Porsche Automobil (PAH3) London Roadshow 2025 Presentation summary

Investment highlights and strategy

• Core investments include significant stakes in Volkswagen Group and Porsche AG, providing exposure to leading automotive brands and a diversified portfolio of technology and mobility companies.

• Portfolio diversification is a key focus, with recent investments in technology leaders and expansion into private equity, venture capital, and growth sectors.

• Strategic partnerships and a unique network enable privileged access to attractive investment opportunities, especially in mobility and industrial technology.

• Management emphasizes disciplined financial management, active portfolio development, and a reliable distribution policy to create long-term value.

• Sustainability and ESG criteria are integrated into operations and investment decisions, supporting responsible growth.

Financial performance and capital structure

• Adjusted group result after tax for FY 2024 was €3.2 billion, down from €5.1 billion in FY 2023.

• Net asset value at year-end 2024 was €17.0 billion, with group net debt reduced to €5.2 billion.

• Loan-to-value ratio improved to 23.3%, reflecting disciplined financial management and a focus on maintaining investment grade status.

• Dividend per preference share proposed at €1.91 for 2024, with a history of stable and attractive payouts.

• Holding discount as of 31.12.2024 stands at 35%, offering indirect exposure to core assets at a discount.

Portfolio development and recent investments

• Majority of current portfolio investments were made in the last 24 months, supporting the goal of becoming a global investment platform.

• Recent investments include technology leaders in AI, mobility, and smart manufacturing, such as FLIX, waabi, and QUANTUM.

• Portfolio is well balanced across investment stages (venture, private equity, growth) and sectors (e-mobility, connectivity, smart manufacturing).

• Geographic distribution is weighted towards EMEA (75%) and the US (25%).

• Incharge Capital serves as a dedicated platform for early-stage venture investments in connected mobility.