Porsche Automobil Holding SE Pref · EUROTLX:4PAH
Porsche Automobil Holding SE Pref — Porsche Automobil Holding — Investor Presentation (September 2026)
61 slides from Porsche Automobil Holding SE Pref's investor presentation, September 2026
Slide 1: Porsche SE Invest in Motion
Porsche SE Invest in Motion Stuttgart - Zuffenhausen, September 2026 September 26 Porsche SE Invest in Motion 1
Slide 2: Disclaimer
Disclaimer This presentation is for information purposes only, and does not constitute Neither the delivery of this presentation nor any further discussions of an offer, or a solicitation of an offer to purchase, sell or subscribe to representatives of the Company with any of the recipients hereof s
Slide 3: Six Reasons why to invest in Porsche SE
Six Reasons why to invest in Porsche SE Strong core investments with Reliable & sustainable Access to an attractive portfolio at valuable brands & reliable dividends dividend payer a holding discount 1 Volkswagen Group as one of the world’s Reliable dividend development in the Porsche SE offers indi
Slide 4: Variety of attractive Features for each Investor Profile
Porsche SE offers a Variety of attractive Features for each Investor Profile Value characteristics Income characteristics Growth characteristics Strong core investments Reliable dividend payer Holding discount 1 Value - creating investment strategy Strategic diversification Engaged shareholder 1 For
Slide 5: Agenda
Agenda 1 At a glance Corporate Strategy 2 3 Financials Portfolio Performance 4 5 ESG Outlook 6 September 26 Porsche SE Invest in Motion 5
Slide 6: H1 2026 Financial Performance
H1 2026 Financial Performance Group result Adjusted Group after tax group result net debt 1 after tax 1 € - 2.2 bn € 0.9 bn € 5.0 bn (H1 2025: € 0.3 bn) (H1 2025: € 1.1 bn) (FY 2025: € 5.1 bn) 1 For further details on the definition of these alternative performance measures, please see the glossary
Slide 7: H1 2026 Key Facts & Figures
H1 2026 Key Facts & Figures € 0.9 bn € 12.5 bn € 1.51 Adjusted group result Net asset Dividend per pref. Share after tax 1 value 1 (FY 2024: € 1.91) (H1 2025: € 1.1 bn) (FY 2025: € 17.8 bn) € 5.0 bn 34 % 28.5 % Group net debt 1 Holding discount 1 Loan - to - value ratio 1 (FY 2025: € 5.1 bn) (FY 202
Slide 8: Development Key Figures
Development Key Figures Adjusted group result after tax 1 Group net debt 1 (€ million) (€ million) 6,672 5,717 5,160 5,099 4,982 4,899 5,074 3,151 2,894 949 2022 2023 2024 2025 H1 2026 2022 2023 2024 2025 30 Jun 2026 1 For further details on the definition of these alternative performance measures,
Slide 9: Two strong Core Investments complemented by attractive Portfolio Companies
Two strong Core Investments complemented by attractive Portfolio Companies Core investments segment Portfolio investments segment Dividend - / Yield - investments Private equity / Growth Venture capital investments Direct E - mobility Ordinary capital Ordinary capital 53.3% 25% plus one ordinary sha
Slide 10: Experienced Management Team dedicated to create Long-term Value
Experienced Management Team dedicated to create Board of management Long - term Value In - depth expertise and long - term experience in the mobility & industrial CEO Legal Affairs Finance & IT technology sectors Hans Dieter & Compliance Dr. Johannes Pötsch Dr. Manfred Döss Lattwein Strong track - r
Slide 11: Shareholder Structure and Key Facts
Shareholder Structure and Key Facts 153,125,000 Ordinary shares (100 % indirectly held by Stock listing MDAX50 Porsch e/ Piëch families – unlisted) Location Stuttgart, Germany Sector focus Mobility and industrial technology Preference shares and adjacent sectors (100 % free float) 153,125,000 Septem
Slide 12: Agenda
Agenda 1 At a glance Corporate Strategy 2 3 Financials Portfolio Performance 4 5 ESG Outlook 6 September 26 Porsche SE Invest in Motion 12
Slide 13: Clear strategic Framework to achieve Porsche SE's Vision
