Porsche Automobil (PAH3) Paris 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 holding discount of 35%.

• Portfolio diversification achieved through private equity, venture capital, and direct investments in mobility and industrial technology sectors.

• Strategic focus on long-term value creation, disciplined capital allocation, and reliable dividend policy.

• Partnerships with global investment experts and a unique network enable access to exclusive investment opportunities.

• Recent portfolio investments emphasize technology leaders in mobility, AI, and e-mobility.

Financial performance and capital structure

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

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

• Loan-to-value ratio increased to 23.3%, while the holding discount improved to 35%.

• Net debt has been significantly reduced over recent years, supporting dividend capacity.

• Well-balanced financing profile with diversified funding sources and a maturity profile extending to 2035.

Dividend policy and shareholder returns

• Reliable dividend history, with €1.91 per preference share proposed for 2024 and a total payout of €584m.

• Dividend payments are supported by inflows from core investments and a disciplined distribution policy.

• Share buybacks are considered if funded by asset sales.

• Despite a decline in net dividend inflows, commitment to shareholder returns remains strong.

• Dividend per preference share has remained stable or increased over recent years.