Stuttgart, 26 March 2025. The increasingly challenging economic and political conditions in the automotive industry are having an impact on Porsche Automobil Holding SE (“Porsche SE”). The result after tax of the Porsche SE Group for the fiscal year 2024 amounted to minus 20.0 billion euro (prior year: 5.1 billion euro). This was significantly influenced by non-cash impairment losses on the carrying amounts of the investments in Volkswagen AG of minus 19.9 billion euro and Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) of minus 3.4 billion euro. The impairment losses recognized have no impact on the liquidity or group net debt of Porsche SE. As of 31 December 2024, group net debt stood at 5.2 billion euro (prior year: 5.7 billion euro).
Adjusted for impairment effects on the two core investments, Porsche SE generated a positive adjusted group result after tax of 3.2 billion euro in the past fiscal year (prior year: 5.1 billion euro). This was influenced by the result from the ongoing at equity accounting of shares in Volkswagen of 3.0 billion euro (prior year: 4.8 billion euro) and the result from the ongoing at equity accounting of shares in Porsche AG of 0.5 billion euro (prior year: 0.4 billion euro).
From Porsche SE’s perspective, given the continued difficult economic environment, the core investments need to focus on competitiveness, profitability and the sustainable implementation of their strategic future programs. “Our core investments have responded decisively to the challenges in the automotive industry and launched strong programs. We believe that their focused implementation offers significant potential to increase value at our core investments and at Porsche SE. We will continue to systematically pursue our investment and diversification strategy,” says Hans Dieter Pötsch, chairman of the board of management of Porsche SE.
Porsche SE therefore welcomes the “Zukunft Volkswagen” agreement reached at the end of 2024 to strengthen the company’s profitability as well as the measures negotiated at Porsche AG. “Now it’s all about rigorous implementation in all areas,” continues Pötsch.
Successful expansion of portfolio investments
Porsche SE also intends to further expand its investment activities and continue on its path to become a diversified investment platform. In the fiscal year 2024, Porsche SE invested in Flix SE, Waabi and Quantum Systems and set up the Incharge fund together with the asset manager DTCP. “We are continuously screening promising investment opportunities, in both the portfolio segment as well as for potential new core investments,” says Lutz Meschke, board of management member responsible for investment management. “We also have the financial capacity to make larger investments.”
Investment activities are based on sound financial management. In April 2024, Porsche SE placed two bonds totaling 1.6 billion euro with investors, giving its financing profile an even longer timeline. The transaction was one of the largest unrated bond issues in the world up to that time. These successful refinancing measures provide the necessary financial headroom for the investment activities.
Dr. Johannes Lattwein, board of management member responsible for finance and IT: “Porsche SE’s financial position is very solid and its financial strength is high. This is reflected in the group net debt, which we improved by 0.5 billion euro as planned in the past fiscal year. Porsche SE has once again demonstrated its attractiveness for investors with a record bond issue.”
Manfred Döss remains member of the board of management responsible for legal affairs and compliance for a further three years
The supervisory board of Porsche SE has extended Manfred Döss’s appointment on the board of management for a further three years until 31 December 2028. Döss is the member of Porsche SE’s board of management responsible for legal affairs and compliance.
“Under the leadership of Dr. Manfred Döss, Porsche SE has achieved a number of important stage victories in recent years in the proceedings for damages still pending. We would like to thank him for his many years of service and are delighted that we will be able to count on his experience and expertise in the years to come,” said Dr. Wolfgang Porsche, chairman of the supervisory board of Porsche SE.
Döss has been working for Porsche SE since May 2013, initially heading the Legal department as general representative before being appointed as member of the board of management in January 2016.
Dividend proposal for the fiscal year 2024 of 1.91 euro per preference share
The board of management and supervisory board propose a dividend for the fiscal year 2024 of 1.91 euro per preference share (prior year: 2.56 euro) and 1.904 euro per ordinary share (prior year: 2.554 euro). This is equivalent to a total distribution of around 584 million euro. The decrease in the proposed dividend compared to the prior year’s dividend is mainly due to the expected lower dividend inflow from Volkswagen AG. The annual general meeting, which takes place on 23 May 2025, will decide on the dividend proposal.
Porsche SE anticipates an adjusted group result after tax of between 2.4 billion euro and 4.4 billion euro for the fiscal year 2025 and expects group net debt to be between 4.9 billion euro and 5.4 billion euro.
The 2024 annual report of Porsche Automobil Holding SE can be found at:
www.porsche-se.com/en/investor-relations/financial-publications
Porsche Automobil Holding SE (“Porsche SE”) is a holding company with investments in the areas of mobility and industrial technology. The company employs just under 50 people as of 31 December 2024 and generated an adjusted group result after tax of 3.2 billion euro in the fiscal year 2024. As core investments, Porsche SE holds the majority of the ordinary shares in Volkswagen AG and 25% plus one share of the ordinary shares in Porsche AG. In addition, Porsche SE acquired minority shareholdings in several technology companies in North America, Europe and Israel and invested in private equity and venture capital funds.
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 97-101 of Porsche SE’s annual report for the fiscal year 2024. 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.
The adjusted group result in the fiscal year 2024 results from adjusting the group result after tax for expenses from impairment losses in relation to the core investments of 23.3 billion euro and offsetting tax effects of 0.1 billion euro.
