Stuttgart, 26 March 2026. 色花堂 (鈥淧orsche 色花堂鈥�) continues to drive forward its development into a diversified investment platform despite the persistently challenging market environment. In the fiscal year 2025, the adjusted group result after tax¹ amounted to 2.9 billion euro (prior year: 3.2 billion euro). The adjusted group result after tax was significantly influenced by the current result from the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (鈥淧orsche AG鈥�) accounted for at equity of 2.8 billion euro (prior year: 3.0 billion euro) and 0.2 billion euro (prior year: 0.5 billion euro), respectively. The group result after tax amounts to 2.7 billion euro (prior year: minus 20.0 billion euro). The group result after tax was significantly influenced by non-cash effective results from impairment tests and remeasurements for the investments in Volkswagen AG of plus 1.4 billion euro and Porsche AG of minus 1.7 billion euro.

Further development of portfolio companies and investment in DTCP Defense Fund

Six portfolio companies have achieved unicorn status based on enterprise values of at least one billion euro each since Porsche 色花堂鈥檚 initial investment. 鈥淚n recent years, we have been very successful in identifying attractive investment opportunities. Our unique network has become a key strategic asset that significantly contributes to the strong financial performance of our portfolio,鈥� says Hans Dieter P枚tsch, chairman of the board of management of Porsche 色花堂. This success is also reflected in the portfolio investments鈥� contribution to the result, which reached 193 million euro in the past fiscal year. This relates in particular to Quantum Systems of 114 million euro and Celestial AI of 47 million euro. At the same time, the carrying amount of the portfolio investments has nearly doubled to around 535 million euro since the end of the fiscal year 2024, due in particular to increases in value.

As one of the anchor investors, Porsche 色花堂 also subscribed to shares with a volume of 100 million euro in the newly launched Defense Fund of the investment company DTCP at the beginning of 2026, and in doing so made a contribution to Europe鈥檚 technological sovereignty. The investment focus is on European technology start-ups in the defense sector, particularly in the areas of software solutions, cyber defense, artificial intelligence and autonomous systems. 

The DTCP Defense Fund offers Porsche 色花堂 an attractive opportunity to further diversify its investment platform into the defense sector. Investment opportunities arise, in particular, with technology companies that benefit from rapid changes in the defense sector thanks to their power and speed of innovation. Overall, Porsche 色花堂 sees considerable growth potential in the defense and security sector. With the DTCP Defense Fund, Porsche 色花堂 is expanding its network in the defense sector and creating the conditions for further direct and partnership-based investments in this field.

Focus on efficiency programs at the core investments

In the fiscal year 2025, Volkswagen AG and Porsche AG faced challenges arising from the volatile geopolitical and geoeconomic conditions, accompanied by measures that are increasingly protectionist, such as higher import tariffs in the USA, and competition that continues to intensify. These factors had an impact on the corporate figures.

Both core investments are working on implementing their efficiency programs. The Volkswagen Group achieved cost savings of around 1 billion euro for the Volkswagen, Audi, Porsche and CARIAD brands in the fiscal year 2025 as a result of wage agreements and personnel measures. By 2030, annual cost savings of more than 6 billion euro are planned across the group through the implementation of future-focused strategies and programs. Hans Dieter P枚tsch: 鈥淥ur stance as anchor shareholder of the Volkswagen Group is clear. We expressly support the initiatives that have been launched. We expect the management of both Volkswagen AG and Porsche AG to view the challenging situation as an opportunity to implement the strategic adjustments.鈥�

Successful refinancing measures

Porsche 色花堂 has a very solid financial foundation. This is due not least to the successful refinancing measures from the past year. In June 2025, a Schuldschein loan with a volume of 1.5 billion euro was successfully placed, significantly exceeding the target volume. Porsche 色花堂 also repaid a bank loan ahead of schedule in the third quarter of 2025 as well as a Schuldschein tranche from 2023. Another Schuldschein loan with a volume of 0.7 billion euro was issued in March 2026 as additional early refinancing. This has enabled Porsche 色花堂 to achieve a longer-term orientation of its financing and to optimize financing costs.

