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1、1DR.ING.H.C.F.PORSCHE AGS T U T TG A R T,M A R C H 1 22Disclaimer2This presentation contains forward-looking statements and information that reflect Dr.Ing.h.c.F.Porsche AGs current views about future events.These statements are subject to many risks,uncertainties,and assumptions.They are based on a

2、ssumptions relating to the development of the economic,political,and legal environment in individual countries,economic regions,and markets,and in particular for the automotive industry,which we have made on the basis of the information available to us and which we consider to be realistic at the ti

3、me of publication.If any of these risks and uncertainties materializes or if the assumptions underlying any of the forward-looking statementsprove to be incorrect,the actual results may be materially different from those Porsche AG expresses or implies by such statements.Forward-looking statements i

4、n this presentation are based solely on the circumstances at the date of publication.We do not update forward-looking statements retrospectively.Such statements are valid on the date of publication and can be superseded.This information does not constitute an offer to exchange or sell or an offer to

5、 exchange or buy any securities.3Porsche A unique Story911 GT3 RS:Fuel consumption combined:13,2 l/100 km;CO emissions combined(WLTP):299 g/km;CO class:G3SUSTAINABLELUXURYICONICBRANDRESILIENTPERFORMANCEPERFORMANCECULTURE4 401PORSCHE 202402PORSCHE A UNIQUE STORY03BRAND&CUSTOMER04PRODUCT&INNOVATION05S

6、USTAINABILIT Y06TRANSFORMATION07FINANCIALS5015PORSCHE 20246 67Porsche Product Year 2024NEWNEWNEWNEWNEW78Cayenne E-Hybrid(WLTP):Fuel consumption weighted(PHEV model range):1,8-1,5 l/100 km;Fuel consumption cobined(sustaining)(model range):10,9-10,0 l/100 km;Electrical consumption combined(weighted)(m

7、odel range):308-286 Wh/km;CO Emissions weighted combined(range):42-33 g/km;CO Class weighted combined:B;CO Class with discharged battery:G;Cayenne Turbo E-Hybrid(WLTP):Fuel consumption weighted(PHEV model range):2,0-1,7 l/100 km;Fuel consumption cobined(sustaining)(model range):12,1-11,3 l/100 km;El

8、ectrical consumption combined(weighted)(model range):317-300 Wh/km;CO Emissions weighted combined(range):45-39 g/km;CO Class weighted combined:B;CO Class with discharged battery:G891 kmCayenne E-Hybrid up toE-range WLTP(EAER city)HD matrixHeadlights739 PSMax.system powerCayenne Turbo E-Hybrid up to

9、544 kW Awards 2024(Ranked#1)9Panamera 4 E-Hybrid(WLTP):Fuel consumption weighted(PHEV model range):1,4-1,0 l/100 km;Fuel consumption cobined(sustaining)(model range):10,3-9,2 l/100 km;Electrical consumption combined(weighted)(model range):276-254 Wh/km;CO Emissions weighted combined(range):32-23 g/k

10、m;CO Class weighted combined:B;CO Class with discharged battery:GPanamera Turbo S E-Hybrid(WLTPFuel consumption weighted(PHEV model range):1,6-1,4 l/100 km;Fuel consumption cobined(sustaining)(model range):11,5-10,8 l/100 km;Electrical consumption combined(weighted)(model range):293-274 Wh/km;CO Emi

11、ssions weighted combined(range):36-31 g/km;CO Class weighted combined:B;CO Class with discharged battery:G996 kmPanamera 4 E-Hybrid up toE-Range WLTP(EAER city)782 PSMax.System OutputPanamera Turbo S E-Hybrid up to 575 kW Awards 2024(Ranked#1)Active RideHighend-Suspension Porsche 10Taycan:Electrical

12、 consumption combined(WLTP):20,0-16,7 kWh/100 km;CO-emissions combined(WLTP):0 g/km;CO Class:ATaycan Turbo S:Electrical consumption combined(WLTP):20,5-17,9 kWh/100 km;CO-emissions combined(WLTP):0 g/km;CO Class:A10678 kmTaycan up toWLTP Range952 PSPeak Performance Launch ControlTaycan Turbo S up to