Clear strategic Framework to achieve Porsche SE’s Vision Porsche SE as a renowned Consistent long - term value creation with a global investment platform Vision balanced risk - profile for our shareholders Sustainable corporate governance and implementation of ESG - criteria across operations and in
Slide 14: Invest in Motion by pursuing our Near- and Long-term Goals
Invest in Motion by pursuing our Near - and Long - term Goals Status Quo: Near - term targets: Longer - term targets: Strong heritage and track - record with Drive value creation and deliver on goals Leading global investment platform focus on mobility • Consistent long - term value creation for • S
Slide 15: Capital Allocation Strategy
Capital Allocation Strategy Active portfolio development Active management of core and portfolio investments Partnerships with globally renowned PE and VC companies Potential expansion of investments in more mature companies to diversify dividend income Minimum investment volume in the low three - d
Slide 16: Capital Allocation Strategy into Action
Capital Allocation Strong increase in investment activity (number of portfolio investments) Strategy into Action 2015 2020 2025 Significant net debt improvement (in € million) 6.672 Reliable dividend distribution 5.717 5.160 5.099 (in € million) 783 783 783 676 676 676 584 538 462 2022 2023 2024 202
Slide 17: Development of Dividend Inflow at the Level of Porsche SE
Development of Dividend Inflow at the Level of Porsche SE (€ million) 1,703 1,507 262 114 1,201 1,271 262 947 756 114 1,393 1,441 1,009 833 2021 2022 1 2023 2 2024 2025 1 2026 1 Volkswagen AG dividend inflow Porsche AG dividend inflow 1 VW dividend reported gross without taking into account the effe
Slide 18: For FY 2025 Porsche SE distributed a significant Share of its distributable Amount
For FY 2025 Porsche SE distributed a significant Share of its distributable Amount to Shareholders (€ billion, illustrative) 0.05 - 0.3 ~70 % 0.1 0.9 of distributable 0.8 amount 0.7 - 0.2 0.5 Dividend Dividend Gross dividend Net capital Interest and Distributable Amount for Distribution to inflow fr
Slide 19: Cornerstones of our Investment Strategy
Cornerstones of our Investment Strategy 1 Diversification of our portfolio 3 Privileged access to attractive investment 5 Strong added - value for shareholders Reduction of portfolio opportunities Asset - specific target concentration with Focus on investment returns and clear exit focus on generati
Slide 20: Porsche SE utilizes its unique Network to identify Investment Opportunities
Porsche SE utilizes its unique Network within and outside its Core Investments to identify and evaluate Investment Opportunities Core investments Partner Unique network of of choice industry experts Portfolio investments Established Access to dialogue technologies / E - mobility (selection) network
Slide 21: Targeted Investment Approach built for future Growth
Targeted Investment Approach built for future Growth Sector focus Investment approach Core investments Focus on • Return on investment through value appreciation and dividend mobility and inflows • Investment horizon: Permanent, no compelling intention to sell industrial technology Portfolio investm
Slide 22: Addressing Technology Megatrends through Portfolio Investments
Adressing Technology Megatrends through Portfolio Investments E - Mobility and Connectivity, AI, Partnerships and Transportation Innovation and Smart Manufacturing Strategic Platforms Redefining the way we move with Driving the development of Strategic partnerships and innovative technologies, from
Slide 23: Portfolio Investments balanced between Investment Stages and Sectors
Porsche SE‘s Portfolio Investments are well balanced between Investment Stages and across Sectors Portfolio composition Sector distribution Geographic distribution Fund Connectivity, investments AI, and smart manufacturing U.S. 15% 24% 19% Venture Private equity/ E - Mobility and EMEA capital Growth
Slide 24: Divestment or Re-investment follows a Strategy based on maximum Value Creation