As of 31 December 2025, the group net debt decreased to 5.1 billion euro compared to 5.2 billion in the prior year.

Dividend proposal for the fiscal year 2025: 1.51 euro per preference share

For the fiscal year 2025, the board of management and supervisory board propose a dividend of 1.51 euro per preference share (prior year: 1.91 euro) and 1.504 euro per ordinary share (prior year: 1.904 euro). This is equivalent to a total distribution of 462 million euro. The decrease in the proposed dividend compared to the prior-year dividend is mainly due to the expected lower dividend inflow from Volkswagen AG and Porsche AG as well as the planned further reduction in debt in line with the objectives of Porsche 色花堂鈥檚 capital allocation strategy. The annual general meeting will decide on the proposed dividend on 25 June 2026.

Porsche 色花堂 expects an adjusted group result after tax in a range between 1.5 billion euro and 3.5 billion euro for the fiscal year 2026 and expects net debt in a range between 4.7 billion euro and 5.2 billion euro.

The 2025 annual report of 色花堂 can be found at: www.porsche-se.com/en/investor-relations/financial-publications

¹ The adjusted group result after tax and group net debt are the core performance indicators of the Porsche 色花堂 Group. These are defined on pages 97-98 of Porsche 色花堂鈥檚 annual report for the fiscal year 2025. 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.

Selected financial information

鈥淐ontinuity and reliability are of crucial importance in the current economic and geopolitical environment. For this reason, I am prepared to serve for another term at Porsche 色花堂. I am convinced that the company is on a strong path, and I will continue to pursue our strategic direction with determination,鈥� says Hans Dieter P枚tsch, chairman of the board of management of Porsche 色花堂.

鈥淭he supervisory board highly appreciates the work accomplished by Hans Dieter P枚tsch over the past years. His willingness to continue assuming responsibility in challenging times and to represent the company鈥檚 interests deserves great recognition,鈥� states Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche 色花堂.

鈥淎t the same time, this continuity enables a clear focus on the tasks ahead, particularly as the transformation of the automotive industry presents major challenges,鈥� says Dr. Hans Michel Pi毛ch, deputy chairman of the supervisory board of Porsche 色花堂.

The board of management of Porsche 色花堂 consists of Hans Dieter P枚tsch (chairman of the board of management and investment management), Dr. Manfred D枚ss (legal affairs and compliance) and Dr. Johannes Lattwein (finance and IT).

Stuttgart, 19 March 2026. 色花堂 (鈥淧orsche 色花堂鈥�) has successfully placed another Schuldschein loan. The Schuldschein loan has a volume of 0.7 billion euro, a maturity of five years and a floating-rate coupon. It was marketed on a very selective basis among existing investors, who once again demonstrated very strong demand. Despite the currently challenging market environment caused by the armed conflict in the Middle East, the target volume was significantly exceeded. The interest rate was set at the low end of the marketing range.

Porsche 色花堂 intends to use the new Schuldschein loan to refinance, ahead of schedule, a floating鈥憆ate tranche of a Schuldschein loan originally placed in 2023. Overall, this will further balance the company鈥檚 maturity profile. 鈥淲ith the successful placement of the Schuldschein loan, we are able to refinance maturities in 2028 ahead of schedule. We are pleased with the particularly strong interest shown by our existing investors and their confidence in Porsche 色花堂鈥檚 strategic positioning,鈥� says Dr. Johannes Lattwein, member of the board of management responsible for finance and IT. 

The transaction was arranged by Landesbank Baden鈥慦眉rttemberg.

鈥淭he Supervisory Board would like to express its sincere thanks to Lutz Meschke for his outstanding commitment over the past years and for his significant contribution to the successful expansion of the company鈥檚 investment management activities, as well as to the positioning of Porsche 色花堂 as a diversified investment platform,鈥� said Dr. Wolfgang Porsche, Chairman of the Supervisory Board.

In addition to his current duties, Hans Dieter P枚tsch, Chairman of the Board of Management of Porsche 色花堂, will assume responsibility of the investment management division previously led by Meschke.