13、 700 kWAwards 2024(Ranked#1)18 minCharging Speed 10-80%SoC11Taycan Turbo GT with Weissachpackage(WLTP):Electrical consumption combined(WLTP):21,3-20,6 kWh/100 km;CO-emissions combined(WLTP):0 g/km;CO Class:A11305 km/hUp to Top speed1,108 PSPeak Performance Launch Control Up to 815 kW Awards 2024(Ran

14、ked#1)2.2 s 0-100 km/h WITH WEISSACH PACKAGE 12Macan:Fuel consumption combined:10,7-10,1 l/100 km;CO-emissions combined(WLTP):243-228 g/km;CO Class:GMacan Turbo:Electrical consumption combined(WLTP):20,7-18,9 kWh/100 km;CO-emissions combined(WLTP):0 g/km;CO Class:A12641 kmMacan up to Range639 PSLaun

15、ch ControlMacan Turbo up to 470 kWAwards 2024(Ranked#1)3.3 sMacan Turbo 0-100 km/h 13911 Carrera GTS:Preliminary Fuel consumption combined:11,0-10,5 l/100 km;Preliminary CO-emissions combined(WLTP):251-239 g/km;Preliminary CO Class:G13312 km/hUp toTop speed541 PSUp to 398 kWAwards 2024(Ranked#1)3.0

16、s0-100 km/hCARRERA GTS1414Historically successful Motorsport season 2024FORMULA EWECIMSADrivers Championship1Team&Manufacturer1Drivers Championship1Team&Manufacturer2Drivers Championship1Manufacturer2150215PORSCHE A UNIQUE STORY16We continue to build on the core elements of our long-term strategyCUS

17、TOMERPRODUCTSUSTAINABILITYTRANSFORMATIONStrategy 2030PLUSQUALITY17We have a strong foundation CUSTOMERPRODUCTSUSTAINABILITYStrong Customer BaseUnique CommunityGlobal Sales CoverageDesirable ProductsBalanced Drivetrain OfferingPerformance&MotorsportsStrong BrandHeritage&ExclusivityCustomer Loyalty171

18、8TOP 10 MOST VALUABLE LUXURY AND PREMIUM BRANDS 2025Porsche as a leading luxury brandSource:Brand Finance Luxury&Premium 50 2025|Link:https:/ balanced geographical footprint1 Based on former Porsche SE fiscal year ended July 2008|2 Includes Africa,Asia(excl.China),Australia,Middle East,South America

19、 and Mexico|3 China includes Mainland China and Hong Kong|4 North America includes USA and CanadaGEOGRAPHIC EXPANSIONREGIONAL DELIVERY MIX18%Overseas and Emerging Markets228%North America436%Europe18%China3F Y 20081100 kVehicles Delivered34%North America419%Overseas and Emerging Markets240%Europe7%C

20、hina313%Overseas and Emerging Markets226%North America429%Europe32%China3GEOGRAPHIC BALANCEF Y 2021300 kVehicles DeliveredF Y 2024310 kVehicles Delivered20Strong Average Sales Price Development based on Price,Mix and Value over VolumeVehicle sales,in the Porsche AG Group are designated as those sale

21、s of new and group used vehicles of the Porsche brand,which have left the automotive segment for the first time,provided there is no legal repurchase obligation by a company in the automotive segment.CAGR 4%2019202497k117kPRICEMIXVALUE OVER VOLUME20Automotive Sales Revenue per vehicle sold21We conti

22、nuously adapt our strategy to respond to the new situation with the greatest possible flexibilityStrategy 2030PLUSCUSTOMERPRODUCTSUSTAIN-ABILITYTRANS-FORMATIONGEOPOLITICAL TENSIONSBEV ADAPTIONSUPPLY CHAIN21QUALITY220322BRAND&CUSTOMER23ITS NOT WHAT YOU BUY,ITS WHAT YOU BUY INTO.Holistic Brand Experie

23、nce as Top Priority2324360 CUSTOMER EXPERIENCEUnique Porsche Design Covers All Customer Touchpoints 25DESIRABILITYINDIVIDUALISATIONSPECIAL EDITIONSElevate Individualisation Experience2526BESPOKEPRE-DEFINEDO P T I O N SE Q U I P M E N TC L A S S I CPA R TSOFFER STRUCTUREIndividualisation&ClassicV E H

