Porsche Automobil (PAH3) EU Autos & Future Car Virtual Conference 2024 Presentation summary

Strategic direction and investment approach

• Focus on long-term value creation through core investments in Volkswagen Group and Porsche AG, complemented by diversified portfolio investments in mobility and industrial technology sectors.

• Active portfolio management and disciplined capital allocation strategy, aiming for further diversification and risk balancing.

• Partnerships with global private equity and venture capital firms to access future megatrends and innovative technologies.

• Emphasis on sustainable corporate governance and ESG integration at both holding and portfolio levels.

• Near-term goals include further debt reduction, portfolio growth, and optimization of capital market positioning.

Financial performance and capital structure

• Group result after tax for H1 2024 was €2.1bn, with net debt reduced to €5.0bn and a loan-to-value ratio of 18.7%.

• Dividend inflow reached €1.7bn in H1 2024, with stable dividend per preference share at €2.56.

• Holding discount to net asset value stands at 40%, above the historical average of 33%.

• Recent refinancing activities diversified maturities and broadened the investor base, supporting financial independence.

• Outlook for FY 2024 projects group result after tax between €3.5bn and €5.5bn, and net debt between €5.0bn and €5.5bn.

Portfolio and investment highlights

• Core holdings include 31.9% of Volkswagen AG and 12.5% of Porsche AG, with additional investments in technology leaders such as Flix, Waabi, Celestial AI, and EQT Future.

• Recent investments target e-mobility, AI, quantum computing, and smart manufacturing, addressing key technology megatrends.

• Joint venture Incharge Capital Partners established with DTCP to focus on software companies in mobility and connectivity.

• Case study: AEVA Technologies investment yielded a 3.8x return multiple upon IPO exit.

• Portfolio management includes active engagement, follow-on investments, and strategic divestments for value maximization.