Divestment or Re - investment follows a Strategy based on maximum Value Creation Identification Portfolio management Divestment Focus on companies in mobility, Active dialogue with management, co - Profit realization as soon as the value industrial technology and adjacent investors and relevant sect
Slide 25: Case Study: Investment in Celestial AI
Case Study: Investment in Celestial AI Chronology of investment Return on investment (US$ million) Return multiple Initial Investment Follow - on Investment 3.5x (Series B) (Series C - 1) Acquisition of 1.5% Increase to 2.0% stake 71 stake 03/2024 02/2026 03/2023 02/2025 20 10 Follow - on Investment
Slide 26: Case Study: Investment in AEVA Technologies
Case Study: Investment in AEVA Technologies Chronology of investment Return on investment (US$ million) Return multiple Initial Investment Pre - IPO Investment 3.8x (Series A) Participation in Acquisition of 1.5% pre - IPO financing 61 stake 08/2019 From 03/2021 04/2018 03/2021 16 10 Follow - on Inv
Slide 27: Most recent Developments at our Portfolio Investments (1/2)
Most recent Developments at our Portfolio Investments (1/2) Valuation more than doubled to Completion of $750 million Successful exit to Marvell $8 billion following latest financing financing – the largest of its kind in Technology at a valuation of up to round, accelerating industrial Canada $5.5
Slide 28: Most recent Developments at our Portfolio Investments (2/2)
Most recent Developments at our Portfolio Investments (2/2) Confirmed leading position in Successful second “ Spectrum ” Stoke Space is a U.S. space quantum computing hard - and flight from Andøya Spaceport , company that develops a two - stage software delivering satellites into orbit and launch ve
Slide 29: Incharge Capital – the Venture Investment Platform for Porsche SE
Incharge Capital – the Venture Investment Platform for Porsche SE Investment platform Established fund manager with a unique network in with expertise in growth the field of mobility and companies in the B2B industrial technology software sector Combining a deep innovation mindset, OEM - grade rigor
Slide 30: Incharge Capital – Investment Verticals and current Investments
Incharge Capital – Investment Verticals and current Investments Physical AI New Space AI systems that perceive, reason and act autonomously Next - generation space infrastructure spanning launch, across machines, vehicles and robots satellites, communications and in - orbit operations Physical indus
Slide 31: Cornerstones of our Finance Strategy
Cornerstones of our Finance Strategy Robust financial profile Portfolio growth support Maintaining investment grade status Enabling investments while with long - term ambition of a loan - to - maintaining disciplined capital value in the low double - digit range allocation approach 1 2 3 4 Financial
Slide 32: Well-balanced and robust Financing Profile with no Maturities until September 2027
Well - balanced and robust Financing Profile with no Maturities until September 2027 Diversified market access Well - balanced maturity profile Strong liquidity position 3.0 Exp. redemption in Q3 3,0 New Schuldschein Loan 2.5 Schuldschein Loans 2,5 Bonds 2.0 2,0 53% 47% 1,5 Bonds Loans 1.5 1,0 1.0 0
Slide 33: Porsche SE improved Net Debt Position
Porsche SE improved Net Debt Position; targets long - term low double - digit Loan - to - Value Group Net debt 1 Loan - to - Value 1 (€ million) (in %) 6,672 5,717 5,160 5,099 28.5 4,982 19.7 23.3 22.2 18.9 2022 2023 2024 2025 30 Jun 2022 2023 2024
Slide 34: Agenda
Agenda 1 At a glance Corporate Strategy 2 3 Financials Portfolio Performance 4 5 ESG Outlook 6 September 26 Porsche SE Invest in Motion 34
Slide 35: H1 2026 Financial Performance
H1 2026 Financial Performance Group result Adjusted Group after tax group result net debt 1 after tax 1 € - 2.2 bn € 0.9 bn € 5.0 bn (H1 2025: € 0.3 bn) (H1 2025: € 1.1 bn) (FY 2025: € 5.1 bn) 1 For further details on the definition of these alternative performance measures, please see the glossary
Slide 36: H1 2026 Key Facts & Figures