24、 I C L E S27BESPOKECLASSIC&RESTORATIONONE-OFFSSONDERWUNSCHIndividualisation&Classic2728EXCLUSIVE MANUFAKTURIndividualisation&ClassicV E H I C L E SMARKET LIMITED VEHICLESGLOBAL LIMITED VEHICLES29EXCLUSIVE MANUFAKTURIndividualisation&ClassicO P T I O N SEXTERIOR DESIGNINTERIOR DESIGNPAINT TO SAMPLEPa

25、namera Turbo S E-Hybrid:Fuel consumption weighted(PHEV model range):1,6-1,4 l/100 km;Fuel consumption cobined(sustaining)(model range):11,5-10,8 l/100 km;Electrical consumption combined(weighted)(model range):293-274 Wh/km;CO2 Emissions weighted combined(range):36-31 g/km;CO2 Class weighted combined

26、:B;CO2 Class with discharged battery:G2930EXCLUSIVE MANUFAKTURIndividualisation&ClassicE Q U I P M E N TCHARGINGUTILITYACCESSORIES31STRATEGY EVOLUTIONIndividualisation&Classic1.0REALIGNMENT3.0FULL POTENTIAL2025202320192.0UPSCALINGLets start the engine!Lets shift upwards!Lets32S C A L E E X I S T I N

27、 G I N D I V I D UA L I S AT I O N O F F E RC R E AT E N E W E X P E R I E N C E SM A X I M I S E I M PA C T O N B R A N DINDIVIDUALISATION&CLASSIC UPSCALING STRATEGY 3 times more SONDERWUNSCH PROJECTSSONDERWUNSCH EXPERIENCES as aWORLDWIDE offer33DEVELOPMENT OF AVERAGE TURNOVER FROM EXCLUSIVE MANUFA

28、KTUR PER CAR(ILLUSTRATIVE)The average revenue from Exclusive Manufaktur options per car in 2024 continued the previous growth trend201920202021202220232024PROJECTION+100%+7%REALIGNMENTUPSCALINGFULL POTENTIAL34The current wait times for the SONDERWUNSCH products reflect the high demand and indicates

29、the sales potentialONE-OFFS 8 YEARSRESTORATION 2 YEARSBESPOKE 1 YEARRE-COMMISSION 2 YEARSPAINT TO SAMPLELIMITED AVAILABILITYPRODUCT OFFERWAITING TIME&RESTRICTIONS35HOME OFINDIVIDUALISATION&CL ASSICExploiting the strong potential of Individualisation with a clear focus on exclusivity Paint to Samplee

30、ven more“Halo-Vehicles“COREHERITAGEOFFROAD,Vehicles2024Vehicles2030Turnover per vehicle2024Turnover per vehicle2030Vehicles2024Vehicles2030363604PRODUCT&INNOVATION37Unique Product IDs While Keeping a Strong Brand ID BRAND IDENTITYRecognize,that it is a PorschePRODUCT IDENTITYRecognize,which Porsche

31、it is3738Balanced offering of combustion engines,plug-in hybrids and purely electric drives well into the 2030s38ICEHYBRIDBEV39-ILLUSTRATIVE-Increasing our high flexibility for the transition period#model range#expected sales#model range#expected salesExtented and improved offering well into the 203

32、0s incl.modernized E/E-architecture Broadening offering incl.selective portfolio expansionsStrengthening Porscheexclusive portfolioStrengthening BEV offering incl.modernized E/E-architecture Further development of Porsche BEV sports car identity and strengthening Porsche exclusive portfolioActive co

33、ntribution to removingBEV-Market barriersINCREASING FLEXIBILITY DURING TRANSITIONWINNING THE LUXURY BEV RACEprevious planning current planningExpected effect of the measures takenICE/HEVBEVCurrently stronger andlonger-term ICE/HEVdemand than forecastedCurrently weakerBEV demandthan forecasted40Porsc

