also to be used to build up strategic liquidity for potential investments.

Porsche Pվ��Ƶ confirms its earnings forecast for the fiscal year 2024. Based in particular on the expectations of the Volkswagen Group and the Porsche AG Group regarding their future development, Porsche Pվ��Ƶ continues to expect a group result after tax of between 3.8 billion euro and 5.8 billion euro.

As of 31 December 2024, net debt of between 5.0 billion euro and 5.5 billion euro is expected for the Porsche Pվ��Ƶ Group.

The group quarterly statement of Pվ��Ƶ for the first quarter of 2024 can be found at: /en/investor-relations/financial-publications

The bond comprises two tranches with maturities until September 2029 and September 2032. The five-year tranche with a volume of 750 million euro pays a coupon of 3.750 percent, the eight-year tranche with a volume of 850 million euro pays a coupon of 4.125 percent. The bond has been oversubscribed several times. Porsche Pվ��Ƶ intends to use the proceeds to refinance existing financial liabilities and to build up strategic liquidity for potential investments.

Dr. Johannes Lattwein, member of the board of management responsible for finance and IT: “This transaction follows the successful issuances of the past year. Thanks to the high demand, we were able to secure very competitive conditions, allowing us to shape our financing profile even more robustly and at the same time to expand our flexibility for portfolio investments. With this record bond, Porsche Pվ��Ƶ has once again demonstrated its attractiveness for investors.”

The bond was admitted to trading on the regulated market of the Luxembourg Stock Exchange and may also be listed on other exchanges. BNP Paribas, Citi, Crédit Agricole, J.P. Morgan, Mizuho and Société Générale were active bookrunners on the transaction.

Back in March 2023, Porsche Pվ��Ƶ had already placed a Schuldschein loan of around 2.7 billion euro. Later in 2023, the company issued two bonds with volumes of 750 million euro and 1.25 billion euro, respectively.

• Group result after tax for 2023 at 5.1 billion euro
• Net debt improved by around 1 billion to 5.7 billion euro
• Incharge Capital Partners – joint venture between Porsche Pվ��Ƶ and DTCP
• Proposed dividend of 2.56 euro per preference share – total payout of 783 million euro
• Hans Dieter Pötsch, chairman of the board of management of Porsche Pվ��Ƶ: “Porsche Pվ��Ƶ is on the right strategic track. We have been able to develop Porsche Pվ��Ƶ in a successful and value-oriented way.”

Stuttgart, 21 March 2024. Pվ��Ƶ (“Porsche Pվ��Ƶ”), Stuttgart, generated a group result after tax of 5.1 billion euro in the fiscal year 2023 (prior year: 5.5 billion euro). Without a one-off effect included in the prior year, the group result after tax would have been higher than in the prior year. This result included a non-cash accounting income of 0.6 billion euro in connection with the acquisition of preference shares of Volkswagen AG, Wolfsburg.

The group result after tax was significantly influenced by the result from core investments in Volkswagen AG and in Dr. Ing. h.c. F. Porsche AG (“Porsche AG”), Stuttgart, accounted for at equity of 5.2 billion euro. Of this total, 4.8 billion euro related to Volkswagen AG and 0.4 billion euro to Porsche AG.

Reduction in net debt and long-term refinancing successful

At the same time, Porsche Pվ��Ƶ rigorously implemented its financing strategy. Net debt of the group was reduced by around 1 billion euro. As of 31 December 2023, this decreased to
5.7 billion euro compared to 6.7 billion euro as of 31 December 2022. In the long term, Porsche Pվ��Ƶ aims to achieve a low double-digit loan-to-value ratio.

For the long-term refinancing of its financial debt, Porsche Pվ��Ƶ placed a Schuldschein loan in a record amount of around 2.7 billion in March 2023. Later in the year, two bonds were issued, one of 750 million euro and the other of 1.25 billion euro.

“Porsche Pվ��Ƶ is on the right strategic track. In the past fiscal year, we have significantly strengthened our liquidity position, giving us room for maneuver,” comments Hans Dieter Pötsch, chairman of the board of management of Porsche Pվ��Ƶ. “Overall we have been able to develop Porsche Pվ��Ƶ in a successful and value-oriented way. We will continue to do so in the current fiscal year in the interest of our shareholders.”

Dr. Johannes Lattwein, board of management member responsible for finance and IT, continued: “The successful issuances illustrate the high level of confidence that we enjoy among investors, also in the debt capital market. The successful refinancing allows us to step up our investment activities and further expand Porsche Pվ��Ƶ as an investment platform.”

Joint venture between Porsche Pվ��Ƶ and DTCP: Incharge Capital Partners

As a further building block of the investment platform, Porsche Pվ��Ƶ and the investment firm DTCP are launching a venture fund with an investment focus on software companies in the areas of mobility and connectivity. In this context, the new joint venture Incharge Capital Partners has been established. Porsche Pվ��Ƶ is participating in the fund with a volume of 100 million euro. In the long term, Porsche Pվ��Ƶ will thus benefit from the performance of the fund and the development of the joint venture. Other investors, including Deutsche Telekom, are also participating in the fund alongside Porsche Pվ��Ƶ.

Lutz Meschke, board of management member responsible for investment management, summarizes: “With the establishment of Incharge Capital Partners, Porsche Pվ��Ƶ is systematically pursuing its investment strategy and cooperation with strong partners. I am convinced that by combining the expertise of Porsche Pվ��Ƶ and DTCP, we are creating a uniquely positioned venture fund for successful investments."

Targeted expansion of portfolio investments

Porsche Pվ��Ƶ has also invested in several promising growth companies in the past fiscal year. The portfolio was strengthened by several investments in the areas of electromobility, quantum computing and data transmission technology as well as artificial intelligence.

Porsche Pվ��Ƶ plans annual investments in the low three-digit million range for the further expansion of the portfolio investments segment. If attractive opportunities arise, Porsche Pվ��Ƶ will also consider larger investments in line with its investment strategy. To date, the company has invested a total of more than 500 million euro in portfolio investments.

Forecast for 2024 and proposed dividend of 2.56 per preference share

For the fiscal year 2024, Porsche Pվ��Ƶ expects to record a group result after tax of between
3.8 billion euro and 5.8 billion euro. It also aims to further reduce the group’s net debt by 31 December 2024. The group’s net debt is estimated to amount to between 5.0 billion euro and 5.5 billion euro.

Porsche Pվ��Ƶ stands for a reliable and stability-oriented dividend policy. For the fiscal year 2023, the board of management and supervisory board propose an unchanged dividend compared to the prior year of 2.56 euro per share to be distributed to the holders of preference shares and of 2.554 euro per share to the holders of ordinary shares. This is equivalent to a total distribution of around 783 million euro.

The annual general meeting, which takes place on 11 June 2024, will decide on the dividend proposal.

The 2023 annual report of Pվ��Ƶ can be found at: /en/investor-relations/financial-publications

Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche Pվ��Ƶ, thanked Lattwein for his successful work to date, adding: “Dr. Lattwein is a proven financial expert who will continue to support and drive forward the value-oriented development of the company with determination. We look forward to continuing working together.”

In addition to Lattwein, the other members of Porsche Pվ��Ƶ’s board of management are Hans Dieter Pötsch (chairman of the board of management), Dr. Manfred Döss (legal affairs and compliance) and Lutz Meschke (investment management).