Porsche Automobil (PAH3) Equity Story Presentation summary

Investment highlights and strategy

• Core investments in Volkswagen Group and Porsche AG provide exposure to leading automotive brands and stable dividends.

• Portfolio diversification targets mobility, industrial technology, and technology megatrends such as e-mobility, AI, and smart manufacturing.

• Active portfolio management leverages a unique network for access to high-potential investments and partnerships with global investment experts.

• Capital allocation strategy emphasizes disciplined financial management, reliable dividend policy, and maintaining investment grade status.

• ESG criteria are integrated at both holding and portfolio levels, with improved ratings and clear investment selection standards.

Financial performance and key figures

• Q1 2025 adjusted group result after tax was €0.5 bn, down from €1.1 bn in Q1 2024; group net debt stood at €5.3 bn.

• Net asset value at Q1 2025 was €16.0 bn, with a holding discount of 34% and a loan-to-value ratio of 24.7%.

• Dividend per preference share for FY 2024 was €1.91, with a total payout of €584 million.

• Significant improvement in net debt position over recent years, with a long-term ambition for a low double-digit loan-to-value ratio.

• FY 2025 outlook projects adjusted group result after tax between €2.4–4.4 bn and net debt between €4.9–5.4 bn.

Portfolio and investment activity

• Portfolio includes direct and fund investments in sectors such as e-mobility, AI, quantum computing, and smart manufacturing.

• Recent investments include technology leaders like Flix, Waabi, Quantum Systems, and Seurat Technologies.

• Majority of current portfolio investments acquired in the last 24 months, supporting diversification and growth ambitions.

• Case study: AEVA investment yielded a 3.8x return multiple, demonstrating value creation through active management.

• Portfolio is balanced across investment stages, sectors, and geographies, with 69% of companies headquartered in EMEA.