34、he derivative strategy with focus on a high level of exclusivity CORETRACKSTYLEPIONEER41Joint strategic technology development in the VW group ensures synergies and speed in the futureDIFFERENTIATING PORSCHELEVERAGING VOLKSWAGEN GROUP ECOSYSTEM&SCALEExclusive&performance experienceUnique&differentia

35、ting value propositionPorsche specific technologiesPorsche specific partnershipsJoint development&use of technologyBenefitting from purchasing powerStandardized technologiesLarge scale effects42A high-performance architecture is the key to future competitivenessWe are aiming for a Software Defined V

36、ehicleContinuous improvement through over-the-air updatesEnhanced securityComfort through connectivitySustainability&efficiencyPersonalized user experienceFuture readiness&flexibility43Meet our future BEV-architecture from the new joint ventureNew BEV-Architecture 50/50 Joint Venture of the VW Group

37、 and Rivian 2 Co-CEOs from VW Group and RivianHigh-performance&future-proof technology100%access to the developed hardware&softwareLow costs due to economies of scaleFast development based on industrialized architecture444405SUSTAINABILITY45Sustainability Strategic Pillars01020304050646In challengin

38、g times Porsche keeps on striving for decarbonisation of its value chain1 For example the use of renewable energy in the vehicle use phase|2 The Code of Conduct for Business Partners requires direct business partners of Porsche to take appropriate actions to reduce air emissions,including greenhouse

39、 gas emissions.In addition,they must also work towards reducing greenhouse gas emissions in their upstream supply chain,for example by increasing the use of renewable energy sources.Actions must also be taken to ensure that energy is used as efficiently as possible.|3 For example electricity from re

40、newable energy sources such as solar,wind or hydropower and biomethane.|4 The goal of Porsche is to continuously reduce its emissions along the value chain of its vehicles while also making increasingly efficient use of energy in the companys own business activity.|5 Realizing Porsches ambition depe

41、nds upon various factors,e.g.technological progress that has not yet been fully developed,and also on regulatory or economic developments that are outside the Porsche AG Groups direct control and may therefore not be realizable.Porsche monitors the individual global markets closely and continuously

42、reviews its product strategy and product range structure for vehicles,including the drive types offered,depending on their development.It intends to pursue the target of a 1.5C reduction pathway as long as possible.VEHICLE PRODUCT STRATEGYIncreasing the proportion of electrified vehicles in the prod

43、uction portfolio,particularly in combination with actions in the use phase1SUPPLY CHAIN Demand for direct suppliers to use renewable energy in manufacturing processes for vehicle components2 Increasing use of more environmentally sustainable materials in vehiclesVEHICLE PRODUCTIONRenewable energies3

44、 at Porsches own vehicle production and development sitesVEHICLE USE PHASE Renewable energies in the use phase Continuous increase in vehicle efficiencyASPIRATIONReduce the impact of the own activities on the environment and climate along the value chain of the vehicles.4AMBITIONMake an active contr

45、ibution to limiting the rise in the global average temperature to a maximum of 2C compared to pre-industrial levels and,pursue efforts to limit the increase to 1.5C.547Being responsible.The new all-electric Macan1 Find more information on https:/ Turbo:Electrical consumption combined:20.7 18.9 kWh/1

46、00 km;CO emissions combined:0 g/km;CO class:A47PRODUCTION02Porsche reduces CO emissions during production of the Macan in Leipzig by using electricity from 100%renewable energy and largely meeting heating requirements with renewable energy.1USE PHASE03Porsche is supporting the development of wind an

47、d solar energy plants to cover the expected electricity demand of the Macan fleet based on a driving distance of 200,000 km at WLTP consumption.1RECYCLING04Porsche takes a resource-conserving approach to handling raw materials for high-voltage batteries.To pursue this,a dedicated repair concept was

48、introduced,and an investment was made in a recycling company.1SUPPLY CHAIN01Porsche has taken measures to reduce the Macans CO emissions in the supply chain.This is why,for example,CO-reduced aluminum and electricity from renewable energy are used.148Porsche as a responsible Partner to Society1 The

49、donation total for the reporting year also includes a donation in kind of around 2 million.PROMOTING SAFE WORKPorsche wants to support people along the vehicle value chain and advocates for responsible and safe working conditions.This includes occupational healthand safety and ensuring sustainable l

