Despite a challenging market environment
Stuttgart, 13 November 2024. The challenging environment in the automotive industry is also having an impact on Porsche Automobil Holding SE (“Porsche SE”). The group result after tax amounted to 2.5 billion euro in the first nine months of the fiscal year 2024 (prior-year period: 3.8 billion euro). This result after tax of Porsche SE is significantly influenced by the result from investments in Volkswagen and Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) accounted for at equity of 2.4 billion euro and 0.4 billion euro, respectively. Against this background, Porsche SE supports the effectiveness and efficiency programs at the entire Volkswagen Group and assumes that the strategic earnings and liquidity targets will be achieved. Net debt of the Porsche SE Group decreased from 5.7 billion euro as of 31 December 2023 to 5.1 billion euro.
In the third quarter of 2024, Porsche SE continued to pursue its strategy to position itself as a diversified investment platform and expand its portfolio of investments. In September, the acquisition of shares in Quantum-Systems GmbH, a leading drone manufacturer from Germany, was announced. “Despite the challenging market conditions, we remain focused on our long-term diversification goals. We have the financial flexibility to make further investments in core and portfolio investments. However, any investment opportunity must be attractive and meet our investment criteria,” says Dr. Johannes Lattwein, board of management member responsible for finance and IT. “At the same time, we are focusing on our core investments achieving their cost and efficiency targets in order to secure their long-term competitiveness and future viability.”
Porsche SE anticipates a group result after tax of between 2.4 billion euro and 4.4 billion euro for the fiscal year 2024 and expects net debt to be between 5.0 billion euro and 5.5 billion euro.
The group quarterly statement for the third quarter of 2024 of Porsche Automobil Holding SE can be found at https://www.porsche-se.com/en/investor-relations/financial-publications/
