Porsche Automobil : Equity Story Porsche SE

Porsche SE

Driving sustainable value

Stuttgart-Zuffenhausen, March 2024

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Disclaimer

This presentation is for information purposes only, and does not constitute an offer, or a solicitation of an offer to purchase, sell or subscribe to securities or other financial instruments. It is not intended to provide the basis for any evaluation of securities or other financial instruments and is not, and should not be considered as, investment advice or a recommendation that any person should purchase, sell or subscribe to securities or other financial instruments.

This presentation may contain certain forward-looking statements relating to the business and financial performance including the result of Porsche Automobil Holding SE ("Company") and its shareholdings and/or the industry in which the Company and/or its shareholdings operate.

The forward-looking statements, including assumptions and views of the Company or from third party sources (together the "Expectations"), are subject to risks including, but not limited to those described in financial publications and other publications of the Company. Actual events may differ significantly from any Expectations due to a number of factors. There is no guarantee that the Expectations are current, correct and complete nor that the forward-looking statements will prove accurate in the future. There is no obligation to update the forward-looking statements. It is noted that no reliance shall be placed on these forward-looking statements.

Neither the delivery of this presentation nor any further discussions of representatives of the Company with any of the recipients hereof shall, under any circumstances, create any implication that there has been no change in the affairs of the Company and/or its shareholdings.

This presentation may include supplemental financial measures which are or may be non-GAAP financial or operative measures. These measures should not be viewed in isolation as alternatives to financial measures presented in accordance with IFRS. Other companies that disclose similarly titled measures may calculate them differently. Not all measures included in this presentation have been audited and certain measures may also deviate substantially from information in the financial publications of the Company and, thus, may not be fully comparable to such publications.

No representation or warranty is given as to the currency, correctness or completeness of the information contained in this presentation and no liability, other than liability for gross negligence and intent or for damages resulting from injury to life, limb or health, which are caused by negligence, is assumed, either expressly or impliedly.

Video and audio taping is not permitted. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of the Company.

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Six reasons why to invest in Porsche SE

Strong core investments with valuable brands

• Volkswagen Group as one of the world's leading manufacturer with strong brands such as VW, Škoda, Audi, Lamborghini, Bentley, SEAT/CUPRA and Ducati
• Porsche AG as an iconic luxury brand

Holding Discount

• Porsche SE offers indirect exposure toVolkswagen AG and Porsche AG at a discount
• Current holding discount as of 31.12.2023 is c. 39% vs historical average of c. 32.5%1)

Stable and sustainable dividend payer

• Reliable dividend development in the short and long-term
• Additional second strong dividend inflow from Porsche AG

Stronger resilience of PSE through diversification

Driving	›	Acquisition of 12.5 % stake in Porsche AG
›	Further portfolio investments
sustainable value

Value-creating investment strategy and management of our portfolio

• Unique positioning as investor with one-of-a-kind network to access and evaluate investment opportunities in the mobility and industrial technology ecosystem
• Partnerships and cooperations with leading global investment experts to identify future megatrends

Engaging shareholder in core investments and experienced management team

• Major shareholder of Volkswagen AG
• Dedicated management team with proven track record in the automotive industry

*) Datarange: 01.08.2012 - 31.12.2023

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Agenda

1			2			3
At a glance		Corporate Strategy		Financials

4		5		6
Portfolio Performance		ESG		Outlook

4

Solid FY 2023 key figures underline strong fundamentals

€ 5.1 bn

GROUP RESULT AFTER TAX

(2022: € 5.5 bn*)

€ 5.7 bn

NET DEBT

(2022: € 6.7 bn)

€ 23.2 bn	39%
	NET ASSET VALUE	HOLDING DISCOUNT
	(2022: € 28.7 bn)	(2022: 45%)
	€ 2.56	19.7%
DIVIDEND PER PREFERENCE SHARE	LOAN TO VALUE RATIO**
(subject to AGM approval;	(2022: 18.9%)
	2022: € 2.56)

All figures are respective year end figures

*) Earnings after tax 2022 include a non-cash accounting gain of € 0.6 billion in connection with the acquisition of preference shares in Volkswagen AG. Without this special accounting effect, the result for the 2023 financial year would be	5
higher than the previous year's result **) Loan-to-value is defined as the ratio of net debt to the market valuation of all of Porsche SE's investments as of the reporting date.

Two core investments complemented by attractive portfolio companies

Core investments		Portfolio investments

Dividend- /Yield-Investments		Private Equity / Growth		Venture Capital

Ordinary capital	Ordinary capital
53.3 %	25 % plus one ordinary share
31.9 % of total capital	12.5 % of total capital

Investments

Direct

E-mobility

Investments

Strategic Fund

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Experienced Management Team decidated to create long-term value

Management Board

CEO	Legal Affairs &
Compliance
Hans Dieter	Dr. Manfred
Pötsch	Döss

Supervisory Board

Chairman

Dr. Wolfgang Porsche

Deputy Chairman

Dr. Hans Michel Piëch

Finance & IT	Investment
Management
Dr. Johannes	Lutz
Lattwein	Meschke

Mag. Josef Michael Ahorner

Mag. Marianne Heiß

Dr. Günther Horvath

Prof. Dr. Ulrich Lehner

Sophie Piëch

Dr. Ferdinand Oliver Porsche

Peter Daniell Porsche

Prof. KR Ing. Siegfried Wolf

In-depth expertise and long-term experience in the mobility & industrial technology sectors

Strong track-record and exhaustive portfolio management expertise

Dedicated to create long-term value

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Agenda

1			2			3
At a glance		Corporate Strategy		Financials

4		5		6
Portfolio Performance		ESG		Outlook

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Clear strategic framework to achieve Porsche SE's vision

Porsche SE as a renowned global investment platform

Vision

Consistent long-term value creation with a balanced risk-profilefor our shareholders

Sustainable corporate governance and implementation of ESG-criteriaacross operations and in investment decisions

Strategic Goals

Establish Porsche SE as the partner of choice for investments and top employer

Capital Allocation

Strategy

Portfolio Company Strategy

Capital Allocation Strategy balancing out Porsche SE's key value drivers Active portfolio development and diversification

Disciplined financial management Reliable dividend policy

Porsche SE as active shareholder of its investments pursuing long-term value creation

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Driving sustainable value by pursuing our near- and long-term goals

Status Quo: Strong heritage and track-record with focus on mobility

Historically mainly focused on the investment in Volkswagen

Strong addition to core investment segment with acquisition of minority stake in Porsche AG

Disciplined investments in the portfolio segment

Near-term targets: Drive

value creation and deliver on goals

Consistent long-term value creation for shareholders and significant reduction of outstanding debt

Main emphasis on an active portfolio management and evolutionary growth of our investment portfolio

Leveraging strong platform for further portfolio investments towards broader sector and investment stage diversification

Selective review of opportunities for potential further core investments

Optimization of the capital market positioning of Porsche SE

Longer-term targets: Leading global investment platform

Scaling of Porsche SE's investment platform and expansion of investment activity after significant reduction of debt

Further diversification and balancing of risk/return profile of Porsche SE

Evaluation of potential asset re-allocationbetween core investments and portfolio investments segment possible

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