50、ivelihoods.PROMOTING SAFE WORKFulfilling peoples dreams is a matter close to the heart of Porsche.Education and integration in particular aim to strengthen self-realization and secure prospects for the future.Porsche aims to specifically engage and support young people via sports projects.ENABLING A

51、 SELF-DETERMINED LIFEParticularly in the Global South,Porsche wants to help people secure their future livelihoods and lead a self-determined life.CORPORATE CITIZENSHIP INITIATIVES Intended to achieve long-term sustainable social added value in the aforementioned areas of impact.They aim to facilita

52、te opportunities,participation and prospects and improve the lives of disadvantaged people.FUNDING PROJECTS 2024 Porsche sponsored 117 projects with a total of 9.8 million1,many of which it has been supporting for years.CREATING CHANCES492024 ACTUALS VS.TARGETPorsche exceeded the targets for the sta

53、tutory gender quota2024 ACTUALS2024 TARGET22.0%20.0%First management level18.8%18.0%Second management level50OVERVIEW OF RECENT RATING RESULTSExternal assessment of Sustainability Performance1 Scale D-to A+(best),score as at date:12/03/2024 l 2 inverse scale 100 to 0(best),last full update 12/20/202

54、4 l 3 scale CCC to AAA(best),rating action date:10/29/2024,4 Update 02/2025,scala D-to A(best)20241 C+(PRIME)2 18.3(LOW RISK)3 BBA-4515106TRANSFORMATION52Porsche has only remained Porsche by constantly changingOLIVER BLUME Adaptability a key element in our Porsche performance cultureAGILIT YFlexibil

55、ity and adaptabilityPIONEERING SPIRITInnovation and entre-preneurial mentalityPASSIONEnthusiasm andengagementONE FAMILYStrong team and attractive employerPERFORMANCE CULTURE A STRONG DRIVER FOR OUR FUTURE SUCCESS53Road to 20 as continued enabler for profitability resilience Continuation of Road to 2

56、0 as performance program with general,long-term,strategic ambition of 20%RoSRefocus of Road to 20 to strengthen resilience in challenging timesEmphasis now on sustainable optimisation of the cost structure,e.g.Personnel costs China rightsizing54Regulatory framework of rescaling on employee sideImmed

57、iate measures for personnel costsAgreement for the implementation of socially responsible staff reductionsSecuring the production program 20252025 MEASURESSTRUCTURAL PACKAGESustainable adaptation of personnel costsReview of the overall alignment of PAG&focus on core competenciesFlexibilization&optim

58、isationof corporate structureI N N E G OT I AT I O NSTRUCTUREQUANTITYCOSTS55Socially responsible measures to optimise corporate structure and strengthening future resilience 1)Full Time Equivalent;Porsche AG 2)Sonder-ATZ=Special phased retirement programDEVELOPMENT OF POSITIONS&FTE1MEASURES010203Res

59、trictive hiringSonder-ATZ“2 programUtilizing demografics202420292028202720262025FTE-Forecast56Our China strategy builds on three focus areas derived from our global strategyPRODUCT&SERVICESCUSTOMER&BRANDORGANISATION&EFFICIENCY5715001/202401/202501/2027144 1003101/202401/20272501/2024Q1/2025 450 4000

60、1/2024Q1/2025 200 100#Point of Sales#Investors#Internal Core Employees(FTE)1#External EmployeesFirst milestones of recalibrating our Chinese footprint have already been reachedNETWORK RECALIBRATIONINTERNAL REORGANIZATION 1)Without adjacent affiliates as PMAP,PDIG China,E-Satellite,B-Satellite,PLX58P

61、otential Midterm Drivetrain Portfolio:LeipzigZuffenhausenBratislavaPanameraMacan911CayenneTaycanCayenne CoupTaycan CUV/STOsnabrck(until Q3 2025)718 Cayman718 BoxsterMacan electricCurrent Lean Production Footprint58MalaysiaCayenneWITH FULL FLEXIBILITY TO RESPOND TO FUTURE CUSTOMER DEMAND.BEVHEVICE59P