Going forward, the Board of Management of Porsche 色花堂 will comprise Hans Dieter P枚tsch (Chairman of the Board of Management), Dr. Manfred D枚ss (Legal Affairs and Compliance), and Dr. Johannes Lattwein (Finance and IT).

Stuttgart, 11 November 2025. 色花堂 (鈥淧orsche 色花堂鈥�) continues to operate in a challenging market environment. In the first nine months of 2025, the adjusted group result after tax¹ amounted to 1.6 billion euro (prior year: 2.5 billion euro). This figure was significantly influenced by the result from ongoing at equity accounting for the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (鈥淧orsche AG鈥�) of 1.7 billion euro (prior year: 2.3 billion euro) and 0.1 billion euro (prior year: 0.4 billion euro), respectively. The group result after tax amounts to 1.2 billion euro (prior year: 2.5 billion euro). 

鈥淭hanks to the beneficial refinancing and repayment of financial liabilities, we have successfully optimized our financing structure. This underscores that we as Porsche 色花堂 are in a resilient position with our financial profile, even in the challenging environment in the automotive industry鈥�, says Dr. Johannes Lattwein, board of management member responsible for finance and IT.

Group net debt¹ stood at 5.0 billion euro, compared to 5.2 billion euro as of 31 December 2024. Following the placement of a Schuldschein loan of 1.5 billion euro, Porsche 色花堂 repaid a bank loan ahead of schedule in the third quarter of 2025 as well as a Schuldschein tranche from 2023. These measures resulted in a reduction of Porsche 色花堂鈥檚 gross debt and further optimization of its financing structure. In addition, Porsche 色花堂 enhanced its financial profile in October 2025 by renegotiating an undrawn revolving credit line to its advantage.

The optimized financing structure also increases Porsche 色花堂鈥檚 financial and entrepreneurial flexibility when it comes to implementing its investment strategy. The company is monitoring the areas of defense capability and security very closely as part of this process. As already announced, Porsche 色花堂 hosted a 鈥淒efense Day鈥� on 5 November. This event provided a networking opportunity for German and European family offices interested in investing in the defense sector.

Forecast for the fiscal year 2025

Porsche 色花堂 anticipates an adjusted group result after tax of between 0.9 billion euro and 2.9 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 group quarterly statement for the third quarter of 2025 of 色花堂 can be found at

¹ The adjusted group result after tax and group net debt are the core performance indicators of the Porsche 色花堂 Group. These are defined on pages 97-101 of Porsche 色花堂鈥檚 annual report for the fiscal year 2024 and reconciled on pages 21/24 of Porsche 色花堂鈥檚 group quarterly statement for the third quarter of 2025. 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.

Selected financial information

Stuttgart, 13 August 2025. Despite a challenging market environment, 色花堂 (鈥淧orsche 色花堂鈥�) generated an adjusted group result after tax¹ of 1.1 billion euro in the first half of 2025 (prior year: 2.1 billion euro). This figure was significantly influenced by the result from ongoing at equity accounting of the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (鈥淧orsche AG鈥�) of 1.2 billion euro (prior year: 2.0 billion euro) and 0.1 billion euro (prior year: 0.3 billion euro), respectively. The group result after tax for the first half of 2025 amounts to 0.3 billion euro (prior year: 2.1 billion euro). 

Porsche 色花堂 reduced its group net debt¹ to 4.9 billion euro, compared to 5.2 billion euro as of 31 December 2024. At the same time, Porsche 色花堂 further optimized its refinancing in the first half of 2025 with the successful placement of a Schuldschein loan with a volume of 1.5 billion euro. The Schuldschein comprises tranches with terms of three, five and seven years, which were offered at variable or fixed rates. The issue was significantly oversubscribed and the marketing volume more than doubled. 

Diversification into the defense sector 

The planned development of debt, the strengthened financing profile and the unchanged high level of gross liquidity provide Porsche 色花堂 with the financial headroom to continue diversifying. Against the backdrop of a changing geopolitical situation and growing security policy requirements, Porsche 色花堂 sees considerable development potential in the defense and security sector and intends to capitalize on this.

