Porsche Automobil (PAH3) German Corporate Conference 2024 Presentation summary

Strategic vision and investment approach

• Aims to be a global investment platform focused on long-term value creation and balanced risk for shareholders.

• Portfolio diversification and reduction of concentration are key, leveraging deep sector expertise in mobility and industrial technology.

• Core investments in Volkswagen Group and Porsche AG are complemented by private equity, venture capital, and direct investments in technology leaders.

• Active portfolio management and partnerships with global PE/VC firms support growth and resilience.

• Focus on technology megatrends such as e-mobility, AI, quantum computing, and smart manufacturing.

Financial performance and capital management

• Group result after tax for H1 2024 was €2.1bn, with net debt reduced to €5.0bn and a net asset value of €21.7bn.

• Net debt has improved significantly since 2022, with a long-term loan-to-value target in the low double-digit range.

• Recent refinancing activities include Schuldschein and bond issuances, diversifying maturities and investor base.

• Financial strategy emphasizes robust profile, financial independence, and support for portfolio growth.

• Dividend per preference share has remained stable at €2.56 for 2021–2023, with total payouts of €783m annually.

Portfolio highlights and recent investments

• Recent investments include FLIX (global mobility platform), waabi (AI for self-driving trucks), and celestial A! (optical interconnect technology).

• Joint venture with DTCP (Incharge Capital Partners) targets software companies in mobility and connectivity.

• Portfolio companies address megatrends in e-mobility, AI, smart manufacturing, and strategic partnerships.

• Asset-specific target returns and clear exit strategies are emphasized for portfolio investments.

• Portfolio includes both permanent core holdings and limited-horizon investments in related technology segments.