62、orsche has implemented various measures to manage supply chain risks for production material 80.000Parts&Components2.000 Tier 1 Suppliers for production materialSupply Chain TransparencyEnhanced Cyber Security ConceptsArtificial IntelligenceMaterial Group StrategyRolling Review for New RisksMEASURES

63、 FOR TOP MATERIAL GROUPSRISK RADARRaw MaterialNatureEnergyPoliticsHRCurrencyTechnology/IPManipulation/AggressivenessLogisticsSUPPLY CHAIN RISK RADARFor all new components600760FINANCIALS61DESPITE CHALLENGING CONDITIONS AND ELEVATED SPENDINGPorsche AG Strong Top Line and Solid PerformanceTOPICMESSAGE

64、2024GROUPEven under challenging conditions,Porsche is financially robust with a strong cash conversion benefiting from our“value over volume”approach and continued strong customer demand2024 AUTOMOTIVEPorsche successfully implemented the largest model offensive in its history and pushed ahead with t

65、he development of innovative products and services2025OUTLOOKPorsche has launched extensive measures,which are significantly impacting the 2025 performance 2025AUTOMOTIVEOUTLOOKIn view of the changing framework and global challenges,Porsche will invest in the product portfolio,software and our exclu

66、sive business to increase the companys profitability and business resilience in the mid and long-term62FINANCIAL PERFORMANCE OVERVIEW 2024Group and Automotive1 Not among most important performance indicatorsGROUP SALES REVENUE(-1.1%compared to previous year)GROUP RETURN ON SALES(-390 bps compared to

67、 previous year)GROUP OPERATING PROFIT1(-22.6%compared to previous year)AUTOMOTIVE EBITDA MARGIN(8.3 bn Automotive EBITDA)AUTOMOTIVE NET CASH FLOW MARGIN(3.7 bn Automotive Net Cash Flow)BEV SHARE(-10 bps compared to previous year)63AUTOMOTIVE OPERATING PROFIT(Automotive RoS 14.5%)AUTOMOTIVE NET LIQUI

68、DITY(+18.6%compared to previous year)AUTOMOTIVE RESEARCHAND DEVELOPEMENT COSTS(6.9%of Automotive Sales Revenue)AUTOMOTIVE CAPITALEXPENDITURE(5.8%of Automotive Sales Revenue)RETURN ON INVESTMENTS(-670 bps compared to previous year)FINANCIAL PERFORMANCE OVERVIEW 2024Group and Automotive642023 VS.2024G

69、roup Sales Revenue and Operating ProfitExtensive renewal of product portfolio,the overall challenging economic and political environment,the slower transformation towards electromobility,tense supply chain and market developments in China continued to have an impact on the business situationMoving f

70、orward with the largest model offensive with elevated spending for product,innovation and Porsche brandOperating Profit in Financial Services at RoS of 7.1%2023202440.140.5-1.1%202320245.67.3-22.6%14.1%18.0%RoSGROUP SALES REVENUE,IN BNGROUP OPERATING PROFIT,IN BN64652023 VS.2024Group Operating Profi

71、t DevelopmentEBIT 2023Gross margin without R&DR&DSG&AOtherEBIT 20247.3-1.0-0.3-0.3-0.15.618.0%RoS14.1%RoS-22.6%CONTRIBUTORS TO OPERATING PROFIT DEVELOPMENT,IN BNGroup Sales Revenues impacted by lower product availability and focus on globally balanced deliveriesPositive impact from increased pricing

72、 and beneficial individualisationElevated material costs,R&D expenses,D&A and launch costs related to the introduction of the new model linesSlightly higher SG&A from investing in digitalization and customer relation services6566662023 VS.2024Automotive Sales Revenue and DeliveriesLower Automotive S

73、ales Revenues due to changeovers of Panamera,Taycan,Macan as well as the model launch of the 911Increased pricing and beneficial individualisationLower China volume due to value over volume strategyParts availability and a fragile supply chain impacted unit sales and mixSlower than expected BEV tran

74、sition1 The performance indicator deliveries reflects the number of vehicles handed over to end customers.This may take place via group companies or independent importers and dealers.20232024117117Automotive Sales Revenue per Delivery1,in k2023202412.7%BEV Share,in%12.8%AUTOMOTIVE SALES RE VENUE,IN