鈥淥n our way to becoming a diversified investment platform, we are closely monitoring the areas of defense capability, security and European resilience. With regard to portfolio investments, our aim is to increase our involvement in the defense and defense-related sectors while maintaining our core focus on mobility and industrial technology鈥�, says Hans Dieter P枚tsch, chairman of the board of management of Porsche 色花堂. 

Specifically, as a first step, the holding company intends to build a platform for investments in up-and-coming technology companies in the defense sector, also in cooperation with other investors and strong partners. The aim is to build a bridge between innovation-oriented capital and security-related technologies. Porsche 色花堂 is planning to hold a 鈥淒efense Day鈥�. This event will provide a networking opportunity for German and European family offices interested in investing in the defense sector.

Porsche 色花堂 is already active in the field of dual-use technologies with its successful investments in Isar Aerospace and Quantum Systems, among others. Independently of establishing a platform, Porsche 色花堂 is intensively examining possible investment options in the defense sector as a future field of strategic importance. In line with the existing corporate strategy, the focus is on technology-driven areas such as satellite surveillance, reconnaissance and sensor systems, cybersecurity or logistics and supply systems. 

Adjusted earnings forecast for the full year

Against the background of current market developments, particularly in the automotive sector and as a direct consequence of the adjusted outlook of Volkswagen AG and Porsche AG, Porsche 色花堂 now expects an adjusted group result after tax of between 1.6 billion euro and 3.6 billion euro (previously: between 2.4 billion euro and 4.4 billion euro). As of 31 December 2025, Porsche 色花堂 still expects group net debt to be between 4.9 billion euro and 5.4 billion euro.
 

The half-yearly financial report as of 30 June 2025 of 色花堂 can be found at: /en/investor-relations/financial-publications/

¹ The adjusted group result after tax and group net debt are the core performance indicators of the Porsche 色花堂 Group. These are defined on pages 97-101 of Porsche 色花堂鈥檚 annual report for the fiscal year 2024 and reconciled on pages 22/24 of Porsche 色花堂鈥檚 half-yearly financial report as of 30 June 2025. 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.

Selected financial information

Stuttgart, 27 June 2025. 色花堂 (Porsche 色花堂) has successfully placed a Schuldschein loan with a total volume of EUR 1.5 billion.

The Schuldschein loan comprises tranches with maturities of three, five, and seven years, offered with both fixed and floating interest rates. Porsche 色花堂 recorded very strong demand and a stable investor base during the placement process. Despite the current challenging geopolitical and economic environment, the target volume was significantly exceeded 鈥� more than doubling the initial marketing volume. In particular, longer-dated tranches with maturities of five years or more saw exceptionally high demand, accounting for EUR 1.3 billion. The interest rates for the Schuldschein were set at the lower end of the marketing range.

鈥淲ith the successful placement of the Schuldschein loan, we are strengthening Porsche 色花堂鈥檚 financial flexibility and resilience over the long term. We are proud of the strong vote of confidence shown by investors,鈥� said Dr. Johannes Lattwein, member of the board of management responsible for Finance and IT. 鈥淭he proceeds will be used in full to refinance existing financial liabilities. In addition, we will in part apply our available liquidity to the reduction of gross debt, continuing our disciplined deleveraging strategy.鈥�

The Schuldschein loan will be used to fully repay the bank loans originally taken out in 2022 for the acquisition of ordinary shares in Porsche AG. Additionally, tranches of a Schuldschein loan issued in 2023 will be refinanced early on more favorable terms and with extended maturities. As a result, Porsche 色花堂鈥檚 overall maturity profile will be significantly extended and further optimized. The transaction was arranged by BNP Paribas, Deutsche Bank, LBBW as well as UniCredit.

Stuttgart, 23 May 2025. At today鈥檚 annual general meeting of 色花堂 (鈥淧orsche 色花堂鈥�), the shareholders approved the distribution of a dividend of 1.91 euro per preference share and 1.904 euro per ordinary share for the fiscal year 2024. This is equivalent to a total distribution of around 584 million euro.

