Porsche Automobil (PAH3) New York Roadshow 2024 Presentation summary

Investment portfolio and strategy

• Core holdings include significant stakes in Volkswagen Group and Porsche AG, complemented by a diversified portfolio of technology and mobility companies.

• Recent investments focus on technology leaders in mobility, AI, and industrial tech, with most acquisitions made in the last 24 months.

• Strategy emphasizes diversification, value creation, and privileged access to unique investment opportunities.

• Partnerships with global private equity and venture capital firms support active portfolio development.

• Clear exit strategies and asset-specific target returns are prioritized for shareholder value.

Financial performance and outlook

• Group result after tax for Q1–Q3 2024 was €2.5bn, with a full-year 2024 outlook of €2.4–4.4bn.

• Net debt improved to €5.1bn as of September 2024, with a year-end target range of €5.0–5.5bn.

• Net asset value stands at €20.0bn, and the holding discount is 37%.

• Dividend per preference share remains stable at €2.56, with total payouts of €783m annually since 2021.

• Loan-to-value ratio is 20.3%, with a long-term ambition to reduce it to the low double-digit range.

Capital allocation and financial management

• Capital allocation balances portfolio development, disciplined financial management, and reliable dividends.

• No increase in gross debt for investments; share buybacks considered only if funded by asset sales.

• Financing profile is well-balanced, with diversified maturities and access to new investor bases through bonds and Schuldschein loans.

• Dividend policy is linked to inflows from core investments and aims for attractive, risk-adjusted payouts.

• Financial independence and support for portfolio growth are key pillars of the finance strategy.