Porsche SE continues to drive forward its development into a diversified investment platform

• Adjusted group result after tax¹ of 2.9 billion euro
• Group result after tax of 2.7 billion euro 
• Group net debt¹ reduced to 5.1 billion euro
• Proposed dividend of 1.51 euro per preference share
• 100 million euro commitment in the DTCP Defense Fund
• Contribution of 193 million euro to the result from portfolio investments
• Hans Dieter Pötsch, chairman of the board of management of Porsche SE: “In recent years, we have been very successful in identifying attractive investment opportunities. Our unique network has become a key strategic asset in this regard.”

Stuttgart, 26 March 2026. Porsche Automobil Holding SE (“Porsche SE”) continues to drive forward its development into a diversified investment platform despite the persistently challenging market environment. In the fiscal year 2025, the adjusted group result after tax¹ amounted to 2.9 billion euro (prior year: 3.2 billion euro). The adjusted group result after tax was significantly influenced by the current result from the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) accounted for at equity of 2.8 billion euro (prior year: 3.0 billion euro) and 0.2 billion euro (prior year: 0.5 billion euro), respectively. The group result after tax amounts to 2.7 billion euro (prior year: minus 20.0 billion euro). The group result after tax was significantly influenced by non-cash effective results from impairment tests and remeasurements for the investments in Volkswagen AG of plus 1.4 billion euro and Porsche AG of minus 1.7 billion euro.

Further development of portfolio companies and investment in DTCP Defense Fund

Six portfolio companies have achieved unicorn status based on enterprise values of at least one billion euro each since Porsche SE’s initial investment. “In recent years, we have been very successful in identifying attractive investment opportunities. Our unique network has become a key strategic asset that significantly contributes to the strong financial performance of our portfolio,” says Hans Dieter Pötsch, chairman of the board of management of Porsche SE. This success is also reflected in the portfolio investments’ contribution to the result, which reached 193 million euro in the past fiscal year. This relates in particular to Quantum Systems of 114 million euro and Celestial AI of 47 million euro. At the same time, the carrying amount of the portfolio investments has nearly doubled to around 535 million euro since the end of the fiscal year 2024, due in particular to increases in value.

As one of the anchor investors, Porsche SE also subscribed to shares with a volume of 100 million euro in the newly launched Defense Fund of the investment company DTCP at the beginning of 2026, and in doing so made a contribution to Europe’s technological sovereignty. The investment focus is on European technology start-ups in the defense sector, particularly in the areas of software solutions, cyber defense, artificial intelligence and autonomous systems. 

The DTCP Defense Fund offers Porsche SE an attractive opportunity to further diversify its investment platform into the defense sector. Investment opportunities arise, in particular, with technology companies that benefit from rapid changes in the defense sector thanks to their power and speed of innovation. Overall, Porsche SE sees considerable growth potential in the defense and security sector. With the DTCP Defense Fund, Porsche SE is expanding its network in the defense sector and creating the conditions for further direct and partnership-based investments in this field.

Focus on efficiency programs at the core investments

In the fiscal year 2025, Volkswagen AG and Porsche AG faced challenges arising from the volatile geopolitical and geoeconomic conditions, accompanied by measures that are increasingly protectionist, such as higher import tariffs in the USA, and competition that continues to intensify. These factors had an impact on the corporate figures.

Both core investments are working on implementing their efficiency programs. The Volkswagen Group achieved cost savings of around 1 billion euro for the Volkswagen, Audi, Porsche and CARIAD brands in the fiscal year 2025 as a result of wage agreements and personnel measures. By 2030, annual cost savings of more than 6 billion euro are planned across the group through the implementation of future-focused strategies and programs. Hans Dieter Pötsch: “Our stance as anchor shareholder of the Volkswagen Group is clear. We expressly support the initiatives that have been launched. We expect the management of both Volkswagen AG and Porsche AG to view the challenging situation as an opportunity to implement the strategic adjustments.”

Successful refinancing measures

Porsche SE has a very solid financial foundation. This is due not least to the successful refinancing measures from the past year. In June 2025, a Schuldschein loan with a volume of 1.5 billion euro was successfully placed, significantly exceeding the target volume. Porsche SE also repaid a bank loan ahead of schedule in the third quarter of 2025 as well as a Schuldschein tranche from 2023. Another Schuldschein loan with a volume of 0.7 billion euro was issued in March 2026 as additional early refinancing. This has enabled Porsche SE to achieve a longer-term orientation of its financing and to optimize financing costs.

As of 31 December 2025, the group net debt decreased to 5.1 billion euro compared to 5.2 billion in the prior year.

Dividend proposal for the fiscal year 2025: 1.51 euro per preference share

For the fiscal year 2025, the board of management and supervisory board propose a dividend of 1.51 euro per preference share (prior year: 1.91 euro) and 1.504 euro per ordinary share (prior year: 1.904 euro). This is equivalent to a total distribution of 462 million euro. The decrease in the proposed dividend compared to the prior-year dividend is mainly due to the expected lower dividend inflow from Volkswagen AG and Porsche AG as well as the planned further reduction in debt in line with the objectives of Porsche SE’s capital allocation strategy. The annual general meeting will decide on the proposed dividend on 25 June 2026.

Porsche SE expects an adjusted group result after tax in a range between 1.5 billion euro and 3.5 billion euro for the fiscal year 2026 and expects net debt in a range between 4.7 billion euro and 5.2 billion euro.

The 2025 annual report of Porsche Automobil Holding SE can be found at: www.porsche-se.com/en/investor-relations/financial-publications

¹ The adjusted group result after tax and group net debt are the core performance indicators of the Porsche SE Group. These are defined on pages 97-98 of Porsche SE’s annual report for the fiscal year 2025. The adjusted group result after tax and group net debt are alternative performance indicators. These are not defined by IFRS. Their calculation methods may therefore differ from those of other companies.

Selected financial information