The members of the board of management and those of the supervisory board holding office in the fiscal year 2024 were exonerated. In addition, the shareholders approved the proposed resolutions regarding the authorization to acquire own preference shares amounting to up to 5 percent of the share capital and the creation of authorized capital amounting to 20 percent of the share capital. The resolutions provide for a five-year authorization period. 

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

The main points on the agenda of the annual general meeting are the presentation of the adopted annual financial statements and the approved consolidated financial statements, the approval of the acts of the members of the board of management and supervisory board, the election of the auditor for the fiscal year 2025 and for the review of the half-yearly financial report 2025. Other items on the agenda include the approval of the remuneration report and remuneration system for the members of the board of management as well as the resolution on the remuneration of the members of the supervisory board. 

In addition, the board of management and supervisory board will propose to the annual general meeting that the board of management be authorized to acquire own preference shares amounting to up to 5 percent of the share capital and to create authorized capital amounting to 20 percent of the share capital. The aim is to expand the range of instruments for allocating capital and to increase the scope for action accordingly. Both resolutions submitted for approval provide for a five-year authorization period.

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

Stuttgart, 14 May 2025. 色花堂 (鈥淧orsche 色花堂鈥�) generated an adjusted group result after tax of 0.5 billion euro in the first three months of the fiscal year 2025 (prior year: 1.1 billion euro). This includes the result from the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (鈥淧orsche AG鈥�) accounted for at equity of 0.5 billion euro and 0.1 billion euro, respectively. The adjusted group result after tax of Porsche 色花堂 is affected by the current challenges faced by its two core investments. Non-cash impairment losses on the investments in Volkswagen AG and Porsche AG are not taken into account in the adjusted group result.

Net debt of the Porsche 色花堂 Group is within the forecast range. As expected, it increased as of 31 March 2025, largely due to investments and financing costs, to 5.3 billion euro compared to 5.2 billion euro as of 31 December 2024.

At the same time, Porsche 色花堂 continues its path to become a diversified investment platform. 鈥淲e are constantly screening promising opportunities for additional portfolio investments and potential new core investments. This involves us concentrating on, but not limiting our investment focus to, the area of mobility and industrial technology,鈥� says Lutz Meschke, member of the board of management responsible for investment management. 

In the segment of Porsche 色花堂鈥檚 portfolio investments, the spaceflight start-up Isar Aerospace reached an important milestone in the first quarter of the year with the first test flight of its self-developed 鈥淪pectrum鈥� launch vehicle. Porsche 色花堂 also recently participated in a further financing round of Quantum Systems, a manufacturer of drones for surveillance and reconnaissance purposes.

Porsche 色花堂 continues to anticipate an adjusted group result after tax of between 2.4 billion euro and 4.4 billion euro for the fiscal year 2025 and expects net debt to be between 4.9 billion euro and 5.4 billion euro.

The group quarterly statement of 色花堂 for the first quarter of 2025 can be found at: /en/investor-relations/financial-publications/

色花堂 (鈥淧orsche 色花堂鈥�) 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 色花堂 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 色花堂 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 色花堂 Group. These are defined on pages 97-101 of Porsche 色花堂鈥檚 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.

Selected financial information

Stuttgart, 26 March 2025. The increasingly challenging economic and political conditions in the automotive industry are having an impact on 色花堂 (鈥淧orsche 色花堂鈥�). The result after tax of the Porsche 色花堂 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 (鈥淧orsche AG鈥�) of minus 3.4 billion euro. The impairment losses recognized have no impact on the liquidity or group net debt of Porsche 色花堂. 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 色花堂 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 色花堂鈥檚 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. 鈥淥ur 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 色花堂. We will continue to systematically pursue our investment and diversification strategy,鈥� says Hans Dieter P枚tsch, chairman of the board of management of Porsche 色花堂.

