Porsche Automobil (PAH3) Corporate presentation summary

Investment highlights and strategy

• Core investments in Volkswagen Group and Porsche AG provide strong brand value and reliable dividends, supported by a dual dividend stream and a holding discount of 34% as of June 2026.

• Portfolio diversification includes private equity, venture capital, and direct investments in mobility, industrial technology, and related sectors, with 76% focused on e-mobility and transportation innovation.

• Strategic partnerships and a unique network enable privileged access to attractive investment opportunities and future megatrends.

• Active portfolio management and disciplined financial strategy aim for long-term value creation, with a loan-to-value target in the low double-digit range and no increase in net debt for dividends.

• ESG criteria are integrated at both holding and portfolio levels, with a dedicated ESG expert on the supervisory board and Prime status awarded by ISS ESG.

Financial performance and key figures

• Adjusted group result after tax for H1 2026 was €0.9bn, down from €1.1bn in H1 2025, while group net debt stood at €5.0bn.

• Net asset value decreased to €12.5bn from €17.8bn at FY 2025, and the holding discount widened to 34%.

• Dividend per preference share for FY 2025 was €1.51, reflecting a consistent but reduced payout compared to previous years.

• Dividend inflows are primarily sourced from Volkswagen AG and Porsche AG, with €1,441m and €833m respectively in 2025.

• Outlook for FY 2026 projects adjusted group result after tax between €1.5bn and €3.5bn, and group net debt between €4.7bn and €5.2bn.

Portfolio composition and recent developments

• Core investments represent significant stakes in Volkswagen AG (31.9% of total capital) and Porsche AG (12.5% of total capital).

• Portfolio investments are balanced across stages: 61% private equity/growth, 23% venture capital, and 15% fund investments.

• Recent exits include Celestial AI (sold to Marvell Technology at up to $5.5bn) and AEVA Technologies (public listing and sell-down).

• Notable portfolio companies include Quantum Systems, Waabi, Isar Aerospace, Xanadu, and Flix, with recent valuation uplifts and strategic milestones.

• Incharge Capital Partners serves as a dedicated venture platform, focusing on physical AI, battery intelligence, and new space infrastructure.