75、BN36.437.3-2.4%310.7320.2-3.0%DELIVERIES,IN K UNITS6720242023 VS.2024Automotive Deliveries1 Excl.Mexico l 2 incl.Hong KongREGIONAL DISTRIBUTION320.221 DELIVERIES2023310.718 DELIVERIESPorsche has grown in four out of five world regions and achieved historic recordsPorsche is sticking to its value-bas

76、ed sales approach aiming to balance demand and supplySales structure across regions more balanced than everThe decline in China is mainly due to the continuing challenging economic situation in this regionThe Overseas and Emerging Markets again developed positively with growth of 6%in sales compared

77、 to previous year67North America1GermanyEurope(excl.GER)16%10%22%27%25%North America1GermanyEurope(excl.GER)18%12%24%28%18%Overseas and Emerging MarketsOverseas and Emerging MarketsChina2China2682023 VS.2024Automotive DeliveriesPorsche AG renewed four out of the six model lines in 2024New electric M

78、acan has been successively introduced to the markets with over 18k unitsThe iconic 911 sports car continued to enjoy great popularity in 2024The Cayenne has become the bestseller after refresh in 2023The decline of 13%for the new Panamera due to lower demand in the Chinese marketThe 49%decline in Ta

79、ycan due to the slower than planned BEV transition and the product changeoverProduct Changeover 2024 Macan ElectricMacan Petrol MODEL DISTRIBUTION,IN K UNITS20.51834.02040.62950.14687.35587.55323.67029.58720.83650.94182.795102.88920242023+18%-5%+2%-49%+15%-13%2024202320242023202420232024202320242023

80、18.27864.51768692022 VS.2023 VS.2024Automotive Deep Dive on Vehicle Sales1 Vehicle sales,in the Porsche AG Group are designated as those sales of new and group used vehicles of the Porsche brand,which have left the automotive segment for the first time,provided there is no legal repurchase obligatio

81、n by a company in the automotive segment.l 2 Excl.Mexico l 3 Incl.Hong Kong Automotive Sales Revenue per vehicle sold,in k1GermanyChina3Europe(excl.GER)Overseas and Emerging MarketsNorth America2REGIONAL DISTRIBUTION,%OF VEHICLE SALES11211711012%27%30%19%12%12%29%23%22%14%13%32%16%24%15%202420232022

82、313.721333.605312.620Vehicle sales70702023 VS.2024,IN BNAutomotive Operating ProfitAutomotive Sales Revenues impacted by lower product availability and value over volume strategy in ChinaPositive impact from increased pricing and beneficial individualisation Elevated material costs,R&D expenses,D&A

83、and launch costs related to the introduction of the new model linesSlightly higher SG&A from investing in digitalization,brand and customer relation servicesLower product availability triggered unfavorable fixed cost coverage-23.8%18.6%14.5%Automotive RoS25.7%22.7%Automotive EBITDA Margin202320246.9

84、5.371-8.0%712023 VS.2024,IN BNFinancial Services Operating ProfitLower penetration rate due to high interest rate environment,shifts in market mix,and new model launchesUnchanged robust risk profileLess favorable valuation effects from interest rate derivatives outside of hedge accounting,along with

85、 a reduced release of the residual value risk reserve due to the normalization of market values40.1%39.6%Penetration rate,in%0.30.32023202472722023 VS.2024Automotive Net Cash Flow and LiquidityCash flow from operating activities decreased due to lower Automotive Operating Profit and lower profit bef

86、ore tax offset by inflows in working capitalCash flow from operating activities includes cash outflows of 250 million Euros in connection with pension plans fundingMid-three-digit million Euro investments in strategic partnerships,technology and digitalizationIncrease in net liquidity resulting prim

87、arily from cash inflows from the automotive net cash flow1 Termination of domination and profit and loss transfer agreement(“DPLTA”)at financial year-end 202420232024202320243.74.0-6.0%of Automotive Sales Revenue10.3%10.6%NE T CASH FLOW,IN BN7.2+18.6%NE T LIQUIDIT Y,IN BN8.673MOST IMPORTANT PERFORMA