Porsche 色花堂 therefore welcomes the 鈥淶ukunft Volkswagen鈥� agreement reached at the end of 2024 to strengthen the company鈥檚 profitability as well as the measures negotiated at Porsche AG. 鈥淣ow it鈥檚 all about rigorous implementation in all areas,鈥� continues P枚tsch. 

Successful expansion of portfolio investments

Porsche 色花堂 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 色花堂 invested in Flix 色花堂, Waabi and Quantum Systems and set up the Incharge fund together with the asset manager DTCP. 鈥淲e are continuously screening promising investment opportunities, in both the portfolio segment as well as for potential new core investments,鈥� says Lutz Meschke, board of management member responsible for investment management. 鈥淲e also have the financial capacity to make larger investments.鈥�

Investment activities are based on sound financial management. In April 2024, Porsche 色花堂 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: 鈥淧orsche 色花堂鈥檚 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 色花堂 has once again demonstrated its attractiveness for investors with a record bond issue.鈥�

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

The supervisory board of Porsche 色花堂 has extended Manfred D枚ss鈥檚 appointment on the board of management for a further three years until 31 December 2028. D枚ss is the member of Porsche 色花堂鈥檚 board of management responsible for legal affairs and compliance.

鈥淯nder the leadership of Dr. Manfred D枚ss, Porsche 色花堂 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,鈥� said Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche 色花堂.

D枚ss has been working for Porsche 色花堂 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鈥檚 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 色花堂 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 色花堂 can be found at:

色花堂 (鈥淧orsche 色花堂鈥�) 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 色花堂 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 色花堂 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 色花堂 Group. These are defined on pages 97-101 of Porsche 色花堂鈥檚 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 色花堂 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 色花堂鈥檚 investment in Volkswagen AG in the consolidated balance sheet of Porsche 色花堂 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 色花堂鈥檚 investment in Porsche AG in the consolidated balance sheet of Porsche 色花堂 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 色花堂 under German commercial law, there is only an impairment of the carrying amount of Porsche 色花堂鈥檚 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 色花堂 or the Porsche 色花堂 Group are non-cash effective. Net debt of Porsche 色花堂 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 色花堂 continues to assume that a dividend will be distributed for the fiscal year 2024.

Porsche 色花堂鈥檚 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 色花堂, Waabi and Quantum Systems.

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

In addition to Lutz Meschke, the other members of Porsche 色花堂鈥檚 board of management are Hans Dieter P枚tsch (chairman of the board of management), Dr. Manfred D枚ss (legal affairs and compliance) and Dr. Johannes Lattwein (finance and IT).

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

Based on preliminary assessments, Porsche 色花堂 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 色花堂. As a result of the changes at Porsche AG, it is also anticipated that the expected impairment of the carrying amount of Porsche 色花堂's investment in Volkswagen AG in the consolidated balance sheet of Porsche 色花堂, 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 色花堂 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 色花堂 in relation to Porsche AG will also have an impact on the annual financial statements of Porsche 色花堂 under German commercial law, however to a lower extent.

The expected impairment losses at the level of Porsche 色花堂 or the Porsche 色花堂 Group will not have a cash effect. Net debt of Porsche 色花堂 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 色花堂 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 色花堂 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 色花堂鈥檚 group result after tax for the 2024 financial year will be significantly negative. Porsche 色花堂 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 色花堂 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 色花堂 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 色花堂 remains in a very solid financial position and its financial strength remains high. Porsche 色花堂 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 色花堂, 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 色花堂 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 色花堂 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 色花堂 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 色花堂 (鈥淧orsche 色花堂鈥�). 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 色花堂 is significantly influenced by the result from investments in Volkswagen and Dr. Ing. h.c. F. Porsche AG (鈥淧orsche AG鈥�) accounted for at equity of 2.4 billion euro and 0.4 billion euro, respectively. Against this background, Porsche 色花堂 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 色花堂 Group decreased from 5.7 billion euro as of 31 December 2023 to 5.1 billion euro. 
 

