Porsche SE strengthens financing profile and sees potential in the defense and security sector

• Adjusted group result after tax is 1.1 billion euro
• Group result after tax is 0.3 billion euro
• Updated outlook for 2025: adjusted group result after tax of between 1.6 billion euro and 3.6 billion euro
• Group net debt reduced to 4.9 billion euro
• Schuldschein issue oversubscribed – financing profile strengthened
• Hans Dieter Pötsch: “On our way to becoming a diversified investment platform, we are closely monitoring the areas of defense capability, security and European resilience. With regard to portfolio investments, our aim is to increase our involvement in the defense and defense-related sectors while maintaining our core focus on mobility and industrial technology”. 

Stuttgart, 13 August 2025. Despite a challenging market environment, Porsche Automobil Holding SE (“Porsche SE”) generated an adjusted group result after tax¹ of 1.1 billion euro in the first half of 2025 (prior year: 2.1 billion euro). This figure was significantly influenced by the result from ongoing at equity accounting of the investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG (“Porsche AG”) of 1.2 billion euro (prior year: 2.0 billion euro) and 0.1 billion euro (prior year: 0.3 billion euro), respectively. The group result after tax for the first half of 2025 amounts to 0.3 billion euro (prior year: 2.1 billion euro). 

Porsche SE reduced its group net debt¹ to 4.9 billion euro, compared to 5.2 billion euro as of 31 December 2024. At the same time, Porsche SE further optimized its refinancing in the first half of 2025 with the successful placement of a Schuldschein loan with a volume of 1.5 billion euro. The Schuldschein comprises tranches with terms of three, five and seven years, which were offered at variable or fixed rates. The issue was significantly oversubscribed and the marketing volume more than doubled. 

Diversification into the defense sector 

The planned development of debt, the strengthened financing profile and the unchanged high level of gross liquidity provide Porsche SE with the financial headroom to continue diversifying. Against the backdrop of a changing geopolitical situation and growing security policy requirements, Porsche SE sees considerable development potential in the defense and security sector and intends to capitalize on this.

“On our way to becoming a diversified investment platform, we are closely monitoring the areas of defense capability, security and European resilience. With regard to portfolio investments, our aim is to increase our involvement in the defense and defense-related sectors while maintaining our core focus on mobility and industrial technology”, says Hans Dieter Pötsch, chairman of the board of management of Porsche SE. 

Specifically, as a first step, the holding company intends to build a platform for investments in up-and-coming technology companies in the defense sector, also in cooperation with other investors and strong partners. The aim is to build a bridge between innovation-oriented capital and security-related technologies. Porsche SE is planning to hold a “Defense Day”. This event will provide a networking opportunity for German and European family offices interested in investing in the defense sector.

Porsche SE is already active in the field of dual-use technologies with its successful investments in Isar Aerospace and Quantum Systems, among others. Independently of establishing a platform, Porsche SE is intensively examining possible investment options in the defense sector as a future field of strategic importance. In line with the existing corporate strategy, the focus is on technology-driven areas such as satellite surveillance, reconnaissance and sensor systems, cybersecurity or logistics and supply systems. 

Adjusted earnings forecast for the full year

Against the background of current market developments, particularly in the automotive sector and as a direct consequence of the adjusted outlook of Volkswagen AG and Porsche AG, Porsche SE now expects an adjusted group result after tax of between 1.6 billion euro and 3.6 billion euro (previously: between 2.4 billion euro and 4.4 billion euro). As of 31 December 2025, Porsche SE still expects group net debt to be between 4.9 billion euro and 5.4 billion euro.
 

The half-yearly financial report as of 30 June 2025 of Porsche Automobil Holding SE can be found at: https://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 97-101 of Porsche SE’s annual report for the fiscal year 2024 and reconciled on pages 22/24 of Porsche SE’s half-yearly financial report as of 30 June 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