88、NCE INDICATORSPorsche Financial OutlookIn its planning for 2025,the Porsche AG Group assumes slightly weaker global economic growth and a slight average increase in global demand for passenger cars compared to the reporting year.However,there are uncertainties in this regard,particularly due to the

89、global geopolitical environment.Difficult market conditions due to protectionist tendencies and intensified competition in the important markets of the USA and China,coupled with a continuing high level of costs,amortization and depreciation,will make the 2025 fiscal year a challenging one for the P

90、orsche AG Group,in which high one-off burdens are also expected as a result of additional planned measures.At the same time,the Porsche AG Group expects these activities to strengthen its earnings power in the short and medium term.Furthermore,the Porsche AG Group believes it is well positioned to e

91、xploit market potential with its existing product range in line with demand in individual regions and to further strengthen the Porsche brand worldwide.GROUPSales Revenue 40.1 bn 39-40 bnReturn on Sales(RoS)14.1%10-12%AUTOMOTIVEEBITDA Margin22.7%19-21%Net Cash Flow Margin10.2%7-9%BEV Share12.7%20-22

92、%2024OUTLOOK 2025Our general long-term strategic ambition20+%Group Return on Sales74Extensive measures have been initiated to strengthen the financial resilience and profitability in the short and medium term911 GT3:Fuel consumption combined:13,8-13,7 l/100 km;CO-emissions combined(WLTP):312-310 g/k

93、m;CO Class:G20242025Product AvailabilityOptimised Fixed Costs/Organisational BenefitsExpansion of ProductPortfolio/Halo projectsExpansion Exclusive ManufakturValue overVolumeRoSChallenging macro economic and geopolitical conditions,slower ramp-up of electric mobility,tense supply chainProduct change

94、over&Economic environmentStrategic initiatives/recalibration 0.8 bnFixed CostsIllustrative75Company Framework requires short-term Capex and R&D increase for strategic adaptation Illustrative20212025Extensive Product ChangeoverPortfolio Prioritisation and SoftwareFUTURE CAPEX&R&D76Capital Allocation

95、PolicyDIVIDEND:20241:2.30/2.31 per ordinary/preferred shareMID-TERM TARGET:50%pay-out ratio2CAPEX&R&D:Focused investment programTECHNOLOGY&VENTURE:Select investments with preference for partnershipsPENSION:Commitment to partially fund the pension deficit in foreseeable time frameLIQUIDITY:Automotive

96、 net liquidity position of 15-20%of Automotive Revenue7677Group condensed consolidated Income StatementSALES REVENUE40,530100.040,083100.0-446-1.1(-)Cost of sales-28,924-71.4-29,756-74.2-8322.9(=)Gross profit11,60628.610,32725.8-1,278-11.0(-)Distribution expenses-2,869-7.1-3,099-7.7-2308.0(-)Adminis

97、trative expenses-1,787-4.4-1,859-4.6-724.1(+/-)Net other operating result 3350.82680.7-66-19.9(=)Operating profit7,28418.05,63714.1-1,647-22.6(=)Financial result910.2-409-1.0-500 100.0Equity21,66823,0561,3886.4Provisions for pensions and similar obligations4,3154,074-241-5.6Financial liabilities6,53

98、77,1606239.5Other liabilities4,3604,89453512.3Non-current liabilities15,21116,1289176.0Financial liabilities3,8804,2533729.6Trade payables3,4903,378-111-3.2Other liabilities6,1926,7125208.4Liabilities associated with assets held for sale5-5-100.0Current liabilities13,56714,3437765.7Total equity and

99、liabilities50,44753,5273,0806.1Group condensed consolidated Statement of Financial Position31.12.202331.12.2024DELTA%IN MN81APRIL 29,2025Quarterly Report January-March 2025MAY 21,2025Annual General Meeting 20251JULY 30,2025Half-Yearly Financial Report 2025OCTOBER 24,2025Quarterly Report January-September 2025Financial Calendar 2025The Annual General Meeting 2024 of Porsche AG is currently still in the planning stage.The format and venue of the Annual General Meeting 2024 will be announced ahead of the event on the Investor Relations website of Porsche AG82EXECUTION RUBBER ROAD.82