H1 2026 Key Facts & Figures € 0.9 bn € 12.5 bn € 1.51 Adjusted group result Net asset Dividend per pref. Share after tax 1 value 1 (FY 2024: € 1.91) (H1 2025: € 1.1 bn) (FY 2025: € 17.8 bn) € 5.0 bn 34 % 28.5 % Group net debt 1 Holding discount 1 Loan - to - value ratio 1 (FY 2025: € 5.1 bn) (FY 202
Slide 37: Development Key Figures
Development Key Figures Adjusted group result after tax 1 Group net debt 1 (€ million) (€ million) 6,672 5,717 5,160 5,099 4,982 4,899 5,074 3,151 2,894 949 2022 2023 2024 2025 H1 2026 2022 2023 2024 2025 30 Jun 2026 1 For further details on the definition of these alternative performance measures,
Slide 38: Reliable Dividend over the Years
Reliable Dividend over the Years Dividend per preference share Total dividend payout (in €) (€ million) 2.56 2.56 2.56 783 783 783 1.91 584 1.51 462 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 September 26 Porsche SE Invest in Motion 38
Slide 39: Agenda
Agenda 1 At a glance Corporate Strategy 2 3 Financials Portfolio Performance 4 5 ESG Outlook 6 September 26 Porsche SE Invest in Motion 39
Slide 40: Performance of Volkswagen Group
Performance of Volkswagen Group Revenue Operating result Result after tax (€ billion) (€ billion) (€ billion) - 0.8% - 53.5% - 44.3% 324.7 321.9 19.1 12.4 6.9 158.1 8.9 5.9 3.1 2024 2025 H1 2026 2024 2025 H1 2026 2024 2025 H1 2026 Source: Volkswagen Group September 26 Porsche SE Invest in Motion 40
Slide 41: Performance of Porsche AG
Performance of Porsche AG Revenue Operating result Result after tax (€ billion) (€ billion) (€ billion) - 9.5% - 92.7% - 91.4% 40.1 5.6 3.6 36.3 17.2 1.1 1.3 0.4 0.3 2024 2025 H1 2026 2024 2025 H1 2026 2024 2025 H1 2026 Source: Porsche AG September 26 Porsche SE Invest in Motion 41
Slide 42: Development of Dividend Inflow at the Level of Porsche SE
Development of Dividend Inflow at the Level of Porsche SE (€ million) 1,703 1,507 262 114 1,201 1,271 262 947 756 114 1,393 1,441 1,009 833 2021 2022 1 2023 2 2024 2025 1 2026 1 Volkswagen AG dividend inflow Porsche AG dividend inflow 1 VW dividend reported gross without taking into account the effe
Slide 43: Porsche SE shares are trading at a 34% Holding Discount to Net Asset Value
Porsche SE shares are trading at a 34% Holding Discount to Net Asset Value (€ billion) 5.3 0.6 - 5.0 12.5 - 4.3 11.5 8.3 - 34 % Market value Market value Portfolio Net debt Net asset Holding Market Volkswagen AG Porsche AG investments Porsche SE value discount capitalization stake 1 stake 1,2 Porsch
Slide 44: Development of the Holding Discount
Development of the Holding Discount Holding discount in % 60% 50% 40% 30% 20% 10% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Holding Discount PSE Holding discount as of 30 June 2026 at c. 34% Average ¹ Applied datarange: 01.08.2012 – 30.06.2026 September 26 Porsche SE I
Slide 45: Addressing the Holding Discount
Addressing the Holding Discount Portfolio diversification Dividend paying capacity Adding Porsche AG as a core Significant progress in reducing debt investment as a first major step in position to support dividend - paying 60% 1 scaling our investment platform and further development of partnerships
Slide 46: Agenda
Agenda 1 At a glance Corporate Strategy 2 3 Financials Portfolio Performance 4 5 ESG Outlook 6 September 26 Porsche SE Invest in Motion 46
Slide 47: Porsche SE's ESG Strategy addresses both Holding and Portfolio Level
Porsche SE ´s ESG Strategy addresses both Holding and Portfolio Level • As a pure holding company without control² over any of its ESG areas directly operating investments, the sustainability strategy differs relevant to Porsche SE: between the holding level and the investment level • The holding le
Slide 48: ESG at the Holding Level
ESG at the Holding Level Integral part of governance Improved rating performance Designation of an ESG expert on the supervisory board The ESG performance of Porsche SE Group was Variable remuneration of the board of management awarded Prime status by ISS ESG supplemented by individual ESG targets P
Slide 49: ESG at the Portfolio Level