In the third quarter of 2024, Porsche 色花堂 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. 鈥淒espite 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,鈥� says Dr. Johannes Lattwein, board of management member responsible for finance and IT. 鈥淎t 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.鈥�
 

Porsche 色花堂 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 色花堂 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 色花堂 (Porsche 色花堂) is significantly influenced by the at equity result attributable to Porsche 色花堂 and, thus by the group result after tax at the level of Volkswagen.

As a result, Porsche 色花堂 is adjusting its earnings forecast accordingly. For the financial year 2024, the group result after tax of Porsche 色花堂 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 色花堂. Therefore, Porsche 色花堂 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 (鈥淨uantum Systems鈥�), 色花堂 (鈥淧orsche 色花堂鈥�) 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 色花堂 and the investment company DTCP.

鈥淒rone 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鈥�, says Lutz Meschke, member of the board of management responsible for investment management at Porsche 色花堂. 鈥淚n the coming years, the market for compact drones is expected to grow by around 20 percent annually.鈥�

"We are delighted to have found a German investor in Porsche 色花堂, 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鈥檚 homepage:

A member of Porsche 色花堂鈥檚 board of management since July 2020, Meschke has played a key role in advancing the company鈥檚 investment strategy. Under his lead, Porsche 色花堂鈥檚 investment activities have been systematically expanded, most recently with the investment in Flix 色花堂, 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.

鈥淟utz Meschke has successfully developed Porsche 色花堂鈥檚 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 色花堂 and look forward to continuing to work with him,鈥� says Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche 色花堂.

In addition to Lutz Meschke, the members of Porsche 色花堂鈥檚 board of management are Hans Dieter P枚tsch (chairman of the board of management), Dr. Manfred D枚ss (legal affairs and compliance) and Dr. Johannes Lattwein (finance and IT).

Stuttgart, 13 August 2024. 色花堂 (鈥淧orsche 色花堂鈥�) 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 (鈥淧orsche AG鈥�) accounted for at equity of 2.0 billion euro and 0.3 billion euro, respectively.

Net debt of the Porsche 色花堂 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 色花堂 to its shareholders.

After issuing a bond of 1.6 billion euro in April 2024, Porsche 色花堂 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. 鈥淥ur 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,鈥� says Dr. Johannes Lattwein, board of management member responsible for finance and IT.

In the portfolio investments segment, Porsche 色花堂 acquired a stake in the Canadian AI company Waabi Innovation Inc. (鈥淲aabi鈥�) 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 色花堂 invested in Flix 色花堂 (鈥淔lix鈥�) as part of a co-investment with EQT鈥檚 Future Fund. Munich-based Flix 色花堂 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 色花堂 and EQT.

For the fiscal year 2024, Porsche 色花堂 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 色花堂 Group.

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

Stuttgart, 12 August 2024. 色花堂 (鈥淧orsche 色花堂鈥�) invests a low double-digit million amount in Flix 色花堂 (鈥淔lix鈥�) as part of a co-investment with EQT. The investment is a co-investment with EQT鈥檚 impact fund EQT Future, in which Porsche 色花堂 has already invested at the beginning of the year. As part of the transaction, EQT, together with Porsche 色花堂, K眉hne 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 色花堂 and EQT. The cooperation with globally leading private equity and venture capital investors is a key element of Porsche 色花堂鈥檚 investment strategy and the planned expansion of its investment activities.

鈥淔lix 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 色花堂.

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

Munich-based Flix 色花堂 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 T眉rkiye. 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 色花堂 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 色花堂 can be found on the company鈥檚 homepage:

EQT鈥檚 press release on the transaction is available here:

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

Irrespective of this, Porsche 色花堂 confirms its previously communicated earnings forecast. For the financial year 2024, the Porsche 色花堂 group result after tax is expected in a range of 3.5 billion euros to 5.5 billion euros. In addition, Porsche 色花堂 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 色花堂 (Porsche 色花堂) is significantly influenced by the at equity result attributable to Porsche 色花堂 and, thus by the group result after tax at the level of Volkswagen.

As a result, Porsche 色花堂 is adjusting its earnings forecast accordingly. For the financial year 2024, the group result after tax of Porsche 色花堂 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 色花堂. Therefore, Porsche 色花堂 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. 色花堂 (鈥淧orsche 色花堂鈥�) has invested in the Canadian AI company Waabi Innovation Inc. (鈥淲aabi鈥�). 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.