ESG at the Portfolio Level Core investments segment Portfolio investments segment We support our portfolio companies on ESG aspects, ESG forms an important part of the investment although there are limitations for Porsche SE as there is selection and in our due diligence (external audits), e.g.: no
Slide 50: Agenda
Agenda 1 At a glance Corporate Strategy 2 3 Financials Portfolio Performance 4 5 ESG Outlook 6 September 26 Porsche SE Invest in Motion 50
Slide 51: Outlook for the Fiscal Year 2026
Outlook for the Fiscal Year 2026 Adjusted group result after tax 1 Group net debt 1 FY 2026 as of 31 December 2026 (€ billion) (€ billion) Range between Range between - 0.5 and 1.5 4.7 5.2 and 1 For further details on the definition of these alternative performance measures, please see the glossary
Slide 52: Investment Summary
Investment Summary 1 Sustainable value creator Well - connected global investment platform offering investors exposure 3 Financial strength Porsche SE follows a disciplined financial management to maintain to a strong and unique investment strong credit metrics allowing an portfolio with a focus on
Slide 53: Appendix
Appendix September 26 Porsche SE Invest in Motion 53
Slide 54: Supervisory Board and Executive Board
Supervisory Board and Executive Board Supervisory board Chairman Deputy Chairman Dr. Wolfgang Porsche Dr. Hans Michel Piëch Dr. Günther Horvath Prof. Dr. Ulrich Lehner Mag. Marianne Heiß Prof. KR Ing. Siegfried Wolf Dr. Sophie Piëch Mag. Josef Michael Ahorner Dr. Ferdinand Oliver Porsche Peter Danie
Slide 55: Overview Portfolio Investments (1/4)
Overview Portfolio Investments (1/4) Investment Country Year Description ABB E - mobility is one of the world’s leading suppliers of charging solutions for electric vehicles Switzerland 2023 With over 50,000 DC fast chargers sold, the company has the largest installed base of fast E - mobility charg
Slide 56: Overview Portfolio Investments (2/4)
Overview Portfolio Investments (2/4) Investment Country Year Description Ethernovia develops ethernet technology based on advanced semiconductor processes for in - vehicle data transmission USA 2023 The technology allows for higher transmission rates, improved energy efficiency and additional safety
Slide 57: Overview Portfolio Investments (3/4)
Overview Portfolio Investments (3/4) Investment Country Year Description Isar Aerospace develops launch vehicles for the transportation of satellites Germany 2021 Compared to existing launch vehicles, cost advantages are achieved particularly through a high degree of vertical integration, innovative
Slide 58: Overview Portfolio Investments (4/4)
Overview Portfolio Investments (4/4) Investment Country Year Description Stoke Space is a U.S. space company that develops a two - stage launch vehicle aiming for both stages to be fully reusable USA 2026 Through the full reusability and unique design of the rocket’s second stage, featuring an activ
Slide 59: Correlation between the Equity Method and Impairment Test
Correlation between the Equity Method and Impairment Test Continuation of carrying amount accounted for at equity Impairment test Values are provided purely for illustrative purposes +50 • If the recoverable amount is below or higher than the amortized carrying amount 1 100 - 50 as of the respective
Slide 60: Pending Legal Disputes of Porsche SE
Pending Legal Disputes of Porsche SE¹ Porsche SE (PSE) considers the actions to be inadmissible in part, but in any case to be without merit. Increase of the investment in Volkswagen AG Diesel issue Alleged damage claims based on alleged market manipulation and alleged Alleged damage claims based on
Slide 61: Contact Information – Investor Relations
Contact Information – Investor Relations Investor relations Corporate website For detailed financial information and investment Visit www.porsche - se.com for comprehensive inquiries, contact Porsche SE's Investor Relations information about Porsche SE, its investments, department at InvestorRelatio
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