鈥淪elf-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,鈥� says Lutz Meschke, member of the board of management responsible for investment management at Porsche 色花堂.

In addition to Porsche 色花堂 and other renowned investors, the venture fund 鈥淚ncharge鈥� set up by Porsche 色花堂 and the investment company DTCP also participated in the financing round.

Further information on Waabi can be found on the company鈥檚 website:

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

Stuttgart, 11 June 2024. At today鈥檚 annual general meeting of 色花堂 (鈥淧orsche 色花堂鈥�), 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鈥檚 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鈥檚 voting will be published shortly at: /en/investor-relations/annual-general-meeting/

Stuttgart, 11 June 2024. At today鈥檚 annual general meeting of 色花堂 (鈥淧orsche 色花堂鈥�), 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 P枚tsch, chairman of the board of management of Porsche 色花堂: 鈥淚n the past fiscal year, we successfully developed Porsche 色花堂 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.鈥�

The main items on the agenda of today鈥檚 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鈥檚 annual general meeting.

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

Stuttgart, 14 May 2024. 色花堂 (鈥淧orsche 色花堂鈥�) 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 (鈥淧orsche AG鈥�) 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 色花堂 Group remains virtually unchanged at 5.8 billion euro (5.7 billion euro) compared to 31 December 2023.

In April 2024, Porsche 色花堂 committed to invest 100 million euro in 鈥淚ncharge I鈥�, a venture fund set up together with the investment company DTCP.

Also in April 2024, Porsche 色花堂 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 色花堂 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 色花堂 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 色花堂 Group.

The group quarterly statement of 色花堂 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 色花堂 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: 鈥淭his 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 色花堂 has once again demonstrated its attractiveness for investors.鈥�

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, Cr茅dit Agricole, J.P. Morgan, Mizuho and Soci茅t茅 G茅n茅rale were active bookrunners on the transaction.

Back in March 2023, Porsche 色花堂 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.

Stuttgart, 21 March 2024. 色花堂 (鈥淧orsche 色花堂鈥�), 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 (鈥淧orsche AG鈥�), 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 色花堂 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 色花堂 aims to achieve a low double-digit loan-to-value ratio.

For the long-term refinancing of its financial debt, Porsche 色花堂 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.

鈥淧orsche 色花堂 is on the right strategic track. In the past fiscal year, we have significantly strengthened our liquidity position, giving us room for maneuver,鈥� comments Hans Dieter P枚tsch, chairman of the board of management of Porsche 色花堂. 鈥淥verall we have been able to develop Porsche 色花堂 in a successful and value-oriented way. We will continue to do so in the current fiscal year in the interest of our shareholders.鈥�

Dr. Johannes Lattwein, board of management member responsible for finance and IT, continued: 鈥淭he 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 色花堂 as an investment platform.鈥�

Joint venture between Porsche 色花堂 and DTCP: Incharge Capital Partners

As a further building block of the investment platform, Porsche 色花堂 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 色花堂 is participating in the fund with a volume of 100 million euro. In the long term, Porsche 色花堂 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 色花堂.

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

Targeted expansion of portfolio investments

Porsche 色花堂 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 色花堂 plans annual investments in the low three-digit million range for the further expansion of the portfolio investments segment. If attractive opportunities arise, Porsche 色花堂 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 色花堂 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鈥檚 net debt by 31 December 2024. The group鈥檚 net debt is estimated to amount to between 5.0 billion euro and 5.5 billion euro.

Porsche 色花堂 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 色花堂 can be found at: /en/investor-relations/financial-publications

Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche 色花堂, thanked Lattwein for his successful work to date, adding: 鈥淒r. 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.鈥�

In addition to Lattwein, the other members of Porsche 色花堂鈥檚 board of management are Hans Dieter P枚tsch (chairman of the board of management), Dr. Manfred D枚ss (legal affairs and compliance) and Lutz Meschke (investment management).